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, MA 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: January 31, 2017

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

Semiannual Report

January 31, 2017

Contents

Performance and Investment Summary	3	How each fund has done over time and a summary of each fund’s holdings.
Shareholder Expense Example	14	An example of shareholder expenses.
Investments	16	A complete list of each fund’s investments with their market values.
Financial Statements	56	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	79	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	83

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.

^© 2017 FMR LLC. All Rights reserved.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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..

Semiannual Report 2

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 January 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Consumer Discretionary Index ETF – NAV		17.38%		10.42%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price		17.49%		10.44%
MSCI USA IMI Consumer Discretionary Index		17.54%		10.57%
S&P 500 Index		20.04%		10.77%

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 December 31, 2016
Average Annual Total Returns	Past 1 Year			Life of fundA
Fidelity MSCI Consumer Discretionary Index ETF – NAV		6.64	%		9.42	%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price		6.61	%		9.42	%
MSCI USA IMI Consumer Discretionary Index		6.75	%		9.57	%
S&P 500 Index		11.96	%		10.43	%

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.

^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.

The fund’s expense ratio is 0.084%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
Amazon.com, Inc.		10.8
Comcast Corp. Class A		5.9
The Home Depot, Inc.		5.6
The Walt Disney Co.		5.5
McDonald’s Corp.		3.4
Starbucks Corp.		2.7
The Priceline Group, Inc.		2.5
Time Warner, Inc.		2.5
NIKE, Inc. Class B		2.3
Charter Communications, Inc. Class A		2.3
		43.5

Industries as of January 31, 2017

* Includes short-term investments and net other assets.

3 Semiannual 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.*

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 January 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Consumer Staples Index ETF – NAV		7.02%		10.17%
Fidelity MSCI Consumer Staples Index ETF – Market Price		6.99%		10.17%
MSCI USA IMI Consumer Staples Index		7.22%		10.35%
S&P 500 Index		20.04%		10.77%

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 December 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Consumer Staples Index ETF – NAV		5.92%		10.00%
Fidelity MSCI Consumer Staples Index ETF – Market Price		5.78%		9.99%
MSCI USA IMI Consumer Staples Index		6.11%		10.17%
S&P 500 Index		11.96%		10.43%

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.

^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.

The fund’s expense ratio is 0.084%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
The Procter & Gamble Co.		11.2
The Coca-Cola Co.		8.5
PepsiCo, Inc.		7.5
Philip Morris International, Inc.		7.5
Altria Group, Inc.		7.0
Wal-Mart Stores, Inc.		5.2
CVS Health Corp.		4.2
Walgreens Boots Alliance, Inc.		3.8
Costco Wholesale Corp.		3.6
Mondelez International, Inc. Class A		3.4
		61.9

Industries as of January 31, 2017

* Includes short-term investments and net other assets.

Semiannual Report 4

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.*

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 January 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Energy Index ETF – NAV		27.47%		-3.80%
Fidelity MSCI Energy Index ETF – Market Price		27.53%		-3.79%
MSCI USA IMI Energy Index		27.90%		-3.69%
S&P 500 Index		20.04%		10.77%

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 December 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Energy Index ETF – NAV		27.03%		-2.87%
Fidelity MSCI Energy Index ETF – Market Price		26.96%		-2.87%
MSCI USA IMI Energy Index		27.47%		-2.76%
S&P 500 Index		11.96%		10.43%

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.

^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.

The fund’s expense ratio is 0.084%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
Exxon Mobil Corp.		21.7
Chevron Corp.		13.1
Schlumberger Ltd.		7.3
ConocoPhillips		3.8
EOG Resources, Inc.		3.6
Occidental Petroleum Corp.		3.2
Halliburton Co.		3.0
Kinder Morgan, Inc.		2.6
Anadarko Petroleum Corp.		2.4
Phillips 66		2.4
		63.1

Industries as of January 31, 2017

5 Semiannual 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.*

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 January 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Financials Index ETF – NAV		36.51%		12.68%
Fidelity MSCI Financials Index ETF – Market Price		36.64%		12.70%
MSCI USA IMI Financials Index		36.76%		12.82%
S&P 500 Index		20.04%		10.77%

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 December 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Financials Index ETF – NAV		24.74%		12.96%
Fidelity MSCI Financials Index ETF – Market Price		24.84%		13.00%
MSCI USA IMI Financials Index		24.93%		13.09%
S&P 500 Index		11.96%		10.43%

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.

^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.

The fund’s expense ratio is 0.084%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
JPMorgan Chase & Co.		8.7
Wells Fargo & Co.		7.7
Bank of America Corp.		6.6
Berkshire Hathaway, Inc. Class B		5.7
Citigroup, Inc.		4.6
US Bancorp		2.6
The Goldman Sachs Group, Inc.		2.4
American International Group, Inc.		1.9
Chubb Ltd.		1.7
Morgan Stanley		1.7
		43.6

Industries as of January 31, 2017

* Includes short-term investments and net other assets.

Semiannual Report 6

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.*

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 January 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Health Care Index ETF – NAV		9.43%		11.26%
Fidelity MSCI Health Care Index ETF – Market Price		9.37%		11.22%
MSCI USA IMI Health Care Index		9.51%		11.39%
S&P 500 Index		20.04%		10.77%

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 December 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Health Care Index ETF – NAV		-3.33%		10.62%
Fidelity MSCI Health Care Index ETF – Market Price		-3.38%		10.62%
MSCI USA IMI Health Care Index		-3.28%		10.75%
S&P 500 Index		11.96%		10.43%

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.

^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.

The fund’s expense ratio is 0.084%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
Johnson & Johnson		9.8
Pfizer, Inc.		6.1
Merck & Co., Inc.		5.4
UnitedHealth Group, Inc.		4.9
Amgen, Inc.		3.7
Medtronic PLC		3.4
AbbVie, Inc.		3.2
Gilead Sciences, Inc.		3.0
Celgene Corp.		2.9
Allergan PLC		2.8
		45.2

Industries as of January 31, 2017

* Includes short-term investments and net other assets.

7 Semiannual 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.*

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 January 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Industrials Index ETF – NAV		30.48%		10.20%
Fidelity MSCI Industrials Index ETF – Market Price		30.49%		10.19%
MSCI USA IMI Industrials Index		30.67%		10.32%
S&P 500 Index		20.04%		10.77%

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 December 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Industrials Index ETF – NAV		20.68%		9.91%
Fidelity MSCI Industrials Index ETF – Market Price		20.51%		9.90%
MSCI USA IMI Industrials Index		20.85%		10.04%
S&P 500 Index		11.96%		10.43%

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.

^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.

The fund’s expense ratio is 0.084%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
General Electric Co.		10.6
3M Co.		4.2
The Boeing Co.		3.9
Union Pacific Corp.		3.6
United Technologies Corp.		3.5
Honeywell International, Inc.		3.4
United Parcel Service, Inc. Class B		3.0
Lockheed Martin Corp.		2.7
Caterpillar, Inc.		2.2
FedEx Corp.		1.9
		39.0

Industries as of January 31, 2017

* Includes short-term investments and net other assets.

Semiannual Report 8

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.*

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 January 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Information Technology Index ETF – NAV		25.96%		15.15%
Fidelity MSCI Information Technology Index ETF – Market Price		26.08%		15.15%
MSCI USA IMI Information Technology Index		26.10%		15.27%
S&P 500 Index		20.04%		10.77%

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 December 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Information Technology Index ETF – NAV		13.80%		14.05%
Fidelity MSCI Information Technology Index ETF – Market Price		13.98%		14.12%
MSCI USA IMI Information Technology Index		13.90%		14.16%
S&P 500 Index		11.96%		10.43%

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.

^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.

The fund’s expense ratio is 0.084%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
Apple, Inc.		13.3
Microsoft Corp.		9.7
Facebook, Inc. Class A		6.2
Alphabet, Inc. Class C		5.0
Alphabet, Inc. Class A		4.9
Intel Corp.		3.5
International Business Machines Corp.		3.2
Visa, Inc. Class A		3.2
Cisco Systems, Inc.		3.2
Oracle Corp.		2.5
		54.7

Industries as of January 31, 2017

* Includes short-term investments and net other assets.

9 Semiannual 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.*

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 January 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Materials Index ETF – NAV		41.22%		7.92%
Fidelity MSCI Materials Index ETF – Market Price		41.44%		7.95%
MSCI USA IMI Materials Index		41.42%		8.00%
S&P 500 Index		20.04%		10.77%

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 December 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Materials Index ETF – NAV		21.46%		6.62%
Fidelity MSCI Materials Index ETF – Market Price		21.07%		6.61%
MSCI USA IMI Materials Index		21.59%		6.69%
S&P 500 Index		11.96%		10.43%

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.

^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.

The fund’s expense ratio is 0.084%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
The Dow Chemical Co.		8.2
EI du Pont de Nemours & Co.		8.1
Monsanto Co.		5.8
Praxair, Inc.		4.2
LyondellBasell Industries N.V. Class A		4.0
Ecolab, Inc.		3.9
Air Products & Chemicals, Inc.		3.5
PPG Industries, Inc.		3.3
The Sherwin-Williams Co.		2.9
International Paper Co.		2.7
		46.6

Industries as of January 31, 2017

Semiannual Report 10

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.*

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 January 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Real Estate Index ETF – NAV		12.64%		2.15%
Fidelity MSCI Real Estate Index ETF – Market Price		12.43%		2.16%
MSCI USA IMI Real Estate Index		12.85%		2.17%
S&P 500 Index		20.04%		8.51%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Real Estate 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 December 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Real Estate Index ETF – NAV		8.06%		2.20%
Fidelity MSCI Real Estate Index ETF – Market Price		7.86%		2.28%
MSCI USA IMI Real Estate Index		8.19%		2.22%
S&P 500 Index		11.96%		7.84%

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.

^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.

The fund’s expense ratio is 0.084%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
Simon Property Group, Inc.		6.0
American Tower Corp.		4.6
Public Storage		3.3
Crown Castle International Corp.		3.1
Equinix, Inc.		2.8
Prologis, Inc.		2.7
AvalonBay Communities, Inc.		2.5
Welltower, Inc.		2.4
Weyerhaeuser Co.		2.4
Equity Residential		2.3
		32.1

Industries as of January 31, 2017

11 Semiannual Report

Fidelity^® MSCI Telecommunication Services Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Telecommunication Services Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes 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 January 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Telecommunication Services Index ETF – NAV		21.82%		10.43%
Fidelity MSCI Telecommunication Services Index ETF – Market Price		21.74%		10.42%
MSCI USA IMI Telecommunication Services 25/50 Index		22.12%		10.47%
S&P 500 Index		20.04%		10.77%

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 December 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Telecommunication Services Index ETF – NAV		23.15%		10.58%
Fidelity MSCI Telecommunication Services Index ETF – Market Price		23.04%		10.61%
MSCI USA IMI Telecommunication Services 25/50 Index		23.39%		10.60%
S&P 500 Index		11.96%		10.43%

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.

^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.

The fund’s expense ratio is 0.084%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
AT&T, Inc.		23.1
Verizon Communications, Inc.		20.7
T-Mobile US, Inc.		4.7
Level 3 Communications, Inc.		4.5
SBA Communications Corp.		3.5
CenturyLink, Inc.		3.4
Sprint Corp.		2.9
Telephone & Data Systems, Inc.		1.9
Straight Path Communications, Inc.		1.8
Cogent Communications Holdings, Inc.		1.8
		68.3

Industries as of January 31, 2017

Semiannual Report 12

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.*

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 January 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Utilities Index ETF – NAV		13.56%		11.76%
Fidelity MSCI Utilities Index ETF – Market Price		13.48%		11.76%
MSCI USA IMI Utilities Index		13.78%		11.93%
S&P 500 Index		20.04%		10.77%

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 December 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fundA
Fidelity MSCI Utilities Index ETF – NAV		17.42%		11.67%
Fidelity MSCI Utilities Index ETF – Market Price		17.13%		11.66%
MSCI USA IMI Utilities Index		17.67%		11.83%
S&P 500 Index		11.96%		10.43%

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.

^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.

The fund’s expense ratio is 0.084%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
NextEra Energy, Inc.		7.7
Duke Energy Corp.		7.2
The Southern Co.		6.5
Dominion Resources, Inc.		6.4
Exelon Corp.		4.4
American Electric Power Co., Inc.		4.2
PG&E Corp.		4.2
Sempra Energy		3.3
Edison International		3.2
PPL Corp.		3.2
		50.3

Industries as of January 31, 2017

13 Semiannual Report

Shareholder Expense Example

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 Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2016 to January 31, 2017).

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 RatioA		Beginning Account Value August 1, 2016		Ending Account Value January 31, 2017		Expenses Paid During PeriodB August 1, 2016 to January 31, 2017
Fidelity MSCI Consumer Discretionary Index ETF
Actual		.08%	$	1,000.00	$	1,053.50	$	0.41
HypotheticalC			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Consumer Staples Index ETF
Actual		.08%	$	1,000.00	$	976.20	$	0.40
HypotheticalC			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Energy Index ETF
Actual		.08%	$	1,000.00	$	1,088.20	$	0.42
HypotheticalC			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Financials Index ETF
Actual		.08%	$	1,000.00	$	1,220.50	$	0.45
HypotheticalC			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Health Care Index ETF
Actual		.08%	$	1,000.00	$	954.50	$	0.39
HypotheticalC			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Industrials Index ETF
Actual		.08%	$	1,000.00	$	1,098.70	$	0.42
HypotheticalC			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Information Technology Index ETF
Actual		.08%	$	1,000.00	$	1,107.50	$	0.42
HypotheticalC			$	1,000.00	$	1,024.80	$	0.41

Semiannual Report 14

	Annualized Expense RatioA		Beginning Account Value August 1, 2016		Ending Account Value January 31, 2017		Expenses Paid During PeriodB August 1, 2016 to January 31, 2017
Fidelity MSCI Materials Index ETF
Actual		.08%	$	1,000.00	$	1,099.20	$	0.42
HypotheticalC			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Real Estate Index ETF
Actual		.08%	$	1,000.00	$	925.50	$	0.39
HypotheticalC			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Telecommunication Services Index ETF
Actual		.08%	$	1,000.00	$	1,016.50	$	0.41
HypotheticalC			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Utilities Index ETF
Actual		.08%	$	1,000.00	$	970.20	$	0.40
HypotheticalC			$	1,000.00	$	1,024.80	$	0.41

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

^B  Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C  5% return per year before expenses.

15 Semiannual Report

Fidelity MSCI Consumer Discretionary Index ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares		Value
AUTO COMPONENTS – 3.1%
Auto Parts & Equipment – 2.7%
Adient PLC (a)		7,293	$	463,033
American Axle & Manufacturing Holdings, Inc. (a)		5,677		115,811
Autoliv, Inc.		6,871		794,700
BorgWarner, Inc.		16,659		680,187
Cooper-Standard Holding, Inc. (a)		1,011		106,438
Dana, Inc.		11,177		225,105
Delphi Automotive PLC		21,260		1,489,476
Dorman Products, Inc. (a)		2,467		170,272
Fox Factory Holding Corp. (a)		2,235		57,886
Gentex Corp.		22,404		468,019
Gentherm, Inc. (a)		2,847		100,784
LCI Industries		1,863		204,464
Lear Corp.		5,585		793,573
Metaldyne Performance Group, Inc.		1,297		30,609
Modine Manufacturing Co. (a)		3,736		50,810
Motorcar Parts of America, Inc. (a)		1,399		36,696
Standard Motor Products, Inc.		1,560		77,797
Stoneridge, Inc. (a)		2,026		33,247
Superior Industries International, Inc.		1,639		37,779
Tenneco, Inc. (a)		4,436		299,208
Tower International, Inc.		1,632		42,758
Visteon Corp. (a)		2,683		240,316
				6,518,968
Tires & Rubber – 0.4%
Cooper Tire & Rubber Co.		4,211		152,649
The Goodyear Tire & Rubber Co.		20,406		660,950
				813,599
TOTAL AUTO COMPONENTS				7,332,567
AUTOMOBILES – 4.7%
Automobile Manufacturers – 4.4%
Ford Motor Co.		288,793		3,569,481
General Motors Co.		108,858		3,985,291
Tesla Motors, Inc. (a)		10,025		2,525,598
Thor Industries, Inc.		3,871		400,649
Winnebago Industries, Inc.		2,064		64,810
				10,545,829
Motorcycle Manufacturers – 0.3%
Harley-Davidson, Inc.		13,903		793,027
TOTAL AUTOMOBILES				11,338,856
DISTRIBUTORS – 1.0%
Distributors – 1.0%
Core-Mark Holding Co., Inc.		3,604		125,888
Genuine Parts Co.		11,604		1,123,383
LKQ Corp. (a)		23,984		765,329
Pool Corp.		3,267		344,865
Weyco Group, Inc.		494		13,921
TOTAL DISTRIBUTORS				2,373,386

	Shares		Value
DIVERSIFIED CONSUMER SERVICES – 1.2%
Education Services – 0.5%
American Public Education, Inc. (a)		1,208	$	29,354
Apollo Group, Inc. Class A (non-vtg.) (a)		7,864		78,561
Bridgepoint Education, Inc. (a)		1,510		16,066
Bright Horizons Family Solutions, Inc. (a)		3,447		244,254
Capella Education Co.		898		76,779
Career Education Corp. (a)		5,214		50,941
Chegg, Inc. (a)		4,489		32,276
DeVry Education Group, Inc.		4,561		152,794
Graham Holdings Co. Class B		344		178,725
Grand Canyon Education, Inc. (a)		3,527		208,023
Houghton Mifflin Harcourt Co. (a)		8,014		90,558
K12, Inc. (a)		2,689		53,592
Strayer Education, Inc. (a)		806		65,286
				1,277,209
Specialized Consumer Services – 0.7%
Carriage Services, Inc.		1,146		29,739
H&R Block, Inc.		17,191		368,919
LifeLock, Inc. (a)		6,837		163,815
Regis Corp. (a)		2,859		39,797
Service Corp. International		15,121		440,475
ServiceMaster Global Holdings, Inc. (a)		10,525		389,214
Sotheby’s (a)		2,788		110,711
Weight Watchers International, Inc. (a)		2,204		27,440
				1,570,110
TOTAL DIVERSIFIED CONSUMER SERVICES				2,847,319
HOTELS, RESTAURANTS & LEISURE – 15.4%
Casinos & Gaming – 1.8%
Boyd Gaming Corp. (a)		6,559		133,279
Caesars Acquisition Co. Class A (a)		3,675		55,125
Caesars Entertainment Corp. (a)		3,906		34,959
Churchill Downs, Inc.		1,025		146,934
Eldorado Resorts, Inc. (a)		1,795		27,822
Isle of Capri Casinos, Inc. (a)		1,872		44,572
Las Vegas Sands Corp.		34,051		1,790,402
MGM Resorts International (a)		35,267		1,015,690
Monarch Casino & Resort, Inc. (a)		815		19,364
Penn National Gaming, Inc. (a)		5,857		80,709
Pinnacle Entertainment, Inc. (a)		4,439		68,361
Red Rock Resorts, Inc. Class A		2,444		57,385
Scientific Games Corp. Class A (a)		4,012		68,204
Wynn Resorts Ltd.		6,348		643,878
				4,186,684
Hotels, Resorts & Cruise Lines – 3.4%
Belmond Ltd. Class A (a)		7,160		99,166
Carnival Corp.		27,894		1,544,770
Choice Hotels International, Inc.		2,815		156,232
Extended Stay America, Inc.		8,377		135,791
Hilton Grand Vacations, Inc. (a)		4,617		135,417

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

Semiannual Report 16

Common Stocks – continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE – continued
Hotels, Resorts & Cruise Lines – continued
Hilton Worldwide Holdings, Inc.		15,392	$	886,271
ILG, Inc.		8,757		165,945
La Quinta Holdings, Inc. (a)		6,888		97,327
Lindblad Expeditions Holdings, Inc. (a)		1,563		14,051
Marcus Corp.		1,272		37,715
Marriott International, Inc. Class A		25,761		2,179,381
Marriott Vacations Worldwide Corp.		1,785		154,367
Norwegian Cruise Line Holdings Ltd. (a)		12,416		583,552
Royal Caribbean Cruises Ltd.		13,418		1,256,327
Wyndham Worldwide Corp.		8,543		675,410
				8,121,722
Leisure Facilities – 0.5%
ClubCorp Holdings, Inc.		5,016		82,764
Drive Shack, Inc.		4,678		19,367
International Speedway Corp. Class A		2,047		75,022
Intrawest Resorts Holdings, Inc. (a)		1,067		21,991
Planet Fitness, Inc., Class A		3,951		83,129
SeaWorld Entertainment, Inc.		5,209		94,335
Six Flags Entertainment Corp.		5,808		346,041
Speedway Motorsports, Inc.		944		20,286
Vail Resorts, Inc.		3,120		535,205
				1,278,140
Restaurants – 9.7%
Aramark		18,022		609,865
Biglari Holdings, Inc. (a)		92		40,774
BJ’s Restaurants, Inc. (a)		1,466		52,116
Bloomin’ Brands, Inc.		8,704		148,925
Bob Evans Farms, Inc.		1,350		76,181
Bojangles’, Inc. (a)		1,274		25,225
Brinker International, Inc.		4,270		190,015
Buffalo Wild Wings, Inc. (a)		1,422		214,722
Carrols Restaurant Group, Inc. (a)		2,745		39,391
Chipotle Mexican Grill, Inc. (a)		2,273		957,933
Chuys Holdings, Inc. (a)		1,263		37,132
Cracker Barrel Old Country Store, Inc.		1,496		236,458
Darden Restaurants, Inc.		9,366		686,341
Dave & Buster’s Entertainment, Inc. (a)		2,440		132,882
Del Frisco’s Restaurant Group, Inc. (a)		1,759		30,783
Del Taco Restaurants, Inc. (a)		2,638		35,982
Denny’s Corp. (a)		5,819		70,817
DineEquity, Inc.		1,271		87,165
Domino’s Pizza, Inc.		3,753		655,049
Dunkin’ Brands Group, Inc.		7,122		369,418
El Pollo Loco Holdings, Inc. (a)		1,764		21,962
Fiesta Restaurant Group, Inc. (a)		2,066		54,336
Jack in the Box, Inc.		2,557		275,952
McDonald’s Corp.		66,476		8,147,963
Panera Bread Co. Class A (a)		1,732		362,092
Papa John’s International, Inc.		2,157		183,820
Popeyes Louisiana Kitchen, Inc. (a)		1,671		105,591

	Shares		Value
Potbelly Corp. (a)		1,795	$	23,335
Red Robin Gourmet Burgers, Inc. (a)		1,035		49,214
Ruby Tuesday, Inc. (a)		4,574		8,965
Ruth’s Hospitality Group, Inc.		2,456		42,120
Shake Shack, Inc. Class A (a)		1,120		39,547
Sonic Corp.		3,683		91,707
Starbucks Corp.		114,247		6,308,719
Texas Roadhouse, Inc. Class A		5,241		244,440
The Cheesecake Factory, Inc.		3,551		213,983
The Habit Restaurants, Inc. Class A (a)		1,332		19,314
Wendy’s Co.		16,382		221,649
Wingstop, Inc.		2,187		62,264
Yum! Brands, Inc.		28,853		1,890,737
Zoe’s Kitchen, Inc. (a)		1,410		30,780
				23,095,664
TOTAL HOTELS, RESTAURANTS & LEISURE				36,682,210
HOUSEHOLD DURABLES – 4.4%
Consumer Electronics – 0.5%
Garmin Ltd.		8,849		427,318
GoPro, Inc. Class A (a)		6,632		71,294
Harman International Industries, Inc.		5,457		606,600
Universal Electronics, Inc. (a)		1,110		66,045
				1,171,257
Home Furnishings – 0.8%
Ethan Allen Interiors, Inc.		1,902		55,348
La-Z-Boy, Inc.		3,813		109,052
Leggett & Platt, Inc.		10,392		495,906
Mohawk Industries, Inc. (a)		4,902		1,058,048
Tempur Sealy International, Inc. (a)		4,560		196,080
				1,914,434
Homebuilding – 1.7%
Beazer Homes U.S.A., Inc. (a)		2,485		35,436
CalAtlantic Group, Inc.		6,052		211,033
Cavco Industries, Inc. (a)		664		65,238
Century Communities, Inc. (a)		1,129		25,685
D.R. Horton, Inc.		27,604		825,636
Green Brick Partners, Inc. (a)		1,221		11,722
Hovnanian Enterprises, Inc. Class A (a)		8,723		20,673
Installed Building Products, Inc. (a)		1,430		58,487
KB Home		5,922		97,002
Lennar Corp. Class A		14,298		638,406
LGI Homes, Inc. (a)		1,176		36,526
M.D.C. Holdings, Inc.		3,150		85,176
M/I Homes, Inc. (a)		1,891		47,540
Meritage Homes Corp. (a)		2,937		107,935
NVR, Inc. (a)		289		536,962
PulteGroup, Inc.		24,088		518,133
Taylor Morrison Home Corp. Class A (a)		2,441		47,355
Toll Brothers, Inc. (a)		12,250		384,160
TopBuild Corp. (a)		3,002		111,404

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

17 Semiannual Report

Fidelity MSCI Consumer Discretionary Index ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
HOUSEHOLD DURABLES – continued
Homebuilding – continued
TRI Pointe Group, Inc. (a)		11,792	$	144,688
WCI Communities, Inc. (a)		1,730		40,482
William Lyon Homes Class A (a)		1,923		33,941
				4,083,620
Household Appliances – 0.6%
Helen of Troy Ltd. (a)		2,174		202,834
iRobot Corp. (a)		1,896		114,822
NACCO Industries, Inc. Class A		298		21,978
Whirlpool Corp.		5,879		1,028,178
				1,367,812
Housewares & Specialties – 0.8%
CSS Industries, Inc.		631		15,535
Libbey, Inc.		1,656		28,334
Newell Brands, Inc.		33,807		1,600,086
Tupperware Brands Corp.		3,955		238,724
				1,882,679
TOTAL HOUSEHOLD DURABLES				10,419,802
INTERNET & CATALOG RETAIL – 3.5%
Catalog Retail – 0.3%
HSN, Inc.		2,604		91,791
Liberty Interactive Corp. QVC Group Series A (a)		33,028		633,477
				725,268
Internet Retail – 3.2%
1-800-FLOWERS.com, Inc. Class A (a)		1,903		17,127
Blue Nile, Inc.		870		35,418
Duluth Holdings, Inc. Class B (a)		1,444		32,663
Etsy, Inc. (a)		4,764		60,074
Expedia, Inc.		9,614		1,168,966
FTD Cos., Inc. (a)		1,373		31,551
Groupon, Inc. Class A (a)		33,151		114,371
Lands’ End, Inc. (a)		1,210		18,573
Liberty Expedia Holdings, Inc. Class A (a)		4,178		183,874
Liberty TripAdvisor Holdings, Inc. Class A (a)		5,345		95,943
Liberty Ventures Series A (a)		6,329		276,261
Netflix, Inc. (a)		33,397		4,699,292
NutriSystem, Inc.		2,311		76,379
Overstock.com, Inc. (a)		1,277		21,198
PetMed Express, Inc.		1,583		33,544
Shutterfly, Inc. (a)		2,508		128,736
TripAdvisor, Inc. (a)		9,339		494,033
Wayfair, Inc. Class A (a)		2,256		93,759
				7,581,762
TOTAL INTERNET & CATALOG RETAIL				8,307,030

	Shares		Value
INTERNET & DIRECT MARKETING RETAIL – 13.4%
Internet & Direct Marketing Retail – 13.4%
Amazon.com, Inc. (a)		31,390	$	25,849,037
The Priceline Group, Inc. (a)		3,850		6,064,251
TOTAL INTERNET & DIRECT MARKETING RETAIL				31,913,288
LEISURE PRODUCTS – 1.1%
Leisure Products – 1.1%
American Outdoor Brands Corp. (a)		4,513		96,127
Brunswick Corp.		7,054		422,253
Callaway Golf Co.		7,194		81,508
Hasbro, Inc.		8,781		724,520
Mattel, Inc.		26,602		697,238
Nautilus, Inc. (a)		2,253		39,090
Polaris Industries, Inc.		4,749		399,248
Sturm, Ruger & Co., Inc.		1,454		76,699
Vista Outdoor, Inc. (a)		4,772		137,481
TOTAL LEISURE PRODUCTS				2,674,164
MEDIA – 25.1%
Advertising – 1.0%
Clear Channel Outdoor Holding, Inc. Class A		2,466		12,207
Interpublic Group of Companies, Inc.		31,295		736,371
MDC Partners, Inc. Class A		3,947		25,261
National CineMedia, Inc.		4,781		70,089
Omnicom Group, Inc.		18,426		1,578,187
				2,422,115
Broadcasting – 2.0%
AMC Networks, Inc. Class A (a)		4,658		267,136
CBS Corp. Class B (non-vtg.)		31,695		2,044,011
Discovery Communications, Inc. Class A (a)		11,710		331,979
Discovery Communications, Inc. Class C (non-vtg.) (a)		17,693		490,273
E.W. Scripps Co. Class A (a)		4,136		80,569
Entercom Communications Corp. Class A		1,776		25,219
Entravision Communications Corp. Class A		4,756		25,683
Gray Television, Inc. (a)		5,044		59,772
Media General, Inc. (a)		7,026		0
Nexstar Media Group, Inc. Class A		3,468		226,807
Scripps Networks Interactive, Inc. Class A		6,320		481,331
Sinclair Broadcast Group, Inc. Class A		5,288		178,470
TEGNA, Inc.		15,831		362,688
Tribune Media Co. Class A		5,986		172,636
				4,746,574
Cable & Satellite – 10.8%
Cable One, Inc.		381		240,937

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

Semiannual Report 18

Common Stocks – continued
	Shares		Value
MEDIA – continued
Cable & Satellite – continued
Charter Communications, Inc. Class A (a)		16,884	$	5,469,572
Comcast Corp. Class A		187,143		14,114,325
DISH Network Corp. Class A (a)		17,645		1,044,055
Liberty Broadband Corp. Class C (a)		8,349		712,504
Liberty Global PLC LiLAC Series C (a)		8,552		190,880
Liberty Global PLC Series A (a)		19,527		712,345
Liberty Global PLC Series C (a)		47,715		1,676,228
Liberty Media Corp. – Liberty SiriusXM Class A		7,206		261,145
Liberty Media Corp. – Liberty SiriusXM Class C		15,644		561,463
Loral Space & Communications Ltd. (a)		1,048		42,706
MSG Networks, Inc. (a)		4,795		111,244
Sirius XM Holdings, Inc.		132,752		626,589
				25,763,993
Movies & Entertainment – 10.8%
AMC Entertainment Holdings, Inc. Class A		2,250		75,938
Cinemark Holdings, Inc.		8,136		345,780
Global Eagle Entertainment, Inc. (a)		3,958		24,381
IMAX Corp. (a)		4,702		153,285
Liberty Media Corp. – Liberty Braves Class A		762		15,202
Liberty Media Corp. – Liberty Braves Class C		2,870		57,343
Liberty Media Corp. – Liberty Formula One Class A (a)		1,777		51,497
Liberty Media Corp. – Liberty Formula One Class C (a)		3,904		112,201
Lions Gate Entertainment Corp. Class A		4,074		117,209
Lions Gate Entertainment Corp. Class B (a)		8,540		228,787
Live Nation Entertainment, Inc. (a)		10,271		293,956
Regal Entertainment Group Class A		8,746		198,184
The Madison Square Garden Co. (a)		1,444		253,668
The Walt Disney Co.		118,932		13,159,826
Time Warner, Inc.		60,593		5,868,432
Twenty-First Century Fox, Inc. Class A		82,885		2,600,931
Twenty-First Century Fox, Inc. Class B		34,230		1,061,472
Viacom, Inc. Class B		27,070		1,140,730
World Wrestling Entertainment, Inc. Class A		2,766		54,158
				25,812,980
Publishing – 0.5%
Gannett Co., Inc.		8,640		83,117
John Wiley & Sons, Inc. Class A		3,599		198,305
Meredith Corp.		3,068		188,068
New Media Investment Group, Inc.		3,980		60,655
News Corp. Class A		29,718		365,234
Scholastic Corp.		2,041		93,437

	Shares		Value
The New York Times Co. Class A		9,984	$	134,784
Time, Inc.		7,802		150,189
tronc, Inc.		1,274		16,893
				1,290,682
TOTAL MEDIA				60,036,344
MULTILINE RETAIL – 3.4%
Department Stores – 0.8%
Dillard’s, Inc. Class A		1,572		88,724
J.C. Penney Co., Inc. (a)		24,128		160,451
Kohl’s Corp.		14,318		570,286
Macy’s, Inc.		23,985		708,517
Nordstrom, Inc.		10,147		448,700
Sears Holdings Corp. (a)		2,011		14,037
				1,990,715
General Merchandise Stores – 2.6%
Big Lots, Inc.		3,451		172,550
Dollar General Corp.		21,948		1,620,201
Dollar Tree, Inc. (a)		18,358		1,417,054
Fred’s, Inc. Class A		2,764		40,272
Ollie’s Bargain Outlet Holdings, Inc. (a)		3,837		117,220
Target Corp.		42,542		2,743,108
Tuesday Morning Corp. (a)		3,510		15,093
				6,125,498
TOTAL MULTILINE RETAIL				8,116,213
SPECIALTY RETAIL – 18.2%
Apparel Retail – 4.3%
Abercrombie & Fitch Co. Class A		5,194		60,302
American Eagle Outfitters, Inc.		13,460		203,381
Ascena Retail Group, Inc. (a)		11,853		57,013
Burlington Stores, Inc. (a)		5,572		466,376
Caleres, Inc.		3,326		102,274
Chico’s FAS, Inc.		9,843		132,782
Citi Trends, Inc.		1,140		18,297
DSW, Inc. Class A		5,509		116,570
Express, Inc. (a)		5,418		57,593
Finish Line, Inc. Class A		3,225		55,470
Foot Locker, Inc.		10,568		724,331
Francescas Holdings Corp. (a)		3,069		53,523
Gap, Inc.		18,648		429,463
Genesco, Inc. (a)		1,603		96,501
Guess?, Inc.		4,797		61,258
L Brands, Inc.		19,041		1,146,459
Ross Stores, Inc.		31,121		2,057,409
Shoe Carnival, Inc.		1,135		29,022
Stein Mart, Inc.		2,266		8,294
Tailored Brands, Inc.		3,355		71,294
The Buckle, Inc.		2,211		46,763
The Cato Corp. Class A		1,986		50,425
The Children’s Place Retail Stores, Inc.		1,474		142,978

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

19 Semiannual Report

Fidelity MSCI Consumer Discretionary Index ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
SPECIALTY RETAIL – continued
Apparel Retail – continued
The TJX Companies, Inc.		51,152	$	3,832,308
Urban Outfitters, Inc. (a)		6,876		182,489
Zumiez, Inc. (a)		1,486		29,794
				10,232,369
Automotive Retail – 3.0%
Advance Auto Parts, Inc.		5,740		942,738
Asbury Automotive Group, Inc. (a)		1,557		102,139
AutoNation, Inc. (a)		5,633		299,225
AutoZone, Inc. (a)		2,277		1,650,779
CarMax, Inc. (a)		14,925		995,647
CST Brands, Inc.		5,890		283,780
Group 1 Automotive, Inc.		1,688		136,374
Lithia Motors, Inc. Class A		1,819		187,575
Monro Muffler Brake, Inc.		2,515		150,649
Murphy USA, Inc. (a)		3,095		197,151
O’Reilly Automotive, Inc. (a)		7,395		1,939,487
Penske Automotive Group, Inc.		3,380		183,737
Sonic Automotive, Inc. Class A		2,170		50,778
TravelCenters of America LLC (a)		2,492		17,693
				7,137,752
Computer & Electronics Retail – 0.5%
Best Buy Co., Inc.		22,639		1,007,889
Conn’s, Inc. (a)		1,349		14,232
GameStop Corp. Class A		8,172		200,132
Rent-A-Center, Inc.		4,070		36,467
				1,258,720
Home Improvement Retail – 7.7%
Lowe’s Companies, Inc.		68,629		5,015,407
Lumber Liquidators Holdings, Inc. (a)		2,062		32,291
The Home Depot, Inc.		96,250		13,242,075
Tile Shop Holdings, Inc. (a)		2,560		48,896
				18,338,669
Homefurnishing Retail – 0.5%
Aarons, Inc. Class A		5,113		158,196
At Home Group, Inc. (a)		977		14,889
Bed Bath & Beyond, Inc.		12,051		486,258
Haverty Furniture Companies, Inc.		1,402		30,564
Kirkland’s, Inc. (a)		1,081		15,004
Pier 1 Imports, Inc.		6,517		47,379
RH (a)		2,840		76,737
Select Comfort Corp. (a)		3,573		72,103
Williams-Sonoma, Inc.		6,615		318,909
				1,220,039
Specialty Stores – 2.2%
Barnes & Noble Education, Inc. (a)		2,919		29,336
Barnes & Noble, Inc.		4,564		46,553
Big 5 Sporting Goods Corp.		1,364		21,006
Cabela’s, Inc. Class A (a)		3,473		194,106
Dick’s Sporting Goods, Inc.		6,897		355,885

	Shares		Value
Five Below, Inc. (a)		4,272	$	170,239
GNC Holdings, Inc. Class A		5,225		46,346
Hibbett Sports, Inc. (a)		1,752		57,816
MarineMax, Inc. (a)		1,925		41,291
Office Depot, Inc.		39,989		177,951
Party City Holdings, Inc. (a)		2,259		32,642
Sally Beauty Holdings, Inc. (a)		11,415		271,677
Signet Jewelers Ltd.		5,608		435,573
Sportsman’s Warehouse Holdings, Inc. (a)		2,354		17,514
Staples, Inc.		50,553		465,088
The Container Store Group, Inc. (a)		1,415		6,891
The Michaels Cos., Inc. (a)		9,791		192,589
Tiffany & Co., Inc.		9,743		766,969
Tractor Supply Co.		10,401		766,242
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		4,620		1,257,934
Vitamin Shoppe, Inc. (a)		1,770		38,320
Winmark Corp.		168		18,606
				5,410,574
TOTAL SPECIALTY RETAIL				43,598,123
TEXTILES, APPAREL & LUXURY GOODS – 5.4%
Apparel, Accessories & Luxury Goods – 2.7%
Carter’s, Inc.		3,893		326,039
Coach, Inc.		21,785		813,670
Columbia Sportswear Co.		2,205		119,886
Fossil Group, Inc. (a)		3,316		84,790
G-III Apparel Group Ltd. (a)		3,155		82,850
Hanesbrands, Inc.		29,395		696,955
Iconix Brand Group, Inc. (a)		3,158		32,496
Kate Spade & Co. (a)		10,101		186,970
lululemon athletica, Inc. (a)		8,557		577,683
Michael Kors Holdings Ltd. (a)		13,141		562,566
Movado Group, Inc.		1,195		32,444
Oxford Industries, Inc.		1,155		63,548
PVH Corp.		6,315		592,410
Ralph Lauren Corp.		4,412		390,153
Sequential Brands Group, Inc. (a)		4,277		19,803
Under Armour, Inc. Class A (a)		14,331		307,973
Under Armour, Inc. Class C (a)		14,567		279,978
Vera Bradley, Inc. (a)		1,584		18,153
VF Corp.		25,846		1,330,552
				6,518,919
Footwear – 2.7%
Crocs, Inc. (a)		5,517		40,274
Deckers Outdoor Corp. (a)		2,375		136,800
NIKE, Inc. Class B		105,060		5,557,674
Skechers U.S.A., Inc. Class A (a)		10,423		261,826
Steven Madden Ltd. (a)		4,288		150,938
Wolverine World Wide, Inc.		7,870		184,866
				6,332,378

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

Semiannual Report 20

Common Stocks – continued
	Shares		Value
Textiles – 0.0%
Unifi, Inc. (a)		1,142	$	30,708
TOTAL TEXTILES, APPAREL & LUXURY GOODS				12,882,005
TOTAL COMMON STOCKS (Cost $241,717,445)				238,521,307
Money Market Funds – 0.1%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 0.43% (b) (Cost $183,803)		183,803		183,803
TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $241,901,248)				238,705,110
NET OTHER ASSETS (LIABILITIES) – 0.0%				110,858
NET ASSETS – 100%			$	238,815,968

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 January 31, 2017, 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	$	238,521,307	$	238,521,307	$	—	$	—
Money Market Funds		183,803		183,803		—		—
Total Investments in Securities:	$	238,705,110	$	238,705,110	$	—	$	—

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

21 Semiannual Report

Fidelity MSCI Consumer Staples Index ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares		Value
BEVERAGES – 20.6%
Brewers – 1.0%
Molson Coors Brewing Co. Class B		22,404	$	2,162,434
The Boston Beer Co., Inc. Class A (a)		1,075		165,228
				2,327,662
Distillers & Vintners – 1.8%
Brown-Forman Corp. Class B		25,130		1,145,928
Constellation Brands, Inc. Class A		21,067		3,154,994
MGP Ingredients, Inc.		1,403		59,473
				4,360,395
Soft Drinks – 17.8%
Coca-Cola Bottling Co. Consolidated		596		100,629
Dr Pepper Snapple Group, Inc.		22,049		2,010,869
Monster Beverage Corp. (a)		47,539		2,025,161
National Beverage Corp.		1,390		69,764
PepsiCo, Inc.		171,146		17,761,532
The Coca-Cola Co.		487,604		20,269,698
				42,237,653
TOTAL BEVERAGES				48,925,710
FOOD & STAPLES RETAILING – 21.5%
Drug Retail – 8.3%
CVS Health Corp.		126,795		9,992,714
Rite Aid Corp. (a)		124,744		701,061
Walgreens Boots Alliance, Inc.		109,404		8,964,564
				19,658,339
Food Distributors – 1.8%
Performance Food Group Co. (a)		6,768		149,911
SpartanNash Co.		4,465		169,045
Sysco Corp.		62,716		3,290,081
The Andersons, Inc.		3,199		120,762
The Chefs’ Warehouse, Inc. (a)		2,522		42,118
United Natural Foods, Inc. (a)		5,996		274,017
US Foods Holding Corp. (a)		11,810		321,232
				4,367,166
Food Retail – 2.5%
Casey’s General Stores, Inc.		4,654		534,745
Ingles Markets, Inc. Class A		1,424		64,436
Natural Grocers by Vitamin Cottage, Inc. (a)		1,118		14,132
Smart & Final Stores, Inc. (a)		3,522		50,541
Sprouts Farmers Market, Inc. (a)		16,722		312,200
SUPERVALU, Inc. (a)		31,597		123,860
The Kroger Co.		107,213		3,640,953
Village Super Market, Inc. Class A		888		26,897
Weis Markets, Inc.		1,435		85,296
Whole Foods Market, Inc.		37,913		1,145,731
				5,998,791
Hypermarkets & Super Centers – 8.9%
Costco Wholesale Corp.		52,095		8,540,976
PriceSmart, Inc.		2,336		197,859

	Shares		Value
Wal-Mart Stores, Inc.		183,927	$	12,275,288
				21,014,123
TOTAL FOOD & STAPLES RETAILING				51,038,419
FOOD PRODUCTS – 20.3%
Agricultural Products – 2.5%
Archer-Daniels-Midland Co.		69,184		3,062,084
Bunge Ltd.		16,583		1,147,709
Darling Ingredients, Inc. (a)		19,600		235,200
Fresh Del Monte Produce, Inc.		3,942		225,679
Ingredion, Inc.		8,584		1,100,383
				5,771,055
Packaged Foods & Meats – 17.8%
AdvancePierre Foods Holdings, Inc.		4,596		127,355
Amplify Snack Brands, Inc. (a)		4,022		38,732
B&G Foods, Inc.		7,905		350,587
Blue Buffalo Pet Products, Inc. (a)		10,475		254,019
Cal-Maine Foods, Inc.		3,641		151,830
Calavo Growers, Inc.		1,871		103,466
Campbell Soup Co.		23,858		1,484,683
Conagra Brands, Inc.		49,635		1,940,232
Dean Foods Co.		10,724		212,979
Farmer Bros Co. (a)		1,004		34,939
Flowers Foods, Inc.		22,170		445,839
Freshpet, Inc. (a)		2,582		28,789
General Mills, Inc.		71,299		4,454,761
Hormel Foods Corp.		34,656		1,258,013
J&J Snack Foods Corp.		1,771		225,926
John B Sanfilippo & Son, Inc.		974		64,079
Kellogg Co.		31,240		2,271,460
Lamb Weston Holdings, Inc.		16,453		614,684
Lancaster Colony Corp.		2,274		298,008
Landec Corp. (a)		2,924		36,842
McCormick & Co., Inc. (non-vtg.)		13,681		1,307,220
Mead Johnson Nutrition Co.		21,959		1,547,231
Mondelez International, Inc. Class A		184,986		8,191,180
Omega Protein Corp. (a)		2,387		59,556
Pinnacle Foods, Inc.		14,011		745,245
Post Holdings, Inc. (a)		7,698		644,169
Sanderson Farms, Inc.		2,414		219,674
Seaboard Corp. (a)		35		134,750
Seneca Foods Corp. Class A (a)		766		27,461
Snyders-Lance, Inc.		9,131		350,448
The Hain Celestial Group, Inc. (a)		12,266		485,243
The Hershey Co.		17,237		1,817,986
The JM Smucker Co.		13,844		1,880,707
The Kraft Heinz Co.		72,403		6,464,864
The WhiteWave Foods Co. (a)		21,076		1,160,445
Tootsie Roll Industries, Inc.		2,286		85,611
TreeHouse Foods, Inc. (a)		6,745		511,811
Tyson Foods, Inc. Class A		35,373		2,221,071
				42,251,895
TOTAL FOOD PRODUCTS				48,022,950

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

Semiannual Report 22

Common Stocks – continued
	Shares		Value
HOUSEHOLD PRODUCTS – 18.1%
Household Products – 18.1%
Central Garden and Pet Co. (a)		1,207	$	39,650
Central Garden and Pet Co. Class A (a)		4,004		123,243
Church & Dwight Co., Inc.		30,522		1,380,205
Colgate-Palmolive Co.		100,716		6,504,239
Energizer Holdings, Inc.		7,365		371,712
HRG Group, Inc. (a)		13,110		220,641
Kimberly-Clark Corp.		42,768		5,180,488
Spectrum Brands Holdings, Inc.		3,168		422,580
The Clorox Co.		15,397		1,847,640
The Procter & Gamble Co.		304,067		26,636,269
WD-40 Co.		1,689		177,598
TOTAL HOUSEHOLD PRODUCTS				42,904,265
PERSONAL PRODUCTS – 2.2%
Personal Products – 2.2%
Avon Products, Inc. (a)		51,977		305,105
Coty, Inc. Class A		57,649		1,106,861
Edgewell Personal Care Co. (a)		7,020		553,457
Herbalife Ltd. (a)		8,284		465,561
Inter Parfums, Inc.		2,024		69,018
Medifast, Inc.		1,060		44,700
Natural Health Trends Corp.		886		22,221
Nu Skin Enterprises, Inc. Class A		6,621		343,498
Revlon, Inc. Class A (a)		1,574		52,650
The Estee Lauder Cos., Inc. Class A		26,275		2,133,793
USANA Health Sciences, Inc. (a)		1,284		79,993
TOTAL PERSONAL PRODUCTS				5,176,857

	Shares		Value
TOBACCO – 17.2%
Tobacco – 17.2%
Altria Group, Inc.		232,355	$	16,539,029
Philip Morris International, Inc.		184,486		17,734,639
Reynolds American, Inc.		101,845		6,123,940
Universal Corp.		2,567		174,556
Vector Group Ltd.		11,620		256,337
TOTAL TOBACCO				40,828,501
TOTAL COMMON STOCKS (Cost $232,202,973)				236,896,702
Money Market Funds – 0.0%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 0.43% (b) (Cost $117,402)		117,402		117,402
TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $232,320,375)				237,014,104
NET OTHER ASSETS (LIABILITIES) – 0.1%				216,882
NET ASSETS – 100%			$	237,230,986

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 January 31, 2017, 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	$	236,896,702	$	236,896,702	$	—	$	—
Money Market Funds		117,402		117,402		—		—
Total Investments in Securities:	$	237,014,104	$	237,014,104	$	—	$	—

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

23 Semiannual Report

Fidelity MSCI Energy Index ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares		Value
ENERGY EQUIPMENT & SERVICES – 18.2%
Oil & Gas Drilling – 2.0%
Atwood Oceanics, Inc.		24,267	$	295,087
Diamond Offshore Drilling, Inc. (a)		22,227		364,078
Ensco PLC Class A		97,644		1,066,272
Helmerich & Payne, Inc.		35,016		2,491,739
Nabors Industries Ltd.		91,824		1,492,140
Noble Corp. PLC		79,354		535,640
Parker Drilling Co. (a)		39,234		100,047
Patterson-UTI Energy, Inc.		53,085		1,488,503
Rowan Cos. PLC Class A (a)		38,910		697,267
Transocean Ltd. (a)		125,754		1,756,783
Unit Corp. (a)		16,679		433,654
				10,721,210
Oil & Gas Equipment & Services – 16.2%
Archrock, Inc.		21,489		313,739
Baker Hughes, Inc.		131,720		8,308,898
Bristow Group, Inc.		10,657		188,203
CARBO Ceramics, Inc. (a)		6,661		94,586
Core Laboratories N.V.		14,291		1,669,617
Dril-Quip, Inc. (a)		12,262		762,696
Exterran Corp. (a)		11,289		350,185
Fairmount Santrol Holdings, Inc. (a)		46,919		587,426
Forum Energy Technologies, Inc. (a)		19,394		420,850
Frank’s International N.V.		12,861		152,274
Halliburton Co.		278,868		15,775,563
Helix Energy Solutions Group, Inc. (a)		44,712		379,158
Hornbeck Offshore Services, Inc. (a)		10,467		75,886
Matrix Service Co. (a)		8,796		197,030
McDermott International, Inc. (a)		78,506		635,899
National Oilwell Varco, Inc.		122,363		4,626,545
Natural Gas Services Group, Inc. (a)		4,228		121,344
Newpark Resources, Inc. (a)		27,061		204,311
Oceaneering International, Inc.		31,775		884,934
Oil States International, Inc. (a)		16,627		656,766
PHI, Inc. (non-vtg.) (a)		4,019		63,701
RigNet, Inc. (a)		4,421		87,315
RPC, Inc.		21,329		459,000
Schlumberger Ltd.		450,377		37,701,059
SEACOR Holdings, Inc. (a)		5,390		396,542
Superior Energy Services, Inc.		49,158		868,622
TechnipFMC PLC (a)		142,876		4,803,491
Tesco Corp. (a)		14,717		126,566
TETRA Technologies, Inc. (a)		36,666		181,863
US Silica Holdings, Inc.		25,805		1,526,108
Weatherford International PLC (a)		302,221		1,574,571
				84,194,748
TOTAL ENERGY EQUIPMENT & SERVICES				94,915,958
OIL, GAS & CONSUMABLE FUELS – 81.7%
Coal & Consumable Fuels – 0.2%
CONSOL Energy, Inc.		59,442		1,006,947

	Shares		Value
Integrated Oil & Gas – 38.0%
Chevron Corp.		610,950	$	68,029,283
Exxon Mobil Corp.		1,342,894		112,655,378
Occidental Petroleum Corp.		247,398		16,766,162
				197,450,823
Oil & Gas Exploration & Production – 27.5%
Anadarko Petroleum Corp.		179,289		12,465,964
Antero Resources Corp. (a)		49,741		1,214,178
Apache Corp.		122,943		7,354,450
Bill Barrett Corp. (a)		24,178		158,366
Cabot Oil & Gas Corp.		150,724		3,237,552
California Resources Corp. (a)		13,493		289,020
Callon Petroleum Co. (a)		65,107		994,835
Carrizo Oil & Gas, Inc. (a)		20,193		714,024
Chesapeake Energy Corp. (a)		226,582		1,461,454
Cimarex Energy Co.		30,780		4,161,764
Clayton Williams Energy, Inc. (a)		1,685		245,083
Cobalt International Energy, Inc. (a)		109,762		107,655
Concho Resources, Inc. (a)		45,619		6,361,113
ConocoPhillips		401,090		19,557,148
Continental Resources, Inc. (a)		30,343		1,473,456
Denbury Resources, Inc. (a)		130,599		437,507
Devon Energy Corp.		152,696		6,953,776
Diamondback Energy, Inc. (a)		28,699		3,018,274
Eclipse Resources Corp. (a)		28,667		70,521
Energen Corp. (a)		31,453		1,695,002
EOG Resources, Inc.		186,686		18,963,564
EQT Corp.		55,975		3,393,764
EXCO Resources, Inc. (a)		56,046		37,500
Gran Tierra Energy, Inc. (a)		127,570		329,131
Gulfport Energy Corp. (a)		50,028		1,045,585
Hess Corp.		92,352		5,003,631
Jones Energy, Inc. Class A (a)		15,141		67,377
Kosmos Energy Ltd. (a)		62,623		409,554
Laredo Petroleum, Inc. (a)		50,922		689,993
Marathon Oil Corp.		274,534		4,598,445
Matador Resources Co. (a)		29,002		763,623
Murphy Oil Corp.		53,007		1,532,432
Newfield Exploration Co. (a)		64,356		2,579,389
Noble Energy, Inc.		139,227		5,535,666
Oasis Petroleum, Inc. (a)		70,513		997,054
Parsley Energy, Inc. Class A (a)		58,735		2,068,647
PDC Energy, Inc. (a)		17,843		1,319,311
Pioneer Natural Resources Co.		54,958		9,905,080
QEP Resources, Inc. (a)		77,641		1,354,059
Range Resources Corp.		60,112		1,944,022
Resolute Energy Corp. (a)		3,830		176,142
Rice Energy, Inc. (a)		44,720		886,798
Ring Energy, Inc. (a)		15,097		199,280
RSP Permian, Inc. (a)		32,053		1,364,176
Sanchez Energy Corp. (a)		16,447		218,087
SM Energy Co.		31,226		952,705

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

Semiannual Report 24

Common Stocks – continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS – continued
Oil & Gas Exploration & Production – continued
Southwestern Energy Co. (a)		159,896	$	1,440,663
Synergy Resources Corp. (a)		61,688		531,134
Whiting Petroleum Corp. (a)		89,241		989,683
WPX Energy, Inc. (a)		126,100		1,756,573
				143,024,210
Oil & Gas Refining & Marketing – 7.6%
Alon USA Energy, Inc.		8,938		100,642
Clean Energy Fuels Corp. (a)		36,497		94,527
CVR Energy, Inc.		5,463		121,333
Delek US Holdings, Inc.		16,075		360,080
Green Plains, Inc.		11,985		269,662
HollyFrontier Corp.		54,339		1,574,201
Marathon Petroleum Corp.		171,333		8,232,551
Par Pacific Holdings, Inc. (a)		6,512		94,619
PBF Energy, Inc. Class A		35,293		818,445
Phillips 66		152,436		12,441,826
Renewable Energy Group, Inc. (a)		10,105		87,914
REX American Resources Corp. (a)		1,869		155,183
Tesoro Corp.		38,491		3,111,997
Valero Energy Corp.		149,488		9,830,331
Western Refining, Inc.		28,107		984,026
World Fuel Services Corp.		22,814		1,014,767
				39,292,104
Oil & Gas Storage & Transportation – 8.4%
Cheniere Energy, Inc. (a)		64,917		3,093,295
Enbridge Energy Management LLC (a)		21,469		404,476
EnLink Midstream LLC		17,568		304,805
Gener8 Maritime, Inc. (a)		13,675		69,059

	Shares		Value
Kinder Morgan, Inc.		614,498	$	13,727,885
ONEOK, Inc.		68,184		3,757,620
Plains GP Holdings LP Class A		30,863		1,001,504
SemGroup Corp. Class A		21,508		853,867
Spectra Energy Corp.		227,178		9,461,964
Tallgrass Energy GP LP		16,746		451,640
Targa Resources Corp.		53,993		3,111,077
The Williams Cos., Inc.		264,422		7,625,930
				43,863,122
TOTAL OIL, GAS & CONSUMABLE FUELS				424,637,206
TOTAL COMMON STOCKS (Cost $518,504,439)				519,553,164
Money Market Funds – 0.1%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 0.43% (b) (Cost $293,457)		293,457		293,457
TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $518,797,896)				519,846,621
NET OTHER ASSETS (LIABILITIES) – 0.0%				54,405
NET ASSETS – 100%			$	519,901,026

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 January 31, 2017, 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	$	519,553,164	$	519,553,164	$	—	$	—
Money Market Funds		293,457		293,457		—		—
Total Investments in Securities:	$	519,846,621	$	519,846,621	$	—	$	—

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

25 Semiannual Report

Fidelity MSCI Financials Index ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
BANKS – 46.4%
Diversified Banks – 30.4%
Bank of America Corp.		1,917,841	$	43,419,920
Citigroup, Inc.		546,039		30,485,357
Comerica, Inc.		32,868		2,219,576
JPMorgan Chase & Co.		678,790		57,445,998
US Bancorp		321,732		16,939,190
Wells Fargo & Co.		900,804		50,742,289
				201,252,330
Regional Banks – 16.0%
1st Source Corp.		3,386		152,742
Ameris Bancorp		6,437		290,309
Arrow Financial Corp.		2,542		89,733
Associated Banc-Corp		28,613		723,909
Banc of California, Inc.		8,461		133,684
Bancfirst Corp.		1,471		138,789
BancorpSouth, Inc.		16,345		485,446
Bank of Hawaii Corp.		8,132		698,620
Bank of the Ozarks, Inc.		19,447		1,067,057
BankUnited, Inc.		19,783		755,711
Banner Corp.		3,717		208,598
BB&T Corp.		153,191		7,075,892
Berkshire Hills Bancorp, Inc.		6,083		215,338
Blue Hills Bancorp, Inc.		5,014		95,266
BNC Bancorp		9,639		339,775
BOK Financial Corp.		3,812		313,499
Boston Private Financial Holdings, Inc.		16,079		265,303
Bridge Bancorp, Inc.		4,197		151,722
Brookline Bancorp, Inc.		13,718		216,058
Bryn Mawr Bank Corp.		3,039		121,712
Camden National Corp.		3,061		126,970
Capital Bank Financial Corp. Class A		6,163		242,822
Cardinal Financial Corp.		6,410		201,018
Cascade Bancorp (a)		7,205		57,424
Cathay General Bancorp		14,350		522,914
CenterState Banks, Inc.		8,816		215,022
Central Pacific Financial Corp.		6,084		190,612
Chemical Financial Corp.		13,312		658,012
CIT Group, Inc.		38,601		1,589,975
Citizens Financial Group, Inc.		97,795		3,537,245
City Holding Co.		3,000		195,270
CoBiz Financial, Inc.		7,329		128,404
Columbia Banking System, Inc.		11,060		439,746
Commerce Bancshares, Inc.		17,337		980,061
Community Bank System, Inc.		8,498		495,943
Community Trust Bancorp, Inc.		3,083		142,589
ConnectOne Bancorp, Inc.		5,711		141,062
CU Bancorp (a)		4,107		148,879
Cullen/Frost Bankers, Inc.		10,622		949,607
Customers Bancorp, Inc. (a)		5,452		187,876
CVB Financial Corp.		19,787		445,999
Eagle Bancorp, Inc. (a)		5,853		358,496

	Shares		Value
East West Bancorp, Inc.		27,231	$	1,400,763
Enterprise Financial Services Corp.		4,044		168,433
FCB Financial Holdings, Inc. Class A (a)		6,576		308,743
Fidelity Southern Corp.		4,177		97,115
Fifth Third Bancorp		145,090		3,786,849
Financial Institutions, Inc.		2,941		96,906
First BanCorp (a)		28,200		189,504
First BanCorp/NC		3,747		109,675
First Busey Corp.		6,051		176,992
First Citizens BancShares, Inc. Class A		1,368		501,700
First Commonwealth Financial Corp.		17,206		242,949
First Community Bancshares, Inc.		3,046		88,639
First Financial Bancorp		11,843		326,275
First Financial Bankshares, Inc.		10,177		434,049
First Financial Corp.		1,891		91,430
First Hawaiian, Inc.		6,067		200,150
First Horizon National Corp.		43,918		878,360
First Interstate Bancsystem, Inc. Class A		4,036		166,081
First Merchants Corp.		7,566		290,005
First Midwest Bancorp, Inc.		15,602		378,817
First NBC Bank Holding Co. (a)		6,965		27,860
First Republic Bank		28,534		2,691,612
Flushing Financial Corp.		5,372		146,118
FNB Corp.		40,143		599,736
Fulton Financial Corp.		32,860		598,052
German American Bancorp, Inc.		2,500		119,975
Glacier Bancorp, Inc.		14,489		514,794
Great Southern Bancorp, Inc.		1,931		96,647
Great Western Bancorp, Inc.		11,281		482,263
Hancock Holding Co.		13,990		641,441
Hanmi Financial Corp.		6,371		211,199
HarborOne Bancorp, Inc. (a)		4,088		76,119
Heartland Financial USA, Inc.		4,288		200,678
Heritage Financial Corp.		6,038		153,969
Hilltop Holdings, Inc.		15,176		415,519
Home BancShares, Inc.		23,994		646,398
HomeTrust Bancshares, Inc. (a)		3,477		86,056
Hope Bancorp, Inc.		24,409		510,392
Horizon Bancorp		5,027		128,842
Huntington Bancshares, Inc.		206,026		2,787,532
Iberiabank Corp.		8,458		694,825
Independent Bank Corp.		5,086		317,112
Independent Bank Group, Inc.		2,256		140,210
International Bancshares Corp.		10,692		396,673
Investors Bancorp, Inc.		60,287		865,118
KeyCorp		204,866		3,681,442
Lakeland Bancorp, Inc.		8,368		155,226
Lakeland Financial Corp.		4,918		218,458
LegacyTexas Financial Group, Inc.		8,733		360,848
Live Oak Bancshares, Inc.		3,777		77,240
M&T Bank Corp.		26,564		4,318,509
MainSource Financial Group, Inc.		4,553		149,612
MB Financial, Inc.		13,318		593,051

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

Semiannual Report 26

Common Stocks – continued
	Shares		Value
BANKS – continued
Regional Banks – continued
Mercantile Bank Corp.		3,363	$	108,625
National Bank Holdings Corp. Class A		5,704		185,380
NBT Bancorp, Inc.		8,327		339,242
OFG Bancorp		8,782		116,362
Old National Bancorp		24,433		433,686
Opus Bank		4,857		98,840
Pacific Premier Bancorp, Inc. (a)		5,359		210,877
PacWest Bancorp		22,053		1,221,736
Park National Corp.		2,600		288,054
Park Sterling Corp.		11,529		134,889
People’s United Financial, Inc.		58,829		1,103,044
Peoples Bancorp, Inc.		3,089		95,913
Pinnacle Financial Partners, Inc.		8,336		557,262
Popular, Inc.		19,631		872,205
Preferred Bank		2,335		129,382
PrivateBancorp, Inc.		14,416		787,979
Prosperity Bancshares, Inc.		12,550		911,506
QCR Holdings, Inc.		3,011		126,311
Regions Financial Corp.		237,160		3,417,476
Renasant Corp.		8,185		325,763
Republic Bancorp, Inc. Class A		2,213		76,680
S&T Bancorp, Inc.		6,816		256,418
Sandy Spring Bancorp, Inc.		4,793		196,369
Seacoast Banking Corp. of Florida (a)		5,707		124,298
ServisFirst Bancshares, Inc.		8,658		346,666
Signature Bank (a)		10,303		1,622,929
Simmons First National Corp. Class A		5,303		318,975
South State Corp.		5,292		473,105
Southside Bancshares, Inc.		5,239		178,964
State Bank Financial Corp.		6,852		181,167
Sterling Bancorp/DE		23,627		563,504
Stock Yards Bancorp, Inc.		4,186		187,533
Stonegate Bank		3,039		138,305
Suffolk Bancorp		2,802		116,059
Sun Bancorp, Inc.		2,255		56,375
SunTrust Banks, Inc.		93,265		5,299,317
SVB Financial Group (a)		9,898		1,704,733
Synovus Financial Corp.		23,674		986,732
TCF Financial Corp.		30,887		535,889
Texas Capital Bancshares, Inc. (a)		9,329		769,642
The Bancorp, Inc. (a)		11,011		65,956
The First of Long Island Corp.		4,377		118,617
The PNC Financial Services Group, Inc.		92,343		11,123,638
Tompkins Financial Corp.		2,695		244,032
Towne Bank		10,707		344,765
Trico Bancshares		4,142		152,716
TriState Capital Holdings, Inc. (a)		4,601		102,142
Trustmark Corp.		12,934		434,841
UMB Financial Corp.		8,000		617,120
Umpqua Holdings Corp.		41,980		768,654
Union Bankshares Corp.		8,405		308,968

	Shares		Value
United Bankshares, Inc.		15,435	$	691,488
United Community Banks, Inc.		12,941		364,030
Univest Corp. of Pennsylvania		4,965		139,765
Valley National Bancorp		46,395		561,843
Washington Trust Bancorp, Inc.		2,921		159,195
Webster Financial Corp.		17,340		910,697
WesBanco, Inc.		8,007		332,290
Westamerica BanCorp.		4,934		280,004
Western Alliance Bancorp (a)		18,346		905,925
Wintrust Financial Corp.		9,860		705,976
Xenith Bankshares, Inc. (a)		2,571		66,949
Yadkin Financial Corp.		8,551		273,632
Zions BanCorp.		39,263		1,656,506
				105,460,011
TOTAL BANKS				306,712,341
CAPITAL MARKETS – 18.5%
Asset Management & Custody Banks – 6.8%
Affiliated Managers Group, Inc.		10,267		1,564,280
Ameriprise Financial, Inc.		30,603		3,435,799
Arlington Asset Investment Corp. Class A		892		13,353
Artisan Partners Asset Management, Inc. Class A		8,522		246,712
Associated Capital Group, Inc. Class A		1,105		38,896
BlackRock, Inc.		22,955		8,584,711
Cohen & Steers, Inc.		4,120		143,747
Diamond Hill Investment Group, Inc.		697		140,933
Eaton Vance Corp.		21,383		896,589
Federated Investors, Inc. Class B		5,697		148,179
Financial Engines, Inc.		11,362		438,005
Franklin Resources, Inc.		71,082		2,824,799
GAMCO Investors, Inc. Class A		1,083		31,624
Invesco Ltd.		77,998		2,255,702
Janus Capital Group, Inc.		28,438		355,475
Legg Mason, Inc.		17,540		555,842
Northern Trust Corp.		40,529		3,362,286
OM Asset Management PLC		11,472		161,755
Pzena Investment Management, Inc. Class A		3,108		31,049
Safeguard Scientifics, Inc. (a)		6,437		77,566
SEI Investments Co.		25,940		1,258,349
State Street Corp.		73,360		5,590,032
T Rowe Price Group, Inc.		46,963		3,167,185
The Bank of New York Mellon Corp.		200,770		8,980,442
Virtus Investment Partners, Inc.		1,237		134,833
Waddell & Reed Financial, Inc. Class A		14,792		266,996
Westwood Holdings Group, Inc.		1,521		85,054
WisdomTree Investments, Inc.		21,814		224,684
				45,014,877
Financial Exchanges & Data – 4.7%
CBOE Holdings, Inc.		15,365		1,223,361
CME Group, Inc.		63,744		7,718,124

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

27 Semiannual Report

Fidelity MSCI Financials Index ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
CAPITAL MARKETS – continued
Financial Exchanges & Data – continued
Donnelley Financial Solutions, Inc. (a)		6,804	$	163,840
FactSet Research Systems, Inc.		7,673		1,327,813
Intercontinental Exchange, Inc.		112,061		6,539,880
MarketAxess Holdings, Inc.		7,221		1,352,132
Moody’s Corp.		32,842		3,404,730
Morningstar, Inc.		3,763		286,553
MSCI, Inc.		17,257		1,428,017
Nasdaq, Inc.		22,128		1,560,909
S&P Global, Inc.		49,690		5,971,744
				30,977,103
Investment Banking & Brokerage – 7.0%
BGC Partners, Inc. Class A		39,322		435,295
Cowen Group, Inc. Class A (a)		4,899		73,485
E*TRADE Financial Corp. (a)		52,349		1,960,470
Evercore Partners, Inc. Class A		7,597		588,388
Greenhill & Co., Inc.		6,433		190,095
Houlihan Lokey, Inc.		2,603		80,953
Interactive Brokers Group, Inc. Class A		12,681		473,508
INTL. FCStone, Inc. (a)		3,080		113,590
Investment Technology Group, Inc.		1,918		38,590
KCG Holdings, Inc. Class A (a)		12,642		176,609
Ladenburg Thalmann Financial Services, Inc. (a)		21,429		49,287
LPL Financial Holdings, Inc.		14,448		567,806
Moelis & Co. Class A		4,997		170,398
Morgan Stanley		269,587		11,454,752
Piper Jaffray Cos. (a)		3,077		216,928
PJT Partners, Inc. Class A		4,102		130,238
Raymond James Financial, Inc.		24,084		1,804,614
Stifel Financial Corp. (a)		12,600		634,158
TD Ameritrade Holding Corp.		49,657		2,291,671
The Charles Schwab Corp.		223,899		9,233,595
The Goldman Sachs Group, Inc.		68,606		15,732,728
Virtu Financial, Inc. Class A		8,409		147,578
				46,564,736
TOTAL CAPITAL MARKETS				122,556,716
CONSUMER FINANCE – 5.5%
Consumer Finance – 5.5%
Ally Financial, Inc.		83,184		1,756,846
American Express Co.		147,623		11,275,445
Capital One Financial Corp.		95,168		8,316,731
Credit Acceptance Corp. (a)		1,479		303,609
Discover Financial Services		75,947		5,261,608
Encore Capital Group, Inc. (a)		2,508		77,623
Ezcorp, Inc. Class A (a)		10,649		105,425
FirstCash, Inc.		9,814		419,058
Green Dot Corp. Class A (a)		8,724		233,803
LendingClub Corp. (a)		48,569		299,671
Navient Corp.		61,418		923,727

	Shares		Value
Nelnet, Inc. Class A		4,551	$	223,136
OneMain Holdings, Inc. (a)		11,806		264,218
PRA Group, Inc. (a)		8,992		357,882
SLM Corp. (a)		80,930		961,448
Synchrony Financial		156,889		5,619,764
World Acceptance Corp. (a)		1,462		71,740
TOTAL CONSUMER FINANCE				36,471,734
DIVERSIFIED FINANCIAL SERVICES – 6.3%
Multi-Sector Holdings – 6.0%
Berkshire Hathaway, Inc. Class B (a)		228,963		37,581,987
FNFV Group (a)		13,349		173,537
Leucadia National Corp.		61,422		1,464,915
PICO Holdings, Inc. (a)		4,612		65,721
Texas Pacific Land Trust		1,547		491,203
				39,777,363
Other Diversified Financial Services – 0.3%
Voya Financial, Inc.		38,180		1,535,600
Specialized Finance – 0.0%
NewStar Financial, Inc. (a)		4,605		40,892
On Deck Capital, Inc. (a)		7,636		38,409
				79,301
TOTAL DIVERSIFIED FINANCIAL SERVICES				41,392,264
INSURANCE – 20.2%
Insurance Brokers – 2.8%
Aon PLC		50,115		5,647,961
Arthur J Gallagher & Co.		33,729		1,815,632
Brown & Brown, Inc.		22,490		947,504
Crawford & Co. Class A		6,226		57,528
Marsh & McLennan Cos., Inc.		97,860		6,656,437
Willis Towers Watson PLC		24,846		3,108,980
				18,234,042
Life & Health Insurance – 5.3%
Aflac, Inc.		77,044		5,392,310
American Equity Investment Life Holding Co.		5,207		122,885
Citizens, Inc. (a)		9,886		91,544
CNO Financial Group, Inc.		14,994		283,536
FBL Financial Group, Inc. Class A		2,246		156,771
Fidelity & Guaranty Life		2,660		63,707
Genworth Financial, Inc. Class A (a)		62,755		210,857
Lincoln National Corp.		43,849		2,960,246
MetLife, Inc.		175,639		9,556,518
National Western Life Group, Inc. Class A		500		146,575
Primerica, Inc.		8,362		630,913
Principal Financial Group, Inc.		54,610		3,117,685
Prudential Financial, Inc.		82,176		8,637,519
Torchmark Corp.		21,452		1,577,580

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

Semiannual Report 28

Common Stocks – continued
	Shares		Value
INSURANCE – continued
Life & Health Insurance – continued
Trupanion, Inc. (a)		4,538	$	72,563
Unum Group		44,675		2,029,585
				35,050,794
Multi-line Insurance – 3.4%
American Financial Group, Inc.		13,134		1,131,757
American International Group, Inc.		201,286		12,934,639
American National Insurance Co.		1,602		186,777
Assurant, Inc.		11,730		1,139,335
Hartford Financial Services Group, Inc.		72,660		3,539,269
Horace Mann Educators Corp.		7,801		322,571
Kemper Corp.		7,906		341,539
Loews Corp.		54,098		2,519,885
National General Holdings Corp.		11,380		278,696
				22,394,468
Property & Casualty Insurance – 7.7%
Allied World Assurance Co. Holdings AG		16,856		895,559
Ambac Financial Group, Inc. (a)		2,596		54,308
AMERISAFE, Inc.		3,520		221,936
Amtrust Financial Services, Inc.		16,452		434,168
Arch Capital Group Ltd. (a)		23,341		2,062,177
Argo Group International Holdings Ltd.		5,755		368,032
Aspen Insurance Holdings Ltd.		11,412		643,637
Assured Guaranty Ltd.		25,270		983,256
Axis Capital Holdings Ltd.		17,537		1,122,543
Baldwin & Lyons, Inc. Class B		1,890		45,360
Chubb Ltd.		87,443		11,497,880
Cincinnati Financial Corp.		29,748		2,099,614
Donegal Group, Inc. Class A		2,214		36,465
EMC Insurance Group, Inc.		1,859		54,190
Employers Holdings, Inc.		6,385		232,733
Erie Indemnity Co. Class A		4,901		549,451
Federated National Holding Co.		3,064		56,194
First American Financial Corp.		20,623		775,012
FNF Group		46,459		1,642,790
Global Indemnity Ltd. (a)		1,881		74,318
HCI Group, Inc.		1,012		41,856
Heritage Insurance Holdings, Inc.		5,267		74,686
Infinity Property & Casualty Corp.		2,227		193,415
James River Group Holdings Ltd.		3,908		154,952
Kinsale Capital Group, Inc.		2,931		86,025
Markel Corp. (a)		2,663		2,463,275
MBIA, Inc. (a)		25,146		256,489
Mercury General Corp.		3,548		224,411
Old Republic International Corp.		46,954		976,643
OneBeacon Insurance Group Ltd. Class A		4,216		68,426
ProAssurance Corp.		9,500		516,800
RLI Corp.		7,890		468,824
Safety Insurance Group, Inc.		823		59,009

	Shares		Value
Selective Insurance Group, Inc.		3,485	$	145,325
State Auto Financial Corp.		3,410		86,137
State National Cos., Inc.		6,139		84,473
Stewart Information Services Corp.		4,489		196,080
The Allstate Corp.		69,890		5,256,427
The Hanover Insurance Group, Inc.		8,114		681,089
The Navigators Group, Inc.		4,654		261,322
The Progressive Corp.		109,694		4,106,943
The Travelers Cos., Inc.		54,248		6,389,330
United Fire Group, Inc.		3,271		154,391
United Insurance Holdings Corp.		2,912		39,807
Universal Insurance Holdings, Inc.		6,607		172,773
White Mountains Insurance Group Ltd.		926		842,438
WR Berkley Corp.		18,828		1,265,430
XL Group Ltd.		52,591		1,975,844
				51,092,243
Reinsurance – 1.0%
Alleghany Corp. (a)		1,635		999,917
Endurance Specialty Holdings Ltd.		12,291		1,139,253
Enstar Group Ltd. (a)		2,167		419,639
Everest Re Group Ltd.		3,702		814,181
Greenlight Capital Re Ltd. (a)		6,096		137,770
Maiden Holdings Ltd.		9,172		162,803
Reinsurance Group of America, Inc.		11,432		1,434,373
RenaissanceRe Holdings Ltd.		2,617		356,749
Third Point Reinsurance Ltd. (a)		12,009		137,503
Validus Holdings Ltd.		15,319		873,183
WMIH Corp. (a)		45,722		70,869
				6,546,240
TOTAL INSURANCE				133,317,787
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 1.5%
Mortgage REIT’s – 1.5%
AG Mortgage Investment Trust, Inc.		4,653		81,521
AGNC Investment Corp.		62,553		1,167,865
Altisource Residential Corp.		10,731		130,274
Annaly Capital Management, Inc.		187,146		1,912,632
Anworth Mortgage Asset Corp.		16,243		83,327
Apollo Commercial Real Estate Finance, Inc.		16,922		294,612
ARMOUR Residential REIT, Inc.		7,209		151,533
Blackstone Mortgage Trust, Inc. Class A		17,877		545,070
Capstead Mortgage Corp.		18,647		198,963
Chimera Investment Corp.		34,045		600,213
CYS Investments, Inc.		29,866		226,086
Dynex Capital, Inc.		9,540		63,727
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		9,896		180,899
Invesco Mortgage Capital, Inc.		21,330		310,778
Ladder Capital Corp.		11,076		150,191
MFA Financial, Inc.		71,099		560,971
MTGE Investment Corp.		8,145		129,506

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

29 Semiannual Report

Fidelity MSCI Financials Index ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Mortgage REIT’s – continued
New Residential Investment Corp.		47,329	$	717,034
New York Mortgage Trust, Inc.		19,906		127,597
PennyMac Mortgage Investment Trust		11,476		194,518
Redwood Trust, Inc.		14,986		232,283
Resource Capital Corp.		5,818		47,824
Starwood Property Trust, Inc.		48,477		1,079,098
Two Harbors Investment Corp.		66,451		582,775
Western Asset Mortgage Capital Corp.		7,907		79,782
TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)				9,849,079
THRIFTS & MORTGAGE FINANCE – 1.4%
Thrifts & Mortgage Finance – 1.4%
Astoria Financial Corp.		17,524		331,379
Bank Mutual Corp.		8,819		84,221
Beneficial Bancorp, Inc.		14,879		265,590
BofI Holding, Inc. (a)		11,005		324,647
Capitol Federal Financial, Inc.		25,228		389,773
Dime Community Bancshares, Inc.		6,417		137,324
Essent Group Ltd. (a)		12,525		432,989
EverBank Financial Corp.		21,952		426,527
Federal Agricultural Mortgage Corp. Class C		1,872		104,195
Flagstar Bancorp, Inc. (a)		4,527		116,661
HomeStreet, Inc. (a)		4,187		109,699
Kearny Financial Corp.		17,943		273,631
LendingTree, Inc. (a)		1,518		169,864
Meridian Bancorp, Inc.		9,949		187,539
Meta Financial Group, Inc.		1,622		142,493
MGIC Investment Corp. (a)		64,517		687,106
Nationstar Mortgage Holdings, Inc. (a)		8,044		145,918
New York Community Bancorp, Inc.		91,995		1,397,404
NMI Holdings, Inc. Class A (a)		9,577		103,432
Northfield Bancorp, Inc.		8,452		152,559
Northwest Bancshares, Inc.		18,763		320,284

	Shares		Value
OceanFirst Financial Corp.		6,163	$	175,091
Ocwen Financial Corp. (a)		19,139		100,863
Oritani Financial Corp.		7,603		131,912
PHH Corp. (a)		10,803		157,508
Provident Financial Services, Inc.		11,438		302,764
Radian Group, Inc.		40,875		752,100
TFS Financial Corp.		13,756		240,592
TrustCo Bank Corp.		18,715		157,206
United Financial Bancorp, Inc.		9,618		173,605
Walker & Dunlop, Inc. (a)		5,381		169,017
Walter Investment Management Corp. (a)		3,326		12,639
Washington Federal, Inc.		17,221		565,710
Waterstone Financial, Inc.		5,010		90,681
WSFS Financial Corp.		5,512		249,694
TOTAL THRIFTS & MORTGAGE FINANCE				9,582,617
TOTAL COMMON STOCKS (Cost $607,965,528)				659,882,538
Money Market Funds – 0.2%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 0.43% (b) (Cost $1,018,290)		1,018,290		1,018,290
TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $608,983,818)				660,900,828
NET OTHER ASSETS (LIABILITIES) – 0.0%				300,379
NET ASSETS – 100%			$	661,201,207

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 January 31, 2017, 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	$	659,882,538	$	659,882,538	$	—	$	—
Money Market Funds		1,018,290		1,018,290		—		—
Total Investments in Securities:	$	660,900,828	$	660,900,828	$	—	$	—

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

Semiannual Report 30

Fidelity MSCI Health Care Index ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
BIOTECHNOLOGY – 22.4%
Biotechnology – 22.4%
AbbVie, Inc.		325,988	$	19,921,127
ACADIA Pharmaceuticals, Inc. (a)		19,327		668,521
Acceleron Pharma, Inc. (a)		5,544		134,608
Achillion Pharmaceuticals, Inc. (a)		21,727		90,602
Acorda Therapeutics, Inc. (a)		9,168		187,944
Aduro Biotech, Inc. (a)		4,497		53,289
Advaxis, Inc. (a)		6,200		55,552
Agenus, Inc. (a)		16,287		65,148
Agios Pharmaceuticals, Inc. (a)		6,633		285,418
Aimmune Therapeutics, Inc. (a)		3,781		69,117
Alder Biopharmaceuticals, Inc. (a)		7,947		163,311
Alexion Pharmaceuticals, Inc. (a)		44,881		5,865,049
Alkermes PLC (a)		30,290		1,638,992
Alnylam Pharmaceuticals, Inc. (a)		15,467		618,525
AMAG Pharmaceuticals, Inc. (a)		6,833		164,675
Amgen, Inc.		149,809		23,472,074
Amicus Therapeutics, Inc. (a)		25,080		137,940
Ardelyx, Inc. (a)		5,848		70,176
Arena Pharmaceuticals, Inc. (a)		47,991		73,906
Ariad Pharmaceuticals, Inc. (a)		34,738		827,459
Array BioPharma, Inc. (a)		29,689		322,719
Arrowhead Pharmaceuticals, Inc. (a)		11,431		22,176
Atara Biotherapeutics, Inc. (a)		3,424		46,053
Avexis, Inc. (a)		3,299		184,018
Axovant Sciences Ltd. (a)		4,927		60,356
Bellicum Pharmaceuticals, Inc. (a)		3,219		43,070
BioCryst Pharmaceuticals, Inc. (a)		11,698		73,697
Biogen, Inc. (a)		43,870		12,162,519
BioMarin Pharmaceutical, Inc. (a)		34,193		2,996,333
Biotime, Inc. (a)		12,918		40,433
Bluebird Bio, Inc. (a)		8,120		604,940
Blueprint Medicines Corp. (a)		4,853		165,390
Celgene Corp. (a)		155,156		18,021,369
Celldex Therapeutics, Inc. (a)		19,685		64,173
Chimerix, Inc. (a)		8,207		44,646
Clovis Oncology, Inc. (a)		6,862		444,658
Coherus Biosciences, Inc. (a)		4,872		135,929
CoLucid Pharmaceuticals, Inc. (a)		1,543		71,518
Concert Pharmaceuticals, Inc. (a)		3,090		27,347
CytomX Therapeutics, Inc. (a)		3,246		37,719
Dyax Corp. (a)		31,822		79,555
Dynavax Technologies Corp. (a)		7,253		29,737
Eagle Pharmaceuticals, Inc. (a)		1,866		129,146
Editas Medicine, Inc. (a)		3,767		65,621
Emergent Biosolutions, Inc. (a)		6,555		198,420
Enanta Pharmaceuticals, Inc. (a)		2,827		93,644
Epizyme, Inc. (a)		7,962		83,601
Esperion Therapeutics, Inc. (a)		2,687		32,566
Exact Sciences Corp. (a)		21,664		410,533
Exelixis, Inc. (a)		46,030		834,064
FibroGen, Inc. (a)		9,941		225,164

	Shares		Value
Five Prime Therapeutics, Inc. (a)		5,175	$	237,067
Flexion Therapeutics, Inc. (a)		3,970		77,018
Foundation Medicine, Inc. (a)		2,734		53,450
Genomic Health, Inc. (a)		3,615		99,340
Geron Corp. (a)		31,619		65,768
Gilead Sciences, Inc.		264,154		19,137,957
Global Blood Therapeutics, Inc. (a)		4,021		64,939
Halozyme Therapeutics, Inc. (a)		21,838		252,229
Heron Therapeutics, Inc. (a)		8,756		113,828
ImmunoGen, Inc. (a)		17,201		40,250
Immunomedics, Inc. (a)		22,605		101,723
Incyte Corp. Ltd. (a)		33,874		4,105,868
Inovio Pharmaceuticals, Inc. (a)		13,821		91,219
Insmed, Inc. (a)		11,727		173,208
Insys Therapeutics, Inc. (a)		4,259		43,612
Intellia Therapeutics, Inc. (a)		2,746		35,478
Intercept Pharmaceuticals, Inc. (a)		3,479		381,820
Intrexon Corp. (a)		11,643		246,366
Ionis Pharmaceuticals, Inc. (a)		24,175		1,075,787
Ironwood Pharmaceuticals, Inc. (a)		24,681		354,913
Juno Therapeutics, Inc. (a)		12,812		273,408
Karyopharm Therapeutics, Inc. (a)		4,311		44,619
Keryx Biopharmaceuticals, Inc. (a)		15,752		78,602
Kite Pharma, Inc. (a)		7,945		404,957
La Jolla Pharmaceutical Co. (a)		2,907		56,541
Lexicon Pharmaceuticals, Inc. (a)		9,276		132,925
Ligand Pharmaceuticals, Inc. (a)		3,992		423,192
Lion Biotechnologies, Inc. (a)		8,690		63,003
Loxo Oncology, Inc. (a)		2,142		84,031
MacroGenics, Inc. (a)		5,486		101,326
MannKind Corp. (a)		57,009		40,134
Merrimack Pharmaceuticals, Inc. (a)		24,137		75,066
MiMedx Group, Inc. (a)		20,679		167,086
Minerva Neurosciences, Inc. (a)		5,121		54,283
Momenta Pharmaceuticals, Inc. (a)		13,481		254,791
Myriad Genetics, Inc. (a)		14,008		226,649
NantKwest, Inc. (a)		4,890		26,210
Natera, Inc. (a)		4,576		41,001
Neurocrine Biosciences, Inc. (a)		17,406		746,891
NewLink Genetics Corp. (a)		4,267		51,929
Novavax, Inc. (a)		53,852		70,546
OncoMed Pharmaceuticals, Inc. (a)		3,961		32,718
Ophthotech Corp. (a)		5,259		25,033
Opko Health, Inc. (a)		67,132		583,377
Organovo Holdings, Inc. (a)		20,881		77,051
Otonomy, Inc. (a)		4,190		61,384
OvaScience, Inc. (a)		5,824		9,202
PDL BioPharma, Inc.		30,870		67,914
Portola Pharmaceuticals, Inc. (a)		11,230		306,018
Progenics Pharmaceuticals, Inc. (a)		13,908		124,059
Prothena Corp. PLC (a)		5,812		284,556
PTC Therapeutics, Inc. (a)		6,128		80,277
Puma Biotechnology, Inc. (a)		6,565		212,706

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

31 Semiannual Report

Fidelity MSCI Health Care Index ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
BIOTECHNOLOGY – continued
Biotechnology – continued
Radius Health, Inc. (a)		5,989	$	260,641
Regeneron Pharmaceuticals, Inc. (a)		15,529		5,579,414
REGENXBIO, Inc. (a)		4,128		76,368
Repligen Corp. (a)		6,701		201,298
Retrophin, Inc. (a)		6,205		121,742
Sage Therapeutics, Inc. (a)		6,175		296,277
Sangamo Therapeutics, Inc. (a)		13,323		46,631
Sarepta Therapeutics, Inc. (a)		10,040		311,842
Seattle Genetics, Inc. (a)		19,844		1,195,403
Seres Therapeutics, Inc. (a)		2,720		26,901
Sorrento Therapeutics, Inc. (a)		9,750		52,650
Spark Therapeutics, Inc. (a)		4,584		289,067
Spectrum Pharmaceuticals, Inc. (a)		13,134		61,204
Synergy Pharmaceuticals, Inc. (a)		35,758		252,809
TESARO, Inc. (a)		7,181		1,169,354
TG Therapeutics, Inc. (a)		8,644		41,491
Trevena, Inc. (a)		6,744		47,073
Ultragenyx Pharmaceutical, Inc. (a)		7,487		561,600
United Therapeutics Corp. (a)		8,682		1,420,636
Vanda Pharmaceuticals, Inc. (a)		7,716		109,181
Versartis, Inc. (a)		4,984		71,271
Vertex Pharmaceuticals, Inc. (a)		49,585		4,257,864
XBiotech, Inc. (a)		3,521		40,139
Xencor, Inc. (a)		7,773		185,231
ZIOPHARM Oncology, Inc. (a)		20,940		123,965
TOTAL BIOTECHNOLOGY				141,147,924
HEALTH CARE EQUIPMENT & SUPPLIES – 19.6%
Health Care Equipment – 17.9%
Abaxis, Inc.		4,475		228,024
Abbott Laboratories		344,525		14,390,809
ABIOMED, Inc. (a)		8,213		873,617
Accuray, Inc. (a)		16,093		92,535
Analogic Corp.		2,474		192,106
AngioDynamics, Inc. (a)		6,789		109,269
AtriCure, Inc. (a)		6,586		107,154
Baxter International, Inc.		96,884		4,641,712
Becton Dickinson and Co.		42,616		7,555,391
Boston Scientific Corp. (a)		272,377		6,553,391
Cantel Medical Corp.		7,540		583,671
Cardiovascular Systems, Inc. (a)		6,763		167,046
ConforMIS, Inc. (a)		4,569		37,923
CONMED Corp.		4,689		209,083
CR Bard, Inc.		14,695		3,487,564
CryoLife, Inc.		5,846		111,074
Cynosure, Inc. Class A (a)		4,806		256,640
Danaher Corp.		124,413		10,440,739
DexCom, Inc. (a)		16,769		1,327,266
Edwards Lifesciences Corp. (a)		42,607		4,100,498
Entellus Medical, Inc. (a)		1,284		21,969

	Shares		Value
Exactech, Inc. (a)		2,107	$	51,938
GenMark Diagnostics, Inc. (a)		8,001		97,052
Glaukos Corp. (a)		2,263		93,281
Globus Medical, Inc. Class A (a)		14,473		381,508
Hill-Rom Holdings, Inc.		13,109		771,727
Hologic, Inc. (a)		49,979		2,025,649
IDEXX Laboratories, Inc. (a)		17,922		2,192,398
Inogen, Inc. (a)		3,192		205,469
Insulet Corp. (a)		11,552		480,563
Integer Holdings Corp. (a)		5,512		178,589
Integra LifeSciences Holdings Corp. (a)		11,984		500,092
Intuitive Surgical, Inc. (a)		7,712		5,342,025
Invacare Corp.		5,999		68,989
K2M Group Holdings, Inc. (a)		6,423		130,515
LivaNova PLC (a)		8,789		422,795
Masimo Corp. (a)		9,369		689,371
Medtronic PLC		278,947		21,205,551
Natus Medical, Inc. (a)		6,591		257,379
Nevro Corp. (a)		4,320		375,926
Novocure Ltd. (a)		8,368		53,137
NuVasive, Inc. (a)		10,040		710,531
NxStage Medical, Inc. (a)		13,048		350,991
Orthofix International N.V. (a)		3,629		130,426
Penumbra, Inc. (a)		5,277		377,569
ResMed, Inc.		28,116		1,898,955
Rockwell Medical, Inc. (a)		9,735		56,560
STERIS PLC		17,253		1,222,030
Stryker Corp.		67,437		8,330,493
SurModics, Inc. (a)		2,615		63,283
Teleflex, Inc.		8,816		1,478,708
TransEnterix Inc. (a)		11,419		16,786
Varex Imaging Corp. (a)		7,426		213,498
Varian Medical Systems, Inc. (a)		18,565		1,441,572
Wright Medical Group N.V. (a)		18,663		469,934
Zeltiq Aesthetics, Inc. (a)		7,198		319,159
Zimmer Biomet Holdings, Inc.		40,030		4,736,750
				112,828,680
Health Care Supplies – 1.7%
Alere, Inc. (a)		16,335		604,395
Align Technology, Inc. (a)		14,428		1,322,903
Anika Therapeutics, Inc. (a)		2,974		150,306
Atrion Corp.		292		142,671
Cerus Corp. (a)		19,192		81,758
DENTSPLY SIRONA, Inc.		46,641		2,644,545
Endologix, Inc. (a)		14,707		100,890
Haemonetics Corp. (a)		10,278		409,681
Halyard Health, Inc. (a)		9,284		357,156
ICU Medical, Inc. (a)		3,084		422,816
Meridian Bioscience, Inc.		8,363		109,555
Merit Medical Systems, Inc. (a)		8,817		223,952
Neogen Corp. (a)		7,554		498,866
OraSure Technologies, Inc. (a)		11,040		97,373

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

Semiannual Report 32

Common Stocks – continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES – continued
Health Care Supplies – continued
Quidel Corp. (a)		5,470	$	103,821
Staar Surgical Co. (a)		5,943		58,836
The Cooper Cos., Inc.		9,685		1,787,948
The Spectranetics Corp. (a)		8,517		220,164
Vascular Solutions, Inc. (a)		3,579		200,245
West Pharmaceutical Services, Inc.		14,669		1,241,438
				10,779,319
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES				123,607,999
HEALTH CARE PROVIDERS & SERVICES – 18.9%
Health Care Services – 3.6%
Adeptus Health, Inc. Class A (a)		3,039		21,790
Air Methods Corp. (a)		7,244		258,611
Almost Family, Inc. (a)		1,697		80,183
Amedisys, Inc. (a)		5,314		243,487
American Renal Associates Holdings, Inc. (a)		2,580		49,588
AMN Healthcare Services, Inc. (a)		9,558		342,654
BioTelemetry, Inc. (a)		5,392		124,286
Chemed Corp.		3,295		547,266
Civitas Solutions, Inc. (a)		2,950		53,985
Corvel Corp. (a)		2,145		82,261
Cross Country Healthcare, Inc. (a)		6,557		94,880
DaVita Inc. (a)		33,130		2,112,037
Diplomat Pharmacy, Inc. (a)		7,872		108,161
Envision Healthcare Corp. (a)		23,463		1,595,484
Express Scripts Holding Co. (a)		126,147		8,689,005
Laboratory Corp. of America Holdings (a)		20,480		2,748,621
Landauer, Inc.		1,905		97,822
LHC Group, Inc. (a)		3,038		152,295
MEDNAX, Inc. (a)		18,746		1,281,289
National Research Corp. Class A		1,871		32,649
Premier, Inc. Class A (a)		9,415		299,962
Quest Diagnostics, Inc.		27,836		2,558,685
Team Health Holdings, Inc. (a)		14,860		645,816
Teladoc, Inc. (a)		6,874		137,480
The Providence Service Corp. (a)		2,505		96,818
Tivity Health, Inc. (a)		6,747		173,061
				22,628,176
Health Care Distributors – 2.9%
Aceto Corp.		5,887		112,383
AmerisourceBergen Corp.		38,113		3,326,503
Cardinal Health, Inc.		63,773		4,780,424
Henry Schein, Inc. (a)		16,375		2,617,707
McKesson Corp.		45,176		6,286,240
Owens & Minor, Inc.		12,515		449,038
Patterson Cos., Inc.		16,891		702,835
PharMerica Corp. (a)		6,108		151,478
				18,426,608

	Shares		Value
Health Care Facilities – 2.0%
AAC Holdings, Inc. (a)		1,877	$	14,922
Acadia Healthcare Co., Inc. (a)		14,964		574,169
Brookdale Senior Living, Inc. (a)		37,435		560,402
Capital Senior Living Corp. (a)		5,354		89,251
Community Health Systems, Inc. (a)		22,629		144,826
Genesis Healthcare, Inc. (a)		9,473		38,934
HCA Holdings, Inc. (a)		60,645		4,868,581
HealthSouth Corp.		17,903		694,994
Kindred Healthcare, Inc.		16,932		112,598
LifePoint Health, Inc. (a)		8,633		512,369
National HealthCare Corp.		1,967		147,230
Select Medical Holdings Corp. (a)		20,903		260,242
Surgery Partners, Inc. (a)		3,850		71,225
Surgical Care Affiliates, Inc. (a)		5,571		314,761
Tenet Healthcare Corp. (a)		19,751		347,420
The Ensign Group, Inc.		9,488		192,986
Universal Health Services, Inc. Class B		18,033		2,031,057
US Physical Therapy, Inc.		2,491		174,744
VCA, Inc. (a)		16,274		1,474,424
				12,625,135
Managed Health Care – 10.4%
Aetna, Inc.		70,214		8,328,083
Anthem, Inc.		52,674		8,119,170
Centene Corp. (a)		34,117		2,158,583
Cigna Corp.		51,365		7,510,590
HealthEquity, Inc. (a)		8,808		407,370
Humana, Inc.		29,839		5,923,041
Magellan Health, Inc. (a)		4,716		353,464
Molina Healthcare, Inc. (a)		7,986		452,966
Triple-S Management Corp. Class B (a)		4,737		90,524
UnitedHealth Group, Inc.		190,639		30,902,582
Universal American Corp. (a)		9,790		97,313
WellCare Health Plans, Inc. (a)		8,891		1,293,996
				65,637,682
TOTAL HEALTH CARE PROVIDERS & SERVICES				119,317,601
HEALTH CARE TECHNOLOGY – 1.2%
Health Care Technology – 1.2%
Allscripts Healthcare Solutions, Inc. (a)		35,349		413,937
athenahealth, Inc. (a)		7,871		991,667
Castlight Health, Inc. Class B (a)		4,812		14,917
Cerner Corp. (a)		60,837		3,267,555
Computer Programs & Systems, Inc.		2,155		48,703
Evolent Health, Inc. (a)		4,865		88,543
HealthStream, Inc. (a)		5,013		115,099
HMS Holdings Corp. (a)		17,079		310,155
Inovalon Holdings, Inc. Class A (a)		13,311		153,742
Medidata Solutions, Inc. (a)		11,510		570,205
Omnicell, Inc. (a)		7,334		263,291
Quality Systems, Inc.		9,092		136,471

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

33 Semiannual Report

Fidelity MSCI Health Care Index ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
HEALTH CARE TECHNOLOGY – continued
Health Care Technology – continued
Veeva Systems, Inc. Class A (a)		17,416	$	737,219
Vocera Communications, Inc. (a)		4,747		98,500
TOTAL HEALTH CARE TECHNOLOGY				7,210,004
LIFE SCIENCES TOOLS & SERVICES – 5.4%
Life Sciences Tools & Services – 5.4%
Accelerate Diagnostics, Inc. (a)		6,103		127,858
Agilent Technologies, Inc.		65,167		3,191,228
Albany Molecular Research, Inc. (a)		5,654		104,034
Bio-Rad Laboratories, Inc. Class A (a)		4,135		785,981
Bio-Techne Corp.		7,456		758,648
Bruker Corp.		22,768		540,285
Cambrex Corp. (a)		6,470		339,351
Charles River Laboratories International, Inc. (a)		9,459		764,287
Illumina, Inc. (a)		29,352		4,699,255
INC Research Holdings, Inc. Class A (a)		10,748		569,644
Luminex Corp. (a)		7,761		156,927
Medpace Holdings, Inc. (a)		1,705		59,487
Mettler-Toledo International, Inc. (a)		5,298		2,260,286
NeoGenomics, Inc. (a)		14,570		117,434
Pacific Biosciences of California, Inc. (a)		17,452		84,119
PAREXEL International Corp. (a)		10,606		751,859
Patheon N.V. (a)		7,319		209,982
PerkinElmer, Inc.		21,916		1,165,712
PRA Health Sciences, Inc. (a)		7,962		466,494
Quintiles IMS Holdings Inc. (a)		29,496		2,315,141
Thermo Fisher Scientific, Inc.		78,929		12,027,990
VWR Corp. (a)		18,557		480,812
Waters Corp. (a)		16,124		2,283,965
TOTAL LIFE SCIENCES TOOLS & SERVICES				34,260,779
PHARMACEUTICALS – 32.3%
Pharmaceuticals – 32.3%
Aclaris Therapeutics, Inc. (a)		3,648		96,781
Aerie Pharmaceuticals, Inc. (a)		5,391		236,665
Akorn, Inc. (a)		15,215		290,606
Allergan PLC (a)		79,248		17,346,595
Amphastar Pharmaceuticals, Inc. (a)		7,134		112,361
ANI Pharmaceuticals, Inc. (a)		1,719		103,914
Bristol-Myers Squibb Co. Class A		334,465		16,442,299
Catalent, Inc. (a)		25,043		670,151
Cempra, Inc. (a)		8,475		26,696
Clearside Biomedical, Inc. (a)		3,438		25,613
Collegium Pharmaceutical, Inc. (a)		3,812		64,118
Corcept Therapeutics, Inc. (a)		15,141		107,653
Depomed, Inc. (a)		12,157		219,920
Dermira, Inc. (a)		4,681		137,809
Eli Lilly & Co.		198,859		15,318,109

Common Stocks – continued
	Shares		Value
Endo International PLC (a)		42,431	$	519,355
Horizon Pharma PLC (a)		29,073		475,925
Impax Laboratories, Inc. (a)		12,473		164,020
Innoviva, Inc. (a)		15,740		166,844
Intersect ENT, Inc. (a)		4,215		56,903
Intra-Cellular Therapies, Inc. (a)		6,445		93,066
Jazz Pharmaceuticals PLC (a)		12,102		1,475,476
Johnson & Johnson		547,640		62,020,230
Lannett Co., Inc. (a)		5,880		118,482
Mallinckrodt PLC (a)		21,579		1,051,545
Merck & Co., Inc.		553,516		34,312,457
Mylan N.V. (a)		91,013		3,463,045
MyoKardia, Inc. (a)		2,877		32,222
Nektar Therapeutics (a)		30,008		363,397
Omeros Corp. (a)		8,086		78,353
Pacira Pharmaceuticals, Inc. (a)		7,394		284,299
Paratek Pharmaceuticals, Inc. (a)		3,059		46,191
Perrigo Co. PLC		28,683		2,184,210
Pfizer, Inc.		1,214,167		38,525,519
Phibro Animal Health Corp. Class A		3,660		97,722
Prestige Brands Holdings, Inc. (a)		10,604		559,467
Revance Therapeutics, Inc. (a)		3,968		79,360
Sciclone Pharmaceuticals, Inc. (a)		9,788		99,348
Sucampo Pharmaceuticals, Inc. Class A (a)		4,473		49,874
Supernus Pharmaceuticals, Inc. (a)		7,863		212,694
Teligent, Inc. (a)		7,297		51,079
The Medicines Co. (a)		14,129		509,350
TherapeuticsMD, Inc. (a)		31,231		181,452
Theravance Biopharma, Inc. (a)		7,847		235,096
WaVe Life Sciences Ltd. (a)		1,317		37,864
Zoetis, Inc.		94,131		5,171,557
TOTAL PHARMACEUTICALS				203,915,692
TOTAL COMMON STOCKS (Cost $647,098,438)				629,459,999
Money Market Funds – 0.1%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 0.43% (b) (Cost $577,921)		577,921		577,921
TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $647,676,359)				630,037,920
NET OTHER ASSETS (LIABILITIES) – 0.1%				435,661
NET ASSETS – 100%			$	630,473,581

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.

Semiannual Report 34

Other Information

The following is a summary of the inputs used, as of January 31, 2017, 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	$	629,459,999	$	629,380,444	$	—	$	79,555
Money Market Funds		577,921		577,921		—		—
Total Investments in Securities:	$	630,037,920	$	629,958,365	$	—	$	79,555

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

35 Semiannual Report

Fidelity MSCI Industrials Index ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
AEROSPACE & DEFENSE – 20.2%
Aerospace & Defense – 20.2%
AAR Corp.		4,002	$	128,024
Aerojet Rocketdyne Holdings, Inc. (a)		6,592		119,381
Aerovironment, Inc. (a)		2,550		66,784
Arconic, Inc.		52,552		1,197,660
Astronics Corp. (a)		2,408		79,006
B/E Aerospace, Inc.		12,202		750,057
BWX Technologies, Inc.		11,163		463,153
Cubic Corp.		2,756		131,048
Curtiss-Wright Corp.		5,060		496,184
DigitalGlobe, Inc. (a)		7,456		209,141
Engility Holdings, Inc. (a)		2,411		70,715
Esterline Technologies Corp. (a)		3,325		284,786
General Dynamics Corp.		31,094		5,630,501
HEICO Corp.		2,407		185,219
HEICO Corp. Class A		4,582		303,787
Hexcel Corp.		11,053		567,572
Huntington Ingalls Industries, Inc.		5,613		1,088,697
KLX, Inc. (a)		6,338		310,499
Kratos Defense & Security Solutions, Inc. (a)		7,111		58,595
L3 Technologies, Inc.		9,258		1,469,152
Lockheed Martin Corp.		31,637		7,951,327
Mercury Systems, Inc. (a)		4,796		161,721
Moog, Inc. Class A (a)		3,908		257,420
National Presto Industries, Inc.		570		60,648
Northrop Grumman Corp.		20,320		4,654,906
Orbital ATK, Inc.		7,007		609,259
Raytheon Co.		35,353		5,096,488
Rockwell Collins, Inc.		15,551		1,411,409
Spirit AeroSystems Holdings, Inc. Class A		15,439		927,112
Taser International, Inc. (a)		6,372		159,173
Teledyne Technologies, Inc. (a)		3,956		486,074
Textron, Inc.		32,252		1,527,777
The Boeing Co.		71,000		11,602,820
The KEYW Holding Corp. (a)		4,454		44,584
TransDigm Group, Inc.		6,378		1,380,199
Triumph Group, Inc.		5,674		151,779
United Technologies Corp.		95,261		10,447,274
Wesco Aircraft Holdings, Inc. (a)		7,136		108,110
TOTAL AEROSPACE & DEFENSE				60,648,041
AIR FREIGHT & LOGISTICS – 6.1%
Air Freight & Logistics – 6.1%
Air Transport Services Group, Inc. (a)		1,830		29,518
Atlas Air Worldwide Holdings, Inc. (a)		732		38,613
CH Robinson Worldwide, Inc.		17,082		1,299,257
Echo Global Logistics, Inc. (a)		3,146		74,718
Expeditors International of Washington, Inc.		21,660		1,128,053
FedEx Corp.		30,222		5,715,282

	Shares		Value
Forward Air Corp.		3,616	$	174,255
Hub Group, Inc. Class A (a)		4,018		178,198
Park-Ohio Holdings Corp.		953		42,742
United Parcel Service, Inc. Class B		82,824		9,038,583
XPO Logistics, Inc. (a)		13,215		591,239
TOTAL AIR FREIGHT & LOGISTICS				18,310,458
AIRLINES – 1.3%
Airlines – 1.3%
Allegiant Travel Co.		499		85,828
American Airlines Group, Inc.		15,872		702,336
Delta Air Lines, Inc.		22,432		1,059,688
Hawaiian Holdings, Inc. (a)		1,628		82,947
SkyWest, Inc.		1,598		56,569
Southwest Airlines Co.		18,552		970,455
Spirit Airlines, Inc. (a)		2,084		112,619
United Continental Holdings, Inc. (a)		9,659		680,670
TOTAL AIRLINES				3,751,112
BUILDING PRODUCTS – 4.5%
Building Products – 4.5%
AAON, Inc.		5,112		173,552
Advanced Drainage Systems, Inc.		4,939		119,030
Allegion PLC		11,496		754,942
American Woodmark Corp. (a)		1,758		125,170
AO Smith Corp.		17,770		866,287
Apogee Enterprises, Inc.		3,448		196,812
Armstrong Flooring, Inc. (a)		2,383		50,114
Armstrong World Industries, Inc. (a)		4,977		198,831
Builders FirstSource, Inc. (a)		10,606		114,121
Continental Building Products, Inc. (a)		4,792		111,414
CSW Industrials, Inc. (a)		1,876		68,568
Fortune Brands Home & Security, Inc.		18,455		1,017,424
Gibraltar Industries, Inc. (a)		3,596		157,864
Griffon Corp.		3,656		93,045
Insteel Industries, Inc.		2,173		80,488
Johnson Controls International PLC		111,922		4,922,330
Lennox International, Inc.		4,695		736,223
Masco Corp.		39,540		1,302,843
Masonite International Corp. (a)		3,105		206,793
NCI Building Systems, Inc. (a)		4,232		67,712
Owens Corning		13,765		760,516
Patrick Industries, Inc. (a)		1,542		126,058
PGT Innovations, Inc. (a)		5,721		65,792
Ply Gem Holdings, Inc. (a)		2,760		44,574
Quanex Building Products Corp.		3,690		72,878
Simpson Manufacturing Co., Inc.		4,909		213,640
Trex Co., Inc. (a)		3,502		237,190
Universal Forest Products, Inc.		2,412		245,325
USG Corp. (a)		11,339		346,860
TOTAL BUILDING PRODUCTS				13,476,396

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

Semiannual Report 36

Common Stocks – continued
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES – 5.7%
Commercial Printing – 0.4%
Brady Corp. Class A		5,627	$	204,541
Deluxe Corp.		5,849		426,100
Ennis, Inc.		3,135		52,982
InnerWorkings, Inc. (a)		4,927		47,348
LSC Communications, Inc.		3,300		86,526
Multi-Color Corp.		1,634		126,145
Quad/Graphics, Inc.		3,444		90,198
RR Donnelley & Sons Co.		8,250		141,488
				1,175,328
Diversified Support Services – 1.3%
Cintas Corp.		9,994		1,160,403
Copart, Inc. (a)		11,824		670,894
G&K Services, Inc. Class A		2,368		227,470
Healthcare Services Group, Inc.		8,711		346,262
KAR Auction Services, Inc.		16,512		752,122
Matthews International Corp. Class A		3,845		259,345
McGrath RentCorp		2,727		104,390
Mobile Mini, Inc.		5,317		173,068
UniFirst Corp.		1,837		234,952
Viad Corp.		2,414		105,854
VSE Corp.		962		35,864
				4,070,624
Environmental & Facilities Services – 3.2%
ABM Industries, Inc.		6,375		257,486
Casella Waste Systems, Inc. Class A (a)		4,369		50,506
Clean Harbors, Inc. (a)		6,556		363,858
Covanta Holding Corp.		14,082		226,720
Republic Services, Inc.		28,732		1,648,642
Rollins, Inc.		11,719		413,212
SP Plus Corp. (a)		2,043		56,591
Stericycle, Inc. (a)		10,113		780,117
Team, Inc. (a)		3,341		112,258
Tetra Tech, Inc.		6,908		301,880
US Ecology, Inc.		2,590		132,737
Waste Connections, Inc.		20,972		1,684,052
Waste Management, Inc.		53,007		3,683,986
				9,712,045
Office Services & Supplies – 0.7%
ACCO Brands Corp. (a)		12,946		165,061
Essendant, Inc.		4,527		94,569
Herman Miller, Inc.		7,145		222,924
HNI Corp.		5,321		268,232
Interface, Inc.		7,716		140,431
Kimball International, Inc. Class B		3,820		63,909
Knoll, Inc.		5,890		153,788
MSA Safety, Inc.		3,837		273,770
Pitney Bowes, Inc.		22,212		353,615
Steelcase, Inc. Class A		10,617		178,366
West Corp.		5,468		132,708
				2,047,373

	Shares		Value
Security & Alarm Services – 0.1%
The Brink’s Co.		5,303	$	235,983
TOTAL COMMERCIAL SERVICES & SUPPLIES				17,241,353
CONSTRUCTION & ENGINEERING – 2.1%
Construction & Engineering – 2.1%
AECOM (a)		18,425		680,435
Aegion Corp. (a)		4,134		96,157
Argan, Inc.		1,629		120,139
Chicago Bridge & Iron Co. N.V.		12,366		410,675
Comfort Systems USA, Inc.		4,544		153,814
Dycom Industries, Inc. (a)		3,730		300,862
EMCOR Group, Inc.		7,282		507,483
Fluor Corp.		16,683		925,906
Granite Construction, Inc.		4,739		266,000
Great Lakes Dredge & Dock Corp. (a)		7,164		37,253
Jacobs Engineering Group, Inc. (a)		14,516		849,912
KBR, Inc.		17,045		289,935
MasTec, Inc. (a)		7,887		293,791
MYR Group, Inc. (a)		1,935		74,439
Primoris Services Corp.		4,955		122,983
Quanta Services, Inc. (a)		18,085		649,071
Tutor Perini Corp. (a)		4,743		141,341
Valmont Industries, Inc.		2,726		392,544
TOTAL CONSTRUCTION & ENGINEERING				6,312,740
ELECTRICAL EQUIPMENT – 5.6%
Electrical Components & Equipment – 5.5%
Acuity Brands, Inc.		5,263		1,090,651
AMETEK, Inc.		27,862		1,423,748
Atkore International Group, Inc. (a)		2,614		69,846
Eaton Corp. PLC		54,461		3,854,750
Emerson Electric Co.		77,107		4,523,097
Encore Wire Corp.		2,368		100,048
EnerSys		5,180		403,781
Generac Holdings, Inc. (a)		7,913		318,577
General Cable Corp.		5,902		119,811
Hubbell, Inc.		6,280		766,662
Plug Power, Inc. (a)		22,098		23,424
Powell Industries, Inc.		1,110		42,713
Regal-Beloit Corp.		5,366		389,572
Rockwell Automation, Inc.		15,504		2,294,437
Sensata Technologies Holding N.V. (a)		20,472		858,800
Sunrun, Inc. (a)		6,768		35,803
Thermon Group Holdings, Inc. (a)		3,839		79,698
Vicor Corp. (a)		2,001		30,615
				16,426,033
Heavy Electrical Equipment – 0.1%
AZZ, Inc.		3,097		184,426
Babcock & Wilcox Enterprises, Inc. (a)		5,489		91,337
				275,763
TOTAL ELECTRICAL EQUIPMENT				16,701,796

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

37 Semiannual Report

Fidelity MSCI Industrials Index ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
INDUSTRIAL CONGLOMERATES – 19.4%
Industrial Conglomerates – 19.4%
3M Co.		72,414	$	12,659,415
Carlisle Cos., Inc.		7,732		843,639
General Electric Co.		1,073,588		31,885,564
Honeywell International, Inc.		86,594		10,245,802
Raven Industries, Inc.		4,338		108,667
Roper Industries, Inc.		12,127		2,326,565
TOTAL INDUSTRIAL CONGLOMERATES				58,069,652
MACHINERY – 18.3%
Agricultural & Farm Machinery – 1.6%
AGCO Corp.		7,759		487,265
Deere & Co.		31,992		3,424,744
Lindsay Corp.		1,291		97,264
The Toro Co.		13,111		772,631
Titan International, Inc.		5,623		74,730
				4,856,634
Construction & Farm Machinery & Heavy Trucks – 5.9%
Alamo Group, Inc.		1,174		88,790
Allison Transmission Holdings, Inc.		17,048		596,339
American Railcar Industries, Inc.		1,079		48,059
Astec Industries, Inc.		2,212		154,796
Caterpillar, Inc.		69,984		6,694,669
Cummins, Inc.		19,189		2,820,975
Douglas Dynamics, Inc.		2,728		92,206
Federal Signal Corp.		7,095		110,256
Joy Global, Inc.		11,777		331,169
Meritor, Inc. (a)		9,872		142,453
Navistar International Corp. (a)		5,337		145,540
Oshkosh Corp.		8,811		613,510
PACCAR, Inc.		41,965		2,824,664
Terex Corp.		12,985		412,923
The Greenbrier Cos., Inc.		3,342		146,213
The Manitowoc Co., Inc. (a)		15,530		106,070
Trinity Industries, Inc.		18,245		502,467
Wabash National Corp.		7,651		135,040
WABCO Holdings, Inc. (a)		6,369		694,412
Wabtec Corp.		10,802		935,885
				17,596,436
Industrial Machinery – 10.8%
Actuant Corp. Class A		7,104		185,770
Albany International Corp. Class A		3,475		164,889
Altra Industrial Motion Corp.		3,123		116,488
Barnes Group, Inc.		6,142		295,614
Briggs & Stratton Corp.		5,122		110,942
Chart Industries, Inc. (a)		3,676		142,592
CIRCOR International, Inc.		1,667		103,821
CLARCOR, Inc.		5,855		484,852
Colfax Corp. (a)		10,985		428,415
Columbus McKinnon Corp.		2,321		63,804
Crane Co.		5,609		404,072

	Shares		Value
Donaldson Co., Inc.		15,152	$	640,172
Dover Corp.		18,590		1,445,372
Energy Recovery, Inc. (a)		4,147		42,465
EnPro Industries, Inc.		2,591		175,955
ESCO Technologies, Inc.		3,061		178,150
Flowserve Corp.		15,606		767,191
Fortive Corp.		37,256		2,060,629
Franklin Electric Co., Inc.		4,730		190,855
Global Brass & Copper Holdings, Inc.		2,578		85,461
Graco, Inc.		6,651		595,863
Harsco Corp.		9,677		129,188
Hillenbrand, Inc.		7,515		274,673
Hyster-Yale Materials Handling, Inc.		1,059		65,150
IDEX Corp.		9,126		822,800
Illinois Tool Works, Inc.		38,276		4,868,707
Ingersoll-Rand PLC		30,899		2,451,836
ITT, Inc.		10,691		436,941
John Bean Technologies Corp.		3,502		302,398
Kadant, Inc.		1,302		80,203
Kennametal, Inc.		9,550		341,317
Lincoln Electric Holdings, Inc.		7,259		605,183
Lydall, Inc. (a)		2,051		125,111
Manitowoc Foodservice, Inc. (a)		15,565		298,537
Milacron Holdings Corp. (a)		2,029		33,560
Mueller Industries, Inc.		6,468		260,402
Mueller Water Products, Inc. Class A		19,346		260,397
NN, Inc.		3,101		60,004
Nordson Corp.		6,172		700,707
Parker Hannifin Corp.		16,044		2,360,554
Pentair PLC		20,639		1,210,065
Proto Labs, Inc. (a)		3,010		158,025
RBC Bearings, Inc. (a)		2,863		265,200
Rexnord Corp. (a)		12,254		270,691
Snap-on, Inc.		6,964		1,264,175
SPX Corp. (a)		4,983		124,326
SPX FLOW, Inc. (a)		5,075		177,067
Standex International Corp.		1,515		132,108
Stanley Black & Decker, Inc.		18,002		2,232,248
Sun Hydraulics Corp.		2,747		107,627
Tennant Co.		2,019		139,816
The Gorman-Rupp Co.		2,348		76,216
The Middleby Corp. (a)		6,899		925,708
The Timken Co.		8,434		374,470
Trimas Corp. (a)		5,489		116,916
Watts Water Technologies, Inc. Class A		3,150		207,900
Woodward, Inc.		6,616		460,738
Xylem, Inc.		21,468		1,058,587
				32,462,923
TOTAL MACHINERY				54,915,993

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

Semiannual Report 38

Common Stocks – continued
	Shares		Value
MARINE – 0.1%
Marine – 0.1%
Kirby Corp. (a)		1,635	$	105,376
Matson, Inc.		1,294		46,144
TOTAL MARINE				151,520
PROFESSIONAL SERVICES – 4.0%
Human Resource & Employment Services – 1.0%
GP Strategies Corp. (a)		1,615		41,506
Heidrick & Struggles International, Inc.		2,141		47,851
Insperity, Inc.		1,817		129,915
Kelly Services, Inc. Class A		3,670		82,171
Kforce, Inc.		2,975		68,425
Korn/Ferry International		6,328		183,828
ManpowerGroup, Inc.		8,210		783,727
On Assignment, Inc. (a)		6,068		274,759
Robert Half International, Inc.		15,580		733,195
TriNet Group, Inc. (a)		5,116		130,100
TrueBlue, Inc. (a)		5,123		126,794
WageWorks, Inc. (a)		4,377		315,801
				2,918,072
Research & Consulting Services – 3.0%
CBIZ, Inc. (a)		6,085		79,714
CEB, Inc.		3,861		295,173
Equifax, Inc.		14,302		1,677,339
Exponent, Inc.		3,118		181,000
FTI Consulting, Inc. (a)		5,006		210,953
Huron Consulting Group, Inc. (a)		2,580		116,874
ICF International, Inc. (a)		2,187		113,724
IHS Markit Ltd. (a)		43,083		1,699,624
Mistras Group, Inc. (a)		2,037		47,014
Navigant Consulting, Inc. (a)		5,712		141,086
Nielsen Holdings PLC		42,795		1,750,743
Resources Connection, Inc.		3,339		55,761
RPX Corp. (a)		6,071		65,931
The Advisory Board Co. (a)		4,799		218,355
The Dun & Bradstreet Corp.		4,353		533,765
TransUnion (a)		10,950		345,253
Verisk Analytics, Inc. (a)		19,212		1,587,680
				9,119,989
TOTAL PROFESSIONAL SERVICES				12,038,061
ROAD & RAIL – 8.8%
Railroads – 7.2%
CSX Corp.		113,353		5,258,445
Genesee & Wyoming, Inc. Class A (a)		7,338		552,992
Kansas City Southern		12,955		1,112,964
Norfolk Southern Corp.		35,174		4,131,538
Union Pacific Corp.		99,781		10,634,659
				21,690,598

	Shares		Value
Trucking – 1.6%
AMERCO		814	$	306,609
ArcBest Corp.		2,928		92,525
Avis Budget Group, Inc. (a)		9,772		363,714
Celadon Group, Inc.		3,343		25,407
Covenant Transportation Group, Inc. Class A (a)		1,466		31,563
Heartland Express, Inc.		5,507		113,444
Hertz Global Holdings, Inc. (a)		8,610		180,552
JB Hunt Transport Services, Inc.		10,805		1,070,559
Knight Transportation, Inc.		7,665		256,011
Landstar System, Inc.		5,054		427,568
Marten Transport Ltd.		2,948		67,362
Old Dominion Freight Line, Inc. (a)		7,450		657,686
Roadrunner Transportation Systems, Inc. (a)		3,681		29,154
Ryder System, Inc.		6,412		497,571
Saia, Inc. (a)		2,991		143,718
Swift Transportation Co. (a)		10,043		229,282
Universal Truckload Services, Inc.		926		13,381
Werner Enterprises, Inc.		5,625		158,062
YRC Worldwide, Inc. (a)		3,441		51,374
				4,715,542
TOTAL ROAD & RAIL				26,406,140
TRADING COMPANIES & DISTRIBUTORS – 3.5%
Trading Companies & Distributors – 3.5%
Air Lease Corp.		11,689		425,246
Aircastle Ltd.		7,083		157,951
Applied Industrial Technologies, Inc.		4,425		267,491
Beacon Roofing Supply, Inc. (a)		6,102		267,085
BMC Stock Holdings, Inc. (a)		6,729		125,832
DXP Enterprises, Inc. (a)		1,876		70,950
Fastenal Co.		34,590		1,718,431
GATX Corp.		4,582		264,931
GMS, Inc. (a)		984		29,363
H&E Equipment Services, Inc.		3,847		99,483
HD Supply Holdings, Inc. (a)		24,041		1,016,934
Herc Holdings, Inc. (a)		2,896		143,844
Kaman Corp.		2,933		148,205
MRC Global, Inc. (a)		11,541		237,168
MSC Industrial Direct Co., Inc. Class A		5,311		542,519
Nexeo Solutions, Inc. (a)		3,227		29,075
NOW, Inc. (a)		12,919		274,658
Rush Enterprises, Inc. Class A (a)		3,545		116,099
SiteOne Landscape Supply, Inc. (a)		2,602		99,969
Titan Machinery, Inc. (a)		2,171		29,982
Triton International Ltd.		4,418		107,534
United Rentals, Inc. (a)		10,308		1,304,065
Univar, Inc. (a)		9,952		296,769
Veritiv Corp. (a)		1,125		63,056
Watsco, Inc.		3,095		472,730

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

39 Semiannual Report

Fidelity MSCI Industrials Index ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS – continued
Trading Companies & Distributors – continued
WESCO International, Inc. (a)		5,064	$	358,025
WW Grainger, Inc.		6,885		1,738,944
TOTAL TRADING COMPANIES & DISTRIBUTORS				10,406,339
TRANSPORTATION INFRASTRUCTURE – 0.2%
Airport Services – 0.2%
Macquarie Infrastructure Corp.		9,288		696,507
TOTAL COMMON STOCKS (Cost $283,410,893)				299,126,108

Money Market Funds – 0.2%
	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 0.43% (b) (Cost $538,538)		538,538	$	538,538
TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $283,949,431)				299,664,646
NET OTHER ASSETS (LIABILITIES) – 0.0%				146,972
NET ASSETS – 100%			$	299,811,618

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 January 31, 2017, 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	$	299,126,108	$	299,126,108	$	—	$	—
Money Market Funds		538,538		538,538		—		—
Total Investments in Securities:	$	299,664,646	$	299,664,646	$	—	$	—

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

Semiannual Report 40

Fidelity MSCI Information Technology Index ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT – 5.5%
Communications Equipment – 5.5%
ADTRAN, Inc.		6,087	$	133,305
Arista Networks, Inc. (a)		5,718		537,492
ARRIS International PLC (a)		23,044		658,598
Brocade Communications Systems, Inc.		50,690		632,104
CalAmp Corp. (a)		4,541		68,206
Calix, Inc. (a)		5,305		38,196
Ciena Corp. (a)		17,534		426,778
Cisco Systems, Inc.		636,416		19,550,700
CommScope Holding Co., Inc. (a)		24,368		921,598
Comtech Telecommunications Corp.		2,888		30,988
EchoStar Corp. Class A (a)		5,846		297,737
Extreme Networks, Inc. (a)		12,976		71,757
F5 Networks, Inc. (a)		8,401		1,125,986
Finisar Corp. (a)		13,939		412,176
Harmonic, Inc. (a)		9,611		50,938
Harris Corp.		15,695		1,612,033
Infinera Corp. (a)		18,214		164,108
InterDigital, Inc.		4,335		404,889
Ixia (a)		7,415		144,222
Juniper Networks, Inc.		43,745		1,171,491
Lumentum Holdings, Inc. (a)		6,042		229,294
Mitel Networks Corp. (a)		11,282		78,297
Motorola Solutions, Inc.		18,994		1,533,006
NETGEAR, Inc. (a)		4,158		236,590
Netscout Systems, Inc. (a)		10,470		348,651
Oclaro, Inc. (a)		21,067		206,667
Palo Alto Networks, Inc. (a)		11,367		1,677,315
Plantronics, Inc.		4,243		240,069
ShoreTel, Inc. (a)		8,332		57,907
Sonus Networks, Inc. (a)		6,163		39,320
Ubiquiti Networks, Inc. (a)		3,669		228,946
ViaSat, Inc. (a)		6,780		440,090
Viavi Solutions, Inc. (a)		29,571		264,660
TOTAL COMMUNICATIONS EQUIPMENT				34,034,114
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.2%
Electronic Components – 1.4%
Amphenol Corp. Class A		39,071		2,636,902
AVX Corp.		6,207		100,553
Belden, Inc.		5,370		410,644
Corning, Inc.		131,200		3,475,488
Dolby Laboratories, Inc. Class A		7,022		336,424
II-VI, Inc. (a)		7,119		259,844
InvenSense, Inc. (a)		11,009		139,374
Knowles Corp. (a)		11,336		204,275
Littelfuse, Inc.		2,850		449,473
Rogers Corp. (a)		2,314		185,004
Universal Display Corp. (a)		5,413		357,258
Vishay Intertechnology, Inc.		17,221		285,869
				8,841,108

	Shares		Value
Electronic Equipment & Instruments – 0.8%
Badger Meter, Inc.		3,777	$	145,603
Cognex Corp.		10,233		691,341
Coherent, Inc. (a)		3,099		488,805
Daktronics, Inc.		4,608		46,817
FARO Technologies, Inc. (a)		2,195		81,434
Fitbit, Inc. Class A (a)		16,729		100,541
FLIR Systems, Inc.		17,423		615,555
Itron, Inc. (a)		4,567		281,784
Keysight Technologies, Inc. (a)		21,622		801,528
Mesa Laboratories, Inc.		395		47,060
MTS Systems Corp.		2,129		123,695
National Instruments Corp.		14,645		460,146
Novanta, Inc. (a)		4,142		92,574
OSI Systems, Inc. (a)		2,308		172,338
VeriFone Systems, Inc. (a)		14,021		254,762
Zebra Technologies Corp. Class A (a)		6,662		557,410
				4,961,393
Electronic Manufacturing Services – 1.3%
Benchmark Electronics, Inc. (a)		6,119		187,241
CTS Corp.		3,862		83,033
Fabrinet (a)		3,954		166,582
Flex Ltd. (a)		69,320		1,086,244
IPG Photonics Corp. (a)		4,709		541,488
Jabil Circuit, Inc.		21,919		525,618
Kimball Electronics, Inc. (a)		3,480		59,508
Methode Electronics, Inc.		4,480		188,384
Park Electrochemical Corp.		2,586		47,401
Plexus Corp. (a)		4,245		230,504
Sanmina Corp. (a)		9,365		364,767
TE Connectivity Ltd.		44,991		3,345,081
Trimble, Inc. (a)		31,662		937,828
TTM Technologies, Inc. (a)		10,113		149,976
				7,913,655
Technology Distributors – 0.7%
Anixter International, Inc. (a)		3,808		325,584
Arrow Electronics, Inc. (a)		11,558		849,744
Avnet, Inc.		16,128		748,984
CDW Corp.		18,578		956,953
ePlus, Inc. (a)		875		98,044
Insight Enterprises, Inc. (a)		4,544		168,719
PC Connection, Inc.		1,511		41,220
ScanSource, Inc. (a)		3,193		126,283
SYNNEX Corp.		3,782		454,521
Tech Data Corp. (a)		4,461		381,683
				4,151,735
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS				25,867,891

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

41 Semiannual Report

Fidelity MSCI Information Technology Index ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
INTERNET SOFTWARE & SERVICES – 19.7%
Internet Software & Services – 19.7%
2U, Inc. (a)		4,460	$	151,818
Actua Corp. (a)		3,893		55,670
Akamai Technologies, Inc. (a)		22,081		1,514,536
Alarm.com Holdings, Inc. (a)		1,377		37,303
Alphabet, Inc. Class A (a)		37,305		30,597,188
Alphabet, Inc. Class C (a)		39,133		31,180,783
Angie’s List, Inc. (a)		4,754		29,808
Bankrate, Inc. (a)		6,720		73,248
Bazaarvoice, Inc. (a)		8,666		40,730
Benefitfocus, Inc. (a)		1,613		48,793
Blucora, Inc. (a)		4,865		73,462
Box, Inc. Class A (a)		5,717		97,589
Brightcove, Inc. (a)		3,621		26,071
Carbonite, Inc. (a)		2,409		41,555
ChannelAdvisor Corp. (a)		2,858		39,583
Cimpress N.V. (a)		3,034		256,039
CommerceHub, Inc. Series A (a)		1,651		24,253
CommerceHub, Inc. Series C (a)		3,689		53,786
comScore, Inc. (a)		5,830		195,597
Cornerstone OnDemand, Inc. (a)		6,763		275,186
CoStar Group, Inc. (a)		4,141		836,896
DHI Group, Inc. (a)		5,744		32,741
EarthLink Holdings Corp.		13,004		83,356
eBay, Inc. (a)		135,717		4,319,872
Endurance International Group Holdings, Inc. (a)		8,709		67,059
Envestnet, Inc. (a)		4,894		184,993
Facebook, Inc. Class A (a)		293,926		38,304,436
Five9, Inc. (a)		5,052		78,104
GoDaddy, Inc. Class A (a)		6,401		228,708
Gogo, Inc. (a)		6,892		63,062
GrubHub, Inc. (a)		8,689		361,028
GTT Communications, Inc. (a)		3,485		98,451
Hortonworks, Inc. (a)		4,251		41,235
IAC/InterActiveCorp (a)		9,364		644,337
Instructure, Inc. (a)		1,607		35,033
j2 Global, Inc.		5,756		482,410
LivePerson, Inc. (a)		6,768		49,406
LogMeIn, Inc.		3,187		344,515
Match Group, Inc. (a)		5,399		93,781
MercadoLibre, Inc.		5,011		928,989
MINDBODY, Inc. Class A (a)		1,172		28,538
New Relic, Inc. (a)		3,319		120,148
NIC, Inc.		8,043		193,836
Pandora Media, Inc. (a)		27,784		361,192
Q2 Holdings, Inc. (a)		3,332		105,791
Quotient Technology, Inc. (a)		8,698		92,634
RetailMeNot, Inc. (a)		3,915		35,431
Shutterstock, Inc. (a)		2,502		134,608
SPS Commerce, Inc. (a)		2,193		151,317
Stamps.com, Inc. (a)		2,068		251,365

	Shares		Value
TrueCar, Inc. (a)		5,736	$	75,428
Twilio, Inc. Class A (a)		2,740		78,994
Twitter, Inc. (a)		71,844		1,265,891
VeriSign, Inc. (a)		12,167		975,915
Web.com Group, Inc. (a)		5,391		102,159
WebMD Health Corp. (a)		4,911		245,010
Xactly Corp. (a)		2,559		31,092
XO Group, Inc. (a)		3,147		59,258
Yahoo!, Inc. (a)		114,408		5,041,961
Yelp, Inc. (a)		8,790		367,246
Zillow Group, Inc. Class C (a)		14,402		509,543
TOTAL INTERNET SOFTWARE & SERVICES				122,318,767
IT SERVICES – 17.5%
Data Processing & Outsourced Services – 11.1%
Alliance Data Systems Corp.		7,403		1,690,697
Automatic Data Processing, Inc.		57,718		5,828,941
Black Knight Financial Services, Inc. Class A (a)		3,135		114,271
Blackhawk Network Holdings, Inc. (a)		7,126		254,398
Broadridge Financial Solutions, Inc.		15,006		998,349
Cardtronics PLC Class A (a)		5,386		293,968
Cass Information Systems, Inc.		1,437		94,511
Conduent, Inc. (a)		21,852		326,906
Convergys Corp.		12,223		303,375
CoreLogic, Inc. (a)		11,129		392,520
CSG Systems International, Inc.		4,164		201,538
DST Systems, Inc.		3,942		453,921
Euronet Worldwide, Inc. (a)		6,273		448,645
EVERTEC, Inc.		7,853		133,894
ExlService Holdings, Inc. (a)		4,276		196,482
Fidelity National Information Services, Inc.		39,413		3,130,180
First Data Corp. Class A (a)		39,158		600,684
Fiserv, Inc. (a)		27,816		2,988,273
FleetCor Technologies, Inc. (a)		11,704		1,726,223
Global Payments, Inc.		19,503		1,507,192
Jack Henry & Associates, Inc.		9,986		896,543
Mastercard, Inc. Class A		122,704		13,047,116
MAXIMUS, Inc.		8,243		454,519
MoneyGram International, Inc. (a)		4,005		50,864
Net 1 UEPS Technologies, Inc. (a)		6,483		74,555
Paychex, Inc.		41,062		2,475,628
PayPal Holdings, Inc. (a)		137,439		5,467,323
Sabre Corp.		26,524		649,838
Square, Inc. Class A (a)		14,035		205,192
Sykes Enterprises, Inc. (a)		4,968		138,756
Syntel, Inc.		4,172		87,862
TeleTech Holdings, Inc.		2,052		60,739
The Western Union Co.		61,805		1,210,142
Total System Services, Inc.		20,997		1,064,128
Travelport Worldwide Ltd.		15,556		223,384

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

Semiannual Report 42

Common Stocks – continued
	Shares		Value
IT SERVICES – continued
Data Processing & Outsourced Services – continued
Vantiv, Inc. Class A (a)		19,768	$	1,230,360
Visa, Inc. Class A		238,700		19,742,877
WEX, Inc. (a)		5,441		622,070
				69,386,864
IT Consulting & Other Services – 6.4%
Accenture PLC Class A		78,769		8,969,426
Acxiom Corp. (a)		9,812		256,093
Booz Allen Hamilton Holding Corp.		18,809		636,120
CACI International, Inc. Class A (a)		3,100		380,680
Cognizant Technology Solutions Corp. Class A (a)		76,797		4,038,754
Computer Sciences Corp.		17,818		1,108,280
CSRA, Inc.		21,063		653,374
EPAM Systems, Inc. (a)		5,850		376,506
Forrester Research, Inc.		1,215		49,572
Gartner, Inc. (a)		10,477		1,040,995
International Business Machines Corp.		114,905		20,053,221
Leidos Holdings, Inc.		17,111		826,804
Lionbridge Technologies, Inc. (a)		6,818		38,999
ManTech International Corp. Class A		3,156		122,895
Perficient, Inc. (a)		4,496		79,714
Science Applications International Corp.		5,439		442,843
ServiceSource International, Inc. (a)		7,414		39,294
Teradata Corp. (a)		16,504		484,557
The Hackett Group, Inc.		2,997		48,701
Unisys Corp. (a)		5,876		75,507
Virtusa Corp. (a)		3,531		89,970
				39,812,305
TOTAL IT SERVICES				109,199,169
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 15.7%
Semiconductor Equipment – 2.0%
Advanced Energy Industries, Inc. (a)		5,056		297,495
Amkor Technology, Inc. (a)		13,346		125,586
Applied Materials, Inc.		136,766		4,684,236
Brooks Automation, Inc.		8,862		154,376
Cabot Microelectronics Corp.		3,112		210,091
Cohu, Inc.		3,155		41,646
Entegris, Inc. (a)		17,820		334,125
FormFactor, Inc. (a)		8,576		106,771
KLA-Tencor Corp.		19,718		1,678,199
Kulicke & Soffa Industries, Inc. (a)		8,790		154,528
Lam Research Corp.		20,284		2,329,820
MKS Instruments, Inc.		6,758		445,352
Nanometrics, Inc. (a)		2,882		74,096
PDF Solutions, Inc. (a)		3,277		73,766
Photronics, Inc. (a)		8,882		102,143
Rudolph Technologies, Inc. (a)		3,617		83,010
SolarEdge Technologies, Inc. (a)		2,657		34,408
Teradyne, Inc.		25,724		730,047
Tessera Holding Corp.		6,226		281,415

	Shares		Value
Ultratech, Inc. (a)		3,166	$	82,063
Veeco Instruments, Inc. (a)		5,143		132,432
Versum Materials, Inc. (a)		13,068		365,251
Xcerra Corp. (a)		6,794		51,499
				12,572,355
Semiconductors – 13.7%
Advanced Micro Devices, Inc. (a)		96,585		1,001,586
Alpha & Omega Semiconductor Ltd. (a)		2,388		48,596
Ambarella, Inc. (a)		4,178		207,271
Analog Devices, Inc.		38,904		2,915,466
Broadcom Ltd.		50,038		9,982,581
Cavium, Inc. (a)		8,400		556,164
Ceva, Inc. (a)		2,725		96,329
Cirrus Logic, Inc. (a)		7,919		477,674
Cree, Inc. (a)		12,688		349,935
Cypress Semiconductor Corp.		41,021		484,048
Diodes, Inc. (a)		5,332		132,713
Exar Corp. (a)		5,154		52,829
First Solar, Inc. (a)		9,680		301,919
Impinj, Inc. (a)		1,369		48,202
Inphi Corp. (a)		4,628		212,055
Integrated Device Technology, Inc. (a)		17,113		431,076
Intel Corp.		597,484		21,999,361
Intersil Corp. Class A		17,072		382,925
IXYS Corp.		3,153		38,151
Lattice Semiconductor Corp. (a)		15,677		112,718
Linear Technology Corp.		30,327		1,914,544
MACOM Technology Solutions Holdings, Inc. (a)		5,266		250,406
Marvell Technology Group Ltd.		55,124		819,694
Maxim Integrated Products, Inc.		35,972		1,600,035
MaxLinear, Inc. Class A (a)		7,313		187,067
Mellanox Technologies Ltd. (a)		5,452		258,152
Microchip Technology, Inc.		27,223		1,833,469
Micron Technology, Inc. (a)		131,398		3,168,006
Microsemi Corp. (a)		14,295		759,779
Monolithic Power Systems, Inc.		4,905		427,912
NeoPhotonics Corp. (a)		3,588		39,289
NVE Corp.		611		47,407
NVIDIA Corp.		67,696		7,391,049
ON Semiconductor Corp. (a)		52,489		699,153
Power Integrations, Inc.		3,646		258,866
Qorvo, Inc. (a)		16,185		1,039,239
QUALCOMM, Inc.		186,473		9,963,252
Rambus, Inc. (a)		14,151		183,680
Semtech Corp. (a)		8,351		275,165
Silicon Laboratories, Inc. (a)		5,062		330,042
Skyworks Solutions, Inc.		23,720		2,176,073
SunPower Corp. (a)		8,183		54,335
Synaptics, Inc. (a)		4,412		248,749
Texas Instruments, Inc.		126,942		9,589,199
Xilinx, Inc.		32,057		1,865,717
				85,211,878
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				97,784,233

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

43 Semiannual Report

Fidelity MSCI Information Technology Index ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
SOFTWARE – 21.4%
Application Software – 6.0%
8x8, Inc. (a)		11,368	$	180,183
ACI Worldwide, Inc. (a)		14,807		287,256
Adobe Systems, Inc. (a)		63,057		7,149,403
ANSYS, Inc. (a)		11,021		1,027,818
Aspen Technology, Inc. (a)		10,087		535,721
Autodesk, Inc. (a)		25,269		2,055,380
Blackbaud, Inc.		6,048		396,809
Bottomline Technologies de, Inc. (a)		5,320		136,830
BroadSoft, Inc. (a)		3,768		158,256
Cadence Design Systems, Inc. (a)		36,987		962,772
Callidus Software, Inc. (a)		7,819		144,261
CDK Global, Inc.		16,193		1,012,872
Citrix Systems, Inc. (a)		19,695		1,795,987
Ebix, Inc.		3,335		185,092
Ellie Mae, Inc. (a)		4,224		349,494
Fair Isaac Corp.		3,906		481,610
Glu Mobile, Inc. (a)		13,930		32,039
Guidewire Software, Inc. (a)		9,147		478,663
HubSpot, Inc. (a)		2,948		151,232
Intuit, Inc.		30,758		3,647,284
Jive Software, Inc. (a)		4,771		18,130
Manhattan Associates, Inc. (a)		9,050		463,903
Mentor Graphics Corp.		11,713		432,327
MicroStrategy, Inc. Class A (a)		1,195		240,553
MobileIron, Inc. (a)		5,254		22,855
Monotype Imaging Holdings, Inc.		5,071		111,055
Nuance Communications, Inc. (a)		34,366		545,045
Paycom Software, Inc. (a)		5,289		244,563
Paylocity Holding Corp. (a)		2,958		91,284
Pegasystems, Inc.		4,915		190,702
PROS Holdings, Inc. (a)		3,221		72,086
PTC, Inc. (a)		14,615		768,311
QAD, Inc. Class A		1,382		39,940
RealPage, Inc. (a)		7,142		218,545
RingCentral, Inc. Class A (a)		6,466		150,981
Salesforce.com, Inc. (a)		81,433		6,441,350
Silver Spring Networks, Inc. (a)		4,125		52,717
Splunk, Inc. (a)		16,799		971,990
SS&C Technologies Holdings, Inc.		23,026		739,825
Synchronoss Technologies, Inc. (a)		5,148		198,301
Synopsys, Inc. (a)		19,140		1,203,715
Tangoe, Inc. (a)		3,614		26,310
The Ultimate Software Group, Inc. (a)		3,497		677,229
Tyler Technologies, Inc. (a)		4,352		635,479
Verint Systems, Inc. (a)		7,872		294,019
Workday, Inc. Class A (a)		15,106		1,255,158
Workiva, Inc. (a)		2,537		31,966
Zendesk, Inc. (a)		9,600		229,728
				37,537,029

	Shares		Value
Home Entertainment Software – 1.1%
Activision Blizzard, Inc.		75,062	$	3,018,243
Electronic Arts, Inc. (a)		38,048		3,174,344
Take-Two Interactive Software, Inc. (a)		10,901		584,839
Zynga, Inc. Class A (a)		96,429		243,001
				7,020,427
Systems Software – 14.3%
A10 Networks, Inc. (a)		5,914		47,135
Barracuda Networks, Inc. (a)		2,927		68,755
CA, Inc.		39,867		1,246,641
CommVault Systems, Inc. (a)		5,418		266,024
Dell Technologies, Inc. Class V (a)		28,179		1,774,995
FireEye, Inc. (a)		19,449		263,534
Fortinet, Inc. (a)		18,616		619,168
Gigamon, Inc. (a)		3,595		119,174
Imperva, Inc. (a)		3,770		157,397
Microsoft Corp.		936,703		60,557,849
Oracle Corp.		391,252		15,693,118
Progress Software Corp.		5,520		154,670
Proofpoint, Inc. (a)		5,043		404,247
Qualys, Inc. (a)		3,655		131,215
Rapid7, Inc. (a)		1,848		23,045
Red Hat, Inc. (a)		22,907		1,738,183
ServiceNow, Inc. (a)		20,792		1,884,171
Symantec Corp.		77,859		2,145,015
Tableau Software, Inc. Class A (a)		7,178		343,396
The Rubicon Project, Inc. (a)		4,204		35,608
TiVo Corp. (a)		15,602		294,878
Varonis Systems, Inc. (a)		1,499		44,820
VASCO Data Security International, Inc. (a)		3,771		57,319
VMware, Inc. Class A (a)		9,427		825,240
				88,895,597
TOTAL SOFTWARE				133,453,053
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 15.9%
Technology Hardware, Storage & Peripherals – 15.9%
3D Systems Corp. (a)		13,572		223,802
Apple, Inc.		681,805		82,737,037
CPI Card Group, Inc.		2,341		10,652
Cray, Inc. (a)		5,081		87,139
Diebold Nixdorf, Inc.		9,057		246,350
Eastman Kodak Co. (a)		2,658		35,617
Electronics For Imaging, Inc. (a)		5,941		266,989
Hewlett Packard Enterprise Co.		210,261		4,768,719
HP, Inc.		216,446		3,257,512
Immersion Corp. (a)		3,568		36,715
NCR Corp. (a)		15,680		674,554
NetApp, Inc.		35,214		1,349,400
Nimble Storage, Inc. (a)		7,337		62,878
Pure Storage, Inc. Class A (a)		4,744		53,939
Seagate Technology PLC		37,887		1,710,598

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

Semiannual Report 44

Common Stocks – continued
	Shares		Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – continued
Technology Hardware, Storage & Peripherals – continued
Super Micro Computer, Inc. (a)		5,000	$	132,250
Western Digital Corp.		35,968		2,867,729
Xerox Corp.		106,247		736,292
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS				99,258,172
TOTAL COMMON STOCKS (Cost $562,867,285)				621,915,399

Money Market Funds – 0.1%
	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 0.43% (b) (Cost $828,442)		828,442	$	828,442
TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $563,695,727)				622,743,841
NET OTHER ASSETS (LIABILITIES) – 0.0%				126,601
NET ASSETS – 100%			$	622,870,442

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 January 31, 2017, 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	$	621,915,399	$	621,915,399	$	—	$	—
Money Market Funds		828,442		828,442		—		—
Total Investments in Securities:	$	622,743,841	$	622,743,841	$	—	$	—

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

45 Semiannual Report

Fidelity MSCI Materials Index ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares		Value
CHEMICALS – 64.8%
Commodity Chemicals – 5.9%
AdvanSix, Inc. (a)		6,716	$	172,534
Cabot Corp.		14,426		798,768
Calgon Carbon Corp.		11,739		186,063
Hawkins, Inc.		2,199		117,976
Koppers Holdings, Inc. (a)		4,784		193,513
Kronos Worldwide, Inc.		5,371		71,005
LyondellBasell Industries N.V. Class A		81,650		7,615,496
Olin Corp.		38,183		1,000,776
Tredegar Corp.		4,956		110,271
Trinseo S.A.		10,415		674,371
Tronox Ltd. Class A		15,135		189,490
				11,130,263
Diversified Chemicals – 18.8%
Eastman Chemical Co.		34,133		2,645,308
EI du Pont de Nemours & Co.		202,031		15,253,340
Huntsman Corp.		46,807		954,395
The Chemours Co.		41,969		1,108,821
The Dow Chemical Co.		260,378		15,526,340
				35,488,204
Fertilizers & Agricultural Chemicals – 9.6%
AgroFresh Solutions, Inc. (a)		5,220		13,728
American Vanguard Corp.		6,101		104,937
CF Industries Holdings, Inc.		53,868		1,901,002
FMC Corp.		30,918		1,860,027
Monsanto Co.		101,113		10,951,549
The Mosaic Co.		76,873		2,411,506
The Scotts Miracle-Gro Co. Class A		10,510		966,605
				18,209,354
Industrial Gases – 7.7%
Air Products & Chemicals, Inc.		47,537		6,643,771
Praxair, Inc.		65,910		7,806,380
				14,450,151
Specialty Chemicals – 22.8%
A Schulman, Inc. Class A		6,789		234,221
Albemarle Corp.		25,976		2,406,417
Ashland Global Holdings, Inc.		14,352		1,708,319
Axalta Coating Systems Ltd. (a)		49,731		1,442,199
Balchem Corp.		7,298		622,082
Celanese Corp. Class A		33,445		2,822,758
Chase Corp.		1,605		141,240
Chemtura Corp. (a)		13,859		458,733
Ecolab, Inc.		60,644		7,285,164
Ferro Corp. (a)		17,278		244,311
Flotek Industries, Inc. (a)		12,414		131,216
FutureFuel Corp.		5,507		71,536
GCP Applied Technologies, Inc. (a)		16,384		441,549
HB Fuller Co.		11,639		574,617
Ingevity Corp. (a)		9,719		540,279

	Shares		Value
Innophos Holdings, Inc.		4,473	$	217,567
Innospec, Inc.		5,545		395,636
International Flavors & Fragrances, Inc.		18,391		2,155,609
Kraton Corp. (a)		7,154		192,156
Minerals Technologies, Inc.		8,049		645,127
NewMarket Corp.		2,193		945,556
OMNOVA Solutions, Inc. (a)		9,951		90,554
Platform Specialty Products Corp. (a)		43,949		533,541
PolyOne Corp.		19,400		661,734
PPG Industries, Inc.		61,532		6,153,815
Quaker Chemical Corp.		3,053		392,310
Rayonier Advanced Materials, Inc.		9,753		132,348
RPM International, Inc.		30,818		1,610,549
Sensient Technologies Corp.		10,338		793,441
Stepan Co.		4,647		362,977
The Sherwin-Williams Co.		18,115		5,503,518
The Valspar Corp.		17,401		1,925,769
WR Grace & Co.		16,260		1,127,468
				42,964,316
TOTAL CHEMICALS				122,242,288
CONSTRUCTION MATERIALS – 5.1%
Construction Materials – 5.1%
Eagle Materials, Inc.		11,150		1,166,067
Headwaters, Inc. (a)		17,119		396,647
Martin Marietta Materials, Inc.		13,923		3,196,721
Summit Materials, Inc. Class A (a)		24,464		614,046
United States Lime & Minerals, Inc.		511		38,836
US Concrete, Inc. (a)		3,353		219,622
Vulcan Materials Co.		30,751		3,946,276
TOTAL CONSTRUCTION MATERIALS				9,578,215
CONTAINERS & PACKAGING – 13.9%
Metal & Glass Containers – 4.7%
Aptargroup, Inc.		14,548		1,061,567
Ball Corp.		38,249		2,916,869
Berry Plastics Group, Inc. (a)		29,724		1,516,837
Crown Holdings, Inc. (a)		32,275		1,748,337
Greif, Inc. Class A		5,960		343,177
Myers Industries, Inc.		5,497		75,859
Owens-Illinois, Inc. (a)		35,615		673,123
Silgan Holdings, Inc.		8,899		520,680
				8,856,449
Paper Packaging – 9.2%
Avery Dennison Corp.		20,531		1,499,174
Bemis Co., Inc.		21,894		1,066,676
Graphic Packaging Holding Co.		73,790		923,113
International Paper Co.		90,265		5,108,999
Multi Packaging Solutions International Ltd. (a)		7,119		126,861
Packaging Corp. of America		21,774		2,007,127

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

Semiannual Report 46

Common Stocks – continued
	Shares		Value
CONTAINERS & PACKAGING – continued
Paper Packaging – continued
Sealed Air Corp.		45,453	$	2,204,470
Sonoco Products Co.		23,166		1,272,972
WestRock Co.		58,112		3,100,856
				17,310,248
TOTAL CONTAINERS & PACKAGING				26,166,697
METALS & MINING – 14.3%
Aluminum – 0.9%
Alcoa Corp.		33,728		1,229,385
Century Aluminum Co. (a)		12,109		186,479
Kaiser Aluminum Corp.		4,160		326,394
				1,742,258
Copper – 2.6%
Freeport-McMoRan, Inc. (a)		291,581		4,854,824
Diversified Metals & Mining – 0.4%
Compass Minerals International, Inc.		7,794		651,578
Materion Corp.		4,610		181,173
				832,751
Gold – 3.1%
McEwen Mining, Inc.		52,090		204,714
Newmont Mining Corp.		122,608		4,448,218
Royal Gold, Inc.		15,093		1,089,262
				5,742,194
Precious Metals & Minerals – 0.3%
Stillwater Mining Co. (a)		27,947		475,099
Silver – 0.5%
Coeur Mining, Inc. (a)		37,611		438,168
Hecla Mining Co.		89,290		575,028
				1,013,196
Steel – 6.5%
AK Steel Holding Corp. (a)		69,990		565,519
Allegheny Technologies, Inc.		25,139		546,270
Carpenter Technology Corp.		10,785		431,616
Cliffs Natural Resources, Inc. (a)		50,142		439,745
Commercial Metals Co.		26,458		540,537
Haynes International, Inc.		2,908		119,548
Nucor Corp.		73,566		4,273,449
Reliance Steel & Aluminum Co.		16,762		1,335,093
Schnitzer Steel Industries, Inc. Class A		6,087		143,957
Steel Dynamics, Inc.		56,328		1,904,450
SunCoke Energy, Inc. (a)		14,032		123,762

	Shares		Value
TimkenSteel Corp. (a)		8,667	$	146,126
United States Steel Corp.		38,256		1,251,354
Worthington Industries, Inc.		10,921		521,915
				12,343,341
TOTAL METALS & MINING				27,003,663
PAPER & FOREST PRODUCTS – 1.8%
Forest Products – 0.5%
Boise Cascade Co. (a)		8,961		222,233
Deltic Timber Corp.		2,533		192,432
Louisiana-Pacific Corp. (a)		32,803		627,521
				1,042,186
Paper Products – 1.3%
Clearwater Paper Corp. (a)		3,918		246,442
Domtar Corp.		14,112		616,553
KapStone Paper and Packaging Corp.		21,169		507,633
Mercer International, Inc.		10,409		124,388
Neenah Paper, Inc.		3,886		319,235
PH Glatfelter Co.		10,086		246,199
Resolute Forest Products, Inc. (a)		14,389		79,139
Schweitzer-Mauduit International, Inc.		7,048		312,438
				2,452,027
TOTAL PAPER & FOREST PRODUCTS				3,494,213
TOTAL COMMON STOCKS (Cost $179,107,194)				188,485,076
Money Market Funds – 0.1%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 0.43% (b) (Cost $115,517)		115,517		115,517
TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $179,222,711)				188,600,593
NET OTHER ASSETS (LIABILITIES) – 0.0%				83,639
NET ASSETS – 100%			$	188,684,232

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.

47 Semiannual Report

Fidelity MSCI Materials Index ETF

Investments (Unaudited) – continued

Other Information

The following is a summary of the inputs used, as of January 31, 2017, 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	$	188,485,076	$	188,485,076	$	—	$	—
Money Market Funds		115,517		115,517		—		—
Total Investments in Securities:	$	188,600,593	$	188,600,593	$	—	$	—

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

Semiannual Report 48

Fidelity MSCI Real Estate Index ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares		Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – 96.5%
Diversified REIT’s – 6.6%
American Assets Trust, Inc.		9,328	$	400,451
Armada Hoffler Properties, Inc.		9,485		130,703
Colony NorthStar, Inc. Class A		140,748		1,959,212
Empire State Realty Trust, Inc. Class A		33,525		686,927
First Potomac Realty Trust		16,785		171,879
Forest City Realty Trust, Inc. Class A		64,620		1,462,997
Gladstone Commercial Corp.		6,684		131,274
Global Net Lease, Inc.		45,194		350,254
Gramercy Property Trust		38,129		1,004,318
Investors Real Estate Trust		34,447		221,839
iStar, Inc. (a)		19,788		222,021
Lexington Realty Trust		58,100		622,832
Liberty Property Trust		39,245		1,506,616
One Liberty Properties, Inc.		3,943		91,320
PS Business Parks, Inc.		5,531		619,693
RAIT Financial Trust		14,292		49,450
Select Income REIT		18,317		458,108
Spirit Realty Capital, Inc.		128,306		1,349,779
STORE Capital Corp.		41,567		983,475
VEREIT, Inc.		258,185		2,202,318
Washington Real Estate Investment Trust		20,047		630,478
WP Carey, Inc.		26,867		1,664,142
				16,920,086
Health Care REIT’s – 9.9%
Care Capital Properties, Inc.		22,872		565,167
CareTrust REIT, Inc.		17,002		257,750
HCP, Inc.		125,081		3,792,456
Healthcare Realty Trust, Inc.		31,437		949,712
Healthcare Trust of America, Inc. Class A		37,400		1,087,218
LTC Properties, Inc.		10,413		485,975
Medical Properties Trust, Inc.		82,002		1,045,525
National Health Investors, Inc.		10,643		787,475
New Senior Investment Group, Inc.		22,174		221,962
Omega Healthcare Investors, Inc.		51,741		1,659,334
Physicians Realty Trust		36,602		678,967
Quality Care Properties, Inc. (a)		25,547		471,598
Sabra Health Care REIT, Inc.		17,857		453,568
Senior Housing Properties Trust		54,077		1,030,167
Universal Health Realty Income Trust		629		39,073
Ventas, Inc.		93,980		5,795,747
Welltower, Inc.		95,736		6,347,297
				25,668,991
Hotel & Resort REIT’s – 5.3%
Apple Hospitality REIT, Inc.		45,071		902,321
Ashford Hospitality Prime, Inc.		7,060		94,886
Ashford Hospitality Trust, Inc.		27,550		209,380
Chatham Lodging Trust		9,635		194,049
Chesapeake Lodging Trust		16,446		421,018
DiamondRock Hospitality Co.		54,697		616,435

	Shares		Value
FelCor Lodging Trust, Inc.		35,127	$	270,478
Hersha Hospitality Trust		12,033		240,540
Hospitality Properties Trust		37,908		1,180,076
Host Hotels & Resorts, Inc.		198,610		3,588,883
LaSalle Hotel Properties		30,699		926,189
MGM Growth Properties LLC Class A		15,767		407,104
Park Hotels & Resorts, Inc.		29,408		798,133
Pebblebrook Hotel Trust		19,633		587,223
RLJ Lodging Trust		33,780		784,034
Ryman Hospitality Properties, Inc.		12,481		763,588
Summit Hotel Properties, Inc.		22,527		356,602
Sunstone Hotel Investors, Inc.		58,823		865,874
Xenia Hotels & Resorts, Inc.		29,019		532,499
				13,739,312
Industrial REIT’s – 5.0%
DCT Industrial Trust, Inc.		24,120		1,077,923
Duke Realty Corp.		93,817		2,282,568
EastGroup Properties, Inc.		7,569		535,658
First Industrial Realty Trust, Inc.		31,716		819,859
Monmouth Real Estate Investment Corp. Class A		16,847		245,966
Prologis, Inc.		140,958		6,885,798
Rexford Industrial Realty, Inc.		17,658		401,013
STAG Industrial, Inc.		19,523		451,762
Terreno Realty Corp.		12,618		343,083
				13,043,630
Office REIT’s – 11.5%
Alexandria Real Estate Equities, Inc.		20,860		2,311,705
Boston Properties, Inc.		41,113		5,381,692
Brandywine Realty Trust		47,597		766,312
Columbia Property Trust, Inc.		31,911		710,020
Corporate Office Properties Trust		25,746		819,238
Cousins Properties, Inc.		96,143		817,215
Douglas Emmett, Inc.		38,374		1,452,072
Easterly Government Properties, Inc.		9,484		186,835
Equity Commonwealth (a)		32,363		998,075
Franklin Street Properties Corp.		27,018		344,480
Government Properties Income Trust		1,943		37,422
Highwoods Properties, Inc.		26,379		1,356,144
Hudson Pacific Properties, Inc.		39,107		1,384,779
Kilroy Realty Corp.		24,675		1,846,924
Mack-Cali Realty Corp.		23,175		649,363
New York REIT, Inc.		45,584		453,561
NorthStar Realty Europe Corp.		17,337		208,217
Paramount Group, Inc.		47,828		798,249
Parkway, Inc. (a)		11,199		238,427
Piedmont Office Realty Trust, Inc. Class A		39,446		856,767
SL Green Realty Corp.		26,835		2,924,210
Tier REIT, Inc.		13,221		240,754
Vornado Realty Trust		45,451		4,831,896
				29,614,357

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

49 Semiannual Report

Fidelity MSCI Real Estate Index ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Residential REIT’s – 13.1%
American Campus Communities, Inc.		34,904	$	1,697,032
American Homes 4 Rent Class A		57,232		1,275,129
Apartment Investment & Management Co. Class A		41,794		1,841,862
AvalonBay Communities, Inc.		36,731		6,365,850
Camden Property Trust		23,378		1,953,699
Colony Starwood Homes		18,010		566,414
Education Realty Trust, Inc.		19,837		797,646
Equity Lifestyle Properties, Inc.		21,682		1,603,167
Equity Residential		97,776		5,941,847
Essex Property Trust, Inc.		17,524		3,930,633
Independence Realty Trust, Inc.		18,311		169,011
Mid-America Apartment Communities, Inc.		30,368		2,883,442
Monogram Residential Trust, Inc.		42,390		431,106
NexPoint Residential Trust, Inc.		4,880		112,777
Silver Bay Realty Trust Corp.		9,656		162,704
Sun Communities, Inc.		18,406		1,449,657
UDR, Inc.		71,439		2,496,793
				33,678,769
Retail REIT’s – 18.9%
Acadia Realty Trust		21,826		694,940
Agree Realty Corp.		6,917		324,407
Alexander’s, Inc.		649		274,404
Brixmor Property Group, Inc.		81,401		1,964,206
CBL & Associates Properties, Inc.		46,608		505,697
Cedar Realty Trust, Inc.		19,995		120,170
DDR Corp.		83,419		1,266,300
Equity One, Inc.		25,393		792,008
Federal Realty Investment Trust		19,108		2,683,336
Getty Realty Corp.		7,738		199,563
GGP, Inc.		153,825		3,821,013
Kimco Realty Corp.		112,363		2,796,715
Kite Realty Group Trust		21,667		520,441
National Retail Properties, Inc.		39,356		1,715,922
Pennsylvania Real Estate Investment Trust		19,124		342,511
Ramco-Gershenson Properties Trust		22,078		358,988
Realty Income Corp.		69,159		4,123,951
Regency Centers Corp.		27,949		1,948,884
Retail Opportunity Investments Corp.		27,428		581,474
Retail Properties of America, Inc. Class A		64,417		964,323
Saul Centers, Inc.		3,655		232,056
Seritage Growth Properties, Class A		5,546		226,277
Simon Property Group, Inc.		84,051		15,446,052
Tanger Factory Outlet Centers		26,090		892,017
Taubman Centers, Inc.		16,149		1,143,995
The Macerich Co.		32,650		2,242,729
Urban Edge Properties		26,814		749,988
Urstadt Biddle Properties, Inc. Class A		4,372		98,151

	Shares		Value
Washington Prime Group, Inc.		50,556	$	487,865
Weingarten Realty Investors		32,489		1,157,583
				48,675,966
Specialized REIT’s – 26.2%
American Tower Corp.		113,809		11,779,231
CatchMark Timber Trust, Inc. Class A		11,448		117,800
Communications Sales & Leasing, Inc. (a)		39,649		1,041,976
CoreCivic, Inc.		31,691		920,307
CoreSite Realty Corp.		9,225		794,549
Crown Castle International Corp.		90,289		7,930,083
CubeSmart		48,045		1,207,371
CyrusOne, Inc.		20,388		981,886
Digital Realty Trust, Inc.		42,622		4,587,406
DuPont Fabros Technology, Inc.		20,501		973,387
EPR Properties		17,014		1,258,526
Equinix, Inc.		19,006		7,316,930
Extra Space Storage, Inc.		33,927		2,444,440
Four Corners Property Trust, Inc.		14,857		324,031
Gaming and Leisure Properties, Inc.		52,126		1,648,745
InfraREIT, Inc. (a)		11,287		186,010
Iron Mountain, Inc.		66,894		2,394,805
Lamar Advertising Co. Class A		22,165		1,673,901
Life Storage, Inc.		12,405		1,010,387
National Storage Affiliates Trust		11,395		253,539
Outfront Media, Inc.		37,437		1,026,897
Potlatch Corp.		10,835		446,402
Public Storage		39,423		8,475,945
QTS Realty Trust, Inc. Class A		12,761		643,027
Rayonier, Inc.		33,370		930,689
The Geo Group, Inc.		20,394		846,759
Weyerhaeuser Co.		200,273		6,274,553
				67,489,582
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)				248,830,693
REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.2%
Diversified Real Estate Activities – 0.4%
Alexander & Baldwin, Inc.		12,038		535,932
Tejon Ranch Co. (a)		5,149		121,671
The RMR Group, Inc. Class A		2,057		98,324
The St Joe Co. (a)		13,253		223,313
				979,240
Real Estate Development – 0.5%
Forestar Group, Inc. (a)		7,550		98,528
The Howard Hughes Corp. (a)		9,718		1,036,036
				1,134,564
Real Estate Operating Companies – 0.2%
Kennedy-Wilson Holdings, Inc.		25,573		522,968

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

Semiannual Report 50

Common Stocks – continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT – continued
Real Estate Services – 2.1%
Altisource Portfolio Solutions S.A. (a)		3,877	$	110,494
CBRE Group, Inc. Class A (a)		80,793		2,452,875
HFF, Inc. Class A		10,149		301,222
Jones Lang LaSalle, Inc.		12,086		1,245,221
Marcus & Millichap, Inc. (a)		4,436		114,316
RE/MAX Holdings, Inc. Class A		4,714		264,220
Realogy Holdings Corp.		39,354		1,019,662
				5,508,010
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				8,144,782
TOTAL COMMON STOCKS (Cost $266,615,128)				256,975,475

Money Market Funds – 0.2%
	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 0.43% (b) (Cost $544,095)		544,095	$	544,095
TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $267,159,223)				257,519,570
NET OTHER ASSETS (LIABILITIES) – 0.1%				216,995
NET ASSETS – 100%			$	257,736,565

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 January 31, 2017, 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	$	256,975,475	$	256,975,475	$	—	$	—
Money Market Funds		544,095		544,095		—		—
Total Investments in Securities:	$	257,519,570	$	257,519,570	$	—	$	—

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

51 Semiannual Report

Fidelity MSCI Telecommunication Services Index ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 82.9%
Alternative Carriers – 20.0%
Cogent Communications Holdings, Inc.		62,025	$	2,592,645
Globalstar, Inc. (a)		1,505,116		2,378,083
Inteliquent, Inc.		94,081		2,154,455
Iridium Communications, Inc. (a)		239,394		2,417,880
Level 3 Communications, Inc. (a)		108,678		6,461,994
Lumos Networks Corp. (a)		138,045		2,135,556
ORBCOMM, Inc. (a)		236,915		1,935,596
pdvWireless, Inc. (a)		75,144		1,600,567
Straight Path Communications, Inc. (a)		74,825		2,621,868
Vonage Holdings Corp. (a)		341,403		2,420,547
Zayo Group Holdings, Inc. (a)		70,753		2,261,266
				28,980,457
Integrated Telecommunication Services – 62.9%
AT&T, Inc.		793,690		33,461,970
ATN International, Inc.		29,151		2,340,534
CenturyLink, Inc.		193,419		5,001,815
Cincinnati Bell, Inc. (a)		99,630		2,286,508
Consolidated Communications Holdings, Inc.		79,504		2,091,750
FairPoint Communications, Inc. (a)		121,647		2,250,470
Frontier Communications Corp.		660,718		2,305,906
General Communication, Inc. Class A (a)		120,495		2,424,359
IDT Corp. Class B		89,123		1,711,162
SBA Communications Corp. (a)		48,600		5,115,636
Verizon Communications, Inc.		611,977		29,992,993
Windstream Holding, Inc.		275,375		2,225,030
				91,208,133
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES				120,188,590

	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES – 17.0%
Wireless Telecommunication Services – 17.0%
Boingo Wireless, Inc. (a)		169,893	$	1,987,748
Contra Leap Wireless (a)		18,242		59,834
NII Holdings, Inc. (a)		807,795		2,282,021
Shenandoah Telecommunications Co.		81,884		2,231,339
Spok Holdings, Inc.		108,279		2,225,133
Sprint Corp. (a)		457,955		4,226,925
T-Mobile US, Inc. (a)		109,666		6,828,902
Telephone & Data Systems, Inc.		88,662		2,717,490
United States Cellular Corp. (a)		47,994		2,140,052
TOTAL WIRELESS TELECOMMUNICATION SERVICES				24,699,444
TOTAL COMMON STOCKS (Cost $133,226,803)				144,888,034
Money Market Funds – 0.1%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 0.43% (b) (Cost $127,718)		127,718		127,718
TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $133,354,521)				145,015,752
NET OTHER ASSETS (LIABILITIES) – (0.0%)				(65,388	)
NET ASSETS – 100%			$	144,950,364

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 January 31, 2017, 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	$	144,888,034	$	144,828,200	$	—	$	59,834
Money Market Funds		127,718		127,718		—		—
Total Investments in Securities:	$	145,015,752	$	144,955,918	$	—	$	59,834

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

Semiannual Report 52

Fidelity MSCI Utilities Index ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
ELECTRIC UTILITIES – 57.3%
Electric Utilities – 57.3%
ALLETE, Inc.		11,767	$	768,973
Alliant Energy Corp.		57,042		2,147,631
American Electric Power Co., Inc.		123,378		7,903,595
Duke Energy Corp.		172,880		13,577,995
Edison International		81,751		5,958,013
El Paso Electric Co.		10,172		466,895
Entergy Corp.		44,909		3,217,281
Eversource Energy		79,591		4,402,974
Exelon Corp.		231,561		8,308,409
FirstEnergy Corp.		106,688		3,234,780
Great Plains Energy, Inc.		52,039		1,433,675
Hawaiian Electric Industries, Inc.		27,166		909,518
IDACORP, Inc.		12,651		1,012,333
MGE Energy, Inc.		8,698		553,628
NextEra Energy, Inc.		115,921		14,341,746
OGE Energy Corp.		50,107		1,680,589
Otter Tail Corp.		8,772		332,020
PG&E Corp.		126,464		7,826,857
Pinnacle West Capital Corp.		27,894		2,165,411
PNM Resources, Inc.		19,987		687,553
Portland General Electric Co.		22,322		973,462
PPL Corp.		170,142		5,927,747
The Southern Co.		245,571		12,138,575
Westar Energy, Inc.		35,564		1,944,995
Xcel Energy, Inc.		127,451		5,266,275
TOTAL ELECTRIC UTILITIES				107,180,930
GAS UTILITIES – 5.7%
Gas Utilities – 5.7%
Atmos Energy Corp.		26,057		1,985,022
Chesapeake Utilities Corp.		3,842		251,267
National Fuel Gas Co.		18,130		1,017,999
New Jersey Resources Corp.		21,596		814,169
Northwest Natural Gas Co.		6,921		407,647
ONE Gas, Inc.		13,092		846,005
South Jersey Industries, Inc.		19,927		657,591
Southwest Gas Holdings, Inc.		11,922		960,556
Spire, Inc.		11,443		743,795
UGI Corp.		43,471		2,015,750
WGL Holdings, Inc.		12,817		1,050,225
TOTAL GAS UTILITIES				10,750,026
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 3.5%
Independent Power Producers & Energy Traders – 2.6%
AES Corp.		165,373		1,891,867
Calpine Corp. (a)		85,632		1,010,458
Dynegy, Inc. (a)		24,928		238,063
NRG Energy, Inc.		79,132		1,308,843
NRG Yield, Inc. Class A		8,637		140,351
NRG Yield, Inc. Class C		15,699		266,098
				4,855,680

	Shares		Value
Renewable Electricity – 0.9%
8Point3 Energy Partners LP		6,846	$	92,695
NextEra Energy Partners LP		13,246		417,646
Ormat Technologies, Inc.		9,331		501,075
Pattern Energy Group, Inc.		17,336		342,213
TerraForm Global, Inc. Class A (a)		20,698		91,071
TerraForm Power, Inc. Class A (a)		13,775		163,509
				1,608,209
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS				6,463,889
MULTI-UTILITIES – 30.1%
Multi-Utilities – 30.1%
Ameren Corp.		60,880		3,205,332
Avista Corp.		15,985		617,660
Black Hills Corp.		13,113		820,218
CenterPoint Energy, Inc.		102,660		2,690,719
CMS Energy Corp.		70,213		2,991,074
Consolidated Edison, Inc.		76,382		5,679,002
Dominion Resources, Inc.		157,574		12,019,745
DTE Energy Co.		45,023		4,441,069
MDU Resources Group, Inc.		46,554		1,366,360
NiSource, Inc.		80,841		1,808,413
NorthWestern Corp.		12,114		691,830
Public Service Enterprise Group, Inc.		126,941		5,617,139
SCANA Corp.		34,066		2,340,334
Sempra Energy		59,545		6,096,813
Unitil Corp.		3,327		152,277
Vectren Corp.		20,786		1,140,943
WEC Energy Group, Inc.		79,194		4,676,406
TOTAL MULTI-UTILITIES				56,355,334
WATER UTILITIES – 3.2%
Water Utilities – 3.2%
American States Water Co.		9,181		401,944
American Water Works Co., Inc.		44,639		3,278,288
Aqua America, Inc.		44,494		1,353,063
California Water Service Group		12,051		415,759
Connecticut Water Service, Inc.		2,829		152,879
Middlesex Water Co.		4,071		153,925
SJW Group		3,830		191,883
The York Water Co.		3,219		115,240
TOTAL WATER UTILITIES				6,062,981
TOTAL COMMON STOCKS (Cost $187,530,858)				186,813,160

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

53 Semiannual Report

Fidelity MSCI Utilities Index ETF

Investments (Unaudited) – continued

Money Market Funds – 0.2%
	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 0.43% (b) (Cost $346,119)		346,119	$	346,119
TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $187,876,977)				187,159,279
NET OTHER ASSETS (LIABILITIES) – 0.0%				67,282
NET ASSETS – 100%			$	187,226,561

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 January 31, 2017, 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	$	186,813,160	$	186,813,160	$	—	$	—
Money Market Funds		346,119		346,119		—		—
Total Investments in Securities:	$	187,159,279	$	187,159,279	$	—	$	—

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

Semiannual Report 54

[THIS PAGE INTENTIONALLY LEFT BLANK]

55 Semiannual Report

Financial Statements

Statements of Assets and Liabilities
January 31, 2017 (Unaudited)
	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	$	238,705,110		$	237,014,104	$	519,846,621		$	660,900,828
Cash		—			—		—			41,790
Receivable for investments sold		24,810			—		—			52,013
Receivable for fund shares sold		—			3,593		—			—
Dividends receivable		144,495			372,781		240,369			343,483
Interest receivable		94			61		90			217
Total assets		238,874,509			237,390,539		520,087,080			661,338,331
Liabilities
Payable for investments purchased		41,139			142,280		147,704			91,816
Accrued management fees		17,402			17,273		38,350			45,308
Total liabilities		58,541			159,553		186,054			137,124
Net Assets	$	238,815,968		$	237,230,986	$	519,901,026		$	661,201,207
Net Assets consist of:
Paid in capital	$	241,044,931		$	231,768,175	$	560,274,460		$	611,307,870
Undistributed net investment income		111,932			399,793		244,490			650,363
Accumulated undistributed net realized gain (loss) on investments		855,243			369,289		(41,666,649	)		(2,674,036	)
Net unrealized appreciation (depreciation) on investments		(3,196,138	)		4,693,729		1,048,725			51,917,010
Net Assets	$	238,815,968		$	237,230,986	$	519,901,026		$	661,201,207
Shares outstanding		7,150,000			7,500,000		25,400,000			19,100,000
Net Asset Value, offering price and redemption price per share	$	33.40		$	31.63	$	20.47		$	34.62
Investments at cost	$	241,901,248		$	232,320,375	$	518,797,896		$	608,983,818

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

Semiannual Report 56

Statements of Assets and Liabilities
January 31, 2017 (Unaudited)
	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	$	630,037,920		$	299,664,646		$	622,743,841		$	188,600,593
Cash		—			—			32,266			435
Receivable for fund shares sold		43,881			22,690			21,929			20,334
Dividends receivable		436,446			144,432			115,868			75,374
Interest receivable		234			99			180			47
Total assets		630,518,481			299,831,867			622,914,084			188,696,783
Liabilities
Accrued management fees		44,900			20,249			43,642			12,551
Total liabilities		44,900			20,249			43,642			12,551
Net Assets	$	630,473,581		$	299,811,618		$	622,870,442		$	188,684,232
Net Assets consist of:
Paid in capital	$	651,686,608		$	285,415,438		$	564,691,986		$	179,987,008
Undistributed net investment income		402,148			131,217			278,893			56,615
Accumulated undistributed net realized gain (loss) on investments		(3,976,736	)		(1,450,252	)		(1,148,551	)		(737,273	)
Net unrealized appreciation (depreciation) on investments		(17,638,439	)		15,715,215			59,048,114			9,377,882
Net Assets	$	630,473,581		$	299,811,618		$	622,870,442		$	188,684,232
Shares outstanding		18,650,000			9,150,000			16,200,000			6,250,000
Net Asset Value, offering price and redemption price per share	$	33.81		$	32.77		$	38.45		$	30.19
Investments at cost	$	647,676,359		$	283,949,431		$	563,695,727		$	179,222,711

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

57 Semiannual Report

Financial Statements – continued

Statements of Assets and Liabilities
January 31, 2017 (Unaudited)
	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	$	257,519,570		$	145,015,752	$	187,159,279
Receivable for fund shares sold		84,232			—		9,379
Dividends receivable		265,676			754,444		71,338
Interest receivable		85			41		66
Total assets		257,869,563			145,770,237		187,240,062
Liabilities
Payable for investments purchased		115,535			809,219		—
Accrued management fees		17,463			10,654		13,501
Total liabilities		132,998			819,873		13,501
Net Assets	$	257,736,565		$	144,950,364	$	187,226,561
Net Assets consist of:
Paid in capital	$	267,000,448		$	126,666,737	$	184,143,212
Undistributed net investment income		708,160			1,050,787		97,868
Accumulated undistributed net realized gain (loss) on investments		(332,390	)		5,571,609		3,703,179
Net unrealized appreciation (depreciation) on investments		(9,639,653	)		11,661,231		(717,698	)
Net Assets	$	257,736,565		$	144,950,364	$	187,226,561
Shares outstanding		11,000,000			4,500,000		5,850,000
Net Asset Value, offering price and redemption price per share	$	23.43		$	32.21	$	32.00
Investments at cost	$	267,159,223		$	133,354,521	$	187,876,977

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

Semiannual Report 58

Statements of Operations
For the six months ended January 31, 2017 (Unaudited)
	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	$	2,340,697		$	3,399,982		$	5,584,753		$	3,838,548
Interest		313			223			301			537
Total income		2,341,010			3,400,205			5,585,054			3,839,085
Expenses
Management fees		97,304			107,098			189,666			152,882
Independent trustees’ compensation		2,580			2,906			4,835			3,340
Total expenses		99,884			110,004			194,501			156,222
Net investment income (loss)		2,241,126			3,290,201			5,390,553			3,682,863
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(1,530,877	)		(533,801	)		(10,644,413	)		(40,167	)
Net realized gain (loss) on In-kind redemptions		5,811,387			4,787,282			3,561,870			493,146
Total net realized gain (loss)		4,280,510			4,253,481			(7,082,543	)		452,979
Change in net unrealized appreciation (depreciation) on investment securities		4,223,354			(15,787,058	)		38,018,767			61,972,561
Net gain (loss)		8,503,864			(11,533,577	)		30,936,224			62,425,540
Net increase (decrease) in net assets resulting from operations	$	10,744,990		$	(8,243,376	)	$	36,326,777		$	66,108,403

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

59 Semiannual Report

Financial Statements – continued

Statements of Operations
For the six months ended January 31, 2017 (Unaudited)
	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	$	4,580,066		$	1,960,231		$	3,493,398		$	1,278,399
Interest		773			266			698			116
Total income		4,580,839			1,960,497			3,494,096			1,278,515
Expenses
Management fees		246,631			79,888			207,763			54,513
Independent trustees’ compensation		6,501			1,892			5,117			1,333
Total expenses		253,132			81,780			212,880			55,846
Net investment income (loss)		4,327,707			1,878,717			3,281,216			1,222,669
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(324,592	)		(700,108	)		(234,392	)		(1,192,989	)
Net realized gain (loss) on In-kind redemptions		4,642,811			1,379,464			4,313,041			2,664,958
Total net realized gain (loss)		4,318,219			679,356			4,078,649			1,471,969
Change in net unrealized appreciation (depreciation) on investment securities		(38,953,646	)		14,807,673			45,727,845			9,960,775
Net gain (loss)		(34,635,427	)		15,487,029			49,806,494			11,432,744
Net increase (decrease) in net assets resulting from operations	$	(30,307,720	)	$	17,365,746		$	53,087,710		$	12,655,413

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

Semiannual Report 60

Statements of Operations
For the six months ended January 31, 2017 (Unaudited)
	Fidelity MSCI Real Estate Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Investment Income
Dividends	$	5,258,706		$	2,242,047		$	3,889,364
Interest		303			122			330
Total income		5,259,009			2,242,169			3,889,694
Expenses
Management fees		90,484			59,420			89,267
Independent trustees’ compensation		2,215			1,611			2,517
Total expenses		92,699			61,031			91,784
Net investment income (loss)		5,166,310			2,181,138			3,797,910
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(2,021,881	)		(374,093	)		(266,112	)
Net realized gain (loss) on In-kind redemptions		2,524,186			7,519,593			6,391,031
Total net realized gain (loss)		502,305			7,145,500			6,124,919
Change in net unrealized appreciation (depreciation) on investment securities		(22,801,724	)		(11,476,881	)		(21,509,386	)
Net gain (loss)		(22,299,419	)		(4,331,381	)		(15,384,467	)
Net increase (decrease) in net assets resulting from operations	$	(17,133,109	)	$	(2,150,243	)	$	(11,586,557	)

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

61 Semiannual Report

Financial Statements – continued

Statements of Changes in Net Assets
	Fidelity MSCI Consumer Discretionary Index ETF						Fidelity MSCI Consumer Staples Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,241,126		$	3,672,372		$	3,290,201		$	6,013,205
Net realized gain (loss)		4,280,510			9,615,533			4,253,481			6,854,388
Change in net unrealized appreciation (depreciation)		4,223,354			(22,169,428	)		(15,787,058	)		12,152,519
Net increase (decrease) in net assets resulting from operations		10,744,990			(8,881,523	)		(8,243,376	)		25,020,112
Distributions to shareholders from net investment income		(2,160,150	)		(3,868,300	)		(3,333,000	)		(5,920,950	)
Share transactions
Proceeds from sales of shares		26,096,737			202,257,883			20,866,649			220,278,658
Cost of shares redeemed		(58,187,116	)		(226,980,453	)		(57,563,019	)		(158,470,480	)
Net increase (decrease) in net assets resulting from share transactions		(32,090,379	)		(24,722,570	)		(36,696,370	)		61,808,178
Total increase (decrease) in net assets		(23,505,539	)		(37,472,393	)		(48,272,746	)		80,907,340
Net Assets
Beginning of period		262,321,507			299,793,900			285,503,732			204,596,392
End of period	$	238,815,968		$	262,321,507		$	237,230,986		$	285,503,732
Undistributed net investment income included in net assets at end of period	$	111,932		$	30,956		$	399,793		$	442,592
Other Information
Shares
Sold		800,000			6,500,000			650,000			7,350,000
Redeemed		(1,850,000	)		(7,650,000	)		(1,850,000	)		(5,400,000	)
Net increase (decrease)		(1,050,000	)		(1,150,000	)		(1,200,000	)		1,950,000

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

Semiannual Report 62

Statements of Changes in Net Assets
	Fidelity MSCI Energy Index ETF						Fidelity MSCI Financials Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,390,553		$	8,792,702		$	3,682,863		$	5,623,227
Net realized gain (loss)		(7,082,543	)		(27,444,867	)		452,979			(5,681,305	)
Change in net unrealized appreciation (depreciation)		38,018,767			29,635,964			61,972,561			(18,501,301	)
Net increase (decrease) in net assets resulting from operations		36,326,777			10,983,799			66,108,403			(18,559,379	)
Distributions to shareholders from net investment income		(5,317,600	)		(8,829,100	)		(3,032,500	)		(5,983,150	)
Share transactions
Proceeds from sales of shares		74,353,625			180,786,099			372,081,530			121,969,148
Cost of shares redeemed		(15,500,926	)		(9,300,501	)		(11,446,127	)		(203,948,262	)
Net increase (decrease) in net assets resulting from share transactions		58,852,699			171,485,598			360,635,403			(81,979,114	)
Total increase (decrease) in net assets		89,861,876			173,640,297			423,711,306			(106,521,643	)
Net Assets
Beginning of period		430,039,150			256,398,853			237,489,901			344,011,544
End of period	$	519,901,026		$	430,039,150		$	661,201,207		$	237,489,901
Undistributed net investment income included in net assets at end of period	$	244,490		$	171,537		$	650,363		$	—
Other Information
Shares
Sold		3,600,000			10,100,000			11,200,000			4,250,000
Redeemed		(800,000	)		(500,000	)		(400,000	)		(7,500,000	)
Net increase (decrease)		2,800,000			9,600,000			10,800,000			(3,250,000	)

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

63 Semiannual Report

Financial Statements – continued

Statements of Changes in Net Assets
	Fidelity MSCI Health Care Index ETF						Fidelity MSCI Industrials Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,327,707		$	8,578,853		$	1,878,717		$	2,444,926
Net realized gain (loss)		4,318,219			16,027,115			679,356			(3,153,096	)
Change in net unrealized appreciation (depreciation)		(38,953,646	)		(72,464,270	)		14,807,673			7,067,172
Net increase (decrease) in net assets resulting from operations		(30,307,720	)		(47,858,302	)		17,365,746			6,359,002
Distributions to shareholders from net investment income		(4,237,400	)		(8,760,450	)		(1,789,750	)		(2,441,900	)
Share transactions
Proceeds from sales of shares		72,759,098			166,181,657			139,732,260			164,215,380
Cost of shares redeemed		(49,864,723	)		(268,151,563	)		(13,546,112	)		(153,116,895	)
Net increase (decrease) in net assets resulting from share transactions		22,894,375			(101,969,906	)		126,186,148			11,098,485
Total increase (decrease) in net assets		(11,650,745	)		(158,588,658	)		141,762,144			15,015,587
Net Assets
Beginning of period		642,124,326			800,712,984			158,049,474			143,033,887
End of period	$	630,473,581		$	642,124,326		$	299,811,618		$	158,049,474
Undistributed net investment income included in net assets at end of period	$	402,148		$	311,841		$	131,217		$	42,250
Other Information
Shares
Sold		2,150,000			4,850,000			4,350,000			5,900,000
Redeemed		(1,500,000	)		(8,400,000	)		(450,000	)		(5,750,000	)
Net increase (decrease)		650,000			(3,550,000	)		3,900,000			150,000

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

Semiannual Report 64

Statements of Changes in Net Assets
	Fidelity MSCI Information Technology Index ETF						Fidelity MSCI Materials Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,281,216		$	5,403,104		$	1,222,669		$	1,485,956
Net realized gain (loss)		4,078,649			16,910,614			1,471,969			(15,531,042	)
Change in net unrealized appreciation (depreciation)		45,727,845			(9,630,663	)		9,960,775			12,480,147
Net increase (decrease) in net assets resulting from operations		53,087,710			12,683,055			12,655,413			(1,564,939	)
Distributions to shareholders from net investment income		(3,125,700	)		(5,383,850	)		(1,225,950	)		(1,462,950	)
Share transactions
Proceeds from sales of shares		161,738,990			282,125,618			80,937,127			132,685,632
Cost of shares redeemed		(20,221,926	)		(281,405,715	)		(27,007,010	)		(129,385,021	)
Net increase (decrease) in net assets resulting from share transactions		141,517,064			719,903			53,930,117			3,300,611
Total increase (decrease) in net assets		191,479,074			8,019,108			65,359,580			272,722
Net Assets
Beginning of period		431,391,368			423,372,260			123,324,652			123,051,930
End of period	$	622,870,442		$	431,391,368		$	188,684,232		$	123,324,652
Undistributed net investment income included in net assets at end of period	$	278,893		$	123,377		$	56,615		$	59,896
Other Information
Shares
Sold		4,400,000			8,600,000			2,800,000			5,250,000
Redeemed		(550,000	)		(9,200,000	)		(1,000,000	)		(5,550,000	)
Net increase (decrease)		3,850,000			(600,000	)		1,800,000			(300,000	)

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

65 Semiannual Report

Financial Statements – continued

Statements of Changes in Net Assets
	Fidelity MSCI Real Estate Index ETF						Fidelity MSCI Telecommunication Services Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,166,310		$	2,125,983		$	2,181,138		$	2,966,226
Net realized gain (loss)		502,305			884,846			7,145,500			1,476,206
Change in net unrealized appreciation (depreciation)		(22,801,724	)		14,803,602			(11,476,881	)		23,239,724
Net increase (decrease) in net assets resulting from operations		(17,133,109	)		17,814,431			(2,150,243	)		27,682,156
Distributions to shareholders from net investment income		(4,458,150	)		(2,375,400	)		(1,834,050	)		(2,437,350	)
Share transactions
Proceeds from sales of shares		127,369,748			150,719,714			24,154,224			137,260,776
Cost of shares redeemed		(31,436,166	)		(8,700,743	)		(50,159,106	)		(69,473,964	)
Net increase (decrease) in net assets resulting from share transactions		95,933,582			142,018,971			(26,004,882	)		67,786,812
Total increase (decrease) in net assets		74,342,323			157,458,002			(29,989,175	)		93,031,618
Net Assets
Beginning of period		183,394,242			25,936,240			174,939,539			81,907,921
End of period	$	257,736,565		$	183,394,242		$	144,950,364		$	174,939,539
Undistributed net investment income included in net assets at end of period	$	708,160		$	—		$	1,050,787		$	703,699
Other Information
Shares
Sold		5,250,000			6,300,000			750,000			5,050,000
Redeemed		(1,350,000	)		(350,000	)		(1,700,000	)		(2,650,000	)
Net increase (decrease)		3,900,000			5,950,000			(950,000	)		2,400,000

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

Semiannual Report 66

Statements of Changes in Net Assets
	Fidelity MSCI Utilities Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,797,910		$	6,094,952
Net realized gain (loss)		6,124,919			2,515,706
Change in net unrealized appreciation (depreciation)		(21,509,386	)		33,486,490
Net increase (decrease) in net assets resulting from operations		(11,586,557	)		42,097,148
Distributions to shareholders from net investment income		(3,734,100	)		(6,073,050	)
Share transactions
Proceeds from sales of shares		6,288,966			257,957,666
Cost of shares redeemed		(87,411,093	)		(118,488,399	)
Net increase (decrease) in net assets resulting from share transactions		(81,122,127	)		139,469,267
Total increase (decrease) in net assets		(96,442,784	)		175,493,365
Net Assets
Beginning of period		283,669,345			108,175,980
End of period	$	187,226,561		$	283,669,345
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	97,868		$	34,058
Other Information
Shares
Sold		200,000			8,750,000
Redeemed		(2,800,000	)		(4,150,000	)
Net increase (decrease)		(2,600,000	)		4,600,000

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

67 Semiannual Report

Financial Statements – continued

Financial Highlights
	Fidelity MSCI Consumer Discretionary Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014A
Selected Per-Share Data
Net asset value, beginning of period	$	31.99		$	32.06		$	26.58		$	25.17
Income from Investment Operations
Net investment income (loss)B		0.30			0.43			0.37			0.25
Net realized and unrealized gain (loss)		1.40			(0.06	)		5.43			1.38
Total from investment operations		1.70			0.37			5.80			1.63
Distributions from net investment income		(0.29	)		(0.44	)		(0.32	)		(0.22	)
Total distributions		(0.29	)		(0.44	)		(0.32	)		(0.22	)
Net asset value, end of period	$	33.40		$	31.99		$	32.06		$	26.58
Total ReturnC		5.35	%		1.25	%		21.93	%		6.47	%
Ratios to Average Net AssetsD
Expenses before reductions		.08	%E		.12	%		.12	%		.12	%E
Expenses net of fee waivers, if any		.08	%E		.12	%		.12	%		.12	%E
Expenses net of all reductions		.08	%E		.12	%		.12	%		.12	%E
Net investment income (loss)		1.88	%E		1.41	%		1.25	%		1.20	%E
Supplemental Data
Net assets, end of period (000 omitted)	$	238,816		$	262,322		$	299,794		$	75,741
Portfolio turnover rateF,G		4	%H		5	%		8	%		5	%H

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

^B  Calculated based on average shares outstanding during the period.

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

^D  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.

^E  Annualized.

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

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

^H Amount not annualized.

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

Semiannual Report 68

Financial Highlights
	Fidelity MSCI Consumer Staples Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014A
Selected Per-Share Data
Net asset value, beginning of period	$	32.82		$	30.31		$	26.16		$	25.00
Income from Investment Operations
Net investment income (loss)B		0.40			0.75			0.77			0.52
Net realized and unrealized gain (loss)		(1.18	)		2.56			4.16			1.09
Total from investment operations		(0.78	)		3.31			4.93			1.61
Distributions from net investment income		(0.41	)		(0.80	)		(0.78	)		(0.45	)
Total distributions		(0.41	)		(0.80	)		(0.78	)		(0.45	)
Net asset value, end of period	$	31.63		$	32.82		$	30.31		$	26.16
Total ReturnC		(2.38	)%		11.18	%		19.00	%		6.42	%
Ratios to Average Net AssetsD
Expenses before reductions		.08	%E		.12	%		.12	%		.12	%E
Expenses net of fee waivers, if any		.08	%E		.12	%		.12	%		.12	%E
Expenses net of all reductions		.08	%E		.12	%		.12	%		.12	%E
Net investment income (loss)		2.51	%E		2.45	%		2.63	%		2.51	%E
Supplemental Data
Net assets, end of period (000 omitted)	$	237,231		$	285,504		$	204,596		$	73,244
Portfolio turnover rateF,G		3	%H		10	%		10	%		3	%H

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

^B  Calculated based on average shares outstanding during the period.

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

^D  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.

^E  Annualized.

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

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

^H  Amount not annualized.

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

69 Semiannual Report

Financial Statements – continued

Financial Highlights
	Fidelity MSCI Energy Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014A
Selected Per-Share Data
Net asset value, beginning of period	$	19.03		$	19.72		$	27.97		$	24.98
Income from Investment Operations
Net investment income (loss)B		0.23			0.50			0.57			0.38
Net realized and unrealized gain (loss)		1.44			(0.69	)C		(8.31	)		2.89
Total from investment operations		1.67			(0.19	)		(7.74	)		3.27
Distributions from net investment income		(0.23	)		(0.50	)		(0.51	)		(0.28	)
Total distributions		(0.23	)		(0.50	)		(0.51	)		(0.28	)
Net asset value, end of period	$	20.47		$	19.03		$	19.72		$	27.97
Total ReturnD		8.82	%		(0.75	)%		(27.95	)%		13.16	%
Ratios to Average Net AssetsE
Expenses before reductions		.08	%F		.12	%		.12	%		.12	%F
Expenses net of fee waivers, if any		.08	%F		.12	%		.12	%		.12	%F
Expenses net of all reductions		.08	%F		.12	%		.12	%		.12	%F
Net investment income (loss)		2.33	%F		2.74	%		2.47	%		1.76	%F
Supplemental Data
Net assets, end of period (000 omitted)	$	519,901		$	430,039		$	256,399		$	145,425
Portfolio turnover rateG,H		5	%I		19	%		8	%		4	%I

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

^B  Calculated based on average shares outstanding during the period.

^C  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.

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

^E  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.

^F  Annualized.

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

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

^I  Amount not annualized.

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

Semiannual Report 70

Financial Highlights
	Fidelity MSCI Financials Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014A
Selected Per-Share Data
Net asset value, beginning of period	$	28.61		$	29.78		$	26.61		$	25.00
Income from Investment Operations
Net investment income (loss)B		0.32			0.63			0.58			0.41
Net realized and unrealized gain (loss)		5.96			(1.11	)		3.15			1.56
Total from investment operations		6.28			(0.48	)		3.73			1.97
Distributions from net investment income		(0.27	)		(0.69	)		(0.56	)		(0.36	)
Total distributions		(0.27	)		(0.69	)		(0.56	)		(0.36	)
Net asset value, end of period	$	34.62		$	28.61		$	29.78		$	26.61
Total ReturnC		22.05	%		(1.49	)%		14.08	%		7.89	%
Ratios to Average Net AssetsD
Expenses before reductions		.08	%E		.12	%		.12	%		.12	%E
Expenses net of fee waivers, if any		.08	%E		.12	%		.12	%		.12	%E
Expenses net of all reductions		.08	%E		.12	%		.12	%		.12	%E
Net investment income (loss)		2.00	%E		2.29	%		2.01	%		1.97	%E
Supplemental Data
Net assets, end of period (000 omitted)	$	661,201		$	237,490		$	344,012		$	126,397
Portfolio turnover rateF,G		21	%H		8	%		7	%		6	%H

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

^B  Calculated based on average shares outstanding during the period.

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

^D  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.

^E  Annualized.

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

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

^H  Amount not annualized.

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

71 Semiannual Report

Financial Statements – continued

Financial Highlights
	Fidelity MSCI Health Care Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014A
Selected Per-Share Data
Net asset value, beginning of period	$	35.67		$	37.16		$	29.05		$	24.97
Income from Investment Operations
Net investment income (loss)B		0.24			0.44			0.80	C		0.30
Net realized and unrealized gain (loss)		(1.86	)		(1.49	)		7.99			3.99
Total from investment operations		(1.62	)		(1.05	)		8.79			4.29
Distributions from net investment income		(0.24	)		(0.44	)		(0.68	)		(0.21	)
Total distributions		(0.24	)		(0.44	)		(0.68	)		(0.21	)
Net asset value, end of period	$	33.81		$	35.67		$	37.16		$	29.05
Total ReturnD		(4.55	)%		(2.73	)%		30.40	%		17.23	%
Ratios to Average Net AssetsE
Expenses before reductions		.08	%F		.12	%		.12	%		.12	%F
Expenses net of fee waivers, if any		.08	%F		.12	%		.12	%		.12	%F
Expenses net of all reductions		.08	%F		.12	%		.12	%		.12	%F
Net investment income (loss)		1.44	%F		1.30	%		2.31	%C		1.36	%F
Supplemental Data
Net assets, end of period (000 omitted)	$	630,474		$	642,124		$	800,713		$	187,382
Portfolio turnover rateG,H		2	%I		9	%		10	%		4	%I

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

^B  Calculated based on average shares outstanding during the period.

^C  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%.

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

^E  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.

^F  Annualized.

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

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

^I  Amount not annualized.

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

Semiannual Report 72

Financial Highlights
	Fidelity MSCI Industrials Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014A
Selected Per-Share Data
Net asset value, beginning of period	$	30.10		$	28.05		$	26.85		$	25.20
Income from Investment Operations
Net investment income (loss)B		0.30			0.54			0.48			0.35
Net realized and unrealized gain (loss)		2.65			2.04			1.19			1.61
Total from investment operations		2.95			2.58			1.67			1.96
Distributions from net investment income		(0.28	)		(0.53	)		(0.47	)		(0.31	)
Total distributions		(0.28	)		(0.53	)		(0.47	)		(0.31	)
Net asset value, end of period	$	32.77		$	30.10		$	28.05		$	26.85
Total ReturnC		9.87	%		9.41	%		6.18	%		7.75	%
Ratios to Average Net AssetsD
Expenses before reductions		.08	%E		.12	%		.12	%		.12	%E
Expenses net of fee waivers, if any		.08	%E		.12	%		.12	%		.12	%E
Expenses net of all reductions		.08	%E		.12	%		.12	%		.12	%E
Net investment income (loss)		1.94	%E		1.94	%		1.69	%		1.65	%E
Supplemental Data
Net assets, end of period (000 omitted)	$	299,812		$	158,049		$	143,034		$	100,706
Portfolio turnover rateF,G		4	%H		11	%		6	%		4	%H

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

^B  Calculated based on average shares outstanding during the period.

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

^D  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.

^E  Annualized.

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

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

^H  Amount not annualized.

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

73 Semiannual Report

Financial Statements – continued

Financial Highlights
	Fidelity MSCI Information Technology Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014A
Selected Per-Share Data
Net asset value, beginning of period	$	34.93		$	32.69		$	29.29		$	25.18
Income from Investment Operations
Net investment income (loss)B		0.24			0.46			0.39			0.25
Net realized and unrealized gain (loss)		3.50			2.24	C		3.40			4.06
Total from investment operations		3.74			2.70			3.79			4.31
Distributions from net investment income		(0.22	)		(0.46	)		(0.39	)		(0.20	)
Total distributions		(0.22	)		(0.46	)		(0.39	)		(0.20	)
Net asset value, end of period	$	38.45		$	34.93		$	32.69		$	29.29
Total ReturnD		10.75	%		8.41	%C		12.98	%		17.14	%
Ratios to Average Net AssetsE
Expenses before reductions		.08	%F		.12	%		.12	%		.12	%F
Expenses net of fee waivers, if any		.08	%F		.12	%		.12	%		.12	%F
Expenses net of all reductions		.08	%F		.12	%		.12	%		.12	%F
Net investment income (loss)		1.30	%F		1.42	%		1.23	%		1.14	%F
Supplemental Data
Net assets, end of period (000 omitted)	$	622,870		$	431,391		$	423,372		$	181,611
Portfolio turnover rateG,H		3	%I		5	%		6	%		4	%I

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

^B  Calculated based on average shares outstanding during the period.

^C  Amount includes a reimbursement from the investment adviser for an operational error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 8.38%.

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

^E  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.

^F  Annualized.

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

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

^I  Amount not annualized.

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

Semiannual Report 74

Financial Highlights
	Fidelity MSCI Materials Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014A
Selected Per-Share Data
Net asset value, beginning of period	$	27.71		$	25.91		$	27.66		$	24.95
Income from Investment Operations
Net investment income (loss)B		0.26			0.50			0.50			0.35
Net realized and unrealized gain (loss)		2.47			1.83	C		(1.75	)		2.67
Total from investment operations		2.73			2.33			(1.25	)		3.02
Distributions from net investment income		(0.25	)		(0.53	)		(0.50	)		(0.31	)
Total distributions		(0.25	)		(0.53	)		(0.50	)		(0.31	)
Net asset value, end of period	$	30.19		$	27.71		$	25.91		$	27.66
Total ReturnD		9.92	%		9.28	%		(4.65	)%		12.15	%
Ratios to Average Net AssetsE
Expenses before reductions		.08	%F		.11	%		.12	%		.12	%F
Expenses net of fee waivers, if any		.08	%F		.11	%		.12	%		.12	%F
Expenses net of all reductions		.08	%F		.11	%		.12	%		.12	%F
Net investment income (loss)		1.85	%F		2.00	%		1.81	%		1.64	%F
Supplemental Data
Net assets, end of period (000 omitted)	$	188,684		$	123,325		$	123,052		$	94,042
Portfolio turnover rateG,H		3	%I		9	%		7	%		5	%I

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

^B  Calculated based on average shares outstanding during the period.

^C  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.

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

^E  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.

^F  Annualized.

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

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

^I  Amount not annualized.

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

75 Semiannual Report

Financial Statements – continued

Financial Highlights
	Fidelity MSCI Real Estate Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Year ended July 31, 2015A
Selected Per-Share Data
Net asset value, beginning of period	$	25.83		$	22.55		$	24.28
Income from Investment Operations
Net investment income (loss)B		0.56			0.83			0.38
Net realized and unrealized gain (loss)		(2.49	)		3.37			(1.70	)
Total from investment operations		(1.93	)		4.20			(1.32	)
Distributions from net investment income		(0.47	)		(0.92	)		(0.38	)
Return of capital		–			–			(0.03	)
Total distributions		(0.47	)		(0.92	)		(0.41	)
Net asset value, end of period	$	23.43		$	25.83		$	22.55
Total ReturnC		(7.45	)%		19.29	%		(5.50	)%
Ratios to Average Net AssetsD
Expenses before reductions		.08	%E		.11	%		.12	%E
Expenses net of fee waivers, if any		.08	%E		.11	%		.12	%E
Expenses net of all reductions		.08	%E		.11	%		.12	%E
Net investment income (loss)		4.69	%E		3.55	%		3.33	%E
Supplemental Data
Net assets, end of period (000 omitted)	$	257,737		$	183,394		$	25,936
Portfolio turnover rateF,G		11	%H		10	%		10	%H

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

^B  Calculated based on average shares outstanding during the period.

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

^D  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.

^E  Annualized.

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

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

^H  Amount not annualized.

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

Semiannual Report 76

Financial Highlights
	Fidelity MSCI Telecommunication Services Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014A
Selected Per-Share Data
Net asset value, beginning of period	$	32.10		$	26.86		$	26.98		$	25.26
Income from Investment Operations
Net investment income (loss)B		0.46			0.78			0.78			0.72
Net realized and unrealized gain (loss)		0.05	C		5.11			(0.09	)		1.42
Total from investment operations		0.51			5.89			0.69			2.14
Distributions from net investment income		(0.40	)		(0.65	)		(0.81	)		(0.42	)
Total distributions		(0.40	)		(0.65	)		(0.81	)		(0.42	)
Net asset value, end of period	$	32.21		$	32.10		$	26.86		$	26.98
Total ReturnD		1.65	%		22.36	%		2.56	%		8.57	%
Ratios to Average Net AssetsE
Expenses before reductions		.08	%F		.12	%		.12	%		.12	%F
Expenses net of fee waivers, if any		.08	%F		.12	%		.12	%		.12	%F
Expenses net of all reductions		.08	%F		.12	%		.12	%		.12	%F
Net investment income (loss)		3.00	%F		2.74	%		2.89	%		3.51	%F
Supplemental Data
Net assets, end of period (000 omitted)	$	144,950		$	174,940		$	81,908		$	67,447
Portfolio turnover rateG,H		10	%I		26	%		23	%		21	%I

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

^B  Calculated based on average shares outstanding during the period.

^C  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.

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

^E  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.

^F  Annualized.

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

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

^I  Amount not annualized.

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

77 Semiannual Report

Financial Statements – continued

Financial Highlights
	Fidelity MSCI Utilities Index ETF
	Six months ended January 31, 2017 (Unaudited)			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014A
Selected Per-Share Data
Net asset value, beginning of period	$	33.57		$	28.10		$	26.88		$	24.99
Income from Investment Operations
Net investment income (loss)B		0.55			0.98			0.98			0.67
Net realized and unrealized gain (loss)		(1.56	)		5.48			1.47			1.85
Total from investment operations		(1.01	)		6.46			2.45			2.52
Distributions from net investment income		(0.56	)		(0.99	)		(1.23	)		(0.63	)
Total distributions		(0.56	)		(0.99	)		(1.23	)		(0.63	)
Net asset value, end of period	$	32.00		$	33.57		$	28.10		$	26.88
Total ReturnC		(2.98	)%		23.56	%		9.13	%		10.13	%
Ratios to Average Net AssetsD
Expenses before reductions		.08	%E		.12	%		.12	%		.12	%E
Expenses net of fee waivers, if any		.08	%E		.12	%		.12	%		.12	%E
Expenses net of all reductions		.08	%E		.12	%		.12	%		.12	%E
Net investment income (loss)		3.46	%E		3.25	%		3.37	%		3.15	%E
Supplemental Data
Net assets, end of period (000 omitted)	$	187,227		$	283,669		$	108,176		$	120,949
Portfolio turnover rateF,G		5	%H		9	%		7	%		6	%H

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

^B  Calculated based on average shares outstanding during the period.

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

^D  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.

^E  Annualized.

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

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

^H  Amount not annualized.

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

Semiannual Report 78

Notes to Financial Statements

For the period ended January 31, 2017 (Unaudited)

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, Fidelity MSCI Telecommunication Services Index ETF and Fidelity MSCI Utilities Index ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Each Fund, with the exception of MSCI Industrials Index ETF, are non-diversified funds. 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 Fair Value Committee (the Committee) established by the Fund’s investment adviser. 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 January 31, 2017, 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

79 Semiannual Report

Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Underlying Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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 U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on securities and other investments
Fidelity MSCI Consumer Discretionary Index ETF	$	242,190,231	$	18,731,103	$	(22,216,224	)	$	(3,485,121	)
Fidelity MSCI Consumer Staples Index ETF		234,175,427		12,858,526		(10,019,849	)		2,838,677
Fidelity MSCI Energy Index ETF		547,743,598		27,816,602		(55,713,579	)		(27,896,977	)
Fidelity MSCI Financials Index ETF		609,898,985		54,021,471		(3,019,628	)		51,001,843
Fidelity MSCI Health Care Index ETF		649,673,298		44,323,271		(63,958,649	)		(19,635,378	)
Fidelity MSCI Industrials Index ETF		284,432,980		19,525,099		(4,293,433	)		15,231,666
Fidelity MSCI Information Technology Index ETF		564,566,170		67,939,999		(9,762,328	)		58,177,671
Fidelity MSCI Materials Index ETF		179,647,821		11,316,578		(2,363,806	)		8,952,772
Fidelity MSCI Real Estate Index ETF		268,212,569		4,749,500		(15,442,499	)		(10,692,999	)
Fidelity MSCI Telecommunication Services Index ETF		134,309,165		16,127,109		(5,420,522	)		10,706,587
Fidelity MSCI Utilities Index ETF		188,404,656		5,473,328		(6,718,705	)		(1,245,377	)

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

Semiannual Report 80

2. Significant Accounting Policies – continued

losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal year end and is subject to adjustment.

	No-expiration Short-term			No-expiration Long-term			Total capital loss carryforward
Fidelity MSCI Consumer Discretionary Index ETF	$	(1,104,602	)	$	(640,204	)	$	(1,744,806	)
Fidelity MSCI Consumer Staples Index ETF		(556,985	)		(180,000	)		(736,985	)
Fidelity MSCI Energy Index ETF		(3,942,676	)		(1,209,534	)		(5,152,210	)
Fidelity MSCI Financials Index ETF		(1,647,173	)		(64,105	)		(1,711,278	)
Fidelity MSCI Health Care Index ETF		(1,064,324	)		—			(1,064,324	)
Fidelity MSCI Industrials Index ETF		(915,997	)		(1,041,519	)		(1,957,516	)
Fidelity MSCI Information Technology Index ETF		(1,912,779	)		(265,419	)		(2,178,198	)
Fidelity MSCI Materials Index ETF		(1,222,963	)		(704,483	)		(1,927,446	)
Fidelity MSCI Real Estate Index ETF		(161,019	)		—			(161,019	)
Fidelity MSCI Telecommunication Services Index ETF		—			(274,274	)		(274,274	)
Fidelity MSCI Utilities Index ETF		(1,048,742	)		(1,023,185	)		(2,071,927	)

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2015 to July 31, 2016. Loss deferrals were as follows:

	Capital losses
Fidelity MSCI Consumer Discretionary Index ETF	$	(1,468,528	)
Fidelity MSCI Consumer Staples Index ETF		(988,734	)
Fidelity MSCI Energy Index ETF		(5,453,683	)
Fidelity MSCI Financials Index ETF		(1,192,572	)
Fidelity MSCI Health Care Index ETF		(5,381,948	)
Fidelity MSCI Information Technology Index ETF		(2,643,239	)
Fidelity MSCI Real Estate Index ETF		(202,676	)

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	$	10,751,435	$	10,044,010
Fidelity MSCI Consumer Staples Index ETF		6,765,036		6,619,413
Fidelity MSCI Energy Index ETF		23,523,093		22,973,649
Fidelity MSCI Financials Index ETF		87,782,384		81,315,972
Fidelity MSCI Health Care Index ETF		14,426,133		11,332,896
Fidelity MSCI Industrials Index ETF		7,996,407		7,564,378
Fidelity MSCI Information Technology Index ETF		18,119,430		13,300,495
Fidelity MSCI Materials Index ETF		4,330,636		4,353,499
Fidelity MSCI Real Estate Index ETF		26,961,231		24,569,002
Fidelity MSCI Telecommunication Services Index ETF		14,605,681		14,314,499
Fidelity MSCI Utilities Index ETF		10,188,962		10,323,535

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	$	25,969,504	$	57,949,390
Fidelity MSCI Consumer Staples Index ETF		20,802,461		57,386,280
Fidelity MSCI Energy Index ETF		73,846,359		15,437,147
Fidelity MSCI Financials Index ETF		365,281,277		11,116,276
Fidelity MSCI Health Care Index ETF		72,179,730		49,489,100
Fidelity MSCI Industrials Index ETF		138,824,442		13,358,216
Fidelity MSCI Information Technology Index ETF		161,060,240		20,133,927
Fidelity MSCI Materials Index ETF		80,653,461		26,617,391
Fidelity MSCI Real Estate Index ETF		124,295,770		30,536,382
Fidelity MSCI Telecommunication Services Index ETF		24,071,300		50,100,051
Fidelity MSCI Utilities Index ETF		6,276,840		87,015,730

81 Semiannual Report

Notes to Financial Statements – continued

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity SelectCo, LLC (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 .084% 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.

Interfund Trades. The Funds may purchase from or sell securities to other funds affiliated with the sub-adviser under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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.

Semiannual Report 82

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Sector ETFs

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity SelectCo, LLC (SelectCo), an affiliate of Fidelity Management & Research Company (FMR), and the sub-advisory and ETF services agreement with respect to each fund (Sub-Advisory Agreement) with BlackRock Fund Advisors (BFA) (together, the Advisory Contracts). SelectCo and BFA are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund’s Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) – Operations, Audit, Fair Valuation, and Governance and Nominating – each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund’s Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund’s Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board’s annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2017 meeting, the Board unanimously determined to renew each fund’s Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund’s management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity and BFA from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees’ counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board’s decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that each fund’s shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing of the Investment Advisers as it relates to the funds, including the backgrounds of investment personnel of the Investment Advisers, and also considered the funds’ investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with representatives of BFA and senior management of Fidelity’s investment operations and investment groups. The Board considered the structure of the investment personnel compensation programs of the Investment Advisers and whether these structures provide appropriate incentives to act in the best interests of each fund.

The Trustees also discussed with representatives of SelectCo, at meetings throughout the year, SelectCo’s role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by BFA with respect to the funds and monitoring and overseeing the performance and investment capabilities of BFA. The Trustees considered that the Board had received from SelectCo periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of BFA.

The Board also considered the nature, extent and quality of services provided by BFA. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by SelectCo, BFA is responsible for, among other things, identifying investments, arranging for execution of portfolio transactions to implement each fund’s investment strategy, and performing certain ETF-related services. In addition, the Trustees noted that BFA is responsible for providing such reporting as may be requested by SelectCo to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of the Investment Advisers’ investment staffs, including their size, education, experience, and resources, as well as the Investment Advisers’ approach to recruiting, training, managing, and compensating investment personnel. The Board also noted that the Investment Advisers’ analysts have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered the Investment Advisers’ trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates or agents under the Advisory Contracts and by SelectCo’s affiliates under separate

83 Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees – continued

agreements covering pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally State Street Bank and Trust Company, each fund’s transfer agent and custodian; and (iii) the resources devoted to, and the record of compliance with, each fund’s compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with certain of the Investment Advisers.

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 in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity’s global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) broadening eligibility requirements for certain lower-priced share classes of, and streamlining the fee structure for, certain existing equity index funds; (v) lowering expense caps for certain existing funds and classes to reduce expenses paid by shareholders; (vi) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vii) rationalizing product lines and gaining increased efficiencies through fund mergers and share class consolidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity’s target date product line to increase investors’ probability of success in achieving their goals; and (x) accelerating the conversion of all remaining Class B shares to Class A shares, which have a lower expense structure.

Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board also considered the extent to which each fund has tracked its benchmark index since it commenced operations.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund, for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund’s tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) compared to a fund’s benchmark index, over appropriate time periods taking into account relevant factors, including the following: general market conditions; the characteristics of the fund’s benchmark index; the extent to which statistical sampling is employed; securities lending revenues (if any); and fund cash drag and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index for the most recent one- year period ended June 30, 2016.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund’s management fee and total expense ratio compared to “mapped groups” of competitive funds created for the purpose of facilitating the Trustees’ analysis of the competitiveness of management fees and total expenses. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity ETFs are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board’s management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods ended June 30 shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group.” The Total Mapped Group comparison focuses on a fund’s standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund’s. For example, a hypothetical TMG % of 20% would

Semiannual Report 84

mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds’ actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The “Asset-Size Peer Group” (ASPG) comparison focuses on a fund’s standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund’s management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund’s management fee rate ranked, is also considered by the Board.

Fidelity MSCI Consumer Discretionary Index ETF

Fidelity MSCI Consumer Staples Index ETF

85 Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Energy Index ETF

Fidelity MSCI Financials Index ETF

Semiannual Report 86

Fidelity MSCI Health Care Index ETF

Fidelity MSCI Industrials Index ETF

87 Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Information Technology Index ETF

Fidelity MSCI Materials Index ETF

Semiannual Report 88

Fidelity MSCI Real Estate Index ETF

Fidelity MSCI Telecommunications Index ETF

89 Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Utilities Index ETF

The Board noted that each fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2016. The Board also noted that effective July 1, 2016, Fidelity reduced its all-inclusive management fee rate for the funds from 12 basis points to 8.4 basis points.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and the boards of other Fidelity funds to conduct an in-depth review of the “group fee” component of the management fee of funds with such management fee structures. The Committee’s focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that each fund’s management fee is fair and reasonable in light of the services that each fund receives and the other factors considered.

Total Expense Ratio. In its review of each fund’s total expense ratio, the Board considered each fund’s all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by SelectCo under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses.

The Board noted that each fund’s total expense ratio ranked below the competitive median for the 12-month period ended June 30, 2016.

Fees Charged to Other Clients. The Board also considered fee structures applicable to the Investment Advisers’ other clients, such as other funds advised or subadvised by the Investment Advisers, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares Fidelity’s institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund’s total expense ratio was reasonable in light of the services that each fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund’s shareholders. The Board also considered the level of Fidelity’s profits in respect of all the Fidelity funds.

Semiannual Report 90

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity’s audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year’s methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of the profitability analysis used by Fidelity. PwC’s engagement includes the review and assessment of Fidelity’s methodologies used in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC’s reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity’s profitability methodologies are reasonable in all material respects.

The Board reviewed the Investment Advisers’ non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity’s and BFA’s affiliates may benefit from or be related to the funds’ business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of BFA’s relationship with each fund and BFA’s representation that it did not realize any fall-out benefits as a result of its relationship with each fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds’ advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity’s fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity’s compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability; (iv) comparisons to institutional products; (v) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (vi) Fidelity’s long-term expectations for its offerings in the workplace investing channel; (vii) the competitive positioning of the Fidelity variable insurance product funds; (viii) the methodology with respect to competitive fund data and peer group classifications; (ix) Fidelity’s transfer agent fee, expense, and service structures for different funds and classes, and the impact of an internal reorganization, the increased use of omnibus accounts and lower pricing in the retirement channel; (x) fluctuations in trading expenses; (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain funds and classes or to achieve further economies of scale; and (xii) matters relating to BFA’s sub-advisory and administrative services to the funds.

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

91 Semiannual 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-SANN-0317                         792753.1.0 1.9584798.103	Corporate Headquarters 245 Summer St., Boston, MA 02210 www.fidelity.com

Fidelity^® Core Dividend ETF

Fidelity Dividend ETF for Rising Rates

Fidelity Low Volatility Factor ETF

Fidelity Momentum Factor ETF

Fidelity Quality Factor ETF

Fidelity Value Factor ETF

Semiannual Report

January 31, 2017

Contents

Performance and Investment Summary	3	How each fund has done over time and a summary of each fund’s holdings.
Shareholder Expense Example	15	An example of shareholder expenses.
Investments	16	A complete list of each fund’s investments with their market values.
Financial Statements	36	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	44	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	48

To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.

Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

^© 2017 FMR LLC. All Rights reserved.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.

Semiannual Report 2

Fidelity^® Core Dividend ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® Core Dividend ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*

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

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.

Fiscal Period Ended January 31, 2017
Cumulative Total Returns	Life of fundA
Fidelity Core Dividend ETF – NAV		5.03%
Fidelity Core Dividend ETF – Market Price		5.82%
Fidelity Core Dividend Index		5.25%

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 December 31, 2016
Cumulative Total Returns	Life of fundA
Fidelity Core Dividend ETF – NAV		4.35%
Fidelity Core Dividend ETF – Market Price		5.06%
Fidelity Core Dividend Index		4.57%

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

Average annual total returns take Fidelity Core Dividend ETF’s cumulative total return and show you what would have happened if Fidelity Core Dividend 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 September 12, 2016.

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

The fund’s expense ratio is 0.29%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
Targa Resources Corp.		3.2
ONEOK, Inc.		3.2
AT&T, Inc.		2.8
Exxon Mobil Corp.		2.7
JPMorgan Chase & Co.		2.6
Chevron Corp.		2.4
Verizon Communications, Inc.		2.3
The Williams Cos., Inc.		2.3
Apple, Inc.		2.2
Wells Fargo & Co.		2.2
		25.9

Top Market Sectors as of January 31, 2017
	% of fund’s net assets
Consumer Discretionary		17.6
Energy		17.3
Financials		16.6
Information Technology		12.7
Utilities		9.9
Real Estate		7.7
Telecommunication Services		7.6
Health Care		5.8
Industrials		2.5
Consumer Staples		1.7

3 Semiannual Report

Fidelity^® Core Dividend ETF

Asset Allocation as of January 31, 2017

* Foreign investments – 6.8%

Semiannual Report 4

Fidelity^® Dividend ETF for Rising Rates

Performance

The information provided in the tables below shows you the performance of Fidelity^® Dividend ETF for Rising Rates, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*

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

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.

Fiscal Period Ended January 31, 2017
Cumulative Total Returns	Life of fundA
Fidelity Dividend ETF for Rising Rates – NAV		6.60%
Fidelity Dividend ETF for Rising Rates – Market Price		7.06%
Fidelity Dividend Index for Rising Rates		6.80%

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 December 31, 2016
Cumulative Total Returns	Life of fundA
Fidelity Dividend ETF for Rising Rates – NAV		4.86%
Fidelity Dividend ETF for Rising Rates – Market Price		5.55%
Fidelity Dividend Index for Rising Rates		5.03%

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

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

^A  From September 12, 2016.

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

The fund’s expense ratio is 0.29%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
Apple, Inc.		3.8
Microsoft Corp.		3.1
Johnson & Johnson		2.4
JPMorgan Chase & Co.		2.2
Merck & Co., Inc.		2.0
Pfizer, Inc.		1.9
Exxon Mobil Corp.		1.9
Wells Fargo & Co.		1.8
The Procter & Gamble Co.		1.6
Intel Corp.		1.6
		22.3

Top Market Sectors as of January 31, 2017
	% of fund’s net assets
Information Technology		21.4
Health Care		13.1
Financials		12.4
Consumer Discretionary		11.4
Industrials		11.1
Consumer Staples		8.9
Energy		7.2
Real Estate		5.1
Utilities		3.5
Materials		3.3

5 Semiannual Report

Fidelity^® Dividend ETF for Rising Rates

Asset Allocation as of January 31, 2017

* Foreign investments – 8.0%

Semiannual Report 6

Fidelity^® Low Volatility Factor ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® Low Volatility Factor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*

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

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.

Fiscal Period Ended January 31, 2017
Cumulative Total Returns	Life of fundA
Fidelity Low Volatility Factor ETF – NAV		3.72%
Fidelity Low Volatility Factor ETF – Market Price		4.39%
Fidelity U.S. Low Volatility Factor Index		3.85%

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 December 31, 2016
Cumulative Total Returns	Life of fundA
Fidelity Low Volatility Factor ETF – NAV		2.73%
Fidelity Low Volatility Factor ETF – Market Price		3.55%
Fidelity U.S. Low Volatility Factor Index		2.85%

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

Average annual total returns take Fidelity Low Volatility Factor ETF’s cumulative total return and show you what would have happened if Fidelity Low Volatility Factor 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 September 12, 2016.

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

The fund’s expense ratio is 0.29%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
Microsoft Corp.		3.3
Alphabet, Inc. Class A		3.1
Johnson & Johnson		2.1
Berkshire Hathaway, Inc. Class B		2.1
Wells Fargo & Co.		1.8
Exxon Mobil Corp.		1.8
Intel Corp.		1.7
International Business Machines Corp.		1.6
Merck & Co., Inc.		1.6
Visa, Inc. Class A		1.6
		20.7

Top Market Sectors as of January 31, 2017
	% of fund’s net assets
Information Technology		21.6
Health Care		13.8
Financials		12.0
Consumer Discretionary		12.0
Industrials		10.5
Consumer Staples		8.9
Energy		6.8
Real Estate		5.3
Utilities		3.3
Materials		3.1

7 Semiannual Report

Fidelity^® Low Volatility Factor ETF

Asset Allocation as of January 31, 2017

* Foreign investments – 4.4%

Semiannual Report 8

Fidelity^® Momentum Factor ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® Momentum Factor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*

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

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.

Fiscal Period Ended January 31, 2017
Cumulative Total Returns	Life of fundA
Fidelity Momentum Factor ETF – NAV		3.90%
Fidelity Momentum Factor ETF – Market Price		4.44%
Fidelity U.S. Momentum Factor Index		4.02%

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 December 31, 2016
Cumulative Total Returns	Life of fundA
Fidelity Momentum Factor ETF – NAV		1.20%
Fidelity Momentum Factor ETF – Market Price		1.88%
Fidelity U.S. Momentum Factor Index		1.27%

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

Average annual total returns take Fidelity Momentum Factor ETF’s cumulative total return and show you what would have happened if Fidelity Momentum Factor 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 September 12, 2016.

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

The fund’s expense ratio is 0.29%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
Microsoft Corp.		3.1
Alphabet, Inc. Class A		2.9
JPMorgan Chase & Co.		2.2
Facebook, Inc. Class A		2.2
Johnson & Johnson		2.2
Berkshire Hathaway, Inc. Class B		2.1
Amazon.com, Inc.		2.0
Exxon Mobil Corp.		1.8
General Electric Co.		1.7
Pfizer, Inc.		1.7
		21.9

Top Market Sectors as of January 31, 2017
	% of fund’s net assets
Information Technology		22.5
Financials		13.8
Health Care		12.9
Consumer Discretionary		12.9
Industrials		9.8
Consumer Staples		8.6
Energy		6.8
Real Estate		3.6
Materials		3.2
Utilities		3.2

9 Semiannual Report

Fidelity^® Momentum Factor ETF

Asset Allocation as of January 31, 2017

* Foreign investments – 4.2%

Semiannual Report 10

Fidelity^® Quality Factor ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® Quality Factor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*

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

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.

Fiscal Period Ended January 31, 2017
Cumulative Total Returns	Life of fundA
Fidelity Quality Factor ETF – NAV		6.24%
Fidelity Quality Factor ETF – Market Price		6.58%
Fidelity U.S. Quality Factor Index		6.42%

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

Period Ended December 31, 2016
Cumulative Total Returns	Life of fundA
Fidelity Quality Factor ETF – NAV		3.95%
Fidelity Quality Factor ETF – Market Price		4.27%
Fidelity U.S. Quality Factor Index		4.06%

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

Average annual total returns take Fidelity Quality Factor ETF’s cumulative total return and show you what would have happened if Fidelity Quality Factor 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 September 12, 2016.

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

The fund’s expense ratio is 0.29%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
Apple, Inc.		3.7
Microsoft Corp.		3.0
Alphabet, Inc. Class A		2.7
Johnson & Johnson		2.1
Facebook, Inc. Class A		2.0
Exxon Mobil Corp.		1.8
Merck & Co., Inc.		1.6
Comcast Corp. Class A		1.5
The Procter & Gamble Co.		1.5
Pfizer, Inc.		1.5
		21.4

Top Market Sectors as of January 31, 2017
	% of fund’s net assets
Information Technology		21.3
Health Care		13.6
Consumer Discretionary		12.7
Financials		11.7
Industrials		10.6
Consumer Staples		8.5
Energy		6.6
Real Estate		6.1
Materials		3.3
Utilities		3.1

11 Semiannual Report

Fidelity^® Quality Factor ETF

Asset Allocation as of January 31, 2017

* Foreign investments – 3.0%

Semiannual Report 12

Fidelity^® Value Factor ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® Value Factor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*

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

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.

Fiscal Period Ended January 31, 2017
Cumulative Total Returns	Life of fundA
Fidelity Value Factor ETF – NAV		10.07%
Fidelity Value Factor ETF – Market Price		10.63%
Fidelity U.S. Value Factor Index		10.20%

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 December 31, 2016
Cumulative Total Returns	Life of fundA
Fidelity Value Factor ETF – NAV		8.33%
Fidelity Value Factor ETF – Market Price		8.56%
Fidelity U.S. Value Factor Index		8.43%

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

Average annual total returns take Fidelity Value Factor ETF’s cumulative total return and show you what would have happened if Fidelity Value Factor 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 September 12, 2016.

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

The fund’s expense ratio is 0.29%. 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.

Investment Summary

Top Ten Stocks as of January 31, 2017
	% of fund’s net assets
Apple, Inc.		3.5
Microsoft Corp.		2.8
Alphabet, Inc. Class A		2.6
Johnson & Johnson		2.0
JPMorgan Chase & Co.		1.9
Berkshire Hathaway, Inc. Class B		1.8
Bank of America Corp.		1.7
Exxon Mobil Corp.		1.7
Merck & Co., Inc.		1.6
Wells Fargo & Co.		1.6
		21.2

Top Market Sectors as of January 31, 2017
	% of fund’s net assets
Information Technology		20.2
Financials		17.4
Health Care		13.4
Consumer Discretionary		12.3
Industrials		11.7
Consumer Staples		8.2
Energy		6.4
Materials		3.4
Utilities		3.0
Telecommunication Services		2.2

13 Semiannual Report

Fidelity^® Value Factor ETF

Asset Allocation as of January 31, 2017

* Foreign investments – 2.4%

Semiannual Report 14

Shareholder Expense Example

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 (September 12, 2016 to January 31, 2017). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2016 to January 31, 2017).

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 Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. 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 Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. 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 RatioA		Beginning Account Value		Ending Account Value January 31, 2017		Expenses Paid During Period
Fidelity Core Dividend ETF		.29%
Actual			$	1,000.00	$	1,050.30	$	1.16	B
HypotheticalC			$	1,000.00	$	1,023.74	$	1.48	D
Fidelity Dividend ETF for Rising Rates		.29%
Actual			$	1,000.00	$	1,066.00	$	1.17	B
HypotheticalC			$	1,000.00	$	1,023.74	$	1.48	D
Fidelity Low Volatility Factor ETF		.29%
Actual			$	1,000.00	$	1,037.20	$	1.15	B
HypotheticalC			$	1,000.00	$	1,023.74	$	1.48	D
Fidelity Momentum Factor ETF		.29%
Actual			$	1,000.00	$	1,039.00	$	1.15	B
HypotheticalC			$	1,000.00	$	1,023.74	$	1.48	D
Fidelity Quality Factor ETF		.29%
Actual			$	1,000.00	$	1,062.40	$	1.16	B
HypotheticalC			$	1,000.00	$	1,023.74	$	1.48	D
Fidelity Value Factor ETF		.29%
Actual			$	1,000.00	$	1,100.70	$	1.19	B
HypotheticalC			$	1,000.00	$	1,023.74	$	1.48	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 142/365 (to reflect the period September 12, 2016 to January 31, 2017).

^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 184/365 (to reflect the one-half year period).

15 Semiannual Report

Fidelity Core Dividend ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.4%
	Shares		Value
CONSUMER DISCRETIONARY – 17.6%
Automobiles – 2.2%
Ford Motor Co.		26,113	$	322,757
General Motors Co.		10,558		386,528
				709,285
Hotels, Restaurants & Leisure – 4.0%
Cracker Barrel Old Country Store, Inc. (a)		1,808		285,772
Las Vegas Sands Corp.		5,884		309,381
McDonald’s Corp.		3,412		418,209
Sands China Ltd.		71,200		313,277
				1,326,639
Household Durables – 0.9%
Garmin Ltd. (a)		6,327		305,531
Leisure Products – 0.7%
Mattel, Inc.		8,234		215,813
Media – 4.2%
Pearson PLC		22,188		172,978
The Walt Disney Co.		4,735		523,928
Twenty-First Century Fox, Inc. Class A		11,507		361,090
Viacom, Inc. Class B		7,480		315,207
				1,373,203
Multiline Retail – 2.2%
Kohl’s Corp.		5,815		231,611
Nordstrom, Inc. (a)		5,203		230,077
Target Corp.		4,277		275,781
				737,469
Specialty Retail – 3.4%
Best Buy Co., Inc.		8,650		385,098
L Brands, Inc.		3,292		198,211
The Home Depot, Inc.		3,813		524,593
				1,107,902
TOTAL CONSUMER DISCRETIONARY				5,775,842
CONSUMER STAPLES – 1.7%
Beverages – 0.2%
The Coca-Cola Co.		1,975		82,101
Food & Staples Retailing – 0.4%
Costco Wholesale Corp.		364		59,678
Wal-Mart Stores, Inc.		990		66,072
				125,750
Food Products – 0.3%
Archer-Daniels-Midland Co.		1,266		56,033
Marine Harvest ASA (b)		2,150		37,960
				93,993
Household Products – 0.3%
The Procter & Gamble Co.		1,233		108,011

	Shares		Value
Tobacco – 0.5%
Altria Group, Inc.		1,200	$	85,416
Philip Morris International, Inc.		850		81,711
				167,127
TOTAL CONSUMER STAPLES				576,982
ENERGY – 17.3%
Oil, Gas & Consumable Fuels – 17.3%
Chevron Corp.		7,089		789,360
ConocoPhillips		13,375		652,165
Exxon Mobil Corp.		10,503		881,097
Kinder Morgan, Inc.		24,541		548,246
ONEOK, Inc.		18,904		1,041,799
Targa Resources Corp.		18,187		1,047,935
The Williams Cos., Inc.		25,720		741,765
TOTAL ENERGY				5,702,367
FINANCIALS – 16.6%
Banks – 6.8%
Citigroup, Inc.		11,778		657,566
JPMorgan Chase & Co.		10,209		863,987
Wells Fargo & Co.		12,585		708,913
				2,230,466
Capital Markets – 1.8%
Aberdeen Asset Management PLC		86,505		286,285
T Rowe Price Group, Inc.		4,555		307,189
				593,474
Consumer Finance – 1.4%
Navient Corp.		29,817		448,448
Insurance – 0.9%
Phoenix Group Holdings		30,337		287,184
Mortgage Real Estate Investment Trusts (REITs) – 5.7%
Chimera Investment Corp.		23,081		406,918
MFA Financial, Inc.		45,242		356,959
New Residential Investment Corp.		26,967		408,550
Starwood Property Trust, Inc.		16,801		373,990
Two Harbors Investment Corp.		39,659		347,810
				1,894,227
TOTAL FINANCIALS				5,453,799
HEALTH CARE – 5.8%
Biotechnology – 1.4%
AbbVie, Inc.		3,733		228,124
Amgen, Inc.		1,450		227,186
				455,310
Health Care Equipment & Supplies – 0.6%
Abbott Laboratories		4,714		196,904
Health Care Providers & Services – 0.6%
Anthem, Inc.		1,303		200,844

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

Semiannual Report 16

Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Pharmaceuticals – 3.2%
GlaxoSmithKline PLC		7,782	$	150,387
Johnson & Johnson		3,102		351,302
Merck & Co., Inc.		4,608		285,650
Pfizer, Inc.		8,684		275,543
				1,062,882
TOTAL HEALTH CARE				1,915,940
INDUSTRIALS – 2.5%
Aerospace & Defense – 0.5%
Lockheed Martin Corp.		176		44,234
The Boeing Co.		375		61,283
United Technologies Corp.		457		50,119
				155,636
Air Freight & Logistics – 0.1%
United Parcel Service, Inc. Class B		456		49,763
Commercial Services & Supplies – 0.1%
Pitney Bowes, Inc.		1,250		19,900
Electrical Equipment – 0.2%
Eaton Corp. PLC		525		37,160
Emerson Electric Co.		650		38,129
				75,289
Industrial Conglomerates – 0.6%
3M Co.		330		57,691
Honeywell International, Inc.		442		52,297
Jardine Matheson Holdings Ltd.		300		18,516
Jardine Strategic Holdings Ltd.		700		26,649
Keppel Corp. Ltd.		7,700		33,710
				188,863
Machinery – 0.5%
Caterpillar, Inc.		525		50,221
Cummins, Inc.		263		38,664
Deere & Co.		376		40,251
PACCAR, Inc.		550		37,020
				166,156
Marine – 0.1%
AP Moller – Maersk A/S Class B		15		25,142
Road & Rail – 0.4%
CSX Corp.		1,150		53,348
Norfolk Southern Corp.		365		42,873
Union Pacific Corp.		531		56,594
				152,815
TOTAL INDUSTRIALS				833,564
INFORMATION TECHNOLOGY – 12.7%
Communications Equipment – 0.8%
Cisco Systems, Inc.		9,110		279,859
Electronic Equipment, Instruments & Components – 0.7%
Corning, Inc.		8,100		214,569

	Shares		Value
IT Services – 1.4%
International Business Machines Corp.		1,760	$	307,155
The Western Union Co.		7,675		150,277
				457,432
Semiconductors & Semiconductor Equipment – 2.9%
Intel Corp.		8,511		313,375
KLA-Tencor Corp.		2,152		183,156
QUALCOMM, Inc.		3,918		209,339
Texas Instruments, Inc.		3,350		253,059
				958,929
Software – 2.6%
Microsoft Corp.		9,318		602,409
Oracle Corp.		6,302		252,773
				855,182
Technology Hardware, Storage & Peripherals – 4.3%
Apple, Inc.		6,096		739,749
HP, Inc.		14,201		213,725
Seagate Technology PLC (a)		4,484		202,453
Western Digital Corp.		3,167		252,505
				1,408,432
TOTAL INFORMATION TECHNOLOGY				4,174,403
MATERIALS – 0.0%
Chemicals – 0.0%
AdvanSix, Inc. (b)		11		283
REAL ESTATE – 7.7%
Equity Real Estate Investment Trusts (REITs) – 6.7%
Boston Properties, Inc.		2,831		370,578
Gaming and Leisure Properties, Inc.		11,652		368,553
Hospitality Properties Trust		12,459		387,849
Iron Mountain, Inc.		10,350		370,530
Senior Housing Properties Trust		20,141		383,686
Taubman Centers, Inc.		4,330		306,737
				2,187,933
Real Estate Management & Development – 1.0%
Hongkong Land Holdings Ltd.		50,400		340,200
TOTAL REAL ESTATE				2,528,133
TELECOMMUNICATION SERVICES – 7.6%
Diversified Telecommunication Services – 7.6%
AT&T, Inc.		21,875		922,250
CenturyLink, Inc. (a)		17,016		440,034
Frontier Communications Corp. (a)		111,057		387,589
Verizon Communications, Inc.		15,242		747,010
TOTAL TELECOMMUNICATION SERVICES				2,496,883
UTILITIES – 9.9%
Electric Utilities – 5.1%
American Electric Power Co., Inc.		4,359		279,238
Duke Energy Corp.		3,994		313,689

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

17 Semiannual Report

Fidelity Core Dividend ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
UTILITIES – continued
Electric Utilities – continued
Exelon Corp.		8,493	$	304,729
FirstEnergy Corp.		7,403		224,459
PPL Corp.		7,128		248,339
The Southern Co.		5,959		294,553
				1,665,007
Independent Power and Renewable Electricity Producers – 2.0%
AES Corp.		24,813		283,860
NRG Energy, Inc.		22,907		378,882
				662,742
Multi-Utilities – 2.8%
CenterPoint Energy, Inc.		12,855		336,930
Dominion Resources, Inc.		4,158		317,172
Public Service Enterprise Group, Inc.		5,992		265,146
				919,248
TOTAL UTILITIES				3,246,997
TOTAL COMMON STOCKS (Cost $32,067,277)				32,705,193

Money Market Funds – 5.3%
	Shares		Value
Fidelity Cash Central Fund, 0.62% (c)		53,503	$	53,514
Fidelity Securities Lending Cash Central Fund, 0.65% (c)(d)		1,689,491		1,689,829
TOTAL MONEY MARKET FUNDS (Cost $1,743,230)				1,743,343
TOTAL INVESTMENT PORTFOLIO – 104.7% (Cost $33,810,507)				34,448,536
NET OTHER ASSETS (LIABILITIES) – (4.7%)				(1,545,375	)
NET ASSETS – 100%			$	32,903,161

Legend

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request.

(d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$	62
Fidelity Securities Lending Cash Central Fund		2,149
Total	$	2,211

Other Information

The following is a summary of the inputs used, as of January 31, 2017, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$	5,775,842	$	5,289,587	$	486,255	$	—
Consumer Staples		576,982		539,022		37,960		—
Energy		5,702,367		5,702,367		—		—
Financials		5,453,799		5,167,514		286,285		—
Health Care		1,915,940		1,765,553		150,387		—
Industrials		833,564		808,422		25,142		—
Information Technology		4,174,403		4,174,403		—		—
Materials		283		283		—		—
Real Estate		2,528,133		2,528,133		—		—
Telecommunication Services		2,496,883		2,496,883		—		—
Utilities		3,246,997		3,246,997		—		—
Money Market Funds		1,743,343		1,743,343		—		—
Total Investments in Securities:	$	34,448,536	$	33,462,507	$	986,029	$	—

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

Semiannual Report 18

Fidelity Dividend ETF for Rising Rates

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.6%
	Shares		Value
CONSUMER DISCRETIONARY – 11.4%
Automobiles – 1.4%
Ford Motor Co.		33,840	$	418,262
General Motors Co.		13,619		498,592
				916,854
Hotels, Restaurants & Leisure – 2.1%
Las Vegas Sands Corp.		7,104		373,528
McDonald’s Corp.		4,945		606,109
Sands China Ltd.		80,800		355,517
				1,335,154
Household Durables – 0.6%
Garmin Ltd.		7,320		353,483
Leisure Products – 0.4%
Mattel, Inc.		9,750		255,547
Media – 2.8%
Pearson PLC		24,576		191,595
The Walt Disney Co.		7,185		795,020
Twenty-First Century Fox, Inc. Class A		14,941		468,849
Viacom, Inc. Class B		8,936		376,563
				1,832,027
Multiline Retail – 1.4%
Kohl’s Corp.		6,820		271,641
Nordstrom, Inc. (a)		6,048		267,442
Target Corp.		5,570		359,154
				898,237
Specialty Retail – 2.7%
Best Buy Co., Inc.		10,144		451,611
GameStop Corp. Class A		10,223		250,361
L Brands, Inc.		4,033		242,827
The Home Depot, Inc.		5,815		800,028
				1,744,827
TOTAL CONSUMER DISCRETIONARY				7,336,129
CONSUMER STAPLES – 8.9%
Beverages – 1.2%
The Coca-Cola Co.		19,121		794,860
Food & Staples Retailing – 2.0%
Costco Wholesale Corp.		3,648		598,090
Wal-Mart Stores, Inc.		9,954		664,330
				1,262,420
Food Products – 1.6%
Archer-Daniels-Midland Co.		12,773		565,333
Marine Harvest ASA (b)		25,155		444,133
				1,009,466
Household Products – 1.6%
The Procter & Gamble Co.		11,969		1,048,484
Tobacco – 2.5%
Altria Group, Inc.		11,410		812,164

	Shares		Value
Philip Morris International, Inc.		8,281	$	796,052
				1,608,216
TOTAL CONSUMER STAPLES				5,723,446
ENERGY – 7.2%
Oil, Gas & Consumable Fuels – 7.2%
Chevron Corp.		7,800		868,530
ConocoPhillips		10,233		498,961
Exxon Mobil Corp.		14,261		1,196,355
Kinder Morgan, Inc.		17,970		401,450
Marathon Oil Corp.		35,126		588,361
Targa Resources Corp.		10,906		628,404
The Williams Cos., Inc.		16,299		470,063
TOTAL ENERGY				4,652,124
FINANCIALS – 12.4%
Banks – 6.4%
Banco Santander S.A.		97,463		541,733
Citigroup, Inc.		17,961		1,002,763
JPMorgan Chase & Co.		16,754		1,417,891
Wells Fargo & Co.		20,753		1,169,016
				4,131,403
Capital Markets – 1.2%
Aberdeen Asset Management PLC		111,230		368,111
T Rowe Price Group, Inc.		6,201		418,195
				786,306
Consumer Finance – 0.9%
Navient Corp.		39,196		589,508
Mortgage Real Estate Investment Trusts (REITs) – 3.9%
Chimera Investment Corp.		30,177		532,021
MFA Financial, Inc.		58,906		464,768
New Residential Investment Corp.		35,258		534,159
Starwood Property Trust, Inc.		22,062		491,100
Two Harbors Investment Corp.		51,426		451,006
				2,473,054
TOTAL FINANCIALS				7,980,271
HEALTH CARE – 13.1%
Biotechnology – 3.1%
AbbVie, Inc.		16,280		994,871
Amgen, Inc.		6,357		996,015
				1,990,886
Health Care Equipment & Supplies – 1.3%
Abbott Laboratories		20,744		866,477
Health Care Providers & Services – 1.4%
Anthem, Inc.		5,748		885,997
Pharmaceuticals – 7.3%
GlaxoSmithKline PLC		32,318		624,545
Johnson & Johnson		13,843		1,567,720
Merck & Co., Inc.		20,476		1,269,307

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

19 Semiannual Report

Fidelity Dividend ETF for Rising Rates

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Pharmaceuticals – continued
Pfizer, Inc.		38,761	$	1,229,886
				4,691,458
TOTAL HEALTH CARE				8,434,818
INDUSTRIALS – 11.1%
Aerospace & Defense – 2.1%
Lockheed Martin Corp.		1,541		387,300
The Boeing Co.		3,265		533,566
United Technologies Corp.		4,244		465,439
				1,386,305
Air Freight & Logistics – 0.6%
United Parcel Service, Inc. Class B		3,706		404,436
Electrical Equipment – 1.0%
Eaton Corp. PLC		4,377		309,804
Emerson Electric Co.		5,429		318,465
				628,269
Industrial Conglomerates – 2.4%
3M Co.		2,827		494,216
Honeywell International, Inc.		3,744		442,990
Jardine Matheson Holdings Ltd.		2,900		178,988
Jardine Strategic Holdings Ltd.		5,900		224,613
Keppel Corp. Ltd.		45,500		199,195
				1,540,002
Machinery – 2.6%
Caterpillar, Inc.		4,245		406,077
Cummins, Inc.		2,266		333,124
Deere & Co.		3,114		333,354
PACCAR, Inc.		4,368		294,010
Parker Hannifin Corp.		2,114		311,033
				1,677,598
Marine – 0.4%
AP Moller – Maersk A/S Class B		141		236,334
Road & Rail – 2.0%
CSX Corp.		9,759		452,720
Norfolk Southern Corp.		3,124		366,945
Union Pacific Corp.		4,563		486,325
				1,305,990
TOTAL INDUSTRIALS				7,178,934
INFORMATION TECHNOLOGY – 21.4%
Communications Equipment – 1.5%
Cisco Systems, Inc.		30,492		936,714
IT Services – 3.6%
International Business Machines Corp.		5,765		1,006,108
Mastercard, Inc. Class A		7,787		827,992
The Western Union Co.		25,346		496,274
				2,330,374

	Shares		Value
Semiconductors & Semiconductor Equipment – 6.0%
Analog Devices, Inc.		9,268	$	694,544
Intel Corp.		28,257		1,040,423
KLA-Tencor Corp.		7,073		601,983
QUALCOMM, Inc.		13,013		695,284
Texas Instruments, Inc.		11,128		840,609
				3,872,843
Software – 3.1%
Microsoft Corp.		30,611		1,979,001
Technology Hardware, Storage & Peripherals – 7.2%
Apple, Inc.		20,018		2,429,184
HP, Inc.		47,286		711,654
Seagate Technology PLC (a)		14,744		665,692
Western Digital Corp.		10,532		839,717
				4,646,247
TOTAL INFORMATION TECHNOLOGY				13,765,179
MATERIALS – 3.3%
Chemicals – 2.2%
AdvanSix, Inc. (b)		145		3,725
CF Industries Holdings, Inc.		4,046		142,783
EI du Pont de Nemours & Co.		4,299		324,574
LyondellBasell Industries N.V. Class A		2,419		225,620
Praxair, Inc.		1,879		222,549
The Dow Chemical Co.		5,543		330,529
The Mosaic Co.		5,534		173,602
				1,423,382
Containers & Packaging – 0.8%
International Paper Co.		4,416		249,946
Packaging Corp. of America		2,736		252,204
				502,150
Metals & Mining – 0.3%
Nucor Corp.		3,717		215,921
TOTAL MATERIALS				2,141,453
REAL ESTATE – 5.1%
Equity Real Estate Investment Trusts (REITs) – 4.4%
Boston Properties, Inc.		3,821		500,169
Gaming and Leisure Properties, Inc.		15,131		478,593
Hospitality Properties Trust		16,259		506,143
Iron Mountain, Inc.		13,606		487,095
Senior Housing Properties Trust		26,461		504,082
Taubman Centers, Inc.		5,639		399,467
				2,875,549
Real Estate Management & Development – 0.7%
Hongkong Land Holdings Ltd.		65,200		440,100
TOTAL REAL ESTATE				3,315,649

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

Semiannual Report 20

Common Stocks – continued
	Shares		Value
TELECOMMUNICATION SERVICES – 2.2%
Diversified Telecommunication Services – 2.2%
AT&T, Inc.		17,772	$	749,267
CenturyLink, Inc.		2,399		62,038
Frontier Communications Corp. (a)		9,024		31,494
Verizon Communications, Inc.		11,784		577,534
TOTAL TELECOMMUNICATION SERVICES				1,420,333
UTILITIES – 3.5%
Electric Utilities – 1.6%
Duke Energy Corp.		3,430		269,392
Exelon Corp.		6,144		220,447
FirstEnergy Corp.		4,640		140,685
PPL Corp.		5,042		175,663
The Southern Co.		4,859		240,180
				1,046,367
Independent Power and Renewable Electricity Producers – 0.6%
AES Corp.		13,824		158,147
NRG Energy, Inc.		12,171		201,308
				359,455
Multi-Utilities – 1.3%
CenterPoint Energy, Inc.		7,296		191,228
Dominion Resources, Inc.		3,264		248,978
MDU Resources Group, Inc.		7,008		205,685
Public Service Enterprise Group, Inc.		4,053		179,345
				825,236
TOTAL UTILITIES				2,231,058
TOTAL COMMON STOCKS (Cost $62,504,773)				64,179,394

Money Market Funds – 1.7%
	Shares		Value
Fidelity Cash Central Fund, 0.62% (c)		258,958	$	259,012
Fidelity Securities Lending Cash Central Fund, 0.65% (c)(d)		860,444		860,616
TOTAL MONEY MARKET FUNDS (Cost $1,119,585)				1,119,628
TOTAL INVESTMENT PORTFOLIO – 101.3% (Cost $63,624,358)				65,299,022
NET OTHER ASSETS (LIABILITIES) – (1.3%)				(856,694	)
NET ASSETS – 100%			$	64,442,328

Legend

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request.

(d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$	69
Fidelity Securities Lending Cash Central Fund		340
Total	$	409

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

21 Semiannual Report

Fidelity Dividend ETF for Rising Rates

Investments (Unaudited) – continued

Other Information

The following is a summary of the inputs used, as of January 31, 2017, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$	7,336,129	$	6,789,017	$	547,112	$	—
Consumer Staples		5,723,446		5,279,313		444,133		—
Energy		4,652,124		4,652,124		—		—
Financials		7,980,271		7,612,160		368,111		—
Health Care		8,434,818		7,810,273		624,545		—
Industrials		7,178,934		6,942,600		236,334		—
Information Technology		13,765,179		13,765,179		—		—
Materials		2,141,453		2,141,453		—		—
Real Estate		3,315,649		3,315,649		—		—
Telecommunication Services		1,420,333		1,420,333		—		—
Utilities		2,231,058		2,231,058		—		—
Money Market Funds		1,119,628		1,119,628		—		—
Total Investments in Securities:	$	65,299,022	$	63,078,787	$	2,220,235	$	—

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

Semiannual Report 22

Fidelity Low Volatility Factor ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares		Value
CONSUMER DISCRETIONARY – 12.0%
Distributors – 0.7%
Genuine Parts Co.		901	$	87,226
Hotels, Restaurants & Leisure – 2.0%
McDonald’s Corp.		1,213		148,677
Yum China Holdings, Inc. (a)		1,170		32,152
Yum! Brands, Inc.		1,170		76,670
				257,499
Media – 1.5%
Comcast Corp. Class A		2,671		201,447
Multiline Retail – 1.9%
Dollar General Corp.		1,043		76,994
Dollar Tree, Inc. (a)		990		76,418
Target Corp.		1,455		93,819
				247,231
Specialty Retail – 4.4%
AutoZone, Inc. (a)		118		85,547
O’Reilly Automotive, Inc. (a)		340		89,172
Ross Stores, Inc.		1,571		103,859
The Home Depot, Inc.		1,340		184,357
The TJX Companies, Inc.		1,400		104,888
				567,823
Textiles, Apparel & Luxury Goods – 1.5%
NIKE, Inc. Class B		2,292		121,247
VF Corp.		1,541		79,330
				200,577
TOTAL CONSUMER DISCRETIONARY				1,561,803
CONSUMER STAPLES – 8.9%
Beverages – 2.8%
Dr Pepper Snapple Group, Inc.		690		62,928
PepsiCo, Inc.		1,392		144,462
The Coca-Cola Co.		3,630		150,899
				358,289
Food & Staples Retailing – 1.6%
Costco Wholesale Corp.		600		98,370
Wal-Mart Stores, Inc.		1,690		112,790
				211,160
Food Products – 1.0%
General Mills, Inc.		1,156		72,227
The Hershey Co.		590		62,227
				134,454
Household Products – 2.4%
Church & Dwight Co., Inc.		1,260		56,977
The Clorox Co.		501		60,120
The Procter & Gamble Co.		2,261		198,064
				315,161

	Shares		Value
Tobacco – 1.1%
Altria Group, Inc.		2,020	$	143,784
TOTAL CONSUMER STAPLES				1,162,848
ENERGY – 6.8%
Energy Equipment & Services – 1.1%
Schlumberger Ltd.		1,205		100,870
TechnipFMC PLC (a)		1,330		44,715
				145,585
Oil, Gas & Consumable Fuels – 5.7%
Chevron Corp.		1,433		159,565
ConocoPhillips		1,490		72,653
Exxon Mobil Corp.		2,840		238,248
Kinder Morgan, Inc.		2,580		57,637
ONEOK, Inc.		790		43,537
Parsley Energy, Inc. Class A (a)		1,020		35,924
Phillips 66		663		54,114
Spectra Energy Corp.		1,220		50,813
World Fuel Services Corp.		690		30,691
				743,182
TOTAL ENERGY				888,767
FINANCIALS – 12.0%
Banks – 4.0%
The PNC Financial Services Group, Inc.		1,150		138,529
US Bancorp		2,670		140,576
Wells Fargo & Co.		4,261		240,022
				519,127
Diversified Financial Services – 2.0%
Berkshire Hathaway, Inc. Class B (a)		1,631		267,712
Insurance – 5.4%
Arch Capital Group Ltd. (a)		1,033		91,266
Chubb Ltd.		850		111,766
Cincinnati Financial Corp.		1,044		73,685
Everest Re Group Ltd.		400		87,972
Marsh & McLennan Cos., Inc.		1,375		93,527
ProAssurance Corp.		1,370		74,528
RenaissanceRe Holdings Ltd.		630		85,882
The Progressive Corp.		2,470		92,477
				711,103
Mortgage Real Estate Investment Trusts (REITs) – 0.6%
MFA Financial, Inc.		9,440		74,482
TOTAL FINANCIALS				1,572,424
HEALTH CARE – 13.8%
Health Care Equipment & Supplies – 2.0%
Medtronic PLC		2,010		152,800
The Cooper Cos., Inc.		581		107,258
				260,058

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

23 Semiannual Report

Fidelity Low Volatility Factor ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
Health Care Providers & Services – 4.5%
Aetna, Inc.		1,072	$	127,150
Anthem, Inc.		951		146,587
Cardinal Health, Inc.		1,403		105,169
UnitedHealth Group, Inc.		1,280		207,488
				586,394
Pharmaceuticals – 7.3%
Bristol-Myers Squibb Co. Class A		2,343		115,182
Eli Lilly & Co.		1,810		139,424
Johnson & Johnson		2,472		279,954
Merck & Co., Inc.		3,402		210,890
Pfizer, Inc.		6,501		206,277
				951,727
TOTAL HEALTH CARE				1,798,179
INDUSTRIALS – 10.5%
Aerospace & Defense – 3.3%
Lockheed Martin Corp.		476		119,633
Northrop Grumman Corp.		482		110,417
Raytheon Co.		763		109,994
Rockwell Collins, Inc.		1,050		95,298
				435,342
Air Freight & Logistics – 0.8%
CH Robinson Worldwide, Inc.		1,280		97,357
Commercial Services & Supplies – 3.0%
Republic Services, Inc.		1,750		100,415
Rollins, Inc.		3,020		106,485
Stericycle, Inc. (a)		980		75,597
Waste Management, Inc.		1,505		104,598
				387,095
Industrial Conglomerates – 1.1%
3M Co.		824		144,051
Machinery – 0.8%
The Toro Co.		1,860		109,610
Professional Services – 0.7%
Verisk Analytics, Inc. (a)		1,110		91,730
Trading Companies & Distributors – 0.8%
WW Grainger, Inc.		410		103,554
TOTAL INDUSTRIALS				1,368,739
INFORMATION TECHNOLOGY – 21.6%
Electronic Equipment, Instruments & Components – 1.0%
FLIR Systems, Inc.		3,570		126,128
Internet Software & Services – 3.1%
Alphabet, Inc. Class A (a)		486		398,612
IT Services – 8.1%
Amdocs Ltd.		1,950		114,485
Automatic Data Processing, Inc.		1,522		153,707
Fiserv, Inc. (a)		1,180		126,767

	Shares		Value
International Business Machines Corp.		1,210	$	211,169
Jack Henry & Associates, Inc.		1,301		116,804
Paychex, Inc.		2,083		125,584
Visa, Inc. Class A		2,540		210,083
				1,058,599
Semiconductors & Semiconductor Equipment – 1.7%
Intel Corp.		6,015		221,472
Versum Materials, Inc. (a)		153		4,277
				225,749
Software – 7.7%
CDK Global, Inc.		2,000		125,100
Intuit, Inc.		1,160		137,553
Microsoft Corp.		6,653		430,116
Oracle Corp.		4,570		183,303
Synopsys, Inc. (a)		2,110		132,698
				1,008,770
TOTAL INFORMATION TECHNOLOGY				2,817,858
MATERIALS – 3.1%
Chemicals – 2.4%
Air Products & Chemicals, Inc.		313		43,745
Ecolab, Inc.		400		48,052
International Flavors & Fragrances, Inc.		263		30,826
Monsanto Co.		540		58,488
Praxair, Inc.		423		50,100
The Scotts Miracle-Gro Co. Class A		400		36,788
The Sherwin-Williams Co.		144		43,749
				311,748
Containers & Packaging – 0.7%
Aptargroup, Inc.		420		30,647
Bemis Co., Inc.		640		31,181
Sonoco Products Co.		640		35,168
				96,996
TOTAL MATERIALS				408,744
REAL ESTATE – 5.3%
Equity Real Estate Investment Trusts (REITs) – 5.3%
American Campus Communities, Inc.		1,400		68,068
American Tower Corp.		870		90,045
Crown Castle International Corp.		941		82,648
Federal Realty Investment Trust		473		66,423
National Retail Properties, Inc.		1,450		63,220
Public Storage		397		85,355
Realty Income Corp.		1,180		70,363
Simon Property Group, Inc.		510		93,723
Ventas, Inc.		1,170		72,154
TOTAL REAL ESTATE				691,999

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

Semiannual Report 24

Common Stocks – continued
	Shares		Value
TELECOMMUNICATION SERVICES – 2.4%
Diversified Telecommunication Services – 2.4%
AT&T, Inc.		3,963	$	167,080
CenturyLink, Inc.		690		17,843
Verizon Communications, Inc.		2,660		130,367
TOTAL TELECOMMUNICATION SERVICES				315,290
UTILITIES – 3.3%
Electric Utilities – 2.1%
American Electric Power Co., Inc.		650		41,639
Duke Energy Corp.		700		54,978
NextEra Energy, Inc.		470		58,148
PPL Corp.		1,070		37,279
The Southern Co.		1,020		50,419
Xcel Energy, Inc.		870		35,948
				278,411
Multi-Utilities – 1.0%
Consolidated Edison, Inc.		482		35,837

	Shares		Value
Dominion Resources, Inc.		690	$	52,633
DTE Energy Co.		360		35,510
				123,980
Water Utilities – 0.2%
American Water Works Co., Inc.		410		30,111
TOTAL UTILITIES				432,502
TOTAL COMMON STOCKS (Cost $12,821,228)				13,019,153
TOTAL INVESTMENT PORTFOLIO – 99.7% (Cost $12,821,228)				13,019,153
NET OTHER ASSETS (LIABILITIES) – 0.3%				34,968
NET ASSETS – 100%			$	13,054,121

Legend

(a) Non-income producing.

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

25 Semiannual Report

Fidelity Momentum Factor ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares		Value
CONSUMER DISCRETIONARY – 12.9%
Hotels, Restaurants & Leisure – 3.1%
Domino’s Pizza, Inc.		518	$	90,412
McDonald’s Corp.		1,266		155,174
Vail Resorts, Inc.		540		92,631
Yum! Brands, Inc.		1,564		102,489
				440,706
Household Durables – 0.7%
Newell Brands, Inc.		2,003		94,802
Internet & Direct Marketing Retail – 2.0%
Amazon.com, Inc. (a)		358		294,806
Media – 4.3%
Charter Communications, Inc. Class A (a)		464		150,313
Comcast Corp. Class A		2,886		217,662
Liberty Broadband Corp. Class A (a)		1,346		112,633
Time Warner, Inc.		1,424		137,915
				618,523
Specialty Retail – 2.8%
Burlington Stores, Inc. (a)		1,202		100,607
The Home Depot, Inc.		1,469		202,105
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		386		105,100
				407,812
TOTAL CONSUMER DISCRETIONARY				1,856,649
CONSUMER STAPLES – 8.6%
Beverages – 1.1%
PepsiCo, Inc.		1,474		152,972
Food & Staples Retailing – 1.4%
Sysco Corp.		1,540		80,788
Wal-Mart Stores, Inc.		1,808		120,666
				201,454
Food Products – 1.5%
Ingredion, Inc.		495		63,454
The Kraft Heinz Co.		1,056		94,290
Tyson Foods, Inc. Class A		1,016		63,795
				221,539
Household Products – 2.1%
Colgate-Palmolive Co.		1,397		90,219
The Procter & Gamble Co.		2,402		210,415
				300,634
Personal Products – 0.4%
Nu Skin Enterprises, Inc. Class A		1,014		52,606
Tobacco – 2.1%
Altria Group, Inc.		2,150		153,037
Philip Morris International, Inc.		1,600		153,808
				306,845
TOTAL CONSUMER STAPLES				1,236,050

	Shares		Value
ENERGY – 6.8%
Energy Equipment & Services – 1.8%
Halliburton Co.		1,386	$	78,406
Schlumberger Ltd.		1,382		115,687
US Silica Holdings, Inc.		938		55,473
				249,566
Oil, Gas & Consumable Fuels – 5.0%
Chevron Corp.		1,585		176,490
CONSOL Energy, Inc.		2,434		41,232
Exxon Mobil Corp.		3,153		264,505
ONEOK, Inc.		957		52,740
Parsley Energy, Inc. Class A (a)		1,256		44,236
Rice Energy, Inc. (a)		1,873		37,142
Spectra Energy Corp.		1,421		59,185
WPX Energy, Inc. (a)		3,487		48,574
				724,104
TOTAL ENERGY				973,670
FINANCIALS – 13.8%
Banks – 2.2%
JPMorgan Chase & Co.		3,712		314,146
Capital Markets – 4.0%
CME Group, Inc.		1,123		135,973
MarketAxess Holdings, Inc.		651		121,900
MSCI, Inc.		1,236		102,279
Nasdaq, Inc.		1,523		107,432
S&P Global, Inc.		928		111,527
				579,111
Diversified Financial Services – 2.1%
Berkshire Hathaway, Inc. Class B (a)		1,871		307,106
Insurance – 4.1%
Aflac, Inc.		1,618		113,244
Aon PLC		1,039		117,095
Chubb Ltd.		1,048		137,802
Cincinnati Financial Corp.		1,445		101,988
Marsh & McLennan Cos., Inc.		1,797		122,232
				592,361
Mortgage Real Estate Investment Trusts (REITs) – 1.4%
AGNC Investment Corp.		4,963		92,659
Annaly Capital Management, Inc.		9,791		100,064
				192,723
TOTAL FINANCIALS				1,985,447
HEALTH CARE – 12.9%
Health Care Equipment & Supplies – 5.9%
Baxter International, Inc.		2,685		128,638
Boston Scientific Corp. (a)		6,023		144,914
Edwards Lifesciences Corp. (a)		1,379		132,715
IDEXX Laboratories, Inc. (a)		1,113		136,153
Intuitive Surgical, Inc. (a)		189		130,919

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

Semiannual Report 26

Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Health Care Equipment & Supplies – continued
Medtronic PLC		2,255	$	171,425
				844,764
Health Care Providers & Services – 1.6%
UnitedHealth Group, Inc.		1,423		230,668
Pharmaceuticals – 5.4%
Johnson & Johnson		2,739		310,192
Merck & Co., Inc.		3,692		228,867
Pfizer, Inc.		7,637		242,322
				781,381
TOTAL HEALTH CARE				1,856,813
INDUSTRIALS – 9.8%
Aerospace & Defense – 2.7%
HEICO Corp.		1,047		80,566
Lockheed Martin Corp.		443		111,339
Northrop Grumman Corp.		411		94,152
Raytheon Co.		693		99,903
				385,960
Building Products – 0.7%
Johnson Controls International PLC		2,258		99,307
Commercial Services & Supplies – 1.1%
Copart, Inc. (a)		1,355		76,883
Waste Management, Inc.		1,323		91,948
				168,831
Industrial Conglomerates – 3.6%
3M Co.		805		140,730
General Electric Co.		8,184		243,065
Honeywell International, Inc.		1,112		131,572
				515,367
Machinery – 1.2%
Illinois Tool Works, Inc.		796		101,251
Xylem, Inc.		1,541		75,987
				177,238
Professional Services – 0.5%
Equifax, Inc.		621		72,831
TOTAL INDUSTRIALS				1,419,534
INFORMATION TECHNOLOGY – 22.5%
Communications Equipment – 1.5%
Cisco Systems, Inc.		6,802		208,957
Electronic Equipment, Instruments & Components – 2.8%
Coherent, Inc. (a)		957		150,948
Corning, Inc.		5,492		145,483
Dolby Laboratories, Inc. Class A		2,351		112,636
				409,067
Internet Software & Services – 5.1%
Alphabet, Inc. Class A (a)		513		420,757

	Shares		Value
Facebook, Inc. Class A (a)		2,403	$	313,159
				733,916
IT Services – 1.5%
International Business Machines Corp.		1,268		221,291
Semiconductors & Semiconductor Equipment – 6.9%
Advanced Micro Devices, Inc. (a)		16,549		171,613
Applied Materials, Inc.		4,510		154,468
Broadcom Ltd.		877		174,962
Cirrus Logic, Inc. (a)		2,002		120,761
NVIDIA Corp.		1,930		210,717
Texas Instruments, Inc.		2,234		168,756
				1,001,277
Software – 3.7%
Ellie Mae, Inc. (a)		1,082		89,525
Microsoft Corp.		6,859		443,434
				532,959
Technology Hardware, Storage & Peripherals – 1.0%
Hewlett Packard Enterprise Co.		6,017		136,466
TOTAL INFORMATION TECHNOLOGY				3,243,933
MATERIALS – 3.2%
Chemicals – 2.1%
Air Products & Chemicals, Inc.		330		46,121
Albemarle Corp.		374		34,647
EI du Pont de Nemours & Co.		929		70,140
Monsanto Co.		539		58,379
Praxair, Inc.		400		47,376
The Chemours Co.		1,628		43,012
				299,675
Construction Materials – 0.2%
Martin Marietta Materials, Inc.		172		39,491
Metals & Mining – 0.9%
Hecla Mining Co.		4,262		27,447
Newmont Mining Corp.		1,012		36,716
Royal Gold, Inc.		378		27,280
Steel Dynamics, Inc.		1,079		36,481
				127,924
TOTAL MATERIALS				467,090
REAL ESTATE – 3.6%
Equity Real Estate Investment Trusts (REITs) – 3.6%
American Campus Communities, Inc.		455		22,122
American Tower Corp.		433		44,815
Communications Sales & Leasing, Inc. (a)		783		20,577
DCT Industrial Trust, Inc.		478		21,362
Digital Realty Trust, Inc.		300		32,289
Duke Realty Corp.		969		23,576
EPR Properties		316		23,375
Equinix, Inc.		100		38,498
Equity Lifestyle Properties, Inc.		301		22,256
Highwoods Properties, Inc.		453		23,289

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

27 Semiannual Report

Fidelity Momentum Factor ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
National Retail Properties, Inc.		518	$	22,585
Prologis, Inc.		709		34,635
Realty Income Corp.		488		29,099
Senior Housing Properties Trust		1,093		20,822
Simon Property Group, Inc.		302		55,499
Spirit Realty Capital, Inc.		1,947		20,482
Ventas, Inc.		521		32,130
Welltower, Inc.		508		33,680
TOTAL REAL ESTATE				521,091
TELECOMMUNICATION SERVICES – 2.4%
Diversified Telecommunication Services – 2.2%
AT&T, Inc.		4,281		180,487
Verizon Communications, Inc.		2,872		140,757
				321,244
Wireless Telecommunication Services – 0.2%
T-Mobile US, Inc. (a)		409		25,468
TOTAL TELECOMMUNICATION SERVICES				346,712
UTILITIES – 3.2%
Electric Utilities – 1.9%
Duke Energy Corp.		828		65,031
Edison International		642		46,789
NextEra Energy, Inc.		542		67,056
The Southern Co.		1,225		60,552
Westar Energy, Inc.		617		33,744
				273,172
Gas Utilities – 0.2%
UGI Corp.		782		36,261

	Shares		Value
Multi-Utilities – 0.8%
CenterPoint Energy, Inc.		1,607	$	42,119
MDU Resources Group, Inc.		1,291		37,891
SCANA Corp.		518		35,587
				115,597
Water Utilities – 0.3%
American Water Works Co., Inc.		530		38,923
TOTAL UTILITIES				463,953
TOTAL COMMON STOCKS (Cost $13,918,247)				14,370,942
Money Market Funds – 0.1%
Fidelity Cash Central Fund, 0.62% (b) (Cost $17,707)		17,703		17,707
TOTAL INVESTMENT PORTFOLIO – 99.8% (Cost $13,935,954)				14,388,649
NET OTHER ASSETS (LIABILITIES) – 0.2%				26,206
NET ASSETS – 100%			$	14,414,855

Legend

(a) Non-income producing.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$	6

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report 28

Fidelity Quality Factor ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
CONSUMER DISCRETIONARY – 12.7%
Hotels, Restaurants & Leisure – 4.2%
Domino’s Pizza, Inc.		773	$	134,920
Marriott International, Inc. Class A		1,644		139,082
McDonald’s Corp.		1,641		201,137
Starbucks Corp.		3,165		174,771
Yum China Holdings, Inc. (a)		1,543		42,402
Yum! Brands, Inc.		1,556		101,965
				794,277
Internet & Direct Marketing Retail – 1.0%
The Priceline Group, Inc. (a)		120		189,016
Media – 3.5%
Comcast Corp. Class A		3,625		273,397
Sirius XM Holdings, Inc.		27,104		127,931
The Walt Disney Co.		2,377		263,015
				664,343
Specialty Retail – 3.5%
O’Reilly Automotive, Inc. (a)		451		118,284
Ross Stores, Inc.		2,077		137,310
The Home Depot, Inc.		1,829		251,634
The TJX Companies, Inc.		1,872		140,250
				647,478
Textiles, Apparel & Luxury Goods – 0.5%
Michael Kors Holdings Ltd. (a)		2,310		98,891
TOTAL CONSUMER DISCRETIONARY				2,394,005
CONSUMER STAPLES – 8.5%
Beverages – 1.7%
Dr Pepper Snapple Group, Inc.		1,051		95,851
The Coca-Cola Co.		5,232		217,495
				313,346
Food Products – 0.4%
Mead Johnson Nutrition Co.		1,150		81,029
Household Products – 3.8%
Church & Dwight Co., Inc.		1,935		87,501
Colgate-Palmolive Co.		1,906		123,089
Kimberly-Clark Corp.		969		117,375
The Clorox Co.		757		90,840
The Procter & Gamble Co.		3,247		284,437
				703,242
Personal Products – 0.4%
Herbalife Ltd. (a)		1,333		74,915
Tobacco – 2.2%
Altria Group, Inc.		2,930		208,557
Philip Morris International, Inc.		2,182		209,756
				418,313
TOTAL CONSUMER STAPLES				1,590,845

	Shares		Value
ENERGY – 6.6%
Energy Equipment & Services – 2.0%
Baker Hughes, Inc.		1,266	$	79,859
Core Laboratories N.V.		406		47,433
National Oilwell Varco, Inc.		1,610		60,874
Oceaneering International, Inc.		1,596		44,449
Schlumberger Ltd.		1,699		142,223
				374,838
Oil, Gas & Consumable Fuels – 4.6%
Chevron Corp.		2,001		222,811
Exxon Mobil Corp.		3,959		332,121
Kinder Morgan, Inc.		3,619		80,849
Marathon Petroleum Corp.		1,487		71,450
Phillips 66		940		76,723
Valero Energy Corp.		1,190		78,254
				862,208
TOTAL ENERGY				1,237,046
FINANCIALS – 11.7%
Banks – 5.9%
Bank of Hawaii Corp.		1,819		156,270
Bank of the Ozarks, Inc.		3,460		189,850
East West Bancorp, Inc.		3,682		189,402
Signature Bank (a)		1,049		165,239
US Bancorp		4,215		221,920
Western Alliance Bancorp (a)		3,598		177,669
				1,100,350
Capital Markets – 4.9%
CBOE Holdings, Inc.		1,812		144,272
FactSet Research Systems, Inc.		728		125,980
Moody’s Corp.		1,290		133,734
Morgan Stanley		5,521		234,587
S&P Global, Inc.		1,222		146,860
SEI Investments Co.		2,739		132,869
				918,302
Consumer Finance – 0.9%
Synchrony Financial		5,007		179,351
TOTAL FINANCIALS				2,198,003
HEALTH CARE – 13.6%
Biotechnology – 6.6%
AbbVie, Inc.		3,505		214,191
Amgen, Inc.		1,459		228,596
Biogen, Inc. (a)		638		176,879
Celgene Corp. (a)		1,882		218,594
Gilead Sciences, Inc.		2,898		209,960
United Therapeutics Corp. (a)		1,177		192,593
				1,240,813
Health Care Equipment & Supplies – 0.9%
Intuitive Surgical, Inc. (a)		238		164,860

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

29 Semiannual Report

Fidelity Quality Factor ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Life Sciences Tools & Services – 0.9%
Mettler-Toledo International, Inc. (a)		384	$	163,826
Pharmaceuticals – 5.2%
Johnson & Johnson		3,462		392,071
Merck & Co., Inc.		4,795		297,242
Pfizer, Inc.		9,119		289,346
				978,659
TOTAL HEALTH CARE				2,548,158
INDUSTRIALS – 10.6%
Aerospace & Defense – 1.9%
Lockheed Martin Corp.		617		155,070
The Boeing Co.		1,283		209,668
				364,738
Air Freight & Logistics – 0.6%
Expeditors International of Washington, Inc.		2,185		113,795
Airlines – 1.7%
Alaska Air Group, Inc.		1,680		157,618
Delta Air Lines, Inc.		3,450		162,978
				320,596
Commercial Services & Supplies – 0.7%
Rollins, Inc.		3,796		133,847
Electrical Equipment – 0.8%
Rockwell Automation, Inc.		1,000		147,990
Industrial Conglomerates – 2.0%
3M Co.		1,085		189,680
Honeywell International, Inc.		1,523		180,201
				369,881
Machinery – 0.8%
Illinois Tool Works, Inc.		1,155		146,916
Professional Services – 1.1%
The Dun & Bradstreet Corp.		761		93,314
Verisk Analytics, Inc. (a)		1,390		114,869
				208,183
Road & Rail – 1.0%
Union Pacific Corp.		1,810		192,910
TOTAL INDUSTRIALS				1,998,856
INFORMATION TECHNOLOGY – 21.3%
Communications Equipment – 0.7%
F5 Networks, Inc. (a)		981		131,484
Internet Software & Services – 5.3%
Alphabet, Inc. Class A (a)		629		515,899
Facebook, Inc. Class A (a)		2,855		372,064
VeriSign, Inc. (a)		1,430		114,700
				1,002,663
IT Services – 4.1%
Accenture PLC Class A		1,525		173,652

	Shares		Value
Mastercard, Inc. Class A		2,004	$	213,085
Paychex, Inc.		2,214		133,482
Visa, Inc. Class A		3,033		250,860
				771,079
Semiconductors & Semiconductor Equipment – 1.7%
Linear Technology Corp.		2,128		134,340
Texas Instruments, Inc.		2,479		187,264
Versum Materials, Inc. (a)		185		5,171
				326,775
Software – 5.8%
Aspen Technology, Inc. (a)		2,831		150,354
Check Point Software Technologies Ltd. (a)		1,614		159,415
Microsoft Corp.		8,587		555,149
Oracle Corp.		5,378		215,712
				1,080,630
Technology Hardware, Storage & Peripherals – 3.7%
Apple, Inc.		5,664		687,326
TOTAL INFORMATION TECHNOLOGY				3,999,957
MATERIALS – 3.3%
Chemicals – 3.0%
AdvanSix, Inc. (a)		57		1,464
Air Products & Chemicals, Inc.		384		53,668
Celanese Corp. Class A		644		54,354
Ecolab, Inc.		493		59,224
International Flavors & Fragrances, Inc.		310		36,335
LyondellBasell Industries N.V. Class A		733		68,367
Monsanto Co.		680		73,651
Praxair, Inc.		525		62,181
The Dow Chemical Co.		1,568		93,500
The Sherwin-Williams Co.		176		53,470
				556,214
Containers & Packaging – 0.3%
International Paper Co.		1,064		60,223
TOTAL MATERIALS				616,437
REAL ESTATE – 6.1%
Equity Real Estate Investment Trusts (REITs) – 6.1%
AvalonBay Communities, Inc.		774		134,142
Equity Residential		2,114		128,468
Essex Property Trust, Inc.		578		129,645
HCP, Inc.		3,502		106,181
National Retail Properties, Inc.		2,424		105,686
Prologis, Inc.		2,662		130,039
Public Storage		644		138,460
Quality Care Properties, Inc. (a)		700		12,922
Realty Income Corp.		1,943		115,861
Simon Property Group, Inc.		803		147,567
TOTAL REAL ESTATE				1,148,971

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

Semiannual Report 30

Common Stocks – continued
	Shares		Value
TELECOMMUNICATION SERVICES – 2.3%
Diversified Telecommunication Services – 2.3%
AT&T, Inc.		5,517	$	232,597
SBA Communications Corp. (a)		245		25,789
Verizon Communications, Inc.		3,732		182,905
TOTAL TELECOMMUNICATION SERVICES				441,291
UTILITIES – 3.1%
Electric Utilities – 1.1%
IDACORP, Inc.		672		53,773
NextEra Energy, Inc.		783		96,873
OGE Energy Corp.		1,781		59,735
				210,381
Gas Utilities – 0.3%
UGI Corp.		1,232		57,128
Independent Power and Renewable Electricity Producers – 0.3%
AES Corp.		4,592		52,532
Multi-Utilities – 1.4%
Ameren Corp.		1,179		62,074
CenterPoint Energy, Inc.		2,482		65,053
Consolidated Edison, Inc.		902		67,064
WEC Energy Group, Inc.		1,050		62,003
				256,194
TOTAL UTILITIES				576,235
TOTAL COMMON STOCKS (Cost $17,831,401)				18,749,804

Money Market Funds – 0.1%
	Shares		Value
Fidelity Cash Central Fund, 0.62% (b) (Cost $23,505)		23,500	$	23,505
TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $17,854,906)				18,773,309
NET OTHER ASSETS (LIABILITIES) – 0.1%				17,982
NET ASSETS – 100%			$	18,791,291

Legend

(a) Non-income producing.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$	9

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

31 Semiannual Report

Fidelity Value Factor ETF

Investments January 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares		Value
CONSUMER DISCRETIONARY – 12.3%
Automobiles – 1.9%
Ford Motor Co.		13,920	$	172,051
General Motors Co.		5,413		198,170
				370,221
Diversified Consumer Services – 0.6%
H&R Block, Inc.		5,604		120,262
Hotels, Restaurants & Leisure – 2.9%
McDonald’s Corp.		1,823		223,445
Royal Caribbean Cruises Ltd.		1,893		177,242
Wyndham Worldwide Corp.		1,952		154,325
				555,012
Media – 3.3%
The Walt Disney Co.		2,592		286,805
Time Warner, Inc.		2,310		223,723
Viacom, Inc. Class B		3,263		137,503
				648,031
Multiline Retail – 1.4%
Kohl’s Corp.		3,472		138,290
Target Corp.		2,217		142,952
				281,242
Specialty Retail – 1.6%
Bed Bath & Beyond, Inc.		3,103		125,206
Best Buy Co., Inc.		4,079		181,597
				306,803
Textiles, Apparel & Luxury Goods – 0.6%
Michael Kors Holdings Ltd. (a)		2,744		117,471
TOTAL CONSUMER DISCRETIONARY				2,399,042
CONSUMER STAPLES – 8.2%
Beverages – 2.1%
PepsiCo, Inc.		1,897		196,871
The Coca-Cola Co.		4,948		205,688
				402,559
Food & Staples Retailing – 2.0%
CVS Health Corp.		1,667		131,376
The Kroger Co.		3,123		106,057
Wal-Mart Stores, Inc.		2,296		153,235
				390,668
Food Products – 1.4%
Archer-Daniels-Midland Co.		2,228		98,612
Bunge Ltd.		1,277		88,381
Tyson Foods, Inc. Class A		1,276		80,120
				267,113
Household Products – 1.4%
The Procter & Gamble Co.		3,083		270,071
Personal Products – 0.3%
Herbalife Ltd. (a)		1,176		66,091

	Shares		Value
Tobacco – 1.0%
Altria Group, Inc.		2,760	$	196,457
TOTAL CONSUMER STAPLES				1,592,959
ENERGY – 6.4%
Energy Equipment & Services – 1.1%
Baker Hughes, Inc.		1,181		74,498
Schlumberger Ltd.		1,627		136,196
				210,694
Oil, Gas & Consumable Fuels – 5.3%
Chevron Corp.		1,949		217,021
ConocoPhillips		1,974		96,252
Exxon Mobil Corp.		3,868		324,487
HollyFrontier Corp.		1,654		47,916
Kinder Morgan, Inc.		3,445		76,961
Marathon Petroleum Corp.		1,386		66,597
Phillips 66		877		71,581
Tesoro Corp.		616		49,804
Valero Energy Corp.		1,109		72,928
				1,023,547
TOTAL ENERGY				1,234,241
FINANCIALS – 17.4%
Banks – 6.5%
Bank of America Corp.		14,406		326,152
Citigroup, Inc.		4,410		246,210
JPMorgan Chase & Co.		4,349		368,056
Wells Fargo & Co.		5,642		317,814
				1,258,232
Capital Markets – 0.9%
Morgan Stanley		4,284		182,027
Consumer Finance – 3.5%
Ally Financial, Inc.		5,087		107,437
American Express Co.		2,007		153,295
Capital One Financial Corp.		1,726		150,835
Discover Financial Services		1,868		129,415
Synchrony Financial		3,783		135,507
				676,489
Diversified Financial Services – 2.5%
Berkshire Hathaway, Inc. Class B (a)		2,147		352,409
Voya Financial, Inc.		3,333		134,053
				486,462
Insurance – 1.6%
Lincoln National Corp.		2,203		148,724
MetLife, Inc.		3,094		168,345
				317,069
Mortgage Real Estate Investment Trusts (REITs) – 2.4%
AGNC Investment Corp.		4,657		86,946
Annaly Capital Management, Inc.		8,652		88,424
Chimera Investment Corp.		5,362		94,532

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

Semiannual Report 32

Common Stocks – continued
	Shares		Value
FINANCIALS – continued
Mortgage Real Estate Investment Trusts (REITs) – continued
New Residential Investment Corp.		6,342	$	96,081
Starwood Property Trust, Inc.		4,074		90,687
				456,670
TOTAL FINANCIALS				3,376,949
HEALTH CARE – 13.4%
Biotechnology – 3.4%
Amgen, Inc.		1,501		235,177
Gilead Sciences, Inc.		2,999		217,278
United Therapeutics Corp. (a)		1,250		204,537
				656,992
Health Care Providers & Services – 4.9%
Aetna, Inc.		1,591		188,709
Anthem, Inc.		1,416		218,262
Cigna Corp.		1,392		203,538
McKesson Corp.		969		134,836
WellCare Health Plans, Inc. (a)		1,402		204,047
				949,392
Pharmaceuticals – 5.1%
Johnson & Johnson		3,504		396,828
Merck & Co., Inc.		4,921		305,053
Pfizer, Inc.		9,354		296,802
				998,683
TOTAL HEALTH CARE				2,605,067
INDUSTRIALS – 11.7%
Aerospace & Defense – 2.1%
Spirit AeroSystems Holdings, Inc. Class A		2,835		170,242
The Boeing Co.		1,419		231,893
				402,135
Airlines – 3.8%
Delta Air Lines, Inc.		3,963		187,212
JetBlue Airways Corp. (a)		7,368		144,486
Southwest Airlines Co.		3,850		201,394
United Continental Holdings, Inc. (a)		2,932		206,618
				739,710
Construction & Engineering – 0.6%
Chicago Bridge & Iron Co. N.V.		3,713		123,309
Machinery – 2.4%
Cummins, Inc.		1,113		163,622
PACCAR, Inc.		2,408		162,083
Trinity Industries, Inc.		5,410		148,991
				474,696
Professional Services – 0.9%
ManpowerGroup, Inc.		1,843		175,933
Trading Companies & Distributors – 1.9%
AerCap Holdings N.V. (a)		3,530		156,273

	Shares		Value
United Rentals, Inc. (a)		1,652	$	208,994
				365,267
TOTAL INDUSTRIALS				2,281,050
INFORMATION TECHNOLOGY – 20.2%
Communications Equipment – 1.3%
Cisco Systems, Inc.		7,941		243,948
Internet Software & Services – 3.4%
Alphabet, Inc. Class A (a)		623		510,978
eBay, Inc. (a)		4,607		146,641
				657,619
IT Services – 2.7%
Cognizant Technology Solutions Corp. Class A (a)		2,466		129,687
Conduent, Inc. (a)		2,520		37,699
International Business Machines Corp.		1,445		252,181
Teradata Corp. (a)		3,799		111,539
				531,106
Semiconductors & Semiconductor Equipment – 2.2%
Intel Corp.		7,270		267,682
QUALCOMM, Inc.		3,109		166,114
				433,796
Software – 4.7%
Microsoft Corp.		8,527		551,270
Oracle Corp.		5,407		216,875
VMware, Inc. Class A (a)		1,711		149,781
				917,926
Technology Hardware, Storage & Peripherals – 5.9%
Apple, Inc.		5,621		682,108
HP, Inc.		9,567		143,983
Western Digital Corp.		2,842		226,593
Xerox Corp.		12,602		87,332
				1,140,016
TOTAL INFORMATION TECHNOLOGY				3,924,411
MATERIALS – 3.4%
Chemicals – 1.8%
Celanese Corp. Class A		759		64,060
Eastman Chemical Co.		756		58,590
LyondellBasell Industries N.V. Class A		828		77,227
The Dow Chemical Co.		1,694		101,013
The Mosaic Co.		1,834		57,533
				358,423
Containers & Packaging – 0.7%
International Paper Co.		1,232		69,731
WestRock Co.		1,148		61,258
				130,989
Metals & Mining – 0.9%
Newmont Mining Corp.		1,344		48,760
Nucor Corp.		1,036		60,181

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

33 Semiannual Report

Fidelity Value Factor ETF

Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
MATERIALS – continued
Metals & Mining – continued
Steel Dynamics, Inc.		1,764	$	59,641
				168,582
TOTAL MATERIALS				657,994
REAL ESTATE – 1.5%
Equity Real Estate Investment Trusts (REITs) – 1.5%
Equity Residential		1,606		97,596
Host Hotels & Resorts, Inc.		5,572		100,686
Sunstone Hotel Investors, Inc.		6,776		99,743
TOTAL REAL ESTATE				298,025
TELECOMMUNICATION SERVICES – 2.2%
Diversified Telecommunication Services – 2.2%
AT&T, Inc.		5,452		229,856
CenturyLink, Inc.		952		24,619
Verizon Communications, Inc.		3,654		179,083
TOTAL TELECOMMUNICATION SERVICES				433,558
UTILITIES – 3.0%
Electric Utilities – 2.2%
American Electric Power Co., Inc.		996		63,804
Duke Energy Corp.		1,042		81,839
Entergy Corp.		647		46,351
Exelon Corp.		1,862		66,808
FirstEnergy Corp.		1,568		47,542
Great Plains Energy, Inc.		1,498		41,270
NextEra Energy, Inc.		700		86,604
				434,218

	Shares		Value
Independent Power and Renewable Electricity Producers – 0.2%
AES Corp.		3,766	$	43,083
Multi-Utilities – 0.6%
Consolidated Edison, Inc.		759		56,431
Public Service Enterprise Group, Inc.		1,316		58,233
				114,664
TOTAL UTILITIES				591,965
TOTAL COMMON STOCKS (Cost $18,508,506)				19,395,261
Money Market Funds – 0.1%
Fidelity Cash Central Fund, 0.62% (b) (Cost $15,224)		15,221		15,224
TOTAL INVESTMENT PORTFOLIO – 99.8% (Cost $18,523,730)				19,410,485
NET OTHER ASSETS (LIABILITIES) – 0.2%				46,733
NET ASSETS – 100%			$	19,457,218

Legend

(a) Non-income producing.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$	8

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report 34

[THIS PAGE INTENTIONALLY LEFT BLANK]

35 Semiannual Report

Financial Statements

Statements of Assets and Liabilities
January 31, 2017 (Unaudited)
	Fidelity Core Dividend ETF			Fidelity Dividend ETF for Rising Rates			Fidelity Low Volatility Factor ETF		Fidelity Momentum Factor ETF
Assets
Investments in securities, at value (including securities loaned of $1,637,035, $844,791, $— and $—, respectively) – See accompanying schedule:
Unaffiliated issuers	$	32,705,193		$	64,179,394		$	13,019,153	$	14,370,942
Fidelity Central Funds		1,743,343			1,119,628			—		17,707
Total Investments	$	34,448,536		$	65,299,022		$	13,019,153	$	14,388,649
Cash		46,195			553			26,864		11,425
Foreign currency held at value (cost $3,780, $2,042, $— and $—, respectively)		3,862			2,075			—		—
Receivable for fund shares sold		1,316,118			—			—		1,317,913
Dividends receivable		86,505			100,530			11,035		9,701
Distributions receivable from Fidelity Central Funds		758			164			—		—
Total assets		35,901,974			65,402,344			13,057,052		15,727,688
Liabilities
Payable for investments purchased		1,301,533			85,144			—		1,309,975
Accrued management fees		7,530			14,297			2,931		2,858
Collateral on securities loaned, at value		1,689,750			860,575			—		—
Total liabilities		2,998,813			960,016			2,931		1,312,833
Net Assets	$	32,903,161		$	64,442,328		$	13,054,121	$	14,414,855
Net Assets consist of:
Paid in capital	$	32,185,148		$	62,679,546		$	12,843,563	$	14,034,020
Undistributed net investment income		88,589			91,262			8,198		10,191
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(8,704	)		(3,244	)		4,435		(82,051	)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		638,128			1,674,764			197,925		452,695
Net Assets	$	32,903,161		$	64,442,328		$	13,054,121	$	14,414,855
Shares outstanding		1,250,000			2,400,000			500,000		550,000
Net Asset Value, offering price and redemption price per share	$	26.32		$	26.85		$	26.11	$	26.21
Investments at cost – Unaffiliated issuers	$	32,067,277		$	62,504,773		$	12,821,228	$	13,918,247
Investments at cost – Fidelity Central Funds		1,743,230			1,119,585			—		17,707
Investments at cost	$	33,810,507		$	63,624,358		$	12,821,228	$	13,935,954

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

Semiannual Report 36

Statements of Assets and Liabilities
January 31, 2017 (Unaudited)
	Fidelity Quality Factor ETF			Fidelity Value Factor ETF
Assets
Investments in securities, at value – See accompanying schedule:
Unaffiliated issuers	$	18,749,804		$	19,395,261
Fidelity Central Funds		23,505			15,224
Total Investments	$	18,773,309		$	19,410,485
Cash		3,860			31,739
Receivable for fund shares sold		—			1,389,801
Dividends receivable		18,646			12,331
Total assets		18,795,815			20,844,356
Liabilities
Payable for investments purchased		—			1,383,214
Accrued management fees		4,524			3,924
Total liabilities		4,524			1,387,138
Net Assets	$	18,791,291		$	19,457,218
Net Assets consist of:
Paid in capital	$	17,856,740		$	18,558,949
Undistributed net investment income		16,796			12,518
Accumulated undistributed net realized gain (loss) on investments		(648	)		(1,004	)
Net unrealized appreciation (depreciation) on investments		918,403			886,755
Net Assets	$	18,791,291		$	19,457,218
Shares outstanding		700,000			700,000
Net Asset Value, offering price and redemption price per share	$	26.84		$	27.80
Investments at cost – Unaffiliated issuers	$	17,831,401		$	18,508,506
Investments at cost – Fidelity Central Funds		23,505			15,224
Investments at cost	$	17,854,906		$	18,523,730

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

37 Semiannual Report

Financial Statements – continued

Statements of Operations
For the period September 12, 2016 (commencement of operations) to January 31, 2017 (Unaudited)
	Fidelity Core Dividend ETF			Fidelity Dividend ETF for Rising Rates			Fidelity Low Volatility Factor ETF		Fidelity Momentum Factor ETF
Investment Income
Dividends	$	373,365		$	419,436		$	60,484	$	65,388
Income from Fidelity Central Funds		2,211			409			—		6
Total income		375,576			419,845			60,484		65,394
Expenses
Management fees		26,585			38,589			8,300		9,160
Independent trustees’ compensation		120			162			36		43
Miscellaneous		32			32			—		—
Total expenses		26,737			38,783			8,336		9,203
Net investment income (loss)		348,839			381,062			52,148		56,191
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(8,075	)		(3,202	)		4,435		(82,051	)
Net realized gain (loss) on Fidelity Central Funds		3			12			—		—
Net realized gain (loss) on foreign currency transactions		(632	)		(54	)		—		—
Total net realized gain (loss)		(8,704	)		(3,244	)		4,435		(82,051	)
Change in net unrealized appreciation (depreciation) on investment securities		638,029			1,674,664			197,925		452,695
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies		99			100			—		—
Total change in net unrealized appreciation (depreciation)		638,128			1,674,764			197,925		452,695
Net gain (loss)		629,424			1,671,520			202,360		370,644
Net increase (decrease) in net assets resulting from operations	$	978,263		$	2,052,582		$	254,508	$	426,835

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

Semiannual Report 38

Statements of Operations
For the period September 12, 2016 (commencement of operations) to January 31, 2017 (Unaudited)
	Fidelity Quality Factor ETF			Fidelity Value Factor ETF
Investment Income
Dividends	$	91,375		$	85,695
Income from Fidelity Central Funds		9			8
Total income		91,384			85,703
Expenses
Management fees		12,929			11,135
Independent trustees’ compensation		59			50
Total expenses		12,988			11,185
Net investment income (loss)		78,396			74,518
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(648	)		(1,004	)
Change in net unrealized appreciation (depreciation) on investment securities		918,403			886,755
Net gain (loss)		917,755			885,751
Net increase (decrease) in net assets resulting from operations	$	996,151		$	960,269

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

39 Semiannual Report

Financial Statements – continued

Statements of Changes in Net Assets
For the period September 12, 2016 (commencement of operations) to January 31, 2017 (Unaudited)
	Fidelity Core Dividend ETF			Fidelity Dividend ETF for Rising Rates			Fidelity Low Volatility Factor ETF			Fidelity Momentum Factor ETF
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	348,839		$	381,062		$	52,148		$	56,191
Net realized gain (loss)		(8,704	)		(3,244	)		4,435			(82,051	)
Change in net unrealized appreciation (depreciation)		638,128			1,674,764			197,925			452,695
Net increase (decrease) in net assets resulting from operations		978,263			2,052,582			254,508			426,835
Distributions to shareholders from net investment income		(260,250	)		(289,800	)		(43,950	)		(46,000	)
Share transactions
Proceeds from sales of shares		32,185,148			62,679,546			12,843,563			14,034,020
Net increase (decrease) in net assets resulting from share transactions		32,185,148			62,679,546			12,843,563			14,034,020
Total increase (decrease) in net assets		32,903,161			64,442,328			13,054,121			14,414,855
Net Assets
Beginning of period		—			—			—			—
End of period	$	32,903,161		$	64,442,328		$	13,054,121		$	14,414,855
Undistributed net investment income included in net assets at end of period	$	88,589		$	91,262		$	8,198		$	10,191
Other Information
Shares
Sold		1,250,000			2,400,000			500,000			550,000
Redeemed		—			—			—			—
Net increase (decrease)		1,250,000			2,400,000			500,000			550,000

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

Semiannual Report 40

Statements of Changes in Net Assets
For the period September 12, 2016 (commencement of operations) to January 31, 2017 (Unaudited)
	Fidelity Quality Factor ETF			Fidelity Value Factor ETF
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	78,396		$	74,518
Net realized gain (loss)		(648	)		(1,004	)
Change in net unrealized appreciation (depreciation)		918,403			886,755
Net increase (decrease) in net assets resulting from operations		996,151			960,269
Distributions to shareholders from net investment income		(61,600	)		(62,000	)
Share transactions
Proceeds from sales of shares		17,856,740			18,558,949
Net increase (decrease) in net assets resulting from share transactions		17,856,740			18,558,949
Total increase (decrease) in net assets		18,791,291			19,457,218
Net Assets
Beginning of period		—			—
End of period	$	18,791,291		$	19,457,218
Undistributed net investment income included in net assets at end of period	$	16,796		$	12,518
Other Information
Shares
Sold		700,000			700,000
Redeemed		—			—
Net increase (decrease)		700,000			700,000

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

41 Semiannual Report

Financial Statements – continued

Financial Highlights
(Unaudited)	Fidelity Core Dividend ETF			Fidelity Dividend ETF for Rising Rates			Fidelity Low Volatility Factor ETF			Fidelity Momentum Factor ETF
Period ended January 31,	2017A			2017A			2017A			2017A
Selected Per-Share Data
Net asset value, beginning of period	$	25.32		$	25.34		$	25.31		$	25.34
Income from Investment Operations
Net investment income (loss)B		0.38			0.29			0.18			0.18
Net realized and unrealized gain (loss)		0.89			1.38			0.76			0.81
Total from investment operations		1.27			1.67			0.94			0.99
Distributions from net investment income		(0.27	)		(0.16	)		(0.14	)		(0.12	)
Total distributions		(0.27	)		(0.16	)		(0.14	)		(0.12	)
Net asset value, end of period	$	26.32		$	26.85		$	26.11		$	26.21
Total ReturnC		5.03	%		6.60	%		3.72	%		3.90	%
Ratios to Average Net AssetsD,E
Expenses before reductions		.29	%		.29	%		.29	%		.29	%
Expenses net of fee waivers, if any		.29	%		.29	%		.29	%		.29	%
Expenses net of all reductions		.29	%		.29	%		.29	%		.29	%
Net investment income (loss)		3.80	%		2.87	%		1.83	%		1.78	%
Supplemental Data
Net assets, end of period (000 omitted)	$	32,903		$	64,442		$	13,054		$	14,415
Portfolio turnover rateF,G,H		1	%		0	%		0	%		35	%

^A  For the period September 12, 2016 (commencement of operations) to January 31, 2017.

^B  Calculated based on average shares outstanding during the period.

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

^D  Annualized.

^E  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.

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

^G  Amount not annualized.

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

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

Semiannual Report 42

Financial Highlights
(Unaudited)	Fidelity Quality Factor ETF			Fidelity Value Factor ETF
Period ended January 31,	2017A			2017A
Selected Per-Share Data
Net asset value, beginning of period	$	25.37		$	25.37
Income from Investment Operations
Net investment income (loss)B		0.18			0.20
Net realized and unrealized gain (loss)		1.40			2.35
Total from investment operations		1.58			2.55
Distributions from net investment income		(0.11	)		(0.12	)
Total distributions		(0.11	)		(0.12	)
Net asset value, end of period	$	26.84		$	27.80
Total ReturnC		6.24	%		10.07	%
Ratios to Average Net AssetsD,E
Expenses before reductions		.29	%		.29	%
Expenses net of fee waivers, if any		.29	%		.29	%
Expenses net of all reductions		.29	%		.29	%
Net investment income (loss)		1.76	%		1.94	%
Supplemental Data
Net assets, end of period (000 omitted)	$	18,791		$	19,457
Portfolio turnover rateF,G,H		1	%		1	%

^A  For the period September 12, 2016 (commencement of operations) to January 31, 2017.

^B  Calculated based on average shares outstanding during the period.

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

^D  Annualized.

^E  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.

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

^G  Amount not annualized.

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

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

43 Semiannual Report

Notes to Financial Statements

For the period ended January 31, 2017 (Unaudited)

1. Organization.

Fidelity Core Dividend ETF, Fidelity Dividend ETF for Rising Rates, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF and Fidelity Value Factor ETF (the Funds) are 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. Investments in Fidelity Central Funds.

The Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. Each Fund’s Schedule of Investments lists each of the Fidelity Central Funds held as of year end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management Inc. (FIMM) an affiliate of Fidelity Management & Research Company (FMR). Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Funds’ Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. 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, including Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Semiannual Report 44

3. Significant Accounting Policies – continued

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 January 31, 2017, is included at the end of each applicable Fund’s Schedule of Investments.

Foreign Currency. The Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of NYSE Arca, normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Underlying Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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 U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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 Core Dividend ETF	$	33,819,361	$	1,463,626	$	(834,451	)	$	629,175
Fidelity Dividend ETF for Rising Rates		63,627,754		2,694,205		(1,022,937	)		1,671,268
Fidelity Low Volatility Factor ETF		12,821,461		362,793		(165,101	)		197,692
Fidelity Momentum Factor ETF		13,936,894		562,802		(111,047	)		451,755
Fidelity Quality Factor ETF		17,856,541		1,040,470		(123,702	)		916,768
Fidelity Value Factor ETF		18,524,639		1,080,110		(194,264	)		885,846

45 Semiannual Report

Notes to Financial Statements – continued

4. 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 Core Dividend ETF	$	1,372,181	$	243,381
Fidelity Dividend ETF for Rising Rates		634,561		118,217
Fidelity Low Volatility Factor ETF		56,487		24,435
Fidelity Momentum Factor ETF		3,045,074		3,002,447
Fidelity Quality Factor ETF		160,561		80,429
Fidelity Value Factor ETF		83,569		55,287

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

	In-kind Subscriptions		In-kind Redemptions
Fidelity Core Dividend ETF	$	30,945,169	$	—
Fidelity Dividend ETF for Rising Rates		61,990,033		—
Fidelity Low Volatility Factor ETF		12,784,741		—
Fidelity Momentum Factor ETF		13,957,672		—
Fidelity Quality Factor ETF		17,751,917		—
Fidelity Value Factor ETF		18,481,228		—

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR Co., Inc. (FMRC), an affiliate of FMR, 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 .29% of each Fund’s average net assets. Under the management contract, FMRC pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to FMRC is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the Adviser for providing these services.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund’s accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Interfund Trades. The Funds may purchase from or sell securities to other funds affiliated with the sub-adviser under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Security Lending.

Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities at period end is disclosed on each applicable Fund’s Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented on each applicable Fund’s Statement of Operations as a component of income from Fidelity Central Funds. Security lending activity was as follows:

	Total Security Lending Income
Fidelity Core Dividend ETF	$	2,149
Fidelity Dividend ETF for Rising Rates		340

Semiannual Report 46

7. 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.

8. 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.

47 Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Core Dividend ETF

Fidelity Dividend ETF for Rising Rates

Fidelity Low Volatility Factor ETF

Fidelity Momentum Factor ETF

Fidelity Quality Factor ETF

Fidelity Value Factor ETF

On July 27, 2016, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with FMR Co., Inc. (FMRC) and the sub-advisory agreement with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts) for each 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 staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds’ investment objectives, strategies, and related investment philosophies.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity’s and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and Geode’s approach to recruiting, training, managing, and compensating investment personnel. The Board also considered the due diligence on Geode performed by Fidelity, which formed the basis for Fidelity’s recommendation that the Board approve the sub-advisory agreement with Geode. Additionally, in its deliberations, the Board considered Fidelity’s and Geode’s trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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 FMRC and Geode (the Investment Advisers), and FMRC’s affiliates and a third party service provider under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping and securities lending services for each fund. The Board also considered the nature and extent of the 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. Each 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 Geode’s experience in managing Fidelity’s existing equity index and enhanced index mutual funds.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund’s proposed management fee and projected total expense ratio in reviewing the Advisory Contracts, and the fact that the management contract provides that FMRC 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 each 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 each fund is below the median of those funds and classes used by the Board for management fee comparisons.

Based on its review, the Board concluded that each 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. Each fund is 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 each fund’s Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each 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 each fund and especially shareholders that hold their shares through a Fidelity brokerage account, 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 concluded that the advisory fee structures are fair and reasonable, and that each fund’s Advisory Contracts should be approved.

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51 Semiannual Report

Investment Adviser

FMR Co., Inc.

Boston, MA

Investment Sub-Advisers

Geode Capital Management, LLC

Boston, MA

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

CPF-SANN-0317                         792756.1.0 1.9881295.100	Corporate Headquarters 245 Summer St., Boston, MA 02210 www.fidelity.com

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

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 Fidelity Covington 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 Fidelity Covington Trust’s (the “Trust”) 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)	Not applicable.
(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:	March 27, 2017

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:	March 27, 2017
By:	/s/ Howard J. Galligan III
	Howard J. Galligan III
	Chief Financial Officer
Date:	March 27, 2017