Fidelity Covington Trust

N-CSRS 1 d530497dncsrs.htm FIDELITY COVINGTON TRUST Fidelity Covington Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07319

Fidelity Covington Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, 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, 2018

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 Telecommunications Services Index ETF

Fidelity MSCI Utilities Index ETF

Semiannual Report

January 31, 2018

LOGO

Contents



Performance and Investment Summary			3

Investments			14

Financial Statements			54

Notes			77

Shareholder Expense Example			81

Board Approval of Investment Advisory Contracts and Management Fees			83

Proxy Voting Results			93

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

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

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

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

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.


*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 annnual 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, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Consumer Discretionary Index ETF – NAV^A		28.18%		14.34%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price^B		28.30%		14.13%
MSCI USA IMI Consumer Discretionary Index^A		28.31%		14.48%
S&P 500 Index^A		26.41%		14.24%

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, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Consumer Discretionary Index ETF – NAV^A		22.78%		12.46%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price^B		22.96%		12.25%
MSCI USA IMI Consumer Discretionary Index^A		22.90%		12.61%
S&P 500 Index^A		21.83%		13.04%

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.

^B	From October 24, 2013, date initially listed on the NYSE ARCA exchange.

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

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, 2018
	% of fund’s net assets
Amazon.com, Inc.		15.7
The Home Depot, Inc.		6.3
Comcast Corp. Class A		5.3
The Walt Disney Co.		4.4
McDonald’s Corp.		3.7
Netflix, Inc.		3.1
The Priceline Group, Inc.		2.5
NIKE, Inc. Class B		2.3
Lowe’s Companies, Inc.		2.3
Starbucks Corp.		2.2

		47.8


Industries as of January 31, 2018

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*	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 annnual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Consumer Staples Index ETF – NAV^A		12.89%		10.81%
Fidelity MSCI Consumer Staples Index ETF – Market Price^B		13.00%		10.50%
MSCI USA IMI Consumer Staples Index^A		13.03%		10.97%
S&P 500 Index^A		26.41%		14.24%

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, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Consumer Staples Index ETF – NAV^A		12.51%		10.59%
Fidelity MSCI Consumer Staples Index ETF – Market Price^B		12.71%		10.30%
MSCI USA IMI Consumer Staples Index^A		12.65%		10.76%
S&P 500 Index^A		21.83%		13.04%

^A	From October 21, 2013.

^B	From October 24, 2013, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
The Procter & Gamble Co.		10.7
The Coca-Cola Co.		9.3
PepsiCo, Inc.		8.3
Philip Morris International, Inc.		8.1
Wal-Mart Stores, Inc.		7.7
Altria Group, Inc.		4.8
Costco Wholesale Corp.		4.1
CVS Health Corp.		3.9
Walgreens Boots Alliance, Inc.		3.3
Mondelez International, Inc. Class A		3.3

		63.5


Industries as of January 31, 2018

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*	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 annnual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Energy Index ETF – NAV^A		4.16%		-2.00%
Fidelity MSCI Energy Index ETF – Market Price^B		4.10%		-1.95%
MSCI USA IMI Energy Index^A		4.25%		-1.89%
S&P 500 Index^A		26.41%		14.24%

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, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Energy Index ETF – NAV^A		-2.43%		-2.77%
Fidelity MSCI Energy Index ETF – Market Price^B		-2.31%		-2.69%
MSCI USA IMI Energy Index^A		-2.35%		-2.66%
S&P 500 Index^A		21.83%		13.04%

^A	From October 21, 2013.

^B	From October 24, 2013, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
Exxon Mobil Corp.		22.4
Chevron Corp.		14.4
Schlumberger Ltd.		6.2
ConocoPhillips		4.3
EOG Resources, Inc.		4.0
Occidental Petroleum Corp.		3.5
Halliburton Co.		2.8
Phillips 66		2.7
Valero Energy Corp.		2.6
Kinder Morgan, Inc.		2.2

		65.1


Industries as of January 31, 2018

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		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 annnual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Financials Index ETF – NAV^A		26.53%		15.78%
Fidelity MSCI Financials Index ETF – Market Price^B		26.59%		15.90%
MSCI USA IMI Financials Index^A		26.71%		15.92%
S&P 500 Index^A		26.41%		14.24%

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, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Financials Index ETF – NAV^A		19.98%		14.59%
Fidelity MSCI Financials Index ETF – Market Price^B		19.98%		14.72%
MSCI USA IMI Financials Index^A		20.13%		14.73%
S&P 500 Index^A		21.83%		13.04%

^A	From October 21, 2013.

^B	From October 24, 2013, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
JPMorgan Chase & Co.		9.4
Bank of America Corp.		7.4
Wells Fargo & Co.		7.2
Berkshire Hathaway, Inc. Class B		6.3
Citigroup, Inc.		5.0
The Goldman Sachs Group, Inc.		2.3
US Bancorp		2.2
Morgan Stanley		1.8
The PNC Financial Services Group, Inc.		1.8
American Express Co.		1.7

		45.1


Industries as of January 31, 2018

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*	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 annnual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Health Care Index ETF – NAV^A		28.13%		14.98%
Fidelity MSCI Health Care Index ETF – Market Price^B		28.30%		14.78%
MSCI USA IMI Health Care Index^A		28.31%		15.13%
S&P 500 Index^A		26.41%		14.24%

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, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Health Care Index ETF – NAV^A		23.31%		13.52%
Fidelity MSCI Health Care Index ETF – Market Price^B		23.34%		13.31%
MSCI USA IMI Health Care Index^A		23.46%		13.65%
S&P 500 Index^A		21.83%		13.04%

^A	From October 21, 2013.

^B	From October 24, 2013, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
Johnson & Johnson		9.5
UnitedHealth Group, Inc.		5.9
Pfizer, Inc.		5.6
AbbVie, Inc.		4.6
Merck & Co., Inc.		4.1
Amgen, Inc.		3.5
Medtronic PLC		3.0
Gilead Sciences, Inc.		2.8
Abbott Laboratories		2.8
Bristol-Myers Squibb Co.		2.6

		44.4


Industries as of January 31, 2018

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*	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 annnual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Industrials Index ETF – NAV^A		26.03%		13.70%
Fidelity MSCI Industrials Index ETF – Market Price^B		26.21%		13.46%
MSCI USA IMI Industrials Index^A		26.18%		13.84%
S&P 500 Index^A		26.41%		14.24%

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, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Industrials Index ETF – NAV^A		22.10%		12.69%
Fidelity MSCI Industrials Index ETF – Market Price^B		22.21%		12.44%
MSCI USA IMI Industrials Index^A		22.24%		12.83%
S&P 500 Index^A		21.83%		13.04%

^A	From October 21, 2013.

^B	From October 24, 2013, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
The Boeing Co.		6.5
3M Co.		4.9
General Electric Co.		4.6
Honeywell International, Inc.		3.8
Union Pacific Corp.		3.5
United Technologies Corp.		3.4
Caterpillar, Inc.		3.1
Lockheed Martin Corp.		3.0
United Parcel Service, Inc. Class B		2.8
FedEx Corp.		2.2

		37.8


Industries as of January 31, 2018

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*	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 annnual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Information Technology Index ETF – NAV^A		41.22%		20.78%
Fidelity MSCI Information Technology Index ETF – Market Price^B		41.26%		20.96%
MSCI USA IMI Information Technology Index^A		41.39%		20.90%
S&P 500 Index^A		26.41%		14.24%

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, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Information Technology Index ETF – NAV^A		37.08%		19.16%
Fidelity MSCI Information Technology Index ETF – Market Price^B		36.83%		19.34%
MSCI USA IMI Information Technology Index^A		37.24%		19.28%
S&P 500 Index^A		21.83%		13.04%

^A	From October 21, 2013.

^B	From October 24, 2013, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
Apple, Inc.		12.8
Microsoft Corp.		10.3
Facebook, Inc. Class A		6.5
Alphabet, Inc. Class C		5.4
Alphabet, Inc. Class A		5.2
Visa, Inc. Class A		3.3
Intel Corp.		3.3
Cisco Systems, Inc.		3.1
Oracle Corp.		2.4
Mastercard, Inc. Class A		2.3

		54.6


Industries as of January 31, 2018

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*	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 annnual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Materials Index ETF – NAV^A		22.26%		11.11%
Fidelity MSCI Materials Index ETF – Market Price^B		22.28%		10.84%
MSCI USA IMI Materials Index^A		22.21%		11.17%
S&P 500 Index^A		26.41%		14.24%

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, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Materials Index ETF – NAV^A		23.41%		10.40%
Fidelity MSCI Materials Index ETF – Market Price^B		23.50%		10.11%
MSCI USA IMI Materials Index^A		23.37%		10.45%
S&P 500 Index^A		21.83%		13.04%

^A	From October 21, 2013.

^B	From October 24, 2013, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
DowDuPont, Inc.		18.0
Monsanto Co.		5.5
Praxair, Inc.		4.7
LyondellBasell Industries N.V. Class A		4.1
Air Products & Chemicals, Inc.		3.7
Ecolab, Inc.		3.7
The Sherwin-Williams Co.		3.6
PPG Industries, Inc.		3.1
Freeport-McMoRan, Inc.		2.7
International Paper Co.		2.5

		51.6


Industries as of January 31, 2018

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*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 annnual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Real Estate Index ETF – NAV^A		5.90%		3.38%
Fidelity MSCI Real Estate Index ETF – Market Price^B		5.68%		2.78%
MSCI USA IMI Real Estate Index^A		5.98%		3.42%
S&P 500 Index^A		26.41%		14.18%

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, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Real Estate Index ETF – NAV^A		8.92%		4.46%
Fidelity MSCI Real Estate Index ETF – Market Price^B		8.85%		3.93%
MSCI USA IMI Real Estate Index^A		9.04%		4.51%
S&P 500 Index^A		21.83%		12.45%

^A	From February 2, 2015.

^B	From February 5, 2015, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
American Tower Corp.		6.1
Simon Property Group, Inc.		4.9
Crown Castle International Corp.		4.4
Equinix, Inc.		3.4
Prologis, Inc.		3.3
Public Storage		3.0
Weyerhaeuser Co.		2.7
AvalonBay Communities, Inc.		2.3
Digital Realty Trust, Inc.		2.2
Equity Residential		2.2

		34.5


Industries as of January 31, 2018

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		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 annnual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Telecommunication Services Index ETF – NAV^A		4.50%		9.02%
Fidelity MSCI Telecommunication Services Index ETF – Market Price^B		4.72%		9.05%
MSCI USA IMI Telecommunication Services Index^A		4.60%		9.07%
S&P 500 Index^A		26.41%		14.24%

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, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Telecommunication Services Index ETF – NAV^A		3.59%		8.88%
Fidelity MSCI Telecommunication Services Index ETF – Market Price^B		3.65%		8.89%
MSCI USA IMI Telecommunication Services Index^A		3.73%		8.92%
S&P 500 Index^A		21.83%		13.04%

^A	From October 21, 2013.

^B	From October 24, 2013, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
Verizon Communications, Inc.		24.7
AT&T, Inc.		23.1
CenturyLink, Inc.		4.7
T-Mobile US, Inc.		4.6
Zayo Group Holdings, Inc.		3.1
Vonage Holdings Corp.		3.0
Straight Path Communications, Inc.		2.5
General Communication, Inc. Class A		2.4
Boingo Wireless, Inc.		2.4
Sprint Corp.		2.3

		72.8


Industries as of January 31, 2018

LOGO


*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 annnual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Utilities Index ETF – NAV^A		7.42%		10.74%
Fidelity MSCI Utilities Index ETF – Market Price^B		7.46%		10.51%
MSCI USA IMI Utilities Index^A		7.60%		10.90%
S&P 500 Index^A		26.41%		14.24%

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, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Utilities Index ETF – NAV^A		12.33%		11.83%
Fidelity MSCI Utilities Index ETF – Market Price^B		12.51%		11.62%
MSCI USA IMI Utilities Index^A		12.48%		11.99%
S&P 500 Index^A		21.83%		13.04%

^A	From October 21, 2013.

^B	From October 24, 2013, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
NextEra Energy, Inc.		9.4
Duke Energy Corp.		7.0
Dominion Energy, Inc.		6.2
The Southern Co.		5.7
Exelon Corp.		4.7
American Electric Power Co., Inc.		4.3
Public Service Enterprise Group, Inc.		3.3
Sempra Energy		3.2
Consolidated Edison, Inc.		3.2
Xcel Energy, Inc.		2.9

		49.9


Industries as of January 31, 2018

LOGO


		13		*Semiannual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
AUTO COMPONENTS – 3.2%
Auto Parts & Equipment – 2.9%
Adient PLC		11,951	$	774,425
American Axle & Manufacturing Holdings, Inc. (a)		12,734		224,755
Aptiv PLC		33,967		3,222,789
Autoliv, Inc.		11,076		1,685,878
BorgWarner, Inc.		26,922		1,514,632
Cooper-Standard Holding, Inc. (a)		2,278		283,816
Dana, Inc.		18,410		607,346
Delphi Technologies PLC		11,306		624,430
Dorman Products, Inc. (a)		3,893		293,688
Fox Factory Holding Corp. (a)		4,502		172,652
Gentex Corp.		36,399		861,928
Gentherm, Inc. (a)		4,750		152,000
LCI Industries		3,175		350,044
Lear Corp.		8,670		1,674,524
Modine Manufacturing Co. (a)		6,411		149,697
Motorcar Parts of America, Inc. (a)		2,333		63,504
Standard Motor Products, Inc.		2,663		127,558
Stoneridge, Inc. (a)		3,416		83,145
Superior Industries International, Inc.		2,959		49,859
Tenneco, Inc.		6,780		393,308
Tower International, Inc.		2,556		77,191
Visteon Corp. (a)		4,005		520,970

				13,908,139

Tires & Rubber – 0.3%
Cooper Tire & Rubber Co.		6,651		260,054
The Goodyear Tire & Rubber Co.		32,024		1,115,076

				1,375,130


TOTAL AUTO COMPONENTS				15,283,269


AUTOMOBILES – 4.3%
Automobile Manufacturers – 4.1%
Ford Motor Co.		471,864		5,176,348
General Motors Co.		166,931		7,079,544
Tesla Motors, Inc. (a)		16,997		6,022,207
Thor Industries, Inc.		6,727		919,312
Winnebago Industries, Inc.		3,844		174,710

				19,372,121

Motorcycle Manufacturers – 0.2%
Harley-Davidson, Inc.		21,729		1,052,987


TOTAL AUTOMOBILES				20,425,108


DISTRIBUTORS – 0.9%
Distributors – 0.9%
Core-Mark Holding Co., Inc.		5,956		131,568
Genuine Parts Co.		18,701		1,946,213
LKQ Corp. (a)		39,289		1,651,317
Pool Corp.		5,240		708,657


TOTAL DISTRIBUTORS				4,437,755



	Shares		Value
DIVERSIFIED CONSUMER SERVICES – 1.2%
Education Services – 0.6%
Adtalem Global Education, Inc.		7,481	$	344,126
American Public Education, Inc. (a)		2,071		52,603
Bright Horizons Family Solutions, Inc. (a)		7,050		692,310
Capella Education Co.		1,531		121,791
Career Education Corp. (a)		8,434		104,582
Chegg, Inc. (a)		11,566		200,323
Graham Holdings Co. Class B		606		360,237
Grand Canyon Education, Inc. (a)		5,839		542,969
Houghton Mifflin Harcourt Co. (a)		13,566		113,954
K12, Inc. (a)		4,592		79,671
Laureate Education, Inc. Class A (a)		4,261		61,358
Strayer Education, Inc.		1,345		124,386

				2,798,310

Specialized Consumer Services – 0.6%
Carriage Services, Inc.		2,002		53,313
H&R Block, Inc.		26,587		705,619
Regis Corp. (a)		4,539		72,261
Service Corp. International		23,832		952,565
ServiceMaster Global Holdings, Inc. (a)		17,000		896,240
Sotheby’s (a)		4,735		249,819
Weight Watchers International, Inc. (a)		3,707		238,323

				3,168,140


TOTAL DIVERSIFIED CONSUMER SERVICES				5,966,450


HOTELS, RESTAURANTS & LEISURE – 15.6%
Casinos & Gaming – 2.1%
Boyd Gaming Corp.		10,673		421,263
Caesars Entertainment Corp. (a)		18,148		253,165
Churchill Downs, Inc.		1,667		431,753
Eldorado Resorts, Inc. (a)		6,345		219,220
Golden Entertainment, Inc.		2,353		73,696
Las Vegas Sands Corp.		50,350		3,903,132
MGM Resorts International		58,550		2,134,147
Monarch Casino & Resort Inc. (a)		1,419		64,650
Penn National Gaming, Inc. (a)		7,163		228,571
Pinnacle Entertainment, Inc. (a)		6,962		224,803
Red Rock Resorts, Inc. Class A		8,662		300,831
Scientific Games Corp. Class A (a)		6,770		315,820
Wynn Resorts Ltd.		10,440		1,728,760

				10,299,811

Hotels, Resorts & Cruise Lines – 4.2%
BBX Capital Corp.		8,639		78,701
Belmond Ltd. Class A (a)		11,112		143,345
Carnival Corp.		44,356		3,176,333
Choice Hotels International, Inc.		4,696		385,776
Extended Stay America, Inc.		24,542		496,485
Hilton Grand Vacations, Inc. (a)		9,506		427,485
Hilton Worldwide Holdings, Inc.		24,747		2,119,581
ILG, Inc.		14,303		449,257

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


*Semiannual Report*		14


Common Stocks – continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE – continued
Hotels, Resorts & Cruise Lines – continued
La Quinta Holdings, Inc. (a)		10,455	$	208,368
Lindblad Expeditions Holdings, Inc. (a)		2,891		26,800
Marcus Corp.		2,268		58,968
Marriott International, Inc. Class A		40,325		5,941,486
Marriott Vacations Worldwide Corp.		2,942		448,155
Norwegian Cruise Line Holdings Ltd. (a)		23,287		1,414,452
Playa Hotels & Resorts N.V.		7,718		79,958
Royal Caribbean Cruises Ltd.		21,933		2,929,152
Wyndham Worldwide Corp.		13,102		1,626,351

				20,010,653

Leisure Facilities – 0.5%
International Speedway Corp. Class A		2,047		94,981
Planet Fitness, Inc., Class A		10,897		367,883
SeaWorld Entertainment, Inc.		8,590		130,997
Six Flags Entertainment Corp.		9,269		626,214
Speedway Motorsports, Inc.		1,532		31,789
Vail Resorts, Inc.		5,100		1,114,656

				2,366,520

Restaurants – 8.8%
Aramark		31,268		1,432,387
Biglari Holdings, Inc. (a)		153		63,142
BJ’s Restaurants, Inc. (a)		2,305		87,014
Bloomin’ Brands, Inc.		11,862		261,320
Bojangles’, Inc. (a)		2,276		27,881
Brinker International, Inc.		6,186		224,799
Buffalo Wild Wings, Inc. (a)		1,354		212,578
Carrols Restaurant Group, Inc. (a)		4,295		53,473
Chipotle Mexican Grill, Inc. (a)		3,269		1,061,640
Chuys Holdings, Inc. (a)		2,114		56,021
Cracker Barrel Old Country Store, Inc.		2,450		432,376
Darden Restaurants, Inc.		15,982		1,531,875
Dave & Buster’s Entertainment, Inc. (a)		5,276		247,972
Del Taco Restaurants, Inc. (a)		4,500		57,015
Denny’s Corp. (a)		8,480		127,115
DineEquity, Inc.		2,237		123,885
Domino’s Pizza, Inc.		6,136		1,330,592
Dunkin’ Brands Group, Inc.		11,508		743,992
El Pollo Loco Holdings, Inc. (a)		3,206		32,220
Fiesta Restaurant Group, Inc. (a)		3,419		65,645
Jack in the Box, Inc.		3,780		343,942
McDonald’s Corp.		103,119		17,647,786
Papa John’s International, Inc.		3,451		223,935
Potbelly Corp. (a)		3,201		38,732
Red Robin Gourmet Burgers, Inc. (a)		1,623		85,451
Ruth’s Hospitality Group, Inc.		3,663		86,813
Shake Shack, Inc. Class A (a)		2,651		115,875
Sonic Corp.		5,287		136,616
Starbucks Corp.		183,799		10,441,621
Texas Roadhouse, Inc. Class A		8,601		505,051



	Shares		Value
The Cheesecake Factory, Inc.		5,723	$	281,514
The Habit Restaurants, Inc. Class A (a)		2,714		23,748
Wendy’s Co.		24,746		400,390
Wingstop, Inc. (a)		3,693		178,594
Yum! Brands, Inc.		41,693		3,526,811

				42,209,821


TOTAL HOTELS, RESTAURANTS & LEISURE				74,886,805


HOUSEHOLD DURABLES – 4.1%
Consumer Electronics – 0.2%
Garmin Ltd.		15,503		975,759
GoPro, Inc. Class A (a)		12,937		70,765
Universal Electronics, Inc. (a)		1,820		83,902

				1,130,426

Home Furnishings – 0.8%
Ethan Allen Interiors, Inc.		3,256		80,911
Hooker Furniture Corp.		1,421		52,790
La-Z-Boy, Inc.		6,172		186,086
Leggett & Platt, Inc.		16,821		782,345
Mohawk Industries, Inc. (a)		8,044		2,260,847
Tempur Sealy International, Inc. (a)		5,831		347,761

				3,710,740

Homebuilding – 2.2%
Beazer Homes U.S.A., Inc. (a)		4,119		76,366
CalAtlantic Group, Inc.		9,838		552,207
Cavco Industries, Inc. (a)		1,105		169,231
Century Communities, Inc. (a)		2,486		78,558
D.R. Horton, Inc.		45,315		2,222,701
Green Brick Partners, Inc. (a)		1,977		22,142
Hovnanian Enterprises, Inc. Class A (a)		15,487		31,439
Installed Building Products, Inc. (a)		2,881		207,288
KB Home		9,767		307,856
Lennar Corp. Class A		25,859		1,620,325
LGI Homes, Inc. (a)		2,332		157,830
M.D.C. Holdings, Inc.		5,374		181,157
M/I Homes, Inc. (a)		3,164		102,324
Meritage Homes Corp. (a)		4,916		233,264
NVR, Inc. (a)		453		1,439,711
PICO Holdings, Inc. (a)		2,042		26,750
PulteGroup, Inc.		34,535		1,099,249
Taylor Morrison Home Corp. Class A (a)		14,155		359,962
Toll Brothers, Inc.		19,765		920,654
TopBuild Corp. (a)		4,527		346,496
TRI Pointe Group, Inc. (a)		19,266		314,228
William Lyon Homes Class A (a)		3,575		97,061

				10,566,799

Household Appliances – 0.5%
Hamilton Beach Brands Holding Co. Class A (a)		906		23,293

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


		15		*Semiannual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
HOUSEHOLD DURABLES – continued
Household Appliances – continued
Helen of Troy Ltd. (a)		3,447	$	321,088
iRobot Corp. (a)		3,552		315,240
Whirlpool Corp.		9,291		1,685,573

				2,345,194

Housewares & Specialties – 0.4%
Newell Brands, Inc.		62,373		1,649,142
Tupperware Brands Corp.		6,513		376,191

				2,025,333


TOTAL HOUSEHOLD DURABLES				19,778,492


INTERNET & DIRECT MARKETING RETAIL – 22.7%
Catalog Retail – 0.3%
Liberty Interactive Corp. QVC Group Series A (a)		57,852		1,625,063

Internet & Direct Marketing Retail – 18.2%
Amazon.com, Inc. (a)		51,980		75,417,262
The Priceline Group, Inc. (a)		6,265		11,978,993

				87,396,255

Internet Retail – 4.2%
1-800-FLOWERS.com, Inc. Class A (a)		3,407		35,518
Duluth Holdings, Inc. Class B (a)		2,495		43,937
Expedia, Inc.		15,895		2,034,719
FTD Cos., Inc. (a)		2,213		12,968
Groupon, Inc. Class A (a)		53,588		283,481
Lands’ End, Inc. (a)		1,597		26,830
Liberty Expedia Holdings, Inc. Class A (a)		6,990		327,761
Liberty TripAdvisor Holdings, Inc. Class A (a)		9,504		83,635
Liberty Ventures Class A (a)		10,373		611,281
Netflix, Inc. (a)		54,970		14,858,391
NutriSystem, Inc.		3,836		165,907
Overstock.com, Inc. (a)		2,094		143,858
PetMed Express, Inc.		2,654		119,961
Shutterfly, Inc. (a)		3,863		263,263
TripAdvisor, Inc. (a)		14,451		501,016
Wayfair, Inc. Class A (a)		4,903		451,125

				19,963,651


TOTAL INTERNET & DIRECT MARKETING RETAIL				108,984,969


LEISURE PRODUCTS – 0.9%
Leisure Products – 0.9%
Acushnet Holdings Corp.		4,277		91,742
American Outdoor Brands Corp. (a)		6,813		81,279
Brunswick Corp.		11,289		708,723
Callaway Golf Co.		12,069		178,259
Hasbro, Inc.		14,316		1,353,864
Mattel, Inc.		43,598		690,592
Nautilus, Inc. (a)		3,829		49,203
Polaris Industries, Inc.		7,556		853,904



	Shares		Value
Sturm, Ruger & Co., Inc.		2,262	$	119,773
Vista Outdoor, Inc. (a)		7,442		112,746


TOTAL LEISURE PRODUCTS				4,240,085


MEDIA – 21.1%
Advertising – 0.7%
Clear Channel Outdoor Holding, Inc. Class A		3,894		18,886
Emerald Expositions Events, Inc.		2,289		49,396
Interpublic Group of Companies, Inc.		50,198		1,098,834
MDC Partners, Inc. Class A		7,645		68,805
National CineMedia, Inc.		7,917		53,044
Omnicom Group, Inc.		29,361		2,250,521

				3,539,486

Broadcasting – 1.5%
AMC Networks, Inc. Class A (a)		6,614		341,216
CBS Corp. Class B (non-vtg.)		44,044		2,537,375
Discovery Communications, Inc. Class A (a)		19,591		491,146
Discovery Communications, Inc. Class C (non-vtg.) (a)		26,390		629,666
E.W. Scripps Co. Class A (a)		6,760		108,228
Entercom Communications Corp. Class A		16,588		183,297
Entravision Communications Corp. Class A		8,782		61,035
Gray Television, Inc. (a)		10,288		168,209
Hemisphere Media Group, Inc. (a)		2,192		23,454
Media General, Inc. (a)		7,026		0
Nexstar Media Group, Inc. Class A (b)		5,611		421,386
Scripps Networks Interactive, Inc. Class A		11,019		969,562
Sinclair Broadcast Group, Inc. Class A		9,811		363,988
TEGNA, Inc.		26,044		376,857
Tribune Media Co. Class A		10,518		447,962

				7,123,381

Cable & Satellite – 9.3%
Cable One, Inc.		546		385,492
Charter Communications, Inc. Class A (a)		24,621		9,288,272
Comcast Corp. Class A		598,857		25,469,388
DISH Network Corp. Class A (a)		28,991		1,359,678
Liberty Broadband Corp. Class C (a)		13,629		1,302,251
Liberty Global PLC Series A (a)		25,836		965,750
Liberty Global PLC Series C (a)		71,976		2,573,862
Liberty Latin America Ltd. Class A (a)(b)		6,101		136,967
Liberty Latin America Ltd. Class C (a)(b)		15,438		349,979
Liberty Media Corp-Liberty SiriusXM Class A (a)		11,766		529,588
Liberty Media Corp-Liberty SiriusXM Class C (a)		22,736		1,018,800
Loral Space & Communications Ltd. (a)		1,601		74,687
MSG Networks, Inc. (a)		7,789		186,936
Sirius XM Holdings, Inc.		205,420		1,255,116
WideOpenWest, Inc.		3,394		34,755

				44,931,521

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


*Semiannual Report*		16


Common Stocks – continued
	Shares		Value
MEDIA – continued
Movies & Entertainment – 9.1%
AMC Entertainment Holdings, Inc. Class A		6,754	$	86,451
Cinemark Holdings, Inc.		13,352		491,354
IMAX Corp. (a)		7,433		147,545
Liberty Media Corp-Liberty Braves Class A (a)		1,292		30,491
Liberty Media Corp-Liberty Braves Class C (a)		4,341		102,057
Liberty Media Corp-Liberty Formula One Class C (a)		25,637		966,259
Lions Gate Entertainment Corp. Class A		6,740		228,082
Lions Gate Entertainment Corp. Class B (a)		12,952		414,464
Live Nation Entertainment, Inc. (a)		18,366		827,572
Regal Entertainment Group Class A		14,498		331,714
The Madison Square Garden Co. (a)		2,441		526,865
The Walt Disney Co.		196,490		21,352,568
Time Warner, Inc.		98,996		9,439,269
Twenty-First Century Fox, Inc. Class A		134,066		4,947,035
Twenty-First Century Fox, Inc. Class B		55,867		2,038,587
Viacom, Inc. Class B		44,895		1,500,391
World Wrestling Entertainment, Inc. Class A		4,742		167,630

				43,598,334

Publishing – 0.5%
Gannett Co., Inc.		13,680		161,424
John Wiley & Sons, Inc. Class A		5,851		370,953
Meredith Corp.		4,986		329,774
New Media Investment Group, Inc.		6,851		115,782
News Corp. Class A		48,611		831,734
Scholastic Corp.		3,814		146,534
The New York Times Co. Class A		16,334		379,766
tronc, Inc. (a)		1,871		38,168

				2,374,135


TOTAL MEDIA				101,566,857


MULTILINE RETAIL – 3.4%
Department Stores – 0.7%
Dillard’s, Inc. Class A		1,954		132,012
J.C. Penney Co., Inc. (a)		39,322		145,885
Kohl’s Corp.		21,718		1,406,675
Macy’s, Inc.		38,767		1,006,004
Nordstrom, Inc.		15,870		782,550
Sears Holdings Corp. (a)		3,457		8,884

				3,482,010

General Merchandise Stores – 2.7%
Big Lots, Inc.		5,653		343,589
Dollar General Corp.		34,796		3,588,164
Dollar Tree, Inc. (a)		30,149		3,467,135
Ollie’s Bargain Outlet Holdings, Inc. (a)		6,288		349,298



	Shares		Value
Target Corp.		66,086	$	4,970,989

				12,719,175


TOTAL MULTILINE RETAIL				16,201,185


SPECIALTY RETAIL – 17.0%
Apparel Retail – 3.6%
Abercrombie & Fitch Co. Class A		8,583		177,754
American Eagle Outfitters, Inc.		21,487		386,766
Ascena Retail Group, Inc. (a)		19,306		41,701
Burlington Stores, Inc. (a)		8,786		1,069,344
Caleres, Inc.		5,524		163,731
Chico’s FAS, Inc.		16,614		157,999
Citi Trends, Inc.		1,812		42,600
DSW, Inc. Class A		8,353		167,311
Express, Inc. (a)		10,192		71,140
Finish Line, Inc. Class A		3,685		41,751
Foot Locker, Inc.		15,838		778,438
Gap, Inc.		29,995		997,034
Genesco, Inc. (a)		2,483		86,533
Guess?, Inc.		7,921		145,509
L Brands, Inc.		31,042		1,554,894
Ross Stores, Inc.		49,577		4,084,649
Shoe Carnival, Inc.		1,595		36,446
Tailored Brands, Inc.		5,722		138,415
The Buckle, Inc.		3,675		73,684
The Cato Corp. Class A		3,162		37,565
The Children’s Place Retail Stores, Inc.		2,254		337,649
The TJX Companies, Inc.		81,016		6,507,205
Urban Outfitters, Inc. (a)		9,932		338,780
Zumiez, Inc. (a)		2,530		52,497

				17,489,395

Automotive Retail – 2.2%
Advance Auto Parts, Inc.		9,447		1,105,205
Asbury Automotive Group, Inc. (a)		2,440		177,266
AutoNation, Inc. (a)		8,326		501,392
AutoZone, Inc. (a)		3,579		2,739,510
Camping World Holdings, Inc. Class A		3,843		171,974
CarMax, Inc. (a)		23,333		1,665,276
Group 1 Automotive, Inc.		2,514		197,223
Lithia Motors, Inc. Class A		3,099		387,251
Monro, Inc.		4,138		233,797
Murphy USA, Inc. (a)		4,365		372,378
O’Reilly Automotive, Inc. (a)		11,208		2,966,645
Penske Automotive Group, Inc.		4,935		257,558
Sonic Automotive, Inc. Class A		3,223		69,456

				10,844,931

Computer & Electronics Retail – 0.6%
Best Buy Co., Inc.		34,944		2,553,008
Conn’s, Inc. (a)		2,648		88,178
GameStop Corp. Class A		12,938		217,488
Rent-A-Center, Inc.		6,849		74,175

				2,932,849

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
SPECIALTY RETAIL – continued
Home Improvement Retail – 8.7%
Floor & Decor Holdings, Inc.		4,233	$	198,528
Lowe’s Companies, Inc.		106,567		11,160,762
Lumber Liquidators Holdings, Inc. (a)		3,601		100,612
The Home Depot, Inc.		150,068		30,148,661
Tile Shop Holdings, Inc.		4,295		40,158

				41,648,721

Homefurnishing Retail – 0.4%
Aarons, Inc. Class A		8,133		332,558
At Home Group, Inc. (a)		1,895		60,033
Bed Bath & Beyond, Inc.		18,162		419,179
Haverty Furniture Companies, Inc.		2,426		54,100
Pier 1 Imports, Inc.		9,375		31,125
RH (a)		4,039		379,626
Sleep Number Corp. (a)		5,262		198,062
Williams-Sonoma, Inc.		10,413		533,458

				2,008,141

Specialty Stores – 1.5%
Barnes & Noble Education, Inc. (a)		4,824		32,080
Barnes & Noble, Inc.		7,252		34,084
Dick’s Sporting Goods, Inc.		10,742		337,943
Five Below, Inc. (a)		7,036		456,847
GNC Holdings, Inc. Class A		8,784		38,210
Hibbett Sports, Inc. (a)		2,759		62,353
MarineMax, Inc. (a)		3,001		68,873
Office Depot, Inc.		66,448		215,956
Party City Holdings, Inc. (a)		4,476		64,902
Sally Beauty Holdings, Inc. (a)		16,737		278,002
Signet Jewelers Ltd.		7,295		385,906
The Michaels Cos., Inc. (a)		14,971		402,271
Tiffany & Co., Inc.		15,855		1,690,936
Tractor Supply Co.		16,118		1,228,997
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		7,496		1,664,862
Winmark Corp.		333		44,622

				7,006,844


TOTAL SPECIALTY RETAIL				81,930,881


TEXTILES, APPAREL & LUXURY GOODS – 5.5%
Apparel, Accessories & Luxury Goods – 2.7%
Carter’s, Inc.		6,111		735,153
Columbia Sportswear Co.		3,574		266,871
Fossil Group, Inc. (a)		5,430		43,223
G-III Apparel Group Ltd. (a)		5,636		210,505
Hanesbrands, Inc.		46,354		1,006,809
Iconix Brand Group, Inc. (a)		5,477		6,846
lululemon athletica, Inc. (a)		12,916		1,010,160
Michael Kors Holdings Ltd. (a)		19,291		1,273,206
Movado Group, Inc.		2,033		62,210
Oxford Industries, Inc.		1,975		155,630
PVH Corp.		9,866		1,530,019
Ralph Lauren Corp.		7,043		805,085
Tapestry, Inc.		36,031		1,694,898



	Shares		Value
Under Armour, Inc. Class A (a)		23,671	$	328,080
Under Armour, Inc. Class C (a)		24,109		309,801
Vera Bradley, Inc. (a)		2,508		23,299
VF Corp.		42,592		3,455,915

				12,917,710

Footwear – 2.8%
Crocs, Inc. (a)		9,335		126,116
Deckers Outdoor Corp. (a)		4,106		351,925
NIKE, Inc. Class B		167,024		11,394,377
Skechers U.S.A., Inc. Class A (a)		17,031		701,507
Steven Madden Ltd. (a)		6,805		314,391
Wolverine World Wide, Inc.		12,290		403,481

				13,291,797

Textiles – 0.0%
Unifi, Inc. (a)		1,981		70,544


TOTAL TEXTILES, APPAREL & LUXURY GOODS				26,280,051


TOTAL COMMON STOCKS (Cost $412,579,595)				479,981,907


Money Market Funds – 0.0%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.17% (c) (Cost $246,975)		246,975		246,975


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $412,826,570)				480,228,882

NET OTHER ASSETS (LIABILITIES) – 0.1%				424,107


NET ASSETS – 100.0%			$	480,652,989

Legend

(a)

Non-income producing.

(b)

Level 3 security.

(c)

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*		18

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, 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	$	479,981,907	$	479,073,575	$	—	$	908,332
Money Market Funds		246,975		246,975		—		—

Total Investments in Securities:	$	480,228,882	$	479,320,550	$	—	$	908,332

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


		19		*Semiannual Report*

Fidelity MSCI Consumer Staples Index ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
BEVERAGES – 23.7%
Brewers – 0.9%
Molson Coors Brewing Co. Class B		33,764	$	2,836,851
The Boston Beer Co., Inc. Class A (a)		1,933		366,980

				3,203,831

Distillers & Vintners – 2.6%
Brown-Forman Corp. Class B		36,657		2,540,330
Constellation Brands, Inc. Class A		30,279		6,645,332
MGP Ingredients, Inc.		2,941		263,337

				9,448,999

Soft Drinks – 20.2%
Coca-Cola Bottling Co. Consolidated		1,226		248,290
Dr Pepper Snapple Group, Inc.		32,258		3,849,992
Monster Beverage Corp. (a)		70,333		4,798,821
National Beverage Corp.		2,681		296,170
PepsiCo, Inc.		248,879		29,940,144
The Coca-Cola Co.		707,253		33,658,170

				72,791,587


TOTAL BEVERAGES				85,444,417


FOOD & STAPLES RETAILING – 23.5%
Drug Retail – 7.3%
CVS Health Corp.		177,953		14,003,121
Rite Aid Corp. (a)		182,273		397,355
Walgreens Boots Alliance, Inc.		159,368		11,994,036

				26,394,512

Food Distributors – 2.3%
Performance Food Group Co. (a)		20,230		694,901
SpartanNash Co.		6,431		156,724
Sysco Corp.		88,484		5,562,989
The Andersons, Inc.		4,931		168,147
The Chefs’ Warehouse, Inc. (a)		3,924		79,853
United Natural Foods, Inc. (a)		10,319		491,184
US Foods Holding Corp. (a)		39,553		1,270,838

				8,424,636

Food Retail – 1.9%
Casey’s General Stores, Inc.		7,248		877,805
Ingles Markets, Inc. Class A		2,069		69,518
Smart & Final Stores, Inc. (a)		5,054		47,508
Sprouts Farmers Market, Inc. (a)		25,019		698,781
SUPERVALU, Inc. (a)		6,618		104,829
The Kroger Co.		158,631		4,816,037
Village Super Market, Inc. Class A		4,467		104,885
Weis Markets, Inc.		3,658		145,442

				6,864,805

Hypermarkets & Super Centers – 12.0%
Costco Wholesale Corp.		76,753		14,956,857
PriceSmart, Inc.		4,541		386,893
Wal-Mart Stores, Inc.		260,806		27,801,920

				43,145,670


TOTAL FOOD & STAPLES RETAILING				84,829,623


Common Stocks – 99.8%
	Shares		Value
FOOD PRODUCTS – 18.7%
Agricultural Products – 2.5%
Archer-Daniels-Midland Co.		99,678	$	4,281,170
Bunge Ltd.		25,390		2,016,728
Darling Ingredients, Inc. (a)		32,563		603,718
Fresh Del Monte Produce, Inc.		7,194		340,348
Ingredion, Inc.		12,998		1,867,033

				9,108,997

Packaged Foods & Meats – 16.2%
B&G Foods, Inc.		13,758		454,014
Blue Buffalo Pet Products, Inc. (a)		19,349		657,479
Calavo Growers, Inc.		3,579		311,373
Cal-Maine Foods, Inc.		7,035		299,339
Campbell Soup Co.		33,228		1,546,763
Conagra Brands, Inc.		74,302		2,823,476
Dean Foods Co.		22,021		228,358
Farmer Bros Co. (a)		4,044		127,790
Flowers Foods, Inc.		36,498		715,726
Freshpet, Inc. (a)		5,417		99,673
General Mills, Inc.		101,745		5,951,065
Hormel Foods Corp.		52,713		1,809,637
Hostess Brands, Inc. (a)		21,773		300,467
J&J Snack Foods Corp.		3,131		433,456
John B Sanfilippo & Son, Inc.		2,580		161,560
Kellogg Co.		46,147		3,143,072
Lamb Weston Holdings, Inc.		25,426		1,489,964
Lancaster Colony Corp.		3,918		503,071
Landec Corp. (a)		9,828		129,238
McCormick & Co., Inc. (non-vtg.)		21,524		2,341,165
Mondelez International, Inc. Class A		264,210		11,730,924
Pinnacle Foods, Inc.		21,855		1,353,699
Post Holdings, Inc. (a)		12,478		944,210
Sanderson Farms, Inc.		4,111		521,686
Seaboard Corp.		68		294,848
Seneca Foods Corp. Class A (a)		2,521		79,538
Snyders-Lance, Inc.		14,910		745,202
The Hain Celestial Group, Inc. (a)		18,303		698,076
The Hershey Co.		25,781		2,844,418
The JM Smucker Co.		20,318		2,578,151
The Kraft Heinz Co.		107,010		8,388,514
The Simply Good Foods Co.		14,412		196,003
Tootsie Roll Industries, Inc.		5,361		191,924
TreeHouse Foods, Inc. (a)		9,972		470,279
Tyson Foods, Inc. Class A		51,297		3,904,215

				58,468,373


TOTAL FOOD PRODUCTS				67,577,370


HOUSEHOLD PRODUCTS – 17.9%
Household Products – 17.9%
Central Garden and Pet Co. (a)		3,736		146,414

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


*Semiannual Report*		20


Common Stocks – continued
	Shares		Value
HOUSEHOLD PRODUCTS – continued
Household Products – continued
Central Garden and Pet Co. Class A (a)		8,178	$	308,474
Church & Dwight Co., Inc.		44,928		2,194,733
Colgate-Palmolive Co.		146,710		10,891,750
Energizer Holdings, Inc.		12,144		707,024
HRG Group, Inc. (a)		24,938		455,118
Kimberly-Clark Corp.		62,143		7,270,731
Spectrum Brands Holdings, Inc.		5,160		611,254
The Clorox Co.		22,989		3,257,311
The Procter & Gamble Co.		444,958		38,417,674
WD-40 Co.		3,021		373,849


TOTAL HOUSEHOLD PRODUCTS				64,634,332


PERSONAL PRODUCTS – 2.9%
Personal Products – 2.9%
Avon Products, Inc. (a)		76,117		185,726
Coty, Inc. Class A		88,427		1,734,054
Edgewell Personal Care Co. (a)		10,701		604,178
elf Beauty, Inc. (a)		3,957		81,356
Herbalife Ltd. (a)		11,507		954,966
Inter Parfums, Inc.		4,499		205,154
Medifast, Inc.		2,691		184,899
Nu Skin Enterprises, Inc. Class A		10,210		733,486
Revlon, Inc. Class A (a)		2,854		58,507
The Estee Lauder Cos., Inc. Class A		39,520		5,333,619
USANA Health Sciences, Inc. (a)		2,874		214,544


TOTAL PERSONAL PRODUCTS				10,290,489



	Shares		Value
TOBACCO – 13.1%
Tobacco – 13.1%
Altria Group, Inc.		245,645	$	17,278,669
Philip Morris International, Inc.		271,183		29,078,953
Universal Corp.		5,905		283,440
Vector Group Ltd.		21,065		448,685


TOTAL TOBACCO				47,089,747


TOTAL COMMON STOCKS (Cost $333,987,128)				359,865,978


Money Market Funds – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.17% (b) (Cost $278,157)		278,157		278,157


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $334,265,285)				360,144,135

NET OTHER ASSETS (LIABILITIES) – 0.1%				424,034


NET ASSETS – 100.0%			$	360,568,169

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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.


		21		*Semiannual Report*

Fidelity MSCI Energy Index ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
ENERGY EQUIPMENT & SERVICES – 15.4%
Oil & Gas Drilling – 1.7%
Diamond Offshore Drilling, Inc. (a)		24,175	$	427,414
Ensco PLC Class A		152,405		899,189
Helmerich & Payne, Inc.		38,234		2,753,995
Nabors Industries Ltd.		112,157		879,311
Noble Corp. PLC		85,906		402,899
Patterson-UTI Energy, Inc.		75,087		1,773,555
Rowan Cos. PLC Class A (a)		42,355		623,465
Transocean Ltd. (a)		154,687		1,669,073
Unit Corp. (a)		18,551		449,491

				9,878,392

Oil & Gas Equipment & Services – 13.7%
Archrock, Inc.		22,857		212,570
Baker Hughes a GE Co.		143,330		4,608,059
Basic Energy Services, Inc. (a)		6,538		127,426
C&J Energy Services, Inc.		22,193		679,550
Core Laboratories N.V.		15,567		1,779,308
Dril-Quip, Inc. (a)		13,320		687,978
Exterran Corp. (a)		11,386		328,828
Fairmount Santrol Holdings, Inc. (a)		55,080		306,796
Forum Energy Technologies, Inc. (a)		23,776		401,814
Frank’s International N.V.		20,039		138,670
Halliburton Co.		307,056		16,488,907
Helix Energy Solutions Group, Inc. (a)		49,553		373,134
Keane Group, Inc. (a)		15,757		260,463
Mammoth Energy Services, Inc. (a)		3,175		72,898
Matrix Service Co. (a)		9,345		167,276
McDermott International, Inc. (a)		99,834		876,543
National Oilwell Varco, Inc.		133,823		4,908,628
Natural Gas Services Group, Inc. (a)		4,639		127,804
NCS Multistage Holdings, Inc.		3,865		63,154
Newpark Resources, Inc. (a)		30,251		275,284
Oceaneering International, Inc.		34,506		713,584
Oil States International, Inc. (a)		18,040		577,280
ProPetro Holding Corp.		17,606		328,880
RigNet, Inc. (a)		4,919		81,164
RPC, Inc.		22,942		463,428
Schlumberger Ltd.		489,506		36,017,851
SEACOR Holdings, Inc. (a)		5,970		278,083
Select Energy Services, Inc.		9,971		178,680
Superior Energy Services, Inc. (a)		54,127		565,627
TechnipFMC PLC (a)		156,299		5,073,466
TETRA Technologies, Inc. (a)		41,318		158,661
US Silica Holdings, Inc.		28,593		951,861
Weatherford International PLC (a)		348,181		1,371,833

				79,645,488


TOTAL ENERGY EQUIPMENT & SERVICES				89,523,880



	Shares		Value
OIL, GAS & CONSUMABLE FUELS – 84.5%
Coal & Consumable Fuels – 0.4%
Arch Coal, Inc. Class A		7,747	$	697,308
CONSOL Energy, Inc.		8,115		263,169
Peabody Energy Corp.		32,022		1,294,009

				2,254,486

Integrated Oil & Gas – 40.3%
Chevron Corp.		667,621		83,686,292
Exxon Mobil Corp.		1,492,738		130,316,027
Occidental Petroleum Corp.		269,351		20,193,245

				234,195,564

Oil & Gas Exploration & Production – 27.3%
Anadarko Petroleum Corp.		197,424		11,855,311
Antero Resources Corp. (a)		77,742		1,510,527
Apache Corp.		134,229		6,022,855
Bill Barrett Corp. (a)		34,249		175,697
Bonanza Creek Energy, Inc.		5,824		163,130
Cabot Oil & Gas Corp.		163,033		4,295,920
California Resources Corp. (a)		13,720		289,904
Callon Petroleum Co. (a)		71,044		806,349
Carrizo Oil & Gas, Inc. (a)		28,798		579,128
Centennial Resource Development, Inc. Class A (a)		45,785		934,472
Chesapeake Energy Corp. (a)		319,800		1,119,300
Cimarex Energy Co.		33,572		3,766,779
CNX Resources Corp.		64,795		907,778
Concho Resources, Inc. (a)		52,395		8,249,069
ConocoPhillips		428,748		25,214,670
Continental Resources, Inc. (a)		33,048		1,835,156
Denbury Resources, Inc. (a)		142,528		346,343
Devon Energy Corp.		175,912		7,277,480
Diamondback Energy, Inc. (a)		31,125		3,906,188
Eclipse Resources Corp. (a)		32,292		69,105
Energen Corp. (a)		34,234		1,788,042
EOG Resources, Inc.		203,428		23,394,220
EQT Corp.		89,072		4,835,719
Extraction Oil & Gas, Inc. (a)		36,162		509,884
Gran Tierra Energy, Inc. (a)		138,874		384,681
Gulfport Energy Corp. (a)		57,906		588,904
Halcon Resources Corp. (a)		34,772		277,828
Hess Corp.		100,721		5,087,418
Jagged Peak Energy, Inc. (a)		18,781		241,336
Kosmos Energy Ltd.		82,232		568,223
Laredo Petroleum, Inc. (a)		55,821		543,138
Marathon Oil Corp.		299,510		5,448,087
Matador Resources Co. (a)		34,358		1,113,543
Midstates Petroleum Co., Inc. (a)		4,437		72,811
Murphy Oil Corp.		57,751		1,853,807
Newfield Exploration Co. (a)		70,197		2,222,437
Noble Energy, Inc.		162,910		4,972,013
Oasis Petroleum, Inc. (a)		94,662		819,773

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


*Semiannual Report*		22


Common Stocks – continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS – continued
Oil & Gas Exploration & Production – continued
Parsley Energy, Inc. Class A (a)		78,445	$	1,851,302
PDC Energy, Inc. (a)		19,702		1,021,549
Pioneer Natural Resources Co.		59,914		10,958,870
QEP Resources, Inc. (a)		84,570		791,575
Range Resources Corp.		87,349		1,244,723
Resolute Energy Corp. (a)		6,372		216,138
Ring Energy, Inc. (a)		18,345		253,161
RSP Permian, Inc. (a)		41,855		1,660,807
Sanchez Energy Corp. (a)		20,855		103,232
SandRidge Energy, Inc. (a)		11,308		202,300
SM Energy Co.		35,381		826,146
Southwestern Energy Co. (a)		179,239		759,973
SRC Energy, Inc. (a)		82,952		825,372
Stone Energy Corp.		7,110		256,955
Tellurian, Inc. (a)		22,364		253,831
Ultra Petroleum Corp.		69,436		484,663
Whiting Petroleum Corp.		31,934		891,597
WildHorse Resource Development Corp. (a)		8,940		159,221
WPX Energy, Inc. (a)		140,086		2,063,467

				158,871,907

Oil & Gas Refining & Marketing – 9.5%
Andeavor		52,514		5,679,914
Clean Energy Fuels Corp. (a)		45,672		71,705
CVR Energy, Inc.		6,096		218,176
Delek US Holdings, Inc.		25,770		899,115
Green Plains, Inc.		13,938		243,915
HollyFrontier Corp.		59,273		2,842,733
Marathon Petroleum Corp.		178,361		12,355,067
Par Pacific Holdings, Inc. (a)		7,681		140,025
PBF Energy, Inc. Class A		38,654		1,249,684
Phillips 66		153,174		15,685,018
Renewable Energy Group, Inc. (a)		12,456		133,279
REX American Resources Corp. (a)		1,917		156,523
Valero Energy Corp.		155,590		14,931,972
World Fuel Services Corp.		24,189		674,631

				55,281,757



	Shares		Value
Oil & Gas Storage & Transportation – 7.0%
Antero Midstream GP LP		13,145	$	276,834
Cheniere Energy, Inc. (a)		71,274		4,031,257
Enbridge Energy Management LLC (a)		24,763		339,253
EnLink Midstream LLC		22,396		416,566
Gener8 Maritime, Inc.		14,237		83,571
International Seaways, Inc. (a)		5,219		87,105
Kinder Morgan, Inc.		708,104		12,731,710
ONEOK, Inc.		133,913		7,882,119
Plains GP Holdings LP Class A (a)		51,324		1,092,175
SemGroup Corp. Class A		23,522		673,905
Tallgrass Energy GP LP		18,529		453,590
Targa Resources Corp.		75,921		3,644,208
The Williams Cos., Inc.		291,225		9,141,553

				40,853,846


TOTAL OIL, GAS & CONSUMABLE FUELS				491,457,560


TOTAL COMMON STOCKS (Cost $579,516,884)				580,981,440


Money Market Funds – 0.0%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.17% (b) (Cost $291,666)		291,666		291,666


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $579,808,550)				581,273,106

NET OTHER ASSETS (LIABILITIES) – 0.1%				298,892


NET ASSETS – 100.0%			$	581,571,998

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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


		23		*Semiannual Report*

Fidelity MSCI Financials Index ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
BANKS – 46.8%
Diversified Banks – 31.3%
Bank of America Corp.		3,527,805	$	112,889,760
Citigroup, Inc.		959,033		75,264,910
JPMorgan Chase & Co.		1,238,623		143,271,522
US Bancorp		588,998		33,655,346
Wells Fargo & Co.		1,659,891		109,187,630

				474,269,168

Regional Banks – 15.5%
1st Source Corp.		6,657		348,095
Access National Corp.		5,538		160,879
Allegiance Bancshares, Inc. (a)		4,002		161,681
Ameris Bancorp		13,434		719,391
Arrow Financial Corp.		4,821		158,129
Associated Banc-Corp		53,431		1,322,417
Atlantic Capital Bancshares, Inc. (a)		9,989		178,304
Banc of California, Inc.		15,556		306,453
Bancfirst Corp.		6,391		356,298
BancorpSouth Bank		29,008		973,218
Bank of Hawaii Corp.		15,134		1,266,262
Bank of the Ozarks, Inc.		43,152		2,155,442
BankUnited, Inc.		37,887		1,554,882
Banner Corp.		11,267		612,249
Bar Harbor Bankshares		5,830		163,415
BB&T Corp.		284,687		15,711,876
Berkshire Hills Bancorp, Inc.		13,919		528,226
Blue Hills Bancorp, Inc.		9,125		176,112
BOK Financial Corp.		7,062		682,825
Boston Private Financial Holdings, Inc.		30,406		468,252
Bridge Bancorp, Inc.		5,854		200,792
Brookline Bancorp, Inc.		28,267		452,272
Bryn Mawr Bank Corp.		7,056		316,814
Camden National Corp.		5,874		249,410
Carolina Financial Corp.		7,271		299,856
Cathay General Bancorp		27,410		1,198,913
CenterState Banks, Inc.		24,461		635,741
Central Pacific Financial Corp.		7,343		217,133
Chemical Financial Corp.		25,241		1,474,327
CIT Group, Inc.		48,043		2,435,300
Citizens Financial Group, Inc.		176,548		8,103,553
City Holding Co.		5,675		390,440
CoBiz Financial, Inc.		13,298		266,758
Columbia Banking System, Inc.		26,066		1,122,923
Comerica, Inc.		61,985		5,902,212
Commerce Bancshares, Inc.		34,031		1,991,154
Community Bank System, Inc.		18,126		966,116
Community Trust Bancorp, Inc.		5,817		275,144
ConnectOne Bancorp, Inc.		11,203		326,567
Cullen/Frost Bankers, Inc.		21,724		2,311,651
Customers Bancorp, Inc. (a)		10,499		321,794
CVB Financial Corp.		37,630		880,542



	Shares		Value
Eagle Bancorp, Inc. (a)		11,829	$	745,227
East West Bancorp, Inc.		50,989		3,360,685
Enterprise Financial Services Corp.		8,321		404,817
FB Financial Corp. (a)		2,966		125,402
FCB Financial Holdings, Inc. Class A (a)		14,767		809,232
Fidelity Southern Corp.		8,569		205,313
Fifth Third Bancorp		259,771		8,598,420
Financial Institutions, Inc.		5,202		162,042
First BanCorp (a)		71,147		426,882
First BanCorp/NC		9,759		355,228
First Busey Corp.		14,225		440,690
First Citizens BancShares, Inc. Class A		2,569		1,092,878
First Commonwealth Financial Corp.		35,365		511,732
First Community Bancshares, Inc.		5,567		154,095
First Financial Bancorp		22,387		638,029
First Financial Bankshares, Inc.		19,112		887,752
First Financial Corp.		3,347		154,966
First Foundation, Inc. (a)		11,459		222,878
First Hawaiian, Inc.		20,400		589,560
First Horizon National Corp.		103,828		2,062,024
First Interstate Bancsystem, Inc. Class A		9,730		407,200
First Merchants Corp.		17,641		761,386
First Mid-Illinois Bancshares, Inc.		3,441		132,479
First Midwest Bancorp, Inc.		36,740		913,356
First Republic Bank		55,616		4,980,413
Flushing Financial Corp.		10,065		283,430
FNB Corp.		114,693		1,645,845
Franklin Financial Network, Inc. (a)		4,791		154,510
Fulton Financial Corp.		62,747		1,141,995
German American Bancorp, Inc.		7,973		276,583
Glacier Bancorp, Inc.		27,980		1,097,376
Great Southern Bancorp, Inc.		4,017		203,863
Great Western Bancorp, Inc.		20,988		884,644
Green Bancorp, Inc. (a)		8,465		201,890
Guaranty Bancorp		9,046		256,454
Hancock Holding Co.		30,273		1,625,660
Hanmi Financial Corp.		11,862		373,653
HarborOne Bancorp, Inc. (a)		5,827		107,566
Heartland Financial USA, Inc.		9,217		489,884
Heritage Commerce Corp.		13,726		219,753
Heritage Financial Corp.		12,127		373,512
Hilltop Holdings, Inc.		27,407		717,789
Home BancShares, Inc.		55,096		1,322,855
HomeTrust Bancshares, Inc. (a)		6,954		176,284
Hope Bancorp, Inc.		46,077		877,306
Horizon Bancorp		8,727		265,737
Huntington Bancshares, Inc.		383,960		6,212,473
Iberiabank Corp.		19,078		1,612,091
Independent Bank Corp.		9,960		710,646

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


*Semiannual Report*		24


Common Stocks – continued
	Shares		Value
BANKS – continued
Regional Banks – continued
Independent Bank Corp.		8,213	$	189,310
Independent Bank Group, Inc.		5,655		405,746
International Bancshares Corp.		19,901		825,891
Investors Bancorp, Inc.		92,210		1,262,355
KeyCorp		383,482		8,206,515
Lakeland Bancorp, Inc.		15,956		320,716
Lakeland Financial Corp.		8,629		414,796
LegacyTexas Financial Group, Inc.		10,771		474,355
Live Oak Bancshares, Inc.		10,070		270,883
M&T Bank Corp.		48,165		9,188,919
MainSource Financial Group, Inc.		9,026		355,173
MB Financial, Inc.		28,364		1,213,412
Mercantile Bank Corp.		6,194		216,109
Midland States Bancorp, Inc.		5,733		183,972
National Bank Holdings Corp. Class A		9,853		327,514
National Commerce Corp. (a)		5,475		248,291
NBT Bancorp, Inc.		15,700		579,487
Nicolet Bankshares, Inc. (a)		3,385		183,772
OFG Bancorp		16,722		190,631
Old National Bancorp		48,590		840,607
Opus Bank		8,441		228,751
Pacific Premier Bancorp, Inc. (a)		14,879		606,319
PacWest Bancorp		45,907		2,406,904
Park National Corp.		5,040		529,301
Peapack Gladstone Financial Corp.		5,391		191,488
Peoples Bancorp, Inc.		6,213		221,245
People’s United Financial, Inc.		122,452		2,408,631
People’s Utah Bancorp		5,529		174,716
Pinnacle Financial Partners, Inc.		26,173		1,656,751
Popular, Inc.		36,525		1,484,376
Preferred Bank		4,987		321,263
Prosperity Bancshares, Inc.		23,414		1,774,781
QCR Holdings, Inc.		4,763		208,858
Regions Financial Corp.		420,715		8,090,349
Renasant Corp.		17,691		761,951
Republic Bancorp, Inc. Class A		4,002		154,237
Republic First Bancorp, Inc. (a)		17,852		157,990
S&T Bancorp, Inc.		12,617		509,222
Sandy Spring Bancorp, Inc.		12,198		461,328
Seacoast Banking Corp. of Florida (a)		13,913		358,816
ServisFirst Bancshares, Inc.		16,324		692,464
Signature Bank (a)		19,467		2,997,918
Simmons First National Corp. Class A		13,592		799,889
South State Corp.		13,158		1,165,799
Southside Bancshares, Inc.		7,220		247,863
State Bank Financial Corp.		13,140		400,901
Sterling Bancorp/DE		76,805		1,900,924
Stock Yards Bancorp, Inc.		7,885		283,466
Sun Bancorp, Inc.		4,165		102,043



	Shares		Value
SunTrust Banks, Inc.		169,043	$	11,951,340
SVB Financial Group (a)		18,561		4,576,215
Synovus Financial Corp.		42,963		2,164,906
TCF Financial Corp.		57,973		1,243,521
Texas Capital Bancshares, Inc. (a)		17,640		1,672,272
The Bancorp, Inc. (a)		21,151		223,566
The First of Long Island Corp.		8,290		232,949
The PNC Financial Services Group, Inc.		168,590		26,640,592
Tompkins Financial Corp.		4,959		408,473
Towne Bank		22,970		701,733
Trico Bancshares		7,617		281,677
TriState Capital Holdings, Inc. (a)		8,599		206,806
Triumph Bancorp, Inc. (a)		6,533		251,520
Trustmark Corp.		23,786		756,157
UMB Financial Corp.		15,115		1,151,461
Umpqua Holdings Corp.		78,250		1,694,112
Union Bankshares Corp.		20,855		787,276
United Bankshares, Inc.		35,462		1,305,002
United Community Banks, Inc.		26,343		834,546
Univest Corp. of Pennsylvania		10,589		296,492
Valley National Bancorp		111,083		1,396,313
Veritex Holdings, Inc. (a)		6,427		183,234
Washington Trust Bancorp, Inc.		5,685		305,853
Webster Financial Corp.		32,631		1,847,567
WesBanco, Inc.		15,751		645,949
Westamerica BanCorp.		9,672		574,227
Western Alliance Bancorp (a)		35,696		2,093,927
Wintrust Financial Corp.		19,844		1,704,600
Zions BanCorp.		71,294		3,852,015

				235,899,602


TOTAL BANKS				710,168,770


CAPITAL MARKETS – 20.0%
Asset Management & Custody Banks – 7.5%
Affiliated Managers Group, Inc.		19,757		3,944,090
Ameriprise Financial, Inc.		52,788		8,905,336
Arlington Asset Investment Corp. Class A		6,313		66,286
Artisan Partners Asset Management, Inc. Class A		17,140		671,031
Associated Capital Group, Inc. Class A		2,068		71,656
BlackRock, Inc.		42,494		23,873,129
Cohen & Steers, Inc.		7,622		310,749
Diamond Hill Investment Group, Inc.		1,273		267,788
Eaton Vance Corp.		41,154		2,378,701
Federated Investors, Inc. Class B		22,558		782,311
Financial Engines, Inc.		22,602		643,027
Franklin Resources, Inc.		117,961		5,002,726
GAMCO Investors, Inc. Class A		2,052		60,493

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


		25		*Semiannual Report*

Fidelity MSCI Financials Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
CAPITAL MARKETS – continued
Asset Management & Custody Banks – continued
Invesco Ltd.		143,299	$	5,177,393
Janus Henderson Group PLC		67,207		2,646,612
Legg Mason, Inc.		31,707		1,351,352
Northern Trust Corp.		76,509		8,063,284
OM Asset Management PLC		29,789		532,925
Pzena Investment Management, Inc. Class A		7,568		94,676
SEI Investments Co.		47,218		3,548,433
State Street Corp.		131,694		14,508,728
T Rowe Price Group, Inc.		84,714		9,456,624
The Bank of New York Mellon Corp.		363,810		20,628,027
Virtus Investment Partners, Inc.		2,706		346,368
Waddell & Reed Financial, Inc. Class A		19,480		448,040
Westwood Holdings Group, Inc.		2,859		187,179
WisdomTree Investments, Inc.		28,927		335,264

				114,302,228

Financial Exchanges and Data – 5.2%
CBOE Holdings, Inc.		35,734		4,802,292
CME Group, Inc.		119,646		18,363,268
Donnelley Financial Solutions, Inc. (a)		12,697		272,351
FactSet Research Systems, Inc.		13,937		2,797,016
Intercontinental Exchange, Inc.		207,171		15,297,507
MarketAxess Holdings, Inc.		13,233		2,596,447
Moody’s Corp.		60,522		9,791,854
Morningstar, Inc.		6,824		655,923
MSCI, Inc.		31,780		4,424,729
Nasdaq, Inc.		41,182		3,332,036
S&P Global, Inc.		90,501		16,389,731

				78,723,154

Investment Banking & Brokerage – 7.3%
BGC Partners, Inc. Class A		76,276		1,091,510
Cowen, Inc. Class A (a)		10,830		140,248
E*TRADE Financial Corp. (a)		96,760		5,099,252
Evercore Partners, Inc. Class A		14,034		1,411,119
Greenhill & Co., Inc.		9,036		167,618
Houlihan Lokey, Inc.		9,670		461,259
Interactive Brokers Group, Inc. Class A		24,133		1,544,271
INTL. FCStone, Inc. (a)		5,839		253,996
Investment Technology Group, Inc.		11,830		252,689
Ladenburg Thalmann Financial Services, Inc.		43,032		133,829
LPL Financial Holdings, Inc.		28,873		1,722,563
Moelis & Co. Class A		11,834		611,818
Morgan Stanley		485,018		27,427,768
Piper Jaffray Cos.		5,156		475,899
PJT Partners, Inc. Class A		6,484		307,017
Raymond James Financial, Inc.		45,813		4,415,915



	Shares		Value
Stifel Financial Corp.		24,414	$	1,648,433
TD Ameritrade Holding Corp.		89,960		5,018,868
The Charles Schwab Corp.		424,479		22,641,710
The Goldman Sachs Group, Inc.		129,384		34,660,680
Virtu Financial, Inc. Class A		16,907		322,924

				109,809,386


TOTAL CAPITAL MARKETS				302,834,768


CONSUMER FINANCE – 5.3%
Consumer Finance – 5.3%
Ally Financial, Inc.		158,539		4,719,706
American Express Co.		264,550		26,296,270
Capital One Financial Corp.		170,323		17,706,779
Credit Acceptance Corp. (a)		2,415		796,250
Discover Financial Services		131,221		10,471,436
Encore Capital Group, Inc. (a)		8,962		371,475
Enova International Inc. (a)		10,399		186,142
Ezcorp, Inc. Class A (a)		19,179		226,312
FirstCash, Inc.		16,904		1,235,683
Green Dot Corp. Class A (a)		14,540		890,720
LendingClub Corp. (a)		112,184		410,594
Navient Corp.		97,097		1,383,632
Nelnet, Inc. Class A		7,811		407,031
OneMain Holdings, Inc. (a)		26,723		874,109
PRA Group, Inc. (a)		16,294		582,511
SLM Corp. (a)		153,023		1,750,583
Synchrony Financial		280,171		11,117,185
World Acceptance Corp. (a)		2,558		301,972


TOTAL CONSUMER FINANCE				79,728,390


DIVERSIFIED FINANCIAL SERVICES – 6.8%
Multi-Sector Holdings – 6.6%
Berkshire Hathaway, Inc. Class B (a)		446,004		95,614,337
Cannae Holdings, Inc. (a)		23,234		404,504
Leucadia National Corp.		114,314		3,094,480
Texas Pacific Land Trust		2,244		1,205,140

				100,318,461

Other Diversified Financial Services – 0.2%
Voya Financial, Inc.		63,501		3,296,337

Specialized Finance – 0.0%
NewStar Financial, Inc. (b)		6,699		3,617
On Deck Capital, Inc. (a)		17,527		78,872

				82,489


TOTAL DIVERSIFIED FINANCIAL SERVICES				103,697,287


EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.2%
Mortgage REIT’s – 0.2%
AGNC Investment Corp.		137,399		2,581,727

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


*Semiannual Report*		26


Common Stocks – continued
	Shares		Value
INSURANCE – 18.4%
Insurance Brokers – 2.8%
Aon PLC		92,326	$	13,125,988
Arthur J Gallagher & Co.		63,675		4,350,276
Brown & Brown, Inc.		42,188		2,214,026
Crawford & Co. Class A		8,645		73,828
Marsh & McLennan Cos., Inc.		180,426		15,069,180
Willis Towers Watson PLC		45,045		7,228,371

				42,061,669

Life & Health Insurance – 4.9%
Aflac, Inc.		139,129		12,271,178
American Equity Investment Life Holding Co.		7,745		255,585
Athene Holding Ltd. Class A (a)		38,159		1,914,055
Brighthouse Financial, Inc. (a)		29,768		1,912,892
Citizens, Inc. (a)		18,290		145,040
CNO Financial Group, Inc.		18,822		462,833
FBL Financial Group, Inc. Class A		3,993		277,913
Genworth Financial, Inc. Class A (a)		182,143		557,357
Lincoln National Corp.		78,016		6,459,725
MetLife, Inc.		318,236		15,297,604
National Western Life Group, Inc. Class A		861		278,878
Primerica, Inc.		15,959		1,611,859
Principal Financial Group, Inc.		101,886		6,887,494
Prudential Financial, Inc.		150,368		17,866,726
Torchmark Corp.		38,968		3,540,243
Trupanion, Inc. (a)		6,919		241,611
Unum Group		79,625		4,235,254

				74,216,247

Multi-line Insurance – 2.6%
American Financial Group, Inc.		26,567		3,011,104
American International Group, Inc.		318,109		20,333,527
American National Insurance Co.		4,795		606,040
Assurant, Inc.		19,118		1,748,915
Hartford Financial Services Group, Inc.		128,262		7,536,675
Horace Mann Educators Corp.		14,641		604,673
Kemper Corp.		14,689		952,582
Loews Corp.		100,813		5,206,991
National General Holdings Corp.		19,833		397,057

				40,397,564

Property & Casualty Insurance – 7.2%
Ambac Financial Group, Inc. (a)		3,651		59,146
AMERISAFE, Inc.		6,520		396,090
Amtrust Financial Services, Inc.		35,392		474,961
Arch Capital Group Ltd. (a)		46,092		4,191,606
Argo Group International Holdings Ltd.		10,828		663,756
Aspen Insurance Holdings Ltd.		21,003		784,462
Assured Guaranty Ltd.		42,358		1,507,521



	Shares		Value
Axis Capital Holdings Ltd.		29,596	$	1,495,486
Baldwin & Lyons, Inc. Class B		3,968		91,264
Chubb Ltd.		163,863		25,587,207
Cincinnati Financial Corp.		54,954		4,225,963
Donegal Group, Inc. Class A		4,935		86,609
EMC Insurance Group, Inc.		3,422		96,672
Employers Holdings, Inc.		11,779		499,430
Erie Indemnity Co. Class A		9,010		1,070,028
First American Financial Corp.		38,818		2,292,979
FNF Group		91,696		3,574,310
Global Indemnity Ltd. (a)		3,419		144,795
HCI Group, Inc.		3,249		113,553
Heritage Insurance Holdings, Inc.		9,453		160,985
Infinity Property & Casualty Corp.		3,739		378,574
James River Group Holdings Ltd.		8,869		337,022
Kinsale Capital Group, Inc.		6,966		332,418
Markel Corp. (a)		4,909		5,634,010
MBIA, Inc. (a)		42,785		314,042
Mercury General Corp.		9,954		487,248
Old Republic International Corp.		88,137		1,894,064
ProAssurance Corp.		18,825		1,029,727
RLI Corp.		13,442		863,783
Safety Insurance Group, Inc.		5,376		417,446
Selective Insurance Group, Inc.		20,944		1,219,988
State Auto Financial Corp.		6,399		190,498
Stewart Information Services Corp.		6,614		294,389
The Allstate Corp.		127,331		12,576,483
The Hanover Insurance Group, Inc.		15,047		1,702,568
The Navigators Group, Inc.		8,336		405,130
The Progressive Corp.		204,917		11,086,010
The Travelers Cos., Inc.		97,209		14,573,573
United Fire Group, Inc.		3,713		161,107
United Insurance Holdings Corp.		9,831		189,935
Universal Insurance Holdings, Inc.		11,752		345,509
White Mountains Insurance Group Ltd.		1,335		1,121,266
WR Berkley Corp.		34,325		2,505,038
XL Group Ltd.		91,407		3,367,434

				108,944,085

Reinsurance – 0.9%
Alleghany Corp. (a)		3,083		1,935,199
Enstar Group Ltd. (a)		3,776		783,898
Everest Re Group Ltd.		14,541		3,341,522
Greenlight Capital Re Ltd. (a)		11,402		230,890
Maiden Holdings Ltd.		12,525		88,301
Reinsurance Group of America, Inc.		22,636		3,545,929
RenaissanceRe Holdings Ltd.		14,207		1,806,278
Third Point Reinsurance Ltd. (a)		29,109		414,803
Validus Holdings Ltd.		28,318		1,917,129

				14,063,949


TOTAL INSURANCE				279,683,514

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
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS) – 1.2%
Mortgage REIT’s – 1.2%
AG Mortgage Investment Trust, Inc.		10,672	$	186,120
Annaly Capital Management, Inc.		406,243		4,281,801
Anworth Mortgage Asset Corp.		37,192		180,753
Apollo Commercial Real Estate Finance, Inc.		38,055		691,459
Arbor Realty Trust, Inc.		17,396		141,777
ARMOUR Residential REIT, Inc.		13,974		327,131
Blackstone Mortgage Trust, Inc. Class A		35,748		1,108,188
Capstead Mortgage Corp.		32,564		267,351
Chimera Investment Corp.		60,391		1,026,043
CYS Investments, Inc.		55,383		373,281
Dynex Capital, Inc.		18,569		120,699
Granite Point Mortgage Trust, Inc.		16,044		276,599
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		19,225		417,952
Invesco Mortgage Capital, Inc.		39,460		640,830
KKR Real Estate Finance Trust, Inc.		5,434		105,691
Ladder Capital Corp.		25,306		366,178
MFA Financial, Inc.		141,636		1,014,114
MTGE Investment Corp.		16,993		288,881
New Residential Investment Corp.		117,270		2,027,598
New York Mortgage Trust, Inc.		42,043		239,645
PennyMac Mortgage Investment Trust		23,360		383,104
Redwood Trust, Inc.		28,080		418,111
Resource Capital Corp.		12,750		120,870
Starwood Property Trust, Inc.		92,338		1,882,772
Sutherland Asset Management Corp.		7,028		101,906
TPG RE Finance Trust, Inc.		4,920		92,594
Two Harbors Investment Corp.		62,596		923,291
Western Asset Mortgage Capital Corp.		16,363		152,667


TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS)				18,157,406


THRIFTS & MORTGAGE FINANCE – 1.2%
Thrifts & Mortgage Finance – 1.2%
Bank Mutual Corp.		16,786		174,574
Beneficial Bancorp, Inc.		25,016		406,510
BofI Holding, Inc. (a)		20,186		726,090
Capitol Federal Financial, Inc.		47,230		617,768
Dime Community Bancshares, Inc.		11,912		226,328
Essent Group Ltd. (a)		29,719		1,382,528
Federal Agricultural Mortgage Corp. Class C		3,249		260,732
First Defiance Financial Corp.		3,833		212,962
Flagstar Bancorp, Inc. (a)		8,403		313,012



	Shares		Value
HomeStreet, Inc. (a)		9,395	$	276,683
Kearny Financial Corp.		28,810		397,578
LendingTree, Inc. (a)		2,801		1,030,348
Meridian Bancorp, Inc.		19,031		389,184
Meta Financial Group, Inc.		3,317		388,089
MGIC Investment Corp. (a)		131,297		1,945,822
Nationstar Mortgage Holdings, Inc. (a)		11,137		197,570
New York Community Bancorp, Inc.		173,416		2,455,571
NMI Holdings, Inc. Class A (a)		19,222		352,724
Northfield Bancorp, Inc.		16,844		282,642
Northwest Bancshares, Inc.		35,481		597,855
OceanFirst Financial Corp.		10,521		278,280
Ocwen Financial Corp. (a)		40,949		137,998
Oritani Financial Corp.		13,869		231,612
PHH Corp. (a)		13,572		121,741
Provident Financial Services, Inc.		22,732		598,079
Radian Group, Inc.		76,776		1,694,446
TFS Financial Corp.		20,814		304,301
TrustCo Bank Corp.		35,216		302,858
United Financial Bancorp, Inc.		18,993		318,323
Walker & Dunlop, Inc. (a)		10,787		501,056
Washington Federal, Inc.		31,250		1,121,875
Waterstone Financial, Inc.		10,124		173,120
WSFS Financial Corp.		11,130		568,743


TOTAL THRIFTS & MORTGAGE FINANCE				18,987,002


TOTAL COMMON STOCKS (Cost $1,270,084,494)				1,515,838,864


Money Market Funds – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.17% (c) (Cost $800,303)		800,303		800,303


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $1,270,884,797)				1,516,639,167

NET OTHER ASSETS (LIABILITIES) – 0.0%				620,007


NET ASSETS – 100.0%			$	1,517,259,174

Legend

(a)

Non-income producing.

(b)

Level 3 security.

(c)

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*		28

Investment Valuation


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	1,515,838,864	$	1,515,835,247	$	—	$	3,617
Money Market Funds		800,303		800,303		—		—

Total Investments in Securities:	$	1,516,639,167	$	1,516,635,550	$	—	$	3,617

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


		29		*Semiannual Report*

Fidelity MSCI Health Care Index ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
BIOTECHNOLOGY – 23.6%
Biotechnology – 23.6%
AbbVie, Inc.		469,827	$	52,723,986
Abeona Therapeutics, Inc. (a)		8,622		131,485
ACADIA Pharmaceuticals, Inc. (a)		28,895		864,249
Acceleron Pharma, Inc. (a)		10,942		454,202
Achaogen, Inc. (a)		8,591		94,243
Achillion Pharmaceuticals, Inc. (a)		32,195		85,317
Acorda Therapeutics, Inc. (a)		13,649		354,192
Aduro Biotech, Inc. (a)		10,050		63,315
Agenus, Inc. (a)		26,340		95,087
Agios Pharmaceuticals, Inc. (a)		14,702		1,157,930
Aimmune Therapeutics, Inc. (a)		6,858		241,470
Akebia Therapeutics, Inc. (a)		11,005		162,654
Alder Biopharmaceuticals, Inc. (a)		18,224		257,870
Alexion Pharmaceuticals, Inc. (a)		65,750		7,845,290
Alkermes PLC (a)		45,234		2,586,028
Alnylam Pharmaceuticals, Inc. (a)		26,078		3,389,618
AMAG Pharmaceuticals, Inc. (a)		10,350		148,522
Amgen, Inc.		214,972		39,995,541
Amicus Therapeutics, Inc. (a)		43,973		713,242
AnaptysBio, Inc. (a)		3,411		359,485
Arena Pharmaceuticals, Inc. (a)		11,502		430,405
Array BioPharma, Inc. (a)		54,478		807,364
Atara Biotherapeutics, Inc. (a)		7,191		271,820
Audentes Therapeutics, Inc. (a)		5,733		201,228
Avexis Inc. (a)		8,456		1,046,261
Axovant Sciences Ltd. (a)		9,220		18,717
Bellicum Pharmaceuticals, Inc. (a)		8,096		49,224
BioCryst Pharmaceuticals, Inc. (a)		28,075		126,338
Biogen, Inc. (a)		62,321		21,675,867
Biohaven Pharmaceutical Holding Co. Ltd. (a)		2,641		91,273
BioMarin Pharmaceutical, Inc. (a)		51,649		4,660,289
Biotime, Inc. (a)		27,636		80,421
Bioverativ, Inc. (a)		30,145		3,106,744
Bluebird Bio, Inc. (a)		14,356		2,941,544
Blueprint Medicines Corp. (a)		11,305		889,138
Calithera Biosciences, Inc. (a)		7,753		62,024
Cara Therapeutics, Inc. (a)		8,239		120,866
Celgene Corp. (a)		230,507		23,318,088
Celldex Therapeutics, Inc. (a)		39,386		108,705
Clovis Oncology, Inc. (a)		13,630		824,615
Coherus Biosciences, Inc. (a)		9,876		99,748
Concert Pharmaceuticals, Inc. (a)		4,418		88,713
Cytokinetics, Inc. (a)		12,874		118,441
CytomX Therapeutics, Inc. (a)		5,877		157,210
Dyax Corp. (b)		31,822		108,513
Dynavax Technologies Corp. (a)		17,936		288,770
Eagle Pharmaceuticals, Inc. (a)		2,523		150,800
Editas Medicine, Inc. (a)		7,518		274,482
Emergent BioSolutions, Inc. (a)		10,075		491,559
Enanta Pharmaceuticals, Inc. (a)		4,340		368,683



	Shares		Value
Epizyme, Inc. (a)		13,909	$	224,630
Esperion Therapeutics, Inc. (a)		6,133		444,704
Exact Sciences Corp. (a)		35,053		1,742,485
Exelixis, Inc. (a)		86,170		2,611,813
FibroGen, Inc. (a)		19,847		1,162,042
Five Prime Therapeutics, Inc. (a)		8,502		170,040
Flexion Therapeutics, Inc. (a)		8,635		195,065
Foundation Medicine, Inc. (a)		4,255		295,297
G1 Therapeutics, Inc. (a)		2,519		60,229
Genomic Health, Inc. (a)		6,268		208,160
Geron Corp. (a)		45,729		112,036
Gilead Sciences, Inc.		384,735		32,240,793
Global Blood Therapeutics, Inc. (a)		12,898		746,794
Halozyme Therapeutics, Inc. (a)		37,825		706,571
Heron Therapeutics, Inc. (a)		16,888		365,625
Ignyta, Inc. (a)		11,499		309,323
ImmunoGen, Inc. (a)		29,092		267,065
Immunomedics, Inc. (a)		28,411		473,611
Incyte Corp. (a)		51,544		4,653,908
Inovio Pharmaceuticals, Inc. (a)		24,935		113,704
Insmed, Inc. (a)		20,808		529,356
Insys Therapeutics, Inc. (a)		6,085		57,564
Intellia Therapeutics, Inc. (a)		6,262		160,933
Intercept Pharmaceuticals, Inc. (a)		5,208		323,417
Intrexon Corp. (a)		18,183		236,379
Invitae Corp. (a)		10,877		74,943
Ionis Pharmaceuticals, Inc. (a)		36,489		1,916,402
Iovance Biotherapeutics, Inc. (a)		16,738		260,276
Ironwood Pharmaceuticals, Inc. (a)		38,212		565,920
Jounce Therapeutics, Inc. (a)		4,262		103,055
Juno Therapeutics, Inc. (a)		23,350		2,003,663
Karyopharm Therapeutics, Inc. (a)		10,955		129,488
Keryx Biopharmaceuticals, Inc. (a)		26,437		122,403
La Jolla Pharmaceutical Co. (a)		5,394		184,798
Lexicon Pharmaceuticals, Inc. (a)		14,109		154,917
Ligand Pharmaceuticals, Inc. (a)		6,133		966,683
Loxo Oncology, Inc. (a)		6,275		636,724
MacroGenics, Inc. (a)		10,275		231,907
Madrigal Pharmaceuticals, Inc. (a)		2,076		308,120
MiMedx Group, Inc. (a)		31,749		531,796
Minerva Neurosciences Inc. (a)		9,130		58,432
Momenta Pharmaceuticals, Inc. (a)		21,495		365,415
Myovant Sciences Ltd. (a)		4,354		60,869
Myriad Genetics, Inc. (a)		20,064		739,960
Natera, Inc. (a)		7,622		79,345
Neurocrine Biosciences, Inc. (a)		25,934		2,216,579
NewLink Genetics Corp. (a)		7,582		62,552
Novavax, Inc. (a)		87,474		176,697
Opko Health, Inc. (a)		98,659		440,019
PDL BioPharma, Inc. (a)		44,648		123,228
Portola Pharmaceuticals, Inc. (a)		18,946		972,119
Progenics Pharmaceuticals, Inc. (a)		22,013		128,776
Prothena Corp. PLC (a)		11,365		475,057

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


*Semiannual Report*		30


Common Stocks – continued
	Shares		Value
BIOTECHNOLOGY – continued
Biotechnology – continued
PTC Therapeutics, Inc. (a)		11,433	$	300,574
Puma Biotechnology, Inc. (a)		8,768		586,141
Ra Pharmaceuticals, Inc. (a)		2,253		16,582
Radius Health, Inc. (a)		9,845		370,763
Regeneron Pharmaceuticals, Inc. (a)		23,079		8,461,915
REGENXBIO, Inc. (a)		7,888		211,398
Repligen Corp. (a)		11,098		392,536
Retrophin, Inc. (a)		10,885		260,260
Rigel Pharmaceuticals, Inc. (a)		39,469		157,876
Sage Therapeutics, Inc. (a)		11,399		2,163,530
Sangamo Therapeutics, Inc. (a)		24,641		513,765
Sarepta Therapeutics, Inc. (a)		17,947		1,176,246
Seattle Genetics, Inc. (a)		29,536		1,544,733
Seres Therapeutics, Inc. (a)		5,910		59,691
Spark Therapeutics, Inc. (a)		9,031		506,188
Spectrum Pharmaceuticals, Inc. (a)		24,844		535,140
Synergy Pharmaceuticals, Inc. (a)		72,567		158,196
TESARO, Inc. (a)		11,241		758,318
TG Therapeutics, Inc. (a)		16,910		194,465
Ultragenyx Pharmaceutical, Inc. (a)		11,809		630,010
United Therapeutics Corp. (a)		12,807		1,652,103
Vanda Pharmaceuticals, Inc. (a)		12,449		197,317
Vertex Pharmaceuticals, Inc. (a)		74,288		12,396,439
Voyager Therapeutics, Inc. (a)		5,025		103,716
Xencor, Inc. (a)		11,754		267,521
ZIOPHARM Oncology, Inc. (a)		37,224		146,663


TOTAL BIOTECHNOLOGY				270,965,349


HEALTH CARE EQUIPMENT & SUPPLIES – 20.7%
Health Care Equipment – 18.8%
Abaxis, Inc.		6,876		492,665
Abbott Laboratories		511,868		31,817,715
ABIOMED, Inc. (a)		12,337		2,899,195
Accuray, Inc. (a)		25,707		145,245
Analogic Corp.		3,742		310,212
AngioDynamics, Inc. (a)		10,384		180,785
AtriCure, Inc. (a)		9,574		156,152
AxoGen, Inc.		8,277		230,101
Baxter International, Inc.		144,461		10,405,526
Becton Dickinson and Co.		77,945		18,935,958
Boston Scientific Corp. (a)		404,222		11,302,047
Cantel Medical Corp.		11,137		1,235,427
Cardiovascular Systems, Inc. (a)		9,751		240,947
CONMED Corp.		7,554		436,470
CryoLife, Inc. (a)		9,183		173,100
Cutera, Inc. (a)		3,877		192,299
Danaher Corp.		184,208		18,656,586
DexCom, Inc. (a)		25,459		1,481,714
Edwards Lifesciences Corp. (a)		62,173		7,869,858
Entellus Medical, Inc. (a)		3,776		90,813



	Shares		Value
Exactech, Inc. (a)		3,316	$	166,132
GenMark Diagnostics, Inc. (a)		14,748		80,229
Glaukos Corp. (a)		4,736		142,127
Globus Medical, Inc. Class A (a)		21,349		982,908
Heska Corp. (a)		1,976		154,029
Hill-Rom Holdings, Inc.		19,332		1,649,600
Hologic, Inc. (a)		82,658		3,529,497
IDEXX Laboratories, Inc. (a)		25,726		4,811,791
Inogen, Inc. (a)		5,256		640,391
Insulet Corp. (a)		17,096		1,308,357
Integer Holdings Corp. (a)		8,478		425,172
Integra LifeSciences Holdings Corp. (a)		18,365		967,101
Intuitive Surgical, Inc. (a)		32,940		14,219,210
Invacare Corp.		10,045		184,828
iRhythm Technologies, Inc. (a)		2,761		164,638
K2M Group Holdings, Inc. (a)		10,263		216,241
LeMaitre Vascular, Inc.		4,678		162,794
LivaNova PLC (a)		12,024		1,028,653
Masimo Corp. (a)		14,522		1,368,553
Medtronic PLC		400,263		34,378,589
Natus Medical, Inc. (a)		9,814		304,725
Nevro Corp. (a)		6,992		561,178
Novocure Ltd. (a)		13,474		302,491
NuVasive, Inc. (a)		14,977		731,926
NxStage Medical, Inc. (a)		19,618		491,039
Orthofix International N.V. (a)		5,456		313,393
Penumbra, Inc. (a)		8,504		846,998
ResMed, Inc.		41,916		4,224,714
Rockwell Medical, Inc. (a)		14,051		78,334
STERIS PLC		25,000		2,273,000
Stryker Corp.		99,176		16,302,551
Surmodics, Inc. (a)		4,153		121,683
Tactile Systems Technology, Inc. (a)		4,160		131,165
Teleflex, Inc.		13,248		3,679,632
Varex Imaging Corp. (a)		11,262		478,297
Varian Medical Systems, Inc. (a)		26,925		3,432,938
Wright Medical Group N.V. (a)		29,551		672,285
Zimmer Biomet Holdings, Inc.		59,604		7,576,860

				216,356,864

Health Care Supplies – 1.9%
Align Technology, Inc. (a)		22,462		5,885,044
Anika Therapeutics, Inc. (a)		4,302		287,029
Atrion Corp.		458		263,533
Cerus Corp. (a)		32,153		142,438
DENTSPLY SIRONA, Inc.		67,634		4,112,824
Endologix, Inc. (a)		23,626		97,812
Haemonetics Corp. (a)		15,549		1,005,243
Halyard Health, Inc. (a)		13,892		678,068
ICU Medical, Inc. (a)		4,726		1,082,018
Lantheus Holdings, Inc. (a)		8,142		187,266
Meridian Bioscience, Inc.		12,813		200,523
Merit Medical Systems, Inc. (a)		14,884		691,362

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
HEALTH CARE EQUIPMENT & SUPPLIES – continued
Health Care Supplies – continued
Neogen Corp. (a)		14,996	$	885,214
OraSure Technologies, Inc. (a)		17,683		384,782
Quidel Corp. (a)		8,536		390,778
STAAR Surgical Co. (a)		8,599		135,004
The Cooper Cos., Inc.		14,362		3,513,951
West Pharmaceutical Services, Inc.		21,735		2,177,847

				22,120,736


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES				238,477,600


HEALTH CARE PROVIDERS & SERVICES – 19.3%
Health Care Services – 3.0%
Almost Family, Inc. (a)		3,567		203,497
Amedisys, Inc. (a)		8,527		457,218
American Renal Associates Holdings Inc. (a)		3,742		70,761
AMN Healthcare Services, Inc. (a)		14,032		752,817
BioTelemetry, Inc. (a)		9,114		311,243
Chemed Corp.		4,737		1,234,320
Civitas Solutions, Inc. (a)		4,278		75,079
CorVel Corp. (a)		3,141		162,233
Cross Country Healthcare, Inc. (a)		10,619		148,772
DaVita, Inc. (a)		45,086		3,518,511
Diplomat Pharmacy, Inc. (a)		14,215		383,663
Envision Healthcare Corp. (a)		35,545		1,279,265
Express Scripts Holding Co. (a)		170,168		13,473,902
Laboratory Corp. of America Holdings (a)		30,018		5,238,141
LHC Group, Inc. (a)		4,940		310,232
MEDNAX, Inc. (a)		27,522		1,453,437
National Research Corp. Class A		2,701		101,693
Premier, Inc. Class A (a)		15,649		507,810
Quest Diagnostics, Inc.		40,208		4,254,811
RadNet, Inc. (a)		11,114		112,807
The Providence Service Corp. (a)		3,365		216,470
Tivity Health, Inc. (a)		10,385		402,419

				34,669,101

Health Care Distributors – 2.3%
Aceto Corp.		9,557		105,223
AmerisourceBergen Corp.		48,435		4,827,516
Cardinal Health, Inc.		93,228		6,692,838
Henry Schein, Inc. (a)		46,594		3,526,234
McKesson Corp.		61,948		10,461,778
Owens & Minor, Inc.		18,207		383,439
Patterson Cos., Inc.		25,349		909,776

				26,906,804

Health Care Facilities – 1.5%
Acadia Healthcare Co., Inc. (a)		21,899		746,318
Brookdale Senior Living, Inc. (a)		55,027		522,756
Capital Senior Living Corp. (a)		7,527		84,905



	Shares		Value
Community Health Systems, Inc. (a)		34,070	$	192,495
Encompass Health Corp.		29,099		1,539,919
HCA Healthcare, Inc. (a)		85,141		8,612,864
Kindred Healthcare, Inc.		25,826		237,599
LifePoint Health, Inc. (a)		11,891		588,010
National HealthCare Corp.		3,142		195,967
Select Medical Holdings Corp. (a)		31,391		555,621
Surgery Partners, Inc. (a)		5,510		85,680
Tenet Healthcare Corp. (a)		29,733		561,359
The Ensign Group, Inc.		14,157		326,036
Universal Health Services, Inc. Class B		25,909		3,147,943
US Physical Therapy, Inc.		3,781		287,167

				17,684,639

Managed Health Care – 12.5%
Aetna, Inc.		97,693		18,251,006
Anthem, Inc.		77,394		19,182,103
Centene Corp. (a)		50,789		5,446,613
Cigna Corp.		74,203		15,460,195
HealthEquity, Inc. (a)		14,998		759,199
Humana, Inc.		42,575		11,998,912
Magellan Health, Inc. (a)		7,028		699,989
Molina Healthcare, Inc. (a)		12,592		1,150,405
Triple-S Management Corp. Class B (a)		6,895		158,447
UnitedHealth Group, Inc.		284,963		67,473,539
WellCare Health Plans, Inc. (a)		13,113		2,758,713

				143,339,121


TOTAL HEALTH CARE PROVIDERS & SERVICES				222,599,665


HEALTH CARE TECHNOLOGY – 1.3%
Health Care Technology – 1.3%
Allscripts Healthcare Solutions, Inc. (a)		50,770		756,981
athenahealth, Inc. (a)		11,771		1,475,024
Castlight Health, Inc. Class B (a)		21,667		80,168
Cerner Corp. (a)		87,905		6,076,873
Computer Programs & Systems, Inc.		3,434		102,848
Cotiviti Holdings, Inc. (a)		12,420		434,700
Evolent Health, Inc. Class A (a)		17,397		245,298
HealthStream, Inc. (a)		8,041		189,124
HMS Holdings Corp. (a)		24,715		423,368
Inovalon Holdings, Inc. Class A (a)		17,157		223,041
Medidata Solutions, Inc. (a)		17,221		1,172,922
Omnicell, Inc. (a)		11,115		545,191
Quality Systems, Inc. (a)		13,850		180,050
Teladoc, Inc. (a)		15,952		596,605
Veeva Systems, Inc. Class A (a)		31,967		2,009,445
Vocera Communications, Inc. (a)		7,704		225,727


TOTAL HEALTH CARE TECHNOLOGY				14,737,365

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


*Semiannual Report*		32


Common Stocks – continued
	Shares		Value
LIFE SCIENCES TOOLS & SERVICES – 6.0%
Life Sciences Tools & Services – 6.0%
Accelerate Diagnostics, Inc. (a)		9,920	$	286,688
Agilent Technologies, Inc.		94,693		6,953,307
Bio-Rad Laboratories, Inc. Class A (a)		6,083		1,572,638
Bio-Techne Corp.		10,978		1,540,104
Bruker Corp.		32,480		1,156,613
Cambrex Corp. (a)		9,750		549,413
Charles River Laboratories International, Inc. (a)		14,036		1,479,956
Illumina, Inc. (a)		43,027		10,009,801
IQVIA Holdings, Inc. (a)		41,481		4,238,943
Luminex Corp.		12,038		243,047
Medpace Holdings, Inc. (a)		2,795		102,660
Mettler-Toledo International, Inc. (a)		7,556		5,102,265
NeoGenomics, Inc. (a)		18,345		141,623
Pacific Biosciences of California, Inc. (a)		32,179		91,388
PerkinElmer, Inc.		32,323		2,591,012
PRA Health Sciences, Inc. (a)		14,715		1,339,948
Syneos Health, Inc. (a)		16,823		645,162
Thermo Fisher Scientific, Inc.		117,919		26,426,827
Waters Corp. (a)		23,531		5,073,519


TOTAL LIFE SCIENCES TOOLS & SERVICES				69,544,914


PHARMACEUTICALS – 29.0%
Pharmaceuticals – 29.0%
Aclaris Therapeutics, Inc. (a)		7,005		154,951
Aerie Pharmaceuticals, Inc. (a)		9,097		498,970
Akcea Therapeutics, Inc. (a)		4,869		105,414
Akorn, Inc. (a)		27,711		892,848
Allergan PLC		98,507		17,756,872
Amphastar Pharmaceuticals, Inc. (a)		10,893		203,046
ANI Pharmaceuticals, Inc. (a)		2,533		170,116
Assembly Biosciences, Inc. (a)		4,869		229,719
Bristol-Myers Squibb Co.		483,085		30,241,121
Catalent, Inc. (a)		38,858		1,808,451
Collegium Pharmaceutical, Inc. (a)		6,112		145,710
Corcept Therapeutics, Inc. (a)		24,849		571,900
Depomed, Inc. (a)		17,606		129,404
Dermira, Inc. (a)		9,257		264,010
Eli Lilly & Co.		291,942		23,778,676
Endo International PLC (a)		59,215		409,176
Horizon Pharma PLC (a)		48,167		700,830
Impax Laboratories, Inc. (a)		21,136		411,095
Innoviva, Inc. (a)		22,715		331,412
Intersect ENT, Inc. (a)		7,890		294,692
Intra-Cellular Therapies, Inc. (a)		12,446		211,831
Jazz Pharmaceuticals PLC (a)		17,647		2,571,874
Johnson & Johnson		791,051		109,315,338
Lannett Co., Inc. (a)		8,483		172,629



	Shares		Value
Mallinckrodt PLC (a)		28,588	$	516,299
Merck & Co., Inc.		803,820		47,626,335
Mylan N.V. (a)		134,275		5,753,684
MyoKardia, Inc. (a)		6,090		314,244
Nektar Therapeutics (a)		46,068		3,851,745
Omeros Corp. (a)		13,302		215,359
Pacira Pharmaceuticals, Inc. (a)		11,950		434,980
Paratek Pharmaceuticals, Inc. (a)		7,753		118,233
Perrigo Co. PLC		37,652		3,412,024
Pfizer, Inc.		1,752,842		64,925,268
Phibro Animal Health Corp. Class A		5,880		200,214
Prestige Brands Holdings, Inc. (a)		15,542		650,122
Reata Pharmaceuticals, Inc. Class A (a)		3,820		108,870
Revance Therapeutics, Inc. (a)		8,436		272,483
Sucampo Pharmaceuticals, Inc. Class A (a)		7,440		133,548
Supernus Pharmaceuticals, Inc. (a)		14,919		582,587
Teligent, Inc. (a)		12,425		37,896
The Medicines Co. (a)		21,478		711,566
TherapeuticsMD, Inc. (a)		50,695		298,087
Theravance Biopharma, Inc. (a)		12,864		340,124
WaVe Life Sciences Ltd. (a)		3,221		128,840
Zoetis, Inc.		144,062		11,053,877
Zogenix, Inc. (a)		8,752		318,135


TOTAL PHARMACEUTICALS				333,374,605


TOTAL COMMON STOCKS (Cost $988,125,922)				1,149,699,498


Money Market Funds – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.17% (c) (Cost $519,495)		519,495		519,495


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $988,645,417)				1,150,218,993

NET OTHER ASSETS (LIABILITIES) – 0.0%				527,877


NET ASSETS – 100.0%			$	1,150,746,870

Legend

(a)

Non-income producing.

(b)

Level 3 security.

(c)

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.


		33		*Semiannual Report*

Fidelity MSCI Health Care Index ETF

Investments (Unaudited) – continued

Investment Valuation


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	1,149,699,498	$	1,149,590,985	$	—	$	108,513
Money Market Funds		519,495		519,495		—		—

Total Investments in Securities:	$	1,150,218,993	$	1,150,110,480	$	—	$	108,513

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


*Semiannual Report*		34

Fidelity MSCI Industrials Index ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
AEROSPACE & DEFENSE – 24.6%
Aerospace & Defense – 24.6%
AAR Corp.		6,412	$	259,494
Aerojet Rocketdyne Holdings, Inc. (a)		12,332		339,130
Aerovironment, Inc. (a)		4,180		214,685
Arconic, Inc.		76,860		2,310,412
Astronics Corp. (a)		4,145		184,867
Axon Enterprise, Inc. (a)		10,230		270,686
BWX Technologies, Inc.		17,309		1,098,083
Cubic Corp.		4,989		289,611
Curtiss-Wright Corp.		8,141		1,063,703
Engility Holdings, Inc. (a)		4,046		105,843
Esterline Technologies Corp. (a)		5,271		387,682
General Dynamics Corp.		49,331		10,975,161
Harris Corp.		23,187		3,695,544
HEICO Corp.		6,550		526,096
HEICO Corp. Class A		11,672		768,601
Hexcel Corp.		17,367		1,187,034
Huntington Ingalls Industries, Inc.		8,794		2,088,927
KLX, Inc. (a)		9,961		703,844
Kratos Defense & Security Solutions, Inc. (a)		16,738		190,981
L3 Technologies, Inc.		15,170		3,223,018
Lockheed Martin Corp.		50,232		17,824,825
Mercury Systems, Inc. (a)		9,316		447,354
Moog, Inc. Class A (a)		6,229		560,984
National Presto Industries, Inc.		936		95,144
Northrop Grumman Corp.		32,063		10,918,413
Orbital ATK, Inc.		11,155		1,471,345
Raytheon Co.		56,260		11,754,964
Rockwell Collins, Inc.		31,488		4,360,773
Spirit AeroSystems Holdings, Inc. Class A		22,905		2,344,556
Teledyne Technologies, Inc. (a)		6,489		1,238,880
Textron, Inc.		51,276		3,008,363
The Boeing Co.		108,828		38,565,378
The KEYW Holding Corp. (a)		8,584		57,513
TransDigm Group, Inc.		10,059		3,187,798
Triumph Group, Inc.		9,625		280,569
United Technologies Corp.		147,070		20,297,131
Wesco Aircraft Holdings, Inc. (a)		10,596		75,761


TOTAL AEROSPACE & DEFENSE				146,373,153


AIR FREIGHT & LOGISTICS – 6.4%
Air Freight & Logistics – 6.4%
Air Transport Services Group, Inc. (a)		2,930		72,840
Atlas Air Worldwide Holdings, Inc. (a)		1,227		69,080
CH Robinson Worldwide, Inc.		27,197		2,487,438
Echo Global Logistics, Inc. (a)		5,016		146,467
Expeditors International of Washington, Inc.		34,978		2,271,821
FedEx Corp.		49,394		12,964,937



	Shares		Value
Forward Air Corp.		5,885	$	357,278
Hub Group, Inc. Class A (a)		6,526		313,574
United Parcel Service, Inc. Class B		133,493		16,996,329
XPO Logistics, Inc. (a)		22,831		2,156,160


TOTAL AIR FREIGHT & LOGISTICS				37,835,924


AIRLINES – 1.1%
Airlines – 1.1%
Allegiant Travel Co.		801		127,559
American Airlines Group, Inc.		23,552		1,279,345
Delta Air Lines, Inc.		35,084		1,991,719
Hawaiian Holdings, Inc. (a)		2,618		97,782
SkyWest, Inc.		2,449		136,532
Southwest Airlines Co.		28,991		1,762,653
Spirit Airlines, Inc. (a)		3,312		139,501
United Continental Holdings, Inc. (a)		14,714		997,903


TOTAL AIRLINES				6,532,994


BUILDING PRODUCTS – 4.4%
Building Products – 4.4%
AAON, Inc.		8,185		297,934
Advanced Drainage Systems, Inc.		7,513		185,571
Allegion PLC		18,413		1,585,543
American Woodmark Corp. (a)		2,866		389,346
AO Smith Corp.		28,376		1,894,949
Apogee Enterprises, Inc.		5,583		254,082
Armstrong Flooring, Inc. (a)		4,097		63,463
Armstrong World Industries, Inc. (a)		7,691		482,226
Builders FirstSource, Inc. (a)		21,789		466,720
Continental Building Products, Inc. (a)		7,427		211,298
CSW Industrials, Inc. (a)		3,160		151,364
Fortune Brands Home & Security, Inc.		29,845		2,116,906
Gibraltar Industries, Inc. (a)		5,790		214,809
Griffon Corp.		5,942		119,137
Insteel Industries, Inc.		3,499		109,624
JELD-WEN Holding, Inc. (a)		13,236		519,910
Johnson Controls International PLC		180,737		7,072,239
Lennox International, Inc.		7,347		1,600,985
Masco Corp.		61,738		2,757,219
Masonite International Corp. (a)		5,753		401,272
NCI Building Systems, Inc. (a)		8,249		152,194
Owens Corning		21,571		2,005,456
Patrick Industries, Inc. (a)		4,679		299,690
PGT Innovations, Inc. (a)		9,610		153,279
Ply Gem Holdings, Inc. (a)		4,706		100,944
Quanex Building Products Corp.		6,140		127,098
Simpson Manufacturing Co., Inc.		7,801		458,231
Trex Co., Inc. (a)		5,666		632,269
Universal Forest Products, Inc.		11,900		444,227

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


		35		*Semiannual Report*

Fidelity MSCI Industrials Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
BUILDING PRODUCTS – continued
Building Products – continued
USG Corp. (a)		18,071	$	698,625


TOTAL BUILDING PRODUCTS				25,966,610


COMMERCIAL SERVICES & SUPPLIES – 5.6%
Commercial Printing – 0.3%
Brady Corp. Class A		9,316		356,337
Deluxe Corp.		9,358		695,019
Ennis, Inc.		5,005		99,600
InnerWorkings, Inc. (a)		9,646		96,556
LSC Communications, Inc.		6,662		91,136
Multi-Color Corp.		2,834		219,635
Quad/Graphics, Inc.		5,901		130,530
RR Donnelley & Sons Co.		13,393		109,421

				1,798,234

Diversified Support Services – 1.4%
Cintas Corp.		17,344		2,921,597
Copart, Inc. (a)		40,152		1,769,498
Healthcare Services Group, Inc.		14,127		779,528
KAR Auction Services, Inc.		26,620		1,451,855
Matthews International Corp. Class A		6,204		347,424
McGrath RentCorp		4,466		213,475
Mobile Mini, Inc.		8,509		322,066
UniFirst Corp.		2,990		494,247
Viad Corp.		4,015		228,052
VSE Corp.		1,701		84,284

				8,612,026

Environmental & Facilities Services – 3.3%
ABM Industries, Inc.		10,793		410,458
Advanced Disposal Services, Inc. (a)		10,309		251,230
Casella Waste Systems, Inc. Class A (a)		7,553		193,206
Clean Harbors, Inc. (a)		10,576		585,276
Covanta Holding Corp.		22,845		373,516
Republic Services, Inc.		45,673		3,142,302
Rollins, Inc.		19,012		938,052
SP Plus Corp. (a)		4,380		168,849
Stericycle, Inc. (a)		16,503		1,243,666
Team, Inc. (a)		5,937		100,929
Tetra Tech, Inc.		10,906		542,028
US Ecology, Inc.		4,198		219,346
Waste Connections, Inc.		51,049		3,666,339
Waste Management, Inc.		85,243		7,538,038

				19,373,235

Office Services & Supplies – 0.5%
ACCO Brands Corp. (a)		21,354		253,045
Essendant, Inc.		7,145		64,662
Herman Miller, Inc.		11,615		470,407
HNI Corp.		8,585		333,871
Interface, Inc.		12,015		299,774



	Shares		Value
Kimball International, Inc. Class B		7,222	$	134,113
Knoll, Inc.		9,676		221,967
MSA Safety, Inc.		6,671		522,406
Pitney Bowes, Inc.		36,134		509,851
Steelcase, Inc. Class A		17,063		265,330

				3,075,426

Security & Alarm Services – 0.1%
The Brink’s Co.		8,798		733,753


TOTAL COMMERCIAL SERVICES & SUPPLIES				33,592,674


CONSTRUCTION & ENGINEERING – 1.9%
Construction & Engineering – 1.9%
AECOM (a)		30,382		1,188,240
Aegion Corp. (a)		6,395		160,387
Argan, Inc.		2,928		127,661
Chicago Bridge & Iron Co. N.V.		19,694		411,014
Comfort Systems USA, Inc.		7,294		310,724
Dycom Industries, Inc. (a)		6,050		706,095
EMCOR Group, Inc.		11,455		931,062
Fluor Corp.		27,067		1,642,967
Granite Construction, Inc.		7,685		512,513
Great Lakes Dredge & Dock Corp. (a)		10,317		48,490
Jacobs Engineering Group, Inc.		23,336		1,620,919
KBR, Inc.		27,004		549,261
MasTec, Inc. (a)		12,839		685,603
MYR Group, Inc. (a)		3,264		110,584
NV5 Global, Inc. (a)		1,542		75,172
Primoris Services Corp.		7,923		205,998
Quanta Services, Inc. (a)		29,549		1,137,341
Tutor Perini Corp. (a)		7,833		193,867
Valmont Industries, Inc.		4,371		715,096


TOTAL CONSTRUCTION & ENGINEERING				11,332,994


ELECTRICAL EQUIPMENT – 5.4%
Electrical Components & Equipment – 5.4%
Acuity Brands, Inc.		8,165		1,261,003
AMETEK, Inc.		44,734		3,413,204
Atkore International Group, Inc. (a)		6,125		143,203
Eaton Corp. PLC		86,156		7,234,519
Emerson Electric Co.		124,049		8,960,059
Encore Wire Corp.		4,057		205,284
EnerSys		8,427		592,502
Generac Holdings, Inc. (a)		12,033		588,775
General Cable Corp.		9,705		288,239
Hubbell, Inc.		10,043		1,365,346
Plug Power, Inc. (a)		43,564		84,079
Powell Industries, Inc.		1,770		57,684
Regal-Beloit Corp.		8,607		670,485
Rockwell Automation, Inc.		24,873		4,907,194
Sensata Technologies Holding N.V. (a)		33,155		1,864,969

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


*Semiannual Report*		36


Common Stocks – continued
	Shares		Value
ELECTRICAL EQUIPMENT – continued
Electrical Components & Equipment – continued
Sunrun, Inc. (a)		13,140	$	83,176
Thermon Group Holdings, Inc. (a)		6,422		148,862
Vicor Corp. (a)		3,517		64,361

				31,932,944

Heavy Electrical Equipment – 0.0%
AZZ, Inc.		5,023		228,546


TOTAL ELECTRICAL EQUIPMENT				32,161,490


INDUSTRIAL CONGLOMERATES – 14.4%
Industrial Conglomerates – 14.4%
3M Co.		115,661		28,973,080
Carlisle Cos., Inc.		12,252		1,399,301
General Electric Co.		1,677,998		27,133,228
Honeywell International, Inc.		140,036		22,359,548
Raven Industries, Inc.		6,958		268,231
Roper Industries, Inc.		19,828		5,563,539


TOTAL INDUSTRIAL CONGLOMERATES				85,696,927


MACHINERY – 19.8%
Agricultural & Farm Machinery – 1.9%
AGCO Corp.		12,321		894,751
Deere & Co.		52,931		8,808,777
Lindsay Corp.		2,055		183,326
The Toro Co.		20,881		1,370,838
Titan International, Inc.		9,903		131,809

				11,389,501

Construction & Farm Machinery & Heavy Trucks – 6.7%
Alamo Group, Inc.		1,965		226,034
Allison Transmission Holdings, Inc.		25,973		1,149,045
American Railcar Industries, Inc.		1,476		57,889
Astec Industries, Inc.		3,801		237,182
Caterpillar, Inc.		114,537		18,644,333
Cummins, Inc.		30,861		5,801,868
Douglas Dynamics, Inc.		4,363		179,756
Federal Signal Corp.		11,709		238,161
Meritor, Inc. (a)		16,396		447,283
Navistar International Corp. (a)		8,542		391,480
Oshkosh Corp.		14,464		1,312,174
PACCAR, Inc.		68,044		5,073,361
REV Group, Inc.		5,596		163,739
Spartan Motors, Inc.		6,469		86,685
Terex Corp.		17,311		813,963
The Greenbrier Cos., Inc.		5,502		275,925
The Manitowoc Co., Inc. (a)		6,534		261,883
Trinity Industries, Inc.		26,380		909,318
Wabash National Corp.		11,395		294,333
WABCO Holdings, Inc. (a)		9,890		1,526,917
Wabtec Corp.		16,726		1,355,475

				39,446,804



	Shares		Value
Industrial Machinery – 11.2%
Actuant Corp. Class A		11,631	$	287,867
Albany International Corp. Class A		5,632		357,350
Altra Industrial Motion Corp.		5,646		295,850
Barnes Group, Inc.		9,920		652,637
Briggs & Stratton Corp.		8,209		198,494
Chart Industries, Inc. (a)		5,632		279,178
CIRCOR International, Inc.		2,710		143,684
Colfax Corp. (a)		17,934		717,719
Columbus McKinnon Corp.		4,005		164,005
Crane Co.		9,268		926,244
Donaldson Co., Inc.		24,101		1,220,957
Dover Corp.		30,169		3,204,249
Energy Recovery, Inc. (a)		6,519		50,392
EnPro Industries, Inc.		4,124		362,871
ESCO Technologies, Inc.		4,981		304,588
Flowserve Corp.		25,275		1,145,463
Fortive Corp.		60,543		4,602,479
Franklin Electric Co., Inc.		7,682		347,995
Gardner Denver Holdings, Inc. (a)		15,195		525,443
Global Brass & Copper Holdings, Inc.		4,329		139,177
Graco, Inc.		32,536		1,522,685
Harsco Corp. (a)		15,510		277,629
Hillenbrand, Inc.		12,231		541,833
Hyster-Yale Materials Handling, Inc.		1,544		130,761
IDEX Corp.		14,835		2,128,526
Illinois Tool Works, Inc.		60,013		10,422,458
Ingersoll-Rand PLC		49,157		4,651,727
ITT, Inc.		17,034		953,904
John Bean Technologies Corp.		6,153		699,904
Kadant, Inc.		2,109		211,427
Kennametal, Inc.		15,584		760,188
Lincoln Electric Holdings, Inc.		11,476		1,119,713
Lydall, Inc. (a)		3,422		163,572
Milacron Holdings Corp. (a)		13,498		256,057
Mueller Industries, Inc.		10,566		349,629
Mueller Water Products, Inc. Class A		30,971		360,193
NN, Inc.		5,201		149,789
Nordson Corp.		10,036		1,442,374
Omega Flex, Inc.		588		35,962
Parker Hannifin Corp.		25,787		5,194,018
Park-Ohio Holdings Corp.		1,522		63,391
Pentair PLC		33,397		2,387,885
Proto Labs, Inc. (a)		4,934		539,533
RBC Bearings, Inc. (a)		4,686		590,436
Rexnord Corp. (a)		20,123		565,658
Snap-on, Inc.		11,150		1,910,106
SPX Corp. (a)		8,307		259,594
SPX FLOW, Inc. (a)		8,251		382,599
Standex International Corp.		2,435		255,553
Stanley Black & Decker, Inc.		29,684		4,934,371
Sun Hydraulics Corp.		4,705		292,086

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
MACHINERY – continued
Industrial Machinery – continued
Tennant Co.		3,460	$	233,204
The Gorman-Rupp Co.		3,545		100,217
The Middleby Corp. (a)		11,154		1,519,844
The Timken Co.		13,550		712,053
Trimas Corp. (a)		8,803		234,160
Watts Water Technologies, Inc. Class A		5,079		405,050
Welbilt, Inc. (a)		25,573		570,278
Woodward, Inc.		10,649		825,510
Xylem, Inc.		34,802		2,514,793

				66,595,312


TOTAL MACHINERY				117,431,617


MARINE – 0.0%
Marine – 0.0%
Kirby Corp. (a)		2,623		196,463
Matson, Inc.		2,073		70,917


TOTAL MARINE				267,380


PROFESSIONAL SERVICES – 3.9%
Human Resource & Employment Services – 1.1%
GP Strategies Corp. (a)		2,387		59,556
Heidrick & Struggles International, Inc.		3,710		97,944
Insperity, Inc.		7,282		446,023
Kelly Services, Inc. Class A		6,120		173,257
Kforce, Inc.		4,735		122,873
Korn/Ferry International		10,753		479,154
ManpowerGroup, Inc.		12,919		1,697,427
On Assignment, Inc. (a)		9,693		742,193
Robert Half International, Inc.		24,415		1,413,140
TriNet Group, Inc. (a)		8,144		357,277
TrueBlue, Inc. (a)		8,203		224,352
WageWorks, Inc. (a)		7,720		467,446

				6,280,642

Research & Consulting Services – 2.8%
CBIZ, Inc. (a)		10,043		165,710
Equifax, Inc.		23,345		2,916,491
Exponent, Inc.		4,983		369,489
Forrester Research, Inc.		1,709		74,598
FTI Consulting, Inc. (a)		7,693		334,415
Huron Consulting Group, Inc. (a)		4,370		175,456
ICF International, Inc. (a)		3,590		190,629
IHS Markit Ltd. (a)		77,333		3,691,104
Mistras Group, Inc. (a)		3,228		68,789
Navigant Consulting, Inc. (a)		9,122		187,183
Nielsen Holdings PLC		69,089		2,584,619
Resources Connection, Inc.		5,640		92,214
RPX Corp. (a)		8,559		120,168
The Dun & Bradstreet Corp.		7,127		881,824



	Shares		Value
TransUnion (a)		29,936	$	1,777,001
Verisk Analytics, Inc. (a)		30,259		3,027,413

				16,657,103


TOTAL PROFESSIONAL SERVICES				22,937,745


ROAD & RAIL – 8.8%
Railroads – 7.1%
CSX Corp.		177,029		10,049,936
Genesee & Wyoming, Inc. Class A (a)		11,952		954,367
Kansas City Southern		20,441		2,312,490
Norfolk Southern Corp.		55,854		8,427,252
Union Pacific Corp.		155,121		20,708,654

				42,452,699

Trucking – 1.7%
AMERCO		1,358		495,779
ArcBest Corp.		4,714		167,583
Avis Budget Group, Inc. (a)		14,388		646,884
Covenant Transportation Group, Inc. Class A (a)		2,346		68,808
Daseke, Inc. (a)		5,199		70,186
Heartland Express, Inc.		8,814		199,990
Hertz Global Holdings, Inc. (a)		9,710		222,650
JB Hunt Transport Services, Inc.		16,967		2,050,123
Knight-Swift Transportation Holdings, Inc.		25,796		1,284,383
Landstar System, Inc.		8,132		903,059
Marten Transport Ltd.		7,880		182,816
Old Dominion Freight Line, Inc.		11,979		1,754,324
Roadrunner Transportation Systems, Inc. (a)		5,830		32,473
Ryder System, Inc.		10,261		893,015
Saia, Inc. (a)		4,981		376,314
Universal Logistics Holdings, Inc		1,779		41,362
Werner Enterprises, Inc.		9,142		372,079
YRC Worldwide, Inc. (a)		6,508		103,933

				9,865,761


TOTAL ROAD & RAIL				52,318,460


TRADING COMPANIES & DISTRIBUTORS – 3.4%
Trading Companies & Distributors – 3.4%
Air Lease Corp.		19,005		924,023
Aircastle Ltd.		10,618		250,797
Applied Industrial Technologies, Inc.		7,576		558,730
Beacon Roofing Supply, Inc. (a)		12,919		781,599
BMC Stock Holdings, Inc. (a)		11,786		264,006
CAI International, Inc. (a)		2,976		84,102
DXP Enterprises, Inc. (a)		3,203		109,575
Fastenal Co.		55,758		3,064,460
Foundation Building Materials, Inc. (a)		3,773		55,954
GATX Corp.		7,121		506,588
GMS, Inc. (a)		6,397		219,289

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


*Semiannual Report*		38


Common Stocks – continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS – continued
Trading Companies & Distributors – continued
H&E Equipment Services, Inc.		6,166	$	242,817
HD Supply Holdings, Inc. (a)		39,258		1,526,744
Herc Holdings, Inc. (a)		4,114		270,372
Kaman Corp.		4,642		291,053
MRC Global, Inc. (a)		18,471		332,109
MSC Industrial Direct Co., Inc. Class A		8,739		820,417
Nexeo Solutions, Inc. (a)		5,207		49,102
NOW, Inc. (a)		20,606		242,945
Rush Enterprises, Inc. Class A (a)		6,097		329,543
Rush Enterprises, Inc. Class B (a)		890		45,230
SiteOne Landscape Supply, Inc. (a)		7,680		584,909
Titan Machinery, Inc. (a)		3,556		76,418
Triton International Ltd. (a)		11,454		442,124
United Rentals, Inc. (a)		16,383		2,967,125
Univar, Inc. (a)		21,721		648,589
Veritiv Corp. (a)		2,294		65,838
Watsco, Inc.		5,877		1,056,626
WESCO International, Inc. (a)		9,299		633,727
WW Grainger, Inc.		10,628		2,865,946


TOTAL TRADING COMPANIES & DISTRIBUTORS				20,310,757



	Shares		Value
TRANSPORTATION INFRASTRUCTURE – 0.2%
Airport Services – 0.2%
Macquarie Infrastructure Corp.		15,218	$	1,009,714


TOTAL COMMON STOCKS (Cost $501,154,040)				593,768,439


Money Market Funds – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.17% (b) (Cost $511,139)		511,139		511,139


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $501,665,179)				594,279,578

NET OTHER ASSETS (LIABILITIES) – 0.0%				211,658


NET ASSETS – 100.0%			$	594,491,236

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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


		39		*Semiannual Report*

Fidelity MSCI Information Technology Index ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT – 4.7%
Communications Equipment – 4.7%
Acacia Communications, Inc. (a)		4,505	$	166,280
ADTRAN, Inc.		12,489		199,824
Applied Optoelectronics, Inc. (a)		4,659		150,905
Arista Networks, Inc. (a)		12,388		3,416,858
ARRIS International PLC (a)		46,718		1,181,965
CalAmp Corp. (a)		9,259		226,660
Ciena Corp. (a)		36,925		785,764
Cisco Systems, Inc.		1,309,459		54,394,927
CommScope Holding Co., Inc. (a)		50,381		1,946,218
Comtech Telecommunications Corp.		5,945		128,590
EchoStar Corp. Class A (a)		12,645		772,104
Extreme Networks, Inc. (a)		28,359		426,236
F5 Networks, Inc. (a)		16,614		2,401,388
Finisar Corp. (a)		29,792		535,064
Infinera Corp. (a)		38,461		248,843
InterDigital, Inc.		9,083		708,928
Juniper Networks, Inc.		99,324		2,597,323
Lumentum Holdings, Inc. (a)		15,977		739,735
Mitel Networks Corp. (a)		23,052		207,468
Motorola Solutions, Inc.		42,664		4,243,361
NETGEAR, Inc. (a)		8,136		567,079
Netscout Systems, Inc. (a)		22,565		643,103
Oclaro, Inc. (a)		45,399		269,670
Palo Alto Networks, Inc. (a)		24,028		3,793,300
Plantronics, Inc.		8,640		509,674
Quantenna Communications, Inc. (a)		3,457		47,568
Ribbon Communications, Inc. (a)		12,528		87,445
Ubiquiti Networks, Inc. (a)		7,380		595,345
ViaSat, Inc. (a)		14,435		1,091,575
Viavi Solutions, Inc. (a)		58,686		503,526


TOTAL COMMUNICATIONS EQUIPMENT				83,586,726


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.9%
Electronic Components – 1.3%
Amphenol Corp. Class A		79,963		7,418,168
AVX Corp.		13,348		239,463
Belden, Inc.		11,099		940,862
Corning, Inc.		236,710		7,390,086
Dolby Laboratories, Inc. Class A		15,082		970,376
II-VI, Inc. (a)		15,036		641,285
Knowles Corp. (a)		23,055		351,358
Littelfuse, Inc.		6,488		1,410,102
Rogers Corp. (a)		4,756		783,694
Universal Display Corp.		11,136		1,775,078
Vishay Intertechnology, Inc.		35,082		770,050

				22,690,522

Electronic Equipment & Instruments – 1.0%
Badger Meter, Inc.		7,821		376,972
Cognex Corp.		45,213		2,819,935



	Shares		Value
Coherent, Inc. (a)		6,470	$	1,679,094
Control4 Corp. (a)		6,136		166,347
Daktronics, Inc.		9,275		85,887
Electro Scientific Industries, Inc.		7,831		183,402
FARO Technologies, Inc. (a)		4,554		245,461
Fitbit, Inc. Class A (a)		43,672		224,911
FLIR Systems, Inc.		35,906		1,838,746
Itron, Inc. (a)		9,182		672,122
Keysight Technologies, Inc. (a)		48,450		2,263,584
Mesa Laboratories, Inc.		899		127,217
MTS Systems Corp.		4,488		232,703
National Instruments Corp.		30,572		1,526,766
Novanta, Inc. (a)		8,503		492,324
OSI Systems, Inc. (a)		4,663		308,131
Trimble, Inc. (a)		66,511		2,933,135
VeriFone Systems, Inc. (a)		29,231		516,804
Zebra Technologies Corp. Class A (a)		13,955		1,718,698

				18,412,239

Electronic Manufacturing Services – 1.0%
Benchmark Electronics, Inc. (a)		13,053		377,884
CTS Corp.		8,494		233,585
Fabrinet (a)		9,945		246,735
Flex Ltd. (a)		139,450		2,511,494
IPG Photonics Corp. (a)		9,899		2,494,053
Jabil, Inc.		42,192		1,072,943
KEMET Corp. (a)		13,223		269,220
Kimball Electronics, Inc. (a)		7,187		132,960
Methode Electronics, Inc.		9,198		375,738
Park Electrochemical Corp.		5,282		96,661
Plexus Corp. (a)		8,808		526,278
Sanmina Corp. (a)		19,890		520,124
TE Connectivity Ltd.		92,465		9,480,436
TTM Technologies, Inc. (a)		23,132		381,447

				18,719,558

Technology Distributors – 0.6%
Anixter International, Inc. (a)		7,852		657,213
Arrow Electronics, Inc. (a)		23,056		1,875,375
Avnet, Inc.		32,204		1,368,670
CDW Corp.		40,454		3,025,555
ePlus, Inc. (a)		3,772		291,198
Insight Enterprises, Inc. (a)		9,266		343,954
PC Connection, Inc.		3,196		83,735
ScanSource, Inc. (a)		6,565		224,523
SYNNEX Corp.		7,823		960,117
Systemax, Inc.		3,878		120,412
Tech Data Corp. (a)		9,971		999,792

				9,950,544


TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS				69,772,863

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


*Semiannual Report*		40


Common Stocks – continued
	Shares		Value
INTERNET SOFTWARE & SERVICES – 20.1%
Internet Software & Services – 20.1%
2U, Inc. (a)		13,388	$	994,327
Actua Corp. (a)		7,911		123,412
Akamai Technologies, Inc. (a)		44,811		3,001,889
Alarm.com Holdings, Inc. (a)		4,041		155,094
Alphabet, Inc. Class A (a)		78,054		92,277,000
Alphabet, Inc. Class C (a)		81,961		95,889,452
ANGI Homeservices, Inc. Class A (a)		9,529		127,307
Benefitfocus, Inc. (a)		4,119		103,799
Blucora, Inc. (a)		11,417		278,575
Box, Inc. Class A (a)		26,314		585,223
Carbonite, Inc. (a)		5,760		145,152
Cars.com, Inc. (a)		17,738		526,641
ChannelAdvisor Corp. (a)		5,871		53,426
Cimpress N.V. (a)		6,178		787,139
Cision Ltd. (a)		9,431		112,135
CommerceHub, Inc. Series A (a)		3,318		67,090
CommerceHub, Inc. Series C (a)		7,388		142,515
Cornerstone OnDemand, Inc. (a)		13,716		564,139
CoStar Group, Inc. (a)		9,347		3,235,090
Coupa Software, Inc. (a)		7,082		270,745
eBay, Inc. (a)		266,107		10,798,622
Endurance International Group Holdings, Inc. (a)		17,808		147,806
Envestnet, Inc. (a)		11,430		614,362
Etsy, Inc. (a)		21,544		404,165
Facebook, Inc. Class A (a)		620,764		116,014,584
Five9, Inc. (a)		11,800		306,918
GoDaddy, Inc. Class A (a)		31,036		1,714,118
Gogo, Inc. (a)		14,330		138,141
GrubHub, Inc. (a)		21,584		1,559,444
GTT Communications, Inc. (a)		8,363		385,952
Hortonworks, Inc. (a)		11,984		239,081
IAC/InterActiveCorp. (a)		19,328		2,801,980
Instructure, Inc. (a)		3,267		117,285
j2 Global, Inc.		12,607		1,008,434
Limelight Networks, Inc. (a)		24,436		107,030
LivePerson, Inc. (a)		12,769		152,590
LogMeIn, Inc.		13,794		1,735,285
Match Group, Inc. (a)		10,327		360,825
MercadoLibre, Inc.		11,029		4,269,326
MINDBODY, Inc. Class A (a)		7,917		278,283
New Relic, Inc. (a)		8,539		510,034
NIC, Inc.		16,468		273,369
Nutanix, Inc. Class A (a)		16,759		537,964
Pandora Media, Inc. (a)		62,892		300,624
Q2 Holdings, Inc. (a)		8,335		352,987
Quotient Technology, Inc. (a)		19,104		225,427
Shutterstock, Inc. (a)		5,152		228,028
SPS Commerce, Inc. (a)		4,552		239,435
Stamps.com, Inc. (a)		4,188		853,724
The Trade Desk, Inc. Class A (a)		7,490		363,115



	Shares		Value
TrueCar, Inc. (a)		19,873	$	234,303
Tucows, Inc. Class A (a)		2,000		108,400
Twilio, Inc. Class A (a)		15,931		418,029
Twitter, Inc. (a)		164,371		4,242,416
VeriSign, Inc. (a)		23,546		2,705,906
Web.com Group, Inc. (a)		11,194		260,260
XO Group, Inc. (a)		6,517		124,475
Yelp, Inc. (a)		20,372		892,701
Yext, Inc. (a)		8,331		100,389
Zillow Group, Inc. Class C (a)		27,817		1,236,744


TOTAL INTERNET SOFTWARE & SERVICES				356,802,711


IT SERVICES – 17.6%
Data Processing & Outsourced Services – 12.0%
Alliance Data Systems Corp.		13,080		3,357,113
Automatic Data Processing, Inc.		116,328		14,381,631
Black Knight, Inc. (a)		30,145		1,492,177
Blackhawk Network Holdings, Inc. (a)		14,028		637,573
Broadridge Financial Solutions, Inc.		30,427		2,933,467
Cardtronics PLC Class A (a)		11,830		289,362
Cass Information Systems, Inc.		3,362		194,828
Conduent, Inc. (a)		46,498		762,567
Convergys Corp.		24,393		567,625
CoreLogic, Inc. (a)		21,889		1,036,663
CSG Systems International, Inc.		8,816		398,219
DST Systems, Inc.		15,818		1,318,747
Euronet Worldwide, Inc. (a)		13,040		1,224,065
Everi Holdings, Inc. (a)		17,425		134,869
EVERTEC, Inc.		15,941		249,477
ExlService Holdings, Inc. (a)		9,005		547,054
Fidelity National Information Services, Inc.		87,001		8,905,422
First Data Corp. Class A (a)		116,117		2,055,271
Fiserv, Inc. (a)		55,115		7,762,397
FleetCor Technologies, Inc. (a)		24,045		5,109,562
Global Payments, Inc.		39,975		4,468,405
Jack Henry & Associates, Inc.		20,308		2,531,595
Mastercard, Inc. Class A		247,299		41,793,531
MAXIMUS, Inc.		17,053		1,162,673
MoneyGram International, Inc. (a)		7,816		94,417
Net 1 UEPS Technologies, Inc. (a)		14,442		173,737
Paychex, Inc.		84,753		5,784,392
PayPal Holdings, Inc. (a)		299,203		25,528,000
Sabre Corp.		54,641		1,134,893
Square, Inc. Class A (a)		65,969		3,094,606
Sykes Enterprises, Inc. (a)		10,016		310,696
Syntel, Inc. (a)		8,507		191,833
The Western Union Co.		121,373		2,523,345
Total System Services, Inc.		43,438		3,859,901
Travelport Worldwide Ltd.		32,944		448,368
TTEC Holdings, Inc.		4,157		165,033
Visa, Inc. Class A		479,094		59,517,848

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
IT SERVICES – continued
Data Processing & Outsourced Services – continued
WEX, Inc. (a)		10,058	$	1,557,079
Worldpay, Inc. (a)		77,625		6,234,064

				213,932,505

IT Consulting & Other Services – 5.6%
Accenture PLC Class A		161,803		26,001,742
Acxiom Corp. (a)		21,139		572,233
Booz Allen Hamilton Holding Corp.		39,051		1,530,018
CACI International, Inc. Class A (a)		6,470		909,359
Cognizant Technology Solutions Corp. Class A		154,589		12,054,850
CSRA, Inc.		42,992		1,430,774
DXC Technology Co.		74,488		7,415,280
EPAM Systems, Inc. (a)		13,021		1,529,707
Gartner, Inc. (a)		23,689		3,286,612
International Business Machines Corp.		231,910		37,963,667
Leidos Holdings, Inc.		37,724		2,512,418
ManTech International Corp. Class A		6,770		352,514
Perficient, Inc. (a)		9,214		178,475
Presidio, Inc. (a)		8,408		153,950
Science Applications International Corp.		11,477		879,712
ServiceSource International, Inc. (a)		19,250		65,450
Teradata Corp. (a)		32,997		1,336,379
The Hackett Group, Inc.		6,015		96,300
Unisys Corp. (a)		13,154		117,071
Virtusa Corp. (a)		7,269		324,343

				98,710,854


TOTAL IT SERVICES				312,643,359


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 16.1%
Semiconductor Equipment – 2.2%
Advanced Energy Industries, Inc. (a)		10,448		743,166
Amkor Technology, Inc. (a)		28,421		285,915
Applied Materials, Inc.		279,150		14,970,815
Axcelis Technologies, Inc. (a)		8,136		210,722
Brooks Automation, Inc.		18,565		517,964
Cabot Microelectronics Corp.		6,606		673,085
Cohu, Inc.		7,277		165,697
Entegris, Inc.		37,003		1,204,448
FormFactor, Inc. (a)		19,389		278,232
Ichor Holdings Ltd. (a)		5,265		168,059
KLA-Tencor Corp.		41,046		4,506,851
Kulicke & Soffa Industries, Inc. (a)		18,545		426,720
Lam Research Corp.		42,534		8,146,112
MKS Instruments, Inc.		14,267		1,459,514
Nanometrics, Inc. (a)		6,488		160,708
PDF Solutions, Inc. (a)		7,276		99,536
Photronics, Inc. (a)		17,981		151,040
Rudolph Technologies, Inc. (a)		7,953		208,369
SolarEdge Technologies, Inc. (a)		7,232		259,629
Teradyne, Inc.		51,972		2,382,397
Ultra Clean Holdings, Inc. (a)		8,123		176,188



	Shares		Value
Veeco Instruments, Inc. (a)		12,662	$	210,822
Versum Materials, Inc.		28,644		1,054,099
Xcerra Corp. (a)		14,061		140,329
Xperi Corp.		12,772		286,731

				38,887,148

Semiconductors – 13.9%
Advanced Micro Devices, Inc. (a)		210,084		2,886,554
Alpha & Omega Semiconductor Ltd. (a)		4,710		79,081
Ambarella, Inc. (a)		8,744		440,698
Analog Devices, Inc.		96,233		8,841,888
Broadcom Ltd.		106,507		26,416,931
Cavium, Inc. (a)		18,002		1,598,218
CEVA, Inc. (a)		5,831		256,564
Cirrus Logic, Inc. (a)		16,650		825,340
Cree, Inc. (a)		25,730		887,942
Cypress Semiconductor Corp.		87,111		1,506,149
Diodes, Inc. (a)		10,553		297,489
First Solar, Inc. (a)		20,572		1,381,821
Impinj, Inc. (a)		4,123		92,232
Inphi Corp. (a)		10,120		302,284
Integrated Device Technology, Inc. (a)		34,974		1,045,723
Intel Corp.		1,230,618		59,241,951
Lattice Semiconductor Corp. (a)		29,622		192,839
MACOM Technology Solutions Holdings, Inc. (a)		10,755		334,481
Marvell Technology Group Ltd.		104,934		2,448,110
Maxim Integrated Products, Inc.		73,979		4,512,719
MaxLinear, Inc. Class A (a)		17,763		458,108
Mellanox Technologies Ltd. (a)		11,793		765,955
Microchip Technology, Inc.		60,974		5,805,944
Micron Technology, Inc. (a)		277,006		12,110,702
Microsemi Corp. (a)		30,259		1,869,704
Monolithic Power Systems, Inc.		10,354		1,233,368
NVE Corp.		1,285		107,709
NVIDIA Corp.		157,106		38,616,655
ON Semiconductor Corp. (a)		110,305		2,728,946
Power Integrations, Inc.		7,732		577,580
Qorvo, Inc. (a)		33,226		2,384,630
QUALCOMM, Inc.		386,449		26,375,144
Rambus, Inc. (a)		28,979		366,005
Semtech Corp. (a)		17,592		629,794
Silicon Laboratories, Inc. (a)		11,101		1,067,916
Skyworks Solutions, Inc.		48,057		4,671,621
SMART Global Holdings, Inc. (a)		2,582		93,649
SunPower Corp. (a)		16,608		131,701
Synaptics, Inc. (a)		9,033		391,490
Texas Instruments, Inc.		259,322		28,439,844
Xilinx, Inc.		65,230		4,763,095

				247,178,574


TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				286,065,722

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


*Semiannual Report*		42


Common Stocks – continued
	Shares		Value
SOFTWARE – 22.6%
Application Software – 6.5%
8x8, Inc. (a)		23,986	$	424,552
ACI Worldwide, Inc. (a)		30,953		725,538
Adobe Systems, Inc. (a)		129,214		25,811,789
ANSYS, Inc. (a)		22,207		3,589,762
Aspen Technology, Inc. (a)		19,114		1,480,379
Autodesk, Inc. (a)		52,031		6,015,824
Blackbaud, Inc.		12,577		1,205,128
Blackline, Inc. (a)		6,140		204,032
Bottomline Technologies de, Inc. (a)		10,712		390,988
BroadSoft, Inc. (a)		7,957		436,839
Cadence Design Systems, Inc. (a)		73,250		3,285,995
Callidus Software, Inc. (a)		17,774		638,975
CDK Global, Inc.		33,016		2,353,711
Citrix Systems, Inc. (a)		39,707		3,683,221
Ebix, Inc.		5,404		443,668
Ellie Mae, Inc. (a)		9,059		847,016
Everbridge, Inc. (a)		5,915		190,936
Fair Isaac Corp.		7,990		1,379,553
Glu Mobile, Inc. (a)		28,421		106,295
Guidewire Software, Inc. (a)		19,602		1,557,379
HubSpot, Inc. (a)		8,646		839,094
Intuit, Inc.		63,770		10,706,983
Manhattan Associates, Inc. (a)		18,036		952,662
MicroStrategy, Inc. Class A (a)		2,543		350,247
MobileIron, Inc. (a)		10,646		47,907
Monotype Imaging Holdings, Inc.		11,140		266,803
Nuance Communications, Inc. (a)		75,270		1,340,559
Paycom Software, Inc. (a)		12,406		1,136,886
Paylocity Holding Corp. (a)		7,328		383,181
Pegasystems, Inc.		10,365		527,060
PROS Holdings, Inc. (a)		7,156		207,810
PTC, Inc. (a)		30,331		2,204,457
QAD, Inc. Class A		2,730		117,663
RealPage, Inc. (a)		15,037		748,091
RingCentral, Inc. Class A (a)		15,084		819,061
Salesforce.com, Inc. (a)		178,858		20,373,715
Splunk, Inc. (a)		36,199		3,343,702
SS&C Technologies Holdings, Inc.		45,778		2,301,718
Synchronoss Technologies, Inc. (a)		11,713		94,173
Synopsys, Inc. (a)		39,438		3,652,353
The Ultimate Software Group, Inc. (a)		7,410		1,725,715
Tyler Technologies, Inc. (a)		9,282		1,870,416
Verint Systems, Inc. (a)		16,462		687,289
Workday, Inc. Class A (a)		35,068		4,204,303
Workiva, Inc. (a)		5,974		133,220
Zendesk, Inc. (a)		26,355		1,015,195

				114,821,843

Home Entertainment Software – 1.6%
Activision Blizzard, Inc.		187,726		13,916,128
Electronic Arts, Inc. (a)		80,898		10,270,810



	Shares		Value
Take-Two Interactive Software, Inc. (a)		27,730	$	3,512,559
Zynga, Inc. Class A (a)		204,994		733,879

				28,433,376

Systems Software – 14.5%
A10 Networks, Inc. (a)		14,031		86,010
Barracuda Networks, Inc. (a)		9,471		260,926
CA, Inc.		82,691		2,964,472
CommVault Systems, Inc. (a)		11,381		607,176
Dell Technologies, Inc. Class V (a)		53,285		3,820,534
FireEye, Inc. (a)		42,928		647,354
Fortinet, Inc. (a)		39,058		1,798,230
Imperva, Inc. (a)		7,348		321,475
Microsoft Corp.		1,916,277		182,065,478
Oracle Corp.		812,547		41,919,300
Progress Software Corp.		11,309		563,527
Proofpoint, Inc. (a)		11,682		1,191,798
Qualys, Inc. (a)		8,413		525,813
Rapid7, Inc. (a)		3,860		92,563
Red Hat, Inc. (a)		46,435		6,100,630
ServiceNow, Inc. (a)		44,487		6,622,780
Symantec Corp.		160,829		4,379,374
Tableau Software, Inc. Class A (a)		16,440		1,262,756
TiVo Corp.		31,801		443,624
Varonis Systems, Inc. (a)		3,856		209,381
VASCO Data Security International, Inc. (a)		7,815		112,536
VMware, Inc. Class A (a)		18,629		2,306,084

				258,301,821


TOTAL SOFTWARE				401,557,040


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 14.9%
Technology Hardware, Storage & Peripherals – 14.9%
3D Systems Corp. (a)		28,426		291,082
Apple, Inc.		1,352,716		226,485,240
Cray, Inc. (a)		10,455		253,534
Diebold Nixdorf, Inc.		17,712		326,786
Electronics For Imaging, Inc. (a)		12,010		351,172
Hewlett Packard Enterprise Co.		425,731		6,981,989
HP, Inc.		440,430		10,270,828
NCR Corp. (a)		31,747		1,190,830
NetApp, Inc.		70,546		4,338,579
Pure Storage, Inc. Class A (a)		20,508		413,031
Seagate Technology PLC		75,353		4,159,486
Super Micro Computer, Inc. (a)		10,055		229,505
Western Digital Corp.		77,299		6,878,065
Xerox Corp.		56,791		1,938,277


TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS				264,108,404


TOTAL COMMON STOCKS (Cost $1,376,347,638)				1,774,536,825

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


		43		*Semiannual Report*

Fidelity MSCI Information Technology Index ETF

Investments (Unaudited) – continued


Money Market Funds – 0.1%
	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.17% (b) (Cost $853,756)		853,756	$	853,756


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $1,377,201,394)				1,775,390,581

NET OTHER ASSETS (LIABILITIES) – 0.0%				181,119


NET ASSETS – 100.0%			$	1,775,571,700

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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


*Semiannual Report*		44

Fidelity MSCI Materials Index ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
CHEMICALS – 66.4%
Commodity Chemicals – 6.7%
AdvanSix, Inc. (a)		11,492	$	453,474
Cabot Corp.		23,349		1,579,326
Calgon Carbon Corp.		19,100		407,785
Hawkins, Inc.		3,615		127,610
Koppers Holdings, Inc. (a)		7,760		355,408
Kronos Worldwide, Inc.		8,729		239,611
LyondellBasell Industries N.V. Class A		126,369		15,144,061
Olin Corp.		62,474		2,329,031
Tredegar Corp.		9,331		171,224
Trinseo S.A.		16,429		1,354,571
Tronox Ltd. Class A		33,061		648,987
Valvoline, Inc.		76,051		1,874,657

				24,685,745

Diversified Chemicals – 21.1%
DowDuPont, Inc.		876,386		66,237,254
Eastman Chemical Co.		54,406		5,395,987
Huntsman Corp.		76,661		2,650,171
The Chemours Co.		69,430		3,583,976

				77,867,388

Fertilizers & Agricultural Chemicals – 9.1%
AgroFresh Solutions, Inc. (a)		8,534		64,346
American Vanguard Corp.		10,108		213,784
CF Industries Holdings, Inc.		87,611		3,718,211
FMC Corp.		50,367		4,600,018
Monsanto Co.		165,014		20,098,705
The Mosaic Co.		125,265		3,419,735
The Scotts Miracle-Gro Co.		16,440		1,484,039

				33,598,838

Industrial Gases – 8.5%
Air Products & Chemicals, Inc.		81,866		13,783,778
Praxair, Inc.		107,448		17,351,778

				31,135,556

Specialty Chemicals – 21.0%
A Schulman, Inc. Class A		11,108		433,212
Albemarle Corp.		41,504		4,631,431
Ashland Global Holdings, Inc.		23,456		1,702,671
Axalta Coating Systems Ltd. (a)		82,256		2,591,064
Balchem Corp.		11,988		947,052
Celanese Corp. Class A		51,667		5,588,303
Chase Corp.		2,822		317,052
Ecolab, Inc.		97,825		13,468,546
Ferro Corp. (a)		29,836		701,743
FutureFuel Corp.		9,904		132,714
GCP Applied Technologies, Inc. (a)		26,856		896,990
HB Fuller Co.		19,011		985,720
Ingevity Corp. (a)		15,817		1,147,523
Innophos Holdings, Inc.		7,325		338,928
Innospec, Inc.		9,055		650,149
International Flavors & Fragrances, Inc.		29,657		4,457,447



	Shares		Value
KMG Chemicals, Inc.		4,742	$	288,076
Kraton Corp. (a)		11,746		590,354
Minerals Technologies, Inc.		13,160		988,974
NewMarket Corp.		3,577		1,422,179
OMNOVA Solutions, Inc. (a)		16,905		185,955
Platform Specialty Products Corp. (a)		86,072		1,007,903
PolyOne Corp.		30,684		1,333,527
PPG Industries, Inc.		96,338		11,438,211
Quaker Chemical Corp.		5,002		769,808
Rayonier Advanced Materials, Inc.		19,464		368,259
RPM International, Inc.		50,184		2,619,605
Sensient Technologies Corp.		16,456		1,182,363
Stepan Co.		7,633		598,580
The Sherwin-Williams Co.		31,579		13,171,917
Venator Materials PLC (a)		19,961		451,518
WR Grace & Co.		25,646		1,893,188

				77,300,962


TOTAL CHEMICALS				244,588,489


CONSTRUCTION MATERIALS – 4.3%
Construction Materials – 4.3%
Eagle Materials, Inc.		18,212		2,040,655
Martin Marietta Materials, Inc.		23,604		5,385,725
Summit Materials, Inc. Class A (a)		40,998		1,309,886
United States Lime & Minerals, Inc.		835		64,086
US Concrete, Inc. (a)		5,713		444,757
Vulcan Materials Co.		49,679		6,726,536


TOTAL CONSTRUCTION MATERIALS				15,971,645


CONTAINERS & PACKAGING – 13.2%
Metal & Glass Containers – 4.3%
Aptargroup, Inc.		23,539		2,057,779
Ball Corp.		125,500		4,804,140
Berry Plastics Group, Inc. (a)		48,993		2,899,896
Crown Holdings, Inc. (a)		50,677		2,941,800
Greif, Inc. Class A		9,679		572,222
Greif, Inc. Class B		1,650		105,023
Myers Industries, Inc.		9,081		190,701
Owens-Illinois, Inc. (a)		58,061		1,348,176
Silgan Holdings, Inc.		28,986		866,392

				15,786,129

Paper Packaging – 8.9%
Avery Dennison Corp.		33,213		4,074,571
Bemis Co., Inc.		34,079		1,592,852
Graphic Packaging Holding Co.		116,294		1,878,148
International Paper Co.		147,341		9,261,855
Packaging Corp. of America		35,436		4,451,825
Sealed Air Corp.		71,385		3,380,080
Sonoco Products Co.		37,308		2,026,198
WestRock Co.		95,380		6,355,169

				33,020,698


TOTAL CONTAINERS & PACKAGING				48,806,827

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


		45		*Semiannual Report*

Fidelity MSCI Materials Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
METALS & MINING – 14.0%
Aluminum – 1.3%
Alcoa Corp. (a)		69,250	$	3,602,385
Century Aluminum Co. (a)		19,702		438,370
Kaiser Aluminum Corp.		6,352		700,244

				4,740,999

Copper – 2.7%
Freeport-McMoRan, Inc. (a)		516,441		10,070,599

Diversified Metals & Mining – 0.4%
Compass Minerals International, Inc.		12,728		927,871
Materion Corp.		7,520		373,744

				1,301,615

Gold – 2.9%
McEwen Mining, Inc. (a)		99,293		218,445
Newmont Mining Corp.		200,303		8,114,274
Royal Gold, Inc.		24,528		2,182,992

				10,515,711

Silver – 0.3%
Coeur Mining, Inc. (a)		68,265		548,851
Hecla Mining Co.		150,094		576,361

				1,125,212

Steel – 6.4%
AK Steel Holding Corp. (a)		118,407		599,139
Allegheny Technologies, Inc. (a)		47,247		1,273,779
Carpenter Technology Corp.		17,586		903,920
Cleveland-Cliffs, Inc. (a)		105,894		725,374
Commercial Metals Co.		43,562		1,047,231
Haynes International, Inc.		4,710		168,618
Nucor Corp.		119,979		8,033,794
Reliance Steel & Aluminum Co.		27,366		2,396,988
Ryerson Holding Corp. (a)		6,309		63,090
Schnitzer Steel Industries, Inc. Class A		10,115		345,933
Steel Dynamics, Inc.		90,089		4,090,041
SunCoke Energy, Inc. (a)		21,775		241,703
TimkenSteel Corp. (a)		14,205		229,979
United States Steel Corp.		65,714		2,458,361
Warrior Met Coal, Inc.		13,054		365,120
Worthington Industries, Inc.		17,790		831,860

				23,774,930


TOTAL METALS & MINING				51,529,066



	Shares		Value
PAPER & FOREST PRODUCTS – 2.0%
Forest Products – 0.7%
Boise Cascade Co. (a)		14,481	$	643,680
Deltic Timber Corp.		4,111		388,572
Louisiana-Pacific Corp. (a)		54,347		1,609,215

				2,641,467

Paper Products – 1.3%
Clearwater Paper Corp. (a)		6,160		289,828
Domtar Corp.		23,518		1,207,885
KapStone Paper and Packaging Corp.		32,724		1,133,559
Mercer International, Inc.		17,107		251,473
Neenah Paper, Inc.		6,307		570,784
PH Glatfelter Co.		16,409		383,314
Resolute Forest Products, Inc. (a)		21,966		252,609
Schweitzer-Mauduit International, Inc.		11,497		520,584

				4,610,036


TOTAL PAPER & FOREST PRODUCTS				7,251,503


TOTAL COMMON STOCKS (Cost $319,928,809)				368,147,530


Money Market Funds – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.17% (b) (Cost $369,174)		369,174		369,174


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $320,297,983)				368,516,704

NET OTHER ASSETS (LIABILITIES) – (0.0%)				(90,183	)


NET ASSETS – 100.0%			$	368,426,521

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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


*Semiannual Report*		46

Fidelity MSCI Real Estate Index ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – 96.2%
Diversified REIT’s – 5.8%
Alexander & Baldwin, Inc.		27,474	$	728,610
American Assets Trust, Inc.		14,734		519,521
Armada Hoffler Properties, Inc.		19,552		281,353
Colony NorthStar, Inc. Class A		211,552		1,899,737
Empire State Realty Trust, Inc. Class A		55,095		1,077,107
Forest City Realty Trust, Inc. Class A		86,263		2,024,593
Gladstone Commercial Corp.		11,842		224,998
Global Net Lease, Inc.		27,675		507,559
Gramercy Property Trust		62,129		1,568,136
Investors Real Estate Trust		49,440		280,325
iStar, Inc. (a)		28,218		297,700
Lexington Realty Trust		89,425		806,613
Liberty Property Trust		59,491		2,463,522
One Liberty Properties, Inc.		6,308		154,167
PS Business Parks, Inc.		8,364		1,021,328
Select Income REIT		27,766		620,848
Spirit Realty Capital, Inc.		186,901		1,526,981
STORE Capital Corp.		69,162		1,695,161
VEREIT, Inc.		393,379		2,832,329
Washington Real Estate Investment Trust		31,495		902,647
WP Carey, Inc.		43,160		2,797,200

				24,230,435

Health Care REIT’s – 8.7%
CareTrust REIT, Inc.		31,449		499,725
Community Healthcare Trust, Inc.		7,798		207,739
HCP, Inc.		189,327		4,558,994
Healthcare Realty Trust, Inc.		50,071		1,495,621
Healthcare Trust of America, Inc. Class A		81,523		2,250,850
LTC Properties, Inc.		16,333		669,326
Medical Properties Trust, Inc.		147,118		1,924,303
National Health Investors, Inc.		16,780		1,183,493
New Senior Investment Group, Inc.		34,621		265,197
Omega Healthcare Investors, Inc.		79,715		2,155,494
Physicians Realty Trust		72,796		1,186,575
Quality Care Properties, Inc. (a)		38,791		523,678
Sabra Health Care REIT, Inc.		71,914		1,301,643
Senior Housing Properties Trust		56,249		974,795
Universal Health Realty Income Trust		5,519		367,289
Ventas, Inc.		143,714		8,043,673
Welltower, Inc.		148,843		8,926,115

				36,534,510

Hotel & Resort REIT’s – 5.5%
Apple Hospitality REIT, Inc.		85,703		1,670,352
Ashford Hospitality Prime, Inc.		11,515		103,865
Ashford Hospitality Trust, Inc.		43,044		277,203
Chatham Lodging Trust		18,856		422,374
Chesapeake Lodging Trust		24,809		679,022
DiamondRock Hospitality Co.		82,370		968,671
Hersha Hospitality Trust		17,525		325,089
Hospitality Properties Trust		35,511		1,008,868



	Shares		Value
Host Hotels & Resorts, Inc.		298,677	$	6,200,535
LaSalle Hotel Properties		46,439		1,418,247
MGM Growth Properties LLC		28,483		799,233
Park Hotels & Resorts, Inc.		65,458		1,892,391
Pebblebrook Hotel Trust		27,940		1,089,660
RLJ Lodging Trust		70,675		1,634,006
Ryman Hospitality Properties, Inc.		18,868		1,444,345
Summit Hotel Properties, Inc.		43,278		670,376
Sunstone Hotel Investors, Inc.		91,915		1,548,768
Xenia Hotels & Resorts, Inc.		43,880		974,136

				23,127,141

Industrial REIT’s – 6.2%
DCT Industrial Trust, Inc.		37,787		2,236,613
Duke Realty Corp.		143,693		3,794,932
EastGroup Properties, Inc.		13,980		1,213,604
First Industrial Realty Trust, Inc.		48,869		1,508,097
Monmouth Real Estate Investment Corp. Class A		27,625		472,111
Prologis, Inc.		214,554		13,969,611
Rexford Industrial Realty, Inc.		29,179		866,324
STAG Industrial, Inc.		37,777		956,514
Terreno Realty Corp.		21,531		766,504

				25,784,310

Office REIT’s – 10.4%
Alexandria Real Estate Equities, Inc.		37,802		4,902,919
Boston Properties, Inc.		62,266		7,702,927
Brandywine Realty Trust		71,838		1,288,774
Columbia Property Trust, Inc.		49,104		1,074,887
Corporate Office Properties Trust		40,862		1,115,533
Cousins Properties, Inc.		171,501		1,543,509
Douglas Emmett, Inc.		62,328		2,410,224
Easterly Government Properties, Inc.		16,238		338,237
Equity Commonwealth (a)		50,685		1,515,988
Franklin Street Properties Corp.		42,242		428,334
Government Properties Income Trust		16,775		287,859
Highwoods Properties, Inc.		41,916		2,006,938
Hudson Pacific Properties, Inc.		62,753		2,006,213
JBG SMITH		38,711		1,306,496
Kilroy Realty Corp.		39,762		2,835,826
Mack-Cali Realty Corp.		35,169		705,842
New York REIT, Inc.		73,050		147,561
NorthStar Realty Europe Corp.		22,178		264,584
Paramount Group, Inc.		82,895		1,245,912
Piedmont Office Realty Trust, Inc. Class A		59,601		1,163,411
SL Green Realty Corp.		39,951		4,015,874
Tier REIT, Inc.		20,126		390,646
Vornado Realty Trust		68,832		4,933,878

				43,632,372

Residential REIT’s – 12.9%
Altisource Residential Corp.		22,548		248,253
American Campus Communities, Inc.		55,359		2,129,107
American Homes 4 Rent Class A		95,038		1,975,840

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


		47		*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 – continued
Apartment Investment & Management Co. Class A		63,483	$	2,656,129
AvalonBay Communities, Inc.		55,714		9,493,666
Camden Property Trust		37,412		3,238,383
Education Realty Trust, Inc.		30,027		991,792
Equity Lifestyle Properties, Inc.		33,407		2,883,692
Equity Residential		148,192		9,130,109
Essex Property Trust, Inc.		26,638		6,206,121
Independence Realty Trust, Inc.		34,503		317,083
Invitation Homes, Inc.		125,700		2,826,993
Mid-America Apartment Communities, Inc.		45,881		4,375,671
NexPoint Residential Trust, Inc.		7,739		205,161
Preferred Apartment Communities, Inc.		13,866		231,146
Sun Communities, Inc.		32,034		2,845,900
UDR, Inc.		108,070		3,947,797
UMH Properties, Inc.		13,070		174,877

				53,877,720

Retail REIT’s – 15.2%
Acadia Realty Trust		33,967		834,229
Agree Realty Corp.		11,686		562,564
Alexander’s, Inc.		969		352,096
Brixmor Property Group, Inc.		123,230		2,000,023
CBL & Associates Properties, Inc.		70,253		390,607
Cedar Realty Trust, Inc.		38,798		198,258
DDR Corp.		126,640		1,028,317
Federal Realty Investment Trust		29,179		3,524,823
Getty Realty Corp.		13,947		365,969
GGP, Inc.		249,152		5,737,971
Kimco Realty Corp.		172,061		2,737,490
Kite Realty Group Trust		34,372		579,512
National Retail Properties, Inc.		60,351		2,394,728
Pennsylvania Real Estate Investment Trust		29,365		327,713
Ramco-Gershenson Properties Trust		33,021		436,538
Realty Income Corp.		110,615		5,883,612
Regency Centers Corp.		61,845		3,890,669
Retail Opportunity Investments Corp.		45,152		829,442
Retail Properties of America, Inc. Class A		94,423		1,137,797
Saul Centers, Inc.		5,464		299,045
Seritage Growth Properties, Class A		10,612		437,214
Simon Property Group, Inc.		125,388		20,484,638
Tanger Factory Outlet Centers, Inc.		38,824		977,588
Taubman Centers, Inc.		24,562		1,514,247
The Macerich Co.		48,581		3,136,875
Urban Edge Properties		46,686		1,091,519
Urstadt Biddle Properties, Inc. Class A		12,497		242,692
Washington Prime Group, Inc.		76,789		505,272
Weingarten Realty Investors		49,820		1,472,181
Whitestone REIT		16,552		217,493

				63,591,122

Specialized REIT’s – 31.5%
American Tower Corp.		173,124		25,570,415
CatchMark Timber Trust, Inc. Class A		18,147		238,996
CoreCivic, Inc.		48,428		1,124,014



	Shares		Value
CoreSite Realty Corp.		13,847	$	1,499,907
Crown Castle International Corp.		163,894		18,482,326
CubeSmart		72,835		2,005,148
CyrusOne, Inc.		35,276		2,035,072
Digital Realty Trust, Inc.		82,742		9,262,967
EPR Properties		29,786		1,759,161
Equinix, Inc.		31,445		14,313,450
Extra Space Storage, Inc.		50,872		4,246,795
Four Corners Property Trust, Inc.		25,150		593,540
Gaming and Leisure Properties, Inc.		81,602		2,973,577
InfraREIT, Inc.		18,307		347,467
Iron Mountain, Inc.		107,014		3,748,700
Lamar Advertising Co. Class A		33,813		2,434,536
Life Storage, Inc.		18,996		1,578,568
National Storage Affiliates Trust		20,358		516,482
Outfront Media, Inc.		56,750		1,271,200
Potlatch Corp.		16,717		884,329
Public Storage		63,181		12,368,313
QTS Realty Trust, Inc. Class A		19,923		992,165
Rayonier, Inc.		52,689		1,710,285
SBA Communications Corp. (a)		48,565		8,474,592
The Geo Group, Inc.		50,814		1,145,856
Uniti Group, Inc.		67,502		1,068,557
Weyerhaeuser Co.		303,784		11,404,051

				132,050,469


TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)				402,828,079


REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.7%
Diversified Real Estate Activities – 0.2%
Five Point Holdings LLC (a)		14,568		201,038
Tejon Ranch Co. (a)		9,441		205,908
The RMR Group, Inc. Class A		2,623		169,839
The St Joe Co. (a)		20,277		381,208

				957,993

Real Estate Development – 0.5%
Forestar Group, Inc. (a)		4,780		116,632
The Howard Hughes Corp. (a)		16,572		2,087,409

				2,204,041

Real Estate Operating Companies – 0.2%
Kennedy-Wilson Holdings, Inc.		55,854		991,409

Real Estate Services – 2.8%
Altisource Portfolio Solutions S.A. (a)		5,736		160,608
CBRE Group, Inc. Class A (a)		122,755		5,608,676
HFF, Inc. Class A		15,247		750,305
Jones Lang LaSalle, Inc.		18,317		2,863,863
Marcus & Millichap, Inc. (a)		7,272		237,431
RE/MAX Holdings, Inc. Class A		7,369		363,660
Realogy Holdings Corp.		55,132		1,516,681

				11,501,224


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				15,654,667


TOTAL COMMON STOCKS (Cost $431,825,063)				418,482,746

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


*Semiannual Report*		48


Money Market Funds – 0.0%
	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.17% (b) (Cost $228,762)		228,762	$	228,762


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $432,053,825)				418,711,508

NET OTHER ASSETS (LIABILITIES) – 0.1%				255,341


NET ASSETS – 100.0%			$	418,966,849

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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


		49		*Semiannual Report*

Fidelity MSCI Telecommunication Services Index ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 83.2%
Alternative Carriers – 23.3%
CenturyLink, Inc.		337,150	$	6,004,641
Cogent Communications Holdings, Inc.		57,979		2,614,853
Globalstar, Inc. (a)		1,521,509		1,597,584
Iridium Communications, Inc. (a)		225,715		2,866,581
ORBCOMM, Inc. (a)		243,700		2,800,113
pdvWireless, Inc. (a)		81,724		2,811,306
Straight Path Communications, Inc. (a)		17,347		3,165,827
Vonage Holdings Corp. (a)		341,219		3,818,241
Zayo Group Holdings, Inc. (a)		106,113		3,894,347

				29,573,493

Integrated Telecommunication Services – 59.9%
AT&T, Inc.		782,853		29,317,845
ATN International, Inc.		40,399		2,398,085
Cincinnati Bell, Inc. (a)		118,523		2,044,522
Consolidated Communications Holdings, Inc.		169,196		2,106,490
Frontier Communications Corp.		290,765		2,381,365
General Communication, Inc. Class A (a)		72,247		3,029,317
IDT Corp. Class B (a)		149,270		1,622,565
Verizon Communications, Inc.		579,687		31,343,676
Windstream Holding, Inc.		976,339		1,610,959

				75,854,824


TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES				105,428,317



	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES – 16.7%
Wireless Telecommunication Services – 16.7%
Boingo Wireless, Inc. (a)		123,869	$	3,003,823
Shenandoah Telecommunications Co.		75,403		2,563,702
Spok Holdings, Inc.		115,044		1,794,686
Sprint Corp. (a)		543,826		2,898,593
Telephone & Data Systems, Inc.		102,554		2,813,056
T-Mobile US, Inc. (a)		89,104		5,800,671
United States Cellular Corp. (a)		60,315		2,193,657


TOTAL WIRELESS TELECOMMUNICATION SERVICES				21,068,188


TOTAL COMMON STOCKS (Cost $120,948,598)				126,496,505


Money Market Funds – 0.0%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.17% (b) (Cost $14,382)		14,382		14,382


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $120,962,980)				126,510,887

NET OTHER ASSETS (LIABILITIES) – 0.1%				157,005


NET ASSETS – 100.0%			$	126,667,892

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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


*Semiannual Report*		50

Fidelity MSCI Utilities Index ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
ELECTRIC UTILITIES – 56.2%
Electric Utilities – 56.2%
ALLETE, Inc.		17,992	$	1,303,340
Alliant Energy Corp.		81,486		3,239,069
American Electric Power Co., Inc.		173,448		11,929,753
Duke Energy Corp.		246,836		19,376,626
Edison International		114,898		7,184,572
El Paso Electric Co.		14,299		746,408
Entergy Corp.		63,307		4,981,628
Eversource Energy		111,748		7,050,181
Exelon Corp.		338,573		13,038,446
FirstEnergy Corp.		156,684		5,154,904
Great Plains Energy, Inc.		76,088		2,367,859
Hawaiian Electric Industries, Inc.		38,409		1,310,131
IDACORP, Inc.		17,764		1,532,678
MGE Energy, Inc.		12,219		730,696
NextEra Energy, Inc.		165,476		26,214,708
OGE Energy Corp.		70,470		2,269,134
Otter Tail Corp.		12,548		534,545
PG&E Corp.		180,846		7,673,296
Pinnacle West Capital Corp.		39,366		3,147,312
PNM Resources, Inc.		28,071		1,069,505
Portland General Electric Co.		31,384		1,329,112
PPL Corp.		241,866		7,708,269
Spark Energy, Inc. Class A		4,169		41,273
The Southern Co.		352,465		15,899,696
Westar Energy, Inc.		50,124		2,589,406
Xcel Energy, Inc.		179,062		8,172,390


TOTAL ELECTRIC UTILITIES				156,594,937


GAS UTILITIES – 5.6%
Gas Utilities – 5.6%
Atmos Energy Corp.		37,407		3,101,040
Chesapeake Utilities Corp.		5,468		401,898
National Fuel Gas Co.		27,125		1,512,219
New Jersey Resources Corp.		30,489		1,182,973
Northwest Natural Gas Co.		10,105		579,522
ONE Gas, Inc.		18,424		1,304,972
South Jersey Industries, Inc.		28,030		825,203
Southwest Gas Holdings, Inc.		16,774		1,234,231
Spire, Inc.		17,004		1,130,766
UGI Corp.		61,153		2,798,973
WGL Holdings, Inc.		18,050		1,520,171


TOTAL GAS UTILITIES				15,591,968


INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 4.7%
Independent Power Producers & Energy Traders – 3.8%
AES Corp.		232,914		2,692,486
Calpine Corp. (a)		127,272		1,920,534
Dynegy, Inc. (a)		43,985		550,692



	Shares		Value
NRG Energy, Inc.		111,616	$	2,903,132
NRG Yield, Inc. Class A		12,188		229,500
NRG Yield, Inc. Class C		22,459		424,475
Vistra Energy Corp. (a)		90,413		1,763,054

				10,483,873

Renewable Electricity – 0.9%
8Point3 Energy Partners LP		9,900		145,035
NextEra Energy Partners LP		19,119		858,634
Ormat Technologies, Inc.		13,191		924,425
Pattern Energy Group, Inc.		28,638		590,516
TerraForm Power, Inc. Class A		12,974		141,417

				2,660,027


TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS				13,143,900


MULTI-UTILITIES – 29.9%
Multi-Utilities – 29.9%
Ameren Corp.		85,564		4,845,489
Avista Corp.		22,697		1,143,021
Black Hills Corp.		18,842		1,046,673
CenterPoint Energy, Inc.		144,401		4,069,220
CMS Energy Corp.		99,453		4,450,522
Consolidated Edison, Inc.		109,257		8,779,892
Dominion Energy, Inc.		226,607		17,321,839
DTE Energy Co.		63,265		6,683,315
MDU Resources Group, Inc.		65,485		1,734,043
NiSource, Inc.		114,941		2,836,744
NorthWestern Corp.		17,086		928,453
Public Service Enterprise Group, Inc.		178,400		9,253,608
SCANA Corp.		47,913		1,947,184
Sempra Energy		84,117		9,002,201
Unitil Corp.		4,971		219,768
Vectren Corp.		29,287		1,775,671
WEC Energy Group, Inc.		111,286		7,155,690


TOTAL MULTI-UTILITIES				83,193,333


WATER UTILITIES – 3.5%
Water Utilities – 3.5%
American States Water Co.		12,918		713,332
American Water Works Co., Inc.		62,870		5,228,898
Aqua America, Inc.		62,676		2,269,498
AquaVenture Holdings Ltd. (a)		5,592		85,054
California Water Service Group		16,926		688,888
Connecticut Water Service, Inc.		4,086		216,762
Middlesex Water Co.		5,759		216,884
SJW Group		5,425		324,632
The York Water Co.		4,529		143,343


TOTAL WATER UTILITIES				9,887,291


TOTAL COMMON STOCKS (Cost $283,441,260)				278,411,429

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


		51		*Semiannual Report*

Fidelity MSCI Utilities Index ETF

Investments (Unaudited) – continued


Money Market Funds – 0.1%
	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.17% (b) (Cost $136,749)		136,749	$	136,749


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $283,578,009)				278,548,178

NET OTHER ASSETS (LIABILITIES) – 0.0%				93,666


NET ASSETS – 100.0%			$	278,641,844

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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


*Semiannual Report*		52

[THIS PAGE INTENTIONALLY LEFT BLANK]


		53		*Semiannual Report*

Financial Statements


Statements of Assets and Liabilities
January 31, 2018 (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	$	480,228,882		$	360,144,135		$	581,273,106		$	1,516,639,167
Cash		—			—			—			—
Receivable for investments sold		192,696			6,274,372			15,261			—
Receivable for fund shares sold		17,056			—			3,759			27,395
Dividends receivable		243,507			535,072			319,347			686,898
Interest receivable		342			230			467			1,058

Total assets		480,682,483			366,953,809			581,611,940			1,517,354,518


Liabilities
Payable for investments purchased		—			6,361,378			—			—
Payable for fund shares redeemed		—			—			—			—
Accrued management fees		29,494			24,262			39,942			95,344

Total liabilities		29,494			6,385,640			39,942			95,344


Net Assets	$	480,652,989		$	360,568,169		$	581,571,998		$	1,517,259,174

Net Assets consist of:
Paid in capital		415,338,731			334,527,762			622,468,464			1,264,948,919
Undistributed net investment income		310,725			547,776			66,346			1,365,928
Accumulated undistributed net realized gain (loss) on investments		(2,398,779	)		(386,219	)		(42,427,368	)		5,189,957
Net unrealized appreciation (depreciation) on investments		67,402,312			25,878,850			1,464,556			245,754,370


Net Assets	$	480,652,989		$	360,568,169		$	581,571,998		$	1,517,259,174

Shares outstanding		11,350,000			10,350,000			28,150,000			35,250,000

Net Asset Value, offering price and redemption price per share	$	42.35		$	34.84		$	20.66		$	43.04


Investments at cost	$	412,826,570		$	334,265,285		$	579,808,550		$	1,270,884,797

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


*Semiannual Report*		54


Statements of Assets and Liabilities
January 31, 2018 (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	$	1,150,218,993		$	594,279,578		$	1,775,390,581		$	368,516,704
Cash		—			—			929			—
Receivable for investments sold		—			—			—			—
Receivable for fund shares sold		3,003			5,054			15,340			1,931
Dividends receivable		597,360			243,086			274,957			116,253
Interest receivable		768			392			1,150			268

Total assets		1,150,820,124			594,528,110			1,775,682,957			368,635,156


Liabilities
Payable for investments purchased		—			—			—			185,063
Payable for fund shares redeemed		—			—			—			—
Accrued management fees		73,254			36,874			111,257			23,572

Total liabilities		73,254			36,874			111,257			208,635


Net Assets	$	1,150,746,870		$	594,491,236		$	1,775,571,700		$	368,426,521

Net Assets consist of:
Paid in capital		993,930,614			501,800,365			1,377,724,630			321,376,603
Undistributed net investment income		557,214			379,987			619,675			104,170
Accumulated undistributed net realized gain (loss) on investments		(5,314,534	)		(303,515	)		(961,792	)		(1,272,973	)
Net unrealized appreciation (depreciation) on investments		161,573,576			92,614,399			398,189,187			48,218,721


Net Assets	$	1,150,746,870		$	594,491,236		$	1,775,571,700		$	368,426,521

Shares outstanding		26,950,000			14,650,000			33,050,000			10,150,000

Net Asset Value, offering price and redemption price per share	$	42.70		$	40.58		$	53.72		$	36.30


Investments at cost	$	988,645,417		$	501,665,179		$	1,377,201,394		$	320,297,983

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


		55		*Semiannual Report*

Financial Statements – continued


Statements of Assets and Liabilities
January 31, 2018 (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	$	418,711,508		$	126,510,887		$	278,548,178
Cash		—			—			—
Receivable for investments sold		—			1,003,490			—
Receivable for fund shares sold		20,121			—			6,049
Dividends receivable		264,811			792,748			109,030
Interest receivable		261			58			151

Total assets		418,996,701			128,307,183			278,663,408


Liabilities
Payable for investments purchased		—			1,630,585			—
Payable for fund shares redeemed		—			—			1,240
Accrued management fees		29,852			8,706			20,324

Total liabilities		29,852			1,639,291			21,564


Net Assets	$	418,966,849		$	126,667,892		$	278,641,844

Net Assets consist of:
Paid in capital		431,175,309			124,673,659			281,888,051
Undistributed net investment income		1,007,562			597,869			81,972
Accumulated undistributed net realized gain (loss) on investments		126,295			(4,151,543	)		1,701,652
Net unrealized appreciation (depreciation) on investments		(13,342,317	)		5,547,907			(5,029,831	)


Net Assets	$	418,966,849		$	126,667,892		$	278,641,844

Shares outstanding		17,450,000			4,050,000			8,350,000

Net Asset Value, offering price and redemption price per share	$	24.01		$	31.28		$	33.37


Investments at cost	$	432,053,825		$	120,962,980		$	283,578,009

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


*Semiannual Report*		56


Statements of Operations
For the six months ended January 31, 2018 (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	$	1,949,748		$	4,130,417		$	6,026,231		$	10,641,739
Interest		1,160			1,065			1,643			4,418

Total income		1,950,908			4,131,482			6,027,874			10,646,157


Expenses
Management fees		130,834			127,644			188,945			434,366
Independent trustees’ compensation		3,268			3,354			4,794			10,684

Total expenses		134,102			130,998			193,739			445,050


Net investment income (loss)		1,816,806			4,000,484			5,834,135			10,201,107

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(1,232,634	)		(2,896,646	)		(5,277,864	)		(1,753,377	)
Net realized gain (loss) on In-kind redemptions		4,292,180			5,223,514			2,288,886			9,572,385

Total net realized gain (loss)		3,059,546			2,326,868			(2,988,978	)		7,819,008

Change in net unrealized appreciation (depreciation) on investment securities		53,450,488			11,576,897			60,728,268			157,759,787

Net gain (loss)		56,510,034			13,903,765			57,739,290			165,578,795

Net increase (decrease) in net assets resulting from operations	$	58,326,840		$	17,904,249		$	63,573,425		$	175,779,902

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


		57		*Semiannual Report*

Financial Statements – continued


Statements of Operations
For the six months ended January 31, 2018 (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	$	6,269,481		$	3,704,040		$	7,060,022		$	1,944,944
Interest		3,268			1,383			3,947			856

Total income		6,272,749			3,705,423			7,063,969			1,945,800


Expenses
Management fees		365,435			167,006			510,817			109,357
Independent trustees’ compensation		9,305			4,127			12,416			2,671

Total expenses		374,740			171,133			523,233			112,028


Net investment income (loss)		5,898,009			3,534,290			6,540,736			1,833,772

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(370,267	)		(1,159,980	)		(757,632	)		(936,980	)
Net realized gain (loss) on In-kind redemptions		6,333,212			3,927,880			3,893,339			2,820,060

Total net realized gain (loss)		5,962,945			2,767,900			3,135,707			1,883,080

Change in net unrealized appreciation (depreciation) on investment securities		90,797,018			58,505,410			234,889,700			34,352,600

Net gain (loss)		96,759,963			61,273,310			238,025,407			36,235,680

Net increase (decrease) in net assets resulting from operations	$	102,657,972		$	64,807,600		$	244,566,143		$	38,069,452

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, 2018 (Unaudited)
	Fidelity MSCI Real Estate Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Investment Income
Dividends	$	8,416,211		$	2,194,333		$	4,888,163
Interest		1,450			727			1,009

Total income		8,417,661			2,195,060			4,889,172


Expenses
Management fees		169,355			47,605			123,878
Independent trustees’ compensation		4,394			1,262			3,303

Total expenses		173,749			48,867			127,181


Net investment income (loss)		8,243,912			2,146,193			4,761,991

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(2,829,809	)		(4,557,826	)		(1,088,417	)
Net realized gain (loss) on In-kind redemptions		5,498,993			1,192,046			5,273,675

Total net realized gain (loss)		2,669,184			(3,365,780	)		4,185,258

Change in net unrealized appreciation (depreciation) on investment securities		(14,200,306	)		3,513,643			(17,498,550	)

Net gain (loss)		(11,531,122	)		147,863			(13,313,292	)

Net increase (decrease) in net assets resulting from operations	$	(3,287,210	)	$	2,294,056		$	(8,551,301	)

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


		59		*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, 2018 (Unaudited)			Year ended July 31, 2017			Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,816,806		$	3,848,009		$	4,000,484		$	7,048,950
Net realized gain (loss)		3,059,546			7,695,708			2,326,868			6,765,695
Change in net unrealized appreciation (depreciation)		53,450,488			21,371,316			11,576,897			(6,178,834	)

Net increase (decrease) in net assets resulting from operations		58,326,840			32,915,033			17,904,249			7,635,811

Distributions to shareholders from net investment income		(1,538,600	)		(3,848,250	)		(3,950,450	)		(6,993,800	)
Distributions to shareholders from net realized gain		—			—			—			—

Total distributions		(1,538,600	)		(3,848,250	)		(3,950,450	)		(6,993,800	)


Share transactions
Proceeds from sales of shares		148,439,993			83,406,456			81,210,783			96,862,800
Cost of shares redeemed		(18,488,518	)		(80,881,472	)		(46,945,812	)		(70,659,144	)

Net increase (decrease) in net assets resulting from share transactions		129,951,475			2,524,984			34,264,971			26,203,656

Total increase (decrease) in net assets		186,739,715			31,591,767			48,218,770			26,845,667

Net Assets
Beginning of period		293,913,274			262,321,507			312,349,399			285,503,732

End of period	$	480,652,989		$	293,913,274		$	360,568,169		$	312,349,399

Undistributed net investment income included in net assets at end of period	$	310,725		$	32,519		$	547,776		$	497,742

Other Information
Shares
Sold		3,700,000			2,450,000			2,400,000			2,950,000
Redeemed		(500,000	)		(2,500,000	)		(1,450,000	)		(2,250,000	)

Net increase (decrease)		3,200,000			(50,000	)		950,000			700,000

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


*Semiannual Report*		60


Statements of Changes in Net Assets
	Fidelity MSCI Energy Index ETF						Fidelity MSCI Financials Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,834,135		$	13,376,474		$	10,201,107		$	10,527,246
Net realized gain (loss)		(2,988,978	)		506,295			7,819,008			10,553,143
Change in net unrealized appreciation (depreciation)		60,728,268			(22,293,670	)		157,759,787			98,050,134

Net increase (decrease) in net assets resulting from operations		63,573,425			(8,410,901	)		175,779,902			119,130,523

Distributions to shareholders from net investment income		(8,138,000	)		(11,177,800	)		(9,374,050	)		(10,082,500	)
Distributions to shareholders from net realized gain		—			—			—			—

Total distributions		(8,138,000	)		(11,177,800	)		(9,374,050	)		(10,082,500	)


Share transactions
Proceeds from sales of shares		115,853,890			100,894,324			468,381,744			633,770,202
Cost of shares redeemed		(21,027,889	)		(80,034,201	)		(39,207,005	)		(58,629,543	)

Net increase (decrease) in net assets resulting from share transactions		94,826,001			20,860,123			429,174,739			575,140,659

Total increase (decrease) in net assets		150,261,426			1,271,422			595,580,591			684,188,682

Net Assets
Beginning of period		431,310,572			430,039,150			921,678,583			237,489,901

End of period	$	581,571,998		$	431,310,572		$	1,517,259,174		$	921,678,583

Undistributed net investment income included in net assets at end of period	$	66,346		$	2,370,211		$	1,365,928		$	538,871

Other Information
Shares
Sold		5,850,000			5,000,000			11,350,000			18,400,000
Redeemed		(1,150,000	)		(4,150,000	)		(1,050,000	)		(1,750,000	)

Net increase (decrease)		4,700,000			850,000			10,300,000			16,650,000

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 Health Care Index ETF						Fidelity MSCI Industrials Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,898,009		$	9,526,479		$	3,534,290		$	4,909,658
Net realized gain (loss)		5,962,945			4,319,169			2,767,900			3,255,111
Change in net unrealized appreciation (depreciation)		90,797,018			49,461,351			58,505,410			33,201,447

Net increase (decrease) in net assets resulting from operations		102,657,972			63,306,999			64,807,600			41,366,216

Distributions to shareholders from net investment income		(6,420,600	)		(9,330,050	)		(3,498,600	)		(4,608,750	)
Distributions to shareholders from net realized gain		—			—			—			—

Total distributions		(6,420,600	)		(9,330,050	)		(3,498,600	)		(4,608,750	)


Share transactions
Proceeds from sales of shares		259,418,026			186,872,274			193,109,945			187,006,431
Cost of shares redeemed		(23,618,250	)		(64,263,827	)		(14,513,216	)		(27,227,864	)

Net increase (decrease) in net assets resulting from share transactions		235,799,776			122,608,447			178,596,729			159,778,567

Total increase (decrease) in net assets		332,037,148			176,585,396			239,905,729			196,536,033

Net Assets
Beginning of period		818,709,722			642,124,326			354,585,507			158,049,474

End of period	$	1,150,746,870		$	818,709,722		$	594,491,236		$	354,585,507

Undistributed net investment income included in net assets at end of period	$	557,214		$	1,079,805		$	379,987		$	344,297

Other Information
Shares
Sold		6,250,000			5,200,000			4,900,000			5,750,000
Redeemed		(600,000	)		(1,900,000	)		(400,000	)		(850,000	)

Net increase (decrease)		5,650,000			3,300,000			4,500,000			4,900,000

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


*Semiannual Report*		62


Statements of Changes in Net Assets
	Fidelity MSCI Information Technology Index ETF						Fidelity MSCI Materials Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,540,736		$	8,133,539		$	1,833,772		$	3,326,002
Net realized gain (loss)		3,135,707			15,864,162			1,883,080			6,467,884
Change in net unrealized appreciation (depreciation)		234,889,700			149,979,218			34,352,600			14,449,014

Net increase (decrease) in net assets resulting from operations		244,566,143			173,976,919			38,069,452			24,242,900

Distributions to shareholders from net investment income		(6,472,150	)		(7,809,700	)		(2,046,900	)		(3,068,600	)
Distributions to shareholders from net realized gain		—			—			—			—

Total distributions		(6,472,150	)		(7,809,700	)		(2,046,900	)		(3,068,600	)


Share transactions
Proceeds from sales of shares		537,250,680			468,154,978			133,597,618			122,309,405
Cost of shares redeemed		(9,816,457	)		(55,670,081	)		(13,124,956	)		(54,877,050	)

Net increase (decrease) in net assets resulting from share transactions		527,434,223			412,484,897			120,472,662			67,432,355

Total increase (decrease) in net assets		765,528,216			578,652,116			156,495,214			88,606,655

Net Assets
Beginning of period		1,010,043,484			431,391,368			211,931,307			123,324,652

End of period	$	1,775,571,700		$	1,010,043,484		$	368,426,521		$	211,931,307

Undistributed net investment income included in net assets at end of period	$	619,675		$	551,089		$	104,170		$	317,298

Other Information
Shares
Sold		10,550,000			11,750,000			3,850,000			4,150,000
Redeemed		(200,000	)		(1,400,000	)		(400,000	)		(1,900,000	)

Net increase (decrease)		10,350,000			10,350,000			3,450,000			2,250,000

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 Real Estate Index ETF						Fidelity MSCI Telecommunication Services Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	8,243,912		$	7,007,601		$	2,146,193		$	3,462,027
Net realized gain (loss)		2,669,184			2,459,698			(3,365,780	)		18,645,027
Change in net unrealized appreciation (depreciation)		(14,200,306	)		(12,304,082	)		3,513,643			(21,103,848	)

Net increase (decrease) in net assets resulting from operations		(3,287,210	)		(2,836,783	)		2,294,056			1,003,206

Distributions to shareholders from net investment income		(7,236,350	)		(8,640,100	)		(1,937,000	)		(3,777,050	)
Distributions to shareholders from net realized gain		—			—			(4,815,000	)		—

Total distributions		(7,236,350	)		(8,640,100	)		(6,752,000	)		(3,777,050	)


Share transactions
Proceeds from sales of shares		100,510,706			322,848,347			21,770,626			33,716,266
Cost of shares redeemed		(63,557,829	)		(102,228,174	)		(6,462,796	)		(90,063,955	)

Net increase (decrease) in net assets resulting from share transactions		36,952,877			220,620,173			15,307,830			(56,347,689	)

Total increase (decrease) in net assets		26,429,317			209,143,290			10,849,886			(59,121,533	)

Net Assets
Beginning of period		392,537,532			183,394,242			115,818,006			174,939,539

End of period	$	418,966,849		$	392,537,532		$	126,667,892		$	115,818,006

Undistributed net investment income included in net assets at end of period	$	1,007,562		$	—		$	597,869		$	388,676

Other Information
Shares
Sold		4,100,000			13,300,000			700,000			1,050,000
Redeemed		(2,650,000	)		(4,400,000	)		(200,000	)		(2,950,000	)

Net increase (decrease)		1,450,000			8,900,000			500,000			(1,900,000	)

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


*Semiannual Report*		64


Statements of Changes in Net Assets
	Fidelity MSCI Utilities Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,761,991		$	7,762,323
Net realized gain (loss)		4,185,258			10,999,543
Change in net unrealized appreciation (depreciation)		(17,498,550	)		(8,322,969	)

Net increase (decrease) in net assets resulting from operations		(8,551,301	)		10,438,897

Distributions to shareholders from net investment income		(4,692,250	)		(7,784,150	)
Distributions to shareholders from net realized gain		—			—

Total distributions		(4,692,250	)		(7,784,150	)


Share transactions
Proceeds from sales of shares		71,826,586			125,186,565
Cost of shares redeemed		(57,090,185	)		(134,361,663	)

Net increase (decrease) in net assets resulting from share transactions		14,736,401			(9,175,098	)

Total increase (decrease) in net assets		1,492,850			(6,520,351	)

Net Assets
Beginning of period		277,148,994			283,669,345

End of period	$	278,641,844		$	277,148,994

Undistributed net investment income included in net assets at end of period	$	81,972		$	12,231

Other Information
Shares
Sold		2,050,000			3,750,000
Redeemed		(1,700,000	)		(4,200,000	)

Net increase (decrease)		350,000			(450,000	)

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


		65		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Consumer Discretionary Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	36.06		$	31.99		$	32.06		$	26.58		$	25.17

Income from Investment Operations
Net investment income (loss)^B		0.21			0.50			0.43			0.37			0.25
Net realized and unrealized gain (loss)		6.26			4.07			(0.06	)		5.43			1.38

Total from investment operations		6.47			4.57			0.37			5.80			1.63

Distributions from net investment income		(0.18	)		(0.50	)		(0.44	)		(0.32	)		(0.22	)

Total distributions		(0.18	)		(0.50	)		(0.44	)		(0.32	)		(0.22	)

Net asset value, end of period	$	42.35		$	36.06		$	31.99		$	32.06		$	26.58

Total Return^C		18.02	%		14.41	%		1.25	%		21.93	%		6.47	%
Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		1.13	%^E		1.49	%		1.41	%		1.25	%		1.20	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	480,653		$	293,913		$	262,322		$	299,794		$	75,741
Portfolio turnover rate^F,G		2	%^H		7	%		5	%		8	%		5	%^H

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

Calculated based on average shares outstanding during the period.

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

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

Annualized.

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

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

Amount not annualized.

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


*Semiannual Report*		66


Financial Highlights
	Fidelity MSCI Consumer Staples Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	33.23		$	32.82		$	30.31		$	26.16		$	25.00

Income from Investment Operations
Net investment income (loss)^B		0.43			0.83			0.75			0.77			0.52
Net realized and unrealized gain (loss)		1.60			0.40			2.56			4.16			1.09

Total from investment operations		2.03			1.23			3.31			4.93			1.61

Distributions from net investment income		(0.42	)		(0.82	)		(0.80	)		(0.78	)		(0.45	)

Total distributions		(0.42	)		(0.82	)		(0.80	)		(0.78	)		(0.45	)

Net asset value, end of period	$	34.84		$	33.23		$	32.82		$	30.31		$	26.16

Total Return^C		6.15	%		3.82	%		11.18	%		19.00	%		6.42	%
Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		2.55	%^E		2.56	%		2.45	%		2.63	%		2.51	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	360,568		$	312,349		$	285,504		$	204,596		$	73,244
Portfolio turnover rate^F,G		12	%^H		11	%		10	%		10	%		3	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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


		67		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Energy Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	18.39		$	19.03		$	19.72		$	27.97		$	24.98

Income from Investment Operations
Net investment income (loss)^B		0.24			0.57			0.50			0.57			0.38
Net realized and unrealized gain (loss)		2.37			(0.73	)		(0.69	)		(8.31	)		2.89

Total from investment operations		2.61			(0.16	)		(0.19	)		(7.74	)		3.27

Distributions from net investment income		(0.34	)		(0.48	)		(0.50	)		(0.51	)		(0.28	)

Total distributions		(0.34	)		(0.48	)		(0.50	)		(0.51	)		(0.28	)

Net asset value, end of period	$	20.66		$	18.39		$	19.03		$	19.72		$	27.97

Total Return^C		14.42	%		(0.96	)%		(0.75	)%		(27.95	)%		13.16	%
Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		2.52	%^E		2.91	%		2.74	%		2.47	%		1.76	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	581,572		$	431,311		$	430,039		$	256,399		$	145,425
Portfolio turnover rate^F,G		2	%^H		10	%		19	%		8	%		4	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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


*Semiannual Report*		68


Financial Highlights
	Fidelity MSCI Financials Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	36.94		$	28.61		$	29.78		$	26.61		$	25.00

Income from Investment Operations
Net investment income (loss)^B		0.38			0.61			0.63			0.58			0.41
Net realized and unrealized gain (loss)		6.08			8.28			(1.11	)		3.15			1.56

Total from investment operations		6.46			8.89			(0.48	)		3.73			1.97

Distributions from net investment income		(0.36	)		(0.56	)		(0.69	)		(0.56	)		(0.36	)

Total distributions		(0.36	)		(0.56	)		(0.69	)		(0.56	)		(0.36	)

Net asset value, end of period	$	43.04		$	36.94		$	28.61		$	29.78		$	26.61

Total Return^C		17.60	%		31.31	%		(1.49	)%		14.08	%		7.89	%
Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		1.93	%^E		1.77	%		2.29	%		2.01	%		1.97	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	1,517,259		$	921,679		$	237,490		$	344,012		$	126,397
Portfolio turnover rate^F,G		2	%^H		18	%		8	%		7	%		6	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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


		69		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Health Care Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	38.44		$	35.67		$	37.16		$	29.05		$	24.97

Income from Investment Operations
Net investment income (loss)^B		0.26			0.51			0.44			0.80	^C		0.30
Net realized and unrealized gain (loss)		4.29			2.76			(1.49	)		7.99			3.99

Total from investment operations		4.55			3.27			(1.05	)		8.79			4.29

Distributions from net investment income		(0.29	)		(0.50	)		(0.44	)		(0.68	)		(0.21	)

Total distributions		(0.29	)		(0.50	)		(0.44	)		(0.68	)		(0.21	)

Net asset value, end of period	$	42.70		$	38.44		$	35.67		$	37.16		$	29.05

Total Return^D		11.89	%		9.30	%		(2.73	)%		30.40	%		17.23	%
Ratios to Average Net Assets^E
Expense before reductions		.08	%^F		.08	%		.12	%		.12	%		.12	%^F
Expenses net of fee waivers, if any		.08	%^F		.08	%		.12	%		.12	%		.12	%^F
Expenses net of all reductions		.08	%^F		.08	%		.12	%		.12	%		.12	%^F
Net investment income (loss)		1.32	%^F		1.45	%		1.30	%		2.31	%^C		1.36	%^F
Supplemental Data
Net assets, end of period (000 omitted)	$	1,150,747		$	818,710		$	642,124		$	800,713		$	187,382
Portfolio turnover rate^G,H		2	%^I		4	%		9	%		10	%		4	%^I

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

Calculated based on average shares outstanding during the period.

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

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

Annualized.

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

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

Amount not annualized.

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


*Semiannual Report*		70


Financial Highlights
	Fidelity MSCI Industrials Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	34.93		$	30.10		$	28.05		$	26.85		$	25.20

Income from Investment Operations
Net investment income (loss)^B		0.32			0.61			0.54			0.48			0.35
Net realized and unrealized gain (loss)		5.67			4.79			2.04			1.19			1.61

Total from investment operations		5.99			5.40			2.58			1.67			1.96

Distributions from net investment income		(0.34	)		(0.57	)		(0.53	)		(0.47	)		(0.31	)

Total distributions		(0.34	)		(0.57	)		(0.53	)		(0.47	)		(0.31	)

Net asset value, end of period	$	40.58		$	34.93		$	30.10		$	28.05		$	26.85

Total Return^C		17.23	%		18.08	%		9.41	%		6.18	%		7.75	%
Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		1.73	%^E		1.85	%		1.94	%		1.69	%		1.65	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	594,491		$	354,586		$	158,049		$	143,034		$	100,706
Portfolio turnover rate^F,G		2	%^H		5	%		11	%		6	%		4	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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


		71		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Information Technology Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	44.50		$	34.93		$	32.69		$	29.29		$	25.18

Income from Investment Operations
Net investment income (loss)^B		0.26			0.48			0.46			0.39			0.25
Net realized and unrealized gain (loss)		9.22			9.54			2.24	^C		3.40			4.06

Total from investment operations		9.48			10.02			2.70			3.79			4.31

Distributions from net investment income		(0.26	)		(0.45	)		(0.46	)		(0.39	)		(0.20	)

Total distributions		(0.26	)		(0.45	)		(0.46	)		(0.39	)		(0.20	)

Net asset value, end of period	$	53.72		$	44.50		$	34.93		$	32.69		$	29.29

Total Return^D		21.39	%		28.86	%		8.41	%^C		12.98	%		17.14	%
Ratios to Average Net Assets^E
Expense before reductions		.08	%^F		.08	%		.12	%		.12	%		.12	%^F
Expenses net of fee waivers, if any		.08	%^F		.08	%		.12	%		.12	%		.12	%^F
Expenses net of all reductions		.08	%^F		.08	%		.12	%		.12	%		.12	%^F
Net investment income (loss)		1.05	%^F		1.19	%		1.42	%		1.23	%		1.14	%^F
Supplemental Data
Net assets, end of period (000 omitted)	$	1,775,572		$	1,010,043		$	431,391		$	423,372		$	181,611
Portfolio turnover rate^G,H		2	%^I		6	%		5	%		6	%		4	%^I

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

Calculated based on average shares outstanding during the period.

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

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

Annualized.

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

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

Amount not annualized.

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


*Semiannual Report*		72


Financial Highlights
	Fidelity MSCI Materials Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	31.63		$	27.71		$	25.91		$	27.66		$	24.95

Income from Investment Operations
Net investment income (loss)^B		0.23			0.57			0.50			0.50			0.35
Net realized and unrealized gain (loss)		4.71			3.87			1.83			(1.75	)		2.67

Total from investment operations		4.94			4.44			2.33			(1.25	)		3.02

Distributions from net investment income		(0.27	)		(0.52	)		(0.53	)		(0.50	)		(0.31	)

Total distributions		(0.27	)		(0.52	)		(0.53	)		(0.50	)		(0.31	)

Net asset value, end of period	$	36.30		$	31.63		$	27.71		$	25.91		$	27.66

Total Return^C		15.67	%		16.17	%		9.28	%		(4.65	)%		12.15	%
Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.11	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.11	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.11	%		.12	%		.12	%^E
Net investment income (loss)		1.38	%^E		1.93	%		2.00	%		1.81	%		1.64	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	368,427		$	211,931		$	123,325		$	123,052		$	94,042
Portfolio turnover rate^F,G		2	%^H		7	%		9	%		7	%		5	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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


		73		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Real Estate Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015^A
Selected Per-Share Data
Net asset value, beginning of period	$	24.53		$	25.83		$	22.55		$	24.28

Income from Investment Operations
Net investment income (loss)^B		0.49			0.68			0.83			0.38
Net realized and unrealized gain (loss)		(0.59	)		(1.12	)		3.37			(1.70	)

Total from investment operations		(0.10	)		(0.44	)		4.20			(1.32	)

Distributions from net investment income		(0.42	)		(0.86	)		(0.92	)		(0.38	)
Return of capital		—			—			—			(0.03	)

Total distributions		(0.42	)		(0.86	)		(0.92	)		(0.41	)

Net asset value, end of period	$	24.01		$	24.53		$	25.83		$	22.55

Total Return^C		(0.47	)%		(1.53	)%		19.29	%		(5.50	)%
Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.11	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.11	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.11	%		.12	%^E
Net investment income (loss)		3.99	%^E		2.85	%		3.55	%		3.33	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	418,967		$	392,538		$	183,394		$	25,936
Portfolio turnover rate^F,G		3	%^H		17	%		10	%		10	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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


*Semiannual Report*		74


Financial Highlights
	Fidelity MSCI Telecommunication Services Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	32.62		$	32.10		$	26.86		$	26.98		$	25.26

Income from Investment Operations
Net investment income (loss)^B		0.58			0.80			0.78			0.78			0.72
Net realized and unrealized gain (loss)		(0.10	)^C		0.62	^C		5.11			(0.09	)		1.42

Total from investment operations		0.48			1.42			5.89			0.69			2.14

Distributions from net investment income		(0.54	)		(0.90	)		(0.65	)		(0.81	)		(0.42	)
Distributions from net realized gain		(1.28	)		—			—			—			—

Total distributions		(1.82	)		(0.90	)		(0.65	)		(0.81	)		(0.42	)

Net asset value, end of period	$	31.28		$	32.62		$	32.10		$	26.86		$	26.98

Total Return^D		1.57	%		4.58	%		22.36	%		2.56	%		8.57	%
Ratios to Average Net Assets^E
Expense before reductions		.08	%^F		.08	%		.12	%		.12	%		.12	%^F
Expenses net of fee waivers, if any		.08	%^F		.08	%		.12	%		.12	%		.12	%^F
Expenses net of all reductions		.08	%^F		.08	%		.12	%		.12	%		.12	%^F
Net investment income (loss)		3.65	%^F		2.55	%		2.74	%		2.89	%		3.51	%^F
Supplemental Data
Net assets, end of period (000 omitted)	$	126,668		$	115,818		$	174,940		$	81,908		$	67,447
Portfolio turnover rate^G,H		13	%^I		27	%		26	%		23	%		21	%^I

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

Calculated based on average shares outstanding during the period.

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

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

Annualized.

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

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

Amount not annualized.

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


		75		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Utilities Index ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	34.64		$	33.57		$	28.10		$	26.88		$	24.99

Income from Investment Operations
Net investment income (loss)^B		0.55			1.06			0.98			0.98			0.67
Net realized and unrealized gain (loss)		(1.29	)		1.09			5.48			1.47			1.85

Total from investment operations		(0.74	)		2.15			6.46			2.45			2.52

Distributions from net investment income		(0.53	)		(1.08	)		(0.99	)		(1.23	)		(0.63	)

Total distributions		(0.53	)		(1.08	)		(0.99	)		(1.23	)		(0.63	)

Net asset value, end of period	$	33.37		$	34.64		$	33.57		$	28.10		$	26.88

Total Return^C		(2.25	)%		6.61	%		23.56	%		9.13	%		10.13	%
Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		3.13	%^E		3.22	%		3.25	%		3.37	%		3.15	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	278,642		$	277,149		$	283,669		$	108,176		$	120,949
Portfolio turnover rate^F,G		3	%^H		6	%		9	%		7	%		6	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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


*Semiannual Report*		76

Notes to Financial Statements

For the period ended January 31, 2018 (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, is a non-diversified fund. 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.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 each Fund’s investments to the FairValue Committee (the Committee) established by each 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. 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, 2018, is included at the end of each applicable 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


		77		*Semiannual Report*

Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

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 the Funds are 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 and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes 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	$	413,284,966	$	85,392,057	$	(18,448,141	)	$	66,943,916
Fidelity MSCI Consumer Staples Index ETF		337,473,539		32,713,023		(10,042,427	)		22,670,596
Fidelity MSCI Energy Index ETF		601,297,875		40,558,251		(60,583,020	)		(20,024,769	)
Fidelity MSCI Financials Index ETF		1,272,068,629		249,362,131		(4,791,593	)		244,570,538
Fidelity MSCI Health Care Index ETF		991,632,725		202,908,171		(44,321,903	)		158,586,268
Fidelity MSCI Industrials Index ETF		502,415,950		113,235,582		(21,371,954	)		91,863,628
Fidelity MSCI Information Technology Index ETF		1,378,826,039		403,597,724		(7,033,182	)		396,564,542
Fidelity MSCI Materials Index ETF		320,875,430		49,506,549		(1,865,275	)		47,641,274
Fidelity MSCI Real Estate Index ETF		433,751,386		20,462,164		(35,502,042	)		(15,039,878	)
Fidelity MSCI Telecommunication Services Index ETF		125,103,008		14,144,911		(12,737,032	)		1,407,879
Fidelity MSCI Utilities Index ETF		284,231,634		9,961,576		(15,645,032	)		(5,683,456	)

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal 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	$	(2,377,582	)	$	(1,814,881	)	$	(4,192,463	)
Fidelity MSCI Consumer Staples Index ETF		(636,052	)		(223,896	)		(859,948	)


*Semiannual Report*		78

2. Significant Accounting Policies – continued


	No-expiration Short-term			No-expiration Long-term			Total capital loss carryforward
Fidelity MSCI Energy Index ETF	$	(4,966,147	)	$	(12,572,103	)	$	(17,538,250	)
Fidelity MSCI Financials Index ETF		(1,307,969	)		(245,270	)		(1,553,239	)
Fidelity MSCI Health Care Index ETF		(3,574,216	)		(344,831	)		(3,919,047	)
Fidelity MSCI Industrials Index ETF		(806,853	)		(1,702,231	)		(2,509,084	)
Fidelity MSCI Information Technology Index ETF		(1,517,731	)		(1,404,939	)		(2,922,670	)
Fidelity MSCI Materials Index ETF		(1,109,913	)		(940,601	)		(2,050,514	)
Fidelity MSCI Real Estate Index ETF		(1,160,808	)		—			(1,160,808	)
Fidelity MSCI Utilities Index ETF		(947,296	)		(949,655	)		(1,896,951	)

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2016 to July 31, 2017. Loss deferrals were as follows:


	Capital Losses
Fidelity MSCI Consumer Discretionary Index ETF	$	(881,798	)
Fidelity MSCI Health Care Index ETF		(5,034,904	)
Fidelity MSCI Materials Index ETF		(654,977	)

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	$	6,516,378	$	5,821,729
Fidelity MSCI Consumer Staples Index ETF		36,624,213		36,575,649
Fidelity MSCI Energy Index ETF		11,364,332		13,241,066
Fidelity MSCI Financials Index ETF		27,401,056		23,132,747
Fidelity MSCI Health Care Index ETF		25,257,879		21,623,733
Fidelity MSCI Industrials Index ETF		9,518,359		9,450,021
Fidelity MSCI Information Technology Index ETF		26,812,959		25,763,100
Fidelity MSCI Materials Index ETF		4,748,734		4,585,880
Fidelity MSCI Real Estate Index ETF		16,527,575		14,450,870
Fidelity MSCI Telecommunication Services Index ETF		15,979,152		17,735,496
Fidelity MSCI Utilities Index ETF		8,972,059		8,684,828

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	$	147,788,505	$	18,404,421
Fidelity MSCI Consumer Staples Index ETF		80,947,681		46,794,413
Fidelity MSCI Energy Index ETF		115,479,743		20,888,511
Fidelity MSCI Financials Index ETF		464,306,798		38,842,676
Fidelity MSCI Health Care Index ETF		258,909,691		23,539,677
Fidelity MSCI Industrials Index ETF		192,624,794		14,471,582
Fidelity MSCI Information Technology Index ETF		536,368,237		9,800,542
Fidelity MSCI Materials Index ETF		133,355,317		13,102,913
Fidelity MSCI Real Estate Index ETF		99,047,850		62,759,406
Fidelity MSCI Telecommunication Services Index ETF		21,334,784		6,332,213
Fidelity MSCI Utilities Index ETF		71,616,568		57,002,013

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.


		79		*Semiannual Report*

Notes to Financial Statements – continued

4. Fees and Other Transactions with Affiliates – continued

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 amount 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*		80

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, 2017 to January 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Annualized Expense Ratio^A		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Expenses Paid During Period^BAugust 1, 2017 to January 31, 2018
Fidelity MSCI Consumer Discretionary Index ETF		0.08%
Actual			$	1,000.00	$	1,180.20	$	0.44
Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Consumer Staples Index ETF		0.08%
Actual			$	1,000.00	$	1,061.50	$	0.42
Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Energy Index ETF		0.08%
Actual			$	1,000.00	$	1,144.20	$	0.43
Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Financials Index ETF		0.08%
Actual			$	1,000.00	$	1,176.00	$	0.44
Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Health Care Index ETF		0.08%
Actual			$	1,000.00	$	1,118.90	$	0.43
Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Industrials Index ETF		0.08%
Actual			$	1,000.00	$	1,172.30	$	0.44
Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Information Technology Index ETF		0.08%
Actual			$	1,000.00	$	1,213.90	$	0.45
Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Materials Index ETF		0.08%
Actual			$	1,000.00	$	1,156.70	$	0.43
Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41


		81		*Semiannual Report*

Shareholder Expense Example – continued


	Annualized Expense Ratio^A		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Expenses Paid During Period^B August 1, 2017 to January 31, 2018
Fidelity MSCI Real Estate Index ETF		0.08%
Actual			$	1,000.00	$	995.30	$	0.40
Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Telecommunication Services Index ETF		0.08%
Actual			$	1,000.00	$	1,015.70	$	0.41
Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41
Fidelity MSCI Utilities Index ETF		0.08%
Actual			$	1,000.00	$	977.50	$	0.40
Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41

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

^B	Expense 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.


*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, FairValuation, 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 review 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 2018 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.


		83		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

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 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 Fidelity’s investment research process, which includes meetings with management of issuers in which the funds invest, 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) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity’s product line to increase investors’ probability of success in achieving their investment goals, including retirement income goals.

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 each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers a 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 each fund and its benchmark index for the most recent one- and three-year periods ended June 30, 2017 (for MSCI Real Estate Index ETF, the most recent one-year period ended June 30, 2017).

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.


*Semiannual Report*		84

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 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

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		85		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Consumer Staples Index ETF

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Fidelity MSCI Energy Index ETF

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*Semiannual Report*		86

Fidelity MSCI Financials Index ETF

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Fidelity MSCI Health Care Index ETF

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		87		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Industrials Index ETF

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Fidelity MSCI Information Technology Index ETF

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*Semiannual Report*		88

Fidelity MSCI Materials Index ETF

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Fidelity MSCI Real Estate Index ETF

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		89		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Telecommunications Index ETF

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Fidelity MSCI Utilities Index ETF

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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, 2017. The Board also noted that, effective July 1, 2016, Fidelity had reduced its management fee rate for each fund from 0.12% to 0.084%.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, 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


*Semiannual Report*		90

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 noted that, under the all-inclusive arrangement, SelectCo pays all other expenses of each fund with limited exceptions. The Board considered the other expenses paid by SelectCo, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. 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, 2017.

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 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.

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 recognized that, due to each fund’s current contractual arrangements, its expense ratio will not decline if the fund’s operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically 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.


		91		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

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) the impact of proposed changes to contractual expense cap arrangements in place for certain funds; (vii) Fidelity’s long-term expectations for its offerings in the workplace investing channel; (viii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (ix) the presentation of certain fund performance information; (x) Fidelity’s transfer agent fee, expense, and service structures for different funds and classes, including the increased use of omnibus accounts and lower pricing in the retirement channel; (xi) fluctuations in trading expenses; (xii) explanations regarding the relative total expense ratios of certain funds and classes; and (xiii) Fidelity’s expectations regarding the future asset levels of certain 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 and sub-advisory fee structures are fair and reasonable, and that each fund’s Advisory Contracts should be renewed.


*Semiannual Report*		92

Proxy Voting Results

A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.


	# of Votes		% of Votes
James C. Curvey
Affirmative		5,373,295,935.29		96.534
Withheld		192,965,565.88		3.466
TOTAL		5,566,261,501.17		100.000

Dennis J. Dirks
Affirmative		5,384,798,777.80		96.740
Withheld		181,462,723.37		3.260
TOTAL		5,566,261,501.17		100.000

Donald F. Donahue
Affirmative		5,377,488,531.57		96.609
Withheld		188,772,969.60		3.391
TOTAL		5,566,261,501.17		100.000

Alan J. Lacy
Affirmative		5,375,762,700.02		96.578
Withheld		190,498,801.15		3.422
TOTAL		5,566,261,501.17		100.000

Ned C. Lautenbach
Affirmative		5,386,790,303.34		96.453
Withheld		197,471,197.83		3.547
TOTAL		5,566,261,501.17		100.000

Joseph Mauriello
Affirmative		5,373,144,912.99		96.531
Withheld		193,116,588.18		3.469
TOTAL		5,566,261,501.17		100.000

Charles S. Morrison
Affirmative		5,387,562,353.92		96.790
Withheld		178,699,147.25		3.210
TOTAL		5,566,261,501.17		100.000

Cornelia M. Small
Affirmative		5,375,640,910.13		96.576
Withheld		190,620,591.04		3.424
TOTAL		5,566,261,501.17		100.000

Garnett A. Smith
Affirmative		5,372,688,014.12		96.523
Withheld		193,573,487.05		3.477
TOTAL		5,566,261,501.17		100.000

David M. Thomas
Affirmative		5,376,226,536.98		96.586
Withheld		190,034,964.19		3.414
TOTAL		5,566,261,501.17		100.000

Michael E. Wiley
Affirmative		5,376,768,165.19		96.596
Withheld		189,493,335.98		3.404
TOTAL		5,566,261,501.17		100.000

PROPOSAL 4

To change Fidelity MSCI Industrials Index ETF from a diversified fund to a non-diversified fund.


	# of Votes		% of Votes
Affirmative		67,288,118.62		18.343
Against		5,272,522.98		1.438
Abstain		2,810,124.31		0.766
Broker Non-Vote		291,468,024.94		79.453
TOTAL		366,838,790.85		100.000

Proposal 1 reflects trust wide proposal and voting results.

Proposal 4 was not approved by shareholders.


		93		*Semiannual Report*

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*Semiannual Report*		94

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		95		*Semiannual Report*

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*Semiannual Report*		96

EXT-SANN-0318 836104.1.0

1.9584798.104

Corporate Headquarters

245 Summer St., Boston, MA 02210

www.fidelity.com

Fidelity^® Dividend ETF for Rising Rates

Fidelity High Dividend ETF

Fidelity Low Volatility Factor ETF

Fidelity Momentum Factor ETF

Fidelity Quality Factor ETF

Fidelity Value Factor ETF

Semiannual Report

January 31, 2018

LOGO

Contents



Performance and Investment Summary			3

Investments			15

Financial Statements			34

Notes			47

Shareholder Expense Example			51

Board Approval of Investment Advisory Contracts and Management Fees			52

Proxy Voting Results			59

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.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.


*Semiannual Report*		2

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 cumulative total returns and is further explained in this section.*

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-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, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Dividend ETF for Rising Rates – NAV^A		22.65%		21.33%
Fidelity Dividend ETF for Rising Rates – Market Price^B		22.80%		21.96%
Fidelity Dividend Index for Rising Rates^A		23.12%		21.84%

Average annual total returns represent just that – the average return on an annual basis for Fidelity^® Dividend ETF For Rising Rates 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, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Dividend ETF for Rising Rates – NAV^A		19.51%		18.92%
Fidelity Dividend ETF for Rising Rates – Market Price^B		19.28%		19.49%
Fidelity Dividend Index for Rising Rates^A		19.93%		19.40%

This information shows the returns of the fund and its index 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 September 12, 2016.

^B	From September 15, 2016, date initially listed on the NYSE ARCA exchange.

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

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, 2018
	% of fund’s net assets
Apple, Inc.		4.4
Microsoft Corp.		3.9
Johnson & Johnson		2.8
AbbVie, Inc.		2.7
JPMorgan Chase & Co.		2.5
Bank of America Corp.		2.2
Wells Fargo & Co.		1.9
Intel Corp.		1.8
Exxon Mobil Corp.		1.8
Amgen, Inc.		1.8

		25.8


Top Market Sectors as of January 31, 2018
	% of fund’s net assets
Information Technology		23.1
Financials		15.2
Health Care		13.5
Consumer Discretionary		12.5
Industrials		10.3
Consumer Staples		8.1
Energy		6.5
Real Estate		3.1
Materials		2.8
Utilities		2.8


		3		*Semiannual Report*

Fidelity^® Dividend ETF for Rising Rates


Asset Allocation as of January 31, 2018

LOGO

*	Foreign investments – 8.4%


*Semiannual Report*		4

Fidelity^® High Dividend ETF

Performance

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


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity High Dividend ETF – NAV^A		17.36%		16.29%
Fidelity High Dividend ETF – Market Price^B		17.62%		17.21%
Fidelity High Dividend Index^A		17.72%		16.72%

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


Periods Ended December 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity High Dividend ETF – NAV^A		13.81%		14.13%
Fidelity High Dividend ETF – Market Price^B		13.95%		14.92%
Fidelity High Dividend Index^A		14.11%		14.54%

^A	From September 12, 2016.

^B	From September 15, 2016, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
Apple, Inc.		5.0
Microsoft Corp.		4.6
JPMorgan Chase & Co.		3.2
Bank of America Corp.		2.8
Verizon Communications, Inc.		2.5
Wells Fargo & Co.		2.5
Citigroup, Inc.		2.5
Intel Corp.		2.4
Cisco Systems, Inc.		2.3
AT&T, Inc.		2.3

		30.1


Top Market Sectors as of January 31, 2018
	% of fund’s net assets
Information Technology		30.6
Financials		22.1
Consumer Discretionary		19.7
Real Estate		8.4
Health Care		6.9
Telecommunication Services		6.1
Industrials		3.9
Consumer Staples		1.9
Energy		0.1


		5		*Semiannual Report*

Fidelity^® High Dividend ETF


Asset Allocation as of January 31, 2018

LOGO

*	Foreign investments – 8.6%


*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 cumulative total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Low Volatility Factor ETF – NAV^A		24.43%		20.20%
Fidelity Low Volatility Factor ETF – Market Price^B		24.62%		21.03%
Fidelity U.S. Low Volatility Factor Index^A		24.88%		20.62%

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


Periods Ended December 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Low Volatility Factor ETF – NAV^A		19.96%		17.43%
Fidelity Low Volatility Factor ETF – Market Price^B		20.44%		18.62%
Fidelity U.S. Low Volatility Factor Index^A		20.38%		17.84%

^A	From September 12, 2016.

^B	From September 15, 2016, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
Microsoft Corp.		3.7
Alphabet, Inc. Class A		3.6
Berkshire Hathaway, Inc. Class B		2.3
Johnson & Johnson		2.1
Wells Fargo & Co.		1.9
Intel Corp.		1.9
Visa, Inc. Class A		1.8
The Home Depot, Inc.		1.7
UnitedHealth Group, Inc.		1.7
Mastercard, Inc. Class A		1.6

		22.3


Top Market Sectors as of January 31, 2018
	% of fund’s net assets
Information Technology		24.2
Financials		14.3
Health Care		13.8
Consumer Discretionary		12.6
Industrials		10.7
Consumer Staples		7.7
Energy		5.4
Materials		3.2
Real Estate		3.2
Utilities		2.8


		7		*Semiannual Report*

Fidelity^® Low Volatility Factor ETF


Asset Allocation as of January 31, 2018

LOGO

*	Foreign investments – 5.8%


*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 cumulative total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Momentum Factor ETF – NAV^A		28.35%		23.06%
Fidelity Momentum Factor ETF – Market Price^B		28.49%		23.79%
Fidelity U.S. Momentum Factor Index^A		28.81%		23.50%

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


Periods Ended December 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Momentum Factor ETF – NAV^A		23.72%		18.83%
Fidelity Momentum Factor ETF – Market Price^B		23.93%		19.76%
Fidelity U.S. Momentum Factor Index^A		24.17%		19.25%

^A	From September 12, 2016.

^B	From September 15, 2016, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
Apple, Inc.		3.8
Microsoft Corp.		3.5
Amazon.com, Inc.		2.8
Facebook, Inc. Class A		2.4
Berkshire Hathaway, Inc. Class B		2.1
JPMorgan Chase & Co.		2.1
UnitedHealth Group, Inc.		1.9
AbbVie, Inc.		1.9
Bank of America Corp.		1.8
Visa, Inc. Class A		1.6

		23.9


Top Market Sectors as of January 31, 2018
	% of fund’s net assets
Information Technology		24.4
Financials		15.1
Health Care		13.5
Consumer Discretionary		12.8
Industrials		10.7
Consumer Staples		7.1
Energy		5.3
Real Estate		3.3
Materials		3.1
Utilities		2.8


		9		*Semiannual Report*

Fidelity^® Momentum Factor ETF


Asset Allocation as of January 31, 2018

LOGO

*	Foreign investments – 1.4%


*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 cumulative total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Quality Factor ETF – NAV^A		26.28%		23.65%
Fidelity Quality Factor ETF – Market Price^B		26.22%		24.01%
Fidelity U.S. Quality Factor Index^A		26.72%		24.07%

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


Periods Ended December 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Quality Factor ETF – NAV^A		22.81%		20.65%
Fidelity Quality Factor ETF – Market Price^B		23.03%		21.24%
Fidelity U.S. Quality Factor Index^A		23.23%		21.06%

^A	From September 12, 2016.

^B	From September 15, 2016, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
Apple, Inc.		3.7
Microsoft Corp.		3.4
Alphabet, Inc. Class A		3.2
Facebook, Inc. Class A		2.2
Johnson & Johnson		2.1
AbbVie, Inc.		1.7
Exxon Mobil Corp.		1.6
The Home Depot, Inc.		1.6
Pfizer, Inc.		1.6
Visa, Inc. Class A		1.5

		22.6


Top Market Sectors as of January 31, 2018
	% of fund’s net assets
Information Technology		23.9
Financials		14.9
Health Care		13.9
Consumer Discretionary		12.2
Industrials		11.2
Consumer Staples		7.2
Energy		5.5
Materials		3.2
Real Estate		3.1
Utilities		2.9


		11		*Semiannual Report*

Fidelity^® Quality Factor ETF


Asset Allocation as of January 31, 2018

LOGO

*	Foreign investments – 2.9%


*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 cumulative total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2018
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Value Factor ETF – NAV^A		25.98%		26.57%
Fidelity Value Factor ETF – Market Price^B		25.88%		27.16%
Fidelity U.S. Value Factor Index^A		26.40%		27.01%

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


Periods Ended December 31, 2017
Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Value Factor ETF – NAV^A		21.90%		23.79%
Fidelity Value Factor ETF – Market Price^B		22.48%		24.66%
Fidelity U.S. Value Factor Index^A		22.31%		24.22%

^A	From September 12, 2016.

^B	From September 15, 2016, date initially listed on the NYSE ARCA exchange.

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

Investment Summary


Top Ten Stocks as of January 31, 2018
	% of fund’s net assets
Apple, Inc.		3.7
Microsoft Corp.		3.3
Alphabet, Inc. Class A		3.2
Facebook, Inc. Class A		2.2
JPMorgan Chase & Co.		2.1
Berkshire Hathaway, Inc. Class B		2.1
Johnson & Johnson		2.1
Bank of America Corp.		1.8
Wells Fargo & Co.		1.7
Exxon Mobil Corp.		1.6

		23.8


Top Market Sectors as of January 31, 2018
	% of fund’s net assets
Information Technology		23.8
Financials		15.4
Health Care		13.2
Consumer Discretionary		12.1
Industrials		11.3
Consumer Staples		7.4
Energy		5.6
Materials		3.6
Real Estate		3.1
Utilities		2.8


		13		*Semiannual Report*

Fidelity^® Value Factor ETF


Asset Allocation as of January 31, 2018

LOGO

*	Foreign investments – 6.5%


*Semiannual Report*		14

Fidelity Dividend ETF for Rising Rates

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
CONSUMER DISCRETIONARY – 12.5%
Automobiles – 1.4%
Ford Motor Co.		142,979	$	1,568,480
General Motors Co.		49,744		2,109,643

				3,678,123

Diversified Consumer Services – 0.6%
H&R Block, Inc.		62,394		1,655,937

Hotels, Restaurants & Leisure – 4.0%
Cracker Barrel Old Country Store, Inc. (a)		8,364		1,476,079
Crown Resorts Ltd.		147,301		1,572,710
Las Vegas Sands Corp.		28,498		2,209,165
McDonald’s Corp.		18,604		3,183,888
Yum! Brands, Inc.		23,040		1,948,954

				10,390,796

Leisure Products – 0.3%
Mattel, Inc. (a)		53,148		841,864

Media – 1.2%
Twenty-First Century Fox, Inc. Class A		56,042		2,067,950
Viacom, Inc. Class B		34,375		1,148,812

				3,216,762

Multiline Retail – 2.0%
Kohl’s Corp.		33,763		2,186,829
Macy’s, Inc. (a)		44,751		1,161,288
Target Corp.		25,694		1,932,703

				5,280,820

Specialty Retail – 3.0%
Best Buy Co., Inc.		31,548		2,304,897
L Brands, Inc. (a)		23,912		1,197,752
The Home Depot, Inc.		21,452		4,309,707

				7,812,356


TOTAL CONSUMER DISCRETIONARY				32,876,658


CONSUMER STAPLES – 8.1%
Beverages – 1.2%
PepsiCo, Inc.		27,000		3,248,100

Food & Staples Retailing – 2.1%
Kesko Oyj		28,308		1,650,095
Wal-Mart Stores, Inc.		34,897		3,720,020

				5,370,115

Food Products – 1.2%
General Mills, Inc.		27,431		1,604,439
The Kraft Heinz Co.		20,835		1,633,256

				3,237,695

Household Products – 1.4%
The Procter & Gamble Co.		41,718		3,601,932

Tobacco – 2.2%
Altria Group, Inc.		38,071		2,677,914



	Shares		Value
Philip Morris International, Inc.		28,951	$	3,104,416

				5,782,330


TOTAL CONSUMER STAPLES				21,240,172


ENERGY – 6.5%
Oil, Gas & Consumable Fuels – 6.5%
Chevron Corp.		29,145		3,653,326
Exxon Mobil Corp.		55,279		4,825,857
Occidental Petroleum Corp.		24,679		1,850,184
ONEOK, Inc.		23,045		1,356,429
Phillips 66		18,802		1,925,325
The Williams Cos., Inc.		48,823		1,532,554
Valero Energy Corp.		22,314		2,141,474


TOTAL ENERGY				17,285,149


FINANCIALS – 15.2%
Banks – 8.3%
Bank of America Corp.		177,025		5,664,800
Citigroup, Inc.		59,415		4,662,889
JPMorgan Chase & Co.		56,181		6,498,456
Wells Fargo & Co.		76,152		5,009,279

				21,835,424

Capital Markets – 2.0%
CME Group, Inc.		17,705		2,717,363
Lazard Ltd. Class A		41,721		2,443,599

				5,160,962

Insurance – 0.9%
Prudential Financial, Inc.		21,124		2,509,954

Mortgage Real Estate Investment Trust (REITs) – 4.0%
Blackstone Mortgage Trust, Inc. Class A (a)		57,356		1,778,036
Chimera Investment Corp.		98,916		1,680,583
Granite Point Mortgage Trust, Inc.		19,146		330,077
MFA Financial, Inc.		221,553		1,586,319
New Residential Investment Corp.		113,468		1,961,862
Starwood Property Trust, Inc.		79,540		1,621,821
Two Harbors Investment Corp.		100,731		1,485,782

				10,444,480


TOTAL FINANCIALS				39,950,820


HEALTH CARE – 13.5%
Biotechnology – 6.2%
AbbVie, Inc.		64,294		7,215,072
Amgen, Inc.		25,805		4,801,020
Gilead Sciences, Inc.		53,716		4,501,401

				16,517,493

Pharmaceuticals – 7.3%
Bristol-Myers Squibb Co.		74,779		4,681,165
GlaxoSmithKline PLC		151,569		2,821,318
Johnson & Johnson		53,051		7,331,118

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


		15		*Semiannual Report*

Fidelity Dividend ETF for Rising Rates

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Pharmaceuticals – continued
Merck & Co., Inc.		73,216	$	4,338,048

				19,171,649


TOTAL HEALTH CARE				35,689,142


INDUSTRIALS – 10.3%
Aerospace & Defense – 2.7%
Lockheed Martin Corp.		4,965		1,761,830
The Boeing Co.		9,595		3,400,180
United Technologies Corp.		13,387		1,847,540

				7,009,550

Air Freight & Logistics – 0.6%
United Parcel Service, Inc. Class B		12,917		1,644,592

Airlines – 0.9%
Delta Air Lines, Inc.		20,532		1,165,602
easyJet PLC		53,559		1,262,359

				2,427,961

Electrical Equipment – 0.9%
Eaton Corp. PLC		13,460		1,130,236
Emerson Electric Co.		17,044		1,231,088

				2,361,324

Industrial Conglomerates – 2.8%
3M Co.		9,623		2,410,562
General Electric Co.		109,238		1,766,378
Honeywell International, Inc.		12,803		2,044,255
Jardine Matheson Holdings Ltd.		9,886		627,563
Jardine Strategic Holdings Ltd.		16,307		649,019

				7,497,777

Machinery – 1.3%
Cummins, Inc.		5,812		1,092,656
Illinois Tool Works, Inc.		8,000		1,389,360
PACCAR, Inc.		12,739		949,820

				3,431,836

Professional Services – 0.4%
Capita PLC		102,331		265,163
Nielsen Holdings PLC		18,495		691,898

				957,061

Road & Rail – 0.7%
Union Pacific Corp.		14,110		1,883,685


TOTAL INDUSTRIALS				27,213,786


INFORMATION TECHNOLOGY – 23.1%
Communications Equipment – 3.4%
Cisco Systems, Inc.		113,132		4,699,503
Nokia Oyj		409,455		1,975,024
Telefonaktiebolaget LM Ericsson		332,154		2,136,360

				8,810,887

IT Services – 4.3%
CSRA, Inc.		63,547		2,114,844



	Shares		Value
DXC Technology Co.		32,613	$	3,246,624
International Business Machines Corp.		19,936		3,263,523
Leidos Holdings, Inc.		41,466		2,761,636

				11,386,627

Semiconductors & Semiconductor Equipment – 3.2%
Intel Corp.		101,146		4,869,168
QUALCOMM, Inc.		52,131		3,557,941

				8,427,109

Software – 4.7%
Microsoft Corp.		108,994		10,355,520
Symantec Corp.		77,236		2,103,136

				12,458,656

Technology Hardware, Storage & Peripherals – 7.5%
Apple, Inc.		68,546		11,476,657
HP, Inc.		146,278		3,411,203
Seagate Technology PLC		46,476		2,565,475
Xerox Corp.		70,975		2,422,377

				19,875,712


TOTAL INFORMATION TECHNOLOGY				60,958,991


MATERIALS – 2.8%
Chemicals – 2.2%
CF Industries Holdings, Inc.		17,961		762,265
DowDuPont, Inc.		20,315		1,535,408
LyondellBasell Industries N.V. Class A		9,273		1,111,276
Nutrien Ltd. (b)		12,081		632,032
Praxair, Inc.		7,523		1,214,889
The Mosaic Co.		21,038		574,338

				5,830,208

Containers & Packaging – 0.4%
International Paper Co.		14,546		914,361

Metals & Mining – 0.2%
Fresnillo PLC		29,750		567,713


TOTAL MATERIALS				7,312,282


REAL ESTATE – 3.1%
Equity Real Estate Investment Trusts (REITs) – 3.1%
CoreCivic, Inc.		16,571		384,613
Equity Residential		11,121		685,165
Gaming and Leisure Properties, Inc.		16,197		590,219
HCP, Inc.		19,477		469,006
Hospitality Properties Trust		16,041		455,725
Host Hotels & Resorts, Inc.		32,707		678,997
LaSalle Hotel Properties		16,091		491,419
Omega Healthcare Investors, Inc. (a)		16,058		434,208
RLJ Lodging Trust		20,902		483,254
Senior Housing Properties Trust		26,024		450,996
Spirit Realty Capital, Inc.		47,398		387,242
Sunstone Hotel Investors, Inc.		32,248		543,379
The Geo Group, Inc.		17,226		388,446

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


*Semiannual Report*		16


Common Stocks – continued
	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
The Macerich Co.		7,795	$	503,323
Welltower, Inc.		10,451		626,747
WP Carey, Inc.		8,300		537,923


TOTAL REAL ESTATE				8,110,662


TELECOMMUNICATION SERVICES – 1.9%
Diversified Telecommunication Services – 1.9%
AT&T, Inc.		64,788		2,426,311
CenturyLink, Inc.		10,895		194,040
Frontier Communications Corp. (a)		3,498		28,649
Verizon Communications, Inc.		43,665		2,360,966


TOTAL TELECOMMUNICATION SERVICES				5,009,966


UTILITIES – 2.8%
Electric Utilities – 1.9%
Duke Energy Corp.		13,281		1,042,558
Entergy Corp.		8,816		693,731
Exelon Corp.		23,293		897,013
FirstEnergy Corp.		21,053		692,644
PPL Corp.		21,022		669,971
The Southern Co.		20,005		902,426

				4,898,343

Independent Power and Renewable Electricity Producers – 0.2%
AES Corp.		50,994		589,491

Multi-Utilities – 0.7%
Dominion Energy, Inc.		13,260		1,013,594
Public Service Enterprise Group, Inc.		16,581		860,057

				1,873,651


TOTAL UTILITIES				7,361,485


TOTAL COMMON STOCKS (Cost $236,880,882)				263,009,113


Money Market Funds – 1.9%
	Shares		Value
Fidelity Cash Central Fund, 1.39% (c)		315,675	$	315,738
Fidelity Securities Lending Cash Central Fund, 1.40% (c)(d)		4,724,336		4,724,808


TOTAL MONEY MARKET FUNDS (Cost $5,040,637)				5,040,546


TOTAL INVESTMENT PORTFOLIO – 101.7% (Cost $241,921,519)				268,049,659

NET OTHER ASSETS (LIABILITIES) – (1.7%)				(4,501,846	)


NET ASSETS – 100.0%			$	263,547,813

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	$	1,699
Fidelity Securities Lending Cash Central Fund		19,683

Total	$	21,382

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


		17		*Semiannual Report*

Fidelity Dividend ETF for Rising Rates

Investments (Unaudited) – continued

Investment Valuation


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$	32,876,658	$	32,876,658	$	—	$	—
Consumer Staples		21,240,172		21,240,172		—		—
Energy		17,285,149		17,285,149		—		—
Financials		39,950,820		39,950,820		—		—
Health Care		35,689,142		32,867,824		2,821,318		—
Industrials		27,213,786		27,213,786		—		—
Information Technology		60,958,991		56,847,607		4,111,384		—
Materials		7,312,282		7,312,282		—		—
Real Estate		8,110,662		8,110,662		—		—
Telecommunication Services		5,009,966		5,009,966		—		—
Utilities		7,361,485		7,361,485		—		—
Money Market Funds		5,040,546		5,040,546		—		—

Total Investments in Securities:	$	268,049,659	$	261,116,957	$	6,932,702	$	—

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


*Semiannual Report*		18

Fidelity High Dividend ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.7%
	Shares		Value
CONSUMER DISCRETIONARY – 19.7%
Automobiles – 2.2%
Ford Motor Co.		90,484	$	992,610
General Motors Co.		31,340		1,329,129

				2,321,739

Diversified Consumer Services – 1.1%
H&R Block, Inc.		43,859		1,164,018

Hotels, Restaurants & Leisure – 6.3%
Cracker Barrel Old Country Store, Inc. (a)		5,903		1,041,761
Crown Resorts Ltd.		105,610		1,127,582
Las Vegas Sands Corp.		19,150		1,484,508
McDonald’s Corp.		10,896		1,864,742
Yum! Brands, Inc.		15,332		1,296,934

				6,815,527

Leisure Products – 0.5%
Mattel, Inc. (a)		36,704		581,391

Media – 1.9%
Twenty-First Century Fox, Inc. Class A		35,450		1,308,105
Viacom, Inc. Class B		23,362		780,758

				2,088,863

Multiline Retail – 3.3%
Kohl’s Corp.		23,613		1,529,414
Macy’s, Inc. (a)		30,867		800,998
Target Corp.		16,668		1,253,767

				3,584,179

Specialty Retail – 4.4%
Best Buy Co., Inc.		21,694		1,584,964
L Brands, Inc. (a)		16,369		819,923
The Home Depot, Inc.		11,798		2,370,218

				4,775,105


TOTAL CONSUMER DISCRETIONARY				21,330,822


CONSUMER STAPLES – 1.9%
Beverages – 0.3%
PepsiCo, Inc.		2,595		312,179

Food & Staples Retailing – 0.5%
Kesko Oyj		2,733		159,309
Wal-Mart Stores, Inc.		3,366		358,815

				518,124

Food Products – 0.3%
General Mills, Inc.		2,650		154,999
The Kraft Heinz Co.		2,003		157,015

				312,014

Household Products – 0.3%
The Procter & Gamble Co.		4,038		348,641

Tobacco – 0.5%
Altria Group, Inc.		3,669		258,077
Philip Morris International, Inc.		2,787		298,850

				556,927


TOTAL CONSUMER STAPLES				2,047,885



	Shares		Value
ENERGY – 0.1%
Oil, Gas & Consumable Fuels – 0.1%
Chevron Corp.		259	$	32,466
Exxon Mobil Corp.		528		46,094
Occidental Petroleum Corp.		223		16,718
ONEOK, Inc.		183		10,771
The Williams Cos., Inc.		443		13,906
Valero Energy Corp.		206		19,770


TOTAL ENERGY				139,725


FINANCIALS – 22.1%
Banks – 11.0%
Bank of America Corp.		97,003		3,104,096
Citigroup, Inc.		34,078		2,674,442
JPMorgan Chase & Co.		29,714		3,437,018
Wells Fargo & Co.		41,235		2,712,438

				11,927,994

Capital Markets – 3.2%
CME Group, Inc.		11,601		1,780,521
Lazard Ltd. Class A		29,131		1,706,203

				3,486,724

Insurance – 1.1%
ProAssurance Corp.		22,707		1,242,073

Mortgage Real Estate Investment Trust (REITs) – 6.8%
Blackstone Mortgage Trust, Inc. Class A		40,577		1,257,887
Chimera Investment Corp.		69,940		1,188,281
Granite Point Mortgage Trust, Inc.		13,552		233,637
MFA Financial, Inc.		156,677		1,121,807
New Residential Investment Corp.		79,370		1,372,307
Starwood Property Trust, Inc.		55,924		1,140,291
Two Harbors Investment Corp.		71,123		1,049,064

				7,363,274


TOTAL FINANCIALS				24,020,065


HEALTH CARE – 6.9%
Biotechnology – 3.3%
AbbVie, Inc.		13,833		1,552,339
Amgen, Inc.		5,534		1,029,601
Gilead Sciences, Inc.		11,551		967,974

				3,549,914

Pharmaceuticals – 3.6%
AstraZeneca PLC		11,879		824,560
GlaxoSmithKline PLC		33,012		614,488
Johnson & Johnson		11,269		1,557,263
Merck & Co., Inc.		15,657		927,677

				3,923,988


TOTAL HEALTH CARE				7,473,902

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


		19		*Semiannual Report*

Fidelity High Dividend ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
INDUSTRIALS – 3.9%
Aerospace & Defense – 1.2%
Lockheed Martin Corp.		741	$	262,944
Raytheon Co.		1,065		222,521
The Boeing Co.		1,424		504,623
United Technologies Corp.		1,998		275,744

				1,265,832

Air Freight & Logistics – 0.2%
United Parcel Service, Inc. Class B		1,916		243,945

Airlines – 0.3%
Delta Air Lines, Inc.		3,071		174,341
easyJet PLC		7,860		185,256

				359,597

Commercial Services & Supplies – 0.2%
Waste Management, Inc.		1,931		170,758

Electrical Equipment – 0.3%
Eaton Corp. PLC		2,001		168,024
Emerson Electric Co.		2,559		184,837

				352,861

Industrial Conglomerates – 1.0%
3M Co.		1,426		357,213
General Electric Co.		16,498		266,773
Honeywell International, Inc.		1,926		307,524
Jardine Matheson Holdings Ltd.		1,400		88,872
Jardine Strategic Holdings Ltd.		2,200		87,560

				1,107,942

Machinery – 0.3%
Cummins, Inc.		849		159,612
PACCAR, Inc.		1,899		141,589

				301,201

Professional Services – 0.1%
Capita PLC		14,983		38,824
Nielsen Holdings PLC		2,701		101,045

				139,869

Road & Rail – 0.3%
Union Pacific Corp.		2,087		278,615


TOTAL INDUSTRIALS				4,220,620


INFORMATION TECHNOLOGY – 30.6%
Communications Equipment – 4.8%
Cisco Systems, Inc.		61,435		2,552,010
Nokia Oyj		260,531		1,256,683
Telefonaktiebolaget LM Ericsson		211,167		1,358,191

				5,166,884

Electronic Equipment, Instruments & Components – 1.5%
Corning, Inc.		51,528		1,608,704

IT Services – 6.3%
CSRA, Inc.		40,019		1,331,832
DXC Technology Co.		20,503		2,041,074



	Shares		Value
International Business Machines Corp.		10,838	$	1,774,181
Leidos Holdings, Inc.		26,137		1,740,724

				6,887,811

Semiconductors & Semiconductor Equipment – 4.3%
Intel Corp.		54,216		2,609,958
QUALCOMM, Inc.		30,046		2,050,640

				4,660,598

Software – 5.8%
Microsoft Corp.		52,731		5,009,972
Symantec Corp.		47,786		1,301,213

				6,311,185

Technology Hardware, Storage & Peripherals – 7.9%
Apple, Inc.		32,308		5,409,328
Seagate Technology PLC		28,931		1,596,991
Xerox Corp.		44,598		1,522,130

				8,528,449


TOTAL INFORMATION TECHNOLOGY				33,163,631


REAL ESTATE – 8.4%
Equity Real Estate Investment Trusts (REITs) – 8.4%
CoreCivic, Inc.		19,819		459,999
Equity Residential		10,775		663,848
Gaming and Leisure Properties, Inc.		18,615		678,331
HCP, Inc.		20,286		488,487
Hospitality Properties Trust		18,675		530,557
LaSalle Hotel Properties		19,319		590,002
Omega Healthcare Investors, Inc. (a)		18,437		498,536
Public Storage		3,241		634,458
Senior Housing Properties Trust		30,569		529,761
Simon Property Group, Inc.		4,398		718,501
Spirit Realty Capital, Inc.		55,879		456,531
Sunstone Hotel Investors, Inc.		38,779		653,426
The Geo Group, Inc.		20,833		469,784
The Macerich Co.		8,680		560,468
Welltower, Inc.		9,984		598,740
WP Carey, Inc. (a)		9,555		619,260


TOTAL REAL ESTATE				9,150,689


TELECOMMUNICATION SERVICES – 6.1%
Diversified Telecommunication Services – 6.1%
AT&T, Inc.		65,511		2,453,387
CenturyLink, Inc.		66,764		1,189,067
Frontier Communications Corp. (a)		32,576		266,797
Verizon Communications, Inc.		50,966		2,755,732


TOTAL TELECOMMUNICATION SERVICES				6,664,983


TOTAL COMMON STOCKS (Cost $99,604,081)				108,212,322

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


*Semiannual Report*		20


Money Market Funds – 3.0%
	Shares		Value
Fidelity Cash Central Fund, 1.39% (b)		230,738	$	230,784
Fidelity Securities Lending Cash Central Fund, 1.40% (b)(c)		3,096,371		3,096,681


TOTAL MONEY MARKET FUNDS (Cost $3,327,541)				3,327,465


TOTAL INVESTMENT PORTFOLIO – 102.7% (Cost $102,931,622)				111,539,787

NET OTHER ASSETS (LIABILITIES) – (2.7%)				(2,979,630	)


NET ASSETS – 100.0%			$	108,560,157

Legend

(a)

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

(b)

(c)

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	$	628
Fidelity Securities Lending Cash Central Fund		29,802

Total	$	30,430

Investment Valuation


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$	21,330,822	$	21,330,822	$	—	$	—
Consumer Staples		2,047,885		2,047,885		—		—
Energy		139,725		139,725		—		—
Financials		24,020,065		24,020,065		—		—
Health Care		7,473,902		6,034,854		1,439,048		—
Industrials		4,220,620		4,220,620		—		—
Information Technology		33,163,631		30,548,757		2,614,874		—
Real Estate		9,150,689		9,150,689		—		—
Telecommunication Services		6,664,983		6,664,983		—		—
Money Market Funds		3,327,465		3,327,465		—		—

Total Investments in Securities:	$	111,539,787	$	107,485,865	$	4,053,922	$	—

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


		21		*Semiannual Report*

Fidelity Low Volatility Factor ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
CONSUMER DISCRETIONARY – 12.6%
Hotels, Restaurants & Leisure – 4.2%
Aramark		8,527	$	390,622
Domino’s Pizza, Inc.		1,718		372,548
McDonald’s Corp.		3,670		628,084
Starbucks Corp.		8,601		488,623
Vail Resorts, Inc.		1,594		348,384

				2,228,261

Media – 2.0%
Cable One, Inc.		432		305,005
Comcast Corp. Class A		17,302		735,854

				1,040,859

Multiline Retail – 0.9%
Target Corp.		6,722		505,629

Specialty Retail – 3.6%
AutoZone, Inc. (a)		664		508,252
The Home Depot, Inc.		4,456		895,210
The TJX Companies, Inc.		5,889		473,005

				1,876,467

Textiles, Apparel & Luxury Goods – 1.9%
NIKE, Inc. Class B		7,940		541,667
VF Corp.		5,728		464,770

				1,006,437


TOTAL CONSUMER DISCRETIONARY				6,657,653


CONSUMER STAPLES – 7.7%
Beverages – 2.8%
Dr Pepper Snapple Group, Inc.		2,721		324,751
PepsiCo, Inc.		4,629		556,869
The Coca-Cola Co.		12,147		578,076

				1,459,696

Food & Staples Retailing – 1.7%
Sysco Corp.		5,090		320,008
Wal-Mart Stores, Inc.		5,517		588,112

				908,120

Food Products – 1.1%
General Mills, Inc.		4,954		289,760
McCormick & Co., Inc. (non-vtg.)		2,477		269,423

				559,183

Household Products – 2.1%
Church & Dwight Co., Inc.		4,637		226,518
The Clorox Co.		1,841		260,851
The Procter & Gamble Co.		7,316		631,663

				1,119,032


TOTAL CONSUMER STAPLES				4,046,031


ENERGY – 5.4%
Energy Equipment & Services – 0.8%
Baker Hughes a GE Co.		3,904		125,513
Schlumberger Ltd.		4,296		316,100

				441,613



	Shares		Value
Oil, Gas & Consumable Fuels – 4.6%
Cabot Oil & Gas Corp.		5,328	$	140,393
Chevron Corp.		4,673		585,761
Exxon Mobil Corp.		9,594		837,556
Kinder Morgan, Inc.		9,108		163,762
Occidental Petroleum Corp.		3,260		244,402
Phillips 66		2,119		216,986
Valero Energy Corp.		2,453		235,414

				2,424,274


TOTAL ENERGY				2,865,887


FINANCIALS – 14.3%
Banks – 5.0%
M&T Bank Corp.		2,454		468,174
The PNC Financial Services Group, Inc.		3,636		574,561
US Bancorp		9,757		557,515
Wells Fargo & Co.		15,345		1,009,394

				2,609,644

Capital Markets – 1.0%
CME Group, Inc.		3,485		534,878

Diversified Financial Services – 2.3%
Berkshire Hathaway, Inc. Class B (a)		5,667		1,214,891

Insurance – 4.8%
Aflac, Inc.		5,124		451,937
Arch Capital Group Ltd. (a)		3,869		351,847
Chubb Ltd.		3,259		508,893
Everest Re Group Ltd.		1,403		322,409
Marsh & McLennan Cos., Inc.		5,506		459,861
The Progressive Corp.		8,529		461,419

				2,556,366

Mortgage Real Estate Investment Trust (REITs) – 1.2%
MFA Financial, Inc.		41,204		295,021
Starwood Property Trust, Inc.		16,737		341,267

				636,288


TOTAL FINANCIALS				7,552,067


HEALTH CARE – 13.8%
Health Care Equipment & Supplies – 3.2%
Danaher Corp.		5,585		565,649
Intuitive Surgical, Inc. (a)		1,357		585,776
Stryker Corp.		3,038		499,386

				1,650,811

Health Care Providers & Services – 4.8%
Aetna, Inc.		2,894		540,657
Anthem, Inc.		2,377		589,140
Cigna Corp.		2,522		525,459
UnitedHealth Group, Inc.		3,698		875,612

				2,530,868

Pharmaceuticals – 5.8%
Eli Lilly & Co.		6,240		508,248
Johnson & Johnson		7,903		1,092,116

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


*Semiannual Report*		22


Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Pharmaceuticals – continued
Merck & Co., Inc.		10,909	$	646,358
Pfizer, Inc.		22,250		824,140

				3,070,862


TOTAL HEALTH CARE				7,252,541


INDUSTRIALS – 10.7%
Aerospace & Defense – 2.7%
Lockheed Martin Corp.		1,438		510,274
Northrop Grumman Corp.		1,395		475,039
Raytheon Co.		2,194		458,415

				1,443,728

Commercial Services & Supplies – 1.8%
Republic Services, Inc.		4,841		333,061
Rollins, Inc.		6,634		327,321
Stericycle, Inc. (a)		3,597		271,070

				931,452

Industrial Conglomerates – 2.3%
3M Co.		2,522		631,761
Honeywell International, Inc.		3,512		560,761

				1,192,522

Machinery – 2.1%
Deere & Co.		2,761		459,486
Fortive Corp.		4,860		369,457
The Toro Co.		4,166		273,498

				1,102,441

Professional Services – 0.7%
Verisk Analytics, Inc. (a)		3,739		374,087

Road & Rail – 1.1%
Union Pacific Corp.		4,334		578,589


TOTAL INDUSTRIALS				5,622,819


INFORMATION TECHNOLOGY – 24.2%
Electronic Equipment, Instruments & Components – 1.1%
Amphenol Corp. Class A		5,950		551,981

Internet Software & Services – 3.6%
Alphabet, Inc. Class A (a)		1,590		1,879,730

IT Services – 11.7%
Amdocs Ltd.		6,575		449,730
Automatic Data Processing, Inc.		4,590		567,462
Fidelity National Information Services, Inc.		5,253		537,697
Fiserv, Inc. (a)		3,778		532,093
Genpact Ltd.		14,133		479,674
International Business Machines Corp.		4,534		742,216
Jack Henry & Associates, Inc.		4,080		508,613
Mastercard, Inc. Class A		5,031		850,239
Paychex, Inc.		8,037		548,525
Visa, Inc. Class A		7,733		960,671

				6,176,920



	Shares		Value
Semiconductors & Semiconductor Equipment – 1.9%
Intel Corp.		20,563	$	989,903

Software – 5.9%
Check Point Software Technologies Ltd. (a)		4,162		430,392
Microsoft Corp.		20,778		1,974,118
Oracle Corp.		14,128		728,864

				3,133,374


TOTAL INFORMATION TECHNOLOGY				12,731,908


MATERIALS – 3.2%
Chemicals – 2.8%
Air Products & Chemicals, Inc.		978		164,666
DowDuPont, Inc.		3,478		262,867
Ecolab, Inc.		1,122		154,477
LyondellBasell Industries N.V. Class A		1,563		187,310
Monsanto Co.		1,537		187,207
NewMarket Corp.		201		79,916
Praxair, Inc.		1,182		190,881
The Scotts Miracle-Gro Co.		934		84,312
The Sherwin-Williams Co.		402		167,678

				1,479,314

Containers & Packaging – 0.4%
Aptargroup, Inc.		1,106		96,687
Ball Corp.		2,684		102,743

				199,430


TOTAL MATERIALS				1,678,744


REAL ESTATE – 3.2%
Equity Real Estate Investment Trusts (REITs) – 3.2%
American Campus Communities, Inc.		1,369		52,652
American Tower Corp.		1,209		178,569
AvalonBay Communities, Inc.		555		94,572
Boston Properties, Inc.		726		89,814
Camden Property Trust		761		65,872
Crown Castle International Corp.		1,300		146,601
Digital Realty Trust, Inc.		765		85,642
EPR Properties		892		52,682
Equity Lifestyle Properties, Inc.		760		65,603
Equity Residential		1,495		92,107
Essex Property Trust, Inc.		330		76,883
Federal Realty Investment Trust		535		64,628
Mid-America Apartment Communities, Inc.		728		69,429
Public Storage		551		107,864
Realty Income Corp.		1,456		77,445
Simon Property Group, Inc.		934		152,588
UDR, Inc.		1,882		68,749
Ventas, Inc.		1,485		83,115
Welltower, Inc.		1,430		85,757


TOTAL REAL ESTATE				1,710,572

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
TELECOMMUNICATION SERVICES – 1.9%
Diversified Telecommunication Services – 1.9%
AT&T, Inc.		13,350	$	499,958
Verizon Communications, Inc.		9,033		488,414


TOTAL TELECOMMUNICATION SERVICES				988,372


UTILITIES – 2.8%
Electric Utilities – 1.3%
Duke Energy Corp.		2,360		185,260
NextEra Energy, Inc.		1,496		236,996
The Southern Co.		3,713		167,494
Xcel Energy, Inc.		2,805		128,020

				717,770

Multi-Utilities – 1.3%
CMS Energy Corp.		2,393		107,087
Consolidated Edison, Inc.		1,636		131,469
Dominion Energy, Inc.		2,350		179,634
DTE Energy Co.		1,143		120,746
WEC Energy Group, Inc.		1,966		126,414

				665,350

Water Utilities – 0.2%
American Water Works Co., Inc.		1,425		118,517


TOTAL UTILITIES				1,501,637


TOTAL COMMON STOCKS (Cost $47,412,647)				52,608,231


Money Market Funds – 0.1%
	Shares		Value
Fidelity Cash Central Fund, 1.39% (b) (Cost $33,711)		33,705	$	33,711


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $47,446,358)				52,641,942

NET OTHER ASSETS (LIABILITIES) – 0.1%				43,354


NET ASSETS – 100.0%			$	52,685,296

Legend

(a)

Non-income producing.

(b)

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	$	235

Investment Valuation

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


*Semiannual Report*		24

Fidelity Momentum Factor ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
CONSUMER DISCRETIONARY – 12.8%
Auto Components – 0.7%
Aptiv PLC		4,259	$	404,094
Delphi Technologies PLC		1,413		78,040

				482,134

Automobiles – 0.8%
Tesla Motors, Inc. (a)		1,520		538,551

Diversified Consumer Services – 0.6%
Grand Canyon Education, Inc. (a)		4,144		385,351

Hotels, Restaurants & Leisure – 2.5%
Marriott International, Inc. Class A		3,775		556,209
McDonald’s Corp.		4,129		706,637
Royal Caribbean Cruises Ltd.		3,328		444,454

				1,707,300

Household Durables – 0.6%
NVR, Inc. (a)		117		371,846

Internet & Direct Marketing Retail – 3.9%
Amazon.com, Inc. (a)		1,312		1,903,568
Netflix, Inc. (a)		2,858		772,517

				2,676,085

Media – 2.2%
Charter Communications, Inc. Class A (a)		1,552		585,492
Comcast Corp. Class A		21,785		926,516

				1,512,008

Specialty Retail – 1.5%
The Home Depot, Inc.		5,106		1,025,795


TOTAL CONSUMER DISCRETIONARY				8,699,070


CONSUMER STAPLES – 7.1%
Beverages – 3.1%
Constellation Brands, Inc. Class A		1,558		341,934
Monster Beverage Corp. (a)		5,250		358,208
PepsiCo, Inc.		5,723		688,477
The Coca-Cola Co.		14,783		703,523

				2,092,142

Food & Staples Retailing – 1.0%
Wal-Mart Stores, Inc.		6,338		675,631

Food Products – 0.4%
Lamb Weston Holdings, Inc.		5,047		295,754

Household Products – 1.1%
The Procter & Gamble Co.		9,097		785,435

Personal Products – 0.5%
The Estee Lauder Cos., Inc. Class A		2,574		347,387

Tobacco – 1.0%
Philip Morris International, Inc.		6,192		663,968


TOTAL CONSUMER STAPLES				4,860,317



	Shares		Value
ENERGY – 5.3%
Oil, Gas & Consumable Fuels – 5.3%
Andeavor		1,785	$	193,066
Cabot Oil & Gas Corp.		6,685		176,150
Chevron Corp.		6,032		756,111
ConocoPhillips		5,989		352,213
Exxon Mobil Corp.		12,342		1,077,457
HollyFrontier Corp.		4,322		207,283
Marathon Petroleum Corp.		3,779		261,771
Phillips 66		2,740		280,576
Valero Energy Corp.		3,005		288,390


TOTAL ENERGY				3,593,017


FINANCIALS – 15.1%
Banks – 5.3%
Bank of America Corp.		37,894		1,212,608
Citigroup, Inc.		11,806		926,535
JPMorgan Chase & Co.		12,431		1,437,894

				3,577,037

Capital Markets – 4.8%
Ameriprise Financial, Inc.		2,738		461,901
BGC Partners, Inc. Class A		25,521		365,205
CBOE Holdings, Inc.		3,568		479,503
LPL Financial Holdings, Inc.		7,804		465,587
Moody’s Corp.		3,058		494,754
MSCI, Inc.		3,249		452,358
S&P Global, Inc.		3,078		557,426

				3,276,734

Consumer Finance – 0.9%
American Express Co.		5,763		572,842

Diversified Financial Services – 2.1%
Berkshire Hathaway, Inc. Class B (a)		6,775		1,452,424

Insurance – 2.0%
FNF Group		10,811		421,413
The Allstate Corp.		4,771		471,232
The Progressive Corp.		9,145		494,744

				1,387,389


TOTAL FINANCIALS				10,266,426


HEALTH CARE – 13.5%
Biotechnology – 4.0%
AbbVie, Inc.		11,225		1,259,669
Exact Sciences Corp. (a)		12,335		613,173
Vertex Pharmaceuticals, Inc. (a)		5,187		865,555

				2,738,397

Health Care Equipment & Supplies – 4.0%
Abbott Laboratories		16,535		1,027,816
Align Technology, Inc. (a)		3,012		789,144
Intuitive Surgical, Inc. (a)		2,017		870,678

				2,687,638

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


		25		*Semiannual Report*

Fidelity Momentum Factor ETF

Investments (Unaudited)– continued


Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Health Care Providers & Services – 4.4%
Aetna, Inc.		4,664	$	871,329
Cigna Corp.		3,961		825,274
UnitedHealth Group, Inc.		5,524		1,307,973

				3,004,576

Life Sciences Tools & Services – 1.1%
Agilent Technologies, Inc.		10,537		773,732


TOTAL HEALTH CARE				9,204,343


INDUSTRIALS – 10.7%
Aerospace & Defense – 2.1%
Rockwell Collins, Inc.		3,083		426,965
The Boeing Co.		2,763		979,124

				1,406,089

Building Products – 0.7%
Owens Corning		4,756		442,165

Commercial Services & Supplies – 0.6%
The Brink’s Co.		5,008		417,667

Electrical Equipment – 1.3%
AMETEK, Inc.		5,909		450,857
Rockwell Automation, Inc.		2,152		424,568

				875,425

Industrial Conglomerates – 2.8%
3M Co.		3,042		762,021
Honeywell International, Inc.		4,392		701,270
Roper Industries, Inc.		1,669		468,305

				1,931,596

Machinery – 2.4%
Caterpillar, Inc.		4,134		672,933
Deere & Co.		3,506		583,469
Graco, Inc.		8,763		410,108

				1,666,510

Road & Rail – 0.8%
CSX Corp.		9,323		529,267


TOTAL INDUSTRIALS				7,268,719


INFORMATION TECHNOLOGY – 24.4%
Communications Equipment – 1.1%
Arista Networks, Inc. (a)		2,798		771,744

Electronic Equipment, Instruments & Components – 2.5%
Cognex Corp.		8,071		503,388
IPG Photonics Corp. (a)		2,439		614,506
Universal Display Corp.		3,472		553,437

				1,671,331

Internet Software & Services – 2.4%
Facebook, Inc. Class A (a)		8,573		1,602,208

IT Services – 5.2%
Mastercard, Inc. Class A		5,588		944,372



	Shares		Value
PayPal Holdings, Inc. (a)		9,514	$	811,735
Square, Inc. Class A (a)		14,108		661,806
Visa, Inc. Class A		8,906		1,106,392

				3,524,305

Semiconductors & Semiconductor Equipment – 3.9%
Applied Materials, Inc.		11,289		605,429
Lam Research Corp.		2,752		527,063
Micron Technology, Inc. (a)		13,715		599,620
NVIDIA Corp.		3,842		944,364

				2,676,476

Software – 5.5%
Adobe Systems, Inc. (a)		3,907		780,463
Microsoft Corp.		24,813		2,357,483
Take-Two Interactive Software, Inc. (a)		4,748		601,429

				3,739,375

Technology Hardware, Storage & Peripherals – 3.8%
Apple, Inc.		15,645		2,619,442


TOTAL INFORMATION TECHNOLOGY				16,604,881


MATERIALS – 3.1%
Chemicals – 2.5%
Albemarle Corp.		1,094		122,079
Celanese Corp. Class A		1,394		150,775
DowDuPont, Inc.		7,315		552,868
FMC Corp.		1,573		143,662
Huntsman Corp.		4,070		140,700
Monsanto Co.		2,016		245,549
The Chemours Co.		2,468		127,398
The Sherwin-Williams Co.		492		205,218

				1,688,249

Containers & Packaging – 0.4%
Avery Dennison Corp.		1,248		153,105
Packaging Corp. of America		1,198		150,505

				303,610

Metals & Mining – 0.2%
Alcoa Corp. (a)		2,792		145,240


TOTAL MATERIALS				2,137,099


REAL ESTATE – 3.3%
Equity Real Estate Investment Trusts (REITs) – 3.0%
American Tower Corp.		1,601		236,468
AvalonBay Communities, Inc.		758		129,163
CoreSite Realty Corp.		781		84,598
Crown Castle International Corp.		1,723		194,303
CyrusOne, Inc.		1,462		84,343
DCT Industrial Trust, Inc.		1,566		92,691
Digital Realty Trust, Inc.		1,150		128,742
Duke Realty Corp.		3,542		93,544
Equinix, Inc.		347		157,951
Equity Lifestyle Properties, Inc.		1,073		92,621

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


*Semiannual Report*		26


Common Stocks – continued
	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Essex Property Trust, Inc.		461	$	107,404
Prologis, Inc.		2,471		160,887
SBA Communications Corp. (a)		786		137,157
UDR, Inc.		2,669		97,499
Welltower, Inc.		2,033		121,919
Weyerhaeuser Co.		4,002		150,235

				2,069,525

Real Estate Management & Development – 0.3%
CBRE Group, Inc. Class A (a)		2,688		122,815
Realogy Holdings Corp.		2,850		78,403

				201,218


TOTAL REAL ESTATE				2,270,743


TELECOMMUNICATION SERVICES – 1.8%
Diversified Telecommunication Services – 1.3%
Verizon Communications, Inc.		16,090		869,986

Wireless Telecommunication Services – 0.5%
T-Mobile US, Inc. (a)		5,620		365,862


TOTAL TELECOMMUNICATION SERVICES				1,235,848


UTILITIES – 2.8%
Electric Utilities – 1.7%
American Electric Power Co., Inc.		3,138		215,831
Duke Energy Corp.		3,332		261,562
NextEra Energy, Inc.		2,102		332,999
PNM Resources, Inc.		3,529		134,455
Xcel Energy, Inc.		4,194		191,414

				1,136,261

Gas Utilities – 0.4%
Atmos Energy Corp.		1,902		157,676
ONE Gas, Inc.		2,005		142,014

				299,690



	Shares		Value
Independent Power and Renewable Electricity Producers – 0.2%
NRG Energy, Inc.		6,218	$	161,730

Multi-Utilities – 0.5%
CenterPoint Energy, Inc.		5,846		164,740
NiSource, Inc.		6,086		150,203

				314,943


TOTAL UTILITIES				1,912,624


TOTAL COMMON STOCKS (Cost $60,579,599)				68,053,087


Money Market Funds – 0.0%

Fidelity Cash Central Fund, 1.39% (b) (Cost $32,308)		32,301		32,308


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $60,611,907)				68,085,395

NET OTHER ASSETS (LIABILITIES) – 0.1%				53,859


NET ASSETS – 100.0%			$	68,139,254

Legend

(a)

Non-income producing.

(b)

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	$	217

Investment Valuation

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


		27		*Semiannual Report*

Fidelity Quality Factor ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
CONSUMER DISCRETIONARY – 12.2%
Hotels, Restaurants & Leisure – 3.3%
Domino’s Pizza, Inc.		1,680	$	364,308
McDonald’s Corp.		3,747		641,262
Starbucks Corp.		8,696		494,020
Yum! Brands, Inc.		4,872		412,122

				1,911,712

Internet & Direct Marketing Retail – 0.9%
The Priceline Group, Inc. (a)		258		493,309

Media – 3.0%
Comcast Corp. Class A		17,898		761,202
Sirius XM Holdings, Inc. (b)		58,912		359,952
The Walt Disney Co.		5,953		646,913

				1,768,067

Specialty Retail – 4.1%
O’Reilly Automotive, Inc. (a)		1,713		453,414
Ross Stores, Inc.		6,527		537,759
The Home Depot, Inc.		4,606		925,345
The TJX Companies, Inc.		5,865		471,077

				2,387,595

Textiles, Apparel & Luxury Goods – 0.9%
NIKE, Inc. Class B		7,996		545,487


TOTAL CONSUMER DISCRETIONARY				7,106,170


CONSUMER STAPLES – 7.2%
Beverages – 2.2%
Brown-Forman Corp. Class B		5,016		347,609
Monster Beverage Corp. (a)		4,977		339,580
The Coca-Cola Co.		12,941		615,862

				1,303,051

Household Products – 3.2%
Church & Dwight Co., Inc.		4,763		232,673
Colgate-Palmolive Co.		4,920		365,261
Kimberly-Clark Corp.		2,557		299,169
The Clorox Co.		1,897		268,786
The Procter & Gamble Co.		7,828		675,869

				1,841,758

Tobacco – 1.8%
Altria Group, Inc.		7,436		523,048
Philip Morris International, Inc.		5,220		559,741

				1,082,789


TOTAL CONSUMER STAPLES				4,227,598


ENERGY – 5.5%
Energy Equipment & Services – 1.6%
Core Laboratories N.V. (b)		1,725		197,167
Halliburton Co.		5,778		310,279
Schlumberger Ltd.		5,370		395,125

				902,571



	Shares		Value
Oil, Gas & Consumable Fuels – 3.9%
Andeavor		2,007	$	217,077
Exxon Mobil Corp.		11,040		963,792
Kinder Morgan, Inc.		12,255		220,345
Marathon Petroleum Corp.		4,062		281,375
Phillips 66		2,864		293,273
Valero Energy Corp.		3,363		322,747

				2,298,609


TOTAL ENERGY				3,201,180


FINANCIALS – 14.9%
Banks – 5.1%
Bank of Hawaii Corp.		6,006		502,522
Bank of the Ozarks, Inc.		11,576		578,221
East West Bancorp, Inc.		8,962		590,685
US Bancorp		12,749		728,478
Western Alliance Bancorp (a)		9,981		585,486

				2,985,392

Capital Markets – 6.5%
Affiliated Managers Group, Inc.		2,854		569,744
CME Group, Inc.		4,662		715,524
MarketAxess Holdings, Inc.		2,485		487,582
Moody’s Corp.		4,182		676,606
S&P Global, Inc.		3,800		688,180
SEI Investments Co.		9,076		682,061

				3,819,697

Consumer Finance – 2.5%
Discover Financial Services		8,966		715,487
Synchrony Financial		18,111		718,644

				1,434,131

Equity Real Estate Investment Trusts (REITs) – 0.8%
AGNC Investment Corp.		24,054		451,976


TOTAL FINANCIALS				8,691,196


HEALTH CARE – 13.9%
Biotechnology – 8.0%
AbbVie, Inc.		9,066		1,017,387
Amgen, Inc.		3,885		722,804
Biogen, Inc. (a)		1,867		649,361
Bioverativ, Inc. (a)		6,831		704,003
Celgene Corp. (a)		4,626		467,966
Gilead Sciences, Inc.		8,199		687,076
United Therapeutics Corp. (a)		3,279		422,991

				4,671,588

Health Care Equipment & Supplies – 1.1%
Intuitive Surgical, Inc. (a)		1,532		661,318

Pharmaceuticals – 4.8%
Bristol-Myers Squibb Co.		10,764		673,826
Johnson & Johnson		8,740		1,207,781

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


*Semiannual Report*		28


Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Pharmaceuticals – continued
Pfizer, Inc.		24,736	$	916,222

				2,797,829


TOTAL HEALTH CARE				8,130,735


INDUSTRIALS – 11.2%
Aerospace & Defense – 3.2%
General Dynamics Corp.		2,066		459,644
Lockheed Martin Corp.		1,511		536,178
The Boeing Co.		2,417		856,512

				1,852,334

Commercial Services & Supplies – 0.6%
Rollins, Inc.		6,833		337,140

Electrical Equipment – 0.7%
Rockwell Automation, Inc.		2,034		401,288

Industrial Conglomerates – 2.9%
3M Co.		2,670		668,835
Honeywell International, Inc.		3,718		593,653
Roper Industries, Inc.		1,448		406,294

				1,668,782

Machinery – 1.4%
Graco, Inc.		8,065		377,442
Illinois Tool Works, Inc.		2,717		471,861

				849,303

Professional Services – 0.7%
Verisk Analytics, Inc. (a)		3,864		386,593

Road & Rail – 1.0%
Union Pacific Corp.		4,553		607,826

Trading Companies & Distributors – 0.7%
Fastenal Co.		7,462		410,112


TOTAL INDUSTRIALS				6,513,378


INFORMATION TECHNOLOGY – 23.9%
Communications Equipment – 0.7%
F5 Networks, Inc. (a)		2,691		388,957

Internet Software & Services – 6.0%
Alphabet, Inc. Class A (a)		1,579		1,866,726
Facebook, Inc. Class A (a)		6,825		1,275,524
VeriSign, Inc. (a)		3,234		371,651

				3,513,901

IT Services – 4.4%
Accenture PLC Class A		3,660		588,162
Mastercard, Inc. Class A		4,340		733,460
Paychex, Inc.		6,110		417,008
Visa, Inc. Class A		6,948		863,150

				2,601,780

Semiconductors & Semiconductor Equipment – 3.0%
NVIDIA Corp.		3,096		760,997



	Shares		Value
Skyworks Solutions, Inc.		3,395	$	330,028
Texas Instruments, Inc.		5,860		642,666

				1,733,691

Software – 6.1%
Adobe Systems, Inc. (a)		3,115		622,252
Check Point Software Technologies Ltd. (a)		3,131		323,777
Microsoft Corp.		20,627		1,959,771
Oracle Corp.		12,442		641,883

				3,547,683

Technology Hardware, Storage & Peripherals – 3.7%
Apple, Inc.		13,028		2,181,278


TOTAL INFORMATION TECHNOLOGY				13,967,290


MATERIALS – 3.2%
Chemicals – 2.7%
Air Products & Chemicals, Inc.		1,125		189,416
Albemarle Corp.		1,055		117,727
Ecolab, Inc.		1,300		178,984
International Flavors & Fragrances, Inc.		898		134,969
LyondellBasell Industries N.V. Class A		1,796		215,233
Monsanto Co.		1,757		214,003
PPG Industries, Inc.		1,475		175,127
Praxair, Inc.		1,361		219,788
Valvoline, Inc.		4,807		118,493

				1,563,740

Construction Materials – 0.2%
Eagle Materials, Inc.		1,155		129,418

Containers & Packaging – 0.3%
International Paper Co.		2,698		169,596


TOTAL MATERIALS				1,862,754


REAL ESTATE – 3.1%
Equity Real Estate Investment Trusts (REITs) – 3.1%
American Tower Corp.		1,332		196,736
AvalonBay Communities, Inc.		618		105,307
Digital Realty Trust, Inc.		845		94,598
Duke Realty Corp.		2,807		74,133
Equity Residential		1,652		101,780
Essex Property Trust, Inc.		368		85,737
Extra Space Storage, Inc.		1,025		85,567
Federal Realty Investment Trust		596		71,997
Gaming and Leisure Properties, Inc.		1,945		70,876
HCP, Inc.		2,953		71,108
Kimco Realty Corp.		3,859		61,397
Prologis, Inc.		2,081		135,494
Public Storage		616		120,588
Realty Income Corp.		1,613		85,795
Simon Property Group, Inc.		1,023		167,127
UDR, Inc.		2,080		75,982

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
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Ventas, Inc.		1,630	$	91,231
Welltower, Inc.		1,582		94,873


TOTAL REAL ESTATE				1,790,326


TELECOMMUNICATION SERVICES – 1.9%
Diversified Telecommunication Services – 1.9%
AT&T, Inc.		14,608		547,069
Verizon Communications, Inc.		9,896		535,077


TOTAL TELECOMMUNICATION SERVICES				1,082,146


UTILITIES – 2.9%
Electric Utilities – 1.3%
Eversource Energy		2,772		174,885
FirstEnergy Corp.		4,975		163,678
IDACORP, Inc.		1,590		137,185
NextEra Energy, Inc.		1,866		295,612

				771,360

Gas Utilities – 0.5%
National Fuel Gas Co.		2,397		133,633
UGI Corp.		3,050		139,598

				273,231

Independent Power and Renewable Electricity Producers – 0.2%
AES Corp.		13,030		150,627

Multi-Utilities – 0.9%
CenterPoint Energy, Inc.		5,460		153,863
Consolidated Edison, Inc.		2,213		177,837
WEC Energy Group, Inc.		2,677		172,131

				503,831


TOTAL UTILITIES				1,699,049


TOTAL COMMON STOCKS (Cost $51,541,621)				58,271,822


Money Market Funds – 0.9%
	Shares		Value
Fidelity Cash Central Fund, 1.39% (c)		41,229	$	41,237
Fidelity Securities Lending Cash Central Fund, 1.40% (c)(d)		505,874		505,925


TOTAL MONEY MARKET FUNDS (Cost $547,164)				547,162


TOTAL INVESTMENT PORTFOLIO – 100.8% (Cost $52,088,785)				58,818,984

NET OTHER ASSETS (LIABILITIES) – (0.8%)				(457,136	)


NET ASSETS – 100.0%			$	58,361,848

Legend

(a)

Non-income producing.

(b)

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

(c)

(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	$	213
Fidelity Securities Lending Cash Central Fund		2,463

Total	$	2,676

Investment Valuation

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


*Semiannual Report*		30

Fidelity Value Factor ETF

Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
CONSUMER DISCRETIONARY – 12.1%
Automobiles – 1.8%
Ford Motor Co.		55,725	$	611,303
General Motors Co.		17,891		758,758

				1,370,061

Diversified Consumer Services – 0.6%
H&R Block, Inc.		16,686		442,846

Hotels, Restaurants & Leisure – 0.8%
Royal Caribbean Cruises Ltd.		4,562		609,255

Media – 4.2%
Comcast Corp. Class A		25,303		1,076,137
The Walt Disney Co.		8,470		920,435
Time Warner, Inc.		6,918		659,631
Viacom, Inc. Class B		15,023		502,069

				3,158,272

Multiline Retail – 2.0%
Kohl’s Corp.		12,180		788,899
Target Corp.		10,133		762,204

				1,551,103

Specialty Retail – 0.5%
Bed Bath & Beyond, Inc.		16,500		380,820

Textiles, Apparel & Luxury Goods – 2.2%
Michael Kors Holdings Ltd. (a)		13,924		918,984
Ralph Lauren Corp.		6,623		757,075

				1,676,059


TOTAL CONSUMER DISCRETIONARY				9,188,416


CONSUMER STAPLES – 7.4%
Food & Staples Retailing – 3.1%
CVS Health Corp.		6,823		536,902
The Kroger Co.		15,720		477,259
Walgreens Boots Alliance, Inc.		6,251		470,450
Wal-Mart Stores, Inc.		7,956		848,110

				2,332,721

Food Products – 1.6%
Archer-Daniels-Midland Co.		9,026		387,667
Bunge Ltd.		4,576		363,471
Tyson Foods, Inc. Class A		5,817		442,732

				1,193,870

Household Products – 1.8%
Kimberly-Clark Corp.		3,582		419,094
The Procter & Gamble Co.		10,473		904,239

				1,323,333

Tobacco – 0.9%
Altria Group, Inc.		10,122		711,981


TOTAL CONSUMER STAPLES				5,561,905



	Shares		Value
ENERGY – 5.6%
Energy Equipment & Services – 0.3%
Transocean Ltd. (a)		20,460	$	220,764

Oil, Gas & Consumable Fuels – 5.3%
Andeavor		2,246		242,927
Chevron Corp.		6,803		852,756
ConocoPhillips		7,360		432,842
Devon Energy Corp.		6,978		288,680
Exxon Mobil Corp.		13,776		1,202,645
Marathon Petroleum Corp.		4,623		320,235
Phillips 66		3,291		336,998
Valero Energy Corp.		3,834		367,949

				4,045,032


TOTAL ENERGY				4,265,796


FINANCIALS – 15.4%
Banks – 8.1%
Bank of America Corp.		42,956		1,374,592
CIT Group, Inc.		8,536		432,690
Citigroup, Inc.		13,172		1,033,738
JPMorgan Chase & Co.		13,864		1,603,649
Popular, Inc.		9,422		382,910
Wells Fargo & Co.		19,492		1,282,184

				6,109,763

Consumer Finance – 2.4%
Capital One Financial Corp.		5,882		611,493
Discover Financial Services		7,424		592,435
Synchrony Financial		15,019		595,954

				1,799,882

Diversified Financial Services – 2.1%
Berkshire Hathaway, Inc. Class B (a)		7,336		1,572,691

Insurance – 2.1%
Aflac, Inc.		5,855		516,412
Prudential Financial, Inc.		4,675		555,484
The Travelers Cos., Inc.		3,744		561,300

				1,633,196

Thrifts & Mortgage Finance – 0.7%
Radian Group, Inc.		22,770		502,534


TOTAL FINANCIALS				11,618,066


HEALTH CARE – 13.2%
Biotechnology – 3.2%
Amgen, Inc.		5,063		941,971
Gilead Sciences, Inc.		10,727		898,923
United Therapeutics Corp. (a)		4,318		557,022

				2,397,916

Health Care Providers & Services – 5.1%
Anthem, Inc.		3,501		867,723
Centene Corp. (a)		6,874		737,168
Cigna Corp.		3,726		776,312

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


		31		*Semiannual Report*

Fidelity Value Factor ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Health Care Providers & Services – continued
Express Scripts Holding Co. (a)		10,124	$	801,618
Humana, Inc.		2,531		713,312

				3,896,133

Pharmaceuticals – 4.9%
Johnson & Johnson		11,330		1,565,693
Merck & Co., Inc.		15,830		937,927
Pfizer, Inc.		32,184		1,192,095

				3,695,715


TOTAL HEALTH CARE				9,989,764


INDUSTRIALS – 11.3%
Aerospace & Defense – 2.5%
Spirit AeroSystems Holdings, Inc. Class A		6,445		659,710
The Boeing Co.		3,381		1,198,125

				1,857,835

Airlines – 2.8%
Delta Air Lines, Inc.		10,742		609,823
JetBlue Airways Corp. (a)		20,835		434,618
Southwest Airlines Co.		9,500		577,600
United Continental Holdings, Inc. (a)		7,230		490,339

				2,112,380

Building Products – 0.9%
Owens Corning		6,911		642,516

Construction & Engineering – 0.8%
Fluor Corp.		10,436		633,465

Machinery – 0.8%
Cummins, Inc.		3,215		604,420

Professional Services – 0.8%
ManpowerGroup, Inc.		4,318		567,342

Road & Rail – 1.1%
Union Pacific Corp.		6,500		867,750

Trading Companies & Distributors – 1.6%
AerCap Holdings N.V. (a)		9,295		502,860
United Rentals, Inc. (a)		4,018		727,700

				1,230,560


TOTAL INDUSTRIALS				8,516,268


INFORMATION TECHNOLOGY – 23.8%
Communications Equipment – 1.4%
Cisco Systems, Inc.		26,294		1,092,253

Electronic Equipment, Instruments & Components – 0.7%
Corning, Inc.		16,134		503,703

Internet Software & Services – 6.1%
Alphabet, Inc. Class A (a)		2,035		2,405,817
eBay, Inc. (a)		13,915		564,671
Facebook, Inc. Class A (a)		8,807		1,645,940

				4,616,428



	Shares		Value
IT Services – 3.3%
Accenture PLC Class A		4,759	$	764,771
Alliance Data Systems Corp.		1,816		466,095
International Business Machines Corp.		5,082		831,923
The Western Union Co.		21,669		450,499

				2,513,288

Semiconductors & Semiconductor Equipment – 2.5%
Intel Corp.		23,763		1,143,951
Micron Technology, Inc. (a)		17,172		750,760

				1,894,711

Software – 5.2%
Microsoft Corp.		26,581		2,525,461
Oracle Corp.		16,126		831,940
VMware, Inc. Class A (a)(b)		4,513		558,664

				3,916,065

Technology Hardware, Storage & Peripherals – 4.6%
Apple, Inc.		16,777		2,808,973
Seagate Technology PLC		12,698		700,930

				3,509,903


TOTAL INFORMATION TECHNOLOGY				18,046,351


MATERIALS – 3.6%
Chemicals – 1.5%
DowDuPont, Inc.		5,300		400,574
Huntsman Corp.		6,084		210,324
LyondellBasell Industries N.V. Class A		2,508		300,559
Trinseo S.A.		2,293		189,058

				1,100,515

Containers & Packaging – 0.6%
International Paper Co.		3,784		237,862
WestRock Co.		3,205		213,549

				451,411

Metals & Mining – 1.3%
Freeport-McMoRan, Inc. (a)		13,533		263,894
Nucor Corp.		3,359		224,919
Steel Dynamics, Inc.		4,750		215,650
United States Steel Corp.		6,667		249,412

				953,875

Paper & Forest Products – 0.2%
Louisiana-Pacific Corp. (a)		6,225		184,322


TOTAL MATERIALS				2,690,123


REAL ESTATE – 3.1%
Equity Real Estate Investment Trusts (REITs) – 2.9%
Brixmor Property Group, Inc.		5,784		93,874
Colony NorthStar, Inc. Class A		8,228		73,887
CoreCivic, Inc.		3,961		91,935
Duke Realty Corp.		4,382		115,729

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


*Semiannual Report*		32


Common Stocks – continued
	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
HCP, Inc.		4,543	$	109,396
Hospitality Properties Trust		3,890		110,515
Host Hotels & Resorts, Inc.		7,356		152,711
Kimco Realty Corp.		6,084		96,796
LaSalle Hotel Properties		3,764		114,953
Medical Properties Trust, Inc.		8,676		113,482
Omega Healthcare Investors, Inc. (b)		3,704		100,156
Park Hotels & Resorts, Inc.		4,157		120,179
Prologis, Inc.		3,049		198,520
Simon Property Group, Inc.		1,456		237,867
Sunstone Hotel Investors, Inc.		6,705		112,979
Ventas, Inc.		2,463		137,854
VEREIT, Inc.		14,132		101,750
Welltower, Inc.		2,339		140,270

				2,222,853

Real Estate Management & Development – 0.2%
CBRE Group, Inc. Class A (a)		3,440		157,173


TOTAL REAL ESTATE				2,380,026


TELECOMMUNICATION SERVICES – 1.6%
Diversified Telecommunication Services – 1.6%
AT&T, Inc.		25,359		949,695
CenturyLink, Inc.		16,208		288,664


TOTAL TELECOMMUNICATION SERVICES				1,238,359


UTILITIES – 2.8%
Electric Utilities – 2.0%
Duke Energy Corp.		3,519		276,242
Entergy Corp.		2,277		179,177
Exelon Corp.		6,089		234,487
FirstEnergy Corp.		5,480		180,292
Great Plains Energy, Inc.		4,995		155,445
NextEra Energy, Inc.		2,205		349,316
PG&E Corp.		3,370		142,989

				1,517,948



	Shares		Value
Independent Power and Renewable Electricity Producers – 0.2%
AES Corp.		14,143	$	163,493

Multi-Utilities – 0.6%
Consolidated Edison, Inc.		2,485		199,694
Public Service Enterprise Group, Inc.		4,371		226,724

				426,418


TOTAL UTILITIES				2,107,859


TOTAL COMMON STOCKS (Cost $66,701,718)				75,602,933


Money Market Funds – 0.9%

Fidelity Cash Central Fund, 1.39% (c)		53,336		53,347
Fidelity Securities Lending Cash Central Fund, 1.40% (c)(d)		616,763		616,825


TOTAL MONEY MARKET FUNDS (Cost $670,176)				670,172


TOTAL INVESTMENT PORTFOLIO – 100.8% (Cost $67,371,894)				76,273,105

NET OTHER ASSETS (LIABILITIES) – (0.8%)				(579,823	)


NET ASSETS – 100.0%			$	75,693,282

Legend

(a)

Non-income producing.

(b)

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

(c)

(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	$	239
Fidelity Securities Lending Cash Central Fund		1,961

Total	$	2,200

Investment Valuation

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


		33		*Semiannual Report*

Financial Statements


Statements of Assets and Liabilities
January 31, 2018 (Unaudited)
	Fidelity Dividend ETF for Rising Rates			Fidelity High Dividend ETF			Fidelity Low Volatility Factor ETF		Fidelity Momentum Factor ETF
Assets
Investments in securities, at value (including securities loaned of $4,558,788, $3,003,460, $— and $—, respectively) – See accompanying schedule:
Unaffiliated issuers	$	263,009,113		$	108,212,322		$	52,608,231	$	68,053,087
Fidelity Central Funds		5,040,546			3,327,465			33,711		32,308

Total Investments in Securities	$	268,049,659		$	111,539,787		$	52,641,942	$	68,085,395
Cash		—			—			5,729		21,896
Foreign currency held at value (cost $46,335, $1,004, $— and $—, respectively)		48,579			1,021			—		—
Receivable for fund shares sold		—			—			3,193,042		1,655,690
Dividends receivable		271,395			133,354			33,054		36,158
Distributions receivable from Fidelity Central Funds		3,725			6,895			—		—

Total assets		268,373,358			111,681,057			55,873,767		69,799,139


Liabilities
Payable for investments purchased		40,052			—			3,177,358		1,644,944
Accrued management fees		60,668			24,076			11,113		14,941
Collateral on securities loaned, at value		4,724,825			3,096,824			—		—

Total liabilities		4,825,545			3,120,900			3,188,471		1,659,885


Net Assets	$	263,547,813		$	108,560,157		$	52,685,296	$	68,139,254

Net Assets consist of:
Paid in capital		237,340,722			99,911,345			46,941,884		59,315,130
Undistributed net investment income		290,200			181,614			28,409		30,782
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(213,579	)		(140,984	)		519,419		1,319,854
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		26,130,470			8,608,182			5,195,584		7,473,488


Net Assets	$	263,547,813		$	108,560,157		$	52,685,296	$	68,139,254

Shares outstanding		8,250,000			3,650,000			1,650,000		2,050,000

Net Asset Value, offering price and redemption price per share	$	31.95		$	29.74		$	31.93	$	33.24

Investments at cost – Unaffiliated issuers	$	236,880,882		$	99,604,081		$	47,412,647	$	60,579,599
Investments at cost – Fidelity Central Funds		5,040,637			3,327,541			33,711		32,308


Investments at cost	$	241,921,519		$	102,931,622		$	47,446,358	$	60,611,907

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


*Semiannual Report*		34


Statements of Assets and Liabilities
January 31, 2018 (Unaudited)
	Fidelity Quality Factor ETF			Fidelity Value Factor ETF
Assets
Investments in securities, at value (including securities loaned of $492,404 and $621,529, respectively) – See accompanying schedule:
Unaffiliated issuers	$	58,271,822		$	75,602,933
Fidelity Central Funds		547,162			670,172

Total Investments in Securities	$	58,818,984		$	76,273,105
Cash		590			6,705
Foreign currency held at value (cost $— and $—, respectively)		—			—
Receivable for fund shares sold		1,667,477			—
Dividends receivable		52,666			47,106
Distributions receivable from Fidelity Central Funds		462			264

Total assets		60,540,179			76,327,180


Liabilities
Payable for investments purchased		1,659,321			—
Accrued management fees		13,110			17,073
Collateral on securities loaned, at value		505,900			616,825

Total liabilities		2,178,331			633,898


Net Assets	$	58,361,848		$	75,693,282

Net Assets consist of:
Paid in capital		51,697,036			66,821,336
Undistributed net investment income		50,349			53,473
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(115,736	)		(82,738	)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		6,730,199			8,901,211


Net Assets	$	58,361,848		$	75,693,282

Shares outstanding		1,750,000			2,200,000

Net Asset Value, offering price and redemption price per share	$	33.35		$	34.41

Investments at cost – Unaffiliated issuers	$	51,541,621		$	66,701,718
Investments at cost – Fidelity Central Funds		547,164			670,176


Investments at cost	$	52,088,785		$	67,371,894

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


		35		*Semiannual Report*

Financial Statements – continued


Statements of Operations
For the six months ended January 31, 2018 (Unaudited)
	Fidelity Dividend ETF for Rising Rates			Fidelity High Dividend ETF			Fidelity Low Volatility Factor ETF			Fidelity Momentum Factor ETF
Investment Income
Dividends	$	3,180,868		$	1,473,397		$	377,486		$	299,606
Non-Cash dividends		282,423			169,637			—			—
Income from Fidelity Central Funds		21,382			30,430			235			217

Total income		3,484,673			1,673,464			377,721			299,823


Expenses
Management fees		276,320			103,129			51,082			62,512
Independent trustees’ compensation		1,927			709			365			426
Miscellaneous		7,269			2,465			1,238			1,487

Total expenses before reductions		285,516			106,303			52,685			64,425
Expense reductions		(19	)		(28	)		(91	)		(53	)

Total expenses		285,497			106,275			52,594			64,372


Net investment income (loss)		3,199,176			1,567,189			325,127			235,451

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(98,208	)		(107,669	)		(235,155	)		(1,164,911	)
Net realized gain (loss) on In-kind redemptions		—			—			810,172			2,534,983
Net realized gain (loss) on foriegn currency transactions		686			316			—			—

Total net realized gain (loss)		(97,522	)		(107,353	)		575,017			1,370,072

Change in net unrealized appreciation (depreciation) on investment securities		23,796,149			7,806,237			4,053,865			5,671,786
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds		(91	)		(75	)		—			—
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies		1,601			(281	)		—			—

Total change in net unrealized appreciation (depreciation)		23,797,659			7,805,881			4,053,865			5,671,786

Net gain (loss)		23,700,137			7,698,528			4,628,882			7,041,858

Net increase (decrease) in net assets resulting from operations	$	26,899,313		$	9,265,717		$	4,954,009		$	7,277,309

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


*Semiannual Report*		36


Statements of Operations
For the six months ended January 31, 2018 (Unaudited)
	Fidelity Quality Factor ETF			Fidelity Value Factor ETF
Investment Income
Dividends	$	392,737		$	542,745
Non-Cash dividends		—			—
Income from Fidelity Central Funds		2,676			2,200

Total income		395,413			544,945


Expenses
Management fees		56,363			71,532
Independent trustees’ compensation		387			488
Miscellaneous		1,467			1,800

Total expenses before reductions		58,217			73,820
Expense reductions		(54	)		(55	)

Total expenses		58,163			73,765


Net investment income (loss)		337,250			471,180

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(364,638	)		(629,586	)
Net realized gain (loss) on In-kind redemptions		281,130			601,422
Net realized gain (loss) on foriegn currency transactions		—			—

Total net realized gain (loss)		(83,508	)		(28,164	)

Change in net unrealized appreciation (depreciation) on investment securities		5,987,384			7,907,011
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds		(2	)		(1	)
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies		—			—

Total change in net unrealized appreciation (depreciation)		5,987,382			7,907,010

Net gain (loss)		5,903,874			7,878,846

Net increase (decrease) in net assets resulting from operations	$	6,241,124		$	8,350,026

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


		37		*Semiannual Report*

Financial Statements – continued


Statements of Changes in Net Assets
	Fidelity Dividend ETF for Rising Rates						Fidelity High Dividend ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017^A			Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017^A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,199,176		$	2,075,973		$	1,567,189		$	1,177,822
Net realized gain (loss)		(97,522	)		4,434,345			(107,353	)		817,593
Change in net unrealized appreciation (depreciation)		23,797,659			2,332,811			7,805,881			802,301

Net increase (decrease) in net assets resulting from operations		26,899,313			8,843,129			9,265,717			2,797,716

Distributions to shareholders from net investment income		(3,096,850	)		(1,891,450	)		(1,421,650	)		(1,142,850	)
Distributions to shareholders from net realized gain		—			—			(29,500	)		—

Total distributions		(3,096,850	)		(1,891,450	)		(1,451,150	)		(1,142,850	)


Share transactions
Proceeds from sales of shares		87,253,171			180,748,122			41,395,367			61,716,076
Cost of shares redeemed		—			(35,207,622	)		—			(4,020,719	)

Net increase (decrease) in net assets resulting from share transactions		87,253,171			145,540,500			41,395,367			57,695,357

Total increase (decrease) in net assets		111,055,634			152,492,179			49,209,934			59,350,223

Net Assets
Beginning of period		152,492,179			—			59,350,223			—

End of period	$	263,547,813		$	152,492,179		$	108,560,157		$	59,350,223

Undistributed net investment income included in net assets at end of period	$	290,200		$	187,874		$	181,614		$	36,075

Other Information
Shares
Sold		2,900,000			6,600,000			1,450,000			2,350,000
Redeemed		—			(1,250,000	)		—			(150,000	)

Net increase (decrease)		2,900,000			5,350,000			1,450,000			2,200,000

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

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


*Semiannual Report*		38


Statements of Changes in Net Assets
	Fidelity Low Volatility Factor ETF						Fidelity Momentum Factor ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017^A			Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017^A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	325,127		$	279,182		$	235,451		$	225,081
Net realized gain (loss)		575,017			703,085			1,370,072			433,333
Change in net unrealized appreciation (depreciation)		4,053,865			1,141,719			5,671,786			1,801,702

Net increase (decrease) in net assets resulting from operations		4,954,009			2,123,986			7,277,309			2,460,116

Distributions to shareholders from net investment income		(318,350	)		(257,550	)		(224,150	)		(205,600	)
Distributions to shareholders from net realized gain		—			—			—			—

Total distributions		(318,350	)		(257,550	)		(224,150	)		(205,600	)


Share transactions
Proceeds from sales of shares		22,680,129			36,187,957			46,139,736			37,612,617
Cost of shares redeemed		(8,463,698	)		(4,221,187	)		(20,798,388	)		(4,122,386	)

Net increase (decrease) in net assets resulting from share transactions		14,216,431			31,966,770			25,341,348			33,490,231

Total increase (decrease) in net assets		18,852,090			33,833,206			32,394,507			35,744,747

Net Assets
Beginning of period		33,833,206			—			35,744,747			—

End of period	$	52,685,296		$	33,833,206		$	68,139,254		$	35,744,747

Undistributed net investment income included in net assets at end of period	$	28,409		$	21,632		$	30,782		$	19,481

Other Information
Shares
Sold		750,000			1,350,000			1,500,000			1,400,000
Redeemed		(300,000	)		(150,000	)		(700,000	)		(150,000	)

Net increase (decrease)		450,000			1,200,000			800,000			1,250,000

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

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


		39		*Semiannual Report*

Financial Statements – continued


Statements of Changes in Net Assets
	Fidelity Quality Factor ETF						Fidelity Value Factor ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017^A			Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017^A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	337,250		$	341,449		$	471,180		$	372,643
Net realized gain (loss)		(83,508	)		1,968,621			(28,164	)		1,795,364
Change in net unrealized appreciation (depreciation)		5,987,382			742,817			7,907,010			994,201

Net increase (decrease) in net assets resulting from operations		6,241,124			3,052,887			8,350,026			3,162,208

Distributions to shareholders from net investment income		(341,500	)		(286,850	)		(448,700	)		(341,650	)
Distributions to shareholders from net realized gain		—			—			—			—

Total distributions		(341,500	)		(286,850	)		(448,700	)		(341,650	)


Share transactions
Proceeds from sales of shares		24,761,638			43,305,942			36,442,122			47,409,478
Cost of shares redeemed		(2,867,955	)		(15,503,438	)		(7,288,891	)		(11,591,311	)

Net increase (decrease) in net assets resulting from share transactions		21,893,683			27,802,504			29,153,231			35,818,167

Total increase (decrease) in net assets		27,793,307			30,568,541			37,054,557			38,638,725

Net Assets
Beginning of period		30,568,541			—			38,638,725			—

End of period	$	58,361,848		$	30,568,541		$	75,693,282		$	38,638,725

Undistributed net investment income included in net assets at end of period	$	50,349		$	54,599		$	53,473		$	30,993

Other Information
Shares
Sold		800,000			1,600,000			1,150,000			1,700,000
Redeemed		(100,000	)		(550,000	)		(250,000	)		(400,000	)

Net increase (decrease)		700,000			1,050,000			900,000			1,300,000

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

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


*Semiannual Report*		40


Financial Highlights
	Fidelity Dividend ETF for Rising Rates
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017^A
Selected Per-Share Data
Net asset value, beginning of period	$	28.50		$	25.34

Income from Investment Operations
Net investment income (loss)^B		0.49			0.76
Net realized and unrealized gain (loss)		3.43			2.98

Total from investment operations		3.92			3.74

Distributions from net investment income		(0.47	)		(0.58	)

Total distributions		(0.47	)		(0.58	)

Net asset value, end of period	$	31.95		$	28.50

Total Return^C		13.84	%		14.85	%
Ratios to Average Net Assets^D,E
Expense before reductions		.29	%		.29	%
Expenses net of fee waivers, if any		.29	%		.29	%
Expenses net of all reductions		.29	%		.29	%
Net investment income (loss)		3.26	%		3.09	%
Supplemental Data
Net assets, end of period (000 omitted)	$	263,548		$	152,492
Portfolio turnover rate^F,G,H		2	%		52	%

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

Amount not annualized.

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

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


		41		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity High Dividend ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017^A
Selected Per-Share Data
Net asset value, beginning of period	$	26.98		$	25.32

Income from Investment Operations
Net investment income (loss)^B		0.60			0.85
Net realized and unrealized gain (loss)		2.72			1.57

Total from investment operations		3.32			2.42

Distributions from net investment income		(0.55	)		(0.76	)
Distributions from net realized gain		(0.01	)		—

Total distributions		(0.56	)		(0.76	)

Net asset value, end of period	$	29.74		$	26.98

Total Return^C		12.47	%		9.61	%
Ratios to Average Net Assets^D,E
Expense before reductions		.29	%		.29	%
Expenses net of fee waivers, if any		.29	%		.29	%
Expenses net of all reductions		.29	%		.29	%
Net investment income (loss)		4.29	%		3.61	%
Supplemental Data
Net assets, end of period (000 omitted)	$	108,560		$	59,350
Portfolio turnover rate^F,G,H		2	%		57	%

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

Amount not annualized.

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

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


*Semiannual Report*		42


Financial Highlights
	Fidelity Low Volatility Factor ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017^A
Selected Per-Share Data
Net asset value, beginning of period	$	28.19		$	25.31

Income from Investment Operations
Net investment income (loss)^B		0.27			0.45
Net realized and unrealized gain (loss)		3.73			2.81

Total from investment operations		4.00			3.26

Distributions from net investment income		(0.26	)		(0.38	)

Total distributions		(0.26	)		(0.38	)

Net asset value, end of period	$	31.93		$	28.19

Total Return^C		14.25	%		12.94	%
Ratios to Average Net Assets^D,E
Expense before reductions		.29	%		.29	%
Expenses net of fee waivers, if any		.29	%		.29	%
Expenses net of all reductions		.29	%		.29	%
Net investment income (loss)		1.79	%		1.87	%
Supplemental Data
Net assets, end of period (000 omitted)	$	52,685		$	33,833
Portfolio turnover rate^F,G,H		12	%		33	%

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

Amount not annualized.

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

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


		43		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity Momentum Factor ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017^A
Selected Per-Share Data
Net asset value, beginning of period	$	28.60		$	25.34

Income from Investment Operations
Net investment income (loss)^B		0.16			0.36
Net realized and unrealized gain (loss)		4.64			3.19

Total from investment operations		4.80			3.55

Distributions from net investment income		(0.16	)		(0.29	)

Total distributions		(0.16	)		(0.29	)

Net asset value, end of period	$	33.24		$	28.60

Total Return^C		16.87	%		14.11	%
Ratios to Average Net Assets^D,E
Expense before reductions		.29	%		.29	%
Expenses net of fee waivers, if any		.29	%		.29	%
Expenses net of all reductions		.29	%		.29	%
Net investment income (loss)		1.06	%		1.50	%
Supplemental Data
Net assets, end of period (000 omitted)	$	68,139		$	35,745
Portfolio turnover rate^F,G,H		69	%		106	%

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

Amount not annualized.

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

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


*Semiannual Report*		44


Financial Highlights
	Fidelity Quality Factor ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017^A
Selected Per-Share Data
Net asset value, beginning of period	$	29.11		$	25.37

Income from Investment Operations
Net investment income (loss)^B		0.26			0.45
Net realized and unrealized gain (loss)		4.25			3.62

Total from investment operations		4.51			4.07

Distributions from net investment income		(0.27	)		(0.33	)

Total distributions		( 0.27	)		(0.33	)

Net asset value, end of period	$	33.35		$	29.11

Total Return^C		15.57	%		16.10	%
Ratios to Average Net Assets^D,E
Expense before reductions		.29	%		.29	%
Expenses net of fee waivers, if any		.29	%		.29	%
Expenses net of all reductions		.29	%		.29	%
Net investment income (loss)		1.69	%		1.84	%
Supplemental Data
Net assets, end of period (000 omitted)	$	58,362		$	30,569
Portfolio turnover rate^F,G,H		13	%		35	%

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

Amount not annualized.

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

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


		45		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity Value Factor ETF
	Six months ended January 31, 2018 (Unaudited)			Year ended July 31, 2017^A
Selected Per-Share Data
Net asset value, beginning of period	$	29.72		$	25.37

Income from Investment Operations
Net investment income (loss)^B		0.29			0.49
Net realized and unrealized gain (loss)		4.69			4.23

Total from investment operations		4.98			4.72

Distributions from net investment income		(0.29	)		(0.37	)

Total distributions		(0.29	)		(0.37	)

Net asset value, end of period	$	34.41		$	29.72

Total Return^C		16.83	%		18.65	%
Ratios to Average Net Assets^D,E
Expense before reductions		.29	%		.29	%
Expenses net of fee waivers, if any		.29	%		.29	%
Expenses net of all reductions		.29	%		.29	%
Net investment income (loss)		1.86	%		1.92	%
Supplemental Data
Net assets, end of period (000 omitted)	$	75,693		$	38,639
Portfolio turnover rate^F,G,H		19	%		42	%

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

Amount not annualized.

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

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


*Semiannual Report*		46

Notes to Financial Statements

For the period ended January 31, 2018 (Unaudited)

1. Organization.

Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF (formerly Fidelity Core Dividend ETF), 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 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.

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 each Fund’s investments to the Fidelity SelectCo, LLC (SelectCo) FairValue 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:


		47		*Semiannual Report*

Notes to Financial Statements – continued

3. Significant Accounting Policies – continued

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.

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 translation 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 the Funds are 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. 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.

Book-tax differences are primarily due to redemptions in kind, partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.


*Semiannual Report*		48

3. Significant Accounting Policies – continued

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:


	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Dividend ETF for Rising Rates	$	242,058,496	$	31,570,777	$	(5,579,614	)	$	25,991,163
Fidelity High Dividend ETF		103,015,317		11,914,971		(3,390,501	)		8,524,470
Fidelity Low Volatility Factor ETF		47,483,356		5,525,392		(366,806	)		5,158,586
Fidelity Momentum Factor ETF		60,620,867		7,972,609		(508,081	)		7,464,528
Fidelity Quality Factor ETF		52,104,233		7,126,859		(412,108	)		6,714,751
Fidelity Value Factor ETF		67,389,276		9,534,182		(650,353	)		8,883,829


	No-expiration Short-term			No-expiration Long-term		Total capital loss carryforward
Fidelity Dividend ETF for Rising Rates	$	(72,910	)	$	—	$	(72,910	)
Fidelity Low Volatility Factor ETF		(5,149	)		—		(5,149	)
Fidelity Momentum Factor ETF		(46,476	)		—		(46,476	)
Fidelity Quality Factor ETF		(24,052	)		—		(24,052	)
Fidelity Value Factor ETF		(41,938	)		—		(41,938	)

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 Dividend ETF for Rising Rates	$	6,206,521	$	4,804,929
Fidelity High Dividend ETF		1,943,686		1,292,988
Fidelity Low Volatility Factor ETF		4,508,094		4,360,703
Fidelity Momentum Factor ETF		31,372,962		31,135,559
Fidelity Quality Factor ETF		5,495,677		5,413,959
Fidelity Value Factor ETF		9,924,541		9,771,093

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


	In-kind Subscriptions		In-kind Redemptions
Fidelity Dividend ETF for Rising Rates	$	85,772,451	$	—
Fidelity High Dividend ETF		40,667,167		—
Fidelity Low Volatility Factor ETF		22,531,915		8,416,493
Fidelity Momentum Factor ETF		45,811,776		20,731,746
Fidelity Quality Factor ETF		24,612,112		2,846,182
Fidelity Value Factor ETF		36,262,672		7,266,996

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.


		49		*Semiannual Report*

Notes to Financial Statements – continued

5. Fees and Other Transactions with Affiliates – continued

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 amount shown in the Purchases and Sales of Investments note.

6. Expense Reductions.

Through arrangements with each applicable Fund’s custodian, credits realized as a result of uninvested cash balances were used to reduce each applicable Fund’s management fee. During the period, these credits reduced management fees by the following amounts:


	Amount
Fidelity Dividend ETF for Rising Rates	$	19
Fidelity High Dividend ETF		28
Fidelity Low Volatility Factor ETF		91
Fidelity Momentum Factor ETF		53
Fidelity Quality Factor ETF		54
Fidelity Value Factor ETF		55

7. 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 Dividend ETF for Rising Rates	$	19,683
Fidelity High Dividend ETF		29,802
Fidelity Quality Factor ETF		2,463
Fidelity Value Factor ETF		1,961

8. Share Transactions.

9. Other.


*Semiannual Report*		50

Shareholder Expense Example (Unaudited)

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, 2017 to January 31, 2018).

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.


	Annualized Expense Ratio^A		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Expenses Paid During Period^BAugust 1, 2017 to January 31, 2018
Fidelity Dividend ETF For Rising Rates		0.29%
Actual			$	1,000.00	$	1,138.40	$	1.56
Hypothetical^C			$	1,000.00	$	1,023.74	$	1.48
Fidelity High Dividend ETF		0.29%
Actual			$	1,000.00	$	1,124.70	$	1.55
Hypothetical^C			$	1,000.00	$	1,023.74	$	1.48
Fidelity Low Volatility Factor ETF		0.29%
Actual			$	1,000.00	$	1,142.50	$	1.57
Hypothetical^C			$	1,000.00	$	1,023.74	$	1.48
Fidelity Momentum Factor ETF		0.29%
Actual			$	1,000.00	$	1,168.70	$	1.59
Hypothetical^C			$	1,000.00	$	1,023.74	$	1.48
Fidelity Quality Factor ETF		0.29%
Actual			$	1,000.00	$	1,155.70	$	1.58
Hypothetical^C			$	1,000.00	$	1,023.74	$	1.48
Fidelity Value Factor ETF		0.29%
Actual			$	1,000.00	$	1,168.30	$	1.58
Hypothetical^C			$	1,000.00	$	1,023.74	$	1.48

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

^B	Expense 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.


		51		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Factor-Based ETFs

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with FMR Co., Inc. (FMRC), an affiliate of Fidelity Management & Research Company (FMR), and the sub-advisory agreement with Geode Capital Management, LLC (together, the Advisory Contracts) for each fund. FMRC and Geode 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.

At its January 2018 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 from its 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.

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. The Independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers’ investments, if any, in the funds that they manage.

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 approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity’s global investment organization. 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 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 under the Advisory Contracts and under separate 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 the Investment Advisers.


*Semiannual Report*		52

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. The Board also considered the extent to which each fund has tracked its benchmark index since it commenced operations. As each fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.

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. 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 period of each fund’s operations 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, 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 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.


		53		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity Dividend ETF for Rising Rates

LOGO

Fidelity High Dividend ETF (formerly Fidelity Core Dividend ETF)

LOGO


*Semiannual Report*		54

Low Volatility Factor ETF

LOGO

Fidelity Momentum Factor ETF

LOGO


		55		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity Quality Factor ETF

LOGO

Fidelity Value Factor ETF

LOGO

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 period.


*Semiannual Report*		56

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 noted that, under the all-inclusive arrangement, FMRC pays all other expenses of each fund with limited exceptions. The Board considered the other expenses paid by FMRC, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. 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 period.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, 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 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.

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.

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

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 recognized that, due to each fund’s current contractual arrangements, its expense ratio will not decline if the fund’s operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically 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


		57		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

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) the impact of proposed changes to contractual expense cap arrangements in place for certain funds; (vii) Fidelity’s long-term expectations for its offerings in the workplace investing channel; (viii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (ix) the presentation of certain fund performance information; (x) Fidelity’s transfer agent fee, expense, and service structures for different funds and classes, including the increased use of omnibus accounts and lower pricing in the retirement channel; (xi) fluctuations in trading expenses; (xii) explanations regarding the relative total expense ratios of certain funds and classes; and (xiii) Fidelity’s expectations regarding the future asset levels of certain funds.


*Semiannual Report*		58

Proxy Voting Results


A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.


	# of Votes		% of Votes
James C. Curvey
Affirmative		5,373,295,935.29		96.534
Withheld		192,965,565.88		3.466
TOTAL		5,566,261,501.17		100.000

Dennis J. Dirks
Affirmative		5,384,798,777.80		96.740
Withheld		181,462,723.37		3.260
TOTAL		5,566,261,501.17		100.000

Donald F. Donahue
Affirmative		5,377,488,531.57		96.609
Withheld		188,772,969.60		3.391
TOTAL		5,566,261,501.17		100.000

Alan J. Lacy
Affirmative		5,375,762,700.02		96.578
Withheld		190,498,801.15		3.422
TOTAL		5,566,261,501.17		100.000

Ned C. Lautenbach
Affirmative		5,386,790,303.34		96.453
Withheld		197,471,197.83		3.547
TOTAL		5,566,261,501.17		100.000

Joseph Mauriello
Affirmative		5,373,144,912.99		96.531
Withheld		193,116,588.18		3.469
TOTAL		5,566,261,501.17		100.000

Charles S. Morrison
Affirmative		5,387,562,353.92		96.790
Withheld		178,699,147.25		3.210
TOTAL		5,566,261,501.17		100.000

Cornelia M. Small
Affirmative		5,375,640,910.13		96.576
Withheld		190,620,591.04		3.424
TOTAL		5,566,261,501.17		100.000

Garnett A. Smith
Affirmative		5,372,688,014.12		96.523
Withheld		193,573,487.05		3.477
TOTAL		5,566,261,501.17		100.000

David M. Thomas
Affirmative		5,376,226,536.98		96.586
Withheld		190,034,964.19		3.414
TOTAL		5,566,261,501.17		100.000

Michael E. Wiley
Affirmative		5,376,768,165.19		96.596
Withheld		189,493,335.98		3.404
TOTAL		5,566,261,501.17		100.000

Proposal 1 reflects trust wide proposal and voting results.


		59		*Semiannual Report*

CPF-SANN-0318 792756.2.0

1.9881295.101

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/ Stacie M. Smith
		Stacie M. Smith
		President and Treasurer

Date:		March 26, 2018

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/ Stacie M. Smith
		Stacie M. Smith
		President and Treasurer

Date:		March 26, 2018

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

Date:		March 26, 2018