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)

Cynthia Lo Bessette, 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, 2020

Item 1. Reports to Stockholders

Fidelity^® MSCI Communication Services Index ETF

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 Utilities Index ETF

Semi-Annual Report

January 31, 2020

See the inside front cover for important information

about access to your fund’s shareholder reports.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity’s web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose ‘no’ under Required Disclosures to     continue print)	1-800-343-0860

Contents

Investment Summary	4
Schedule of Investments	15
Financial Statements	62
Notes to Financial Statements	85
Shareholder Expense Example	90
Board Approval of Investment Advisory Contracts and Management Fees	92

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.

^© 2020 FMR LLC. All Rights reserved.

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

3

Fidelity^® MSCI Communication Services Index ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Facebook, Inc. Class A		14.7
Alphabet, Inc. Class C		12.2
Alphabet, Inc. Class A		11.5
AT&T, Inc.		7.3
Netflix, Inc.		5.0
Verizon Communications, Inc.		4.3
Comcast Corp. Class A		4.1
The Walt Disney Co.		4.1
Charter Communications, Inc. Class A		3.1
Activision Blizzard, Inc.		1.8
		68.1

Industries as of January 31, 2020

4

Fidelity^® MSCI Consumer Discretionary Index ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Amazon.com, Inc.		25.7
The Home Depot, Inc.		7.6
McDonald’s Corp.		5.0
NIKE, Inc. Class B		3.7
Starbucks Corp.		3.1
Lowe’s Cos., Inc.		2.7
Tesla Motors, Inc.		2.7
Booking Holdings, Inc.		2.4
The TJX Cos., Inc.		2.2
Target Corp.		1.7
		56.8

Industries as of January 31, 2020

* Includes short-term investments and net other assets.

5

Fidelity^® MSCI Consumer Staples Index ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
The Procter & Gamble Co.		15.2
The Coca-Cola Co.		11.6
PepsiCo, Inc.		9.7
Walmart, Inc.		8.0
Costco Wholesale Corp.		4.7
Philip Morris International, Inc.		4.7
Altria Group, Inc.		4.4
Mondelez International, Inc. Class A		4.1
Colgate-Palmolive Co.		3.0
Kimberly-Clark Corp.		2.5
		67.9

Industries as of January 31, 2020

* Includes short-term investments and net other assets.

6

Fidelity^® MSCI Energy Index ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Exxon Mobil Corp.		22.7
Chevron Corp.		17.6
ConocoPhillips		5.7
Schlumberger Ltd.		4.0
Kinder Morgan, Inc.		3.7
EOG Resources, Inc.		3.7
Phillips 66		3.5
Marathon Petroleum Corp.		3.1
Occidental Petroleum Corp.		3.1
Valero Energy Corp.		3.0
		70.1

Industries as of January 31, 2020

7

Fidelity^® MSCI Financials Index ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
JPMorgan Chase & Co.		10.2
Berkshire Hathaway, Inc. Class B		7.1
Bank of America Corp.		7.0
Wells Fargo & Co.		4.7
Citigroup, Inc.		4.0
American Express Co.		2.2
US Bancorp		1.9
CME Group, Inc.		1.9
The Goldman Sachs Group, Inc.		1.8
S&P Global, Inc.		1.7
		42.5

Industries as of January 31, 2020

* Includes short-term investments and net other assets.

8

Fidelity^® MSCI Health Care Index ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Johnson & Johnson		9.0
UnitedHealth Group, Inc.		5.9
Merck & Co., Inc.		5.0
Pfizer, Inc.		4.7
Medtronic PLC		3.6
Abbott Laboratories		3.6
Bristol-Myers Squibb Co.		3.4
Amgen, Inc.		3.0
Thermo Fisher Scientific, Inc.		2.9
Eli Lilly & Co.		2.8
		43.9

Industries as of January 31, 2020

* Includes short-term investments and net other assets.

9

Fidelity^® MSCI Industrials Index ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
The Boeing Co.		5.6
Union Pacific Corp.		4.1
Honeywell International, Inc.		4.1
United Technologies Corp.		4.0
Lockheed Martin Corp.		3.6
General Electric Co.		3.6
3M Co.		3.0
Caterpillar, Inc.		2.4
United Parcel Service, Inc. Class B		2.4
Raytheon Co.		2.0
		34.8

Industries as of January 31, 2020

* Includes short-term investments and net other assets.

10

Fidelity^® MSCI Information Technology Index ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Apple, Inc.		18.8
Microsoft Corp.		16.6
Visa, Inc. Class A		4.6
Mastercard, Inc. Class A		3.8
Intel Corp.		3.8
Cisco Systems, Inc.		2.7
Adobe, Inc.		2.3
Salesforce.com, Inc.		2.0
NVIDIA Corp.		1.8
Accenture PLC Class A		1.8
		58.2

Industries as of January 31, 2020

* Includes short-term investments and net other assets.

11

Fidelity^® MSCI Materials Index ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Linde PLC		12.7
Air Products & Chemicals, Inc.		6.1
Ecolab, Inc.		5.9
The Sherwin-Williams Co.		5.3
DuPont de Nemours, Inc.		4.4
Newmont Corp.		4.3
Dow, Inc.		3.9
PPG Industries, Inc.		3.3
Ball Corp.		2.6
Corteva, Inc.		2.5
		51.0

Industries as of January 31, 2020

12

Fidelity^® MSCI Real Estate Index ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
American Tower Corp.		8.0
Crown Castle International Corp.		4.8
Prologis, Inc.		4.5
Equinix, Inc.		3.9
Simon Property Group, Inc.		3.2
Public Storage		2.7
Welltower, Inc.		2.7
Equity Residential		2.4
AvalonBay Communities, Inc.		2.3
SBA Communications Corp.		2.2
		36.7

Industries as of January 31, 2020

13

Fidelity^® MSCI Utilities Index ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
NextEra Energy, Inc.		11.9
The Southern Co.		6.8
Duke Energy Corp.		6.6
Dominion Energy, Inc.		6.5
American Electric Power Co., Inc.		4.7
Exelon Corp.		4.3
Sempra Energy		4.1
Xcel Energy, Inc.		3.3
WEC Energy Group, Inc.		2.9
Consolidated Edison, Inc.		2.9
		54.0

Industries as of January 31, 2020

14

Fidelity^® MSCI Communication Services Index ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 15.5%
Alternative Carriers – 3.7%
Anterix, Inc. (a)		8,177	$	379,903
Bandwidth, Inc. Class A (a)		10,297		730,675
CenturyLink, Inc.		320,639		4,379,929
Cogent Communications Holdings, Inc.		28,274		2,005,475
GCI Liberty, Inc. Class A (a)		34,466		2,522,222
Globalstar, Inc. (a)		368,740		175,520
Iridium Communications, Inc. (a)		70,145		1,792,205
ORBCOMM, Inc. (a)		50,697		182,002
Vonage Holdings Corp. (a)		146,524		1,299,668
Zayo Group Holdings, Inc. (a)		135,623		4,712,899
				18,180,498
Integrated Telecommunication Services – 11.8%
AT&T, Inc.		949,279		35,711,876
ATN International, Inc.		7,097		410,703
Consolidated Communications Holdings, Inc.		46,173		223,016
Verizon Communications, Inc.		355,341		21,121,469
				57,467,064
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES				75,647,562
ENTERTAINMENT – 16.7%
Interactive Home Entertainment – 4.4%
Activision Blizzard, Inc.		149,791		8,759,778
Electronic Arts, Inc. (a)		61,236		6,608,589
Glu Mobile, Inc. (a)		76,418		450,866
Take-Two Interactive Software, Inc. (a)		28,804		3,590,131
Zynga, Inc. Class A (a)		337,395		2,031,118
				21,440,482
Movies & Entertainment – 12.3%
AMC Entertainment Holdings, Inc. Class A		33,432		217,977
Cinemark Holdings, Inc.		48,060		1,514,371
IMAX Corp. (a)		35,165		581,629
Liberty Media Corp-Liberty Braves Class A (a)		5,588		163,449
Liberty Media Corp-Liberty Braves Class C (a)		23,006		670,625
Liberty Media Corp-Liberty Formula One Class C (a)		62,104		2,905,846
Lions Gate Entertainment Corp. Class A (a)		37,056		367,966
Lions Gate Entertainment Corp. Class B (a)		72,913		680,278
Live Nation Entertainment, Inc. (a)		41,465		2,826,254
Netflix, Inc. (a)		69,806		24,089,352
Roku, Inc. (a)		21,385		2,586,516
The Madison Square Garden Co. Class A (a)		6,579		1,948,634

	Shares		Value
The Marcus Corp.		13,105	$	382,011
The Walt Disney Co.		143,500		19,847,485
World Wrestling Entertainment, Inc. Class A		23,736		1,160,216
				59,942,609
TOTAL ENTERTAINMENT				81,383,091
INTERACTIVE MEDIA & SERVICES – 43.7%
Interactive Media & Services – 43.7%
Alphabet, Inc. Class A (a)		39,210		56,179,304
Alphabet, Inc. Class C (a)		41,318		59,259,515
ANGI Homeservices, Inc. Class A (a)		52,043		417,905
Care.com, Inc. (a)		19,624		293,771
Cargurus, Inc. (a)		48,295		1,721,717
Cars.com, Inc. (a)		41,110		479,754
Eventbrite, Inc. Class A (a)		27,679		585,411
EverQuote, Inc. Class A (a)		5,060		185,652
Facebook, Inc. Class A (a)		354,801		71,637,870
IAC/InterActiveCorp. (a)		17,486		4,259,415
Liberty TripAdvisor Holdings, Inc. Class A (a)		47,561		280,134
Match Group, Inc. (a)		21,034		1,645,280
Pinterest, Inc. Class A (a)		65,842		1,450,499
QuinStreet, Inc. (a)		29,222		378,571
Snap, Inc. Class A (a)		208,151		3,825,815
TripAdvisor, Inc.		48,794		1,333,052
TrueCar, Inc. (a)		56,024		207,289
Twitter, Inc. (a)		148,888		4,835,882
Yelp, Inc. (a)		45,782		1,492,493
Zillow Group, Inc. Class C (a)		53,362		2,465,858
TOTAL INTERACTIVE MEDIA & SERVICES				212,935,187
MEDIA – 21.2%
Advertising – 1.9%
Boston Omaha Corp. Class A (a)		5,607		113,149
Cardlytics, Inc. (a)		12,398		1,040,440
Clear Channel Outdoor Holdings, Inc. (a)		237,325		647,897
Emerald Expositions Events, Inc.		17,820		185,863
National CineMedia, Inc.		39,885		294,351
Omnicom Group, Inc.		50,940		3,836,292
TechTarget, Inc. (a)		15,050		382,120
The Interpublic Group of Cos., Inc.		120,033		2,724,749
				9,224,861
Broadcasting – 5.1%
AMC Networks, Inc. Class A (a)		28,470		1,041,717
Discovery, Inc. Class A (a)		66,054		1,932,740
Discovery, Inc. Class C (a)		102,624		2,849,869
Entercom Communications Corp. Class A		81,262		322,610
Fox Corp. Class A		91,285		3,384,848

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

15

Fidelity^® MSCI Communication Services Index ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
MEDIA – continued
Broadcasting – continued
Fox Corp. Class B		61,837	$	2,246,538
Gray Television, Inc. (a)		60,708		1,231,158
Hemisphere Media Group, Inc. (a)		11,367		152,772
iHeartMedia, Inc. Class A (a)		37,095		655,840
Nexstar Media Group, Inc. Class A		19,746		2,392,228
Sinclair Broadcast Group, Inc. Class A		36,615		1,095,521
TEGNA, Inc.		115,732		1,955,871
The E.W. Scripps Co. Class A		30,628		371,824
ViacomCBS, Inc. Class B		152,661		5,210,320
				24,843,856
Cable & Satellite – 12.7%
Altice USA, Inc. Class A (a)		89,946		2,460,923
Cable One, Inc.		1,716		2,924,115
Charter Communications, Inc. Class A (a)		29,347		15,185,899
Comcast Corp. Class A		464,854		20,077,044
DISH Network Corp. Class A (a)		80,134		2,945,726
Liberty Broadband Corp. Class C (a)		28,650		3,808,444
Liberty Global PLC Class A (a)		69,421		1,424,519
Liberty Global PLC Series C (a)		112,386		2,189,279
Liberty Latin America Ltd. Class A (a)		27,841		464,388
Liberty Latin America Ltd. Class C (a)		76,119		1,282,605
Liberty Media Corp-Liberty SiriusXM Class A (a)		43,075		2,092,153
Liberty Media Corp-Liberty SiriusXM Class C (a)		56,373		2,763,404
Loral Space & Communications Ltd. (a)		7,824		251,698
MSG Networks, Inc. Class A (a)		28,620		435,310
Sirius XM Holdings, Inc.		470,410		3,325,799
WideOpenWest, Inc. (a)		16,393		110,653
				61,741,959
Publishing – 1.5%
Gannett Co., Inc.		70,922		433,333
John Wiley & Sons, Inc. Class A		29,106		1,269,604
Meredith Corp.		25,528		767,116
News Corp. Class A		157,710		2,148,010

	Shares		Value
Scholastic Corp.		19,017	$	626,610
The New York Times Co. Class A		63,943		2,046,816
Tribune Publishing Co.		10,243		128,652
				7,420,141
TOTAL MEDIA				103,230,817
WIRELESS TELECOMMUNICATION SERVICES – 2.8%
Wireless Telecommunication Services – 2.8%
Boingo Wireless, Inc. (a)		28,823		323,970
Gogo, Inc. (a)		36,642		192,737
Shenandoah Telecommunications Co.		30,473		1,229,586
Sprint Corp. (a)		523,386		2,287,197
Telephone & Data Systems, Inc.		65,265		1,480,210
T-Mobile US, Inc. (a)		100,421		7,952,339
United States Cellular Corp. (a)		8,911		285,330
TOTAL WIRELESS TELECOMMUNICATION SERVICES				13,751,369
TOTAL COMMON STOCKS (Cost $435,821,581)				486,948,026
Money Market Fund – 0.2%
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) (Cost $967,000)		967,000		967,000
TOTAL INVESTMENT IN SECURITIES – 100.1% (Cost $436,788,581)				487,915,026
NET OTHER ASSETS (LIABILITIES) – (0.1%)				(477,883	)
NET ASSETS – 100.0%			$	487,437,143

Legend

(a) Non-income producing.

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

Futures Contracts
Purchased	Number of contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation/ (Depreciation)
Equity Index Contract
CME E-mini S&P Communication Service Select Sector Index Future Contracts		6		March 2020	$	423,900	$	(9,556	)	$	(9,556	)

The notional amount of futures purchased as a percentage of Net Assets is 0.1%

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

16

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, 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	$	486,948,026		$	486,948,026		$	—	$	—
Money Market Funds		967,000			967,000			—		—
Total Investments in Securities:	$	487,915,026		$	487,915,026		$	—	$	—
Derivative Instruments:
Liabilities
Futures Contracts	$	(9,556	)	$	(9,556	)	$	—	$	—
Total Liabilities	$	(9,556	)	$	(9,556	)	$	—	$	—
Total Derivative Instruments:	$	(9,556	)	$	(9,556	)	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts(a)	$	0	$	(9,556	)
Total Equity Risk		0		(9,556	)
Total Value of Derivatives	$	0	$	(9,556	)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

17

Fidelity^® MSCI Consumer Discretionary Index ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
AUTO COMPONENTS – 2.4%
Auto Parts & Equipment – 2.2%
Adient PLC (a)		20,875	$	536,696
American Axle & Manufacturing
Holdings, Inc. (a)		26,637		246,126
Aptiv PLC		60,151		5,100,203
Autoliv, Inc.		19,436		1,489,381
BorgWarner, Inc.		48,452		1,661,419
Cooper-Standard Holding, Inc. (a)		4,039		107,114
Dana, Inc.		33,752		520,118
Delphi Technologies PLC (a)		20,506		314,562
Dorman Products, Inc. (a)		6,586		459,703
Fox Factory Holding Corp. (a)		9,043		595,210
Garrett Motion, Inc. (a)		17,877		150,524
Gentex Corp.		59,945		1,784,563
Gentherm, Inc. (a)		7,685		354,356
LCI Industries		5,918		638,967
Lear Corp.		13,639		1,680,052
Modine Manufacturing Co. (a)		11,727		82,441
Motorcar Parts of America, Inc. (a)		4,351		86,411
Standard Motor Products, Inc.		4,678		227,257
Stoneridge, Inc. (a)		6,444		179,530
Tenneco, Inc. Class A		12,290		116,386
Veoneer, Inc. (a)		24,899		324,434
Visteon Corp. (a)		6,557		523,314
				17,178,767
Tires & Rubber – 0.2%
Cooper Tire & Rubber Co.		11,854		314,012
The Goodyear Tire & Rubber Co.		54,415		714,469
				1,028,481
TOTAL AUTO COMPONENTS				18,207,248
AUTOMOBILES – 5.4%
Automobile Manufacturers – 5.2%
Ford Motor Co.		919,971		8,114,144
General Motors Co.		301,644		10,071,893
Tesla Motors, Inc. (a)		31,538		20,517,677
Thor Industries, Inc.		12,917		1,040,077
Winnebago Industries, Inc.		7,111		389,398
				40,133,189
Motorcycle Manufacturers – 0.2%
Harley-Davidson, Inc.		36,858		1,231,057
TOTAL AUTOMOBILES				41,364,246
DISTRIBUTORS – 1.0%
Distributors – 1.0%
Core-Mark Holding Co., Inc.		10,797		253,082
Funko, Inc. Class A (a)		4,465		67,109
Genuine Parts Co.		34,284		3,207,954
LKQ Corp. (a)		72,263		2,361,916

	Shares		Value
Pool Corp.		9,397	$	2,060,762
TOTAL DISTRIBUTORS				7,950,823
DIVERSIFIED CONSUMER SERVICES – 1.7%
Education Services – 0.9%
Adtalem Global Education, Inc. (a)		12,920		445,869
American Public Education, Inc. (a)		3,804		90,649
Bright Horizons Family Solutions, Inc. (a)		13,692		2,241,791
Chegg, Inc. (a)		25,324		1,044,109
Graham Holdings Co. Class B		1,021		560,754
Grand Canyon Education, Inc. (a)		11,341		887,773
Houghton Mifflin Harcourt Co. (a)		24,237		133,788
K12, Inc. (a)		8,849		142,823
Laureate Education, Inc. Class A (a)		25,151		524,147
Perdoceo Education Corp. (a)		16,402		291,628
Strategic Education, Inc.		5,172		839,364
				7,202,695
Specialized Consumer Services – 0.8%
Carriage Services, Inc.		3,899		92,289
frontdoor, Inc. (a)		19,901		847,384
H&R Block, Inc.		47,204		1,095,133
OneSpaWorld Holdings Ltd.		10,780		161,808
Regis Corp. (a)		5,930		92,033
Service Corp. International		42,746		2,049,671
ServiceMaster Global Holdings, Inc. (a)		31,901		1,150,031
WW International, Inc. (a)		11,112		366,474
				5,854,823
TOTAL DIVERSIFIED CONSUMER SERVICES				13,057,518
HOTELS, RESTAURANTS & LEISURE – 19.4%
Casinos & Gaming – 2.4%
Boyd Gaming Corp.		19,660		586,851
Caesars Entertainment Corp. (a)		127,494		1,742,843
Churchill Downs, Inc.		8,463		1,221,888
Eldorado Resorts, Inc. (a)		15,547		929,400
Everi Holdings, Inc. (a)		17,052		213,150
Golden Entertainment, Inc. (a)		4,429		76,002
Las Vegas Sands Corp.		81,319		5,310,944
MGM Resorts International		116,243		3,610,507
Monarch Casino & Resort, Inc. (a)		2,906		155,994
Penn National Gaming, Inc. (a)		25,809		769,882
PlayAGS, Inc. (a)		6,543		67,262
Red Rock Resorts, Inc. Class A		16,518		404,856
Scientific Games Corp. Class A (a)		12,082		300,117
Twin River Worldwide Holdings, Inc.		5,801		154,597
Wynn Resorts Ltd.		22,733		2,867,995
				18,412,288

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

18

Common Stocks – continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE – continued
Hotels, Resorts & Cruise Lines – 4.4%
BBX Capital Corp.		10,679	$	41,434
Carnival Corp.		98,938		4,306,771
Choice Hotels International, Inc.		8,528		854,506
Extended Stay America, Inc.		44,163		570,586
Hilton Grand Vacations, Inc. (a)		20,201		644,614
Hilton Worldwide Holdings, Inc.		63,972		6,896,182
Lindblad Expeditions Holdings, Inc. (a)		6,423		105,915
Marriott International, Inc. Class A		65,726		9,205,583
Marriott Vacations Worldwide Corp.		8,707		1,046,930
Norwegian Cruise Line Holdings Ltd. (a)		50,561		2,722,710
Playa Hotels & Resorts N.V. (a)		13,600		95,472
Royal Caribbean Cruises Ltd.		41,823		4,896,637
Wyndham Destinations, Inc.		21,720		1,054,072
Wyndham Hotels & Resorts, Inc.		22,683		1,296,787
				33,738,199
Leisure Facilities – 0.6%
Planet Fitness, Inc. Class A (a)		19,716		1,592,856
SeaWorld Entertainment, Inc. (a)		12,028		414,485
Six Flags Entertainment Corp.		17,862		681,078
Vail Resorts, Inc.		9,452		2,216,588
				4,905,007
Restaurants – 12.0%
Aramark		57,890		2,555,265
BJ’s Restaurants, Inc.		4,882		194,206
Bloomin’ Brands, Inc.		19,403		403,000
Brinker International, Inc.		8,846		377,636
Carrols Restaurant Group, Inc. (a)		8,139		36,951
Chipotle Mexican Grill, Inc. (a)		6,190		5,365,244
Chuys Holdings, Inc. (a)		3,924		96,334
Cracker Barrel Old Country Store, Inc.		4,827		738,193
Darden Restaurants, Inc.		28,837		3,357,492
Dave & Buster’s Entertainment, Inc.		8,493		375,051
Del Taco Restaurants, Inc. (a)		7,436		56,067
Denny’s Corp. (a)		13,846		283,428
Dine Brands Global, Inc.		3,839		327,275
Domino’s Pizza, Inc.		9,185		2,587,874
Dunkin’ Brands Group, Inc.		19,378		1,513,228
El Pollo Loco Holdings, Inc. (a)		5,430		74,825
Jack in the Box, Inc.		5,461		446,437
McDonald’s Corp.		178,287		38,148,069
Papa John’s International, Inc.		4,845		313,859
Red Robin Gourmet Burgers, Inc. (a)		2,999		98,577
Ruth’s Hospitality Group, Inc.		6,780		138,990
Shake Shack, Inc. Class A (a)		6,834		460,953
Starbucks Corp.		280,990		23,836,382
Texas Roadhouse, Inc.		15,545		971,563
The Cheesecake Factory, Inc.		10,044		385,690
Wendy’s Co.		43,405		940,586

	Shares		Value
Wingstop, Inc.		6,949	$	644,659
Yum! Brands, Inc.		71,439		7,556,103
				92,283,937
TOTAL HOTELS, RESTAURANTS & LEISURE				149,339,431
HOUSEHOLD DURABLES – 4.8%
Consumer Electronics – 0.4%
Garmin Ltd.		31,212		3,026,003
GoPro, Inc. Class A (a)		30,266		119,248
Sonos, Inc. (a)		5,136		70,466
Universal Electronics, Inc. (a)		3,198		158,397
				3,374,114
Home Furnishings – 0.6%
Ethan Allen Interiors, Inc.		5,849		94,461
Hooker Furniture Corp.		2,730		67,267
La-Z-Boy, Inc.		11,010		337,346
Leggett & Platt, Inc.		30,918		1,471,388
Mohawk Industries, Inc. (a)		14,436		1,900,933
Tempur Sealy International, Inc. (a)		10,943		1,002,598
				4,873,993
Homebuilding – 3.0%
Beazer Homes U.S.A., Inc. (a)		7,072		97,240
Cavco Industries, Inc. (a)		2,037		456,329
Century Communities, Inc. (a)		6,165		182,916
D.R. Horton, Inc.		82,471		4,882,283
Green Brick Partners, Inc. (a)		5,875		68,091
Installed Building Products, Inc. (a)		5,315		394,001
KB Home		18,673		701,171
Lennar Corp. Class A		66,774		4,431,123
LGI Homes, Inc. (a)		4,559		363,535
M.D.C. Holdings, Inc.		11,734		494,471
M/I Homes, Inc. (a)		6,580		292,086
Meritage Homes Corp. (a)		8,603		610,469
NVR, Inc. (a)		821		3,133,732
PulteGroup, Inc.		61,256		2,735,080
Skyline Champion Corp. (a)		12,064		346,840
Taylor Morrison Home Corp. (a)		28,923		748,527
Toll Brothers, Inc.		32,136		1,425,553
TopBuild Corp. (a)		8,075		924,668
TRI Pointe Group, Inc. (a)		33,418		543,377
				22,831,492
Household Appliances – 0.5%
Hamilton Beach Brands Holding Co. Class A		1,607		25,391
Helen of Troy Ltd. (a)		5,883		1,112,181
iRobot Corp. (a)		6,546		307,989
Whirlpool Corp.		14,942		2,184,072
				3,629,633
Housewares & Specialties – 0.3%
Newell Brands, Inc.		94,252		1,840,742

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

19

Fidelity^® MSCI Consumer Discretionary Index ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
HOUSEHOLD DURABLES – continued
Housewares & Specialties – continued
Tupperware Brands Corp.		11,273	$	70,569
				1,911,311
TOTAL HOUSEHOLD DURABLES				36,620,543
INTERNET & DIRECT MARKETING RETAIL – 31.1%
Internet & Direct Marketing Retail – 31.1%
1-800-FLOWERS.com, Inc. Class A (a)		5,775		87,722
Amazon.com, Inc. (a)		98,704		198,268,699
Booking Holdings, Inc. (a)		9,988		18,283,533
Duluth Holdings, Inc. Class B (a)		4,380		37,011
eBay, Inc.		187,061		6,277,767
Etsy, Inc. (a)		28,355		1,384,008
Expedia Group, Inc.		32,888		3,566,704
Groupon, Inc. (a)		107,066		308,350
GrubHub, Inc. (a)		21,489		1,163,629
Lands’ End, Inc. (a)		2,612		30,430
MercadoLibre, Inc. (a)		10,506		6,965,478
Overstock.com, Inc. (a)		6,585		53,470
PetMed Express, Inc.		4,789		120,731
Quotient Technology, Inc. (a)		17,729		178,531
Qurate Retail, Inc. Class A (a)		91,361		779,309
Revolve Group, Inc. (a)		3,182		56,608
Shutterstock, Inc. (a)		4,625		200,401
Stamps.com, Inc. (a)		3,838		285,893
Stitch Fix, Inc. Class A (a)		11,128		254,831
The RealReal, Inc. (a)		5,004		72,408
The Rubicon Project, Inc. (a)		10,598		99,197
Wayfair, Inc. Class A (a)		14,491		1,357,807
TOTAL INTERNET & DIRECT MARKETING RETAIL				239,832,517
LEISURE PRODUCTS – 1.1%
Leisure Products – 1.1%
Acushnet Holdings Corp.		8,092		250,609
American Outdoor Brands Corp. (a)		12,633		119,003
Brunswick Corp.		20,162		1,267,182
Callaway Golf Co.		20,910		447,892
Hasbro, Inc.		30,182		3,074,640
Johnson Outdoors, Inc. Class A		1,531		120,337
Malibu Boats, Inc. Class A (a)		4,999		218,906
Marine Products Corp.		1,998		27,972
MasterCraft Boat Holdings, Inc. (a)		4,307		75,674
Mattel, Inc. (a)		80,868		1,183,099
Polaris, Inc.		13,613		1,250,218
Sturm, Ruger & Co., Inc.		4,045		200,308
Vista Outdoor, Inc. (a)		13,340		99,116
YETI Holdings, Inc. (a)		9,072		329,858
TOTAL LEISURE PRODUCTS				8,664,814

	Shares		Value
MEDIA – 0.0%
Broadcasting – 0.0%
Media General, Inc. (a)		7,026	$	0
MULTILINE RETAIL – 4.2%
Department Stores – 0.5%
Dillard’s, Inc. Class A		2,610		158,479
J.C. Penney Co., Inc. (a)		77,781		57,947
Kohl’s Corp.		38,108		1,629,117
Macy’s, Inc.		72,553		1,157,220
Nordstrom, Inc.		25,454		938,235
				3,940,998
General Merchandise Stores – 3.7%
Big Lots, Inc.		9,277		251,036
Dollar General Corp.		60,352		9,258,600
Dollar Tree, Inc. (a)		55,551		4,836,825
Ollie’s Bargain Outlet Holdings, Inc. (a)		13,442		712,964
Target Corp.		119,947		13,282,931
				28,342,356
TOTAL MULTILINE RETAIL				32,283,354
SPECIALTY RETAIL – 21.3%
Apparel Retail – 4.7%
Abercrombie & Fitch Co. Class A		15,236		249,261
American Eagle Outfitters, Inc.		38,584		555,610
Boot Barn Holdings, Inc. (a)		6,699		281,157
Burlington Stores, Inc. (a)		15,578		3,387,748
Caleres, Inc.		9,932		174,307
Chico’s FAS, Inc.		27,204		105,823
Designer Brands, Inc. Class A		14,499		206,466
Foot Locker, Inc.		25,804		979,778
Gap, Inc.		53,010		922,904
Genesco, Inc. (a)		3,885		152,758
Guess?, Inc.		11,705		249,199
L Brands, Inc.		55,008		1,273,985
Ross Stores, Inc.		85,620		9,605,708
Shoe Carnival, Inc.		2,860		102,560
The Buckle, Inc.		7,078		172,774
The Cato Corp. Class A		5,292		84,884
The Children’s Place Retail Stores, Inc.		3,691		220,242
The TJX Cos., Inc.		283,802		16,755,670
Urban Outfitters, Inc. (a)		14,979		383,462
Zumiez, Inc. (a)		4,731		147,465
				36,011,761
Automotive Retail – 3.1%
Advance Auto Parts, Inc.		16,760		2,208,130
America’s Car-Mart, Inc. (a)		1,466		160,937
Asbury Automotive Group, Inc. (a)		4,541		437,979
AutoNation, Inc. (a)		12,517		531,222
AutoZone, Inc. (a)		5,761		6,094,908

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

20

Common Stocks – continued
	Shares		Value
SPECIALTY RETAIL – continued
Automotive Retail – continued
Camping World Holdings, Inc. Class A		7,690	$	119,733
CarMax, Inc. (a)		38,875		3,772,430
Carvana Co. (a)		11,121		881,339
Group 1 Automotive, Inc.		4,129		416,079
Lithia Motors, Inc. Class A		5,261		713,602
Monro, Inc.		7,765		486,866
Murphy USA, Inc. (a)		7,116		727,042
O’Reilly Automotive, Inc. (a)		17,961		7,293,962
Penske Automotive Group, Inc.		8,693		408,310
Sonic Automotive, Inc. Class A		5,371		169,885
				24,422,424
Computer & Electronics Retail – 0.7%
Best Buy Co., Inc.		56,420		4,778,210
Conn’s, Inc. (a)		4,410		38,632
GameStop Corp. Class A		19,472		74,772
Rent-A-Center, Inc.		10,873		316,730
				5,208,344
Home Improvement Retail – 10.5%
Floor & Decor Holdings, Inc. Class A (a)		16,395		808,437
Lowe’s Cos., Inc.		182,166		21,174,976
Lumber Liquidators Holdings, Inc. (a)		6,578		50,059
The Home Depot, Inc.		257,084		58,640,860
				80,674,332
Homefurnishing Retail – 0.5%
Aarons, Inc.		15,885		942,934
At Home Group, Inc. (a)		11,027		62,413
Bed Bath & Beyond, Inc.		30,047		428,170
Haverty Furniture Companies, Inc.		4,176		84,063
RH (a)		3,940		822,475
Sleep Number Corp. (a)		6,906		356,280
Williams-Sonoma, Inc.		18,361		1,286,739
				3,983,074
Specialty Stores – 1.8%
Dick’s Sporting Goods, Inc.		15,494		685,300
Five Below, Inc. (a)		13,054		1,477,974
Hibbett Sports, Inc. (a)		4,236		104,968
MarineMax, Inc. (a)		5,290		105,430
National Vision Holdings, Inc. (a)		18,198		620,916
Office Depot, Inc.		129,679		287,887
Party City Holdings, Inc. (a)		13,017		37,489
Sally Beauty Holdings, Inc. (a)		28,397		435,894
Signet Jewelers Ltd.		12,109		294,370
The Michaels Cos., Inc. (a)		21,916		108,046
Tiffany & Co., Inc.		25,515		3,419,520
Tractor Supply Co.		27,970		2,599,811
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		13,122		3,515,515

	Shares		Value
Winmark Corp.		636	$	126,545
				13,819,665
TOTAL SPECIALTY RETAIL				164,119,600
TEXTILES, APPAREL & LUXURY GOODS – 7.4%
Apparel, Accessories & Luxury Goods – 3.2%
Capri Holdings Ltd. (a)		35,645		1,067,924
Carter’s, Inc.		10,524		1,116,281
Columbia Sportswear Co.		7,180		674,345
Fossil Group, Inc. (a)		10,875		73,189
G-III Apparel Group Ltd. (a)		9,858		268,236
Hanesbrands, Inc.		84,791		1,166,724
Kontoor Brands, Inc. (a)		11,385		434,224
Levi Strauss & Co. Class A		11,012		216,276
Lululemon Athletica, Inc. (a)		26,001		6,224,379
Movado Group, Inc.		3,822		65,815
Oxford Industries, Inc.		4,022		279,127
PVH Corp.		17,618		1,535,761
Ralph Lauren Corp.		12,148		1,378,798
Tapestry, Inc.		67,445		1,738,058
Under Armour, Inc. Class A (a)		44,094		889,817
Under Armour, Inc. Class C (a)		45,718		821,095
Vera Bradley, Inc. (a)		5,622		53,859
VF Corp.		79,452		6,592,132
				24,596,040
Footwear – 4.2%
Crocs, Inc. (a)		14,741		558,832
Deckers Outdoor Corp. (a)		6,798		1,297,806
NIKE, Inc. Class B		293,880		28,300,644
Skechers U.S.A., Inc. Class A (a)		31,375		1,173,111
Steven Madden Ltd.		18,925		729,748
Wolverine World Wide, Inc.		20,053		633,073
				32,693,214
Textiles – 0.0%
Unifi, Inc. (a)		3,194		68,735
TOTAL TEXTILES, APPAREL & LUXURY GOODS				57,357,989
TOTAL COMMON STOCKS (Cost $701,843,617)				768,798,083

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

21

Fidelity^® MSCI Consumer Discretionary Index ETF

Schedule of Investments (Unaudited) – continued

Money Market Fund – 0.2%
	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) (Cost $1,211,000)		1,211,000	$	1,211,000
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $703,054,617)				770,009,083
NET OTHER ASSETS (LIABILITIES) – 0.0%				373,301
NET ASSETS – 100.0%			$	770,382,384

Legend

(a) Non-income producing.

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

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Future Contracts		2		March 2020	$	161,470	$	(4,744	)	$	(4,744	)
CME E-mini S&P Consumer Discretionary Select Sector Index Future Contracts		10		March 2020		1,265,000		23,207			23,207
Total Equity Index Contracts										$	18,463

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

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

22

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, 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	$	768,798,083		$	768,798,083		$	—	$	—
Money Market Funds		1,211,000			1,211,000			—		—
Total Investments in Securities:	$	770,009,083		$	770,009,083		$	—	$	—
Derivative Instruments:
Assets
Futures Contracts	$	23,207		$	23,207		$	—	$	—
Total Assets	$	23,207		$	23,207		$	—	$	—
Liabilities
Futures Contracts	$	(4,744	)	$	(4,744	)	$	—	$	—
Total Liabilities	$	(4,744	)	$	(4,744	)	$	—	$	—
Total Derivative Instruments:	$	18,463		$	18,463		$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts (a)	$	23,207	$	(4,744	)
Total Equity Risk		23,207		(4,744	)
Total Value of Derivatives	$	23,207	$	(4,744	)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

23

Fidelity^® MSCI Consumer Staples Index ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
BEVERAGES – 26.4%
Brewers – 0.8%
Molson Coors Brewing Co. Class B		66,860	$	3,716,079
The Boston Beer Co., Inc. Class A (a)		3,470		1,236,639
				4,952,718
Distillers & Vintners – 2.8%
Brown-Forman Corp. Class B		104,325		7,056,543
Constellation Brands, Inc. Class A		52,586		9,901,944
MGP Ingredients, Inc.		6,924		235,831
				17,194,318
Soft Drinks – 22.8%
Coca-Cola Bottling Co. Consolidated		1,703		461,189
Monster Beverage Corp. (a)		124,122		8,266,525
National Beverage Corp. (a)		3,437		147,482
PepsiCo, Inc.		417,040		59,228,021
Primo Water Corp. (a)		11,731		176,786
The Coca-Cola Co.		1,211,517		70,752,593
				139,032,596
TOTAL BEVERAGES				161,179,632
FOOD & STAPLES RETAILING – 19.3%
Drug Retail – 1.9%
Rite Aid Corp. (a)		15,833		189,204
Walgreens Boots Alliance, Inc.		227,604		11,573,664
				11,762,868
Food Distributors – 2.9%
Performance Food Group Co. (a)		36,643		1,897,741
SpartanNash Co.		10,598		129,084
Sysco Corp.		149,692		12,295,701
The Andersons, Inc.		9,063		205,005
The Chefs’ Warehouse, Inc. (a)		10,145		369,278
United Natural Foods, Inc. (a)		15,748		113,385
US Foods Holding Corp. (a)		68,728		2,760,804
				17,770,998
Food Retail – 1.6%
Casey’s General Stores, Inc.		12,123		1,950,106
Grocery Outlet Holding Corp. (a)		9,814		321,310
Ingles Markets, Inc. Class A		5,269		219,665
Sprouts Farmers Market, Inc. (a)		34,685		542,127
The Kroger Co.		238,955		6,418,331
Village Super Market, Inc. Class A		2,475		55,093
Weis Markets, Inc.		5,179		190,017
				9,696,649
Hypermarkets & Super Centers – 12.9%
BJ’s Wholesale Club Holdings, Inc. (a)		34,137		700,491
Costco Wholesale Corp.		94,019		28,724,685
PriceSmart, Inc.		7,037		431,087
Walmart, Inc.		424,962		48,653,899
				78,510,162
TOTAL FOOD & STAPLES RETAILING				117,740,677

	Shares		Value
FOOD PRODUCTS – 18.7%
Agricultural Products – 2.2%
Archer-Daniels-Midland Co.		173,148	$	7,750,105
Bunge Ltd.		42,672		2,237,293
Darling Ingredients, Inc. (a)		54,280		1,472,616
Fresh Del Monte Produce, Inc.		9,687		303,978
Ingredion, Inc.		20,672		1,819,136
				13,583,128
Packaged Foods & Meats – 16.5%
B&G Foods, Inc.		19,233		308,882
Beyond Meat, Inc. (a)		4,836		533,991
Calavo Growers, Inc.		4,890		374,623
Cal-Maine Foods, Inc.		10,033		358,078
Campbell Soup Co.		53,524		2,590,026
Conagra Brands, Inc.		146,015		4,806,814
Farmer Bros Co. (a)		3,197		38,300
Flowers Foods, Inc.		71,843		1,546,780
Freshpet, Inc. (a)		13,424		844,101
General Mills, Inc.		185,616		9,692,867
Hormel Foods Corp.		95,433		4,510,164
Hostess Brands, Inc. (a)		47,349		635,424
J&J Snack Foods Corp.		5,389		893,712
John B Sanfilippo & Son, Inc.		3,148		265,376
Kellogg Co.		80,062		5,461,029
Lamb Weston Holdings, Inc.		45,706		4,173,415
Lancaster Colony Corp.		6,283		971,666
Landec Corp. (a)		8,569		95,973
McCormick & Co., Inc. (non-vtg.)		38,348		6,264,913
Mondelez International, Inc. Class A		438,801		25,178,401
Pilgrim’s Pride Corp. (a)		20,936		545,383
Post Holdings, Inc. (a)		22,087		2,309,638
Sanderson Farms, Inc.		6,322		870,476
Seaboard Corp.		133		512,796
The Hain Celestial Group, Inc. (a)		31,286		757,434
The Hershey Co.		47,261		7,333,489
The JM Smucker Co.		35,744		3,703,436
The Kraft Heinz Co.		198,679		5,801,427
The Simply Good Foods Co. (a)		28,570		656,253
Tootsie Roll Industries, Inc.		10,001		341,134
TreeHouse Foods, Inc. (a)		16,515		736,569
Tyson Foods, Inc. Class A		89,085		7,361,093
				100,473,663
TOTAL FOOD PRODUCTS				114,056,791
HOUSEHOLD PRODUCTS – 23.2%
Household Products – 23.2%
Central Garden and Pet Co. (a)		3,134		100,946
Central Garden and Pet Co. Class A (a)		13,621		408,085
Church & Dwight Co., Inc.		76,533		5,680,279
Colgate-Palmolive Co.		248,807		18,356,980

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

24

Common Stocks – continued
	Shares		Value
HOUSEHOLD PRODUCTS – continued
Household Products – continued
Energizer Holdings, Inc.		21,622	$	1,000,234
Kimberly-Clark Corp.		105,226		15,072,572
Spectrum Brands Holdings, Inc.		13,558		832,597
The Clorox Co.		39,573		6,225,229
The Procter & Gamble Co.		744,204		92,742,703
WD-40 Co.		4,781		893,186
TOTAL HOUSEHOLD PRODUCTS				141,312,811
PERSONAL PRODUCTS – 2.8%
Personal Products – 2.8%
Coty, Inc. Class A		92,562		949,686
Edgewell Personal Care Co. (a)		15,883		410,099
elf Beauty, Inc. (a)		9,643		151,202
Herbalife Nutrition Ltd. (a)		31,017		1,205,011
Inter Parfums, Inc.		6,088		420,742
Medifast, Inc.		3,822		369,320
Nu Skin Enterprises, Inc. Class A		16,328		532,130
The Estee Lauder Cos., Inc. Class A		66,659		13,009,170
USANA Health Sciences, Inc. (a)		3,919		241,802
TOTAL PERSONAL PRODUCTS				17,289,162
TOBACCO – 9.4%
Tobacco – 9.4%
Altria Group, Inc.		561,793		26,702,021

	Shares		Value
Philip Morris International, Inc.		346,428	$	28,649,596
Turning Point Brands, Inc.		5,647		128,977
Universal Corp.		12,705		675,271
Vector Group Ltd.		58,689		771,173
TOTAL TOBACCO				56,927,038
TOTAL COMMON STOCKS (Cost $563,587,517)				608,506,111
Money Market Fund – 0.1%
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) (Cost $710,000)		710,000		710,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $564,297,517)				609,216,111
NET OTHER ASSETS (LIABILITIES) – 0.1%				480,935
NET ASSETS – 100.0%			$	609,697,046

Legend

(a) Non-income producing.

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

Futures Contracts

Purchased

Number of contracts

Expiration Date

Notional Amount

Value

Unrealized Appreciation/ (Depreciation)

Equity Index Contract

CME E-mini S&P Consumer Staples Select Sector Index Future Contracts

20

March 2020

$1,270,600

$(1,395

)

$(1,395

)

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

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

25

Fidelity^® MSCI Consumer Staples Index ETF

Schedule of Investments (Unaudited) – continued

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, 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	$	608,506,111		$	608,506,111		$	—	$	—
Money Market Funds		710,000			710,000			—		—
Total Investments in Securities:	$	609,216,111		$	609,216,111		$	—	$	—
Derivative Instruments:
Liabilities
Futures Contracts	$	(1,395	)	$	(1,395	)	$	—	$	—
Total Liabilities	$	(1,395	)	$	(1,395	)	$	—	$	—
Total Derivative Instruments:	$	(1,395	)	$	(1,395	)	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts (a)	$	0	$	(1,395	)
Total Equity Risk		0		(1,395	)
Total Value of Derivatives	$	0	$	(1,395	)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

26

Fidelity^® MSCI Energy Index ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
ENERGY EQUIPMENT & SERVICES – 10.6%
Oil & Gas Drilling – 0.9%
Diamond Offshore Drilling, Inc. (a)		23,195	$	107,393
Helmerich & Payne, Inc.		37,082		1,503,675
Nabors Industries Ltd.		116,701		241,571
Noble Corp. PLC (a)		86,332		69,739
Patterson-UTI Energy, Inc.		68,483		543,755
Transocean Ltd. (a)		176,384		804,311
Valaris PLC		66,427		339,442
				3,609,886
Oil & Gas Equipment & Services – 9.7%
Apergy Corp. (a)		26,320		680,635
Archrock, Inc.		43,662		364,578
Baker Hughes Co.		213,885		4,632,749
Cactus, Inc. Class A		15,923		458,901
Core Laboratories N.V.		15,103		530,568
DMC Global, Inc.		4,952		207,142
Dril-Quip, Inc. (a)		12,234		500,371
Exterran Corp. (a)		10,130		54,702
Frank’s International N.V. (a)		30,463		106,621
Halliburton Co.		296,734		6,471,769
Helix Energy Solutions Group, Inc. (a)		47,757		398,293
Liberty Oilfield Services, Inc. Class A		19,036		161,425
Matrix Service Co. (a)		9,050		182,086
National Oilwell Varco, Inc.		130,790		2,695,582
Newpark Resources, Inc. (a)		30,439		152,195
NexTier Oilfield Solitions, Inc. (a)		53,654		276,318
Oceaneering International, Inc. (a)		33,424		414,792
Oil States International, Inc. (a)		19,425		209,402
ProPetro Holding Corp. (a)		28,845		280,950
RPC, Inc.		21,681		98,215
Schlumberger Ltd.		468,511		15,699,804
SEACOR Holdings, Inc. (a)		6,447		242,343
Select Energy Services, Inc. Class A (a)		20,331		141,504
Solaris Oilfield Infrastructure, Inc.
Class A		10,670		123,025
TechnipFMC PLC		143,799		2,374,121
Tidewater, Inc. (a)		12,291		186,577
US Silica Holdings, Inc.		23,465		120,610
				37,765,278
TOTAL ENERGY EQUIPMENT & SERVICES				41,375,164
OIL, GAS & CONSUMABLE FUELS – 89.2%
Coal & Consumable Fuels – 0.1%
Arch Coal, Inc. Class A		5,210		268,472
CONSOL Energy, Inc. (a)		9,225		74,999
Contura Energy, Inc. (a)		6,632		38,399
NACCO Industries, Inc. Class A		1,080		50,911
Peabody Energy Corp.		24,502		165,634
				598,415

	Shares		Value
Integrated Oil & Gas – 43.4%
Chevron Corp.		643,113	$	68,903,127
Exxon Mobil Corp.		1,433,339		89,039,018
Occidental Petroleum Corp.		303,015		12,035,756
				169,977,901
Oil & Gas Exploration & Production – 22.9%
Antero Resources Corp. (a)		88,819		164,315
Apache Corp.		127,378		3,495,252
Berry Petroleum Corp.		21,905		150,049
Bonanza Creek Energy, Inc. (a)		5,218		94,915
Brigham Minerals, Inc. Class A		9,899		168,382
Cabot Oil & Gas Corp.		141,659		1,995,975
California Resources Corp. (a)		15,648		114,856
Callon Petroleum Co. (a)		134,049		402,147
Centennial Resource Development, Inc. Class A (a)		62,560		203,946
Chesapeake Energy Corp. (a)		385,361		197,228
Cimarex Energy Co.		34,369		1,508,455
CNX Resources Corp. (a)		63,377		458,216
Concho Resources, Inc.		68,118		5,161,982
ConocoPhillips		376,074		22,350,078
Continental Resources, Inc.		31,752		864,289
Denbury Resources, Inc. (a)		158,738		156,357
Devon Energy Corp.		136,970		2,974,988
Diamondback Energy, Inc.		52,476		3,904,214
EOG Resources, Inc.		196,604		14,334,398
EQT Corp.		86,955		526,078
Extraction Oil & Gas, Inc. (a)		26,407		37,498
Gran Tierra Energy, Inc. (a)		126,539		126,084
Gulfport Energy Corp. (a)		51,165		79,306
Hess Corp.		92,832		5,251,506
Kosmos Energy Ltd.		95,640		488,720
Laredo Petroleum, Inc. (a)		52,161		89,717
Magnolia Oil & Gas Corp. Class A (a)		39,795		418,643
Marathon Oil Corp.		272,442		3,097,666
Matador Resources Co. (a)		37,461		549,553
Murphy Oil Corp.		52,245		1,095,055
Noble Energy, Inc.		162,040		3,203,531
Northern Oil and Gas, Inc. (a)		74,089		122,988
Oasis Petroleum, Inc. (a)		97,908		220,293
Parsley Energy, Inc. Class A		102,165		1,700,026
PDC Energy, Inc. (a)		34,367		741,984
Penn Virginia Corp. (a)		3,562		76,120
Pioneer Natural Resources Co.		56,621		7,643,835
QEP Resources, Inc.		80,401		254,871
Range Resources Corp.		72,200		216,600
SM Energy Co.		36,223		332,527
Southwestern Energy Co. (a)		182,936		287,210
Talos Energy, Inc. (a)		7,320		160,601
Tellurian, Inc. (a)		32,740		229,835
Texas Pacific Land Trust		2,109		1,593,792

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

27

Fidelity^® MSCI Energy Index ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS – continued
Oil & Gas Exploration & Production – continued
Viper Energy Partners LP		21,161	$	461,521
W&T Offshore, Inc. (a)		33,281		137,783
Whiting Petroleum Corp. (a)		30,863		140,118
WPX Energy, Inc. (a)		143,066		1,709,639
				89,693,142
Oil & Gas Refining & Marketing – 11.3%
Clean Energy Fuels Corp. (a)		48,106		110,644
CVR Energy, Inc.		10,182		352,399
Delek US Holdings, Inc.		25,599		702,948
Green Plains, Inc.		12,256		152,832
HollyFrontier Corp.		52,941		2,378,110
Marathon Petroleum Corp.		223,015		12,154,317
Par Pacific Holdings, Inc. (a)		11,131		223,956
PBF Energy, Inc. Class A		38,640		1,054,872
Phillips 66		151,948		13,883,489
Renewable Energy Group, Inc. (a)		13,173		346,186
REX American Resources Corp. (a)		1,902		143,316
Valero Energy Corp.		140,383		11,835,691
World Fuel Services Corp.		22,198		868,386
				44,207,146
Oil & Gas Storage & Transportation – 11.5%
Antero Midstream Corp.		77,085		388,508
Cheniere Energy, Inc. (a)		78,287		4,637,722
Diamond S Shipping, Inc. (a)		7,448		82,524
EnLink Midstream LLC (a)		90,554		455,487
Equitrans Midstream Corp.		73,656		712,253
International Seaways, Inc. (a)		6,910		153,817
Kinder Morgan, Inc.		690,204		14,404,557

	Shares		Value
ONEOK, Inc.		139,899	$	10,474,238
Plains GP Holdings LP Class A (a)		58,661		976,706
Rattler Midstream LP		14,778		223,000
Tallgrass Energy LP Class A		54,709		1,220,558
Targa Resources Corp.		78,878		2,879,047
The Williams Cos., Inc.		410,586		8,495,024
				45,103,441
TOTAL OIL, GAS & CONSUMABLE FUELS				349,580,045
TOTAL COMMON STOCKS (Cost $551,724,491)				390,955,209
Money Market Fund – 0.1%
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) (Cost $403,000)		403,000		403,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $552,127,491)				391,358,209
NET OTHER ASSETS (LIABILITIES) – 0.1%				518,256
NET ASSETS – 100.0%			$	391,876,465

Legend

(a) Non-income producing.

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

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini S&P Energy Select Sector Index Future Contracts		10		March 2020	$	552,200	$	(42,823	)	$	(42,823	)

The notional amount of futures purchased as a percentage of Net Assets is 0.1%

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

28

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, 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	$	390,955,209		$	390,955,209		$	—	$	—
Money Market Funds		403,000			403,000			—		—
Total Investments in Securities:	$	391,358,209		$	391,358,209		$	—	$	—
Derivative Instruments:
Liabilities
Futures Contracts	$	(42,823	)	$	(42,823	)	$	—	$	—
Total Liabilities	$	(42,823	)	$	(42,823	)	$	—	$	—
Total Derivative Instruments:	$	(42,823	)	$	(42,823	)	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts (a)	$	0	$	(42,823	)
Total Equity Risk		0		(42,823	)
Total Value of Derivatives	$	0	$	(42,823	)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

29

Fidelity^® MSCI Financials Index ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares		Value
BANKS – 41.9%
Diversified Banks – 27.8%
Bank of America Corp.		2,256,211	$	74,071,407
Citigroup, Inc.		576,385		42,888,808
JPMorgan Chase & Co.		815,819		107,981,803
US Bancorp		381,960		20,327,911
Wells Fargo & Co.		1,067,983		50,131,122
				295,401,051
Regional Banks – 14.1%
1st Source Corp.		4,656		219,717
Allegiance Bancshares, Inc. (a)		2,909		108,215
Amalgamated Bank Class A		3,677		63,391
Ameris Bancorp		16,877		678,287
Arrow Financial Corp.		3,590		125,865
Associated Banc-Corp		41,376		824,624
Atlantic Capital Bancshares, Inc. (a)		5,813		109,691
Atlantic Union Bankshares Corp.		19,076		642,670
Banc of California, Inc.		11,302		180,380
Bancfirst Corp.		4,605		266,169
BancorpSouth Bank		26,078		745,048
Bank of Hawaii Corp.		10,392		931,123
Bank of Marin Bancorp		3,349		147,557
Bank OZK		32,882		893,733
BankUnited, Inc.		24,324		802,692
Banner Corp.		8,719		449,464
Bar Harbor Bankshares		4,194		92,268
Berkshire Hills Bancorp, Inc.		11,343		319,305
BOK Financial Corp.		8,186		645,875
Boston Private Financial Holdings, Inc.		20,576		234,566
Bridge Bancorp, Inc.		4,060		123,221
Brookline Bancorp, Inc.		20,439		310,673
Bryn Mawr Bank Corp.		5,139		192,815
Byline Bancorp, Inc.		4,376		84,457
Cadence BanCorp		32,106		501,817
Camden National Corp.		4,065		192,112
Capital City Bank Group, Inc.		3,216		91,720
Carolina Financial Corp.		6,007		230,368
Carter Bank & Trust (a)		6,061		119,947
Cathay General Bancorp		19,615		707,317
CBTX, Inc.		4,784		141,367
CenterState Banks, Inc.		29,711		670,280
Central Pacific Financial Corp.		7,335		203,400
Century Bancorp, Inc. Class A		757		65,102
CIT Group, Inc.		24,206		1,106,456
Citizens Financial Group, Inc.		114,072		4,252,604
City Holding Co.		4,223		319,597
CNB Financial Corp.		3,697		109,283
Columbia Banking System, Inc.		18,575		718,853
Comerica, Inc.		38,108		2,330,685
Commerce Bancshares, Inc.		26,534		1,795,290
Community Bank System, Inc.		13,048		864,691

	Shares		Value
Community Trust Bancorp, Inc.		4,179	$	182,831
ConnectOne Bancorp, Inc.		8,613		203,353
Cullen/Frost Bankers, Inc.		15,202		1,355,410
Customers Bancorp, Inc. (a)		7,647		163,493
CVB Financial Corp.		28,489		591,717
Dime Community Bancshares, Inc.		7,695		149,360
Eagle Bancorp, Inc.		8,117		354,713
East West Bancorp, Inc.		37,135		1,702,268
Enterprise Financial Services Corp.		6,652		289,429
Equity Bancshares, Inc. Class A (a)		3,954		106,204
FB Financial Corp.		4,452		158,714
Fifth Third Bancorp		185,481		5,276,934
Financial Institutions, Inc.		3,951		121,730
First BanCorp		55,682		516,172
First BanCorp/NC		7,588		269,222
First Busey Corp.		12,611		321,581
First Citizens BancShares, Inc. Class A		1,677		883,477
First Commonwealth Financial Corp.		25,236		341,191
First Community Bancshares, Inc.		4,232		124,040
First Financial Bancorp		24,630		592,105
First Financial Bankshares, Inc.		31,320		1,049,846
First Financial Corp.		2,912		121,518
First Foundation, Inc.		9,620		158,730
First Hawaiian, Inc.		34,095		990,801
First Horizon National Corp.		79,957		1,279,312
First Interstate Bancsystem, Inc. Class A		10,574		407,099
First Merchants Corp.		12,739		506,375
First Mid-Illinois Bancshares, Inc.		3,391		111,055
First Midwest Bancorp, Inc.		27,859		555,508
First Republic Bank		42,741		4,739,122
Flushing Financial Corp.		7,119		141,455
FNB Corp.		83,465		974,037
Franklin Financial Network, Inc.		3,610		133,101
Fulton Financial Corp.		42,538		700,601
German American Bancorp, Inc.		6,634		226,816
Glacier Bancorp, Inc.		21,937		929,471
Great Southern Bancorp, Inc.		2,922		166,291
Great Western Bancorp, Inc.		14,286		422,151
Hancock Whitney Corp.		23,166		920,617
Hanmi Financial Corp.		7,924		133,282
Harborone Bancorp, Inc. (a)		7,327		79,938
Heartland Financial USA, Inc.		8,490		415,246
Heritage Commerce Corp.		14,346		166,414
Heritage Financial Corp.		9,138		235,578
Hilltop Holdings, Inc.		18,977		429,639
Home BancShares, Inc.		40,780		779,714
HomeTrust Bancshares, Inc.		4,508		119,552
Hope Bancorp, Inc.		31,225		434,184
Horizon Bancorp, Inc.		10,412		176,171
Huntington Bancshares, Inc.		264,799		3,593,322

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

30

Common Stocks – continued
	Shares		Value
BANKS – continued
Regional Banks – continued
Iberiabank Corp.		13,456	$	978,386
Independent Bank Corp./MA		8,667		625,757
Independent Bank Corp./MI		5,417		115,815
Independent Bank Group, Inc.		8,768		469,263
International Bancshares Corp.		14,338		564,917
Investors Bancorp, Inc.		60,565		731,928
KeyCorp		255,976		4,789,311
Lakeland Bancorp, Inc.		12,199		198,112
Lakeland Financial Corp.		6,612		313,673
Live Oak Bancshares, Inc.		6,370		111,348
M&T Bank Corp.		32,399		5,459,880
Mercantile Bank Corp.		3,864		126,623
Midland States Bancorp, Inc.		5,667		149,722
MidWestOne Financial Group, Inc.		3,737		120,855
National Bank Holdings Corp. Class A		7,662		249,781
NBT Bancorp, Inc.		11,211		423,664
Nicolet Bankshares, Inc. (a)		2,373		167,652
OFG Bancorp		13,351		263,148
Old National Bancorp		39,089		700,084
Opus Bank		7,087		188,762
Origin Bancorp, Inc.		4,422		155,831
Pacific Premier Bancorp, Inc.		13,699		408,230
PacWest Bancorp		30,234		1,059,702
Park National Corp.		3,834		364,115
Peapack Gladstone Financial Corp.		4,374		127,852
Peoples Bancorp, Inc.		5,058		164,587
People’s United Financial, Inc.		113,221		1,745,868
People’s Utah Bancorp		4,164		108,597
Pinnacle Financial Partners, Inc.		18,792		1,109,856
Popular, Inc.		24,754		1,385,234
Preferred Bank		3,959		237,976
Prosperity Bancshares, Inc.		24,173		1,696,945
QCR Holdings, Inc.		4,013		164,934
Regions Financial Corp.		254,576		3,963,748
Renasant Corp.		11,973		382,298
Republic Bancorp, Inc. Class A		2,788		116,817
Republic First Bancorp, Inc. (a)		12,011		38,315
S&T Bancorp, Inc.		9,647		362,631
Sandy Spring Bancorp, Inc.		9,373		326,180
Seacoast Banking Corp. of Florida (a)		13,038		353,982
ServisFirst Bancshares, Inc.		11,669		428,836
Signature Bank		14,087		1,998,804
Simmons First National Corp. Class A		24,270		581,995
South State Corp.		8,737		660,605
Southside Bancshares, Inc.		8,011		281,026
Sterling Bancorp		52,517		1,050,340
Stock Yards Bancorp, Inc.		5,578		216,092
SVB Financial Group (a)		13,171		3,165,386
Synovus Financial Corp.		39,479		1,382,555

	Shares		Value
TCF Financial Corp.		39,265	$	1,660,124
Texas Capital Bancshares, Inc. (a)		12,901		709,039
The Bancorp, Inc. (a)		13,032		154,169
The First Bancshares, Inc.		4,188		144,151
The First of Long Island Corp.		6,612		145,861
The PNC Financial Services Group, Inc.		113,908		16,921,033
Tompkins Financial Corp.		3,459		297,785
Towne Bank		18,467		490,299
Trico Bancshares		6,970		253,708
TriState Capital Holdings, Inc. (a)		5,995		137,825
Triumph Bancorp, Inc. (a)		6,501		253,409
Truist Financial Corp.		342,165		17,645,449
Trustmark Corp.		15,570		497,929
UMB Financial Corp.		11,974		795,792
Umpqua Holdings Corp.		56,215		950,034
United Bankshares, Inc.		26,305		902,262
United Community Banks, Inc.		20,250		565,380
Univest Financial Corp.		7,763		192,833
Valley National Bancorp		99,191		1,044,481
Veritex Holdings, Inc.		10,948		310,047
Washington Trust Bancorp, Inc.		4,012		189,888
Webster Financial Corp.		23,614		1,059,324
WesBanco, Inc.		16,547		548,037
Westamerica BanCorp.		6,900		437,184
Western Alliance Bancorp		25,184		1,390,912
Wintrust Financial Corp.		14,541		920,155
Zions Bancorp NA		45,151		2,053,919
				149,872,632
TOTAL BANKS				445,273,683
CAPITAL MARKETS – 21.7%
Asset Management & Custody Banks – 7.5%
Affiliated Managers Group, Inc.		12,923		1,031,902
Ameriprise Financial, Inc.		33,398		5,524,363
Ares Management Corp. Class A		20,623		743,665
Artisan Partners Asset Management, Inc. Class A		13,657		456,144
Assetmark Financial Holdings, Inc. (a)		3,708		108,756
Associated Capital Group, Inc. Class A		1,077		44,986
BlackRock, Inc.		29,579		15,598,486
Blucora, Inc. (a)		12,724		286,926
Brihgtsphere Investment Group (a)		19,879		183,086
Cohen & Steers, Inc.		6,122		452,906
Diamond Hill Investment Group, Inc.		887		124,863
Eaton Vance Corp.		28,920		1,323,090
Federated Investors, Inc. Class B		24,736		896,185
Focus Financial Partners, Inc. Class A (a)		6,633		187,382
Franklin Resources, Inc.		77,186		1,952,806

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

31

Fidelity^® MSCI Financials Index ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
CAPITAL MARKETS – continued
Asset Management & Custody Banks – continued
GAMCO Investors, Inc. Class A		1,388	$	22,971
Hamilton Lane, Inc. Class A		5,068		329,167
Invesco Ltd.		102,018		1,764,911
Janus Henderson Group PLC		41,563		1,050,297
KKR & Co., Inc. Class A		125,739		4,011,074
Legg Mason, Inc.		22,229		870,265
Northern Trust Corp.		52,087		5,094,630
Pzena Investment Management, Inc. Class A		5,352		43,833
SEI Investments Co.		32,847		2,143,595
State Street Corp.		95,061		7,189,463
T Rowe Price Group, Inc.		60,088		8,023,551
The Bank of New York Mellon Corp.		216,463		9,693,213
The Blackstone Group, Inc. Class A		168,793		10,308,189
Victory Capital Holdings, Inc. Class A		3,862		80,561
Virtus Investment Partners, Inc.		1,833		225,514
Waddell & Reed Financial, Inc. Class A		18,694		298,730
Westwood Holdings Group, Inc.		2,003		56,244
WisdomTree Investments, Inc.		33,462		140,875
				80,262,629
Financial Exchanges & Data – 8.0%
Cboe Global Markets, Inc		28,560		3,519,163
CME Group, Inc.		91,365		19,836,255
Donnelley Financial Solutions, Inc. (a)		8,357		75,715
FactSet Research Systems, Inc.		9,776		2,797,011
Intercontinental Exchange, Inc.		142,987		14,261,523
MarketAxess Holdings, Inc.		9,639		3,413,941
Moody’s Corp.		43,452		11,158,039
Morningstar, Inc.		4,964		778,802
MSCI, Inc.		21,620		6,178,996
Nasdaq, Inc.		29,390		3,422,760
S&P Global, Inc.		62,842		18,458,581
Tradeweb Markets, Inc. Class A		16,191		747,700
				84,648,486
Investment Banking & Brokerage – 6.2%
B. Riley Financial, Inc.		3,501		93,897
BGC Partners, Inc. Class A		68,906		397,588
Cowen, Inc. Class A (a)		6,939		111,510
E*TRADE Financial Corp.		61,208		2,608,685
Evercore Partners, Inc. Class A		10,202		781,677
Greenhill & Co., Inc.		4,628		72,475
Houlihan Lokey, Inc.		10,466		542,662
Interactive Brokers Group, Inc. Class A		18,628		875,516
INTL. FCStone, Inc. (a)		4,194		199,886
Ladenburg Thalmann Financial
Services, Inc.		27,117		94,638
LPL Financial Holdings, Inc.		21,057		1,939,981
Moelis & Co. Class A		12,600		453,600

	Shares		Value
Morgan Stanley		316,271	$	16,528,323
Piper Jaffray Cos.		3,496		288,175
PJT Partners, Inc. Class A		5,244		241,329
Raymond James Financial, Inc.		31,966		2,922,651
Stifel Financial Corp.		17,800		1,151,482
TD Ameritrade Holding Corp.		70,027		3,324,882
The Charles Schwab Corp.		300,169		13,672,698
The Goldman Sachs Group, Inc.		82,567		19,630,304
Virtu Financial, Inc. Class A		13,516		225,582
				66,157,541
TOTAL CAPITAL MARKETS				231,068,656
CONSUMER FINANCE – 5.4%
Consumer Finance – 5.4%
Ally Financial, Inc.		99,716		3,193,903
American Express Co.		179,934		23,368,029
Capital One Financial Corp.		120,003		11,976,299
Credit Acceptance Corp. (a)		2,654		1,138,513
Curo Group Holdings Corp. (a)		3,439		35,800
Discover Financial Services		81,245		6,103,937
Encore Capital Group, Inc. (a)		6,894		234,051
Enova International, Inc. (a)		9,016		225,941
Ezcorp, Inc. Class A (a)		13,401		83,354
FirstCash, Inc.		10,951		952,408
Green Dot Corp. Class A (a)		12,794		384,844
LendingClub Corp. (a)		15,527		181,976
LendingTree, Inc. (a)		1,996		621,155
Navient Corp.		53,069		763,132
Nelnet, Inc. Class A		5,145		294,603
OneMain Holdings, Inc.		20,818		882,059
PRA Group, Inc. (a)		11,710		414,066
SLM Corp.		109,131		1,191,711
Synchrony Financial		152,344		4,937,469
World Acceptance Corp. (a)		1,772		153,225
TOTAL CONSUMER FINANCE				57,136,475
DIVERSIFIED FINANCIAL SERVICES – 7.8%
Multi-Sector Holdings – 7.3%
Berkshire Hathaway, Inc. Class B (a)		336,024		75,413,866
Cannae Holdings, Inc. (a)		15,926		647,551
Jefferies Financial Group, Inc.		65,237		1,411,729
				77,473,146
Other Diversified Financial Services – 0.5%
Equitable Holdings, Inc.		107,460		2,581,189
FGL Holdings		42,351		408,687
Voya Financial, Inc.		35,853		2,141,500
				5,131,376
Specialized Finance – 0.0%
NewStar Financial, Inc. (b)		6,699		1,618

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

32

Common Stocks – continued
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES – continued
Specialized Finance – continued
On Deck Capital, Inc. (a)		13,497	$	55,068
				56,686
TOTAL DIVERSIFIED FINANCIAL SERVICES				82,661,208
INSURANCE – 19.8%
Insurance Brokers – 4.0%
Aon PLC		60,196		13,258,169
Arthur J Gallagher & Co.		47,634		4,885,819
Brown & Brown, Inc.		61,001		2,738,945
Crawford & Co. Class A		4,685		40,947
eHealth, Inc. (a)		5,245		551,564
Goosehead Insurance, Inc. Class A		3,304		172,403
Marsh & McLennan Cos., Inc.		129,185		14,450,634
Willis Towers Watson PLC		32,900		6,951,441
				43,049,922
Life & Health Insurance – 4.4%
Aflac, Inc.		188,913		9,742,244
American Equity Investment Life Holding Co.		22,906		604,948
Athene Holding Ltd. Class A (a)		39,111		1,703,675
Brighthouse Financial, Inc. (a)		28,472		1,107,561
Citizens, Inc. (a)		13,019		78,895
CNO Financial Group, Inc.		39,941		702,562
FBL Financial Group, Inc. Class A		2,830		152,197
Genworth Financial, Inc. Class A (a)		128,452		526,653
Globe Life Inc.		26,515		2,764,454
Independence Holding Co.		1,479		59,885
Lincoln National Corp.		51,107		2,784,309
MetLife, Inc.		203,089		10,095,554
National Western Life Group, Inc. Class A		621		165,186
Primerica, Inc.		10,715		1,270,371
Principal Financial Group, Inc.		71,182		3,769,087
Prudential Financial, Inc.		102,568		9,339,842
Trupanion, Inc. (a)		7,464		238,251
Unum Group		53,231		1,420,735
				46,526,409
Multi-line Insurance – 2.1%
American Financial Group, Inc.		19,529		2,124,560
American International Group, Inc.		221,952		11,155,308
American National Insurance Co.		2,119		233,429
Assurant, Inc.		15,640		2,041,958
Horace Mann Educators Corp.		10,544		453,498
National General Holdings Corp.		17,420		379,233
The Hartford Financial Services Group, Inc.		92,183		5,464,608
Watford Holdings Ltd. (a)		5,227		114,210
				21,966,804

	Shares		Value
Property & Casualty Insurance – 8.3%
Ambac Financial Group, Inc. (a)		11,966	$	256,431
AMERISAFE, Inc.		4,938		337,858
Arch Capital Group Ltd. (a)		103,594		4,574,711
Argo Group International Holdings Ltd.		8,863		581,413
Assured Guaranty Ltd.		25,249		1,157,414
Axis Capital Holdings Ltd.		21,462		1,378,934
Chubb Ltd.		116,282		17,673,701
Cincinnati Financial Corp.		39,760		4,172,812
Donegal Group, Inc. Class A		3,733		52,075
Employers Holdings, Inc.		7,955		339,281
Erie Indemnity Co. Class A		6,483		1,079,420
Fidelity National Financial, Inc.		70,202		3,422,347
First American Financial Corp.		28,598		1,772,504
Global Indemnity Ltd.		2,292		72,267
HCI Group, Inc.		1,713		75,835
Heritage Insurance Holdings, Inc.		6,935		83,636
James River Group Holdings Ltd.		7,728		331,840
Kemper Corp.		14,487		1,078,123
Kinsale Capital Group, Inc.		5,132		586,177
Loews Corp.		69,436		3,572,482
Markel Corp. (a)		3,527		4,137,065
MBIA, Inc. (a)		20,272		183,664
Mercury General Corp.		7,052		346,183
Old Republic International Corp.		73,850		1,665,317
Palomar Holdings, Inc. (a)		2,895		154,738
ProAssurance Corp.		13,418		407,505
ProSight Global, Inc. (a)		2,753		39,836
RLI Corp.		9,740		905,917
Safety Insurance Group, Inc.		3,679		338,762
Selective Insurance Group, Inc.		15,187		1,006,139
State Auto Financial Corp.		4,512		135,856
Stewart Information Services Corp.		6,072		253,506
The Allstate Corp.		84,002		9,957,597
The Hanover Insurance Group, Inc.		10,122		1,402,707
The Progressive Corp.		149,169		12,036,447
The Travelers Cos., Inc.		66,436		8,744,306
United Fire Group, Inc.		5,633		249,317
United Insurance Holdings Corp.		5,499		55,760
Universal Insurance Holdings, Inc.		8,466		206,062
White Mountains Insurance Group Ltd.		818		913,886
WR Berkley Corp.		37,628		2,766,787
				88,506,618
Reinsurance – 1.0%
Alleghany Corp. (a)		3,668		2,925,817
Enstar Group Ltd. (a)		2,972		580,402
Everest Re Group Ltd.		10,395		2,874,945
Greenlight Capital Re Ltd. Class A (a)		7,302		67,982
Reinsurance Group of America, Inc.		16,008		2,305,952
RenaissanceRe Holdings Ltd.		11,267		2,134,420

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

33

Fidelity^® MSCI Financials Index ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
INSURANCE – continued
Reinsurance – continued
Third Point Reinsurance Ltd. (a)		19,194	$	209,023
				11,098,541
TOTAL INSURANCE				211,148,294
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 1.9%
Mortgage REITs – 1.9%
AG Mortgage Investment Trust, Inc.		8,604		136,373
AGNC Investment Corp.		140,142		2,605,240
Annaly Capital Management, Inc.		372,549		3,636,078
Anworth Mortgage Asset Corp.		26,263		94,022
Apollo Commercial Real Estate
Finance, Inc.		37,427		684,166
Ares Commercial Real Estate Corp.		6,644		108,563
ARMOUR Residential REIT, Inc.		15,444		297,451
Blackstone Mortgage Trust, Inc.
Class A		32,633		1,246,581
Capstead Mortgage Corp.		24,119		198,258
Chimera Investment Corp.		48,234		1,022,561
Colony Credit Real Estate, Inc.		21,773		271,074
Dynex Capital, Inc.		6,375		113,603
Ellington Financial, Inc.		9,230		168,632
Exantas Capital Corp.		8,235		99,479
Granite Point Mortgage Trust, Inc.		13,835		253,042
Invesco Mortgage Capital, Inc.		36,559		639,417
KKR Real Estate Finance Trust, Inc.		6,790		142,929
Ladder Capital Corp.		23,253		426,693
MFA Financial, Inc.		116,378		907,748
New Residential Investment Corp.		106,574		1,784,049
New York Mortgage Trust, Inc.		81,797		519,411
PennyMac Mortgage Investment Trust		22,051		512,686
Ready Capital Corp.		9,798		159,903
Redwood Trust, Inc.		28,099		495,385
Starwood Property Trust, Inc.		71,926		1,845,621
TPG RE Finance Trust, Inc.		11,216		229,592
Two Harbors Investment Corp.		69,962		1,067,620
Western Asset Mortgage Capital Corp.		14,409		152,879
TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)				19,819,056
THRIFTS & MORTGAGE FINANCE – 1.2%
Thrifts & Mortgage Finance – 1.2%
Axos Financial, Inc. (a)		13,975		393,676
Capitol Federal Financial, Inc.		34,517		454,934
Columbia Financial, Inc. (a)		14,795		248,112
Essent Group Ltd.		24,004		1,190,838
Federal Agricultural Mortgage Corp. Class C		2,336		178,237

	Shares		Value
First Defiance Financial Corp.		5,342	$	157,001
Flagstar Bancorp, Inc.		9,404		331,397
HomeStreet, Inc. (a)		5,760		184,954
Kearny Financial Corp.		21,327		263,388
Luther Burbank Corp.		5,654		58,293
Merchants Bancorp		2,346		46,169
Meridian Bancorp, Inc.		13,216		237,756
Meta Financial Group, Inc.		8,634		321,358
MGIC Investment Corp.		90,605		1,249,443
Mr Cooper Group, Inc. (a)		19,091		236,347
New York Community Bancorp, Inc.		119,488		1,321,537
NMI Holdings, Inc. Class A (a)		17,340		553,493
Northfield Bancorp, Inc.		11,730		186,390
Northwest Bancshares, Inc.		25,901		407,293
OceanFirst Financial Corp.		14,686		341,596
Ocwen Financial Corp. (a)		33,613		41,344
Provident Financial Services, Inc.		16,061		366,351
Radian Group, Inc.		52,005		1,273,602
Sterling Bancorp, Inc.		4,554		33,381
TFS Financial Corp.		14,492		296,072
TrustCo Bank Corp.		24,807		196,720
United Community Financial Corp.		13,113		143,325
Walker & Dunlop, Inc.		7,490		497,111
Washington Federal, Inc.		20,310		690,540
Waterstone Financial, Inc.		6,717		117,480
WSFS Financial Corp.		13,100		522,559
TOTAL THRIFTS & MORTGAGE FINANCE				12,540,697
TOTAL COMMON STOCKS (Cost $975,372,221)				1,059,648,069
Money Market Fund – 0.2%
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (c) (Cost $2,447,000)		2,447,000		2,447,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $977,819,221)				1,062,095,069
NET OTHER ASSETS (LIABILITIES) – 0.1%				853,485
NET ASSETS – 100.0%			$	1,062,948,554

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.

34

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Future Contracts		4		March 2020	$	322,940	$	(7,193	)	$	(7,193	)
CME E-mini S&P Financial Select Sector Index Future Contracts		32		March 2020		2,948,400		(64,270	)		(64,270	)
Total Equity Index Contracts										$	(71,463	)

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, 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	$	1,059,648,069		$	1,059,646,451		$	—	$	1,618
Money Market Funds		2,447,000			2,447,000			—		—
Total Investments in Securities:	$	1,062,095,069		$	1,062,093,451		$	—	$	1,618
Derivative Instruments:
Liabilities
Futures Contracts	$	(71,463	)	$	(71,463	)	$	—	$	—
Total Liabilities	$	(71,463	)	$	(71,463	)	$	—	$	—
Total Derivative Instruments:	$	(71,463	)	$	(71,463	)	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts (a)	$	0	$	(71,463	)
Total Equity Risk		0		(71,463	)
Total Value of Derivatives	$	0	$	(71,463	)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

35

Fidelity^® MSCI Health Care Index ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares		Value
BIOTECHNOLOGY – 16.8%
Biotechnology – 16.8%
AbbVie, Inc.		588,431	$	47,674,680
ACADIA Pharmaceuticals, Inc. (a)		43,133		1,722,732
Acceleron Pharma, Inc. (a)		17,973		1,631,589
Adverum Biotechnologies, Inc. (a)		21,691		214,090
Agenus, Inc. (a)		45,405		169,815
Agios Pharmaceuticals, Inc. (a)		24,132		1,175,952
Aimmune Therapeutics, Inc. (a)		15,250		473,513
Akcea Therapeutics, Inc. (a)		7,657		132,236
Akebia Therapeutics, Inc. (a)		31,648		228,499
Alder Biopharmaceuticals, Inc. (a)(b)		22,547		19,841
Alexion Pharmaceuticals, Inc. (a)		89,287		8,874,235
Alkermes PLC (a)		62,511		1,088,317
Allakos, Inc. (a)		9,570		690,954
Allogene Therapeutics, Inc. (a)		9,524		206,861
Alnylam Pharmaceuticals, Inc. (a)		44,214		5,075,325
AMAG Pharmaceuticals, Inc. (a)		12,165		107,782
Amgen, Inc.		238,678		51,566,382
Amicus Therapeutics, Inc. (a)		100,885		891,823
AnaptysBio, Inc. (a)		9,521		138,245
Anika Therapeutics, Inc. (a)		5,392		221,665
Apellis Pharmaceuticals, Inc. (a)		23,256		956,054
Arcus Biosciences, Inc. (a)		9,477		83,208
Arena Pharmaceuticals, Inc. (a)		19,786		904,022
Arrowhead Pharmaceuticals, Inc. (a)		33,977		1,423,976
Assembly Biosciences, Inc. (a)		11,159		195,952
Atara Biotherapeutics, Inc. (a)		18,686		247,216
Athenex, Inc. (a)		18,083		242,131
Avrobio, Inc. (a)		9,195		199,807
BioCryst Pharmaceuticals, Inc. (a)		58,693		167,275
Biogen, Inc. (a)		73,410		19,736,278
Biohaven Pharmaceutical Holding Co. Ltd. (a)		17,635		855,121
BioMarin Pharmaceutical, Inc. (a)		71,342		5,957,057
BioSpecifics Technologies Corp. (a)		2,119		125,191
Bluebird Bio, Inc. (a)		22,075		1,759,157
Blueprint Medicines Corp. (a)		18,708		1,187,023
CareDx, Inc. (a)		15,479		373,973
Catalyst Pharmaceuticals, Inc. (a)		36,265		149,049
ChemoCentryx, Inc. (a)		15,003		636,427
Coherus Biosciences, Inc. (a)		20,707		373,554
Crinetics Pharmaceuticals, Inc. (a)		3,776		81,108
CRISPR Therapeutics AG (a)		10,822		562,203
Cyclerion Therapeutics, Inc. (a)		5,544		18,184
Cytokinetics, Inc. (a)		20,759		255,336
CytomX Therapeutics, Inc. (a)		18,517		137,396
Deciphera Pharmaceuticals, Inc. (a)		9,873		618,346
Denali Therapeutics, Inc. (a)		25,133		582,080
Dicerna Pharmaceuticals, Inc. (a)		20,183		398,513
Dynavax Technologies Corp. (a)		32,803		165,655

	Shares		Value
Eagle Pharmaceuticals, Inc. (a)		4,308	$	231,857
Editas Medicine, Inc. (a)		17,523		463,133
Eidos Therapeutics, Inc. (a)		2,882		153,553
Emergent BioSolutions, Inc. (a)		17,407		958,952
Enanta Pharmaceuticals, Inc. (a)		5,779		297,850
Epizyme, Inc. (a)		29,144		609,984
Esperion Therapeutics, Inc. (a)		9,610		519,709
Exact Sciences Corp. (a)		58,131		5,422,460
Exelixis, Inc. (a)		120,534		2,073,185
Fate Therapeutics, Inc. (a)		23,829		604,303
FibroGen, Inc. (a)		31,221		1,306,599
Flexion Therapeutics, Inc. (a)		12,559		220,034
Forty Seven, Inc. (a)		11,221		413,718
G1 Therapeutics, Inc. (a)		10,204		197,549
Geron Corp. (a)		76,971		100,832
Gilead Sciences, Inc.		504,045		31,855,644
Global Blood Therapeutics, Inc. (a)		24,013		1,567,088
Gossamer Bio, Inc. (a)		7,752		102,947
Halozyme Therapeutics, Inc. (a)		52,644		999,183
Heron Therapeutics, Inc. (a)		33,415		697,037
Homology Medicines, Inc. (a)		7,588		118,752
ImmunoGen, Inc. (a)		68,140		321,962
Immunomedics, Inc. (a)		60,834		1,129,687
Incyte Corp. (a)		72,656		5,308,974
Insmed, Inc. (a)		33,581		689,754
Intellia Therapeutics, Inc. (a)		13,558		161,476
Intercept Pharmaceuticals, Inc. (a)		10,465		967,071
Invitae Corp. (a)		35,820		668,043
Ionis Pharmaceuticals, Inc. (a)		53,036		3,093,060
Iovance Biotherapeutics, Inc. (a)		41,847		909,754
Ironwood Pharmaceuticals, Inc. (a)		62,103		750,204
Karyopharm Therapeutics, Inc. (a)		19,985		322,758
Kodiak Sciences, Inc. (a)		10,154		620,105
Krystal Biotech, Inc. (a)		4,572		238,933
Kura Oncology, Inc. (a)		14,024		164,642
Lexicon Pharmaceuticals, Inc. (a)		19,319		59,696
Ligand Pharmaceuticals, Inc. (a)		7,556		663,492
MacroGenics, Inc. (a)		18,588		171,939
Madrigal Pharmaceuticals, Inc. (a)		3,330		276,457
MeiraGTx Holdings PLC (a)		6,210		112,463
Mirati Therapeutics, Inc. (a)		10,113		878,112
Momenta Pharmaceuticals, Inc. (a)		44,932		1,303,927
Myovant Sciences Ltd. (a)		16,323		207,302
Myriad Genetics, Inc. (a)		29,564		817,445
Natera, Inc. (a)		19,525		683,570
Neurocrine Biosciences, Inc. (a)		34,615		3,464,269
Opko Health, Inc. (a)		130,501		189,226
PDL BioPharma, Inc. (a)		47,301		155,620
Portola Pharmaceuticals, Inc. (a)		29,012		371,063
Preciden, Inc.		28,391		132,018
Principia Biopharma, Inc. (a)		8,915		469,375

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

36

Common Stocks – continued
	Shares		Value
BIOTECHNOLOGY – continued
Biotechnology – continued
Progenics Pharmaceuticals, Inc. (a)		35,663	$	159,057
Prothena Corp. PLC (a)		15,783		192,079
PTC Therapeutics, Inc. (a)		21,143		1,088,865
Puma Biotechnology, Inc. (a)		11,752		92,371
Ra Pharmaceuticals, Inc. (a)		12,129		568,486
Radius Health, Inc. (a)		17,647		309,881
Regeneron Pharmaceuticals, Inc. (a)		32,232		10,892,482
REGENXBIO, Inc. (a)		13,017		566,630
Retrophin, Inc. (a)		15,142		234,095
Rhythm Pharmaceuticals, Inc. (a)		11,648		204,306
Rigel Pharmaceuticals, Inc. (a)		69,003		155,947
Rocket Pharmaceuticals, Inc. (a)		12,960		265,421
Rubius Therapeutics, Inc. (a)		12,531		97,742
Sage Therapeutics, Inc. (a)		20,485		1,357,746
Sangamo Therapeutics, Inc. (a)		45,701		334,988
Sarepta Therapeutics, Inc. (a)		29,663		3,439,721
Scholar Rock Holding Corp. (a)		7,429		91,302
Seattle Genetics, Inc. (a)		47,011		5,095,522
Solid Biosciences, Inc. (a)		10,084		33,781
Spectrum Pharmaceuticals, Inc. (a)		41,274		104,423
Stemline Therapeutics, Inc. (a)		17,190		113,970
Stoke Therapeutics, Inc. (a)		3,264		91,261
TG Therapeutics, Inc. (a)		34,375		488,469
Translate Bio, Inc. (a)		8,340		59,798
Turning Point Therapeutics, Inc. (a)		7,103		415,526
Twist Bioscience Corp. (a)		4,364		108,402
Ultragenyx Pharmaceutical, Inc. (a)		21,890		1,150,319
uniQure N.V. (a)		13,766		792,371
United Therapeutics Corp. (a)		17,392		1,698,677
Vanda Pharmaceuticals, Inc. (a)		18,580		236,895
Veracyte, Inc. (a)		18,261		479,351
Vericel Corp. (a)		16,750		274,700
Vertex Pharmaceuticals, Inc. (a)		102,299		23,226,988
Viking Therapeutics, Inc. (a)		26,315		165,258
Voyager Therapeutics, Inc. (a)		10,832		119,477
Xencor, Inc. (a)		20,153		683,993
Y-mAbs Therapeutics, Inc. (a)		7,676		253,231
ZIOPHARM Oncology, Inc. (a)		53,711		211,621
TOTAL BIOTECHNOLOGY				290,767,746
HEALTH CARE EQUIPMENT & SUPPLIES – 25.6%
Health Care Equipment – 23.6%
Abbott Laboratories		703,418		61,295,845
ABIOMED, Inc. (a)		18,069		3,366,074
AngioDynamics, Inc. (a)		14,409		198,412
AtriCure, Inc. (a)		15,704		610,886
AxoGen, Inc. (a)		13,743		169,863
Axonics Modulation Technologies, Inc. (a)		6,553		190,234

	Shares		Value
Baxter International, Inc.		193,039	$	17,222,940
Becton Dickinson and Co.		107,440		29,565,339
Boston Scientific Corp. (a)		554,397		23,212,602
Cantel Medical Corp.		14,869		967,377
Cardiovascular Systems, Inc. (a)		14,036		637,094
CONMED Corp.		11,222		1,141,053
CryoLife, Inc. (a)		15,210		452,345
CryoPort, Inc. (a)		14,117		252,835
Cutera, Inc. (a)		4,477		126,162
Danaher Corp.		248,758		40,017,699
DexCom, Inc. (a)		36,304		8,740,188
Edwards Lifesciences Corp. (a)		82,771		18,198,032
Envista Holdings Corp. (a)		47,211		1,396,973
GenMark Diagnostics, Inc. (a)		20,958		112,964
Glaukos Corp. (a)		15,455		869,344
Globus Medical, Inc. Class A (a)		30,475		1,593,233
Heska Corp. (a)		2,953		295,861
Hill-Rom Holdings, Inc.		26,592		2,831,782
Hologic, Inc. (a)		106,483		5,698,970
IDEXX Laboratories, Inc. (a)		34,264		9,285,887
Inogen, Inc. (a)		7,428		328,838
Insulet Corp. (a)		23,985		4,654,049
Integer Holdings Corp. (a)		12,966		1,107,296
Integra LifeSciences Holdings Corp. (a)		28,819		1,586,198
Intuitive Surgical, Inc. (a)		45,870		25,677,109
iRhythm Technologies, Inc. (a)		9,952		852,190
LeMaitre Vascular, Inc.		6,929		249,340
LivaNova PLC (a)		19,168		1,302,849
Masimo Corp. (a)		20,170		3,441,002
Medtronic PLC		533,980		61,642,651
Mesa Laboratories, Inc.		1,544		405,207
Natus Medical, Inc. (a)		13,461		421,195
Nevro Corp. (a)		12,232		1,625,755
Novocure Ltd. (a)		31,348		2,553,608
NuVasive, Inc. (a)		20,815		1,605,253
Orthofix Medical, Inc. (a)		7,468		323,066
Penumbra, Inc. (a)		12,458		2,185,881
ResMed, Inc.		57,180		9,089,905
Shockwave Medical, Inc. (a)		2,782		120,794
Steris PLC		33,705		5,079,006
Stryker Corp.		134,003		28,234,432
Surmodics, Inc. (a)		5,326		209,791
Tactile Systems Technology, Inc. (a)		6,882		386,700
Tandem Diabetes Care, Inc. (a)		21,084		1,603,227
Teleflex, Inc.		18,384		6,829,840
Varex Imaging Corp. (a)		15,097		417,432
Varian Medical Systems, Inc. (a)		36,278		5,099,598
ViewRay, Inc. (a)		44,449		138,681
Wright Medical Group N.V. (a)		48,070		1,448,830
Zimmer Biomet Holdings, Inc.		81,714		12,085,501
				409,155,218

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

37

Fidelity^® MSCI Health Care Index ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES – continued
Health Care Supplies – 2.0%
Align Technology, Inc. (a)		30,214	$	7,768,019
Antares Pharma, Inc. (a)		60,301		221,305
Atrion Corp.		601		432,233
Avanos Medical, Inc. (a)		19,135		526,978
Cerus Corp. (a)		56,993		228,542
DENTSPLY SIRONA, Inc.		89,141		4,991,896
Haemonetics Corp. (a)		20,276		2,177,440
ICU Medical, Inc. (a)		7,815		1,426,003
Lantheus Holdings, Inc. (a)		15,322		268,288
Meridian Bioscience, Inc.		16,681		164,141
Merit Medical Systems, Inc. (a)		22,184		807,941
Neogen Corp. (a)		20,883		1,404,799
OraSure Technologies, Inc. (a)		23,847		168,121
OrthoPediatrics Corp. (a)		4,248		195,111
Quidel Corp. (a)		14,795		1,136,256
Quotient Ltd. (a)		27,651		206,138
Silk Road Medical, Inc. (a)		7,282		338,904
STAAR Surgical Co. (a)		13,328		448,354
The Cooper Cos., Inc.		19,714		6,838,590
West Pharmaceutical Services, Inc.		29,339		4,575,417
				34,324,476
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES				443,479,694
HEALTH CARE PROVIDERS & SERVICES – 18.5%
Health Care Distributors – 1.6%
AmerisourceBergen Corp.		62,116		5,314,645
Cardinal Health, Inc.		118,672		6,077,193
Covetrus, Inc. (a)		40,415		497,105
Henry Schein, Inc. (a)		59,015		4,068,494
McKesson Corp.		73,591		10,494,813
Owens & Minor, Inc.		24,951		156,193
Patterson Cos., Inc.		34,205		752,852
PetIQ, Inc. (a)		8,059		239,755
				27,601,050
Health Care Facilities – 1.7%
Acadia Healthcare Co., Inc. (a)		35,013		1,124,968
Brookdale Senior Living, Inc. (a)		65,858		434,004
Community Health Systems, Inc. (a)		37,025		158,837
Encompass Health Corp.		39,375		3,033,056
Hanger, Inc. (a)		13,135		320,888
HCA Healthcare, Inc.		108,568		15,069,238
National HealthCare Corp.		4,483		376,213
Select Medical Holdings Corp. (a)		45,871		1,047,694
Surgery Partners, Inc. (a)		7,673		129,444
Tenet Healthcare Corp. (a)		34,779		1,100,408
The Ensign Group, Inc.		20,034		905,537
The Pennant Group, Inc. (a)		9,830		259,512
Universal Health Services, Inc. Class B		32,304		4,429,201

	Shares		Value
US Physical Therapy, Inc.		5,041	$	590,503
				28,979,503
Health Care Services – 5.5%
Addus HomeCare Corp. (a)		5,528		521,512
Amedisys, Inc. (a)		12,800		2,259,072
AMN Healthcare Services, Inc. (a)		18,669		1,257,917
Apollo Medical Holdings, Inc. (a)		9,736		174,469
BioTelemetry, Inc. (a)		13,513		661,056
Chemed Corp.		6,323		2,953,094
Cigna Corp. (a)		150,286		28,912,021
CorVel Corp. (a)		3,965		363,075
Cross Country Healthcare, Inc. (a)		14,119		139,778
CVS Health Corp.		517,593		35,103,157
DaVita, Inc. (a)		41,305		3,299,030
Diplomat Pharmacy, Inc. (a)		23,369		93,009
Guardant Health, Inc. (a)		14,779		1,123,795
Laboratory Corp. of America Holdings (a)		38,902		6,823,411
LHC Group, Inc. (a)		11,865		1,729,324
MEDNAX, Inc. (a)		33,384		770,169
National Research Corp. Class A		4,866		329,282
Option Care Health, Inc. (a)		55,721		232,914
Premier, Inc. Class A (a)		25,160		874,813
Quest Diagnostics, Inc.		53,538		5,925,050
R1 RCM, Inc. (a)		35,314		441,425
RadNet, Inc. (a)		17,043		384,660
The Providence Service Corp. (a)		4,612		299,088
Tivity Health, Inc. (a)		19,339		418,593
				95,089,714
Managed Health Care – 9.7%
Anthem, Inc.		101,815		27,009,483
Centene Corp. (a)		232,294		14,590,386
HealthEquity, Inc. (a)		28,176		1,861,307
Humana, Inc.		53,764		18,077,607
Magellan Health, Inc. (a)		9,081		664,820
Molina Healthcare, Inc. (a)		23,710		2,915,619
Triple-S Management Corp. Class B (a)		9,885		174,174
UnitedHealth Group, Inc.		377,173		102,760,784
				168,054,180
TOTAL HEALTH CARE PROVIDERS & SERVICES				319,724,447
HEALTH CARE TECHNOLOGY – 1.5%
Health Care Technology – 1.5%
Allscripts Healthcare Solutions, Inc. (a)		66,934		574,294
Cerner Corp.		126,719		9,102,226
Change Healthcare, Inc. (a)		19,804		307,358
Computer Programs & Systems, Inc.		5,567		144,742
Evolent Health, Inc. Class A (a)		29,841		300,797
Health Catalyst, Inc. (a)		3,612		117,932
HealthStream, Inc. (a)		10,689		273,104

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

38

Common Stocks – continued
	Shares		Value
HEALTH CARE TECHNOLOGY – continued
Health Care Technology – continued
HMS Holdings Corp. (a)		34,759	$	949,616
Inovalon Holdings, Inc. Class A (a)		26,699		540,922
Inspire Medical Systems, Inc. (a)		4,880		365,024
NextGen Healthcare, Inc. (a)		19,235		266,597
Omnicell, Inc. (a)		16,501		1,341,201
Phreesia, Inc. (a)		7,083		219,573
Simulations Plus, Inc.		4,872		158,730
Tabula Rasa HealthCare, Inc. (a)		7,659		444,758
Teladoc Health, Inc. (a)		27,319		2,778,615
Veeva Systems, Inc. Class A (a)		51,776		7,590,879
Vocera Communications, Inc. (a)		12,868		283,482
TOTAL HEALTH CARE TECHNOLOGY				25,759,850
LIFE SCIENCES TOOLS & SERVICES – 7.3%
Life Sciences Tools & Services – 7.3%
Accelerate Diagnostics, Inc. (a)		12,025		202,020
Agilent Technologies, Inc.		123,168		10,168,750
Bio-Rad Laboratories, Inc. Class A (a)		8,840		3,190,533
Bio-Techne Corp.		15,160		3,183,145
Bruker Corp.		43,239		2,139,033
Charles River Laboratories International, Inc. (a)		19,414		3,001,016
Codexis, Inc. (a)		21,981		344,662
Fluidigm Corp. (a)		27,057		103,899
Illumina, Inc. (a)		58,506		16,970,835
IQVIA Holdings, Inc. (a)		66,608		10,340,892
Luminex Corp.		16,141		366,159
Medpace Holdings, Inc. (a)		11,419		976,895
Mettler-Toledo International, Inc. (a)		9,790		7,412,792
NanoString Technologies, Inc. (a)		13,364		363,100
NeoGenomics, Inc. (a)		39,461		1,271,828
Pacific Biosciences of California, Inc. (a)		50,308		234,938
PerkinElmer, Inc.		44,293		4,096,217
PRA Health Sciences, Inc. (a)		24,964		2,529,103
Quanterix Corp. (a)		5,419		146,909
Repligen Corp. (a)		18,391		1,846,273
Syneos Health, Inc. (a)		24,767		1,519,703
Thermo Fisher Scientific, Inc.		159,387		49,918,415
Waters Corp. (a)		26,600		5,952,814
TOTAL LIFE SCIENCES TOOLS & SERVICES				126,279,931
PHARMACEUTICALS – 30.0%
Pharmaceuticals – 30.0%
Aerie Pharmaceuticals, Inc. (a)		17,679		362,066
Akorn, Inc. (a)		36,519		55,874
Allergan PLC		130,556		24,366,972
Amneal Pharmaceuticals, Inc. (a)		41,504		186,353
Amphastar Pharmaceuticals, Inc. (a)		14,106		266,744

	Shares		Value
ANI Pharmaceuticals, Inc. (a)		3,729	$	231,198
Arvinas Holding Co. LLC (a)		7,546		365,679
Axsome Therapeutics, Inc. (a)		9,608		834,167
BioDelivery Sciences International, Inc. (a)		31,942		167,696
Bristol-Myers Squibb Co.		933,106		58,739,023
Cara Therapeutics, Inc. (a)		16,602		267,292
Catalent, Inc. (a)		58,008		3,544,289
Collegium Pharmaceutical, Inc. (a)		10,454		210,282
Corcept Therapeutics, Inc. (a)		41,109		520,851
Cymabay Therapeutics, Inc. (a)		23,850		36,729
Dermira, Inc. (a)		18,848		357,170
Elanco Animal Health, Inc. (a)		157,485		4,866,286
Eli Lilly & Co.		345,814		48,289,467
Endo International PLC (a)		82,561		468,121
Evolus, Inc. (a)		8,986		91,927
Horizon Therapeutics PLC (a)		74,355		2,564,504
Innoviva, Inc. (a)		27,735		382,882
Intersect ENT, Inc. (a)		12,772		330,028
Intra-Cellular Therapies, Inc. (a)		23,283		528,291
Jazz Pharmaceuticals PLC (a)		22,555		3,233,259
Johnson & Johnson		1,050,378		156,369,773
Lannett Co., Inc. (a)		13,895		113,105
Merck & Co., Inc.		1,019,020		87,065,069
Mylan N.V. (a)		205,008		4,391,271
MyoKardia, Inc. (a)		17,454		1,187,396
Nektar Therapeutics (a)		69,833		1,388,978
Odonate Therapeutics, Inc. (a)		5,553		162,148
Omeros Corp. (a)		19,143		244,265
Optinose, Inc. (a)		9,068		71,002
Pacira BioSciences, Inc. (a)		14,918		644,756
Perrigo Co. PLC		51,475		2,936,134
Pfizer, Inc.		2,201,337		81,977,790
Phibro Animal Health Corp. Class A		8,182		194,077
Prestige Consumer Healthcare, Inc. (a)		19,915		807,752
Reata Pharmaceuticals, Inc. Class A (a)		7,771		1,700,217
Revance Therapeutics, Inc. (a)		18,443		412,570
SIGA Technologies, Inc. (a)		20,864		107,450
Supernus Pharmaceuticals, Inc. (a)		20,756		474,690
TherapeuticsMD, Inc. (a)		94,434		212,476
Theravance Biopharma, Inc. (a)		17,219		480,066
Tilray, Inc. Class 2 (a)		9,034		158,456
Tricida, Inc. (a)		8,015		282,609
WaVe Life Sciences Ltd. (a)		7,730		54,883
Zoetis, Inc.		190,066		25,508,758
Zogenix, Inc. (a)		16,273		819,671
TOTAL PHARMACEUTICALS				519,032,512
TOTAL COMMON STOCKS (Cost $1,518,865,949)				1,725,044,180

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

39

Fidelity^® MSCI Health Care Index ETF

Schedule of Investments (Unaudited) – continued

Money Market Fund – 0.2%
	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (c) (Cost $2,645,000)		2,645,000	$	2,645,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $1,521,510,949)				1,727,689,180
NET OTHER ASSETS (LIABILITIES) – 0.1%				2,098,869
NET ASSETS – 100.0%			$	1,729,788,049

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.

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Future Contracts		5		March 2020	$	403,675	$	(14,383	)	$	(14,383	)
CME E-mini S&P Health Care Select Sector Index Future Contracts		41		March 2020		4,103,280		(145,321	)		(145,321	)
Total Equity Index Contracts										$	(159,704	)

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, 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	$	1,725,044,180		$	1,725,024,339		$	—	$	19,841
Money Market Funds		2,645,000			2,645,000			—		—
Total Investments in Securities:	$	1,727,689,180		$	1,727,669,339		$	—	$	19,841
Derivative Instruments:
Liabilities
Futures Contracts	$	(159,704	)	$	(159,704	)	$	—	$	—
Total Liabilities	$	(159,704	)	$	(159,704	)	$	—	$	—
Total Derivative Instruments:	$	(159,704	)	$	(159,704	)	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts (a)	$	0	$	(159,704	)
Total Equity Risk		0		(159,704	)
Total Value of Derivatives	$	0	$	(159,704	)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

40

Fidelity^® MSCI Industrials Index ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares		Value
AEROSPACE & DEFENSE – 24.8%
Aerospace & Defense – 24.8%
AAR Corp.		5,046	$	214,859
Aerojet Rocketdyne Holdings, Inc. (a)		10,721		558,242
Aerovironment, Inc. (a)		3,302		219,946
Arconic, Inc.		59,979		1,796,371
Astronics Corp. (a)		3,776		95,155
Axon Enterprise, Inc. (a)		8,928		685,760
BWX Technologies, Inc.		14,371		913,852
Cubic Corp.		4,523		295,307
Curtiss-Wright Corp.		6,124		890,613
Ducommun, Inc. (a)		1,633		66,839
General Dynamics Corp.		37,157		6,518,824
HEICO Corp.		6,539		800,570
HEICO Corp. Class A		11,551		1,110,629
Hexcel Corp.		12,837		952,762
Huntington Ingalls Industries, Inc.		6,258		1,633,338
Kratos Defense & Security Solutions, Inc. (a)		13,594		249,314
L3Harris Technologies, Inc.		33,792		7,479,183
Lockheed Martin Corp.		38,465		16,467,636
Maxar Technologies, Inc.		9,025		144,039
Mercury Systems, Inc. (a)		8,359		641,553
Moog, Inc. Class A		4,897		438,820
National Presto Industries, Inc.		716		61,712
Northrop Grumman Corp.		24,326		9,111,790
Park Aerospace Corp.		2,760		42,697
Parsons Corp. (a)		3,763		153,907
Raytheon Co.		42,154		9,313,505
Spirit AeroSystems Holdings, Inc. Class A		15,626		1,020,690
Teledyne Technologies, Inc. (a)		5,506		2,010,020
Textron, Inc.		34,849		1,600,615
The Boeing Co.		80,904		25,749,316
TransDigm Group, Inc.		7,290		4,689,511
Triumph Group, Inc.		7,551		154,267
United Technologies Corp.		124,054		18,632,911
Vectrus, Inc. (a)		1,742		97,116
TOTAL AEROSPACE & DEFENSE				114,811,669
AIR FREIGHT & LOGISTICS – 4.7%
Air Freight & Logistics – 4.7%
Air Transport Services Group, Inc. (a)		2,210		46,344
Atlas Air Worldwide Holdings, Inc. (a)		931		20,808
CH Robinson Worldwide, Inc.		20,501		1,480,582
Echo Global Logistics, Inc. (a)		4,267		82,694
Expeditors International of Washington, Inc.		25,837		1,887,135
FedEx Corp.		37,506		5,424,868
Forward Air Corp.		4,240		277,508
Hub Group, Inc. Class A (a)		5,059		267,469

	Shares		Value
United Parcel Service, Inc. Class B		105,688	$	10,940,822
XPO Logistics, Inc. (a)		13,970		1,242,212
TOTAL AIR FREIGHT & LOGISTICS				21,670,442
AIRLINES – 0.9%
Airlines – 0.9%
Allegiant Travel Co.		611		102,672
American Airlines Group, Inc.		16,853		452,335
Delta Air Lines, Inc.		24,691		1,376,276
Hawaiian Holdings, Inc.		1,734		48,344
SkyWest, Inc.		1,925		106,202
Southwest Airlines Co.		20,344		1,118,513
Spirit Airlines, Inc. (a)		2,593		106,495
United Airlines Holdings, Inc. (a)		9,725		727,430
TOTAL AIRLINES				4,038,267
BUILDING PRODUCTS – 4.2%
Building Products – 4.2%
AAON, Inc.		6,287		329,690
Advanced Drainage Systems, Inc.		7,600		315,932
Allegion PLC		14,132		1,827,550
American Woodmark Corp. (a)		2,285		250,550
AO Smith Corp.		20,945		894,142
Apogee Enterprises, Inc.		3,763		119,739
Armstrong World Industries, Inc.		6,973		699,601
Builders FirstSource, Inc. (a)		17,364		430,540
Continental Building Products, Inc. (a)		5,308		196,343
Cornerstone Building Brands, Inc. (a)		10,176		87,310
CSW Industrials, Inc.		2,246		170,426
Fortune Brands Home & Security, Inc.		21,187		1,455,759
Gibraltar Industries, Inc. (a)		4,882		266,167
Griffon Corp.		5,620		116,840
Insteel Industries, Inc.		2,846		63,665
JELD-WEN Holding, Inc. (a)		9,829		234,717
Johnson Controls International PLC		120,707		4,761,891
Lennox International, Inc.		5,277		1,229,435
Masco Corp.		43,807		2,081,709
Masonite International Corp. (a)		3,767		282,939
Owens Corning		16,473		996,452
Patrick Industries, Inc.		3,434		178,156
PGT Innovations, Inc. (a)		8,727		135,269
Quanex Building Products Corp.		4,995		88,511
Resideo Technologies, Inc. (a)		18,324		186,538
Simpson Manufacturing Co., Inc.		6,061		501,063
Trex Co., Inc. (a)		8,853		869,719
Universal Forest Products, Inc.		9,095		435,651
TOTAL BUILDING PRODUCTS				19,206,304

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

41

Fidelity^® MSCI Industrials Index ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES – 7.4%
Commercial Printing – 0.3%
Brady Corp. Class A		7,409	$	410,236
Cimpress PLC (a)		3,199		382,696
Deluxe Corp.		6,554		315,903
Ennis, Inc.		3,967		82,752
Quad/Graphics, Inc.		4,810		20,442
RR Donnelley & Sons Co.		10,674		25,618
				1,237,647
Diversified Support Services – 2.1%
Cintas Corp.		13,184		3,677,941
Copart, Inc. (a)		31,207		3,166,262
Healthcare Services Group, Inc.		11,256		288,154
IAA, Inc. (a)		20,205		954,888
KAR Auction Services, Inc.		20,345		427,652
Matthews International Corp. Class A		4,788		178,688
McGrath RentCorp		3,667		283,533
Mobile Mini, Inc.		6,747		281,620
UniFirst Corp.		2,323		473,729
Viad Corp.		3,093		201,045
VSE Corp.		1,385		43,087
				9,976,599
Environmental & Facilities Services – 4.3%
ABM Industries, Inc.		9,992		381,095
Advanced Disposal Services, Inc. (a)		11,446		377,146
BrightView Holdings, Inc. (a)		4,731		74,750
Casella Waste Systems, Inc. Class A (a)		6,638		339,799
Clean Harbors, Inc. (a)		8,055		662,282
Covanta Holding Corp.		17,931		268,606
Harsco Corp. (a)		12,049		179,530
Heritage-Crystal Clean, Inc. (a)		2,343		66,424
Republic Services, Inc.		33,981		3,229,894
Rollins, Inc.		22,256		844,615
SP Plus Corp. (a)		3,431		143,450
Stericycle, Inc. (a)		13,743		861,411
Team, Inc. (a)		4,444		60,439
Tetra Tech, Inc.		8,285		709,196
US Ecology, Inc.		3,764		203,294
Waste Connections, Inc.		39,904		3,843,154
Waste Management, Inc.		64,205		7,813,749
				20,058,834
Office Services & Supplies – 0.5%
ACCO Brands Corp.		14,822		128,062
Herman Miller, Inc.		8,877		343,096
HNI Corp.		6,511		234,201
Interface, Inc.		9,022		145,074
Kimball International, Inc. Class B		5,641		105,938
Knoll, Inc.		7,519		186,170
MSA Safety, Inc.		5,587		757,597
Pitney Bowes, Inc.		26,499		99,106

	Shares		Value
Steelcase, Inc. Class A		13,475	$	250,770
				2,250,014
Security & Alarm Services – 0.2%
ADT, Inc.		22,713		140,821
The Brink’s Co.		7,581		638,244
				779,065
TOTAL COMMERCIAL SERVICES & SUPPLIES				34,302,159
CONSTRUCTION & ENGINEERING – 1.7%
Construction & Engineering – 1.7%
AECOM (a)		23,878		1,151,636
Aegion Corp. (a)		4,811		100,550
Ameresco, Inc. Class A (a)		2,994		57,455
Arcosa, Inc.		6,545		286,344
Argan, Inc.		2,092		88,094
Comfort Systems USA, Inc.		5,524		256,314
Construction Partners, Inc. Class A (a)		2,703		45,356
Dycom Industries, Inc. (a)		4,733		191,308
EMCOR Group, Inc.		8,472		696,144
Fluor Corp.		20,124		360,018
Granite Construction, Inc.		7,025		190,588
Great Lakes Dredge & Dock Corp. (a)		8,802		92,157
IES Holdings, Inc. (a)		1,285		32,138
Jacobs Engineering Group, Inc.		20,512		1,897,975
MasTec, Inc. (a)		9,211		531,935
MYR Group, Inc. (a)		2,549		73,207
NV5 Global, Inc. (a)		1,495		92,855
Primoris Services Corp.		6,474		138,090
Quanta Services, Inc.		21,458		840,081
Sterling Construction Co., Inc. (a)		4,195		55,269
Tutor Perini Corp. (a)		6,181		69,598
Valmont Industries, Inc.		3,261		463,258
Willscot Corp. (a)		8,143		153,496
TOTAL CONSTRUCTION & ENGINEERING				7,863,866
ELECTRICAL EQUIPMENT – 5.8%
Electrical Components & Equipment – 5.7%
Acuity Brands, Inc.		6,026		710,285
AMETEK, Inc.		34,558		3,357,310
Atkore International Group, Inc. (a)		7,012		278,376
Eaton Corp. PLC		63,564		6,004,891
Emerson Electric Co.		93,091		6,668,108
Encore Wire Corp.		3,129		169,936
EnerSys		6,404		460,832
Generac Holdings, Inc. (a)		9,455		979,443
GrafTech International Ltd.		10,746		115,305
Hubbell, Inc.		8,247		1,181,218
nVent Electric PLC		23,041		573,721
Plug Power, Inc. (a)		45,662		176,484
Powell Industries, Inc.		1,384		57,118

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

42

Common Stocks – continued
	Shares		Value
ELECTRICAL EQUIPMENT – continued
Electrical Components & Equipment – continued
Regal-Beloit Corp.		6,349	$	498,142
Rockwell Automation, Inc.		17,708		3,393,915
Sensata Technologies Holding PLC (a)		24,449		1,155,704
Sunrun, Inc. (a)		11,660		198,570
Thermon Group Holdings, Inc. (a)		5,034		119,306
Vicor Corp. (a)		2,766		138,438
Vivint Solar, Inc. (a)		6,272		51,179
				26,288,281
Heavy Electrical Equipment – 0.1%
AZZ, Inc.		3,967		163,678
Bloom Energy Corp. Class A (a)		9,536		75,144
TPI Composites, Inc. (a)		4,142		85,947
				324,769
TOTAL ELECTRICAL EQUIPMENT				26,613,050
INDUSTRIAL CONGLOMERATES – 12.3%
Industrial Conglomerates – 12.3%
3M Co.		87,064		13,813,574
Carlisle Cos., Inc.		8,570		1,338,891
General Electric Co.		1,320,777		16,443,674
Honeywell International, Inc.		108,892		18,862,272
Raven Industries, Inc.		5,453		171,006
Roper Technologies, Inc.		15,740		6,007,329
TOTAL INDUSTRIAL CONGLOMERATES				56,636,746
MACHINERY – 19.1%
Agricultural & Farm Machinery – 2.0%
AGCO Corp.		9,747		683,654
Deere & Co.		45,271		7,179,075
Lindsay Corp.		1,655		165,550
The Toro Co.		16,114		1,289,442
				9,317,721
Construction Machinery & Heavy Trucks – 5.6%
Alamo Group, Inc.		1,506		187,587
Allison Transmission Holdings, Inc.		17,358		767,224
Astec Industries, Inc.		3,248		133,948
Blue Bird Corp. (a)		2,246		44,314
Caterpillar, Inc.		85,143		11,183,533
Cummins, Inc.		22,686		3,629,079
Douglas Dynamics, Inc.		3,486		182,771
Federal Signal Corp.		9,155		294,425
Meritor, Inc. (a)		11,265		246,816
Navistar International Corp. (a)		6,700		245,354
Oshkosh Corp.		10,354		890,858
PACCAR, Inc.		52,420		3,890,088
REV Group, Inc.		4,231		42,310
Spartan Motors, Inc.		4,957		84,269
Terex Corp.		10,749		272,487

	Shares		Value
The Greenbrier Cos., Inc.		4,843	$	116,668
The Manitowoc Co., Inc. (a)		5,465		78,969
Trinity Industries, Inc.		16,449		334,408
Wabash National Corp.		8,281		96,060
WABCO Holdings, Inc. (a)		7,738		1,049,660
Westinghouse Air Brake Technologies Corp.		27,562		2,035,729
				25,806,557
Industrial Machinery – 11.5%
Albany International Corp. Class A		4,650		324,431
Altra Industrial Motion Corp.		9,789		325,582
Barnes Group, Inc.		7,280		459,878
Briggs & Stratton Corp.		6,494		23,833
Chart Industries, Inc. (a)		5,146		329,241
CIRCOR International, Inc. (a)		2,563		106,441
Colfax Corp. (a)		13,400		471,144
Columbus McKinnon Corp.		3,447		120,611
Crane Co.		7,258		620,269
Donaldson Co., Inc.		19,321		1,001,794
Dover Corp.		22,011		2,505,952
Energy Recovery, Inc. (a)		4,851		49,529
Enerpac Tool Group Corp.		9,252		213,814
EnPro Industries, Inc.		2,970		173,567
ESCO Technologies, Inc.		3,941		378,178
Evoqua Water Technologies Corp. (a)		12,229		244,213
Flowserve Corp.		19,859		927,018
Fortive Corp.		45,703		3,424,526
Franklin Electric Co., Inc.		5,987		345,390
Gardner Denver Holdings, Inc. (a)		20,084		709,166
Gates Industrial Corp. PLC (a)		8,787		109,574
Graco, Inc.		25,200		1,339,380
Helios Technologies, Inc.		4,318		183,601
Hillenbrand, Inc.		11,117		322,727
Hyster-Yale Materials Handling, Inc.		955		51,560
IDEX Corp.		11,479		1,880,834
Illinois Tool Works, Inc.		48,956		8,566,321
Ingersoll-Rand PLC		36,560		4,870,889
ITT, Inc.		13,324		893,774
John Bean Technologies Corp.		4,786		540,770
Kadant, Inc.		1,716		182,926
Kennametal, Inc.		12,416		388,497
Lincoln Electric Holdings, Inc.		8,885		792,364
Luxfer Holdings PLC		4,145		66,113
Lydall, Inc. (a)		2,657		54,309
Mueller Industries, Inc.		8,135		237,298
Mueller Water Products, Inc. Class A		23,708		276,198
NN, Inc.		6,296		54,334
Nordson Corp.		7,811		1,318,965
Omega Flex, Inc.		441		46,481
Parker Hannifin Corp.		19,439		3,804,018
Park-Ohio Holdings Corp.		1,248		36,691

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

43

Fidelity^® MSCI Industrials Index ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
MACHINERY – continued
Industrial Machinery – continued
Pentair PLC		24,168	$	1,037,532
Proto Labs, Inc. (a)		3,853		398,786
RBC Bearings, Inc. (a)		3,756		584,096
Rexnord Corp. (a)		16,027		523,282
Snap-on, Inc.		8,364		1,335,145
SPX Corp. (a)		6,664		327,002
SPX FLOW, Inc. (a)		6,470		282,998
Standex International Corp.		1,904		139,163
Stanley Black & Decker, Inc.		23,002		3,664,909
Tennant Co.		2,635		203,475
The Gorman-Rupp Co.		2,789		102,942
The Middleby Corp. (a)		8,431		945,621
The Timken Co.		10,343		543,318
Trimas Corp. (a)		6,921		198,840
Watts Water Technologies, Inc. Class A		4,192		417,984
Welbilt, Inc. (a)		20,337		306,885
Woodward, Inc.		8,425		979,912
Xylem, Inc.		27,246		2,224,908
				52,988,999
TOTAL MACHINERY				88,113,277
MARINE – 0.0%
Marine – 0.0%
Genco Shipping & Trading Ltd.		2,467		19,415
Kirby Corp. (a)		2,277		166,881
Matson, Inc.		1,569		56,500
TOTAL MARINE				242,796
PROFESSIONAL SERVICES – 5.4%
Human Resource & Employment Services – 0.9%
ASGN, Inc. (a)		7,990		540,843
Barrett Business Services, Inc.		1,129		93,515
Heidrick & Struggles International, Inc.		2,879		81,821
Insperity, Inc.		5,917		516,968
Kelly Services, Inc. Class A		4,787		85,017
Kforce, Inc.		3,417		126,600
Korn Ferry		8,637		353,944
ManpowerGroup, Inc.		9,062		829,083
Robert Half International, Inc.		17,757		1,032,925
TriNet Group, Inc. (a)		6,889		393,086
TrueBlue, Inc. (a)		6,059		132,753
Upwork, Inc. (a)		8,422		77,314
				4,263,869
Research & Consulting Services – 4.5%
CBIZ, Inc. (a)		7,974		215,298
CoStar Group, Inc. (a)		5,531		3,611,688
Equifax, Inc.		18,295		2,742,420

	Shares		Value
Exponent, Inc.		7,838	$	570,371
Forrester Research, Inc.		1,649		68,219
Franklin Covey Co. (a)		1,481		47,096
FTI Consulting, Inc. (a)		5,685		682,541
Huron Consulting Group, Inc. (a)		3,454		223,854
ICF International, Inc.		2,871		251,471
IHS Markit Ltd. (a)		57,668		4,547,698
Mistras Group, Inc. (a)		2,781		30,786
Nielsen Holdings PLC		53,772		1,096,949
Resources Connection, Inc.		4,524		68,878
TransUnion		28,423		2,606,389
Verisk Analytics, Inc.		23,508		3,819,345
Willdan Group, Inc. (a)		1,572		52,080
				20,635,083
TOTAL PROFESSIONAL SERVICES				24,898,952
ROAD & RAIL – 10.2%
Railroads – 8.4%
CSX Corp.		114,758		8,760,626
Kansas City Southern		15,121		2,550,761
Norfolk Southern Corp.		39,864		8,300,083
Union Pacific Corp.		106,625		19,130,658
				38,742,128
Trucking – 1.8%
AMERCO		1,342		498,244
ArcBest Corp.		3,870		86,340
Avis Budget Group, Inc. (a)		9,846		322,949
Covenant Transportation Group, Inc. Class A (a)		1,892		24,000
Heartland Express, Inc.		6,896		128,886
Hertz Global Holdings, Inc. (a)		13,044		205,573
JB Hunt Transport Services, Inc.		12,972		1,400,068
Knight-Swift Transportation Holdings, Inc.		19,361		717,906
Landstar System, Inc.		5,999		664,389
Marten Transport Ltd.		6,158		127,840
Old Dominion Freight Line, Inc.		9,689		1,901,273
Ryder System, Inc.		8,080		385,578
Saia, Inc. (a)		3,922		341,606
Schneider National, Inc. Class B		7,816		174,062
Uber Technologies, Inc. (a)		28,309		1,027,334
Universal Logistics Holdings, Inc		1,304		22,038
Werner Enterprises, Inc.		6,785		250,095
				8,278,181
TOTAL ROAD & RAIL				47,020,309
TRADING COMPANIES & DISTRIBUTORS – 3.1%
Trading Companies & Distributors – 3.1%
Air Lease Corp.		16,062		689,702
Aircastle Ltd.		8,537		273,952

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

44

Common Stocks – continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS – continued
Trading Companies & Distributors – continued
Applied Industrial Technologies, Inc.		5,853	$	377,928
Beacon Roofing Supply, Inc. (a)		10,346		342,556
BMC Stock Holdings, Inc. (a)		10,084		294,302
CAI International, Inc. (a)		2,567		69,822
DXP Enterprises, Inc. (a)		2,533		87,819
Fastenal Co.		86,785		3,027,061
Foundation Building Materials, Inc. (a)		3,242		57,805
GATX Corp.		5,134		390,852
GMS, Inc. (a)		6,314		168,710
H&E Equipment Services, Inc.		4,812		130,453
HD Supply Holdings, Inc. (a)		25,863		1,053,659
Herc Holdings, Inc. (a)		3,217		129,066
Kaman Corp.		3,770		232,684
MRC Global, Inc. (a)		12,586		141,718
MSC Industrial Direct Co., Inc. Class A		6,783		461,719
NOW, Inc. (a)		16,429		164,454
Rush Enterprises, Inc. Class A		4,240		182,320
Rush Enterprises, Inc. Class B		550		24,398
SiteOne Landscape Supply, Inc. (a)		5,905		570,128
Systemax, Inc.		2,073		49,027
Titan Machinery, Inc. (a)		2,860		34,921
Triton International Ltd.		7,758		291,313
United Rentals, Inc. (a)		11,680		1,584,859
Univar, Inc. (a)		20,514		442,077
Watsco, Inc.		4,937		858,643
WESCO International, Inc. (a)		6,108		295,688

	Shares		Value
WW Grainger, Inc.		7,020	$	2,124,743
TOTAL TRADING COMPANIES & DISTRIBUTORS				14,552,379
TRANSPORTATION INFRASTRUCTURE – 0.1%
Airport Services – 0.1%
Macquarie Infrastructure Corp.		11,100		489,621
TOTAL COMMON STOCKS (Cost $442,082,939)				460,459,837
Money Market Fund – 0.2%
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) (Cost $1,183,000)		1,183,000		1,183,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $443,265,939)				461,642,837
NET OTHER ASSETS (LIABILITIES) – 0.1%				256,039
NET ASSETS – 100.0%			$	461,898,876

Legend

(a) Non-income producing.

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

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Future Contracts		2		March 2020	$	161,470	$	(5,517	)	$	(5,517	)
CME E-mini S&P Industrial Select Sector Index Future Contracts		14		March 2020		1,139,600		(12,236	)		(12,236	)
Total Equity Index Contracts										$	(17,753	)

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

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

45

Fidelity^® MSCI Industrials Index ETF

Schedule of Investments (Unaudited) – continued

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, 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	$	460,459,837		$	460,459,837		$	—	$	—
Money Market Funds		1,183,000			1,183,000			—		—
Total Investments in Securities:	$	461,642,837		$	461,642,837		$	—	$	—
Derivative Instruments:
Liabilities
Futures Contracts	$	(17,753	)	$	(17,753	)	$	—	$	—
Total Liabilities	$	(17,753	)	$	(17,753	)	$	—	$	—
Total Derivative Instruments:	$	(17,753	)	$	(17,753	)	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts (a)	$	0	$	(17,753	)
Total Equity Risk		0		(17,753	)
Total Value of Derivatives	$	0	$	(17,753	)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

46

Fidelity^® MSCI Information Technology Index ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
COMMUNICATIONS EQUIPMENT – 3.9%
Communications Equipment – 3.9%
Acacia Communications, Inc. (a)		15,041	$	1,031,061
ADTRAN, Inc.		21,360		193,308
Arista Networks, Inc. (a)		24,849		5,549,776
CalAmp Corp. (a)		15,786		151,861
Casa Systems, Inc. (a)		13,442		53,902
Ciena Corp. (a)		71,811		2,920,553
Cisco Systems, Inc.		1,976,673		90,867,658
CommScope Holding Co., Inc. (a)		90,147		1,098,441
Comtech Telecommunications Corp.		11,573		334,575
EchoStar Corp. Class A (a)		23,216		926,435
Extreme Networks, Inc. (a)		58,334		344,171
F5 Networks, Inc. (a)		27,803		3,395,302
Harmonic, Inc. (a)		42,765		300,852
Infinera Corp. (a)		76,457		563,488
InterDigital, Inc.		14,835		819,634
Juniper Networks, Inc.		160,436		3,680,402
Lumentum Holdings, Inc. (a)		35,530		2,692,108
Motorola Solutions, Inc.		76,288		13,502,976
NETGEAR, Inc. (a)		14,185		364,838
Netscout Systems, Inc. (a)		36,151		929,442
Plantronics, Inc.		15,663		449,841
Ribbon Communications, Inc. (a)		23,206		65,441
ViaSat, Inc. (a)		18,349		1,167,914
Viavi Solutions, Inc. (a)		103,870		1,464,567
TOTAL COMMUNICATIONS EQUIPMENT				132,868,546
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.5%
Electronic Components – 1.0%
Amphenol Corp. Class A		136,569		13,584,518
AVX Corp.		24,148		489,480
Belden, Inc.		21,036		1,036,444
Corning, Inc.		361,670		9,652,972
Dolby Laboratories, Inc. Class A		30,020		2,081,587
II-VI, Inc. (a)		39,083		1,315,143
Knowles Corp. (a)		41,817		825,049
Littelfuse, Inc.		11,411		2,018,720
Rogers Corp. (a)		8,578		1,010,060
Vishay Intertechnology, Inc.		61,999		1,257,960
				33,271,933
Electronic Equipment & Instruments – 1.1%
Arlo Technologies, Inc. (a)		35,074		149,766
Badger Meter, Inc.		13,458		794,830
Cognex Corp.		79,019		4,027,598
Coherent, Inc. (a)		11,072		1,565,913
Daktronics, Inc.		18,702		110,342
FARO Technologies, Inc. (a)		8,005		413,538
Fitbit, Inc. Class A (a)		105,229		686,093
FLIR Systems, Inc.		62,818		3,237,640
Itron, Inc. (a)		16,646		1,360,811

	Shares		Value
Keysight Technologies, Inc. (a)		86,935	$	8,084,086
MTS Systems Corp.		8,931		452,712
Napco Security Technologies, Inc. (a)		5,548		163,111
National Instruments Corp.		58,038		2,590,236
nLight, Inc. (a)		12,394		217,763
Novanta, Inc. (a)		16,196		1,469,463
OSI Systems, Inc. (a)		7,949		687,906
Trimble, Inc. (a)		116,613		4,958,385
Vishay Precision Group, Inc. (a)		4,760		164,410
Zebra Technologies Corp. Class A (a)		25,023		5,980,997
				37,115,600
Electronic Manufacturing Services – 0.8%
Benchmark Electronics, Inc.		16,583		510,425
CTS Corp.		14,044		411,630
Fabrinet (a)		17,207		1,084,729
Flex Ltd. (a)		237,707		3,125,847
IPG Photonics Corp. (a)		17,299		2,208,563
Jabil, Inc.		63,429		2,466,754
KEMET Corp.		26,108		679,852
Kimball Electronics, Inc. (a)		11,925		192,947
Methode Electronics, Inc.		17,443		571,258
Plexus Corp. (a)		13,847		984,799
Sanmina Corp. (a)		32,263		1,027,254
TE Connectivity Ltd.		154,541		14,245,589
TTM Technologies, Inc. (a)		47,579		684,662
				28,194,309
Technology Distributors – 0.6%
Anixter International, Inc. (a)		15,014		1,465,366
Arrow Electronics, Inc. (a)		38,481		2,922,247
Avnet, Inc.		47,935		1,749,148
CDW Corp.		66,973		8,736,628
ePlus, Inc. (a)		6,445		513,795
Insight Enterprises, Inc. (a)		16,808		1,107,143
PC Connection, Inc.		5,339		266,096
ScanSource, Inc. (a)		12,321		429,880
SYNNEX Corp.		19,980		2,752,445
Tech Data Corp. (a)		16,927		2,436,472
				22,379,220
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS				120,961,062
IT SERVICES – 22.8%
Data Processing & Outsourced Services – 16.5%
Alliance Data Systems Corp.		20,137		2,069,882
Automatic Data Processing, Inc.		200,187		34,310,050
Black Knight, Inc. (a)		69,491		4,650,338
Broadridge Financial Solutions, Inc.		52,842		6,296,124
Cardtronics PLC Class A (a)		16,762		754,290
Cass Information Systems, Inc.		5,684		307,050
Conduent, Inc. (a)		82,293		352,214
CoreLogic, Inc.		37,511		1,744,262

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

47

Fidelity^® MSCI Information Technology Index ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
IT SERVICES – continued
Data Processing & Outsourced Services – continued
CSG Systems International, Inc.		15,569	$	775,648
Euronet Worldwide, Inc. (a)		25,179		3,969,218
EVERTEC, Inc.		28,606		960,303
Evo Payments, Inc. Class A (a)		16,677		462,120
ExlService Holdings, Inc. (a)		15,794		1,154,699
Fidelity National Information Services, Inc.		283,134		40,675,030
Fiserv, Inc. (a)		266,790		31,643,962
FleetCor Technologies, Inc. (a)		39,839		12,558,448
Global Payments, Inc.		138,311		27,032,885
GreenSky, Inc. Class A (a)		23,405		216,496
International Money Express, Inc. (a)		10,499		111,079
Jack Henry & Associates, Inc.		35,726		5,342,466
Mastercard, Inc. Class A		417,282		131,836,075
MAXIMUS, Inc.		29,448		2,112,894
NIC, Inc.		31,530		622,087
Paychex, Inc.		149,424		12,816,097
PayPal Holdings, Inc. (a)		516,226		58,792,979
Paysign, Inc. (a)		13,166		115,071
Repay Holding Corp. (a)		14,474		244,755
Sabre Corp.		126,817		2,731,638
Square, Inc. Class A (a)		158,576		11,844,041
Sykes Enterprises, Inc. (a)		18,941		636,228
The Western Union Co.		196,189		5,277,484
TTEC Holdings, Inc.		7,159		284,356
Verra Mobility Corp. (a)		47,366		754,540
Visa, Inc. Class A		798,346		158,846,904
WEX, Inc. (a)		19,980		4,334,062
				566,635,775
Internet Services & Infrastructure – 1.2%
Akamai Technologies, Inc. (a)		76,335		7,125,872
Endurance International Group Holdings, Inc. (a)		28,897		136,394
Fastly, Inc. Class A (a)		3,897		87,721
GoDaddy, Inc. Class A (a)		81,879		5,503,088
GTT Communications, Inc. (a)		13,548		160,544
Limelight Networks, Inc. (a)		57,876		288,801
MongoDB, Inc. (a)		19,494		3,195,262
Okta, Inc. (a)		49,273		6,309,408
Switch, Inc. Class A		25,320		405,120
Tucows, Inc. Class A (a)		4,365		262,991
Twilio, Inc. Class A (a)		53,416		6,641,745
VeriSign, Inc. (a)		48,961		10,190,743
				40,307,689
IT Consulting & Other Services – 5.1%
Accenture PLC Class A		294,114		60,355,134
Booz Allen Hamilton Holding Corp.		64,780		5,055,431
CACI International, Inc. Class A (a)		11,490		3,072,886

	Shares		Value
Cognizant Technology Solutions Corp. Class A		255,200	$	15,664,176
DXC Technology Co.		121,226		3,864,685
EPAM Systems, Inc. (a)		25,335		5,779,927
Gartner, Inc. (a)		41,680		6,701,310
International Business Machines Corp.		409,025		58,789,163
KBR, Inc.		65,594		1,784,157
Leidos Holdings, Inc.		62,789		6,308,411
LiveRamp Holdings, Inc. (a)		30,199		1,215,208
ManTech International Corp. Class A		12,256		983,912
Perficient, Inc. (a)		15,627		776,662
Perspecta, Inc.		68,037		1,909,798
Science Applications International Corp.		24,077		2,113,238
The Hackett Group, Inc.		11,574		178,876
Unisys Corp. (a)		28,828		279,920
Virtusa Corp. (a)		13,161		548,024
				175,380,918
TOTAL IT SERVICES				782,324,382
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 17.1%
Semiconductor Equipment – 2.4%
Advanced Energy Industries, Inc. (a)		17,974		1,257,102
Amkor Technology, Inc. (a)		51,210		576,112
Applied Materials, Inc.		425,985		24,702,870
Axcelis Technologies, Inc. (a)		14,485		349,813
Brooks Automation, Inc.		33,517		1,276,327
Cabot Microelectronics Corp.		13,311		1,936,884
Cohu, Inc.		19,721		441,159
Enphase Energy, Inc. (a)		39,504		1,245,166
Entegris, Inc.		62,722		3,246,491
FormFactor, Inc. (a)		34,997		885,774
Ichor Holdings Ltd. (a)		10,113		337,673
KLA Corp.		73,382		12,162,333
Kulicke & Soffa Industries, Inc.		30,294		784,312
Lam Research Corp.		66,635		19,871,223
MKS Instruments, Inc.		25,159		2,637,166
Onto Innovation, Inc. (a)		23,526		892,576
PDF Solutions, Inc. (a)		13,058		205,794
Photronics, Inc. (a)		27,524		351,757
SolarEdge Technologies, Inc. (a)		20,025		1,959,646
Teradyne, Inc.		78,644		5,189,718
Ultra Clean Holdings, Inc. (a)		18,765		431,783
Veeco Instruments, Inc. (a)		21,759		277,427
Xperi Corp.		23,467		377,584
				81,396,690
Semiconductors – 14.7%
Advanced Micro Devices, Inc. (a)		476,229		22,382,763
Alpha & Omega Semiconductor Ltd. (a)		8,704		106,102
Ambarella, Inc. (a)		13,763		813,944

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

48

Common Stocks – continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – continued
Semiconductors – continued
Analog Devices, Inc.		170,331	$	18,693,827
Broadcom, Inc.		183,879		56,112,516
CEVA, Inc. (a)		9,771		267,237
Cirrus Logic, Inc. (a)		26,775		2,056,588
Cree, Inc. (a)		49,509		2,301,673
Cypress Semiconductor Corp.		170,965		3,988,614
Diodes, Inc. (a)		19,913		1,028,307
First Solar, Inc. (a)		36,757		1,822,412
Impinj, Inc. (a)		7,641		245,887
Inphi Corp. (a)		19,127		1,452,887
Intel Corp.		2,046,766		130,849,750
Lattice Semiconductor Corp. (a)		57,952		1,077,907
MACOM Technology Solutions Holdings, Inc. (a)		21,940		623,535
Marvell Technology Group Ltd.		290,699		6,988,404
Maxim Integrated Products, Inc.		125,503		7,545,240
MaxLinear, Inc. Class A (a)		31,880		621,341
Mellanox Technologies Ltd. (a)		21,450		2,593,305
Microchip Technology, Inc.		109,603		10,684,100
Micron Technology, Inc. (a)		509,320		27,039,799
Monolithic Power Systems, Inc.		18,959		3,245,212
NVE Corp.		2,121		155,597
NVIDIA Corp.		267,219		63,178,588
ON Semiconductor Corp. (a)		189,863		4,395,329
Power Integrations, Inc.		13,414		1,310,145
Qorvo, Inc. (a)		54,480		5,767,253
QUALCOMM, Inc.		561,635		47,913,082
Rambus, Inc. (a)		50,623		803,387
Semtech Corp. (a)		30,804		1,484,445
Silicon Laboratories, Inc. (a)		19,928		1,959,122
Skyworks Solutions, Inc.		79,101		8,950,278
SMART Global Holdings, Inc. (a)		6,122		184,640
SunPower Corp. (a)		41,816		356,272
Synaptics, Inc. (a)		15,187		1,012,821
Texas Instruments, Inc.		431,307		52,037,190
Universal Display Corp.		19,678		3,466,673
Xilinx, Inc.		116,478		9,840,061
				505,356,233
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				586,752,923
SOFTWARE – 32.1%
Application Software – 11.6%
2U, Inc. (a)		29,313		580,691
8x8, Inc. (a)		46,011		856,725
ACI Worldwide, Inc. (a)		54,020		1,860,989
Adobe, Inc. (a)		224,152		78,708,733
Agilysys, Inc. (a)		8,939		290,517
Alarm.com Holdings, Inc. (a)		16,927		743,603

	Shares		Value
Altair Engineering, Inc. Class A (a)		16,627	$	614,368
Alteryx, Inc. Class A (a)		22,932		3,198,326
American Software, Inc. Class A		13,588		202,869
Anaplan, Inc. (a)		45,716		2,632,784
ANSYS, Inc. (a)		38,890		10,668,694
Appfolio, Inc. Class A (a)		6,857		901,284
Aspen Technology, Inc. (a)		31,871		3,792,012
Autodesk, Inc. (a)		101,266		19,934,212
Avaya Holdings Corp. (a)		50,847		649,316
Benefitfocus, Inc. (a)		11,553		213,730
Blackbaud, Inc.		22,634		1,772,921
Blackline, Inc. (a)		17,905		1,095,249
Bottomline Technologies de, Inc. (a)		20,234		1,084,542
Box, Inc. Class A (a)		65,536		985,006
Cadence Design Systems, Inc. (a)		128,994		9,301,757
CDK Global, Inc.		55,991		3,005,597
Cerence, Inc. (a)		16,656		355,606
Ceridian HCM Holding, Inc. (a)		19,923		1,460,157
ChannelAdvisor Corp. (a)		13,272		124,226
Citrix Systems, Inc.		60,616		7,347,872
Cloudera, Inc. (a)		101,507		1,044,507
Cornerstone OnDemand, Inc. (a)		23,903		1,405,496
Coupa Software, Inc. (a)		27,113		4,369,260
Digimarc Corp. (a)		5,390		168,761
Digital Turbine, Inc. (a)		34,486		215,193
DocuSign, Inc. (a)		48,254		3,788,422
Domo, Inc. Class B (a)		4,809		116,474
Dropbox, Inc. Class A (a)		110,668		1,883,569
Ebix, Inc.		11,328		390,023
Elastic N.V. (a)		12,358		801,787
Envestnet, Inc. (a)		23,876		1,883,100
Everbridge, Inc. (a)		14,749		1,336,849
Fair Isaac Corp. (a)		13,260		5,335,559
Five9, Inc. (a)		28,024		2,010,162
Guidewire Software, Inc. (a)		38,104		4,286,700
HubSpot, Inc. (a)		18,658		3,375,979
Instructure, Inc. (a)		14,438		705,152
Intuit, Inc.		120,043		33,657,656
j2 Global, Inc.		21,604		2,070,959
LivePerson, Inc. (a)		29,147		1,195,318
LogMeIn, Inc.		22,716		1,952,895
Manhattan Associates, Inc. (a)		29,943		2,558,929
Medallia, Inc. (a)		11,733		331,105
MicroStrategy, Inc. Class A (a)		3,742		568,896
Mimecast Ltd. (a)		22,585		1,152,513
MobileIron, Inc. (a)		31,252		149,072
Model N, Inc. (a)		11,492		358,435
New Relic, Inc. (a)		23,158		1,528,660
Nuance Communications, Inc. (a)		133,472		2,525,290
Nutanix, Inc. Class A (a)		72,809		2,364,108
PagerDuty, Inc. (a)		7,002		163,287

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

49

Fidelity^® MSCI Information Technology Index ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
SOFTWARE – continued
Application Software – continued
Paycom Software, Inc. (a)		22,891	$	7,283,001
Paylocity Holding Corp. (a)		15,875		2,252,504
Pegasystems, Inc.		18,408		1,586,954
Pluralsight, Inc. Class A (a)		35,114		680,860
PROS Holdings, Inc. (a)		16,733		1,003,980
PTC, Inc. (a)		50,714		4,215,348
Q2 Holdings, Inc. (a)		19,791		1,725,577
QAD, Inc. Class A		4,695		241,558
RealPage, Inc. (a)		37,070		2,163,034
RingCentral, Inc. Class A (a)		33,264		6,838,413
Rosetta Stone, Inc. (a)		9,928		170,265
Salesforce.com, Inc. (a)		384,660		70,127,365
Smartsheet, Inc. Class A (a)		41,202		1,997,473
Splunk, Inc. (a)		69,516		10,793,054
SPS Commerce, Inc. (a)		16,631		945,140
SS&C Technologies Holdings, Inc.		105,678		6,658,771
SVMK, Inc. (a)		13,190		232,803
Synopsys, Inc. (a)		69,564		10,261,386
The Trade Desk, Inc. Class A (a)		17,118		4,607,823
Tyler Technologies, Inc. (a)		17,867		5,783,191
Upland Software, Inc. (a)		9,582		374,081
Verint Systems, Inc. (a)		30,464		1,766,912
Workday, Inc. Class A (a)		75,916		14,016,371
Workiva, Inc. (a)		14,762		671,523
Yext, Inc. (a)		28,060		419,216
Zendesk, Inc. (a)		51,363		4,437,763
				397,330,268
Systems Software – 20.5%
A10 Networks, Inc. (a)		24,358		165,878
Appian Corp. (a)		10,729		547,608
CommVault Systems, Inc. (a)		19,893		895,583
FireEye, Inc. (a)		99,357		1,587,725
ForeScout Technologies, Inc. (a)		16,528		471,213
Fortinet, Inc. (a)		67,240		7,756,806
Microsoft Corp.		3,351,564		570,536,740
NortonLifelock, Inc.		286,331		8,137,527
OneSpan, Inc. (a)		13,831		229,871
Oracle Corp.		1,078,357		56,559,825
Palo Alto Networks, Inc. (a)		44,401		10,424,467
Progress Software Corp.		20,497		925,030
Proofpoint, Inc. (a)		25,928		3,184,218
Qualys, Inc. (a)		15,560		1,334,114
Rapid7, Inc. (a)		19,405		1,152,269
SailPoint Technologies Holding, Inc. (a)		37,131		931,617
SecureWorks Corp. Class A (a)		3,453		54,316
ServiceNow, Inc. (a)		86,464		29,244,719

	Shares		Value
Tenable Holdings, Inc. (a)		13,032	$	355,122
Teradata Corp. (a)		52,765		1,284,300
TiVo Corp.		59,597		433,866
Varonis Systems, Inc. (a)		13,970		1,168,730
VMware, Inc. Class A (a)		37,883		5,608,957
Zscaler, Inc. (a)		29,260		1,641,193
Zuora, Inc. Class A (a)		37,130		547,667
				705,179,361
TOTAL SOFTWARE				1,102,509,629
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 20.4%
Technology Hardware, Storage & Peripherals – 20.4%
3D Systems Corp. (a)		55,174		600,845
Apple, Inc.		2,088,124		646,295,259
Dell Technologies, Inc. Class C (a)		72,960		3,558,259
Diebold Nixdorf, Inc. (a)		32,938		379,116
Hewlett Packard Enterprise Co.		604,414		8,419,487
HP, Inc.		687,578		14,659,163
NCR Corp. (a)		55,759		1,880,194
NetApp, Inc.		110,107		5,879,714
Pure Storage, Inc. Class A (a)		104,733		1,864,247
Seagate Technology PLC		112,050		6,385,730
Western Digital Corp.		136,963		8,971,077
Xerox Holdings Corp.		92,134		3,277,206
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS				702,170,297
TOTAL COMMON STOCKS (Cost $2,481,201,549)				3,427,586,839
Money Market Fund – 0.2%
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) (Cost $7,532,000)		7,532,000		7,532,000
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $2,488,733,549)				3,435,118,839
NET OTHER ASSETS (LIABILITIES) – 0.0%				1,209,186
NET ASSETS – 100.0%			$	3,436,328,025

Legend

(a) Non-income producing.

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

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

50

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Future Contracts		6		March 2020	$	484,410	$	(16,043	)	$	(16,043	)
CME E-mini S&P Select Sector Technology Index Future Contracts		81		March 2020		7,763,040		262,572			262,572
Total Equity Index Contracts										$	246,529

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, 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	$	3,427,586,839		$	3,427,586,839		$	—	$	—
Money Market Funds		7,532,000			7,532,000			—		—
Total Investments in Securities:	$	3,435,118,839		$	3,435,118,839		$	—	$	—
Derivative Instruments:
Assets
Futures Contracts	$	262,572		$	262,572		$	—	$	—
Total Assets	$	262,572		$	262,572		$	—	$	—
Liabilities
Futures Contracts	$	(16,043	)	$	(16,043	)	$	—	$	—
Total Liabilities	$	(16,043	)	$	(16,043	)	$	—	$	—
Total Derivative Instruments:	$	246,529		$	246,529		$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts (a)	$	262,572	$	(16,043	)
Total Equity Risk		262,572		(16,043	)
Total Value of Derivatives	$	262,572	$	(16,043	)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

51

Fidelity^® MSCI Materials Index ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares		Value
CHEMICALS – 65.1%
Commodity Chemicals – 8.1%
AdvanSix, Inc. (a)		7,029	$	131,583
Cabot Corp.		14,566		580,455
Dow, Inc.		187,578		8,641,718
Hawkins, Inc.		2,452		102,445
Koppers Holdings, Inc. (a)		5,204		163,302
Kronos Worldwide, Inc.		5,820		63,089
LyondellBasell Industries N.V. Class A		67,697		5,270,888
Olin Corp.		41,468		616,629
Tredegar Corp.		6,750		137,363
Trinseo S.A.		10,174		292,197
Tronox Holdings PLC Class A		23,339		197,448
Valvoline, Inc.		47,493		1,001,152
Westlake Chemical Corp.		9,701		593,701
				17,791,970
Diversified Chemicals – 1.9%
Eastman Chemical Co.		34,572		2,463,947
Huntsman Corp.		52,120		1,071,587
The Chemours Co.		41,254		572,193
				4,107,727
Fertilizers & Agricultural Chemicals – 6.5%
American Vanguard Corp.		6,930		129,453
CF Industries Holdings, Inc.		55,101		2,219,468
Corteva, Inc.		189,021		5,466,487
FMC Corp.		32,919		3,146,727
Intrepid Potash, Inc. (a)		24,698		58,781
The Mosaic Co.		92,515		1,835,498
The Scotts Miracle-Gro Co.		10,500		1,288,770
				14,145,184
Industrial Gases – 18.8%
Air Products & Chemicals, Inc.		55,618		13,276,573
Linde PLC		136,438		27,714,651
				40,991,224
Specialty Chemicals – 29.8%
A Schulman, Inc. Class A (b)		8,906		3,856
Albemarle Corp.		26,757		2,148,052
Amyris, Inc. (a)		13,039		33,380
Ashland Global Holdings, Inc.		15,269		1,129,601
Axalta Coating Systems Ltd. (a)		52,995		1,526,786
Balchem Corp.		8,162		881,659
Celanese Corp.		31,239		3,233,236
Chase Corp.		1,906		175,295
DuPont de Nemours, Inc.		188,167		9,630,387
Ecolab, Inc.		65,373		12,820,299
Element Solutions, Inc. (a)		58,309		682,215
Ferro Corp. (a)		19,601		268,142
FutureFuel Corp.		6,720		73,651
GCP Applied Technologies, Inc. (a)		16,494		366,497
HB Fuller Co.		12,827		592,736
Ingevity Corp. (a)		10,570		689,375

	Shares		Value
Innophos Holdings, Inc.		4,982	$	159,225
Innospec, Inc.		6,163		620,799
International Flavors & Fragrances, Inc.		25,597		3,356,023
Kraton Corp. (a)		7,988		131,403
Livent Corp. (a)		36,815		346,429
Minerals Technologies, Inc.		8,848		478,942
NewMarket Corp.		2,267		996,618
OMNOVA Solutions, Inc. (a)		11,237		113,606
PolyOne Corp.		19,366		642,564
PPG Industries, Inc.		59,649		7,148,336
PQ Group Holdings, Inc. (a)		10,357		158,566
Quaker Chemical Corp.		3,348		555,835
Rayonier Advanced Materials, Inc.		15,999		49,277
RPM International, Inc.		32,738		2,336,511
Sensient Technologies Corp.		10,659		636,875
Stepan Co.		5,127		505,779
The Sherwin-Williams Co.		20,955		11,671,725
Venator Materials PLC (a)		13,407		36,735
WR Grace & Co.		15,144		1,020,100
				65,220,515
TOTAL CHEMICALS				142,256,620
CONSTRUCTION MATERIALS – 4.9%
Construction Materials – 4.9%
Eagle Materials, Inc.		10,605		966,858
Forterra, Inc. (a)		4,162		53,898
Martin Marietta Materials, Inc.		15,762		4,158,016
Summit Materials, Inc. Class A (a)		28,263		620,938
United States Lime & Minerals, Inc.		561		50,350
US Concrete, Inc. (a)		3,989		141,968
Vulcan Materials Co.		33,399		4,730,300
TOTAL CONSTRUCTION MATERIALS				10,722,328
CONTAINERS & PACKAGING – 15.0%
Metal & Glass Containers – 6.0%
Aptargroup, Inc.		16,167		1,867,450
Ball Corp.		79,599		5,745,456
Berry Plastics Group, Inc. (a)		33,338		1,417,532
Crown Holdings, Inc. (a)		34,217		2,533,084
Greif, Inc. Class A		6,623		267,702
Greif, Inc. Class B		1,107		52,472
Myers Industries, Inc.		8,075		130,653
O-I Glass, Inc.		39,324		496,269
Silgan Holdings, Inc.		19,607		605,072
				13,115,690
Paper Packaging – 9.0%
Amcor PLC		409,772		4,339,485
Avery Dennison Corp.		21,245		2,788,194
Graphic Packaging Holding Co.		74,206		1,159,840

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

52

Common Stocks – continued
	Shares		Value
CONTAINERS & PACKAGING – continued
Paper Packaging – continued
International Paper Co.		94,201	$	3,835,865
Packaging Corp. of America		23,899		2,288,329
Sealed Air Corp.		39,006		1,384,713
Sonoco Products Co.		25,265		1,443,642
Westrock Co.		64,961		2,533,479
				19,773,547
TOTAL CONTAINERS & PACKAGING				32,889,237
METALS & MINING – 13.3%
Aluminum – 0.5%
Alcoa Corp. (a)		46,825		653,209
Century Aluminum Co. (a)		13,608		71,986
Kaiser Aluminum Corp.		4,043		404,907
				1,130,102
Copper – 1.9%
Freeport-McMoRan, Inc.		366,207		4,064,898
Diversified Metals & Mining – 0.4%
Compass Minerals International, Inc.		8,571		496,175
Materion Corp.		5,137		278,939
				775,114
Gold – 5.3%
Coeur Mining, Inc. (a)		56,197		338,868
McEwen Mining, Inc. (a)		80,907		93,043
Newmont Corp.		206,947		9,325,032
Royal Gold, Inc.		16,554		1,909,007
				11,665,950
Silver – 0.2%
Hecla Mining Co.		124,024		375,793
Steel – 5.0%
AK Steel Holding Corp. (a)		80,010		220,827
Allegheny Technologies, Inc. (a)		31,791		548,395
Carpenter Technology Corp.		12,004		477,039
Cleveland-Cliffs, Inc.		68,310		479,536
Commercial Metals Co.		29,736		611,075
Haynes International, Inc.		3,163		84,800
Nucor Corp.		76,524		3,634,125
Reliance Steel & Aluminum Co.		16,830		1,932,084
Ryerson Holding Corp. (a)		4,223		43,286
Schnitzer Steel Industries, Inc. Class A		6,701		107,752
Steel Dynamics, Inc.		55,439		1,656,517
SunCoke Energy, Inc.		23,080		135,710
TimkenSteel Corp. (a)		9,531		60,808

	Shares		Value
United States Steel Corp.		43,202	$	391,842
Warrior Met Coal, Inc.		11,687		220,417
Worthington Industries, Inc.		9,941		365,630
				10,969,843
TOTAL METALS & MINING				28,981,700
PAPER & FOREST PRODUCTS – 1.4%
Forest Products – 0.6%
Boise Cascade Co.		9,820		355,484
Louisiana-Pacific Corp.		31,183		956,694
				1,312,178
Paper Products – 0.8%
Clearwater Paper Corp. (a)		4,221		119,032
Domtar Corp.		15,793		549,912
Mercer International, Inc.		10,776		118,644
Neenah Paper, Inc.		4,258		283,753
PH Glatfelter Co.		11,156		186,305
Schweitzer-Mauduit International, Inc.		7,784		272,674
Verso Corp. Class A (a)		8,681		146,275
				1,676,595
TOTAL PAPER & FOREST PRODUCTS				2,988,773
TOTAL COMMON STOCKS (Cost $236,226,531)				217,838,658
Money Market Fund – 0.2%
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (c) (Cost $470,000)		470,000		470,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $236,696,531)				218,308,658
NET OTHER ASSETS (LIABILITIES) – 0.1%				109,281
NET ASSETS – 100.0%			$	218,417,939

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.

53

Fidelity^® MSCI Materials Index ETF

Schedule of Investments (Unaudited) – continued

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini S&P Materials Select Sector Index Future Contracts		8		March 2020	$	487,280	$	(24,139	)	$	(24,139	)
CME E-mini Micro Russell 2000 Index Future Contracts		9		March 2020		72,662		(1,298	)		(1,298	)
Total Equity Index Contracts										$	(25,437	)

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, 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	$	217,838,658		$	217,834,802		$	—	$	3,856
Money Market Funds		470,000			470,000			—		—
Total Investments in Securities:	$	218,308,658		$	218,304,802		$	—	$	3,856
Derivative Instruments:
Liabilities
Futures Contracts	$	(25,437	)	$	(25,437	)	$	—	$	—
Total Liabilities	$	(25,437	)	$	(25,437	)	$	—	$	—
Total Derivative Instruments:	$	(25,437	)	$	(25,437	)	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts (a)	$	0	$	(25,437	)
Total Equity Risk		0		(25,437	)
Total Value of Derivatives	$	0	$	(25,437	)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

54

Fidelity^® MSCI Real Estate Index ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – 96.1%
Diversified REITs – 4.9%
Alexander & Baldwin, Inc.		56,198	$	1,228,488
American Assets Trust, Inc.		41,425		1,887,323
Armada Hoffler Properties, Inc.		43,544		798,597
Colony Capital, Inc.		377,528		1,763,056
Empire State Realty Trust, Inc. Class A		123,373		1,672,938
Gladstone Commercial Corp.		25,852		551,165
Global Net Lease, Inc.		69,069		1,431,800
iStar, Inc.		51,029		742,982
Lexington Realty Trust		172,831		1,913,239
Liberty Property Trust		127,712		8,001,157
One Liberty Properties, Inc.		12,475		341,066
PS Business Parks, Inc.		16,812		2,817,019
STORE Capital Corp.		179,067		7,028,380
VEREIT, Inc.		861,263		8,405,927
Washington Real Estate Investment Trust		65,352		1,989,315
WP Carey, Inc.		139,372		11,723,972
				52,296,424
Health Care REITs – 9.8%
CareTrust REIT, Inc.		78,222		1,734,964
Community Healthcare Trust, Inc.		15,124		713,399
Diversified Healthcare Trust		194,818		1,503,995
Global Medical REIT, Inc.		33,273		485,786
Healthcare Realty Trust, Inc.		105,473		3,803,356
Healthcare Trust of America, Inc. Class A		167,424		5,362,591
Healthpeak Properties, Inc.		400,779		14,424,036
LTC Properties, Inc.		32,554		1,502,693
Medical Properties Trust, Inc.		416,144		9,217,590
National Health Investors, Inc.		35,433		2,989,837
New Senior Investment Group, Inc.		68,975		525,589
Omega Healthcare Investors, Inc.		178,139		7,472,931
Physicians Realty Trust		151,444		2,930,441
Sabra Health Care REIT, Inc.		154,749		3,327,103
Universal Health Realty Income Trust		10,694		1,319,105
Ventas, Inc.		304,052		17,592,449
Welltower, Inc.		330,708		28,080,416
				102,986,281
Hotel & Resort REITs – 3.7%
Apple Hospitality REIT, Inc.		173,848		2,611,197
Ashford Hospitality Trust, Inc.		83,146		204,539
Braemar Hotels & Resorts, Inc.		23,250		185,535
Chatham Lodging Trust		38,641		631,780
CorePoint Lodging, Inc.		32,985		301,813
DiamondRock Hospitality Co.		163,830		1,584,236
Hersha Hospitality Trust		30,508		395,689
Host Hotels & Resorts, Inc.		595,648		9,732,888
MGM Growth Properties LLC Class A		92,982		2,969,845
Park Hotels & Resorts, Inc.		195,681		4,293,241

	Shares		Value
Pebblebrook Hotel Trust		106,796	$	2,533,201
RLJ Lodging Trust		140,864		2,191,844
Ryman Hospitality Properties, Inc.		39,895		3,392,272
Service Properties Trust		136,189		2,938,959
Summit Hotel Properties, Inc.		85,290		945,866
Sunstone Hotel Investors, Inc.		183,963		2,332,651
Xenia Hotels & Resorts, Inc.		92,372		1,726,433
				38,971,989
Industrial REITs – 8.3%
Americold Realty Trust		148,588		5,121,828
Duke Realty Corp.		294,961		10,710,034
EastGroup Properties, Inc.		30,651		4,170,682
First Industrial Realty Trust, Inc.		103,222		4,407,579
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		53,771		1,833,053
Industrial Logistics Properties Trust		53,902		1,233,817
Monmouth Real Estate Investment Corp. Class A		74,296		1,086,950
Prologis, Inc.		515,045		47,837,380
Rexford Industrial Realty, Inc.		89,564		4,316,089
STAG Industrial, Inc.		103,820		3,347,157
Terreno Realty Corp.		53,560		3,066,846
				87,131,415
Office REITs – 9.4%
Alexandria Real Estate Equities, Inc.		92,579		15,108,893
Boston Properties, Inc.		126,139		18,082,026
Brandywine Realty Trust		144,265		2,253,419
City Office REIT, Inc.		44,934		607,508
Columbia Property Trust, Inc.		95,407		2,013,088
Corporate Office Properties Trust		91,357		2,719,698
Cousins Properties, Inc.		118,713		4,858,923
Douglas Emmett, Inc.		135,867		5,638,481
Easterly Government Properties, Inc.		58,321		1,411,951
Equity Commonwealth		99,532		3,263,654
Franklin Street Properties Corp.		88,784		674,758
Highwoods Properties, Inc.		84,645		4,241,561
Hudson Pacific Properties, Inc.		125,997		4,578,731
JBG SMITH Properties		103,984		4,216,551
Kilroy Realty Corp.		82,441		6,807,153
Mack-Cali Realty Corp.		74,108		1,627,412
Office Properties Income Trust		40,221		1,368,721
Paramount Group, Inc.		153,437		2,157,324
Piedmont Office Realty Trust, Inc. Class A		102,961		2,387,666
SL Green Realty Corp.		67,258		6,190,426
Vornado Realty Trust		140,195		9,220,625
				99,428,569
Real Estate Operating Companies – 0.2%
Essential Properties Realty Trust, Inc.		62,446		1,724,134
Residential REITs – 14.9%
American Campus Communities, Inc.		112,130		5,143,403

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

55

Fidelity^® MSCI Real Estate Index ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Residential REITs – continued
American Homes 4 Rent Class A		220,217	$	6,018,531
Apartment Investment & Management Co. Class A		121,498		6,404,160
AvalonBay Communities, Inc.		113,968		24,695,726
Camden Property Trust		79,018		8,883,994
Equity Lifestyle Properties, Inc.		141,152		10,268,808
Equity Residential		302,642		25,143,497
Essex Property Trust, Inc.		53,650		16,618,624
Front Yard Residential Corp.		42,329		454,190
Independence Realty Trust, Inc.		74,274		1,089,600
Investors Real Estate Trust		9,634		710,026
Invitation Homes, Inc.		438,898		13,812,120
Mid-America Apartment Communities, Inc.		93,092		12,773,153
NexPoint Residential Trust, Inc.		15,788		770,454
Preferred Apartment Communities, Inc. Class A		36,808		433,598
Sun Communities, Inc.		73,994		11,999,607
UDR, Inc.		238,977		11,449,388
UMH Properties, Inc.		30,485		481,663
				157,150,542
Retail REITs – 11.4%
Acadia Realty Trust		69,089		1,714,789
Agree Realty Corp.		34,249		2,600,527
Alexander’s, Inc.		1,922		620,191
American Finance Trust, Inc.		86,989		1,128,247
Brixmor Property Group, Inc.		243,062		4,851,517
Cedar Realty Trust, Inc.		76,600		199,160
Federal Realty Investment Trust		61,169		7,647,348
Getty Realty Corp.		28,637		902,638
Kimco Realty Corp.		344,461		6,561,982
Kite Realty Group Trust		68,765		1,182,758
National Retail Properties, Inc.		133,436		7,472,416
Pennsylvania Real Estate Investment Trust		60,147		236,979
Realty Income Corp.		259,694		20,362,607
Regency Centers Corp.		136,793		8,486,638
Retail Opportunity Investments Corp.		93,543		1,550,007
Retail Properties of America, Inc. Class A		174,937		2,125,485
Retail Value, Inc.		13,250		435,527
RPT Realty		65,863		918,789
Saul Centers, Inc.		11,391		562,488
Seritage Growth Properties, Class A		28,646		1,051,881
Simon Property Group, Inc.		251,383		33,471,646
SITE Centers Corp.		118,200		1,502,322
Spirit Realty Capital, Inc.		73,537		3,881,283
Tanger Factory Outlet Centers, Inc.		77,468		1,133,357
Taubman Centers, Inc.		49,995		1,320,868

	Shares		Value
The Macerich Co.		92,518	$	2,064,077
Urban Edge Properties		99,392		1,827,819
Urstadt Biddle Properties, Inc. Class A		24,808		562,397
Washington Prime Group, Inc.		152,382		458,670
Weingarten Realty Investors		99,871		2,906,246
Whitestone REIT		29,838		390,878
				120,131,537
Specialized REITs – 33.5%
American Tower Corp.		361,275		83,721,868
CatchMark Timber Trust, Inc. Class A		40,381		414,309
CoreCivic, Inc.		97,473		1,554,694
CorEnergy Infrastructure Trust, Inc.		11,134		507,710
CoreSite Realty Corp.		30,116		3,537,124
Crown Castle International Corp.		339,309		50,842,061
CubeSmart		157,052		4,973,837
CyrusOne, Inc.		92,425		5,624,061
Digital Realty Trust, Inc.		170,048		20,914,204
EPR Properties		63,293		4,517,221
Equinix, Inc.		69,220		40,821,111
Extra Space Storage, Inc.		104,909		11,611,328
Four Corners Property Trust, Inc.		56,001		1,696,270
Gaming and Leisure Properties, Inc.		166,438		7,865,028
Iron Mountain, Inc.		234,297		7,406,128
Jernigan Capital, Inc.		18,419		368,196
Lamar Advertising Co. Class A		70,147		6,510,343
Life Storage, Inc.		38,101		4,312,271
National Storage Affiliates Trust		48,210		1,646,372
Outfront Media, Inc.		117,021		3,480,205
PotlatchDeltic Corp.		55,001		2,365,043
Public Storage		128,249		28,696,996
QTS Realty Trust, Inc. Class A		45,263		2,574,559
Rayonier, Inc.		105,820		3,214,812
Safehold, Inc.		8,364		376,045
SBA Communications Corp.		92,300		23,034,388
The Geo Group, Inc.		99,272		1,568,498
Uniti Group, Inc.		158,308		1,002,090
VICI Properties, Inc.		376,211		10,082,455
Weyerhaeuser Co.		607,913		17,599,081
				352,838,308
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)				1,012,659,199
REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.7%
Diversified Real Estate Activities – 0.2%
Five Point Holdings LLC Class A (a)		43,558		353,255
Tejon Ranch Co. (a)		18,425		296,642
The RMR Group, Inc. Class A		12,522		576,889
The St Joe Co. (a)		29,968		629,628
				1,856,414
Real Estate Development – 0.4%
Forestar Group, Inc. (a)		13,684		277,375

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

56

Common Stocks – continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT – continued
Real Estate Development – continued
The Howard Hughes Corp. (a)		33,450	$	4,070,196
				4,347,571
Real Estate Operating Companies – 0.2%
FRP Holdings, Inc. (a)		5,726		271,069
Kennedy-Wilson Holdings, Inc.		104,985		2,263,476
				2,534,545
Real Estate Services – 2.9%
Altisource Portfolio Solutions S.A. (a)		5,705		106,113
CBRE Group, Inc. Class A (a)		260,750		15,918,788
Cushman & Wakefield PLC (a)		79,940		1,536,447
eXp World Holdings, Inc. (a)		18,784		207,375
Jones Lang LaSalle, Inc.		42,064		7,143,309
Marcus & Millichap, Inc. (a)		19,444		688,318
Newmark Group, Inc. Class A		121,594		1,431,161
RE/MAX Holdings, Inc. Class A		14,658		561,108
Realogy Holdings Corp.		93,970		995,142
Redfin Corp. (a)		60,082		1,461,795
				30,049,556
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				38,788,086
TOTAL COMMON STOCKS (Cost $965,810,619)				1,051,447,285

Money Market Fund – 0.1%
	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) (Cost $1,754,000)		1,754,000	$	1,754,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $967,564,619)				1,053,201,285
NET OTHER ASSETS (LIABILITIES) – 0.1%				650,713
NET ASSETS – 100.0%			$	1,053,851,998

Legend

(a) Non-income producing.

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

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME Dow Jones U.S. Real Estate Index Future Contracts		59		March 2020	$	2,194,800	$	21,201	$	21,201

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

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

57

Fidelity^® MSCI Real Estate Index ETF

Schedule of Investments (Unaudited) – continued

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, 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	$	1,051,447,285	$	1,051,447,285	$	—	$	—
Money Market Funds		1,754,000		1,754,000		—		—
Total Investments in Securities:	$	1,053,201,285	$	1,053,201,285	$	—	$	—
Derivative Instruments:
Assets
Futures Contracts	$	21,201	$	21,201	$	—	$	—
Total Assets	$	21,201	$	21,201	$	—	$	—
Total Derivative Instruments:	$	21,201	$	21,201	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts (a)	$	21,201	$	0
Total Equity Risk		21,201		0
Total Value of Derivatives	$	21,201	$	0

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

58

Fidelity^® MSCI Utilities Index ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares		Value
ELECTRIC UTILITIES – 58.0%
Electric Utilities – 58.0%
ALLETE, Inc.		48,631	$	4,059,716
Alliant Energy Corp.		223,531		13,268,800
American Electric Power Co., Inc.		464,713		48,432,389
Duke Energy Corp.		685,689		66,943,817
Edison International		336,999		25,797,273
El Paso Electric Co.		38,445		2,617,720
Entergy Corp.		187,119		24,609,891
Evergy, Inc.		221,599		15,990,584
Eversource Energy		304,544		28,152,047
Exelon Corp.		914,362		43,514,488
FirstEnergy Corp.		508,183		25,810,614
Hawaiian Electric Industries, Inc.		102,555		5,015,965
IDACORP, Inc.		47,428		5,320,947
MGE Energy, Inc.		32,562		2,602,681
NextEra Energy, Inc.		450,885		120,927,357
OGE Energy Corp.		188,386		8,637,498
Otter Tail Corp.		33,598		1,799,509
Pinnacle West Capital Corp.		105,690		10,324,856
PNM Resources, Inc.		74,990		4,066,708
Portland General Electric Co.		84,108		5,172,642
PPL Corp.		679,709		24,598,669
The Southern Co.		983,672		69,250,509
Xcel Energy, Inc.		484,679		33,534,940
TOTAL ELECTRIC UTILITIES				590,449,620
GAS UTILITIES – 4.6%
Gas Utilities – 4.6%
Atmos Energy Corp.		111,239		13,018,300
Chesapeake Utilities Corp.		15,473		1,488,657
National Fuel Gas Co.		73,191		3,161,119
New Jersey Resources Corp.		84,728		3,500,961
Northwest Natural Holding Co.		28,588		2,097,787
ONE Gas, Inc.		49,628		4,689,846
South Jersey Industries, Inc.		86,756		2,672,085
Southwest Gas Holdings, Inc.		51,135		3,861,204
Spire, Inc.		47,830		4,033,026
Star Group LP		43,967		408,014
UGI Corp.		196,508		8,172,768
TOTAL GAS UTILITIES				47,103,767
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 4.0%
Independent Power Producers & Energy Traders – 3.1%
AES Corp.		624,751		12,407,555
Clearway Energy, Inc. Class A		32,610		674,701
Clearway Energy, Inc. Class C		69,139		1,463,673
NRG Energy, Inc.		238,087		8,783,029
Vistra Energy Corp.		347,041		7,815,363
				31,144,321

	Shares		Value
Renewable Electricity – 0.9%
NextEra Energy Partners LP		52,907	$	3,003,531
Ormat Technologies, Inc.		36,025		2,855,342
Pattern Energy Group, Inc. Class A		83,029		2,234,310
TerraForm Power, Inc. Class A		58,713		1,062,118
				9,155,301
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS				40,299,622
MULTI-UTILITIES – 29.1%
Multi-Utilities – 29.1%
Ameren Corp.		231,327		18,980,381
Avista Corp.		62,290		3,167,447
Black Hills Corp.		57,468		4,771,568
CenterPoint Energy, Inc.		472,640		12,515,507
CMS Energy Corp.		267,073		18,297,171
Consolidated Edison, Inc.		312,583		29,382,802
Dominion Energy, Inc.		773,507		66,328,225
DTE Energy Co.		172,506		22,876,021
MDU Resources Group, Inc.		187,336		5,547,019
NiSource, Inc.		351,359		10,298,332
NorthWestern Corp.		47,495		3,655,690
Public Service Enterprise Group, Inc.		475,856		28,170,675
Sempra Energy		258,380		41,506,163
Unitil Corp.		14,039		866,066
WEC Energy Group, Inc.		296,858		29,653,146
TOTAL MULTI-UTILITIES				296,016,213
WATER UTILITIES – 4.2%
Water Utilities – 4.2%
American States Water Co.		34,694		3,072,501
American Water Works Co., Inc.		170,012		23,155,634
AquaVenture Holdings Ltd. (a)		18,028		486,756
California Water Service Group		45,216		2,376,553
Essential Utilities, Inc.		203,068		10,547,352
Middlesex Water Co.		15,521		1,012,900
SJW Group		22,702		1,665,192
The York Water Co.		12,129		574,429
TOTAL WATER UTILITIES				42,891,317
TOTAL COMMON STOCKS (Cost $848,143,924)				1,016,760,539

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

59

Fidelity^® MSCI Utilities Index ETF

Schedule of Investments (Unaudited) – continued

Money Market Fund – 0.1%
	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) (Cost $1,065,000)		1,065,000	$	1,065,000
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $849,208,924)				1,017,825,539
NET OTHER ASSETS (LIABILITIES) – 0.0%				343,857
NET ASSETS – 100.0%			$	1,018,169,396

Legend

(a) Non-income producing.

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

Futures Contracts
Purchased	Number of contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Equity Index Contract
CME E-mini S&P Utilities Select Sector Index Future Contracts		16		March 2020	$	1,111,840	$	61,664	$	61,664

The notional amount of futures purchased as a percentage of Net Assets is 0.1%

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, 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	$	1,016,760,539	$	1,016,760,539	$	—	$	—
Money Market Funds		1,065,000		1,065,000		—		—
Total Investments in Securities:	$	1,017,825,539	$	1,017,825,539	$	—	$	—
Derivative Instruments:
Assets
Futures Contracts	$	61,664	$	61,664	$	—	$	—
Total Assets	$	61,664	$	61,664	$	—	$	—
Total Derivative Instruments:	$	61,664	$	61,664	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts (a)	$	61,664	$	0
Total Equity Risk		61,664		0
Total Value of Derivatives	$	61,664	$	0

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

60

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61

Financial Statements

Statements of Assets and Liabilities
January 31, 2020 (Unaudited)
	Fidelity MSCI Communication Services Index ETF		Fidelity MSCI Consumer Discretionary Index ETF		Fidelity MSCI Consumer Staples Index ETF		Fidelity MSCI Energy Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$	487,915,026	$	770,009,083	$	609,216,111	$	391,358,209
Segregated cash with brokers for derivative instruments		21,000		56,400		33,000		32,000
Cash		57,968		190		16,572		5,517
Receivable for investments sold		1,033,771		185,104		19,780,940		37,891
Receivable for fund shares sold		—		—		—		8,348
Dividends receivable		694,620		327,126		851,626		478,919
Interest receivable		982		1,495		1,400		881
Receivable for daily variation margin on futures contracts		—		369		—		—
Total assets		489,723,367		770,579,767		629,899,649		391,921,765
Liabilities
Payable to custodian bank		—		—		—		—
Payable for investments purchased		2,245,944		142,840		20,147,988		—
Payable for fund shares redeemed		—		—		—		—
Accrued management fees		34,693		54,543		42,489		28,990
Payable for daily variation margin on futures contracts		5,587		—		12,126		16,310
Deferred dividend income		—		—		—		—
Total liabilities		2,286,224		197,383		20,202,603		45,300
Net Assets	$	487,437,143	$	770,382,384	$	609,697,046	$	391,876,465
Net Assets consist of:
Paid in capital		452,682,808		719,251,778		567,215,564		634,794,328
Total accumulated earnings (loss)		34,754,335		51,130,606		42,481,482		(242,917,863	)
Net Assets	$	487,437,143	$	770,382,384	$	609,697,046	$	391,876,465
Shares outstanding		13,550,000		15,750,000		16,200,000		27,700,000
Net Asset Value, offering price and redemption price per share	$	35.97	$	48.91	$	37.64	$	14.15
Investments at cost	$	436,788,581	$	703,054,617	$	564,297,517	$	552,127,491

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

62

Statements of Assets and Liabilities
January 31, 2020 (Unaudited)
	Fidelity MSCI Financials Index ETF		Fidelity MSCI Health Care Index ETF		Fidelity MSCI Industrials Index ETF		Fidelity MSCI Information Technology Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$	1,062,095,069	$	1,727,689,180	$	461,642,837	$	3,435,118,839
Segregated cash with brokers for derivative instruments		128,000		159,500		56,100		351,300
Cash		34,683		—		1,816		3,496,714
Receivable for investments sold		—		24,000		—		369,950
Receivable for fund shares sold		—		—		—		—
Dividends receivable		981,003		2,472,375		260,107		878,212
Interest receivable		2,452		3,434		1,178		7,426
Receivable for daily variation margin on futures contracts		—		—		—		—
Total assets		1,063,241,207		1,730,348,489		461,962,038		3,440,222,441
Liabilities
Payable to custodian bank		—		348,364		—		—
Payable for investments purchased		—		—		—		—
Payable for fund shares redeemed		145,042		—		—		—
Accrued management fees		76,223		123,195		33,056		235,877
Payable for daily variation margin on futures contracts		71,388		88,881		30,106		230,079
Deferred dividend income		—		—		—		3,428,460
Total liabilities		292,653		560,440		63,162		3,894,416
Net Assets	$	1,062,948,554	$	1,729,788,049	$	461,898,876	$	3,436,328,025
Net Assets consist of:
Paid in capital		972,751,335		1,518,246,565		447,119,418		2,499,230,405
Total accumulated earnings (loss)		90,197,219		211,541,484		14,779,458		937,097,620
Net Assets	$	1,062,948,554	$	1,729,788,049	$	461,898,876	$	3,436,328,025
Shares outstanding		24,550,000		35,700,000		11,050,000		45,700,000
Net Asset Value, offering price and redemption price per share	$	43.30	$	48.45	$	41.80	$	75.19
Investments at cost	$	977,819,221	$	1,521,510,949	$	443,265,939	$	2,488,733,549

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

63

Financial Statements – continued

Statements of Assets and Liabilities
January 31, 2020 (Unaudited)
	Fidelity MSCI Materials Index ETF			Fidelity MSCI Real Estate Index ETF		Fidelity MSCI Utilities Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$	218,308,658		$	1,053,201,285	$	1,017,825,539
Segregated cash with brokers for derivative instruments		23,280			76,700		27,200
Cash		234			4,912		9,914
Receivable for investments sold		—			—		—
Receivable for fund shares sold		—			44,433		5,965
Dividends receivable		112,805			622,242		369,548
Interest receivable		489			2,142		2,903
Receivable for daily variation margin on futures contracts		—			—		—
Total assets		218,445,466			1,053,951,714		1,018,241,069
Liabilities
Payable to custodian bank		—			—		—
Payable for investments purchased		—			—		—
Payable for fund shares redeemed		—			—		—
Accrued management fees		15,335			73,286		67,820
Payable for daily variation margin on futures contracts		12,192			26,430		3,853
Deferred dividend income		—			—		—
Total liabilities		27,527			99,716		71,673
Net Assets	$	218,417,939		$	1,053,851,998	$	1,018,169,396
Net Assets consist of:
Paid in capital		243,775,453			975,166,321		859,020,317
Total accumulated earnings (loss)		(25,357,514	)		78,685,677		159,149,079
Net Assets	$	218,417,939		$	1,053,851,998	$	1,018,169,396
Shares outstanding		6,800,000			37,400,000		22,700,000
Net Asset Value, offering price and redemption price per share	$	32.12		$	28.18	$	44.85
Investments at cost	$	236,696,531		$	967,564,619	$	849,208,924

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

64

Statements of Operations
For the six months ended January 31, 2020 (Unaudited)
	Fidelity MSCI Communication Services Index ETF			Fidelity MSCI Consumer Discretionary Index ETF			Fidelity MSCI Consumer Staples Index ETF			Fidelity MSCI Energy Index ETF
Investment Income
Dividends	$	2,408,217		$	4,767,345		$	8,049,525		$	8,164,115
Interest		3,649			5,954			4,757			4,254
Total income		2,411,866			4,773,299			8,054,282			8,168,369
Expenses
Management fees		189,411			310,237			248,835			174,205
Independent trustees’ compensation		1,270			2,247			1,773			1,378
Total expenses		190,681			312,484			250,608			175,583
Net investment income (loss)		2,221,185			4,460,815			7,803,674			7,992,786
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(1,724,276	)		(1,898,961	)		(8,479,436	)		(16,427,065	)
Net realized gain (loss) on In-kind redemptions		12,157,976			9,795,913			18,387,843			1,030,468
Net realized gain (loss) on futures contracts		18,359			24,547			37,907			8,557
Net realized gain (loss) on foreign currency transactions		—			—			—			—
Total net realized gain (loss)		10,452,059			7,921,499			9,946,314			(15,388,040	)
Change in net unrealized appreciation (depreciation) on investment securities		15,294,601			35,271,613			23,016,160			(45,343,848	)
Change in net unrealized appreciation (depreciation) on futures contracts		(9,556	)		18,463			(1,395	)		(42,823	)
Total change in net unrealized appreciation (depreciation)		15,285,045			35,290,076			23,014,765			(45,386,671	)
Net gain (loss)		25,737,104			43,211,575			32,961,079			(60,774,711	)
Net increase (decrease) in net assets resulting from operations	$	27,958,289		$	47,672,390		$	40,764,753		$	(52,781,925	)

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

65

Financial Statements – continued

Statements of Operations
For the six months ended January 31, 2020 (Unaudited)
	Fidelity MSCI Financials Index ETF			Fidelity MSCI Health Care Index ETF			Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF
Investment Income
Dividends	$	13,685,446		$	12,797,516		$	4,460,741		$	17,370,218
Interest		8,139			19,354			3,634			22,129
Total income		13,693,585			12,816,870			4,464,375			17,392,347
Expenses
Management fees		434,535			652,151			186,926			1,174,266
Independent trustees’ compensation		3,348			4,799			1,381			8,035
Total expenses		437,883			656,950			188,307			1,182,301
Net investment income (loss)		13,255,702			12,159,920			4,276,068			16,210,046
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(3,674,800	)		(591,759	)		(1,303,124	)		(3,194,085	)
Net realized gain (loss) on In-kind redemptions		20,955,863			31,414,380			5,028,742			24,003,135
Net realized gain (loss) on futures contracts		41,619			56,582			3,443			24,603
Net realized gain (loss) on foreign currency transactions		—			—			(3	)		—
Total net realized gain (loss)		17,322,682			30,879,203			3,729,058			20,833,653
Change in net unrealized appreciation (depreciation) on investment securities		25,057,558			93,641,653			14,572,409			426,807,125
Change in net unrealized appreciation (depreciation) on futures contracts		(71,463	)		(159,704	)		(17,753	)		246,529
Total change in net unrealized appreciation (depreciation)		24,986,095			93,481,949			14,554,656			427,053,654
Net gain (loss)		42,308,777			124,361,152			18,283,714			447,887,307
Net increase (decrease) in net assets resulting from operations	$	55,564,479		$	136,521,072		$	22,559,782		$	464,097,353

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

66

Statements of Operations
For the six months ended January 31, 2020 (Unaudited)
	Fidelity MSCI Materials Index ETF			Fidelity MSCI Real Estate Index ETF			Fidelity MSCI Utilities Index ETF
Investment Income
Dividends	$	1,918,396		$	17,786,340		$	13,240,881
Interest		1,872			8,286			8,434
Total income		1,920,268			17,794,626			13,249,315
Expenses
Management fees		82,357			406,657			369,073
Independent trustees’ compensation		606			2,798			2,506
Total expenses		82,963			409,455			371,579
Net investment income (loss)		1,837,305			17,385,171			12,877,736
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(792,409	)		(3,585,941	)		(804,453	)
Net realized gain (loss) on In-kind redemptions		1,947,691			10,332,645			9,611,636
Net realized gain (loss) on futures contracts		8,606			130,887			222,305
Net realized gain (loss) on foreign currency transactions		—			—			—
Total net realized gain (loss)		1,163,888			6,877,591			9,029,488
Change in net unrealized appreciation (depreciation) on investment securities		(5,117,831	)		43,636,161			108,501,721
Change in net unrealized appreciation (depreciation) on futures contracts		(25,437	)		21,201			61,664
Total change in net unrealized appreciation (depreciation)		(5,143,268	)		43,657,362			108,563,385
Net gain (loss)		(3,979,380	)		50,534,953			117,592,873
Net increase (decrease) in net assets resulting from operations	$	(2,142,075	)	$	67,920,124		$	130,470,609

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

67

Financial Statements – continued

Statements of Changes in Net Assets
	Fidelity MSCI Communication Services Index ETF						Fidelity MSCI Consumer Discretionary Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,221,185		$	3,919,089		$	4,460,815		$	7,955,257
Net realized gain (loss)		10,452,059			6,708,389			7,921,499			63,352,867
Change in net unrealized appreciation (depreciation)		15,285,045			36,735,985			35,290,076			(34,233,246	)
Net increase (decrease) in net assets resulting from operations		27,958,289			47,363,463			47,672,390			37,074,878
Distributions to shareholders		(2,060,550	)		(3,314,700	)		(4,446,150	)		(8,215,200	)
Share transactions
Proceeds from sales of shares		141,399,185			333,949,778			46,577,018			550,589,148
Cost of shares redeemed		(54,248,545	)		(128,714,106	)		(47,877,923	)		(479,120,713	)
Net increase (decrease) in net assets resulting from share transactions		87,150,640			205,235,672			(1,300,905	)		71,468,435
Total increase (decrease) in net assets		113,048,379			249,284,435			41,925,335			100,328,113
Net Assets
Beginning of period		374,388,764			125,104,329			728,457,049			628,128,936
End of period	$	487,437,143		$	374,388,764		$	770,382,384		$	728,457,049
Other Information
Shares
Sold		4,150,000			10,700,000			1,000,000			12,900,000
Redeemed		(1,500,000	)		(4,150,000	)		(1,000,000	)		(11,650,000	)
Net increase (decrease)		2,650,000			6,550,000			—			1,250,000

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

68

Statements of Changes in Net Assets
	Fidelity MSCI Consumer Staples Index ETF						Fidelity MSCI Energy Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	7,803,674		$	12,548,098		$	7,992,786		$	14,963,635
Net realized gain (loss)		9,946,314			10,498,459			(15,388,040	)		(6,819,269	)
Change in net unrealized appreciation (depreciation)		23,014,765			23,359,605			(45,386,671	)		(128,630,437	)
Net increase (decrease) in net assets resulting from operations		40,764,753			46,406,162			(52,781,925	)		(120,486,071	)
Distributions to shareholders		(7,762,600	)		(12,158,300	)		(19,517,350	)		(15,191,850	)
Share transactions
Proceeds from sales of shares		129,171,459			421,706,910			39,701,879			144,619,090
Cost of shares redeemed		(100,546,510	)		(219,855,040	)		(43,154,254	)		(175,470,393	)
Net increase (decrease) in net assets resulting from share transactions		28,624,949			201,851,870			(3,452,375	)		(30,851,303	)
Total increase (decrease) in net assets		61,627,102			236,099,732			(75,751,650	)		(166,529,224	)
Net Assets
Beginning of period		548,069,944			311,970,212			467,628,115			634,157,339
End of period	$	609,697,046		$	548,069,944		$	391,876,465		$	467,628,115
Other Information
Shares
Sold		3,550,000			12,600,000			2,600,000			8,000,000
Redeemed		(2,750,000	)		(6,850,000	)		(2,750,000	)		(9,650,000	)
Net increase (decrease)		800,000			5,750,000			(150,000	)		(1,650,000	)

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

69

Financial Statements – continued

Statements of Changes in Net Assets
	Fidelity MSCI Financials Index ETF						Fidelity MSCI Health Care Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	13,255,702		$	28,248,410		$	12,159,920		$	21,863,611
Net realized gain (loss)		17,322,682			79,721,304			30,879,203			90,474,894
Change in net unrealized appreciation (depreciation)		24,986,095			(105,807,789	)		93,481,949			(73,666,611	)
Net increase (decrease) in net assets resulting from operations		55,564,479			2,161,925			136,521,072			38,671,894
Distributions to shareholders		(12,028,500	)		(28,117,600	)		(8,748,700	)		(32,785,100	)
Share transactions
Proceeds from sales of shares		32,982,151			111,490,469			151,997,978			605,506,750
Cost of shares redeemed		(157,428,044	)		(516,051,490	)		(107,234,764	)		(306,767,425	)
Net increase (decrease) in net assets resulting from share transactions		(124,445,893	)		(404,561,021	)		44,763,214			298,739,325
Total increase (decrease) in net assets		(80,909,914	)		(430,516,696	)		172,535,586			304,626,119
Net Assets
Beginning of period		1,143,858,468			1,574,375,164			1,557,252,463			1,252,626,344
End of period	$	1,062,948,554		$	1,143,858,468		$	1,729,788,049		$	1,557,252,463
Other Information
Shares
Sold		750,000			2,900,000			3,100,000			13,600,000
Redeemed		(3,950,000	)		(13,500,000	)		(2,450,000	)		(7,200,000	)
Net increase (decrease)		(3,200,000	)		(10,600,000	)		650,000			6,400,000

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

70

Statements of Changes in Net Assets
	Fidelity MSCI Industrials Index ETF						Fidelity MSCI Information Technology Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,276,068		$	8,095,623		$	16,210,046		$	27,104,670
Net realized gain (loss)		3,729,058			23,882,304			20,833,653			194,611,311
Change in net unrealized appreciation (depreciation)		14,554,656			(26,405,832	)		427,053,654			72,901,985
Net increase (decrease) in net assets resulting from operations		22,559,782			5,572,095			464,097,353			294,617,966
Distributions to shareholders		(4,181,700	)		(7,967,250	)		(15,631,500	)		(26,778,650	)
Share transactions
Proceeds from sales of shares		10,558,025			99,681,511			467,454,670			731,389,567
Cost of shares redeemed		(21,508,287	)		(142,639,469	)		(50,956,729	)		(651,118,489	)
Net increase (decrease) in net assets resulting from share transactions		(10,950,262	)		(42,957,958	)		416,497,941			80,271,078
Total increase (decrease) in net assets		7,427,820			(45,353,113	)		864,963,794			348,110,394
Net Assets
Beginning of period		454,471,056			499,824,169			2,571,364,231			2,223,253,837
End of period	$	461,898,876		$	454,471,056		$	3,436,328,025		$	2,571,364,231
Other Information
Shares
Sold		250,000			2,600,000			6,600,000			12,700,000
Redeemed		(550,000	)		(3,900,000	)		(750,000	)		(12,300,000	)
Net increase (decrease)		(300,000	)		(1,300,000	)		5,850,000			400,000

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

71

Financial Statements – continued

Statements of Changes in Net Assets
	Fidelity MSCI Materials Index ETF						Fidelity MSCI Real Estate Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,837,305		$	4,165,365		$	17,385,171		$	28,928,287
Net realized gain (loss)		1,163,888			(2,984,773	)		6,877,591			11,060,069
Change in net unrealized appreciation (depreciation)		(5,143,268	)		(17,284,162	)		43,657,362			43,048,682
Net increase (decrease) in net assets resulting from operations		(2,142,075	)		(16,103,570	)		67,920,124			83,037,038
Distributions to shareholders		(1,938,000	)		(4,082,150	)		(14,969,050	)		(34,076,900	)
Share transactions
Proceeds from sales of shares		38,217,962			84,423,869			211,926,314			590,575,099
Cost of shares redeemed		(14,763,159	)		(130,623,126	)		(55,028,273	)		(297,879,834	)
Net increase (decrease) in net assets resulting from share transactions		23,454,803			(46,199,257	)		156,898,041			292,695,265
Total increase (decrease) in net assets		19,374,728			(66,384,977	)		209,849,115			341,655,403
Net Assets
Beginning of period		199,043,211			265,428,188			844,002,883			502,347,480
End of period	$	218,417,939		$	199,043,211		$	1,053,851,998		$	844,002,883
Other Information
Shares
Sold		1,150,000			2,650,000			7,650,000			23,800,000
Redeemed		(450,000	)		(4,200,000	)		(2,000,000	)		(12,400,000	)
Net increase (decrease)		700,000			(1,550,000	)		5,650,000			11,400,000

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

72

Statements of Changes in Net Assets
	Fidelity MSCI Utilities Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	12,877,736		$	16,911,430
Net realized gain (loss)		9,029,488			8,631,826
Change in net unrealized appreciation (depreciation)		108,563,385			54,722,931
Net increase (decrease) in net assets resulting from operations		130,470,609			80,266,187
Distributions to shareholders		(12,733,300	)		(16,704,200	)
Share transactions
Proceeds from sales of shares		210,419,224			483,209,133
Cost of shares redeemed		(43,177,301	)		(149,853,958	)
Net increase (decrease) in net assets resulting from share transactions		167,241,923			333,355,175
Total increase (decrease) in net assets		284,979,232			396,917,162
Net Assets
Beginning of period		733,190,164			336,273,002
End of period	$	1,018,169,396		$	733,190,164
Other Information
Shares
Sold		5,050,000			13,100,000
Redeemed		(1,050,000	)		(4,050,000	)
Net increase (decrease)		4,000,000			9,050,000

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

73

Financial Statements – continued

Financial Highlights
	Fidelity MSCI Communication Services Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015
Selected Per-Share Data
Net asset value, beginning of period	$	34.35		$	28.76		$	32.62		$	32.10		$	26.86		$	26.98
Income from Investment Operations
Net investment income (loss)A		0.17			0.49			0.85			0.80			0.78			0.78
Net realized and unrealized gain (loss)		1.60			5.59			(2.43	)		0.62			5.11			(0.09	)
Total from investment operations		1.77			6.08			(1.58	)		1.42			5.89			0.69
Distributions from net investment income		(0.15	)		(0.49	)		(1.00	)		(0.90	)		(0.65	)		(0.81	)
Distributions from net realized gain		—			—			(1.28	)		—			—			—
Total distributions		(0.15	)		(0.49	)		(2.28	)		(0.90	)		(0.65	)		(0.81	)
Net asset value, end of period	$	35.97		$	34.35		$	28.76		$	32.62		$	32.10		$	26.86
Total ReturnB		5.19	%		21.33	%		(5.14	)%		4.58	%		22.36	%		2.56	%
Ratios to Average Net AssetsC
Expense before reductions		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of fee waivers, if any		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of all reductions		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Net investment income (loss)		.98	%D		1.53	%		2.81	%		2.55	%		2.74	%		2.89	%
Supplemental Data
Net assets, end of period (000 omitted)	$	487,437		$	374,389		$	125,104		$	115,818		$	174,940		$	81,908
Portfolio turnover rateE,F		8	%G		82	%		38	%		27	%		26	%		23	%

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

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

^C 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.

^D  Annualized.

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

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

^G  Amount not annualized.

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

74

Financial Highlights
	Fidelity MSCI Consumer Discretionary Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015
Selected Per-Share Data
Net asset value, beginning of period	$	46.25		$	43.32		$	36.06		$	31.99		$	32.06		$	26.58
Income from Investment Operations
Net investment income (loss)A		0.28			0.51			0.47			0.50			0.43			0.37
Net realized and unrealized gain (loss)		2.66			2.96			7.20			4.07			(0.06	)		5.43
Total from investment operations		2.94			3.47			7.67			4.57			0.37			5.80
Distributions from net investment income		(0.28	)		(0.54	)		(0.41	)		(0.50	)		(0.44	)		(0.32	)
Total distributions		(0.28	)		(0.54	)		(0.41	)		(0.50	)		(0.44	)		(0.32	)
Net asset value, end of period	$	48.91		$	46.25		$	43.32		$	36.06		$	31.99		$	32.06
Total ReturnB		6.38	%		8.15	%		21.36	%		14.41	%		1.25	%		21.93	%
Ratios to Average Net AssetsC
Expense before reductions		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of fee waivers, if any		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of all reductions		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Net investment income (loss)		1.20	%D		1.18	%		1.16	%		1.49	%		1.41	%		1.25	%
Supplemental Data
Net assets, end of period (000 omitted)	$	770,382		$	728,457		$	628,129		$	293,913		$	262,322		$	299,794
Portfolio turnover rateE,F		2	%G		25	%		5	%		7	%		5	%		8	%

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

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

^C  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.

^D  Annualized.

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

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

^G  Amount not annualized.

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

75

Financial Statements – continued

Financial Highlights
	Fidelity MSCI Consumer Staples Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015
Selected Per-Share Data
Net asset value, beginning of period	$	35.59		$	32.33		$	33.23		$	32.82		$	30.31		$	26.16
Income from Investment Operations
Net investment income (loss)A		0.48			0.94			0.86			0.83			0.75			0.77
Net realized and unrealized gain (loss)		2.05			3.23			(0.88	)		0.40			2.56			4.16
Total from investment operations		2.53			4.17			(0.02	)		1.23			3.31			4.93
Distributions from net investment income		(0.48	)		(0.91	)		(0.88	)		(0.82	)		(0.80	)		(0.78	)
Total distributions		(0.48	)		(0.91	)		(0.88	)		(0.82	)		(0.80	)		(0.78	)
Net asset value, end of period	$	37.64		$	35.59		$	32.33		$	33.23		$	32.82		$	30.31
Total ReturnB		7.15	%		13.16	%		(0.06	)%		3.82	%		11.18	%		19.00	%
Ratios to Average Net AssetsC
Expense before reductions		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of fee waivers, if any		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of all reductions		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Net investment income (loss)		2.61	%D		2.83	%		2.65	%		2.56	%		2.45	%		2.63	%
Supplemental Data
Net assets, end of period (000 omitted)	$	609,697		$	548,070		$	311,970		$	312,349		$	285,504		$	204,596
Portfolio turnover rateE,F		17	%G		30	%		24	%		11	%		10	%		10	%

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

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

^C  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.

^D  Annualized.

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

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

^G  Amount not annualized.

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

76

Financial Highlights
	Fidelity MSCI Energy Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015
Selected Per-Share Data
Net asset value, beginning of period	$	16.79		$	21.50		$	18.39		$	19.03		$	19.72		$	27.97
Income from Investment Operations
Net investment income (loss)A		0.30			0.54			0.47			0.57			0.50			0.57
Net realized and unrealized gain (loss)		(2.20	)		(4.70	)		3.22			(0.73	)		(0.69	)		(8.31	)
Total from investment operations		(1.90	)		(4.16	)		3.69			(0.16	)		(0.19	)		(7.74	)
Distributions from net investment income		(0.74	)		(0.55	)		(0.58	)		(0.48	)		(0.50	)		(0.51	)
Total distributions		(0.74	)		(0.55	)		(0.58	)		(0.48	)		(0.50	)		(0.51	)
Net asset value, end of period	$	14.15		$	16.79		$	21.50		$	18.39		$	19.03		$	19.72
Total ReturnB		(11.81	)%		(19.42	)%		20.52	%		(0.96	)%		(0.75	)%		(27.95	)%
Ratios to Average Net AssetsC
Expense before reductions		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of fee waivers, if any		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of all reductions		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Net investment income (loss)		3.83	%D		2.92	%		2.40	%		2.91	%		2.74	%		2.47	%
Supplemental Data
Net assets, end of period (000 omitted)	$	391,876		$	467,628		$	634,157		$	431,311		$	430,039		$	256,399
Portfolio turnover rateE,F		5	%G		6	%		5	%		10	%		19	%		8	%

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

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

^C  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.

^D  Annualized.

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

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

^G  Amount not annualized.

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

77

Financial Statements – continued

Financial Highlights
	Fidelity MSCI Financials Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015
Selected Per-Share Data
Net asset value, beginning of period	$	41.22		$	41.05		$	36.94		$	28.61		$	29.78		$	26.61
Income from Investment Operations
Net investment income (loss)A		0.53			0.89			0.75			0.61			0.63			0.58
Net realized and unrealized gain (loss)		2.05			0.18	B		4.11			8.28			(1.11	)		3.15
Total from investment operations		2.58			1.07			4.86			8.89			(0.48	)		3.73
Distributions from net investment income		(0.50	)		(0.90	)		(0.75	)		(0.56	)		(0.69	)		(0.56	)
Total distributions		(0.50	)		(0.90	)		(0.75	)		(0.56	)		(0.69	)		(0.56	)
Net asset value, end of period	$	43.30		$	41.22		$	41.05		$	36.94		$	28.61		$	29.78
Total ReturnC		6.27	%		2.80	%		13.23	%		31.31	%		(1.49	)%		14.08	%
Ratios to Average Net AssetsD
Expense before reductions		.08	%E		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of fee waivers, if any		.08	%E		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of all reductions		.08	%E		.08	%		.08	%		.08	%		.12	%		.12	%
Net investment income (loss)		2.54	%E		2.27	%		1.88	%		1.77	%		2.29	%		2.01	%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,062,949		$	1,143,858		$	1,574,375		$	921,679		$	237,490		$	344,012
Portfolio turnover rateF,G		3	%H		5	%		5	%		18	%		8	%		7	%

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

^B  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.

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

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

^E  Annualized.

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

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

^H  Amount not annualized.

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

78

Financial Highlights
	Fidelity MSCI Health Care Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015
Selected Per-Share Data
Net asset value, beginning of period	$	44.43		$	43.72		$	38.44		$	35.67		$	37.16		$	29.05
Income from Investment Operations
Net investment income (loss)A		0.36			0.63			0.56			0.51			0.44			0.80	B
Net realized and unrealized gain (loss)		3.92			1.01			5.29			2.76			(1.49	)		7.99
Total from investment operations		4.28			1.64			5.85			3.27			(1.05	)		8.79
Distributions from net investment income		(0.26	)		(0.93	)		(0.57	)		(0.50	)		(0.44	)		(0.68	)
Total distributions		(0.26	)		(0.93	)		(0.57	)		(0.50	)		(0.44	)		(0.68	)
Net asset value, end of period	$	48.45		$	44.43		$	43.72		$	38.44		$	35.67		$	37.16
Total ReturnC		9.68	%		3.84	%		15.34	%		9.30	%		(2.73	)%		30.40	%
Ratios to Average Net AssetsD
Expense before reductions		.08	%E		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of fee waivers, if any		.08	%E		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of all reductions		.08	%E		.08	%		.08	%		.08	%		.12	%		.12	%
Net investment income (loss)		1.56	%E		1.43	%		1.39	%		1.45	%		1.30	%		2.31	%B
Supplemental Data
Net assets, end of period (000 omitted)	$	1,729,788		$	1,557,252		$	1,252,626		$	818,710		$	642,124		$	800,713
Portfolio turnover rateF,G		4	%H		5	%		8	%		4	%		9	%		10	%

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

^B  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%.

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

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

^E  Annualized.

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

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

^H  Amount not annualized.

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

79

Financial Statements – continued

Financial Highlights
	Fidelity MSCI Industrials Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015
Selected Per-Share Data
Net asset value, beginning of period	$	40.04		$	39.51		$	34.93		$	30.10		$	28.05		$	26.85
Income from Investment Operations
Net investment income (loss)A		0.39			0.70			0.61			0.61			0.54			0.48
Net realized and unrealized gain (loss)		1.75			0.51	B		4.62			4.79			2.04			1.19
Total from investment operations		2.14			1.21			5.23			5.40			2.58			1.67
Distributions from net investment income		(0.38	)		(0.68	)		(0.65	)		(0.57	)		(0.53	)		(0.47	)
Total distributions		(0.38	)		(0.68	)		(0.65	)		(0.57	)		(0.53	)		(0.47	)
Net asset value, end of period	$	41.80		$	40.04		$	39.51		$	34.93		$	30.10		$	28.05
Total ReturnC		5.37	%		3.23	%		15.08	%		18.08	%		9.41	%		6.18	%
Ratios to Average Net AssetsD
Expense before reductions		.08	%E		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of fee waivers, if any		.08	%E		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of all reductions		.08	%E		.08	%		.08	%		.08	%		.12	%		.12	%
Net investment income (loss)		1.91	%E		1.84	%		1.61	%		1.85	%		1.94	%		1.69	%
Supplemental Data
Net assets, end of period (000 omitted)	$	461,899		$	454,471		$	499,824		$	354,586		$	158,049		$	143,034
Portfolio turnover rateF,G		2	%H		5	%		5	%		5	%		11	%		6	%

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

^B  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.

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

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

^E  Annualized.

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

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

^H  Amount not annualized.

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

80

Financial Highlights
	Fidelity MSCI Information Technology Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015
Selected Per-Share Data
Net asset value, beginning of period	$	64.53		$	56.36		$	44.50		$	34.93		$	32.69		$	29.29
Income from Investment Operations
Net investment income (loss)A		0.39			0.70			0.53			0.48			0.46			0.39
Net realized and unrealized gain (loss)		10.65			8.17			11.85			9.54			2.24	B		3.40
Total from investment operations		11.04			8.87			12.38			10.02			2.70			3.79
Distributions from net investment income		(0.38	)		(0.70	)		(0.52	)		(0.45	)		(0.46	)		(0.39	)
Total distributions		(0.38	)		(0.70	)		(0.52	)		(0.45	)		(0.46	)		(0.39	)
Net asset value, end of period	$	75.19		$	64.53		$	56.36		$	44.50		$	34.93		$	32.69
Total ReturnC		17.18	%		15.94	%		27.92	%		28.86	%		8.41	%B		12.98	%
Ratios to Average Net AssetsD
Expense before reductions		.08	%E		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of fee waivers, if any		.08	%E		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of all reductions		.08	%E		.08	%		.08	%		.08	%		.12	%		.12	%
Net investment income (loss)		1.15	%E		1.22	%		1.02	%		1.19	%		1.42	%		1.23	%
Supplemental Data
Net assets, end of period (000 omitted)	$	3,436,328		$	2,571,364		$	2,223,254		$	1,010,043		$	431,391		$	423,372
Portfolio turnover rateF,G		2	%H		18	%		4	%		6	%		5	%		6	%

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

^B  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%.

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

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

^E  Annualized.

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

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

^H  Amount not annualized.

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

81

Financial Statements – continued

Financial Highlights
	Fidelity MSCI Materials Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015
Selected Per-Share Data
Net asset value, beginning of period	$	32.63		$	34.70		$	31.63		$	27.71		$	25.91		$	27.66
Income from Investment Operations
Net investment income (loss)A		0.30			0.65			0.55			0.57			0.50			0.50
Net realized and unrealized gain (loss)		(0.48	)		(2.08	)		3.09			3.87			1.83			(1.75	)
Total from investment operations		(0.18	)		(1.43	)		3.64			4.44			2.33			(1.25	)
Distributions from net investment income		(0.33	)		(0.64	)		(0.57	)		(0.52	)		(0.53	)		(0.50	)
Total distributions		(0.33	)		(0.64	)		(0.57	)		(0.52	)		(0.53	)		(0.50	)
Net asset value, end of period	$	32.12		$	32.63		$	34.70		$	31.63		$	27.71		$	25.91
Total ReturnB		(0.58	)%		(4.02	)%		11.54	%		16.17	%		9.28	%		(4.65	)%
Ratios to Average Net AssetsC
Expense before reductions		.08	%D		.08	%		.08	%		.08	%		.11	%		.12	%
Expenses net of fee waivers, if any		.08	%D		.08	%		.08	%		.08	%		.11	%		.12	%
Expenses net of all reductions		.08	%D		.08	%		.08	%		.08	%		.11	%		.12	%
Net investment income (loss)		1.86	%D		2.05	%		1.60	%		1.93	%		2.00	%		1.81	%
Supplemental Data
Net assets, end of period (000 omitted)	$	218,418		$	199,043		$	265,428		$	211,931		$	123,325		$	123,052
Portfolio turnover rateE,F		1	%G		12	%		10	%		7	%		9	%		7	%

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

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

^C  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.

^D  Annualized.

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

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

^G  Amount not annualized.

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

82

Financial Highlights
	Fidelity MSCI Real Estate Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31,  2015A
Selected Per-Share Data
Net asset value, beginning of period	$	26.58		$	24.69		$	24.53		$	25.83		$	22.55		$	24.28
Income from Investment Operations
Net investment income (loss)B		0.49			1.05			0.76			0.68			0.83			0.38
Net realized and unrealized gain (loss)		1.54			2.08			0.32			(1.12	)		3.37			(1.70	)
Total from investment operations		2.03			3.13			1.08			(0.44	)		4.20			(1.32	)
Distributions from net investment income		(0.43	)		(1.24	)		(0.92	)		(0.86	)		(0.92	)		(0.38	)
Return of capital		—			—			—			—			—			(0.03	)
Total distributions		(0.43	)		(1.24	)		(0.92	)		(0.86	)		(0.92	)		(0.41	)
Net asset value, end of period	$	28.18		$	26.58		$	24.69		$	24.53		$	25.83		$	22.55
Total ReturnC		7.65	%		13.19	%		4.53	%		(1.53	)%		19.29	%		(5.50	)%
Ratios to Average Net AssetsD
Expense before reductions		.08	%E		.08	%		.08	%		.08	%		.11	%		.12	%E
Expenses net of fee waivers, if any		.08	%E		.08	%		.08	%		.08	%		.11	%		.12	%E
Expenses net of all reductions		.08	%E		.08	%		.08	%		.08	%		.11	%		.12	%E
Net investment income (loss)		3.57	%E		4.20	%		3.15	%		2.85	%		3.55	%		3.33	%E
Supplemental Data
Net assets, end of period (000 omitted)	$	1,053,852		$	844,003		$	502,347		$	392,538		$	183,394		$	25,936
Portfolio turnover rateF,G		3	%H		10	%		8	%		17	%		10	%		10	%H

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

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

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

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

^E  Annualized.

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

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

^H  Amount not annualized.

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

83

Financial Statements – continued

Financial Highlights
	Fidelity MSCI Utilities Index ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015
Selected Per-Share Data
Net asset value, beginning of period	$	39.21		$	34.85		$	34.64		$	33.57		$	28.10		$	26.88
Income from Investment Operations
Net investment income (loss)A		0.61			1.16			1.10			1.06			0.98			0.98
Net realized and unrealized gain (loss)		5.63			4.32			0.20			1.09			5.48			1.47
Total from investment operations		6.24			5.48			1.30			2.15			6.46			2.45
Distributions from net investment income		(0.60	)		(1.12	)		(1.09	)		(1.08	)		(0.99	)		(1.23	)
Total distributions		(0.60	)		(1.12	)		(1.09	)		(1.08	)		(0.99	)		(1.23	)
Net asset value, end of period	$	44.85		$	39.21		$	34.85		$	34.64		$	33.57		$	28.10
Total ReturnB		16.04	%		15.93	%		3.83	%		6.61	%		23.56	%		9.13	%
Ratios to Average Net AssetsC
Expense before reductions		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of fee waivers, if any		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Expenses net of all reductions		.08	%D		.08	%		.08	%		.08	%		.12	%		.12	%
Net investment income (loss)		2.91	%D		3.11	%		3.21	%		3.22	%		3.25	%		3.37	%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,018,169		$	733,190		$	336,273		$	277,149		$	283,669		$	108,176
Portfolio turnover rateE,F		2	%G		7	%		6	%		6	%		9	%		7	%

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

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

^C  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.

^D  Annualized.

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

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

^G  Amount not annualized.

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

84

Notes to Financial Statements

For the period ended January 31, 2020 (Unaudited)

1. Organization.

Fidelity MSCI Communication Services Index ETF, 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 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 Fidelity MSCI Industrials Index ETF and Fidelity MSCI Real Estate Index ETF, are non-diversified funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Significant Accounting Policies.

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. 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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, 2020, is included at the end of each Fund’s Schedule of Investments.

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

85

Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

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

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

Investment Transactions and Income. For financial reporting purposes, the Funds’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of NYSE Arca, normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as 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. For Fidelity MSCI Information Technology Index ETF a large, non-recurring dividend with a payable date of January 31, 2020 and an ex-date of February 3, 2020 is presented in the Statement of Assets and Liabilities as “Deferred dividend income”. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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 Communication Services Index ETF	$	438,467,733	$	65,941,164	$	(16,503,427	)	$	49,437,737
Fidelity MSCI Consumer Discretionary Index ETF		710,475,668		109,962,921		(50,411,043	)		59,551,878
Fidelity MSCI Consumer Staples Index ETF		580,086,490		67,090,068		(37,961,842	)		29,128,226
Fidelity MSCI Energy Index ETF		568,911,146		2,398,892		(179,994,652	)		(177,595,760	)
Fidelity MSCI Financials Index ETF		981,220,143		132,967,154		(52,163,691	)		80,803,463
Fidelity MSCI Health Care Index ETF		1,528,878,201		288,350,398		(89,699,123	)		198,651,275
Fidelity MSCI Industrials Index ETF		445,660,719		64,267,511		(48,303,146	)		15,964,365

86

2. Significant Accounting Policies – continued

	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on securities and other investments
Fidelity MSCI Information Technology Index ETF	$	2,495,431,263	$	980,623,697	$	(40,689,592	)	$	939,934,105
Fidelity MSCI Materials Index ETF		238,025,420		18,517,011		(38,259,210	)		(19,742,199	)
Fidelity MSCI Real Estate Index ETF		973,524,210		126,824,885		(47,126,609	)		79,698,276
Fidelity MSCI Utilities Index ETF		851,050,247		173,804,788		(6,967,832	)		166,836,956

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

	No-expiration Short-term			No-expiration Long-term			Total capital loss carryforward
Fidelity MSCI Communication Services Index ETF	$	(9,673,560	)	$	(16,503,778	)	$	(26,177,338	)
Fidelity MSCI Consumer Discretionary Index ETF		(5,590,771	)		(11,146,380	)		(16,737,151	)
Fidelity MSCI Consumer Staples Index ETF		—			(3,851,643	)		(3,851,643	)
Fidelity MSCI Energy Index ETF		(6,791,923	)		(31,462,509	)		(38,254,432	)
Fidelity MSCI Financials Index ETF		(6,579,782	)		(3,857,510	)		(10,437,292	)
Fidelity MSCI Health Care Index ETF		(7,536,383	)		(7,503,506	)		(15,039,889	)
Fidelity MSCI Industrials Index ETF		(1,740,905	)		(3,717,885	)		(5,458,790	)
Fidelity MSCI Information Technology Index ETF		(25,043,225	)		(1,550,982	)		(26,594,207	)
Fidelity MSCI Materials Index ETF		(3,147,221	)		(3,579,181	)		(6,726,402	)
Fidelity MSCI Real Estate Index ETF		(6,482,003	)		(4,861,822	)		(11,343,825	)
Fidelity MSCI Utilities Index ETF		(5,783,922	)		(11,700,906	)		(17,484,828	)

3. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Funds’ investment objective allows the Funds to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Funds used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.

The Funds’ use of derivatives increased or decreased their exposure to the following risk:

Equity risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statements of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds used futures contracts to manage their exposure to the stock market.

87

Notes to Financial Statements – continued

3. Derivative Instruments – continued

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statements of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statements of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption “Futures Contracts”. The notional amount at value reflects each contract’s exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statements of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, are noted in the table below.

	Purchases		Sales
Fidelity MSCI Communication Services Index ETF	$	37,403,678	$	36,848,518
Fidelity MSCI Consumer Discretionary Index ETF		15,716,269		16,356,116
Fidelity MSCI Consumer Staples Index ETF		104,455,954		103,832,035
Fidelity MSCI Energy Index ETF		21,545,410		23,541,408
Fidelity MSCI Financials Index ETF		26,798,808		30,645,139
Fidelity MSCI Health Care Index ETF		66,400,970		58,807,716
Fidelity MSCI Industrials Index ETF		7,071,145		7,838,580
Fidelity MSCI Information Technology Index ETF		45,704,221		48,594,917
Fidelity MSCI Materials Index ETF		2,283,268		2,593,885
Fidelity MSCI Real Estate Index ETF		32,692,954		30,585,495
Fidelity MSCI Utilities Index ETF		20,405,594		20,052,460

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.

	In-kind Subscriptions		In-kind Redemptions
Fidelity MSCI Communication Services Index ETF	$	140,893,677	$	53,971,307
Fidelity MSCI Consumer Discretionary Index ETF		46,274,239		47,529,853
Fidelity MSCI Consumer Staples Index ETF		128,528,905		100,056,666
Fidelity MSCI Energy Index ETF		39,503,073		42,940,591
Fidelity MSCI Financials Index ETF		31,980,689		153,316,879
Fidelity MSCI Health Care Index ETF		151,495,350		106,601,250
Fidelity MSCI Industrials Index ETF		10,466,788		21,346,304
Fidelity MSCI Information Technology Index ETF		464,820,900		50,675,958
Fidelity MSCI Materials Index ETF		38,125,717		14,733,520
Fidelity MSCI Real Estate Index ETF		210,161,366		54,438,002
Fidelity MSCI Utilities Index ETF		209,818,690		43,061,880

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) 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, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to the investment adviser is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees. Effective January 1, 2020, investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to “Fidelity Management & Research Company LLC”.

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 the investment adviser for providing these services.

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5. Fees and Other Transactions with Affiliates – continued

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

6. 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.

7. Other.

The Funds’ organizational documents provide former and current trustees 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.

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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, 2019 to January 31, 2020).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense RatioA		Beginning Account Value August 1, 2019		Ending Account Value January 31, 2020		Expenses Paid During PeriodB August 1, 2019 to January 31, 2020
Fidelity MSCI Communication Services Index ETF		0.08%
Actual			$	1,000.00	$	1,051.90	$	0.41
HypotheticalC			$	1,000.00	$	1,024.73	$	0.41
Fidelity MSCI Consumer Discretionary Index ETF		0.08%
Actual			$	1,000.00	$	1,063.80	$	0.42
HypotheticalC			$	1,000.00	$	1,024.73	$	0.41
Fidelity MSCI Consumer Staples Index ETF		0.08%
Actual			$	1,000.00	$	1,071.50	$	0.42
HypotheticalC			$	1,000.00	$	1,024.73	$	0.41
Fidelity MSCI Energy Index ETF		0.08%
Actual			$	1,000.00	$	881.90	$	0.38
HypotheticalC			$	1,000.00	$	1,024.73	$	0.41
Fidelity MSCI Financials Index ETF		0.08%
Actual			$	1,000.00	$	1,062.70	$	0.41
HypotheticalC			$	1,000.00	$	1,024.73	$	0.41
Fidelity MSCI Health Care Index ETF		0.08%
Actual			$	1,000.00	$	1,096.80	$	0.42
HypotheticalC			$	1,000.00	$	1,024.73	$	0.41
Fidelity MSCI Industrials Index ETF		0.08%
Actual			$	1,000.00	$	1,053.70	$	0.41
HypotheticalC			$	1,000.00	$	1,024.73	$	0.41

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	Annualized Expense RatioA		Beginning Account Value August 1, 2019		Ending Account Value January 31, 2020		Expenses Paid During PeriodB August 1, 2019 to January 31, 2020
Fidelity MSCI Information Technology Index ETF		0.08%
Actual			$	1,000.00	$	1,171.80	$	0.44
HypotheticalC			$	1,000.00	$	1,024.73	$	0.41
Fidelity MSCI Materials Index ETF		0.08%
Actual			$	1,000.00	$	994.20	$	0.40
HypotheticalC			$	1,000.00	$	1,024.73	$	0.41
Fidelity MSCI Real Estate Index ETF		0.08%
Actual			$	1,000.00	$	1,076.50	$	0.42
HypotheticalC			$	1,000.00	$	1,024.73	$	0.41
Fidelity MSCI Utilities Index ETF		0.08%
Actual			$	1,000.00	$	1,160.40	$	0.43
HypotheticalC			$	1,000.00	$	1,024.73	$	0.41

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

^B  Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

^C  5% return per year before expenses.

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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 Management & Research Company LLC (FMR) and the sub-advisory and ETF services agreement for each fund (Sub-Advisory Agreement) with BlackRock Fund Advisors (BFA) (together, the Advisory Contracts). FMR and BFA are 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.

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity’s advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board noted that the Amended and Restated Contracts will reflect the replacement of FMRC with FMR and will take effect upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR’s new form of organization and domicile. The Board also noted Fidelity’s assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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 various standing committees (Committees), 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 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 joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2020 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 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 provided by and the profits 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 are 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 staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and BFA, 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 BFA. 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.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity’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 Fidelity 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 Fidelity, 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 Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity’s and BFA’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and BFA’s approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity’s and BFA’s investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over

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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 Fidelity’s and BFA’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 or agents under the Advisory Contracts and by FMR’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 and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, 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 of securities 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 ETFs with innovative structures, strategies and pricing 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 funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement 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 took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. 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 each fund’s tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or 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 an index fund’s performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, 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; any securities lending revenues; and fund cash flows 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-, three- and five-year periods ended June 30, 2019, as shown below.

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Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Communication Services Index ETF

Fidelity MSCI Consumer Discretionary Index ETF

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Fidelity MSCI Consumer Staples Index ETF

Fidelity MSCI Energy Index ETF

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Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Financials Index ETF

Fidelity MSCI Health Care Index ETF

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Fidelity MSCI Industrials Index ETF

Fidelity MSCI Information Technology Index ETF

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Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Materials Index ETF

Fidelity MSCI Real Estate Index ETF

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Fidelity MSCI Utilities Index ETF

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’ competitive analysis of management fees and total expenses. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity ETFs are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board’s management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods ended June 30 (December 31 for periods prior to 2018) 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-Sized 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 included in the charts and was considered by the Board.

The Board considered that effective July 1, 2016, each fund’s management fee rate was reduced from 0.12% to 0.084%.

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Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Communication Services Index ETF

Fidelity MSCI Consumer Discretionary Index ETF

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Fidelity MSCI Consumer Staples Index ETF

Fidelity MSCI Energy Index ETF

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Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Financials Index ETF

Fidelity MSCI Health Care Index ETF

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Fidelity MSCI Industrials Index ETF

Fidelity MSCI Information Technology Index ETF

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Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Materials Index ETF

Fidelity MSCI Real Estate Index ETF

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Fidelity MSCI Utilities Index ETF

The Board noted that each fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019.

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 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 the fund receives and the other factors considered.

Total Expense Ratio. In its review of each fund’s total expense ratio, the Board considered the fund’s all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse 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, 2019.

Fees Charged to Other Clients. The Board also considered fee structures applicable to clients of Fidelity and BFA, such as other funds advised or subadvised by Fidelity or BFA, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc 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 and also noted the most recent findings of the committee. The Board noted that the committee’s review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

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 the 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.

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Board Approval of Investment Advisory Contracts and Management Fees – continued

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 and the full Board approves such changes.

PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of Fidelity’s profitability analysis. PwC’s engagement includes the review and assessment of the methodologies used by Fidelity 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 also reviewed Fidelity’s and BFA’s non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity’s mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity’s and BFA’s affiliates may benefit from the funds’ business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity’s various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board’s responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund, including the conclusions of the PFOB Committee, 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.

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) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity’s long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity’s non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity’s philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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 arrangements are fair and reasonable, and that each fund’s Amended and Restated Contracts should be approved and each fund’s Advisory Contracts should be renewed.

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EXT-SANN-0320 1.9584798.106

Fidelity^® Dividend ETF for Rising Rates

Fidelity^® High Dividend ETF

Fidelity^® Low Volatility Factor ETF

Fidelity^® Momentum Factor ETF

Fidelity^® Quality Factor ETF

Fidelity^® Small-Mid Factor ETF

Fidelity^® Stocks for Inflation ETF

Fidelity^® Value Factor ETF

Semi-Annual Report

January 31, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity’s web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose ‘no’ under Required Disclosures to continue print)	1-800-343-0860

Contents

Investment Summary	4
Schedule of Investments	12
Financial Statements	48
Notes to Financial Statements	64
Shareholder Expense Example	70
Board Approval of Investment Advisory Contracts and Management Fees	72

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

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

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

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

^© 2020 FMR LLC. All Rights reserved.

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

3

Fidelity^® Dividend ETF for Rising Rates

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Apple, Inc.		6.1
Microsoft Corp.		5.6
Johnson & Johnson		2.6
JPMorgan Chase & Co.		2.5
Merck & Co., Inc.		2.0
Intel Corp.		1.9
Bank of America Corp.		1.9
Bristol-Myers Squibb Co.		1.8
The Procter & Gamble Co.		1.7
Amgen, Inc.		1.7
		27.8

Top Market Sectors as of January 31, 2020
	% of fund’s net assets
Information Technology		25.0
Health Care		13.7
Financials		13.0
Consumer Discretionary		10.3
Industrials		9.4
Communication Services		8.4
Consumer Staples		6.4
Energy		3.8
Utilities		3.6
Real Estate		3.2
Materials		2.5

Asset Allocation as of January 31, 2020

Percentages shown as 0.0% may reflect amounts less than 0.05%.

* Foreign investments – 7.7%

4

Fidelity^® High Dividend ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Apple, Inc.		4.2
Microsoft Corp.		3.9
JPMorgan Chase & Co.		3.2
The Procter & Gamble Co.		3.0
PepsiCo, Inc.		2.6
Bank of America Corp.		2.5
Exxon Mobil Corp.		2.1
Chevron Corp.		2.1
Philip Morris International, Inc.		2.0
NextEra Energy, Inc.		2.0
		27.6

Top Market Sectors as of January 31, 2020
	% of fund’s net assets
Financials		20.4
Information Technology		17.2
Consumer Staples		13.3
Utilities		11.9
Real Estate		9.9
Energy		9.6
Health Care		7.6
Consumer Discretionary		3.7
Industrials		3.1
Communication Services		2.7

Asset Allocation as of January 31, 2020

* Foreign investments – 7.9%

5

Fidelity^® Low Volatility Factor ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Microsoft Corp.		5.2
Alphabet, Inc. Class A		3.1
Berkshire Hathaway, Inc. Class B		2.2
Johnson & Johnson		2.1
Visa, Inc. Class A		1.9
Intel Corp.		1.8
Facebook, Inc. Class A		1.8
Mastercard, Inc. Class A		1.7
UnitedHealth Group, Inc.		1.5
The Home Depot, Inc.		1.5
		22.8

Top Market Sectors as of January 31, 2020
	% of fund’s net assets
Information Technology		22.7
Health Care		14.1
Financials		13.2
Communication Services		9.9
Consumer Discretionary		9.9
Industrials		9.6
Consumer Staples		6.8
Real Estate		3.9
Energy		3.7
Utilities		3.6
Materials		2.4

Asset Allocation as of January 31, 2020

Percentages shown as 0.0% may reflect amounts less than 0.05%.

* Foreign investments – 6.9%

6

Fidelity^® Momentum Factor ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Apple, Inc.		5.1
Microsoft Corp.		5.0
Amazon.com, Inc.		3.2
Alphabet, Inc. Class A		3.2
JPMorgan Chase & Co.		2.1
Facebook, Inc. Class A		1.9
Visa, Inc. Class A		1.8
Mastercard, Inc. Class A		1.6
Merck & Co., Inc.		1.6
Abbott Laboratories		1.5
		27.0

Top Market Sectors as of January 31, 2020
	% of fund’s net assets
Information Technology		24.7
Financials		13.3
Health Care		12.3
Consumer Discretionary		9.9
Industrials		9.9
Communication Services		9.8
Consumer Staples		6.5
Real Estate		3.8
Utilities		3.6
Energy		3.4
Materials		2.6

Asset Allocation as of January 31, 2020

Percentages shown as 0.0% may reflect amounts less than 0.05%.

* Foreign investments – 5.4%

7

Fidelity^® Quality Factor ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Apple, Inc.		5.1
Microsoft Corp.		5.0
Alphabet, Inc. Class A		3.2
Johnson & Johnson		2.2
Facebook, Inc. Class A		1.8
Visa, Inc. Class A		1.7
Mastercard, Inc. Class A		1.5
The Home Depot, Inc.		1.5
The Procter & Gamble Co.		1.5
Pfizer, Inc.		1.4
		24.9

Top Market Sectors as of January 31, 2020
	% of fund’s net assets
Information Technology		23.6
Health Care		13.5
Financials		13.4
Communication Services		10.1
Consumer Discretionary		9.7
Industrials		9.4
Consumer Staples		6.7
Real Estate		3.9
Energy		3.6
Utilities		3.5
Materials		2.3

Asset Allocation as of January 31, 2020

* Foreign investments – 2.6%

8

Fidelity^® Small-Mid Factor ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Paycom Software, Inc.		0.4
RingCentral, Inc. Class A		0.4
Insulet Corp.		0.4
MarketAxess Holdings, Inc.		0.4
Teledyne Technologies, Inc.		0.4
PulteGroup, Inc.		0.4
Garmin Ltd.		0.4
Tyler Technologies, Inc.		0.4
Allegion PLC		0.4
West Pharmaceutical Services, Inc.		0.3
		3.9

Top Market Sectors as of January 31, 2020
	% of fund’s net assets
Information Technology		17.0
Industrials		16.3
Financials		15.9
Consumer Discretionary		13.0
Health Care		12.0
Real Estate		9.7
Materials		4.8
Communication Services		3.6
Consumer Staples		3.2
Utilities		2.7
Energy		1.9

Asset Allocation as of January 31, 2020

Short - Term Investments and Net Other Assets (Liabilities) are not included in the pie chart.

* Foreign investments – 4.4%

9

Fidelity^® Stocks for Inflation ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Microsoft Corp.		4.1
Steel Dynamics, Inc.		2.6
LyondellBasell Industries N.V. Class A		2.6
Johnson & Johnson		2.5
The Procter & Gamble Co.		2.5
Exxon Mobil Corp.		2.4
Nucor Corp.		2.3
Chevron Corp.		2.3
ConocoPhillips		2.2
AES Corp.		2.1
		25.6

Top Market Sectors as of January 31, 2020
	% of fund’s net assets
Information Technology		19.4
Health Care		17.6
Consumer Staples		11.6
Energy		8.3
Financials		8.2
Materials		7.5
Real Estate		6.2
Industrials		6.0
Utilities		5.6
Consumer Discretionary		5.3
Communication Services		4.2

Asset Allocation as of January 31, 2020

* Foreign investments – 6.1%

10

Fidelity^® Value Factor ETF

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020
	% of fund’s net assets
Apple, Inc.		5.2
Microsoft Corp.		5.0
Amazon.com, Inc.		3.3
Alphabet, Inc. Class A		3.3
Johnson & Johnson		2.2
Berkshire Hathaway, Inc. Class B		2.0
JPMorgan Chase & Co.		2.0
Facebook, Inc. Class A		1.9
Visa, Inc. Class A		1.7
UnitedHealth Group, Inc.		1.7
		28.3

Top Market Sectors as of January 31, 2020
	% of fund’s net assets
Information Technology		24.2
Financials		13.5
Health Care		13.2
Consumer Discretionary		9.9
Communication Services		9.6
Industrials		9.3
Consumer Staples		6.7
Real Estate		3.9
Energy		3.7
Utilities		3.6
Materials		2.2

Asset Allocation as of January 31, 2020

Percentages shown as 0.0% may reflect amounts less than 0.05%.

* Foreign investments – 2.7%

11

Fidelity^® Dividend ETF for Rising Rates

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.3%
	Shares		Value
COMMUNICATION SERVICES – 8.4%
Diversified Telecommunication Services – 2.7%
AT&T, Inc.		128,559	$	4,836,390
CenturyLink, Inc. (a)		79,899		1,091,420
Verizon Communications, Inc.		72,251		4,294,599
				10,222,409
Entertainment – 1.9%
Activision Blizzard, Inc.		31,827		1,861,243
Cinemark Holdings, Inc.		26,689		840,970
The Walt Disney Co.		28,542		3,947,644
World Wrestling Entertainment, Inc. Class A (a)		13,141		642,332
				7,292,189
Media – 3.6%
Cable One, Inc.		1,238		2,109,589
Comcast Corp. Class A		87,059		3,760,078
Nexstar Media Group, Inc. Class A		13,027		1,578,221
Omnicom Group, Inc.		16,191		1,219,344
Sirius XM Holdings, Inc. (a)		194,329		1,373,906
The Interpublic Group of Cos., Inc.		50,497		1,146,282
The New York Times Co. Class A		42,122		1,348,326
ViacomCBS, Inc. Class B		25,293		863,250
				13,398,996
Wireless Telecommunication Services – 0.2%
Telephone & Data Systems, Inc.		29,801		675,887
TOTAL COMMUNICATION SERVICES				31,589,481
CONSUMER DISCRETIONARY – 10.3%
Automobiles – 1.1%
Ford Motor Co.		238,767		2,105,925
General Motors Co.		59,427		1,984,267
				4,090,192
Hotels, Restaurants & Leisure – 2.6%
Las Vegas Sands Corp.		33,139		2,164,308
McDonald’s Corp.		19,221		4,112,718
Starbucks Corp.		40,346		3,422,551
				9,699,577
Household Durables – 0.6%
Persimmon PLC		53,011		2,137,131
Multiline Retail – 1.1%
Macy’s, Inc.		66,815		1,065,699
Target Corp.		29,407		3,256,531
				4,322,230
Specialty Retail – 3.4%
L Brands, Inc.		62,424		1,445,740
Lowe’s Cos., Inc.		27,593		3,207,410
The Home Depot, Inc.		23,609		5,385,213
The TJX Cos., Inc.		49,289		2,910,023
				12,948,386

	Shares		Value
Textiles, Apparel & Luxury Goods – 1.5%
NIKE, Inc. Class B		36,679	$	3,532,188
Pandora A/S		38,116		1,976,540
				5,508,728
TOTAL CONSUMER DISCRETIONARY				38,706,244
CONSUMER STAPLES – 6.4%
Beverages – 1.4%
The Coca-Cola Co.		89,706		5,238,831
Food Products – 0.4%
The Kraft Heinz Co.		48,359		1,412,083
Household Products – 1.7%
The Procter & Gamble Co.		52,265		6,513,264
Tobacco – 2.9%
Altria Group, Inc.		63,548		3,020,436
British American Tobacco PLC		54,802		2,429,690
Imperial Brands PLC		58,350		1,503,114
Philip Morris International, Inc.		45,329		3,748,708
				10,701,948
TOTAL CONSUMER STAPLES				23,866,126
ENERGY – 3.8%
Energy Equipment & Services – 0.4%
Schlumberger Ltd.		47,780		1,601,108
Oil, Gas & Consumable Fuels – 3.4%
Chevron Corp.		36,251		3,883,932
Exxon Mobil Corp.		72,814		4,523,206
Kinder Morgan, Inc.		97,539		2,035,639
Occidental Petroleum Corp.		29,541		1,173,369
Targa Resources Corp.		33,703		1,230,159
				12,846,305
TOTAL ENERGY				14,447,413
FINANCIALS – 13.0%
Banks – 5.8%
Bank of America Corp.		216,477		7,106,940
JPMorgan Chase & Co.		70,044		9,271,024
Wells Fargo & Co.		112,084		5,261,223
				21,639,187
Capital Markets – 0.7%
Invesco Ltd.		159,248		2,754,990
Insurance – 1.7%
Old Republic International Corp.		142,822		3,220,636
Prudential Financial, Inc.		35,779		3,258,036
				6,478,672
Mortgage Real Estate Investment Trusts (REITs) – 4.8%
AGNC Investment Corp.		163,201		3,033,907
Annaly Capital Management, Inc.		286,694		2,798,133
Chimera Investment Corp.		149,700		3,173,640

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

12

Common Stocks – continued
	Shares		Value
FINANCIALS – continued
Mortgage Real Estate Investment Trusts (REITs) – continued
MFA Financial, Inc.		388,315	$	3,028,857
New Residential Investment Corp.		169,900		2,844,126
Two Harbors Investment Corp.		195,410		2,981,957
				17,860,620
TOTAL FINANCIALS				48,733,469
HEALTH CARE – 13.7%
Biotechnology – 4.5%
AbbVie, Inc.		70,382		5,702,350
Amgen, Inc.		30,105		6,504,185
Gilead Sciences, Inc.		75,163		4,750,302
				16,956,837
Health Care Providers & Services – 1.2%
Cardinal Health, Inc.		85,733		4,390,387
Five Star Senior Living, Inc. (b)		3,055		13,839
				4,404,226
Pharmaceuticals – 8.0%
Bristol-Myers Squibb Co.		103,982		6,545,667
Johnson & Johnson		65,401		9,736,247
Merck & Co., Inc.		88,583		7,568,531
Pfizer, Inc.		171,113		6,372,248
				30,222,693
TOTAL HEALTH CARE				51,583,756
INDUSTRIALS – 9.4%
Aerospace & Defense – 2.2%
Lockheed Martin Corp.		6,348		2,717,706
The Boeing Co.		9,194		2,926,174
United Technologies Corp.		18,218		2,736,344
				8,380,224
Air Freight & Logistics – 0.7%
Royal Mail PLC		258,086		675,470
United Parcel Service, Inc. Class B		17,657		1,827,853
				2,503,323
Airlines – 0.4%
Delta Air Lines, Inc.		26,494		1,476,775
Building Products – 0.4%
Johnson Controls International PLC		38,924		1,535,552
Electrical Equipment – 0.9%
Eaton Corp. PLC		17,594		1,662,105
Emerson Electric Co.		22,069		1,580,803
				3,242,908
Industrial Conglomerates – 1.6%
3M Co.		12,092		1,918,517
Honeywell International, Inc.		15,930		2,759,394
Jardine Matheson Holdings Ltd.		13,619		761,438

	Shares		Value
Jardine Strategic Holdings Ltd.		23,907	$	737,053
				6,176,402
Machinery – 1.4%
Caterpillar, Inc.		14,505		1,905,232
Illinois Tool Works, Inc.		10,602		1,855,138
PACCAR, Inc.		18,425		1,367,319
				5,127,689
Professional Services – 0.3%
Randstad N.V.		18,950		1,092,017
Road & Rail – 1.2%
Norfolk Southern Corp.		8,965		1,866,603
Union Pacific Corp.		15,281		2,741,717
				4,608,320
Transportation Infrastructure – 0.3%
Macquarie Infrastructure Corp.		22,113		975,404
TOTAL INDUSTRIALS				35,118,614
INFORMATION TECHNOLOGY – 25.0%
Communications Equipment – 1.4%
Cisco Systems, Inc.		111,562		5,128,505
IT Services – 1.2%
International Business Machines Corp.		30,561		4,392,533
Semiconductors & Semiconductor Equipment – 7.0%
Applied Materials, Inc.		77,402		4,488,542
Broadcom, Inc.		14,768		4,506,603
Intel Corp.		112,686		7,204,016
QUALCOMM, Inc.		66,757		5,695,040
Texas Instruments, Inc.		37,527		4,527,632
				26,421,833
Software – 6.0%
Micro Focus International PLC		109,962		1,488,640
Microsoft Corp.		124,071		21,120,606
				22,609,246
Technology Hardware, Storage & Peripherals – 9.4%
Apple, Inc.		73,445		22,731,962
Hewlett Packard Enterprise Co.		180,750		2,517,847
HP, Inc.		135,284		2,884,255
Seagate Technology PLC		60,496		3,447,667
Western Digital Corp.		59,948		3,926,594
				35,508,325
TOTAL INFORMATION TECHNOLOGY				94,060,442
MATERIALS – 2.5%
Chemicals – 1.8%
Air Products & Chemicals, Inc.		6,863		1,638,267
Corteva, Inc.		13,956		403,607
Dow, Inc.		13,956		642,953
DuPont de Nemours, Inc.		13,956		714,268
Linde PLC		11,184		2,271,806

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

13

Fidelity^® Dividend ETF for Rising Rates

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
MATERIALS – continued
Chemicals – continued
LyondellBasell Industries N.V. Class A		11,649	$	906,991
				6,577,892
Containers & Packaging – 0.4%
International Paper Co.		19,146		779,625
Westrock Co.		19,492		760,188
				1,539,813
Metals & Mining – 0.3%
Alumina Ltd.		372,035		542,908
Nucor Corp.		14,831		704,324
				1,247,232
TOTAL MATERIALS				9,364,937
REAL ESTATE – 3.2%
Equity Real Estate Investment Trusts (REITs) – 3.1%
American Tower Corp.		9,049		2,097,015
Crown Castle International Corp.		10,323		1,546,798
Diversified Healthcare Trust		45,102		348,187
Iron Mountain, Inc.		19,250		608,493
Kimco Realty Corp.		39,450		751,522
Park Hotels & Resorts, Inc.		21,840		479,170
Public Storage		4,655		1,041,603
RLJ Lodging Trust		33,442		520,358
Sabra Health Care REIT, Inc.		30,474		655,191
Service Properties Trust		23,820		514,036
Simon Property Group, Inc.		7,167		954,286
Uniti Group, Inc.		31,383		198,654
Welltower, Inc.		12,314		1,045,582
Weyerhaeuser Co.		31,713		918,091
				11,678,986
Real Estate Management & Development – 0.1%
Hongkong Land Holdings Ltd.		81,251		433,068
TOTAL REAL ESTATE				12,112,054
UTILITIES – 3.6%
Electric Utilities – 3.1%
Duke Energy Corp.		18,245		1,781,259

	Shares		Value
Edison International		18,104	$	1,385,861
Exelon Corp.		29,015		1,380,824
NextEra Energy, Inc.		10,597		2,842,116
PPL Corp.		34,509		1,248,881
SSE PLC		51,235		1,020,588
The Southern Co.		29,586		2,082,854
				11,742,383
Multi-Utilities – 0.5%
Dominion Energy, Inc.		21,147		1,813,355
TOTAL UTILITIES				13,555,738
TOTAL COMMON STOCKS (Cost $337,247,584)				373,138,274
Money Market Funds – 1.0%
Fidelity Cash Central Fund, 1.58% (c)		1,834,197		1,834,564
Fidelity Securities Lending Cash Central Fund, 1.59% (c)(d)		2,011,248		2,011,449
TOTAL MONEY MARKET FUNDS (Cost $3,846,014)				3,846,013
TOTAL INVESTMENT IN SECURITIES – 100.3% (Cost $341,093,598)				376,984,287
NET OTHER ASSETS (LIABILITIES) – (0.3%)				(1,249,943	)
NET ASSETS – 100.0%			$	375,734,344

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.

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini S&P 500 Index Future Contracts		16		March 2020	$	2,579,200	$	28,937	$	28,937

The notional amount of futures purchased as a percentage of Net Assets is 0.7%

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

14

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	$	5,946
Fidelity Securities Lending Cash Central Fund		4,343
Total	$	10,289

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund 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 from lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Equities:
Communication Services	$	31,589,481	$	31,589,481	$	—	$	—
Consumer Discretionary		38,706,244		38,706,244		—		—
Consumer Staples		23,866,126		23,866,126		—		—
Energy		14,447,413		14,447,413		—		—
Financials		48,733,469		48,733,469		—		—
Health Care		51,583,756		51,583,756		—		—
Industrials		35,118,614		35,118,614		—		—
Information Technology		94,060,442		94,060,442		—		—
Materials		9,364,937		9,364,937		—		—
Real Estate		12,112,054		12,112,054		—		—
Utilities		13,555,738		13,555,738		—		—
Money Market Funds		3,846,013		3,846,013		—		—
Total Investments in Securities:	$	376,984,287	$	376,984,287	$	—	$	—
Derivative Instruments:
Assets
Futures Contracts	$	28,937	$	28,937	$	—	$	—
Total Assets	$	28,937	$	28,937		—	$	—
Total Derivative Instruments:	$	28,937	$	28,937	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts(a)	$	28,937	$	0
Total Equity Risk		28,937		0
Total Value of Derivatives	$	28,937	$	0

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

15

Fidelity^® High Dividend ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.4%
	Shares		Value
COMMUNICATION SERVICES – 2.7%
Diversified Telecommunication Services – 0.9%
AT&T, Inc.		61,584	$	2,316,790
CenturyLink, Inc. (a)		38,262		522,659
Verizon Communications, Inc.		34,592		2,056,149
				4,895,598
Entertainment – 0.6%
Activision Blizzard, Inc.		15,264		892,639
Cinemark Holdings, Inc.		12,772		402,446
The Walt Disney Co.		13,668		1,890,421
World Wrestling Entertainment, Inc. Class A (a)		6,287		307,308
				3,492,814
Media – 1.2%
Cable One, Inc.		590		1,005,378
Comcast Corp. Class A		41,858		1,807,847
Nexstar Media Group, Inc. Class A		6,247		756,824
Omnicom Group, Inc.		7,815		588,548
Sirius XM Holdings, Inc. (a)		92,997		657,489
The Interpublic Group of Cos., Inc.		24,160		548,432
The New York Times Co. Class A		20,157		645,225
ViacomCBS, Inc. Class B		12,104		413,109
				6,422,852
Wireless Telecommunication Services – 0.0%
Telephone & Data Systems, Inc.		14,263		323,485
TOTAL COMMUNICATION SERVICES				15,134,749
CONSUMER DISCRETIONARY – 3.7%
Automobiles – 0.4%
Ford Motor Co.		124,482		1,097,931
General Motors Co.		30,981		1,034,456
				2,132,387
Hotels, Restaurants & Leisure – 0.9%
Las Vegas Sands Corp.		17,275		1,128,230
McDonald’s Corp.		10,011		2,142,054
Starbucks Corp.		21,036		1,784,484
				5,054,768
Household Durables – 0.2%
Persimmon PLC		27,713		1,117,245
Multiline Retail – 0.4%
Macy’s, Inc. (a)		34,787		554,853
Target Corp.		15,333		1,697,976
				2,252,829
Specialty Retail – 1.3%
L Brands, Inc.		32,442		751,357
Lowe’s Cos., Inc.		14,364		1,669,671
The Home Depot, Inc.		12,310		2,807,911
The TJX Cos., Inc.		25,668		1,515,439
				6,744,378

	Shares		Value
Textiles, Apparel & Luxury Goods – 0.5%
NIKE, Inc. Class B		19,109	$	1,840,197
Pandora A/S		19,881		1,030,947
				2,871,144
TOTAL CONSUMER DISCRETIONARY				20,172,751
CONSUMER STAPLES – 13.3%
Beverages – 2.6%
PepsiCo, Inc.		99,704		14,159,962
Food Products – 0.9%
The Kraft Heinz Co.		181,573		5,301,932
Household Products – 3.0%
The Procter & Gamble Co.		132,803		16,549,910
Tobacco – 6.8%
Altria Group, Inc.		201,562		9,580,242
British American Tobacco PLC		230,469		10,218,023
Imperial Brands PLC		245,115		6,314,239
Philip Morris International, Inc.		136,362		11,277,137
				37,389,641
TOTAL CONSUMER STAPLES				73,401,445
ENERGY – 9.6%
Energy Equipment & Services – 1.3%
Schlumberger Ltd.		208,128		6,974,369
Oil, Gas & Consumable Fuels – 8.3%
Chevron Corp.		107,017		11,465,801
Exxon Mobil Corp.		191,604		11,902,441
Kinder Morgan, Inc.		479,725		10,011,861
Occidental Petroleum Corp.		134,702		5,350,363
Targa Resources Corp. (a)		190,831		6,965,332
				45,695,798
TOTAL ENERGY				52,670,167
FINANCIALS – 20.4%
Banks – 7.7%
Bank of America Corp.		428,879		14,080,098
JPMorgan Chase & Co.		133,781		17,707,253
Wells Fargo & Co.		228,738		10,736,962
				42,524,313
Insurance – 4.5%
MetLife, Inc.		176,042		8,751,048
Old Republic International Corp.		360,972		8,139,918
Prudential Financial, Inc.		85,778		7,810,945
				24,701,911
Mortgage Real Estate Investment Trusts (REITs) – 8.2%
AGNC Investment Corp.		410,247		7,626,492
Annaly Capital Management, Inc.		713,177		6,960,607
Chimera Investment Corp.		380,098		8,058,078
MFA Financial, Inc.		986,101		7,691,588

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

16

Common Stocks – continued
	Shares		Value
FINANCIALS – continued
Mortgage Real Estate Investment Trusts (REITs) – continued
New Residential Investment Corp.		429,014	$	7,181,694
Two Harbors Investment Corp.		495,842		7,566,549
				45,085,008
TOTAL FINANCIALS				112,311,232
HEALTH CARE – 7.6%
Biotechnology – 2.5%
AbbVie, Inc.		57,460		4,655,409
Amgen, Inc.		24,578		5,310,077
Gilead Sciences, Inc.		61,365		3,878,268
				13,843,754
Health Care Providers & Services – 0.6%
Cardinal Health, Inc.		70,014		3,585,417
Five Star Senior Living, Inc. (b)		16,756		75,905
				3,661,322
Pharmaceuticals – 4.5%
Bristol-Myers Squibb Co.		84,896		5,344,203
Johnson & Johnson		53,397		7,949,212
Merck & Co., Inc.		72,321		6,179,106
Pfizer, Inc.		139,672		5,201,385
				24,673,906
TOTAL HEALTH CARE				42,178,982
INDUSTRIALS – 3.1%
Aerospace & Defense – 0.7%
Lockheed Martin Corp.		3,057		1,308,763
The Boeing Co.		4,433		1,410,891
United Technologies Corp.		8,799		1,321,609
				4,041,263
Air Freight & Logistics – 0.2%
Royal Mail PLC		124,324		325,385
United Parcel Service, Inc. Class B		8,518		881,783
				1,207,168
Airlines – 0.1%
Delta Air Lines, Inc.		12,770		711,800
Building Products – 0.1%
Johnson Controls International PLC		18,839		743,198
Electrical Equipment – 0.3%
Eaton Corp. PLC		8,492		802,239
Emerson Electric Co.		10,650		762,860
				1,565,099
Industrial Conglomerates – 0.6%
3M Co.		5,841		926,733
Honeywell International, Inc.		7,699		1,333,621
Jardine Matheson Holdings Ltd.		6,566		367,105
Jardine Strategic Holdings Ltd.		11,400		351,462
				2,978,921

	Shares		Value
Machinery – 0.5%
Caterpillar, Inc.		6,997	$	919,056
Illinois Tool Works, Inc.		5,116		895,197
PACCAR, Inc.		8,914		661,508
				2,475,761
Professional Services – 0.1%
Randstad N.V.		9,073		522,843
Road & Rail – 0.4%
Norfolk Southern Corp.		4,323		900,092
Union Pacific Corp.		7,364		1,321,249
				2,221,341
Transportation Infrastructure – 0.1%
Macquarie Infrastructure Corp.		10,663		470,345
TOTAL INDUSTRIALS				16,937,739
INFORMATION TECHNOLOGY – 17.2%
Communications Equipment – 0.9%
Cisco Systems, Inc.		112,778		5,184,405
IT Services – 0.8%
International Business Machines Corp.		30,886		4,439,245
Semiconductors & Semiconductor Equipment – 4.8%
Applied Materials, Inc.		78,252		4,537,833
Broadcom, Inc.		14,922		4,553,598
Intel Corp.		113,844		7,278,047
QUALCOMM, Inc.		67,452		5,754,330
Texas Instruments, Inc.		37,936		4,576,978
				26,700,786
Software – 4.2%
Micro Focus International PLC		110,882		1,501,094
Microsoft Corp.		125,391		21,345,310
				22,846,404
Technology Hardware, Storage & Peripherals – 6.5%
Apple, Inc.		74,219		22,971,523
Hewlett Packard Enterprise Co.		182,478		2,541,919
HP, Inc.		136,617		2,912,674
Seagate Technology PLC		61,098		3,481,975
Western Digital Corp.		60,569		3,967,269
				35,875,360
TOTAL INFORMATION TECHNOLOGY				95,046,200
REAL ESTATE – 9.9%
Equity Real Estate Investment Trusts (REITs) – 9.5%
American Tower Corp.		27,242		6,313,061
Crown Castle International Corp.		35,651		5,341,946
Diversified Healthcare Trust		239,164		1,846,346
Iron Mountain, Inc.		92,351		2,919,215
Kimco Realty Corp.		198,143		3,774,624
Park Hotels & Resorts, Inc.		111,296		2,441,834
Prologis, Inc.		58,934		5,473,790
Public Storage		18,102		4,050,504

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

17

Fidelity^® High Dividend ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Sabra Health Care REIT, Inc.		160,665	$	3,454,298
Simon Property Group, Inc.		23,729		3,159,516
Spirit Realty Capital, Inc.		83,013		4,381,426
Uniti Group, Inc.		165,768		1,049,311
Welltower, Inc.		48,989		4,159,656
Weyerhaeuser Co.		137,678		3,985,778
				52,351,305
Real Estate Management & Development – 0.4%
Hongkong Land Holdings Ltd.		450,487		2,401,096
TOTAL REAL ESTATE				54,752,401
UTILITIES – 11.9%
Electric Utilities – 10.4%
Duke Energy Corp.		78,866		7,699,688
Edison International		106,517		8,153,877
Exelon Corp.		138,295		6,581,459
NextEra Energy, Inc.		41,166		11,040,721
PPL Corp.		196,228		7,101,491
SSE PLC		370,929		7,388,809
The Southern Co.		137,418		9,674,227
				57,640,272
Multi-Utilities – 1.5%
Dominion Energy, Inc.		96,077		8,238,603
TOTAL UTILITIES				65,878,875
TOTAL COMMON STOCKS (Cost $511,084,778)				548,484,541

Money Market Funds – 1.2%
	Shares		Value
Fidelity Cash Central Fund, 1.58% (c)		1,625,150	$	1,625,475
Fidelity Securities Lending Cash Central Fund, 1.59% (c)(d)		4,788,730		4,789,208
TOTAL MONEY MARKET FUNDS (Cost $6,414,684)				6,414,683
TOTAL INVESTMENT IN SECURITIES – 100.6% (Cost $517,499,462)				554,899,224
NET OTHER ASSETS (LIABILITIES) – (0.6%)				(3,343,015	)
NET ASSETS – 100.0%			$	551,556,209

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.

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini S&P 500 Index Future Contracts		18		March 2020	$	2,901,600	$	35,203	$	35,203

The notional amount of futures purchased as a percentage of Net Assets is 0.5%

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	$	4,969
Fidelity Securities Lending Cash Central Fund		3,312
Total	$	8,281

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund 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 from lending certain types of securities.

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

18

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Equities:
Communication Services	$	15,134,749	$	15,134,749	$	—	$	—
Consumer Discretionary		20,172,751		20,172,751		—		—
Consumer Staples		73,401,445		73,401,445		—		—
Energy		52,670,167		52,670,167		—		—
Financials		112,311,232		112,311,232		—		—
Health Care		42,178,982		42,178,982		—		—
Industrials		16,937,739		16,937,739		—		—
Information Technology		95,046,200		95,046,200		—		—
Real Estate		54,752,401		54,752,401		—		—
Utilities		65,878,875		65,878,875		—		—
Money Market Funds		6,414,683		6,414,683		—		—
Total Investments in Securities:	$	554,899,224	$	554,899,224	$	—	$	—
Derivative Instruments:
Assets
Futures Contracts	$	35,203	$	35,203	$	—	$	—
Total Assets	$	35,203	$	35,203		—	$	—
Total Derivative Instruments:	$	35,203	$	35,203	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts(a)	$	35,203	$	0
Total Equity Risk		35,203		0
Total Value of Derivatives	$	35,203	$	0

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

19

Fidelity^® Low Volatility Factor ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
COMMUNICATION SERVICES – 9.9%
Diversified Telecommunication Services – 2.2%
AT&T, Inc.		126,216	$	4,748,246
Verizon Communications, Inc.		73,869		4,390,773
				9,139,019
Entertainment – 1.0%
The Walt Disney Co.		30,058		4,157,322
Interactive Media & Services – 4.9%
Alphabet, Inc. Class A (a)		8,808		12,619,926
Facebook, Inc. Class A (a)		36,318		7,332,968
				19,952,894
Media – 1.5%
Cable One, Inc.		795		1,354,704
Comcast Corp. Class A		82,166		3,548,750
Omnicom Group, Inc.		14,117		1,063,151
				5,966,605
Wireless Telecommunication Services – 0.3%
T-Mobile US, Inc. (a)		15,375		1,217,546
TOTAL COMMUNICATION SERVICES				40,433,386
CONSUMER DISCRETIONARY – 9.9%
Diversified Consumer Services – 0.7%
Bright Horizons Family Solutions, Inc. (a)		17,066		2,794,216
Hotels, Restaurants & Leisure – 3.3%
Darden Restaurants, Inc.		21,849		2,543,879
McDonald’s Corp.		22,186		4,747,138
Starbucks Corp.		42,219		3,581,438
Yum! Brands, Inc.		25,056		2,650,173
				13,522,628
Multiline Retail – 1.0%
Target Corp.		36,502		4,042,232
Specialty Retail – 3.8%
AutoZone, Inc. (a)		2,540		2,687,218
O’Reilly Automotive, Inc. (a)		7,564		3,071,741
The Home Depot, Inc.		26,295		5,997,890
The TJX Cos., Inc.		62,704		3,702,044
				15,458,893
Textiles, Apparel & Luxury Goods – 1.1%
NIKE, Inc. Class B		46,034		4,433,074
TOTAL CONSUMER DISCRETIONARY				40,251,043
CONSUMER STAPLES – 6.8%
Beverages – 2.3%
PepsiCo, Inc.		30,729		4,364,132
The Coca-Cola Co.		81,552		4,762,637
				9,126,769
Food & Staples Retailing – 0.9%
Walmart, Inc.		32,335		3,702,034

	Shares		Value
Food Products – 1.3%
Hormel Foods Corp. (b)		39,319	$	1,858,216
McCormick & Co., Inc. (non-vtg.)		10,976		1,793,149
The Hershey Co.		11,568		1,795,007
				5,446,372
Household Products – 2.3%
Church & Dwight Co., Inc.		23,146		1,717,896
The Clorox Co.		11,146		1,753,378
The Procter & Gamble Co.		46,581		5,804,924
				9,276,198
TOTAL CONSUMER STAPLES				27,551,373
ENERGY – 3.7%
Oil, Gas & Consumable Fuels – 3.7%
Chevron Corp.		34,339		3,679,080
Exxon Mobil Corp.		70,977		4,409,091
Kinder Morgan, Inc.		73,053		1,524,616
ONEOK, Inc.		19,281		1,443,569
Phillips 66		15,077		1,377,586
Pioneer Natural Resources Co.		9,913		1,338,255
Valero Energy Corp.		16,859		1,421,382
TOTAL ENERGY				15,193,579
FINANCIALS – 13.2%
Capital Markets – 2.6%
Cboe Global Markets, Inc		24,135		2,973,915
CME Group, Inc.		17,994		3,906,677
Intercontinental Exchange, Inc.		36,937		3,684,096
				10,564,688
Diversified Financial Services – 2.2%
Berkshire Hathaway, Inc. Class B (a)		39,484		8,861,394
Insurance – 6.3%
Aflac, Inc.		59,913		3,089,713
Arch Capital Group Ltd. (a)		72,917		3,220,015
Chubb Ltd.		23,476		3,568,117
Everest Re Group Ltd.		11,182		3,092,606
Loews Corp.		52,735		2,713,216
Marsh & McLennan Cos., Inc.		33,290		3,723,819
The Progressive Corp.		40,305		3,252,211
WR Berkley Corp.		39,758		2,923,406
				25,583,103
Mortgage Real Estate Investment Trusts (REITs) – 2.1%
Blackstone Mortgage Trust, Inc. Class A		75,319		2,877,186
MFA Financial, Inc.		371,562		2,898,184
Starwood Property Trust, Inc.		116,222		2,982,256
				8,757,626
TOTAL FINANCIALS				53,766,811

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

20

Common Stocks – continued
	Shares		Value
HEALTH CARE – 14.1%
Health Care Equipment & Supplies – 3.8%
Danaher Corp.		25,976	$	4,178,759
Medtronic PLC		42,148		4,865,565
ResMed, Inc.		20,526		3,263,018
Stryker Corp.		15,669		3,301,459
				15,608,801
Health Care Providers & Services – 3.2%
Anthem, Inc.		11,831		3,138,528
Cigna Corp. (a)		19,640		3,778,343
UnitedHealth Group, Inc.		22,902		6,239,650
				13,156,521
Pharmaceuticals – 7.1%
Bristol-Myers Squibb Co.		77,098		4,853,319
Eli Lilly & Co.		34,037		4,752,927
Johnson & Johnson		55,928		8,326,001
Merck & Co., Inc.		65,033		5,556,419
Pfizer, Inc.		139,083		5,179,451
				28,668,117
TOTAL HEALTH CARE				57,433,439
INDUSTRIALS – 9.6%
Aerospace & Defense – 2.7%
Lockheed Martin Corp.		9,410		4,028,609
Northrop Grumman Corp.		8,685		3,253,141
Raytheon Co.		16,063		3,548,959
				10,830,709
Air Freight & Logistics – 0.5%
CH Robinson Worldwide, Inc.		28,857		2,084,052
Commercial Services & Supplies – 2.0%
Republic Services, Inc.		27,712		2,634,026
Rollins, Inc.		68,034		2,581,890
Waste Management, Inc.		24,134		2,937,108
				8,153,024
Industrial Conglomerates – 1.8%
3M Co.		20,253		3,213,341
Honeywell International, Inc.		22,609		3,916,331
				7,129,672
Machinery – 0.6%
The Toro Co.		31,629		2,530,953
Professional Services – 2.0%
Exponent, Inc.		32,777		2,385,182
IHS Markit Ltd. (a)		39,025		3,077,512
Verisk Analytics, Inc.		16,509		2,682,217
				8,144,911
TOTAL INDUSTRIALS				38,873,321

	Shares		Value
INFORMATION TECHNOLOGY – 22.7%
Electronic Equipment, Instruments & Components – 0.9%
Amphenol Corp. Class A		35,448	$	3,526,013
IT Services – 13.0%
Accenture PLC Class A		23,260		4,773,184
Amdocs Ltd.		46,981		3,380,283
Automatic Data Processing, Inc.		23,325		3,997,672
Broadridge Financial Solutions, Inc.		23,783		2,833,744
Fidelity National Information Services, Inc.		30,021		4,312,817
Fiserv, Inc. (a)		34,975		4,148,385
Genpact Ltd.		73,973		3,274,785
Jack Henry & Associates, Inc.		21,380		3,197,165
Mastercard, Inc. Class A		22,221		7,020,503
Paychex, Inc.		38,392		3,292,882
PayPal Holdings, Inc. (a)		41,193		4,691,471
Visa, Inc. Class A		38,918		7,743,514
				52,666,405
Semiconductors & Semiconductor Equipment – 1.8%
Intel Corp.		117,259		7,496,368
Software – 7.0%
Check Point Software Technologies Ltd. (a)		27,491		3,142,496
Microsoft Corp.		123,516		21,026,129
Oracle Corp.		83,865		4,398,719
				28,567,344
TOTAL INFORMATION TECHNOLOGY				92,256,130
MATERIALS – 2.4%
Chemicals – 1.6%
Air Products & Chemicals, Inc.		5,855		1,397,647
Ecolab, Inc.		6,648		1,303,740
International Flavors & Fragrances, Inc.		5,920		776,171
Linde PLC		11,002		2,234,836
NewMarket Corp.		1,571		690,643
				6,403,037
Construction Materials – 0.2%
Vulcan Materials Co.		6,582		932,208
Containers & Packaging – 0.6%
Aptargroup, Inc.		6,378		736,723
Ball Corp.		13,244		955,952
Sonoco Products Co.		12,316		703,736
				2,396,411
TOTAL MATERIALS				9,731,656
REAL ESTATE – 3.9%
Equity Real Estate Investment Trusts (REITs) – 3.9%
American Tower Corp.		8,810		2,041,629
AvalonBay Communities, Inc.		4,580		992,440
Camden Property Trust		6,510		731,919

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

21

Fidelity^® Low Volatility Factor ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Crown Castle International Corp.		9,818	$	1,471,129
Equity Commonwealth		17,507		574,055
Equity Lifestyle Properties, Inc.		11,081		806,143
Essex Property Trust, Inc.		2,651		821,174
Federal Realty Investment Trust		5,138		642,353
Invitation Homes, Inc.		25,393		799,118
Mid-America Apartment Communities, Inc.		6,007		824,220
National Retail Properties, Inc.		12,560		703,360
Public Storage		4,276		956,798
Realty Income Corp.		12,093		948,212
Simon Property Group, Inc.		7,668		1,020,994
Sun Communities, Inc.		5,275		855,447
UDR, Inc.		15,490		742,126
WP Carey, Inc.		8,470		712,496
TOTAL REAL ESTATE				15,643,613
UTILITIES – 3.6%
Electric Utilities – 2.3%
American Electric Power Co., Inc.		15,304		1,594,983
Duke Energy Corp.		18,729		1,828,512
NextEra Energy, Inc.		10,212		2,738,859
The Southern Co.		27,461		1,933,254
Xcel Energy, Inc.		19,407		1,342,770
				9,438,378
Multi-Utilities – 1.3%
CMS Energy Corp.		16,665		1,141,719
Consolidated Edison, Inc.		13,259		1,246,346
Dominion Energy, Inc.		20,946		1,796,119

	Shares		Value
DTE Energy Co.		8,332	$	1,104,907
				5,289,091
TOTAL UTILITIES				14,727,469
TOTAL COMMON STOCKS (Cost $365,913,819)				405,861,820
Money Market Funds – 0.3%
Fidelity Cash Central Fund, 1.58% (c)		693,355		693,493
Fidelity Securities Lending Cash Central Fund, 1.59% (c)(d)		592,537		592,597
TOTAL MONEY MARKET FUNDS (Cost $1,286,090)				1,286,090
TOTAL INVESTMENT IN SECURITIES – 100.1% (Cost $367,199,909)				407,147,910
NET OTHER ASSETS (LIABILITIES) – (0.1%)				(272,225	)
NET ASSETS – 100.0%			$	406,875,685

Legend

(a) Non-income producing.

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

(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.

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini S&P 500 Index Future Contracts		4		March 2020	$	644,800	$	(857	)	$	(857	)
CME Micro E-mini S&P 500 Index Future Contracts		11		March 2020		177,320		(1,263	)		(1,263	)
Total Equity Index Contracts										$	(2,120	)

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

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	$	2,656
Fidelity Securities Lending Cash Central Fund		6,195
Total	$	8,851

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

22

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund 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 from lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total			Level 1			Level 2		Level 3
Investments in Securities:
Equities:
Communication Services	$	40,433,386		$	40,433,386		$	—	$	—
Consumer Discretionary		40,251,043			40,251,043			—		—
Consumer Staples		27,551,373			27,551,373			—		—
Energy		15,193,579			15,193,579			—		—
Financials		53,766,811			53,766,811			—		—
Health Care		57,433,439			57,433,439			—		—
Industrials		38,873,321			38,873,321			—		—
Information Technology		92,256,130			92,256,130			—		—
Materials		9,731,656			9,731,656			—		—
Real Estate		15,643,613			15,643,613			—		—
Utilities		14,727,469			14,727,469			—		—
Money Market Funds		1,286,090			1,286,090			—		—
Total Investments in Securities:	$	407,147,910		$	407,147,910		$	—	$	—
Derivative Instruments:
Liabilities
Futures Contracts	$	(2,120	)	$	(2,120	)	$	—	$	—
Total Liabilities	$	(2,120	)	$	(2,120	)	$	—	$	—
Total Derivative Instruments:	$	(2,120	)	$	(2,120	)	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset		Liabilities
Equity Risk
Futures Contracts(a)	$	0	$	(2,120	)
Total Equity Risk		0		(2,120	)
Total Value of Derivatives	$	0	$	(2,120	)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

23

Fidelity^® Momentum Factor ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
COMMUNICATION SERVICES – 9.8%
Diversified Telecommunication Services – 1.2%
AT&T, Inc.		32,797	$	1,233,823
Entertainment – 1.2%
The Walt Disney Co.		8,509		1,176,880
Interactive Media & Services – 5.5%
Alphabet, Inc. Class A (a)		2,264		3,243,814
Facebook, Inc. Class A (a)		9,708		1,960,142
Snap, Inc. Class A (a)		24,245		445,623
				5,649,579
Media – 1.9%
Altice USA, Inc. Class A (a)		11,622		317,978
Charter Communications, Inc. Class A (a)		1,240		641,651
Comcast Corp. Class A		22,381		966,635
				1,926,264
TOTAL COMMUNICATION SERVICES				9,986,546
CONSUMER DISCRETIONARY – 9.9%
Hotels, Restaurants & Leisure – 2.9%
Chipotle Mexican Grill, Inc. (a)		647		560,794
Hilton Worldwide Holdings, Inc.		5,443		586,755
McDonald’s Corp.		4,738		1,013,790
Starbucks Corp.		9,126		774,159
				2,935,498
Household Durables – 1.0%
NVR, Inc. (a)		132		503,840
TopBuild Corp. (a)		4,299		492,279
				996,119
Internet & Direct Marketing Retail – 3.2%
Amazon.com, Inc. (a)		1,627		3,268,187
Multiline Retail – 1.1%
Dollar General Corp.		3,568		547,367
Target Corp.		5,771		639,080
				1,186,447
Specialty Retail – 1.7%
AutoZone, Inc. (a)		463		489,835
The Home Depot, Inc.		5,498		1,254,094
				1,743,929
TOTAL CONSUMER DISCRETIONARY				10,130,180
CONSUMER STAPLES – 6.5%
Beverages – 1.0%
PepsiCo, Inc.		7,183		1,020,130
Food & Staples Retailing – 1.6%
Costco Wholesale Corp.		2,635		805,045
Walmart, Inc.		7,695		881,001
				1,686,046
Food Products – 1.5%
Mondelez International, Inc. Class A		11,429		655,796

	Shares		Value
The Hershey Co.		2,862	$	444,096
Tyson Foods, Inc. Class A		5,179		427,941
				1,527,833
Household Products – 1.9%
Kimberly-Clark Corp.		3,763		539,012
The Procter & Gamble Co.		11,115		1,385,152
				1,924,164
Personal Products – 0.5%
The Estee Lauder Cos., Inc. Class A		2,602		507,806
TOTAL CONSUMER STAPLES				6,665,979
ENERGY – 3.4%
Oil, Gas & Consumable Fuels – 3.4%
Chevron Corp.		8,586		919,904
Exxon Mobil Corp.		17,975		1,116,607
Kinder Morgan, Inc.		19,686		410,847
ONEOK, Inc.		5,146		385,281
Phillips 66		3,747		342,363
The Williams Cos., Inc.		15,833		327,585
TOTAL ENERGY				3,502,587
FINANCIALS – 13.3%
Banks – 2.1%
JPMorgan Chase & Co.		15,958		2,112,201
Capital Markets – 4.3%
MarketAxess Holdings, Inc.		1,933		684,630
Moody’s Corp.		3,559		913,915
MSCI, Inc.		3,121		891,982
S&P Global, Inc.		3,401		998,976
The Blackstone Group, Inc. Class A		14,719		898,889
				4,388,392
Insurance – 6.9%
Aon PLC		4,231		931,878
Arch Capital Group Ltd. (a)		17,284		763,261
Chubb Ltd.		5,884		894,309
Cincinnati Financial Corp.		6,384		670,001
Fidelity National Financial, Inc.		15,432		752,310
RenaissanceRe Holdings Ltd.		3,704		701,686
The Hartford Financial Services Group, Inc.		12,862		762,459
Willis Towers Watson PLC		3,992		843,470
WR Berkley Corp.		10,003		735,521
				7,054,895
TOTAL FINANCIALS				13,555,488
HEALTH CARE – 12.3%
Biotechnology – 1.0%
Arrowhead Pharmaceuticals, Inc. (a)		23,697		993,141
Health Care Equipment & Supplies – 7.5%
Abbott Laboratories		17,073		1,487,741

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

24

Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Health Care Equipment & Supplies – continued
Baxter International, Inc.		13,905	$	1,240,604
Danaher Corp.		8,916		1,434,317
Edwards Lifesciences Corp. (a)		4,621		1,015,973
Insulet Corp. (a)		6,643		1,289,008
Stryker Corp.		5,399		1,137,569
				7,605,212
Health Care Technology – 1.0%
Veeva Systems, Inc. Class A (a)		7,035		1,031,401
Pharmaceuticals – 2.8%
Merck & Co., Inc.		19,317		1,650,445
Zoetis, Inc.		8,909		1,195,677
				2,846,122
TOTAL HEALTH CARE				12,475,876
INDUSTRIALS – 9.9%
Aerospace & Defense – 3.9%
L3Harris Technologies, Inc.		3,528		780,852
Lockheed Martin Corp.		2,353		1,007,367
Mercury Systems, Inc. (a)		7,988		613,079
Northrop Grumman Corp.		2,156		807,573
TransDigm Group, Inc.		1,258		809,246
				4,018,117
Commercial Services & Supplies – 2.2%
Cintas Corp.		2,417		674,271
Copart, Inc. (a)		7,624		773,531
Waste Management, Inc.		6,420		781,314
				2,229,116
Industrial Conglomerates – 1.0%
Honeywell International, Inc.		5,720		990,818
Professional Services – 2.8%
CoStar Group, Inc. (a)		1,169		763,345
Equifax, Inc.		4,606		690,439
FTI Consulting, Inc. (a)		5,402		648,564
Verisk Analytics, Inc.		4,516		733,715
				2,836,063
TOTAL INDUSTRIALS				10,074,114
INFORMATION TECHNOLOGY – 24.7%
IT Services – 6.2%
Fidelity National Information Services, Inc.		6,845		983,353
Fiserv, Inc. (a)		7,863		932,630
Global Payments, Inc.		4,741		926,628
Mastercard, Inc. Class A		5,255		1,660,265
Visa, Inc. Class A		9,282		1,846,840
				6,349,716
Semiconductors & Semiconductor Equipment – 3.4%
Applied Materials, Inc.		14,738		854,657

	Shares		Value
KLA Corp.		4,274	$	708,373
Lam Research Corp.		2,816		839,759
Texas Instruments, Inc.		8,470		1,021,905
				3,424,694
Software – 10.0%
Alteryx, Inc. Class A (a)(b)		7,074		986,611
Atlassian Corp. PLC Class A (a)		5,634		828,198
Coupa Software, Inc. (a)		4,809		774,970
Manhattan Associates, Inc. (a)		8,660		740,083
Microsoft Corp.		29,800		5,072,854
Paycom Software, Inc. (a)		3,157		1,004,431
Synopsys, Inc. (a)		5,164		761,742
				10,168,889
Technology Hardware, Storage & Peripherals – 5.1%
Apple, Inc.		16,668		5,158,913
TOTAL INFORMATION TECHNOLOGY				25,102,212
MATERIALS – 2.6%
Chemicals – 1.5%
Air Products & Chemicals, Inc.		1,457		347,800
Ecolab, Inc.		1,633		320,248
Linde PLC		2,575		523,060
The Sherwin-Williams Co.		543		302,445
				1,493,553
Construction Materials – 0.4%
Martin Marietta Materials, Inc.		796		209,985
Vulcan Materials Co.		1,521		215,419
				425,404
Containers & Packaging – 0.4%
Ball Corp.		3,311		238,988
Crown Holdings, Inc. (a)		2,571		190,331
				429,319
Metals & Mining – 0.3%
Newmont Corp.		6,614		298,027
TOTAL MATERIALS				2,646,303
REAL ESTATE – 3.8%
Equity Real Estate Investment Trusts (REITs) – 3.8%
American Tower Corp.		2,029		470,200
Crown Castle International Corp.		2,257		338,189
Equinix, Inc.		496		292,506
Equity Lifestyle Properties, Inc.		2,348		170,817
Equity Residential		2,536		210,691
Essex Property Trust, Inc.		590		182,758
Extra Space Storage, Inc.		1,512		167,348
Healthpeak Properties, Inc.		4,870		175,271
Invitation Homes, Inc.		5,548		174,596
Mid-America Apartment Communities, Inc.		1,256		172,336
Prologis, Inc.		3,479		323,130

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

25

Fidelity^® Momentum Factor ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Public Storage		1,047	$	234,277
SBA Communications Corp.		883		220,361
Sun Communities, Inc.		1,052		170,603
VEREIT, Inc.		15,879		154,979
Welltower, Inc.		2,694		228,748
WP Carey, Inc.		1,890		158,987
TOTAL REAL ESTATE				3,845,797
UTILITIES – 3.6%
Electric Utilities – 2.6%
American Electric Power Co., Inc.		3,936		410,210
Entergy Corp.		2,443		321,303
FirstEnergy Corp.		6,293		319,621
NextEra Energy, Inc.		2,538		680,692
The Southern Co.		6,940		488,576
Xcel Energy, Inc.		5,151		356,398
				2,576,800
Multi-Utilities – 0.7%
Sempra Energy		2,412		387,464
WEC Energy Group, Inc.		3,350		334,631
				722,095
Water Utilities – 0.3%
American Water Works Co., Inc.		2,358		321,160
TOTAL UTILITIES				3,620,055
TOTAL COMMON STOCKS (Cost $91,083,846)				101,605,137

Money Market Funds – 1.1%
	Shares		Value
Fidelity Cash Central Fund, 1.58% (c)		112,646	$	112,668
Fidelity Securities Lending Cash Central Fund, 1.59% (c)(d)		1,025,374		1,025,477
TOTAL MONEY MARKET FUNDS (Cost $1,138,145)				1,138,145
TOTAL INVESTMENT IN SECURITIES – 100.9% (Cost $92,221,991)				102,743,282
NET OTHER ASSETS (LIABILITIES) – (0.9%)				(963,469	)
NET ASSETS – 100.0%			$	101,779,813

Legend

(a) Non-income producing.

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

(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.

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini S&P 500 Index Future Contracts		1		March 2020	$	161,200	$	1,398	$	1,398

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

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		$1,007
Fidelity Securities Lending Cash Central Fund		497
Total		$1,504

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund 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 from lending certain types of securities.

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

26

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Equities:
Communication Services	$	9,986,546	$	9,986,546	$	—	$	—
Consumer Discretionary		10,130,180		10,130,180		—		—
Consumer Staples		6,665,979		6,665,979		—		—
Energy		3,502,587		3,502,587		—		—
Financials		13,555,488		13,555,488		—		—
Health Care		12,475,876		12,475,876		—		—
Industrials		10,074,114		10,074,114		—		—
Information Technology		25,102,212		25,102,212		—		—
Materials		2,646,303		2,646,303		—		—
Real Estate		3,845,797		3,845,797		—		—
Utilities		3,620,055		3,620,055		—		—
Money Market Funds		1,138,145		1,138,145		—		—
Total Investments in Securities:	$	102,743,282	$	102,743,282	$	—	$	—
Derivative Instruments:
Assets
Futures Contracts	$	1,398	$	1,398	$	—	$	—
Total Assets	$	1,398	$	1,398		—	$	—
Total Derivative Instruments:	$	1,398	$	1,398	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type		Value
	Asset		Liabilities
Equity Risk
Futures Contracts(a)	$	1,398	$	0
Total Equity Risk		1,398		0
Total Value of Derivatives	$	1,398	$	0

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

27

Fidelity^® Quality Factor ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares		Value
COMMUNICATION SERVICES – 10.1%
Diversified Telecommunication Services – 2.3%
AT&T, Inc.		49,920	$	1,877,991
Verizon Communications, Inc.		29,219		1,736,777
				3,614,768
Entertainment – 1.4%
Electronic Arts, Inc. (a)		5,256		567,228
The Walt Disney Co.		11,892		1,644,782
				2,212,010
Interactive Media & Services – 5.2%
Alphabet, Inc. Class A (a)		3,479		4,984,641
Facebook, Inc. Class A (a)		14,351		2,897,610
Match Group, Inc. (a)(b)		4,953		387,424
				8,269,675
Media – 1.2%
Comcast Corp. Class A		32,515		1,404,323
Sirius XM Holdings, Inc. (b)		64,756		457,825
				1,862,148
TOTAL COMMUNICATION SERVICES				15,958,601
CONSUMER DISCRETIONARY – 9.7%
Hotels, Restaurants & Leisure – 4.1%
Domino’s Pizza, Inc.		4,111		1,158,274
McDonald’s Corp.		8,730		1,867,958
Planet Fitness, Inc. Class A (a)		12,693		1,025,468
Starbucks Corp.		16,602		1,408,348
Yum! Brands, Inc.		9,844		1,041,200
				6,501,248
Internet & Direct Marketing Retail – 1.4%
Booking Holdings, Inc. (a)		736		1,347,285
eBay, Inc.		27,550		924,578
				2,271,863
Specialty Retail – 3.1%
O’Reilly Automotive, Inc. (a)		2,971		1,206,523
Ross Stores, Inc.		11,218		1,258,547
The Home Depot, Inc.		10,348		2,360,379
				4,825,449
Textiles, Apparel & Luxury Goods – 1.1%
NIKE, Inc. Class B		18,101		1,743,126
TOTAL CONSUMER DISCRETIONARY				15,341,686
CONSUMER STAPLES – 6.7%
Beverages – 1.7%
Monster Beverage Corp. (a)		11,400		759,240
The Coca-Cola Co.		32,530		1,899,752
				2,658,992
Food Products – 0.4%
The Hershey Co.		4,692		728,058
Household Products – 3.1%
Colgate-Palmolive Co.		12,958		956,041

	Shares		Value
Kimberly-Clark Corp.		6,290	$	900,980
The Clorox Co.		4,522		711,356
The Procter & Gamble Co.		18,537		2,310,081
				4,878,458
Tobacco – 1.5%
Altria Group, Inc.		22,539		1,071,278
Philip Morris International, Inc.		15,607		1,290,699
				2,361,977
TOTAL CONSUMER STAPLES				10,627,485
ENERGY – 3.6%
Oil, Gas & Consumable Fuels – 3.6%
Cabot Oil & Gas Corp.		21,704		305,809
Chevron Corp.		13,388		1,434,390
ConocoPhillips		12,026		714,705
EOG Resources, Inc.		7,647		557,543
Exxon Mobil Corp.		27,741		1,723,271
Occidental Petroleum Corp.		10,719		425,759
Valero Energy Corp.		6,407		540,174
TOTAL ENERGY				5,701,651
FINANCIALS – 13.4%
Banks – 2.7%
SVB Financial Group (a)		5,538		1,330,948
US Bancorp		28,516		1,517,621
Western Alliance Bancorp		25,239		1,393,950
				4,242,519
Capital Markets – 6.7%
CME Group, Inc.		7,720		1,676,089
FactSet Research Systems, Inc.		4,318		1,235,423
Intercontinental Exchange, Inc.		15,975		1,593,347
Moody’s Corp.		6,174		1,585,422
MSCI, Inc.		5,535		1,581,903
S&P Global, Inc.		5,759		1,691,591
SEI Investments Co.		20,340		1,327,388
				10,691,163
Consumer Finance – 2.4%
Capital One Financial Corp.		15,051		1,502,090
Discover Financial Services		14,818		1,113,276
Synchrony Financial		35,691		1,156,745
				3,772,111
Thrifts & Mortgage Finance – 1.6%
Essent Group Ltd.		25,865		1,283,163
MGIC Investment Corp.		92,850		1,280,401
				2,563,564
TOTAL FINANCIALS				21,269,357
HEALTH CARE – 13.5%
Biotechnology – 3.6%
AbbVie, Inc.		25,949		2,102,388

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

28

Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Biotechnology – continued
Amgen, Inc.		9,604	$	2,074,944
Biogen, Inc. (a)		5,869		1,577,881
				5,755,213
Health Care Equipment & Supplies – 0.8%
IDEXX Laboratories, Inc. (a)		4,839		1,311,417
Life Sciences Tools & Services – 1.6%
Mettler-Toledo International, Inc. (a)		1,669		1,263,733
Waters Corp. (a)		5,917		1,324,166
				2,587,899
Pharmaceuticals – 7.5%
Bristol-Myers Squibb Co.		35,059		2,206,964
Eli Lilly & Co.		15,325		2,139,983
Johnson & Johnson		23,674		3,524,349
Pfizer, Inc.		60,355		2,247,620
Zoetis, Inc.		12,724		1,707,688
				11,826,604
TOTAL HEALTH CARE				21,481,133
INDUSTRIALS – 9.4%
Aerospace & Defense – 2.0%
Lockheed Martin Corp.		3,451		1,477,442
The Boeing Co.		5,156		1,641,000
				3,118,442
Electrical Equipment – 0.7%
Rockwell Automation, Inc.		5,553		1,064,288
Industrial Conglomerates – 1.6%
3M Co.		7,447		1,181,541
Honeywell International, Inc.		8,363		1,448,639
				2,630,180
Machinery – 1.8%
Allison Transmission Holdings, Inc.		17,206		760,505
Graco, Inc.		17,019		904,560
Illinois Tool Works, Inc.		6,665		1,166,242
				2,831,307
Professional Services – 1.7%
CoStar Group, Inc. (a)		1,459		952,712
Robert Half International, Inc.		13,597		790,938
Verisk Analytics, Inc.		5,890		956,948
				2,700,598
Road & Rail – 1.6%
CSX Corp.		15,389		1,174,796
Union Pacific Corp.		8,107		1,454,558
				2,629,354
TOTAL INDUSTRIALS				14,974,169

	Shares		Value
INFORMATION TECHNOLOGY – 23.6%
Communications Equipment – 1.1%
Cisco Systems, Inc.		36,700	$	1,687,099
IT Services – 7.2%
Accenture PLC Class A		7,579		1,555,286
Automatic Data Processing, Inc.		7,315		1,253,718
Mastercard, Inc. Class A		7,634		2,411,886
Paychex, Inc.		11,452		982,238
PayPal Holdings, Inc. (a)		13,449		1,531,707
VeriSign, Inc. (a)		4,383		912,278
Visa, Inc. Class A		13,619		2,709,772
				11,356,885
Semiconductors & Semiconductor Equipment – 0.9%
Texas Instruments, Inc.		11,533		1,391,457
Software – 9.3%
Adobe, Inc. (a)		5,273		1,851,561
Aspen Technology, Inc. (a)		6,483		771,347
Check Point Software Technologies Ltd. (a)		8,036		918,595
Citrix Systems, Inc.		9,349		1,133,286
Microsoft Corp.		46,482		7,912,631
Oracle Corp.		27,530		1,443,949
VMware, Inc. Class A (a)		4,973		736,302
				14,767,671
Technology Hardware, Storage & Peripherals – 5.1%
Apple, Inc.		26,333		8,150,327
TOTAL INFORMATION TECHNOLOGY				37,353,439
MATERIALS – 2.3%
Chemicals – 1.4%
Air Products & Chemicals, Inc.		2,554		609,665
Celanese Corp.		3,536		365,976
Ecolab, Inc.		2,900		568,719
LyondellBasell Industries N.V. Class A		5,232		407,364
Valvoline, Inc.		15,388		324,379
				2,276,103
Containers & Packaging – 0.5%
International Paper Co.		9,335		380,121
Packaging Corp. of America		3,623		346,902
				727,023
Metals & Mining – 0.4%
Nucor Corp.		7,462		354,370
Royal Gold, Inc.		2,980		343,654
				698,024
TOTAL MATERIALS				3,701,150
REAL ESTATE – 3.9%
Equity Real Estate Investment Trusts (REITs) – 3.9%
American Tower Corp.		3,454		800,430
AvalonBay Communities, Inc.		1,780		385,708

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

29

Fidelity^® Quality Factor ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Digital Realty Trust, Inc.		2,942	$	361,837
Equity Residential		4,613		383,248
Essex Property Trust, Inc.		1,030		319,053
Extra Space Storage, Inc.		2,526		279,578
Gaming and Leisure Properties, Inc.		6,628		313,206
National Retail Properties, Inc.		4,854		271,824
Omega Healthcare Investors, Inc.		6,873		288,322
Prologis, Inc.		5,966		554,122
PS Business Parks, Inc.		1,298		217,493
Public Storage		1,667		373,008
Realty Income Corp.		4,693		367,978
Simon Property Group, Inc.		2,998		399,184
STORE Capital Corp.		7,179		281,776
UDR, Inc.		6,005		287,699
WP Carey, Inc.		3,284		276,250
TOTAL REAL ESTATE				6,160,716
UTILITIES – 3.5%
Electric Utilities – 1.8%
FirstEnergy Corp.		12,490		634,367
IDACORP, Inc.		4,453		499,582
NextEra Energy, Inc.		4,683		1,255,981
OGE Energy Corp.		11,112		509,485
				2,899,415
Gas Utilities – 0.3%
UGI Corp.		9,352		388,950
Independent Power and Renewable Electricity Producers – 1.0%
AES Corp.		28,498		565,970
NRG Energy, Inc.		14,071		519,079
Vistra Energy Corp.		22,197		499,877
				1,584,926

	Shares		Value
Multi-Utilities – 0.4%
WEC Energy Group, Inc.		6,708	$	670,062
TOTAL UTILITIES				5,543,353
TOTAL COMMON STOCKS (Cost $141,401,427)				158,112,740
Money Market Funds – 0.7%
Fidelity Cash Central Fund, 1.58% (c)		207,597		207,638
Fidelity Securities Lending Cash Central Fund, 1.59% (c)(d)		863,245		863,331
TOTAL MONEY MARKET FUNDS (Cost $1,070,971)				1,070,969
TOTAL INVESTMENT IN SECURITIES – 100.4% (Cost $142,472,398)				159,183,709
NET OTHER ASSETS (LIABILITIES) – (0.4%)				(698,574	)
NET ASSETS – 100.0%			$	158,485,135

Legend

(a) Non-income producing.

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

(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.

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME Micro E-mini S&P 500 Index Future Contracts		18		March 2020	$	290,160	$	1,268	$	1,268

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

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	$	1,082
Fidelity Securities Lending Cash Central Fund		5,409
Total	$	6,491

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

30

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund 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 from lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Equities:
Communication Services	$	15,958,601	$	15,958,601	$	—	$	—
Consumer Discretionary		15,341,686		15,341,686		—		—
Consumer Staples		10,627,485		10,627,485		—		—
Energy		5,701,651		5,701,651		—		—
Financials		21,269,357		21,269,357		—		—
Health Care		21,481,133		21,481,133		—		—
Industrials		14,974,169		14,974,169		—		—
Information Technology		37,353,439		37,353,439		—		—
Materials		3,701,150		3,701,150		—		—
Real Estate		6,160,716		6,160,716		—		—
Utilities		5,543,353		5,543,353		—		—
Money Market Funds		1,070,969		1,070,969		—		—
Total Investments in Securities:	$	159,183,709	$	159,183,709	$	—	$	—
Derivative Instruments:
Assets
Futures Contracts	$	1,268	$	1,268	$	—	$	—
Total Assets	$	1,268	$	1,268		—	$	—
Total Derivative Instruments:	$	1,268	$	1,268	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

	Value
Primary Risk/ Derivative Type	Asset		Liabilities
Equity Risk
Futures Contracts(a)	$	1,268		$0
Total Equity Risk		1,268		0
Total Value of Derivatives	$	1,268		$0

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

31

Fidelity^® Small-Mid Factor ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 100.1%
	Shares		Value
COMMUNICATION SERVICES – 3.6%
Diversified Telecommunication Services – 0.2%
Cogent Communications Holdings, Inc.		237	$	16,810
Entertainment – 0.7%
Cinemark Holdings, Inc.		476		14,999
Live Nation Entertainment, Inc. (a)		454		30,945
The Marcus Corp.		310		9,036
Zynga, Inc. Class A (a)		3,349		20,161
				75,141
Interactive Media & Services – 0.2%
Match Group, Inc. (a)		241		18,851
Media – 2.2%
Altice USA, Inc. Class A (a)		606		16,580
AMC Networks, Inc. Class A (a)		273		9,989
Cable One, Inc.		19		32,377
DISH Network Corp. Class A (a)		881		32,386
Meredith Corp.		258		7,753
MSG Networks, Inc. Class A (a)		625		9,506
National CineMedia, Inc.		1,388		10,243
Nexstar Media Group, Inc. Class A		196		23,745
Scholastic Corp.		314		10,346
Sinclair Broadcast Group, Inc. Class A		342		10,233
Sirius XM Holdings, Inc.		4,530		32,027
TEGNA, Inc.		1,084		18,320
The New York Times Co. Class A		581		18,598
				232,103
Wireless Telecommunication Services – 0.3%
Shenandoah Telecommunications Co.		340		13,719
Telephone & Data Systems, Inc.		497		11,272
United States Cellular Corp. (a)		223		7,140
				32,131
TOTAL COMMUNICATION SERVICES				375,036
CONSUMER DISCRETIONARY – 13.0%
Auto Components – 0.6%
Cooper Tire & Rubber Co.		448		11,867
Dorman Products, Inc. (a)		197		13,751
Fox Factory Holding Corp. (a)		206		13,559
Gentex Corp.		956		28,460
				67,637
Automobiles – 0.2%
Harley-Davidson, Inc.		641		21,410
Distributors – 0.6%
LKQ Corp. (a)		1,097		35,856
Pool Corp.		143		31,360
				67,216
Diversified Consumer Services – 1.5%
American Public Education, Inc. (a)		301		7,173
Bright Horizons Family Solutions, Inc. (a)		199		32,582
Carriage Services, Inc.		426		10,083

	Shares		Value
Graham Holdings Co. Class B		23	$	12,632
Grand Canyon Education, Inc. (a)		192		15,030
H&R Block, Inc.		809		18,769
K12, Inc. (a)		384		6,198
Laureate Education, Inc. Class A (a)		693		14,442
Service Corp. International		624		29,921
Strategic Education, Inc.		101		16,391
				163,221
Hotels, Restaurants & Leisure – 3.5%
BJ’s Restaurants, Inc.		270		10,741
Bloomin’ Brands, Inc.		724		15,037
Brinker International, Inc.		310		13,234
Choice Hotels International, Inc.		184		18,437
Churchill Downs, Inc.		156		22,523
Cracker Barrel Old Country Store, Inc.		108		16,516
Denny’s Corp. (a)		542		11,095
Dine Brands Global, Inc.		146		12,446
Dunkin’ Brands Group, Inc.		309		24,130
Extended Stay America, Inc.		994		12,842
Hyatt Hotels Corp. Class A		216		18,261
Jack in the Box, Inc.		182		14,878
Planet Fitness, Inc. Class A (a)		324		26,176
Ruth’s Hospitality Group, Inc.		462		9,471
SeaWorld Entertainment, Inc. (a)		452		15,576
Six Flags Entertainment Corp.		336		12,812
Texas Roadhouse, Inc.		316		19,750
The Cheesecake Factory, Inc.		297		11,405
Vail Resorts, Inc.		133		31,190
Wendy’s Co.		928		20,110
Wingstop, Inc.		169		15,678
Wyndham Destinations, Inc.		434		21,062
				373,370
Household Durables – 2.8%
Ethan Allen Interiors, Inc.		525		8,479
Garmin Ltd.		405		39,265
Helen of Troy Ltd. (a)		124		23,442
La-Z-Boy, Inc.		384		11,766
Leggett & Platt, Inc.		536		25,508
M.D.C. Holdings, Inc.		358		15,086
M/I Homes, Inc. (a)		309		13,717
Meritage Homes Corp. (a)		227		16,108
Mohawk Industries, Inc. (a)		224		29,496
PulteGroup, Inc.		896		40,006
Taylor Morrison Home Corp. (a)		668		17,288
Toll Brothers, Inc.		566		25,108
TopBuild Corp. (a)		187		21,413
Tupperware Brands Corp.		689		4,313
				290,995
Leisure Products – 0.4%
Malibu Boats, Inc. Class A (a)		358		15,677
MasterCraft Boat Holdings, Inc. (a)		608		10,682

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

32

Common Stocks – continued
	Shares		Value
CONSUMER DISCRETIONARY – continued
Leisure Products – continued
Sturm, Ruger & Co., Inc.		232	$	11,489
				37,848
Specialty Retail – 2.0%
Aarons, Inc.		304		18,045
Asbury Automotive Group, Inc. (a)		143		13,792
Bed Bath & Beyond, Inc.		1,298		18,496
Dick’s Sporting Goods, Inc.		425		18,798
Foot Locker, Inc.		499		18,947
Hibbett Sports, Inc. (a)		542		13,431
Lithia Motors, Inc. Class A		121		16,412
Monro, Inc.		185		11,600
Murphy USA, Inc. (a)		174		17,778
Rent-A-Center, Inc.		430		12,526
Sally Beauty Holdings, Inc. (a)		925		14,199
The Buckle, Inc.		522		12,742
Williams-Sonoma, Inc.		329		23,056
				209,822
Textiles, Apparel & Luxury Goods – 1.4%
Carter’s, Inc.		209		22,169
Columbia Sportswear Co.		157		14,745
Deckers Outdoor Corp. (a)		128		24,436
Hanesbrands, Inc.		1,440		19,814
Ralph Lauren Corp.		220		24,970
Skechers U.S.A., Inc. Class A (a)		568		21,238
Steven Madden Ltd.		471		18,162
				145,534
TOTAL CONSUMER DISCRETIONARY				1,377,053
CONSUMER STAPLES – 3.2%
Beverages – 0.5%
Brown-Forman Corp. Class B		549		37,134
The Boston Beer Co., Inc. Class A (a)		42		14,968
				52,102
Food & Staples Retailing – 0.5%
Casey’s General Stores, Inc.		138		22,199
US Foods Holding Corp. (a)		756		30,368
				52,567
Food Products – 1.5%
Campbell Soup Co.		656		31,744
Flowers Foods, Inc.		781		16,815
Ingredion, Inc.		274		24,112
J&J Snack Foods Corp.		81		13,433
Lancaster Colony Corp.		100		15,465
Pilgrim’s Pride Corp. (a)		405		10,550
Post Holdings, Inc. (a)		237		24,783
The Simply Good Foods Co. (a)		426		9,785
Tootsie Roll Industries, Inc.		268		9,142
				155,829

	Shares		Value
Household Products – 0.1%
WD-40 Co.		78	$	14,572
Personal Products – 0.5%
Herbalife Nutrition Ltd. (a)		450		17,483
Medifast, Inc.		102		9,856
Nu Skin Enterprises, Inc. Class A		342		11,146
USANA Health Sciences, Inc. (a)		152		9,378
				47,863
Tobacco – 0.1%
Universal Corp.		197		10,471
TOTAL CONSUMER STAPLES				333,404
ENERGY – 1.9%
Energy Equipment & Services – 0.6%
Cactus, Inc. Class A		588		16,946
DMC Global, Inc.		329		13,762
FTS International, Inc. (a)		4,554		2,787
Liberty Oilfield Services, Inc. Class A		1,176		9,973
ProPetro Holding Corp. (a)		1,049		10,217
Solaris Oilfield Infrastructure, Inc. Class A		1,157		13,340
				67,025
Oil, Gas & Consumable Fuels – 1.3%
Arch Coal, Inc. Class A		230		11,852
CONSOL Energy, Inc. (a)		778		6,325
CVR Energy, Inc.		357		12,356
Delek US Holdings, Inc.		526		14,444
Magnolia Oil & Gas Corp. Class A (a)		1,609		16,927
Peabody Energy Corp.		966		6,530
REX American Resources Corp. (a)		208		15,673
Teekay Tankers Ltd. Class A (a)		1,657		26,993
World Fuel Services Corp.		546		21,359
				132,459
TOTAL ENERGY				199,484
FINANCIALS – 15.9%
Banks – 5.0%
Amalgamated Bank Class A		584		10,068
Bank of Hawaii Corp.		213		19,085
Bank OZK		624		16,960
Cathay General Bancorp		446		16,083
Central Pacific Financial Corp.		393		10,898
CIT Group, Inc.		453		20,707
City Holding Co.		164		12,412
Commerce Bancshares, Inc.		421		28,485
Community Trust Bancorp, Inc.		268		11,725
ConnectOne Bancorp, Inc.		508		11,994
Eagle Bancorp, Inc.		322		14,071
First BanCorp		1,445		13,395
First Citizens BancShares, Inc. Class A		43		22,653

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

33

Fidelity^® Small-Mid Factor ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
FINANCIALS – continued
Banks – continued
First Foundation, Inc.		745	$	12,293
First Horizon National Corp.		1,374		21,984
Fulton Financial Corp.		1,026		16,898
Great Southern Bancorp, Inc.		196		11,154
Hanmi Financial Corp.		542		9,116
Hilltop Holdings, Inc.		601		13,607
Independent Bank Corp./MI		504		10,776
Lakeland Financial Corp.		273		12,951
OFG Bancorp		541		10,663
Peapack Gladstone Financial Corp.		378		11,049
Popular, Inc.		413		23,112
Preferred Bank		218		13,104
Signature Bank		205		29,087
Sterling Bancorp		1,006		20,120
Stock Yards Bancorp, Inc.		302		11,699
Synovus Financial Corp.		665		23,288
The Bancorp, Inc. (a)		1,112		13,155
Trico Bancshares		324		11,794
Univest Financial Corp.		420		10,433
WesBanco, Inc.		400		13,248
Western Alliance Bancorp		440		24,301
				532,368
Capital Markets – 2.3%
Artisan Partners Asset Management, Inc. Class A		454		15,164
Cohen & Steers, Inc.		237		17,533
FactSet Research Systems, Inc.		126		36,050
Federated Investors, Inc. Class B		506		18,332
Hamilton Lane, Inc. Class A		205		13,315
LPL Financial Holdings, Inc.		328		30,219
MarketAxess Holdings, Inc.		119		42,148
Morningstar, Inc.		107		16,787
SEI Investments Co.		478		31,194
Victory Capital Holdings, Inc. Class A		562		11,723
Waddell & Reed Financial, Inc. Class A		738		11,793
				244,258
Consumer Finance – 0.5%
Credit Acceptance Corp. (a)		50		21,449
FirstCash, Inc.		200		17,394
Regional Management Corp. (a)		385		10,607
				49,450
Diversified Financial Services – 0.5%
FGL Holdings		1,648		15,903
Voya Financial, Inc.		550		32,852
				48,755
Insurance – 4.9%
American Financial Group, Inc.		267		29,047
American National Insurance Co.		100		11,016
AMERISAFE, Inc.		192		13,137

	Shares		Value
Argo Group International Holdings Ltd.		221	$	14,498
Assured Guaranty Ltd.		474		21,728
Athene Holding Ltd. Class A (a)		548		23,871
Brighthouse Financial, Inc. (a)		549		21,356
Brown & Brown, Inc.		828		37,177
Employers Holdings, Inc.		301		12,838
Erie Indemnity Co. Class A		91		15,151
First American Financial Corp.		436		27,023
Heritage Insurance Holdings, Inc.		760		9,166
James River Group Holdings Ltd.		273		11,723
Kemper Corp.		256		19,051
Kinsale Capital Group, Inc.		152		17,361
Mercury General Corp.		232		11,389
National Western Life Group, Inc. Class A		42		11,172
Old Republic International Corp.		1,108		24,985
Primerica, Inc.		186		22,052
RenaissanceRe Holdings Ltd.		149		28,226
RLI Corp.		201		18,695
Safety Insurance Group, Inc.		133		12,247
Selective Insurance Group, Inc.		264		17,490
The Hanover Insurance Group, Inc.		176		24,390
Unum Group		842		22,473
WR Berkley Corp.		486		35,736
				512,998
Mortgage Real Estate Investment Trusts (REITs) – 1.8%
Apollo Commercial Real Estate Finance, Inc.		780		14,258
Arbor Realty Trust, Inc.		933		13,780
Ares Commercial Real Estate Corp.		696		11,373
Arlington Asset Investment Corp. Class A		1,566		8,895
Blackstone Mortgage Trust, Inc. Class A		559		21,354
Capstead Mortgage Corp.		1,370		11,261
Chimera Investment Corp.		946		20,055
Granite Point Mortgage Trust, Inc.		602		11,011
KKR Real Estate Finance Trust, Inc.		538		11,325
MFA Financial, Inc.		2,420		18,876
New York Mortgage Trust, Inc.		1,958		12,433
Starwood Property Trust, Inc.		1,074		27,559
TPG RE Finance Trust, Inc.		576		11,791
				193,971
Thrifts & Mortgage Finance – 0.9%
Essent Group Ltd.		448		22,225
Meridian Bancorp, Inc.		657		11,819
MGIC Investment Corp.		1,616		22,285
NMI Holdings, Inc. Class A (a)		532		16,981
Radian Group, Inc.		936		22,923
				96,233
TOTAL FINANCIALS				1,678,033

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

34

Common Stocks – continued
	Shares		Value
HEALTH CARE – 12.0%
Biotechnology – 1.5%
Anika Therapeutics, Inc. (a)		208	$	8,551
Arena Pharmaceuticals, Inc. (a)		270		12,336
Arrowhead Pharmaceuticals, Inc. (a)		534		22,380
BioSpecifics Technologies Corp. (a)		178		10,516
Enanta Pharmaceuticals, Inc. (a)		164		8,453
Ionis Pharmaceuticals, Inc. (a)		478		27,877
Myriad Genetics, Inc. (a)		393		10,866
PDL BioPharma, Inc. (a)		3,702		12,180
United Therapeutics Corp. (a)		220		21,487
Vanda Pharmaceuticals, Inc. (a)		730		9,308
Veracyte, Inc. (a)		425		11,156
				155,110
Health Care Equipment & Supplies – 3.7%
Atrion Corp.		16		11,507
CONMED Corp.		164		16,675
CryoLife, Inc. (a)		414		12,312
Globus Medical, Inc. Class A (a)		389		20,337
Haemonetics Corp. (a)		204		21,908
Hill-Rom Holdings, Inc.		253		26,942
ICU Medical, Inc. (a)		77		14,050
Insulet Corp. (a)		220		42,689
Integer Holdings Corp. (a)		180		15,372
Integra LifeSciences Holdings Corp. (a)		320		17,613
Lantheus Holdings, Inc. (a)		517		9,053
LeMaitre Vascular, Inc.		332		11,947
Masimo Corp. (a)		180		30,708
Meridian Bioscience, Inc.		897		8,826
Merit Medical Systems, Inc. (a)		366		13,330
Mesa Laboratories, Inc.		46		12,072
Neogen Corp. (a)		260		17,490
NuVasive, Inc. (a)		264		20,360
Varex Imaging Corp. (a)		394		10,894
West Pharmaceutical Services, Inc.		248		38,676
Wright Medical Group N.V. (a)		616		18,566
				391,327
Health Care Providers & Services – 2.6%
Addus HomeCare Corp. (a)		142		13,396
Amedisys, Inc. (a)		140		24,709
AMN Healthcare Services, Inc. (a)		296		19,944
Chemed Corp.		62		28,957
CorVel Corp. (a)		134		12,270
Encompass Health Corp.		391		30,119
HealthEquity, Inc. (a)		249		16,449
LHC Group, Inc. (a)		148		21,571
Magellan Health, Inc. (a)		194		14,203
MEDNAX, Inc. (a)		641		14,788
Molina Healthcare, Inc. (a)		224		27,545
National HealthCare Corp.		134		11,245
Patterson Cos., Inc.		686		15,099

	Shares		Value
The Ensign Group, Inc.		282	$	12,746
The Pennant Group, Inc. (a)		138		3,643
US Physical Therapy, Inc.		105		12,300
				278,984
Health Care Technology – 0.8%
Computer Programs & Systems, Inc.		401		10,426
HealthStream, Inc. (a)		396		10,118
HMS Holdings Corp. (a)		473		12,922
Inovalon Holdings, Inc. Class A (a)		736		14,911
NextGen Healthcare, Inc. (a)		689		9,550
Omnicell, Inc. (a)		224		18,207
Vocera Communications, Inc. (a)		430		9,473
				85,607
Life Sciences Tools & Services – 2.0%
Bio-Rad Laboratories, Inc. Class A (a)		80		28,874
Bio-Techne Corp.		136		28,556
Bruker Corp.		444		21,965
Charles River Laboratories International, Inc. (a)		188		29,061
Codexis, Inc. (a)		641		10,051
Medpace Holdings, Inc. (a)		184		15,741
NanoString Technologies, Inc. (a)		397		10,786
NeoGenomics, Inc. (a)		596		19,209
PRA Health Sciences, Inc. (a)		242		24,517
Repligen Corp. (a)		193		19,375
				208,135
Pharmaceuticals – 1.4%
ANI Pharmaceuticals, Inc. (a)		132		8,184
BioDelivery Sciences International, Inc. (a)		2,562		13,450
Catalent, Inc. (a)		522		31,894
Horizon Therapeutics PLC (a)		785		27,075
Innoviva, Inc. (a)		966		13,336
Jazz Pharmaceuticals PLC (a)		213		30,534
Phibro Animal Health Corp. Class A		348		8,255
Prestige Consumer Healthcare, Inc. (a)		406		16,467
				149,195
TOTAL HEALTH CARE				1,268,358
INDUSTRIALS – 16.3%
Aerospace & Defense – 1.7%
Aerojet Rocketdyne Holdings, Inc. (a)		324		16,871
Curtiss-Wright Corp.		167		24,287
HEICO Corp. Class A		370		35,575
Hexcel Corp.		300		22,266
Mercury Systems, Inc. (a)		209		16,041
Moog, Inc. Class A		172		15,413
National Presto Industries, Inc.		92		7,929
Teledyne Technologies, Inc. (a)		113		41,252
				179,634

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

35

Fidelity^® Small-Mid Factor ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
INDUSTRIALS – continued
Airlines – 0.6%
Alaska Air Group, Inc.		418	$	26,999
JetBlue Airways Corp. (a)		1,126		22,328
Mesa Air Group, Inc. (a)		769		6,567
Spirit Airlines, Inc. (a)		340		13,964
				69,858
Building Products – 2.4%
AAON, Inc.		242		12,690
Advanced Drainage Systems, Inc.		319		13,261
Allegion PLC		301		38,925
AO Smith Corp.		516		22,028
Armstrong World Industries, Inc.		197		19,765
Continental Building Products, Inc. (a)		398		14,722
CSW Industrials, Inc.		142		10,775
Fortune Brands Home & Security, Inc.		483		33,187
Lennox International, Inc.		116		27,026
Owens Corning		393		23,773
Simpson Manufacturing Co., Inc.		221		18,270
Universal Forest Products, Inc.		337		16,142
				250,564
Commercial Services & Supplies – 1.9%
ABM Industries, Inc.		340		12,968
Brady Corp. Class A		262		14,507
Deluxe Corp.		278		13,400
Ennis, Inc.		420		8,761
Herman Miller, Inc.		310		11,981
KAR Auction Services, Inc.		604		12,696
Kimball International, Inc. Class B		521		9,784
McGrath RentCorp		166		12,835
MSA Safety, Inc.		156		21,154
Rollins, Inc.		578		21,935
Steelcase, Inc. Class A		648		12,059
Tetra Tech, Inc.		232		19,859
UniFirst Corp.		75		15,295
Viad Corp.		157		10,205
				197,439
Construction & Engineering – 1.1%
Comfort Systems USA, Inc.		268		12,435
EMCOR Group, Inc.		226		18,570
Great Lakes Dredge & Dock Corp. (a)		844		8,837
Jacobs Engineering Group, Inc.		380		35,161
MasTec, Inc. (a)		300		17,325
MYR Group, Inc. (a)		269		7,726
Quanta Services, Inc.		557		21,807
				121,861
Electrical Equipment – 1.2%
Acuity Brands, Inc.		154		18,152
Encore Wire Corp.		187		10,156
Generac Holdings, Inc. (a)		254		26,312
GrafTech International Ltd.		824		8,841

	Shares		Value
Hubbell, Inc.		190	$	27,214
Regal-Beloit Corp.		198		15,535
Sensata Technologies Holding PLC (a)		552		26,093
				132,303
Industrial Conglomerates – 0.3%
Carlisle Cos., Inc.		196		30,621
Machinery – 4.3%
AGCO Corp.		257		18,026
Alamo Group, Inc.		90		11,210
Allison Transmission Holdings, Inc.		445		19,669
Crane Co.		210		17,947
Donaldson Co., Inc.		460		23,851
ESCO Technologies, Inc.		153		14,682
Federal Signal Corp.		384		12,349
Graco, Inc.		558		29,658
Hillenbrand, Inc.		382		11,089
ITT, Inc.		334		22,405
Lincoln Electric Holdings, Inc.		245		21,849
Meritor, Inc. (a)		537		11,766
Mueller Industries, Inc.		392		11,435
Nordson Corp.		181		30,564
Oshkosh Corp.		270		23,231
RBC Bearings, Inc. (a)		107		16,640
Rexnord Corp. (a)		516		16,847
The Middleby Corp. (a)		192		21,535
The Timken Co.		336		17,650
The Toro Co.		354		28,327
Trimas Corp. (a)		358		10,285
WABCO Holdings, Inc. (a)		182		24,688
Watts Water Technologies, Inc. Class A		148		14,757
Woodward, Inc.		200		23,262
				453,722
Professional Services – 1.6%
Barrett Business Services, Inc.		100		8,283
Exponent, Inc.		233		16,955
Forrester Research, Inc.		200		8,274
FTI Consulting, Inc. (a)		164		19,690
Heidrick & Struggles International, Inc.		294		8,356
Insperity, Inc.		162		14,154
Kforce, Inc.		273		10,115
Korn Ferry		330		13,523
ManpowerGroup, Inc.		232		21,226
Robert Half International, Inc.		417		24,257
TriNet Group, Inc. (a)		206		11,754
TrueBlue, Inc. (a)		478		10,473
				167,060
Road & Rail – 0.2%
Landstar System, Inc.		169		18,717
Trading Companies & Distributors – 1.0%
BMC Stock Holdings, Inc. (a)		511		14,914

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

36

Common Stocks – continued
	Shares		Value
INDUSTRIALS – continued
Trading Companies & Distributors – continued
HD Supply Holdings, Inc. (a)		639	$	26,033
Kaman Corp.		189		11,665
MSC Industrial Direct Co., Inc. Class A		216		14,703
Watsco, Inc.		124		21,566
WESCO International, Inc. (a)		272		13,167
				102,048
TOTAL INDUSTRIALS				1,723,827
INFORMATION TECHNOLOGY – 17.0%
Communications Equipment – 0.4%
Ciena Corp. (a)		492		20,010
EchoStar Corp. Class A (a)		268		10,694
Ubiquiti, Inc.		100		16,342
				47,046
Electronic Equipment, Instruments & Components – 3.1%
Arrow Electronics, Inc. (a)		308		23,389
Avnet, Inc.		423		15,435
AVX Corp.		558		11,311
Badger Meter, Inc.		194		11,458
Benchmark Electronics, Inc.		356		10,958
Dolby Laboratories, Inc. Class A		252		17,474
Fabrinet (a)		217		13,680
FLIR Systems, Inc.		468		24,121
Insight Enterprises, Inc. (a)		210		13,833
Jabil, Inc.		573		22,284
Littelfuse, Inc.		101		17,868
MTS Systems Corp.		161		8,161
National Instruments Corp.		432		19,280
Novanta, Inc. (a)		161		14,607
OSI Systems, Inc. (a)		101		8,740
PC Connection, Inc.		234		11,662
Plexus Corp. (a)		188		13,370
Sanmina Corp. (a)		377		12,004
SYNNEX Corp.		170		23,419
Tech Data Corp. (a)		157		22,599
Vishay Intertechnology, Inc.		713		14,467
				330,120
IT Services – 4.9%
Alliance Data Systems Corp.		156		16,035
Amdocs Ltd.		450		32,377
Black Knight, Inc. (a)		449		30,047
Booz Allen Hamilton Holding Corp.		441		34,416
CACI International, Inc. Class A (a)		91		24,337
Cass Information Systems, Inc.		162		8,751
CoreLogic, Inc.		341		15,856
CSG Systems International, Inc.		215		10,711
EPAM Systems, Inc. (a)		158		36,046
Euronet Worldwide, Inc. (a)		166		26,168

	Shares		Value
EVERTEC, Inc.		332	$	11,145
Evo Payments, Inc. Class A (a)		269		7,454
ExlService Holdings, Inc. (a)		182		13,306
Genpact Ltd.		502		22,224
GreenSky, Inc. Class A (a)		694		6,420
I3 Verticals, Inc. Class A (a)		257		8,299
KBR, Inc.		609		16,565
ManTech International Corp. Class A		159		12,765
MAXIMUS, Inc.		245		17,579
NIC, Inc.		458		9,036
Perficient, Inc. (a)		258		12,823
Perspecta, Inc.		625		17,544
Sabre Corp.		934		20,118
Science Applications International Corp.		201		17,642
Sykes Enterprises, Inc. (a)		337		11,320
The Hackett Group, Inc.		468		7,233
The Western Union Co.		1,385		37,256
TTEC Holdings, Inc.		174		6,911
WEX, Inc. (a)		137		29,718
				520,102
Semiconductors & Semiconductor Equipment – 2.8%
Advanced Energy Industries, Inc. (a)		212		14,827
Cabot Microelectronics Corp.		125		18,189
Cirrus Logic, Inc. (a)		261		20,047
Diodes, Inc. (a)		255		13,168
Entegris, Inc.		498		25,777
Kulicke & Soffa Industries, Inc.		468		12,117
MKS Instruments, Inc.		212		22,222
Monolithic Power Systems, Inc.		140		23,964
ON Semiconductor Corp. (a)		1,345		31,137
Photronics, Inc. (a)		872		11,144
Power Integrations, Inc.		145		14,162
SolarEdge Technologies, Inc. (a)		204		19,963
Teradyne, Inc.		558		36,822
Universal Display Corp.		134		23,607
Xperi Corp.		432		6,951
				294,097
Software – 5.3%
ACI Worldwide, Inc. (a)		481		16,571
Alteryx, Inc. Class A (a)		124		17,294
American Software, Inc. Class A		564		8,421
Aspen Technology, Inc. (a)		221		26,295
Blackbaud, Inc.		193		15,118
CDK Global, Inc.		442		23,727
Cerence, Inc. (a)		134		2,861
Coupa Software, Inc. (a)		174		28,040
Everbridge, Inc. (a)		136		12,327
Fair Isaac Corp. (a)		89		35,812
Five9, Inc. (a)		258		18,506
Guidewire Software, Inc. (a)		260		29,250
HubSpot, Inc. (a)		126		22,798

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

37

Fidelity^® Small-Mid Factor ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
INFORMATION TECHNOLOGY – continued
Software – continued
j2 Global, Inc.		190	$	18,213
LogMeIn, Inc.		213		18,312
Manhattan Associates, Inc. (a)		237		20,254
MicroStrategy, Inc. Class A (a)		72		10,946
Nuance Communications, Inc. (a)		1,107		20,944
Paycom Software, Inc. (a)		145		46,133
Paylocity Holding Corp. (a)		142		20,148
Progress Software Corp.		264		11,914
Qualys, Inc. (a)		160		13,718
RingCentral, Inc. Class A (a)		213		43,789
Rosetta Stone, Inc. (a)		430		7,375
SPS Commerce, Inc. (a)		205		11,650
Tyler Technologies, Inc. (a)		121		39,165
Verint Systems, Inc. (a)		274		15,892
				555,473
Technology Hardware, Storage & Peripherals – 0.5%
Dell Technologies, Inc. Class C (a)		478		23,312
Xerox Holdings Corp.		714		25,397
				48,709
TOTAL INFORMATION TECHNOLOGY				1,795,547
MATERIALS – 4.8%
Chemicals – 1.5%
Balchem Corp.		167		18,039
Chase Corp.		96		8,829
Hawkins, Inc.		204		8,523
Innospec, Inc.		146		14,707
NewMarket Corp.		40		17,585
Quaker Chemical Corp.		76		12,618
Sensient Technologies Corp.		222		13,265
Stepan Co.		133		13,120
The Scotts Miracle-Gro Co.		168		20,620
Valvoline, Inc.		822		17,328
WR Grace & Co.		278		18,726
				163,360
Construction Materials – 0.2%
Eagle Materials, Inc.		213		19,419
Containers & Packaging – 1.6%
Amcor PLC		1,880		19,909
Aptargroup, Inc.		220		25,412
Berry Plastics Group, Inc. (a)		498		21,175
Crown Holdings, Inc. (a)		451		33,388
O-I Glass, Inc.		1,013		12,784
Sealed Air Corp.		578		20,519
Silgan Holdings, Inc.		456		14,072
Sonoco Products Co.		377		21,542
				168,801

	Shares		Value
Metals & Mining – 1.0%
Coronado Global Resources, Inc. (b)		4,208	$	5,718
Reliance Steel & Aluminum Co.		252		28,930
Royal Gold, Inc.		225		25,947
Steel Dynamics, Inc.		816		24,382
Warrior Met Coal, Inc.		480		9,053
Worthington Industries, Inc.		304		11,181
				105,211
Paper & Forest Products – 0.5%
Domtar Corp.		366		12,744
Louisiana-Pacific Corp.		656		20,126
Mercer International, Inc.		766		8,434
Schweitzer-Mauduit International, Inc.		316		11,069
				52,373
TOTAL MATERIALS				509,164
REAL ESTATE – 9.7%
Equity Real Estate Investment Trusts (REITs) – 9.5%
Agree Realty Corp.		188		14,275
American Assets Trust, Inc.		244		11,117
American Campus Communities, Inc.		484		22,201
American Homes 4 Rent Class A		910		24,870
Apartment Investment & Management Co. Class A		508		26,777
Apple Hospitality REIT, Inc.		985		14,795
Brixmor Property Group, Inc.		1,101		21,976
CareTrust REIT, Inc.		510		11,312
CoreSite Realty Corp.		154		18,087
CubeSmart		656		20,776
Douglas Emmett, Inc.		565		23,448
EastGroup Properties, Inc.		145		19,730
EPR Properties		273		19,484
Equity Commonwealth		498		16,329
Essential Properties Realty Trust, Inc.		425		11,734
First Industrial Realty Trust, Inc.		489		20,880
Four Corners Property Trust, Inc.		428		12,964
Gaming and Leisure Properties, Inc.		670		31,661
Getty Realty Corp.		319		10,055
Healthcare Realty Trust, Inc.		523		18,859
Healthcare Trust of America, Inc. Class A		764		24,471
Highwoods Properties, Inc.		408		20,445
Industrial Logistics Properties Trust		485		11,102
Invitation Homes, Inc.		972		30,589
Kilroy Realty Corp.		332		27,413
Kimco Realty Corp.		1,392		26,518
Lamar Advertising Co. Class A		293		27,193
Lexington Realty Trust		1,236		13,683
Liberty Property Trust		491		30,761
Life Storage, Inc.		184		20,825
LTC Properties, Inc.		248		11,448
Mack-Cali Realty Corp.		518		11,375

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

38

Common Stocks – continued
	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Medical Properties Trust, Inc.		1,273	$	28,197
National Health Investors, Inc.		190		16,032
National Retail Properties, Inc.		517		28,952
National Storage Affiliates Trust		369		12,601
Omega Healthcare Investors, Inc.		677		28,400
Physicians Realty Trust		856		16,564
Piedmont Office Realty Trust, Inc. Class A		656		15,213
Preferred Apartment Communities, Inc. Class A		570		6,715
PS Business Parks, Inc.		88		14,745
Retail Properties of America, Inc. Class A		1,113		13,523
Rexford Industrial Realty, Inc.		392		18,890
Service Properties Trust		680		14,674
Spirit Realty Capital, Inc.		365		19,265
STORE Capital Corp.		663		26,023
Sunstone Hotel Investors, Inc.		1,102		13,973
Terreno Realty Corp.		282		16,147
Urstadt Biddle Properties, Inc. Class A		394		8,932
VEREIT, Inc.		3,116		30,412
VICI Properties, Inc.		1,208		32,374
Weingarten Realty Investors		546		15,889
				1,004,674
Real Estate Management & Development – 0.2%
RE/MAX Holdings, Inc. Class A		288		11,024
The RMR Group, Inc. Class A		158		7,279
				18,303
TOTAL REAL ESTATE				1,022,977
UTILITIES – 2.7%
Electric Utilities – 1.6%
ALLETE, Inc.		218		18,199
Avangrid, Inc.		292		15,552
Hawaiian Electric Industries, Inc.		445		21,765
IDACORP, Inc.		200		22,438

	Shares		Value
OGE Energy Corp.		668	$	30,628
Otter Tail Corp.		248		13,283
PNM Resources, Inc.		353		19,143
Portland General Electric Co.		361		22,201
Spark Energy, Inc. Class A		762		7,231
				170,440
Gas Utilities – 0.4%
ONE Gas, Inc.		214		20,223
Spire, Inc.		222		18,719
				38,942
Independent Power and Renewable Electricity Producers – 0.1%
Clearway Energy, Inc. Class C		708		14,989
Multi-Utilities – 0.4%
Black Hills Corp.		230		19,097
NorthWestern Corp.		236		18,165
Unitil Corp.		177		10,919
				48,181
Water Utilities – 0.2%
American States Water Co.		193		17,092
TOTAL UTILITIES				289,644
TOTAL COMMON STOCKS (Cost $9,982,639)				10,572,527
TOTAL INVESTMENT IN SECURITIES – 100.1% (Cost $9,982,639)				10,572,527
NET OTHER ASSETS (LIABILITIES) – (0.1%)				(10,218	)
NET ASSETS – 100.0%			$	10,562,309

Legend

(a) Non-income producing.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,718 or of net assets.

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.

39

Fidelity^® Stocks for Inflation ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares		Value
COMMUNICATION SERVICES – 4.2%
Diversified Telecommunication Services – 0.7%
Verizon Communications, Inc.		324	$	19,259
Interactive Media & Services – 1.5%
Facebook, Inc. Class A (a)		151		30,489
Match Group, Inc. (a)		96		7,509
				37,998
Media – 2.0%
Comcast Corp. Class A		386		16,671
Discovery, Inc. Class A (a)		305		8,924
Nexstar Media Group, Inc. Class A		86		10,419
Sinclair Broadcast Group, Inc. Class A		181		5,416
TEGNA, Inc.		537		9,075
				50,505
TOTAL COMMUNICATION SERVICES				107,762
CONSUMER DISCRETIONARY – 5.3%
Hotels, Restaurants & Leisure – 2.5%
Las Vegas Sands Corp.		197		12,866
McDonald’s Corp.		78		16,690
Planet Fitness, Inc. Class A (a)		139		11,230
Starbucks Corp.		153		12,979
Yum! Brands, Inc.		95		10,048
				63,813
Household Durables – 0.5%
PulteGroup, Inc.		306		13,663
Internet & Direct Marketing Retail – 0.5%
Booking Holdings, Inc. (a)		7		12,814
Specialty Retail – 1.3%
AutoZone, Inc. (a)		10		10,580
The Home Depot, Inc.		96		21,897
				32,477
Textiles, Apparel & Luxury Goods – 0.5%
Deckers Outdoor Corp. (a)		71		13,554
TOTAL CONSUMER DISCRETIONARY				136,321
CONSUMER STAPLES – 11.6%
Food Products – 2.7%
The Hershey Co.		230		35,689
Tyson Foods, Inc. Class A		407		33,630
				69,319
Household Products – 5.5%
Colgate-Palmolive Co.		541		39,915
Kimberly-Clark Corp.		268		38,388
The Procter & Gamble Co.		507		63,183
				141,486
Tobacco – 3.4%
Altria Group, Inc.		890		42,302

	Shares		Value
Philip Morris International, Inc.		533	$	44,079
				86,381
TOTAL CONSUMER STAPLES				297,186
ENERGY – 8.3%
Oil, Gas & Consumable Fuels – 8.3%
Cabot Oil & Gas Corp.		2,615		36,845
Chevron Corp.		538		57,641
ConocoPhillips		929		55,211
Exxon Mobil Corp.		1,006		62,493
TOTAL ENERGY				212,190
FINANCIALS – 8.2%
Banks – 0.6%
Popular, Inc.		274		15,333
Capital Markets – 0.6%
Federated Investors, Inc. Class B		441		15,977
Consumer Finance – 1.9%
Capital One Financial Corp.		189		18,862
Discover Financial Services		192		14,425
Synchrony Financial		454		14,714
				48,001
Insurance – 3.3%
Aflac, Inc.		307		15,832
MetLife, Inc.		360		17,896
Prudential Financial, Inc.		193		17,575
RenaissanceRe Holdings Ltd.		76		14,397
The Progressive Corp.		213		17,187
				82,887
Thrifts & Mortgage Finance – 1.8%
Essent Group Ltd.		301		14,933
MGIC Investment Corp.		1,146		15,803
Radian Group, Inc.		626		15,331
				46,067
TOTAL FINANCIALS				208,265
HEALTH CARE – 17.6%
Biotechnology – 4.9%
Amgen, Inc.		180		38,889
Biogen, Inc. (a)		128		34,413
Exelixis, Inc. (a)		1,201		20,657
Gilead Sciences, Inc.		517		32,674
				126,633
Health Care Equipment & Supplies – 1.5%
Danaher Corp.		238		38,287
Health Care Providers & Services – 3.0%
McKesson Corp.		192		27,381
Molina Healthcare, Inc. (a)		192		23,610

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

40

Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Health Care Providers & Services – continued
Universal Health Services, Inc. Class B		180	$	24,680
				75,671
Health Care Technology – 1.0%
Veeva Systems, Inc. Class A (a)		170		24,924
Life Sciences Tools & Services – 1.2%
Mettler-Toledo International, Inc. (a)		41		31,044
Pharmaceuticals – 6.0%
Eli Lilly & Co.		308		43,009
Johnson & Johnson		433		64,461
Merck & Co., Inc.		531		45,369
				152,839
TOTAL HEALTH CARE				449,398
INDUSTRIALS – 6.0%
Aerospace & Defense – 0.4%
The Boeing Co.		34		10,821
Commercial Services & Supplies – 0.3%
Waste Management, Inc.		62		7,546
Machinery – 1.2%
Allison Transmission Holdings, Inc.		145		6,409
Cummins, Inc.		45		7,199
Oshkosh Corp.		91		7,829
PACCAR, Inc.		105		7,792
				29,229
Professional Services – 0.6%
ManpowerGroup, Inc.		74		6,770
Verisk Analytics, Inc.		44		7,149
				13,919
Road & Rail – 3.5%
CSX Corp.		571		43,590
Union Pacific Corp.		261		46,829
				90,419
TOTAL INDUSTRIALS				151,934
INFORMATION TECHNOLOGY – 19.4%
Electronic Equipment, Instruments & Components – 0.7%
Tech Data Corp. (a)		122		17,561
IT Services – 7.2%
Accenture PLC Class A		100		20,521
Automatic Data Processing, Inc.		95		16,282
Euronet Worldwide, Inc. (a)		75		11,823
International Business Machines Corp.		142		20,410
Mastercard, Inc. Class A		102		32,226
Paychex, Inc.		154		13,209
PayPal Holdings, Inc. (a)		183		20,842
VeriSign, Inc. (a)		60		12,488

	Shares		Value
Visa, Inc. Class A		182	$	36,212
				184,013
Semiconductors & Semiconductor Equipment – 3.6%
Broadcom, Inc.		67		20,446
Intel Corp.		549		35,098
Lam Research Corp.		63		18,787
Micron Technology, Inc. (a)		323		17,148
				91,479
Software – 7.4%
Cadence Design Systems, Inc. (a)		174		12,547
Check Point Software Technologies Ltd. (a)		108		12,345
CyberArk Software Ltd. (a)		96		13,270
Microsoft Corp.		616		104,862
Oracle Corp.		370		19,406
Paycom Software, Inc. (a)		48		15,272
VMware, Inc. Class A (a)		80		11,845
				189,547
Technology Hardware, Storage & Peripherals – 0.5%
Xerox Holdings Corp.		390		13,872
TOTAL INFORMATION TECHNOLOGY				496,472
MATERIALS – 7.5%
Chemicals – 2.5%
LyondellBasell Industries N.V. Class A		837		65,169
Metals & Mining – 5.0%
Nucor Corp.		1,261		59,885
Steel Dynamics, Inc.		2,229		66,602
				126,487
TOTAL MATERIALS				191,656
REAL ESTATE – 6.2%
Equity Real Estate Investment Trusts (REITs) – 6.2%
Apartment Investment & Management Co. Class A		749		39,480
Medical Properties Trust, Inc.		2,101		46,537
PS Business Parks, Inc.		213		35,690
Public Storage		158		35,354
TOTAL REAL ESTATE				157,061
UTILITIES – 5.6%
Electric Utilities – 3.5%
Exelon Corp.		974		46,352
OGE Energy Corp.		941		43,145
				89,497

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

41

Fidelity^® Stocks for Inflation ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
UTILITIES – continued
Independent Power and Renewable Electricity Producers – 2.1%
AES Corp.		2,688	$	53,384
TOTAL UTILITIES				142,881
TOTAL COMMON STOCKS (Cost $2,493,950)				2,551,126
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $2,493,950)				2,551,126
NET OTHER ASSETS (LIABILITIES) – 0.1%				2,872
NET ASSETS – 100.0%			$	2,553,998

Legend

(a) Non-income producing.

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.

42

Fidelity^® Value Factor ETF

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
COMMUNICATION SERVICES – 9.6%
Diversified Telecommunication Services – 2.8%
AT&T, Inc.		68,014	$	2,558,687
CenturyLink, Inc. (a)		57,949		791,583
Verizon Communications, Inc.		39,975		2,376,114
				5,726,384
Interactive Media & Services – 5.2%
Alphabet, Inc. Class A (b)		4,523		6,480,464
Facebook, Inc. Class A (b)		18,978		3,831,848
				10,312,312
Media – 1.6%
Comcast Corp. Class A		45,052		1,945,796
Discovery, Inc. Class A (a)(b)		24,040		703,410
ViacomCBS, Inc. Class B		14,598		498,230
				3,147,436
TOTAL COMMUNICATION SERVICES				19,186,132
CONSUMER DISCRETIONARY – 9.9%
Automobiles – 0.6%
Ford Motor Co.		133,140		1,174,295
Diversified Consumer Services – 0.4%
H&R Block, Inc.		37,360		866,752
Hotels, Restaurants & Leisure – 2.0%
Norwegian Cruise Line Holdings Ltd. (b)		21,757		1,171,615
Royal Caribbean Cruises Ltd.		9,787		1,145,862
Starbucks Corp.		18,645		1,581,655
				3,899,132
Household Durables – 1.4%
PulteGroup, Inc.		32,751		1,462,332
Toll Brothers, Inc.		27,950		1,239,862
				2,702,194
Internet & Direct Marketing Retail – 3.3%
Amazon.com, Inc. (b)		3,266		6,560,480
Multiline Retail – 0.8%
Kohl’s Corp.		21,020		898,605
Macy’s, Inc. (a)		48,697		776,717
				1,675,322
Specialty Retail – 1.4%
The Home Depot, Inc.		12,013		2,740,165
TOTAL CONSUMER DISCRETIONARY				19,618,340
CONSUMER STAPLES – 6.7%
Beverages – 0.6%
Molson Coors Brewing Co. Class B		23,342		1,297,348
Food & Staples Retailing – 1.5%
The Kroger Co.		59,606		1,601,017
Walgreens Boots Alliance, Inc.		26,613		1,353,271
				2,954,288

	Shares		Value
Food Products – 2.1%
Archer-Daniels-Midland Co.		31,736	$	1,420,503
Ingredion, Inc.		14,774		1,300,112
Tyson Foods, Inc. Class A		16,550		1,367,527
				4,088,142
Personal Products – 0.6%
Herbalife Nutrition Ltd. (b)		29,086		1,129,991
Tobacco – 1.9%
Altria Group, Inc.		36,899		1,753,809
Philip Morris International, Inc.		24,595		2,034,007
				3,787,816
TOTAL CONSUMER STAPLES				13,257,585
ENERGY – 3.7%
Oil, Gas & Consumable Fuels – 3.7%
Chevron Corp.		16,922		1,813,023
ConocoPhillips		15,306		909,636
Exxon Mobil Corp.		35,035		2,176,374
HollyFrontier Corp.		10,008		449,559
Marathon Petroleum Corp.		12,708		692,586
Phillips 66		7,332		669,925
Valero Energy Corp.		8,180		689,656
TOTAL ENERGY				7,400,759
FINANCIALS – 13.5%
Banks – 5.6%
Bank of America Corp.		88,998		2,921,804
Citigroup, Inc.		28,473		2,118,676
JPMorgan Chase & Co.		29,836		3,949,093
Wells Fargo & Co.		46,662		2,190,314
				11,179,887
Capital Markets – 2.1%
Ameriprise Financial, Inc.		7,241		1,197,734
Morgan Stanley		29,269		1,529,598
The Charles Schwab Corp.		29,487		1,343,133
				4,070,465
Consumer Finance – 1.6%
Capital One Financial Corp.		12,917		1,289,116
Discover Financial Services		12,374		929,659
Synchrony Financial		29,449		954,442
				3,173,217
Diversified Financial Services – 2.5%
Berkshire Hathaway, Inc. Class B (b)		17,666		3,964,780
Voya Financial, Inc.		17,613		1,052,025
				5,016,805
Insurance – 1.7%
MetLife, Inc.		24,784		1,232,013
Principal Financial Group, Inc.		17,841		944,681

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

43

Fidelity^® Value Factor ETF

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
FINANCIALS – continued
Insurance – continued
Prudential Financial, Inc.		12,505	$	1,138,705
				3,315,399
TOTAL FINANCIALS				26,755,773
HEALTH CARE – 13.2%
Biotechnology – 3.2%
AbbVie, Inc.		31,476		2,550,186
Biogen, Inc. (b)		7,065		1,899,425
Gilead Sciences, Inc.		29,950		1,892,840
				6,342,451
Health Care Providers & Services – 5.1%
Anthem, Inc.		6,507		1,726,177
Cardinal Health, Inc.		32,012		1,639,335
Centene Corp. (b)		29,989		1,883,609
McKesson Corp.		10,728		1,529,920
UnitedHealth Group, Inc.		12,118		3,301,549
				10,080,590
Pharmaceuticals – 4.9%
Bristol-Myers Squibb Co.		42,401		2,669,143
Johnson & Johnson		29,198		4,346,706
Pfizer, Inc.		73,939		2,753,488
				9,769,337
TOTAL HEALTH CARE				26,192,378
INDUSTRIALS – 9.3%
Aerospace & Defense – 0.6%
Spirit AeroSystems Holdings, Inc. Class A		17,074		1,115,274
Airlines – 2.7%
Delta Air Lines, Inc.		24,474		1,364,181
JetBlue Airways Corp. (b)		66,729		1,323,236
Southwest Airlines Co.		27,558		1,515,139
United Airlines Holdings, Inc. (b)		15,122		1,131,125
				5,333,681
Construction & Engineering – 0.7%
MasTec, Inc. (b)		25,187		1,454,549
Electrical Equipment – 0.9%
Eaton Corp. PLC		18,307		1,729,462
Machinery – 3.1%
Caterpillar, Inc.		13,573		1,782,814
Cummins, Inc.		8,697		1,391,259
Oshkosh Corp.		16,743		1,440,568
PACCAR, Inc.		20,424		1,515,665
				6,130,306
Professional Services – 0.6%
ManpowerGroup, Inc.		14,190		1,298,243

	Shares		Value
Trading Companies & Distributors – 0.7%
United Rentals, Inc. (b)		10,749	$	1,458,532
TOTAL INDUSTRIALS				18,520,047
INFORMATION TECHNOLOGY – 24.2%
Electronic Equipment, Instruments & Components – 0.8%
Tech Data Corp. (b)		11,152		1,605,219
IT Services – 7.6%
Accenture PLC Class A		9,824		2,015,983
Alliance Data Systems Corp.		7,262		746,461
Cognizant Technology Solutions Corp. Class A		20,044		1,230,301
DXC Technology Co.		21,429		683,156
International Business Machines Corp.		13,001		1,868,634
Mastercard, Inc. Class A		9,814		3,100,635
PayPal Holdings, Inc. (b)		17,449		1,987,267
Visa, Inc. Class A		17,463		3,474,613
				15,107,050
Semiconductors & Semiconductor Equipment – 4.1%
Intel Corp.		51,497		3,292,203
Lam Research Corp.		6,256		1,865,602
Micron Technology, Inc. (b)		32,319		1,715,816
ON Semiconductor Corp. (b)		55,495		1,284,709
				8,158,330
Software – 6.5%
Microsoft Corp.		58,927		10,031,143
Oracle Corp.		35,680		1,871,416
VMware, Inc. Class A (b)		6,583		974,679
				12,877,238
Technology Hardware, Storage & Peripherals – 5.2%
Apple, Inc.		33,424		10,345,062
TOTAL INFORMATION TECHNOLOGY				48,092,899
MATERIALS – 2.2%
Chemicals – 1.2%
Celanese Corp.		4,709		487,381
DuPont de Nemours, Inc.		10,656		545,374
Huntsman Corp.		22,485		462,292
LyondellBasell Industries N.V. Class A		6,924		539,103
The Mosaic Co.		19,074		378,428
				2,412,578
Containers & Packaging – 0.3%
International Paper Co.		12,398		504,847
Metals & Mining – 0.7%
Freeport-McMoRan, Inc.		48,728		540,881
Nucor Corp.		9,915		470,863
Steel Dynamics, Inc.		15,284		456,686
				1,468,430
TOTAL MATERIALS				4,385,855

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

44

Common Stocks – continued
	Shares		Value
REAL ESTATE – 3.9%
Equity Real Estate Investment Trusts (REITs) – 3.4%
Apple Hospitality REIT, Inc.		23,172	$	348,043
AvalonBay Communities, Inc.		2,581		559,277
Brixmor Property Group, Inc.		19,521		389,639
Gaming and Leisure Properties, Inc.		10,204		482,190
Host Hotels & Resorts, Inc.		24,385		398,451
Kimco Realty Corp.		20,284		386,410
Medical Properties Trust, Inc.		21,457		475,273
Park Hotels & Resorts, Inc.		14,260		312,864
Prologis, Inc.		8,363		776,755
Service Properties Trust		14,586		314,766
Simon Property Group, Inc.		4,203		559,629
Sunstone Hotel Investors, Inc.		27,263		345,695
VICI Properties, Inc.		18,561		497,435
Vornado Realty Trust		6,358		418,166
Welltower, Inc.		6,792		576,709
				6,841,302
Real Estate Management & Development – 0.5%
CBRE Group, Inc. Class A (b)		8,073		492,857
Jones Lang LaSalle, Inc.		2,583		438,645
				931,502
TOTAL REAL ESTATE				7,772,804
UTILITIES – 3.6%
Electric Utilities – 2.4%
Duke Energy Corp.		9,853		961,948
Exelon Corp.		16,223		772,053
NextEra Energy, Inc.		5,297		1,420,655
PPL Corp.		19,047		689,311
The Southern Co.		14,502		1,020,941
				4,864,908
Independent Power and Renewable Electricity Producers – 0.5%
AES Corp.		28,665		569,267

	Shares		Value
Vistra Energy Corp.		22,157	$	498,976
				1,068,243
Multi-Utilities – 0.7%
Consolidated Edison, Inc.		7,177		674,638
Public Service Enterprise Group, Inc.		10,771		637,643
				1,312,281
TOTAL UTILITIES				7,245,432
TOTAL COMMON STOCKS (Cost $181,186,614)				198,428,004
Money Market Funds – 1.1%
Fidelity Cash Central Fund, 1.58% (c)		297,472		297,532
Fidelity Securities Lending Cash Central Fund, 1.59% (c)(d)		1,945,669		1,945,864
TOTAL MONEY MARKET FUNDS (Cost $2,243,404)				2,243,396
TOTAL INVESTMENT IN SECURITIES – 100.9% (Cost $183,430,018)				200,671,400
NET OTHER ASSETS (LIABILITIES) – (0.9%)				(1,761,919	)
NET ASSETS – 100.0%			$	198,909,481

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.

Futures Contracts
	Number of contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME Micro E-mini S&P 500 Index Future Contracts		21		March 2020	$	338,520	$	3,440	$	3,440

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

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

45

Fidelity^® Value Factor ETF

Schedule of Investments (Unaudited) – continued

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	$	1,175
Fidelity Securities Lending Cash Central Fund		1,611
Total	$	2,786

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund 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 from lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Equities:
Communication Services	$	19,186,132	$	19,186,132	$	—	$	—
Consumer Discretionary		19,618,340		19,618,340		—		—
Consumer Staples		13,257,585		13,257,585		—		—
Energy		7,400,759		7,400,759		—		—
Financials		26,755,773		26,755,773		—		—
Health Care		26,192,378		26,192,378		—		—
Industrials		18,520,047		18,520,047		—		—
Information Technology		48,092,899		48,092,899		—		—
Materials		4,385,855		4,385,855		—		—
Real Estate		7,772,804		7,772,804		—		—
Utilities		7,245,432		7,245,432		—		—
Money Market Funds		2,243,396		2,243,396		—		—
Total Investments in Securities:	$	200,671,400	$	200,671,400	$	—	$	—
Derivative Instruments:
Assets
Futures Contracts	$	3,440	$	3,440	$	—	$	—
Total Assets	$	3,440	$	3,440		—	$	—
Total Derivative Instruments:	$	3,440	$	3,440	$	—	$	—

Value of Derivative Instruments

The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

	Value
Primary Risk/ Derivative Type	Asset		Liabilities
Equity Risk
Futures Contracts(a)	$	3,440	$	0
Total Equity Risk		3,440		0
Total Value of Derivatives	$	3,440	$	0

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

46

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47

Financial Statements

Statements of Assets and Liabilities

January 31, 2020 (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 $1,769,826, $4,506,072, $571,468 and $976,290, respectively) – See accompanying schedule:
Unaffiliated issuers	$	373,138,274	$	548,484,541	$	405,861,820	$	101,605,137
Fidelity Central Funds		3,846,013		6,414,683		1,286,090		1,138,145
Total Investments in Securities	$	376,984,287	$	554,899,224	$	407,147,910	$	102,743,282
Segregated cash with brokers for derivative instruments		105,600		118,800		33,660		6,600
Cash		—		—		—		28,467
Foreign currency held at value (cost $352,417, $783,025, $— and $—, respectively)		364,236		803,743		—		—
Receivable for fund shares sold		—		4,903,117		3,980,714		—
Dividends receivable		620,654		1,010,683		370,107		57,345
Distributions receivable from Fidelity Central Funds		2,154		1,098		610		210
Total assets		378,076,931		561,736,665		411,533,001		102,835,904
Liabilities
Payable to custodian bank		—		—		—		—
Payable for investments purchased		180,721		5,196,287		3,950,700		—
Accrued management fees		97,881		135,883		97,354		27,306
Payable for daily variation margin on futures contracts		52,560		59,130		16,754		3,285
Collateral on securities loaned, at value		2,011,425		4,789,156		592,508		1,025,500
Total liabilities		2,342,587		10,180,456		4,657,316		1,056,091
Net Assets	$	375,734,344	$	551,556,209	$	406,875,685	$	101,779,813
Net Assets consist of:
Paid in capital		348,411,001		524,298,409		361,782,238		91,857,155
Total accumulated earnings (loss)		27,323,343		27,257,800		45,093,447		9,922,658
Net Assets	$	375,734,344	$	551,556,209	$	406,875,685	$	101,779,813
Shares outstanding		10,800,000		17,150,000		10,400,000		2,700,000
Net Asset Value, offering price and redemption price per share	$	34.79	$	32.16	$	39.12	$	37.70
Investments at cost – Unaffiliated issuers	$	337,247,584	$	511,084,778	$	365,913,819	$	91,083,846
Investments at cost – Fidelity Central Funds		3,846,014		6,414,684		1,286,090		1,138,145
Investments at cost	$	341,093,598	$	517,499,462	$	367,199,909	$	92,221,991

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

48

Statements of Assets and Liabilities

January 31, 2020 (Unaudited)

	Fidelity Quality Factor ETF		Fidelity Small-Mid Factor ETF		Fidelity Stocks For Inflation ETF		Fidelity Value Factor ETF
Assets
Investments in securities, at value (including securities loaned of $814,868, $—, $— and $1,840,142, respectively) – See accompanying schedule:
Unaffiliated issuers	$	158,112,740	$	10,572,527	$	2,551,126	$	198,428,004
Fidelity Central Funds		1,070,969		—		—		2,243,396
Total Investments in Securities	$	159,183,709	$	10,572,527	$	2,551,126	$	200,671,400
Segregated cash with brokers for derivative instruments		11,880		—		—		13,860
Cash		5,762		6,569		1,335		—
Foreign currency held at value (cost $—, $80, $— and $—, respectively)		—		80		—		—
Receivable for fund shares sold		—		—		—		—
Dividends receivable		192,882		5,112		2,181		226,442
Distributions receivable from Fidelity Central Funds		1,226		—		—		481
Total assets		159,395,459		10,584,288		2,554,642		200,912,183
Liabilities
Payable to custodian bank		—		—		—		437
Payable for investments purchased		—		19,698		—		—
Accrued management fees		41,076		2,281		644		49,459
Payable for daily variation margin on futures contracts		5,913		—		—		6,899
Collateral on securities loaned, at value		863,335		—		—		1,945,907
Total liabilities		910,324		21,979		644		2,002,702
Net Assets	$	158,485,135	$	10,562,309	$	2,553,998	$	198,909,481
Net Assets consist of:
Paid in capital		141,415,534		10,193,574		2,493,802		183,331,273
Total accumulated earnings (loss)		17,069,601		368,735		60,196		15,578,208
Net Assets	$	158,485,135	$	10,562,309	$	2,553,998	$	198,909,481
Shares outstanding		4,200,000		400,000		100,000		5,350,000
Net Asset Value, offering price and redemption price per share	$	37.73	$	26.41	$	25.54	$	37.18
Investments at cost – Unaffiliated issuers	$	141,401,427	$	9,982,639	$	2,493,950	$	181,186,614
Investments at cost – Fidelity Central Funds		1,070,971		—		—		2,243,404
Investments at cost	$	142,472,398	$	9,982,639	$	2,493,950	$	183,430,018

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

49

Financial Statements – continued

Statements of Operations

For the six months ended January 31, 2020 (Unaudited)

	Fidelity Dividend ETF For Rising Rates			Fidelity High Dividend ETF			Fidelity Low Volatility Factor ETF			Fidelity Momentum Factor ETF
Investment Income
Dividends	$	6,664,728		$	9,999,617		$	3,323,713		$	953,289
Interest		418			591			138			53
Income from Fidelity Central Funds (including $4,343, $3,312, $6,195 and $497, from security lending, respectively)		10,289			8,281			8,851			1,504
Total income		6,675,435			10,008,489			3,332,702			954,846
Expenses
Management fees		520,508			639,001			467,416			169,177
Independent trustees’ compensation		1,113			1,200			837			367
Total expenses before reductions		521,621			640,201			468,253			169,544
Expense reductions		(82	)		(82	)		(290	)		(312	)
Total expenses		521,539			640,119			467,963			169,232
Net investment income (loss)		6,153,896			9,368,370			2,864,739			785,614
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(492,089	)		(742,938	)		(1,825,085	)		(3,996,018	)
Net realized gain (loss) on In-kind redemptions		1,534,415			—			8,754,604			10,286,514
Net realized gain (loss) on futures contracts		116,713			145,069			45,202			14,225
Net realized gain (loss) on foreign currency transactions		2,715			14,483			—			—
Total net realized gain (loss)		1,161,754			(583,386	)		6,974,721			6,304,721
Change in net unrealized appreciation (depreciation) on investment securities		22,262,185			28,128,118			17,165,551			(1,427,353	)
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds		(1	)		(1	)		4			3
Change in net unrealized appreciation (depreciation) on futures contracts		34,345			44,595			(1,550	)		1,683
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies		17,279			35,198			—			—
Total change in net unrealized appreciation (depreciation)		22,313,808			28,207,910			17,164,005			(1,425,667	)
Net gain (loss)		23,475,562			27,624,524			24,138,726			4,879,054
Net increase (decrease) in net assets resulting from operations	$	29,629,458		$	36,992,894		$	27,003,465		$	5,664,668

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

50

Statements of Operations

For the six months ended January 31, 2020 (Unaudited)

	Fidelity Quality Factor ETF			Fidelity Small-Mid Factor ETF			Fidelity Stocks For Inflation ETFA		Fidelity Value Factor ETF
Investment Income
Dividends	$	1,540,279		$	72,732		$	15,075	$	1,960,404
Interest		65			—			—		77
Income from Fidelity Central Funds (including $5,409, $—, $— and $1,611, from security lending, respectively)		6,491			—			—		2,786
Total income		1,546,835			72,732			15,075		1,963,267
Expenses
Management fees		227,957			11,520			1,816		240,721
Independent trustees’ compensation		480			22			2		462
Total expenses before reductions		228,437			11,542			1,818		241,183
Expense reductions		(290	)		(73	)		—		(285	)
Total expenses		228,147			11,469			1,818		240,898
Net investment income (loss)		1,318,688			61,263			13,257		1,722,369
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(3,973,349	)		(228,147	)		1,063		(3,373,265	)
Net realized gain (loss) on In-kind redemptions		6,666,224			—			—		4,896,078
Net realized gain (loss) on futures contracts		18,186			—			—		21,266
Net realized gain (loss) on foreign currency transactions		—			26			—		—
Total net realized gain (loss)		2,711,061			(228,121	)		1,063		1,544,079
Change in net unrealized appreciation (depreciation) on investment securities		7,627,925			403,193			57,176		10,963,266
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds		(2	)		—			—		(8	)
Change in net unrealized appreciation (depreciation) on futures contracts		1,555			—			—		3,727
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies		—			—			—		—
Total change in net unrealized appreciation (depreciation)		7,629,478			403,193			57,176		10,966,985
Net gain (loss)		10,340,539			175,072			58,239		12,511,064
Net increase (decrease) in net assets resulting from operations	$	11,659,227		$	236,335		$	71,496	$	14,233,433

^A  For the period November 5, 2019 (commencement of operations) to January 31, 2020.

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

51

Financial Statements – continued

Statements of Changes in Net Assets

	Fidelity Dividend ETF For Rising Rates						Fidelity High Dividend ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,153,896		$	12,759,384		$	9,368,370		$	11,245,000
Net realized gain (loss)		1,161,754			11,439,676			(583,386	)		1,282,852
Change in net unrealized appreciation (depreciation)		22,313,808			(5,728,216	)		28,207,910			1,510,543
Net increase (decrease) in net assets resulting from operations		29,629,458			18,470,844			36,992,894			14,038,395
Distributions to shareholders		(4,144,500	)		(12,908,350	)		(8,164,950	)		(11,425,400	)
Share transactions
Proceeds from sales of shares		8,878,245			161,232,208			159,776,330			270,497,158
Cost of shares redeemed		(18,858,306	)		(153,460,832	)		—			(81,992,873	)
Net increase (decrease) in net assets resulting from share transactions		(9,980,061	)		7,771,376			159,776,330			188,504,285
Total increase (decrease) in net assets		15,504,897			13,333,870			188,604,274			191,117,280
Net Assets
Beginning of period		360,229,447			346,895,577			362,951,935			171,834,655
End of period	$	375,734,344		$	360,229,447		$	551,556,209		$	362,951,935
Other Information
Shares
Sold		250,000			5,150,000			5,100,000			9,100,000
Redeemed		(600,000	)		(5,000,000	)		—			(2,750,000	)
Net increase (decrease)		(350,000	)		150,000			5,100,000			6,350,000

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

52

Statements of Changes in Net Assets

	Fidelity Low Volatility Factor ETF						Fidelity Momentum Factor ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,864,739		$	2,437,306		$	785,614		$	1,245,159
Net realized gain (loss)		6,974,721			5,117,146			6,304,721			3,746,816
Change in net unrealized appreciation (depreciation)		17,164,005			17,614,800			(1,425,667	)		4,073,860
Net increase (decrease) in net assets resulting from operations		27,003,465			25,169,252			5,664,668			9,065,835
Distributions to shareholders		(2,610,300	)		(2,299,750	)		(791,850	)		(1,240,750	)
Share transactions
Proceeds from sales of shares		189,861,393			204,495,786			65,235,879			79,088,780
Cost of shares redeemed		(52,881,193	)		(48,283,271	)		(90,065,195	)		(60,879,132	)
Net increase (decrease) in net assets resulting from share transactions		136,980,200			156,212,515			(24,829,316	)		18,209,648
Total increase (decrease) in net assets		161,373,365			179,082,017			(19,956,498	)		26,034,733
Net Assets
Beginning of period		245,502,320			66,420,303			121,736,311			95,701,578
End of period	$	406,875,685		$	245,502,320		$	101,779,813		$	121,736,311
Other Information
Shares
Sold		5,100,000			6,150,000			1,850,000			2,350,000
Redeemed		(1,450,000	)		(1,450,000	)		(2,550,000	)		(1,800,000	)
Net increase (decrease)		3,650,000			4,700,000			(700,000	)		550,000

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

53

Financial Statements – continued

Statements of Changes in Net Assets

	Fidelity Quality Factor ETF						Fidelity Small-Mid Factor ETF
	Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019			Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,318,688		$	2,195,811		$	61,263		$	47,978
Net realized gain (loss)		2,711,061			2,633,206			(228,121	)		527
Change in net unrealized appreciation (depreciation)		7,629,478			3,995,214			403,193			186,695
Net increase (decrease) in net assets resulting from operations		11,659,227			8,824,231			236,335			235,200
Distributions to shareholders		(1,218,600	)		(2,135,800	)		(57,600	)		(45,200	)
Share transactions
Proceeds from sales of shares		28,279,971			130,468,237			2,733,344			7,460,230
Cost of shares redeemed		(42,516,993	)		(40,134,110	)		—			—
Net increase (decrease) in net assets resulting from share transactions		(14,237,022	)		90,334,127			2,733,344			7,460,230
Total increase (decrease) in net assets		(3,796,395	)		97,022,558			2,912,079			7,650,230
Net Assets
Beginning of period		162,281,530			65,258,972			7,650,230			—
End of period	$	158,485,135		$	162,281,530		$	10,562,309		$	7,650,230
Other Information
Shares
Sold		800,000			3,900,000			100,000			300,000
Redeemed		(1,200,000	)		(1,250,000	)		—			—
Net increase (decrease)		(400,000	)		2,650,000			100,000			300,000

^A  For the period February 26, 2019 (commencement of operations) to July 31, 2019.

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

54

Statements of Changes in Net Assets

	Fidelity Stocks For Inflation ETF			Fidelity Value Factor ETF
	Six months ended January 31, 2020B (Unaudited)			Six months ended January 31, 2020 (Unaudited)			Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	13,257		$	1,722,369		$	2,391,590
Net realized gain (loss)		1,063			1,544,079			4,049,327
Change in net unrealized appreciation (depreciation)		57,176			10,966,985			584,930
Net increase (decrease) in net assets resulting from operations		71,496			14,233,433			7,025,847
Distributions to shareholders		(11,300	)		(1,603,700	)		(2,294,300	)
Share transactions
Proceeds from sales of shares		2,493,802			88,564,803			85,584,698
Cost of shares redeemed		—			(38,688,271	)		(40,363,131	)
Net increase (decrease) in net assets resulting from share transactions		2,493,802			49,876,532			45,221,567
Total increase (decrease) in net assets		2,553,998			62,506,265			49,953,114
Net Assets
Beginning of period		—			136,403,216			86,450,102
End of period	$	2,553,998		$	198,909,481		$	136,403,216
Other Information
Shares
Sold		100,000			2,550,000			2,600,000
Redeemed		—			(1,150,000	)		(1,200,000	)
Net increase (decrease)		100,000			1,400,000			1,400,000

^B  For the period November 5, 2019 (commencement of operations) to January 31, 2020.

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

55

Financial Statements – continued

Financial Highlights
	Fidelity Dividend ETF For Rising Rates
	Six months ended January 31, 2020			Year ended July 31,			Year ended July 31,			Year ended July 31,
	(Unaudited)			2019			2018			2017A
Selected Per-Share Data
Net asset value, beginning of period	$	32.31		$	31.54		$	28.50		$	25.34
Income from Investment Operations
Net investment income (loss)B		0.58			1.07			0.93			0.76
Net realized and unrealized gain (loss)		2.29			0.79			3.03			2.98
Total from investment operations		2.87			1.86			3.96			3.74
Distributions from net investment income		(0.39	)		(1.09	)		(0.92	)		(0.58	)
Total distributions		(0.39	)		(1.09	)		(0.92	)		(0.58	)
Net asset value, end of period	$	34.79		$	32.31		$	31.54		$	28.50
Total ReturnC,D		8.96	%		6.09	%		14.04	%		14.85	%
Ratios to Average Net AssetsE,F
Expense before reductions		.29	%G		.29	%		.30	%		.29	%G
Expenses net of fee waivers, if any		.29	%G		.29	%		.30	%		.29	%G
Expenses net of all reductions		.29	%G		.29	%		.30	%		.29	%G
Net investment income (loss)		3.46	%G		3.42	%		3.08	%		3.09	%G
Supplemental Data
Net assets, end of period (000 omitted)	$	375,734		$	360,229		$	346,896		$	152,492
Portfolio turnover rateH,I		2	%J		35	%		38	%		52	%J

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

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

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

^D  Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

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

^F  Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds.

^G  Annualized.

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

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

^J  Amount not annualized.

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

56

Financial Highlights
	Fidelity High Dividend ETF
	Six months ended January 31, 2020			Year ended July 31,			Year ended July 31,			Year ended July 31,
	(Unaudited)			2019			2018			2017A
Selected Per-Share Data
Net asset value, beginning of period	$	30.12		$	30.15		$	26.98		$	25.32
Income from Investment Operations
Net investment income (loss)B		0.67			1.23			1.09			0.85
Net realized and unrealized gain (loss)		1.95			(0.03	)C		3.21			1.57
Total from investment operations		2.62			1.20			4.30			2.42
Distributions from net investment income		(0.58	)		(1.23	)		(1.12	)		(0.76	)
Distributions from net realized gain		—			—			(0.01	)		—
Total distributions		(0.58	)		(1.23	)		(1.13	)		(0.76	)
Net asset value, end of period	$	32.16		$	30.12		$	30.15		$	26.98
Total ReturnD,E		8.78	%		4.16	%		16.23	%		9.61	%
Ratios to Average Net AssetsF,G
Expense before reductions		.29	%H		.29	%		.30	%		.29	%H
Expenses net of fee waivers, if any		.29	%H		.29	%		.30	%		.29	%H
Expenses net of all reductions		.29	%H		.29	%		.30	%		.29	%H
Net investment income (loss)		4.30	%H		4.15	%		3.80	%		3.61	%H
Supplemental Data
Net assets, end of period (000 omitted)	$	551,556		$	362,952		$	171,835		$	59,350
Portfolio turnover rateI,J		2	%K		50	%		53	%		57	%K

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

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

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

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

^E  Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F  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.

^G  Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds.

^H  Annualized.

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

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

^K  Amount not annualized.

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

57

Financial Statements – continued

Financial Highlights
	Fidelity Low Volatility Factor ETF
	Six months ended January 31, 2020			Year ended July 31,			Year ended July 31,			Year ended July 31,
	(Unaudited)			2019			2018			2017A
Selected Per-Share Data
Net asset value, beginning of period	$	36.37		$	32.40		$	28.19		$	25.31
Income from Investment Operations
Net investment income (loss)B		0.34			0.62			0.53			0.45
Net realized and unrealized gain (loss)		2.71			3.92			4.20			2.81
Total from investment operations		3.05			4.54			4.73			3.26
Distributions from net investment income		(0.30	)		(0.57	)		(0.52	)		(0.38	)
Total distributions		(0.30	)		(0.57	)		(0.52	)		(0.38	)
Net asset value, end of period	$	39.12		$	36.37		$	32.40		$	28.19
Total ReturnC,D		8.43	%		14.20	%		16.89	%		12.94	%
Ratios to Average Net AssetsE,F
Expense before reductions		.29	%G		.29	%		.30	%		.29	%G
Expenses net of fee waivers, if any		.29	%G		.29	%		.30	%		.29	%G
Expenses net of all reductions		.29	%G		.29	%		.30	%		.29	%G
Net investment income (loss)		1.79	%G		1.83	%		1.73	%		1.87	%G
Supplemental Data
Net assets, end of period (000 omitted)	$	406,876		$	245,502		$	66,420		$	33,833
Portfolio turnover rateH,I		13	%J		36	%		31	%		33	%J

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

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

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

^D  Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

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

^F  Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds.

^G  Annualized.

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

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

^J  Amount not annualized.

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

58

Financial Highlights
	Fidelity Momentum Factor ETF
	Six months ended January 31, 2020			Year ended July 31,			Year ended July 31,			Year ended July 31,
	(Unaudited)			2019			2018			2017A
Selected Per-Share Data
Net asset value, beginning of period	$	35.80		$	33.58		$	28.60		$	25.34
Income from Investment Operations
Net investment income (loss)B		0.24			0.40			0.36			0.36
Net realized and unrealized gain (loss)		1.90			2.22			4.97			3.19
Total from investment operations		2.14			2.62			5.33			3.55
Distributions from net investment income		(0.24	)		(0.40	)		(0.35	)		(0.29	)
Total distributions		(0.24	)		(0.40	)		(0.35	)		(0.29	)
Net asset value, end of period	$	37.70		$	35.80		$	33.58		$	28.60
Total ReturnC,D		5.97	%		7.91	%		18.72	%		14.11	%
Ratios to Average Net AssetsE,F
Expense before reductions		.29	%G		.29	%		.30	%		.29	%G
Expenses net of fee waivers, if any		.29	%G		.29	%		.30	%		.29	%G
Expenses net of all reductions		.29	%G		.29	%		.30	%		.29	%G
Net investment income (loss)		1.36	%G		1.18	%		1.14	%		1.50	%G
Supplemental Data
Net assets, end of period (000 omitted)	$	101,780		$	121,736		$	95,702		$	35,745
Portfolio turnover rateH,I		64	%J		133	%		125	%		106	%J

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

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

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

^D  Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

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

^F  Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds.

^G  Annualized.

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

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

^J  Amount not annualized.

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

59

Financial Statements – continued

Financial Highlights
	Fidelity Quality Factor ETF
	Six months ended January 31, 2020			Year ended July 31,			Year ended July 31,			Year ended July 31,
	(Unaudited)			2019			2018			2017A
Selected Per-Share Data
Net asset value, beginning of period	$	35.28		$	33.47		$	29.11		$	25.37
Income from Investment Operations
Net investment income (loss)B		0.30			0.58			0.53			0.45
Net realized and unrealized gain (loss)		2.44			1.77			4.38			3.62
Total from investment operations		2.74			2.35			4.91			4.07
Distributions from net investment income		(0.29	)		(0.54	)		(0.55	)		(0.33	)
Total distributions		(0.29	)		(0.54	)		(0.55	)		(0.33	)
Net asset value, end of period	$	37.73		$	35.28		$	33.47		$	29.11
Total ReturnC,D		7.82	%		7.14	%		16.95	%		16.10	%
Ratios to Average Net AssetsE,F
Expense before reductions		.29	%G		.29	%		.30	%		.29	%G
Expenses net of fee waivers, if any		.29	%G		.29	%		.30	%		.29	%G
Expenses net of all reductions		.29	%G		.29	%		.30	%		.29	%G
Net investment income (loss)		1.69	%G		1.72	%		1.66	%		1.84	%G
Supplemental Data
Net assets, end of period (000 omitted)	$	158,485		$	162,282		$	65,259		$	30,569
Portfolio turnover rateH,I		21	%J		29	%		30	%		35	%J

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

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

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

^D  Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

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

^F  Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds.

^G  Annualized.

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

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

^J  Amount not annualized.

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

60

Financial Highlights
	Fidelity Small-Mid Factor ETF
	Six months ended January 31, 2020			Year ended July 31,
	(Unaudited)			2019A
Selected Per-Share Data
Net asset value, beginning of period	$	25.50		$	24.85
Income from Investment Operations
Net investment income (loss)B		0.20			0.18
Net realized and unrealized gain (loss)		0.90			0.64
Total from investment operations		1.10			0.82
Distributions from net investment income		(0.19	)		(0.17	)
Total distributions		(0.19	)		(0.17	)
Net asset value, end of period	$	26.41		$	25.50
Total ReturnC,D		4.32	%		3.35	%
Ratios to Average Net AssetsE,F,G
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)		1.55	%		1.70	%
Supplemental Data
Net assets, end of period (000 omitted)	$	10,562		$	7,650
Portfolio turnover rateH,I,J		25	%		2	%

^A  For the period February 26, 2019 (commencement of operations) to July 31, 2019.

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

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

^D  Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E  Annualized.

^F  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.

^G  Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds.

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

^I  Amount not annualized.

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

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

61

Financial Statements – continued

Financial Highlights
	Fidelity Stocks For Inflation ETF
	Six months ended January 31, 2020A
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$	24.94
Income from Investment Operations
Net investment income (loss)B		0.13
Net realized and unrealized gain (loss)		0.58
Total from investment operations		0.71
Distributions from net investment income		(0.11	)
Total distributions		(0.11	)
Net asset value, end of period	$	25.54
Total ReturnC		2.86	%
Ratios to Average Net AssetsD,E
Expense before reductions		.29	%
Expenses net of fee waivers, if any		.29	%
Expenses net of all reductions		.29	%
Net investment income (loss)		2.13	%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,554
Portfolio turnover rateF,G		2	%

^A  For the period November 5, 2019 (commencement of operations) to January 31, 2020.

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

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

^D  Annualized.

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

^F  Amount not annualized.

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

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

62

Financial Highlights
	Fidelity Value Factor ETF
	Six months ended January 31, 2020			Year ended July 31,			Year ended July 31,			Year ended July 31,
	(Unaudited)			2019			2018			2017A
Selected Per-Share Data
Net asset value, beginning of period	$	34.53		$	33.90		$	29.72		$	25.37
Income from Investment Operations
Net investment income (loss)B		0.38			0.70			0.58			0.49
Net realized and unrealized gain (loss)		2.61			0.59			4.18			4.23
Total from investment operations		2.99			1.29			4.76			4.72
Distributions from net investment income		(0.34	)		(0.66	)		(0.58	)		(0.37	)
Total distributions		(0.34	)		(0.66	)		(0.58	)		(0.37	)
Net asset value, end of period	$	37.18		$	34.53		$	33.90		$	29.72
Total ReturnC,D		8.68	%		3.95	%		16.11	%		18.65	%
Ratios to Average Net AssetsE,F
Expense before reductions		.29	%G		.29	%		.30	%		.29	%G
Expenses net of fee waivers, if any		.29	%G		.29	%		.30	%		.29	%G
Expenses net of all reductions		.29	%G		.29	%		.30	%		.29	%G
Net investment income (loss)		2.10	%G		2.09	%		1.79	%		1.92	%G
Supplemental Data
Net assets, end of period (000 omitted)	$	198,909		$	136,403		$	86,450		$	38,639
Portfolio turnover rateH,I		19	%J		31	%		38	%		42	%J

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

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

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

^D  Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

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

^F  Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds.

^G  Annualized.

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

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

^J  Amount not annualized.

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

63

Notes to Financial Statements

For the period ended January 31, 2020 (Unaudited)

1. Organization.

Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, Fidelity Small-Mid Factor ETF, Fidelity Stocks for Inflation ETF and Fidelity Value Factor ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

The Funds 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. The Funds’ Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to 0.01%.

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 are available on the SEC website or upon request.

3. 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. 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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3. Significant Accounting Policies – continued

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of January 31, 2020, is included at the end of each applicable Fund’s Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Funds’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of NYSEArca for Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, Fidelity Small-Mid Factor ETF and Fidelity Value Factor ETF and of Cboe BZX Exchange, Inc. (CboeBZX) for Fidelity Stocks for Inflation ETF, normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as 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 Fidelity Central 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. 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. 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 redemptions in kind, partnerships, foreign currency transactions, capital loss carryforwards, 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 Dividend ETF for Rising Rates	$	341,823,308	$	57,885,690	$	(22,695,774	)	$	35,189,916
Fidelity High Dividend ETF		518,668,782		59,142,057		(22,876,412	)		36,265,645

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Notes to Financial Statements – continued

3. Significant Accounting Policies – continued

	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Low Volatility Factor ETF	$	367,361,884	$	42,724,223	$	(2,940,317	)	$	39,783,906
Fidelity Momentum Factor ETF		92,255,561		11,555,574		(1,066,455	)		10,489,119
Fidelity Quality Factor ETF		142,579,009		21,016,892		(4,410,924	)		16,605,968
Fidelity Small-Mid Factor ETF		9,985,299		980,812		(393,584	)		587,228
Fidelity Stocks for Inflation ETF		2,494,039		141,034		(83,947	)		57,087
Fidelity Value Factor ETF		183,660,062		22,930,356		(5,915,578	)		17,014,778

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

	No-expiration Short-term			No-expiration Long-term			Total capital loss carryforward
Fidelity Dividend ETF for Rising Rates	$	(10,147,107	)	$	(978,157	)	$	(11,125,264	)
Fidelity High Dividend ETF		(8,400,022	)		(1,760,774	)		(10,160,796	)
Fidelity Low Volatility Factor ETF		(1,861,196	)		(266,769	)		(2,127,965	)
Fidelity Momentum Factor ETF		(6,947,825	)		—			(6,947,825	)
Fidelity Quality Factor ETF		(1,964,586	)		(443,213	)		(2,407,799	)
Fidelity Small-Mid Factor ETF		—			—			—
Fidelity Stocks for Inflation ETF		—			—			—
Fidelity Value Factor ETF		(2,755,459	)		(543,616	)		(3,299,075	)

Certain of the Funds elected to defer to the next specified fiscal year ordinary losses recognized during the period November 1, 2018 to July 31, 2019. Loss deferrals were as follows:

	Ordinary Losses
Fidelity Dividend ETF for Rising Rates	$	(19,193	)

Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund’s Schedule of Investments.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Funds’ investment objective allows the Funds to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Funds used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.

The Funds’ use of derivatives increased or decreased their exposure to the following risk:

Equity risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

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4. Derivative Instruments – continued

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statements of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds used futures contracts to manage their exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statements of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statements of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption “Futures Contracts”. The notional amount at value reflects each contract’s exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statements of Assets and Liabilities.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, are noted in the table below.

	Purchases		Sales
Fidelity Dividend ETF for Rising Rates	$	5,981,870	$	5,400,367
Fidelity High Dividend ETF		14,621,818		8,351,379
Fidelity Low Volatility Factor ETF		43,466,399		43,305,415
Fidelity Momentum Factor ETF		73,366,110		73,856,602
Fidelity Quality Factor ETF		32,591,592		32,655,280
Fidelity Small-Mid Factor ETF		2,074,190		2,031,130
Fidelity Stocks for Inflation ETF		66,647		53,223
Fidelity Value Factor ETF		32,049,074		32,250,286

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.

	In-kind Subscriptions		In-kind Redemptions
Fidelity Dividend ETF for Rising Rates	$	8,582,165	$	18,385,711
Fidelity High Dividend ETF		153,551,624		—
Fidelity Low Volatility Factor ETF		188,460,008		51,835,194
Fidelity Momentum Factor ETF		64,739,835		89,028,084
Fidelity Quality Factor ETF		28,077,410		42,203,048
Fidelity Small-Mid Factor ETF		2,713,368		—
Fidelity Stocks for Inflation ETF		2,479,462		—
Fidelity Value Factor ETF		83,093,181		33,184,173

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) 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, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. For each Fund, with the exception of Fidelity Small-Mid Factor ETF and Fidelity Stocks for Inflation ETF, the management fee paid to the investment adviser is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees. Effective January 1, 2020, investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to “Fidelity Management & Research Company LLC”.

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 investment adviser for providing these services.

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Notes to Financial Statements – continued

6. Fees and Other Transactions with Affiliates – continued

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

7. Security Lending.

Certain Funds lend portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Funds. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Funds may lend securities to certain qualified borrowers. 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 and cash collateral at period end is disclosed on each applicable Fund’s Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. 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. Affiliated security lending activity was as follows:

	Total Security Lending Income Fees Paid to NFS		Security Lending Income From Securities Loaned to NFS
Fidelity Dividend ETF for Rising Rates	$	448	$	—
Fidelity High Dividend ETF		333		—
Fidelity Low Volatility Factor ETF		412		—
Fidelity Momentum Factor ETF		48		—
Fidelity Quality Factor ETF		574		—
Fidelity Value Factor ETF		160		6

8. Expense Reductions.

Through arrangements with each applicable Fund’s custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund’s expenses by the following amounts:

	Amount
Fidelity Dividend ETF for Rising Rates	$	82
Fidelity High Dividend ETF		82
Fidelity Low Volatility Factor ETF		290
Fidelity Momentum Factor ETF		312
Fidelity Quality Factor ETF		290
Fidelity Small-Mid Factor ETF		73
Fidelity Value Factor ETF		285

9. 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.

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10. Other.

The Funds’ organizational documents provide former and current trustees 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.

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Shareholder Expense Example (Unaudited)

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

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2019 to January 31, 2020) for Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, Fidelity Small-Mid Factor ETF and Fidelity Value Factor ETF and for the period (November 5, 2019 to January 31, 2020) for Fidelity Stocks for Inflation ETF. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2019 to January 31, 2020).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense RatioA		Beginning Account Value		Ending Account Value January 31, 2020		Expenses Paid During Period
Fidelity Dividend ETF For Rising Rates		0.29%
Actual			$	1,000.00	$	1,089.60	$	1.52	B
HypotheticalC			$	1,000.00	$	1,023.68	$	1.48	D
Fidelity High Dividend ETF		0.29%
Actual			$	1,000.00	$	1,087.80	$	1.52	B
HypotheticalC			$	1,000.00	$	1,023.68	$	1.48	D
Fidelity Low Volatility Factor ETF		0.29%
Actual			$	1,000.00	$	1,084.30	$	1.52	B
HypotheticalC			$	1,000.00	$	1,023.68	$	1.48	D
Fidelity Momentum Factor ETF		0.29%
Actual			$	1,000.00	$	1,059.70	$	1.50	B
HypotheticalC			$	1,000.00	$	1,023.68	$	1.48	D
Fidelity Quality Factor ETF		0.29%
Actual			$	1,000.00	$	1,078.20	$	1.51	B
HypotheticalC			$	1,000.00	$	1,023.68	$	1.48	D
Fidelity Small-Mid Factor ETF		0.29%
Actual			$	1,000.00	$	1,043.20	$	1.49	B
HypotheticalC			$	1,000.00	$	1,023.68	$	1.48	D

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	Annualized Expense RatioA		Beginning Account Value		Ending Account Value January 31, 2020		Expenses Paid During Period
Fidelity Stocks For Inflation ETF		0.29%
Actual			$	1,000.00	$	1,028.60	$	0.71	B
HypotheticalC			$	1,000.00	$	1,011.33	$	0.70	D
Fidelity Value Factor ETF		0.29%
Actual			$	1,000.00	$	1,086.80	$	1.52	B
HypotheticalC			$	1,000.00	$	1,023.68	$	1.48	D

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

^B  Actual expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period) for Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, Fidelity Small-Mid Factor ETF and Fidelity Value Factor ETF and multiplied by 88/366 (to reflect the period November 5, 2019 to January 31, 2020) for Fidelity Stocks for Inflation ETF.

^C  5% return per year before expenses.

^D  Hypothetical expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

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Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Stocks for Inflation ETF

At its September 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with FMR Co., Inc. (FMRC) and the sub-advisory agreement with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts) for the 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, considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund’s investment objective, strategies, and related investment philosophy. 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 the fund.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees 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 the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers, and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

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 and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment Performance. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund’s Advisory Contracts. The Board considered Geode’s experience in managing certain existing Fidelity factor-based ETFs, equity index and enhanced index mutual funds.

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

Competitiveness of Management Fee and Total Expense Ratio. In reviewing the Advisory Contracts, the Board considered the fund’s all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMRC under the all-inclusive arrangement. The Board noted that the fund’s proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of the fund is below the median of those funds and classes used by the Board for management fee comparisons.

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

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

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

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

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Stocks for Inflation ETF

72

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are 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.

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity’s advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board noted that the Amended and Restated Contracts will reflect the replacement of FMRC with FMR and will take effect upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR’s new form of organization and domicile. The Board also noted Fidelity’s assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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 the fund’s Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), 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 Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the 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 joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2020 meeting, the Board unanimously determined to renew the 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 provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund’s management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the 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 the 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 the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that the 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 this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund’s investment objective, strategies, and related investment philosophy. 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 the fund. Additionally, the Board considered the portfolio managers’ investments, if any, in the funds that they manage.

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

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

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity’s and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and Geode’s approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity’s and Geode’s investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results

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Board Approval of Investment Advisory Contracts and Management Fees – continued

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 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 by FMR’s affiliates under separate agreements covering pricing and bookkeeping and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally State Street Bank and Trust Company, the fund’s transfer agent and custodian; and (iii) the resources devoted to, and the record of compliance with, the fund’s compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with 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 and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, 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 of securities 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 ETFs with innovative structures, strategies and pricing 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 funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement 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 the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the 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 the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund’s management fee and total expense ratio. The Board further considered that it received and reviewed information regarding the fund’s management fee rate and total expense ratio compared to “mapped groups” of competitive funds in connection with the approval of the management contract and sub-advisory agreement in July 2019. The Board noted that, because the fund did not commence operations until November 2019, no new competitive management fee and expense information was considered by the Board.

Based on its review, the Board concluded that the fund’s management fee is fair and reasonable in light of the services that the fund receives 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 the Fidelity funds and servicing the Fidelity funds’ shareholders.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the Fidelity funds. Fidelity calculates profitability information for each Fidelity 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 and the full Board approves such changes.

PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of Fidelity’s profitability analysis. PwC’s engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed-upon procedures in

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respect of the mathematical accuracy of the Fidelity 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 also reviewed Fidelity’s and Geode’s non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity’s mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity’s and Geode’s affiliates may benefit from the Fidelity funds’ business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity’s various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board’s responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the Fidelity funds, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.

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 the 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 the 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 the 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) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity’s long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity’s non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity’s philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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 arrangements are fair and reasonable, and that the fund’s Amended and Restated Contracts should be approved and the fund’s Advisory Contracts should be renewed.

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 Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are 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.

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity’s advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board noted that the Amended and Restated Contracts will reflect the replacement of FMRC with FMR and will take effect upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR’s new form of organization and domicile. The Board also noted Fidelity’s assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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Board Approval of Investment Advisory Contracts and Management Fees – continued

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 various standing committees (Committees), 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 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 joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2020 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 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 provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are 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 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.

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

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

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity’s and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and Geode’s approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity’s and Geode’s investment professionals 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 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 by FMR’s affiliates under separate agreements covering pricing and bookkeeping and securities lending 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.

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 and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

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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 of securities 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 ETFs with innovative structures, strategies and pricing 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 funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement 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 (for each fund except Fidelity Small-Mid Factor ETF). 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 took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. 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 each fund’s tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or 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 an index fund’s performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, 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; any securities lending revenues; and fund cash flows 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 total return information for each fund and its benchmark index for the most recent one-year period ended June 30, 2019, as shown below. Peer groups are not shown below because each fund does not generally utilize a peer group for performance comparison purposes.

Fidelity Dividend ETF for Rising Rates

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Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity High Dividend ETF

Fidelity Low Volatility Factor ETF

Fidelity Momentum Factor ETF

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Fidelity Quality Factor ETF

Fidelity Value Factor ETF

Investment Performance (for Fidelity Small-Mid Factor ETF). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the 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’ competitive analysis 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 12-month (or shorter) periods ended June 30 (December 31 for periods prior to 2018) 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 investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual

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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-Sized 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 included in the charts and was considered by the Board.

Fidelity Dividend ETF for Rising Rates

Fidelity High Dividend ETF

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Fidelity Low Volatility Factor ETF

Fidelity Momentum Factor ETF

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Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity Quality Factor ETF

Fidelity Small-Mid Factor ETF

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Fidelity Value Factor ETF

The Board noted that each fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the period ended June 30, 2019.

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 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 the fund receives and the other factors considered.

Total Expense Ratio. In its review of each fund’s total expense ratio, the Board considered the fund’s all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse 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, for each fund except Fidelity Small-Mid Factor ETF, 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 ended June 30, 2019.

Fees Charged to Other Clients. The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc 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 and also noted the most recent findings of the committee. The Board noted that the committee’s review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

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 the 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 and the full Board approves such changes.

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PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of Fidelity’s profitability analysis. PwC’s engagement includes the review and assessment of the methodologies used by Fidelity 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 also reviewed Fidelity’s and Geode’s non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity’s mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity’s and Geode’s affiliates may benefit from the funds’ business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity’s and Geode’s various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board’s responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

The Board also considered information regarding the profitability of Geode’s relationship with each fund except Fidelity Small-Mid Factor ETF.

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) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity’s long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity’s non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity’s philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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 arrangements are fair and reasonable, and that each fund’s Amended and Restated Contracts should be approved and each fund’s Advisory Contracts should be renewed.

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CPF-SANN-0320 1.9881295.103

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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. 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 25, 2020

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 25, 2020

By:	/s/ John J. Burke III
	John J. Burke III
	Chief Financial Officer
Date:	March 25, 2020