0001193125-23-239283.txt : 20230921 0001193125-23-239283.hdr.sgml : 20230921 20230921112431 ACCESSION NUMBER: 0001193125-23-239283 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 28 CONFORMED PERIOD OF REPORT: 20230731 FILED AS OF DATE: 20230921 DATE AS OF CHANGE: 20230921 EFFECTIVENESS DATE: 20230921 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY COVINGTON TRUST CENTRAL INDEX KEY: 0000945908 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-07319 FILM NUMBER: 231268286 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 0000945908 S000042570 Fidelity MSCI Consumer Discretionary Index ETF C000131662 Fidelity MSCI Consumer Discretionary Index ETF FDIS 0000945908 S000042571 Fidelity MSCI Utilities Index ETF C000131663 Fidelity MSCI Utilities Index ETF FUTY 0000945908 S000042572 Fidelity MSCI Consumer Staples Index ETF C000131664 Fidelity MSCI Consumer Staples Index ETF FSTA 0000945908 S000042573 Fidelity MSCI Energy Index ETF C000131665 Fidelity MSCI Energy Index ETF FENY 0000945908 S000042574 Fidelity MSCI Financials Index ETF C000131666 Fidelity MSCI Financials Index ETF FNCL 0000945908 S000042575 Fidelity MSCI Health Care Index ETF C000131667 Fidelity MSCI Health Care Index ETF FHLC 0000945908 S000042576 Fidelity MSCI Industrials Index ETF C000131668 Fidelity MSCI Industrials Index ETF FIDU 0000945908 S000042577 Fidelity MSCI Information Technology Index ETF C000131669 Fidelity MSCI Information Technology Index ETF FTEC 0000945908 S000042578 Fidelity MSCI Materials Index ETF C000131670 Fidelity MSCI Materials Index ETF FMAT 0000945908 S000042579 Fidelity MSCI Communication Services Index ETF C000131671 Fidelity MSCI Communication Services Index ETF FCOM 0000945908 S000047984 Fidelity MSCI Real Estate Index ETF C000151119 Fidelity MSCI Real Estate Index ETF FREL N-CSR 1 d551573dncsr.htm FIDELITY COVINGTON TRUST FIDELITY COVINGTON TRUST

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07319

 

 

Fidelity Covington Trust

(Exact name of registrant as specified in charter)

 

 

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

 

 

Margaret Carey, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

 

 

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

Date of fiscal year end: July 31

Date of reporting period: July 31, 2023

 

 

 


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
Annual Report
July 31, 2023


Contents
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.
© 2023 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.
 Annual Report 2


Market Recap
U.S. equities gained 13.02% for the 12 months ending July 31, 2023, according to the S&P 500® index, as continued global economic expansion, falling commodity prices and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets. Large-cap stocks spearheaded the rally, which was driven by the shares of a narrow set of mega-cap companies in the information technology and communication services sectors, largely due to exuberance related to generative artificial intelligence. Aggressive monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation, a measure that excludes food and energy. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of a stepped down 25 basis points. The S&P 500® gained 3.21% in July, as a “soft landing” of the U.S. economy became the consensus view amid better-than-expected earnings, slowing inflation and easing financial conditions, bringing the index’s year-to-date gain to 20.65%. July saw a continuance of the recent shift to wider market breadth and lower dispersion. For the full 12 months, value (+17%) handily topped growth (+8%) within the index. By sector, tech (+28%), communication services (+21%) and industrials (+17%) led, whereas real estate (-10%) lagged most, due to high borrowing costs, low home inventory and a deteriorating commercial property market.
3 Annual Report 


Fidelity® MSCI Communication Services Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Communication Services Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Communication Services Index ETF – NAVA 16.44 9.29 7.92
Fidelity MSCI Communication Services Index ETF – Market PriceB 16.56 9.21 7.92
MSCI USA IMI Communication Services 25/50 IndexA 16.56 9.41 8.00
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Communication Services Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
Effective December 1, 2018, the fund’s sector index changed from the MSCI USA IMI Telecommunication Services 25/50 Index to the MSCI USA IMI Communication Services 25/50 Index.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Communication Services Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Communication Services 25/50 Index and the S&P 500 Index performed over the same period.
 Annual Report 4


Fidelity® MSCI Communication Services Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 16.44%, versus 16.56% for the MSCI U.S. IMI Communication Services 25/50 Index. The ETF's market price gained 16.56% the past 12 months, while the S&P 500® index gained 13.02%. By subindustry, interactive media & services gained about 39% and contributed most. Movies & entertainment stocks also helped, advancing approximately 15%, while the advertising subindustry rose roughly 27%. Conversely, integrated telecommunication services returned about -20% and detracted most. Alternative carriers (-22%) and broadcasting (-14%) also hurt. Other notable detractors included the cable & satellite (-4%) and wireless telecommunication services (-7%) subindustries. Turning to individual stocks, the top contributor was Meta Platforms (+99%), from the interactive media & services category. Also in interactive media & services, Alphabet (+14%) helped, as did Netflix (+94%), in the movies & entertainment industry. Other contributors included Comcast (+24%), in the cable & satellite category, and Trade Desk (+48%), in the advertising group. In contrast, the biggest individual detractor was Verizon Communications (-22%), from the integrated telecommunication services industry. Also in integrated telecommunication services, AT&T (-18%) hurt. In movies & entertainment, Disney returned approximately -17%. Lumen Technologies, within the alternative carriers industry, returned -83% and also hindered the fund’s result. 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
5 Annual Report 


Fidelity® MSCI Communication Services Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Meta Platforms, Inc. Class A 20.1
Alphabet, Inc. Class A 11.9
Alphabet, Inc. Class C 9.9
Netflix, Inc. 4.8
The Walt Disney Co. 4.5
Comcast Corp. Class A 4.4
Verizon Communications, Inc. 3.8
AT&T, Inc. 3.2
T-Mobile US, Inc. 2.7
Activision Blizzard, Inc. 2.5
  67.8
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
 Annual Report 6


Fidelity® MSCI Consumer Discretionary Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Consumer Discretionary Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Consumer Discretionary Index ETF – NAVA 10.04 12.91 13.15
Fidelity MSCI Consumer Discretionary Index ETF – Market PriceB 10.12 12.93 13.05
Fidelity MSCI Consumer Discretionary Index ETF Capped Linked IndexA 10.15 12.85 13.19
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Consumer Discretionary Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Consumer Discretionary Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Consumer Discretionary Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
7 Annual Report 


Fidelity® MSCI Consumer Discretionary Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 10.04%, versus 10.15% for the Fidelity MSCI Consumer Discretionary Index ETF Capped Linked Index. The ETF's market price gained 10.12% the past 12 months, while the S&P 500® index gained 13.02%. By subindustry, hotels, resorts & cruise lines gained 43% and contributed to relative performance. Restaurants, which gained 20%, also helped, and home improvement retail, which advanced approximately 18%. The homebuilding subindustry rose 57% and apparel retail gained roughly 36%. Other notable contributors included the casinos & gaming (+39%), automotive retail (+15%), automotive parts & equipment (+15%), homefurnishing retail (+18%), tires & rubber (+32%), application software (+88%) and advertising (+16%) subindustries. Conversely, automobile manufacturers returned about -8% and detracted, followed by consumer staples merchandise retail, which returned -18%. The housewares & specialties subindustry returned roughly -43% and detracted. Electronic equipment & instruments (-39%), diversified support services (-26%) and food retail (-81%) also hurt. Turning to individual stocks, the top contributor was Home Depot (+14%), from the home improvement retail category. Also in home improvement retail, Lowe’s (+25%) helped. The Booking Holdings (+54%), a stock in the hotels, resorts & cruise lines category, contributed. TJX (+44%), from the apparel retail industry, also boosted the fund. In contrast, the biggest individual detractor was Tesla (-10%), from the automobile manufacturers industry. Target and Dollar General (-18% each), within the consumer staples merchandise retail category, also hurt the fund's performance. Another notable detractor was VF (-53%), a stock in the apparel, accessories & luxury goods industry. Lastly, Advance Auto Parts, within the automotive retail group, returned -59% and hurt the fund’s performance.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 8


Fidelity® MSCI Consumer Discretionary Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Amazon.com, Inc. 22.7
Tesla, Inc. 15.0
The Home Depot, Inc. 6.6
McDonald's Corp. 4.0
Lowe's Cos., Inc. 2.8
NIKE, Inc. Class B 2.7
Starbucks Corp. 2.3
Booking Holdings, Inc. 2.2
The TJX Cos., Inc. 2.0
Airbnb, Inc. Class A 1.3
O'Reilly Automotive, Inc. 1.2
  62.8
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
9 Annual Report 


Fidelity® MSCI Consumer Staples Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Consumer Staples Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Consumer Staples Index ETF – NAVA 6.20 10.28 9.28
Fidelity MSCI Consumer Staples Index ETF – Market PriceB 6.11 10.24 9.14
Fidelity MSCI Consumer Staples Index ETF Capped Linked IndexA 6.30 10.40 9.43
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Consumer Staples Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Consumer Staples Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Consumer Staples Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
 Annual Report 10


Fidelity® MSCI Consumer Staples Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's (ETF) net asset value returned 6.20%, and its market price returned 6.11%, versus the 6.30% advance for the Fidelity MSCI Consumer Staples Index ETF Capped Linked Index and the 13.02% advance for the S&P 500® index. By subindustry, household products gained about 11% and contributed most. Consumer staples merchandise retail stocks also helped (+10%) and soft drinks & non-alcoholic beverages rose roughly 5%. Conversely, personal care products returned -13% and detracted most. Drug retail (-22%) and food distributors (-1%) also hurt. 
Turning to individual stocks, the top contributor was Procter & Gamble (+15%) from the household products group. Walmart (+23%), from the consumer staples merchandise retail industry, also boosted the fund alongside PepsiCo (+10%), a stock in the soft drinks & non-alcoholic beverages category. 
In contrast, the biggest individual detractor was Estée Lauder (-33%) from the personal care products group. In packaged foods & meats, Tyson Foods returned roughly -35% and detracted. Lastly, Walgreens Boots Alliance, within the drug retail group, returned about -20% and hindered the fund.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
11 Annual Report 


Fidelity® MSCI Consumer Staples Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
The Procter & Gamble Co. 12.6
PepsiCo, Inc. 8.6
The Coca-Cola Co. 8.5
Costco Wholesale Corp. 8.2
Walmart, Inc. 7.8
Philip Morris International, Inc. 4.8
Mondelez International, Inc. Class A 3.7
Altria Group, Inc. 3.0
Colgate-Palmolive Co. 2.3
Archer-Daniels-Midland Co. 1.8
  61.3
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
 Annual Report 12


Fidelity® MSCI Energy Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Energy Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Energy Index ETF – NAVA 16.10 6.97 3.14
Fidelity MSCI Energy Index ETF – Market PriceB 16.11 6.97 3.16
Fidelity MSCI Energy Index ETF Capped Linked IndexA 16.21 7.04 3.23
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Energy Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Energy Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Energy Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
13 Annual Report 


Fidelity® MSCI Energy Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 16.10%, versus 16.21% for the Fidelity MSCI Energy Index ETF Capped Linked Index. The ETF's market price gained 16.11% the past 12 months, while the S&P 500® index gained 13.02%. By subindustry, oil & gas equipment & services gained roughly 52% and contributed most to performance. Other notable contributors included the oil & gas refining & marketing (+32%) and oil & gas drilling (+39%) subindustries. In contrast, coal & consumable fuels returned -2% and notably detracted. Specialty chemicals (-32%) also hurt. Turning to individual stocks, the biggest contributor was Exxon Mobil (+14%), from the integrated oil & gas group. In oil & gas exploration & production, ConocoPhillips (+27%) and EOG Resources (+26%) helped. Schlumberger, within the oil & gas equipment & services industry, gained approximately 60% and lifted the fund’s performance. Lastly, Marathon Petroleum (+49%), a stock in the oil & gas refining & marketing group, contributed. Conversely, the biggest individual detractor was Antero Resources (-33%), from the oil & gas exploration & production category. Also, in the oil & gas exploration & production category, Devon Energy (-7%) and Texas Pacific Land (-17%) hurt. In integrated oil & gas, Occidental Petroleum returned -3% and detracted. Lastly, Enviva (-80%), a stock in the coal & consumable fuels category, detracted. 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 14


Fidelity® MSCI Energy Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Exxon Mobil Corp. 20.3
Chevron Corp. 14.8
ConocoPhillips 7.0
Schlumberger N.V. 4.2
EOG Resources, Inc. 4.0
Marathon Petroleum Corp. 3.7
Occidental Petroleum Corp. 2.9
Pioneer Natural Resources Co. 2.7
Phillips 66 2.7
Valero Energy Corp. 2.6
  64.9
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
15 Annual Report 


Fidelity® MSCI Financials Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Financials Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Financials Index ETF – NAVA 6.44 6.45 9.66
Fidelity MSCI Financials Index ETF – Market PriceB 6.48 6.46 9.70
Fidelity MSCI Financials Index ETF Capped Linked IndexA 6.53 6.55 9.77
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Financials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Financials Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Financials Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
 Annual Report 16


Fidelity® MSCI Financials Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 6.44%, versus 6.53% for the Fidelity MSCI Financials Index ETF Capped Linked Index. The ETF's market price rose 6.48% the past 12 months, while the S&P 500® index advanced 13.02%. By industry, regional banks returned -21% and detracted most. The portfolio’s exposure to mortgage REITs (-10%) also hurt. Turning to individual stocks, the biggest individual detractors were First Republic Bank and Silicon Valley Bank. A stake in Truist Financial (-31%), from the regional banks group, hurt as well. In addition, Bank of America (-3%), PNC Financial Services Group (-14%), U.S. Bancorp (-12%) and Citigroup (-5%), within the diversified banks category, further hindered the fund's performance. Conversely, the portfolio’s allocation to transaction & payment processing services stocks gained about 10% and contributed most. Diversified banks, which advanced 9%, along with multi-sector holdings, which rose 17%, proved beneficial as well. Elsewhere, the property & casualty insurance industry increased roughly 12% and aided performance, as did asset management & custody banks (+11%) and financial exchanges & data (+8%) firms. Other notable contributors included the insurance brokers (+13%), investment banking & brokerage (+9%), consumer finance (+12%), life & health insurance (+14%), diversified financial services (+32%), reinsurance (+33%), multi-line insurance (+12%), commercial & residential mortgage finance (+21%), specialized finance (+42%) and oil & gas exploration & production (+7%) industries. The top individual contributor was JPMorgan Chase (+41%), from the diversified banks industry. Among multi-sector holdings, exposure to Berkshire Hathaway gained 17% and added value. Lastly, in transaction & payment processing services, Visa (+8%), MasterCard (+8%) and PayPal Holdings (+22%) helped.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
17 Annual Report 


Fidelity® MSCI Financials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
JPMorgan Chase & Co. 8.0
Berkshire Hathaway, Inc. Class B 7.9
Visa, Inc. Class A 6.7
Mastercard, Inc. Class A 5.8
Bank of America Corp. 4.0
Wells Fargo & Co. 3.0
S&P Global, Inc. 2.2
Goldman Sachs Group, Inc. 2.1
Morgan Stanley 2.0
BlackRock, Inc. 1.9
  43.6
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
 Annual Report 18


Fidelity® MSCI Health Care Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Health Care Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Health Care Index ETF – NAVA 2.65 9.55 11.72
Fidelity MSCI Health Care Index ETF – Market PriceB 2.53 9.53 11.63
Fidelity MSCI Health Care Index ETF Capped Linked IndexA 2.73 9.64 11.84
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Health Care Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Health Care Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Health Care Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
19 Annual Report 


Fidelity® MSCI Health Care Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 2.65%, versus 2.73% for the Fidelity MSCI Health Care Index ETF Capped Linked Index. The ETF's market price gained 2.53% the past 12 months, while the S&P 500® index gained 13.02%. By subindustry, health care equipment gained 12% and notably contributed to performance. Biotechnology stocks also helped, gaining approximately 9%. The pharmaceuticals subindustry rose about 3%. Other notable contributors included the health care distributors (+22%), health care facilities (+21%) and health care supplies (+17%) subindustries. Conversely, life sciences tools & services returned -11% and detracted. Managed health care (-6%) and health care services (-7%) also hurt. Another notable detractor was the health care technology (-6%) subindustry. Turning to individual stocks, the top contributor was Eli Lilly & Co. (+39%), from the pharmaceuticals category. Also in pharmaceuticals, Merck & (+23%) helped. Intuitive Surgical (+41%) and Stryker (+34%), within the health care equipment group, also helped the fund's performance. Lastly, Gilead Sciences (+32%), from the biotechnology category, also boosted the fund. In contrast, the biggest individual detractor was Pfizer (-26%), from the pharmaceuticals category. Also in pharmaceuticals, Bristol-Myers Squibb (-13%) hurt. Another notable detractor was UnitedHealth Group (-5%), a stock in the managed health care group. CVS Health (-20%), a stock in the health care services category, detracted. Lastly, Danaher, within the life sciences tools & services category, returned -12% and hindered the fund’s performance.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 20


Fidelity® MSCI Health Care Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
UnitedHealth Group, Inc. 8.1
Johnson & Johnson 7.5
Eli Lilly & Co. 6.3
Merck & Co., Inc. 4.6
AbbVie, Inc. 4.5
Thermo Fisher Scientific, Inc. 3.6
Pfizer, Inc. 3.5
Abbott Laboratories 3.3
Danaher Corp. 3.0
Bristol-Myers Squibb Co. 2.3
  46.7
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
21 Annual Report 


Fidelity® MSCI Industrials Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Industrials Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Industrials Index ETF – NAVA 19.17 9.98 10.84
Fidelity MSCI Industrials Index ETF – Market PriceB 19.23 10.00 10.73
Fidelity MSCI Industrials Index ETF Capped Linked IndexA 19.28 10.07 10.95
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Industrials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Industrials Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Industrials Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
 Annual Report 22


Fidelity® MSCI Industrials Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's (ETF) net asset value returned 19.17%, and its market price returned 19.23%, versus the 19.28% advance for the Fidelity MSCI Industrials Index ETF Capped Linked Index and the 13.02% advance for the S&P 500® index. By subindustry, industrial machinery & supplies & components gained about 25% and contributed most. Aerospace & defense, which gained approximately 13%, also helped, as did building products, which advanced 32%. Turning to individual stocks, the biggest contributor was General Electric (+100%), from the industrial conglomerates category. Boeing (+50%), from the aerospace & defense industry, also boosted the fund. Another notable contributor was Uber Technologies (+111%), a stock in the passenger ground transportation industry. In contrast, the biggest individual detractor was 3M (-18%), from the industrial conglomerates category. L3Harris Technologies (-19%) and Raytheon Technologies (-3%), within the aerospace & defense group, also hindered the fund's performance. Lastly, Generac Holdings (-43%) and Plug Power (-38%), within the electrical components & equipment industry, also hurt the fund's performance.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
23 Annual Report 


Fidelity® MSCI Industrials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Union Pacific Corp. 3.2
Caterpillar, Inc. 3.1
The Boeing Co. 3.1
United Parcel Service, Inc. Class B 3.1
Honeywell International, Inc. 3.0
RTX Corp. 2.9
General Electric Co. 2.8
Deere & Co. 2.8
Automatic Data Processing, Inc. 2.3
Lockheed Martin Corp. 2.3
  28.6
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
 Annual Report 24


Fidelity® MSCI Information Technology Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Information Technology Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Information Technology Index ETF – NAVA 23.86 20.16 19.95
Fidelity MSCI Information Technology Index ETF – Market PriceB 23.83 20.16 20.02
Fidelity MSCI Information Technology Index ETF Capped Linked IndexA 23.98 20.27 20.06
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Information Technology Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Information Technology Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Information Technology Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
25 Annual Report 


Fidelity® MSCI Information Technology Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value returned 23.86% and its market price returned 23.83%, versus the 23.98% advance for the Fidelity MSCI Information Technology Index ETF Capped Linked Index and the 13.02% advance for the S&P 500® index. By subindustry, semiconductors gained approximately 54% and contributed most. Technology hardware, storage & peripherals, which gained about 21%, also helped, along with systems software, which advanced 23%. The application software subindustry rose 22%, semiconductor materials & equipment gained approximately 24%, and communications equipment advanced 13%. Other notable contributors included the IT consulting & other services (+6%), electronic manufacturing services (+23%), internet services & infrastructure (+10%), electronic components (+6%), electronic equipment & instruments (+3%), technology distributors (+8%), advertising (+36%), electrical components & equipment (+18%), and data processing & outsourced services (+8%) subindustries. In contrast, transaction & payment processing services returned roughly -4% and detracted most. Human resource & employment services (-12%) and data processing & outsourced services (-10%) also hurt. Other notable detractors included the hotels, resorts & cruise lines (-50%) and industrial machinery & supplies & components (-30%) subindustries. Turning to individual stocks, the top contributor was Nvidia (+153%), from the semiconductors category. Also in semiconductors, Broadcom (+73%) helped. In technology hardware, storage & peripherals, Apple gained about 21% and contributed. Microsoft (+21%), a stock in the systems software category, was another positive. Lastly, Adobe (+33%), a stock in the application software group, contributed. Conversely, the biggest individual detractor was Fidelity National Information Services (-45%), from the transaction & payment processing services category. Also, in transaction & payment processing services, PayPal Holdings (-28%) and Block (-21%) hurt. Enphase Energy (-47%), from the semiconductor materials & equipment category, also hurt. Lastly, Automatic Data Processing (-12%), a stock in the human resource & employment services industry, detracted.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 26


Fidelity® MSCI Information Technology Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Apple, Inc. 22.8
Microsoft Corp. 19.8
NVIDIA Corp. 4.5
Broadcom, Inc. 3.1
Adobe, Inc. 2.1
Salesforce, Inc. 1.9
Cisco Systems, Inc. 1.8
Accenture PLC Class A 1.7
Oracle Corp. 1.6
Advanced Micro Devices, Inc. 1.6
  60.9
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
27 Annual Report 


Fidelity® MSCI Materials Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Materials Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Materials Index ETF – NAVA 12.41 9.02 9.04
Fidelity MSCI Materials Index ETF – Market PriceB 12.30 9.01 8.91
Fidelity MSCI Materials Index ETF Capped Linked IndexA 12.52 9.09 9.10
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Materials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Materials Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Materials Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
 Annual Report 28


Fidelity® MSCI Materials Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 12.41%, versus 12.52% for the Fidelity MSCI Materials Index ETF Capped Linked Index. The ETF's market price gained 12.30% the past 12 months, while the S&P 500® index gained 13.02%. By subindustry, industrial gases, the second-largest weighting in the MSCI index, gained roughly 30% and contributed most. Steel, which gained 34%, also helped, as did copper, which advanced approximately 44%. The specialty chemicals subindustry rose 6%, construction materials gained about 33%, and commodity chemicals advanced 13%. In contrast, fertilizers & agricultural chemicals returned roughly -10% and detracted most. Paper & plastic packaging products & materials (-8%) and aluminum (-18%) also hurt. Turning to individual stocks, the top contributor was Linde (+17%), from the industrial gases industry. Also in industrial gases, Air Products & Chemicals rose about 26%, and in copper, Freeport-McMoRan gained roughly 44%. Lastly, Nucor (+29%), a stock in the steel group, also contributed. Conversely, the biggest individual detractor was International Flavors & Fragrance (-29%), from the specialty chemicals category. Also in specialty chemicals, Albemarle (-12%) hurt. Other notable detractors included Ball Corporation (-19%), a stock in the metal, glass & plastic containers industry, and Mosaic (-21%), from the fertilizers & agricultural chemicals group. Lastly, in paper & plastic packaging products & materials, Amcor returned about -17% and detracted. 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
29 Annual Report 


Fidelity® MSCI Materials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Linde PLC 15.4
The Sherwin-Williams Co. 5.5
Air Products & Chemicals, Inc. 5.4
Freeport-McMoRan, Inc. 5.1
Ecolab, Inc. 3.8
Nucor Corp. 3.5
Corteva, Inc. 3.2
Dow, Inc. 3.2
DuPont de Nemours, Inc. 2.9
Newmont Corp. 2.7
  50.7
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
 Annual Report 30


Fidelity® MSCI Real Estate Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Real Estate Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Real Estate Index ETF – NAVA -9.85 4.64 4.52
Fidelity MSCI Real Estate Index ETF – Market PriceB -9.95 4.64 4.32
Fidelity MSCI Real Estate Index ETF Capped Linked IndexA -9.76 4.77 4.61
S&P 500 IndexA 13.02 12.20 12.22
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Real Estate Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From February 2, 2015.
B From February 5, 2015, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Real Estate Index ETF – NAV on February 2, 2015, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Real Estate Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
31 Annual Report 


Fidelity® MSCI Real Estate Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value returned -9.85%, versus -9.76% for the Fidelity MSCI Real Estate Index ETF Capped Linked Index. The ETF's market price returned -9.95% the past 12 months, whereas the S&P 500® index gained 13.02%. By industry, telecom tower REITs returned about -32% and detracted most, followed by office REITs, which returned -24%. The multi-family residential REITs category returned -13% and detracted as well. Exposure to self-storage REITs (-12%) also hurt. Stakes among health care (-9%) and broadline retail (-23%) REITs hampered the fund's relative result as well. Other notable detractors included single-family residential REITs (-7%) and diversified REITs (-13%). Allocations to real estate operating companies (-29%), real estate services (-4%), hotel & resort (0%), timber (-1%) and specialized REITs (-30%) also proved detrimental. Conversely, data center REITs advanced roughly 10% and contributed the most. Retail REITs stocks also helped, gaining approximately 2%, as did industrial REITs (-1%). Other notable contributors included the real estate development (+29%), diversified real estate activities (+25%) and other specialized (+1%) segments of the real estate market. Turning to individual stocks, the biggest detractor was American Tower (-27%), within the telecom tower REITs industry. Also among telecom tower REITs, stakes in Crown Castle (-37%) and SBA Communications (-34%) were problematic. In the self-storage REITs category, Extra Space Storage returned about -23% and hurt as well. Lastly, Realty Income (-13%), from the retail REITs category, was another negative. In contrast, the top individual contributor was Equinix (+17%), from the data center REITs industry. Among retail REITs, Simon Property Group increased roughly 23% and added value as well. In the other specialized REITs group, exposure to Iron Mountain proved advantageous by gaining roughly 33%. In real estate services, Zillow rose approximately 56% and further contributed. Lastly, Prologis (-2%), a stock in the industrial REITs industry, was another positive.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 32


Fidelity® MSCI Real Estate Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Prologis, Inc. 8.6
American Tower Corp. 6.7
Equinix, Inc. 5.7
Crown Castle, Inc. 3.5
Public Storage 3.3
Welltower, Inc. 3.1
Simon Property Group, Inc. 3.1
Realty Income Corp. 3.0
Digital Realty Trust, Inc. 2.7
CoStar Group, Inc. 2.6
  42.3
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
33 Annual Report 


Fidelity® MSCI Utilities Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Utilities Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Utilities Index ETF – NAVA -6.63 7.64 9.25
Fidelity MSCI Utilities Index ETF – Market PriceB -6.64 7.64 9.15
Fidelity MSCI Utilities Index ETF Capped Linked IndexA -6.55 7.74 9.38
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Utilities Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Utilities Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Utilities Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
 Annual Report 34


Fidelity® MSCI Utilities Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value returned -6.63%, versus -6.55% for the Fidelity MSCI Utilities Index ETF Capped Linked Index. The ETF's market price returned -6.64% the past 12 months, while the S&P 500® index gained 13.02%. By subindustry, multi-utilities returned -11% and detracted most from performance. Electric utilities (-4%) and gas utilities (-11%) also hurt. Other notable detractors included the renewable electricity (-24%) and water utilities (-7%) subindustries. In contrast, independent power producers & energy traders gained approximately 3% and contributed most. Turning to individual stocks, the biggest detractor was Dominion Energy (-32%), from the multi-utilities category. Within electric utilities, NextEra Energy (-11%), Duke Energy (-11%), American Electric Power (-11%) and Xcel Energy (-12%) also detracted. Conversely, the biggest individual contributor was PG&E (+62%), from the electric utilities category. Also in electric utilities, Constellation Energy (+48%), Edison International (+11%) and Pinnacle West Capital (+18%) helped boost the ETF’s result. Lastly, Vistra (+12%), from the independent power producers & energy traders group, also contributed.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
35 Annual Report 


Fidelity® MSCI Utilities Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
NextEra Energy, Inc. 13.4
The Southern Co. 7.1
Duke Energy Corp. 6.5
Sempra 4.2
Dominion Energy, Inc. 4.0
American Electric Power Co., Inc. 3.9
Exelon Corp. 3.8
Xcel Energy, Inc. 3.1
Consolidated Edison, Inc. 3.0
Constellation Energy Corp. 2.9
  51.9
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
 Annual Report 36


Fidelity® MSCI Communication Services Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.7%
    Shares Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 9.9% 
Alternative Carriers – 2.3%
Anterix, Inc. (a) 11,519 $ 323,338
Bandwidth, Inc. Class A (a) 20,677 313,257
Cogent Communications Holdings, Inc. 37,930 2,322,833
EchoStar Corp. Class A (a) 29,483 572,855
Globalstar, Inc. (a) 631,518 682,039
Iridium Communications, Inc. 78,433 4,121,654
Liberty Global PLC Class A (a) 142,352 2,643,477
Liberty Global PLC Class C (a) 224,819 4,442,424
Liberty Latin America Ltd. Class A (a) 31,731 266,540
Liberty Latin America Ltd. Class C (a) 134,600 1,119,872
Lumen Technologies, Inc. 878,465 1,572,452
      18,380,741
Integrated Telecommunication Services – 7.6%
AT&T, Inc. 1,752,314 25,443,599
ATN International, Inc. 9,599 348,828
Consolidated Communications Holdings, Inc. (a) 64,988 232,657
Frontier Communications Parent, Inc. (a) 160,659 2,925,600
IDT Corp. Class B (a) 15,550 368,846
Radius Global Infrastructure, Inc. Class A (a) 67,490 1,006,276
Verizon Communications, Inc. 891,630 30,386,751
      60,712,557
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 79,093,298
ENTERTAINMENT – 21.7% 
Interactive Home Entertainment – 5.9%
Activision Blizzard, Inc. (a) 210,439 19,520,321
Electronic Arts, Inc. 85,388 11,642,654
Playstudios, Inc. (a) 77,040 379,807
ROBLOX Corp. Class A (a) 171,979 6,750,176
Take-Two Interactive Software, Inc. (a) 60,172 9,202,706
      47,495,664
Movies & Entertainment – 15.8%
AMC Entertainment Holdings, Inc. Class A (a) 452,424 2,248,547
Atlanta Braves Holdings, Inc. (a) 5,789 274,051
Atlanta Braves Holdings, Inc. Class C (a) 36,757 1,496,745
Cinemark Holdings, Inc. (a) 95,395 1,592,143
Endeavor Group Holdings, Inc. Class A (a) 139,887 3,301,333
IMAX Corp. (a) 37,646 693,063

    Shares Value
Liberty Media Corp. Liberty Formula One Class C (a) 86,810 $ 6,302,406
Lions Gate Entertainment Corp. Class A (a) 54,552 418,959
Lions Gate Entertainment Corp. Class B (a) 107,819 789,235
Live Nation Entertainment, Inc. (a) 73,282 6,430,496
Madison Square Garden Entertainment Corp. (a) 26,923 937,997
Madison Square Garden Sports Corp. 13,493 2,870,636
Netflix, Inc. (a) 87,976 38,618,825
Roku, Inc. (a) 87,832 8,455,587
Sphere Entertainment Co. (a) 21,724 922,184
The Marcus Corp. 19,180 299,208
The Walt Disney Co. (a) 404,289 35,937,249
Vivid Seats, Inc. Class A (a) 32,501 270,733
Warner Bros Discovery, Inc. (a) 768,089 10,038,923
World Wrestling Entertainment, Inc. Class A 37,866 3,975,930
      125,874,250
TOTAL ENTERTAINMENT 173,369,914
INTERACTIVE MEDIA & SERVICES – 47.8% 
Interactive Media & Services – 47.8%
Alphabet, Inc. Class A (a) 716,046 95,033,625
Alphabet, Inc. Class C (a) 590,793 78,640,456
Angi, Inc. (a) 68,524 265,188
Bumble, Inc. Class A (a) 83,840 1,552,717
Cargurus, Inc. (a) 77,923 1,765,735
Cars.com, Inc. (a) 54,796 1,249,897
Eventbrite, Inc. Class A (a) 71,422 822,067
IAC, Inc. (a) 68,869 4,793,282
Match Group, Inc. (a) 161,835 7,526,946
MediaAlpha, Inc. Class A (a) 23,144 234,680
Meta Platforms, Inc. Class A (a) 503,930 160,552,098
Nextdoor Holdings, Inc. (a) 95,976 298,485
Pinterest, Inc. Class A (a) 271,329 7,865,828
QuinStreet, Inc. (a) 44,564 395,728
Shutterstock, Inc. 21,869 1,125,160
Snap, Inc. Class A (a) 547,671 6,221,543
TripAdvisor, Inc. (a) 95,381 1,778,856
Vimeo, Inc. (a) 107,970 444,836
Yelp, Inc. (a) 57,623 2,595,916
Ziff Davis, Inc. (a) 41,308 2,995,656
ZipRecruiter, Inc. Class A (a) 39,534 732,170
ZoomInfo Technologies, Inc. (a) 195,626 5,002,157
TOTAL INTERACTIVE MEDIA & SERVICES 381,893,026
MEDIA – 17.2% 
Advertising – 4.0%
Boston Omaha Corp. Class A (a) 20,737 404,786
 
See accompanying notes which are an integral part of the financial statements.
37 Annual Report 


Fidelity® MSCI Communication Services Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
MEDIA – continued
Advertising – continued
Clear Channel Outdoor Holdings, Inc. (a) 270,663 $ 487,193
Integral Ad Science Holding Corp. (a) 33,880 706,398
Magnite, Inc. (a) 117,672 1,780,377
Omnicom Group, Inc. 78,375 6,632,093
PubMatic, Inc. Class A (a) 34,195 683,558
Stagwell, Inc. (a) 80,317 538,927
TechTarget, Inc. (a) 23,745 771,238
The Interpublic Group of Cos., Inc. 167,608 5,737,222
The Trade Desk, Inc. Class A (a) 144,946 13,227,772
Thryv Holdings, Inc. (a) 28,724 680,759
      31,650,323
Broadcasting – 3.2%
AMC Networks, Inc. Class A (a) 23,365 294,866
Entravision Communications Corp. Class A 54,341 259,750
Fox Corp. Class A 167,284 5,595,650
Fox Corp. Class B 124,477 3,909,823
Gray Television, Inc. 70,803 670,504
iHeartMedia, Inc. Class A (a) 90,304 427,138
Nexstar Media Group, Inc. 28,064 5,240,110
Paramount Global Class B 318,373 5,103,519
Sinclair, Inc. 33,732 469,212
TEGNA, Inc. 185,512 3,135,153
The E.W. Scripps Co. Class A (a) 50,407 497,013
      25,602,738
Cable & Satellite – 8.5%
Altice USA, Inc. Class A (a) 189,517 642,463
Cable One, Inc. 3,976 2,878,385
Charter Communications, Inc. Class A (a) 31,796 12,883,421
Comcast Corp. Class A 780,560 35,328,146
DISH Network Corp. Class A (a) 217,748 1,726,742
Liberty Broadband Corp. Class C (a) 67,547 6,020,464
Liberty Media Corp. Liberty SiriusXM Class C (a) 143,033 4,552,740
Sirius XM Holdings, Inc. 679,577 3,465,843
WideOpenWest, Inc. (a) 44,990 370,718
      67,868,922
Publishing – 1.5%
John Wiley & Sons, Inc. Class A 38,459 1,316,452
News Corp. Class A 256,347 5,080,797
Scholastic Corp. 24,640 1,064,202

    Shares Value
The New York Times Co. Class A 121,340 $ 4,945,818
      12,407,269
TOTAL MEDIA 137,529,252
WIRELESS TELECOMMUNICATION SERVICES – 3.1% 
Wireless Telecommunication Services – 3.1%
GCI Liberty, Inc. (a)(b) 40,953 0
Gogo, Inc. (a) 55,732 839,881
Shenandoah Telecommunications Co. 41,617 776,989
Telephone & Data Systems, Inc. 87,173 699,128
T-Mobile US, Inc. (a) 159,066 21,914,523
United States Cellular Corp. (a) 13,526 239,546
TOTAL WIRELESS TELECOMMUNICATION SERVICES 24,470,067
TOTAL COMMON STOCKS
(Cost $790,359,314)
796,355,557
    
Preferred Stock – 0.2%
    Principal Amount  
COMMUNICATION SERVICES – 0.2% 
Entertainment – 0.2%
AMC Entertainment Holdings, Inc. 0.000% (a) $ 697,820 1,290,967
TOTAL PREFERRED STOCKS
(Cost $2,825,605)
1,290,967
    
Money Market Fund – 0.1%
    Shares  
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.15% (c)
(Cost $1,120,000)
1,120,000 1,120,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $794,304,919)
798,766,524
NET OTHER ASSETS (LIABILITIES) – 0.0% 88,970
NET ASSETS – 100.0% $ 798,855,494
    
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.
 Annual Report 38


Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
CME E-mini S&P Communication Service Select Sector Index Contracts (United States) 12 September 2023 $1,086,000 $50,173 $50,173
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 July 31, 2023, 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   $ 796,355,557   $ 796,355,557   $ $  
Preferred Stocks   1,290,967   1,290,967    
Money Market Funds   1,120,000   1,120,000    
Total Investments in Securities:   $ 798,766,524   $ 798,766,524   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 50,173   $ 50,173   $ $  
Total Assets   $ 50,173   $ 50,173   $ $  
Total Derivative Instruments:   $ 50,173   $ 50,173   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2023. 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) $50,173   $0
Total Equity Risk 50,173   0
Total Value of Derivatives $50,173   $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.
39 Annual Report 


Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.8%
    Shares Value
AUTOMOBILE COMPONENTS – 2.4% 
Automotive Parts & Equipment – 2.3%
Adient PLC (a) 27,549 $ 1,172,486
American Axle & Manufacturing Holdings, Inc. (a) 44,824 423,587
Aptiv PLC (a) 71,158 7,791,089
Autoliv, Inc. 22,255 2,246,197
BorgWarner, Inc. 62,655 2,913,458
Dana, Inc. 41,157 781,160
Dorman Products, Inc. (a) 8,104 686,328
Fox Factory Holding Corp. (a) 12,009 1,343,807
Garrett Motion, Inc. (a) 20,971 163,154
Gentex Corp. 64,212 2,156,239
Gentherm, Inc. (a) 10,355 618,918
LCI Industries 7,465 1,017,256
Lear Corp. 16,086 2,489,469
Luminar Technologies, Inc. (a) 76,120 563,288
Modine Manufacturing Co. (a) 17,618 661,732
Patrick Industries, Inc. 6,976 603,773
Phinia, Inc. (a) 12,495 354,483
QuantumScape Corp. (a) 86,830 1,155,707
Solid Power, Inc. (a) 83,647 239,230
Standard Motor Products, Inc. 7,785 297,154
Stoneridge, Inc. (a) 13,514 276,226
Visteon Corp. (a) 8,022 1,236,110
XPEL, Inc. (a) 6,751 548,384
      29,739,235
Tires & Rubber – 0.1%
The Goodyear Tire & Rubber Co. (a) 80,521 1,294,777
TOTAL AUTOMOBILE COMPONENTS 31,034,012
AUTOMOBILES – 18.0% 
Automobile Manufacturers – 17.9%
Canoo, Inc. (a) 244,684 157,870
Fisker, Inc. (a) 65,081 401,550
Ford Motor Co. 1,025,420 13,545,798
General Motors Co. 364,015 13,967,255
Lucid Group, Inc. (a) 254,854 1,939,439
Rivian Automotive, Inc. Class A (a) 173,959 4,808,227
Tesla, Inc. (a) 728,892 194,927,588
Thor Industries, Inc. 14,408 1,663,980
Winnebago Industries, Inc. 9,680 665,984
      232,077,691
Motorcycle Manufacturers – 0.1%
Harley-Davidson, Inc. 38,587 1,489,844
TOTAL AUTOMOBILES 233,567,535
BROADLINE RETAIL – 24.9% 
Broadline Retail – 24.9%
Amazon.com, Inc. (a) 2,199,618 294,044,934
Dillard's, Inc. Class A 1,377 472,366

    Shares Value
eBay, Inc. 141,157 $ 6,282,898
Etsy, Inc. (a) 33,377 3,392,772
Kohl's Corp. 34,008 967,527
Macy's, Inc. 77,074 1,278,658
MercadoLibre, Inc. (a) 11,779 14,582,991
Nordstrom, Inc. 33,533 774,948
Ollie's Bargain Outlet Holdings, Inc. (a) 16,827 1,226,352
Qurate Retail, Inc. (a) 212,887 217,145
TOTAL BROADLINE RETAIL 323,240,591
DISTRIBUTORS – 1.1% 
Distributors – 1.1%
Genuine Parts Co. 37,022 5,765,066
LKQ Corp. 71,150 3,898,308
Pool Corp. 10,428 4,012,069
TOTAL DISTRIBUTORS 13,675,443
DIVERSIFIED CONSUMER SERVICES – 1.2% 
Education Services – 0.6%
2U, Inc. (a) 47,867 228,804
Adtalem Global Education, Inc. (a) 14,099 609,641
Bright Horizons Family Solutions, Inc. (a) 16,120 1,564,124
Chegg, Inc. (a) 42,166 427,142
Coursera, Inc. (a) 33,746 529,475
Duolingo, Inc. (a) 7,336 1,138,474
Graham Holdings Co. Class B 1,133 664,788
Grand Canyon Education, Inc. (a) 8,944 970,871
Laureate Education, Inc. 42,847 549,298
Perdoceo Education Corp. (a) 25,693 343,001
Strategic Education, Inc. 7,346 551,685
Stride, Inc. (a) 13,036 498,105
Udemy, Inc. (a) 28,336 334,648
      8,410,056
Specialized Consumer Services – 0.6%
ADT, Inc. 73,073 466,206
Carriage Services, Inc. 7,214 233,517
European Wax Center, Inc. Class A (a) 15,013 290,802
Frontdoor, Inc. (a) 24,368 850,931
H&R Block, Inc. 42,818 1,439,113
Mister Car Wash, Inc. (a) 35,668 354,183
OneSpaWorld Holdings Ltd. (a) 30,775 395,305
Rover Group, Inc. (a) 48,536 265,977
Service Corp. International 41,158 2,743,181
WW International, Inc. (a) 27,882 324,825
      7,364,040
TOTAL DIVERSIFIED CONSUMER SERVICES 15,774,096
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 40


Common Stocks – continued
    Shares Value
HOTELS, RESTAURANTS & LEISURE – 20.9% 
Casinos & Gaming – 2.2%
Accel Entertainment, Inc. (a) 26,562 $ 302,807
Bally's Corp. (a) 14,357 233,732
Boyd Gaming Corp. 21,284 1,454,123
Caesars Entertainment, Inc. (a) 57,962 3,420,917
Churchill Downs, Inc. 18,131 2,100,476
DraftKings, Inc. Class A (a) 105,701 3,359,178
Everi Holdings, Inc. (a) 29,657 440,110
Golden Entertainment, Inc. (a) 8,079 342,065
Las Vegas Sands Corp. (a) 90,607 5,419,205
Light & Wonder, Inc. (a) 25,163 1,768,959
MGM Resorts International 79,535 4,037,992
Monarch Casino & Resort, Inc. 5,217 361,642
Penn Entertainment, Inc. (a) 43,622 1,146,822
Red Rock Resorts, Inc. Class A 14,953 725,221
Wynn Resorts Ltd. 27,378 2,983,654
      28,096,903
Hotels, Resorts & Cruise Lines – 7.6%
Airbnb, Inc. Class A (a) 107,930 16,425,867
Bluegreen Vacations Holding Corp. 5,731 224,025
Booking Holdings, Inc. (a) 9,774 29,036,599
Carnival Corp. (a) 269,025 5,068,431
Choice Hotels International, Inc. 9,498 1,241,863
Expedia Group, Inc. (a) 39,277 4,812,611
Hilton Grand Vacations, Inc. (a) 22,617 1,051,690
Hilton Worldwide Holdings, Inc. 69,427 10,795,204
Hyatt Hotels Corp. Class A 13,177 1,664,914
Lindblad Expeditions Holdings, Inc. (a) 19,276 227,842
Marriott International, Inc. Class A 68,451 13,814,096
Marriott Vacations Worldwide Corp. 9,917 1,274,434
Membership Collective Group, Inc. (a) 22,484 134,229
Norwegian Cruise Line Holdings Ltd. (a) 116,308 2,566,918
Playa Hotels & Resorts N.V. (a) 39,924 325,780
Royal Caribbean Cruises Ltd. (a) 60,696 6,622,541
Sabre Corp. (a) 105,095 430,890
Target Hospitality Corp. (a) 15,671 200,119
Travel + Leisure Co. 22,582 919,765
Wyndham Hotels & Resorts, Inc. 23,832 1,856,989
      98,694,807
Leisure Facilities – 0.5%
Bowlero Corp. (a) 18,817 228,250
Life Time Group Holdings, Inc. (a) 17,808 322,147
Planet Fitness, Inc. Class A (a) 23,538 1,589,757
SeaWorld Entertainment, Inc. (a) 11,741 650,099
Six Flags Entertainment Corp. (a) 22,267 532,181
Vail Resorts, Inc. 10,850 2,555,066

    Shares Value
Xponential Fitness, Inc. Class A (a) 9,899 $ 209,067
      6,086,567
Restaurants – 10.6%
Aramark 63,204 2,551,546
BJ's Restaurants, Inc. (a) 9,244 348,129
Bloomin' Brands, Inc. 26,544 713,237
Brinker International, Inc. (a) 13,978 549,056
Chipotle Mexican Grill, Inc. (a) 7,193 14,114,680
Chuys Holdings, Inc. (a) 7,329 304,813
Cracker Barrel Old Country Store, Inc. 6,069 565,631
Darden Restaurants, Inc. 31,896 5,387,872
Dave & Buster's Entertainment, Inc. (a) 13,604 623,063
Denny's Corp. (a) 23,500 276,360
Dine Brands Global, Inc. 5,370 323,918
Domino's Pizza, Inc. 9,487 3,763,872
DoorDash, Inc. Class A (a) 67,386 6,117,975
Dutch Bros, Inc. Class A (a) 13,028 403,998
El Pollo Loco Holdings, Inc. 15,835 168,643
First Watch Restaurant Group, Inc. (a) 10,271 191,451
Jack in the Box, Inc. 6,431 639,306
Krispy Kreme, Inc. 24,201 372,695
Kura Sushi USA. Inc. Class A (a) 2,901 288,679
McDonald's Corp. 176,687 51,804,628
Papa John's International, Inc. 10,351 856,028
Portillo's, Inc. Class A (a) 16,786 386,917
RCI Hospitality Holdings, Inc. 3,522 245,660
Shake Shack, Inc. Class A (a) 11,192 869,171
Starbucks Corp. 298,232 30,291,424
Sweetgreen, Inc. Class A (a) 34,836 524,979
Texas Roadhouse, Inc. 18,229 2,033,445
The Cheesecake Factory, Inc. 15,652 575,681
The Wendy's Co. 50,968 1,095,302
Wingstop, Inc. 8,241 1,389,268
Yum! Brands, Inc. 73,158 10,071,662
      137,849,089
TOTAL HOTELS, RESTAURANTS & LEISURE 270,727,366
HOUSEHOLD DURABLES – 4.9% 
Consumer Electronics – 0.4%
Garmin Ltd. 40,565 4,295,428
GoPro, Inc. Class A (a) 58,617 239,743
Snap One Holdings Corp. (a) 16,528 160,983
Sonos, Inc. (a) 37,993 651,200
Vizio Holding Corp. Class A (a) 32,745 243,950
      5,591,304
Home Furnishings – 0.5%
Ethan Allen Interiors, Inc. 9,662 304,063
La-Z-Boy, Inc. 14,848 465,782
See accompanying notes which are an integral part of the financial statements.
41 Annual Report 


Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
HOUSEHOLD DURABLES – continued
Home Furnishings – continued
Leggett & Platt, Inc. 37,548 $ 1,098,654
Mohawk Industries, Inc. (a) 15,052 1,600,630
Tempur Sealy International, Inc. 47,189 2,106,045
The Lovesac Co. (a) 8,272 242,204
      5,817,378
Homebuilding – 3.6%
Beazer Homes USA, Inc. (a) 12,130 407,932
Cavco Industries, Inc. (a) 2,394 707,786
Century Communities, Inc. 8,972 692,818
D.R. Horton, Inc. 82,156 10,435,455
Dream Finders Homes, Inc. Class A (a) 11,887 303,118
Green Brick Partners, Inc. (a) 9,111 514,954
Installed Building Products, Inc. 7,154 1,058,935
KB Home 21,470 1,158,736
Legacy Housing Corp. (a) 7,678 182,122
Lennar Corp. Class A 66,505 8,434,829
LGI Homes, Inc. (a) 6,308 875,235
M.D.C. Holdings, Inc. 15,639 801,968
M/I Homes, Inc. (a) 8,228 822,800
Meritage Homes Corp. 10,345 1,540,888
NVR, Inc. (a) 859 5,417,232
PulteGroup, Inc. 59,471 5,018,758
Skyline Champion Corp. (a) 15,532 1,081,959
Taylor Morrison Home Corp. (a) 29,086 1,408,344
Toll Brothers, Inc. 30,167 2,423,315
TopBuild Corp. (a) 8,741 2,394,422
Tri Pointe Homes, Inc. (a) 29,677 946,103
      46,627,709
Household Appliances – 0.3%
Cricut, Inc. Class A 22,158 262,794
Helen of Troy Ltd. (a) 7,253 1,024,849
iRobot Corp. (a) 9,964 398,560
Traeger, Inc. (a) 44,251 197,359
Whirlpool Corp. 14,952 2,156,976
      4,040,538
Housewares & Specialties – 0.1%
Newell Brands, Inc. 113,479 1,266,426
TOTAL HOUSEHOLD DURABLES 63,343,355
LEISURE PRODUCTS – 1.1% 
Leisure Products – 1.1%
Acushnet Holdings Corp. 10,968 654,022
Brunswick Corp. 19,767 1,706,090
Clarus Corp. 4,990 44,411
Funko, Inc. Class A (a) 16,751 136,688
Hasbro, Inc. 35,731 2,306,793
Johnson Outdoors, Inc. Class A 3,185 188,297
Malibu Boats, Inc. Class A (a) 7,200 431,640

    Shares Value
MasterCraft Boat Holdings, Inc. (a) 8,026 $ 245,997
Mattel, Inc. (a) 97,017 2,066,462
Peloton Interactive, Inc. Class A (a) 94,606 918,624
Polaris, Inc. 14,965 2,032,846
Smith & Wesson Brands, Inc. 20,354 259,106
Sturm Ruger & Co., Inc. 6,443 341,157
Topgolf Callaway Brands Corp. (a) 44,519 889,044
Vista Outdoor, Inc. (a) 18,237 552,581
YETI Holdings, Inc. (a) 24,996 1,064,830
TOTAL LEISURE PRODUCTS 13,838,588
SPECIALTY RETAIL – 19.9% 
Apparel Retail – 3.6%
Abercrombie & Fitch Co. Class A (a) 17,194 681,054
American Eagle Outfitters, Inc. 56,437 792,940
Boot Barn Holdings, Inc. (a) 9,285 871,861
Burlington Stores, Inc. (a) 17,397 3,090,055
Caleres, Inc. 13,668 369,583
Chico's FAS, Inc. (a) 53,195 324,489
Designer Brands, Inc. Class A 26,339 262,073
Foot Locker, Inc. 25,119 674,947
Genesco, Inc. (a) 6,493 183,167
Guess?, Inc. 13,584 285,128
Revolve Group, Inc. (a) 16,718 329,679
Ross Stores, Inc. 89,404 10,249,275
Shoe Carnival, Inc. 8,801 234,195
Stitch Fix, Inc. Class A (a) 51,540 263,369
The Buckle, Inc. 10,991 401,831
The Children's Place, Inc. (a) 7,475 235,014
The Gap, Inc. 65,439 674,022
The TJX Cos., Inc. 299,415 25,908,380
Urban Outfitters, Inc. (a) 18,126 659,243
Victoria's Secret & Co. (a) 22,242 455,739
Zumiez, Inc. (a) 10,567 199,294
      47,145,338
Automotive Retail – 3.5%
Advance Auto Parts, Inc. 16,232 1,207,498
America's Car-Mart, Inc. (a) 2,747 327,223
Arko Corp. 27,395 228,474
Asbury Automotive Group, Inc. (a) 5,547 1,251,403
AutoNation, Inc. (a) 9,255 1,489,870
AutoZone, Inc. (a) 4,795 11,899,847
Camping World Holdings, Inc. Class A 14,783 473,499
CarMax, Inc. (a) 42,300 3,494,403
Carvana Co. (a) 32,248 1,481,796
EVgo, Inc. (a) 51,938 226,969
Group 1 Automotive, Inc. 3,957 1,023,003
Lithia Motors, Inc. 7,556 2,346,365
Monro, Inc. 10,404 381,307
Murphy USA, Inc. 5,721 1,756,519
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 42


Common Stocks – continued
    Shares Value
SPECIALTY RETAIL – continued
Automotive Retail – continued
O'Reilly Automotive, Inc. (a) 16,026 $ 14,836,711
Penske Automotive Group, Inc. 7,205 1,163,031
Sonic Automotive, Inc. Class A 6,469 309,800
Valvoline, Inc. 36,141 1,372,274
      45,269,992
Computer & Electronics Retail – 0.5%
Best Buy Co., Inc. 52,189 4,334,297
GameStop Corp. Class A (a) 71,585 1,589,187
Upbound Group, Inc. 15,461 535,414
      6,458,898
Home Improvement Retail – 9.6%
Floor & Decor Holdings, Inc. Class A (a) 27,306 3,136,094
Lowe's Cos., Inc. 154,728 36,248,129
The Home Depot, Inc. 254,214 84,866,802
      124,251,025
Homefurnishing Retail – 0.6%
Arhaus, Inc. (a) 20,036 229,612
Haverty Furniture Cos., Inc. 7,336 261,162
Overstock.com, Inc. (a) 17,364 633,265
RH (a) 4,795 1,861,275
Sleep Number Corp. (a) 11,016 305,033
The Aaron's Co., Inc. 16,356 258,752
Wayfair, Inc. Class A (a) 22,636 1,762,665
Williams-Sonoma, Inc. 17,865 2,476,804
      7,788,568
Other Specialty Retail – 2.1%
1-800-FLOWERS.com, Inc. Class A (a) 18,185 157,846
Academy Sports & Outdoors, Inc. 21,798 1,303,302
Bath & Body Works, Inc. 58,944 2,184,465
Chewy, Inc. Class A (a) 28,671 971,947
Dick's Sporting Goods, Inc. 16,846 2,375,286
Five Below, Inc. (a) 14,930 3,110,516
Franchise Group, Inc. 9,413 280,131
Hibbett, Inc. 5,436 252,230
Leslie's, Inc. (a) 55,226 351,790
MarineMax, Inc. (a) 9,290 374,666
National Vision Holdings, Inc. (a) 24,562 531,276
Petco Health & Wellness Co., Inc. (a) 34,216 279,203
PetMed Express, Inc. 12,393 181,557
Sally Beauty Holdings, Inc. (a) 36,998 442,866
Signet Jewelers Ltd. 12,563 1,011,196
The ODP Corp. (a) 11,804 588,784
Tractor Supply Co. 28,864 6,465,247
Ulta Beauty, Inc. (a) 13,189 5,866,467
Warby Parker, Inc. Class A (a) 27,729 414,271

    Shares Value
Winmark Corp. 1,063 $ 386,358
      27,529,404
TOTAL SPECIALTY RETAIL 258,443,225
TEXTILES, APPAREL & LUXURY GOODS – 5.4% 
Apparel, Accessories & Luxury Goods – 2.0%
Capri Holdings Ltd. (a) 35,089 1,295,135
Carter's, Inc. 11,408 855,714
Columbia Sportswear Co. 10,993 864,160
Figs, Inc. Class A (a) 5,394 39,700
G-III Apparel Group Ltd. (a) 17,037 352,836
Hanesbrands, Inc. 115,710 609,792
Kontoor Brands, Inc. 15,470 655,309
Levi Strauss & Co. Class A 32,149 484,485
Lululemon Athletica, Inc. (a) 30,287 11,464,538
Movado Group, Inc. 8,027 230,375
Oxford Industries, Inc. 5,069 546,692
PVH Corp. 17,410 1,560,632
Ralph Lauren Corp. 11,564 1,518,700
Tapestry, Inc. 63,408 2,736,055
Under Armour, Inc. Class A (a) 62,794 506,120
Under Armour, Inc. Class C (a) 63,456 470,844
VF Corp. 90,767 1,798,094
      25,989,181
Footwear – 3.4%
Crocs, Inc. (a) 16,899 1,831,007
Deckers Outdoor Corp. (a) 7,043 3,829,209
NIKE, Inc. Class B 319,539 35,273,910
Skechers U.S.A., Inc. Class A (a) 36,731 2,041,509
Steven Madden Ltd. 21,969 733,325
Wolverine World Wide, Inc. 27,493 348,336
      44,057,296
TOTAL TEXTILES, APPAREL & LUXURY GOODS 70,046,477
TOTAL COMMON STOCKS
(Cost $1,187,294,449)
1,293,690,688
Money Market Fund – 0.2%
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.15% (b)
(Cost $1,940,000)
1,940,000 1,940,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $1,189,234,449)
1,295,630,688
NET OTHER ASSETS (LIABILITIES) – 0.0% 511,757
NET ASSETS – 100.0% $1,296,142,445
    
See accompanying notes which are an integral part of the financial statements.
43 Annual Report 


Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investmentscontinued
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 Consumer Discretionary Select Sector Index Contracts (United States) 10 September 2023 1,766,600 $ 93,127 $ 93,127
CME E-mini Russell 2000 Index Contracts (United States) 3 September 2023 302,040 12,534 12,534
Total Equity Index Contracts         $ 105,661
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 July 31, 2023, 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   $ 1,293,690,688   $ 1,293,690,688   $ $  
Money Market Funds   1,940,000   1,940,000    
Total Investments in Securities:   $ 1,295,630,688   $ 1,295,630,688   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 105,661   $ 105,661   $ $  
Total Assets   $ 105,661   $ 105,661   $ $  
Total Derivative Instruments:   $ 105,661   $ 105,661   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2023. 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) $105,661   $0
Total Equity Risk 105,661   0
Total Value of Derivatives $105,661   $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.
 Annual Report 44


Fidelity® MSCI Consumer Staples Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.7%
    Shares Value
BEVERAGES – 24.2% 
Brewers – 0.8%
Molson Coors Beverage Co. Class B 100,061 $6,981,256
The Boston Beer Co., Inc. Class A (a) 7,210 2,678,082
      9,659,338
Distillers & Vintners – 2.8%
Brown-Forman Corp. Class B 153,681 10,849,879
Constellation Brands, Inc. Class A 78,464 21,404,979
MGP Ingredients, Inc. 15,394 1,755,070
The Duckhorn Portfolio, Inc. (a) 74,727 940,066
      34,949,994
Soft Drinks & Non-alcoholic Beverages – 20.6%
Celsius Holdings, Inc. (a) 25,954 3,755,544
Coca-Cola Consolidated, Inc. 3,639 2,304,979
Keurig Dr Pepper, Inc. 395,802 13,461,226
Monster Beverage Corp. (a) 367,843 21,147,294
National Beverage Corp. (a) 28,242 1,492,590
PepsiCo, Inc. 571,965 107,220,559
The Coca-Cola Co. 1,703,577 105,502,523
The Vita Coco Co., Inc. (a) 26,491 699,892
      255,584,607
TOTAL BEVERAGES 300,193,939
CONSUMER STAPLES DISTRIBUTION & RETAIL – 25.8% 
Consumer Staples Merchandise Retail – 19.9%
BJ's Wholesale Club Holdings, Inc. (a) 73,274 4,858,799
Costco Wholesale Corp. 181,196 101,591,161
Dollar General Corp. 64,703 10,925,749
Dollar Tree, Inc. (a) 54,098 8,348,944
PriceSmart, Inc. 24,564 1,909,360
Target Corp. 159,108 21,713,469
Walmart, Inc. 606,304 96,923,757
      246,271,239
Drug Retail – 0.9%
Walgreens Boots Alliance, Inc. 358,781 10,752,667
Food Distributors – 2.7%
Performance Food Group Co. (a) 86,276 5,155,854
SpartanNash Co. 47,355 1,062,646
Sysco Corp. 240,501 18,352,631
The Andersons, Inc. 37,500 1,830,750
The Chefs' Warehouse, Inc. (a) 43,622 1,585,224
United Natural Foods, Inc. (a) 51,090 1,062,672
US Foods Holding Corp. (a) 116,055 4,959,030
      34,008,807
Food Retail – 2.3%
Albertsons Cos., Inc. Class A 5,377 116,842
Casey's General Stores, Inc. 20,757 5,244,464
Grocery Outlet Holding Corp. (a) 71,951 2,406,761
Ingles Markets, Inc. Class A 17,606 1,492,989

    Shares Value
Sprouts Farmers Market, Inc. (a) 71,822 $ 2,819,014
The Kroger Co. 324,582 15,787,668
Weis Markets, Inc. 20,395 1,353,004
      29,220,742
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL 320,253,455
FOOD PRODUCTS – 19.2% 
Agricultural Products & Services – 3.4%
Archer-Daniels-Midland Co. 257,912 21,912,203
Bunge Ltd. 77,551 8,427,467
Darling Ingredients, Inc. (a) 85,996 5,955,223
Fresh Del Monte Produce, Inc. 52,158 1,386,360
Ingredion, Inc. 37,845 4,210,635
      41,891,888
Packaged Foods & Meats – 15.8%
B&G Foods, Inc. 99,531 1,319,781
Beyond Meat, Inc. (a) 90,079 1,549,359
Calavo Growers, Inc. 30,244 1,141,106
Cal-Maine Foods, Inc. 36,871 1,703,071
Campbell Soup Co. 104,893 4,806,197
Conagra Brands, Inc. 239,907 7,871,349
Flowers Foods, Inc. 126,065 3,115,066
Freshpet, Inc. (a) 35,929 2,642,219
General Mills, Inc. 274,199 20,493,633
Hormel Foods Corp. 158,576 6,482,587
Hostess Brands, Inc. (a) 95,896 2,305,340
J&J Snack Foods Corp. 12,749 2,043,920
John B Sanfilippo & Son, Inc. 12,275 1,336,870
Kellogg Co. 135,806 9,084,063
Lamb Weston Holdings, Inc. 73,486 7,615,354
Lancaster Colony Corp. 13,125 2,528,269
McCormick & Co., Inc. (non-vtg.) 123,008 11,006,756
Mission Produce, Inc. (a) 76,145 884,805
Mondelez International, Inc. Class A 623,844 46,245,556
Pilgrim's Pride Corp. (a) 56,235 1,392,941
Post Holdings, Inc. (a) 34,567 2,948,565
Seaboard Corp. 372 1,341,060
Seneca Foods Corp. Class A (a) 9,731 375,276
Sovos Brands, Inc. (a) 57,532 1,024,070
The Hain Celestial Group, Inc. (a) 84,258 1,067,549
The Hershey Co. 69,551 16,087,842
The JM Smucker Co. 53,963 8,129,526
The Kraft Heinz Co. 374,909 13,564,208
The Simply Good Foods Co. (a) 67,109 2,597,789
Tootsie Roll Industries, Inc. 29,333 1,022,548
TreeHouse Foods, Inc. (a) 41,018 2,116,939
Tyson Foods, Inc. Class A 146,742 8,176,464
Utz Brands, Inc. 86,344 1,446,262
Vital Farms, Inc. (a) 38,569 451,257
 
See accompanying notes which are an integral part of the financial statements.
45 Annual Report 


Fidelity® MSCI Consumer Staples Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
FOOD PRODUCTS – continued
Packaged Foods & Meats – continued
Westrock Coffee Co. (a) 40,687 $ 451,422
      196,369,019
TOTAL FOOD PRODUCTS 238,260,907
HOUSEHOLD PRODUCTS – 19.1% 
Household Products – 19.1%
Central Garden and Pet Co. (a) 17,135 693,625
Central Garden and Pet Co. Class A (a) 43,791 1,673,692
Church & Dwight Co., Inc. 119,296 11,413,048
Colgate-Palmolive Co. 366,404 27,941,969
Energizer Holdings, Inc. 57,047 2,036,578
Kimberly-Clark Corp. 157,842 20,377,402
Reynolds Consumer Products, Inc. 61,091 1,690,999
Spectrum Brands Holdings, Inc. 31,230 2,448,744
The Clorox Co. 61,014 9,242,401
The Procter & Gamble Co. 1,000,972 156,451,924
WD-40 Co. 10,923 2,506,828
TOTAL HOUSEHOLD PRODUCTS 236,477,210
PERSONAL CARE PRODUCTS – 3.3% 
Personal Care Products – 3.3%
BellRing Brands, Inc. (a) 86,170 3,097,811
Coty, Inc. Class A (a) 254,743 3,067,106
Edgewell Personal Care Co. 43,082 1,697,862
elf Beauty, Inc. (a) 33,048 3,857,362
Herbalife Ltd. (a) 96,921 1,573,997
Inter Parfums, Inc. 15,591 2,331,790
Medifast, Inc. 12,766 1,300,728
Nu Skin Enterprises, Inc. Class A 45,999 1,351,910
Olaplex Holdings, Inc. (a) 32,427 116,737

    Shares Value
The Beauty Health Co. (a) 126,209 $ 1,046,273
The Estee Lauder Cos., Inc. Class A 108,624 19,552,320
USANA Health Sciences, Inc. (a) 19,603 1,272,431
TOTAL PERSONAL CARE PRODUCTS 40,266,327
TOBACCO – 8.1% 
Tobacco – 8.1%
Altria Group, Inc. 822,115 37,340,463
Philip Morris International, Inc. 591,197 58,954,165
Turning Point Brands, Inc. 28,694 684,352
Universal Corp. 28,484 1,440,436
Vector Group Ltd. 140,347 1,841,353
TOTAL TOBACCO 100,260,769
TOTAL COMMON STOCKS
(Cost $1,104,758,772)
1,235,712,607
Money Market Fund – 0.2%
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.15% (b)
(Cost $2,080,000)
2,080,000 2,080,000
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $1,106,838,772)
1,237,792,607
NET OTHER ASSETS (LIABILITIES) – 0.1% 1,525,981
NET ASSETS – 100.0% $1,239,318,588
    
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 Consumer Staples Select Sector Index Contracts (United States) 43 September 2023 3,294,660 $ 50,337 $ 50,337
CME E-mini Russell 2000 Index Contracts (United States) 1 September 2023 100,680 1,603 1,603
Total Equity Index Contracts         $ 51,940
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.
 Annual Report 46


Investment Valuation
The following is a summary of the inputs used, as of July 31, 2023, 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   $ 1,235,712,607   $ 1,235,712,607   $ $  
Money Market Funds   2,080,000   2,080,000    
Total Investments in Securities:   $ 1,237,792,607   $ 1,237,792,607   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 51,940   $ 51,940   $ $  
Total Assets   $ 51,940   $ 51,940   $ $  
Total Derivative Instruments:   $ 51,940   $ 51,940   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2023. 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) $51,940   $0
Total Equity Risk 51,940   0
Total Value of Derivatives $51,940   $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.
47 Annual Report 


Fidelity® MSCI Energy Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.8%
    Shares Value
ENERGY EQUIPMENT & SERVICES – 12.0% 
Oil & Gas Drilling – 1.4%
Diamond Offshore Drilling, Inc. (a) 90,939 $ 1,439,564
Helmerich & Payne, Inc. 87,527 3,918,584
Nabors Industries Ltd. (a) 7,678 940,478
Noble Corp. PLC (a) 83,254 4,351,687
Patterson-UTI Energy, Inc. 178,604 2,829,087
Transocean Ltd. (a) 571,630 5,030,344
Valaris Ltd. (a) 52,688 4,046,439
      22,556,183
Oil & Gas Equipment & Services – 10.6%
Archrock, Inc. 122,030 1,422,870
Baker Hughes Co. 827,272 29,608,065
Bristow Group, Inc. (a) 8,894 273,668
Cactus, Inc. Class A 53,268 2,704,949
ChampionX Corp. 165,372 5,887,243
Core Laboratories, Inc. 42,050 1,092,879
DMC Global, Inc. (a) 20,208 381,123
Dril-Quip, Inc. (a) 31,435 813,852
Expro Group Holdings N.V. (a) 77,829 1,727,025
Halliburton Co. 738,198 28,848,778
Helix Energy Solutions Group, Inc. (a) 130,156 1,249,498
Liberty Energy, Inc. 137,653 2,267,145
NexTier Oilfield Solitions, Inc. (a) 165,688 1,975,001
NOV, Inc. 322,415 6,474,093
Oceaneering International, Inc. (a) 85,061 1,909,619
Oil States International, Inc. (a) 57,890 465,436
ProFrac Holding Corp. Class A (a) 17,549 225,856
ProPetro Holding Corp. (a) 74,383 776,559
RPC, Inc. 74,110 616,595
Schlumberger N.V. 1,160,483 67,702,578
Select Energy Services, Inc. Class A 70,762 595,108
TechnipFMC PLC (a) 360,987 6,620,502
TETRA Technologies, Inc. (a) 119,165 535,051
Tidewater, Inc. (a) 11,696 738,135
US Silica Holdings, Inc. (a) 67,699 880,764
Weatherford International PLC (a) 57,630 4,789,053
      170,581,445
TOTAL ENERGY EQUIPMENT & SERVICES 193,137,628
OIL, GAS & CONSUMABLE FUELS – 87.8% 
Coal & Consumable Fuels – 0.4%
Centrus Energy Corp. Class A (a) 11,241 422,662
CONSOL Energy, Inc. 28,659 2,135,669
Enviva, Inc. 30,898 416,196
Peabody Energy Corp. 107,487 2,412,008
Uranium Energy Corp. (a) 300,168 1,080,605
      6,467,140
Integrated Oil & Gas – 38.0%
Chevron Corp. 1,450,325 237,360,190

    Shares Value
Exxon Mobil Corp. 3,045,509 $ 326,600,385
Occidental Petroleum Corp. 746,249 47,110,699
      611,071,274
Oil & Gas Exploration & Production – 29.3%
Antero Resources Corp. (a) 227,454 6,084,395
APA Corp. 298,941 12,104,121
Berry Corp. 59,551 464,498
California Resources Corp. 44,257 2,361,111
Callon Petroleum Co. (a) 48,908 1,836,984
Chesapeake Energy Corp. 93,850 7,915,309
Chord Energy Corp. 34,643 5,433,408
Civitas Resources, Inc. 45,680 3,419,605
CNX Resources Corp. (a) 172,602 3,521,081
Comstock Resources, Inc. 115,606 1,473,977
ConocoPhillips 959,861 112,994,837
Coterra Energy, Inc. 639,628 17,615,355
Crescent Energy Co. Class A 38,526 457,304
Denbury, Inc. (a) 41,080 3,611,343
Devon Energy Corp. 534,631 28,870,074
Diamondback Energy, Inc. 140,946 20,764,165
Earthstone Energy, Inc. Class A (a) 45,043 719,787
EOG Resources, Inc. 480,287 63,652,436
EQT Corp. 294,952 12,441,075
Gulfport Energy Corp. (a) 11,008 1,127,770
Hess Corp. 225,882 34,273,076
Kimbell Royalty Partners LP 49,963 789,915
Kosmos Energy Ltd. (a) 380,672 2,702,771
Laredo Petroleum, Inc. (a) 14,176 748,209
Magnolia Oil & Gas Corp. Class A 150,698 3,337,961
Marathon Oil Corp. 623,471 16,378,583
Matador Resources Co. 96,210 5,352,162
Murphy Oil Corp. 124,643 5,393,303
Northern Oil and Gas, Inc. 60,328 2,375,113
Ovintiv, Inc. 208,758 9,621,656
PDC Energy, Inc. 78,563 5,962,146
Permian Resources Corp. 208,334 2,435,424
Pioneer Natural Resources Co. 191,019 43,107,258
Range Resources Corp. 213,683 6,716,057
Riley Exploration Permian, Inc. 5,568 208,522
SandRidge Energy, Inc. 26,313 449,426
SilverBow Resources, Inc. (a) 13,657 489,057
Sitio Royalties Corp. Class A 63,607 1,739,015
SM Energy Co. 100,542 3,648,669
Southwestern Energy Co. (a) 904,719 5,862,579
Talos Energy, Inc. (a) 94,297 1,508,752
Tellurian, Inc. (a) 453,958 780,808
Texas Pacific Land Corp. 5,056 7,615,853
VAALCO Energy, Inc. 104,521 465,118
Viper Energy Partners LP 55,325 1,500,414
Vitesse Energy, Inc. 19,743 497,326
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 48


Common Stocks – continued
    Shares Value
OIL, GAS & CONSUMABLE FUELS – continued
Oil & Gas Exploration & Production – continued
W&T Offshore, Inc. (a) 98,311 $ 430,602
      471,258,410
Oil & Gas Refining & Marketing – 10.3%
Clean Energy Fuels Corp. (a) 159,217 784,940
CVR Energy, Inc. 28,350 1,041,579
Delek US Holdings, Inc. 58,968 1,626,927
Green Plains, Inc. (a) 37,085 1,316,888
HF Sinclair Corp. 132,694 6,912,030
Marathon Petroleum Corp. 447,840 59,571,677
Par Pacific Holdings, Inc. (a) 48,171 1,516,423
PBF Energy, Inc. Class A 95,327 4,522,313
Phillips 66 385,520 43,004,756
REX American Resources Corp. (a) 16,239 601,168
Valero Energy Corp. 324,940 41,888,015
Vertex Energy, Inc. (a) 64,230 338,492
World Kinect Corp. 53,012 1,194,891
      164,320,099
Oil & Gas Storage & Transportation – 9.8%
Antero Midstream Corp. 275,714 3,292,025
Cheniere Energy, Inc. 199,040 32,216,614
Dorian LPG Ltd. 31,028 922,773
DT Midstream, Inc. 79,856 4,273,893
EnLink Midstream LLC (a) 221,050 2,564,180
Equitrans Midstream Corp. 357,928 3,711,713
Excelerate Energy, Inc. Class A 18,606 394,819
Hess Midstream LP Class A 48,166 1,502,298
International Seaways, Inc. 34,600 1,483,994
Kinder Morgan, Inc. 1,653,887 29,290,339

    Shares Value
Kinetik Holdings, Inc. 17,205 $ 619,380
New Fortress Energy, Inc. 50,933 1,454,137
NextDecade Corp. (a) 60,022 334,323
ONEOK, Inc. 365,843 24,526,115
Plains GP Holdings LP Class A (a) 162,312 2,546,675
Targa Resources Corp. 175,895 14,421,631
The Williams Cos., Inc. 996,067 34,314,508
      157,869,417
TOTAL OIL, GAS & CONSUMABLE FUELS 1,410,986,340
TOTAL COMMON STOCKS
(Cost $1,131,681,831)
1,604,123,968
Money Market Fund – 0.2%
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.15% (b)
(Cost $2,130,000)
2,130,000 2,130,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $1,133,811,831)
1,606,253,968
NET OTHER ASSETS (LIABILITIES) – 0.0% 787,551
NET ASSETS – 100.0% $1,607,041,519
    
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 Energy Select Sector Index Contracts (United States) 29 September 2023 $2,671,770 $172,921 $172,921
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.
49 Annual Report 


Fidelity® MSCI Energy Index ETF
Schedule of Investmentscontinued
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2023, 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   $ 1,604,123,968   $ 1,604,123,968   $ $  
Money Market Funds   2,130,000   2,130,000    
Total Investments in Securities:   $ 1,606,253,968   $ 1,606,253,968   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 172,921   $ 172,921   $ $  
Total Assets   $ 172,921   $ 172,921   $ $  
Total Derivative Instruments:   $ 172,921   $ 172,921   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2023. 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) $172,921   $0
Total Equity Risk 172,921   0
Total Value of Derivatives $172,921   $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.
 Annual Report 50


Fidelity® MSCI Financials Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.6%
    Shares Value
BANKS – 27.0% 
Diversified Banks – 19.6%
Bank of America Corp. 1,783,112 $ 57,059,584
Citigroup, Inc. 482,033 22,973,693
Comerica, Inc. 32,863 1,773,287
Fifth Third Bancorp 168,711 4,909,490
First Citizens BancShares, Inc. Class A 2,667 3,817,277
JPMorgan Chase & Co. 726,053 114,687,332
KeyCorp 230,938 2,842,847
The PNC Financial Services Group, Inc. 98,750 13,517,888
US Bancorp 379,394 15,054,354
Wells Fargo & Co. 932,057 43,023,751
      279,659,503
Regional Banks – 7.4%
1st Source Corp. 4,686 219,773
Amalgamated Financial Corp. 4,256 84,950
Amerant Bancorp, Inc. 6,050 119,911
Ameris Bancorp 16,583 723,848
Arrow Financial Corp. 4,902 98,628
Associated Banc-Corp. 37,715 714,699
Atlantic Union Bankshares Corp. 18,652 596,491
Axos Financial, Inc. (a) 13,255 622,985
Banc of California, Inc. 14,257 202,592
Bancfirst Corp. 5,385 537,962
Bank First Corp. 2,108 186,263
Bank of Hawaii Corp. 9,861 563,359
Bank of Marin Bancorp 4,148 87,025
Bank OZK 27,973 1,223,259
BankUnited, Inc. 18,575 554,278
Banner Corp. 8,650 411,827
Bar Harbor Bankshares 4,128 112,736
Berkshire Hills Bancorp, Inc. 11,229 256,133
BOK Financial Corp. 7,463 664,804
Brookline Bancorp, Inc. 17,341 185,202
Business First Bancshares, Inc. 6,787 138,794
Byline Bancorp, Inc. 6,296 138,197
Cadence Bank 45,034 1,128,102
Cambridge Bancorp 2,000 123,080
Camden National Corp. 4,034 139,496
Capital City Bank Group, Inc. 3,267 105,949
Capitol Federal Financial, Inc. 33,734 223,656
Cathay General Bancorp 17,504 665,852
Central Pacific Financial Corp. 5,914 107,871
Citizens Financial Group, Inc. 120,886 3,899,782
City Holding Co. 3,499 346,086
Coastal Financial Corp. (a) 2,748 124,127
Columbia Banking System, Inc. 51,588 1,152,992
Columbia Financial, Inc. (a) 8,032 140,399
Commerce Bancshares, Inc. 29,450 1,566,151

    Shares Value
Community Bank System, Inc. 13,327 $ 717,392
Community Trust Bancorp, Inc. 3,872 148,607
ConnectOne Bancorp, Inc. 9,888 202,407
CrossFirst Bankshares, Inc. (a) 10,803 126,071
Cullen/Frost Bankers, Inc. 15,009 1,629,677
Customers Bancorp, Inc. (a) 7,325 307,504
CVB Financial Corp. 34,497 650,958
Dime Community Bancshares, Inc. 9,001 201,622
Eagle Bancorp, Inc. 7,989 221,295
East West Bancorp, Inc. 35,167 2,187,739
Eastern Bankshares, Inc. 39,921 563,685
Enterprise Financial Services Corp. 9,276 380,316
Equity Bancshares, Inc. Class A 3,736 101,470
Farmers National Banc Corp. 10,065 138,394
FB Financial Corp. 9,126 323,243
First Bancorp 9,847 325,739
First BanCorp 44,484 660,587
First Busey Corp. 13,146 284,742
First Commonwealth Financial Corp. 25,003 361,043
First Community Bankshares, Inc. 3,479 116,999
First Financial Bancorp 23,355 539,267
First Financial Bankshares, Inc. 33,610 1,095,350
First Financial Corp. 3,546 135,493
First Foundation, Inc. 12,991 94,964
First Hawaiian, Inc. 32,496 672,342
First Horizon Corp. 133,113 1,814,330
First Interstate Bancsystem, Inc. Class A 22,266 639,702
First Merchants Corp. 15,021 482,475
First Mid Bancshares, Inc. 5,397 165,202
Five Star Bancorp 2,969 73,275
Flushing Financial Corp. 7,449 117,545
FNB Corp. 89,465 1,144,257
Fulton Financial Corp. 42,130 602,459
German American Bancorp, Inc. 7,478 220,302
Glacier Bancorp, Inc. 27,391 895,686
Great Southern Bancorp, Inc. 2,548 140,981
Hancock Whitney Corp. 21,316 938,117
Hanmi Financial Corp. 5,332 101,308
Harborone Bancorp, Inc. 11,660 122,313
HBT Financial, Inc. 3,694 73,289
Heartland Financial USA, Inc. 9,743 334,575
Heritage Commerce Corp. 17,358 166,637
Heritage Financial Corp. 8,887 166,720
Hilltop Holdings, Inc. 12,223 378,057
Hingham Institution For Savings The 409 90,982
Home BancShares, Inc. 47,921 1,164,960
HomeStreet, Inc. 4,429 40,747
Hope Bancorp, Inc. 32,600 354,036
Horizon Bancorp, Inc. 11,703 145,000
Huntington Bancshares, Inc. 357,442 4,375,090
 
See accompanying notes which are an integral part of the financial statements.
51 Annual Report 


Fidelity® MSCI Financials Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
BANKS – continued
Regional Banks – continued
Independent Bank Corp. 11,102 $ 668,896
Independent Bank Corp. 6,108 126,191
Independent Bank Group, Inc. 9,351 419,579
International Bancshares Corp. 14,010 695,456
Kearny Financial Corp. 16,621 142,774
Lakeland Bancorp, Inc. 14,937 225,698
Lakeland Financial Corp. 6,265 347,332
Live Oak Bancshares, Inc. 8,128 307,807
Luther Burbank Corp. 7,262 74,799
M&T Bank Corp. 41,573 5,814,400
Mercantile Bank Corp. 3,764 132,192
Metrocity Bankshares, Inc. 5,315 113,954
Metropolitan Bank Holding Corp. (a) 2,383 107,926
Mid Penn Bancorp, Inc. 3,729 87,632
Midland States Bancorp, Inc. 5,704 133,645
MidWestOne Financial Group, Inc. 4,231 103,786
National Bank Holdings Corp. Class A 7,480 257,013
NBT Bancorp, Inc. 10,587 393,836
New York Community Bancorp, Inc. 171,788 2,382,700
Nicolet Bankshares, Inc. 3,315 277,300
Northfield Bancorp, Inc. 10,733 130,728
Northwest Bancshares, Inc. 31,074 384,075
OceanFirst Financial Corp. 14,872 277,065
OFG Bancorp 12,316 412,463
Old National Bancorp 72,994 1,243,088
Old Second Bancorp, Inc. 11,075 177,089
Origin Bancorp, Inc. 7,500 244,500
Pacific Premier Bancorp, Inc. 25,317 646,596
PacWest Bancorp 29,239 271,923
Park National Corp. 4,010 447,195
Pathward Financial, Inc. 6,678 346,989
Peapack-Gladstone Financial Corp. 3,821 111,688
Peoples Bancorp, Inc. 8,532 240,346
Pinnacle Financial Partners, Inc. 19,090 1,448,931
Popular, Inc. 18,076 1,311,414
Preferred Bank 2,171 143,460
Premier Financial Corp. 9,034 195,676
Prosperity Bancshares, Inc. 22,585 1,430,082
Provident Financial Services, Inc. 18,218 337,762
QCR Holdings, Inc. 4,324 221,519
Regions Financial Corp. 231,184 4,709,218
Renasant Corp. 13,653 422,424
Republic Bancorp, Inc. Class A 2,190 100,368
S&T Bancorp, Inc. 9,434 297,926
Sandy Spring Bancorp, Inc. 11,604 283,950
Seacoast Banking Corp. of Florida 20,936 517,329
ServisFirst Bancshares, Inc. 12,606 752,326

    Shares Value
Simmons First National Corp. Class A 32,061 $ 647,312
SmartFinancial, Inc. 3,965 99,601
South Plains Financial, Inc. 3,250 87,263
Southern Missouri Bancorp, Inc. 2,593 124,646
Southside Bancshares, Inc. 7,392 245,488
SouthState Corp. 18,863 1,465,089
Stellar Bancorp, Inc. 11,043 274,529
Stock Yards Bancorp, Inc. 6,914 330,558
Synovus Financial Corp. 36,143 1,225,248
Texas Capital Bancshares, Inc. (a) 11,963 763,838
The Bancorp, Inc. (a) 13,180 499,522
The First Bancshares, Inc. 7,207 225,651
Tompkins Financial Corp. 3,203 192,692
Towne Bank 18,271 461,891
Trico Bancshares 7,869 294,143
Triumph Bancorp, Inc. (a) 5,246 371,994
Truist Financial Corp. 328,793 10,922,503
TrustCo Bank Corp. 4,098 124,538
Trustmark Corp. 14,484 380,350
UMB Financial Corp. 11,390 808,690
United Bankshares, Inc. 33,130 1,107,867
United Community Banks, Inc. 28,145 818,175
Univest Financial Corp. 7,334 143,013
Valley National Bancorp 107,081 1,098,651
Veritex Holdings, Inc. 13,886 298,688
Washington Federal, Inc. 16,339 507,163
Washington Trust Bancorp, Inc. 4,555 146,033
Webster Financial Corp. 43,176 2,043,088
WesBanco, Inc. 14,614 409,338
Westamerica BanCorp. 7,079 348,216
Western Alliance Bancorp 25,860 1,343,427
Wintrust Financial Corp. 15,155 1,278,476
WSFS Financial Corp. 15,121 661,544
Zions Bancorp NA 36,622 1,400,791
      106,171,272
TOTAL BANKS 385,830,775
CAPITAL MARKETS – 22.9% 
Asset Management & Custody Banks – 7.7%
Affiliated Managers Group, Inc. 9,044 1,253,860
Alti Global, Inc. (a) 5,033 39,358
Ameriprise Financial, Inc. 26,017 9,065,624
Ares Management Corp. Class A 39,240 3,893,393
Artisan Partners Asset Management, Inc. Class A 17,170 712,383
Assetmark Financial Holdings, Inc. (a) 6,412 191,719
BlackRock, Inc. 37,123 27,428,328
Blackstone, Inc. 174,952 18,333,220
Blucora, Inc. (a) 9,089 235,223
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 52


Common Stocks – continued
    Shares Value
CAPITAL MARKETS – continued
Asset Management & Custody Banks – continued
Blue Owl Capital, Inc. 88,629 $ 1,091,909
Brightsphere Investment Group, Inc. 8,009 170,431
Cohen & Steers, Inc. 6,989 449,463
Diamond Hill Investment Group, Inc. 868 157,551
Federated Hermes, Inc. 20,995 710,261
Focus Financial Partners, Inc. Class A (a) 14,701 769,303
Franklin Resources, Inc. 74,513 2,178,760
Hamilton Lane, Inc. Class A 7,931 701,338
Invesco Ltd. 85,951 1,443,977
Janus Henderson Group PLC 33,193 974,214
KKR & Co., Inc. 149,297 8,865,256
Northern Trust Corp. 51,808 4,150,857
SEI Investments Co. 28,728 1,809,577
State Street Corp. 83,324 6,035,991
StepStone Group, Inc. Class A 12,247 343,773
T Rowe Price Group, Inc. 55,772 6,874,457
The Bank of New York Mellon Corp. 199,140 9,032,990
The Carlyle Group, Inc. 54,337 1,937,114
TPG, Inc. 13,255 390,095
Victory Capital Holdings, Inc. Class A 6,023 199,723
Virtus Investment Partners, Inc. 1,794 369,080
WisdomTree Investments, Inc. 27,307 190,057
      109,999,285
Financial Exchanges & Data – 7.9%
Cboe Global Markets, Inc. 26,072 3,641,737
CME Group, Inc. 89,015 17,710,424
Coinbase Global, Inc. Class A (a) 41,017 4,044,686
Donnelley Financial Solutions, Inc. (a) 6,282 297,139
FactSet Research Systems, Inc. 9,492 4,129,400
Intercontinental Exchange, Inc. 138,627 15,914,380
MarketAxess Holdings, Inc. 9,326 2,510,746
Moody's Corp. 40,853 14,410,896
Morningstar, Inc. 6,357 1,465,161
MSCI, Inc. 19,830 10,868,426
Nasdaq, Inc. 84,805 4,281,804
Open Lending Corp. (a) 19,521 220,392
S&P Global, Inc. 81,224 32,043,680
Tradeweb Markets, Inc. Class A 27,501 2,249,307
      113,788,178
Investment Banking & Brokerage – 7.3%
B Riley Financial, Inc. 4,363 242,277
BGC Group, Inc. Class A 76,716 365,168
Evercore, Inc. Class A 9,088 1,227,425
Freedom Holding Corp. (a) 4,426 353,018
Goldman Sachs Group, Inc. 82,672 29,420,485
Houlihan Lokey, Inc. 12,539 1,252,019

    Shares Value
Interactive Brokers Group, Inc. Class A 25,358 $ 2,214,514
Jefferies Financial Group, Inc. 43,509 1,600,696
LPL Financial Holdings, Inc. 19,422 4,454,630
Moelis & Co. Class A 15,775 770,293
Morgan Stanley 310,652 28,443,297
Perella Weinberg Partners 10,000 98,800
Piper Sandler Cos. 4,413 645,887
PJT Partners, Inc. Class A 5,882 466,502
Raymond James Financial, Inc. 50,672 5,577,467
Stifel Financial Corp. 26,484 1,682,793
StoneX Group, Inc. (a) 4,603 423,522
The Charles Schwab Corp. 372,168 24,600,305
Virtu Financial, Inc. Class A 23,883 443,269
      104,282,367
TOTAL CAPITAL MARKETS 328,069,830
CONSUMER FINANCE – 4.3% 
Consumer Finance – 4.3%
Ally Financial, Inc. 67,919 2,074,246
American Express Co. 156,647 26,454,545
Atlanticus Holdings Corp. (a) 1,192 48,514
Bread Financial Holdings, Inc. 3,086 128,285
Capital One Financial Corp. 94,649 11,075,826
Credit Acceptance Corp. (a) 1,581 879,985
Discover Financial Services 64,241 6,780,638
Encore Capital Group, Inc. (a) 5,728 306,448
Enova International, Inc. (a) 7,791 429,206
Ezcorp, Inc. Class A (a) 12,835 116,285
FirstCash Holdings, Inc. 9,741 928,123
Green Dot Corp. Class A (a) 12,525 244,864
LendingClub Corp. (a) 27,683 232,260
Navient Corp. 24,554 467,508
Nelnet, Inc. Class A 3,642 359,393
NerdWallet, Inc. Class A (a) 8,866 99,388
OneMain Holdings, Inc. 28,934 1,315,918
PRA Group, Inc. (a) 9,536 227,529
PROG Holdings, Inc. (a) 12,069 489,760
SLM Corp. 54,512 882,004
SoFi Technologies, Inc. (a) 208,012 2,381,737
Synchrony Financial 106,390 3,674,711
Upstart Holdings, Inc. (a) 17,523 1,203,655
World Acceptance Corp. (a) 865 136,575
TOTAL CONSUMER FINANCE 60,937,403
FINANCIAL SERVICES – 27.8% 
Commercial & Residential Mortgage Finance – 0.6%
Enact Holdings, Inc. 8,008 217,818
Essent Group Ltd. 27,024 1,340,390
Federal Agricultural Mortgage Corp. Class C 2,271 365,063
See accompanying notes which are an integral part of the financial statements.
53 Annual Report 


Fidelity® MSCI Financials Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
FINANCIAL SERVICES – continued
Commercial & Residential Mortgage Finance – continued
Merchants Bancorp 4,495 $ 142,087
MGIC Investment Corp. 72,913 1,220,564
Mr. Cooper Group, Inc. (a) 16,611 962,940
NMI Holdings, Inc. Class A (a) 19,857 530,380
PennyMac Financial Services, Inc. 10,536 792,623
Radian Group, Inc. 39,036 1,051,239
Rocket Cos., Inc. Class A (a) 28,686 313,538
TFS Financial Corp. 14,550 211,121
UWM Holdings Corp. 21,795 142,975
Walker & Dunlop, Inc. 7,866 715,649
      8,006,387
Diversified Financial Services – 0.9%
Apollo Global Management, Inc. 98,943 8,084,632
Equitable Holdings, Inc. 89,182 2,558,632
Jackson Financial, Inc. Class A 18,772 619,851
Voya Financial, Inc. 24,326 1,806,449
      13,069,564
Multi-Sector Holdings – 7.9%
Berkshire Hathaway, Inc. Class B (a) 321,533 113,166,755
Cannae Holdings, Inc. (a) 18,006 366,962
Compass Diversified Holdings 16,460 370,844
      113,904,561
Specialized Finance – 0.0%
A-Mark Precious Metals, Inc. 4,923 200,809
Transaction & Payment Processing Services – 18.4%
Affirm Holdings, Inc. (a) 49,116 952,359
AvidXchange Holdings, Inc. (a) 36,003 446,797
Block, Inc. (a) 134,296 10,814,857
Cass Information Systems, Inc. 3,234 122,730
Euronet Worldwide, Inc. (a) 12,216 1,073,420
EVERTEC, Inc. 17,274 679,386
Fidelity National Information Services, Inc. 147,171 8,886,185
Fiserv, Inc. (a) 154,833 19,541,473
FleetCor Technologies, Inc. (a) 17,643 4,391,519
Flywire Corp. (a) 21,636 738,653
Global Payments, Inc. 65,883 7,263,601
I3 Verticals, Inc. Class A (a) 6,250 156,313
International Money Express, Inc. (a) 8,854 214,532
Jack Henry & Associates, Inc. 18,525 3,104,234
Marqeta, Inc. Class A (a) 98,680 550,634
Mastercard, Inc. Class A 210,810 83,118,167
Paymentus Holdings, Inc. Class A (a) 5,972 67,424
Payoneer Global, Inc. (a) 61,404 326,669
PayPal Holdings, Inc. (a) 264,328 20,041,349
Remitly Global, Inc. (a) 30,334 584,840
Repay Holdings Corp. (a) 20,647 172,403
Shift4 Payments, Inc. Class A (a) 12,365 853,061

    Shares Value
Toast, Inc. Class A (a) 75,836 $ 1,673,701
Visa, Inc. Class A 402,459 95,676,578
WEX, Inc. (a) 10,710 2,027,939
      263,478,824
TOTAL FINANCIAL SERVICES 398,660,145
INSURANCE – 16.6% 
Insurance Brokers – 4.3%
Aon PLC Class A 50,809 16,182,666
Arthur J Gallagher & Co. 53,024 11,389,555
Brown & Brown, Inc. 59,630 4,200,934
BRP Group, Inc. Class A (a) 15,370 382,867
Goosehead Insurance, Inc. Class A (a) 5,146 344,113
Hagerty, Inc. Class A (a) 5,905 52,141
Hippo Holdings, Inc. (a) 2,920 50,224
Marsh & McLennan Cos., Inc. 122,615 23,103,118
Ryan Specialty Holdings, Inc. (a) 21,124 915,514
Willis Towers Watson PLC 26,324 5,563,051
      62,184,183
Life & Health Insurance – 3.2%
Aflac, Inc. 143,931 10,411,969
American Equity Investment Life Holding Co. (a) 16,875 905,681
Brighthouse Financial, Inc. (a) 16,774 874,429
CNO Financial Group, Inc. 29,328 754,316
F&G Annuities & Life, Inc. 4,728 123,874
Genworth Financial, Inc. Class A (a) 122,282 716,573
Globe Life, Inc. 22,670 2,542,894
Lincoln National Corp. 42,254 1,184,802
MetLife, Inc. 162,966 10,261,969
National Western Life Group, Inc. Class A 608 256,375
Oscar Health, Inc. Class A (a) 28,840 216,877
Primerica, Inc. 9,039 1,922,595
Principal Financial Group, Inc. 60,651 4,844,195
Prudential Financial, Inc. 91,070 8,787,344
Unum Group 48,928 2,378,390
      46,182,283
Multi-line Insurance – 1.3%
American International Group, Inc. 181,759 10,956,433
Assurant, Inc. 13,104 1,762,619
Horace Mann Educators Corp. 10,908 328,658
The Hartford Financial Services Group, Inc. 77,407 5,564,015
      18,611,725
Property & Casualty Insurance – 7.1%
Ambac Financial Group, Inc. (a) 11,297 159,740
American Financial Group, Inc. 18,216 2,215,248
AMERISAFE, Inc. 5,064 263,936
Arch Capital Group Ltd. (a) 92,266 7,168,146
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 54


Common Stocks – continued
    Shares Value
INSURANCE – continued
Property & Casualty Insurance – continued
Argo Group International Holdings Ltd. 8,335 $ 247,549
Assured Guaranty Ltd. 14,056 840,268
Axis Capital Holdings Ltd. 20,280 1,117,834
Chubb Ltd. 102,531 20,958,362
Cincinnati Financial Corp. 38,886 4,183,356
Donegal Group, Inc. Class A 4,571 66,599
Employers Holdings, Inc. 6,139 237,150
Erie Indemnity Co. Class A 6,299 1,398,126
Fidelity National Financial, Inc. 65,053 2,548,126
First American Financial Corp. 25,813 1,636,028
HCI Group, Inc. 1,441 90,509
James River Group Holdings Ltd. 10,011 185,103
Kemper Corp. 15,997 815,367
Kinsale Capital Group, Inc. 5,452 2,031,579
Lemonade, Inc. (a) 12,912 300,204
Loews Corp. 48,843 3,060,014
Markel Group, Inc. (a) 3,153 4,570,936
MBIA, Inc. (a) 11,687 102,144
Mercury General Corp. 7,052 226,933
Old Republic International Corp. 70,989 1,957,167
Palomar Holdings, Inc. (a) 6,129 371,172
ProAssurance Corp. 13,572 228,010
RLI Corp. 10,196 1,360,248
Safety Insurance Group, Inc. 3,885 279,720
Selective Insurance Group, Inc. 15,002 1,548,056
Skyward Specialty Insurance Group, Inc. (a) 3,272 77,514
Stewart Information Services Corp. 7,011 330,428
The Allstate Corp. 65,080 7,333,214
The Hanover Insurance Group, Inc. 9,076 1,029,944
The Progressive Corp. 144,989 18,265,714
The Travelers Cos., Inc. 57,235 9,879,333
Tiptree, Inc. 5,871 86,715
Trupanion, Inc. (a) 9,463 291,934
United Fire Group, Inc. 6,332 152,221
Universal Insurance Holdings, Inc. 6,424 99,765
White Mountains Insurance Group Ltd. 637 985,452
WR Berkley Corp. 52,322 3,227,744
      101,927,608
Reinsurance – 0.7%
Enstar Group Ltd. (a) 2,585 661,450
Everest Group Ltd. 10,609 3,824,650
Reinsurance Group of America, Inc. 16,492 2,314,652
RenaissanceRe Holdings Ltd. 12,322 2,301,257
SiriusPoint Ltd. (a) 22,196 207,311
      9,309,320
TOTAL INSURANCE 238,215,119

    Shares Value
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 1.0% 
Mortgage REITs – 1.0%
AGNC Investment Corp. 143,160 $ 1,458,800
Annaly Capital Management, Inc. 123,198 2,475,048
Apollo Commercial Real Estate Finance, Inc. 33,990 401,082
Arbor Realty Trust, Inc. 42,371 716,494
Ares Commercial Real Estate Corp. 15,406 164,228
ARMOUR Residential REIT, Inc. 47,698 243,737
Blackstone Mortgage Trust, Inc. Class A 40,448 929,899
BrightSpire Capital, Inc. 33,510 246,634
Chimera Investment Corp. 57,177 359,072
Claros Mortgage Trust, Inc. 28,196 347,375
Dynex Capital, Inc. 13,913 181,565
Ellington Financial, Inc. 16,120 217,942
Franklin BSP Realty Trust, Inc. 21,179 302,860
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 26,183 683,638
Invesco Mortgage Capital, Inc. 10,078 121,037
KKR Real Estate Finance Trust, Inc. 16,179 201,590
Ladder Capital Corp. 30,277 332,744
MFA Financial, Inc. 25,062 282,198
New York Mortgage Trust, Inc. 23,400 237,510
PennyMac Mortgage Investment Trust 21,780 278,348
Ready Capital Corp. 42,803 495,231
Redwood Trust, Inc. 29,338 220,915
Rithm Capital Corp. 122,339 1,233,177
Starwood Property Trust, Inc. 77,844 1,614,485
TPG RE Finance Trust, Inc. 13,143 102,515
Two Harbors Investment Corp. 23,794 319,077
TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) 14,167,201
TOTAL COMMON STOCKS
(Cost $1,283,669,450)
1,425,880,473
Money Market Fund – 0.3%
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.15% (b)
(Cost $3,889,000)
3,889,000 3,889,000
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $1,287,558,450)
1,429,769,473
NET OTHER ASSETS (LIABILITIES) – 0.1% 1,294,550
NET ASSETS – 100.0% $1,431,064,023
    
See accompanying notes which are an integral part of the financial statements.
55 Annual Report 


Fidelity® MSCI Financials Index ETF
Schedule of Investmentscontinued
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 Financial Select Sector Index Contracts (United States) 40 September 2023 4,377,000 $ 212,885 $ 212,885
CME E-mini Russell 2000 Index Contracts (United States) 6 September 2023 604,080 35,508 35,508
Total Equity Index Contracts         $ 248,393
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 July 31, 2023, 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   $ 1,425,880,473   $ 1,425,880,473   $ $  
Money Market Funds   3,889,000   3,889,000    
Total Investments in Securities:   $ 1,429,769,473   $ 1,429,769,473   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 248,393   $ 248,393   $ $  
Total Assets   $ 248,393   $ 248,393   $ $  
Total Derivative Instruments:   $ 248,393   $ 248,393   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2023. 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) $248,393   $0
Total Equity Risk 248,393   0
Total Value of Derivatives $248,393   $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.
 Annual Report 56


Fidelity® MSCI Health Care Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.7%
    Shares Value
BIOTECHNOLOGY – 18.3% 
Biotechnology – 18.3%
2seventy bio, Inc. (a) 23,160 $ 175,784
4D Molecular Therapeutics, Inc. (a) 15,042 275,269
89bio, Inc. (a) 26,911 426,270
AbbVie, Inc. 931,619 139,351,570
ACADIA Pharmaceuticals, Inc. (a) 59,914 1,751,885
ADMA Biologics, Inc. (a) 103,003 427,462
Aerovate Therapeutics, Inc. (a) 4,501 78,542
Agenus, Inc. (a) 161,256 245,109
Agios Pharmaceuticals, Inc. (a) 29,168 773,535
Akero Therapeutics, Inc. (a) 23,352 1,013,477
Akouos, Inc. (a)(b) 11,863 9,372
Aldeyra Therapeutics, Inc. (a) 24,724 200,635
Alector, Inc. (a) 32,854 225,378
Alkermes PLC (a) 78,058 2,285,538
Allakos, Inc. (a) 20,228 108,827
Allogene Therapeutics, Inc. (a) 45,902 227,674
Allovir, Inc. (a) 29,930 98,470
Alnylam Pharmaceuticals, Inc. (a) 65,535 12,805,539
Amgen, Inc. 282,111 66,056,291
Amicus Therapeutics, Inc. (a) 112,202 1,528,191
AnaptysBio, Inc. (a) 10,892 214,681
Anavex Life Sciences Corp. (a) 40,985 338,126
Anika Therapeutics, Inc. (a) 7,336 171,149
Apellis Pharmaceuticals, Inc. (a) 42,582 1,096,486
Arcellx, Inc. (a) 12,620 432,235
Arcturus Therapeutics Holdings, Inc. (a) 12,863 449,690
Arcus Biosciences, Inc. (a) 22,600 449,740
Arcutis Biotherapeutics, Inc. (a) 23,436 255,687
Ardelyx, Inc. (a) 108,944 429,239
Arrowhead Pharmaceuticals, Inc. (a) 54,287 1,873,987
ARS Pharmaceuticals, Inc. (a) 19,923 146,434
Aurinia Pharmaceuticals, Inc. (a) 67,700 783,966
Avid Bioservices, Inc. (a) 33,189 420,173
Avidity Biosciences, Inc. (a) 31,754 301,981
Beam Therapeutics, Inc. (a) 30,557 943,295
BioCryst Pharmaceuticals, Inc. (a) 100,594 743,390
Biogen, Inc. (a) 76,301 20,615,767
Biohaven Ltd. (a) 30,519 606,718
BioMarin Pharmaceutical, Inc. (a) 99,062 8,710,522
Biomea Fusion, Inc. (a) 12,126 269,804
Bioxcel Therapeutics, Inc. (a) 10,012 91,510
Bluebird Bio, Inc. (a) 54,160 212,849
Blueprint Medicines Corp. (a) 31,861 2,102,826
Bridgebio Pharma, Inc. (a) 46,485 1,627,440
CareDx, Inc. (a) 28,012 305,611
Catalyst Pharmaceuticals, Inc. (a) 52,965 732,506
Celldex Therapeutics, Inc. (a) 21,170 748,571

    Shares Value
Cerevel Therapeutics Holdings, Inc. (a) 33,316 $ 1,019,136
Chinook Therapeutics, Inc. (a) 24,318 952,779
Cogent Biosciences, Inc. (a) 28,688 372,657
Coherus Biosciences, Inc. (a) 43,836 211,290
Compass Therapeutics, Inc. (a) 39,953 114,665
Crinetics Pharmaceuticals, Inc. (a) 19,912 378,328
CRISPR Therapeutics AG (a) 39,696 2,275,772
Cullinan Oncology, Inc. (a) 8,209 86,933
Cytokinetics, Inc. (a) 47,877 1,596,698
Day One Biopharmaceuticals, Inc. (a) 27,005 357,546
Deciphera Pharmaceuticals, Inc. (a) 25,325 342,394
Denali Therapeutics, Inc. (a) 57,688 1,640,070
Dynavax Technologies Corp. (a) 67,781 948,256
Dyne Therapeutics, Inc. (a) 14,432 175,782
Eagle Pharmaceuticals, Inc. (a) 6,482 134,566
Editas Medicine, Inc. (a) 42,934 376,961
Emergent BioSolutions, Inc. (a) 24,665 169,695
Enanta Pharmaceuticals, Inc. (a) 10,438 198,009
Entrada Therapeutics, Inc. (a) 5,782 100,433
EQRx, Inc. (a) 116,003 198,365
Erasca, Inc. (a) 36,212 95,600
Exact Sciences Corp. (a) 94,107 9,179,197
Exelixis, Inc. (a) 153,888 3,033,132
Fate Therapeutics, Inc. (a) 41,122 169,834
FibroGen, Inc. (a) 47,290 97,417
Geron Corp. (a) 241,564 782,667
Gilead Sciences, Inc. 659,482 50,212,959
Halozyme Therapeutics, Inc. (a) 71,336 3,064,595
HilleVax, Inc. (a) 4,511 68,657
Horizon Therapeutics PLC (a) 114,809 11,511,898
Ideaya Biosciences, Inc. (a) 24,938 557,614
IGM Biosciences, Inc. (a) 8,592 91,419
ImmunityBio, Inc. (a) 73,648 162,026
ImmunoGen, Inc. (a) 115,388 2,056,214
Immunovant, Inc. (a) 27,487 627,528
Incyte Corp. (a) 100,006 6,372,382
Inhibrx, Inc. (a) 14,056 281,823
Insmed, Inc. (a) 71,489 1,579,192
Intellia Therapeutics, Inc. (a) 41,794 1,769,140
Intercept Pharmaceuticals, Inc. (a) 19,023 205,448
Ionis Pharmaceuticals, Inc. (a) 67,954 2,815,334
Iovance Biotherapeutics, Inc. (a) 99,752 724,200
Ironwood Pharmaceuticals, Inc. (a) 74,774 829,244
iTeos Therapeutics, Inc. (a) 12,250 172,235
Janux Therapeutics, Inc. (a) 6,844 95,816
Karuna Therapeutics, Inc. (a) 15,775 3,151,372
Karyopharm Therapeutics, Inc. (a) 56,561 101,810
Keros Therapeutics, Inc. (a) 10,539 441,373
 
See accompanying notes which are an integral part of the financial statements.
57 Annual Report 


Fidelity® MSCI Health Care Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
BIOTECHNOLOGY – continued
Biotechnology – continued
Kiniksa Pharmaceuticals Ltd. Class A (a) 14,283 $ 269,092
Krystal Biotech, Inc. (a) 10,204 1,317,336
Kura Oncology, Inc. (a) 27,081 282,726
Kymera Therapeutics, Inc. (a) 16,013 350,364
Lexicon Pharmaceuticals, Inc. (a) 56,314 113,191
Lyell Immunopharma, Inc. (a) 65,846 190,295
Madrigal Pharmaceuticals, Inc. (a) 6,699 1,375,305
MannKind Corp. (a) 139,419 637,145
Mersana Therapeutics, Inc. (a) 41,921 51,353
Merus N.V. (a) 15,890 416,954
MiMedx Group, Inc. (a) 45,142 364,296
Mirati Therapeutics, Inc. (a) 21,278 644,085
Mirum Pharmaceuticals, Inc. (a) 13,015 335,266
Moderna, Inc. (a) 173,120 20,369,299
Monte Rosa Therapeutics, Inc. (a) 22,136 156,502
Morphic Holding, Inc. (a) 14,263 809,140
Myriad Genetics, Inc. (a) 42,852 957,742
Natera, Inc. (a) 56,780 2,567,592
Neurocrine Biosciences, Inc. (a) 51,454 5,242,648
Novavax, Inc. (a) 45,465 421,915
Nurix Therapeutics, Inc. (a) 23,199 225,262
Nuvalent, Inc. Class A (a) 10,830 539,875
Point Biopharma Global, Inc. (a) 32,708 292,410
ProKidney Corp. (a) 16,202 207,710
Protagonist Therapeutics, Inc. (a) 23,683 459,450
Prothena Corp. PLC (a) 20,814 1,433,460
PTC Therapeutics, Inc. (a) 35,090 1,415,531
Radius Health, Inc. (a)(b) 20,244 1,620
Rapt Therapeutics, Inc. (a) 10,855 259,435
Recursion Pharmaceuticals, Inc. Class A (a) 67,749 956,616
Regeneron Pharmaceuticals, Inc. (a) 56,772 42,119,715
REGENXBIO, Inc. (a) 18,950 360,050
Relay Therapeutics, Inc. (a) 40,888 515,189
Repare Therapeutics, Inc. (a) 10,519 96,775
Replimune Group, Inc. (a) 20,019 421,800
REVOLUTION Medicines, Inc. (a) 39,212 1,029,315
Rhythm Pharmaceuticals, Inc. (a) 23,777 424,182
Rocket Pharmaceuticals, Inc. (a) 29,304 528,937
Roivant Sciences Ltd. (a) 180,064 2,157,167
Sage Therapeutics, Inc. (a) 28,105 974,681
Sana Biotechnology, Inc. (a) 44,254 259,328
Sarepta Therapeutics, Inc. (a) 39,456 4,276,636
Scholar Rock Holding Corp. (a) 20,247 143,754
Seagen, Inc. (a) 74,174 14,225,090
Seres Therapeutics, Inc. (a) 51,608 248,234
SpringWorks Therapeutics, Inc. (a) 18,098 567,915
Stoke Therapeutics, Inc. (a) 11,582 76,904

    Shares Value
Summit Therapeutics, Inc. (a) 73,619 $ 154,600
Syndax Pharmaceuticals, Inc. (a) 29,691 633,012
Tango Therapeutics, Inc. (a) 25,517 86,247
TG Therapeutics, Inc. (a) 73,352 1,517,653
Travere Therapeutics, Inc. (a) 34,520 593,399
Twist Bioscience Corp. (a) 30,452 741,202
Ultragenyx Pharmaceutical, Inc. (a) 37,046 1,597,424
uniQure N.V. (a) 21,633 224,334
United Therapeutics Corp. (a) 24,428 5,929,164
Vanda Pharmaceuticals, Inc. (a) 28,729 166,054
Vaxcyte, Inc. (a) 36,076 1,733,813
Veracyte, Inc. (a) 38,396 1,053,970
Vericel Corp. (a) 23,789 854,501
Vertex Pharmaceuticals, Inc. (a) 136,028 47,928,106
Verve Therapeutics, Inc. (a) 21,205 434,490
Viking Therapeutics, Inc. (a) 49,912 723,724
Vir Biotechnology, Inc. (a) 45,924 646,610
Viridian Therapeutics, Inc. (a) 14,427 270,651
Xencor, Inc. (a) 28,504 692,362
Xenon Pharmaceuticals, Inc. (a) 26,607 982,330
Zentalis Pharmaceuticals, Inc. (a) 29,713 793,634
Zymeworks, Inc. (a) 16,894 126,029
TOTAL BIOTECHNOLOGY 564,012,258
HEALTH CARE EQUIPMENT & SUPPLIES – 20.6% 
Health Care Equipment – 19.1%
Abbott Laboratories 917,785 102,177,004
Alphatec Holdings, Inc. (a) 35,173 621,507
AngioDynamics, Inc. (a) 20,582 178,858
Artivion, Inc. (a) 18,696 325,684
AtriCure, Inc. (a) 25,004 1,383,971
AxoGen, Inc. (a) 21,154 182,771
Axonics, Inc. (a) 26,361 1,591,414
Baxter International, Inc. 266,703 12,062,977
Becton Dickinson and Co. 149,925 41,772,103
Boston Scientific Corp. (a) 759,032 39,355,809
Butterfly Network, Inc. (a) 74,713 192,012
CONMED Corp. 16,262 1,968,515
Cutera, Inc. (a) 6,925 138,569
DexCom, Inc. (a) 204,744 25,502,913
Edwards Lifesciences Corp. (a) 320,073 26,268,391
Enovis Corp. (a) 25,792 1,648,109
Envista Holdings Corp. (a) 86,523 2,977,256
GE Healthcare, Inc. 216,094 16,855,332
Glaukos Corp. (a) 23,997 1,851,129
Globus Medical, Inc. Class A (a) 41,071 2,475,349
Hologic, Inc. (a) 130,121 10,334,210
IDEXX Laboratories, Inc. (a) 43,818 24,307,159
Inari Medical, Inc. (a) 24,917 1,422,013
Inspire Medical Systems, Inc. (a) 15,370 4,423,640
Insulet Corp. (a) 36,781 10,179,142
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 58


Common Stocks – continued
    Shares Value
HEALTH CARE EQUIPMENT & SUPPLIES – continued
Health Care Equipment – continued
Integer Holdings Corp. (a) 17,752 $ 1,641,705
Integra LifeSciences Holdings Corp. (a) 38,797 1,764,100
Intuitive Surgical, Inc. (a) 184,967 60,003,295
iRhythm Technologies, Inc. (a) 16,229 1,705,019
LeMaitre Vascular, Inc. 10,610 670,870
LivaNova PLC (a) 28,126 1,643,965
Masimo Corp. (a) 23,590 2,885,057
Medtronic PLC 702,576 61,658,070
Nevro Corp. (a) 18,831 470,587
Novocure Ltd. (a) 50,158 1,637,157
NuVasive, Inc. (a) 28,001 1,153,921
Omnicell, Inc. (a) 23,802 1,503,096
Orchestra BioMed Holdings, Inc. (a) 6,672 39,165
Orthofix Medical, Inc. (a) 17,745 349,399
Outset Medical, Inc. (a) 23,369 480,934
Paragon 28, Inc. (a) 17,358 306,716
Penumbra, Inc. (a) 19,137 5,805,400
PROCEPT BioRobotics Corp. (a) 20,120 692,933
Pulmonx Corp. (a) 18,911 264,754
QuidelOrtho Corp. (a) 26,388 2,305,256
ResMed, Inc. 77,591 17,252,359
Shockwave Medical, Inc. (a) 19,257 5,018,374
SI-BONE, Inc. (a) 18,381 473,495
Sight Sciences, Inc. (a) 12,943 113,898
Silk Road Medical, Inc. (a) 20,110 459,312
Steris PLC 52,384 11,815,211
Stryker Corp. 180,189 51,067,364
Tandem Diabetes Care, Inc. (a) 34,622 1,209,000
Teleflex, Inc. 24,803 6,229,769
TransMedics Group, Inc. (a) 17,165 1,599,435
Treace Medical Concepts, Inc. (a) 21,013 478,886
Varex Imaging Corp. (a) 21,785 507,373
Zimmer Biomet Holdings, Inc. 110,827 15,310,750
Zynex, Inc. (a) 11,861 115,763
      588,828,225
Health Care Supplies – 1.5%
Align Technology, Inc. (a) 38,551 14,568,037
Atrion Corp. 743 416,533
Avanos Medical, Inc. (a) 24,995 611,628
Cerus Corp. (a) 90,145 276,745
DENTSPLY SIRONA, Inc. 112,096 4,654,226
Embecta Corp. 30,513 651,148
Establishment Labs Holdings, Inc. (a) 8,389 604,092
Haemonetics Corp. (a) 26,695 2,462,347
ICU Medical, Inc. (a) 10,772 1,919,355
Lantheus Holdings, Inc. (a) 35,984 3,112,256
Merit Medical Systems, Inc. (a) 30,233 2,257,498
Neogen Corp. (a) 108,373 2,513,170

    Shares Value
OraSure Technologies, Inc. (a) 42,874 $ 202,365
OrthoPediatrics Corp. (a) 9,158 382,347
RxSight, Inc. (a) 10,752 358,794
STAAR Surgical Co. (a) 21,531 1,179,253
The Cooper Cos., Inc. 26,107 10,214,625
UFP Technologies, Inc. (a) 3,784 736,612
      47,121,031
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES 635,949,256
HEALTH CARE PROVIDERS & SERVICES – 20.9% 
Health Care Distributors – 2.2%
AdaptHealth Corp. (a) 35,644 489,749
AmerisourceBergen Corp. 90,826 16,975,379
Cardinal Health, Inc. 135,919 12,432,511
Henry Schein, Inc. (a) 69,218 5,453,686
McKesson Corp. 72,320 29,101,568
Owens & Minor, Inc. (a) 38,255 736,026
Patterson Cos., Inc. 46,254 1,521,294
      66,710,213
Health Care Facilities – 1.7%
Acadia Healthcare Co., Inc. (a) 48,568 3,838,329
Brookdale Senior Living, Inc. (a) 83,743 294,775
Cano Health, Inc. (a) 115,802 170,229
Community Health Systems, Inc. (a) 65,699 288,419
Encompass Health Corp. 52,686 3,478,857
HCA Healthcare, Inc. 109,809 29,956,993
National HealthCare Corp. 7,149 421,934
Select Medical Holdings Corp. 57,171 1,715,702
Surgery Partners, Inc. (a) 36,570 1,412,699
Tenet Healthcare Corp. (a) 49,112 3,670,140
The Ensign Group, Inc. 29,475 2,855,243
The Pennant Group, Inc. (a) 15,969 183,324
Universal Health Services, Inc. Class B 33,128 4,603,467
US Physical Therapy, Inc. 7,771 903,534
      53,793,645
Health Care Services – 4.9%
23andMe Holding Co. Class A (a) 143,715 275,933
Accolade, Inc. (a) 35,457 532,564
Addus HomeCare Corp. (a) 8,521 780,268
Agiliti, Inc. (a) 21,176 363,592
agilon health, Inc. (a) 160,234 3,068,481
Amedisys, Inc. (a) 17,386 1,579,344
AMN Healthcare Services, Inc. (a) 21,340 2,286,581
Apollo Medical Holdings, Inc. (a) 22,733 832,710
Castle Biosciences, Inc. (a) 13,376 225,386
Chemed Corp. 7,916 4,124,948
CorVel Corp. (a) 5,064 1,035,892
Cross Country Healthcare, Inc. (a) 17,714 457,021
CVS Health Corp. 675,859 50,479,909
DaVita, Inc. (a) 28,763 2,933,538
See accompanying notes which are an integral part of the financial statements.
59 Annual Report 


Fidelity® MSCI Health Care Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
HEALTH CARE PROVIDERS & SERVICES – continued
Health Care Services – continued
DocGo, Inc. (a) 45,970 $ 385,688
Enhabit, Inc. (a) 26,054 357,721
Fulgent Genetics, Inc. (a) 10,998 427,052
Guardant Health, Inc. (a) 57,722 2,252,312
Hims & Hers Health, Inc. (a) 68,616 615,486
Laboratory Corp. of America Holdings 46,744 9,999,944
LifeStance Health Group, Inc. (a) 39,714 372,915
ModivCare, Inc. (a) 6,645 290,652
National Research Corp. 7,492 321,482
NeoGenomics, Inc. (a) 67,297 1,166,257
Nutex Health, Inc. (a) 171,107 71,591
Opko Health, Inc. (a) 224,205 417,021
Option Care Health, Inc. (a) 90,097 3,043,477
Pediatrix Medical Group, Inc. (a) 41,508 569,905
Premier, Inc. Class A 62,897 1,745,392
Privia Health Group, Inc. (a) 57,975 1,618,662
Quest Diagnostics, Inc. 59,026 7,980,906
R1 RCM, Inc. (a) 88,245 1,524,874
RadNet, Inc. (a) 30,980 1,024,818
The Cigna Group 156,859 46,289,091
      149,451,413
Managed Health Care – 12.1%
Alignment Healthcare, Inc. (a) 54,345 337,482
Centene Corp. (a) 290,816 19,801,661
Clover Health Investments Corp. (a) 199,268 249,085
Elevance Health, Inc. 125,296 59,093,353
HealthEquity, Inc. (a) 44,735 3,039,296
Humana, Inc. 66,051 30,174,078
Molina Healthcare, Inc. (a) 30,578 9,310,695
Progyny, Inc. (a) 42,297 1,766,323
UnitedHealth Group, Inc. 492,624 249,450,015
      373,221,988
TOTAL HEALTH CARE PROVIDERS & SERVICES 643,177,259
HEALTH CARE TECHNOLOGY – 1.0% 
Health Care Technology – 1.0%
Allscripts Healthcare Solutions, Inc. (a) 57,341 775,250
American Well Corp. Class A (a) 104,178 255,236
Certara, Inc. (a) 63,159 1,229,706
Computer Programs & Systems, Inc. (a) 7,440 195,077
Definitive Healthcare Corp. (a) 23,323 275,911
Doximity, Inc. Class A (a) 56,365 2,013,922
Evolent Health, Inc. Class A (a) 52,732 1,602,526
GoodRx Holdings, Inc. Class A (a) 38,264 353,559
Health Catalyst, Inc. (a) 29,443 413,085
HealthStream, Inc. 13,223 297,253

    Shares Value
Multiplan Corp. (a) 121,752 $ 261,767
NextGen Healthcare, Inc. (a) 27,866 463,412
Phreesia, Inc. (a) 27,231 863,767
Schrodinger, Inc. (a) 31,369 1,640,912
Sharecare, Inc. (a) 150,353 208,991
Simulations Plus, Inc. 8,368 416,726
Teladoc Health, Inc. (a) 86,504 2,575,224
Veeva Systems, Inc. Class A (a) 76,754 15,674,702
TOTAL HEALTH CARE TECHNOLOGY 29,517,026
LIFE SCIENCES TOOLS & SERVICES – 11.6% 
Life Sciences Tools & Services – 11.6%
10X Genomics, Inc. Class A (a) 46,125 2,904,953
Adaptive Biotechnologies Corp. (a) 53,190 448,924
Agilent Technologies, Inc. 156,157 19,015,238
Avantor, Inc. (a) 356,145 7,325,903
Azenta, Inc. (a) 36,459 1,712,844
BioLife Solutions, Inc. (a) 21,658 430,561
Bio-Rad Laboratories, Inc. Class A (a) 11,644 4,720,012
Bio-Techne Corp. 83,138 6,933,709
Bruker Corp. 54,345 3,734,588
Charles River Laboratories International, Inc. (a) 27,004 5,658,418
CryoPort, Inc. (a) 26,006 417,916
Cytek Biosciences, Inc. (a) 42,871 384,124
Danaher Corp. 365,780 93,295,847
Fortrea Holdings, Inc. (a) 46,456 1,484,734
Illumina, Inc. (a) 83,459 16,036,647
IQVIA Holdings, Inc. (a) 98,297 21,994,937
Maravai LifeSciences Holdings, Inc. Class A (a) 58,268 659,011
MaxCyte, Inc. (a) 46,531 207,994
Medpace Holdings, Inc. (a) 12,997 3,290,450
Mesa Laboratories, Inc. 2,802 360,505
Mettler-Toledo International, Inc. (a) 11,662 14,664,615
NanoString Technologies, Inc. (a) 23,799 113,283
OmniAb, Inc. (a) 48,647 267,559
OmniAb, Inc. (12.5 earnout) (a)(b) 3,335 0
OmniAb, Inc. (15.0 earnout) (a)(b) 3,335 0
Pacific Biosciences of California, Inc. (a) 125,209 1,654,011
Quanterix Corp. (a) 18,177 451,517
Repligen Corp. (a) 27,880 4,783,093
Revvity, Inc. 66,740 8,205,683
SomaLogic, Inc. (a) 84,260 206,437
Sotera Health Co. (a) 51,536 978,153
Syneos Health, Inc. (a) 54,604 2,315,756
Thermo Fisher Scientific, Inc. 203,681 111,751,617
Waters Corp. (a) 31,173 8,610,294
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 60


Common Stocks – continued
    Shares Value
LIFE SCIENCES TOOLS & SERVICES – continued
Life Sciences Tools & Services – continued
West Pharmaceutical Services, Inc. 39,259 $ 14,448,882
TOTAL LIFE SCIENCES TOOLS & SERVICES 359,468,215
PHARMACEUTICALS – 27.3% 
Pharmaceuticals – 27.3%
Aclaris Therapeutics, Inc. (a) 27,632 272,728
Amphastar Pharmaceuticals, Inc. (a) 20,367 1,236,073
Amylyx Pharmaceuticals, Inc. (a) 15,840 371,448
ANI Pharmaceuticals, Inc. (a) 7,841 412,045
Arvinas, Inc. (a) 24,045 594,392
ATAI Life Sciences N.V. (a) 62,758 131,164
Axsome Therapeutics, Inc. (a) 18,367 1,441,259
Bristol-Myers Squibb Co. 1,110,723 69,075,863
Cassava Sciences, Inc. (a) 21,070 463,119
Catalent, Inc. (a) 95,015 4,610,128
Collegium Pharmaceutical, Inc. (a) 18,325 417,077
Corcept Therapeutics, Inc. (a) 45,552 1,160,665
Cymabay Therapeutics, Inc. (a) 38,499 502,412
DICE Therapeutics, Inc. (a) 15,103 709,841
Elanco Animal Health, Inc. (a) 259,602 3,133,396
Eli Lilly & Co. 426,562 193,893,757
Enliven Therapeutics, Inc. (a) 11,901 225,405
Evolus, Inc. (a) 22,322 223,666
Harmony Biosciences Holdings, Inc. (a) 17,393 615,190
Harrow Health, Inc. (a) 16,480 363,878
Innoviva, Inc. (a) 32,628 442,109
Intra-Cellular Therapies, Inc. (a) 45,182 2,794,055
Jazz Pharmaceuticals PLC (a) 33,478 4,366,201
Johnson & Johnson 1,372,172 229,879,975
Ligand Pharmaceuticals, Inc. (a) 8,391 561,610
Merck & Co., Inc. 1,340,119 142,923,691
NGM Biopharmaceuticals, Inc. (a) 23,811 56,432
Nuvation Bio, Inc. (a) 63,688 117,823
Organon & Co. 133,956 2,944,353
Pacira BioSciences, Inc. (a) 23,977 871,564
Perrigo Co. PLC 71,606 2,623,644
Pfizer, Inc. 2,980,729 107,485,088
Phathom Pharmaceuticals, Inc. (a) 17,325 263,513

    Shares Value
Phibro Animal Health Corp. Class A 11,016 $ 159,512
Pliant Therapeutics, Inc. (a) 23,742 423,557
Prestige Consumer Healthcare, Inc. (a) 26,423 1,723,044
Reata Pharmaceuticals, Inc. Class A (a) 12,702 2,103,197
Revance Therapeutics, Inc. (a) 44,368 1,048,416
Royalty Pharma PLC Class A 198,793 6,238,124
Scilex Holding Co. (a) 34,921 181,467
SIGA Technologies, Inc. 18,813 107,987
Supernus Pharmaceuticals, Inc. (a) 28,822 884,547
Tarsus Pharmaceuticals, Inc. (a) 9,134 201,039
Terns Pharmaceuticals, Inc. (a) 16,444 118,726
Theravance Biopharma, Inc. (a) 26,650 263,569
Tilray Brands, Inc. (a) 346,841 877,508
Ventyx Biosciences, Inc. (a) 19,964 739,666
Viatris, Inc. 631,406 6,648,705
Zoetis, Inc. 244,270 45,944,744
TOTAL PHARMACEUTICALS 842,847,372
TOTAL COMMON STOCKS
(Cost $2,479,763,165)
3,074,971,386
Money Market Fund – 0.2%
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.15% (c)
(Cost $4,424,000)
4,424,000 4,424,000
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $2,484,187,165)
3,079,395,386
NET OTHER ASSETS (LIABILITIES) – 0.1% 4,359,102
NET ASSETS – 100.0% $3,083,754,488
    
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.
61 Annual Report 


Fidelity® MSCI Health Care Index ETF
Schedule of Investmentscontinued
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contracts          
CME E-mini Health Care Select Sector Index Contracts (United States) 57 September 2023 7,761,690 $ 162,123 $ 162,123
CME E-mini Russell 2000 Index Contracts (United States) 7 September 2023 704,760 44,153 44,153
Total Equity Index Contracts         $ 206,276
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 July 31, 2023, 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   $ 3,074,971,386   $ 3,074,778,927   $ 181,467 $ 10,992  
Money Market Funds   4,424,000   4,424,000    
Total Investments in Securities:   $ 3,079,395,386   $ 3,079,202,927   $ 181,467 $ 10,992  
Derivative Instruments:                
Assets                
Futures Contracts   $ 206,276   $ 206,276   $ $  
Total Assets   $ 206,276   $ 206,276   $ $  
Total Derivative Instruments:   $ 206,276   $ 206,276   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2023. 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) $206,276   $0
Total Equity Risk 206,276   0
Total Value of Derivatives $206,276   $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.
 Annual Report 62


Fidelity® MSCI Industrials Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.6%
    Shares Value
AEROSPACE & DEFENSE – 15.8% 
Aerospace & Defense – 15.8%
AAR Corp. (a) 6,076 $ 363,345
AeroVironment, Inc. (a) 4,610 439,149
AerSale Corp. (a) 4,153 62,336
Astronics Corp. (a) 4,341 91,074
Axon Enterprise, Inc. (a) 12,603 2,343,276
BWX Technologies, Inc. 16,649 1,148,781
Cadre Holdings, Inc. 3,028 70,462
Curtiss-Wright Corp. 6,978 1,335,310
Ducommun, Inc. (a) 2,256 113,116
General Dynamics Corp. 42,520 9,506,622
HEICO Corp. 7,961 1,400,977
HEICO Corp. Class A 13,473 1,890,936
Hexcel Corp. 15,346 1,084,655
Howmet Aerospace, Inc. 71,235 3,642,958
Huntington Ingalls Industries, Inc. 7,273 1,670,390
Kaman Corp. 4,552 104,195
Kratos Defense & Security Solutions, Inc. (a) 23,367 352,608
L3Harris Technologies, Inc. 34,590 6,554,459
Leonardo DRS, Inc. (a) 9,391 156,736
Lockheed Martin Corp. 41,503 18,525,694
Mercury Systems, Inc. (a) 9,433 358,265
Moog, Inc. Class A 5,247 553,244
National Presto Industries, Inc. 946 74,081
Northrop Grumman Corp. 26,305 11,705,725
Parsons Corp. (a) 7,709 380,979
Rocket Lab USA, Inc. (a) 43,062 317,367
RTX Corp. 266,430 23,427,190
Spirit AeroSystems Holdings, Inc. Class A 19,201 610,976
Textron, Inc. 37,369 2,906,187
The Boeing Co. (a) 103,650 24,756,802
TransDigm Group, Inc. 9,938 8,941,417
Triumph Group, Inc. (a) 11,671 147,638
V2X, Inc. (a) 2,327 119,747
Virgin Galactic Holdings, Inc. (a) 45,481 194,659
Woodward, Inc. 10,333 1,243,886
TOTAL AEROSPACE & DEFENSE 126,595,242
AIR FREIGHT & LOGISTICS – 5.6% 
Air Freight & Logistics – 5.6%
Air Transport Services Group, Inc. (a) 3,201 64,532
CH Robinson Worldwide, Inc. 21,213 2,125,119
Expeditors International of Washington, Inc. 28,124 3,580,185
FedEx Corp. 43,478 11,736,886
Forward Air Corp. 4,773 567,223
GXO Logistics, Inc. (a) 21,625 1,450,389

    Shares Value
Hub Group, Inc. Class A (a) 6,010 $ 541,681
United Parcel Service, Inc. Class B 131,700 24,645,021
TOTAL AIR FREIGHT & LOGISTICS 44,711,036
BUILDING PRODUCTS – 7.1% 
Building Products – 7.1%
AAON, Inc. 8,379 881,973
Advanced Drainage Systems, Inc. 13,314 1,624,175
Allegion PLC 16,003 1,870,111
American Woodmark Corp. (a) 2,999 229,843
AO Smith Corp. 22,760 1,653,059
Apogee Enterprises, Inc. 4,005 198,368
Armstrong World Industries, Inc. 8,294 641,624
AZZ, Inc. 4,484 198,776
Builders FirstSource, Inc. (a) 25,130 3,629,526
Carlisle Cos., Inc. 9,301 2,578,237
Carrier Global Corp. 152,034 9,053,625
CSW Industrials, Inc. 2,801 505,720
Fortune Brands Home & Security, Inc. 23,123 1,643,352
Gibraltar Industries, Inc. (a) 5,684 367,584
Griffon Corp. 7,730 322,496
Hayward Holdings, Inc. (a) 17,261 230,607
Insteel Industries, Inc. 3,464 111,714
Janus International Group, Inc. (a) 15,869 181,224
JELD-WEN Holding, Inc. (a) 15,342 273,241
Johnson Controls International PLC 125,129 8,702,722
Lennox International, Inc. 5,815 2,136,664
Masco Corp. 41,039 2,490,246
Masonite International Corp. (a) 3,879 405,549
MasterBrand, Inc. (a) 23,168 286,125
Owens Corning 16,533 2,314,455
PGT Innovations, Inc. (a) 10,852 310,476
Quanex Building Products Corp. 5,993 168,643
Resideo Technologies, Inc. (a) 25,981 486,364
Simpson Manufacturing Co., Inc. 7,765 1,226,870
The AZEK Co., Inc. (a) 22,072 688,646
Trane Technologies PLC 41,713 8,319,241
Trex Co., Inc. (a) 19,807 1,369,456
UFP Industries, Inc. 11,377 1,169,100
Zurn Elkay Water Solutions Corp. 27,227 828,790
TOTAL BUILDING PRODUCTS 57,098,602
COMMERCIAL SERVICES & SUPPLIES – 6.7% 
Commercial Printing – 0.1%
Brady Corp. Class A 8,475 437,140
Cimpress PLC (a) 3,067 213,156
Deluxe Corp. 7,805 148,217
Ennis, Inc. 4,914 105,848
      904,361
 
See accompanying notes which are an integral part of the financial statements.
63 Annual Report 


Fidelity® MSCI Industrials Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
COMMERCIAL SERVICES & SUPPLIES – continued
Diversified Support Services – 2.2%
ACV Auctions, Inc. Class A (a) 23,214 $ 406,013
Cintas Corp. 16,666 8,366,999
Copart, Inc. (a) 78,102 6,903,436
Driven Brands Holdings, Inc. (a) 12,074 312,354
Healthcare Services Group, Inc. 13,411 169,113
Liquidity Services, Inc. (a) 4,273 71,701
Matthews International Corp. Class A 5,329 244,601
OPENLANE, Inc. (a) 19,638 308,316
UniFirst Corp. 2,771 449,733
Viad Corp. (a) 3,754 105,900
VSE Corp. 2,061 110,779
      17,448,945
Environmental & Facilities Services – 4.1%
ABM Industries, Inc. 12,097 559,849
BrightView Holdings, Inc. (a) 7,590 58,519
Casella Waste Systems, Inc. Class A (a) 10,222 824,813
Clean Harbors, Inc. (a) 9,494 1,578,473
Enviri Corp. (a) 14,339 135,217
Heritage-Crystal Clean, Inc. (a) 3,292 151,662
Montrose Environmental Group, Inc. (a) 5,120 207,206
Republic Services, Inc. 40,311 6,091,395
Rollins, Inc. 44,859 1,831,593
SP Plus Corp. (a) 3,540 136,113
Stericycle, Inc. (a) 16,840 715,532
Tetra Tech, Inc. 9,696 1,640,660
Waste Connections, Inc. 46,897 6,620,450
Waste Management, Inc. 74,065 12,131,106
      32,682,588
Office Services & Supplies – 0.2%
ACCO Brands Corp. 17,057 103,877
HNI Corp. 8,371 243,512
Interface, Inc. 10,273 100,367
MillerKnoll, Inc. 13,636 266,857
MSA Safety, Inc. 6,785 1,126,310
Pitney Bowes, Inc. 18,240 71,866
Steelcase, Inc. Class A 15,182 130,110
      2,042,899
Security & Alarm Services – 0.1%
CoreCivic, Inc. (a) 20,677 200,567
The Brink's Co. 8,501 620,233
The Geo Group, Inc. (a) 22,457 167,754
      988,554
TOTAL COMMERCIAL SERVICES & SUPPLIES 54,067,347

    Shares Value
CONSTRUCTION & ENGINEERING – 2.5% 
Construction & Engineering – 2.5%
AECOM 24,035 $ 2,091,045
Ameresco, Inc. Class A (a) 5,812 338,316
API Group Corp. (a) 29,898 859,866
Arcosa, Inc. 8,832 681,654
Argan, Inc. 2,448 93,122
Comfort Systems USA, Inc. 6,509 1,132,371
Construction Partners, Inc. Class A (a) 7,456 219,206
Dycom Industries, Inc. (a) 5,363 534,048
EMCOR Group, Inc. 8,684 1,867,407
Fluor Corp. (a) 25,880 801,762
Granite Construction, Inc. 7,888 322,856
Great Lakes Dredge & Dock Corp. (a) 12,485 104,874
IES Holdings, Inc. (a) 1,452 83,229
MasTec, Inc. (a) 11,477 1,351,417
MDU Resources Group, Inc. 35,241 779,531
MYR Group, Inc. (a) 3,060 436,234
Primoris Services Corp. 9,603 304,991
Quanta Services, Inc. 26,433 5,329,421
Sterling Infrastructure, Inc. (a) 5,547 332,765
Valmont Industries, Inc. 3,886 1,028,818
WillScot Mobile Mini Holdings Corp. (a) 37,469 1,796,639
TOTAL CONSTRUCTION & ENGINEERING 20,489,572
ELECTRICAL EQUIPMENT – 7.5% 
Electrical Components & Equipment – 7.4%
Acuity Brands, Inc. 5,788 956,409
Allied Motion Technologies, Inc. 2,562 99,662
AMETEK, Inc. 41,934 6,650,732
Array Technologies, Inc. (a) 27,580 525,399
Atkore, Inc. (a) 7,190 1,140,837
Blink Charging Co. (a) 9,632 61,645
ChargePoint Holdings, Inc. (a) 51,432 445,401
Eaton Corp. PLC 72,467 14,878,925
Emerson Electric Co. 104,043 9,504,328
Encore Wire Corp. 3,281 560,034
EnerSys 7,436 805,468
Enovix Corp. (a) 21,765 468,383
Fluence Energy, Inc. (a) 7,535 220,323
FREYR Battery S.A. (a) 19,356 162,978
FuelCell Energy, Inc. (a) 73,153 160,205
Generac Holdings, Inc. (a) 11,267 1,731,738
GrafTech International Ltd. 37,026 195,497
Hubbell, Inc. 9,758 3,044,496
NEXTracker, Inc. Class A (a) 8,728 369,631
nVent Electric PLC 30,161 1,594,914
Plug Power, Inc. (a) 97,243 1,275,828
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 64


Common Stocks – continued
    Shares Value
ELECTRICAL EQUIPMENT – continued
Electrical Components & Equipment – continued
Preformed Line Products Co. 449 $ 77,906
Regal Rexnord Corp. 12,063 1,883,999
Rockwell Automation, Inc. 20,904 7,029,806
Sensata Technologies Holding PLC 27,774 1,173,452
SES AI Corp. (a) 13,794 43,313
Shoals Technologies Group, Inc. Class A (a) 30,904 802,268
Stem, Inc. (a) 26,476 187,185
SunPower Corp. (a) 15,769 155,640
Sunrun, Inc. (a) 39,093 741,985
Thermon Group Holdings, Inc. (a) 6,039 166,737
Vertiv Holdings Co. 58,680 1,526,267
Vicor Corp. (a) 4,086 377,015
      59,018,406
Heavy Electrical Equipment – 0.1%
Babcock & Wilcox Enterprises, Inc. (a) 11,044 60,521
Bloom Energy Corp. Class A (a) 33,472 597,810
NuScale Power Corp. (a) 4,418 33,488
TPI Composites, Inc. (a) 7,986 47,437
      739,256
TOTAL ELECTRICAL EQUIPMENT 59,757,662
GROUND TRANSPORTATION – 11.0% 
Cargo Ground Transportation – 2.7%
ArcBest Corp. 4,449 517,508
Covenant Transportation Group, Inc. 1,457 79,785
Heartland Express, Inc. 8,542 139,662
JB Hunt Transport Services, Inc. 15,113 3,082,145
Knight-Swift Transportation Holdings, Inc. 29,314 1,780,825
Landstar System, Inc. 6,559 1,335,347
Marten Transport Ltd. 10,972 248,625
Old Dominion Freight Line, Inc. 18,018 7,558,371
PAM Transportation Services, Inc. (a) 1,259 32,558
RXO, Inc. (a) 21,395 471,760
Ryder System, Inc. 8,471 865,313
Saia, Inc. (a) 4,834 2,045,459
Schneider National, Inc. Class B 9,489 292,356
TuSimple Holdings, Inc. Class A (a) 24,958 58,402
U-Haul Holding Co. 17,675 1,011,187
Universal Logistics Holdings, Inc. 1,488 46,262
Werner Enterprises, Inc. 10,925 513,693
XPO Logistics, Inc. (a) 21,031 1,456,186
      21,535,444
Passenger Ground Transportation – 2.3%
Avis Budget Group, Inc. (a) 3,985 877,856
Hertz Global Holdings, Inc. (a) 26,326 443,593
Lyft, Inc. Class A (a) 60,364 767,226

    Shares Value
Uber Technologies, Inc. (a) 330,029 $ 16,323,234
      18,411,909
Rail Transportation – 6.0%
CSX Corp. 372,989 12,427,994
Norfolk Southern Corp. 41,449 9,682,072
Union Pacific Corp. 111,118 25,781,598
      47,891,664
TOTAL GROUND TRANSPORTATION 87,839,017
INDUSTRIAL CONGLOMERATES – 7.2% 
Industrial Conglomerates – 7.2%
3M Co. 100,416 11,196,384
General Electric Co. 198,524 22,679,382
Honeywell International, Inc. 121,215 23,531,468
TOTAL INDUSTRIAL CONGLOMERATES 57,407,234
MACHINERY – 20.5% 
Agricultural & Farm Machinery – 3.2%
AGCO Corp. 11,581 1,541,431
Deere & Co. 51,260 22,021,296
Lindsay Corp. 1,982 262,674
The Toro Co. 18,992 1,930,537
Titan International, Inc. (a) 10,049 125,512
      25,881,450
Construction Machinery & Heavy Transportation Equipment – 6.2%
Alamo Group, Inc. 1,984 384,420
Allison Transmission Holdings, Inc. 16,794 985,640
Astec Industries, Inc. 4,084 201,750
Blue Bird Corp. (a) 3,766 78,860
Caterpillar, Inc. 94,016 24,930,223
Cummins, Inc. 25,769 6,720,555
Douglas Dynamics, Inc. 4,112 127,678
Federal Signal Corp. 11,078 676,755
Microvast Holdings, Inc. (a) 18,025 51,732
Nikola Corp. (a) 91,074 243,168
Oshkosh Corp. 11,922 1,097,658
PACCAR, Inc. 95,154 8,195,614
REV Group, Inc. 5,853 75,679
Terex Corp. 12,382 725,957
The Greenbrier Cos., Inc. 5,755 265,823
The Manitowoc Co., Inc. (a) 6,624 120,027
The Shyft Group, Inc. 5,975 86,219
Trinity Industries, Inc. 14,199 372,298
Wabash National Corp. 8,617 204,050
Westinghouse Air Brake Technologies Corp. 32,773 3,881,634
      49,425,740
Industrial Machinery & Supplies & Components – 11.1%
3D Systems Corp. (a) 23,502 204,702
Albany International Corp. Class A 5,704 549,181
Barnes Group, Inc. 8,847 347,687
See accompanying notes which are an integral part of the financial statements.
65 Annual Report 


Fidelity® MSCI Industrials Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
MACHINERY – continued
Industrial Machinery & Supplies & Components – continued
Chart Industries, Inc. (a) 7,640 $ 1,391,702
CIRCOR International, Inc. (a) 3,304 184,033
Columbus McKinnon Corp. 5,159 218,432
Crane Co. 8,781 822,692
Desktop Metal, Inc. Class A (a) 45,981 83,685
Donaldson Co., Inc. 22,084 1,387,538
Dover Corp. 25,448 3,714,645
Energy Recovery, Inc. (a) 9,128 278,221
Enerpac Tool Group Corp. 10,312 283,374
EnPro Industries, Inc. 3,631 503,910
Esab Corp. 10,425 716,198
ESCO Technologies, Inc. 4,724 474,998
Flowserve Corp. 23,877 901,596
Fortive Corp. 64,316 5,039,159
Franklin Electric Co., Inc. 7,159 707,452
Gates Industrial Corp. PLC (a) 20,384 277,630
Graco, Inc. 30,589 2,426,625
Helios Technologies, Inc. 5,993 378,758
Hillenbrand, Inc. 12,659 657,509
Hillman Solutions Corp. (a) 35,060 344,990
Hyster-Yale Materials Handling, Inc. 1,705 81,431
IDEX Corp. 13,757 3,106,468
Illinois Tool Works, Inc. 55,501 14,614,523
Ingersoll Rand, Inc. 73,736 4,812,749
ITT, Inc. 15,076 1,501,570
John Bean Technologies Corp. 5,799 716,814
Kadant, Inc. 2,141 477,122
Kennametal, Inc. 14,066 428,732
Lincoln Electric Holdings, Inc. 10,484 2,104,244
Luxfer Holdings PLC 5,039 63,794
Mueller Industries, Inc. 9,857 799,008
Mueller Water Products, Inc. Class A 28,649 460,962
Nordson Corp. 9,381 2,360,353
Omega Flex, Inc. 669 59,889
Otis Worldwide Corp. 75,249 6,844,649
Parker Hannifin Corp. 23,359 9,577,424
Pentair PLC 30,033 2,087,294
Proto Labs, Inc. (a) 4,722 156,534
RBC Bearings, Inc. (a) 5,281 1,193,770
Snap-on, Inc. 9,670 2,634,495
SPX Technologies, Inc. (a) 8,299 702,178
Standex International Corp. 2,154 320,020
Stanley Black & Decker, Inc. 27,868 2,766,456
Symbotic, Inc. (a) 2,690 170,923
Tennant Co. 3,181 255,243
The Gorman-Rupp Co. 4,252 134,788
The Middleby Corp. (a) 9,287 1,410,231
The Timken Co. 11,904 1,105,406
Velo3D, Inc. (a) 15,608 35,742

    Shares Value
Watts Water Technologies, Inc. Class A 4,987 $ 930,225
Xylem, Inc. 43,584 4,914,096
      88,721,850
TOTAL MACHINERY 164,029,040
MARINE TRANSPORTATION – 0.1% 
Marine Transportation – 0.1%
Eagle Bulk Shipping, Inc. 1,950 90,070
Genco Shipping & Trading Ltd. 7,658 111,041
Kirby Corp. (a) 2,706 220,485
Matson, Inc. 1,626 151,966
TOTAL MARINE TRANSPORTATION 573,562
PASSENGER AIRLINES – 0.5% 
Passenger Airlines – 0.5%
Alaska Air Group, Inc. (a) 5,745 279,379
Allegiant Travel Co. (a) 854 105,640
American Airlines Group, Inc. (a) 29,857 500,105
Delta Air Lines, Inc. 29,256 1,353,383
Frontier Group Holdings, Inc. (a) 7,755 72,121
JetBlue Airways Corp. (a) 14,779 114,833
Joby Aviation, Inc. (a) 28,335 253,598
SkyWest, Inc. (a) 2,200 96,778
Southwest Airlines Co. 27,079 925,019
Spirit Airlines, Inc. 5,179 94,776
Sun Country Airlines Holdings, Inc. (a) 2,729 58,837
TOTAL PASSENGER AIRLINES 3,854,469
PROFESSIONAL SERVICES – 10.0% 
Data Processing & Outsourced Services – 1.2%
Broadridge Financial Solutions, Inc. 21,435 3,599,365
Concentrix Corp. 8,077 672,330
Conduent, Inc. (a) 29,537 102,198
CSG Systems International, Inc. 5,636 290,761
ExlService Holdings, Inc. (a) 6,062 854,439
Maximus, Inc. 11,070 927,223
SS&C Technologies Holdings, Inc. 40,882 2,381,377
TaskUS, Inc. Class A (a) 4,965 59,878
TTEC Holdings, Inc. 3,403 117,199
Verra Mobility Corp. (a) 22,000 461,780
      9,466,550
Human Resource & Employment Services – 5.0%
Alight, Inc. Class A (a) 52,576 514,193
ASGN, Inc. (a) 8,992 686,269
Automatic Data Processing, Inc. 75,445 18,654,531
Barrett Business Services, Inc. 1,219 110,600
Ceridian HCM Holding, Inc. (a) 26,661 1,887,865
First Advantage Corp. (a) 10,696 160,440
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 66


Common Stocks – continued
    Shares Value
PROFESSIONAL SERVICES – continued
Human Resource & Employment Services – continued
Heidrick & Struggles International, Inc. 3,712 $ 101,226
HireRight Holdings Corp. (a) 3,428 36,714
Insperity, Inc. 6,550 770,608
Kelly Services, Inc. Class A 6,285 115,141
Kforce, Inc. 3,483 220,962
Korn Ferry 9,604 505,939
ManpowerGroup, Inc. 9,254 729,956
Paychex, Inc. 59,076 7,412,266
Paycom Software, Inc. 9,881 3,643,718
Paycor HCM, Inc. (a) 11,136 299,113
Paylocity Holding Corp. (a) 7,617 1,727,916
Robert Half, Inc. 19,636 1,456,009
Sterling Check Corp. (a) 4,341 52,135
TriNet Group, Inc. (a) 6,523 686,415
TrueBlue, Inc. (a) 5,777 86,366
Upwork, Inc. (a) 21,499 224,235
      40,082,617
Research & Consulting Services – 3.8%
Booz Allen Hamilton Holding Corp. 24,083 2,915,970
CACI International, Inc. Class A (a) 4,284 1,501,285
CBIZ, Inc. (a) 8,337 440,944
Clarivate PLC (a) 67,799 644,768
CRA International, Inc. 1,352 135,322
Dun & Bradstreet Holdings, Inc. 39,926 471,925
Equifax, Inc. 22,436 4,578,739
Exponent, Inc. 9,223 826,196
Forrester Research, Inc. (a) 2,170 69,158
Franklin Covey Co. (a) 2,219 105,735
FTI Consulting, Inc. (a) 6,180 1,082,489
Huron Consulting Group, Inc. (a) 3,465 327,685
ICF International, Inc. 3,443 404,862
Jacobs Solutions, Inc. 23,077 2,894,087
KBR, Inc. 24,826 1,526,551
Legalzoom.com, Inc. (a) 13,759 210,237
Leidos Holdings, Inc. 23,705 2,217,129
NV5 Global, Inc. (a) 2,521 276,175
Planet Labs PBC (a) 34,323 127,681
Resources Connection, Inc. 6,067 96,951
Science Applications International Corp. 9,544 1,158,069
TransUnion 35,175 2,803,096
Verisk Analytics, Inc. 26,300 6,021,122
      30,836,176
TOTAL PROFESSIONAL SERVICES 80,385,343
TRADING COMPANIES & DISTRIBUTORS – 5.1% 
Trading Companies & Distributors – 5.1%
Air Lease Corp. 19,201 812,970

    Shares Value
Alta Equipment Group, Inc. 3,192 $ 51,551
Applied Industrial Technologies, Inc. 7,030 1,019,280
Beacon Roofing Supply, Inc. (a) 9,369 802,642
BlueLinx Holdings, Inc. (a) 1,633 153,894
Boise Cascade Co. 7,225 747,715
Core & Main, Inc. Class A (a) 15,845 500,860
Custom Truck One Source, Inc. (a) 11,097 76,791
Distribution Solutions Group, Inc. (a) 841 46,625
DXP Enterprises, Inc. (a) 2,979 113,142
Fastenal Co. 103,977 6,094,092
Ferguson PLC 37,367 6,039,255
FTAI Aviation Ltd. 18,232 587,253
GATX Corp. 6,436 806,817
Global Industrial Co. 3,455 98,467
GMS, Inc. (a) 6,442 474,711
H&E Equipment Services, Inc. 5,907 286,962
Herc Holdings, Inc. 4,801 642,518
McGrath RentCorp 4,478 431,590
MRC Global, Inc. (a) 15,196 171,563
MSC Industrial Direct Co., Inc. Class A 8,609 868,820
NOW, Inc. (a) 19,876 226,388
Rush Enterprises, Inc. Class A 7,751 501,335
Rush Enterprises, Inc. Class B 1,033 70,977
SiteOne Landscape Supply, Inc. (a) 8,190 1,392,300
Titan Machinery, Inc. (a) 3,800 121,296
Transcat, Inc. (a) 1,438 120,619
Triton International Ltd. 9,651 813,676
United Rentals, Inc. 12,632 5,869,838
Univar Solutions, Inc. (a) 28,706 1,037,435
Veritiv Corp. 2,315 324,401
Watsco, Inc. 6,060 2,291,831
WESCO International, Inc. 8,401 1,474,964
WW Grainger, Inc. 8,236 6,082,204
Xometry, Inc. Class A (a) 6,904 143,327
TOTAL TRADING COMPANIES & DISTRIBUTORS 41,298,109
TOTAL COMMON STOCKS
(Cost $685,722,138)
798,106,235
Money Market Fund – 0.2%
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.15% (b)
(Cost $1,290,000)
1,290,000 1,290,000
TOTAL INVESTMENT IN SECURITIES – 99.8%
(Cost $687,012,138)
799,396,235
NET OTHER ASSETS (LIABILITIES) – 0.2% 1,709,391
NET ASSETS – 100.0% $ 801,105,626
    
See accompanying notes which are an integral part of the financial statements.
67 Annual Report 


Fidelity® MSCI Industrials Index ETF
Schedule of Investmentscontinued
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 Industrial Select Sector Index Contracts (United States) 22 September 2023 2,460,040 $ 72,298 $ 72,298
CME E-mini Russell 2000 Index Contracts (United States) 4 September 2023 402,720 6,812 6,812
Total Equity Index Contracts         $ 79,110
The notional amount of futures purchased as a percentage of Net Assets is 0.4%
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2023, 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   $ 798,106,235   $ 798,106,235   $ $  
Money Market Funds   1,290,000   1,290,000    
Total Investments in Securities:   $ 799,396,235   $ 799,396,235   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 79,110   $ 79,110   $ $  
Total Assets   $ 79,110   $ 79,110   $ $  
Total Derivative Instruments:   $ 79,110   $ 79,110   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2023. 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) $79,110   $0
Total Equity Risk 79,110   0
Total Value of Derivatives $79,110   $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.
 Annual Report 68


Fidelity® MSCI Information Technology Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.8%
    Shares Value
COMMUNICATIONS EQUIPMENT – 3.4% 
Communications Equipment – 3.4%
ADTRAN Holdings, Inc. 187,825 $ 1,827,537
Arista Networks, Inc. (a) 174,413 27,049,712
Calix, Inc. (a) 77,600 3,500,536
Cambium Networks Corp. (a) 30,946 501,325
Ciena Corp. (a) 139,838 5,901,164
Cisco Systems, Inc. 2,599,338 135,269,550
Clearfield, Inc. (a) 35,006 1,636,180
CommScope Holding Co., Inc. (a) 521,247 2,345,611
Digi International, Inc. (a) 70,310 2,948,098
Extreme Networks, Inc. (a) 165,967 4,413,063
F5, Inc. (a) 50,548 7,998,716
Harmonic, Inc. (a) 194,181 2,897,181
Infinera Corp. (a) 503,118 2,264,031
Juniper Networks, Inc. 265,454 7,379,621
Lumentum Holdings, Inc. (a) 80,075 4,192,727
Motorola Solutions, Inc. 110,856 31,774,655
NETGEAR, Inc. (a) 69,069 942,101
Netscout Systems, Inc. (a) 109,700 3,066,115
Ribbon Communications, Inc. (a) 234,010 744,152
ViaSat, Inc. (a) 98,456 3,046,229
Viavi Solutions, Inc. (a) 316,821 3,443,844
TOTAL COMMUNICATIONS EQUIPMENT 253,142,148
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.4% 
Electronic Components – 1.1%
Amphenol Corp. Class A 393,469 34,747,247
Belden, Inc. 46,153 4,460,226
Coherent Corp. (a) 139,444 6,604,068
Corning, Inc. 559,334 18,983,796
Knowles Corp. (a) 169,162 3,090,590
Lightwave Logic, Inc. (a) 272,324 1,830,017
Littelfuse, Inc. 22,130 6,740,798
Rogers Corp. (a) 21,679 3,655,296
Vishay Intertechnology, Inc. 146,334 4,119,302
      84,231,340
Electronic Equipment & Instruments – 1.6%
Advanced Energy Industries, Inc. 40,335 5,049,135
Arlo Technologies, Inc. (a) 225,186 2,558,113
Badger Meter, Inc. 31,847 5,243,290
Cognex Corp. 141,503 7,728,894
Crane NXT Co. 62,162 3,676,882
Evolv Technologies Holdings, Inc. (a) 204,799 1,347,577
FARO Technologies, Inc. (a) 47,209 783,197
Itron, Inc. (a) 54,134 4,258,722
Keysight Technologies, Inc. (a) 121,720 19,606,658
MicroVision, Inc. (a) 442,046 1,768,184
Mirion Technologies, Inc. (a) 351,926 2,657,041
Napco Security Technologies, Inc. 74,109 2,777,605
National Instruments Corp. 117,026 6,904,534

    Shares Value
nLight, Inc. (a) 109,162 $ 1,571,933
Novanta, Inc. (a) 33,174 5,868,481
OSI Systems, Inc. (a) 26,413 3,149,222
PAR Technology Corp. (a) 67,924 2,349,491
SmartRent, Inc. (a) 401,003 1,595,992
Teledyne Technologies, Inc. (a) 33,908 13,038,643
Trimble, Inc. (a) 190,495 10,248,631
Vishay Precision Group, Inc. (a) 30,045 1,123,984
Vontier Corp. 156,372 4,836,586
Zebra Technologies Corp. Class A (a) 38,708 11,920,516
      120,063,311
Electronic Manufacturing Services – 1.1%
Benchmark Electronics, Inc. 89,490 2,372,380
CTS Corp. 65,820 2,937,547
Fabrinet (a) 39,777 4,918,028
Flex Ltd. (a) 349,301 9,556,875
IPG Photonics Corp. (a) 33,863 4,451,291
Jabil, Inc. 102,447 11,337,810
Kimball Electronics, Inc. (a) 62,180 1,814,412
Methode Electronics, Inc. 82,447 2,773,517
Plexus Corp. (a) 36,602 3,604,931
Sanmina Corp. (a) 69,203 4,253,216
TE Connectivity Ltd. 211,238 30,310,541
TTM Technologies, Inc. (a) 199,758 2,868,525
      81,199,073
Technology Distributors – 0.6%
Arrow Electronics, Inc. (a) 49,695 7,083,525
Avnet, Inc. 97,515 4,729,478
CDW Corp. 94,599 17,696,635
ePlus, Inc. (a) 52,440 2,954,994
Insight Enterprises, Inc. (a) 30,655 4,496,782
PC Connection, Inc. 30,235 1,463,676
ScanSource, Inc. (a) 63,730 1,917,636
TD SYNNEX Corp. 49,493 4,885,454
      45,228,180
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 330,721,904
IT SERVICES – 5.5% 
Internet Services & Infrastructure – 1.8%
Akamai Technologies, Inc. (a) 118,280 11,177,460
BigCommerce Holdings, Inc. Series 1 (a) 159,335 1,722,411
Cloudflare, Inc. Class A (a) 197,883 13,608,414
DigitalOcean Holdings, Inc. (a) 82,599 4,090,303
Fastly, Inc. Class A (a) 194,935 3,580,956
GoDaddy, Inc. Class A (a) 116,204 8,958,167
MongoDB, Inc. (a) 49,638 21,016,729
Okta, Inc. (a) 123,934 9,525,567
Rackspace Technology, Inc. (a) 125,947 292,197
 
See accompanying notes which are an integral part of the financial statements.
69 Annual Report 


Fidelity® MSCI Information Technology Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
IT SERVICES – continued
Internet Services & Infrastructure – continued
Snowflake, Inc. Class A (a) 172,037 $ 30,572,695
Squarespace, Inc. Class A (a) 87,791 2,909,394
Twilio, Inc. Class A (a) 142,893 9,435,225
VeriSign, Inc. (a) 67,594 14,258,954
      131,148,472
IT Consulting & Other Services – 3.7%
Accenture PLC Class A 401,287 126,947,142
Cognizant Technology Solutions Corp. Class A 344,390 22,740,072
DXC Technology Co. (a) 209,964 5,805,505
EPAM Systems, Inc. (a) 44,407 10,516,022
Gartner, Inc. (a) 54,341 19,214,434
Grid Dynamics Holdings, Inc. (a) 141,106 1,470,324
International Business Machines Corp. 581,024 83,772,040
Kyndryl Holdings, Inc. (a) 293,180 4,004,839
Perficient, Inc. (a) 45,319 2,890,899
The Hackett Group, Inc. 61,500 1,429,875
Thoughtworks Holding, Inc. (a) 239,053 1,694,886
      280,486,038
TOTAL IT SERVICES 411,634,510
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 22.4% 
Semiconductor Materials & Equipment – 3.9%
ACM Research, Inc. Class A (a) 116,882 1,531,154
Aehr Test Systems (a) 65,435 3,413,090
Amkor Technology, Inc. 139,530 4,058,928
Applied Materials, Inc. 542,200 82,192,098
Axcelis Technologies, Inc. (a) 31,563 6,327,750
Cohu, Inc. (a) 78,051 3,406,926
Enphase Energy, Inc. (a) 95,522 14,503,105
Entegris, Inc. 111,334 12,214,453
FormFactor, Inc. (a) 108,051 4,015,175
Ichor Holdings Ltd. (a) 71,691 2,775,876
KLA Corp. 90,496 46,510,419
Kulicke & Soffa Industries, Inc. 69,768 4,177,708
Lam Research Corp. 87,248 62,686,816
MKS Instruments, Inc. 55,961 6,109,262
Onto Innovation, Inc. (a) 47,947 5,960,771
PDF Solutions, Inc. (a) 63,328 2,912,455
Photronics, Inc. (a) 131,282 3,472,409
SolarEdge Technologies, Inc. (a) 42,245 10,200,478
Teradyne, Inc. 113,892 12,862,962
Ultra Clean Holdings, Inc. (a) 82,265 3,134,296
Veeco Instruments, Inc. (a) 106,926 3,011,036
      295,477,167
Semiconductors – 18.5%
Advanced Micro Devices, Inc. (a) 1,023,702 117,111,509
Allegro MicroSystems, Inc. (a) 92,412 4,769,383

    Shares Value
Alpha & Omega Semiconductor Ltd. (a) 59,872 $ 1,968,591
Ambarella, Inc. (a) 47,216 3,938,759
Analog Devices, Inc. 325,356 64,918,283
Broadcom, Inc. 263,631 236,911,998
CEVA, Inc. (a) 56,885 1,544,997
Cirrus Logic, Inc. (a) 58,593 4,734,314
Credo Technology Group Holding Ltd. (a) 212,744 3,610,266
Diodes, Inc. (a) 48,745 4,605,915
First Solar, Inc. (a) 73,159 15,173,177
Impinj, Inc. (a) 36,310 2,418,972
indie Semiconductor, Inc. Class A (a) 286,866 2,719,490
Intel Corp. 2,667,299 95,409,285
Lattice Semiconductor Corp. (a) 105,687 9,611,176
MACOM Technology Solutions Holdings, Inc. (a) 65,361 4,570,041
MagnaChip Semiconductor Corp. (a) 106,910 988,917
Marvell Technology, Inc. 571,544 37,224,661
MaxLinear, Inc. (a) 104,477 2,577,448
Microchip Technology, Inc. 363,974 34,191,717
Micron Technology, Inc. 708,962 50,612,797
Monolithic Power Systems, Inc. 31,799 17,791,222
Navitas Semiconductor Corp. (a) 253,779 2,684,982
NVIDIA Corp. 722,690 337,705,810
NXP Semiconductors N.V. 171,663 38,277,416
ON Semiconductor Corp. (a) 289,409 31,183,820
Power Integrations, Inc. 56,399 5,478,599
Qorvo, Inc. (a) 80,851 8,895,227
QUALCOMM, Inc. 713,827 94,346,515
Rambus, Inc. (a) 100,614 6,299,442
Semtech Corp. (a) 122,397 3,573,992
Silicon Laboratories, Inc. (a) 32,054 4,780,534
SiTime Corp. (a) 27,059 3,490,882
Skyworks Solutions, Inc. 116,428 13,315,870
SMART Global Holdings, Inc. (a) 111,046 2,953,824
Synaptics, Inc. (a) 46,832 4,229,398
Texas Instruments, Inc. 578,010 104,041,800
Universal Display Corp. 41,155 6,003,691
Wolfspeed, Inc. (a) 114,492 7,545,023
      1,392,209,743
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 1,687,686,910
SOFTWARE – 39.8% 
Application Software – 14.3%
8x8, Inc. (a) 284,228 1,347,241
ACI Worldwide, Inc. (a) 150,317 3,485,851
Adobe, Inc. (a) 291,766 159,353,931
Agilysys, Inc. (a) 44,375 3,267,331
Alarm.com Holdings, Inc. (a) 65,689 3,626,690
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 70


Common Stocks – continued
    Shares Value
SOFTWARE – continued
Application Software – continued
Alkami Technology, Inc. (a) 105,055 $ 1,773,328
Altair Engineering, Inc. Class A (a) 59,332 4,446,340
Alteryx, Inc. Class A (a) 84,385 3,498,602
American Software, Inc. Class A 80,357 926,516
Amplitude, Inc. Class A (a) 139,745 1,618,247
ANSYS, Inc. (a) 59,575 20,380,607
Appfolio, Inc. Class A (a) 22,798 4,117,091
AppLovin Corp. Class A (a) 174,203 5,469,974
Asana, Inc. Class A (a) 127,941 3,106,407
Aspen Technology, Inc. (a) 29,363 5,241,295
Atlassian Corp. Ltd. Class A (a) 104,827 19,072,224
Aurora Innovation, Inc. (a) 1,459,295 4,786,488
Autodesk, Inc. (a) 142,626 30,235,286
AvePoint, Inc. (a) 288,731 1,790,132
Bentley Systems, Inc. Class B 176,012 9,483,527
Bills Holdings, Inc. (a) 76,618 9,603,300
Black Knight, Inc. (a) 129,564 9,110,940
Blackbaud, Inc. (a) 52,761 3,980,817
Blackline, Inc. (a) 66,702 3,874,052
Box, Inc. Class A (a) 153,796 4,806,125
Braze, Inc. Class A (a) 74,673 3,394,635
C3.ai, Inc. Class A (a) 121,332 5,095,944
Cadence Design Systems, Inc. (a) 178,772 41,834,436
CCC Intelligent Solutions Holdings, Inc. (a) 282,013 3,107,783
Cerence, Inc. (a) 99,760 2,774,326
Clear Secure, Inc. Class A 129,254 3,064,612
Clearwater Analytics Holdings, Inc. Class A (a) 173,141 2,983,219
Consensus Cloud Solutions, Inc. (a) 47,575 1,541,906
Couchbase, Inc. (a) 80,289 1,340,023
CS Disco, Inc. (a) 59,773 582,189
Datadog, Inc. Class A (a) 174,793 20,401,839
Digital Turbine, Inc. (a) 246,777 2,675,063
DocuSign, Inc. (a) 161,516 8,692,791
Domo, Inc. Class B (a) 75,403 1,347,452
DoubleVerify Holdings, Inc. (a) 121,267 5,105,341
Dropbox, Inc. Class A (a) 235,966 6,359,284
Dynatrace, Inc. (a) 171,487 9,378,624
E2open Parent Holdings, Inc. (a) 380,012 1,957,062
Ebix, Inc. 62,175 1,924,938
Elastic N.V. (a) 76,482 5,082,229
Enfusion, Inc. Class A (a) 31,983 347,016
EngageSmart, Inc. (a) 124,318 2,357,069
Envestnet, Inc. (a) 35,211 2,182,378
Everbridge, Inc. (a) 95,089 2,932,545
Expensify, Inc. Class A (a) 85,845 691,911
Fair Isaac Corp. (a) 17,925 15,020,612
Five9, Inc. (a) 70,210 6,160,927

    Shares Value
ForgeRock, Inc. Class A (a) 103,595 $ 2,139,237
Freshworks, Inc. Class A (a) 198,580 3,705,503
Guidewire Software, Inc. (a) 74,535 6,322,059
HashiCorp, Inc. Class A (a) 121,331 3,592,611
HubSpot, Inc. (a) 32,813 19,049,587
Informatica, Inc. Class A (a) 90,497 1,723,063
Intapp, Inc. (a) 48,085 1,974,370
InterDigital, Inc. 38,883 3,604,065
Intuit, Inc. 179,384 91,790,793
Jamf Holding Corp. (a) 122,288 2,656,095
LivePerson, Inc. (a) 171,704 815,594
LiveRamp Holdings, Inc. (a) 110,951 3,166,542
Manhattan Associates, Inc. (a) 48,028 9,155,097
Marathon Digital Holdings, Inc. (a) 279,353 4,852,362
Matterport, Inc. (a) 622,028 2,108,675
MeridianLink, Inc. (a) 50,697 1,132,571
MicroStrategy, Inc. Class A (a) 12,786 5,598,734
Mitek Systems, Inc. (a) 112,321 1,146,797
Model N, Inc. (a) 77,383 2,578,402
nCino, Inc. (a) 94,243 3,048,761
NCR Corp. (a) 157,823 4,242,282
New Relic, Inc. (a) 61,285 5,146,714
Nutanix, Inc. Class A (a) 210,407 6,354,291
Olo, Inc. Class A (a) 247,965 1,949,005
ON24, Inc. 83,491 738,895
PagerDuty, Inc. (a) 138,680 3,594,586
Palantir Technologies, Inc. Class A (a) 1,261,966 25,037,405
Pegasystems, Inc. 62,150 3,278,412
PowerSchool Holdings, Inc. Class A (a) 134,127 3,241,850
Procore Technologies, Inc. (a) 76,528 5,804,649
PROS Holdings, Inc. (a) 89,328 3,394,464
PTC, Inc. (a) 83,064 12,111,562
Q2 Holdings, Inc. (a) 99,366 3,524,512
Rimini Street, Inc. (a) 133,978 364,420
RingCentral, Inc. Class A (a) 105,605 4,367,823
Riot Blockchain, Inc. (a) 264,825 4,904,559
Roper Technologies, Inc. 70,131 34,578,090
Salesforce, Inc. (a) 634,280 142,719,343
Samsara, Inc. Class A (a) 149,091 4,165,603
SEMrush Holdings, Inc. Class A (a) 89,279 947,250
Smartsheet, Inc. Class A (a) 125,006 5,550,266
SoundHound AI, Inc. Class A (a) 362,404 844,401
SoundThinking, Inc. (a) 23,144 525,832
Splunk, Inc. (a) 115,429 12,504,424
Sprinklr, Inc. Class A (a) 186,010 2,611,580
Sprout Social, Inc. Class A (a) 68,635 3,921,804
SPS Commerce, Inc. (a) 32,928 5,939,882
Synopsys, Inc. (a) 99,459 44,935,576
Tyler Technologies, Inc. (a) 30,835 12,230,086
See accompanying notes which are an integral part of the financial statements.
71 Annual Report 


Fidelity® MSCI Information Technology Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
SOFTWARE – continued
Application Software – continued
Unity Software, Inc. (a) 197,668 $ 9,061,101
Verint Systems, Inc. (a) 91,486 3,418,832
Vertex, Inc. Class A (a) 106,106 2,202,761
Workday, Inc. Class A (a) 136,077 32,267,939
Workiva, Inc. (a) 49,439 5,205,432
Yext, Inc. (a) 245,603 2,387,261
Zeta Global Holdings Corp. Class A (a) 293,239 2,703,664
Zoom Video Communications, Inc. Class A (a) 172,534 12,655,369
      1,076,331,339
Systems Software – 25.5%
A10 Networks, Inc. 174,975 2,715,612
Adeia, Inc. 241,429 2,901,977
Appian Corp. Class A (a) 60,796 3,132,210
CommVault Systems, Inc. (a) 52,406 4,084,000
Crowdstrike Holdings, Inc. Class A (a) 150,748 24,369,922
Dolby Laboratories, Inc. Class A 59,284 5,253,155
Fortinet, Inc. (a) 440,854 34,263,173
Gitlab, Inc. Class A (a) 91,657 4,548,937
JFrog Ltd. (a) 112,875 3,473,164
Microsoft Corp. 4,431,703 1,488,697,672
N-Able, Inc. (a) 158,500 2,230,095
NortonLifelock, Inc. 460,251 8,951,882
OneSpan, Inc. (a) 77,582 1,065,977
Oracle Corp. 1,030,697 120,828,609
Palo Alto Networks, Inc. (a) 198,295 49,565,818
Progress Software Corp. 61,166 3,673,630
Qualys, Inc. (a) 38,081 5,285,643
Rapid7, Inc. (a) 81,351 3,734,824
SentinelOne, Inc. Class A (a) 274,163 4,570,297
ServiceNow, Inc. (a) 130,945 76,340,935
SolarWinds Corp. (a) 123,436 1,301,016
Tenable Holdings, Inc. (a) 117,870 5,735,554
Teradata Corp. (a) 99,093 5,633,437
UiPath, Inc. Class A (a) 327,126 5,914,438
Varonis Systems, Inc. (a) 141,112 4,049,914
VMware, Inc. Class A (a) 160,316 25,270,611
Xperi, Inc. (a) 105,828 1,388,463

    Shares Value
Zscaler, Inc. (a) 67,222 $ 10,781,064
Zuora, Inc. Class A (a) 266,855 3,130,209
      1,912,892,238
TOTAL SOFTWARE 2,989,223,577
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 24.3% 
Technology Hardware, Storage & Peripherals – 24.3%
Apple, Inc. 8,719,143 1,712,875,642
Avid Technology, Inc. (a) 88,066 2,099,494
Corsair Gaming, Inc. (a) 110,355 2,039,360
DELL Technologies, Inc. Class C 197,974 10,476,784
Hewlett Packard Enterprise Co. 921,814 16,021,127
HP, Inc. 613,431 20,138,940
IonQ, Inc. (a) 294,807 5,675,035
NetApp, Inc. 158,741 12,383,385
Pure Storage, Inc. Class A (a) 248,367 9,187,095
Seagate Technology Holdings PLC 148,684 9,441,434
Super Micro Computer, Inc. (a) 39,558 13,064,821
Western Digital Corp. (a) 249,487 10,618,167
Xerox Holdings Corp. 202,313 3,232,962
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS 1,827,254,246
TOTAL COMMON STOCKS
(Cost $4,483,179,747)
7,499,663,295
Money Market Fund – 0.2%
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.15% (b)
(Cost $10,964,000)
10,964,000 10,964,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $4,494,143,747)
7,510,627,295
NET OTHER ASSETS (LIABILITIES) – 0.0% 1,387,988
NET ASSETS – 100.0% $7,512,015,283
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 72


Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contracts          
CME E-mini Russell 2000 Index Contracts (United States) 5 September 2023 $  503,400 $ 24,197 $ 24,197
CME E-mini Technology Select Sector Index Contracts (United States) 59 September 2023 10,664,250 510,130 510,130
Total Equity Index Contracts         $ 534,327
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 July 31, 2023, 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   $ 7,499,663,295   $ 7,499,663,295   $ $  
Money Market Funds   10,964,000   10,964,000    
Total Investments in Securities:   $ 7,510,627,295   $ 7,510,627,295   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 534,327   $ 534,327   $ $  
Total Assets   $ 534,327   $ 534,327   $ $  
Total Derivative Instruments:   $ 534,327   $ 534,327   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2023. 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) $534,327   $0
Total Equity Risk 534,327   0
Total Value of Derivatives $534,327   $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.
73 Annual Report 


Fidelity® MSCI Materials Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.9%
    Shares Value
CHEMICALS – 61.9% 
Commodity Chemicals – 7.3%
AdvanSix, Inc. 10,656 $ 427,412
Cabot Corp. 21,859 1,551,989
Dow, Inc. 275,274 15,544,723
Hawkins, Inc. 7,789 364,136
Koppers Holdings, Inc. 8,079 309,102
Kronos Worldwide, Inc. 8,911 83,318
LyondellBasell Industries N.V. Class A 101,237 10,008,290
Mativ Holdings, Inc. 21,204 333,751
Olin Corp. 48,340 2,788,251
Origin Materials, Inc. (a) 42,013 188,218
Orion SA 22,203 486,690
PureCycle Technologies, Inc. (a) 35,046 414,945
Trinseo PLC 10,973 193,344
Tronox Holdings PLC Class A 44,979 597,771
Westlake Corp. 14,908 2,049,850
      35,341,790
Diversified Chemicals – 0.9%
Huntsman Corp. 67,721 2,016,054
LSB Industries, Inc. (a) 19,281 215,369
The Chemours Co. 57,879 2,140,366
      4,371,789
Fertilizers & Agricultural Chemicals – 6.9%
American Vanguard Corp. 10,906 196,962
CF Industries Holdings, Inc. 76,197 6,254,250
Corteva, Inc. 277,069 15,635,004
FMC Corp. 48,656 4,682,167
Intrepid Potash, Inc. (a) 4,013 110,357
The Mosaic Co. 129,124 5,263,094
The Scotts Miracle-Gro Co. Class A 16,273 1,139,761
      33,281,595
Industrial Gases – 20.8%
Air Products & Chemicals, Inc. 86,348 26,364,635
Linde PLC 190,648 74,480,454
      100,845,089
Specialty Chemicals – 26.0%
Albemarle Corp. 45,607 9,681,454
Amyris, Inc. (a) 92,504 82,033
Ashland, Inc. 20,064 1,833,047
Aspen Aerogels, Inc. (a) 24,557 204,805
Avient Corp. 33,578 1,360,916
Axalta Coating Systems Ltd. (a) 85,947 2,750,304
Balchem Corp. 12,520 1,686,945
Celanese Corp. 40,935 5,132,840
Chase Corp. 2,964 373,138
DuPont de Nemours, Inc. 178,470 13,854,626
Eastman Chemical Co. 46,322 3,964,237
Ecolab, Inc. 99,614 18,243,308
ECOVYST, Inc. (a) 40,658 499,687

    Shares Value
Element Solutions, Inc. 89,234 $ 1,870,345
FutureFuel Corp. 9,964 96,850
Ginkgo Bioworks Holdings, Inc. (a) 366,729 920,490
HB Fuller Co. 20,890 1,546,487
Ingevity Corp. (a) 13,752 880,403
Innospec, Inc. 9,716 1,040,972
International Flavors & Fragrances, Inc. 99,173 8,391,027
Livent Corp. (a) 69,894 1,720,790
Minerals Technologies, Inc. 12,679 777,857
NewMarket Corp. 2,828 1,277,408
Perimeter Solutions S.A. (a) 55,607 309,175
PPG Industries, Inc. 91,510 13,168,289
Quaker Chemical Corp. 4,895 980,860
RPM International, Inc. 50,122 5,178,104
Sensient Technologies Corp. 16,387 1,049,423
Stepan Co. 8,664 830,184
The Sherwin-Williams Co. 95,461 26,394,966
      126,100,970
TOTAL CHEMICALS 299,941,233
CONSTRUCTION MATERIALS – 5.7% 
Construction Materials – 5.7%
Eagle Materials, Inc. 14,018 2,584,499
Knife River Corp. (a) 18,671 811,628
Martin Marietta Materials, Inc. 24,105 10,761,918
Summit Materials, Inc. Class A (a) 46,243 1,673,072
United States Lime & Minerals, Inc. 873 179,497
Vulcan Materials Co. 51,734 11,407,347
TOTAL CONSTRUCTION MATERIALS 27,417,961
CONTAINERS & PACKAGING – 11.4% 
Metal, Glass & Plastic Containers – 4.6%
AptarGroup, Inc. 25,422 3,087,756
Ball Corp. 122,240 7,174,266
Berry Global Group, Inc. 47,202 3,095,035
Crown Holdings, Inc. 46,699 4,331,799
Greif, Inc. Class A 10,104 747,393
Greif, Inc. Class B 2,082 164,624
Myers Industries, Inc. 12,139 238,046
O-I Glass, Inc. (a) 60,244 1,383,202
Silgan Holdings, Inc. 34,276 1,503,003
Trimas Corp. 16,106 414,890
      22,140,014
Paper & Plastic Packaging Products & Materials – 6.8%
Amcor PLC 577,687 5,927,069
Avery Dennison Corp. 31,536 5,802,939
Graphic Packaging Holding Co. 119,490 2,891,658
International Paper Co. 129,045 4,653,363
Packaging Corp. of America 34,948 5,359,276
Pactiv Evergreen, Inc. 17,358 149,452
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 74


Common Stocks – continued
    Shares Value
CONTAINERS & PACKAGING – continued
Paper & Plastic Packaging Products & Materials – continued
Ranpak Holdings Corp. (a) 18,124 $ 116,175
Sealed Air Corp. 56,037 2,556,408
Sonoco Products Co. 38,093 2,233,773
Westrock Co. 99,011 3,296,076
      32,986,189
TOTAL CONTAINERS & PACKAGING 55,126,203
METALS & MINING – 20.3% 
Aluminum – 0.9%
Alcoa Corp. 69,359 2,510,102
Arconic Corp. (a) 38,577 1,153,067
Century Aluminum Co. (a) 21,567 200,573
Kaiser Aluminum Corp. 6,169 500,923
      4,364,665
Copper – 5.1%
Freeport-McMoRan, Inc. 556,269 24,837,411
Diversified Metals & Mining – 0.7%
Compass Minerals International, Inc. 13,556 513,366
Ivanhoe Electric, Inc. (a) 20,069 326,322
Materion Corp. 8,025 956,098
MP Materials Corp. (a) 41,458 988,773
Piedmont Lithium, Inc. (a) 7,096 389,287
      3,173,846
Gold – 3.4%
Coeur Mining, Inc. (a) 125,112 385,345
Newmont Corp. 308,913 13,258,546
Royal Gold, Inc. 25,523 3,066,333
      16,710,224
Silver – 0.3%
Hecla Mining Co. 222,027 1,278,875
Steel – 9.9%
Alpha Metallurgical Resources, Inc. 5,265 912,003
Arch Resources, Inc. 6,442 827,411
ATI, Inc. (a) 49,991 2,383,571
Carpenter Technology Corp. 18,892 1,130,875
Cleveland-Cliffs, Inc. (a) 200,257 3,534,536
Commercial Metals Co. 45,540 2,605,799
Haynes International, Inc. 4,918 246,687
Nucor Corp. 97,956 16,857,248
Olympic Steel, Inc. 3,882 216,577

    Shares Value
Ramaco Resources, Inc. 10,381 $ 95,505
Reliance Steel & Aluminum Co. 22,878 6,700,051
Ryerson Holding Corp. 8,970 381,135
Schnitzer Steel Industries, Inc. Class A 10,083 365,106
Steel Dynamics, Inc. 63,376 6,754,614
SunCoke Energy, Inc. 32,440 288,067
TimkenSteel Corp. (a) 15,380 358,354
United States Steel Corp. 88,372 2,253,486
Warrior Met Coal, Inc. 20,249 896,018
Worthington Industries, Inc. 12,592 939,615
      47,746,658
TOTAL METALS & MINING 98,111,679
PAPER & FOREST PRODUCTS – 0.6% 
Forest Products – 0.4%
Louisiana-Pacific Corp. 25,221 1,920,075
Paper Products – 0.2%
Clearwater Paper Corp. (a) 6,615 213,202
Mercer International, Inc. 15,469 137,674
Sylvamo Corp. 14,820 727,217
      1,078,093
TOTAL PAPER & FOREST PRODUCTS 2,998,168
TOTAL COMMON STOCKS
(Cost $479,272,079)
483,595,244
Money Market Fund – 0.2%
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.15% (b)
(Cost $889,000)
889,000 889,000
TOTAL INVESTMENT IN SECURITIES – 100.1%
(Cost $480,161,079)
484,484,244
NET OTHER ASSETS (LIABILITIES) – (0.1%) (382,128)
NET ASSETS – 100.0% $ 484,102,116
    
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.
75 Annual Report 


Fidelity® MSCI Materials Index ETF
Schedule of Investmentscontinued
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
CME E-mini Materials Select Sector Index Contracts (United States) 5 September 2023 $456,400 $19,088 $19,088
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 July 31, 2023, 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   $ 483,595,244   $ 483,595,244   $ $  
Money Market Funds   889,000   889,000    
Total Investments in Securities:   $ 484,484,244   $ 484,484,244   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 19,088   $ 19,088   $ $  
Total Assets   $ 19,088   $ 19,088   $ $  
Total Derivative Instruments:   $ 19,088   $ 19,088   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2023. 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) $19,088   $0
Total Equity Risk 19,088   0
Total Value of Derivatives $19,088   $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.
 Annual Report 76


Fidelity® MSCI Real Estate Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.7%
    Shares Value
DIVERSIFIED REITS – 2.1% 
Diversified REITs – 2.1%
Alexander & Baldwin, Inc. 57,174 $ 1,097,741
American Assets Trust, Inc. 41,261 928,372
Armada Hoffler Properties, Inc. 54,203 673,201
Broadstone Net Lease, Inc. 145,391 2,369,873
Empire State Realty Trust, Inc. Class A 107,967 966,305
Essential Properties Realty Trust, Inc. 115,001 2,823,275
Gladstone Commercial Corp. 33,267 442,451
Global Net Lease, Inc. 82,308 879,872
One Liberty Properties, Inc. 13,806 282,057
WP Carey, Inc. 165,424 11,171,083
TOTAL DIVERSIFIED REITS 21,634,230
HEALTH CARE REITS – 8.1% 
Health Care REITs – 8.1%
CareTrust REIT, Inc. 77,803 1,617,524
Community Healthcare Trust, Inc. 20,476 721,574
Global Medical REIT, Inc. 48,991 485,011
Healthcare Realty Trust, Inc. 294,736 5,756,194
Healthpeak Properties, Inc. 423,045 9,235,072
LTC Properties, Inc. 32,181 1,079,994
Medical Properties Trust, Inc. 462,706 4,668,704
National Health Investors, Inc. 34,107 1,872,816
Omega Healthcare Investors, Inc. 181,309 5,783,757
Physicians Realty Trust 185,064 2,727,843
Sabra Health Care REIT, Inc. 182,387 2,369,207
Universal Health Realty Income Trust 10,648 508,229
Ventas, Inc. 309,405 15,012,331
Welltower, Inc. 383,836 31,532,128
TOTAL HEALTH CARE REITS 83,370,384
HOTEL & RESORT REITS – 2.7% 
Hotel & Resort REITs – 2.7%
Apple Hospitality REIT, Inc. 169,044 2,620,182
Chatham Lodging Trust 37,654 361,478
DiamondRock Hospitality Co. 163,639 1,390,932
Host Hotels & Resorts, Inc. 551,808 10,153,267
Park Hotels & Resorts, Inc. 172,324 2,348,776
Pebblebrook Hotel Trust 97,228 1,502,173
RLJ Lodging Trust 125,404 1,291,661
Ryman Hospitality Properties, Inc. 40,656 3,874,110
Service Properties Trust 133,321 1,131,895
Summit Hotel Properties, Inc. 90,490 582,756
Sunstone Hotel Investors, Inc. 156,269 1,592,381
Xenia Hotels & Resorts, Inc. 86,617 1,100,036
TOTAL HOTEL & RESORT REITS 27,949,647

    Shares Value
INDUSTRIAL REITS – 12.4% 
Industrial REITs – 12.4%
Americold Realty Trust, Inc. 208,969 $ 6,774,775
EastGroup Properties, Inc. 34,233 6,065,403
First Industrial Realty Trust, Inc. 102,347 5,291,340
LXP Industrial Trust 230,059 2,316,694
Plymouth Industrial REIT, Inc. 32,221 733,672
Prologis, Inc. 714,202 89,096,700
Rexford Industrial Realty, Inc. 155,292 8,555,036
STAG Industrial, Inc. 138,914 5,042,578
Terreno Realty Corp. 64,063 3,801,499
TOTAL INDUSTRIAL REITS 127,677,697
OFFICE REITS – 4.7% 
Office REITs – 4.7%
Alexandria Real Estate Equities, Inc. 127,120 15,976,442
Boston Properties, Inc. 115,094 7,668,713
Brandywine Realty Trust 141,624 715,201
Corporate Office Properties Trust 87,017 2,262,442
Cousins Properties, Inc. 117,213 2,863,514
Douglas Emmett, Inc. 137,103 2,015,414
Easterly Government Properties, Inc. 71,559 1,056,211
Equity Commonwealth 87,507 1,714,262
Highwoods Properties, Inc. 81,565 2,061,147
Hudson Pacific Properties, Inc. 99,651 584,951
JBG SMITH Properties 83,383 1,394,998
Kilroy Realty Corp. 85,958 3,068,701
Office Properties Income Trust 38,945 299,876
Orion Office REIT, Inc. 49,442 321,373
Paramount Group, Inc. 127,415 667,655
Piedmont Office Realty Trust, Inc. Class A 100,429 747,192
SL Green Realty Corp. 50,324 1,897,718
Vornado Realty Trust 126,088 2,834,458
TOTAL OFFICE REITS 48,150,268
REAL ESTATE MANAGEMENT & DEVELOPMENT – 7.5% 
Diversified Real Estate Activities – 0.2%
Tejon Ranch Co. (a) 17,016 299,652
The RMR Group, Inc. Class A 12,032 283,714
The St. Joe Co. 27,700 1,758,396
      2,341,762
Real Estate Development – 0.3%
Forestar Group, Inc. (a) 16,232 478,519
The Howard Hughes Corp. (a) 27,065 2,285,098
      2,763,617
Real Estate Operating Companies – 0.4%
DigitalBridge Group, Inc. 125,074 2,003,686
FRP Holdings, Inc. (a) 5,826 334,238
Kennedy-Wilson Holdings, Inc. 76,506 1,262,349
 
See accompanying notes which are an integral part of the financial statements.
77 Annual Report 


Fidelity® MSCI Real Estate Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
REAL ESTATE MANAGEMENT & DEVELOPMENT – continued
Real Estate Operating Companies – continued
Seritage Growth Properties, Class A (a) 29,711 $ 278,986
      3,879,259
Real Estate Services – 6.6%
Anywhere Real Estate, Inc. (a) 80,767 676,827
CBRE Group, Inc. Class A (a) 240,365 20,024,808
Compass, Inc. Class A (a) 231,483 969,914
CoStar Group, Inc. (a) 314,598 26,416,794
Cushman & Wakefield PLC (a) 123,814 1,217,092
eXp World Holdings, Inc. 57,855 1,442,904
Jones Lang LaSalle, Inc. (a) 36,777 6,125,209
Marcus & Millichap, Inc. 19,891 729,602
Newmark Group, Inc. Class A 112,958 781,669
Opendoor Technologies, Inc. (a) 398,011 2,033,836
RE/MAX Holdings, Inc. Class A 15,732 310,078
Redfin Corp. (a) 85,135 1,275,322
Zillow Group, Inc. Class C (a) 118,629 6,424,947
      68,429,002
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT 77,413,640
RESIDENTIAL REITS – 14.0% 
Multi-Family Residential REITs – 9.2%
Apartment Income REIT Corp. 115,182 3,978,386
Apartment Investment and Management Co. Class A 106,756 889,278
AvalonBay Communities, Inc. 108,284 20,427,777
Camden Property Trust 82,522 9,002,325
Centerspace 12,188 757,240
Elme Communities 69,464 1,128,790
Equity Residential 278,388 18,356,905
Essex Property Trust, Inc. 49,857 12,142,672
Independence Realty Trust, Inc. 173,940 2,963,938
Mid-America Apartment Communities, Inc. 90,179 13,496,189
NexPoint Residential Trust, Inc. 18,523 769,816
UDR, Inc. 241,856 9,887,073
Veris Residential, Inc. (a) 57,450 1,073,166
      94,873,555
Single-Family Residential REITs – 4.8%
American Homes 4 Rent Class A 251,376 9,421,572
Equity Lifestyle Properties, Inc. 136,794 9,736,997
Invitation Homes, Inc. 473,217 16,799,203
Sun Communities, Inc. 96,229 12,538,639
UMH Properties, Inc. 44,375 738,844
      49,235,255
TOTAL RESIDENTIAL REITS 144,108,810

    Shares Value
RETAIL REITS – 12.6% 
Retail REITs – 12.6%
Acadia Realty Trust 74,272 $ 1,166,813
Agree Realty Corp. 69,785 4,520,672
Alexander's, Inc. 1,946 376,298
American Finance Trust, Inc. 107,133 760,644
Brixmor Property Group, Inc. 232,256 5,281,501
CBL & Associates Properties, Inc. 9,105 198,216
Federal Realty Investment Trust 56,678 5,753,951
Getty Realty Corp. 34,819 1,125,350
InvenTrust Properties Corp. 53,282 1,296,884
Kimco Realty Corp. 478,863 9,701,764
Kite Realty Group Trust 169,428 3,876,513
NETSTREIT Corp. 45,427 812,689
NNN REIT, Inc. 140,661 6,003,412
Phillips Edison & Co., Inc. 90,590 3,198,733
Realty Income Corp. 510,864 31,147,378
Regency Centers Corp. 119,102 7,804,754
Retail Opportunity Investments Corp. 99,066 1,459,242
RPT Realty 68,408 743,595
Saul Centers, Inc. 10,122 390,203
Simon Property Group, Inc. 252,694 31,485,672
SITE Centers Corp. 147,577 2,073,457
Spirit Realty Capital, Inc. 109,285 4,407,464
Tanger Factory Outlet Centers, Inc. 82,366 1,928,188
The Macerich Co. 166,374 2,121,269
Urban Edge Properties 91,944 1,563,967
Urstadt Biddle Properties, Inc. Class A 22,954 520,597
Whitestone REIT 36,775 379,518
TOTAL RETAIL REITS 130,098,744
SPECIALIZED REITS – 35.6% 
Data Center REITs – 8.4%
Digital Realty Trust, Inc. 225,287 28,075,266
Equinix, Inc. 72,325 58,577,464
      86,652,730
Other Specialized REITs – 6.2%
EPR Properties 58,387 2,606,396
Farmland Partners, Inc. 40,168 461,530
Four Corners Property Trust, Inc. 67,582 1,777,407
Gaming and Leisure Properties, Inc. 202,904 9,629,824
Gladstone Land Corp. 28,082 470,093
Iron Mountain, Inc. 225,503 13,845,884
Lamar Advertising Co. Class A 67,664 6,678,437
Outfront Media, Inc. 114,946 1,777,065
Safehold, Inc. 31,515 779,366
Uniti Group, Inc. 193,924 1,082,096
VICI Properties, Inc. 776,657 24,449,162
      63,557,260
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 78


Common Stocks – continued
    Shares Value
SPECIALIZED REITS – continued
Self-Storage REITs – 6.5%
CubeSmart 174,442 $ 7,563,805
Extra Space Storage, Inc. 163,457 22,813,693
National Storage Affiliates Trust 65,139 2,201,047
Public Storage 122,366 34,476,621
      67,055,166
Telecom Tower REITs – 12.0%
American Tower Corp. 360,432 68,593,814
Crown Castle, Inc. 335,400 36,320,466
SBA Communications Corp. 83,778 18,343,193
      123,257,473
Timber REITs – 2.5%
PotlatchDeltic Corp. 61,734 3,310,794
Rayonier, Inc. 108,222 3,584,313
Weyerhaeuser Co. 566,821 19,305,923
      26,201,030
TOTAL SPECIALIZED REITS 366,723,659
TOTAL COMMON STOCKS
(Cost $1,168,228,556)
1,027,127,079
Money Market Fund – 0.2%
    Shares Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.15% (b)
(Cost $1,750,000)
1,750,000 $ 1,750,000
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $1,169,978,556)
1,028,877,079
NET OTHER ASSETS (LIABILITIES) – 0.1% 661,498
NET ASSETS – 100.0% $1,029,538,577
    
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 Contracts (United States) 62 September 2023 $2,113,580 $39,006 $39,006
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.
79 Annual Report 


Fidelity® MSCI Real Estate Index ETF
Schedule of Investmentscontinued
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2023, 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   $ 1,027,127,079   $ 1,027,127,079   $ $  
Money Market Funds   1,750,000   1,750,000    
Total Investments in Securities:   $ 1,028,877,079   $ 1,028,877,079   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 39,006   $ 39,006   $ $  
Total Assets   $ 39,006   $ 39,006   $ $  
Total Derivative Instruments:   $ 39,006   $ 39,006   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2023. 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) $39,006   $0
Total Equity Risk 39,006   0
Total Value of Derivatives $39,006   $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.
 Annual Report 80


Fidelity® MSCI Utilities Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.7%
    Shares Value
ELECTRIC UTILITIES – 61.2% 
Electric Utilities – 61.2%
ALLETE, Inc. 98,188 $ 5,638,937
Alliant Energy Corp. 430,860 23,154,416
American Electric Power Co., Inc. 882,510 74,783,897
Constellation Energy Corp. 561,937 54,311,211
Duke Energy Corp. 1,322,122 123,777,062
Edison International 656,416 47,235,695
Entergy Corp. 363,857 37,368,114
Evergy, Inc. 393,876 23,620,744
Eversource Energy 598,145 43,263,828
Exelon Corp. 1,705,780 71,403,951
FirstEnergy Corp. 933,624 36,775,449
Hawaiian Electric Industries, Inc. 188,275 7,227,877
IDACORP, Inc. 86,887 8,933,721
MGE Energy, Inc. 62,367 5,004,328
NextEra Energy, Inc. 3,471,302 254,446,437
NRG Energy, Inc. 398,516 15,139,623
OGE Energy Corp. 343,710 12,425,117
Otter Tail Corp. 64,681 5,239,808
PG&E Corp. (a) 3,081,490 54,265,039
Pinnacle West Capital Corp. 194,296 16,091,595
PNM Resources, Inc. 139,722 6,262,340
Portland General Electric Co. 153,640 7,324,019
PPL Corp. 1,264,451 34,810,336
The Southern Co. 1,872,615 135,464,969
Xcel Energy, Inc. 943,947 59,213,795
TOTAL ELECTRIC UTILITIES 1,163,182,308
GAS UTILITIES – 4.4% 
Gas Utilities – 4.4%
Atmos Energy Corp. 247,876 30,168,988
Chesapeake Utilities Corp. 30,438 3,598,989
National Fuel Gas Co. 149,815 7,956,675
New Jersey Resources Corp. 166,431 7,439,466
Northwest Natural Holding Co. 62,198 2,672,648
ONE Gas, Inc. 95,165 7,530,406
Southwest Gas Holdings, Inc. 122,532 8,079,760
Spire, Inc. 90,067 5,725,559
Star Group LP 52,109 706,598
UGI Corp. 359,784 9,710,570
TOTAL GAS UTILITIES 83,589,659
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 3.5% 
Independent Power Producers & Energy Traders – 2.2%
The AES Corp. 1,147,454 24,819,430
Vistra Corp. 585,722 16,435,360
      41,254,790
Renewable Electricity – 1.3%
Altus Power, Inc. (a) 109,294 744,292
Clearway Energy, Inc. Class A 57,127 1,409,323

    Shares Value
Clearway Energy, Inc. Class C 141,944 $ 3,748,741
Montauk Renewables, Inc. (a) 88,848 777,420
NextEra Energy Partners LP 148,669 8,095,027
Ormat Technologies, Inc. 92,057 7,484,234
Sunnova Energy International, Inc. (a) 178,883 3,159,074
      25,418,111
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS 66,672,901
MULTI-UTILITIES – 26.1% 
Multi-Utilities – 26.1%
Ameren Corp. 450,320 38,578,914
Avista Corp. 129,931 5,020,534
Black Hills Corp. 113,838 6,867,847
CenterPoint Energy, Inc. 1,080,471 32,511,372
CMS Energy Corp. 500,370 30,557,596
Consolidated Edison, Inc. 594,356 56,380,610
Dominion Energy, Inc. 1,432,960 76,735,008
DTE Energy Co. 353,616 40,418,309
NiSource, Inc. 708,511 19,724,946
NorthWestern Corp. 102,733 5,801,332
Public Service Enterprise Group, Inc. 855,713 54,012,605
Sempra 539,819 80,443,827
Unitil Corp. 27,970 1,455,559
WEC Energy Group, Inc. 541,130 48,625,942
TOTAL MULTI-UTILITIES 497,134,401
WATER UTILITIES – 4.5% 
Water Utilities – 4.5%
American States Water Co. 63,365 5,602,100
American Water Works Co., Inc. 333,919 49,229,678
Artesian Resources Corp. Class A 15,122 688,958
California Water Service Group 95,380 5,057,048
Essential Utilities, Inc. 430,885 18,222,127
Middlesex Water Co. 30,628 2,463,104
SJW Group 50,579 3,563,796
The York Water Co. 24,810 1,025,397
TOTAL WATER UTILITIES 85,852,208
TOTAL COMMON STOCKS
(Cost $1,981,372,257)
1,896,431,477
 
See accompanying notes which are an integral part of the financial statements.
81 Annual Report 


Fidelity® MSCI Utilities Index ETF
Schedule of Investmentscontinued
Money Market Fund – 0.2%
    Shares Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.15% (b)
(Cost $4,274,000)
4,274,000 $ 4,274,000
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $1,985,646,257)
1,900,705,477
NET OTHER ASSETS (LIABILITIES) – 0.1% 990,221
NET ASSETS – 100.0% $1,901,695,698
    
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 Utilities Select Sector Index Contracts (United States) 75 September 2023 $5,099,250 $43,080 $43,080
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 July 31, 2023, 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   $ 1,896,431,477   $ 1,896,431,477   $ $  
Money Market Funds   4,274,000   4,274,000    
Total Investments in Securities:   $ 1,900,705,477   $ 1,900,705,477   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 43,080   $ 43,080   $ $  
Total Assets   $ 43,080   $ 43,080   $ $  
Total Derivative Instruments:   $ 43,080   $ 43,080   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2023. 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) $43,080   $0
Total Equity Risk 43,080   0
Total Value of Derivatives $43,080   $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.
 Annual Report 82


[THIS PAGE INTENTIONALLY LEFT BLANK]
83


Financial Statements
Statements of Assets and Liabilities
July 31, 2023
  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 $ 798,766,524   $ 1,295,630,688   $ 1,237,792,607   $ 1,606,253,968
Segregated cash with brokers for derivative instruments 60,000   113,600   124,450   210,250
Cash 108,115   34,758   41,020   16,783
Receivable for investments sold              
Regular delivery       1,893,365
Delayed delivery       71,050
Receivable for fund shares sold 37,926   7,721    
Dividends receivable 1,063,295   421,687   1,472,734   1,056,591
Interest receivable 3,880   8,118   9,060   9,120
Receivable for daily variation margin on futures contracts 1,006   14,761     79,952
Other receivable      
Total assets 800,040,746   1,296,231,333   1,239,439,871   1,609,591,079
Liabilities              
Payable for investments purchased 1,131,520       2,442,568
Payable for fund shares redeemed     20,861  
Accrued management fees 53,732   88,888   86,718   106,992
Payable for daily variation margin on futures contracts     13,704  
Total liabilities 1,185,252   88,888   121,283   2,549,560
Net Assets $798,855,494   $1,296,142,445   $1,239,318,588   $1,607,041,519
Net Assets consist of:              
Paid in capital $865,499,151   $1,269,220,895   $1,146,666,742   $1,306,420,016
Total accumulated earnings (loss) (66,643,657)   26,921,550   92,651,846   300,621,503
Net Assets $798,855,494   $1,296,142,445   $1,239,318,588   $1,607,041,519
Shares outstanding 18,750,000   17,100,000   26,700,000   66,950,000
Net Asset Value per share $ 42.61   $ 75.80   $ 46.42   $ 24.00
Investments at cost $794,304,919   $1,189,234,449   $1,106,838,772   $1,133,811,831
See accompanying notes which are an integral part of the financial statements.
 Annual Report 84


Statements of Assets and Liabilities
July 31, 2023
  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 $ 1,429,769,473   $ 3,079,395,386   $ 799,396,235   $ 7,510,627,295
Segregated cash with brokers for derivative instruments 287,200   356,900   145,800   591,500
Cash 10,891   67,757   18,064   141,825
Receivable for investments sold              
Regular delivery 3,452     1,253,183   12,596,541
Delayed delivery      
Receivable for fund shares sold     19,771   83,507
Dividends receivable 1,119,738   4,241,493   382,169   1,233,620
Interest receivable 11,977   28,850   5,136   44,955
Receivable for daily variation margin on futures contracts 29,076       35,779
Other receivable      
Total assets 1,431,231,807   3,084,090,386   801,220,358   7,525,355,022
Liabilities              
Payable for investments purchased   40,510     12,825,879
Payable for fund shares redeemed 69,352   31,201    
Accrued management fees 98,432   214,107   54,347   513,860
Payable for daily variation margin on futures contracts   50,080   60,385  
Total liabilities 167,784   335,898   114,732   13,339,739
Net Assets $1,431,064,023   $3,083,754,488   $801,105,626   $7,512,015,283
Net Assets consist of:              
Paid in capital $1,441,336,826   $2,589,810,234   $715,606,178   $4,661,816,227
Total accumulated earnings (loss) (10,272,803)   493,944,254   85,499,448   2,850,199,056
Net Assets $1,431,064,023   $3,083,754,488   $801,105,626   $7,512,015,283
Shares outstanding 28,700,000   48,350,000   13,650,000   55,900,000
Net Asset Value per share $ 49.86   $ 63.78   $ 58.69   $ 134.38
Investments at cost $1,287,558,450   $2,484,187,165   $687,012,138   $4,494,143,747
See accompanying notes which are an integral part of the financial statements.
85 Annual Report 


Financial Statements  – continued
Statements of Assets and Liabilities
July 31, 2023
  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 $ 484,484,244   $ 1,028,877,079   $ 1,900,705,477
Segregated cash with brokers for derivative instruments 24,000   145,700   262,500
Cash 8,329   1,165   7,044
Receivable for investments sold          
Regular delivery    
Delayed delivery    
Receivable for fund shares sold    
Dividends receivable 394,496   509,620   914,464
Interest receivable 4,040   5,613   14,126
Receivable for daily variation margin on futures contracts 47,377   14,066  
Other receivable   57,806  
Total assets 484,962,486   1,029,611,049   1,901,903,611
Liabilities          
Payable for investments purchased 827,427    
Payable for fund shares redeemed     35,275
Accrued management fees 32,943   72,472   139,576
Payable for daily variation margin on futures contracts     33,062
Total liabilities 860,370   72,472   207,913
Net Assets $484,102,116   $1,029,538,577   $1,901,695,698
Net Assets consist of:          
Paid in capital $497,488,898   $1,256,582,498   $2,027,692,953
Total accumulated earnings (loss) (13,386,782)   (227,043,921)   (125,997,255)
Net Assets $484,102,116   $1,029,538,577   $1,901,695,698
Shares outstanding 10,000,000   40,200,000   43,950,000
Net Asset Value per share $ 48.41   $ 25.61   $ 43.27
Investments at cost $480,161,079   $1,169,978,556   $1,985,646,257
See accompanying notes which are an integral part of the financial statements.
 Annual Report 86


Statements of Operations
For the year ended July 31, 2023
  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 $  5,697,889   $  11,273,221   $ 27,214,319   $  54,356,245
Interest 41,407   82,418   87,521   84,299
Total income 5,739,296   11,355,639   27,301,840   54,440,544
Expenses              
Management fees 479,078   903,749   938,171   1,292,155
Independent trustees' fees and expenses 2,936   5,702   5,568   7,770
Legal   409    
Total expenses 482,014   909,860   943,739   1,299,925
Net investment income (loss) 5,257,282   10,445,779   26,358,101   53,140,619
Realized and Unrealized Gain (Loss)              
Net realized gain (loss) on investment securities (34,961,819)   (34,153,316)   (16,349,473)   (11,177,327)
Net realized gain (loss) on In-kind redemptions 15,141,572   27,369,356   29,606,400   115,099,165
Net realized gain (loss) on futures contracts 225,804   204,845   (6,865)   (516,772)
Net realized gain (loss) on foreign currency transactions      
Total net realized gain (loss) (19,594,443)   (6,579,115)   13,250,062   103,405,066
Change in net unrealized appreciation (depreciation) on investment securities 118,643,490   109,237,053   32,472,307   60,096,331
Change in net unrealized appreciation (depreciation) on futures contracts 55,396   (64,590)   (61,295)   40,330
Total change in net unrealized appreciation (depreciation) 118,698,886   109,172,463   32,411,012   60,136,661
Net gain (loss) 99,104,443   102,593,348   45,661,074   163,541,727
Net increase (decrease) in net assets resulting from operations $104,361,725   $113,039,127   $ 72,019,175   $216,682,346
See accompanying notes which are an integral part of the financial statements.
87 Annual Report 


Financial Statements  – continued
Statements of Operations
For the year ended July 31, 2023
  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 $  34,143,970   $ 45,247,165   $  11,271,556   $  52,858,026
Interest 128,965   234,456   58,050   345,019
Total income 34,272,935   45,481,621   11,329,606   53,203,045
Expenses              
Management fees 1,223,575   2,528,306   587,109   4,817,645
Independent trustees' fees and expenses 7,768   15,291   3,620   28,816
Legal      
Total expenses 1,231,343   2,543,597   590,729   4,846,461
Net investment income (loss) 33,041,592   42,938,024   10,738,877   48,356,584
Realized and Unrealized Gain (Loss)              
Net realized gain (loss) on investment securities (109,982,227)   (48,708,793)   (18,247,520)   (109,197,966)
Net realized gain (loss) on In-kind redemptions 56,282,565   99,791,217   35,260,426   507,839,393
Net realized gain (loss) on futures contracts 444,116   350,855   123,260   2,814,659
Net realized gain (loss) on foreign currency transactions     (16)  
Total net realized gain (loss) (53,255,546)   51,433,279   17,136,150   401,456,086
Change in net unrealized appreciation (depreciation) on investment securities 106,816,933   (12,074,209)   97,407,499   944,915,424
Change in net unrealized appreciation (depreciation) on futures contracts 14,879   (230,068)   (7,371)   41,517
Total change in net unrealized appreciation (depreciation) 106,831,812   (12,304,277)   97,400,128   944,956,941
Net gain (loss) 53,576,266   39,129,002   114,536,278   1,346,413,027
Net increase (decrease) in net assets resulting from operations $ 86,617,858   $ 82,067,026   $125,275,155   $1,394,769,611
See accompanying notes which are an integral part of the financial statements.
 Annual Report 88


Statements of Operations
For the year ended July 31, 2023
  Fidelity MSCI
Materials
Index ETF
  Fidelity MSCI
Real Estate
Index ETF
  Fidelity MSCI
Utilities
Index ETF
Investment Income          
Dividends $  8,608,060   $  37,036,440   $  62,469,490
Interest 36,710   71,186   157,097
Total income 8,644,770   37,107,626   62,626,587
Expenses          
Management fees 373,187   1,128,403   1,757,535
Independent trustees' fees and expenses 2,323   7,654   10,245
Legal    
Total expenses 375,510   1,136,057   1,767,780
Net investment income (loss) 8,269,260   35,971,569   60,858,807
Realized and Unrealized Gain (Loss)          
Net realized gain (loss) on investment securities (5,418,072)   (40,677,292)   (11,624,223)
Net realized gain (loss) on In-kind redemptions 9,988,163   47,537,324   56,229,170
Net realized gain (loss) on futures contracts 23,568   (840,866)   (1,119,268)
Net realized gain (loss) on foreign currency transactions    
Total net realized gain (loss) 4,593,659   6,019,166   43,485,679
Change in net unrealized appreciation (depreciation) on investment securities 37,282,674   (239,037,793)   (259,497,941)
Change in net unrealized appreciation (depreciation) on futures contracts 49,332   (122,395)   (194,422)
Total change in net unrealized appreciation (depreciation) 37,332,006   (239,160,188)   (259,692,363)
Net gain (loss) 41,925,665   (233,141,022)   (216,206,684)
Net increase (decrease) in net assets resulting from operations $50,194,925   $(197,169,453)   $(155,347,877)
See accompanying notes which are an integral part of the financial statements.
89 Annual Report 


Financial Statements  – continued
Statements of Changes in Net Assets
  Fidelity MSCI Communication Services Index ETF
  Fidelity MSCI Consumer Discretionary Index ETF
  Year ended
July 31, 2023
  Year ended
July 31, 2022
  Year ended
July 31, 2023
  Year ended
July 31, 2022
Increase (Decrease) in Net Assets              
Operations              
Net investment income (loss) $ 5,257,282   $ 7,496,704   $ 10,445,779   $ 10,582,475
Net realized gain (loss) (19,594,443)   64,340,202   (6,579,115)   221,091,762
Change in net unrealized appreciation (depreciation) 118,698,886   (359,603,822)   109,172,463   (461,544,425)
Net increase (decrease) in net assets resulting from operations 104,361,725   (287,766,916)   113,039,127   (229,870,188)
Distributions to shareholders (4,996,850)   (7,610,350)   (10,020,850)   (11,050,200)
Share transactions              
Proceeds from sales of shares 240,004,377   233,928,059   120,045,362   324,283,128
Cost of shares redeemed (101,759,290)   (293,680,545)   (101,937,235)   (539,877,842)
Net increase (decrease) in net assets resulting from share transactions 138,245,087   (59,752,486)   18,108,127   (215,594,714)
Total increase (decrease) in net assets 237,609,962   (355,129,752)   121,126,404   (456,515,102)
Net Assets              
Beginning of year 561,245,532   916,375,284   1,175,016,041   1,631,531,143
End of year $ 798,855,494   $ 561,245,532   $1,296,142,445   $1,175,016,041
Other Information              
Shares              
Sold 6,600,000   5,400,000   1,800,000   3,800,000
Redeemed (3,050,000)   (6,900,000)   (1,600,000)   (6,950,000)
Net increase (decrease) 3,550,000   (1,500,000)   200,000   (3,150,000)
    
See accompanying notes which are an integral part of the financial statements.
 Annual Report 90


Statements of Changes in Net Assets
  Fidelity MSCI Consumer Staples Index ETF
  Fidelity MSCI Energy Index ETF
  Year ended
July 31, 2023
  Year ended
July 31, 2022
  Year ended
July 31, 2023
  Year ended
July 31, 2022
Increase (Decrease) in Net Assets              
Operations              
Net investment income (loss) $ 26,358,101   $ 21,398,163   $ 53,140,619   $ 44,453,478
Net realized gain (loss) 13,250,062   22,771,000   103,405,066   120,258,555
Change in net unrealized appreciation (depreciation) 32,411,012   (5,042,927)   60,136,661   405,661,825
Net increase (decrease) in net assets resulting from operations 72,019,175   39,126,236   216,682,346   570,373,858
Distributions to shareholders (26,225,300)   (21,252,450)   (55,155,850)   (46,175,650)
Share transactions              
Proceeds from sales of shares 256,003,524   324,193,400   199,400,543   387,541,369
Cost of shares redeemed (120,837,555)   (101,991,130)   (241,462,086)   (318,221,008)
Net increase (decrease) in net assets resulting from share transactions 135,165,969   222,202,270   (42,061,543)   69,320,361
Total increase (decrease) in net assets 180,959,844   240,076,056   119,464,953   593,518,569
Net Assets              
Beginning of year 1,058,358,744   818,282,688   1,487,576,566   894,057,997
End of year $1,239,318,588   $1,058,358,744   $1,607,041,519   $1,487,576,566
Other Information              
Shares              
Sold 5,750,000   7,100,000   8,650,000   21,050,000
Redeemed (2,700,000)   (2,350,000)   (11,000,000)   (18,100,000)
Net increase (decrease) 3,050,000   4,750,000   (2,350,000)   2,950,000
    
See accompanying notes which are an integral part of the financial statements.
91 Annual Report 


Financial Statements  – continued
Statements of Changes in Net Assets
  Fidelity MSCI Financials Index ETF
  Fidelity MSCI Health Care Index ETF
  Year ended
July 31, 2023
  Year ended
July 31, 2022
  Year ended
July 31, 2023
  Year ended
July 31, 2022
Increase (Decrease) in Net Assets              
Operations              
Net investment income (loss) $ 33,041,592   $ 35,229,668   $ 42,938,024   $ 36,342,043
Net realized gain (loss) (53,255,546)   72,806,146   51,433,279   68,664,227
Change in net unrealized appreciation (depreciation) 106,831,812   (226,108,984)   (12,304,277)   (208,929,300)
Net increase (decrease) in net assets resulting from operations 86,617,858   (118,073,170)   82,067,026   (103,923,030)
Distributions to shareholders (33,588,200)   (36,480,350)   (42,324,300)   (37,227,200)
Share transactions              
Proceeds from sales of shares 87,310,214   276,240,117   305,561,085   455,404,706
Cost of shares redeemed (258,774,591)   (289,122,805)   (229,908,099)   (192,134,263)
Net increase (decrease) in net assets resulting from share transactions (171,464,377)   (12,882,688)   75,652,986   263,270,443
Total increase (decrease) in net assets (118,434,719)   (167,436,208)   115,395,712   122,120,213
Net Assets              
Beginning of year 1,549,498,742   1,716,934,950   2,968,358,776   2,846,238,563
End of year $1,431,064,023   $1,549,498,742   $3,083,754,488   $2,968,358,776
Other Information              
Shares              
Sold 1,900,000   4,950,000   4,950,000   7,000,000
Redeemed (5,500,000)   (5,550,000)   (3,700,000)   (3,000,000)
Net increase (decrease) (3,600,000)   (600,000)   1,250,000   4,000,000
    
See accompanying notes which are an integral part of the financial statements.
 Annual Report 92


Statements of Changes in Net Assets
  Fidelity MSCI Industrials Index ETF
  Fidelity MSCI Information Technology Index ETF
  Year ended
July 31, 2023
  Year ended
July 31, 2022
  Year ended
July 31, 2023
  Year ended
July 31, 2022
Increase (Decrease) in Net Assets              
Operations              
Net investment income (loss) $ 10,738,877   $ 10,433,633   $ 48,356,584   $ 44,263,520
Net realized gain (loss) 17,136,150   61,408,260   401,456,086   176,542,038
Change in net unrealized appreciation (depreciation) 97,400,128   (138,691,000)   944,956,941   (866,361,731)
Net increase (decrease) in net assets resulting from operations 125,275,155   (66,849,107)   1,394,769,611   (645,556,173)
Distributions to shareholders (10,658,050)   (10,491,650)   (47,990,200)   (46,200,150)
Share transactions              
Proceeds from sales of shares 100,904,162   101,356,059   1,618,758,979   554,048,203
Cost of shares redeemed (119,710,204)   (180,991,891)   (1,192,587,293)   (330,116,462)
Net increase (decrease) in net assets resulting from share transactions (18,806,042)   (79,635,832)   426,171,686   223,931,741
Total increase (decrease) in net assets 95,811,063   (156,976,589)   1,772,951,097   (467,824,582)
Net Assets              
Beginning of year 705,294,563   862,271,152   5,739,064,186   6,206,888,768
End of year $ 801,105,626   $ 705,294,563   $ 7,512,015,283   $5,739,064,186
Other Information              
Shares              
Sold 1,900,000   1,900,000   13,600,000   4,350,000
Redeemed (2,350,000)   (3,600,000)   (10,150,000)   (2,900,000)
Net increase (decrease) (450,000)   (1,700,000)   3,450,000   1,450,000
    
See accompanying notes which are an integral part of the financial statements.
93 Annual Report 


Financial Statements  – continued
Statements of Changes in Net Assets
  Fidelity MSCI Materials Index ETF
  Fidelity MSCI Real Estate Index ETF
  Year ended
July 31, 2023
  Year ended
July 31, 2022
  Year ended
July 31, 2023
  Year ended
July 31, 2022
Increase (Decrease) in Net Assets              
Operations              
Net investment income (loss) $ 8,269,260   $ 8,990,437   $ 35,971,569   $ 43,089,610
Net realized gain (loss) 4,593,659   38,061,774   6,019,166   99,966,618
Change in net unrealized appreciation (depreciation) 37,332,006   (80,161,823)   (239,160,188)   (242,897,051)
Net increase (decrease) in net assets resulting from operations 50,194,925   (33,109,612)   (197,169,453)   (99,840,823)
Distributions to shareholders (8,257,900)   (8,977,200)   (49,617,050)   (56,284,500)
Share transactions              
Proceeds from sales of shares 78,638,097   135,066,634   60,330,330   475,187,190
Cost of shares redeemed (86,290,107)   (187,299,301)   (556,592,493)   (331,089,835)
Net increase (decrease) in net assets resulting from share transactions (7,652,010)   (52,232,667)   (496,262,163)   144,097,355
Total increase (decrease) in net assets 34,285,015   (94,319,479)   (743,048,666)   (12,027,968)
Net Assets              
Beginning of year 449,817,101   544,136,580   1,772,587,243   1,784,615,211
End of year $484,102,116   $ 449,817,101   $1,029,538,577   $1,772,587,243
Other Information              
Shares              
Sold 1,750,000   2,750,000   2,300,000   14,750,000
Redeemed (2,000,000)   (4,100,000)   (22,150,000)   (10,900,000)
Net increase (decrease) (250,000)   (1,350,000)   (19,850,000)   3,850,000
    
See accompanying notes which are an integral part of the financial statements.
 Annual Report 94


Statements of Changes in Net Assets
  Fidelity MSCI Utilities Index ETF
  Year ended
July 31, 2023
  Year ended
July 31, 2022
Increase (Decrease) in Net Assets      
Operations      
Net investment income (loss) $ 60,858,807   $ 36,139,030
Net realized gain (loss) 43,485,679   48,300,677
Change in net unrealized appreciation (depreciation) (259,692,363)   117,096,987
Net increase (decrease) in net assets resulting from operations (155,347,877)   201,536,694
Distributions to shareholders (62,348,050)   (36,559,700)
Share transactions      
Proceeds from sales of shares 400,446,151   1,236,559,491
Cost of shares redeemed (476,126,894)   (282,756,360)
Net increase (decrease) in net assets resulting from share transactions (75,680,743)   953,803,131
Total increase (decrease) in net assets (293,376,670)   1,118,780,125
Net Assets      
Beginning of year 2,195,072,368   1,076,292,243
End of year $1,901,695,698   $2,195,072,368
Other Information      
Shares      
Sold 8,900,000   27,150,000
Redeemed (10,950,000)   (6,400,000)
Net increase (decrease) (2,050,000)   20,750,000
See accompanying notes which are an integral part of the financial statements.
95 Annual Report 


Financial Statements  – continued
Financial Highlights
  Fidelity MSCI Communication Services Index ETF
  Year ended July 31, 2023
  Year ended July 31, 2022
  Year ended July 31, 2021
  Year ended July 31, 2020
  Year ended July 31, 2019
Selected Per-Share Data                  
Net asset value, beginning of period $ 36.92   $ 54.87   $ 37.88   $ 34.35   $ 28.76
Income from Investment Operations                  
Net investment income (loss)A,B 0.33   0.45   0.34   0.33   0.49
Net realized and unrealized gain (loss) 5.67   (17.95)   16.96   3.52   5.59
Total from investment operations 6.00   (17.50)   17.30   3.85   6.08
Distributions from net investment income (0.31)   (0.45)   (0.31)   (0.32)   (0.49)
Total distributions (0.31)   (0.45)   (0.31)   (0.32)   (0.49)
Net asset value, end of period $ 42.61   $ 36.92   $ 54.87   $ 37.88   $ 34.35
Total ReturnC 16.44%   (32.06)%   45.81%   11.40%   21.33%
Ratios to Average Net AssetsA,D                  
Expenses before reductions .08%   .08%   .08%   .08%   .08%
Expenses net of fee waivers, if any .08%   .08%   .08%   .08%   .08%
Expenses net of all reductions .08%   .08%   .08%   .08%   .08%
Net investment income (loss) .92%   .95%   .72%   .96%   1.53%
Supplemental Data                  
Net assets, end of period (000 omitted) $798,855   $561,246   $916,375   $577,709   $374,389
Portfolio turnover rateE,F 18%   21%   13%   23%   82%
    
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
 Annual Report 96


Financial Highlights
  Fidelity MSCI Consumer Discretionary Index ETF
  Year ended July 31, 2023
  Year ended July 31, 2022
  Year ended July 31, 2021
  Year ended July 31, 2020
  Year ended July 31, 2019
Selected Per-Share Data                  
Net asset value, beginning of period $ 69.53   $ 81.37   $ 57.25   $ 46.25   $ 43.32
Income from Investment Operations                  
Net investment income (loss)A,B 0.63   0.55   0.42   0.50   0.51
Net realized and unrealized gain (loss) 6.24   (11.81)   24.10   11.01   2.96
Total from investment operations 6.87   (11.26)   24.52   11.51   3.47
Distributions from net investment income (0.60)   (0.58)   (0.40)   (0.51)   (0.54)
Total distributions (0.60)   (0.58)   (0.40)   (0.51)   (0.54)
Net asset value, end of period $ 75.80   $ 69.53   $ 81.37   $ 57.25   $ 46.25
Total ReturnC 10.04%   (13.89)%   42.95%   25.26%   8.15%
Ratios to Average Net AssetsA,D                  
Expenses before reductions .08%   .08%   .08%   .08%   .08%
Expenses net of fee waivers, if any .08%   .08%   .08%   .08%   .08%
Expenses net of all reductions .08%   .08%   .08%   .08%   .08%
Net investment income (loss) .96%   .71%   .58%   1.06%   1.18%
Supplemental Data                  
Net assets, end of period (000 omitted) $1,296,142   $1,175,016   $1,631,531   $881,589   $728,457
Portfolio turnover rateE,F 12%   8%   48%   60%   25%
    
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
97 Annual Report 


Financial Statements  – continued
Financial Highlights
  Fidelity MSCI Consumer Staples Index ETF
  Year ended July 31, 2023
  Year ended July 31, 2022
  Year ended July 31, 2021
  Year ended July 31, 2020
  Year ended July 31, 2019
Selected Per-Share Data                  
Net asset value, beginning of period $ 44.75   $ 43.30   $ 37.29   $ 35.59   $ 32.33
Income from Investment Operations                  
Net investment income (loss)A,B 1.05   1.01   1.02   0.96   0.94
Net realized and unrealized gain (loss) 1.66   1.45   6.01   1.70   3.23
Total from investment operations 2.71   2.46   7.03   2.66   4.17
Distributions from net investment income (1.04)   (1.01)   (1.02)   (0.96)   (0.91)
Total distributions (1.04)   (1.01)   (1.02)   (0.96)   (0.91)
Net asset value, end of period $ 46.42   $ 44.75   $ 43.30   $ 37.29   $ 35.59
Total ReturnC 6.20%   5.79%   19.09%   7.74%   13.16%
Ratios to Average Net AssetsA,D                  
Expenses before reductions .08%   .08%   .08%   .08%   .08%
Expenses net of fee waivers, if any .08%   .08%   .08%   .08%   .08%
Expenses net of all reductions .08%   .08%   .08%   .08%   .08%
Net investment income (loss) 2.35%   2.27%   2.53%   2.68%   2.83%
Supplemental Data                  
Net assets, end of period (000 omitted) $1,239,319   $1,058,359   $818,283   $678,649   $548,070
Portfolio turnover rateE,F 9%   8%   20%   34%   30%
    
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
 Annual Report 98


Financial Highlights
  Fidelity MSCI Energy Index ETF
  Year ended July 31, 2023
  Year ended July 31, 2022
  Year ended July 31, 2021
  Year ended July 31, 2020
  Year ended July 31, 2019
Selected Per-Share Data                  
Net asset value, beginning of period $ 21.47   $ 13.47   $ 9.47   $ 16.79   $ 21.50
Income from Investment Operations                  
Net investment income (loss)A,B 0.78   0.65   0.49   0.51   0.54
Net realized and unrealized gain (loss) 2.57   8.02   4.02   (6.86)   (4.70)
Total from investment operations 3.35   8.67   4.51   (6.35)   (4.16)
Distributions from net investment income (0.82)   (0.67)   (0.51)   (0.97)   (0.55)
Total distributions (0.82)   (0.67)   (0.51)   (0.97)   (0.55)
Net asset value, end of period $ 24.00   $ 21.47   $ 13.47   $ 9.47   $ 16.79
Total ReturnC 16.10%   65.70%   48.79%   (39.28)%   (19.42)%
Ratios to Average Net AssetsA,D                  
Expenses before reductions .08%   .08%   .08%   .08%   .08%
Expenses net of fee waivers, if any .08%   .08%   .08%   .08%   .08%
Expenses net of all reductions .08%   .08%   .08%   .08%   .08%
Net investment income (loss) 3.44%   3.59%   4.11%   4.18%   2.92%
Supplemental Data                  
Net assets, end of period (000 omitted) $1,607,042   $1,487,577   $894,058   $449,325   $467,628
Portfolio turnover rateE,F 8%   8%   11%   17%   6%
    
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
99 Annual Report 


Financial Statements  – continued
Financial Highlights
  Fidelity MSCI Financials Index ETF
  Year ended July 31, 2023
  Year ended July 31, 2022
  Year ended July 31, 2021
  Year ended July 31, 2020
  Year ended July 31, 2019
Selected Per-Share Data                  
Net asset value, beginning of period $ 47.97   $ 52.19   $ 34.12   $ 41.22   $ 41.05
Income from Investment Operations                  
Net investment income (loss)A,B 1.07   1.05   0.96   1.00   0.89
Net realized and unrealized gain (loss) 1.91   (4.19)   18.00   (7.09)   0.18
Total from investment operations 2.98   (3.14)   18.96   (6.09)   1.07
Distributions from net investment income (1.09)   (1.08)   (0.89)   (1.01)   (0.90)
Total distributions (1.09)   (1.08)   (0.89)   (1.01)   (0.90)
Net asset value, end of period $ 49.86   $ 47.97   $ 52.19   $ 34.12   $ 41.22
Total ReturnC 6.44%   (6.11)%   56.15%   (14.78)%   2.80%
Ratios to Average Net AssetsA,D                  
Expenses before reductions .08%   .08%   .08%   .08%   .08%
Expenses net of fee waivers, if any .08%   .08%   .08%   .08%   .08%
Expenses net of all reductions .08%   .08%   .08%   .08%   .08%
Net investment income (loss) 2.25%   1.97%   2.10%   2.61%   2.27%
Supplemental Data                  
Net assets, end of period (000 omitted) $1,431,064   $1,549,499   $1,716,935   $725,059   $1,143,858
Portfolio turnover rateE,F 28%   6%   4%   6%   5%
    
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
 Annual Report 100


Financial Highlights
  Fidelity MSCI Health Care Index ETF
  Year ended July 31, 2023
  Year ended July 31, 2022
  Year ended July 31, 2021
  Year ended July 31, 2020
  Year ended July 31, 2019
Selected Per-Share Data                  
Net asset value, beginning of period $ 63.02   $ 66.04   $ 52.34   $ 44.43   $ 43.72
Income from Investment Operations                  
Net investment income (loss)A,B 0.88   0.81   0.75   0.72   0.63
Net realized and unrealized gain (loss) 0.76   (3.00)   13.74   7.88   1.01
Total from investment operations 1.64   (2.19)   14.49   8.60   1.64
Distributions from net investment income (0.88)   (0.83)   (0.79)   (0.69)   (0.93)
Total distributions (0.88)   (0.83)   (0.79)   (0.69)   (0.93)
Net asset value, end of period $ 63.78   $ 63.02   $ 66.04   $ 52.34   $ 44.43
Total ReturnC 2.65%   (3.32)%   27.91%   19.69%   3.84%
Ratios to Average Net AssetsA,D                  
Expenses before reductions .08%   .08%   .08%   .08%   .08%
Expenses net of fee waivers, if any .08%   .08%   .08%   .08%   .08%
Expenses net of all reductions .08%   .08%   .08%   .08%   .08%
Net investment income (loss) 1.42%   1.27%   1.28%   1.52%   1.43%
Supplemental Data                  
Net assets, end of period (000 omitted) $3,083,754   $2,968,359   $2,846,239   $2,015,266   $1,557,252
Portfolio turnover rateE,F 6%   4%   7%   7%   5%
    
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
101 Annual Report 


Financial Statements  – continued
Financial Highlights
  Fidelity MSCI Industrials Index ETF
  Year ended July 31, 2023
  Year ended July 31, 2022
  Year ended July 31, 2021
  Year ended July 31, 2020
  Year ended July 31, 2019
Selected Per-Share Data                  
Net asset value, beginning of period $ 50.02   $ 54.57   $ 37.55   $ 40.04   $ 39.51
Income from Investment Operations                  
Net investment income (loss)A,B 0.79   0.68   0.61   0.69   0.70
Net realized and unrealized gain (loss) 8.67   (4.55)   17.00   (2.48)   0.51
Total from investment operations 9.46   (3.87)   17.61   (1.79)   1.21
Distributions from net investment income (0.79)   (0.68)   (0.59)   (0.70)   (0.68)
Total distributions (0.79)   (0.68)   (0.59)   (0.70)   (0.68)
Net asset value, end of period $ 58.69   $ 50.02   $ 54.57   $ 37.55   $ 40.04
Total ReturnC 19.17%   (7.10)%   47.17%   (4.34)%   3.23%
Ratios to Average Net AssetsA,D                  
Expenses before reductions .08%   .08%   .08%   .08%   .08%
Expenses net of fee waivers, if any .08%   .08%   .08%   .08%   .08%
Expenses net of all reductions .08%   .08%   .08%   .08%   .08%
Net investment income (loss) 1.53%   1.29%   1.24%   1.80%   1.84%
Supplemental Data                  
Net assets, end of period (000 omitted) $801,106   $705,295   $862,271   $347,297   $454,471
Portfolio turnover rateE,F 11%   7%   5%   4%   5%
    
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
 Annual Report 102


Financial Highlights
  Fidelity MSCI Information Technology Index ETF
  Year ended July 31, 2023
  Year ended July 31, 2022
  Year ended July 31, 2021
  Year ended July 31, 2020
  Year ended July 31, 2019
Selected Per-Share Data                  
Net asset value, beginning of period $ 109.42   $ 121.70   $ 87.25   $ 64.53   $ 56.36
Income from Investment Operations                  
Net investment income (loss)A,B 0.91   0.84   0.79   0.87   0.70
Net realized and unrealized gain (loss) 24.95   (12.24)   34.45   22.70   8.17
Total from investment operations 25.86   (11.40)   35.24   23.57   8.87
Distributions from net investment income (0.90)   (0.88)   (0.79)   (0.85)   (0.70)
Total distributions (0.90)   (0.88)   (0.79)   (0.85)   (0.70)
Net asset value, end of period $ 134.38   $ 109.42   $ 121.70   $ 87.25   $ 64.53
Total ReturnC 23.86%   (9.41)%   40.57%   36.99%   15.94%
Ratios to Average Net AssetsA,D                  
Expenses before reductions .08%   .08%   .08%   .08%   .08%
Expenses net of fee waivers, if any .08%   .08%   .08%   .08%   .08%
Expenses net of all reductions .08%   .08%   .08%   .08%   .08%
Net investment income (loss) .84%   .71%   .76%   1.21%   1.22%
Supplemental Data                  
Net assets, end of period (000 omitted) $7,512,015   $5,739,064   $6,206,889   $4,288,256   $2,571,364
Portfolio turnover rateE,F 14%   5%   3%   5%   18%
    
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
103 Annual Report 


Financial Statements  – continued
Financial Highlights
  Fidelity MSCI Materials Index ETF
  Year ended July 31, 2023
  Year ended July 31, 2022
  Year ended July 31, 2021
  Year ended July 31, 2020
  Year ended July 31, 2019
Selected Per-Share Data                  
Net asset value, beginning of period $ 43.88   $ 46.91   $ 32.90   $ 32.63   $ 34.70
Income from Investment Operations                  
Net investment income (loss)A,B 0.82   0.83   0.71   0.65   0.65
Net realized and unrealized gain (loss) 4.53   (3.01)   13.98   0.30   (2.08)
Total from investment operations 5.35   (2.18)   14.69   0.95   (1.43)
Distributions from net investment income (0.82)   (0.85)   (0.68)   (0.68)   (0.64)
Total distributions (0.82)   (0.85)   (0.68)   (0.68)   (0.64)
Net asset value, end of period $ 48.41   $ 43.88   $ 46.91   $ 32.90   $ 32.63
Total ReturnC 12.41%   (4.68)%   45.01%   3.28%   (4.02)%
Ratios to Average Net AssetsA,D                  
Expenses before reductions .08%   .08%   .08%   .08%   .08%
Expenses net of fee waivers, if any .08%   .08%   .08%   .08%   .08%
Expenses net of all reductions .08%   .08%   .08%   .08%   .08%
Net investment income (loss) 1.85%   1.77%   1.66%   2.08%   2.05%
Supplemental Data                  
Net assets, end of period (000 omitted) $484,102   $449,817   $544,137   $164,486   $199,043
Portfolio turnover rateE,F 4%   4%   4%   3%   12%
    
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
 Annual Report 104


Financial Highlights
  Fidelity MSCI Real Estate Index ETF
  Year ended July 31, 2023
  Year ended July 31, 2022
  Year ended July 31, 2021
  Year ended July 31, 2020
  Year ended July 31, 2019
Selected Per-Share Data                  
Net asset value, beginning of period $ 29.52   $ 31.75   $ 24.23   $ 26.58   $ 24.69
Income from Investment Operations                  
Net investment income (loss)A,B 0.68   0.68   0.58   0.67   1.05
Net realized and unrealized gain (loss) (3.63)   (2.01)   7.83   (2.13)   2.08
Total from investment operations (2.95)   (1.33)   8.41   (1.46)   3.13
Distributions from net investment income (0.96)   (0.90)   (0.89)   (0.68)   (1.24)
Return of capital       (0.21)  
Total distributions (0.96)   (0.90)   (0.89)   (0.89)   (1.24)
Net asset value, end of period $ 25.61   $ 29.52   $ 31.75   $ 24.23   $ 26.58
Total ReturnC (9.85)%   (4.25)%   35.58%   (5.27)%   13.19%
Ratios to Average Net AssetsA,D                  
Expenses before reductions .08%   .08%   .08%   .08%   .08%
Expenses net of fee waivers, if any .08%   .08%   .08%   .08%   .08%
Expenses net of all reductions .08%   .08%   .08%   .08%   .08%
Net investment income (loss) 2.66%   2.20%   2.16%   2.62%   4.20%
Supplemental Data                  
Net assets, end of period (000 omitted) $1,029,539   $1,772,587   $1,784,615   $1,066,154   $844,003
Portfolio turnover rateE,F 9%   11%   8%   9%   10%
    
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
105 Annual Report 


Financial Statements  – continued
Financial Highlights
  Fidelity MSCI Utilities Index ETF
  Year ended July 31, 2023
  Year ended July 31, 2022
  Year ended July 31, 2021
  Year ended July 31, 2020
  Year ended July 31, 2019
Selected Per-Share Data                  
Net asset value, beginning of period $ 47.72   $ 42.63   $ 39.11   $ 39.21   $ 34.85
Income from Investment Operations                  
Net investment income (loss)A,B 1.29   1.19   1.21   1.23   1.16
Net realized and unrealized gain (loss) (4.42)   5.11   3.56   (0.09)   4.32
Total from investment operations (3.13)   6.30   4.77   1.14   5.48
Distributions from net investment income (1.32)   (1.21)   (1.25)   (1.24)   (1.12)
Total distributions (1.32)   (1.21)   (1.25)   (1.24)   (1.12)
Net asset value, end of period $ 43.27   $ 47.72   $ 42.63   $ 39.11   $ 39.21
Total ReturnC (6.63)%   15.10%   12.46%   3.13%   15.93%
Ratios to Average Net AssetsA,D                  
Expenses before reductions .08%   .08%   .08%   .08%   .08%
Expenses net of fee waivers, if any .08%   .08%   .08%   .08%   .08%
Expenses net of all reductions .08%   .08%   .08%   .08%   .08%
Net investment income (loss) 2.89%   2.66%   2.96%   3.06%   3.11%
Supplemental Data                  
Net assets, end of period (000 omitted) $1,901,696   $2,195,072   $1,076,292   $844,807   $733,190
Portfolio turnover rateE,F 4%   3%   5%   5%   7%
    
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
 Annual Report 106


Notes to Financial Statements
For the period ended July 31, 2023
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 – Investment 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. Each Fund’s Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
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 designated each Fund’s investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund’s fair valuation practices and maintains the fair valuation policies and procedures. Each Fund’s investment adviser reports to the Board information regarding the fair valuation process and related material matters.
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 – unadjusted 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 service 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 are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2023 is included at the end of each Fund’s Schedule of Investments.
107 Annual Report 


Notes to Financial Statements  – continued
2. Significant Accounting Policies – continued
    
Foreign Currency. Certain 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 (normally 4:00 p.m. Eastern time) of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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 any underlying mutual funds or exchange-traded funds (ETFs) 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund’s expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. As of July 31, 2023, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. 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 certain deemed distributions, futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, capital loss carryforwards and losses deferred due to wash sales.
 Annual Report 108


2. Significant Accounting Policies – continued
    
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
  Tax cost Gross unrealized
appreciation
Gross unrealized
depreciation
Net unrealized
appreciation
(depreciation)
Fidelity MSCI Communication Services Index ETF $ 802,994,551 $ 119,467,861 $ (123,695,888) $ (4,228,027)
Fidelity MSCI Consumer Discretionary Index ETF 1,211,626,998 154,974,189 (70,970,499) 84,003,690
Fidelity MSCI Consumer Staples Index ETF 1,122,831,478 162,544,281 (47,583,152) 114,961,129
Fidelity MSCI Energy Index ETF 1,180,202,910 433,528,814 (7,477,756) 426,051,058
Fidelity MSCI Financials Index ETF 1,312,658,309 199,337,711 (82,226,547) 117,111,164
Fidelity MSCI Health Care Index ETF 2,528,583,417 711,274,013 (160,462,044) 550,811,969
Fidelity MSCI Industrials Index ETF 692,807,630 148,620,069 (42,031,464) 106,588,605
Fidelity MSCI Information Technology Index ETF 4,525,389,955 3,108,087,587 (122,850,247) 2,985,237,340
Fidelity MSCI Materials Index ETF 482,350,077 50,268,649 (48,134,482) 2,134,167
Fidelity MSCI Real Estate Index ETF 1,188,882,695 33,695,118 (193,700,734) (160,005,616)
Fidelity MSCI Utilities Index ETF 1,995,018,583 53,223,593 (147,536,699) (94,313,106)
The tax-based components of distributable earnings as of period end were as follows for each Fund:
  Undistributed
ordinary income
Undistributed capital gains Capital loss
carryforward
Net unrealized
appreciation
(depreciation)
Fidelity MSCI Communication Services Index ETF $ 1,187,175 $ $ (63,602,805) $ (4,228,027)
Fidelity MSCI Consumer Discretionary Index ETF 424,929 (57,507,069) 84,003,690
Fidelity MSCI Consumer Staples Index ETF 1,543,212 (23,852,495) 114,961,129
Fidelity MSCI Energy Index ETF (125,429,556) 426,051,059
Fidelity MSCI Financials Index ETF 655,050 (128,039,017) 117,111,164
Fidelity MSCI Health Care Index ETF 3,522,595 (60,390,310) 550,811,969
Fidelity MSCI Industrials Index ETF 403,819 (21,492,976) 106,588,605
Fidelity MSCI Information Technology Index ETF 2,555,564 (137,593,846) 2,985,237,340
Fidelity MSCI Materials Index ETF 189,035 (15,709,985) 2,134,168
Fidelity MSCI Real Estate Index ETF (67,038,305) (160,005,616)
Fidelity MSCI Utilities Index ETF (31,684,148) (94,313,107)
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 prior fiscal period end and is subject to adjustment.
  Short-term Long-term Total capital loss
carryforward
Fidelity MSCI Communication Services Index ETF $ (12,527,615) $ (51,075,190) $ (63,602,805)
Fidelity MSCI Consumer Discretionary Index ETF (24,098,329) (33,408,740) (57,507,069)
Fidelity MSCI Consumer Staples Index ETF (4,439,041) (19,413,454) (23,852,495)
Fidelity MSCI Energy Index ETF (12,384,426) (113,045,130) (125,429,556)
Fidelity MSCI Financials Index ETF (20,040,330) (107,998,687) (128,039,017)
Fidelity MSCI Health Care Index ETF (6,410,461) (53,979,849) (60,390,310)
Fidelity MSCI Industrials Index ETF (5,152,790) (16,340,186) (21,492,976)
Fidelity MSCI Information Technology Index ETF (55,593,811) (82,000,035) (137,593,846)
Fidelity MSCI Materials Index ETF (5,547,025) (10,162,960) (15,709,985)
Fidelity MSCI Real Estate Index ETF (30,074,995) (36,963,310) (67,038,305)
Fidelity MSCI Utilities Index ETF (14,132,423) (17,551,725) (31,684,148)
The tax character of distributions paid was as follows:
July 31, 2023        
  Ordinary
Income
Long-Term
Capital Gain
Tax Return
Of Capital
Total
Fidelity MSCI Communication Services Index ETF $ 4,996,850 $ $ $ 4,996,850
109 Annual Report 


Notes to Financial Statements  – continued
2. Significant Accounting Policies – continued
    
July 31, 2023        
  Ordinary
Income
Long-Term
Capital Gain
Tax Return
Of Capital
Total
Fidelity MSCI Consumer Discretionary Index ETF $ 10,020,850 $ $ $ 10,020,850
Fidelity MSCI Consumer Staples Index ETF 26,225,300 26,225,300
Fidelity MSCI Energy Index ETF 55,155,850 55,155,850
Fidelity MSCI Financials Index ETF 33,588,200 33,588,200
Fidelity MSCI Health Care Index ETF 42,324,300 42,324,300
Fidelity MSCI Industrials Index ETF 10,658,050 10,658,050
Fidelity MSCI Information Technology Index ETF 47,990,200 47,990,200
Fidelity MSCI Materials Index ETF 8,257,900 8,257,900
Fidelity MSCI Real Estate Index ETF 49,617,050 49,617,050
Fidelity MSCI Utilities Index ETF 62,348,050 62,348,050
    
July 31, 2022        
Fidelity MSCI Communication Services Index ETF $ 7,610,350 $ $ $ 7,610,350
Fidelity MSCI Consumer Discretionary Index ETF 11,050,200 11,050,200
Fidelity MSCI Consumer Staples Index ETF 21,252,450 21,252,450
Fidelity MSCI Energy Index ETF 46,175,650 46,175,650
Fidelity MSCI Financials Index ETF 36,480,350 36,480,350
Fidelity MSCI Health Care Index ETF 37,227,200 37,227,200
Fidelity MSCI Industrials Index ETF 10,491,650 10,491,650
Fidelity MSCI Information Technology Index ETF 46,200,150 46,200,150
Fidelity MSCI Materials Index ETF 8,977,200 8,977,200
Fidelity MSCI Real Estate Index ETF 56,284,500 56,284,500
Fidelity MSCI Utilities Index ETF 36,559,700 36,559,700
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). 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 held at period end is included at the end of the Schedule of Investments, if applicable.
3. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund’s investment objectives allow for various types of derivative instruments, 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.
Derivatives were used 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 objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
 Annual Report 110


3. Derivative Instruments – continued
    
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.
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 a fund 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 a fund.
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. Futures contracts were used to manage 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 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 Statement 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 unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any 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, as applicable, are noted in the table below.
  Purchases ($) Sales ($)
Fidelity MSCI Communication Services Index ETF 103,872,087 103,208,073
Fidelity MSCI Consumer Discretionary Index ETF 134,092,901 133,089,706
Fidelity MSCI Consumer Staples Index ETF 99,010,859 98,767,335
Fidelity MSCI Energy Index ETF 123,564,773 122,631,447
Fidelity MSCI Financials Index ETF 411,686,188 415,158,838
Fidelity MSCI Health Care Index ETF 192,666,970 190,384,112
Fidelity MSCI Industrials Index ETF 74,260,755 75,068,365
Fidelity MSCI Information Technology Index ETF 788,539,066 958,896,770
Fidelity MSCI Materials Index ETF 19,354,385 17,980,038
Fidelity MSCI Real Estate Index ETF 122,019,674 125,681,833
Fidelity MSCI Utilities Index ETF 88,921,564 87,570,777
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 239,165,626 101,343,758
Fidelity MSCI Consumer Discretionary Index ETF 119,676,252 101,597,369
Fidelity MSCI Consumer Staples Index ETF 255,160,389 120,452,322
Fidelity MSCI Energy Index ETF 197,228,993 237,280,659
Fidelity MSCI Financials Index ETF 84,481,330 249,567,849
Fidelity MSCI Health Care Index ETF 304,485,931 229,082,633
Fidelity MSCI Industrials Index ETF 100,136,948 118,823,169
Fidelity MSCI Information Technology Index ETF 1,611,998,045 1,014,967,256
Fidelity MSCI Materials Index ETF 78,190,332 85,996,840
Fidelity MSCI Real Estate Index ETF 59,768,606 548,737,215
Fidelity MSCI Utilities Index ETF 397,370,077 472,788,843
111 Annual Report 


Notes to Financial Statements  – continued
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 each Fund's average net assets as noted in the table below. 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.
  Fee Rate
Fidelity MSCI Communication Services Index ETF .084%
Fidelity MSCI Consumer Discretionary Index ETF .084%
Fidelity MSCI Consumer Staples Index ETF .084%
Fidelity MSCI Energy Index ETF .084%
Fidelity MSCI Financials Index ETF .084%
Fidelity MSCI Health Care Index ETF .084%
Fidelity MSCI Industrials Index ETF .084%
Fidelity MSCI Information Technology Index ETF .084%
Fidelity MSCI Materials Index ETF .084%
Fidelity MSCI Real Estate Index ETF .084%
Fidelity MSCI Utilities Index ETF .084%
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.
Interfund Trades. 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
6. Share Transactions.
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 securities 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 offset the costs associated with the issuance and redemption of Creation Units.
To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Funds of all or a portion of the applicable deposit securities. In these circumstances, the Authorized Participant provides collateral to the custodian, on behalf of the Funds, in an amount up to 115% of the daily mark-to-market value of the deposit securities not yet received.
7. Other.
A fund’s 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 fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
8. Risk and Uncertainties.
Many factors affect a fund’s performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund’s investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund’s level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund’s performance.
 Annual Report 112


Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Covington Trust and Shareholders of 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:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of 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"), each a fund of Fidelity Covington Trust, including the schedules of investments, as of July 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
September 15, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
113 Annual Report 


Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Vijay Advani, each of the Trustees oversees 321 funds. Mr. Advani oversees 215 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-FIDELITY.
Experience, Skills, Attributes, and Qualififications of the Trustees.  The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds’ Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
 Annual Report 114


The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds’ activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds’ business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds’ exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds’ activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds’ Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds’ Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
115 Annual Report 


Trustees and Officers  – continued
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Trustee
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
 Annual Report 116


Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
117 Annual Report 


Trustees and Officers  – continued
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Offifficers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
 Annual Report 118


Name, Year of Birth; Principal Occupation
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
119 Annual Report 


Trustees and Officers  – continued
Name, Year of Birth; Principal Occupation
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
 Annual Report 120


Name, Year of Birth; Principal Occupation
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
121 Annual Report 


Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) 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 mutual funds.
The Example is based on an investment of $1,000 invested for the one-half year period (February 1, 2023 to July 31, 2023).
Actual Expenses
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 a class/Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate 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
February 1, 2023
Ending
Account Value
July 31, 2023
Expenses Paid
During PeriodB
February 1, 2023
to July 31, 2023
Fidelity MSCI Communication Services Index ETF 0.08%      
Actual   $ 1,000.00 $ 1,196.10 $ 0.44
Hypothetical C   $ 1,000.00 $ 1,024.40 $ 0.40
Fidelity MSCI Consumer Discretionary Index ETF 0.08%      
Actual   $ 1,000.00 $ 1,163.20 $ 0.43
Hypothetical C   $ 1,000.00 $ 1,024.40 $ 0.40
Fidelity MSCI Consumer Staples Index ETF 0.08%      
Actual   $ 1,000.00 $ 1,050.50 $ 0.41
Hypothetical C   $ 1,000.00 $ 1,024.40 $ 0.40
Fidelity MSCI Energy Index ETF 0.08%      
Actual   $ 1,000.00 $ 996.70 $ 0.40
Hypothetical C   $ 1,000.00 $ 1,024.40 $ 0.40
Fidelity MSCI Financials Index ETF 0.08%      
Actual   $ 1,000.00 $ 976.20 $ 0.39
Hypothetical C   $ 1,000.00 $ 1,024.40 $ 0.40
Fidelity MSCI Health Care Index ETF 0.08%      
Actual   $ 1,000.00 $ 1,012.00 $ 0.40
Hypothetical C   $ 1,000.00 $ 1,024.40 $ 0.40
Fidelity MSCI Industrials Index ETF 0.08%      
Actual   $ 1,000.00 $ 1,106.70 $ 0.42
Hypothetical C   $ 1,000.00 $ 1,024.40 $ 0.40
 Annual Report 122


  Annualized
Expense RatioA
Beginning
Account Value
February 1, 2023
Ending
Account Value
July 31, 2023
Expenses Paid
During PeriodB
February 1, 2023
to July 31, 2023
Fidelity MSCI Information Technology Index ETF 0.08%      
Actual   $ 1,000.00 $ 1,301.60 $ 0.46
Hypothetical C   $ 1,000.00 $ 1,024.40 $ 0.40
Fidelity MSCI Materials Index ETF 0.08%      
Actual   $ 1,000.00 $ 1,021.00 $ 0.40
Hypothetical C   $ 1,000.00 $ 1,024.40 $ 0.40
Fidelity MSCI Real Estate Index ETF 0.08%      
Actual   $ 1,000.00 $ 955.90 $ 0.39
Hypothetical C   $ 1,000.00 $ 1,024.40 $ 0.40
Fidelity MSCI Utilities Index ETF 0.08%      
Actual   $ 1,000.00 $ 979.70 $ 0.39
Hypothetical C   $ 1,000.00 $ 1,024.40 $ 0.40
   
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses.
123 Annual Report 


Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividend-received deduction for corporate shareholders:
  September 2022 December 2022 March 2023 June 2023
Fidelity MSCI Communication Services Index ETF 100% 100% 100% 100%
Fidelity MSCI Consumer Discretionary Index ETF 100% 100% 100% 100%
Fidelity MSCI Consumer Staples Index ETF 100% 100% 100% 100%
Fidelity MSCI Energy Index ETF 100% 100% 100% 100%
Fidelity MSCI Financials Index ETF 94% 94% 100% 100%
Fidelity MSCI Health Care Index ETF 100% 100% 100% 100%
Fidelity MSCI Industrials Index ETF 97% 97% 100% 100%
Fidelity MSCI Information Technology Index ETF 100% 100% 100% 100%
Fidelity MSCI Materials Index ETF 78% 78% 89% 89%
Fidelity MSCI Real Estate Index ETF 1% 1% 0% 0%
Fidelity MSCI Utilities Index ETF 100% 100% 100% 100%
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
  September 2022 December 2022 March 2023 June 2023
Fidelity MSCI Communication Services Index ETF 100% 100% 100% 100%
Fidelity MSCI Consumer Discretionary Index ETF 100% 100% 100% 100%
Fidelity MSCI Consumer Staples Index ETF 100% 100% 100% 100%
Fidelity MSCI Energy Index ETF 100% 100% 100% 100%
Fidelity MSCI Financials Index ETF 100% 100% 100% 100%
Fidelity MSCI Health Care Index ETF 100% 100% 100% 100%
Fidelity MSCI Industrials Index ETF 100% 100% 100% 100%
Fidelity MSCI Information Technology Index ETF 100% 100% 100% 100%
Fidelity MSCI Materials Index ETF 100% 100% 100% 100%
Fidelity MSCI Real Estate Index ETF 0.55% 0.55% 0.41% 0.41%
Fidelity MSCI Utilities Index ETF 100% 100% 100% 100%
A percentage of the dividends distributed during the calendar year 2022 for the following funds qualify as a section 199A dividend:
  March 2022 June 2022 September 2022 December 2022
Fidelity MSCI Real Estate Index ETF 60.72% 60.72% 69.16% 69.16%
The funds will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 Annual Report 124


Board Approval of Investment Advisory Contracts and Management Fees
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
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers 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.
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, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), 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.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue each fund’s management contract with FMR and the sub-advisory agreement with BFA without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of each fund’s Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund’s assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund’s Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund’s Advisory Contracts, FMR had provided additional information on each fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund’s Advisory Contracts are fair and reasonable, and that each fund’s Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 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 relative to peer funds of each fund’s management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (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. The Board also considered the broad range of investment choices available to shareholders from FMR’s competitors and that each fund’s shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board’s decision to renew the Advisory Contracts was not based on any single factor.
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, in light of all of the surrounding circumstances.
125 Annual Report 


Board Approval of Investment Advisory Contracts and Management Fees  – continued
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers’ implementation of the funds’ investment program. 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 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 Fidelity’s 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 by Fidelity 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 also considered each fund’s securities lending activities and any payments made to Fidelity relating to securities lending.
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. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders 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 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 and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to 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 considered 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 considered each fund’s tracking error versus its benchmark index. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The Board also considered information on each fund’s bid-ask spread and premium/discount.
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 the fund 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.
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.
 Annual Report 126


Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund’s management fee and total expense ratio, the Board considered each fund’s all-inclusive fee rate and also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under each fund’s all-inclusive arrangement. The Board 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.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as “mapped groups”) that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to each fund (referred to as the “asset size peer group”); (iii) total expense comparisons of each fund relative to funds and classes in the mapped group that have a similar load structure to the fund (referred to as the "similar load structure group"); and (iv) total expense comparisons of each fund relative to funds and classes in the similar load structure group that are similar in size and management fee structure to the fund (referred to as the “total expense asset size peer group”). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that each fund’s management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that each fund’s total expense ratio ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022.
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, 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. Further 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.
A public accounting firm has been engaged annually by the Board as part of the Board’s assessment of Fidelity’s profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity’s fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the 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 non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity’s fund business (i.e., fall-out benefits) as well as cases where Fidelity’s affiliates may benefit from the funds’ business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board’s consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate 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 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.
127 Annual Report 


Board Approval of Investment Advisory Contracts and Management Fees  – continued
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, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity’s pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds’ sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund’s Advisory Contracts should be renewed through July 31, 2024.
 Annual Report 128


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129 Annual Report 


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 Annual Report 130


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131 Annual Report 


EXT-ANN-0923
1.9584796.109


Item 2.

Code of Ethics

As of the end of the period, July 31, 2023, Fidelity Covington Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

 

Item 3.

Audit Committee Financial Expert

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


Item 4.

Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity MSCI 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”):

Services Billed by Deloitte Entities

July 31, 2023 FeesA

 

     Audit Fees      Audit-
Related Fees
     Tax Fees      All Other
Fees
 

Fidelity MSCI Communication Services Index ETF

   $ 14,000      $ —        $ 3,800      $ 400  

Fidelity MSCI Consumer Discretionary Index ETF

   $ 14,000      $ —        $ 3,800      $ 400  

Fidelity MSCI Consumer Staples Index ETF

   $ 14,000      $ —        $ 3,800      $ 400  

Fidelity MSCI Energy Index ETF

   $ 14,000      $ —        $ 3,800      $ 400  

Fidelity MSCI Financials Index ETF

   $ 14,000      $ —        $ 3,800      $ 400  

Fidelity MSCI Health Care Index ETF

   $ 14,100      $ —        $ 3,800      $ 400  

Fidelity MSCI Industrials Index ETF

   $ 14,000      $ —        $ 3,800      $ 400  

Fidelity MSCI Information Technology Index ETF

   $ 14,100      $ —        $ 3,800      $ 400  

Fidelity MSCI Materials Index ETF

   $ 14,000      $ —        $ 3,800      $ 400  

Fidelity MSCI Real Estate Index ETF

   $ 14,000      $ —        $ 3,800      $ 400  

Fidelity MSCI Utilities Index ETF

   $ 14,100      $ —        $ 3,800      $ 400  


July 31, 2022 FeesA

 

     Audit Fees      Audit-
Related Fees
     Tax Fees      All Other
Fees
 

Fidelity MSCI Communication Services Index ETF

   $ 12,900      $ —        $ 4,600      $ 300  

Fidelity MSCI Consumer Discretionary Index ETF

   $ 12,900      $ —        $ 4,600      $ 300  

Fidelity MSCI Consumer Staples Index ETF

   $ 12,900      $ —        $ 4,600      $ 300  

Fidelity MSCI Energy Index ETF

   $ 12,900      $ —        $ 4,600      $ 300  

Fidelity MSCI Financials Index ETF

   $ 12,900      $ —        $ 4,800      $ 300  

Fidelity MSCI Health Care Index ETF

   $ 12,900      $ —        $ 4,600      $ 300  

Fidelity MSCI Industrials Index ETF

   $ 12,900      $ —        $ 4,600      $ 300  

Fidelity MSCI Information Technology Index ETF

   $ 12,900      $ —        $ 4,600      $ 300  

Fidelity MSCI Materials Index ETF

   $ 12,900      $ —        $ 4,600      $ 300  

Fidelity MSCI Real Estate Index ETF

   $ 12,900      $ —        $ 5,100      $ 300  

Fidelity MSCI Utilities Index ETF

   $ 12,900      $ —        $ 4,600      $ 300  

 

A

Amounts may reflect rounding.

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


Services Billed by Deloitte Entities

 

     July 31, 2023A      July 31, 2022A  

Audit-Related Fees

   $ —        $ —    

Tax Fees

   $ —        $ —    

All Other Fees

   $ —        $ —    

 

A 

Amounts may reflect rounding.

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

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

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

Assurance services must be performed by an independent public accountant.

*        *        *

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

 

Billed By

   July 31, 2023A      July 31, 2022A  

Deloitte Entities

   $ 288,800      $ 512,200  

 

A 

Amounts may reflect rounding.

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


Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

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

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

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.


The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.

 

Item 5.

Audit Committee of Listed Registrants

The Audit Committee is a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of July 31, 2023, the members of the Audit Committee were Donald Donahue, Thomas Bostick, Thomas Kennedy and Susan Tomasky.

 

Item 6.

Investments

 

(a)

Not applicable.

 

(b)

Not applicable.

 

Item 7.

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

Not applicable.

 

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

 

Item 9.

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

Not applicable.

 

Item 10.

Submission of Matters to a Vote of Security Holders

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

 

Item 11.

Controls and Procedures

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

(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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)    Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)    (2)    Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)    (3)    Not applicable.
(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


SIGNATURES

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

Fidelity Covington Trust

 

By:  

/s/ Stacie M. Smith

  Stacie M. Smith
  President and Treasurer
Date:   September 21, 2023

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:   September 21, 2023

 

By:  

/s/ John J. Burke III

  John J. Burke III
  Chief Financial Officer
Date:   September 21, 2023
EX-99.CODE ETH 2 d551573dex99codeeth.htm CODE OF ETHICS CODE OF ETHICS

Fidelity Investments

FIDELITY FUNDS’

CODE OF ETHICS

FOR PRESIDENT, TREASURER

AND PRINCIPAL ACCOUNTING OFFICER

2023


FIDELITY FUNDS’ CODE OF ETHICS FOR

PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER

I. Purposes of the Code/Covered Officers

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds’ President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity’s Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

 

   

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

 

   

full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

 

   

compliance with applicable laws and governmental rules and regulations;

 

   

the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

 

   

accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as “affiliated persons” of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.


Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

*            *             *

Each Covered Officer must:

 

   

not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

 

   

not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

 

   

not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer’s responsibilities with the Fidelity Funds;

 

   

not have a consulting or employment relationship with any of the Fidelity Funds’ service providers that are not affiliated with Fidelity; and

 

   

not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

III. Disclosure and Compliance

 

   

Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

 

   

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;


   

Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board’s Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

 

   

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

 

   

upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

 

   

notify the Fidelity Ethics Office promptly if they know of any violation of the Code. Failure to do so is itself a violation of this Code.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

V. Oversight

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board’s Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

VI. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.


VII. Amendments

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

VIII. Records and Confidentiality

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

EX-99.CERT 3 d551573dex99cert.htm SECTION 302 CERTIFICATIONS SECTION 302 CERTIFICATIONS

Exhibit EX-99.CERT

I, Stacie M. Smith, certify that:

 

1.

I have reviewed this report on Form N-CSR of Fidelity Covington Trust;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

 

  d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 21, 2023

 

/s/ Stacie M. Smith

Stacie M. Smith
President and Treasurer


I, John J. Burke III, certify that:

 

1.

I have reviewed this report on Form N-CSR of Fidelity Covington Trust;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

 

  d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 21, 2023

 

/s/ John J. Burke III

John J. Burke III
Chief Financial Officer
EX-99.906 CERT 4 d551573dex99906cert.htm SECTION 906 CERTIFICATION SECTION 906 CERTIFICATION

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of Fidelity Covington Trust (the “Trust”) on Form N-CSR to be filed with the Securities and Exchange Commission (the “Report”), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer’s knowledge:

 

  1.

The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: September 21, 2023

 

/s/ Stacie M. Smith

Stacie M. Smith
President and Treasurer

Dated: September 21, 2023

 

/s/ John J. Burke III

John J. Burke III
Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

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