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fmr:TH1Member 2024-05-31 0000945908 fmr:C000240927Member fmr:TH2Member 2024-05-31 0000945908 fmr:C000240927Member fmr:TH3Member 2024-05-31 0000945908 fmr:C000240927Member fmr:TH4Member 2024-05-31 0000945908 fmr:C000240927Member fmr:TH5Member 2024-05-31 0000945908 fmr:C000240927Member fmr:TH6Member 2024-05-31 0000945908 fmr:C000240927Member fmr:TH7Member 2024-05-31 0000945908 fmr:C000240927Member fmr:TH8Member 2024-05-31 0000945908 fmr:C000240927Member fmr:TH9Member 2024-05-31 0000945908 2023-05-31 2024-05-31 iso4217:USD pure shares N-CSR false 0000945908 N-1A Fidelity Covington Trust 2024-05-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Disruptors ETF Fidelity® Disruptors ETF FDIF NASDAQ This annual shareholder report contains information about Fidelity® Disruptors ETF for the period June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com. fundresearch.fidelity.com/prospectus/sec 1-800-FIDELITY fidfunddocuments@fidelity.com <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:41%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:31%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:41%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Disruptors ETF </span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>0<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:super;font-weight:normal;">A</span></div> </td> <td style="width:31%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;">0.00<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:super;font-weight:normal;">B</span></div> <span style="line-height:11px;"> </span><div style="text-align:center;"></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:super;font-weight:normal;">A </span><span style="font-family:'Fidelity Sans Cd';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Amount represents less than $.50</span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:super;font-weight:normal;">B </span><span style="font-family:'Fidelity Sans Cd';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Amount represents less than 0.005%</span></div> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> 0 0.0000 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Global equities gained considerably for the 12 months ending May 31, 2024, as global economic expansion and, perhaps most notably, a slowing in the pace of inflation and a shift to more-dovish monetary policy in some markets provided a favorable backdrop for risk assets. Performance was driven by a narrow set of technology-focused firms riding high-growth megatrends, fanned by enthusiasm for artificial intelligence. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Against this backdrop, stock picks in the United States and Japan detracted from the fund's performance versus the industry index. Positioning in China also hurt. By segment, the primary detractors were picks in the industrial machinery &amp; supplies &amp; components and transaction &amp; payment processing services groups. <span> </span></span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">The fund's non-benchmark stake in Flywire returned -44% and was the largest individual relative detractor. Other notable relative detractors included overweight positions in SolarEdge Technologies (-82%) and Liberty Broadband (-26%). </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">In contrast, from a regional standpoint, security selection in Singapore, and stock picks and an overweight in Taiwan, contributed to the fund's performance versus the industry index. By segment, market selection was the primary contributor, especially in semiconductors. <span> </span></span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">The fund's stake in Nvidia gained 186% and was the top individual relative contributor. Nvidia was the fund's largest holding. An underweight position in Apple (8%) and an overweight in Taiwan Semiconductor (+46%) also notably helped. Taiwan Semiconductor was also among our biggest holdings. <span> </span></span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Notable changes in positioning include decreased exposure to China and a higher allocation to the United States and Taiwan. By segment, notable changes in positioning include increased exposure to the semiconductors group. </span></li></ul> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE April 16, 2020 through May 31, 2024. Initial investment of $10,000. Fidelity® Disruptors ETF   $10,000 $11,570   $17,007   $13,046   $13,851   MSCI ACWI (All Country World Index) Index   $10,000 $10,918   $15,538   $14,529   $14,708     2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Disruptors ETF</span> 10000 11570 17007 13046 13851 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI ACWI (All Country World Index) Index</span> 10000 10918 15538 14529 14708 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Disruptors ETF - NAV A 18.43% 12.74% Fidelity® Disruptors ETF - Market Price B 18.03% 12.65% MSCI ACWI (All Country World Index) Index A 23.98% 15.67% A   From April 16, 2020   B   From June 20, 2023, date initially listed on the NASDAQ/NMS Global Market exchange   Visit www.fidelity.com for more recent performance information.   The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.   0.1843 0.1274 0.1803 0.1265 0.2398 0.1567 2020-04-16 <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <span style="line-height:16px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of May 31, 2024)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div> <table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>95,867,608</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">7</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>17</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">4<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> 95867608 7 17 0.04     Domestic Equity Funds 81.7 International Equity Funds 18.2 Short-Term Investments and Net Other Assets (Liabilities) 0.1 ASSET ALLOCATION (% of Fund's net assets) 0.817 0.182 0.001 TOP HOLDINGS (% of Fund's net assets)     Fidelity Disruptive Communications ETF 23.0     Fidelity Disruptive Technology ETF 20.8     Fidelity Disruptive Finance ETF 20.5     Fidelity Disruptive Automation ETF 18.2     Fidelity Disruptive Medicine ETF 17.4       99.9     0.230 0.208 0.205 0.182 0.174 <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">How has the Fund changed?</span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">September 28, 2024 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> <span> </span>or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:50%; background-color:#ebf3e9;border-right:2px dashed #368627;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The variations in class fees are primarily the result of the following changes:</span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Operating expenses</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Expense reductions</span></li></ul> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div></div> <div style="text-align:left;"></div> </td> <td style="width:50%; background-color:#ebf3e9;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Disruptors ETF converted from Fidelity Disruptors Fund on June 16, 2023. This move, approved by the Board of Trustees in November 2022, was deemed in the best interest of shareholders. The new ETF and its former corresponding fund have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. Returns prior to the conversion are those of the former corresponding fund. Fidelity believes that the conversion will provide multiple benefits for investors of the fund, including lower net expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency.</span></div> <div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">September 28, 2024 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> <span> </span>or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The variations in class fees are primarily the result of the following changes:</span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Operating expenses</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Expense reductions</span></li></ul> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> 2024-05-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Disruptive Medicine ETF Fidelity® Disruptive Medicine ETF FMED NASDAQ This annual shareholder report contains information about Fidelity® Disruptive Medicine ETF for the period June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com. fundresearch.fidelity.com/prospectus/sec 1-800-FIDELITY fidfunddocuments@fidelity.com <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:41%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:31%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:41%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Disruptive Medicine ETF </span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>48<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:31%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;">0.50<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <span style="line-height:11px;"> </span><div style="text-align:center;"></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> <div style="text-align:left;"></div> 48 0.0050 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Global equities gained considerably for the 12 months ending May 31, 2024, as global economic expansion and, perhaps most notably, a slowing in the pace of inflation and a shift to more-dovish monetary policy in some markets provided a favorable backdrop for risk assets. Performance was driven by a narrow set of technology-focused firms riding high-growth megatrends, fanned by enthusiasm for artificial intelligence. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Against this backdrop, stock picking in the United States and picks in emerging markets, primarily in China, detracted from the fund's performance versus the industry index. By segment, market selection was the primary detractor, especially an underweight in pharmaceuticals. Stock selection in health care services also hurt. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">The fund's stake in agilon health returned -68% and was the biggest individual relative detractor. This period we increased our position. Holdings in Penumbra (-39%), which was among the fund's biggest holdings this period, and 10x Genomics (-58%) also hurt. All of these detractors were non-benchmark positions. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">In contrast, from a regional standpoint, an overweight in the United States and an underweight in emerging markets, primarily in China, contributed to the fund's performance versus the industry index. By segment, the biggest contributor to performance versus the index was security selection in biotechnology. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">The top individual relative contributor was an overweight in Boston Scientific (+47%), the fund's biggest holding. Other top relative contributors included an overweight in Eli Lilly (+92%) - also among the fund's largest holdings at period end - and a non-index stake in Janux Therapeutics (353%). This period we decreased our investment in Eli Lilly. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Notable changes in positioning include increased exposure to the health care services and health care technology industries. </span></li></ul> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE April 16, 2020 through May 31, 2024. Initial investment of $10,000. Fidelity® Disruptive Medicine ETF   $10,000 $11,060   $13,100   $10,128   $11,176   MSCI All Country World Healthcare Equal Weighted Index   $10,000 $10,932   $14,293   $10,893   $10,690   MSCI ACWI (All Country World Index) Index   $10,000 $10,918   $15,538   $14,529   $14,708     2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Disruptive Medicine ETF</span> 10000 11060 13100 10128 11176 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI All Country World Healthcare Equal Weighted Index</span> 10000 10932 14293 10893 10690 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI ACWI (All Country World Index) Index</span> 10000 10918 15538 14529 14708 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Disruptive Medicine ETF - NAV A -3.50% 1.85% Fidelity® Disruptive Medicine ETF - Market Price B -3.45% 1.86% MSCI All Country World Healthcare Equal Weighted Index A -1.59% 1.24% MSCI ACWI (All Country World Index) Index A 23.98% 15.67% A   From April 16, 2020   B   From June 12, 2023, date initially listed on the NASDAQ/NMS Global Market exchange   Visit www.fidelity.com for more recent performance information.   The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.   -0.0350 0.0185 -0.0345 0.0186 -0.0159 0.0124 0.2398 0.1567 2020-04-16 <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <span style="line-height:16px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of May 31, 2024)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div> <table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>49,925,123</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">62</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>237,616</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">33<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> 49925123 62 237616 0.33   MARKET SECTORS (% of Fund's net assets)     Health Care 99.1       Common Stocks 99.1 Short-Term Investments and Net Other Assets (Liabilities) 0.9 ASSET ALLOCATION (% of Fund's net assets) United States 92.6 Netherlands 2.2 France 1.2 Canada 1.2 Switzerland 1.1 Denmark 1.0 China 0.7 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     0.991 0.991 0.009 0.926 0.022 0.012 0.012 0.011 0.010 0.007 TOP HOLDINGS (% of Fund's net assets)     Boston Scientific Corp 6.7     Unitedhealth Group Inc 4.3     Danaher Corp 3.9     Intuitive Surgical Inc 3.8     Centene Corp 3.5     Alnylam Pharmaceuticals Inc 3.3     Insulet Corp 3.2     Stryker Corp 2.7     Regeneron Pharmaceuticals Inc 2.6     Eli Lilly & Co 2.5       36.5     0.067 0.043 0.039 0.038 0.035 0.033 0.032 0.027 0.026 0.025 <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">How has the Fund changed?</span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">September 28, 2024 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> <span> </span>or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:50%; background-color:#ebf3e9;border-right:2px dashed #368627;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The variations in class fees are primarily the result of the following changes:</span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Operating expenses</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Expense reductions</span></li></ul> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div></div> <div style="text-align:left;"></div> </td> <td style="width:50%; background-color:#ebf3e9;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Disruptive Medicine ETF converted from Fidelity Disruptive Medicine Fund on June 9, 2023. This move, approved by the Board of Trustees in November 2022, was deemed in the best interest of shareholders. The new ETF and its former corresponding fund have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. Returns prior to the conversion are those of the former corresponding fund. Fidelity believes that the conversion will provide multiple benefits for investors of the fund, including lower net expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency.</span></div> <div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">September 28, 2024 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> <span> </span>or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The variations in class fees are primarily the result of the following changes:</span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Operating expenses</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Expense reductions</span></li></ul> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> 2024-05-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Disruptive Technology ETF Fidelity® Disruptive Technology ETF FDTX NASDAQ This annual shareholder report contains information about Fidelity® Disruptive Technology ETF for the period June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com. fundresearch.fidelity.com/prospectus/sec 1-800-FIDELITY fidfunddocuments@fidelity.com <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:41%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:31%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:41%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Disruptive Technology ETF </span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>56<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:31%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;">0.50<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <span style="line-height:11px;"> </span><div style="text-align:center;"></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> <div style="text-align:left;"></div> 56 0.0050 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Global equities gained considerably for the 12 months ending May 31, 2024, as global economic expansion and, perhaps most notably, a slowing in the pace of inflation and a shift to more-dovish monetary policy in some markets provided a favorable backdrop for risk assets. Performance was driven by a narrow set of technology-focused firms riding high-growth megatrends, fanned by enthusiasm for artificial intelligence. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Against this backdrop, stock picking and an overweight in the United States and security selection and an underweight in emerging markets, primarily in China, contributed to the fund's performance versus the industry index. By segment, security selection was the primary contributor, especially within semiconductors and interactive media &amp; services. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">The top individual relative contributor was an overweight in Nvidia (+189%), the fund's largest holding. Other notable relative contributors included a non-index stake in Meta Platforms (+74%) and an overweight in Taiwan Semiconductor (+52%). Meta Platforms and Taiwan Semiconductor were also among our largest holdings. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">In contrast, from a regional standpoint, security selection in Europe ex U.K., primarily in Netherlands, and an underweight in Japan detracted from the fund's performance versus the industry index. By segment, the primary detractors from performance versus the index were stock selection and an underweight in technology hardware, storage &amp; peripherals. <span> </span></span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">The fund's stake in SolarEdge Technologies returned -83% and was the biggest individual relative detractor. This period we increased our investment. Other notable relative detractors included our non-index stake in Farfetch (-70%), which was not held at period end, and an overweight in MongoDB (-20%), which was among the fund's biggest holdings this period. <span> </span></span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Notable changes in positioning include increased exposure to Taiwan. By segment, notable changes include higher allocations to the semiconductors and movies &amp; entertainment groups. </span></li></ul> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE April 16, 2020 through May 31, 2024. Initial investment of $10,000. Fidelity® Disruptive Technology ETF   $10,000 $11,490   $18,169   $12,018   $13,635   MSCI All Country World Information Technology Equal Weighted Index   $10,000 $11,010   $16,179   $13,334   $13,590   MSCI ACWI (All Country World Index) Index   $10,000 $10,918   $15,538   $14,529   $14,708     2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Disruptive Technology ETF</span> 10000 11490 18169 12018 13635 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI All Country World Information Technology Equal Weighted Index</span> 10000 11010 16179 13334 13590 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI ACWI (All Country World Index) Index</span> 10000 10918 15538 14529 14708 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Disruptive Technology ETF - NAV A 27.13% 14.26% Fidelity® Disruptive Technology ETF - Market Price B 26.91% 14.21% MSCI All Country World Information Technology Equal Weighted Index A 4.44% 8.86% MSCI ACWI (All Country World Index) Index A 23.98% 15.67% A   From April 16, 2020   B   From June 12, 2023, date initially listed on the NASDAQ/NMS Global Market exchange   Visit www.fidelity.com for more recent performance information.   The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.   0.2713 0.1426 0.2691 0.1421 0.0444 0.0886 0.2398 0.1567 2020-04-16 <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <span style="line-height:16px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of May 31, 2024)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div> <table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>148,077,531</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">48</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>574,952</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">25<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> 148077531 48 574952 0.25   MARKET SECTORS (% of Fund's net assets)     Information Technology 68.3     Communication Services 19.9     Consumer Discretionary 6.7     Health Care 2.2     Financials 1.7     Industrials 1.0       Common Stocks 99.8 Short-Term Investments and Net Other Assets (Liabilities) 0.2 ASSET ALLOCATION (% of Fund's net assets) United States 74.2 Netherlands 7.6 Taiwan 5.9 Japan 3.9 Singapore 2.5 China 1.6 Germany 1.4 Korea (South) 1.3 Canada 1.1 Others 0.5 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     0.683 0.199 0.067 0.022 0.017 0.010 0.998 0.002 0.742 0.076 0.059 0.039 0.025 0.016 0.014 0.013 0.011 0.005 TOP HOLDINGS (% of Fund's net assets)     NVIDIA Corp 8.0     Taiwan Semiconductor Manufacturing Co Ltd ADR 5.9     Microsoft Corp 5.2     ASML Holding NV 4.5     Salesforce Inc 4.4     Meta Platforms Inc Class A 4.4     Alphabet Inc Class C 4.2     Netflix Inc 4.2     Amazon.com Inc 4.0     Adobe Inc 3.5       48.3     0.080 0.059 0.052 0.045 0.044 0.044 0.042 0.042 0.040 0.035 <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">How has the Fund changed?</span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">September 28, 2024 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> <span> </span>or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:50%; background-color:#ebf3e9;border-right:2px dashed #368627;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The variations in class fees are primarily the result of the following changes:</span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Operating expenses</span></li></ul> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div></div> <div style="text-align:left;"></div> </td> <td style="width:50%; background-color:#ebf3e9;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Disruptive Technology ETF converted from Fidelity Disruptive Technology Fund on June 9, 2023. This move, approved by the Board of Trustees in November 2022, was deemed in the best interest of shareholders. The new ETF and its former corresponding fund have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. Returns prior to the conversion are those of the former corresponding fund. Fidelity believes that the conversion will provide multiple benefits for investors of the fund, including lower net expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency.</span></div> <div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">September 28, 2024 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> <span> </span>or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The variations in class fees are primarily the result of the following changes:</span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Operating expenses</span></li></ul> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> 2024-05-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Disruptive Communications ETF Fidelity® Disruptive Communications ETF FDCF NASDAQ This annual shareholder report contains information about Fidelity® Disruptive Communications ETF for the period June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com. fundresearch.fidelity.com/prospectus/sec 1-800-FIDELITY fidfunddocuments@fidelity.com <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:41%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:31%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:41%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Disruptive Communications ETF </span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>59<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:31%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;">0.50<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <span style="line-height:11px;"> </span><div style="text-align:center;"></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> <div style="text-align:left;"></div> 59 0.0050 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Global equities gained considerably for the 12 months ending May 31, 2024, as global economic expansion and, perhaps most notably, a slowing in the pace of inflation and a shift to more-dovish monetary policy in some markets provided a favorable backdrop for risk assets. Performance was driven by a narrow set of technology-focused firms riding high-growth megatrends, fanned by enthusiasm for artificial intelligence. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Against this backdrop, security selection and an overweight in the United States and picks and an underweight in emerging markets contributed to the fund's performance versus the industry index. By segment, security selection was the primary contributor, especially within semiconductors.</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">The top individual relative contributor was our non-index stake in Nvidia (+194%), which was one of the fund's biggest holdings. This period, we reduced our investment in Nvidia to manage the position size. Other notable relative contributors included Meta Platforms (+76%) and a non-index stake in Arista Networks (+80%). Meta Platforms and Arista Networks were also among the fund's largest holdings. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">In contrast, from a regional standpoint, underweights in Europe ex U.K. and Japan detracted from the fund's performance versus the industry index. By segment, the primary detractor was an underweight in wireless telecommunication services. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">The biggest individual relative detractor was an overweight in Liberty Broadband (-27%), which was among the fund's largest holdings this period. Other notable relative detractors included an overweight in Naver (-24%) - which was a position we established this period - and a non-holding of Tencent Music Entertainment Group, an index component that gained 110%. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Notable changes in positioning include increased exposure to China and Singapore. By segment, notable changes in positioning include higher allocations to the application software and broadline retail industries. </span></li></ul> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE April 16, 2020 through May 31, 2024. Initial investment of $10,000. Fidelity® Disruptive Communications ETF   $10,000 $11,580   $17,249   $12,353   $12,959   MSCI All Country World Communication Services Equal Weighted Index   $10,000 $10,902   $14,759   $11,998   $10,785   MSCI ACWI (All Country World Index) Index   $10,000 $10,918   $15,538   $14,529   $14,708     2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Disruptive Communications ETF</span> 10000 11580 17249 12353 12959 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI All Country World Communication Services Equal Weighted Index</span> 10000 10902 14759 11998 10785 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI ACWI (All Country World Index) Index</span> 10000 10918 15538 14529 14708 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Disruptive Communications ETF - NAV A 38.49% 15.23% Fidelity® Disruptive Communications ETF - Market Price B 38.63% 15.26% MSCI All Country World Communication Services Equal Weighted Index A 2.52% 2.46% MSCI ACWI (All Country World Index) Index A 23.98% 15.67% A   From April 16, 2020   B   From June 12, 2023, date initially listed on the NASDAQ/NMS Global Market exchange   Visit www.fidelity.com for more recent performance information.   The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.   0.3849 0.1523 0.3863 0.1526 0.0252 0.0246 0.2398 0.1567 2020-04-16 <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <span style="line-height:16px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of May 31, 2024)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div> <table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>50,995,279</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">38</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>205,567</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">35<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> 50995279 38 205567 0.35   MARKET SECTORS (% of Fund's net assets)     Communication Services 46.4     Information Technology 30.2     Consumer Discretionary 10.8     Real Estate 5.0     Industrials 4.0     Energy 2.2       Common Stocks 98.6 Short-Term Investments and Net Other Assets (Liabilities) 1.4 ASSET ALLOCATION (% of Fund's net assets) United States 71.0 China 8.8 Singapore 7.3 Taiwan 3.6 Spain 2.8 India 2.2 Korea (South) 2.0 Japan 1.3 France 1.0 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     0.464 0.302 0.108 0.050 0.040 0.022 0.986 0.014 0.710 0.088 0.073 0.036 0.028 0.022 0.020 0.013 0.010 TOP HOLDINGS (% of Fund's net assets)     Sea Ltd Class A ADR 7.3     NVIDIA Corp 6.6     Alphabet Inc Class A 5.7     Meta Platforms Inc Class A 5.6     Snap Inc Class A 5.2     Arista Networks Inc 5.1     American Tower Corp 5.0     Amazon.com Inc 5.0     PDD Holdings Inc Class A ADR 4.4     T-Mobile US Inc 3.7       53.6     0.073 0.066 0.057 0.056 0.052 0.051 0.050 0.050 0.044 0.037 <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">How has the Fund changed?</span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">September 28, 2024 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> <span> </span>or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:50%; background-color:#ebf3e9;border-right:2px dashed #368627;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The variations in class fees are primarily the result of the following changes:</span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Operating expenses</span></li></ul> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div></div> <div style="text-align:left;"></div> </td> <td style="width:50%; background-color:#ebf3e9;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Disruptive Communications ETF converted from Fidelity Disruptive Communications Fund on June 9, 2023. This move, approved by the Board of Trustees in November 2022, was deemed in the best interest of shareholders. The new ETF and its former corresponding fund have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. Returns prior to the conversion are those of the former corresponding fund. Fidelity believes that the conversion will provide multiple benefits for investors of the fund, including lower net expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency.</span></div> <div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">September 28, 2024 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> <span> </span>or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The variations in class fees are primarily the result of the following changes:</span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Operating expenses</span></li></ul> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> 2024-05-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Disruptive Automation ETF Fidelity® Disruptive Automation ETF FBOT NASDAQ This annual shareholder report contains information about Fidelity® Disruptive Automation ETF for the period June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com. fundresearch.fidelity.com/prospectus/sec 1-800-FIDELITY fidfunddocuments@fidelity.com <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:41%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:31%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:41%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Disruptive Automation ETF </span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>51<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:31%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;">0.51<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <span style="line-height:11px;"> </span><div style="text-align:center;"></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> <div style="text-align:left;"></div> 51 0.0051 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Global equities gained considerably for the 12 months ending May 31, 2024, as global economic expansion and, perhaps most notably, a slowing in the pace of inflation and a shift to more-dovish monetary policy in some markets provided a favorable backdrop for risk assets. Performance was driven by a narrow set of technology-focused firms riding high-growth megatrends, fanned by enthusiasm for artificial intelligence. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Against this backdrop, stock picks in Japan and stock selection in emerging markets, primarily in China, detracted from the fund's performance versus the industry index. By segment, security selection was the primary detractor, especially within industrial machinery &amp; supplies &amp; components. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">The fund's stake in OPT Machine Vision Tech returned -59% and was the largest individual relative detractor. Positions in Dongguan Yiheda Automation (-48%) and Estun Automation (-42%) also hurt. All of these detractors were non-benchmark positions. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">In contrast, from a regional standpoint, an overweight in the United States and an underweight in emerging markets, primarily in China, contributed to the fund's performance versus the industry index. By segment, the biggest contributor to performance versus the index was security selection in semiconductors. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">The fund's stake in Nvidia gained 187% and was the top individual relative contributor. Nvidia was the fund's top holding. Our positions in Taiwan Semiconductor (+38%) and Teradyne (+38%) notably helped; both were also among our biggest holdings. All of these contributors were non-benchmark holdings.</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Notable changes in positioning include decreased exposure to China and a higher allocation to the United States. By segment, notable changes in positioning include increased exposure to the semiconductor materials &amp; equipment segment.</span></li></ul> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE April 16, 2020 through May 31, 2024. Initial investment of $10,000. Fidelity® Disruptive Automation ETF   $10,000 $11,900   $18,342   $15,269   $16,957   MSCI All Country World Industrials Equal Weighted Index   $10,000 $10,954   $16,036   $14,410   $14,366   MSCI ACWI (All Country World Index) Index   $10,000 $10,918   $15,538   $14,529   $14,708     2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Disruptive Automation ETF</span> 10000 11900 18342 15269 16957 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI All Country World Industrials Equal Weighted Index</span> 10000 10954 16036 14410 14366 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI ACWI (All Country World Index) Index</span> 10000 10918 15538 14529 14708 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Disruptive Automation ETF - NAV A 4.76% 14.94% Fidelity® Disruptive Automation ETF - Market Price B 4.39% 14.84% MSCI All Country World Industrials Equal Weighted Index A 14.68% 12.86% MSCI ACWI (All Country World Index) Index A 23.98% 15.67% A   From April 16, 2020   B   From June 12, 2023, date initially listed on the NASDAQ/NMS Global Market exchange   Visit www.fidelity.com for more recent performance information.   The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.   0.0476 0.1494 0.0439 0.1484 0.1468 0.1286 0.2398 0.1567 2020-04-16 <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <span style="line-height:16px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of May 31, 2024)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div> <table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>103,474,825</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">46</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>527,623</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">52<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> 103474825 46 527623 0.52   MARKET SECTORS (% of Fund's net assets)     Information Technology 50.2     Industrials 40.4     Consumer Discretionary 4.6     Communication Services 2.4     Health Care 2.1       Common Stocks 99.7 Short-Term Investments and Net Other Assets (Liabilities) 0.3 ASSET ALLOCATION (% of Fund's net assets) United States 46.3 Japan 19.5 China 11.6 Taiwan 9.9 Germany 3.7 France 2.5 United Kingdom 2.3 Switzerland 1.6 Canada 1.3 Others 1.3 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     0.502 0.404 0.046 0.024 0.021 0.997 0.003 0.463 0.195 0.116 0.099 0.037 0.025 0.023 0.016 0.013 0.013 TOP HOLDINGS (% of Fund's net assets)     NVIDIA Corp 8.4     Taiwan Semiconductor Manufacturing Co Ltd 7.8     PTC Inc 5.4     Keyence Corp 5.2     Teradyne Inc 5.0     Siemens AG 2.9     Recruit Holdings Co Ltd 2.7     FANUC Corp 2.7     Deere & Co 2.6     Synopsys Inc 2.6       45.3     0.084 0.078 0.054 0.052 0.050 0.029 0.027 0.027 0.026 0.026 <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">How has the Fund changed?</span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">September 28, 2024 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> <span> </span>or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:50%; background-color:#ebf3e9;border-right:2px dashed #368627;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The variations in class fees are primarily the result of the following changes:</span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Operating expenses</span></li></ul> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div></div> <div style="text-align:left;"></div> </td> <td style="width:50%; background-color:#ebf3e9;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Disruptive Automation ETF converted from Fidelity Disruptive Automation Fund on June 9, 2023. This move, approved by the Board of Trustees in November 2022, was deemed in the best interest of shareholders. The new ETF and its former corresponding fund have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. Returns prior to the conversion are those of the former corresponding fund. Fidelity believes that the conversion will provide multiple benefits for investors of the fund, including lower net expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency.</span></div> <div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">September 28, 2024 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> <span> </span>or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The variations in class fees are primarily the result of the following changes:</span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Operating expenses</span></li></ul> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> 2024-05-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Disruptive Finance ETF Fidelity® Disruptive Finance ETF FDFF NASDAQ This annual shareholder report contains information about Fidelity® Disruptive Finance ETF for the period June 1, 2023 to May 31, 2024. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com. fundresearch.fidelity.com/prospectus/sec 1-800-FIDELITY fidfunddocuments@fidelity.com <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:41%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:31%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:41%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Disruptive Finance ETF </span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>55<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:31%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;">0.50<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <span style="line-height:11px;"> </span><div style="text-align:center;"></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> <div style="text-align:left;"></div> 55 0.0050 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Global equities gained considerably for the 12 months ending May 31, 2024, as global economic expansion and, perhaps most notably, a slowing in the pace of inflation and a shift to more-dovish monetary policy in some markets provided a favorable backdrop for risk assets. Performance was driven by a narrow set of technology-focused firms riding high-growth megatrends, fanned by enthusiasm for artificial intelligence. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Against this backdrop, an overweight in the United States and an underweight in emerging markets, primarily in China, contributed to the fund's performance versus the industry index. By segment, security selection was the primary contributor, especially within financial exchanges &amp; data. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">The fund's non-index stake in MicroStrategy gained 265% and was the top individual relative contributor. Other notable contributors included a non-index stake in Baldwin Insurance (+65%), which was one of the fund's largest holdings, and an overweight in Coinbase Global (+210%). The positions in MicroStrategy and Coinbase Global were established this period. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">In contrast, from a regional standpoint, stock picks in the United States and stock selection and an underweight in Europe ex U.K. detracted from the fund's performance versus the industry index. By segment, the primary detractor was an overweight in transaction &amp; payment processing services. </span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">The fund's non-index stake in Flywire returned -43% and was the biggest individual relative detractor. We increased our investment in Flywire during the period. A non-index stake in dLocal returned -23% and was the second-largest detractor. Both Flywire and dLocal were among the fund's largest holdings this period. Our stake in Worldline (-67%), which was not held at period end, also hurt. <span> </span></span></li><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">Notable changes in positioning include increased exposure to the U.K. and a lower allocation to Uruguay. By segment, notable changes include increased exposure to the financial exchanges &amp; data industry and a lower allocation to property &amp; casualty insurance.</span></li></ul> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE April 16, 2020 through May 31, 2024. Initial investment of $10,000. Fidelity® Disruptive Finance ETF   $10,000 $11,860   $18,420   $15,678   $13,881   MSCI All Country World Financials Equal Weighted Index   $10,000 $10,643   $16,076   $14,962   $14,597   MSCI ACWI (All Country World Index) Index   $10,000 $10,918   $15,538   $14,529   $14,708     2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Disruptive Finance ETF</span> 10000 11860 18420 15678 13881 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI All Country World Financials Equal Weighted Index</span> 10000 10643 16076 14962 14597 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI ACWI (All Country World Index) Index</span> 10000 10918 15538 14529 14708 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Disruptive Finance ETF - NAV A 24.62% 14.20% Fidelity® Disruptive Finance ETF - Market Price B 24.42% 14.16% MSCI All Country World Financials Equal Weighted Index A 23.28% 15.30% MSCI ACWI (All Country World Index) Index A 23.98% 15.67% A   From April 16, 2020   B   From June 12, 2023, date initially listed on the NASDAQ/NMS Global Market exchange   Visit www.fidelity.com for more recent performance information.   The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.   0.2462 0.1420 0.2442 0.1416 0.2328 0.1530 0.2398 0.1567 2020-04-16 <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <span style="line-height:16px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of May 31, 2024)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div> <table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>43,213,068</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">45</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>213,489</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">34<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> 43213068 45 213489 0.34   MARKET SECTORS (% of Fund's net assets)     Financials 88.2     Industrials 5.9     Information Technology 3.7     Real Estate 1.1     Consumer Discretionary 0.9       Common Stocks 99.8 Short-Term Investments and Net Other Assets (Liabilities) 0.2 ASSET ALLOCATION (% of Fund's net assets) United States 72.1 United Kingdom 9.3 Netherlands 4.2 Italy 3.9 Singapore 3.4 Norway 2.6 Uruguay 2.5 Brazil 2.0 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     0.882 0.059 0.037 0.011 0.009 0.998 0.002 0.721 0.093 0.042 0.039 0.034 0.026 0.025 0.020 TOP HOLDINGS (% of Fund's net assets)     Visa Inc Class A 6.1     Mastercard Inc Class A 5.6     BlackRock Inc 5.4     Baldwin Insurance Group Inc/The Class A 5.1     Capital One Financial Corp 4.8     Equifax Inc 4.6     Adyen NV 4.2     FinecoBank Banca Fineco SpA 3.9     Flywire Corp 3.8     DBS Group Holdings Ltd 3.4       46.9     0.061 0.056 0.054 0.051 0.048 0.046 0.042 0.039 0.038 0.034 <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">How has the Fund changed?</span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">September 28, 2024 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> <span> </span>or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <span style="line-height:11px;"> </span><div style="text-align:left;"></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:50%; background-color:#ebf3e9;border-right:2px dashed #368627;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The variations in class fees are primarily the result of the following changes:</span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li></ul> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div></div> <div style="text-align:left;"></div> </td> <td style="width:50%; background-color:#ebf3e9;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Disruptive Finance ETF converted from Fidelity Disruptive Finance Fund on June 9, 2023. This move, approved by the Board of Trustees in November 2022, was deemed in the best interest of shareholders. The new ETF and its former corresponding fund have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. Returns prior to the conversion are those of the former corresponding fund. Fidelity believes that the conversion will provide multiple benefits for investors of the fund, including lower net expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency.</span></div> <div style="text-align:left;"></div> </td> </tr> </table> <div style="text-align:left;"></div> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">September 28, 2024 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> <span> </span>or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The variations in class fees are primarily the result of the following changes:</span></div> <ul style="color:#000000;list-style-type:none;margin:0px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li></ul> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div>