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2024-07-31 0000945908 fmr:C000248142Member fmr:TH4Member 2024-07-31 0000945908 fmr:C000248142Member fmr:TH5Member 2024-07-31 0000945908 fmr:C000248142Member fmr:TH6Member 2024-07-31 0000945908 fmr:C000248142Member fmr:TH7Member 2024-07-31 0000945908 fmr:C000248142Member fmr:TH8Member 2024-07-31 0000945908 fmr:C000248142Member fmr:TH9Member 2024-07-31 0000945908 2023-07-31 2024-07-31 iso4217:USD pure shares N-CSR false 0000945908 N-1A Fidelity Covington Trust 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Women's Leadership ETF Fidelity® Women's Leadership ETF FDWM NYSEArca This annual shareholder report contains information about Fidelity® Women's Leadership ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Women's Leadership ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>64<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:center;">0.59<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 64 0.0059 <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> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark for the fiscal year, led by picks in the consumer discretionary sector. Stock selection in information technology, primarily within the semiconductors &amp; semiconductor equipment industry, also boosted the fund's relative performance. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The fund's non-benchmark stake in Nvidia gained approximately 150% and was the top individual relative contributor. The stock was among our largest holdings. An overweight in Williams-Sonoma (+128%) also contributed, as did avoiding Unity Software, a benchmark component that returned about -64%.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, utilities and materials. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Not owning Godaddy, a benchmark component that gained roughly 89%, was the biggest individual relative detractor. Not owning Fair Isaac, a benchmark component that gained  91%, was the second-largest relative detractor. Another notable relative detractor was an overweight in Estee Lauder (-43%). </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include higher allocations to the consumer discretionary and communication services sectors. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.</span></div> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE June 15, 2021 through July 31, 2024. Initial investment of $10,000. Fidelity® Women's Leadership ETF   $10,000 $10,253   $8,803   $9,945   MSCI USA Women's Leadership Index   $10,000 $10,293   $8,844   $9,658   Russell 3000® Index   $10,000 $10,297   $9,540   $10,746     2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Women's Leadership ETF</span> 10000 10253 8803 9945 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI USA Women's Leadership Index</span> 10000 10293 8844 9658 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 3000® Index</span> 10000 10297 9540 10746 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Women's Leadership ETF - NAV  A  15.82% 4.62% Fidelity® Women's Leadership ETF - Market Price B 16.09% 4.79% MSCI USA Women's Leadership Index A 11.28% 2.33% Russell 3000® Index A 21.07% 8.78% A   From June 15, 2021   B   From June 17, 2021, date initially listed on the NYSE Arca, Inc. 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.   0.1582 0.0462 0.1609 0.0479 0.1128 0.0233 0.2107 0.0878 2021-06-15 <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 July 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>3,942,372</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;">106</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>21,836</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;">59<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> 3942372 106 21836 0.59   MARKET SECTORS (% of Fund's net assets)     Information Technology 29.1   Health Care 13.9   Consumer Discretionary 13.2   Financials 12.5   Industrials 11.5   Communication Services 5.8   Materials 4.0   Consumer Staples 3.3   Energy 3.0   Utilities 2.0   Real Estate 1.0     Common Stocks 99.3 Short-Term Investments and Net Other Assets (Liabilities) 0.7 ASSET ALLOCATION (% of Fund's net assets) United States 95.9 Ireland 2.0 China 1.5 Canada 0.6 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.291 0.139 0.132 0.125 0.115 0.058 0.040 0.033 0.030 0.020 0.010 0.993 0.007 0.959 0.020 0.015 0.006 TOP HOLDINGS (% of Fund's net assets)     Amazon.com Inc 4.4     Apple Inc 4.2     Microsoft Corp 3.8     NVIDIA Corp 3.2     Alphabet Inc Class C 2.8     Accenture PLC Class A 2.0     Walt Disney Co/The 2.0     Hologic Inc 1.9     Cigna Group/The 1.8     Salesforce Inc 1.6       27.7     0.044 0.042 0.038 0.032 0.028 0.020 0.020 0.019 0.018 0.016 <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 August 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;">November 29, 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:0px;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;"> 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:11px;color:#000000;font-style:normal;font-weight:normal;">The fund changed its classification form non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.</span></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;"></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 August 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;">November 29, 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:0px;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;"> 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> 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Blue Chip Value ETF Fidelity® Blue Chip Value ETF FBCV CboeBZX This annual shareholder report contains information about Fidelity® Blue Chip Value ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Blue Chip Value ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>63<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:center;">0.59<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 63 0.0059 <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> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, both security selection and sector positioning detracted from the fund's performance versus the Russell 1000 Value Index for the fiscal year, especially in consumer staples. Subpar stock picks in communication services also hampered the fund's result. Investment choices and an underweight in industrials, primarily within the capital goods industry, hurt as well. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The largest individual relative detractor was an outsized stake in Lamb Weston Holdings (-36%). An overweight in Kenvue (-9%), where we increased our position this period, also was detrimental to performance. Larger-than-benchmark exposure to Comcast (-6%), one of our biggest holdings, was another challenge. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the biggest contributors to performance versus the benchmark were stock picks and an underweight among consumer discretionary firms. Investment choices and outsized exposure to financials - banks in particular - also boosted the fund's relative performance. Comparatively light exposure to the real estate sector, especially the equity real estate investment trusts industry, proved advantageous as well. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an overweight in H&amp;R Block (+77%). An outsized stake in Constellation Energy (+90%) was another plus, though the stock was not held at period end. An underweight in ConocoPhillips (-3%) helped as well. The stock was not held at period end. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include higher allocations to the consumer discretionary and industrials sectors. </span></div> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE June 2, 2020 through July 31, 2024. Initial investment of $10,000. Fidelity® Blue Chip Value ETF   $10,000 $10,123   $14,459   $14,642   $15,426   Russell 1000® Value Index   $10,000 $10,170   $14,169   $13,967   $15,124   Russell 1000® Index   $10,000 $10,678   $14,731   $13,719   $15,496     2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Blue Chip Value ETF</span> 10000 10123 14459 14642 15426 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Value Index</span> 10000 10170 14169 13967 15124 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span> 10000 10678 14731 13719 15496 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Blue Chip Value ETF - NAV  A  11.22% 13.84% Fidelity® Blue Chip Value ETF - Market Price B 11.33% 12.97% Russell 1000® Value Index A 14.80% 14.17% Russell 1000® Index A 21.50% 16.41% A   From June 2, 2020   B   From June 4, 2020, date initially listed on the Cboe BZX Exchange, Inc. 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.   0.1122 0.1384 0.1133 0.1297 0.1480 0.1417 0.2150 0.1641 2020-06-02 <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 July 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>125,357,284</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;">84</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>712,115</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> 125357284 84 712115 0.33   MARKET SECTORS (% of Fund's net assets)     Financials 24.8   Health Care 17.0   Industrials 10.7   Consumer Staples 10.4   Energy 8.4   Information Technology 7.3   Utilities 6.7   Communication Services 5.1   Consumer Discretionary 4.4   Materials 2.4   Real Estate 1.2     Common Stocks 98.4 Short-Term Investments and Net Other Assets (Liabilities) 1.6 ASSET ALLOCATION (% of Fund's net assets) United States 94.0 United Kingdom 4.0 Canada 1.1 Norway 0.7 China 0.2 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.248 0.170 0.107 0.104 0.084 0.073 0.067 0.051 0.044 0.024 0.012 0.984 0.016 0.940 0.040 0.011 0.007 0.002 TOP HOLDINGS (% of Fund's net assets)     Exxon Mobil Corp 4.6     JPMorgan Chase & Co 4.1     Bank of America Corp 2.9     Cigna Group/The 2.9     UnitedHealth Group Inc 2.9     Comcast Corp Class A 2.9     Travelers Cos Inc/The 2.8     Berkshire Hathaway Inc Class B 2.7     PG&E Corp 2.3     Walt Disney Co/The 2.2       30.3     0.046 0.041 0.029 0.029 0.029 0.029 0.028 0.027 0.023 0.022 <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 August 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;">November 29, 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:0px;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;"> 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:11px;color:#000000;font-style:normal;font-weight:normal;">The fund changed its classification from non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.</span></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;"></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 August 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;">November 29, 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:0px;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;"> 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> 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Quality Factor ETF Fidelity® Quality Factor ETF FQAL NYSEArca This annual shareholder report contains information about Fidelity® Quality Factor ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Quality Factor ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>20<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:center;">0.18<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 20 0.0018 <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> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, information technology gained 31% and contributed most to the fund's performance for the fiscal year. Health care, which gained 25%, also helped, benefiting from the pharmaceuticals, biotechnology &amp; life sciences industry (+29%), as did financials, which advanced about 23%. The communication services sector rose 29%, boosted by the media &amp; entertainment industry (+28%), while industrials gained about 11% and utilities advanced about 25%. Other contributors included the energy (+12%), consumer staples (+7%), consumer discretionary (+4%), materials (+13%) and real estate (+9%) sectors.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to individual stocks, the top contributor was Nvidia (+61%), from the semiconductors &amp; semiconductor equipment category. From the same group, Broadcom gained 81% and helped. Microsoft, within the software &amp; services group, gained approximately 25% and contributed. Alphabet, within the media &amp; entertainment industry, gained about 29%. Lastly, Apple (+14%), from the technology hardware &amp; equipment industry, also helped.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the biggest detractor was Tesla (-26%), from the automobiles &amp; components group. Starbucks, within the consumer services category, returned about -16% and hurt the fund. Another notable detractor was United Parcel Service (-18%), a stock in the transportation industry. In software &amp; services, Palo Alto Networks (-11%) hurt the fund. Lastly, ZoomInfo Technologies (-35%), a stock in the media &amp; entertainment industry, hindered the fund.</span></div> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE September 12, 2016 through July 31, 2024. Initial investment of $10,000. Fidelity® Quality Factor ETF   $10,000 $11,613   $13,581   $14,551   $16,044   $21,820   $20,776   $22,948   $27,615   Fidelity U.S. Quality Factor Index℠   $10,000 $11,648   $13,664   $14,681   $16,233   $22,144   $21,143   $23,416   $28,228   Russell 1000® Index   $10,000 $11,635   $13,519   $14,600   $16,357   $22,568   $21,017   $23,739   $28,843     2016 2017 2018 2019 2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Quality Factor ETF</span> 10000 11613 13581 14551 16044 21820 20776 22948 27615 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity U.S. Quality Factor Index℠</span> 10000 11648 13664 14681 16233 22144 21143 23416 28228 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span> 10000 11635 13519 14600 16357 22568 21017 23739 28843 AVERAGE ANNUAL TOTAL RETURNS:     1 Year 5 Year Life of Fund Fidelity® Quality Factor ETF - NAV  A  20.34% 13.67% 13.74% Fidelity® Quality Factor ETF - Market Price B 20.47% 13.67% 13.79% Fidelity U.S. Quality Factor Index℠ A 20.55% 13.97% 14.06% Russell 1000® Index A 21.50% 14.59% 14.37% A   From September 12, 2016   B   From September 15, 2016, date initially listed on the NYSE Arca, Inc. 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.   0.2034 0.1367 0.1374 0.2047 0.1367 0.1379 0.2055 0.1397 0.1406 0.2150 0.1459 0.1437 2016-09-12 <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 July 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>1,028,550,951</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;">128</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>1,048,929</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> 1028550951 128 1048929 0.34   MARKET SECTORS (% of Fund's net assets)     Information Technology 31.1   Financials 13.1   Health Care 12.0   Consumer Discretionary 9.7   Industrials 9.1   Communication Services 8.5   Consumer Staples 5.5   Energy 3.9   Utilities 2.4   Real Estate 2.3   Materials 2.3     Common Stocks 99.9 Short-Term Investments and Net Other Assets (Liabilities) 0.1 ASSET ALLOCATION (% of Fund's net assets) United States 100.0 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.311 0.131 0.120 0.097 0.091 0.085 0.055 0.039 0.024 0.023 0.023 0.999 0.001 1.000 TOP HOLDINGS (% of Fund's net assets)     Apple Inc 7.0     NVIDIA Corp 6.8     Microsoft Corp 6.7     Alphabet Inc Class A 4.0     Meta Platforms Inc Class A 2.3     Broadcom Inc 2.2     Berkshire Hathaway Inc Class B 2.2     Eli Lilly & Co 2.1     Abbvie Inc 1.5     Johnson & Johnson 1.4       36.2     0.070 0.068 0.067 0.040 0.023 0.022 0.022 0.021 0.015 0.014 <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 August 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;">November 29, 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:0px;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;"> 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 style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div></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 August 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;">November 29, 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:0px;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;"> 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> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div> 2024-07-31 Fidelity® Real Estate Investment ETF Fidelity® Real Estate Investment ETF FPRO CboeBZX This annual shareholder report contains information about Fidelity® Real Estate Investment ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Real Estate Investment ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>62<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:center;">0.59<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 62 0.0059 <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> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, industry positioning was the primary detractor from the fund's performance versus the MSCI US IMI Real Estate 25/50 Index for the fiscal year, especially a lack of exposure to regional malls. Stock picks in the infrastructure category also hampered the fund's result, as did investment choices and an overweight in apartments. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The largest individual relative detractor was an outsized stake in SBA Communications (+2%). This period we decreased our position in the stock, making it one of the fund's largest holdings this period. Avoiding Simon Property Group, an index component that gained roughly 30%, proved detrimental to performance as well. A larger-than-index position in Mid-America Apartment Communities (-3%) also hurt. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the primary contributor to performance versus the real estate index was security selection in health care. Stock picking and an underweight in the diversified segment of the market also boosted the fund's relative performance. Favorable investment choices among freestanding real estate stocks helped as well. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was our timely positioning in Costar (-7%), followed by an overweight stake in Ventas (+17%). The latter was one of the fund's biggest holdings. Comparatively light exposure to Realty Income (-1%) was another plus. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include increased exposure to the self storage industry and a lower allocation to lodging resorts. </span></div> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE February 2, 2021 through July 31, 2024. Initial investment of $10,000. Fidelity® Real Estate Investment ETF   $10,000 $12,517   $12,307   $11,086   MSCI US IMI Real Estate 25/50 Index   $10,000 $12,325   $11,803   $10,663   S&P 500® Index   $10,000 $11,570   $11,033   $12,469     2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Real Estate Investment ETF</span> 10000 12517 12307 11086 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI US IMI Real Estate 25/50 Index</span> 10000 12325 11803 10663 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&amp;P 500® Index</span> 10000 11570 11033 12469 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Real Estate Investment ETF - NAV  A  10.20% 5.90% Fidelity® Real Estate Investment ETF - Market Price B 10.47% 5.93% MSCI US IMI Real Estate 25/50 Index A 10.73% 4.87% S&P 500® Index A 22.15% 12.80% A   From February 2, 2021   B   From February 4, 2021, date initially listed on the Cboe BZX Exchange, Inc. 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.   0.1020 0.0590 0.1047 0.0593 0.1073 0.0487 0.2215 0.1280 2021-02-02 <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 July 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>12,851,950</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;">41</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>76,515</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;">45<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> 12851950 41 76515 0.45   TOP INDUSTRIES (% of Fund's net assets) Specialized REITs 38.4   Residential REITs 17.1   Industrial REITs 15.0   Retail REITs 12.7   Health Care REITs 8.2   Real Estate Management & Development 6.1   Hotel & Resort REITs 1.4       Common Stocks 98.9 Short-Term Investments and Net Other Assets (Liabilities) 1.1 ASSET ALLOCATION (% of Fund's net assets) United States 100.0 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.384 0.171 0.150 0.127 0.082 0.061 0.014 0.989 0.011 1.000 TOP HOLDINGS (% of Fund's net assets)     Prologis Inc 11.0     American Tower Corp 9.1     Equinix Inc 6.7     Ventas Inc 5.6     Public Storage Operating Co 5.4     CBRE Group Inc Class A 4.0     Kimco Realty Corp 4.0     NNN REIT Inc 3.6     Digital Realty Trust Inc 3.5     CubeSmart 3.4       56.3     0.110 0.091 0.067 0.056 0.054 0.040 0.040 0.036 0.035 0.034 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Fundamental Large Cap Core ETF Fidelity® Fundamental Large Cap Core ETF FFLC CboeBZX This annual shareholder report contains information about Fidelity® Fundamental Large Cap Core ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Fundamental Large Cap Core ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>53<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:center;">0.47<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 53 0.0047 <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year. </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;">Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&amp;P 500® index for the fiscal year, especially within industrials. Stock selection and an underweight in consumer discretionary and picks and an overweight in utilities also boosted the fund's relative performance. </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;">Not owning Tesla, a benchmark component that returned -13%, was the top individual relative contributor. The second-largest relative contributor was an overweight in Constellation Energy (+97%). This period we increased our position in the stock. Another notable relative contributor was an overweight in Eli Lilly (+78%), which was one of 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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">In contrast, stock picking and an underweight in financials notably detracted from the fund's performance versus the benchmark. An overweight in materials also hampered the fund's result, as did our stock picks in consumer staples, primarily within the household &amp; personal products industry. <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The biggest individual relative detractor was an overweight in Boeing (-20%). This period we increased our stake. The second-largest relative detractor was our stake in ON Semiconductor (-29%), a stock that was not held at period end. Another notable relative detractor was our holding in Broadcom (+24%). This was an investment we established this period. The company was one of our biggest holdings at period end. <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Notable changes in positioning include decreased exposure to the materials sector and a higher allocation to financials. </span></li></ul> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE June 2, 2020 through July 31, 2024. Initial investment of $10,000. Fidelity® Fundamental Large Cap Core ETF   $10,000 $10,195   $14,786   $14,933   $18,122   S&P 500® Index   $10,000 $10,645   $14,525   $13,851   $15,654     2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Fundamental Large Cap Core ETF</span> 10000 10195 14786 14933 18122 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&amp;P 500® Index</span> 10000 10645 14525 13851 15654 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Fundamental Large Cap Core ETF - NAV  A  27.19% 22.20% Fidelity® Fundamental Large Cap Core ETF - Market Price B 27.46% 21.42% S&P 500® Index A 22.15% 16.84% A   From June 2, 2020   B   From June 4, 2020, date initially listed on the Cboe BZX Exchange, Inc. 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.   0.2719 0.2220 0.2746 0.2142 0.2215 0.1684 2020-06-02 <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 July 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>386,344,630</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;">103</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>982,378</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;">63<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> 386344630 103 982378 0.63   MARKET SECTORS (% of Fund's net assets)     Information Technology 29.3   Health Care 12.6   Financials 12.5   Industrials 11.7   Communication Services 9.9   Consumer Discretionary 7.3   Energy 5.5   Consumer Staples 4.4   Utilities 3.9   Materials 1.2   Real Estate 1.1     Common Stocks 99.4 Short-Term Investments and Net Other Assets (Liabilities) 0.6 ASSET ALLOCATION (% of Fund's net assets) United States 94.7 Netherlands 1.2 Germany 1.1 Taiwan 1.0 United Kingdom 0.4 Canada 0.4 Denmark 0.3 Zambia 0.3 China 0.3 Others 0.3 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     0.293 0.126 0.125 0.117 0.099 0.073 0.055 0.044 0.039 0.012 0.011 0.994 0.006 0.947 0.012 0.011 0.010 0.004 0.004 0.003 0.003 0.003 0.003 TOP HOLDINGS (% of Fund's net assets)     Microsoft Corp 7.6     NVIDIA Corp 6.2     Meta Platforms Inc Class A 4.3     Apple Inc 4.0     Alphabet Inc Class A 3.6     Exxon Mobil Corp 3.2     Amazon.com Inc 3.0     Bank of America Corp 2.5     Wells Fargo & Co 2.0     Broadcom Inc 2.0       38.4     0.076 0.062 0.043 0.040 0.036 0.032 0.030 0.025 0.020 0.020 <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 August 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;">November 29, 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:0px;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;"> 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> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <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;">Effective February 26, 2024, the fund has operated in reliance on Rule 6c-11 rather than pursuant to an exemptive order from the Securities and Exchange Commission.</span></div> <div><span style="font-size:12px;"> </span></div><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;">The fund changed its classification from non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.</span></div> <div style="text-align:left;"></div> </td> </tr> <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 fund's name changed from Fidelity New Millennium ETF to Fidelity Fundamental Large Cap Core ETF during the reporting period.</span> <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;">The fund modified its principal investment strategies to include adopting a policy of investing at least 80% of assets in equity securities of companies with large market capitalizations.</span> <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> </tr> <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 fund modified its investment process and principal investment risks pursuant to the change in its principal investment strategies.</span> <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"></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 August 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;">November 29, 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:0px;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;"> 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> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's name changed from Fidelity New Millennium ETF to Fidelity Fundamental Large Cap Core ETF during the reporting period.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund modified its principal investment strategies to include adopting a policy of investing at least 80% of assets in equity securities of companies with large market capitalizations.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund modified its investment process and principal investment risks pursuant to the change in its principal investment strategies.</span> <div style="text-align:left;"></div> 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Sustainable U.S. Equity ETF Fidelity® Sustainable U.S. Equity ETF FSST NYSEArca This annual shareholder report contains information about Fidelity® Sustainable U.S. Equity ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Sustainable U.S. Equity ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>66<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:center;">0.59<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 66 0.0059 <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> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark for the fiscal year, led by information technology. Security selection in consumer discretionary and health care also boosted the fund's relative performance. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was our stake in Nvidia (+153%). The stock was one of our biggest holdings. The second-largest relative contributor was an overweight in Sprouts Farmers Market (+145%). An underweight in Tesla (-13%) also helped. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, security selection in communication services, primarily within the media &amp; entertainment industry, detracted. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The biggest individual relative detractor was an overweight in ON Semiconductor (-27%). This period we increased our position in ON Semiconductor. The second-largest relative detractor this period was avoiding Broadcom, a benchmark component that gained 82%. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include decreased exposure to the consumer staples sector and a higher allocation to communication services. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.</span></div> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE June 15, 2021 through July 31, 2024. Initial investment of $10,000. Fidelity® Sustainable U.S. Equity ETF   $10,000 $10,399   $9,670   $11,048   MSCI USA IMI ESG Leaders Index   $10,000 $10,375   $9,716   $10,983   Russell 3000® Index   $10,000 $10,297   $9,540   $10,746     2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Sustainable U.S. Equity ETF</span> 10000 10399 9670 11048 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">MSCI USA IMI ESG Leaders Index </span> 10000 10375 9716 10983 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 3000® Index</span> 10000 10297 9540 10746 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Sustainable U.S. Equity ETF - NAV  A  21.14% 9.76% Fidelity® Sustainable U.S. Equity ETF - Market Price B 21.39% 9.99% MSCI USA IMI ESG Leaders Index  A 22.55% 9.96% Russell 3000® Index A 21.07% 8.78% A   From June 15, 2021   B   From June 17, 2021, date initially listed on the NYSE Arca, Inc. 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.   0.2114 0.0976 0.2139 0.0999 0.2255 0.0996 0.2107 0.0878 2021-06-15 <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 July 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>14,374,224</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;">69</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>69,263</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> 14374224 69 69263 0.52   MARKET SECTORS (% of Fund's net assets)     Information Technology 27.5   Health Care 12.7   Financials 11.3   Industrials 10.6   Consumer Discretionary 10.3   Communication Services 8.2   Materials 4.3   Consumer Staples 3.2   Energy 2.8   Utilities 1.9   Real Estate 1.5     Common Stocks 94.3 Short-Term Investments and Net Other Assets (Liabilities) 5.7 ASSET ALLOCATION (% of Fund's net assets) United States 97.6 Ireland 1.9 China 0.5 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.275 0.127 0.113 0.106 0.103 0.082 0.043 0.032 0.028 0.019 0.015 0.943 0.057 0.976 0.019 0.005 TOP HOLDINGS (% of Fund's net assets)     Apple Inc 6.9     Microsoft Corp 6.0     NVIDIA Corp 5.1     Amazon.com Inc 4.2     Alphabet Inc Class A 3.5     Procter & Gamble Co/The 2.7     Cigna Group/The 2.6     Moody's Corp 2.5     Merck & Co Inc 2.5     Walt Disney Co/The 2.2       38.2     0.069 0.060 0.051 0.042 0.035 0.027 0.026 0.025 0.025 0.022 <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 August 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;">November 29, 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:0px;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;"> 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:11px;color:#000000;font-style:normal;font-weight:normal;">The fund changed its classification form non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.</span></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;"></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 August 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;">November 29, 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:0px;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;"> 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> 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Stocks for Inflation ETF Fidelity® Stocks for Inflation ETF FCPI CboeBZX This annual shareholder report contains information about Fidelity® Stocks for Inflation ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Stocks for Inflation ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>22<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:center;">0.19<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 22 0.0019 <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year. </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;">Against this backdrop, information technology - the ETF's largest sector weighting - gained 31% and contributed most to the fund's performance for the fiscal year. Health care, which gained 27%, also helped, benefiting from the pharmaceuticals, biotechnology &amp; life sciences industry (+29%), as did consumer discretionary, which advanced 45%. The financials sector rose approximately 27%, while utilities gained about 38% and energy advanced 21%. Other contributors included the consumer staples (+12%), industrials (+35%), real estate (+20%), communication services (+30%) and materials (+1%) sectors. </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;">Turning to individual stocks, the top contributor was Nvidia (+171%), from the semiconductors &amp; semiconductor equipment group. From the same category, Broadcom gained roughly 97%. Vistra (+75%), from the utilities sector, also contributed. In pharmaceuticals, biotechnology &amp; life sciences, Eli Lilly (+79%) helped, as did Microsoft (+26%), from the software &amp; services industry. <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Conversely, the biggest detractor was Alpha Metallurgical Resources (-21%), from the materials sector. Pfizer (-21%) and Bristol-Myers Squibb (-18%), within the pharmaceuticals, biotechnology &amp; life sciences category, also hindered the fund. Molina Healthcare (-15%), from the health care equipment &amp; services industry, further hurt the fund, as did BellRing Brands, in household &amp; personal products. </span></li></ul> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE November 5, 2019 through July 31, 2024. Initial investment of $10,000. Fidelity® Stocks for Inflation ETF   $10,000 $9,812   $12,930   $13,580   $14,635   $18,380   Fidelity Stocks for Inflation Factor Index℠   $10,000 $9,844   $13,016   $13,712   $14,821   $18,629   Russell 1000® Index   $10,000 $10,850   $14,969   $13,941   $15,746   $19,132     2019 2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Stocks for Inflation ETF</span> 10000 9812 12930 13580 14635 18380 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Stocks for Inflation Factor Index℠</span> 10000 9844 13016 13712 14821 18629 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span> 10000 10850 14969 13941 15746 19132 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Stocks for Inflation ETF - NAV  A  25.59% 13.70% Fidelity® Stocks for Inflation ETF - Market Price B 25.56% 13.64% Fidelity Stocks for Inflation Factor Index℠ A 25.69% 14.03% Russell 1000® Index A 21.50% 14.67% A   From November 5, 2019   B   From November 7, 2019, date initially listed on the Cboe BZX Exchange, Inc. 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.   0.2559 0.1370 0.2556 0.1364 0.2569 0.1403 0.2150 0.1467 2019-11-05 <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 July 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>180,247,155</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;">102</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>263,531</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;">76<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> 180247155 102 263531 0.76   MARKET SECTORS (% of Fund's net assets)     Information Technology 25.0   Health Care 17.2   Consumer Staples 10.4   Financials 8.4   Energy 8.3   Consumer Discretionary 5.9   Materials 5.7   Utilities 5.6   Real Estate 5.5   Industrials 4.4   Communication Services 3.4     Common Stocks 99.8 Short-Term Investments and Net Other Assets (Liabilities) 0.2 ASSET ALLOCATION (% of Fund's net assets) United States 99.6 Ireland 0.4 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.250 0.172 0.104 0.084 0.083 0.059 0.057 0.056 0.055 0.044 0.034 0.998 0.002 0.996 0.004 TOP HOLDINGS (% of Fund's net assets)     Apple Inc 5.4     Microsoft Corp 5.2     NVIDIA Corp 5.0     Vistra Corp 3.4     Eli Lilly & Co 2.5     National Fuel Gas Co 2.2     Cheniere Energy Inc 2.2     CF Industries Holdings Inc 2.2     Procter & Gamble Co/The 2.1     Chord Energy Corp 2.1       32.3     0.054 0.052 0.050 0.034 0.025 0.022 0.022 0.022 0.021 0.021 <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 August 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;">November 29, 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:0px;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;"> 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 style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div></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 August 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;">November 29, 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:0px;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;"> 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> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div> 2024-07-31 Fidelity® Magellan℠ ETF Fidelity® Magellan℠ ETF FMAG CboeBZX This annual shareholder report contains information about Fidelity® Magellan℠ ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Magellan℠ ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>69<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:center;">0.59<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 69 0.0059 <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> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:45px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:45px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&amp;P 500® index for the fiscal year, led by the information technology sector. Picks among industrials stocks, primarily within the capital goods industry, also helped. Investment choices in health care further boosted the fund's relative performance. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:45px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an overweight in Nvidia (+151%). The company was one of our largest holdings. Not owning Tesla, a benchmark component that returned -13%, was another plus. Outsized exposure to Eli Lilly (+79%) also helped. The stock was one of the fund's biggest holdings. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:45px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the biggest detractor from performance versus the benchmark was a sizable overweight in industrials. Larger-than-benchmark exposure to materials and consumer discretionary also hurt, especially within the consumer services industry. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:45px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The largest individual relative detractor was an overweight in ON Semiconductor (-28%), though the stock was not held at period end. Untimely positioning in Zoetis (-17%) and Uber Technologies (-20%) also proved detrimental to performance. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:45px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include increased exposure to the communication services and consumer discretionary sectors.</span></div> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE February 2, 2021 through July 31, 2024. Initial investment of $10,000. Fidelity® Magellan℠ ETF   $10,000 $11,565   $10,466   $11,221   S&P 500® Index   $10,000 $11,570   $11,033   $12,469     2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Magellan℠ ETF</span> 10000 11565 10466 11221 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&amp;P 500® Index</span> 10000 11570 11033 12469 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Magellan℠ ETF - NAV  A  32.40% 12.00% Fidelity® Magellan℠ ETF - Market Price B 32.45% 11.70% S&P 500® Index A 22.15% 12.80% A   From February 2, 2021   B   From February 4, 2021, date initially listed on the Cboe BZX Exchange, Inc. 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.   0.3240 0.1200 0.3245 0.1170 0.2215 0.1280 2021-02-02 <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 July 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>115,822,790</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;">57</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>426,548</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;">62<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> 115822790 57 426548 0.62   MARKET SECTORS (% of Fund's net assets)     Information Technology 35.8   Industrials 15.9   Financials 10.9   Health Care 9.9   Consumer Discretionary 9.6   Communication Services 8.4   Materials 5.3   Consumer Staples 1.8   Utilities 1.2     Common Stocks 98.8 Short-Term Investments and Net Other Assets (Liabilities) 1.2 ASSET ALLOCATION (% of Fund's net assets) United States 96.8 Canada 1.2 Netherlands 1.0 Denmark 1.0 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.358 0.159 0.109 0.099 0.096 0.084 0.053 0.018 0.012 0.988 0.012 0.968 0.012 0.010 0.010 TOP HOLDINGS (% of Fund's net assets)     Microsoft Corp 7.9     NVIDIA Corp 7.3     Amazon.com Inc 4.8     Meta Platforms Inc Class A 3.4     Alphabet Inc Class A 3.4     Broadcom Inc 2.8     Eli Lilly & Co 2.4     UnitedHealth Group Inc 2.4     Visa Inc Class A 2.1     Mastercard Inc Class A 2.0       38.5     0.079 0.073 0.048 0.034 0.034 0.028 0.024 0.024 0.021 0.020 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Fundamental Small-Mid Cap ETF Fidelity® Fundamental Small-Mid Cap ETF FFSM CboeBZX This annual shareholder report contains information about Fidelity® Fundamental Small-Mid Cap ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Fundamental Small-Mid Cap ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </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:center;">0.51<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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 0.0051 <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> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2500 Index for the fiscal year, especially within the industrials sector, capital goods firms in particular. Stock picking in consumer discretionary and energy also boosted the fund's relative performance. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an overweight in TechnipFMC (+63%), the fund's largest position. Outsized exposure to Vertiv Holdings (+205%) and EMCOR Groups (+75%) helped as well. This period we increased our stake in the latter, making it one of the portfolio's biggest holdings. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the biggest detractors from performance versus the benchmark were subpar picks and an underweight in utilities. Investment choices in materials and information technology, primarily within the software &amp; services industry, also hurt. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>On a stock-specific basis, a non-benchmark stake in ON Semiconductor (-27%) was the biggest relative detractor. An overweight in O-I Glass (-48%), where we decreased our position this period, also was detrimental to performance. A comparatively large holding in Chemours (-32%) was another negative. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include a lower allocation to information technology stocks. </span></div> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE February 2, 2021 through July 31, 2024. Initial investment of $10,000. Fidelity® Fundamental Small-Mid Cap ETF   $10,000 $11,436   $10,534   $11,484   Russell 2500™ Index   $10,000 $10,827   $9,607   $10,380   Russell 3000® Index   $10,000 $11,395   $10,557   $11,893     2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Fundamental Small-Mid Cap ETF</span> 10000 11436 10534 11484 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 2500™ Index</span> 10000 10827 9607 10380 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 3000® Index</span> 10000 11395 10557 11893 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Fundamental Small-Mid Cap ETF - NAV  A  19.70% 9.54% Fidelity® Fundamental Small-Mid Cap ETF - Market Price B 20.03% 8.92% Russell 2500™ Index A 13.06% 4.69% Russell 3000® Index A 21.07% 11.00% A   From February 2, 2021   B   From February 4, 2021, date initially listed on the Cboe BZX Exchange, Inc. 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.   0.1970 0.0954 0.2003 0.0892 0.1306 0.0469 0.2107 0.1100 2021-02-02 <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 July 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>75,562,094</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;">177</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>248,027</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;">38<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> 75562094 177 248027 0.38   MARKET SECTORS (% of Fund's net assets)     Industrials 22.5   Financials 16.3   Consumer Discretionary 13.7   Information Technology 11.4   Health Care 10.6   Energy 6.8   Materials 6.7   Consumer Staples 4.3   Real Estate 4.0   Utilities 1.8   Communication Services 0.9     Common Stocks 99.0 Short-Term Investments and Net Other Assets (Liabilities) 1.0 ASSET ALLOCATION (% of Fund's net assets) United States 91.8 Canada 3.1 United Kingdom 2.3 Thailand 1.1 Israel 0.6 Netherlands 0.5 Puerto Rico 0.4 Japan 0.2 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     0.225 0.163 0.137 0.114 0.106 0.068 0.067 0.043 0.040 0.018 0.009 0.990 0.010 0.918 0.031 0.023 0.011 0.006 0.005 0.004 0.002 TOP HOLDINGS (% of Fund's net assets)     TechnipFMC PLC 1.7     EMCOR Group Inc 1.6     Tempur Sealy International Inc 1.5     AutoZone Inc 1.4     Murphy USA Inc 1.4     Universal Health Services Inc Class B 1.4     BJ's Wholesale Club Holdings Inc 1.4     Antero Resources Corp 1.3     Arch Capital Group Ltd 1.2     TFI International Inc (United States) 1.2       14.1     0.017 0.016 0.015 0.014 0.014 0.014 0.014 0.013 0.012 0.012 <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 August 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;">November 29, 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:0px;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;"> 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:11px;color:#000000;font-style:normal;font-weight:normal;">The fund changed its classification form non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.</span></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:11px;color:#000000;font-style:normal;font-weight:normal;">The fund changed its name from Fidelity Small-Mid Cap Opportunities ETF to Fidelity Fundamental Small-Mid Cap ETF.</span> <div style="text-align:left;"></div></div> <div style="text-align:left;"></div> </td> </tr> <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 style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div></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 August 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;">November 29, 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:0px;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;"> 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:11px;color:#000000;font-style:normal;font-weight:normal;">The fund changed its name from Fidelity Small-Mid Cap Opportunities ETF to Fidelity Fundamental Small-Mid Cap ETF.</span> <div style="text-align:left;"></div> <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 style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div> 2024-07-31 Fidelity® Blue Chip Growth ETF Fidelity® Blue Chip Growth ETF FBCG CboeBZX This annual shareholder report contains information about Fidelity® Blue Chip Growth ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Blue Chip Growth ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>69<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:center;">0.59<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 69 0.0059 <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> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark for the fiscal year, led by information technology. Security selection and an underweight in industrials and picks and an overweight in communication services, primarily within the media &amp; entertainment industry, also boosted the fund's relative performance.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor by far was an overweight in Nvidia (+151%), the fund's biggest holding. A non-benchmark stake in Abercrombie &amp; Fitch (+268%) and an overweight in Amazon.com (+40%), two positions we increased this period, also helped. Amazon.com was among the fund's biggest holdings.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the biggest detractor from relative performance was an overweight in consumer discretionary, primarily within the consumer durables &amp; apparel industry. Security selection in consumer staples, especially within the consumer staples distribution &amp; retail industry, also hampered the fund's result, as did an underweight in information technology. The fund's position in cash also weighed on relative performance.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The biggest individual relative detractor was an underweight in Broadcom (+82%), a position we established this period. A non-benchmark stake in ON Semiconductor (-28%) and an overweight in Marvell Technology (+3%) also detracted. This period we increased our investment in ON Semiconductor and Marvell was one of our biggest holdings.</span></div> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE June 2, 2020 through July 31, 2024. Initial investment of $10,000. Fidelity® Blue Chip Growth ETF   $10,000 $11,368   $16,387   $12,467   $15,639   Russell 1000® Growth Index   $10,000 $11,108   $15,182   $13,371   $15,685   Russell 1000® Index   $10,000 $10,678   $14,731   $13,719   $15,496     2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Blue Chip Growth ETF</span> 10000 11368 16387 12467 15639 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Growth Index</span> 10000 11108 15182 13371 15685 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span> 10000 10678 14731 13719 15496 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Blue Chip Growth ETF - NAV  A  31.18% 18.83% Fidelity® Blue Chip Growth ETF - Market Price B 31.23% 18.93% Russell 1000® Growth Index A 26.94% 17.98% Russell 1000® Index A 21.50% 16.41% A   From June 2, 2020   B   From June 4, 2020, date initially listed on the Cboe BZX Exchange, Inc. 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.   0.3118 0.1883 0.3123 0.1893 0.2694 0.1798 0.2150 0.1641 2020-06-02 <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 July 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>1,975,020,161</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;">225</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>7,203,240</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;">42<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> 1975020161 225 7203240 0.42   MARKET SECTORS (% of Fund's net assets)     Information Technology 44.3   Consumer Discretionary 19.9   Communication Services 16.0   Health Care 8.6   Industrials 3.9   Financials 3.9   Consumer Staples 1.3   Energy 1.1   Materials 0.7   Real Estate 0.2     Common Stocks 99.9 Short-Term Investments and Net Other Assets (Liabilities) 0.1 ASSET ALLOCATION (% of Fund's net assets) United States 95.6 China 1.6 Taiwan 0.8 Denmark 0.6 Canada 0.5 Netherlands 0.3 Singapore 0.1 Israel 0.1 United Kingdom 0.1 Others 0.3 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     0.443 0.199 0.160 0.086 0.039 0.039 0.013 0.011 0.007 0.002 0.999 0.001 0.956 0.016 0.008 0.006 0.005 0.003 0.001 0.001 0.001 0.003 TOP HOLDINGS (% of Fund's net assets)     NVIDIA Corp 13.7     Apple Inc 10.9     Microsoft Corp 9.1     Amazon.com Inc 9.0     Alphabet Inc Class A 6.8     Meta Platforms Inc Class A 4.9     Eli Lilly & Co 3.0     Netflix Inc 2.4     Snap Inc Class A 1.4     NXP Semiconductors NV 1.3       62.5     0.137 0.109 0.091 0.090 0.068 0.049 0.030 0.024 0.014 0.013 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® U.S. Multifactor ETF Fidelity® U.S. Multifactor ETF FLRG NYSEArca This annual shareholder report contains information about Fidelity® U.S. Multifactor ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® U.S. Multifactor ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>20<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:center;">0.18<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 20 0.0018 <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year. </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;">Against this backdrop, information technology - the ETF's largest sector weighting - gained 27% and contributed most to the fund's performance for the fiscal year. Financials, which gained 30%, also helped, as did consumer discretionary, which advanced about 27%. The health care sector rose approximately 20%, boosted by the pharmaceuticals, biotechnology &amp; life sciences industry (+24%), while communication services gained 31% and industrials advanced 19%. Other contributors included the utilities (+38%), consumer staples (+11%), energy (+14%) and real estate (+8%) sectors. <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">In contrast, materials returned about -2% and detracted. </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;">Turning to individual stocks, the top contributor was Nvidia (+61%), from the semiconductors &amp; semiconductor equipment group. From the same category, Broadcom gained 97%. Microsoft (+25%), from the software &amp; services industry, also boosted the fund. In media &amp; entertainment, Meta Platforms gained 68%. Lastly, in pharmaceuticals, biotechnology &amp; life sciences, Eli Lilly (+79%) also helped. <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Conversely, the biggest detractor was Pfizer (-21%), from the pharmaceuticals, biotechnology &amp; life sciences industry. From the same category, Bristol-Myers Squibb returned -18%, and Louisiana Pacific (-22%), from the materials sector, also detracted. Hershey, within the food, beverage &amp; tobacco group, returned -16%. Lastly, Molina Healthcare (-12%), from the health care equipment &amp; services industry, also hindered the fund. </span></li></ul> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE September 15, 2020 through July 31, 2024. Initial investment of $10,000. Fidelity® U.S. Multifactor ETF   $10,000 $12,994   $12,651   $14,015   $17,303   Fidelity U.S. Multifactor Index℠   $10,000 $13,032   $12,726   $14,143   $17,465   Russell 1000® Index   $10,000 $13,219   $12,310   $13,904   $16,894     2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® U.S. Multifactor ETF</span> 10000 12994 12651 14015 17303 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity U.S. Multifactor Index℠</span> 10000 13032 12726 14143 17465 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span> 10000 13219 12310 13904 16894 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® U.S. Multifactor ETF - NAV  A  23.46% 15.19% Fidelity® U.S. Multifactor ETF - Market Price B 23.66% 15.64% Fidelity U.S. Multifactor Index℠ A 23.49% 15.47% Russell 1000® Index A 21.50% 14.48% A   From September 15, 2020   B   From September 17, 2020, date initially listed on the NYSE Arca, Inc. 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.   0.2346 0.1519 0.2366 0.1564 0.2349 0.1547 0.2150 0.1448 2020-09-15 <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 July 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>121,738,768</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;">102</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>123,002</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;">42<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> 121738768 102 123002 0.42   MARKET SECTORS (% of Fund's net assets)     Information Technology 29.9   Financials 13.2   Health Care 12.0   Consumer Discretionary 10.1   Industrials 9.4   Communication Services 8.4   Consumer Staples 5.6   Energy 3.7   Utilities 2.9   Real Estate 2.5   Materials 2.1     Common Stocks 99.8 Short-Term Investments and Net Other Assets (Liabilities) 0.2 ASSET ALLOCATION (% of Fund's net assets) United States 99.4 Ireland 0.6 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.299 0.132 0.120 0.101 0.094 0.084 0.056 0.037 0.029 0.025 0.021 0.998 0.002 0.994 0.006 TOP HOLDINGS (% of Fund's net assets)     Apple Inc 6.5     Microsoft Corp 6.2     NVIDIA Corp 6.0     Alphabet Inc Class A 3.8     Meta Platforms Inc Class A 2.3     Eli Lilly & Co 2.0     Vistra Corp 1.8     Broadcom Inc 1.6     Visa Inc Class A 1.5     Mastercard Inc Class A 1.5       33.2     0.065 0.062 0.060 0.038 0.023 0.020 0.018 0.016 0.015 0.015 <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 August 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;">November 29, 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:0px;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;"> 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 style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div></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 August 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;">November 29, 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:0px;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;"> 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> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div> 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Fundamental Large Cap Growth ETF Fidelity® Fundamental Large Cap Growth ETF FFLG CboeBZX This annual shareholder report contains information about Fidelity® Fundamental Large Cap Growth ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Fundamental Large Cap Growth ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </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:center;">0.48<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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 0.0048 <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year. </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;">Against this backdrop, market selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, helped by an underweight in consumer discretionary, where an underweight in automobiles &amp; components helped most. Stock selection in industrials and information technology also boosted the fund's relative performance. <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The top individual relative contributor was a sizable underweight in Apple (+14%). This period we increased our stake in Apple, and the stock was among the fund's biggest holdings at period end. The second-largest relative contributor was an overweight in Nvidia (+151%), which was the fund's largest holding as of July 31. Another notable relative contributor was an underweight in Tesla (-13%). The stock was not held at the end of the 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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media &amp; entertainment industry. Stock picks in financials also hampered the fund's result. <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The largest individual relative detractor was an overweight in Roku (-38%). This period we decreased our position. A non-benchmark stake in ON Semiconductor returned -28%. An underweight in Broadcom (+82%) also hurt. This was an investment we 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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Notable changes in positioning include increased exposure to the consumer discretionary and industrials sectors.</span></li></ul> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE February 2, 2021 through July 31, 2024. Initial investment of $10,000. Fidelity® Fundamental Large Cap Growth ETF   $10,000 $10,582   $7,245   $8,970   Russell 1000® Growth Index   $10,000 $11,336   $9,984   $11,712   Russell 1000® Index   $10,000 $11,471   $10,683   $12,066     2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Fundamental Large Cap Growth ETF</span> 10000 10582 7245 8970 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Growth Index</span> 10000 11336 9984 11712 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span> 10000 11471 10683 12066 AVERAGE ANNUAL TOTAL RETURNS:     1 Year Life of Fund Fidelity® Fundamental Large Cap Growth ETF - NAV  A  28.10% 4.06% Fidelity® Fundamental Large Cap Growth ETF - Market Price B 28.29% 3.36% Russell 1000® Growth Index A 26.94% 12.02% Russell 1000® Index A 21.50% 11.57% A   From February 2, 2021   B   From February 4, 2021, date initially listed on the Cboe BZX Exchange, Inc. 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.   0.2810 0.0406 0.2829 0.0336 0.2694 0.1202 0.2150 0.1157 2021-02-02 <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 July 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>317,130,502</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;">93</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>1,192,982</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> 317130502 93 1192982 0.52   MARKET SECTORS (% of Fund's net assets)     Information Technology 46.1   Communication Services 15.5   Consumer Discretionary 14.1   Health Care 9.6   Industrials 7.2   Financials 3.4   Consumer Staples 2.0   Energy 1.1   Real Estate 0.4   Utilities 0.3   Materials 0.1     Common Stocks 99.8 Short-Term Investments and Net Other Assets (Liabilities) 0.2 ASSET ALLOCATION (% of Fund's net assets) United States 92.4 Taiwan 2.0 Netherlands 1.8 China 1.8 France 0.6 Denmark 0.4 Canada 0.3 India 0.3 Singapore 0.2 Others 0.2 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     0.461 0.155 0.141 0.096 0.072 0.034 0.020 0.011 0.004 0.003 0.001 0.998 0.002 0.924 0.020 0.018 0.018 0.006 0.004 0.003 0.003 0.002 0.002 TOP HOLDINGS (% of Fund's net assets)     NVIDIA Corp 13.0     Microsoft Corp 10.5     Apple Inc 9.7     Amazon.com Inc 7.5     Meta Platforms Inc Class A 4.6     Alphabet Inc Class C 4.4     Alphabet Inc Class A 2.7     Uber Technologies Inc 2.0     Taiwan Semiconductor Manufacturing Co Ltd ADR 2.0     Mastercard Inc Class A 1.9       58.3     0.130 0.105 0.097 0.075 0.046 0.044 0.027 0.020 0.020 0.019 <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 August 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;">November 29, 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:0px;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;"> 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> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period. </span> <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;">Effective February 26, 2024, the fund has operated in reliance on Rule 6c-11 rather than pursuant to an exemptive order from the Securities and Exchange Commission.</span></div> <div style="text-align:left;"></div> </td> </tr> <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 fund's name changed from Fidelity Growth Opportunities ETF to Fidelity Fundamental Large Cap Growth ETF during the reporting period.</span> <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;border-right:2px #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 fund modified its principal investment strategies to include adopting a policy of investing at least 80% of assets in equity securities of companies with large market capitalizations.</span> <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> </tr> <tr> <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;">The fund modified its investment process and principal investment risks pursuant to the change in its principal investment strategies.</span> <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"></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 August 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;">November 29, 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:0px;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;"> 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> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period. </span> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's name changed from Fidelity Growth Opportunities ETF to Fidelity Fundamental Large Cap Growth ETF during the reporting period.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund modified its principal investment strategies to include adopting a policy of investing at least 80% of assets in equity securities of companies with large market capitalizations.</span> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund modified its investment process and principal investment risks pursuant to the change in its principal investment strategies.</span> <div style="text-align:left;"></div> 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Momentum Factor ETF Fidelity® Momentum Factor ETF FDMO NYSEArca This annual shareholder report contains information about Fidelity® Momentum Factor ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Momentum Factor ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>21<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:center;">0.18<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 21 0.0018 <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> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, information technology gained about 29% and contributed most to the fund's performance for the fiscal year. Exposure to health care stocks, which rose about 39%, also helped, as did industrials (+40%), propelled by the capital goods (+48%) industry in particular. The financials sector was up 26%, while consumer discretionary increased 31% and communication services advanced approximately 27%, all bolstering performance. The portfolio's stakes in consumer staples (+25%), utilities (+31%), energy (+14%), real estate (+14%) and materials (+8%) companies were advantageous as well. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to individual stocks, the top contributor was Nvidia (+148%), within the semiconductors &amp; semiconductor equipment industry. Also in that category, a position in Broadcom gained 81%, providing an added lift. Exposure to software &amp; services firm Microsoft (+25%) was another plus, along with consumer discretionary distribution &amp; retail giant Amazon.com (+41%). In the pharmaceuticals, biotechnology &amp; life sciences industry, a holding in Eli Lilly (+79%) further aided performance. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the biggest detractor was Tesla (-24%), within the automobiles &amp; components industry. A stake in technology hardware &amp; equipment company Super Micro Computer (-26%) also hurt the fund's performance. Among software &amp; services stocks, exposure to CrowdStrike Holdings (-30%) and Nutanix (-28%) proved detrimental. Lastly, semiconductors &amp; semiconductor equipment stock Intel (-27%) pressured the fund's return as well. </span></div> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE September 12, 2016 through July 31, 2024. Initial investment of $10,000. Fidelity® Momentum Factor ETF   $10,000 $11,408   $13,543   $14,614   $16,231   $20,708   $19,217   $20,950   $27,012   Fidelity U.S. Momentum Factor Index℠   $10,000 $11,443   $13,633   $14,749   $16,427   $21,025   $19,571   $21,399   $27,651   Russell 1000® Index   $10,000 $11,635   $13,519   $14,600   $16,357   $22,568   $21,017   $23,739   $28,843     2016 2017 2018 2019 2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Momentum Factor ETF</span> 10000 11408 13543 14614 16231 20708 19217 20950 27012 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity U.S. Momentum Factor Index℠</span> 10000 11443 13633 14749 16427 21025 19571 21399 27651 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span> 10000 11635 13519 14600 16357 22568 21017 23739 28843 AVERAGE ANNUAL TOTAL RETURNS:     1 Year 5 Year Life of Fund Fidelity® Momentum Factor ETF - NAV  A  28.94% 13.07% 13.43% Fidelity® Momentum Factor ETF - Market Price B 29.08% 13.02% 13.53% Fidelity U.S. Momentum Factor Index℠ A 29.22% 13.39% 13.76% Russell 1000® Index A 21.50% 14.59% 14.37% A   From September 12, 2016   B   From September 15, 2016, date initially listed on the NYSE Arca, Inc. 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.   0.2894 0.1307 0.1343 0.2908 0.1302 0.1353 0.2922 0.1339 0.1376 0.2150 0.1459 0.1437 2016-09-12 <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 July 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>220,921,232</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;">126</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>316,309</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;">119<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> 220921232 126 316309 1.19   MARKET SECTORS (% of Fund's net assets)     Information Technology 29.7   Financials 13.4   Health Care 12.2   Consumer Discretionary 10.2   Industrials 9.4   Communication Services 8.4   Consumer Staples 5.7   Energy 3.5   Real Estate 2.6   Materials 2.5   Utilities 2.2     Common Stocks 99.8 Short-Term Investments and Net Other Assets (Liabilities) 0.2 ASSET ALLOCATION (% of Fund's net assets) United States 99.6 United Kingdom 0.4 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.297 0.134 0.122 0.102 0.094 0.084 0.057 0.035 0.026 0.025 0.022 0.998 0.002 0.996 0.004 TOP HOLDINGS (% of Fund's net assets)     Microsoft Corp 7.2     NVIDIA Corp 7.0     Alphabet Inc Class A 3.9     Amazon.com Inc 3.8     Broadcom Inc 2.6     Meta Platforms Inc Class A 2.3     Berkshire Hathaway Inc Class B 2.1     Eli Lilly & Co 2.0     JPMorgan Chase & Co 1.7     Abbvie Inc 1.5       34.1     0.072 0.070 0.039 0.038 0.026 0.023 0.021 0.020 0.017 0.015 <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 August 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;">November 29, 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:0px;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;"> 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 style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div></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 August 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;">November 29, 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:0px;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;"> 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> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div> 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® High Dividend ETF Fidelity® High Dividend ETF FDVV NYSEArca This annual shareholder report contains information about Fidelity® High Dividend ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® High Dividend ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>21<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:center;">0.19<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 21 0.0019 <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> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, the information technology sector gained 45% and contributed most to the fund's performance for the fiscal year. Exposure to industrials stocks also helped (+20%). Stakes among financials (+27%), utilities (+23%) and energy (+10%) companies were advantageous as well. Holdings in the consumer staples (+4%), health care (+9%), real estate (+4%) and communication services (+12%) sectors further aided the portfolio's result. The fund's international holdings contributed overall, despite a broadly stronger U.S. dollar.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to individual holdings, the biggest contributor was Nvidia (+155%), a company in the semiconductors &amp; semiconductor equipment industry. In the same industry, a position in Broadcom (+83%) was another plus. Software &amp; services firm Microsoft rose approximately 26% and boosted the fund as well. Apple, within the technology hardware &amp; equipment group, was up 14% and provided an added performance lift. Also helping was transportation company Kawasaki Kisen Kaisha (+59%). </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, consumer discretionary stocks were effectively flat (0%), detracting the most from performance. This group was notably pressured by the consumer durables &amp; apparel (-30%) industry. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>On a stock-specific basis, the biggest detractor was Walgreens Boots Alliance (-45%), a consumer staples distribution &amp; retail firm. Exposure to United Parcel Service, within the transportation industry, returned about -27% and hurt as well. Stakes in equity real estate investment trusts Medical Properties Trust (-63%) and Healthcare Realty Trust (-27%) also were detrimental to performance. Lastly, 3M (-14%), within the capital goods industry, was another negative. </span></div> <div><span style="font-size:13px;"> </span></div><div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"></div> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE September 12, 2016 through July 31, 2024. Initial investment of $10,000. Fidelity® High Dividend ETF   $10,000 $10,961   $12,739   $13,269   $12,667   $18,040   $18,839   $21,140   $25,581   Fidelity High Dividend Index℠   $10,000 $10,996   $12,826   $13,410   $12,818   $18,315   $19,188   $21,596   $26,186   Russell 1000® Index   $10,000 $11,635   $13,519   $14,600   $16,357   $22,568   $21,017   $23,739   $28,843     2016 2017 2018 2019 2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® High Dividend ETF</span> 10000 10961 12739 13269 12667 18040 18839 21140 25581 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity High Dividend Index℠</span> 10000 10996 12826 13410 12818 18315 19188 21596 26186 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span> 10000 11635 13519 14600 16357 22568 21017 23739 28843 AVERAGE ANNUAL TOTAL RETURNS:     1 Year 5 Year Life of Fund Fidelity® High Dividend ETF - NAV  A  21.01% 14.03% 12.65% Fidelity® High Dividend ETF - Market Price B 21.32% 14.01% 12.78% Fidelity High Dividend Index℠ A 21.25% 14.32% 12.98% Russell 1000® Index A 21.50% 14.59% 14.37% A   From September 12, 2016   B   From September 15, 2016, date initially listed on the NYSE Arca, Inc. 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.   0.2101 0.1403 0.1265 0.2132 0.1401 0.1278 0.2125 0.1432 0.1298 0.2150 0.1459 0.1437 2016-09-12 <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 July 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>3,166,847,867</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;">107</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>3,934,584</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;">14<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> 3166847867 107 3934584 0.14   MARKET SECTORS (% of Fund's net assets)     Information Technology 25.2   Industrials 16.2   Consumer Staples 12.1   Energy 10.3   Utilities 9.9   Real Estate 9.1   Financials 6.9   Health Care 5.3   Consumer Discretionary 3.2   Communication Services 1.6     Common Stocks 99.8 Short-Term Investments and Net Other Assets (Liabilities) 0.2 ASSET ALLOCATION (% of Fund's net assets) United States 91.4 United Kingdom 4.3 Japan 2.8 Denmark 1.0 Germany 0.5 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.252 0.162 0.121 0.103 0.099 0.091 0.069 0.053 0.032 0.016 0.998 0.002 0.914 0.043 0.028 0.010 0.005 TOP HOLDINGS (% of Fund's net assets)     Apple Inc 5.8     NVIDIA Corp 5.7     Microsoft Corp 5.4     Exxon Mobil Corp 2.1     Broadcom Inc 2.0     Procter & Gamble Co/The 2.0     Philip Morris International Inc 2.0     PepsiCo Inc 1.7     NextEra Energy Inc 1.7     Altria Group Inc 1.6       30.0     0.058 0.057 0.054 0.021 0.020 0.020 0.020 0.017 0.017 0.016 <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 August 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;">November 29, 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:0px;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;"> 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 style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div></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 August 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;">November 29, 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:0px;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;"> 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> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div> 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Value Factor ETF Fidelity® Value Factor ETF FVAL NYSEArca This annual shareholder report contains information about Fidelity® Value Factor ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Value Factor ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>20<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:center;">0.18<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 20 0.0018 <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year. </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;">Against this backdrop, information technology gained roughly 17% and contributed most to the fund's performance for the fiscal year. Financials, which gained about 33%, also helped, as did communication services, which advanced 28%, lifted by the media &amp; entertainment industry (+27%). The consumer discretionary sector rose 21%, boosted by the consumer discretionary distribution &amp; retail industry (+33%), while industrials gained about 19% and consumer staples advanced approximately 10%. Other contributors included the energy (+14%), utilities (+22%), health care (+3%), materials (+8%) and real estate (+6%) sectors. <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Turning to individual stocks, the top contributor was Microsoft (+26%), from the software &amp; services group. Amazon.com (+40%), from the consumer discretionary distribution &amp; retail group, also helped. In media &amp; entertainment, Alphabet (+29%) and Meta Platforms (+49%) further contributed. <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Conversely, the biggest detractor was United Parcel Service (-27%), from the transportation industry. Other notable detractors included Bristol-Myers Squibb (-20%), a stock in the pharmaceuticals, biotechnology &amp; life sciences category, and DXC Technology (-26%), a stock in the software &amp; services industry. Financial firm PayPal Holdings (-22%) also hurt, as did Humana (-20%), in health care equipment &amp; services. </span></li></ul> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE September 12, 2016 through July 31, 2024. Initial investment of $10,000. Fidelity® Value Factor ETF   $10,000 $11,866   $13,777   $14,322   $14,769   $21,055   $20,241   $22,736   $26,698   Fidelity U.S. Value Factor Index℠   $10,000 $11,901   $13,865   $14,454   $14,942   $21,371   $20,600   $23,204   $27,287   Russell 1000® Index   $10,000 $11,635   $13,519   $14,600   $16,357   $22,568   $21,017   $23,739   $28,843     2016 2017 2018 2019 2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Value Factor ETF</span> 10000 11866 13777 14322 14769 21055 20241 22736 26698 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity U.S. Value Factor Index℠</span> 10000 11901 13865 14454 14942 21371 20600 23204 27287 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span> 10000 11635 13519 14600 16357 22568 21017 23739 28843 AVERAGE ANNUAL TOTAL RETURNS:     1 Year 5 Year Life of Fund Fidelity® Value Factor ETF - NAV  A  17.43% 13.27% 13.26% Fidelity® Value Factor ETF - Market Price B 17.56% 13.24% 13.35% Fidelity U.S. Value Factor Index℠ A 17.60% 13.55% 13.57% Russell 1000® Index A 21.50% 14.59% 14.37% A   From September 12, 2016   B   From September 15, 2016, date initially listed on the NYSE Arca, Inc. 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.   0.1743 0.1327 0.1326 0.1756 0.1324 0.1335 0.1760 0.1355 0.1357 0.2150 0.1459 0.1437 2016-09-12 <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 July 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>809,153,121</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;">129</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>1,192,232</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;">31<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> 809153121 129 1192232 0.31   MARKET SECTORS (% of Fund's net assets)     Information Technology 28.4   Financials 14.2   Health Care 11.6   Consumer Discretionary 10.2   Industrials 9.7   Communication Services 8.6   Consumer Staples 5.9   Energy 3.8   Utilities 2.5   Real Estate 2.5   Materials 2.4     Common Stocks 99.8 Short-Term Investments and Net Other Assets (Liabilities) 0.2 ASSET ALLOCATION (% of Fund's net assets) United States 98.8 Ireland 1.2 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.284 0.142 0.116 0.102 0.097 0.086 0.059 0.038 0.025 0.025 0.024 0.998 0.002 0.988 0.012 TOP HOLDINGS (% of Fund's net assets)     Apple Inc 7.5     Microsoft Corp 7.2     Alphabet Inc Class A 4.0     Amazon.com Inc 3.9     Meta Platforms Inc Class A 2.4     Berkshire Hathaway Inc Class B 2.1     UnitedHealth Group Inc 1.9     JPMorgan Chase & Co 1.8     QUALCOMM Inc 1.5     Applied Materials Inc 1.5       33.8     0.075 0.072 0.040 0.039 0.024 0.021 0.019 0.018 0.015 0.015 <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 August 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;">November 29, 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:0px;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;"> 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 style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div></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 August 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;">November 29, 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:0px;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;"> 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> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div> 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Low Volatility Factor ETF Fidelity® Low Volatility Factor ETF FDLO NYSEArca This annual shareholder report contains information about Fidelity® Low Volatility Factor ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Low Volatility Factor ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>20<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:center;">0.18<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 20 0.0018 <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> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, the information technology sector gained 15% and contributed most to the fund's performance for the fiscal year. Positions in financials stocks, which gained 25%, also helped, as did exposure to health care (+17%) companies, especially in the pharmaceuticals, biotechnology &amp; life sciences (+28%) industry. Other bright spots in the portfolio included the communication services (+26%), industrials (+14%) and consumer discretionary (+12%) sectors. Stakes among energy (+12%), consumer staples (+7%), materials (+14%), real estate (+7%) and utilities (+6%) firms proved advantageous as well. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to individual stocks, the biggest contributor was software &amp; services company Microsoft (+25%). Shares of Eli Lilly (+79%), within the pharmaceuticals, biotechnology &amp; life sciences industry, helped as well. Media &amp; entertainment stock Alphabet (+29%), along with Apple (+14%), in the technology hardware &amp; equipment industry, provided an added lift. A position in insurance provider Progressive (+ 71%) also bolstered performance. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the biggest detractor was consumer durables &amp; apparel company Nike (-31%). Exposure to Globe Life (-26%), an insurance stock, proved detrimental as well. Stakes in CVS Health (-20%), along with health care equipment &amp; services firm ResMed (-25%), further weighed on performance. Lastly, in consumer services, a position in Starbucks (-21%) was another negative. </span></div> <div><span style="font-size:13px;"> </span></div><div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"></div> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE September 12, 2016 through July 31, 2024. Initial investment of $10,000. Fidelity® Low Volatility Factor ETF   $10,000 $11,295   $13,203   $15,077   $16,176   $20,851   $20,618   $22,465   $26,124   Fidelity U.S. Low Volatility Factor Index℠   $10,000 $11,330   $13,289   $15,181   $16,329   $21,107   $20,933   $22,873   $26,642   Russell 1000® Index   $10,000 $11,635   $13,519   $14,600   $16,357   $22,568   $21,017   $23,739   $28,843     2016 2017 2018 2019 2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Low Volatility Factor ETF</span> 10000 11295 13203 15077 16176 20851 20618 22465 26124 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity U.S. Low Volatility Factor Index℠</span> 10000 11330 13289 15181 16329 21107 20933 22873 26642 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span> 10000 11635 13519 14600 16357 22568 21017 23739 28843 AVERAGE ANNUAL TOTAL RETURNS:     1 Year 5 Year Life of Fund Fidelity® Low Volatility Factor ETF - NAV  A  16.29% 11.62% 12.95% Fidelity® Low Volatility Factor ETF - Market Price B 16.31% 11.62% 13.09% Fidelity U.S. Low Volatility Factor Index℠ A 16.48% 11.91% 13.23% Russell 1000® Index A 21.50% 14.59% 14.37% A   From September 12, 2016   B   From September 15, 2016, date initially listed on the NYSE Arca, Inc. 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.   0.1629 0.1162 0.1295 0.1631 0.1162 0.1309 0.1648 0.1191 0.1323 0.2150 0.1459 0.1437 2016-09-12 <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 July 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>1,143,576,609</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;">127</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>1,550,627</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;">32<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> 1143576609 127 1550627 0.32   MARKET SECTORS (% of Fund's net assets)     Information Technology 29.0   Financials 12.9   Health Care 12.2   Consumer Discretionary 10.4   Industrials 9.6   Communication Services 8.7   Consumer Staples 6.0   Energy 3.7   Materials 2.6   Real Estate 2.5   Utilities 2.2     Common Stocks 99.8 Short-Term Investments and Net Other Assets (Liabilities) 0.2 ASSET ALLOCATION (% of Fund's net assets) United States 98.7 Ireland 1.3 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.290 0.129 0.122 0.104 0.096 0.087 0.060 0.037 0.026 0.025 0.022 0.998 0.002 0.987 0.013 TOP HOLDINGS (% of Fund's net assets)     Apple Inc 7.8     Microsoft Corp 7.4     Alphabet Inc Class A 4.4     Amazon.com Inc 3.9     Eli Lilly & Co 2.0     UnitedHealth Group Inc 1.7     Oracle Corp 1.6     Texas Instruments Inc 1.5     Visa Inc Class A 1.5     Mastercard Inc Class A 1.4       33.2     0.078 0.074 0.044 0.039 0.020 0.017 0.016 0.015 0.015 0.014 <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 August 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;">November 29, 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:0px;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;"> 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 style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div></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 August 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;">November 29, 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:0px;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;"> 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> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period.</span> <div style="text-align:left;"></div> 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Small-Mid Multifactor ETF Fidelity® Small-Mid Multifactor ETF FSMD NYSEArca This annual shareholder report contains information about Fidelity® Small-Mid Multifactor ETF for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Small-Mid Multifactor ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>20<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:center;">0.18<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 20 0.0018 <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.  </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;">Against this backdrop, industrials - the ETF's largest sector weighting - gained 26% and contributed most to the fund's performance for the fiscal year, driven by the capital goods industry (+30%). Financials, which gained approximately 29%, also helped, as did consumer discretionary, which advanced roughly 27%. The information technology sector rose about 13%, boosted by the technology hardware &amp; equipment industry (+36%), while materials gained approximately 25% and energy advanced about 23%. All other sectors - including real estate (+12%), consumer staples (+20%), health care (+4%), utilities (+8%) and communication services (+1%) - also had positive results.   <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Turning to individual stocks, the biggest contributor was Super Micro Computer (+139%), from the technology hardware &amp; equipment category. Viking Therapeutics (+307%), a stock in the pharmaceuticals, biotechnology &amp; life sciences category, also helped. Abercrombie &amp; Fitch, within the consumer discretionary distribution &amp; retail industry, gained 248%. In consumer staples distribution &amp; retail, Sprouts Farmers Market (+154%) contributed. Lastly, in consumer services, Wingstop (+121%) also boosted the fund. <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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">In contrast, the biggest detractor was New York Community Bancorp (-69%), from the banks category. UiPath (-51%) and DoubleVerify Holdings (-50%), from the software &amp; services industry, also hindered the fund. Another notable detractor was QuidelOrtho (-55%), a stock in the health care equipment &amp; services group. Lastly, in telecommunication services, Iridium Communications returned roughly -42%. </span></li></ul> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE February 26, 2019 through July 31, 2024. Initial investment of $10,000. Fidelity® Small-Mid Multifactor ETF   $10,000 $10,335   $9,829   $14,174   $13,841   $14,937   Fidelity Small-Mid Multifactor Index℠   $10,000 $10,350   $9,866   $14,281   $13,993   $15,144   Dow Jones U.S. Completion Total Stock Market Index℠   $10,000 $10,374   $10,905   $16,466   $12,868   $14,212   Dow Jones U.S. Total Stock Market Index℠   $10,000 $10,689   $11,843   $16,453   $15,173   $17,088     2019 2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Small-Mid Multifactor ETF</span> 10000 10335 9829 14174 13841 14937 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Small-Mid Multifactor Index℠</span> 10000 10350 9866 14281 13993 15144 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Dow Jones U.S. Completion Total Stock Market Index℠</span> 10000 10374 10905 16466 12868 14212 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Dow Jones U.S. Total Stock Market Index℠</span> 10000 10689 11843 16453 15173 17088 AVERAGE ANNUAL TOTAL RETURNS:     1 Year 5 Year Life of Fund Fidelity® Small-Mid Multifactor ETF - NAV  A  19.10% 11.47% 11.19% Fidelity® Small-Mid Multifactor ETF - Market Price B 19.39% 11.49% 11.20% Fidelity Small-Mid Multifactor Index℠ A 19.37% 11.80% 11.52% Dow Jones U.S. Completion Total Stock Market Index℠ A 14.96% 9.51% 9.46% Dow Jones U.S. Total Stock Market Index℠ A 21.10% 14.13% 14.33% A   From February 26, 2019   B   From February 28, 2019, date initially listed on the NYSE Arca, Inc. 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.   0.1910 0.1147 0.1119 0.1939 0.1149 0.1120 0.1937 0.1180 0.1152 0.1496 0.0951 0.0946 0.2110 0.1413 0.1433 2019-02-26 <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 July 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>428,135,489</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;">589</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>339,784</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;">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: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> 428135489 589 339784 0.50   MARKET SECTORS (% of Fund's net assets)     Industrials 17.9   Financials 16.9   Consumer Discretionary 13.9   Health Care 13.0   Information Technology 11.6   Real Estate 6.7   Materials 5.7   Energy 4.5   Consumer Staples 3.9   Communication Services 2.9   Utilities 2.8     Common Stocks 99.8 Short-Term Investments and Net Other Assets (Liabilities) 0.2 ASSET ALLOCATION (% of Fund's net assets) United States 97.3 Puerto Rico 0.6 Canada 0.5 Bermuda 0.4 United Kingdom 0.4 Thailand 0.2 Sweden 0.2 Monaco 0.2 Ireland 0.1 Others 0.1 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     0.179 0.169 0.139 0.130 0.116 0.067 0.057 0.045 0.039 0.029 0.028 0.998 0.002 0.973 0.006 0.005 0.004 0.004 0.002 0.002 0.002 0.001 0.001 TOP HOLDINGS (% of Fund's net assets)     Texas Pacific Land Corp 0.5     EMCOR Group Inc 0.5     Pure Storage Inc Class A 0.4     Toll Brothers Inc 0.4     United Therapeutics Corp 0.4     Reinsurance Group of America Inc 0.4     TechnipFMC PLC 0.4     TopBuild Corp 0.4     International Paper Co 0.4     Casey's General Stores Inc 0.4       4.2     0.005 0.005 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 <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 August 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;">November 29, 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:0px;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;"> 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 style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period. </span> <div style="text-align:left;"></div></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 August 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;">November 29, 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:0px;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;"> 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> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period. </span> <div style="text-align:left;"></div> 2024-07-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Dividend ETF for Rising Rates Fidelity® Dividend ETF for Rising Rates FDRR NYSEArca This annual shareholder report contains information about Fidelity® Dividend ETF for Rising Rates for the period August 1, 2023 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Dividend ETF for Rising Rates</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>21<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:center;">0.19<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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> 21 0.0019 <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> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, the information technology sector gained 36% and contributed most to the fund's performance for the fiscal year. Exposure to financials stocks, which rose 27%, also helped, as did industrials (+14%), propelled by the capital goods (+19%) industry in particular. The communication services sector increased roughly 12%, while health care was up about 6% and consumer staples advanced 7%, all bolstering performance. The portfolio's stakes in utilities (+19%), energy (+8%), materials (+11%) and real estate (+3%) companies were advantageous as well.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to individual holdings, the top contributor was Nvidia (+61%), within the semiconductors &amp; semiconductor equipment industry. Also in that category, a position in Broadcom (+83%) provided an added lift. Exposure to software &amp; services firm Microsoft (+25%) was another plus, along with technology hardware &amp; equipment giant Apple (+14%). Among banks, JPMorgan Chase (+38%) further aided performance. </span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Conversely, the fund's positions in the consumer discretionary sector returned -2% and hurt most, notably pressured by the consumer services industry (-12%). The portfolio's international holdings detracted overall, hampered in part by broadly stronger U.S. dollar.</span></div> <div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>On a stock-specific basis, the biggest detractor was consumer durables &amp; apparel company Nike (-31%). In transportation, a stake in United Parcel Service (-27%) was another challenge for the fund. Pharmaceuticals, biotechnology &amp; life sciences firm Bristol-Myers Squibb returned approximately -20% and hurt as well. Exposure to CVS Health (-20%), a stock in the health care equipment &amp; services group, also proved detrimental. Lastly, in terms of consumer staples distribution &amp; retail holdings, Walgreens Boots Alliance (-45%) further pressured the fund's return.</span></div> <div style="text-align:left;"></div> How did the Fund perform over the life of Fund?      CUMULATIVE PERFORMANCE September 12, 2016 through July 31, 2024. Initial investment of $10,000. Fidelity® Dividend ETF for Rising Rates   $10,000 $11,485   $13,098   $13,896   $14,154   $19,471   $19,264   $20,838   $24,558   Fidelity Dividend Index for Rising Rates℠   $10,000 $11,526   $13,195   $14,045   $14,341   $19,793   $19,650   $21,314   $25,156   Russell 1000® Index   $10,000 $11,635   $13,519   $14,600   $16,357   $22,568   $21,017   $23,739   $28,843     2016 2017 2018 2019 2020 2021 2022 2023 2024 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Dividend ETF for Rising Rates</span> 10000 11485 13098 13896 14154 19471 19264 20838 24558 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Dividend Index for Rising Rates℠</span> 10000 11526 13195 14045 14341 19793 19650 21314 25156 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span> 10000 11635 13519 14600 16357 22568 21017 23739 28843 AVERAGE ANNUAL TOTAL RETURNS:     1 Year 5 Year Life of Fund Fidelity® Dividend ETF for Rising Rates - NAV  A  17.85% 12.06% 12.06% Fidelity® Dividend ETF for Rising Rates - Market Price B 17.95% 12.03% 12.11% Fidelity Dividend Index for Rising Rates℠ A 18.03% 12.36% 12.41% Russell 1000® Index A 21.50% 14.59% 14.37% A   From September 12, 2016   B   From September 15, 2016, date initially listed on the NYSE Arca, Inc. 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.   0.1785 0.1206 0.1206 0.1795 0.1203 0.1211 0.1803 0.1236 0.1241 0.2150 0.1459 0.1437 2016-09-12 <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 July 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>544,623,603</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;">116</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>961,817</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;">32<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> 544623603 116 961817 0.32   MARKET SECTORS (% of Fund's net assets)     Information Technology 32.5   Financials 13.6   Health Care 11.6   Industrials 9.2   Consumer Discretionary 9.0   Communication Services 7.6   Consumer Staples 5.5   Energy 3.5   Materials 2.5   Real Estate 2.4   Utilities 2.3     Common Stocks 99.7 Short-Term Investments and Net Other Assets (Liabilities) 0.3 ASSET ALLOCATION (% of Fund's net assets) United States 93.7 United Kingdom 2.0 Germany 1.8 Sweden 1.2 Japan 0.9 Denmark 0.4 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     0.325 0.136 0.116 0.092 0.090 0.076 0.055 0.035 0.025 0.024 0.023 0.997 0.003 0.937 0.020 0.018 0.012 0.009 0.004 TOP HOLDINGS (% of Fund's net assets)     Apple Inc 7.5     NVIDIA Corp 7.4     Microsoft Corp 7.1     Broadcom Inc 2.6     Eli Lilly & Co 2.2     JPMorgan Chase & Co 1.9     UnitedHealth Group Inc 1.9     Texas Instruments Inc 1.6     Johnson & Johnson 1.5     Abbvie Inc 1.4       35.1     0.075 0.074 0.071 0.026 0.022 0.019 0.019 0.016 0.015 0.014 <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 August 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;">November 29, 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:0px;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;"> 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 style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period. </span> <div style="text-align:left;"></div></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 August 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;">November 29, 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:0px;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;"> 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> <div style="text-align:left;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual management fee was reduced during the reporting period. </span> <div style="text-align:left;"></div> 2024-07-31 Fidelity® Fundamental Large Cap Value ETF Fidelity® Fundamental Large Cap Value ETF FFLV CboeBZX This annual shareholder report contains information about Fidelity® Fundamental Large Cap Value ETF for the period February 22, 2024 to July 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:43%; 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:25%; 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 $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:43%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Fundamental Large Cap Value ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:super;font-weight:normal;">A</span></div> </td> <td style="width:25%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>17<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:center;">0.38<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></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;">Expenses for the full reporting period would be higher.</span></div> <span style="line-height:12px;"> </span><div style="text-align:left;"></div> <div style="text-align:left;"></div> 17 0.0038 Expenses for the full reporting period would be higher. <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 July 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;">$</span>1,601,511</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">114</div> <span style="line-height:11px;"> </span><div style="text-align:right;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>2,281</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><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:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">29<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;"><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 not annualized</span></div> <div style="text-align:left;"></div> 1601511 114 2281 0.29   MARKET SECTORS (% of Fund's net assets)     Financials 23.7   Industrials 14.2   Health Care 13.4   Energy 10.1   Information Technology 9.3   Consumer Staples 7.5   Utilities 5.5   Consumer Discretionary 4.5   Real Estate 4.3   Communication Services 3.7   Materials 3.3     Common Stocks 99.5 Short-Term Investments and Net Other Assets (Liabilities) 0.5 ASSET ALLOCATION (% of Fund's net assets) United States 94.8 Canada 2.4 United Kingdom 1.1 Taiwan 0.9 Spain 0.8 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)   0.237 0.142 0.134 0.101 0.093 0.075 0.055 0.045 0.043 0.037 0.033 0.995 0.005 0.948 0.024 0.011 0.009 0.008 TOP HOLDINGS (% of Fund's net assets)     Exxon Mobil Corp 4.6     JPMorgan Chase & Co 4.5     Cisco Systems Inc 3.6     Wells Fargo & Co 3.1     Hartford Financial Services Group Inc/The 2.6     Bank of America Corp 2.3     Comcast Corp Class A 2.3     UnitedHealth Group Inc 2.2     Travelers Cos Inc/The 2.2     Shell PLC ADR 2.1       29.5     0.046 0.045 0.036 0.031 0.026 0.023 0.023 0.022 0.022 0.021