Fidelity Covington Trust

N-CSRS 1 d723459dncsrs.htm FIDELITY COVINGTON TRUST Fidelity Covington Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07319

Fidelity Covington Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, MA 02210

(Address of principal executive offices) (Zip code)

William C. Coffey, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2019

Item 1.

Reports to Stockholders

Fidelity^® MSCI Communication Services Index ETF

(formerly Fidelity MSCI Telecommunications Services Index ETF)

Fidelity MSCI Consumer Discretionary Index ETF

Fidelity MSCI Consumer Staples Index ETF

Fidelity MSCI Energy Index ETF

Fidelity MSCI Financials Index ETF

Fidelity MSCI Health Care Index ETF

Fidelity MSCI Industrials Index ETF

Fidelity MSCI Information Technology Index ETF

Fidelity MSCI Materials Index ETF

Fidelity MSCI Real Estate Index ETF

Fidelity MSCI Utilities Index ETF

Semi-Annual Report

January 31, 2019

LOGO

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

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

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


Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548

Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose ‘no’ under Required Disclosures to continue print)	1-800-343-0860

Contents



Performance and Investment Summary			5

Schedule of Investments			27

Financial Statements			66

Notes			89

Shareholder Expense Example			93

Board Approval of Investment Advisory Contracts and Management Fees			95

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

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

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

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

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

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.



		3		*Semiannual Report*

Note to Shareholders

During January 2019 the Board approved to change the investment advisor from Fidelity SelectCo, LLC (SelectCo) to FMR Co., Inc. (FMRC) effective February 1, 2019. There was no change to the management fee.



*Semiannual Report*		4

Fidelity^® MSCI Communication Services Index ETF

Performance (Unaudited)

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

The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Communication Services Index ETF – NAV^A		3.01%		8.47%		7.86%
Fidelity MSCI Communication Services Index ETF – Market Price^B		2.81%		8.34%		7.84%
MSCI USA IMI Communication Services 25/50 Index^A		3.14%		8.53%		7.92%
S&P 500 Index^A		-2.31%		10.96%		10.91%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Communication Services Index ETF – NAV^A		-5.45%		5.80%		5.96%
Fidelity MSCI Communication Services Index ETF – Market Price^B		-5.35%		5.81%		5.99%
MSCI USA IMI Communication Services 25/50 Index^A		-5.32%		5.85%		6.02%
S&P 500 Index^A		-4.38%		8.49%		9.46%

This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.

^A	From October 21, 2013.

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

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

Effective December 1, 2018, the fund’s sector index changed from the MSCI USA IMI Telecommunication Services 25/50 Index to the MSCI USA IMI Communication Services 25/50 Index.

The fund’s expense ratio is 0.084%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.



		5		*Semiannual Report*

Fidelity^® MSCI Communication Services Index ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
Facebook, Inc. Class A		14.9
Alphabet, Inc. Class C		11.8
Alphabet, Inc. Class A		11.2
Verizon Communications, Inc.		8.8
Netflix, Inc.		4.6
AT&T, Inc.		4.4
The Walt Disney Co.		4.3
Comcast Corp. Class A		4.2
Charter Communications, Inc. Class A		2.2
Twenty-First Century Fox, Inc. Class A		2.1

		68.5


Industries as of January 31, 2019

LOGO



*Semiannual Report*		6

Fidelity^® MSCI Consumer Discretionary Index ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Consumer Discretionary Index ETF – NAV^A		0.83%		12.03%		11.65%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price^B		0.68%		12.05%		11.45%
MSCI USA IMI Consumer Discretionary Index^A		0.91%		12.17%		11.78%
S&P 500 Index^A		-2.31%		10.96%		10.91%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Consumer Discretionary Index ETF – NAV^A		-0.74%		8.61%		9.79%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price^B		-0.87%		8.60%		9.60%
MSCI USA IMI Consumer Discretionary Index^A		-0.65%		8.73%		9.92%
S&P 500 Index^A		-4.38%		8.49%		9.46%

^A From October 21, 2013.

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

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



		7		*Semiannual Report*

Fidelity^® MSCI Consumer Discretionary Index ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
Amazon.com, Inc.		24.3
The Home Depot, Inc.		7.3
McDonald’s Corp.		4.8
NIKE, Inc. Class B		3.6
Starbucks Corp.		3.2
Booking Holdings, Inc.		3.0
Lowe’s Companies, Inc.		2.7
The TJX Companies, Inc.		2.2
General Motors Co.		1.7
Tesla Motors, Inc.		1.4

		54.2


Industries as of January 31, 2019

LOGO

*	Includes short-term investments and net other assets.



*Semiannual Report*		8

Fidelity^® MSCI Consumer Staples Index ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Consumer Staples Index ETF – NAV^A		-5.10%		8.22%		7.60%
Fidelity MSCI Consumer Staples Index ETF – Market Price^B		-5.03%		8.26%		7.37%
MSCI USA IMI Consumer Staples Index^A		-5.00%		8.38%		7.75%
S&P 500 Index^A		-2.31%		10.96%		10.91%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Consumer Staples Index ETF – NAV^A		-8.30%		5.97%		6.68%
Fidelity MSCI Consumer Staples Index ETF – Market Price^B		-8.49%		5.96%		6.40%
MSCI USA IMI Consumer Staples Index^A		-8.21%		6.11%		6.82%
S&P 500 Index^A		-4.38%		8.49%		9.46%

^A	From October 21, 2013.

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

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



		9		*Semiannual Report*

Fidelity^® MSCI Consumer Staples Index ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
The Procter & Gamble Co.		13.5
The Coca-Cola Co.		10.9
PepsiCo, Inc.		9.0
Walmart, Inc.		7.9
Philip Morris International, Inc.		6.7
Altria Group, Inc.		4.9
Costco Wholesale Corp.		4.6
Mondelez International, Inc. Class A		3.8
Walgreens Boots Alliance, Inc.		3.5
Colgate-Palmolive Co.		3.0

		67.8


Industries as of January 31, 2019

LOGO

*	Includes short-term investments and net other assets.



*Semiannual Report*		10

Fidelity^® MSCI Energy Index ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Energy Index ETF – NAV^A		-13.34%		-3.89%		-4.26%
Fidelity MSCI Energy Index ETF – Market Price^B		-13.30%		-3.89%		-4.21%
MSCI USA IMI Energy Index^A		-13.29%		-3.80%		-4.16%
S&P 500 Index^A		-2.31%		10.96%		10.91%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Energy Index ETF – NAV^A		-19.95%		-7.18%		-6.34%
Fidelity MSCI Energy Index ETF – Market Price^B		-19.98%		-7.20%		-6.29%
MSCI USA IMI Energy Index^A		-19.91%		-7.09%		-6.25%
S&P 500 Index^A		-4.38%		8.49%		9.46%

^A From October 21, 2013.

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

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



		11		*Semiannual Report*

Fidelity^® MSCI Energy Index ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
Exxon Mobil Corp.		21.8
Chevron Corp.		15.4
ConocoPhillips		5.5
Schlumberger Ltd.		4.3
EOG Resources, Inc.		4.0
Occidental Petroleum Corp.		3.6
Marathon Petroleum Corp.		3.2
Phillips 66		3.0
Valero Energy Corp.		2.7
Kinder Morgan, Inc.		2.5

		66.0


Industries as of January 31, 2019

LOGO



*Semiannual Report*		12

Fidelity^® MSCI Financials Index ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Financials Index ETF – NAV^A		-10.38%		10.62%		10.30%
Fidelity MSCI Financials Index ETF – Market Price^B		-10.53%		10.61%		10.35%
MSCI USA IMI Financials Index^A		-10.34%		10.75%		10.42%
S&P 500 Index^A		-2.31%		10.96%		10.91%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Financials Index ETF – NAV^A		-13.36%		7.99%		8.59%
Fidelity MSCI Financials Index ETF – Market Price^B		-13.43%		7.98%		8.66%
MSCI USA IMI Financials Index^A		-13.33%		8.11%		8.70%
S&P 500 Index^A		-4.38%		8.49%		9.46%

^A From October 21, 2013.

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

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



		13		*Semiannual Report*

Fidelity^® MSCI Financials Index ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
JPMorgan Chase & Co.		9.4
Bank of America Corp.		7.3
Berkshire Hathaway, Inc. Class B		7.2
Wells Fargo & Co.		6.0
Citigroup, Inc.		4.4
US Bancorp		2.1
American Express Co.		2.0
The Goldman Sachs Group, Inc.		1.9
CME Group, Inc.		1.8
Chubb Ltd.		1.7

		43.8


Industries as of January 31, 2019

LOGO

*	Includes short-term investments and net other assets.



*Semiannual Report*		14

Fidelity^® MSCI Health Care Index ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Health Care Index ETF – NAV^A		4.67%		11.92%		12.95%
Fidelity MSCI Health Care Index ETF – Market Price^B		4.72%		11.94%		12.80%
MSCI USA IMI Health Care Index^A		4.77%		12.04%		13.09%
S&P 500 Index^A		-2.31%		10.96%		10.91%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Health Care Index ETF – NAV^A		5.52%		11.02%		11.93%
Fidelity MSCI Health Care Index ETF – Market Price^B		5.53%		10.98%		11.77%
MSCI USA IMI Health Care Index^A		5.63%		11.15%		12.07%
S&P 500 Index^A		-4.38%		8.49%		9.46%

^A From October 21, 2013.

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

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



		15		*Semiannual Report*

Fidelity^® MSCI Health Care Index ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019
	% of fund’s net assets
Johnson & Johnson		8.9
UnitedHealth Group, Inc.		6.5
Pfizer, Inc.		6.2
Merck & Co., Inc.		4.9
Abbott Laboratories		3.2
AbbVie, Inc.		3.0
Amgen, Inc.		3.0
Medtronic PLC		3.0
Eli Lilly & Co.		2.9
Thermo Fisher Scientific, Inc.		2.5

		44.1


Industries as of January 31, 2019

LOGO

*	Includes short-term investments and net other assets.



*Semiannual Report*		16

Fidelity^® MSCI Industrials Index ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Industrials Index ETF – NAV^A		-8.47%		8.73%		9.12%
Fidelity MSCI Industrials Index ETF – Market Price^B		-8.56%		8.74%		8.91%
MSCI USA IMI Industrials Index^A		-8.43%		8.84%		9.24%
S&P 500 Index^A		-2.31%		10.96%		10.91%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Industrials Index ETF – NAV^A		-13.81%		5.44%		7.02%
Fidelity MSCI Industrials Index ETF – Market Price^B		-13.84%		5.46%		6.81%
MSCI USA IMI Industrials Index^A		-13.77%		5.55%		7.14%
S&P 500 Index^A		-4.38%		8.49%		9.46%

^A From October 21, 2013.

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

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



		17		*Semiannual Report*

Fidelity^® MSCI Industrials Index ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
The Boeing Co.		7.7
Union Pacific Corp.		4.3
3M Co.		4.3
Honeywell International, Inc.		3.9
United Technologies Corp.		3.6
General Electric Co.		3.3
Caterpillar, Inc.		2.9
Lockheed Martin Corp.		2.7
United Parcel Service, Inc. Class B		2.7
CSX Corp.		2.0

		37.4


Industries as of January 31, 2019

LOGO

*	Includes short-term investments and net other assets.



*Semiannual Report*		18

Fidelity^® MSCI Information Technology Index ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Information Technology Index ETF – NAV^A		0.22%		16.37%		16.58%
Fidelity MSCI Information Technology Index ETF – Market Price^B		0.18%		16.37%		16.71%
MSCI USA IMI Information Technology Index^A		0.30%		16.49%		16.70%
S&P 500 Index^A		-2.31%		10.96%		10.91%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Information Technology Index ETF – NAV^A		-0.18%		14.08%		15.17%
Fidelity MSCI Information Technology Index ETF – Market Price^B		-0.37%		14.04%		15.26%
MSCI USA IMI Information Technology Index^A		-0.09%		14.19%		15.28%
S&P 500 Index^A		-4.38%		8.49%		9.46%

^A	From October 21, 2013.

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

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



		19		*Semiannual Report*

Fidelity^® MSCI Information Technology Index ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
Apple, Inc.		14.9
Microsoft Corp.		14.1
Visa, Inc. Class A		4.4
Cisco Systems, Inc.		4.1
Intel Corp.		4.0
Mastercard, Inc. Class A		3.6
Oracle Corp.		2.8
International Business Machines Corp.		2.3
Adobe, Inc.		2.3
Broadcom, Inc.		2.1

		54.6


Industries as of January 31, 2019

LOGO

* Includes short-term investments and net other assets.



*Semiannual Report*		20

Fidelity^® MSCI Materials Index ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Materials Index ETF – NAV^A		-14.48%		5.69%		5.74%
Fidelity MSCI Materials Index ETF – Market Price^B		-14.48%		5.71%		5.52%
MSCI USA IMI Materials Index^A		-14.43%		5.74%		5.79%
S&P 500 Index^A		-2.31%		10.96%		10.91%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Materials Index ETF – NAV^A		-17.40%		3.29%		4.40%
Fidelity MSCI Materials Index ETF – Market Price^B		-17.39%		3.30%		4.17%
MSCI USA IMI Materials Index^A		-17.36%		3.34%		4.46%
S&P 500 Index^A		-4.38%		8.49%		9.46%

^A	From October 21, 2013.

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

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



		21		*Semiannual Report*

Fidelity^® MSCI Materials Index ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
DowDuPont, Inc.		15.2
Linde PLC		11.0
Ecolab, Inc.		5.1
Air Products & Chemicals, Inc.		4.4
The Sherwin-Williams Co.		4.4
LyondellBasell Industries N.V. Class A		3.5
PPG Industries, Inc.		3.1
Nucor Corp.		2.4
International Paper Co.		2.3
Newmont Mining Corp.		2.2

		53.6


Industries as of January 31, 2019

LOGO



*Semiannual Report*		22

Fidelity^® MSCI Real Estate Index ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Real Estate Index ETF – NAV^A		9.64%		4.91%
Fidelity MSCI Real Estate Index ETF – Market Price^B		9.91%		4.53%
MSCI USA IMI Real Estate Index^A		9.66%		4.95%
S&P 500 Index^A		-2.31%		9.81%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity MSCI Real Estate Index ETF – NAV^A		-4.50%		2.09%
Fidelity MSCI Real Estate Index ETF – Market Price^B		-4.51%		1.70%
MSCI USA IMI Real Estate Index^A		-4.54%		2.12%
S&P 500 Index^A		-4.38%		7.88%

^A	From February 2, 2015.

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

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



		23		*Semiannual Report*

Fidelity^® MSCI Real Estate Index ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
American Tower Corp.		6.9
Simon Property Group, Inc.		5.1
Crown Castle International Corp.		4.4
Prologis, Inc.		4.0
Public Storage		3.0
Equinix, Inc.		2.8
Welltower, Inc.		2.6
Equity Residential		2.4
AvalonBay Communities, Inc.		2.4
Ventas, Inc.		2.1

		35.7


Industries as of January 31, 2019

LOGO



*Semiannual Report*		24

Fidelity^® MSCI Utilities Index ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Utilities Index ETF – NAV^A		11.80%		10.92%		10.94%
Fidelity MSCI Utilities Index ETF – Market Price^B		11.93%		10.95%		10.78%
MSCI USA IMI Utilities Index^A		11.92%		11.08%		11.09%
S&P 500 Index^A		-2.31%		10.96%		10.91%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Past 5 Years		Life of fund
Fidelity MSCI Utilities Index ETF – NAV^A		4.40%		10.71%		10.36%
Fidelity MSCI Utilities Index ETF – Market Price^B		4.34%		10.71%		10.18%
MSCI USA IMI Utilities Index^A		4.55%		10.87%		10.51%
S&P 500 Index^A		-4.38%		8.49%		9.46%

^A	From October 21, 2013.

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

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



		25		*Semiannual Report*

Fidelity^® MSCI Utilities Index ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
NextEra Energy, Inc.		9.9
Duke Energy Corp.		7.3
Dominion Energy, Inc.		6.1
The Southern Co.		5.8
Exelon Corp.		5.4
American Electric Power Co., Inc.		4.6
Sempra Energy		3.7
Public Service Enterprise Group, Inc.		3.2
Xcel Energy, Inc.		3.1
Consolidated Edison, Inc.		2.8

		51.9


Industries as of January 31, 2019

LOGO



*Semiannual Report*		26

Fidelity MSCI Communication Services Index ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 21.4%
Alternative Carriers – 6.2%
CenturyLink, Inc.		211,891	$	3,246,170
Cogent Communications Holdings, Inc.		43,834		2,123,757
Globalstar, Inc. (a)		3,512,329		2,309,708
Iridium Communications, Inc. (a)		93,679		1,815,499
ORBCOMM, Inc. (a)		203,719		1,658,273
pdvWireless, Inc. (a)		46,997		1,895,859
Vonage Holdings Corp. (a)		199,966		1,821,690
Zayo Group Holdings, Inc. (a)		99,438		2,729,573

				17,600,529

Integrated Telecommunication Services – 15.2%
AT&T, Inc.		410,890		12,351,353
ATN International, Inc.		23,757		1,771,797
Cincinnati Bell, Inc. (a)		159,829		1,332,974
Consolidated Communications Holdings, Inc.		144,153		1,539,554
Frontier Communications Corp.		542,273		1,084,546
Verizon Communications, Inc.		454,944		25,049,217

				43,129,441


TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES				60,729,970


ENTERTAINMENT – 17.6%
Interactive Home Entertainment – 3.5%
Activision Blizzard, Inc.		85,432		4,035,808
Electronic Arts, Inc. (a)		36,658		3,381,334
Glu Mobile, Inc. (a)		36,506		355,568
Rosetta Stone Inc. (a)		7,856		119,097
Take-Two Interactive Software, Inc. (a)		14,748		1,556,651
Zynga, Inc. Class A (a)		141,614		634,431

				10,082,889

Movies & Entertainment – 14.1%
AMC Entertainment Holdings, Inc. Class A		10,826		158,601
Cinemark Holdings, Inc.		14,143		578,732
IMAX Corp. (a)		9,658		200,597
Liberty Media Corp-Liberty Braves Class A (a)		3,620		98,247
Liberty Media Corp-Liberty Braves Class C (a)		6,638		178,960
Liberty Media Corp-Liberty Formula One Class C (a)		24,942		782,430
Lions Gate Entertainment Corp. Class A		11,548		212,137
Lions Gate Entertainment Corp. Class B		15,429		270,470
Live Nation Entertainment, Inc. (a)		19,821		1,060,622
Netflix, Inc. (a)		38,664		13,126,428
The Madison Square Garden Co. Class A (a)		2,183		606,656



	Shares		Value
The Marcus Corp.		5,997	$	267,286
The Walt Disney Co.		109,339		12,193,485
Twenty-First Century Fox, Inc. Class A		120,114		5,922,821
Twenty-First Century Fox, Inc. Class B		52,013		2,551,758
Viacom, Inc. Class B		41,878		1,232,051
World Wrestling Entertainment, Inc. Class A		6,802		560,077

				40,001,358


TOTAL ENTERTAINMENT				50,084,247


INTERACTIVE MEDIA & SERVICES – 40.9%
Interactive Media & Services – 40.9%
Alphabet, Inc. Class A (a)		28,358		31,927,989
Alphabet, Inc. Class C (a)		30,122		33,627,297
ANGI Homeservices, Inc. Class A (a)		16,882		286,994
Care.com, Inc. (a)		11,097		263,776
Cars.com, Inc. (a)		13,498		368,630
Facebook, Inc. Class A (a)		253,774		42,301,588
IAC/InterActiveCorp. (a)		9,750		2,059,980
Liberty TripAdvisor Holdings, Inc. Class A (a)		14,521		241,920
QuinStreet, Inc. (a)		11,326		215,647
TripAdvisor, Inc. (a)		15,390		883,078
TrueCar, Inc. (a)		27,179		254,939
Twitter, Inc. (a)		81,897		2,748,463
Yelp, Inc. (a)		12,843		467,742
Zillow Group, Inc. Class C (a)		17,623		618,391


TOTAL INTERACTIVE MEDIA & SERVICES				116,266,434


MEDIA – 13.8%
Advertising – 1.4%
Clear Channel Outdoor Holding, Inc. Class A (a)		15,860		88,340
comScore, Inc. (a)		15,159		298,481
Emerald Expositions Events, Inc.		7,474		106,131
National CineMedia, Inc.		17,799		122,991
Omnicom Group, Inc.		26,125		2,034,615
TechTarget, Inc. (a)		9,961		144,435
The Interpublic Group of Cos., Inc.		45,990		1,046,272

				3,841,265

Broadcasting – 2.3%
AMC Networks, Inc. Class A (a)		6,170		388,340
CBS Corp. Class B		39,341		1,945,806
Discovery, Inc. Class A (a)		21,632		613,916
Discovery, Inc. Class C (a)		36,799		980,693
Entercom Communications Corp. Class A		34,596		253,589
Entravision Communications Corp. Class A		26,266		103,488
Gray Television, Inc. (a)		12,678		211,849
Hemisphere Media Group, Inc. (a)		6,432		85,288

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



		27		*Semiannual Report*

Fidelity MSCI Communication Services Index ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
MEDIA – continued
Broadcasting – continued
Nexstar Media Group, Inc. Class A		5,959	$	497,398
Sinclair Broadcast Group, Inc. Class A		10,703		329,760
TEGNA, Inc.		29,070		341,282
The E.W. Scripps Co. Class A		12,999		244,121
Tribune Media Co. Class A		11,008		505,377

				6,500,907

Cable & Satellite – 9.3%
Cable One, Inc.		554		489,924
Charter Communications, Inc. Class A (a)		18,607		6,159,847
Comcast Corp. Class A		327,073		11,961,060
DISH Network Corp. Class A (a)		28,341		869,218
GCI Liberty, Inc. Class A (a)		11,973		609,426
Liberty Broadband Corp. Class C (a)		12,835		1,091,232
Liberty Global PLC Series A (a)		23,394		570,813
Liberty Global PLC Series C (a)		61,682		1,453,228
Liberty Latin America Ltd. Class A (a)		8,421		146,820
Liberty Latin America Ltd. Class C (a)		16,370		286,148
Liberty Media Corp-Liberty SiriusXM Class A (a)		11,520		458,266
Liberty Media Corp-Liberty SiriusXM Class C (a)		21,302		851,228
Loral Space & Communications Ltd. (a)		2,870		103,636
MSG Networks, Inc. Class A (a)		9,260		207,424
Sirius XM Holdings, Inc.		205,832		1,200,000
WideOpenWest, Inc. (a)		9,305		70,346

				26,528,616

Publishing – 0.8%
Gannett Co., Inc.		18,926		209,889
John Wiley & Sons, Inc. Class A		6,339		328,233
Meredith Corp.		5,581		302,881
New Media Investment Group, Inc.		10,900		149,003
News Corp. Class A		47,983		615,622
Scholastic Corp.		4,816		200,779
The New York Times Co. Class A		17,226		442,881




	Shares		Value
Tribune Publishing Co. (a)		6,210	$	74,334

				2,323,622


TOTAL MEDIA				39,194,410


WIRELESS TELECOMMUNICATION SERVICES – 6.2%
Wireless Telecommunication Services – 6.2%
Boingo Wireless, Inc. (a)		79,402		1,915,176
Gogo, Inc. (a)		23,572		97,352
NII Holdings, Inc. (a)		28,757		139,472
Shenandoah Telecommunications Co.		44,199		2,105,198
Spok Holdings, Inc.		130,101		1,800,598
Sprint Corp. (a)		396,509		2,474,216
Telephone & Data Systems, Inc.		65,094		2,357,705
T-Mobile US, Inc. (a)		66,155		4,605,711
United States Cellular Corp. (a)		35,003		2,015,473


TOTAL WIRELESS TELECOMMUNICATION SERVICES				17,510,901


TOTAL COMMON STOCKS (Cost $273,238,204)				283,785,962


Money Market Funds – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.26% (b) (Cost $196,123)		196,123		196,123


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $273,434,327)				283,982,085

NET OTHER ASSETS (LIABILITIES) – (0.0%)				(55,291	)


NET ASSETS – 100.0%			$	283,926,794

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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



*Semiannual Report*		28

Fidelity MSCI Consumer Discretionary Index ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%

	Shares		Value
AUTO COMPONENTS – 3.1%
Auto Parts & Equipment – 2.8%
Adient PLC		18,944	$	373,955
American Axle & Manufacturing Holdings, Inc. (a)		24,005		354,794
Aptiv PLC		55,549		4,395,592
Autoliv, Inc.		18,342		1,464,609
BorgWarner, Inc.		43,951		1,797,596
Cooper-Standard Holding, Inc. (a)		3,825		292,460
Dana, Inc.		30,697		540,881
Delphi Technologies PLC		19,102		342,117
Dorman Products, Inc. (a)		6,009		516,474
Fox Factory Holding Corp. (a)		8,073		478,971
Garrett Motion, Inc. (a)		16,188		258,522
Gentex Corp.		56,647		1,199,783
Gentherm, Inc. (a)		7,846		333,926
LCI Industries		5,367		442,455
Lear Corp.		13,779		2,121,001
Modine Manufacturing Co. (a)		11,214		164,061
Motorcar Parts of America, Inc. (a)		4,366		87,320
Standard Motor Products, Inc.		4,398		216,206
Stoneridge, Inc. (a)		5,988		156,347
Superior Industries International, Inc.		6,379		32,852
Tenneco, Inc.		11,025		382,347
Tower International, Inc.		4,604		133,930
Veoneer, Inc. (a)		17,582		524,119
Visteon Corp. (a)		6,260		481,331

				17,091,649

Tires & Rubber – 0.3%
Cooper Tire & Rubber Co.		10,740		378,048
The Goodyear Tire & Rubber Co.		49,985		1,059,182

				1,437,230


TOTAL AUTO COMPONENTS				18,528,879


AUTOMOBILES – 4.6%
Automobile Manufacturers – 4.4%
Ford Motor Co.		779,857		6,862,742
General Motors Co.		266,158		10,385,485
Tesla Motors, Inc. (a)		26,820		8,234,277
Thor Industries, Inc.		11,151		726,153
Winnebago Industries, Inc.		6,559		187,587

				26,396,244

Motorcycle Manufacturers – 0.2%
Harley-Davidson, Inc.		35,086		1,293,270


TOTAL AUTOMOBILES				27,689,514


DISTRIBUTORS – 1.1%
Distributors – 1.1%
Core-Mark Holding Co., Inc.		9,926		276,737
Genuine Parts Co.		30,823		3,076,752




	Shares		Value
LKQ Corp. (a)		66,939	$	1,755,141
Pool Corp.		8,508		1,275,434


TOTAL DISTRIBUTORS				6,384,064


DIVERSIFIED CONSUMER SERVICES – 1.8%
Education Services – 1.0%
Adtalem Global Education, Inc. (a)		12,709		621,470
American Public Education, Inc. (a)		3,723		110,164
Bright Horizons Family Solutions, Inc. (a)		11,605		1,343,743
Career Education Corp. (a)		15,273		197,174
Chegg, Inc. (a)		20,520		722,714
Graham Holdings Co. Class B		929		617,785
Grand Canyon Education, Inc. (a)		10,192		947,245
Houghton Mifflin Harcourt Co. (a)		22,840		239,135
K12, Inc. (a)		7,325		230,811
Laureate Education, Inc. Class A (a)		20,133		322,128
Strategic Education, Inc.		4,585		501,599

				5,853,968

Specialized Consumer Services – 0.8%
Carriage Services, Inc.		4,240		82,468
frontdoor, Inc. (a)		15,334		455,726
H&R Block, Inc.		43,323		1,021,990
Regis Corp. (a)		7,419		138,364
Service Corp. International		37,979		1,630,059
ServiceMaster Global Holdings, Inc. (a)		28,617		1,115,777
Sotheby’s (a)		8,296		335,075
Weight Watchers International, Inc. (a)		8,597		275,104

				5,054,563


TOTAL DIVERSIFIED CONSUMER SERVICES				10,908,531


HOTELS, RESTAURANTS & LEISURE – 19.8%
Casinos & Gaming – 2.5%
Boyd Gaming Corp.		17,905		489,165
Caesars Entertainment Corp. (a)		124,420		1,137,199
Churchill Downs, Inc.		7,749		712,753
Eldorado Resorts, Inc. (a)		10,689		498,321
Golden Entertainment, Inc. (a)		4,481		83,795
Las Vegas Sands Corp.		82,648		4,823,337
MGM Resorts International		107,309		3,159,177
Monarch Casino & Resort, Inc. (a)		2,823		122,067
Penn National Gaming, Inc. (a)		23,571		571,361
PlayAGS, Inc. (a)		5,617		140,762
Red Rock Resorts, Inc. Class A		14,867		377,325
Scientific Games Corp. Class A (a)		11,857		297,136
Wynn Resorts Ltd.		20,544		2,527,117

				14,939,515

Hotels, Resorts & Cruise Lines – 4.7%
BBX Capital Corp.		10,679		65,889

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



		29		*Semiannual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE – continued
Hotels, Resorts & Cruise Lines – continued
Belmond Ltd. Class A (a)		17,559	$	437,570
Carnival Corp.		89,027		5,126,175
Choice Hotels International, Inc.		7,809		618,160
Extended Stay America, Inc.		40,028		684,479
Hilton Grand Vacations, Inc. (a)		20,551		623,517
Hilton Worldwide Holdings, Inc.		59,435		4,426,719
Lindblad Expeditions Holdings, Inc. (a)		5,942		73,027
Marriott International, Inc. Class A		61,837		7,082,192
Marriott Vacations Worldwide Corp.		8,472		750,111
Norwegian Cruise Line Holdings Ltd. (a)		46,197		2,375,912
Playa Hotels & Resorts N.V. (a)		13,366		105,324
Royal Caribbean Cruises Ltd.		35,080		4,211,354
Wyndham Destinations, Inc.		21,020		885,783
Wyndham Hotels & Resorts, Inc.		21,077		1,034,670

				28,500,882

Leisure Facilities – 0.7%
International Speedway Corp. Class A		5,316		230,980
Planet Fitness, Inc., Class A (a)		18,588		1,076,617
SeaWorld Entertainment, Inc. (a)		11,360		295,928
Six Flags Entertainment Corp.		15,111		930,687
Speedway Motorsports, Inc.		3,082		49,743
Vail Resorts, Inc.		8,485		1,597,386

				4,181,341

Restaurants – 11.9%
Aramark		51,878		1,709,380
Biglari Holdings, Inc. Class B (a)		271		35,479
BJ’s Restaurants, Inc.		4,544		226,427
Bloomin’ Brands, Inc.		16,934		312,094
Brinker International, Inc.		8,763		355,077
Carrols Restaurant Group, Inc. (a)		8,196		70,731
Chipotle Mexican Grill, Inc. (a)		5,257		2,784,160
Chuys Holdings, Inc. (a)		3,933		89,358
Cracker Barrel Old Country Store, Inc.		4,073		681,331
Darden Restaurants, Inc.		26,063		2,734,790
Dave & Buster’s Entertainment, Inc.		8,382		431,254
Del Taco Restaurants, Inc. (a)		7,595		78,912
Denny’s Corp. (a)		13,753		243,290
Dine Brands Global, Inc.		3,620		276,097
Domino’s Pizza, Inc.		8,358		2,371,415
Dunkin’ Brands Group, Inc.		17,653		1,207,289
El Pollo Loco Holdings, Inc. (a)		5,357		88,337
Fiesta Restaurant Group, Inc. (a)		5,695		84,628
Jack in the Box, Inc.		5,799		469,429
McDonald’s Corp.		162,520		29,055,326
Noodles & Co. (a)		5,249		37,793
Papa John’s International, Inc.		5,135		217,159
Potbelly Corp. (a)		5,999		52,011
Red Robin Gourmet Burgers, Inc. (a)		2,963		94,757



	Shares		Value
Ruth’s Hospitality Group, Inc.		6,471	$	149,480
Shake Shack, Inc. Class A (a)		5,655		270,083
Starbucks Corp.		282,657		19,260,248
Texas Roadhouse, Inc. Class A		14,352		873,176
The Cheesecake Factory, Inc.		9,277		416,352
Wendy’s Co.		40,169		695,727
Wingstop, Inc.		6,244		409,919
Yum! Brands, Inc.		66,561		6,255,403

				72,036,912


TOTAL HOTELS, RESTAURANTS & LEISURE				119,658,650


HOUSEHOLD DURABLES – 4.2%
Consumer Electronics – 0.3%
Garmin Ltd.		23,828		1,648,421
GoPro, Inc. Class A (a)		25,340		124,926
Sonos, Inc. (a)		4,887		58,009
Universal Electronics, Inc. (a)		3,201		90,172

				1,921,528

Home Furnishings – 0.6%
Ethan Allen Interiors, Inc.		5,733		108,812
Hooker Furniture Corp.		2,750		79,117
La-Z-Boy, Inc.		10,019		296,763
Leggett & Platt, Inc.		27,470		1,125,171
Mohawk Industries, Inc. (a)		13,349		1,719,218
Tempur Sealy International, Inc. (a)		9,832		521,293

				3,850,374

Homebuilding – 2.4%
Beazer Homes U.S.A., Inc. (a)		7,390		92,597
Cavco Industries, Inc. (a)		1,852		307,969
Century Communities, Inc. (a)		5,090		119,411
D.R. Horton, Inc.		75,250		2,893,362
Green Brick Partners, Inc. (a)		6,260		52,960
Installed Building Products, Inc. (a)		4,851		204,276
KB Home		16,964		363,199
Lennar Corp. Class A		61,274		2,905,613
LGI Homes, Inc. (a)		4,180		247,874
M.D.C. Holdings, Inc.		9,743		320,837
M/I Homes, Inc. (a)		6,316		167,311
Meritage Homes Corp. (a)		8,268		372,721
NVR, Inc. (a)		725		1,928,500
PulteGroup, Inc.		56,824		1,580,275
Skyline Champion Corp.		7,587		137,021
Taylor Morrison Home Corp. Class A (a)		25,623		484,275
Toll Brothers, Inc.		29,557		1,091,836
TopBuild Corp. (a)		7,611		401,937
TRI Pointe Group, Inc. (a)		32,548		437,771
William Lyon Homes Class A (a)		6,659		88,298

				14,198,043

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



*Semiannual Report*		30


Common Stocks – continued

	Shares		Value
HOUSEHOLD DURABLES – continued
Household Appliances – 0.5%
Hamilton Beach Brands Holding Co. Class A		1,885	$	49,274
Helen of Troy Ltd. (a)		5,585		648,083
iRobot Corp. (a)		5,826		523,117
Whirlpool Corp.		13,581		1,806,409

				3,026,883

Housewares & Specialties – 0.4%
Newell Brands, Inc.		99,379		2,107,828
Tupperware Brands Corp.		10,788		294,189

				2,402,017


TOTAL HOUSEHOLD DURABLES				25,398,845


INTERNET & DIRECT MARKETING RETAIL – 31.0%
Interactive Media & Services – 1.6%
eBay, Inc. (a)		197,128		6,633,357
MercadoLibre, Inc. (a)		8,810		3,206,840

				9,840,197

Internet & Direct Marketing Retail – 25.0%
Amazon.com, Inc. (a)		85,447		146,860,322
Etsy, Inc. (a)		22,734		1,242,413
GrubHub, Inc. (a)		19,055		1,532,022
Quotient Technology, Inc. (a)		17,785		177,850
Shutterstock, Inc.		4,241		169,683
Stamps.com, Inc. (a)		3,658		680,681

				150,662,971

Internet Retail – 4.4%
1-800-FLOWERS.com, Inc. Class A (a)		5,896		94,041
Booking Holdings, Inc. (a)		9,947		18,230,961
Duluth Holdings, Inc. Class B (a)		4,338		103,591
Expedia Group, Inc.		25,830		3,080,227
Groupon, Inc. Class A (a)		97,648		368,133
Lands’ End, Inc. (a)		2,760		49,404
Liberty Expedia Holdings, Inc. Class A (a)		11,585		474,869
NutriSystem, Inc.		6,359		276,044
Overstock.com, Inc. (a)		5,014		86,993
PetMed Express, Inc.		4,698		111,249
Qurate Retail, Inc. (a)		90,684		1,972,377
Shutterfly, Inc. (a)		6,811		313,034
Wayfair, Inc. Class A (a)		11,954		1,308,485

				26,469,408


TOTAL INTERNET & DIRECT MARKETING RETAIL				186,972,576


LEISURE PRODUCTS – 1.0%
Leisure Products – 1.0%
Acushnet Holdings Corp.		7,406		170,264
American Outdoor Brands Corp. (a)		12,089		145,914
Brunswick Corp.		18,329		922,315




	Shares		Value
Callaway Golf Co.		20,213	$	329,270
Hasbro, Inc.		25,354		2,296,058
Marine Products Corp.		2,391		33,952
MasterCraft Boat Holdings, Inc. (a)		4,285		93,542
Mattel, Inc. (a)		72,758		861,455
Nautilus, Inc. (a)		7,410		55,649
Polaris Industries, Inc.		12,473		1,046,235
Sturm, Ruger & Co., Inc.		3,910		213,017
Vista Outdoor, Inc. (a)		12,869		128,433


TOTAL LEISURE PRODUCTS				6,296,104


MEDIA – 0.0%
Broadcasting – 0.0%
Media General, Inc. (a)		7,026		0


MULTILINE RETAIL – 4.2%
Department Stores – 0.9%
Dillard’s, Inc. Class A		2,839		189,617
J.C. Penney Co., Inc. (a)		69,110		91,225
Kohl’s Corp.		35,124		2,412,667
Macy’s, Inc.		64,642		1,700,085
Nordstrom, Inc.		24,722		1,147,348

				5,540,942

General Merchandise Stores – 3.3%
Big Lots, Inc.		8,705		274,556
Dollar General Corp.		55,689		6,428,181
Dollar Tree, Inc. (a)		49,898		4,831,623
Ollie’s Bargain Outlet Holdings, Inc. (a)		11,206		875,973
Target Corp.		104,836		7,653,028

				20,063,361


TOTAL MULTILINE RETAIL				25,604,303


SPECIALTY RETAIL – 21.4%
Apparel Retail – 5.1%
Abercrombie & Fitch Co. Class A		14,602		316,425
American Eagle Outfitters, Inc.		35,662		753,181
Ascena Retail Group, Inc. (a)		32,143		78,750
Boot Barn Holdings, Inc. (a)		6,211		145,524
Burlington Stores, Inc. (a)		14,194		2,437,252
Caleres, Inc.		9,333		278,497
Chico’s FAS, Inc.		27,797		161,223
Citi Trends, Inc.		3,259		66,777
DSW, Inc. Class A		14,762		402,264
Express, Inc. (a)		17,137		90,826
Foot Locker, Inc.		24,610		1,375,453
Gap, Inc.		48,994		1,246,407
Genesco, Inc. (a)		4,344		196,262
Guess?, Inc.		13,151		256,576
L Brands, Inc.		49,648		1,382,200
Ross Stores, Inc.		78,941		7,272,045

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



		31		*Semiannual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
SPECIALTY RETAIL – continued
Apparel Retail – continued
Shoe Carnival, Inc.		2,584	$	95,298
Tailored Brands, Inc.		11,085		140,003
The Buckle, Inc.		6,626		115,094
The Cato Corp. Class A		5,348		79,418
The Children’s Place Retail Stores, Inc.		3,520		340,595
The TJX Companies, Inc.		260,179		12,938,702
Urban Outfitters, Inc. (a)		16,219		523,874
Zumiez, Inc. (a)		4,330		110,025

				30,802,671

Automotive Retail – 3.0%
Advance Auto Parts, Inc.		15,563		2,477,630
America’s Car-Mart, Inc. (a)		1,484		103,821
Asbury Automotive Group, Inc. (a)		4,367		308,528
AutoNation, Inc. (a)		11,525		446,594
AutoZone, Inc. (a)		5,549		4,701,890
Camping World Holdings, Inc. Class A		7,580		107,484
CarMax, Inc. (a)		37,130		2,182,501
Group 1 Automotive, Inc.		4,098		250,101
Lithia Motors, Inc. Class A		4,943		439,680
Monro, Inc.		6,997		501,405
Murphy USA, Inc. (a)		6,507		478,590
O’Reilly Automotive, Inc. (a)		16,894		5,822,686
Penske Automotive Group, Inc.		8,151		382,119
Sonic Automotive, Inc. Class A		5,351		81,870

				18,284,899

Computer & Electronics Retail – 0.6%
Best Buy Co., Inc.		52,802		3,127,991
Conn’s, Inc. (a)		4,709		98,606
GameStop Corp. Class A		22,105		250,671
Rent-A-Center, Inc. (a)		8,890		155,575

				3,632,843

Home Improvement Retail – 10.1%
Floor & Decor Holdings, Inc. Class A (a)		12,486		428,145
Lowe’s Companies, Inc.		169,929		16,340,372
Lumber Liquidators Holdings, Inc. (a)		6,683		80,330
The Home Depot, Inc.		239,670		43,986,635
Tile Shop Holdings, Inc.		9,354		70,997

				60,906,479

Homefurnishing Retail – 0.6%
Aarons, Inc. Class A		14,644		733,079
At Home Group, Inc. (a)		9,689		213,546
Bed Bath & Beyond, Inc.		29,837		450,240
Haverty Furniture Companies, Inc.		4,240		86,369
RH (a)		4,143		562,909
Sleep Number Corp. (a)		7,542		271,512
Williams-Sonoma, Inc.		17,130		932,386

				3,250,041




	Shares		Value
Specialty Stores – 2.0%
Barnes & Noble Education, Inc. (a)		8,929	$	51,074
Barnes & Noble, Inc.		12,891		77,733
Dick’s Sporting Goods, Inc.		16,251		573,823
Five Below, Inc. (a)		11,721		1,450,239
GNC Holdings, Inc. Class A (a)		20,271		61,827
Hibbett Sports, Inc. (a)		4,467		72,991
MarineMax, Inc. (a)		6,108		108,600
National Vision Holdings, Inc. (a)		13,989		444,291
Office Depot, Inc.		107,536		317,231
Party City Holdings, Inc. (a)		12,903		142,449
Sally Beauty Holdings, Inc. (a)		25,586		440,591
Signet Jewelers Ltd.		12,698		309,323
The Container Store Group, Inc. (a)		5,253		37,611
The Michaels Cos., Inc. (a)		22,201		307,706
Tiffany & Co., Inc.		23,170		2,055,874
Tractor Supply Co.		25,590		2,185,386
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		11,919		3,479,395
Winmark Corp.		576		88,790

				12,204,934


TOTAL SPECIALTY RETAIL				129,081,867


TEXTILES, APPAREL & LUXURY GOODS – 7.7%
Apparel, Accessories & Luxury Goods – 3.5%
Capri Holdings Ltd. (a)		31,748		1,348,655
Carter’s, Inc.		9,831		814,990
Columbia Sportswear Co.		6,683		596,057
Fossil Group, Inc. (a)		9,789		166,021
G-III Apparel Group Ltd. (a)		9,001		313,865
Hanesbrands, Inc.		76,087		1,140,544
Lululemon Athletica, Inc. (a)		20,842		3,080,656
Movado Group, Inc.		3,539		113,071
Oxford Industries, Inc.		3,647		279,287
PVH Corp.		16,212		1,768,891
Ralph Lauren Corp.		11,633		1,351,057
Tapestry, Inc.		60,538		2,343,426
Under Armour, Inc. Class A (a)		39,353		816,181
Under Armour, Inc. Class C (a)		40,380		764,797
Vera Bradley, Inc. (a)		5,471		48,966
VF Corp.		70,680		5,949,136

				20,895,600

Footwear – 4.2%
Crocs, Inc. (a)		14,512		416,784
Deckers Outdoor Corp. (a)		5,729		735,890
NIKE, Inc. Class B		268,268		21,965,784
Skechers U.S.A., Inc. Class A (a)		28,598		777,008
Steven Madden Ltd.		17,698		577,840
Wolverine World Wide, Inc.		20,141		691,038

				25,164,344

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



*Semiannual Report*		32


Common Stocks – continued

	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS – continued
Textiles – 0.0%
Unifi, Inc. (a)		3,680	$	78,715


TOTAL TEXTILES, APPAREL & LUXURY GOODS				46,138,659


TOTAL COMMON STOCKS (Cost $633,305,177)				602,661,992


Money Market Funds – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.26% (b) (Cost $458,424)		458,424		458,424


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $633,763,601)				603,120,416

NET OTHER ASSETS (LIABILITIES) – 0.0%				224,444


NET ASSETS – 100.0%			$	603,344,860

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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



		33		*Semiannual Report*

Fidelity MSCI Consumer Staples Index ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%

	Shares		Value
BEVERAGES – 24.7%
Brewers – 0.9%
Molson Coors Brewing Co. Class B		45,998	$	3,063,927
The Boston Beer Co., Inc. Class A (a)		2,389		595,243

				3,659,170

Distillers & Vintners – 2.4%
Brown-Forman Corp. Class B		64,487		3,047,011
Constellation Brands, Inc. Class A		40,159		6,974,012
MGP Ingredients, Inc.		3,890		279,263

				10,300,286

Soft Drinks – 21.4%
Coca-Cola Bottling Co. Consolidated		1,183		255,291
Monster Beverage Corp. (a)		99,410		5,690,228
National Beverage Corp.		3,177		266,360
PepsiCo, Inc.		334,027		37,634,822
Primo Water Corp. (a)		7,978		103,953
The Coca-Cola Co.		954,206		45,925,935

				89,876,589


TOTAL BEVERAGES				103,836,045


FOOD & STAPLES RETAILING – 20.8%
Drug Retail – 3.5%
Rite Aid Corp. (a)		292,821		235,223
Walgreens Boots Alliance, Inc.		200,501		14,488,202

				14,723,425

Food Distributors – 2.6%
Performance Food Group Co. (a)		27,154		927,581
SpartanNash Co.		10,748		223,021
Sysco Corp.		118,017		7,535,385
The Andersons, Inc.		6,451		226,108
The Chefs’ Warehouse, Inc. (a)		7,979		256,285
United Natural Foods, Inc. (a)		13,480		176,588
US Foods Holding Corp. (a)		53,682		1,810,157

				11,155,125

Food Retail – 1.9%
Casey’s General Stores, Inc.		9,279		1,194,022
Ingles Markets, Inc. Class A		5,710		162,963
Smart & Final Stores, Inc. (a)		11,159		67,289
Sprouts Farmers Market, Inc. (a)		31,921		765,466
The Kroger Co.		191,196		5,416,583
Village Super Market, Inc. Class A		4,987		134,100
Weis Markets, Inc.		4,893		237,408

				7,977,831

Hypermarkets & Super Centers – 12.8%
BJ’s Wholesale Club Holdings, Inc. (a)		21,647		569,533
Costco Wholesale Corp.		90,745		19,476,600
PriceSmart, Inc.		6,637		406,516
Walmart, Inc.		348,457		33,392,634

				53,845,283


TOTAL FOOD & STAPLES RETAILING				87,701,664




	Shares		Value
FOOD PRODUCTS – 18.3%
Agricultural Products – 2.6%
Archer-Daniels-Midland Co.		134,136	$	6,022,706
Bunge Ltd.		34,556		1,902,999
Darling Ingredients, Inc. (a)		40,478		860,967
Fresh Del Monte Produce, Inc.		7,527		240,714
Ingredion, Inc.		17,618		1,744,182

				10,771,568

Packaged Foods & Meats – 15.7%
B&G Foods, Inc.		16,308		434,771
Calavo Growers, Inc.		3,769		306,646
Cal-Maine Foods, Inc.		8,109		342,038
Campbell Soup Co.		44,695		1,583,544
Conagra Brands, Inc.		116,334		2,517,468
Dean Foods Co.		20,469		85,356
Farmer Bros Co. (a)		2,577		63,394
Flowers Foods, Inc.		49,119		965,680
Freshpet, Inc. (a)		5,903		212,331
General Mills, Inc.		142,726		6,342,743
Hormel Foods Corp.		70,919		3,001,292
Hostess Brands, Inc. (a)		22,648		260,226
J&J Snack Foods Corp.		4,061		626,815
John B Sanfilippo & Son, Inc.		1,963		133,975
Kellogg Co.		62,854		3,709,015
Lamb Weston Holdings, Inc.		35,661		2,578,290
Lancaster Colony Corp.		5,069		806,326
Landec Corp. (a)		6,066		76,978
McCormick & Co., Inc. (non-vtg.)		29,339		3,627,474
Mondelez International, Inc. Class A		348,477		16,120,546
Pilgrim’s Pride Corp. (a)		15,547		314,982
Post Holdings, Inc. (a)		16,493		1,530,880
Sanderson Farms, Inc.		4,883		601,097
Seaboard Corp.		87		336,183
The Hain Celestial Group, Inc. (a)		22,137		405,771
The Hershey Co.		34,164		3,624,800
The JM Smucker Co.		27,673		2,902,344
The Kraft Heinz Co.		145,820		7,008,109
The Simply Good Foods Co. (a)		14,155		280,127
Tootsie Roll Industries, Inc.		5,756		199,445
TreeHouse Foods, Inc. (a)		13,307		776,597
Tyson Foods, Inc. Class A		71,261		4,412,481

				66,187,724


TOTAL FOOD PRODUCTS				76,959,292


HOUSEHOLD PRODUCTS – 21.2%
Household Products – 21.2%
Central Garden and Pet Co. (a)		2,673		104,808
Central Garden and Pet Co.
Class A (a)		9,783		348,471
Church & Dwight Co., Inc.		59,283		3,830,275
Colgate-Palmolive Co.		196,105		12,684,072

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



*Semiannual Report*		34


Common Stocks – continued

	Shares		Value
HOUSEHOLD PRODUCTS – continued
Household Products – continued
Energizer Holdings, Inc.		14,476	$	686,162
Kimberly-Clark Corp.		82,921		9,235,741
Spectrum Brands Holdings, Inc.		9,489		530,245
The Clorox Co.		30,832		4,574,852
The Procter & Gamble Co.		587,875		56,712,301
WD-40 Co.		3,584		651,392


TOTAL HOUSEHOLD PRODUCTS				89,358,319


PERSONAL PRODUCTS – 3.0%
Personal Products – 3.0%
Avon Products, Inc. (a)		104,463		244,443
Coty, Inc. Class A (a)		115,435		895,775
Edgewell Personal Care Co. (a)		12,186		480,738
elf Beauty, Inc. (a)		5,935		49,854
Herbalife Nutrition Ltd. (a)		26,951		1,608,975
Inter Parfums, Inc.		4,115		273,483
Medifast, Inc.		2,700		343,548
Nu Skin Enterprises, Inc. Class A		12,835		842,618
The Estee Lauder Cos., Inc. Class A		53,600		7,312,112
USANA Health Sciences, Inc. (a)		3,056		357,858


TOTAL PERSONAL PRODUCTS				12,409,404


TOBACCO – 11.8%
Tobacco – 11.8%
Altria Group, Inc.		417,021		20,579,986




	Shares		Value
Philip Morris International, Inc.		367,132	$	28,166,367
Turning Point Brands, Inc.		3,252		115,153
Universal Corp.		7,005		404,189
Vector Group Ltd.		32,897		361,867


TOTAL TOBACCO				49,627,562


TOTAL COMMON STOCKS (Cost $443,079,664)				419,892,286


Money Market Funds – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.26% (b) (Cost $407,882)		407,882		407,882


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $443,487,546)				420,300,168

NET OTHER ASSETS (LIABILITIES) – 0.1%				432,988


NET ASSETS – 100.0%			$	420,733,156

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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



		35		*Semiannual Report*

Fidelity MSCI Energy Index ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%

	Shares		Value
ENERGY EQUIPMENT & SERVICES – 11.9%
Oil & Gas Drilling – 1.4%
Diamond Offshore Drilling, Inc. (a)		22,564	$	246,624
Ensco PLC Class A		145,115		638,506
Helmerich & Payne, Inc.		36,187		2,026,110
Nabors Industries Ltd.		113,195		335,057
Noble Corp. PLC (a)		81,068		267,524
Patterson-UTI Energy, Inc.		73,083		886,497
Rowan Cos. PLC Class A (a)		39,872		486,040
Transocean Ltd. (a)		172,095		1,474,854
Unit Corp. (a)		17,781		283,785

				6,644,997

Oil & Gas Equipment & Services – 10.5%
Apergy Corp. (a)		25,687		863,597
Archrock, Inc.		42,984		405,769
Baker Hughes a GE Co.		167,042		3,937,180
Basic Energy Services, Inc. (a)		6,286		29,859
C&J Energy Services, Inc. (a)		20,251		325,434
Cactus, Inc. (a)		12,541		411,596
Core Laboratories N.V.		14,685		990,650
Covia Holdings Corp. (a)		10,546		49,355
Dril-Quip, Inc. (a)		12,507		468,262
Exterran Corp. (a)		10,734		186,342
Forum Energy Technologies, Inc. (a)		23,757		116,647
Frank’s International N.V. (a)		25,527		145,249
FTS International, Inc. (a)		7,362		60,000
Halliburton Co.		292,023		9,157,841
Helix Energy Solutions Group, Inc. (a)		46,920		320,464
Keane Group, Inc. (a)		16,431		165,624
KLX Energy Services Holdings, Inc. (a)		6,801		177,234
Mammoth Energy Services, Inc.		2,949		65,261
Matrix Service Co. (a)		8,768		188,074
McDermott International, Inc. (a)		60,080		529,906
National Oilwell Varco, Inc.		127,050		3,745,434
Natural Gas Services Group, Inc. (a)		4,217		69,623
NCS Multistage Holdings, Inc. (a)		3,718		21,044
Newpark Resources, Inc. (a)		30,170		250,713
Nine Energy Service, Inc. (a)		5,440		130,451
Oceaneering International, Inc. (a)		32,690		512,906
Oil States International, Inc. (a)		18,821		324,098
ProPetro Holding Corp. (a)		24,961		407,863
RPC, Inc.		21,398		230,884
Schlumberger Ltd.		459,373		20,308,880
SEACOR Holdings, Inc. (a)		5,779		239,193
Select Energy Services, Inc. (a)		17,183		146,055
Superior Energy Services, Inc. (a)		51,585		201,697
TechnipFMC PLC		143,213		3,288,170
TETRA Technologies, Inc. (a)		41,984		89,426
Tidewater, Inc. (a)		10,680		229,834
US Silica Holdings, Inc.		25,651		345,775




	Shares		Value
Weatherford International PLC (a)		333,419	$	216,189

				49,352,579


TOTAL ENERGY EQUIPMENT & SERVICES				55,997,576


OIL, GAS & CONSUMABLE FUELS – 88.0%
Coal & Consumable Fuels – 0.4%
Arch Coal, Inc. Class A		6,179		544,556
CONSOL Energy, Inc. (a)		7,466		265,267
Peabody Energy Corp.		26,273		937,946

				1,747,769

Integrated Oil & Gas – 40.8%
Chevron Corp.		635,946		72,911,209
Exxon Mobil Corp.		1,405,151		102,969,465
Occidental Petroleum Corp.		253,802		16,948,898

				192,829,572

Oil & Gas Exploration & Production – 27.0%
Anadarko Petroleum Corp.		169,937		8,043,118
Antero Resources Corp. (a)		68,457		688,677
Apache Corp.		126,864		4,163,676
Berry Petroleum Corp.		6,789		80,042
Bonanza Creek Energy, Inc. (a)		5,139		118,454
Cabot Oil & Gas Corp.		146,494		3,655,025
California Resources Corp. (a)		15,320		308,698
Callon Petroleum Co. (a)		75,585		615,262
Carrizo Oil & Gas, Inc. (a)		30,259		371,581
Centennial Resource Development, Inc. Class A (a)		52,571		692,360
Chaparral Energy, Inc. Class A (a)		12,880		99,047
Chesapeake Energy Corp. (a)		387,943		1,105,638
Cimarex Energy Co.		31,671		2,386,093
CNX Resources Corp. (a)		56,613		687,282
Concho Resources, Inc. (a)		66,459		7,964,447
ConocoPhillips		385,686		26,107,085
Continental Resources, Inc. (a)		31,227		1,441,751
Denbury Resources, Inc. (a)		153,460		311,524
Devon Energy Corp.		168,778		4,497,934
Diamondback Energy, Inc.		51,715		5,332,851
Eclipse Resources Corp. (a)		35,347		40,649
EOG Resources, Inc.		192,230		19,069,216
EQT Corp.		87,689		1,707,305
Extraction Oil & Gas, Inc. (a)		35,244		138,861
Gran Tierra Energy, Inc. (a)		130,323		308,866
Gulfport Energy Corp. (a)		51,705		433,805
Halcon Resources Corp. (a)		43,302		71,015
Hess Corp.		89,473		4,831,542
HighPoint Resources Corp. (a)		38,973		109,124
Jagged Peak Energy, Inc. (a)		17,634		185,686
Kosmos Energy Ltd. (a)		79,549		408,086
Laredo Petroleum, Inc. (a)		55,003		209,011
Marathon Oil Corp.		283,328		4,473,749

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



*Semiannual Report*		36


Common Stocks – continued

	Shares		Value
OIL, GAS & CONSUMABLE FUELS – continued
Oil & Gas Exploration & Production – continued
Matador Resources Co. (a)		34,785	$	678,308
Murphy Oil Corp.		54,605		1,493,447
Newfield Exploration Co. (a)		66,310		1,212,147
Noble Energy, Inc.		160,263		3,580,275
Northern Oil and Gas, Inc. (a)		34,657		87,682
Oasis Petroleum, Inc. (a)		89,749		540,289
Parsley Energy, Inc. Class A (a)		83,612		1,553,511
PDC Energy, Inc. (a)		21,962		715,302
Penn Virginia Corp. (a)		3,236		169,761
Pioneer Natural Resources Co.		56,548		8,047,911
QEP Resources, Inc. (a)		78,692		650,783
Range Resources Corp.		82,857		913,913
Resolute Energy Corp. (a)		6,458		211,370
Ring Energy, Inc. (a)		19,229		113,067
SandRidge Energy, Inc. (a)		7,820		64,828
SM Energy Co.		35,335		693,273
Southwestern Energy Co. (a)		194,740		851,014
SRC Energy, Inc. (a)		80,499		396,055
Talos Energy, Inc. (a)		7,250		138,475
Tellurian, Inc. (a)		28,048		280,480
Texas Pacific Land Trust		2,070		1,439,499
Ultra Petroleum Corp. (a)		52,835		38,041
W&T Offshore, Inc. (a)		31,737		159,954
Whiting Petroleum Corp. (a)		30,216		865,084
WildHorse Resource Development Corp. (a)		8,391		142,395
WPX Energy, Inc. (a)		139,507		1,710,356

				127,404,680

Oil & Gas Refining & Marketing – 10.3%
Clean Energy Fuels Corp. (a)		46,873		89,059
CVR Energy, Inc.		10,039		403,066
Delek US Holdings, Inc.		26,489		861,157
Green Plains, Inc.		13,136		186,662
HollyFrontier Corp.		55,508		3,127,321
Marathon Petroleum Corp.		229,273		15,191,629
Par Pacific Holdings, Inc. (a)		9,833		159,885
PBF Energy, Inc. Class A		37,818		1,384,895
Phillips 66		146,379		13,966,020
Renewable Energy Group, Inc. (a)		11,043		319,143




	Shares		Value
REX American Resources Corp. (a)		1,906	$	139,005
Valero Energy Corp.		141,848		12,457,091
World Fuel Services Corp.		22,519		560,498

				48,845,431

Oil & Gas Storage & Transportation – 9.5%
Antero Midstream GP LP		24,763		332,319
Cheniere Energy, Inc. (a)		69,972		4,593,662
Enbridge Energy Management LLC (a)		0.00		0
EnLink Midstream LLC		88,601		963,979
Equitrans Midstream Corp. (a)		74,862		1,558,627
International Seaways, Inc. (a)		6,359		115,225
Kinder Morgan, Inc.		659,178		11,931,122
ONEOK, Inc.		136,482		8,763,509
Plains GP Holdings LP Class A (a)		49,842		1,138,391
SemGroup Corp. Class A		19,606		314,088
Tallgrass Energy LP		51,443		1,225,887
Targa Resources Corp.		74,810		3,217,578
The Williams Cos., Inc.		401,757		10,819,316

				44,973,703


TOTAL OIL, GAS & CONSUMABLE FUELS				415,801,155


TOTAL COMMON STOCKS (Cost $576,973,018)				471,798,731


Money Market Funds – 0.0%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.26% (b) (Cost $218,454)		218,454		218,454


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $577,191,472)				472,017,185

NET OTHER ASSETS (LIABILITIES) – 0.1%				379,433


NET ASSETS – 100.0%			$	472,396,618

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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



		37		*Semiannual Report*

Fidelity MSCI Financials Index ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%

	Shares		Value
BANKS – 44.6%
Diversified Banks – 29.2%
Bank of America Corp.		2,897,301	$	82,486,159
Citigroup, Inc.		768,415		49,532,031
JPMorgan Chase & Co.		1,026,205		106,212,218
US Bancorp		472,539		24,175,095
Wells Fargo & Co.		1,397,021		68,328,297

				330,733,800

Regional Banks – 15.4%
1st Source Corp.		5,485		249,019
Access National Corp.		4,289		101,263
Allegiance Bancshares, Inc. (a)		3,601		129,348
Amalgamated Bank Class A		2,913		52,259
Ameris Bancorp		12,288		466,330
Arrow Financial Corp.		3,891		123,928
Associated Banc-Corp		52,714		1,141,258
Atlantic Capital Bancshares, Inc. (a)		7,783		140,717
Banc of California, Inc.		12,531		182,702
Bancfirst Corp.		5,014		269,152
BancorpSouth Bank		28,761		839,246
Bank of Hawaii Corp.		12,876		995,701
Bank of Marin Bancorp		3,784		158,701
Bank OZK		38,210		1,159,291
BankUnited, Inc.		32,199		1,088,648
Banner Corp.		10,042		547,691
Bar Harbor Bankshares		4,637		110,963
BB&T Corp.		236,226		11,527,829
Berkshire Hills Bancorp, Inc.		11,821		322,122
Blue Hills Bancorp, Inc.		7,216		170,586
BOK Financial Corp.		9,935		825,698
Boston Private Financial Holdings, Inc.		26,269		304,720
Bridge Bancorp, Inc.		5,352		164,788
Brookline Bancorp, Inc.		24,981		371,467
Bryn Mawr Bank Corp.		6,005		222,125
Byline Bancorp, Inc. (a)		5,220		98,606
Cadence BanCorp		40,664		762,450
Camden National Corp.		4,672		189,309
Carolina Financial Corp.		6,579		227,765
Cathay General Bancorp		23,610		876,403
CBTX, Inc.		5,962		192,275
CenterState Banks, Inc.		24,557		609,014
Central Pacific Financial Corp.		8,128		232,705
Chemical Financial Corp.		21,660		963,004
CIT Group, Inc.		34,386		1,588,289
Citizens Financial Group, Inc.		145,324		4,929,390
City Holding Co.		4,812		344,924
Columbia Banking System, Inc.		22,916		842,163
Comerica, Inc.		52,196		4,109,913
Commerce Bancshares, Inc.		30,667		1,833,887
Community Bank System, Inc.		15,985		958,301
Community Trust Bancorp, Inc.		4,761		193,344




	Shares		Value
ConnectOne Bancorp, Inc.		9,507	$	190,140
Cullen/Frost Bankers, Inc.		18,479		1,797,637
Customers Bancorp, Inc. (a)		9,455		185,980
CVB Financial Corp.		34,445		754,690
Eagle Bancorp, Inc. (a)		9,943		545,672
East West Bancorp, Inc.		44,127		2,220,471
Enterprise Financial Services Corp.		7,054		311,293
Equity Bancshares, Inc. Class A (a)		4,366		138,621
FB Financial Corp.		5,089		168,344
Fidelity Southern Corp.		6,686		203,656
Fifth Third Bancorp		203,994		5,471,119
Financial Institutions, Inc.		4,815		129,138
First BanCorp		64,007		681,675
First BanCorp		8,951		329,128
First Busey Corp.		13,474		333,616
First Citizens BancShares, Inc. Class A		2,013		820,358
First Commonwealth Financial Corp.		31,177		424,007
First Community Bancshares, Inc.		4,582		157,163
First Financial Bancorp		30,412		800,748
First Financial Bankshares, Inc.		16,742		1,022,936
First Financial Corp.		2,954		122,502
First Foundation, Inc. (a)		10,402		151,141
First Hawaiian, Inc.		34,844		896,536
First Horizon National Corp.		94,393		1,385,689
First Interstate Bancsystem, Inc. Class A		10,889		423,800
First Merchants Corp.		15,276		559,560
First Mid-Illinois Bancshares, Inc.		3,431		111,782
First Midwest Bancorp, Inc.		31,660		697,153
First Republic Bank		49,530		4,786,084
Flushing Financial Corp.		8,081		179,237
FNB Corp.		99,370		1,157,661
Franklin Financial Network, Inc. (a)		4,059		129,360
Fulton Financial Corp.		53,519		858,980
German American Bancorp, Inc.		6,741		197,174
Glacier Bancorp, Inc.		26,254		1,107,394
Great Southern Bancorp, Inc.		3,358		179,116
Great Western Bancorp, Inc.		18,300		645,807
Hancock Whitney Corp.		26,059		1,070,504
Hanmi Financial Corp.		10,100		221,493
HarborOne Bancorp, Inc. (a)		4,331		65,745
Heartland Financial USA, Inc.		9,487		430,330
Heritage Commerce Corp.		12,373		164,190
Heritage Financial Corp.		11,285		349,609
Hilltop Holdings, Inc.		23,216		427,407
Home BancShares, Inc.		48,171		882,011
HomeTrust Bancshares, Inc.		5,480		147,960
Hope Bancorp, Inc.		40,630		581,415
Horizon Bancorp, Inc.		11,077		178,783
Huntington Bancshares, Inc.		336,270		4,452,215
Iberiabank Corp.		17,021		1,257,682

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



*Semiannual Report*		38


Common Stocks – continued

	Shares		Value
BANKS – continued
Regional Banks – continued
Independent Bank Corp.		8,300	$	662,174
Independent Bank Corp.		7,366		163,231
Independent Bank Group, Inc.		10,654		562,105
International Bancshares Corp.		17,178		609,304
Investors Bancorp, Inc.		77,098		935,970
KeyCorp		321,226		5,290,592
Lakeland Bancorp, Inc.		13,570		212,371
Lakeland Financial Corp.		7,306		328,989
LegacyTexas Financial Group, Inc.		14,074		560,708
Live Oak Bancshares, Inc.		7,774		108,059
M&T Bank Corp.		41,710		6,862,963
MB Financial, Inc.		25,795		1,144,782
Mercantile Bank Corp.		4,728		156,970
Midland States Bancorp, Inc.		6,434		155,124
National Bank Holdings Corp. Class A		8,089		258,524
National Commerce Corp. (a)		4,437		180,652
NBT Bancorp, Inc.		13,561		483,043
Nicolet Bankshares, Inc. (a)		2,698		147,554
OFG Bancorp		13,479		261,223
Old Line Bancshares, Inc.		4,012		108,364
Old National Bancorp		42,594		687,467
Opus Bank		8,683		181,475
Origin Bancorp, Inc.		5,418		184,591
Pacific Premier Bancorp, Inc. (a)		15,276		454,461
PacWest Bancorp		37,166		1,434,236
Park National Corp.		4,336		407,671
Peapack Gladstone Financial Corp.		4,913		131,128
Peoples Bancorp, Inc.		5,330		170,560
People’s United Financial, Inc.		116,096		1,901,652
People’s Utah Bancorp		4,736		139,238
Pinnacle Financial Partners, Inc.		22,522		1,211,008
Popular, Inc.		31,133		1,700,173
Preferred Bank		4,572		212,872
Prosperity Bancshares, Inc.		20,144		1,433,044
QCR Holdings, Inc.		4,538		155,472
Regions Financial Corp.		336,626		5,106,616
Renasant Corp.		15,031		533,901
Republic Bancorp, Inc. Class A		3,137		130,782
Republic First Bancorp, Inc. (a)		16,469		97,167
S&T Bancorp, Inc.		10,875		417,818
Sandy Spring Bancorp, Inc.		10,166		331,513
Seacoast Banking Corp. of Florida (a)		13,918		383,023
ServisFirst Bancshares, Inc.		13,891		468,821
Signature Bank		16,858		2,146,192
Simmons First National Corp. Class A		27,235		673,794
South State Corp.		11,196		742,855
Southside Bancshares, Inc.		8,683		286,452
Sterling Bancorp/DE		65,013		1,250,850
Stock Yards Bancorp, Inc.		6,766		233,901




	Shares		Value
SunTrust Banks, Inc.		140,679	$	8,359,146
SVB Financial Group (a)		16,206		3,782,156
Synovus Financial Corp.		50,689		1,795,404
TCF Financial Corp.		48,576		1,076,444
Texas Capital Bancshares, Inc. (a)		15,346		894,211
The Bancorp, Inc. (a)		15,876		134,628
The First Bancshares, Inc.		3,823		123,903
The First of Long Island Corp.		7,490		155,193
The PNC Financial Services Group, Inc.		141,769		17,390,803
Tompkins Financial Corp.		4,210		309,603
Towne Bank		20,016		519,615
Trico Bancshares		7,780		293,462
TriState Capital Holdings, Inc. (a)		6,393		130,161
Triumph Bancorp, Inc. (a)		7,256		221,018
Trustmark Corp.		20,044		631,987
UMB Financial Corp.		13,791		887,589
Umpqua Holdings Corp.		66,826		1,181,484
Union Bankshares Corp.		19,202		606,015
United Bankshares, Inc.		31,612		1,118,116
United Community Banks, Inc.		23,355		600,691
Univest Financial Corp.		9,025		211,997
Valley National Bancorp		96,530		975,918
Veritex Holdings, Inc. (a)		13,912		368,112
Washington Trust Bancorp, Inc.		4,651		242,038
Webster Financial Corp.		28,043		1,510,957
WesBanco, Inc.		16,716		678,837
Westamerica BanCorp.		8,286		519,201
Western Alliance Bancorp (a)		30,562		1,353,285
Wintrust Financial Corp.		17,102		1,216,636
Zions Bancorp NA		59,201		2,817,376

				173,629,427


TOTAL BANKS				504,363,227


CAPITAL MARKETS – 19.7%
Asset Management & Custody Banks – 6.5%
Affiliated Managers Group, Inc.		16,271		1,707,641
Ameriprise Financial, Inc.		43,316		5,483,806
Ares Management Corp. Class A		28,623		597,076
Arlington Asset Investment Corp. Class A		9,281		80,002
Artisan Partners Asset Management, Inc. Class A		15,579		363,302
Associated Capital Group, Inc. Class A		1,076		45,612
BlackRock, Inc.		36,545		15,169,099
Blucora, Inc. (a)		13,627		402,133
BrightSphere Investment Group PLC		24,299		300,579
Cohen & Steers, Inc.		6,299		237,031
Diamond Hill Investment Group, Inc.		1,023		158,565
Eaton Vance Corp.		35,939		1,384,370

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



		39		*Semiannual Report*

Fidelity MSCI Financials Index ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
CAPITAL MARKETS – continued
Asset Management & Custody Banks – continued
Federated Investors, Inc. Class B		29,192	$	762,787
Franklin Resources, Inc.		96,299		2,851,413
GAMCO Investors, Inc. Class A		2,787		55,601
Invesco Ltd.		125,114		2,279,577
Janus Henderson Group PLC		57,805		1,261,883
Legg Mason, Inc.		26,040		775,992
Northern Trust Corp.		64,768		5,729,377
Pzena Investment Management, Inc. Class A		5,016		43,940
SEI Investments Co.		40,593		1,929,791
State Street Corp.		115,850		8,213,765
T Rowe Price Group, Inc.		74,255		6,939,872
The Bank of New York Mellon Corp.		305,321		15,974,395
Virtus Investment Partners, Inc.		2,241		201,623
Waddell & Reed Financial, Inc. Class A		24,420		418,070
Westwood Holdings Group, Inc.		2,435		89,170
WisdomTree Investments, Inc.		39,573		265,139

				73,721,611

Financial Exchanges and Data – 6.5%
CBOE Holdings, Inc.		34,051		3,175,937
CME Group, Inc.		109,143		19,894,586
Donnelley Financial Solutions, Inc. (a)		10,170		148,889
FactSet Research Systems, Inc.		11,682		2,554,035
Intercontinental Exchange, Inc.		174,913		13,426,322
MarketAxess Holdings, Inc.		11,443		2,457,613
Moody’s Corp.		52,735		8,359,025
Morningstar, Inc.		5,886		730,747
MSCI, Inc.		27,055		4,606,655
Nasdaq, Inc.		35,064		3,087,034
S&P Global, Inc.		76,795		14,717,762

				73,158,605

Investment Banking & Brokerage – 6.7%
B. Riley Financial, Inc.		4,256		64,904
BGC Partners, Inc. Class A		76,021		470,570
Cowen, Inc. Class A (a)		7,154		115,680
E*TRADE Financial Corp.		79,078		3,689,780
Evercore Partners, Inc. Class A		12,422		1,111,148
Greenhill & Co., Inc.		6,241		156,399
Houlihan Lokey, Inc.		10,408		460,450
Interactive Brokers Group, Inc. Class A		21,673		1,092,319
INTL. FCStone, Inc. (a)		4,798		183,428
Investment Technology Group, Inc.		9,601		290,526
Ladenburg Thalmann Financial Services, Inc.		33,057		95,204
LPL Financial Holdings, Inc.		26,826		1,887,746
Moelis & Co. Class A		14,079		615,956
Morgan Stanley		399,563		16,901,515
Piper Jaffray Cos.		4,405		304,077




	Shares		Value
PJT Partners, Inc. Class A		5,883	$	255,793
Raymond James Financial, Inc.		39,983		3,218,632
Stifel Financial Corp.		21,606		1,034,279
TD Ameritrade Holding Corp.		86,436		4,836,094
The Charles Schwab Corp.		371,278		17,364,672
The Goldman Sachs Group, Inc.		109,518		21,685,659
Virtu Financial, Inc. Class A		14,730		376,352

				76,211,183


TOTAL CAPITAL MARKETS				223,091,399


CONSUMER FINANCE – 5.3%
Consumer Finance – 5.3%
Ally Financial, Inc.		128,531		3,349,518
American Express Co.		223,476		22,950,985
Capital One Financial Corp.		145,931		11,760,579
Credit Acceptance Corp. (a)		3,516		1,399,438
Curo Group Holdings Corp. (a)		4,207		52,588
Discover Financial Services		104,627		7,061,276
Encore Capital Group, Inc. (a)		8,088		238,920
Enova International, Inc. (a)		9,359		215,725
Ezcorp, Inc. Class A (a)		16,317		152,075
FirstCash, Inc.		13,561		1,117,833
Green Dot Corp. Class A (a)		14,673		1,086,096
LendingClub Corp. (a)		91,891		293,132
Navient Corp.		76,656		873,878
Nelnet, Inc. Class A		6,224		327,382
OneMain Holdings, Inc. (a)		24,856		742,946
PRA Group, Inc. (a)		13,931		411,104
SLM Corp. (a)		133,343		1,428,104
Synchrony Financial		214,852		6,454,154
World Acceptance Corp. (a)		2,093		217,023


TOTAL CONSUMER FINANCE				60,132,756


DIVERSIFIED FINANCIAL SERVICES – 7.8%
Multi-Sector Holdings – 7.4%
Berkshire Hathaway, Inc. Class B (a)		396,191		81,433,098
Cannae Holdings, Inc. (a)		19,703		381,056
Jefferies Financial Group, Inc.		91,327		1,900,515

				83,714,669

Other Diversified Financial Services – 0.4%
AXA Equitable Holdings, Inc.		72,572		1,345,485
FGL Holdings (a)		43,104		340,952
Voya Financial, Inc.		48,895		2,270,195

				3,956,632

Specialized Finance – 0.0%
NewStar Financial, Inc. (b)		6,699		1,739
On Deck Capital, Inc. (a)		12,277		92,323

				94,062


TOTAL DIVERSIFIED FINANCIAL SERVICES				87,765,363

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



*Semiannual Report*		40


Common Stocks – continued

	Shares		Value
INSURANCE – 19.3%
Insurance Brokers – 3.4%
Aon PLC		74,092	$	11,575,393
Arthur J Gallagher & Co.		55,607		4,154,399
Brown & Brown, Inc.		72,288		1,963,342
Crawford & Co. Class A		5,688		54,434
eHealth, Inc. (a)		6,001		367,021
Marsh & McLennan Cos., Inc.		154,032		13,584,082
Willis Towers Watson PLC		39,929		6,500,042

				38,198,713

Life & Health Insurance – 4.9%
Aflac, Inc.		234,438		11,182,693
American Equity Investment Life Holding Co.		26,825		840,159
Athene Holding Ltd. Class A (a)		47,654		2,044,357
Brighthouse Financial, Inc. (a)		32,798		1,224,677
Citizens, Inc. (a)		14,053		99,636
CNO Financial Group, Inc.		50,109		895,949
FBL Financial Group, Inc. Class A		3,336		234,254
Genworth Financial, Inc. Class A (a)		153,500		742,940
Independence Holding Co.		1,499		53,604
Lincoln National Corp.		65,986		3,859,521
MetLife, Inc.		257,933		11,779,800
National Western Life Group, Inc. Class A		724		219,589
Primerica, Inc.		13,396		1,505,309
Principal Financial Group, Inc.		86,711		4,341,620
Prudential Financial, Inc.		127,196		11,719,839
Torchmark Corp.		32,605		2,730,995
Trupanion, Inc. (a)		8,053		213,807
Unum Group		66,603		2,315,120

				56,003,869

Multi-line Insurance – 2.3%
American Financial Group, Inc.		23,523		2,243,859
American International Group, Inc.		270,999		11,715,287
American National Insurance Co.		2,457		341,990
Assurant, Inc.		16,259		1,567,205
Hartford Financial Services Group, Inc.		109,151		5,121,365
Horace Mann Educators Corp.		12,741		530,663
Loews Corp.		81,788		3,917,645
National General Holdings Corp.		19,648		474,499

				25,912,513

Property & Casualty Insurance – 7.7%
Ambac Financial Group, Inc. (a)		13,860		262,231
AMERISAFE, Inc.		5,986		355,628
Arch Capital Group Ltd. (a)		123,426		3,622,553
Argo Group International Holdings Ltd.		10,329		689,357
Aspen Insurance Holdings Ltd.		18,271		762,449
Assured Guaranty Ltd.		32,942		1,336,128




	Shares		Value
Axis Capital Holdings Ltd.		25,956	$	1,389,944
Chubb Ltd.		141,450		18,819,923
Cincinnati Financial Corp.		47,052		3,816,858
Donegal Group, Inc. Class A		3,631		47,820
EMC Insurance Group, Inc.		2,889		94,990
Employers Holdings, Inc.		10,176		431,157
Erie Indemnity Co. Class A		7,774		1,137,958
Fidelity National Financial, Inc.		83,712		3,027,026
First American Financial Corp.		34,685		1,737,025
Global Indemnity Ltd.		1,418		46,652
HCI Group, Inc.		2,171		102,862
Heritage Insurance Holdings, Inc.		6,782		98,475
James River Group Holdings Ltd.		9,297		358,585
Kemper Corp.		17,095		1,285,202
Kinsale Capital Group, Inc.		5,875		340,750
Markel Corp. (a)		4,229		4,455,294
MBIA, Inc. (a)		26,187		251,657
Mercury General Corp.		8,380		433,246
Old Republic International Corp.		87,502		1,763,165
ProAssurance Corp.		16,656		710,545
Protective Insurance Corp. Class B		2,749		50,664
RLI Corp.		11,558		762,944
Safety Insurance Group, Inc.		4,490		369,572
Selective Insurance Group, Inc.		18,276		1,113,374
State Auto Financial Corp.		5,136		174,624
Stewart Information Services Corp.		6,639		295,104
The Allstate Corp.		105,718		9,289,441
The Hanover Insurance Group, Inc.		12,921		1,473,511
The Navigators Group, Inc.		7,251		506,120
The Progressive Corp.		177,860		11,968,199
The Travelers Cos., Inc.		81,734		10,260,886
United Fire Group, Inc.		6,539		340,028
United Insurance Holdings Corp.		7,759		126,627
Universal Insurance Holdings, Inc.		10,072		379,916
White Mountains Insurance Group Ltd.		957		855,156
WR Berkley Corp.		30,271		2,327,537

				87,671,183

Reinsurance – 1.0%
Alleghany Corp.		4,561		2,880,545
Enstar Group Ltd. (a)		3,000		534,000
Everest Re Group Ltd.		12,439		2,724,763
Greenlight Capital Re Ltd. (a)		8,922		92,521
Maiden Holdings Ltd.		23,269		30,017
Reinsurance Group of America, Inc.		19,775		2,856,499
RenaissanceRe Holdings Ltd.		12,264		1,692,800
Third Point Reinsurance Ltd. (a)		24,861		261,289

				11,072,434


TOTAL INSURANCE				218,858,712

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



		41		*Semiannual Report*

Fidelity MSCI Financials Index ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS) – 1.8%
Mortgage REIT’s – 1.8%
AG Mortgage Investment Trust, Inc.		8,441	$	152,107
AGNC Investment Corp.		157,696		2,824,335
Annaly Capital Management, Inc.		423,216		4,418,375
Anworth Mortgage Asset Corp.		29,197		130,511
Apollo Commercial Real Estate Finance, Inc.		33,691		613,176
Arbor Realty Trust, Inc.		22,026		263,431
ARMOUR Residential REIT, Inc.		15,446		324,675
Blackstone Mortgage Trust, Inc. Class A		34,136		1,177,351
Capstead Mortgage Corp.		28,326		208,763
Chimera Investment Corp.		57,210		1,088,706
Colony Credit Real Estate, Inc.		25,670		428,946
Dynex Capital, Inc.		15,876		95,573
Exantas Capital Corp.		9,024		95,384
Granite Point Mortgage Trust, Inc.		13,058		254,892
Invesco Mortgage Capital, Inc.		33,985		547,158
KKR Real Estate Finance Trust, Inc.		6,242		128,710
Ladder Capital Corp.		22,446		388,540
MFA Financial, Inc.		137,256		1,006,086
New Residential Investment Corp.		103,405		1,755,817
New York Mortgage Trust, Inc.		41,560		260,997
PennyMac Mortgage Investment Trust		18,312		370,635
Ready Capital Corp.		5,476		85,645
Redwood Trust, Inc.		25,424		410,089
Starwood Property Trust, Inc.		81,304		1,795,192
TPG RE Finance Trust, Inc.		9,938		197,071
Two Harbors Investment Corp.		75,719		1,104,740
Western Asset Mortgage Capital Corp.		14,678		140,322


TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS)				20,267,227


THRIFTS & MORTGAGE FINANCE – 1.3%
Thrifts & Mortgage Finance – 1.3%
Axos Financial, Inc. (a)		17,510		531,604
Beneficial Bancorp, Inc.		20,570		320,686
Capitol Federal Financial, Inc.		40,037		515,276
Columbia Financial, Inc. (a)		14,184		210,065
Dime Community Bancshares, Inc.		9,478		186,906
Essent Group Ltd. (a)		26,915		1,069,871
Federal Agricultural Mortgage Corp. Class C		2,734		193,430
First Defiance Financial Corp.		6,099		171,870
Flagstar Bancorp, Inc. (a)		9,872		304,551
HomeStreet, Inc. (a)		7,872		192,628




	Shares		Value
Kearny Financial Corp.		27,138	$	348,452
LendingTree, Inc. (a)		2,517		745,888
Luther Burbank Corp.		5,687		53,742
Merchants Bancorp		2,886		56,479
Meridian Bancorp, Inc.		15,417		244,128
Meta Financial Group, Inc.		8,443		198,833
MGIC Investment Corp. (a)		109,915		1,371,739
Mr Cooper Group, Inc. (a)		23,658		364,097
New York Community Bancorp, Inc.		152,324		1,770,005
NMI Holdings, Inc. Class A (a)		18,125		398,750
Northfield Bancorp, Inc.		13,551		193,915
Northwest Bancshares, Inc.		30,443		537,014
OceanFirst Financial Corp.		11,661		279,981
Ocwen Financial Corp. (a)		34,690		58,279
Oritani Financial Corp.		12,576		212,031
Provident Financial Services, Inc.		19,303		476,977
Radian Group, Inc.		65,054		1,251,639
Sterling Bancorp, Inc.		5,526		47,524
TFS Financial Corp.		16,954		276,520
TrustCo Bank Corp.		29,990		232,722
United Community Financial Corp.		15,871		150,457
United Financial Bancorp, Inc.		15,339		227,171
Walker & Dunlop, Inc.		9,182		441,379
Washington Federal, Inc.		25,950		754,885
Waterstone Financial, Inc.		7,528		118,190
WSFS Financial Corp.		9,802		413,350


TOTAL THRIFTS & MORTGAGE FINANCE				14,921,034


TOTAL COMMON STOCKS (Cost $1,154,342,284)				1,129,399,718


Money Market Funds – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.26% (c) (Cost $565,085)		565,085		565,085


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $1,154,907,369)				1,129,964,803

NET OTHER ASSETS (LIABILITIES) – 0.1%				1,326,821


NET ASSETS – 100.0%			$	1,131,291,624

Legend

(a)

Non-income producing.

(b)

Level 3 security.

(c)

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

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



*Semiannual Report*		42

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2019, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:

Common Stocks	$	1,129,399,718	$	1,129,397,979	$	—	$	1,739

Money Market Funds		565,085		565,085		—		—

Total Investments in Securities:	$	1,129,964,803	$	1,129,963,064	$	—	$	1,739

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



		43		*Semiannual Report*

Fidelity MSCI Health Care Index ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%

	Shares		Value
BIOTECHNOLOGY – 20.1%
Biotechnology – 20.1%
AbbVie, Inc.		607,707	$	48,792,795
Abeona Therapeutics, Inc. (a)		11,271		76,530
ACADIA Pharmaceuticals, Inc. (a)		45,328		1,032,572
Acceleron Pharma, Inc. (a)		17,424		738,778
Achillion Pharmaceuticals, Inc. (a)		43,627		95,543
Acorda Therapeutics, Inc. (a)		15,430		256,601
Adamas Pharmaceuticals, Inc. (a)		8,693		78,237
Aduro Biotech, Inc. (a)		15,474		46,113
Agenus, Inc. (a)		35,944		121,131
Agios Pharmaceuticals, Inc. (a)		21,073		1,129,513
Aimmune Therapeutics, Inc. (a)		15,514		364,889
Akebia Therapeutics, Inc. (a)		30,265		166,760
Alder Biopharmaceuticals, Inc. (a)		24,411		343,707
Alexion Pharmaceuticals, Inc. (a)		89,456		10,999,510
Alkermes PLC (a)		62,245		2,045,993
Allakos, Inc. (a)		3,363		134,352
Alnylam Pharmaceuticals, Inc. (a)		36,301		3,032,223
AMAG Pharmaceuticals, Inc. (a)		13,449		220,160
Amgen, Inc.		259,760		48,603,694
Amicus Therapeutics, Inc. (a)		76,468		920,675
AnaptysBio, Inc. (a)		6,802		451,109
Apellis Pharmaceuticals, Inc. (a)		14,427		201,978
Aptinyx, Inc. (a)		3,344		17,857
Arcus Biosciences, Inc. (a)		9,750		99,157
Arena Pharmaceuticals, Inc. (a)		19,960		917,561
ArQule, Inc. (a)		36,889		136,489
Array BioPharma, Inc. (a)		81,410		1,519,925
Arrowhead Pharmaceuticals, Inc. (a)		31,330		442,380
Atara Biotherapeutics, Inc. (a)		12,742		484,196
Athenex, Inc. (a)		13,779		161,903
Audentes Therapeutics, Inc. (a)		14,308		354,838
Avrobio, Inc. (a)		2,385		29,717
Bellicum Pharmaceuticals, Inc. (a)		13,896		45,857
BioCryst Pharmaceuticals, Inc. (a)		30,732		266,754
Biogen, Inc. (a)		80,843		26,983,777
Biohaven Pharmaceutical Holding Co. Ltd. (a)		7,878		300,073
BioMarin Pharmaceutical, Inc. (a)		71,342		7,003,644
BioSpecifics Technologies Corp. (a)		2,182		141,786
Biotime, Inc. (a)		37,632		53,061
Bluebird Bio, Inc. (a)		21,713		2,897,166
Blueprint Medicines Corp. (a)		15,869		1,143,996
Cara Therapeutics, Inc. (a)		12,993		198,143
CareDx, Inc. (a)		11,599		325,120
Celgene Corp. (a)		282,272		24,969,781
ChemoCentryx, Inc. (a)		9,047		110,735
Clovis Oncology, Inc. (a)		19,874		504,005
Coherus Biosciences, Inc. (a)		18,342		246,883
Concert Pharmaceuticals, Inc. (a)		7,143		101,073




	Shares		Value
CRISPR Therapeutics AG (a)		7,892	$	255,938
Cytokinetics, Inc. (a)		19,544		137,394
CytomX Therapeutics, Inc. (a)		16,734		284,143
Deciphera Pharmaceuticals, Inc. (a)		5,842		156,975
Denali Therapeutics, Inc. (a)		25,125		478,882
Dicerna Pharmaceuticals, Inc. (a)		16,770		172,899
Dynavax Technologies Corp. (a)		25,760		283,875
Eagle Pharmaceuticals, Inc. (a)		4,688		198,115
Editas Medicine, Inc. (a)		14,629		317,888
Emergent BioSolutions, Inc. (a)		16,924		1,055,888
Enanta Pharmaceuticals, Inc. (a)		5,787		459,661
Epizyme, Inc. (a)		23,030		235,367
Esperion Therapeutics, Inc. (a)		9,536		442,947
Exact Sciences Corp. (a)		49,196		4,431,576
Exelixis, Inc. (a)		119,322		2,812,420
Fate Therapeutics, Inc. (a)		20,649		312,626
FibroGen, Inc. (a)		30,594		1,736,209
Five Prime Therapeutics, Inc. (a)		14,796		166,455
Flexion Therapeutics, Inc. (a)		12,501		183,640
G1 Therapeutics, Inc. (a)		8,805		188,339
Genomic Health, Inc. (a)		8,721		661,139
Geron Corp. (a)		79,239		91,125
Gilead Sciences, Inc.		520,247		36,422,492
Global Blood Therapeutics, Inc. (a)		19,699		943,779
GlycoMimetics, Inc. (a)		13,388		149,946
Halozyme Therapeutics, Inc. (a)		52,219		844,903
Heron Therapeutics, Inc. (a)		28,084		755,460
Homology Medicines, Inc. (a)		5,230		106,012
ImmunoGen, Inc. (a)		60,526		317,761
Immunomedics, Inc. (a)		52,482		776,209
Incyte Corp. (a)		72,631		5,853,332
Inovio Pharmaceuticals, Inc. (a)		33,951		170,095
Insmed, Inc. (a)		31,319		761,365
Insys Therapeutics, Inc. (a)		8,822		30,524
Intellia Therapeutics, Inc. (a)		9,437		133,439
Intercept Pharmaceuticals, Inc. (a)		8,336		1,005,988
Intrexon Corp. (a)		30,242		231,654
Invitae Corp. (a)		20,893		294,173
Ionis Pharmaceuticals, Inc. (a)		52,261		3,031,138
Iovance Biotherapeutics, Inc. (a)		39,672		362,999
Ironwood Pharmaceuticals, Inc. (a)		55,930		764,004
Karyopharm Therapeutics, Inc. (a)		19,534		165,453
Kura Oncology, Inc. (a)		9,724		154,612
La Jolla Pharmaceutical Co. (a)		7,900		47,716
Lexicon Pharmaceuticals, Inc. (a)		17,130		81,025
Ligand Pharmaceuticals, Inc. (a)		8,481		1,001,606
Loxo Oncology, Inc. (a)		9,146		2,145,652
MacroGenics, Inc. (a)		14,962		175,504
Madrigal Pharmaceuticals, Inc. (a)		3,083		356,888
Minerva Neurosciences, Inc. (a)		12,590		82,842
Mirati Therapeutics, Inc. (a)		7,797		515,226

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



*Semiannual Report*		44


Common Stocks – continued

	Shares		Value
BIOTECHNOLOGY – continued
Biotechnology – continued
Momenta Pharmaceuticals, Inc. (a)		36,616	$	434,266
Myovant Sciences Ltd. (a)		6,963		128,398
Myriad Genetics, Inc. (a)		28,338		798,848
Natera, Inc. (a)		15,899		216,067
Neurocrine Biosciences, Inc. (a)		36,250		3,197,975
Novavax, Inc. (a)		150,848		352,984
Opko Health, Inc. (a)		134,344		494,386
PDL BioPharma, Inc. (a)		61,047		194,129
Portola Pharmaceuticals, Inc. (a)		25,371		687,554
Progenics Pharmaceuticals, Inc. (a)		33,342		147,705
Prothena Corp. PLC (a)		16,245		190,879
PTC Therapeutics, Inc. (a)		17,132		533,319
Puma Biotechnology, Inc. (a)		12,544		349,727
Ra Pharmaceuticals, Inc. (a)		10,938		224,557
Radius Health, Inc. (a)		15,224		278,142
Regeneron Pharmaceuticals, Inc. (a)		31,946		13,713,459
REGENXBIO, Inc. (a)		12,634		555,391
Repligen Corp. (a)		14,953		852,471
Retrophin, Inc. (a)		14,771		318,463
Rhythm Pharmaceuticals, Inc. (a)		7,112		189,179
Rigel Pharmaceuticals, Inc. (a)		63,196		136,503
Rocket Pharmaceuticals, Inc. (a)		8,816		126,774
Sage Therapeutics, Inc. (a)		18,784		2,678,411
Sangamo Therapeutics, Inc. (a)		40,479		473,200
Sarepta Therapeutics, Inc. (a)		25,288		3,532,986
Seattle Genetics, Inc. (a)		44,517		3,402,434
Seres Therapeutics, Inc. (a)		8,066		49,687
Solid Biosciences, Inc. (a)		6,362		160,132
Sorrento Therapeutics, Inc. (a)		37,439		77,124
Spark Therapeutics, Inc. (a)		13,737		656,903
Spectrum Pharmaceuticals, Inc. (a)		38,369		429,733
Stemline Therapeutics, Inc. (a)		15,372		170,014
TG Therapeutics, Inc. (a)		28,027		114,911
Ultragenyx Pharmaceutical, Inc. (a)		19,269		950,347
uniQure N.V. (a)		9,469		324,313
United Therapeutics Corp. (a)		17,463		2,014,008
Vanda Pharmaceuticals, Inc. (a)		21,268		577,001
Vericel Corp. (a)		16,189		278,451
Vertex Pharmaceuticals, Inc. (a)		102,564		19,580,493
Viking Therapeutics, Inc. (a)		25,180		205,469
Voyager Therapeutics, Inc. (a)		7,524		78,927
Xencor, Inc. (a)		20,264		731,530
ZIOPHARM Oncology, Inc. (a)		50,748		113,676


TOTAL BIOTECHNOLOGY				322,774,964


HEALTH CARE EQUIPMENT & SUPPLIES – 22.6%
Health Care Equipment – 20.7%
Abbott Laboratories		704,042		51,380,985
ABIOMED, Inc. (a)		17,128		6,013,127




	Shares		Value
Accuray, Inc. (a)		35,494	$	156,174
AngioDynamics, Inc. (a)		14,829		312,892
AtriCure, Inc. (a)		12,840		397,398
AxoGen, Inc. (a)		13,309		219,598
Baxter International, Inc.		203,690		14,765,488
Becton Dickinson and Co.		107,378		26,786,516
Boston Scientific Corp. (a)		554,993		21,172,983
Cantel Medical Corp.		15,089		1,228,546
Cardiovascular Systems, Inc. (a)		13,323		414,745
CONMED Corp.		10,108		711,098
CryoLife, Inc. (a)		13,267		370,282
Cutera, Inc. (a)		5,625		80,775
Danaher Corp.		252,743		28,034,253
DexCom, Inc. (a)		35,169		4,959,884
Edwards Lifesciences Corp. (a)		84,029		14,320,222
GenMark Diagnostics, Inc. (a)		22,594		150,024
Glaukos Corp. (a)		12,842		819,191
Globus Medical, Inc. Class A (a)		29,812		1,343,031
Heska Corp. (a)		2,849		280,911
Hill-Rom Holdings, Inc.		26,608		2,661,332
Hologic, Inc. (a)		109,408		4,857,715
IDEXX Laboratories, Inc. (a)		34,776		7,399,637
Inogen, Inc. (a)		7,300		1,103,833
Insulet Corp. (a)		23,609		1,916,815
Integer Holdings Corp. (a)		11,537		934,382
Integra LifeSciences Holdings Corp. (a)		29,072		1,376,850
Intuitive Surgical, Inc. (a)		45,648		23,903,119
Invacare Corp.		13,507		69,426
iRhythm Technologies, Inc. (a)		7,312		621,520
LeMaitre Vascular, Inc.		6,625		157,940
LivaNova PLC (a)		19,440		1,794,701
Masimo Corp. (a)		19,862		2,470,634
Medtronic PLC		541,983		47,905,877
Natus Medical, Inc. (a)		13,262		447,460
Nevro Corp. (a)		10,761		522,554
Novocure Ltd. (a)		26,180		1,282,820
NuVasive, Inc. (a)		20,670		1,036,394
NxStage Medical, Inc. (a)		26,343		765,791
Orthofix Medical, Inc. (a)		7,702		416,755
Penumbra, Inc. (a)		12,402		1,804,615
ResMed, Inc.		57,319		5,455,049
Rockwell Medical, Inc. (a)		16,324		50,931
STERIS PLC		33,883		3,864,695
Stryker Corp.		135,087		23,987,399
Surmodics, Inc. (a)		5,491		314,470
Tactile Systems Technology, Inc. (a)		6,320		420,786
Tandem Diabetes Care, Inc. (a)		20,583		894,949
Teleflex, Inc.		18,353		5,019,545
TransEnterix, Inc. (a)		66,679		181,367
Varex Imaging Corp. (a)		15,538		442,678
Varian Medical Systems, Inc. (a)		36,690		4,844,181

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



		45		*Semiannual Report*

Fidelity MSCI Health Care Index ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES – continued
Health Care Equipment – continued
ViewRay, Inc. (a)		19,786	$	142,261
Wright Medical Group N.V. (a)		47,483		1,416,893
Zimmer Biomet Holdings, Inc.		81,699		8,950,942

				333,354,439

Health Care Supplies – 1.9%
Align Technology, Inc. (a)		30,660		7,632,807
Anika Therapeutics, Inc. (a)		5,870		223,001
Antares Pharma, Inc. (a)		56,514		170,672
Atrion Corp.		603		449,741
Avanos Medical, Inc. (a)		19,172		873,285
Cerus Corp. (a)		54,516		324,915
DENTSPLY SIRONA, Inc.		89,102		3,737,829
Haemonetics Corp. (a)		20,713		2,048,723
ICU Medical, Inc. (a)		6,602		1,642,578
Lantheus Holdings, Inc. (a)		15,828		266,227
Meridian Bioscience, Inc.		17,164		281,318
Merit Medical Systems, Inc. (a)		21,938		1,240,155
Neogen Corp. (a)		20,704		1,261,081
OraSure Technologies, Inc. (a)		24,540		315,339
Quidel Corp. (a)		13,328		773,424
Senseonics Holdings, Inc. (a)		35,105		88,113
Sientra, Inc. (a)		9,637		107,163
STAAR Surgical Co. (a)		13,231		472,744
The Cooper Cos., Inc.		19,697		5,490,736
West Pharmaceutical Services, Inc.		29,469		3,190,609

				30,590,460


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES				363,944,899


HEALTH CARE PROVIDERS & SERVICES – 19.9%
Health Care Services – 5.6%
Addus HomeCare Corp. (a)		3,587		215,758
Amedisys, Inc. (a)		10,875		1,426,365
American Renal Associates Holdings, Inc. (a)		5,114		61,982
AMN Healthcare Services, Inc. (a)		19,009		1,231,593
Apollo Medical Holdings, Inc. (a)		10,030		195,886
BioTelemetry, Inc. (a)		13,035		936,174
Chemed Corp.		6,472		1,928,268
Cigna Corp.		152,588		30,488,608
Civitas Solutions, Inc. (a)		6,753		119,731
CorVel Corp. (a)		4,271		266,809
Cross Country Healthcare, Inc. (a)		14,539		140,011
CVS Health Corp.		518,650		33,997,508
DaVita, Inc. (a)		53,513		3,003,685
Diplomat Pharmacy, Inc. (a)		20,748		300,846
Laboratory Corp. of America Holdings (a)		40,961		5,707,915
LHC Group, Inc. (a)		11,325		1,197,392
MEDNAX, Inc. (a)		37,458		1,352,608




	Shares		Value
National Research Corp. Class A		4,482	$	179,190
Premier, Inc. Class A (a)		21,261		845,975
Quest Diagnostics, Inc.		54,779		4,784,946
R1 RCM, Inc. (a)		34,772		282,349
RadNet, Inc. (a)		16,288		222,331
The Providence Service Corp. (a)		4,543		291,388
Tivity Health, Inc. (a)		15,940		354,824

				89,532,142

Health Care Distributors – 1.7%
AmerisourceBergen Corp.		65,225		5,437,808
Cardinal Health, Inc.		124,086		6,200,577
Henry Schein, Inc. (a)		61,563		4,783,445
McKesson Corp.		80,186		10,283,855
Owens & Minor, Inc.		24,846		188,084
Patterson Cos., Inc.		34,317		764,926

				27,658,695

Health Care Facilities – 1.7%
Acadia Healthcare Co., Inc. (a)		35,494		971,116
Brookdale Senior Living, Inc. (a)		76,190		620,948
Capital Senior Living Corp. (a)		10,271		71,589
Community Health Systems, Inc. (a)		34,009		133,995
Encompass Health Corp.		39,622		2,648,334
HCA Healthcare, Inc.		111,099		15,490,534
National HealthCare Corp.		3,683		295,855
Select Medical Holdings Corp. (a)		43,410		678,064
Surgery Partners, Inc. (a)		5,807		75,956
Tenet Healthcare Corp. (a)		41,123		904,295
The Ensign Group, Inc.		19,912		867,566
Universal Health Services, Inc. Class B		34,502		4,572,550
US Physical Therapy, Inc.		5,037		533,368

				27,864,170

Managed Health Care – 10.9%
Anthem, Inc.		104,324		31,610,172
Centene Corp. (a)		82,260		10,740,688
HealthEquity, Inc. (a)		22,558		1,406,266
Humana, Inc.		55,286		17,082,821
Magellan Health, Inc. (a)		8,020		522,583
Molina Healthcare, Inc. (a)		23,515		3,127,025
Triple-S Management Corp. Class B (a)		9,414		189,787
UnitedHealth Group, Inc.		386,261		104,367,722
WellCare Health Plans, Inc. (a)		19,892		5,499,740

				174,546,804


TOTAL HEALTH CARE PROVIDERS & SERVICES				319,601,811


HEALTH CARE TECHNOLOGY – 1.4%
Health Care Technology – 1.4%
Allscripts Healthcare Solutions, Inc. (a)		70,134		826,880
athenahealth, Inc. (a)		16,230		2,186,830
Castlight Health, Inc. Class B (a)		29,650		88,061

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



*Semiannual Report*		46


Common Stocks – continued

	Shares		Value
HEALTH CARE TECHNOLOGY – continued
Health Care Technology – continued
Cerner Corp. (a)		118,955	$	6,531,819
Computer Programs & Systems, Inc.		5,128		134,559
Evolent Health, Inc. Class A (a)		23,549		416,346
HealthStream, Inc.		10,302		259,198
HMS Holdings Corp. (a)		33,509		1,004,935
Inovalon Holdings, Inc. Class A (a)		27,152		388,002
Inspire Medical Systems, Inc. (a)		2,551		136,810
Medidata Solutions, Inc. (a)		24,009		1,703,679
NextGen Healthcare, Inc. (a)		19,802		350,099
Omnicell, Inc. (a)		15,839		1,031,594
Tabula Rasa HealthCare, Inc. (a)		6,433		387,781
Teladoc Health, Inc. (a)		25,080		1,610,136
Veeva Systems, Inc. Class A (a)		48,341		5,272,070
Vocera Communications, Inc. (a)		11,477		468,491


TOTAL HEALTH CARE TECHNOLOGY				22,797,290


LIFE SCIENCES TOOLS & SERVICES – 6.7%
Life Sciences Tools & Services – 6.7%
Accelerate Diagnostics, Inc. (a)		12,791		232,924
Agilent Technologies, Inc.		127,973		9,732,347
Bio-Rad Laboratories, Inc. Class A (a)		8,471		2,116,649
Bio-Techne Corp.		15,195		2,650,920
Bruker Corp.		40,900		1,433,954
Cambrex Corp. (a)		13,409		585,303
Charles River Laboratories International, Inc. (a)		19,242		2,370,422
Codexis, Inc. (a)		18,975		357,109
Illumina, Inc. (a)		58,992		16,505,372
IQVIA Holdings, Inc. (a)		65,075		8,395,326
Luminex Corp.		16,958		472,959
Medpace Holdings, Inc. (a)		10,807		695,971
Mettler-Toledo International, Inc. (a)		10,109		6,451,159
NeoGenomics, Inc. (a)		36,158		600,946
Pacific Biosciences of California, Inc. (a)		52,038		360,103
PerkinElmer, Inc.		44,371		4,015,575
PRA Health Sciences, Inc. (a)		23,299		2,468,995
Syneos Health, Inc. (a)		24,810		1,266,302
Thermo Fisher Scientific, Inc.		161,650		39,712,555
Waters Corp. (a)		30,954		7,157,184


TOTAL LIFE SCIENCES TOOLS & SERVICES				107,582,075


PHARMACEUTICALS – 29.1%
Pharmaceuticals – 29.1%
Aclaris Therapeutics, Inc. (a)		13,322		92,854
Aerie Pharmaceuticals, Inc. (a)		16,332		767,931
Akcea Therapeutics, Inc. (a)		7,144		189,888
Akorn, Inc. (a)		37,590		141,338
Allergan PLC		136,227		19,613,964




	Shares		Value
Amneal Pharmaceuticals, Inc. (a)		16,323	$	200,446
Amphastar Pharmaceuticals, Inc. (a)		13,711		312,062
ANI Pharmaceuticals, Inc. (a)		3,568		191,744
Assembly Biosciences, Inc. (a)		8,854		201,694
Assertio Therapeutics, Inc. (a)		24,144		107,682
Bristol-Myers Squibb Co.		654,903		32,332,561
Catalent, Inc. (a)		58,059		2,144,119
Collegium Pharmaceutical, Inc. (a)		9,301		148,909
Corcept Therapeutics, Inc. (a)		42,457		474,669
Cymabay Therapeutics, Inc. (a)		22,319		194,175
Dermira, Inc. (a)		12,439		82,097
Dova Pharmaceuticals, Inc. (a)		5,041		38,715
Eli Lilly & Co.		387,912		46,495,132
Endo International PLC (a)		81,090		790,628
Horizon Pharma PLC (a)		66,596		1,431,148
Innoviva, Inc. (a)		28,554		488,273
Intersect ENT, Inc. (a)		11,713		347,525
Intra-Cellular Therapies, Inc. (a)		17,646		212,458
Jazz Pharmaceuticals PLC (a)		24,211		3,047,923
Johnson & Johnson		1,076,641		143,279,384
Mallinckrodt PLC (a)		33,628		735,108
Merck & Co., Inc.		1,067,317		79,440,404
Mylan N.V. (a)		207,181		6,205,071
MyoKardia, Inc. (a)		12,765		528,216
Nektar Therapeutics (a)		69,117		2,926,414
Omeros Corp. (a)		18,202		248,275
Optinose, Inc. (a)		4,472		28,800
Pacira Pharmaceuticals, Inc. (a)		16,289		662,637
Paratek Pharmaceuticals, Inc. (a)		10,497		70,802
Perrigo Co. PLC		52,097		2,419,906
Pfizer, Inc.		2,352,576		99,866,851
Phibro Animal Health Corp. Class A		7,926		247,450
Prestige Consumer Healthcare, Inc. (a)		20,778		580,122
Reata Pharmaceuticals, Inc. Class A (a)		7,626		608,326
Revance Therapeutics, Inc. (a)		15,348		265,060
Supernus Pharmaceuticals, Inc. (a)		20,855		795,201
The Medicines Co. (a)		29,986		692,977
TherapeuticsMD, Inc. (a)		79,663		418,231
Theravance Biopharma, Inc. (a)		17,963		467,936
Tricida, Inc. (a)		5,876		128,919
WaVe Life Sciences Ltd. (a)		4,869		181,370
Zoetis, Inc.		193,364		16,660,242
Zogenix, Inc. (a)		16,626		727,388


TOTAL PHARMACEUTICALS				468,233,025


TOTAL COMMON STOCKS (Cost $1,475,593,024)				1,604,934,064

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



		47		*Semiannual Report*

Fidelity MSCI Health Care Index ETF

Schedule of Investments (Unaudited) – continued


Money Market Funds – 0.1%

	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.26% (b) (Cost $1,043,664)		1,043,664	$	1,043,664


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $1,476,636,688)				1,605,977,728

NET OTHER ASSETS (LIABILITIES) – 0.1%				2,138,739


NET ASSETS – 100.0%			$	1,608,116,467

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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



*Semiannual Report*		48

Fidelity MSCI Industrials Index ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%

	Shares		Value
AEROSPACE & DEFENSE – 24.4%
Aerospace & Defense – 24.4%
AAR Corp.		4,700	$	177,096
Aerojet Rocketdyne Holdings, Inc. (a)		9,588		378,438
Aerovironment, Inc. (a)		3,036		235,776
Arconic, Inc.		61,453		1,156,545
Astronics Corp. (a)		3,692		113,234
Axon Enterprise, Inc. (a)		8,268		421,751
BWX Technologies, Inc.		14,131		655,961
Cubic Corp.		4,112		264,278
Curtiss-Wright Corp.		5,907		670,563
Esterline Technologies Corp. (a)		3,753		456,740
General Dynamics Corp.		35,663		6,104,436
Harris Corp.		16,609		2,544,167
HEICO Corp.		6,045		510,802
HEICO Corp. Class A		10,679		747,850
Hexcel Corp.		12,369		837,505
Huntington Ingalls Industries, Inc.		6,125		1,264,506
Kratos Defense & Security Solutions, Inc. (a)		12,385		191,844
L3 Technologies, Inc.		11,096		2,184,580
Lockheed Martin Corp.		36,295		10,514,299
Mercury Systems, Inc. (a)		6,791		398,156
Moog, Inc. Class A		4,581		409,862
National Presto Industries, Inc.		685		81,940
Northrop Grumman Corp.		23,424		6,454,483
Raytheon Co.		40,395		6,655,480
Spirit AeroSystems Holdings, Inc. Class A		15,060		1,256,004
Teledyne Technologies, Inc. (a)		5,078		1,138,589
Textron, Inc.		35,196		1,873,483
The Boeing Co.		77,296		29,806,884
The KeyW Holding Corp. (a)		6,644		47,704
TransDigm Group, Inc. (a)		6,704		2,621,264
Triumph Group, Inc.		7,428		132,590
United Technologies Corp.		115,932		13,688,091
Wesco Aircraft Holdings, Inc. (a)		7,620		66,599


TOTAL AEROSPACE & DEFENSE				94,061,500


AIR FREIGHT & LOGISTICS – 5.7%
Air Freight & Logistics – 5.7%
Air Transport Services Group, Inc. (a)		2,110		50,112
Atlas Air Worldwide Holdings, Inc. (a)		891		47,419
CH Robinson Worldwide, Inc.		19,628		1,703,122
Echo Global Logistics, Inc. (a)		3,878		92,141
Expeditors International of Washington, Inc.		24,700		1,711,710
FedEx Corp.		35,574		6,316,875
Forward Air Corp.		4,176		244,421
Hub Group, Inc. Class A (a)		4,804		213,826
United Parcel Service, Inc. Class B		98,190		10,349,226




	Shares		Value
XPO Logistics, Inc. (a)		17,934	$	1,090,029


TOTAL AIR FREIGHT & LOGISTICS				21,818,881


AIRLINES – 1.1%
Airlines – 1.1%
Allegiant Travel Co.		581		75,530
American Airlines Group, Inc.		16,321		583,802
Delta Air Lines, Inc.		24,433		1,207,723
Hawaiian Holdings, Inc.		1,795		57,476
SkyWest, Inc.		1,835		93,493
Southwest Airlines Co.		20,252		1,149,504
Spirit Airlines, Inc. (a)		2,410		141,756
United Continental Holdings, Inc. (a)		9,631		840,498


TOTAL AIRLINES				4,149,782


BUILDING PRODUCTS – 4.1%
Building Products – 4.1%
AAON, Inc.		5,915		218,500
Advanced Drainage Systems, Inc.		5,695		145,223
Allegion PLC		13,427		1,152,842
American Woodmark Corp. (a)		2,134		149,273
AO Smith Corp.		20,432		977,876
Apogee Enterprises, Inc.		4,043		137,745
Armstrong Flooring, Inc. (a)		2,947		39,843
Armstrong World Industries, Inc.		6,222		423,345
Builders FirstSource, Inc. (a)		16,318		215,724
Continental Building Products, Inc. (a)		5,185		136,573
CSW Industrials, Inc. (a)		2,213		114,301
Fortune Brands Home & Security, Inc.		20,139		912,297
Gibraltar Industries, Inc. (a)		4,556		162,421
Griffon Corp.		4,473		71,165
Insteel Industries, Inc.		2,515		55,556
JELD-WEN Holding, Inc. (a)		10,432		186,107
Johnson Controls International PLC		130,999		4,423,836
Lennox International, Inc.		5,125		1,175,060
Masco Corp.		43,470		1,408,863
Masonite International Corp. (a)		3,901		223,137
NCI Building Systems, Inc. (a)		5,983		48,821
Owens Corning		15,684		821,685
Patrick Industries, Inc. (a)		3,274		130,633
PGT Innovations, Inc. (a)		8,119		135,100
Quanex Building Products Corp.		4,418		69,142
Resideo Technologies, Inc. (a)		18,579		407,438
Simpson Manufacturing Co., Inc.		5,883		361,099
Trex Co., Inc. (a)		8,306		579,427
Universal Forest Products, Inc.		8,699		268,103
USG Corp.		12,841		554,089


TOTAL BUILDING PRODUCTS				15,705,224

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



		49		*Semiannual Report*

Fidelity MSCI Industrials Index ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
COMMERCIAL SERVICES & SUPPLIES – 6.6%
Commercial Printing – 0.3%
Brady Corp. Class A		6,805	$	304,252
Cimpress N.V. (a)		3,278		272,631
Deluxe Corp.		6,738		316,484
Ennis, Inc.		3,787		75,134
LSC Communications, Inc.		4,849		38,453
Multi-Color Corp.		2,002		93,193
Quad/Graphics, Inc.		4,590		62,011
RR Donnelley & Sons Co.		10,194		51,989

				1,214,147

Diversified Support Services – 1.7%
Cintas Corp.		12,787		2,397,690
Civeo Corp. (a)		18,754		47,447
Copart, Inc. (a)		29,630		1,500,167
Healthcare Services Group, Inc.		10,446		455,654
KAR Auction Services, Inc.		18,986		987,462
Matthews International Corp. Class A		4,564		203,052
McGrath RentCorp		3,437		173,225
Mobile Mini, Inc.		6,330		239,211
UniFirst Corp.		2,062		285,443
Viad Corp.		2,887		152,145
VSE Corp.		1,209		39,450

				6,480,946

Environmental & Facilities Services – 3.9%
ABM Industries, Inc.		9,319		318,617
Advanced Disposal Services, Inc. (a)		8,748		220,449
BrightView Holdings, Inc. (a)		3,631		53,775
Casella Waste Systems, Inc. Class A (a)		5,589		168,341
Clean Harbors, Inc. (a)		7,508		444,549
Covanta Holding Corp.		16,631		267,759
Heritage-Crystal Clean, Inc. (a)		1,991		50,970
Republic Services, Inc.		32,244		2,473,437
Rollins, Inc.		20,817		775,225
SP Plus Corp. (a)		3,157		104,497
Stericycle, Inc. (a)		12,804		564,400
Team, Inc. (a)		4,015		57,575
Tetra Tech, Inc.		7,835		432,414
US Ecology, Inc.		3,130		199,287
Waste Connections, Inc.		37,295		3,116,370
Waste Management, Inc.		60,710		5,808,126

				15,055,791

Office Services & Supplies – 0.5%
ACCO Brands Corp.		14,814		130,808
Herman Miller, Inc.		8,357		286,060
HNI Corp.		6,221		241,810
Interface, Inc.		8,367		137,303
Kimball International, Inc. Class B		5,171		73,066
Knoll, Inc.		6,984		140,797
MSA Safety, Inc.		5,170		517,931




	Shares		Value
Pitney Bowes, Inc.		26,392	$	190,286
Steelcase, Inc. Class A		12,134		200,211

				1,918,272

Security & Alarm Services – 0.2%
The Brink’s Co.		7,229		535,307


TOTAL COMMERCIAL SERVICES & SUPPLIES				25,204,463


CONSTRUCTION & ENGINEERING – 1.7%
Construction & Engineering – 1.7%
AECOM (a)		22,787		697,510
Aegion Corp. (a)		4,591		83,327
Arcosa, Inc.		6,383		187,852
Argan, Inc.		2,002		84,524
Comfort Systems USA, Inc.		5,263		252,466
Dycom Industries, Inc. (a)		4,427		256,987
EMCOR Group, Inc.		8,225		536,517
Fluor Corp.		19,930		728,840
Granite Construction, Inc.		6,473		279,763
Great Lakes Dredge & Dock Corp. (a)		8,034		56,800
Jacobs Engineering Group, Inc.		18,051		1,169,705
KBR, Inc.		19,938		342,934
MasTec, Inc. (a)		9,074		402,704
MYR Group, Inc. (a)		2,320		70,690
NV5 Global, Inc. (a)		1,426		100,918
Primoris Services Corp.		5,871		117,127
Quanta Services, Inc.		21,107		745,921
Tutor Perini Corp. (a)		5,647		97,185
Valmont Industries, Inc.		3,177		409,833
Willscot Corp. (a)		5,323		54,561


TOTAL CONSTRUCTION & ENGINEERING				6,676,164


ELECTRICAL EQUIPMENT – 5.6%
Electrical Components & Equipment – 5.6%
Acuity Brands, Inc.		5,693		688,341
AMETEK, Inc.		32,843		2,394,255
Atkore International Group, Inc. (a)		6,500		150,735
Eaton Corp. PLC		61,368		4,679,310
Emerson Electric Co.		88,996		5,826,568
Encore Wire Corp.		2,915		157,119
EnerSys		5,973		509,258
Generac Holdings, Inc. (a)		8,746		462,926
GrafTech International Ltd.		10,292		135,957
Hubbell, Inc.		7,740		846,214
nVent Electric PLC		24,109		603,207
Plug Power, Inc. (a)		31,335		42,929
Powell Industries, Inc.		1,325		36,981
Regal-Beloit Corp.		6,145		471,690
Rockwell Automation, Inc.		17,431		2,954,903
Sensata Technologies Holding PLC (a)		23,987		1,139,382
Sunrun, Inc. (a)		11,824		157,259

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



*Semiannual Report*		50


Common Stocks – continued

	Shares		Value
ELECTRICAL EQUIPMENT – continued
Electrical Components & Equipment – continued
Thermon Group Holdings, Inc. (a)		4,636	$	106,906
Vicor Corp. (a)		2,540		100,051
Vivint Solar, Inc. (a)		5,042		22,134

				21,486,125

Heavy Electrical Equipment – 0.0%
AZZ, Inc.		3,694		165,307
TPI Composites, Inc. (a)		2,200		66,594

				231,901


TOTAL ELECTRICAL EQUIPMENT				21,718,026


INDUSTRIAL CONGLOMERATES – 12.9%
Industrial Conglomerates – 12.9%
3M Co.		83,069		16,638,721
Carlisle Cos., Inc.		8,446		909,887
General Electric Co.		1,230,730		12,504,217
Honeywell International, Inc.		105,160		15,104,131
Raven Industries, Inc.		5,092		188,353
Roper Industries, Inc.		14,627		4,143,244


TOTAL INDUSTRIAL CONGLOMERATES				49,488,553


MACHINERY – 19.3%
Agricultural & Farm Machinery – 2.3%
AGCO Corp.		10,033		644,119
Deere & Co.		43,274		7,096,936
Lindsay Corp.		1,526		131,053
The Toro Co.		14,876		885,122
Titan International, Inc.		7,115		39,986

				8,797,216

Construction & Farm Machinery & Heavy Trucks – 6.0%
Alamo Group, Inc.		1,391		119,807
Allison Transmission Holdings, Inc.		17,523		852,844
Astec Industries, Inc.		2,897		107,247
Blue Bird Corp. (a)		1,722		34,216
Caterpillar, Inc.		84,161		11,206,879
Cummins, Inc.		21,960		3,230,536
Douglas Dynamics, Inc.		3,247		114,944
Federal Signal Corp.		8,420		185,072
Meritor, Inc. (a)		11,593		239,743
Navistar International Corp. (a)		6,280		206,235
Oshkosh Corp.		10,335		775,642
PACCAR, Inc.		49,619		3,251,037
REV Group, Inc.		4,041		33,581
Spartan Motors, Inc.		4,641		39,077
Terex Corp.		10,442		320,674
The Greenbrier Cos., Inc.		4,585		194,450
The Manitowoc Co., Inc. (a)		4,730		71,991
Trinity Industries, Inc.		18,751		438,398
Wabash National Corp.		8,192		114,196




	Shares		Value
WABCO Holdings, Inc. (a)		7,484	$	854,897
Wabtec Corp.		12,266		848,316

				23,239,782

Industrial Machinery – 11.0%
Actuant Corp. Class A		8,658		198,182
Albany International Corp. Class A		4,073		279,652
Altra Industrial Motion Corp.		8,648		264,715
Barnes Group, Inc.		6,889		407,002
Briggs & Stratton Corp.		5,891		75,876
Chart Industries, Inc. (a)		3,963		296,036
CIRCOR International, Inc. (a)		2,346		64,867
Colfax Corp. (a)		12,640		312,840
Columbus McKinnon Corp.		2,993		108,347
Crane Co.		6,770		560,285
DMC Global, Inc.		2,110		72,837
Donaldson Co., Inc.		18,216		861,252
Dover Corp.		20,930		1,838,282
Energy Recovery, Inc. (a)		5,378		40,873
EnPro Industries, Inc.		2,990		197,490
ESCO Technologies, Inc.		3,656		238,042
Evoqua Water Technologies Corp. (a)		10,324		111,602
Flowserve Corp.		18,496		814,564
Fortive Corp.		42,513		3,188,050
Franklin Electric Co., Inc.		5,630		269,001
Gardner Denver Holdings, Inc. (a)		18,343		452,522
Gates Industrial Corp. PLC (a)		8,125		121,144
Global Brass & Copper Holdings, Inc.		3,108		93,986
Graco, Inc.		23,631		1,023,931
Harsco Corp. (a)		11,462		244,141
Hillenbrand, Inc.		8,816		373,798
Hyster-Yale Materials Handling, Inc.		1,158		80,585
IDEX Corp.		10,845		1,495,092
Illinois Tool Works, Inc.		42,740		5,868,629
Ingersoll-Rand PLC		34,720		3,473,389
ITT, Inc.		12,414		652,480
John Bean Technologies Corp.		4,490		356,686
Kadant, Inc.		1,584		135,115
Kennametal, Inc.		11,570		434,801
Lincoln Electric Holdings, Inc.		8,784		759,289
Lydall, Inc. (a)		2,410		63,913
Milacron Holdings Corp. (a)		9,922		137,519
Mueller Industries, Inc.		7,765		201,191
Mueller Water Products, Inc. Class A		22,259		219,919
NN, Inc.		5,613		51,247
Nordson Corp.		7,400		959,336
Omega Flex, Inc.		421		26,649
Parker Hannifin Corp.		18,733		3,087,386
Park-Ohio Holdings Corp.		1,188		38,586
Pentair PLC		23,554		970,189
Proto Labs, Inc. (a)		3,642		452,154
RBC Bearings, Inc. (a)		3,480		485,182

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



		51		*Semiannual Report*

Fidelity MSCI Industrials Index ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
MACHINERY – continued
Industrial Machinery – continued
Rexnord Corp. (a)		14,806	$	387,177
Snap-on, Inc.		7,995		1,327,090
SPX Corp. (a)		6,138		182,606
SPX FLOW, Inc. (a)		6,057		198,488
Standex International Corp.		1,814		135,288
Stanley Black & Decker, Inc.		21,657		2,738,311
Sun Hydraulics Corp.		4,034		142,884
Tennant Co.		2,449		143,830
The Gorman-Rupp Co.		2,544		87,895
The Middleby Corp. (a)		7,881		926,963
The Timken Co.		9,844		419,256
Trimas Corp. (a)		6,468		187,507
Watts Water Technologies, Inc. Class A		3,953		295,961
Welbilt, Inc. (a)		18,897		264,936
Woodward, Inc.		7,873		715,262
Xylem, Inc.		25,452		1,813,710

				42,425,818


TOTAL MACHINERY				74,462,816


MARINE – 0.1%
Marine – 0.1%
Genco Shipping & Trading Ltd. (a)		2,357		17,371
Kirby Corp. (a)		2,122		158,959
Matson, Inc.		1,499		50,232


TOTAL MARINE				226,562


PROFESSIONAL SERVICES – 4.9%
Human Resource & Employment Services – 1.1%
ASGN, Inc. (a)		7,424		467,638
Barrett Business Services, Inc.		1,025		64,216
GP Strategies Corp. (a)		1,714		25,779
Heidrick & Struggles International, Inc.		2,644		87,384
Insperity, Inc.		5,335		569,138
Kelly Services, Inc. Class A		4,567		102,301
Kforce, Inc.		3,274		107,420
Korn Ferry		7,729		352,442
ManpowerGroup, Inc.		9,200		727,076
Robert Half International, Inc.		17,312		1,115,412
TriNet Group, Inc. (a)		6,499		296,744
TrueBlue, Inc. (a)		5,789		141,194
WageWorks, Inc. (a)		5,630		177,626

				4,234,370


Research & Consulting Services – 3.8%
CBIZ, Inc. (a)		7,452		146,059
CoStar Group, Inc. (a)		5,150		2,012,311
Equifax, Inc.		17,056		1,825,333
Exponent, Inc.		7,375		368,455




	Shares		Value
Forrester Research, Inc.		1,388	$	62,335
FTI Consulting, Inc. (a)		5,411		369,679
Huron Consulting Group, Inc. (a)		3,154		152,496
ICF International, Inc.		2,635		173,699
IHS Markit Ltd. (a)		55,492		2,881,145
InnerWorkings, Inc. (a)		6,940		31,855
Mistras Group, Inc. (a)		2,332		34,304
Navigant Consulting, Inc.		6,380		165,370
Nielsen Holdings PLC		50,218		1,289,598
Resources Connection, Inc.		4,324		72,254
The Dun & Bradstreet Corp.		5,245		759,161
TransUnion		26,173		1,591,842
Verisk Analytics, Inc. (a)		22,153		2,600,984

				14,536,880


TOTAL PROFESSIONAL SERVICES				18,771,250


ROAD & RAIL – 10.1%
Railroads – 8.6%
CSX Corp.		115,534		7,590,584
Genesee & Wyoming, Inc. Class A (a)		8,422		661,295
Kansas City Southern		14,448		1,527,876
Norfolk Southern Corp.		39,655		6,651,730
Union Pacific Corp.		104,719		16,657,651

				33,089,136

Trucking – 1.5%
AMERCO		1,244		451,149
ArcBest Corp.		3,594		135,206
Avis Budget Group, Inc. (a)		9,543		254,226
Covenant Transportation Group, Inc. Class A (a)		1,802		42,491
Daseke, Inc. (a)		6,397		26,675
Heartland Express, Inc.		6,359		127,244
Hertz Global Holdings, Inc. (a)		7,187		119,232
JB Hunt Transport Services, Inc.		12,399		1,327,189
Knight-Swift Transportation Holdings, Inc.		18,956		601,853
Landstar System, Inc.		5,820		591,196
Marten Transport Ltd.		5,878		113,739
Old Dominion Freight Line, Inc.		8,697		1,182,183
Ryder System, Inc.		7,488		433,630
Saia, Inc. (a)		3,638		218,171
Universal Logistics Holdings, Inc		1,236		25,190
Werner Enterprises, Inc.		6,600		217,272
YRC Worldwide, Inc. (a)		4,687		29,247

				5,895,893


TOTAL ROAD & RAIL				38,985,029


TRADING COMPANIES & DISTRIBUTORS – 3.3%
Trading Companies & Distributors – 3.3%
Air Lease Corp.		14,024		532,071

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



*Semiannual Report*		52


Common Stocks – continued

	Shares		Value
TRADING COMPANIES & DISTRIBUTORS – continued
Trading Companies & Distributors – continued
Aircastle Ltd.		8,215	$	171,201
Applied Industrial Technologies, Inc.		5,444		321,250
Beacon Roofing Supply, Inc. (a)		9,651		350,621
BMC Stock Holdings, Inc. (a)		8,932		153,273
CAI International, Inc. (a)		2,459		61,032
DXP Enterprises, Inc. (a)		2,296		75,561
Fastenal Co.		40,634		2,456,732
Foundation Building Materials, Inc. (a)		2,707		24,742
GATX Corp.		5,052		382,335
GMS, Inc. (a)		4,593		86,945
H&E Equipment Services, Inc.		4,592		122,928
HD Supply Holdings, Inc. (a)		24,673		1,034,786
Herc Holdings, Inc. (a)		3,059		113,336
Kaman Corp.		3,378		199,707
MRC Global, Inc. (a)		12,797		199,889
MSC Industrial Direct Co., Inc. Class A		6,528		545,023
Nexeo Solutions, Inc. (a)		4,523		42,516
NOW, Inc. (a)		15,388		208,200
Rush Enterprises, Inc. Class A		4,382		167,611
Rush Enterprises, Inc. Class B		547		21,289
SiteOne Landscape Supply, Inc. (a)		5,456		290,805
Systemax, Inc.		1,795		41,895
Titan Machinery, Inc. (a)		2,730		51,160
Triton International Ltd.		7,857		282,459
United Rentals, Inc. (a)		11,703		1,465,918
Univar, Inc. (a)		15,943		332,093
Veritiv Corp. (a)		1,638		55,938




	Shares		Value
Watsco, Inc.		4,523	$	667,052
WESCO International, Inc. (a)		6,633		347,569
WW Grainger, Inc.		6,758		1,996,246


TOTAL TRADING COMPANIES & DISTRIBUTORS				12,802,183


TRANSPORTATION INFRASTRUCTURE – 0.1%
Airport Services – 0.1%
Macquarie Infrastructure Corp.		11,501		496,498


TOTAL COMMON STOCKS (Cost $413,006,184)				384,566,931


Money Market Funds – 0.0%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.26% (b) (Cost $183,428)		183,429		183,429


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $413,189,612)				384,750,360

NET OTHER ASSETS (LIABILITIES) – 0.1%				237,414


NET ASSETS – 100.0%			$	384,987,774

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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



		53		*Semiannual Report*

Fidelity MSCI Information Technology Index ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%

	Shares		Value
COMMUNICATIONS EQUIPMENT – 5.8%
Communications Equipment – 5.8%
Acacia Communications, Inc. (a)		8,608	$	374,534
ADTRAN, Inc.		16,921		246,708
Applied Optoelectronics, Inc. (a)		6,634		115,299
Arista Networks, Inc. (a)		18,591		3,992,975
ARRIS International PLC (a)		61,216		1,921,570
CalAmp Corp. (a)		12,505		180,197
Casa Systems, Inc. (a)		10,686		124,385
Ciena Corp. (a)		50,641		1,928,916
Cisco Systems, Inc.		1,670,649		79,004,991
CommScope Holding Co., Inc. (a)		68,050		1,422,925
Comtech Telecommunications Corp.		8,345		208,375
EchoStar Corp. Class A (a)		17,144		702,561
Extreme Networks, Inc. (a)		45,106		341,001
F5 Networks, Inc. (a)		21,607		3,477,647
Finisar Corp. (a)		41,461		944,482
Harmonic, Inc. (a)		30,462		161,144
Infinera Corp. (a)		54,153		238,273
InterDigital, Inc.		12,326		897,456
Juniper Networks, Inc.		122,557		3,179,129
Lumentum Holdings, Inc. (a)		26,269		1,284,817
Motorola Solutions, Inc.		57,741		6,750,500
NETGEAR, Inc. (a)		11,236		445,058
Netscout Systems, Inc. (a)		28,475		738,357
Plantronics, Inc.		11,926		462,609
Quantenna Communications, Inc. (a)		7,830		116,980
Ribbon Communications, Inc. (a)		18,381		102,566
Ubiquiti Networks, Inc.		7,852		849,665
ViaSat, Inc. (a)		20,009		1,254,364
Viavi Solutions, Inc. (a)		80,255		892,436


TOTAL COMMUNICATIONS EQUIPMENT				112,359,920


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.3%
Electronic Components – 1.3%
Amphenol Corp. Class A		106,795		9,389,416
AVX Corp.		17,907		317,849
Belden, Inc.		14,380		770,912
Corning, Inc.		288,044		9,580,343
Dolby Laboratories, Inc. Class A		23,040		1,489,075
II-VI, Inc. (a)		21,363		810,940
Knowles Corp. (a)		31,902		497,671
Littelfuse, Inc.		8,894		1,562,854
Rogers Corp. (a)		6,509		826,057
Vishay Intertechnology, Inc.		46,751		911,645

				26,156,762


Electronic Equipment & Instruments – 1.3%
Arlo Technologies, Inc. (a)		27,740		199,451
Badger Meter, Inc.		10,321		544,846
Cognex Corp.		61,042		2,777,411
Coherent, Inc. (a)		8,596		1,016,047




	Shares		Value
Control4 Corp. (a)		8,784	$	174,538
Daktronics, Inc.		14,788		111,354
FARO Technologies, Inc. (a)		6,028		256,310
Fitbit, Inc. Class A (a)		71,974		444,080
FLIR Systems, Inc.		49,248		2,407,242
Itron, Inc. (a)		12,539		685,006
Keysight Technologies, Inc. (a)		66,564		4,927,067
Mesa Laboratories, Inc.		1,209		273,875
MTS Systems Corp.		6,308		315,778
National Instruments Corp.		44,830		1,982,383
nLight, Inc. (a)		7,574		148,072
Novanta, Inc. (a)		11,662		812,608
OSI Systems, Inc. (a)		6,108		547,826
Trimble, Inc. (a)		88,915		3,348,539
Zebra Technologies Corp. Class A (a)		19,092		3,314,371

				24,286,804

Electronic Manufacturing Services – 1.0%
Benchmark Electronics, Inc.		16,480		418,921
CTS Corp.		11,149		316,297
Fabrinet (a)		12,896		733,009
Flex Ltd. (a)		188,531		1,813,668
IPG Photonics Corp. (a)		13,345		1,774,885
Jabil, Inc.		53,679		1,430,545
KEMET Corp.		18,292		324,134
Kimball Electronics, Inc. (a)		9,416		152,257
Methode Electronics, Inc.		13,099		337,299
Park Electrochemical Corp.		7,106		161,875
Plexus Corp. (a)		11,398		639,656
Sanmina Corp. (a)		24,073		751,559
TE Connectivity Ltd.		123,882		10,028,248
TTM Technologies, Inc. (a)		33,012		378,978

				19,261,331

Technology Distributors – 0.7%
Anixter International, Inc. (a)		11,229		681,713
Arrow Electronics, Inc. (a)		31,182		2,368,273
Avnet, Inc.		40,377		1,663,532
CDW Corp.		53,731		4,474,180
ePlus, Inc. (a)		4,841		383,504
Insight Enterprises, Inc. (a)		12,576		577,490
PC Connection, Inc.		4,320		143,122
ScanSource, Inc. (a)		9,033		346,054
SYNNEX Corp.		15,404		1,490,491
Tech Data Corp. (a)		12,877		1,231,428

				13,359,787


TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS				83,064,684


IT SERVICES – 23.5%
Data Processing & Outsourced Services – 16.3%
Alliance Data Systems Corp.		17,615		3,128,248
Automatic Data Processing, Inc.		155,578		21,756,028

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



*Semiannual Report*		54


Common Stocks – continued

	Shares		Value
IT SERVICES – continued
Data Processing & Outsourced Services – continued
Black Knight, Inc. (a)		50,609	$	2,489,457
Broadridge Financial Solutions, Inc.		41,320		4,166,296
Cardtronics PLC Class A (a)		16,903		457,564
Cass Information Systems, Inc.		5,234		256,937
Conduent, Inc. (a)		63,535		810,071
CoreLogic, Inc. (a)		28,633		1,039,378
CSG Systems International, Inc.		11,887		430,191
Euronet Worldwide, Inc. (a)		18,227		2,096,287
Everi Holdings, Inc. (a)		24,622		163,736
EVERTEC, Inc.		21,895		605,835
Exela Technologies, Inc. (a)		16,060		63,276
ExlService Holdings, Inc. (a)		12,135		697,763
Fidelity National Information Services, Inc.		116,847		12,214,017
First Data Corp. Class A (a)		190,480		4,695,332
Fiserv, Inc. (a)		143,926		11,935,783
FleetCor Technologies, Inc. (a)		31,369		6,330,578
Global Payments, Inc.		56,129		6,302,164
Jack Henry & Associates, Inc.		27,424		3,662,475
Mastercard, Inc. Class A		327,726		69,192,790
MAXIMUS, Inc.		22,975		1,611,237
MoneyGram International, Inc. (a)		9,046		19,268
Net 1 UEPS Technologies, Inc. (a)		20,491		58,399
NIC, Inc.		23,538		386,023
Paychex, Inc.		114,916		8,136,053
PayPal Holdings, Inc. (a)		399,463		35,456,336
Sabre Corp.		98,200		2,256,636
Square, Inc. Class A (a)		107,266		7,653,429
Sykes Enterprises, Inc. (a)		14,396		396,898
The Western Union Co.		158,698		2,896,238
Total System Services, Inc.		58,254		5,220,141
Travelport Worldwide Ltd.		44,665		699,454
TTEC Holdings, Inc.		5,754		192,356
Visa, Inc. Class A		631,139		85,210,076
WEX, Inc. (a)		15,378		2,480,933
Worldpay, Inc. Class A (a)		107,304		8,957,738

				314,125,421


Internet Services & Infrastructure – 1.0%
Akamai Technologies, Inc. (a)		60,207		3,919,476
Carbonite, Inc. (a)		11,283		323,145
Endurance International Group Holdings, Inc. (a)		22,860		185,166
GoDaddy, Inc. Class A (a)		58,784		4,034,346
GTT Communications, Inc. (a)		11,606		297,113
Limelight Networks, Inc. (a)		39,883		124,435
Tucows, Inc. Class A (a)		3,216		236,762
Twilio, Inc. Class A (a)		28,809		3,207,018
VeriSign, Inc. (a)		39,049		6,609,824

				18,937,285




	Shares		Value
IT Consulting & Other Services – 6.2%
Accenture PLC Class A		227,628	$	34,952,279
Booz Allen Hamilton Holding Corp.		50,571		2,484,553
CACI International, Inc. Class A (a)		8,751		1,462,992
Cognizant Technology Solutions Corp. Class A		206,158		14,365,089
DXC Technology Co.		99,764		6,396,868
EPAM Systems, Inc. (a)		18,237		2,580,171
Gartner, Inc. (a)		32,232		4,380,007
International Business Machines Corp.		324,251		43,585,819
Leidos Holdings, Inc.		50,869		2,950,402
LiveRamp Holdings, Inc. (a)		22,859		992,995
ManTech International Corp. Class A		9,337		526,327
Perficient, Inc. (a)		12,325		314,411
Perspecta, Inc.		52,803		1,058,700
Presidio, Inc.		13,127		209,113
Science Applications International Corp.		18,865		1,266,596
The Hackett Group, Inc.		9,204		165,580
Unisys Corp. (a)		18,057		236,186
Virtusa Corp. (a)		9,992		484,812

				118,412,900


TOTAL IT SERVICES				451,475,606


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 17.9%
Semiconductor Equipment – 2.2%
Advanced Energy Industries, Inc. (a)		13,855		710,623
Amkor Technology, Inc. (a)		38,145		305,160
Applied Materials, Inc.		349,312		13,651,113
Axcelis Technologies, Inc. (a)		11,445		238,399
Brooks Automation, Inc.		24,982		777,690
Cabot Microelectronics Corp.		10,195		1,038,769
Cohu, Inc.		14,399		252,558
Entegris, Inc.		50,100		1,655,805
FormFactor, Inc. (a)		26,156		392,863
Ichor Holdings Ltd. (a)		7,941		163,346
KLA-Tencor Corp.		55,398		5,903,765
Kulicke & Soffa Industries, Inc.		23,925		539,030
Lam Research Corp.		56,029		9,501,398
MKS Instruments, Inc.		19,386		1,582,479
Nanometrics, Inc. (a)		8,130		248,697
PDF Solutions, Inc. (a)		10,356		108,842
Photronics, Inc. (a)		24,770		264,791
Rudolph Technologies, Inc. (a)		11,271		244,806
SolarEdge Technologies, Inc. (a)		12,875		563,796
Teradyne, Inc.		66,543		2,394,883
Ultra Clean Holdings, Inc. (a)		13,786		163,502
Veeco Instruments, Inc. (a)		17,266		169,379
Versum Materials, Inc.		38,563		1,417,962
Xperi Corp.		17,382		372,496

				42,662,152

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



		55		*Semiannual Report*

Fidelity MSCI Information Technology Index ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – continued
Semiconductors – 15.7%
Advanced Micro Devices, Inc. (a)		329,486	$	8,042,753
Alpha & Omega Semiconductor Ltd. (a)		6,913		82,334
Ambarella, Inc. (a)		11,848		450,224
Analog Devices, Inc.		132,091		13,058,516
Broadcom, Inc.		153,350		41,136,137
CEVA, Inc. (a)		7,787		221,462
Cirrus Logic, Inc. (a)		21,594		802,217
Cree, Inc. (a)		36,012		1,816,085
Cypress Semiconductor Corp.		121,536		1,685,704
Diodes, Inc. (a)		14,163		476,302
First Solar, Inc. (a)		27,795		1,406,149
Inphi Corp. (a)		13,989		551,726
Integrated Device Technology, Inc. (a)		45,969		2,245,586
Intel Corp.		1,638,008		77,182,937
Lattice Semiconductor Corp. (a)		42,626		332,483
MACOM Technology Solutions Holdings, Inc. (a)		16,166		291,473
Marvell Technology Group Ltd.		220,658		4,088,793
Maxim Integrated Products, Inc.		98,651		5,353,790
MaxLinear, Inc. Class A (a)		23,068		452,594
Mellanox Technologies Ltd. (a)		15,941		1,489,049
Microchip Technology, Inc.		83,820		6,736,613
Micron Technology, Inc. (a)		412,076		15,749,545
Monolithic Power Systems, Inc.		14,361		1,817,528
NVE Corp.		1,735		165,328
NVIDIA Corp.		205,197		29,497,069
ON Semiconductor Corp. (a)		151,233		3,030,709
Power Integrations, Inc.		10,433		688,578
Qorvo, Inc. (a)		44,582		2,913,880
QUALCOMM, Inc.		499,726		24,746,432
Rambus, Inc. (a)		37,974		342,525
Semtech Corp. (a)		23,436		1,138,052
Silicon Laboratories, Inc. (a)		15,359		1,174,963
Skyworks Solutions, Inc.		63,539		4,640,889
SMART Global Holdings, Inc. (a)		3,576		88,721
SunPower Corp. (a)		22,463		130,510
Synaptics, Inc. (a)		12,536		498,933
Texas Instruments, Inc.		345,365		34,771,348
Universal Display Corp.		14,990		1,556,412
Xilinx, Inc.		89,914		10,064,973

				300,919,322


TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				343,581,474


SOFTWARE – 31.2%
Application Software – 11.3%
2U, Inc. (a)		20,335		1,156,045
8x8, Inc. (a)		33,018		581,447




	Shares		Value
ACI Worldwide, Inc. (a)		40,960	$	1,210,778
Adobe, Inc. (a)		173,947		43,107,545
Alarm.com Holdings, Inc. (a)		10,985		691,286
ANSYS, Inc. (a)		29,925		4,918,174
Aspen Technology, Inc. (a)		25,342		2,448,797
Autodesk, Inc. (a)		77,708		11,438,618
Avaya Holdings Corp. (a)		38,914		658,036
Benefitfocus, Inc. (a)		5,633		315,166
Blackbaud, Inc.		17,186		1,230,518
Blackline, Inc. (a)		11,448		544,696
Bottomline Technologies de, Inc. (a)		14,998		774,647
Box, Inc. Class A (a)		47,615		996,106
Cadence Design Systems, Inc. (a)		100,392		4,821,828
CDK Global, Inc.		43,542		2,129,639
Ceridian HCM Holding, Inc. (a)		9,739		401,344
ChannelAdvisor Corp. (a)		8,300		89,225
Cision Ltd. (a)		13,893		172,273
Citrix Systems, Inc.		48,135		4,935,763
Cloudera, Inc. (a)		74,823		1,010,110
Cornerstone OnDemand, Inc. (a)		16,643		954,310
Coupa Software, Inc. (a)		16,161		1,405,361
Ebix, Inc.		7,791		445,022
Ellie Mae, Inc. (a)		12,260		929,308
Envestnet, Inc. (a)		16,078		872,231
Everbridge, Inc. (a)		9,359		578,948
Fair Isaac Corp. (a)		10,342		2,329,018
Five9, Inc. (a)		19,614		1,002,864
Guidewire Software, Inc. (a)		28,727		2,490,056
HubSpot, Inc. (a)		13,048		2,065,629
Instructure, Inc. (a)		10,458		413,405
Intuit, Inc.		86,583		18,686,343
j2 Global, Inc.		17,438		1,310,640
LivePerson, Inc. (a)		20,989		492,612
LogMeIn, Inc.		18,381		1,709,801
Manhattan Associates, Inc. (a)		23,290		1,135,853
MicroStrategy, Inc. Class A (a)		3,317		420,894
Mimecast Ltd. (a)		14,789		555,623
MINDBODY, Inc. Class A (a)		12,601		459,432
MobileIron, Inc. (a)		20,935		101,535
Model N, Inc. (a)		8,295		120,360
Monotype Imaging Holdings, Inc.		13,389		222,257
New Relic, Inc. (a)		14,989		1,523,632
Nuance Communications, Inc. (a)		101,494		1,610,710
Nutanix, Inc. Class A (a)		44,930		2,301,764
Paycom Software, Inc. (a)		17,681		2,621,031
Paylocity Holding Corp. (a)		11,179		794,044
Pegasystems, Inc.		13,934		784,345
PROS Holdings, Inc. (a)		11,637		402,640
PTC, Inc. (a)		39,791		3,373,879
Q2 Holdings, Inc. (a)		12,891		766,112
QAD, Inc. Class A		3,730		157,257

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



*Semiannual Report*		56


Common Stocks – continued

	Shares		Value
SOFTWARE – continued
Application Software – continued
RealPage, Inc. (a)		26,554	$	1,480,917
RingCentral, Inc. Class A (a)		24,026		2,220,963
Salesforce.com, Inc. (a)		255,369		38,808,427
SendGrid, Inc. (a)		9,004		486,936
Splunk, Inc. (a)		51,452		6,423,268
SPS Commerce, Inc. (a)		6,161		546,234
SS&C Technologies Holdings, Inc.		76,645		3,946,451
Synopsys, Inc. (a)		52,745		4,923,746
The Trade Desk, Inc. Class A (a)		11,408		1,627,693
The Ultimate Software Group, Inc. (a)		10,538		2,877,612
Tyler Technologies, Inc. (a)		13,029		2,464,956
Upland Software, Inc. (a)		5,719		178,662
Verint Systems, Inc. (a)		22,679		1,096,983
Workday, Inc. Class A (a)		51,983		9,436,474
Workiva, Inc. (a)		8,919		373,706
Yext, Inc. (a)		15,689		244,591
Zendesk, Inc. (a)		37,803		2,552,837

				216,359,413

Systems Software – 19.9%
A10 Networks, Inc. (a)		19,286		130,952
CommVault Systems, Inc. (a)		15,396		1,017,214
FireEye, Inc. (a)		65,562		1,159,136
ForeScout Technologies, Inc. (a)		8,161		248,911
Fortinet, Inc. (a)		51,086		3,911,655
Microsoft Corp.		2,587,849		270,249,071
OneSpan, Inc. (a)		12,349		180,172
Oracle Corp.		1,060,697		53,278,810
Palo Alto Networks, Inc. (a)		33,047		7,099,157
Progress Software Corp.		14,332		519,248
Proofpoint, Inc. (a)		18,156		1,849,552
Qualys, Inc. (a)		11,747		1,016,468
Rapid7, Inc. (a)		10,774		432,899
Red Hat, Inc. (a)		63,039		11,210,856
SailPoint Technologies Holding, Inc. (a)		23,278		664,587
ServiceNow, Inc. (a)		63,222		13,910,104
Symantec Corp.		220,690		4,638,904
Tableau Software, Inc. Class A (a)		24,911		3,184,622
Teradata Corp. (a)		42,182		1,872,037
TiVo Corp.		43,793		487,416
Varonis Systems, Inc. (a)		10,361		612,128
VMware, Inc. Class A		26,848		4,055,927




	Shares		Value
Zscaler, Inc. (a)		16,953	$	820,017

				382,549,843


TOTAL SOFTWARE				598,909,256


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 17.2%
Technology Hardware, Storage & Peripherals – 17.2%
3D Systems Corp. (a)		40,357		514,955
Apple, Inc.		1,715,779		285,574,257
Cray, Inc. (a)		14,452		317,077
Dell Technologies, Inc. Class C (a)		53,003		2,575,416
Diebold Nixdorf, Inc.		26,858		114,147
Electronics For Imaging, Inc. (a)		15,693		414,452
Hewlett Packard Enterprise Co.		527,098		8,217,458
HP, Inc.		562,335		12,388,240
NCR Corp. (a)		41,720		1,116,010
NetApp, Inc.		91,995		5,866,521
Pure Storage, Inc. Class A (a)		55,222		989,026
Seagate Technology PLC		96,897		4,290,599
Western Digital Corp.		103,473		4,655,250
Xerox Corp.		82,018		2,313,728


TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS				329,347,136


TOTAL COMMON STOCKS (Cost $1,805,692,842)				1,918,738,076


Money Market Funds – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.26% (b) (Cost $1,006,445)		1,006,445		1,006,445


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $1,806,699,287)				1,919,744,521

NET OTHER ASSETS (LIABILITIES) – 0.0%				9,215


NET ASSETS – 100.0%			$	1,919,753,736

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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



		57		*Semiannual Report*

Fidelity MSCI Materials Index ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%

	Shares		Value
CHEMICALS – 67.8%
Commodity Chemicals – 5.9%
AdvanSix, Inc. (a)		6,205	$	196,326
Cabot Corp.		12,531		587,579
Hawkins, Inc.		1,981		82,192
Koppers Holdings, Inc. (a)		4,342		98,954
Kronos Worldwide, Inc.		4,673		61,543
LyondellBasell Industries N.V. Class A		67,408		5,862,474
Olin Corp.		33,996		802,646
Tredegar Corp.		5,113		83,393
Trinseo S.A.		8,671		425,312
Tronox Ltd. Class A		19,251		168,639
Valvoline, Inc.		38,831		858,553
Westlake Chemical Corp.		7,918		585,140

				9,812,751

Diversified Chemicals – 18.0%
DowDuPont, Inc.		470,012		25,291,346
Eastman Chemical Co.		28,785		2,320,646
Huntsman Corp.		43,765		961,517
The Chemours Co.		36,005		1,287,179

				29,860,688

Fertilizers & Agricultural Chemicals – 4.5%
AgroFresh Solutions, Inc. (a)		5,600		22,512
American Vanguard Corp.		5,573		97,639
CF Industries Holdings, Inc.		47,569		2,076,387
FMC Corp.		27,433		2,189,153
Intrepid Potash, Inc. (a)		19,800		61,578
The Mosaic Co.		74,605		2,408,249
The Scotts Miracle-Gro Co.		8,470		629,745

				7,485,263

Industrial Gases – 15.5%
Air Products & Chemicals, Inc.		44,666		7,342,644
Linde PLC		112,182		18,286,788

				25,629,432

Specialty Chemicals – 23.9%
A Schulman, Inc. Class A (b)		8,906		17,010
Albemarle Corp.		22,102		1,784,294
Amyris, Inc. (a)		6,650		22,544
Ashland Global Holdings, Inc.		12,707		964,461
Axalta Coating Systems Ltd. (a)		44,085		1,129,458
Balchem Corp.		6,558		544,445
Celanese Corp. Class A		27,495		2,632,921
Chase Corp.		1,532		154,456
Ecolab, Inc.		52,965		8,377,474
Element Solutions, Inc. (a)		46,939		527,594
Ferro Corp. (a)		16,268		271,188
FutureFuel Corp.		5,391		98,709
GCP Applied Technologies, Inc. (a)		13,994		352,649
HB Fuller Co.		10,302		508,816
Ingevity Corp. (a)		8,558		805,051
Innophos Holdings, Inc.		4,004		119,720




	Shares		Value
Innospec, Inc.		4,986	$	350,366
International Flavors & Fragrances, Inc.		17,366		2,462,152
Kraton Corp. (a)		6,487		182,933
Minerals Technologies, Inc.		7,187		420,943
NewMarket Corp.		1,865		748,033
OMNOVA Solutions, Inc. (a)		9,235		82,284
PolyOne Corp.		16,274		526,789
PPG Industries, Inc.		49,298		5,197,981
PQ Group Holdings, Inc. (a)		8,292		124,795
Quaker Chemical Corp.		2,714		554,904
Rayonier Advanced Materials, Inc.		10,450		151,316
RPM International, Inc.		27,168		1,552,923
Sensient Technologies Corp.		8,606		540,285
Stepan Co.		4,126		362,799
The Sherwin-Williams Co.		17,119		7,216,001
Venator Materials PLC (a)		10,738		49,932
WR Grace & Co.		12,319		874,772

				39,709,998


TOTAL CHEMICALS				112,498,132


CONSTRUCTION MATERIALS – 3.7%
Construction Materials – 3.7%
Eagle Materials, Inc.		9,728		690,688
Martin Marietta Materials, Inc.		12,838		2,268,218
Summit Materials, Inc. Class A (a)		22,788		347,745
United States Lime & Minerals, Inc.		451		31,123
US Concrete, Inc. (a)		3,263		116,163
Vulcan Materials Co.		26,945		2,738,959


TOTAL CONSTRUCTION MATERIALS				6,192,896


CONTAINERS & PACKAGING – 13.6%
Metal & Glass Containers – 5.4%
Aptargroup, Inc.		12,660		1,254,859
Ball Corp.		66,554		3,479,443
Berry Plastics Group, Inc. (a)		26,834		1,321,575
Crown Holdings, Inc. (a)		27,524		1,403,724
Greif, Inc. Class A		5,297		206,583
Greif, Inc. Class B		889		40,138
Myers Industries, Inc.		5,750		93,495
Owens-Illinois, Inc.		32,419		650,649
Silgan Holdings, Inc.		15,762		435,347

				8,885,813

Paper Packaging – 8.2%
Avery Dennison Corp.		17,798		1,859,001
Bemis Co., Inc.		18,528		904,908
Graphic Packaging Holding Co.		63,176		762,534
International Paper Co.		79,124		3,752,851
Packaging Corp. of America		19,258		1,816,415
Sealed Air Corp.		32,334		1,277,193

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



*Semiannual Report*		58


Common Stocks – continued

	Shares		Value
CONTAINERS & PACKAGING – continued
Paper Packaging – continued
Sonoco Products Co.		20,279	$	1,167,665
WestRock Co.		51,981		2,116,146

				13,656,713


TOTAL CONTAINERS & PACKAGING				22,542,526


METALS & MINING – 13.2%
Aluminum – 0.9%
Alcoa Corp. (a)		37,965		1,126,801
Century Aluminum Co. (a)		10,782		99,195
Kaiser Aluminum Corp.		3,386		339,853

				1,565,849

Copper – 2.0%
Freeport-McMoRan, Inc.		280,406		3,263,926

Diversified Metals & Mining – 0.3%
Compass Minerals International, Inc.		6,910		361,047
Materion Corp.		4,131		193,868

				554,915

Gold – 3.0%
McEwen Mining, Inc.		55,337		100,160
Newmont Mining Corp.		108,654		3,706,188
Royal Gold, Inc.		13,336		1,165,166

				4,971,514

Silver – 0.3%
Coeur Mining, Inc. (a)		38,258		197,029
Hecla Mining Co.		97,416		263,023

				460,052

Steel – 6.7%
AK Steel Holding Corp. (a)		64,548		190,417
Allegheny Technologies, Inc. (a)		25,585		700,773
Carpenter Technology Corp.		9,621		454,688
Cleveland-Cliffs, Inc.		57,621		617,121
Commercial Metals Co.		23,820		415,659
Haynes International, Inc.		2,528		82,918
Nucor Corp.		64,439		3,946,244
Reliance Steel & Aluminum Co.		14,730		1,206,092
Ryerson Holding Corp. (a)		3,386		23,804
Schnitzer Steel Industries, Inc. Class A		5,430		131,406
Steel Dynamics, Inc.		47,850		1,750,832
SunCoke Energy, Inc. (a)		11,889		133,632
TimkenSteel Corp. (a)		7,795		99,230
United States Steel Corp.		36,077		813,176




	Shares		Value
Warrior Met Coal, Inc.		7,541	$	216,653
Worthington Industries, Inc.		9,071		342,249

				11,124,894


TOTAL METALS & MINING				21,941,150


PAPER & FOREST PRODUCTS – 1.6%
Forest Products – 0.6%
Boise Cascade Co.		7,897		216,931
Louisiana-Pacific Corp.		29,052		708,288

				925,219

Paper Products – 1.0%
Clearwater Paper Corp. (a)		3,378		113,906
Domtar Corp.		12,804		600,508
Mercer International, Inc.		8,686		128,292
Neenah Paper, Inc.		3,435		239,316
PH Glatfelter Co.		8,903		113,780
Resolute Forest Products, Inc.		11,970		93,366
Schweitzer-Mauduit International, Inc.		6,262		200,760
Verso Corp. Class A (a)		7,052		173,973

				1,663,901


TOTAL PAPER & FOREST PRODUCTS				2,589,120


TOTAL COMMON STOCKS (Cost $190,444,299)				165,763,824


Money Market Funds – 0.0%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.26% (c) (Cost $121,296)		121,296		121,296


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $190,565,595)				165,885,120

NET OTHER ASSETS (LIABILITIES) – 0.1%				85,909


NET ASSETS – 100.0%			$	165,971,029

Legend

(a)

Non-income producing.

(b)

Level 3 security.

(c)

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

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



		59		*Semiannual Report*

Fidelity MSCI Materials Index ETF

Schedule of Investments (Unaudited) – continued

Investment Valuation


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	165,763,824	$	165,746,814	$	—	$	17,010
Money Market Funds		121,296		121,296		—		—

Total Investments in Securities:	$	165,885,120	$	165,868,110	$	—	$	17,010

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



*Semiannual Report*		60

Fidelity MSCI Real Estate Index ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%

	Shares		Value

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – 96.3%
Diversified REIT’s – 4.7%
Alexander & Baldwin, Inc.		42,960	$	989,798
American Assets Trust, Inc.		20,807		893,453
Armada Hoffler Properties, Inc.		30,747		461,820
Colony Capital, Inc.		291,671		1,770,443
Empire State Realty Trust, Inc. Class A		88,821		1,373,173
Essential Properties Realty Trust, Inc.		23,535		374,206
Gladstone Commercial Corp.		18,074		360,576
Global Net Lease, Inc.		44,698		866,694
iStar, Inc.		42,976		412,140
Lexington Realty Trust		135,539		1,302,530
Liberty Property Trust		92,423		4,356,820
One Liberty Properties, Inc.		9,170		249,424
PS Business Parks, Inc.		12,819		1,861,191
STORE Capital Corp.		115,674		3,738,584
VEREIT, Inc.		604,994		4,888,352
Washington Real Estate Investment Trust		49,212		1,247,524
WP Carey, Inc.		100,823		7,550,634

				32,697,362

Health Care REIT’s – 10.0%
CareTrust REIT, Inc.		46,395		1,019,762
Community Healthcare Trust, Inc.		11,558		381,645
HCP, Inc.		293,999		9,272,729
Healthcare Realty Trust, Inc.		78,335		2,529,437
Healthcare Trust of America, Inc. Class A		129,790		3,688,632
LTC Properties, Inc.		24,884		1,180,497
Medical Properties Trust, Inc.		228,176		4,152,803
National Health Investors, Inc.		26,382		2,196,565
New Senior Investment Group, Inc.		52,513		284,620
Omega Healthcare Investors, Inc.		125,299		5,035,767
Physicians Realty Trust		113,868		2,062,150
Sabra Health Care REIT, Inc.		111,514		2,290,498
Senior Housing Properties Trust		148,640		2,046,773
Universal Health Realty Income Trust		8,202		571,843
Ventas, Inc.		223,029		14,383,140
Welltower, Inc.		232,786		18,038,587

				69,135,448

Hotel & Resort REIT’s – 5.0%
Apple Hospitality REIT, Inc.		136,878		2,246,168
Ashford Hospitality Trust, Inc.		59,514		294,594
Braemar Hotels & Resorts, Inc.		18,039		200,594
Chatham Lodging Trust		29,065		587,404
Chesapeake Lodging Trust		37,928		1,080,189
CorePoint Lodging, Inc.		26,342		322,426
DiamondRock Hospitality Co.		129,880		1,319,581
Hersha Hospitality Trust		23,663		438,475
Hospitality Properties Trust		102,788		2,740,328
Host Hotels & Resorts, Inc.		463,804		8,376,300




	Shares		Value

MGM Growth Properties LLC Class A		54,964	$	1,703,884
Park Hotels & Resorts, Inc.		125,775		3,782,054
Pebblebrook Hotel Trust		81,533		2,613,133
RLJ Lodging Trust		109,643		2,033,878
Ryman Hospitality Properties, Inc.		28,887		2,321,070
Summit Hotel Properties, Inc.		66,601		743,933
Sunstone Hotel Investors, Inc.		142,756		2,041,411
Xenia Hotels & Resorts, Inc.		70,032		1,314,501

				34,159,923

Industrial REIT’s – 6.9%
Americold Realty Trust		59,944		1,757,558
Duke Realty Corp.		223,409		6,532,479
EastGroup Properties, Inc.		22,038		2,280,052
First Industrial Realty Trust, Inc.		78,789		2,577,976
Hannon Armstrong Sustainable
Infrastructure Capital, Inc.		34,085		769,980
Industrial Logistics Properties Trust		40,454		869,356
Monmouth Real Estate Investment Corp. Class A		53,455		734,472
Prologis, Inc.		393,900		27,242,124
Rexford Industrial Realty, Inc.		57,093		1,918,325
STAG Industrial, Inc.		65,326		1,801,038
Terreno Realty Corp.		36,552		1,474,508

				47,957,868

Office REIT’s – 9.9%
Alexandria Real Estate Equities, Inc.		66,154		8,713,143
Boston Properties, Inc.		96,636		12,743,389
Brandywine Realty Trust		111,710		1,681,235
Columbia Property Trust, Inc.		73,815		1,629,097
Corporate Office Properties Trust		64,607		1,595,147
Cousins Properties, Inc.		259,238		2,294,256
Douglas Emmett, Inc.		100,966		3,819,544
Easterly Government Properties, Inc.		37,848		679,750
Equity Commonwealth		75,975		2,458,551
Franklin Street Properties Corp.		68,330		507,009
Highwoods Properties, Inc.		64,709		2,867,903
Hudson Pacific Properties, Inc.		97,981		3,181,443
JBG SMITH Properties		71,492		2,763,166
Kilroy Realty Corp.		62,898		4,431,793
Mack-Cali Realty Corp.		56,551		1,164,951
NorthStar Realty Europe Corp.		28,205		473,562
Office Properties Income Trust		28,188		902,862
Paramount Group, Inc.		135,399		1,960,578
Piedmont Office Realty Trust, Inc. Class A		80,287		1,554,356
SL Green Realty Corp.		54,138		5,003,975
Tier REIT, Inc.		32,046		753,081
Vornado Realty Trust		107,085		7,486,312

				68,665,103

Residential REIT’s – 13.8%
American Campus Communities, Inc.		85,690		3,943,454

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



		61		*Semiannual Report*

Fidelity MSCI Real Estate Index ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Residential REIT’s – continued
American Homes 4 Rent Class A		166,259	$	3,675,986
Apartment Investment & Management Co. Class A		98,399		4,872,718
AvalonBay Communities, Inc.		86,483		16,684,300
Camden Property Trust		58,036		5,626,590
Equity Lifestyle Properties, Inc.		52,945		5,605,817
Equity Residential		230,436		16,720,436
Essex Property Trust, Inc.		41,319		11,205,713
Front Yard Residential Corp.		32,469		351,315
Independence Realty Trust, Inc.		55,495		579,923
Investors Real Estate Trust		7,576		445,999
Invitation Homes, Inc.		195,294		4,392,162
Mid-America Apartment Communities, Inc.		71,184		7,209,516
NexPoint Residential Trust, Inc.		11,693		437,435
Preferred Apartment Communities, Inc. Class A		25,489		405,275
Sun Communities, Inc.		50,718		5,574,415
UDR, Inc.		167,396		7,323,575
UMH Properties, Inc.		21,258		298,250

				95,352,879

Retail REIT’s – 14.6%
Acadia Realty Trust		50,972		1,464,426
Agree Realty Corp.		19,386		1,280,058
Alexander’s, Inc.		1,441		479,939
American Finance Trust, Inc.		33,707		437,854
Brixmor Property Group, Inc.		189,229		3,241,493
Brookfield Property REIT, Inc. Class A		98,629		1,795,048
CBL & Associates Properties, Inc.		109,655		273,041
Cedar Realty Trust, Inc.		58,124		202,853
Federal Realty Investment Trust		45,950		6,091,591
Getty Realty Corp.		21,385		685,603
Kimco Realty Corp.		263,536		4,482,747
Kite Realty Group Trust		52,680		876,068
National Retail Properties, Inc.		98,195		5,175,858
Pennsylvania Real Estate Investment Trust		44,484		327,847
Realty Income Corp.		181,485		12,466,205
Regency Centers Corp.		95,439		6,203,535
Retail Opportunity Investments Corp.		70,758		1,243,218
Retail Properties of America, Inc. Class A		137,316		1,735,674
Retail Value, Inc.		9,610		292,240
RPT Realty		49,712		650,730
Saul Centers, Inc.		8,605		455,721
Seritage Growth Properties, Class A		21,253		854,583
Simon Property Group, Inc.		193,480		35,236,578
SITE Centers Corp.		96,792		1,265,071
Spirit MTA REIT		27,246		213,064




	Shares		Value
Spirit Realty Capital, Inc.		52,857	$	2,099,480
Tanger Factory Outlet Centers, Inc.		57,909		1,317,430
Taubman Centers, Inc.		38,147		1,899,721
The Macerich Co.		66,172		3,054,500
Urban Edge Properties		71,339		1,456,742
Urstadt Biddle Properties, Inc. Class A		18,785		402,375
Washington Prime Group, Inc.		117,371		666,667
Weingarten Realty Investors		76,108		2,183,539
Whitestone REIT		22,725		322,240

				100,833,739

Specialized REIT’s – 31.4%
American Tower Corp.		275,842		47,676,531
CatchMark Timber Trust, Inc. Class A		31,363		288,226
CoreCivic, Inc.		74,181		1,473,976
CoreSite Realty Corp.		21,552		2,129,122
Crown Castle International Corp.		259,571		30,385,381
CubeSmart		116,228		3,597,257
CyrusOne, Inc.		61,974		3,358,991
Digital Realty Trust, Inc.		128,958		13,971,310
EPR Properties		46,488		3,396,413
Equinix, Inc.		49,750		19,601,500
Extra Space Storage, Inc.		79,102		7,800,248
Four Corners Property Trust, Inc.		41,218		1,163,996
Gaming and Leisure Properties, Inc.		127,010		4,762,875
InfraREIT, Inc.		27,333		576,726
Iron Mountain, Inc.		169,966		6,322,735
Lamar Advertising Co. Class A		52,930		3,940,639
Life Storage, Inc.		29,150		2,864,571
National Storage Affiliates Trust		35,367		1,029,180
Outfront Media, Inc.		87,114		1,807,616
PotlatchDeltic Corp.		40,293		1,486,006
Public Storage		98,120		20,852,462
QTS Realty Trust, Inc. Class A		32,005		1,347,731
Rayonier, Inc.		80,967		2,464,636
SBA Communications Corp. (a)		71,861		13,116,788
The Geo Group, Inc.		76,002		1,713,845
Uniti Group, Inc. (a)		104,396		2,078,524
VICI Properties, Inc.		231,487		4,983,915
Weyerhaeuser Co.		474,094		12,440,227

				216,631,427


TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)				665,433,749


REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.6%
Diversified Real Estate Activities – 0.2%
Five Point Holdings LLC Class A (a)		37,833		290,179
Tejon Ranch Co. (a)		13,688		257,608
The RMR Group, Inc. Class A		3,853		254,337
The St Joe Co. (a)		23,197		360,945

				1,163,069

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



*Semiannual Report*		62


Common Stocks – continued

	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT – continued
Real Estate Development – 0.4%
Forestar Group, Inc. (a)		6,466	$	103,521
The Howard Hughes Corp. (a)		25,564		2,838,626

				2,942,147

Real Estate Operating Companies – 0.3%
FRP Holdings, Inc. (a)		4,519		229,204
Kennedy-Wilson Holdings, Inc.		81,179		1,622,768

				1,851,972

Real Estate Services – 2.7%
Altisource Portfolio Solutions S.A. (a)		7,113		168,436
CBRE Group, Inc. Class A (a)		202,007		9,241,820
Cushman & Wakefield PLC (a)		34,109		588,039
eXp World Holdings, Inc. (a)		14,899		162,995
HFF, Inc. Class A		23,383		968,524
Jones Lang LaSalle, Inc.		28,512		4,088,906
Marcus & Millichap, Inc. (a)		12,164		481,694
Newmark Group, Inc. Class A		78,613		821,506
RE/MAX Holdings, Inc. Class A		11,304		471,603
Realogy Holdings Corp.		77,849		1,381,820
Redfin Corp. (a)		31,058		555,628

				18,930,971


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				24,888,159


TOTAL COMMON STOCKS (Cost $686,909,779)				690,321,908


Money Market Funds – 0.1%

	Shares		Value

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.26% (b) (Cost $549,403)		549,403	$	549,403


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $687,459,182)				690,871,311

NET OTHER ASSETS (LIABILITIES) – 0.0%				123,383


NET ASSETS – 100.0%			$	690,994,694

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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



		63		*Semiannual Report*

Fidelity MSCI Utilities Index ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value

ELECTRIC UTILITIES – 55.7%
Electric Utilities – 55.7%
ALLETE, Inc.		32,651	$	2,512,168
Alliant Energy Corp.		148,605		6,608,464
American Electric Power Co., Inc.		313,274		24,786,239
Duke Energy Corp.		452,721		39,739,849
Edison International		207,062		11,796,322
El Paso Electric Co.		25,874		1,358,903
Entergy Corp.		114,939		10,251,409
Evergy, Inc.		172,666		9,897,215
Eversource Energy		201,389		13,978,411
Exelon Corp.		613,859		29,317,906
FirstEnergy Corp.		308,879		12,108,057
Hawaiian Electric Industries, Inc.		69,229		2,574,627
IDACORP, Inc.		32,038		3,123,705
MGE Energy, Inc.		22,040		1,417,392
NextEra Energy, Inc.		299,726		53,644,960
OGE Energy Corp.		126,857		5,194,794
Otter Tail Corp.		22,694		1,099,524
Pinnacle West Capital Corp.		71,119		6,267,006
PNM Resources, Inc.		50,642		2,156,843
Portland General Electric Co.		56,732		2,741,290
PPL Corp.		444,596		13,924,747
The Southern Co.		644,510		31,323,186
Xcel Energy, Inc.		323,539		16,940,502


TOTAL ELECTRIC UTILITIES				302,763,519


GAS UTILITIES – 5.5%
Gas Utilities – 5.5%
Atmos Energy Corp.		70,633		6,895,900
Chesapeake Utilities Corp.		10,419		943,649
National Fuel Gas Co.		49,179		2,817,957
New Jersey Resources Corp.		56,120		2,721,820
Northwest Natural Holding Co.		18,315		1,146,519
ONE Gas, Inc.		33,392		2,743,153
South Jersey Industries, Inc.		54,372		1,619,198
Southwest Gas Holdings, Inc.		31,246		2,447,187
Spire, Inc.		32,215		2,556,904
UGI Corp.		110,431		6,297,880


TOTAL GAS UTILITIES				30,190,167


INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 4.7%
Independent Power Producers & Energy Traders – 3.9%
AES Corp.		420,605		6,893,716
Clearway Energy, Inc. Class A		21,977		323,062
Clearway Energy, Inc. Class B		44,028		664,382
NRG Energy, Inc.		192,857		7,889,780
Vistra Energy Corp. (a)		214,110		5,376,302

				21,147,242



	Shares		Value

Renewable Electricity – 0.8%
NextEra Energy Partners LP		34,537	$	1,387,006
Ormat Technologies, Inc.		24,141		1,393,177
Pattern Energy Group, Inc. Class A		53,015		1,128,159
TerraForm Power, Inc. Class A		39,744		472,159

				4,380,501


TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS				25,527,743


MULTI-UTILITIES – 30.2%
Multi-Utilities – 30.2%
Ameren Corp.		155,093		10,754,149
Avista Corp.		41,768		1,747,991
Black Hills Corp.		34,074		2,313,284
CenterPoint Energy, Inc.		312,745		9,670,075
CMS Energy Corp.		180,023		9,386,399
Consolidated Edison, Inc.		197,715		15,352,570
Dominion Energy, Inc.		476,126		33,443,090
DTE Energy Co.		115,522		13,602,715
MDU Resources Group, Inc.		118,399		3,044,038
NiSource, Inc.		230,585		6,290,359
NorthWestern Corp.		31,989		2,044,417
Public Service Enterprise Group, Inc.		321,147		17,518,569
Sempra Energy		173,789		20,329,837
Unitil Corp.		9,411		493,701
Vectren Corp.		52,820		3,823,112
WEC Energy Group, Inc.		200,529		14,644,633


TOTAL MULTI-UTILITIES				164,458,939


WATER UTILITIES – 3.8%
Water Utilities – 3.8%
American States Water Co.		23,360		1,581,939
American Water Works Co., Inc.		114,707		10,974,019
Aqua America, Inc.		112,964		3,959,388
AquaVenture Holdings Ltd. (a)		7,545		158,671
California Water Service Group		30,568		1,513,727
Connecticut Water Service, Inc.		7,622		517,076
Middlesex Water Co.		10,444		586,953
SJW Group		14,789		886,601
The York Water Co.		8,173		268,892


TOTAL WATER UTILITIES				20,447,266


TOTAL COMMON STOCKS (Cost $518,302,119)				543,387,634

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



*Semiannual Report*		64


Money Market Funds – 0.1%

	Shares		Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.26% (b) (Cost $264,405)		264,405	$	264,405


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $518,566,524)				543,652,039

NET OTHER ASSETS (LIABILITIES) – 0.0%				228,557


NET ASSETS – 100.0%			$	543,880,596

Legend

(a)

Non-income producing.

(b)

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

Investment Valuation

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



		65		*Semiannual Report*

Financial Statements


Statements of Assets and Liabilities

January 31, 2019 (Unaudited)

	Fidelity MSCI Communication Services Index ETF		Fidelity MSCI Consumer Discretionary Index ETF		Fidelity MSCI Consumer Staples Index ETF			Fidelity MSCI Energy Index ETF

Assets

Investments in securities, at value – See accompanying schedule	$	283,982,085	$	603,120,416	$	420,300,168		$	472,017,185

Cash		—		—		—			—

Receivable for investments sold		2,868,056		2,359,385		4,089,947			250,084

Receivable for fund shares sold		—		—		—			—

Dividends receivable		509,734		272,274		662,259			402,896

Interest receivable		369		768		579			703


Total assets		287,360,244		605,752,843		425,052,953			472,670,868


Liabilities

Payable for investments purchased		3,415,904		2,367,033		4,291,119			242,263

Accrued management fees		17,546		40,950		28,678			31,987


Total liabilities		3,433,450		2,407,983		4,319,797			274,250


Net Assets	$	283,926,794	$	603,344,860	$	420,733,156		$	472,396,618


Net Assets consist of:

Paid in capital		279,773,304		576,244,486		446,070,884			616,815,293

Total distributable earnings (loss)		4,153,490		27,100,374		(25,337,728	)		(144,418,675	)


Net Assets	$	283,926,794	$	603,344,860	$	420,733,156		$	472,396,618


Shares outstanding		9,050,000		14,300,000		13,100,000			27,100,000


Net Asset Value, offering price and redemption price per share	$	31.37	$	42.19	$	32.12		$	17.43


Investments at cost	$	273,434,327	$	633,763,601	$	443,487,546		$	577,191,472

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



*Semiannual Report*		66


Statements of Assets and Liabilities

January 31, 2019 (Unaudited)

	Fidelity MSCI Financials Index ETF		Fidelity MSCI Health Care Index ETF		Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF

Assets

Investments in securities, at value – See accompanying schedule	$	1,129,964,803	$	1,605,977,728	$	384,750,360		$	1,919,744,521

Cash		3,629		—		77,683			—

Receivable for investments sold		—		—		—			—

Receivable for fund shares sold		—		—		—			—

Dividends receivable		1,398,564		2,241,516		184,836			442,654

Interest receivable		1,391		3,446		517			3,271


Total assets		1,131,368,387		1,608,222,690		385,013,396			1,920,190,446


Liabilities

Payable for investments purchased		—		—		—			308,586

Accrued management fees		76,763		106,223		25,622			128,124


Total liabilities		76,763		106,223		25,622			436,710


Net Assets	$	1,131,291,624	$	1,608,116,467	$	384,987,774		$	1,919,753,736


Net Assets consist of:

Paid in capital		1,097,972,875		1,458,463,309		401,439,211			1,631,771,190

Total distributable earnings (loss)		33,318,749		149,653,158		(16,451,437	)		287,982,546


Net Assets	$	1,131,291,624	$	1,608,116,467	$	384,987,774		$	1,919,753,736


Shares outstanding		29,950,000		36,750,000		10,550,000			36,050,000


Net Asset Value, offering price and redemption price per share	$	37.77	$	43.76	$	36.49		$	53.25


Investments at cost	$	1,154,907,369	$	1,476,636,688	$	413,189,612		$	1,806,699,287

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



		67		*Semiannual Report*

Financial Statements – continued


Statements of Assets and Liabilities

January 31, 2019 (Unaudited)

	Fidelity MSCI Materials Index ETF			Fidelity MSCI Real Estate Index ETF			Fidelity MSCI Utilities Index ETF

Assets

Investments in securities, at value – See accompanying schedule	$	165,885,120		$	690,871,311		$	543,652,039

Cash		—			—			—

Receivable for investments sold		—			—			—

Receivable for fund shares sold		—			—			4,073

Dividends receivable		96,854			487,675			259,374

Interest receivable		190			835			606


Total assets		165,982,164			691,359,821			543,916,092


Liabilities

Payable for investments purchased		—			322,829			—

Accrued management fees		11,135			42,298			35,496


Total liabilities		11,135			365,127			35,496


Net Assets	$	165,971,029		$	690,994,694		$	543,880,596


Net Assets consist of:

Paid in capital		195,014,450			695,236,456			528,567,669

Total distributable earnings (loss)		(29,043,421	)		(4,241,762	)		15,312,927


Net Assets	$	165,971,029		$	690,994,694		$	543,880,596


Shares outstanding		5,450,000			27,650,000			15,050,000


Net Asset Value, offering price and redemption price per share	$	30.45		$	24.99		$	36.14


Investments at cost	$	190,565,595		$	687,459,182		$	518,566,524

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



*Semiannual Report*		68


Statements of Operations

For the six months ended January 31, 2019 (Unaudited)

	Fidelity MSCI Communication Services Index ETF			Fidelity MSCI Consumer Discretionary Index ETF			Fidelity MSCI Consumer Staples Index ETF			Fidelity MSCI Energy Index ETF

Investment Income

Dividends	$	2,352,110		$	4,056,597		$	5,942,932		$	7,627,413

Non-Cash dividends		—			—			—			—

Interest		1,736			4,318			2,947			3,520


Total income		2,353,846			4,060,915			5,945,879			7,630,933


Expenses

Management fees		74,700			277,113			164,688			218,435

Independent trustees’ compensation		477			2,064			1,110			1,764


Total expenses		75,177			279,177			165,798			220,199


Net investment income (loss)		2,278,669			3,781,738			5,780,081			7,410,734


Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities		(18,279,937	)		(11,159,589	)		(7,030,941	)		(6,062,349	)

Net realized gain (loss) on In-kind redemptions		21,039,880			76,111,305			13,065,886			10,031,406

Net realized gain (loss) on foreign currency transactions		—			—			—			—


Total net realized gain (loss)		2,759,943			64,951,716			6,034,945			3,969,057


Change in net unrealized appreciation (depreciation) on investment securities		11,451,899			(96,559,284	)		(21,730,207	)		(118,379,290	)


Net gain (loss)		14,211,842			(31,607,568	)		(15,695,262	)		(114,410,233	)


Net increase (decrease) in net assets resulting from operations	$	16,490,511		$	(27,825,830	)	$	(9,915,181	)	$	(106,999,499	)

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



		69		*Semiannual Report*

Financial Statements – continued


Statements of Operations

For the six months ended January 31, 2019 (Unaudited)

	Fidelity MSCI Financials Index ETF			Fidelity MSCI Health Care Index ETF			Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF

Investment Income

Dividends	$	16,442,007		$	11,749,917		$	4,146,941		$	13,676,443

Non-Cash dividends		—			—			—			—

Interest		9,408			12,534			3,384			15,671


Total income		16,451,415			11,762,451			4,150,325			13,692,114


Expenses

Management fees		555,454			621,230			182,080			895,520

Independent trustees’ compensation		4,501			4,395			1,460			6,880


Total expenses		559,955			625,625			183,540			902,400


Net investment income (loss)		15,891,460			11,136,826			3,966,785			12,789,714


Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities		(2,095,615	)		3,115,229			(977,109	)		(26,289,329	)

Net realized gain (loss) on In-kind redemptions		65,610,315			46,708,074			18,525,418			205,842,754

Net realized gain (loss) on foreign currency transactions		—			—			(28	)		—


Total net realized gain (loss)		63,514,700			49,823,303			17,548,281			179,553,425


Change in net unrealized appreciation (depreciation) on investment securities		(189,968,645	)		(56,862,149	)		(58,649,573	)		(333,630,946	)


Net gain (loss)		(126,453,945	)		(7,038,846	)		(41,101,292	)		(154,077,521	)


Net increase (decrease) in net assets resulting from operations	$	(110,562,485	)	$	4,097,980		$	(37,134,507	)	$	(141,287,807	)

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



*Semiannual Report*		70


Statements of Operations

For the six months ended January 31, 2019 (Unaudited)

	Fidelity MSCI Materials Index ETF			Fidelity MSCI Real Estate Index ETF			Fidelity MSCI Utilities Index ETF

Investment Income

Dividends	$	2,100,390		$	17,963,591		$	6,967,397

Non-Cash dividends		—			3,553,936			—

Interest		1,580			5,441			3,069


Total income		2,101,970			21,522,968			6,970,466


Expenses

Management fees		85,510			255,364			178,826

Independent trustees’ compensation		719			1,743			1,189


Total expenses		86,229			257,107			180,015


Net investment income (loss)		2,015,741			21,265,861			6,790,451


Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities		(3,598,512	)		(13,818,093	)		(15,330,331	)

Net realized gain (loss) on In-kind redemptions		2,076,590			9,086,615			9,093,082

Net realized gain (loss) on foreign currency transactions		—			—			—


Total net realized gain (loss)		(1,521,922	)		(4,731,478	)		(6,237,249	)


Change in net unrealized appreciation (depreciation) on investment securities		(28,694,595	)		4,460,306			19,693,552


Net gain (loss)		(30,216,517	)		(271,172	)		13,456,303


Net increase (decrease) in net assets resulting from operations	$	(28,200,776	)	$	20,994,689		$	20,246,754

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



		71		*Semiannual Report*

Financial Statements – continued


Statements of Changes in Net Assets


	Fidelity MSCI Communication Services Index ETF						Fidelity MSCI Consumer Discretionary Index ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	2,278,669		$	3,290,433		$	3,781,738		$	4,992,534
Net realized gain (loss)		2,759,943			(6,057,475	)		64,951,716			20,090,016
Change in net unrealized appreciation (depreciation)		11,451,899			(2,938,405	)		(96,559,284	)		51,964,275


Net increase (decrease) in net assets resulting from operations		16,490,511			(5,705,447	)		(27,825,830	)		77,046,825


Distributions to shareholders		(1,792,050	)		—			(4,093,050	)		—

Distributions to shareholders from net investment income		—			(3,739,800	)		—			(4,460,400	)

Distributions to shareholders from net realized gain		—			(4,815,000	)		—			—


Total distributions		(1,792,050	)		(8,554,800	)		(4,093,050	)		(4,460,400	)


Share transactions
Proceeds from sales of shares		233,926,510			43,402,418			416,832,503			339,614,391
Cost of shares redeemed		(89,802,506	)		(19,855,848	)		(409,697,699	)		(77,985,154	)


Net increase (decrease) in net assets resulting from share transactions		144,124,004			23,546,570			7,134,804			261,629,237


Total increase (decrease) in net assets		158,822,465			9,286,323			(24,784,076	)		334,215,662

Net Assets
Beginning of period		125,104,329			115,818,006			628,128,936			293,913,274

End of period	$	283,926,794		$	125,104,329		$	603,344,860		$	628,128,936


Undistributed net investment income end of period				$	—					$	564,653


Other Information

Shares
Sold		7,650,000			1,450,000			9,850,000			8,300,000
Redeemed		(2,950,000	)		(650,000	)		(10,050,000	)		(1,950,000	)


Net increase (decrease)		4,700,000			800,000			(200,000	)		6,350,000

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



*Semiannual Report*		72


Statements of Changes in Net Assets

	Fidelity MSCI Consumer Staples Index ETF						Fidelity MSCI Energy Index ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	5,780,081		$	7,773,755		$	7,410,734		$	12,452,967
Net realized gain (loss)		6,034,945			4,056,608			3,969,057			4,956,194
Change in net unrealized appreciation (depreciation)		(21,730,207	)		(15,759,124	)		(118,379,290	)		72,468,715


Net increase (decrease) in net assets resulting from operations		(9,915,181	)		(3,928,761	)		(106,999,499	)		89,877,876


Distributions to shareholders		(5,663,000	)		—			(7,144,200	)		—

Distributions to shareholders from net investment income		—			(7,829,600	)		—			(14,924,250	)

Distributions to shareholders from net realized gain		—			—			—			—


Total distributions		(5,663,000	)		(7,829,600	)		(7,144,200	)		(14,924,250	)


Share transactions
Proceeds from sales of shares		307,224,773			130,886,159			80,864,543			241,918,899
Cost of shares redeemed		(182,883,648	)		(119,506,985	)		(128,481,565	)		(114,025,758	)


Net increase (decrease) in net assets resulting from share transactions		124,341,125			11,379,174			(47,617,022	)		127,893,141


Total increase (decrease) in net assets		108,762,944			(379,187	)		(161,760,721	)		202,846,767

Net Assets
Beginning of period		311,970,212			312,349,399			634,157,339			431,310,572

End of period	$	420,733,156		$	311,970,212		$	472,396,618		$	634,157,339


Undistributed net investment income end of period				$	441,897					$	108,312


Other Information

Shares
Sold		9,250,000			3,950,000			4,450,000			11,950,000
Redeemed		(5,800,000	)		(3,700,000	)		(6,850,000	)		(5,900,000	)


Net increase (decrease)		3,450,000			250,000			(2,400,000	)		6,050,000

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



		73		*Semiannual Report*

Financial Statements – continued


Statements of Changes in Net Assets

	Fidelity MSCI Financials Index ETF						Fidelity MSCI Health Care Index ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	15,891,460		$	24,531,797		$	11,136,826		$	14,114,050
Net realized gain (loss)		63,514,700			16,645,069			49,823,303			12,112,875
Change in net unrealized appreciation (depreciation)		(189,968,645	)		77,031,496			(56,862,149	)		115,426,631


Net increase (decrease) in net assets resulting from operations		(110,562,485	)		118,208,362			4,097,980			141,653,556


Distributions to shareholders		(14,384,200	)		—			(21,328,550	)		—

Distributions to shareholders from net investment income		—			(24,296,050	)		—			(14,186,300	)

Distributions to shareholders from net realized gain		—			—			—			—


Total distributions		(14,384,200	)		(24,296,050	)		(21,328,550	)		(14,186,300	)


Share transactions
Proceeds from sales of shares		49,259,316			640,258,002			534,984,758			381,928,886
Cost of shares redeemed		(367,396,171	)		(81,473,733	)		(162,264,065	)		(75,479,520	)


Net increase (decrease) in net assets resulting from share transactions		(318,136,855	)		558,784,269			372,720,693			306,449,366


Total increase (decrease) in net assets		(443,083,540	)		652,696,581			355,490,123			433,916,622

Net Assets
Beginning of period		1,574,375,164			921,678,583			1,252,626,344			818,709,722

End of period	$	1,131,291,624		$	1,574,375,164		$	1,608,116,467		$	1,252,626,344


Undistributed net investment income end of period				$	774,481					$	1,007,564


Other Information

Shares
Sold		1,300,000			15,500,000			12,000,000			9,200,000
Redeemed		(9,700,000	)		(2,100,000	)		(3,900,000	)		(1,850,000	)


Net increase (decrease)		(8,400,000	)		13,400,000			8,100,000			7,350,000

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



*Semiannual Report*		74


Statements of Changes in Net Assets

	Fidelity MSCI Industrials Index ETF						Fidelity MSCI Information Technology Index ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	3,966,785		$	7,584,299		$	12,789,714		$	16,370,825
Net realized gain (loss)		17,548,281			41,849,210			179,553,425			45,773,020
Change in net unrealized appreciation (depreciation)		(58,649,573	)		(3,898,668	)		(333,630,946	)		283,376,693


Net increase (decrease) in net assets resulting from operations		(37,134,507	)		45,534,841			(141,287,807	)		345,520,538


Distributions to shareholders		(3,944,250	)		—			(12,562,800	)		—

Distributions to shareholders from net investment income		—			(8,096,400	)		—			(16,100,150	)

Distributions to shareholders from net realized gain		—			—			—			—


Total distributions		(3,944,250	)		(8,096,400	)		(12,562,800	)		(16,100,150	)


Share transactions
Proceeds from sales of shares		32,630,692			277,231,538			462,411,216			997,961,581
Cost of shares redeemed		(106,388,330	)		(169,431,317	)		(612,060,710	)		(114,171,616	)


Net increase (decrease) in net assets resulting from share transactions		(73,757,638	)		107,800,221			(149,649,494	)		883,789,965


Total increase (decrease) in net assets		(114,836,395	)		145,238,662			(303,500,101	)		1,213,210,353

Net Assets
Beginning of period		499,824,169			354,585,507			2,223,253,837			1,010,043,484

End of period	$	384,987,774		$	499,824,169		$	1,919,753,736		$	2,223,253,837


Undistributed net investment income end of period				$	—					$	821,764


Other Information

Shares
Sold		850,000			7,050,000			8,250,000			18,950,000
Redeemed		(2,950,000	)		(4,550,000	)		(11,650,000	)		(2,200,000	)


Net increase (decrease)		(2,100,000	)		2,500,000			(3,400,000	)		16,750,000

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



		75		*Semiannual Report*

Financial Statements – continued


Statements of Changes in Net Assets

	Fidelity MSCI Materials Index ETF						Fidelity MSCI Real Estate Index ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	2,015,741		$	4,530,500		$	21,265,861		$	12,395,820
Net realized gain (loss)		(1,521,922	)		26,146,321			(4,731,478	)		6,144,538
Change in net unrealized appreciation (depreciation)		(28,694,595	)		(9,852,001	)		4,460,306			(1,906,166	)


Net increase (decrease) in net assets resulting from operations		(28,200,776	)		20,824,820			20,994,689			16,634,192


Distributions to shareholders		(2,049,800	)		—			(19,336,200	)		—

Distributions to shareholders from net investment income		—			(4,793,700	)		—			(14,778,500	)

Distributions to shareholders from net realized gain		—			—			—			—


Total distributions		(2,049,800	)		(4,793,700	)		(19,336,200	)		(14,778,500	)


Share transactions
Proceeds from sales of shares		9,623,190			184,983,722			373,649,609			258,852,360
Cost of shares redeemed		(78,829,773	)		(147,517,961	)		(186,660,884	)		(150,898,104	)


Net increase (decrease) in net assets resulting from share transactions		(69,206,583	)		37,465,761			186,988,725			107,954,256


Total increase (decrease) in net assets		(99,457,159	)		53,496,881			188,647,214			109,809,948

Net Assets
Beginning of period		265,428,188			211,931,307			502,347,480			392,537,532

End of period	$	165,971,029		$	265,428,188		$	690,994,694		$	502,347,480


Undistributed net investment income end of period				$	54,098					$	—


Other Information

Shares
Sold		300,000			5,350,000			15,400,000			10,700,000
Redeemed		(2,500,000	)		(4,400,000	)		(8,100,000	)		(6,350,000	)


Net increase (decrease)		(2,200,000	)		950,000			7,300,000			4,350,000

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



*Semiannual Report*		76


Statements of Changes in Net Assets

	Fidelity MSCI Utilities Index ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	6,790,451		$	9,569,751
Net realized gain (loss)		(6,237,249	)		7,245,336
Change in net unrealized appreciation (depreciation)		19,693,552			(7,076,756	)


Net increase (decrease) in net assets resulting from operations		20,246,754			9,738,331


Distributions to shareholders		(6,480,900	)		—

Distributions to shareholders from net investment income		—			(9,603,500	)

Distributions to shareholders from net realized gain		—			—


Total distributions		(6,480,900	)		(9,603,500	)


Share transactions
Proceeds from sales of shares		259,785,690			151,290,619
Cost of shares redeemed		(65,943,950	)		(92,301,442	)


Net increase (decrease) in net assets resulting from share transactions		193,841,740			58,989,177


Total increase (decrease) in net assets		207,607,594			59,124,008

Net Assets
Beginning of period		336,273,002			277,148,994

End of period	$	543,880,596		$	336,273,002


Undistributed net investment income end of period				$	—


Other Information

Shares
Sold		7,250,000			4,400,000
Redeemed		(1,850,000	)		(2,750,000	)


Net increase (decrease)		5,400,000			1,650,000

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



		77		*Semiannual Report*

Financial Statements – continued


Financial Highlights

	Fidelity MSCI Communication Services Index ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A

Selected Per-Share Data

Net asset value, beginning of period	$	28.76		$	32.62		$	32.10		$	26.86		$	26.98		$	25.26


Income from Investment Operations
Net investment income (loss)^B		0.39			0.85			0.80			0.78			0.78			0.72
Net realized and unrealized gain (loss)		2.55			(2.43	)		0.62			5.11			(0.09	)		1.42

Total from investment operations		2.94			(1.58	)		1.42			5.89			0.69			2.14


Distributions from net investment income		(0.33	)		(1.00	)		(0.90	)		(0.65	)		(0.81	)		(0.42	)

Distributions from net realized gain		—			(1.28	)		—			—			—			—

Total distributions		(0.33	)		(2.28	)		(0.90	)		(0.65	)		(0.81	)		(0.42	)


Net asset value, end of period	$	31.37		$	28.76		$	32.62		$	32.10		$	26.86		$	26.98


Total Return^C		10.30	%		(5.14	)%		4.58	%		22.36	%		2.56	%		8.57	%

Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		2.55	%^E		2.81	%		2.55	%		2.74	%		2.89	%		3.51	%^E

Supplemental Data
Net assets, end of period (000 omitted)	$	283,927		$	125,104		$	115,818		$	174,940		$	81,908		$	67,447
Portfolio turnover rate^F,G		80	%^H		38	%		27	%		26	%		23	%		21	%^H

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

Calculated based on average shares outstanding during the period.

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

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

Annualized.

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

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

Amount not annualized.

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



*Semiannual Report*		78


Financial Highlights

	Fidelity MSCI Consumer Discretionary Index ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A

Selected Per-Share Data

Net asset value, beginning of period	$	43.32		$	36.06		$	31.99		$	32.06		$	26.58		$	25.17


Income from Investment Operations
Net investment income (loss)^B		0.24			0.47			0.50			0.43			0.37			0.25
Net realized and unrealized gain (loss)		(1.10	)		7.20			4.07			(0.06	)		5.43			1.38

Total from investment operations		(0.86	)		7.67			4.57			0.37			5.80			1.63


Distributions from net investment income		(0.27	)		(0.41	)		(0.50	)		(0.44	)		(0.32	)		(0.22	)

Total distributions		(0.27	)		(0.41	)		(0.50	)		(0.44	)		(0.32	)		(0.22	)


Net asset value, end of period	$	42.19		$	43.32		$	36.06		$	31.99		$	32.06		$	26.58


Total Return^C		(1.95	)%		21.36	%		14.41	%		1.25	%		21.93	%		6.47	%

Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		1.14	%^E		1.16	%		1.49	%		1.41	%		1.25	%		1.20	%^E

Supplemental Data
Net assets, end of period (000 omitted)	$	603,345		$	628,129		$	293,913		$	262,322		$	299,794		$	75,741
Portfolio turnover rate^F,G		17	%^H		5	%		7	%		5	%		8	%		5	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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



		79		*Semiannual Report*

Financial Statements – continued


Financial Highlights

	Fidelity MSCI Consumer Staples Index ETF

	Six months ended
	January 31, 2019			Year ended			Year ended			Year ended			Year ended			Year ended
	(Unaudited)			July 31, 2018			July 31, 2017			July 31, 2016			July 31, 2015			July 31, 2014^A

Selected Per-Share Data

Net asset value, beginning of period	$	32.33		$	33.23		$	32.82		$	30.31		$	26.16		$	25.00


Income from Investment Operations
Net investment income (loss)^B		0.48			0.86			0.83			0.75			0.77			0.52
Net realized and unrealized gain (loss)		(0.23	)		(0.88	)		0.40			2.56			4.16			1.09

Total from investment operations		0.25			(0.02	)		1.23			3.31			4.93			1.61


Distributions from net investment income		(0.46	)		(0.88	)		(0.82	)		(0.80	)		(0.78	)		(0.45	)

Total distributions		(0.46	)		(0.88	)		(0.82	)		(0.80	)		(0.78	)		(0.45	)


Net asset value, end of period	$	32.12		$	32.33		$	33.23		$	32.82		$	30.31		$	26.16


Total Return^C		0.81	%		(0.06	)%		3.82	%		11.18	%		19.00	%		6.42	%

Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		2.95	%^E		2.65	%		2.56	%		2.45	%		2.63	%		2.51	%^E

Supplemental Data
Net assets, end of period (000 omitted)	$	420,733		$	311,970		$	312,349		$	285,504		$	204,596		$	73,244
Portfolio turnover rate^F,G		17	%^H		24	%		11	%		10	%		10	%		3	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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



*Semiannual Report*		80


Financial Highlights

	Fidelity MSCI Energy Index ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A

Selected Per-Share Data

Net asset value, beginning of period	$	21.50		$	18.39		$	19.03		$	19.72		$	27.97		$	24.98


Income from Investment Operations
Net investment income (loss)^B		0.27			0.47			0.57			0.50			0.57			0.38
Net realized and unrealized gain (loss)		(4.08	)		3.22			(0.73	)		(0.69	)		(8.31	)		2.89

Total from investment operations		(3.81	)		3.69			(0.16	)		(0.19	)		(7.74	)		3.27


Distributions from net investment income		(0.26	)		(0.58	)		(0.48	)		(0.50	)		(0.51	)		(0.28	)

Total distributions		(0.26	)		(0.58	)		(0.48	)		(0.50	)		(0.51	)		(0.28	)


Net asset value, end of period	$	17.43		$	21.50		$	18.39		$	19.03		$	19.72		$	27.97


Total Return^C		(17.72	)%		20.52	%		(0.96	)%		(0.75	)%		(27.95	)%		13.16	%

Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		2.82	%^E		2.40	%		2.91	%		2.74	%		2.47	%		1.76	%^E

Supplemental Data
Net assets, end of period (000 omitted)	$	472,397		$	634,157		$	431,311		$	430,039		$	256,399		$	145,425
Portfolio turnover rate^F,G		3	%^H		5	%		10	%		19	%		8	%		4	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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



		81		*Semiannual Report*

Financial Statements – continued


Financial Highlights

	Fidelity MSCI Financials Index ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A

Selected Per-Share Data

Net asset value, beginning of period	$	41.05		$	36.94		$	28.61		$	29.78		$	26.61		$	25.00


Income from Investment Operations
Net investment income (loss)^B		0.46			0.75			0.61			0.63			0.58			0.41
Net realized and unrealized gain (loss)		(3.31	)		4.11			8.28			(1.11	)		3.15			1.56

Total from investment operations		(2.85	)		4.86			8.89			(0.48	)		3.73			1.97


Distributions from net investment income		(0.43	)		(0.75	)		(0.56	)		(0.69	)		(0.56	)		(0.36	)

Total distributions		(0.43	)		(0.75	)		(0.56	)		(0.69	)		(0.56	)		(0.36	)


Net asset value, end of period	$	37.77		$	41.05		$	36.94		$	28.61		$	29.78		$	26.61


Total Return^C		(6.91	)%		13.23	%		31.31	%		(1.49	)%		14.08	%		7.89	%

Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		2.37	%^E		1.88	%		1.77	%		2.29	%		2.01	%		1.97	%^E

Supplemental Data
Net assets, end of period (000 omitted)	$	1,131,292		$	1,574,375		$	921,679		$	237,490		$	344,012		$	126,397
Portfolio turnover rate^F,G		3	%^H		5	%		18	%		8	%		7	%		6	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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



*Semiannual Report*		82


Financial Highlights

	Fidelity MSCI Health Care Index ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A

Selected Per-Share Data

Net asset value, beginning of period	$	43.72		$	38.44		$	35.67		$	37.16		$	29.05		$	24.97


Income from Investment Operations
Net investment income (loss)^B		0.33			0.56			0.51			0.44			0.80	^C		0.30
Net realized and unrealized gain (loss)		0.32	^D		5.29			2.76			(1.49	)		7.99			3.99

Total from investment operations		0.65			5.85			3.27			(1.05	)		8.79			4.29


Distributions from net investment income		(0.61	)		(0.57	)		(0.50	)		(0.44	)		(0.68	)		(0.21	)

Total distributions		(0.61	)		(0.57	)		(0.50	)		(0.44	)		(0.68	)		(0.21	)


Net asset value, end of period	$	43.76		$	43.72		$	38.44		$	35.67		$	37.16		$	29.05


Total Return^E		1.54	%		15.34	%		9.30	%		(2.73	)%		30.40	%		17.23	%

Ratios to Average Net Assets^F
Expense before reductions		.08	%^G		.08	%		.08	%		.12	%		.12	%		.12	%^G
Expenses net of fee waivers, if any		.08	%^G		.08	%		.08	%		.12	%		.12	%		.12	%^G
Expenses net of all reductions		.08	%^G		.08	%		.08	%		.12	%		.12	%		.12	%^G
Net investment income (loss)		1.50	%^G		1.39	%		1.45	%		1.30	%		2.31	%^C		1.36	%^G

Supplemental Data
Net assets, end of period (000 omitted)	$	1,608,116		$	1,252,626		$	818,710		$	642,124		$	800,713		$	187,382
Portfolio turnover rate^H,I		2	%^J		8	%		4	%		9	%		10	%		4	%^J

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

Calculated based on average shares outstanding during the period.

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

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

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

Annualized.

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

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

Amount not annualized.

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



		83		*Semiannual Report*

Financial Statements – continued


Financial Highlights

	Fidelity MSCI Industrials Index ETF

	Six months ended

	January 31, 2019			Year ended			Year ended			Year ended			Year ended			Year ended

	(Unaudited)			July 31, 2018			July 31, 2017			July 31, 2016			July 31, 2015			July 31, 2014^A

Selected Per-Share Data

Net asset value, beginning of period	$	39.51		$	34.93		$	30.10		$	28.05		$	26.85		$	25.20


Income from Investment Operations
Net investment income (loss)^B		0.34			0.61			0.61			0.54			0.48			0.35
Net realized and unrealized gain (loss)		(3.02	)		4.62			4.79			2.04			1.19			1.61

Total from investment operations		(2.68	)		5.23			5.40			2.58			1.67			1.96


Distributions from net investment income		(0.34	)		(0.65	)		(0.57	)		(0.53	)		(0.47	)		(0.31	)

Total distributions		(0.34	)		(0.65	)		(0.57	)		(0.53	)		(0.47	)		(0.31	)


Net asset value, end of period	$	36.49		$	39.51		$	34.93		$	30.10		$	28.05		$	26.85


Total Return^C		(6.76	)%		15.08	%		18.08	%		9.41	%		6.18	%		7.75	%

Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		1.81	%^E		1.61	%		1.85	%		1.94	%		1.69	%		1.65	%^E

Supplemental Data
Net assets, end of period (000 omitted)	$	384,988		$	499,824		$	354,586		$	158,049		$	143,034		$	100,706
Portfolio turnover rate^F,G		2	%^H		5	%		5	%		11	%		6	%		4	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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



*Semiannual Report*		84


Financial Highlights

	Fidelity MSCI Information Technology Index ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Year ended July 31, 2017			Year ended July 31, 2016			Year ended July 31, 2015			Year ended July 31, 2014^A

Selected Per-Share Data

Net asset value, beginning of period	$	56.36		$	44.50		$	34.93		$	32.69		$	29.29		$	25.18


Income from Investment Operations
Net investment income (loss)^B		0.33			0.53			0.48			0.46			0.39			0.25
Net realized and unrealized gain (loss)		(3.11	)		11.85			9.54			2.24	^C		3.40			4.06

Total from investment operations		(2.78	)		12.38			10.02			2.70			3.79			4.31


Distributions from net investment income		(0.33	)		(0.52	)		(0.45	)		(0.46	)		(0.39	)		(0.20	)

Total distributions		(0.33	)		(0.52	)		(0.45	)		(0.46	)		(0.39	)		(0.20	)


Net asset value, end of period	$	53.25		$	56.36		$	44.50		$	34.93		$	32.69		$	29.29


Total Return^D		(4.90	)%		27.92	%		28.86	%		8.41	%^C		12.98	%		17.14	%

Ratios to Average Net Assets^E
Expense before reductions		.08	%^F		.08	%		.08	%		.12	%		.12	%		.12	%^F
Expenses net of fee waivers, if any		.08	%^F		.08	%		.08	%		.12	%		.12	%		.12	%^F
Expenses net of all reductions		.08	%^F		.08	%		.08	%		.12	%		.12	%		.12	%^F
Net investment income (loss)		1.19	%^F		1.02	%		1.19	%		1.42	%		1.23	%		1.14	%^F

Supplemental Data
Net assets, end of period (000 omitted)	$	1,919,754		$	2,223,254		$	1,010,043		$	431,391		$	423,372		$	181,611
Portfolio turnover rate^G,H		15	%^I		4	%		6	%		5	%		6	%		4	%^I

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

Calculated based on average shares outstanding during the period.

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

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

Annualized.

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

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

Amount not annualized.

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



		85		*Semiannual Report*

Financial Statements – continued


Financial Highlights

	Fidelity MSCI Materials Index ETF

	Six months ended

	January 31, 2019			Year ended			Year ended			Year ended			Year ended			Year ended

	(Unaudited)			July 31, 2018			July 31, 2017			July 31, 2016			July 31, 2015			July 31, 2014^A

Selected Per-Share Data

Net asset value, beginning of period	$	34.70		$	31.63		$	27.71		$	25.91		$	27.66		$	24.95


Income from Investment Operations
Net investment income (loss)^B		0.31			0.55			0.57			0.50			0.50			0.35
Net realized and unrealized gain (loss)		(4.24	)		3.09			3.87			1.83			(1.75	)		2.67

Total from investment operations		(3.93	)		3.64			4.44			2.33			(1.25	)		3.02


Distributions from net investment income		(0.32	)		(0.57	)		(0.52	)		(0.53	)		(0.50	)		(0.31	)

Total distributions		(0.32	)		(0.57	)		(0.52	)		(0.53	)		(0.50	)		(0.31	)


Net asset value, end of period	$	30.45		$	34.70		$	31.63		$	27.71		$	25.91		$	27.66


Total Return^C		(11.32	)%		11.54	%		16.17	%		9.28	%		(4.65	)%		12.15	%

Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.08	%		.11	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.08	%		.11	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.08	%		.11	%		.12	%		.12	%^E
Net investment income (loss)		1.96	%^E		1.60	%		1.93	%		2.00	%		1.81	%		1.64	%^E

Supplemental Data
Net assets, end of period (000 omitted)	$	165,971		$	265,428		$	211,931		$	123,325		$	123,052		$	94,042
Portfolio turnover rate^F,G		16	%^H		10	%		7	%		9	%		7	%		5	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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



*Semiannual Report*		86


Financial Highlights

	Fidelity MSCI Real Estate Index ETF

	Six months ended

	January 31, 2019			Year ended			Year ended			Year ended			Year ended

	(Unaudited)			July 31, 2018			July 31, 2017			July 31, 2016			July 31, 2015^A

Selected Per-Share Data

Net asset value, beginning of period	$	24.69		$	24.53		$	25.83		$	22.55		$	24.28


Income from Investment Operations
Net investment income (loss)^B		0.83			0.76			0.68			0.83			0.38
Net realized and unrealized gain (loss)		0.21	^C		0.32			(1.12	)		3.37			(1.70	)

Total from investment operations		1.04			1.08			(0.44	)		4.20			(1.32	)


Distributions from net investment income		(0.74	)		(0.92	)		(0.86	)		(0.92	)		(0.38	)

Return of capital		—			—			—			—			(0.03	)

Total distributions		(0.74	)		(0.92	)		(0.86	)		(0.92	)		(0.41	)


Net asset value, end of period	$	24.99		$	24.69		$	24.53		$	25.83		$	22.55


Total Return^D		4.40	%		4.53	%		(1.53	)%		19.29	%		(5.50	)%

Ratios to Average Net Assets^E
Expense before reductions		.08	%^F		.08	%		.08	%		.11	%		.12	%^F
Expenses net of fee waivers, if any		.08	%^F		.08	%		.08	%		.11	%		.12	%^F
Expenses net of all reductions		.08	%^F		.08	%		.08	%		.11	%		.12	%^F
Net investment income (loss)		6.97	%^F		3.15	%		2.85	%		3.55	%		3.33	%^F

Supplemental Data
Net assets, end of period (000 omitted)	$	690,995		$	502,347		$	392,538		$	183,394		$	25,936
Portfolio turnover rate^G,H		7	%^I		8	%		17	%		10	%		10	%^I

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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



		87		*Semiannual Report*

Financial Statements – continued


Financial Highlights

	Fidelity MSCI Utilities Index ETF

	Six months ended

	January 31, 2019			Year ended			Year ended			Year ended			Year ended			Year ended

	(Unaudited)			July 31, 2018			July 31, 2017			July 31, 2016			July 31, 2015			July 31, 2014^A

Selected Per-Share Data

Net asset value, beginning of period	$	34.85		$	34.64		$	33.57		$	28.10		$	26.88		$	24.99


Income from Investment Operations
Net investment income (loss)^B		0.56			1.10			1.06			0.98			0.98			0.67
Net realized and unrealized gain (loss)		1.26			0.20			1.09			5.48			1.47			1.85

Total from investment operations		1.82			1.30			2.15			6.46			2.45			2.52


Distributions from net investment income		(0.53	)		(1.09	)		(1.08	)		(0.99	)		(1.23	)		(0.63	)

Total distributions		(0.53	)		(1.09	)		(1.08	)		(0.99	)		(1.23	)		(0.63	)


Net asset value, end of period	$	36.14		$	34.85		$	34.64		$	33.57		$	28.10		$	26.88


Total Return^C		5.26	%		3.83	%		6.61	%		23.56	%		9.13	%		10.13	%

Ratios to Average Net Assets^D
Expense before reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of fee waivers, if any		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Expenses net of all reductions		.08	%^E		.08	%		.08	%		.12	%		.12	%		.12	%^E
Net investment income (loss)		3.18	%^E		3.21	%		3.22	%		3.25	%		3.37	%		3.15	%^E

Supplemental Data
Net assets, end of period (000 omitted)	$	543,881		$	336,273		$	277,149		$	283,669		$	108,176		$	120,949
Portfolio turnover rate^F,G		3	%^H		6	%		6	%		9	%		7	%		6	%^H

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

Calculated based on average shares outstanding during the period.

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

Annualized.

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

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

Amount not annualized.

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



*Semiannual Report*		88

Notes to Financial Statements

For the period ended January 31, 2019 (Unaudited)

1. Organization.

Fidelity MSCI Communication Services Index ETF (formerly Fidelity MSCI Telecommunications Services Index ETF), Fidelity MSCI Consumer Discretionary Index ETF, Fidelity MSCI Consumer Staples Index ETF, Fidelity MSCI Energy Index ETF, Fidelity MSCI Financials Index ETF, Fidelity MSCI Health Care Index ETF, Fidelity MSCI Industrials Index ETF, Fidelity MSCI Information Technology Index ETF, Fidelity MSCI Materials Index ETF, Fidelity MSCI Real Estate Index ETF and Fidelity MSCI Utilities Index ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Each Fund, with the exception of MSCI Industrials Index ETF and MSCI Real Estate ETF, are non-diversified funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund’s investments to the FairValue Committee (the Committee) established by each Fund’s investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund’s investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available)

Valuation techniques used to value each Fund’s investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds (Underlying Funds) are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated underlying fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of January 31, 2019, is included at the end of each Fund’s Schedule of Investments.

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

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



		89		*Semiannual Report*

Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

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

Investment Transactions and Income. For financial reporting purposes, the Funds’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of NYSE Arca, normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Underlying Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

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

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

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

Book-tax differences are primarily due to passive foreign investment companies (PFIC), redemptions in kind, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:


	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on securities and other investments
Fidelity MSCI Communication Services Index ETF	$	275,524,297	$	14,645,996	$	(6,188,208	)	$	8,457,788
Fidelity MSCI Consumer Discretionary Index ETF		635,569,402		13,024,026		(45,473,012	)		(32,448,986	)
Fidelity MSCI Consumer Staples Index ETF		450,339,630		6,231,224		(36,270,686	)		(30,039,462	)
Fidelity MSCI Energy Index ETF		593,659,014		6,590,608		(128,232,437	)		(121,641,829	)
Fidelity MSCI Financials Index ETF		1,157,243,764		53,201,593		(80,480,554	)		(27,278,961	)
Fidelity MSCI Health Care Index ETF		1,483,510,374		210,104,943		(87,637,589	)		122,467,354
Fidelity MSCI Industrials Index ETF		414,472,244		25,615,563		(55,337,447	)		(29,721,884	)
Fidelity MSCI Information Technology Index ETF		1,810,064,823		172,363,608		(62,683,910	)		109,679,698
Fidelity MSCI Materials Index ETF		191,572,853		3,288,271		(28,976,004	)		(25,687,733	)
Fidelity MSCI Real Estate Index ETF		691,612,774		31,059,374		(31,800,837	)		(741,463	)
Fidelity MSCI Utilities Index ETF		519,792,810		33,500,349		(9,641,120	)		23,859,229



*Semiannual Report*		90

2. Significant Accounting Policies – continued

in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal year end and is subject to adjustment.


	No-expiration Short-term			No-expiration Long-term			Total capital loss carryforward
Fidelity MSCI Communication Services Index ETF	$	(1,023,195	)	$	(1,054,524	)	$	(2,077,719	)
Fidelity MSCI Consumer Discretionary Index ETF		(2,424,106	)		(3,776,573	)		(6,200,679	)
Fidelity MSCI Consumer Staples Index ETF		(599,178	)		(4,124,094	)		(4,723,272	)
Fidelity MSCI Energy Index ETF		(5,713,340	)		(19,074,490	)		(24,787,830	)
Fidelity MSCI Financials Index ETF		(4,625,040	)		(1,137,711	)		(5,762,751	)
Fidelity MSCI Health Care Index ETF		(7,226,020	)		(8,726,463	)		(15,952,483	)
Fidelity MSCI Industrials Index ETF		(1,438,375	)		(3,340,629	)		(4,779,004	)
Fidelity MSCI Information Technology Index ETF		(2,242,393	)		(1,834,788	)		(4,077,181	)
Fidelity MSCI Materials Index ETF		(714,125	)		(1,209,930	)		(1,924,055	)
Fidelity MSCI Real Estate Index ETF		(1,847,940	)		(799,989	)		(2,647,929	)
Fidelity MSCI Utilities Index ETF		(1,058,589	)		(1,782,951	)		(2,841,540	)

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund’s financial statements have been combined or removed for the current period as outlined in the table below.


Financial Statement	Current Line-Item Presentation	Prior Line-Item Presentation
Statement of Assets and Liabilities	Total distributable earnings (loss)	Undistributed/Distributions in excess of/Accumulated net investment income (loss) Accumulated/Undistributed net realized gain (loss)
Statement of Changes in Net Assets	N/A – removed	Net unrealized appreciation (depreciation) Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period
Statement of Changes in Net Assets	Distributions to shareholders	Distributions to shareholders from net investment income Distributions to shareholders from net realized gain

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, were as follows:


	Purchases		Sales
Fidelity MSCI Communication Services Index ETF	$	143,470,558	$	141,252,090
Fidelity MSCI Consumer Discretionary Index ETF		112,965,013		113,277,147
Fidelity MSCI Consumer Staples Index ETF		66,962,317		65,646,637
Fidelity MSCI Energy Index ETF		18,222,906		17,133,195
Fidelity MSCI Financials Index ETF		35,442,844		41,346,849
Fidelity MSCI Health Care Index ETF		56,351,812		36,587,452
Fidelity MSCI Industrials Index ETF		10,371,001		8,508,887
Fidelity MSCI Information Technology Index ETF		321,137,315		314,055,113
Fidelity MSCI Materials Index ETF		34,331,060		34,049,189
Fidelity MSCI Real Estate Index ETF		46,228,096		39,684,499
Fidelity MSCI Utilities Index ETF		13,828,309		13,405,704



		91		*Semiannual Report*

Notes to Financial Statements – continued

3. Purchases and Sales of Investments – continued

Securities received or delivered in-kind through subscriptions and redemptions were as follows:


	In-kind Subscriptions		In-kind Redemptions
Fidelity MSCI Communication Services Index ETF	$	231,087,443	$	88,765,918
Fidelity MSCI Consumer Discretionary Index ETF		415,015,148		407,674,394
Fidelity MSCI Consumer Staples Index ETF		305,997,598		182,192,439
Fidelity MSCI Energy Index ETF		80,474,412		127,835,881
Fidelity MSCI Financials Index ETF		48,013,642		359,133,375
Fidelity MSCI Health Care Index ETF		531,993,311		160,982,425
Fidelity MSCI Industrials Index ETF		32,462,514		105,679,086
Fidelity MSCI Information Technology Index ETF		461,717,657		610,038,813
Fidelity MSCI Materials Index ETF		9,607,094		78,671,402
Fidelity MSCI Real Estate Index ETF		365,228,126		181,690,024
Fidelity MSCI Utilities Index ETF		258,958,485		65,473,936

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity SelectCo, LLC (SelectCo) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .084% of each Fund’s average net assets. Under the management contract, SelectCo pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to SelectCo is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees.

During January 2019 the Board approved to change the investment adviser from Fidelity SelectCo, LLC to FMR Co., Inc. effective February 1, 2019. There was no change to the management fee.

Sub-Adviser. BlackRock Fund Advisors (BFA), serves as sub-adviser for the Funds. BFA provides discretionary investment advisory services to the Funds and is paid by SelectCo for providing these services.

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

5. Share Transactions.

The Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated stocks to a fund and redemption proceeds are paid with a basket of securities from a fund’s portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund’s shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units.

6. Other.

The Funds’ organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.



*Semiannual Report*		92

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2018 to January 31, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Annualized Expense Ratio^A		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period^BAugust 1, 2018 to January 31, 2019

Fidelity MSCI Communication Services Index ETF		0.08%

Actual			$	1,000.00	$	1,103.00	$	0.42

Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41

Fidelity MSCI Consumer Discretionary Index ETF		0.08%

Actual			$	1,000.00	$	980.50	$	0.40

Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41

Fidelity MSCI Consumer Staples Index ETF		0.08%

Actual			$	1,000.00	$	1,008.10	$	0.40

Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41

Fidelity MSCI Energy Index ETF		0.08%

Actual			$	1,000.00	$	822.80	$	0.37

Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41

Fidelity MSCI Financials Index ETF		0.08%

Actual			$	1,000.00	$	930.90	$	0.39

Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41

Fidelity MSCI Health Care Index ETF		0.08%

Actual			$	1,000.00	$	1,015.40	$	0.41

Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41

Fidelity MSCI Industrials Index ETF		0.08%

Actual			$	1,000.00	$	932.40	$	0.39

Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41



		93		*Semiannual Report*

Shareholder Expense Example – continued


	Annualized Expense Ratio^A		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period^BAugust 1, 2018 to January 31, 2019

Fidelity MSCI Information Technology Index ETF		0.08%

Actual			$	1,000.00	$	951.00	$	0.39

Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41

Fidelity MSCI Materials Index ETF		0.08%

Actual			$	1,000.00	$	886.80	$	0.38

Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41

Fidelity MSCI Real Estate Index ETF		0.08%

Actual			$	1,000.00	$	1,044.00	$	0.41

Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41

Fidelity MSCI Utilities Index ETF		0.08%

Actual			$	1,000.00	$	1,052.60	$	0.41

Hypothetical^C			$	1,000.00	$	1,024.80	$	0.41

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

^B	Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C	5% return per year before expenses.



*Semiannual Report*		94

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Sector ETFs

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the management contract with Fidelity SelectCo, LLC (SelectCo), an affiliate of Fidelity Management & Research Company (FMR), and the sub-advisory and ETF services agreement for each fund (Sub-Advisory Agreement) with BlackRock Fund Advisors (BFA). SelectCo and BFA are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, requests and considers a broad range of information relevant to the advisory arrangements throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of each fund’s advisory arrangements, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of each fund’s advisory arrangements. The Board also meets as needed to review matters specifically related to the Board’s annual consideration of the advisory arrangements. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and Sub-Advisory Agreement (together, the Advisory Contracts) for each fund to reflect the fact that, effective February 1, 2019, FMR Co., Inc. (FMRC), also an affiliate of FMR, would assume the duties and rights of SelectCo under the fund’s then current management contract. The Board noted that, with the exception of the date, term, entity name, and non-operating expense language clarification described below, the terms of each fund’s Advisory Contracts, including the fees payable thereunder, would not change as a result of the approval of the Advisory Contracts. The Board considered that FMRC would render the same services to the funds under the amended and restated management contracts that SelectCo rendered to the funds under the then current management contracts and that the Sub-Advisory Agreements were simply being updated to reflect the change in investment adviser. The Board also considered that approval of the Advisory Contracts would not result in any changes to (i) the investment process or strategies employed in the management of the funds’ assets; or (ii) the day-to-day management of the funds or the persons primarily responsible for such management. As a result, the Board considered that its prior experience with SelectCo as investment adviser for the funds was relevant to its consideration of the Advisory Contracts.

In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund’s management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity and BFA from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to approve the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees’ counsel and through the exercise of its business judgment, that the approval of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board’s decision to approve the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to approve the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that each fund’s shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and BFA, and also considered the funds’ investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups and with representatives of BFA. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund.

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

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



		95		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity’s and BFA’s investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity’s and BFA’s trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates or agents under the Advisory Contracts and by SelectCo’s affiliates under separate agreements covering pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally State Street Bank and Trust Company, each fund’s transfer agent and custodian; and (iii) the resources devoted to, and the record of compliance with, each fund’s compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with certain of the Investment Advisers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity’s investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity’s global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity’s product line to increase investors’ probability of success in achieving their investment goals, including retirement income goals.

Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund’s tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund’s performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to a fund’s benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund’s benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and its benchmark index for the most recent one- and three-year periods ended June 30, 2018, as shown below.



*Semiannual Report*		96

Fidelity MSCI Communication Services Index ETF

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Fidelity MSCI Consumer Discretionary Index ETF

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		97		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Consumer Staples Index ETF

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Fidelity MSCI Energy Index ETF`

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*Semiannual Report*		98

Fidelity MSCI Financials Index ETF

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Fidelity MSCI Health Care Index ETF

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		99		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Industrials Index ETF

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Fidelity MSCI Information Technology Index ETF

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*Semiannual Report*		100

Fidelity MSCI Materials Index ETF

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Fidelity MSCI Real Estate Index ETF

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		101		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Utilities Index ETF

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

Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund’s management fee and total expense ratio compared to “mapped groups” of competitive funds created for the purpose of facilitating the Trustees’ competitive analysis of management fees and total expenses. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity ETFs are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board’s management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods ended June 30 shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group.”The Total Mapped Group comparison focuses on a fund’s standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund’s. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds’ actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The “Asset-Size Peer Group” (ASPG) comparison focuses on a fund’s standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund’s management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund’s management fee rate ranked, is also included in the charts and was considered by the Board.

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



*Semiannual Report*		102

Fidelity MSCI Communication Services Index ETF

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Fidelity MSCI Consumer Discretionary Index ETF

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		103		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Consumer Staples Index ETF

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Fidelity MSCI Energy Index ETF

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*Semiannual Report*		104

Fidelity MSCI Financials Index ETF

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Fidelity MSCI Health Care Index ETF

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		105		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Industrials Index ETF

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Fidelity MSCI Information Technology Index ETF

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*Semiannual Report*		106

Fidelity MSCI Materials Index ETF

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Fidelity MSCI Real Estate Index ETF

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		107		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Utilities Index ETF

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The Board noted that each fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the “group fee” component of the management fee of funds with such management fee structures. The Committee’s focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that each fund’s management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each fund’s total expense ratio, the Board considered the fund’s all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by the investment adviser under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses.

The Board noted that the amended and restated management contract for each fund contained amendments clarifying that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund’s securities lending program. The Board considered that the amendments would not change the services provided to the funds or the party responsible for making such payments under the current management contracts.

The Board noted that each fund’s total expense ratio ranked below the competitive median for the 12-month period ended June 30, 2018.

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

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund’s total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund’s shareholders. The Board also considered the level of Fidelity’s profits in respect of all the Fidelity funds.



*Semiannual Report*		108

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity’s audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year’s methodologies.

PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of Fidelity’s profitability analysis. PwC’s engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC’s reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity’s profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity’s and BFA’s non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity’s mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity’s and BFA’s affiliates may benefit from the funds’ business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity’s various businesses.

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

The Board also considered information regarding the profitability of BFA’s relationship with each fund and BFA’s representation that it did not realize any fall-out benefits as a result of its relationship with each fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund’s current contractual arrangements, its expense ratio will not decline if the fund’s operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds’ advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity’s long-term strategies for certain funds; (ii) Fidelity’s fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (iii) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (iv) the methodology with respect to the evaluation of competitive fund data and peer group classifications and fee comparisons; (v) the expense structures for different funds and classes; (vi) information regarding other accounts managed by Fidelity, including collective investment trusts; and (vii) Fidelity’s philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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



		109		*Semiannual Report*

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EXT-SANN-0319

1.9584798.105

875418.1.0

Corporate Headquarters

245 Summer St., Boston, MA 02210

www.fidelity.com

Fidelity^® Dividend ETF for Rising Rates

Fidelity High Dividend ETF

Fidelity Low Volatility Factor ETF

Fidelity Momentum Factor ETF

Fidelity Quality Factor ETF

Fidelity Value Factor ETF

Semi-Annual Report

January 31, 2019

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

Contents



Performance and Investment Summary			4

Schedule of Investments			16

Financial Statements			34

Notes			47

Shareholder Expense Example			52

Board Approval of Investment Advisory Contracts and Management Fees			53

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

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.



		3		*Semiannual Report*

Fidelity^® Dividend ETF for Rising Rates

Performance (Unaudited)

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

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs/overview or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Dividend ETF for Rising Rates – NAV^A		-1.30%		11.28%
Fidelity Dividend ETF for Rising Rates – Market Price^B		-1.55%		11.46%
Fidelity Dividend Index For Rising Rates^A		-1.00%		11.69%
Russell 1000 Index^A		-4.78%		12.02%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year			Life of fund
Fidelity Dividend ETF for Rising Rates – NAV^A		-3.23	%		8.73	%
Fidelity Dividend ETF for Rising Rates – Market Price^B		-3.59	%		8.82	%
Fidelity Dividend Index For Rising Rates^A		-2.96	%		9.11	%
Russell 1000 Index^A		-2.17	%		8.63	%

This information shows the returns of the fund and its index for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.

^A	From September 12, 2016.

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

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

The fund’s expense ratio is 0.29%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.



*Semiannual Report*		4

Fidelity^® Dividend ETF for Rising Rates

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
Apple, Inc.		4.5
Microsoft Corp.		4.4
Johnson & Johnson		2.5
Pfizer, Inc.		2.3
Merck & Co., Inc.		2.2
Cisco Systems, Inc.		2.2
JPMorgan Chase & Co.		2.1
Intel Corp.		2.0
The Boeing Co.		1.8
Bank of America Corp.		1.8

		25.8


Top Market Sectors as of January 31, 2019

	% of fund’s net assets
Information Technology		25.4
Financials		15.0
Health Care		14.2
Industrials		10.6
Consumer Discretionary		8.8
Consumer Staples		6.4
Communication Services		5.4
Energy		5.3
Real Estate		3.6
Materials		2.5


Asset Allocation as of January 31, 2019

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*	Foreign investments – 8.0%



		5		*Semiannual Report*

Fidelity^® High Dividend ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity High Dividend ETF – NAV^A		2.54%		10.32%
Fidelity High Dividend ETF – Market Price^B		2.33%		10.70%
Fidelity High Dividend Index^A		2.86%		10.70%
Russell 1000 Index^A		-4.78%		12.02%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year			Life of fund
Fidelity High Dividend ETF – NAV^A		-0.93	%		7.33	%
Fidelity High Dividend ETF – Market Price^B		-1.25	%		7.57	%
Fidelity High Dividend Index^A		-0.64	%		7.68	%
Russell 1000 Index^A		-2.17	%		8.63	%

^A	From September 12, 2016.

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

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



*Semiannual Report*		6

Fidelity^® High Dividend ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
Verizon Communications, Inc.		3.6
Apple, Inc.		3.2
Microsoft Corp.		3.2
AT&T, Inc.		2.8
Exxon Mobil Corp.		2.7
JPMorgan Chase & Co.		2.7
Chevron Corp.		2.5
Bank of America Corp.		2.4
CenturyLink, Inc.		2.3
Wells Fargo & Co.		1.9

		27.3


Top Market Sectors as of January 31, 2019

	% of fund’s net assets
Financials		22.5
Information Technology		18.5
Energy		12.2
Real Estate		12.0
Communication Services		10.4
Utilities		8.6
Health Care		7.0
Consumer Discretionary		4.1
Industrials		3.7
Consumer Staples		0.6


Asset Allocation as of January 31, 2019

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*	Foreign investments – 3.2%



		7		*Semiannual Report*

Fidelity^® Low Volatility Factor ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Low Volatility Factor ETF – NAVA		2.36%		12.38%
Fidelity Low Volatility Factor ETF – Market Price^B		2.57%		12.90%
Fidelity U.S. Low Volatility Factor Index^A		2.39%		12.62%
Russell 1000 Index^A		-4.78%		12.02%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Low Volatility Factor ETF – NAV^A		0.54%		9.76%
Fidelity Low Volatility Factor ETF – Market Price^B		-0.26%		9.98%
Fidelity U.S. Low Volatility Factor Index^A		0.57%		9.99%
Russell 1000 Index^A		-2.17%		8.63%

^A	From September 12, 2016.

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

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



*Semiannual Report*		8

Fidelity^® Low Volatility Factor ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
Apple, Inc.		3.8
Alphabet, Inc. Class A		3.3
Facebook, Inc. Class A		2.3
Johnson & Johnson		2.3
Berkshire Hathaway, Inc. Class B		2.2
UnitedHealth Group, Inc.		1.9
Pfizer, Inc.		1.9
Visa, Inc. Class A		1.7
Intel Corp.		1.6
Mastercard, Inc. Class A		1.6

		22.6


Top Market Sectors as of January 31, 2019

	% of fund’s net assets
Information Technology		19.3
Financials		14.5
Health Care		14.2
Consumer Discretionary		11.2
Communication Services		9.8
Industrials		9.0
Consumer Staples		6.9
Energy		5.2
Real Estate		3.8
Utilities		3.1


Asset Allocation as of January 31, 2019

LOGO

*	Foreign investments – 4.0%



		9		*Semiannual Report*

Fidelity^® Momentum Factor ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Momentum Factor ETF – NAV^A		-2.02%		11.85%
Fidelity Momentum Factor ETF – Market Price^B		-1.89%		12.26%
Fidelity U.S. Momentum Factor Index^A		-1.74%		12.22%
Russell 1000 Index^A		-4.78%		12.02%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Momentum Factor ETF – NAV^A		-3.72%		8.45%
Fidelity Momentum Factor ETF – Market Price^B		-4.13%		8.69%
Fidelity U.S. Momentum Factor Index^A		-3.45%		8.80%
Russell 1000 Index^A		-2.17%		8.63%

^A	From September 12, 2016.

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

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



*Semiannual Report*		10

Fidelity^® Momentum Factor ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
Microsoft Corp.		3.7
Apple, Inc.		3.4
Amazon.com, Inc.		3.2
Alphabet, Inc. Class A		3.2
Berkshire Hathaway, Inc. Class B		2.2
UnitedHealth Group, Inc.		2.1
JPMorgan Chase & Co.		2.0
Pfizer, Inc.		1.9
Merck & Co., Inc.		1.8
Bank of America Corp.		1.7

		25.2


Top Market Sectors as of January 31, 2019

	% of fund’s net assets
Information Technology		20.5
Health Care		14.5
Financials		13.9
Consumer Discretionary		10.3
Industrials		10.0
Communication Services		9.8
Consumer Staples		6.6
Energy		5.0
Real Estate		3.5
Utilities		3.3


Asset Allocation as of January 31, 2019

LOGO

*	Foreign investments – 1.9%



		11		*Semiannual Report*

Fidelity^® Quality Factor ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Quality Factor ETF – NAV^A		-1.59%		12.37%
Fidelity Quality Factor ETF – Market Price^B		-1.45%		12.59%
Fidelity U.S. Quality Factor Index^A		-1.35%		12.71%
Russell 1000 Index^A		-4.78%		12.02%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Quality Factor ETF – NAV^A		-3.73%		9.38%
Fidelity Quality Factor ETF – Market Price^B		-4.38%		9.32%
Fidelity U.S. Quality Factor Index^A		-3.49%		9.71%
Russell 1000 Index^A		-2.17%		8.63%

^A	From September 12, 2016.

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

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



*Semiannual Report*		12

Fidelity^® Quality Factor ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
Microsoft Corp.		3.7
Apple, Inc.		3.7
Alphabet, Inc. Class A		3.2
Johnson & Johnson		2.2
Facebook, Inc. Class A		2.1
Pfizer, Inc.		1.9
Visa, Inc. Class A		1.5
Exxon Mobil Corp.		1.5
The Home Depot, Inc.		1.5
Eli Lilly & Co.		1.5

		22.8


Top Market Sectors as of January 31, 2019

	% of fund’s net assets
Information Technology		19.5
Health Care		14.3
Financials		13.5
Communication Services		10.5
Industrials		10.5
Consumer Discretionary		10.0
Consumer Staples		6.7
Energy		5.1
Real Estate		3.7
Utilities		3.3


Asset Allocation as of January 31, 2019

LOGO

*	Foreign investments – 2.3%



		13		*Semiannual Report*

Fidelity^® Value Factor ETF

Performance (Unaudited)

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


Fiscal Periods Ended January 31, 2019

Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Value Factor ETF – NAV^A		-3.89%		12.78%
Fidelity Value Factor ETF – Market Price^B		-3.92%		13.02%
Fidelity U.S. Value Factor Index^A		-3.61%		13.14%
Russell 1000 Index^A		-4.78%		12.02%

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


Periods Ended December 31, 2018

Average Annual Total Returns	Past 1 Year		Life of fund
Fidelity Value Factor ETF – NAV^A		-7.08%		9.29%
Fidelity Value Factor ETF – Market Price^B		-7.86%		9.27%
Fidelity U.S. Value Factor Index^A		-6.83%		9.63%
Russell 1000 Index^A		-2.17%		8.63%

^A	From September 12, 2016.

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

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



*Semiannual Report*		14

Fidelity^® Value Factor ETF

Investment Summary (Unaudited)


Top Ten Stocks as of January 31, 2019

	% of fund’s net assets
Microsoft Corp.		3.8
Apple, Inc.		3.7
Alphabet, Inc. Class A		3.2
Johnson & Johnson		2.4
Facebook, Inc. Class A		2.2
Berkshire Hathaway, Inc. Class B		2.1
Pfizer, Inc.		2.0
JPMorgan Chase & Co.		1.8
Comcast Corp. Class A		1.6
The Boeing Co.		1.6

		24.4


Top Market Sectors as of January 31, 2019

	% of fund’s net assets
Information Technology		19.0
Financials		14.2
Health Care		13.7
Communication Services		11.4
Industrials		10.5
Consumer Discretionary		9.8
Consumer Staples		6.9
Energy		5.4
Real Estate		3.6
Utilities		2.8


Asset Allocation as of January 31, 2019

LOGO

*	Foreign investments – 2.3%



		15		*Semiannual Report*

Fidelity Dividend ETF for Rising Rates

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.7%
	Shares		Value
COMMUNICATION SERVICES – 5.4%
Diversified Telecommunication Services – 1.7%
AT&T, Inc.		89,768	$	2,698,426
CenturyLink, Inc.		21,290		326,163
Verizon Communications, Inc.		59,854		3,295,561

				6,320,150

Entertainment – 2.2%
The Walt Disney Co.		38,803		4,327,311
Twenty-First Century Fox, Inc. Class A		73,100		3,604,561

				7,931,872

Media – 1.5%
Comcast Corp. Class A		111,985		4,095,291
ITV PLC		788,459		1,337,146

				5,432,437


TOTAL COMMUNICATION SERVICES				19,684,459


CONSUMER DISCRETIONARY – 8.8%
Automobiles – 1.2%
Ford Motor Co.		231,845		2,040,236
General Motors Co.		63,483		2,477,107

				4,517,343

Hotels, Restaurants & Leisure – 2.6%
Cracker Barrel Old Country Store, Inc. (a)		11,347		1,898,126
Las Vegas Sands Corp.		29,879		1,743,738
McDonald’s Corp.		22,492		4,021,120
Six Flags Entertainment Corp.		29,549		1,819,923

				9,482,907

Household Durables – 0.6%
Garmin Ltd.		32,476		2,246,690

Multiline Retail – 1.9%
Kohl’s Corp.		32,055		2,201,858
Macy’s, Inc.		79,648		2,094,742
Target Corp.		33,415		2,439,295

				6,735,895

Specialty Retail – 2.5%
L Brands, Inc.		42,601		1,186,012
Lowe’s Companies, Inc.		30,295		2,913,167
The Home Depot, Inc.		26,140		4,797,474

				8,896,653


TOTAL CONSUMER DISCRETIONARY				31,879,488


CONSUMER STAPLES – 6.4%
Beverages – 1.3%
The Coca-Cola Co.		93,796		4,514,401

Food & Staples Retailing – 0.9%
Costco Wholesale Corp.		15,883		3,408,968

Food Products – 1.1%
Mowi ASA		105,889		2,330,225




	Shares		Value
The Kraft Heinz Co.		32,452	$	1,559,643

				3,889,868

Household Products – 1.5%
The Procter & Gamble Co.		57,844		5,580,211

Tobacco – 1.6%
Altria Group, Inc.		53,756		2,652,859
Philip Morris International, Inc.		39,757		3,050,157

				5,703,016


TOTAL CONSUMER STAPLES				23,096,464


ENERGY – 5.3%
Oil, Gas & Consumable Fuels – 5.3%
Chevron Corp.		41,956		4,810,255
Exxon Mobil Corp.		81,114		5,944,034
Occidental Petroleum Corp.		35,856		2,394,464
Targa Resources Corp.		42,166		1,813,560
The Williams Cos., Inc.		72,087		1,941,303
Valero Energy Corp.		26,282		2,308,085


TOTAL ENERGY				19,211,701


FINANCIALS – 15.0%
Banks – 6.8%
Bank of America Corp.		230,584		6,564,727
Citigroup, Inc.		75,759		4,883,425
JPMorgan Chase & Co.		75,023		7,764,881
Wells Fargo & Co.		109,017		5,332,021

				24,545,054

Capital Markets – 1.8%
CME Group, Inc.		23,987		4,372,350
Federated Investors, Inc. Class B		86,491		2,260,010

				6,632,360

Insurance – 1.0%
MetLife, Inc.		77,844		3,555,135

Mortgage Real Estate Investment Trust (REITs) – 5.4%
AGNC Investment Corp.		167,717		3,003,811
Annaly Capital Management, Inc.		306,643		3,201,353
Blackstone Mortgage Trust, Inc. Class A		99,836		3,443,344
Chimera Investment Corp.		180,779		3,440,224
New Residential Investment Corp.		179,819		3,053,327
Starwood Property Trust, Inc.		153,258		3,383,937

				19,525,996


TOTAL FINANCIALS				54,258,545


HEALTH CARE – 14.2%
Biotechnology – 4.3%
AbbVie, Inc.		58,369		4,686,447
Amgen, Inc.		32,752		6,128,227
Gilead Sciences, Inc.		68,335		4,784,133

				15,598,807

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



*Semiannual Report*		16


Common Stocks – continued

	Shares		Value
HEALTH CARE – continued
Health Care Providers & Services – 0.7%
CVS Health Corp.		38,236	$	2,506,370

Pharmaceuticals – 9.2%
Bristol-Myers Squibb Co.		89,589		4,423,009
Johnson & Johnson		67,647		9,002,463
Merck & Co., Inc.		108,289		8,059,950
Orion Oyj Class B		103,491		3,651,991
Pfizer, Inc.		197,345		8,377,295

				33,514,708


TOTAL HEALTH CARE				51,619,885


INDUSTRIALS – 10.6%
Aerospace & Defense – 4.0%
Singapore Technologies Engineering Ltd.		1,302,100		3,598,137
The Boeing Co.		17,280		6,663,514
United Technologies Corp.		34,642		4,090,181

				14,351,832

Air Freight & Logistics – 1.1%
United Parcel Service, Inc. Class B		37,746		3,978,428

Airlines – 0.9%
Delta Air Lines, Inc.		68,498		3,385,856

Electrical Equipment – 2.8%
Eaton Corp. PLC		44,406		3,385,957
Emerson Electric Co.		55,263		3,618,069
Siemens Gamesa Renewable Energy S.A. (b)		216,978		3,074,609

				10,078,635

Industrial Conglomerates – 1.8%
Jardine Matheson Holdings Ltd.		52,319		3,495,956
Jardine Strategic Holdings Ltd.		83,180		3,184,130

				6,680,086


TOTAL INDUSTRIALS				38,474,837


INFORMATION TECHNOLOGY – 25.4%
Communications Equipment – 2.2%
Cisco Systems, Inc.		168,651		7,975,506

Electronic Equipment, Instruments & Components – 1.3%
Corning, Inc.		142,533		4,740,647

IT Services – 3.7%
International Business Machines Corp.		37,559		5,048,681
Paychex, Inc.		65,968		4,670,534
The Western Union Co.		205,599		3,752,182

				13,471,397

Semiconductors & Semiconductor Equipment – 3.7%
Broadcom, Inc.		23,013		6,173,237
Intel Corp.		152,508		7,186,177

				13,359,414




	Shares		Value
Software – 6.8%
Micro Focus International PLC		135,999	$	2,588,239
Microsoft Corp.		152,400		15,915,132
Oracle Corp.		122,931		6,174,824

				24,678,195

Technology Hardware, Storage & Peripherals – 7.7%
Apple, Inc.		96,882		16,125,040
HP, Inc.		200,934		4,426,576
Seagate Technology PLC		79,752		3,531,419
Xerox Corp.		128,825		3,634,153

				27,717,188


TOTAL INFORMATION TECHNOLOGY				91,942,347


MATERIALS – 2.5%
Chemicals – 1.7%
Air Products & Chemicals, Inc.		7,677		1,262,022
DowDuPont, Inc.		43,450		2,338,044
Linde PLC		8,859		1,444,106
LyondellBasell Industries N.V. Class A		11,077		963,367

				6,007,539

Containers & Packaging – 0.2%
International Paper Co.		18,386		872,048

Metals & Mining – 0.6%
Fortescue Metals Group Ltd.		193,515		794,763
Fresnillo PLC		39,767		524,192
Nucor Corp.		16,056		983,269

				2,302,224


TOTAL MATERIALS				9,181,811


REAL ESTATE – 3.6%
Equity Real Estate Investment Trusts (REITs) – 3.4%
Equity Residential		16,596		1,204,206
Gaming and Leisure Properties, Inc.		21,861		819,788
HCP, Inc.		35,819		1,129,731
Hospitality Properties Trust		26,600		709,156
Kimco Realty Corp.		50,774		863,666
Omega Healthcare Investors, Inc.		28,999		1,165,470
Public Storage		5,718		1,215,189
Senior Housing Properties Trust		43,823		603,443
Simon Property Group, Inc.		8,678		1,580,437
Spirit Realty Capital, Inc.		18,492		734,502
Ventas, Inc.		17,666		1,139,280
Welltower, Inc.		17,073		1,322,987

				12,487,855

Real Estate Management & Development – 0.2%
Hongkong Land Holdings Ltd.		95,300		683,301


TOTAL REAL ESTATE				13,171,156

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



		17		*Semiannual Report*

Fidelity Dividend ETF for Rising Rates

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
UTILITIES – 2.5%
Electric Utilities – 2.1%
Duke Energy Corp.		20,215	$	1,774,473
Edison International		17,560		1,000,393
NextEra Energy, Inc.		11,682		2,090,844
PPL Corp.		35,155		1,101,055
The Southern Co.		32,001		1,555,248

				7,522,013

Multi-Utilities – 0.4%
Dominion Energy, Inc.		19,495		1,369,329

TOTAL UTILITIES				8,891,342


TOTAL COMMON STOCKS (Cost $360,795,932)				361,412,035


Money Market Funds – 0.7%

Fidelity Cash Central Fund, 2.43% (c)		643,190		643,319
Fidelity Securities Lending Cash Central Fund, 2.43% (c)(d)		1,881,262		1,881,450


TOTAL MONEY MARKET FUNDS (Cost $2,524,769)				2,524,769


TOTAL INVESTMENT PORTFOLIO – 100.4% (Cost $363,320,701)				363,936,804

NET OTHER ASSETS (LIABILITIES) – (0.4%)				(1,305,891	)


NET ASSETS – 100.0%			$	362,630,913

Legend

(a)

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

(b)

Non-income producing.

(c)

Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request.

(d)

Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:


Fund	Income earned

Fidelity Cash Central Fund	$	5,204

Fidelity Securities Lending Cash Central Fund		25,661


Total	$	30,865

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

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



*Semiannual Report*		18

Fidelity High Dividend ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.6%

	Shares		Value
COMMUNICATION SERVICES – 10.4%
Diversified Telecommunication Services – 8.6%
AT&T, Inc.		245,810	$	7,389,049
CenturyLink, Inc.		405,706		6,215,416
Verizon Communications, Inc.		173,754		9,566,895

				23,171,360

Entertainment – 1.1%
The Walt Disney Co.		13,792		1,538,084
Twenty-First Century Fox, Inc. Class A		26,011		1,282,602

				2,820,686

Media – 0.7%
Comcast Corp. Class A		39,364		1,439,541
ITV PLC		282,948		479,851

				1,919,392


TOTAL COMMUNICATION SERVICES				27,911,438


CONSUMER DISCRETIONARY – 4.1%
Automobiles – 0.6%
Ford Motor Co.		83,084		731,139
General Motors Co.		22,580		881,072

				1,612,211

Hotels, Restaurants & Leisure – 1.3%
Cracker Barrel Old Country Store, Inc. (a)		4,063		679,658
Las Vegas Sands Corp.		10,694		624,102
McDonald’s Corp.		7,976		1,425,949
Six Flags Entertainment Corp.		10,630		654,702

				3,384,411

Household Durables – 0.5%
Garmin Ltd.		11,594		802,073
Newell Brands, Inc.		27,910		591,971

				1,394,044

Multiline Retail – 0.9%
Kohl’s Corp.		11,489		789,180
Macy’s, Inc.		28,508		749,760
Target Corp.		11,911		869,503

				2,408,443

Specialty Retail – 0.8%
L Brands, Inc.		15,269		425,089
The Home Depot, Inc.		9,246		1,696,918

				2,122,007


TOTAL CONSUMER DISCRETIONARY				10,921,116


CONSUMER STAPLES – 0.6%
Beverages – 0.2%
PepsiCo, Inc.		2,020		227,593
The Coca-Cola Co.		5,377		258,795

				486,388

Food & Staples Retailing – 0.1%
Costco Wholesale Corp.		916		196,601




	Shares		Value
Food Products – 0.1%
Mowi ASA		5,714	$	125,744
The Kraft Heinz Co.		1,777		85,403

				211,147

Household Products – 0.1%
The Procter & Gamble Co.		3,294		317,772

Tobacco – 0.1%
Altria Group, Inc.		3,009		148,494
Philip Morris International, Inc.		2,230		171,086

				319,580


TOTAL CONSUMER STAPLES				1,531,488


ENERGY – 12.2%
Oil, Gas & Consumable Fuels – 12.2%
Chevron Corp.		59,189		6,786,019
Exxon Mobil Corp.		99,844		7,316,568
Occidental Petroleum Corp.		72,797		4,861,384
Targa Resources Corp.		103,004		4,430,202
The Williams Cos., Inc.		164,191		4,421,664
Valero Energy Corp.		56,627		4,972,983


TOTAL ENERGY				32,788,820


FINANCIALS – 22.5%
Banks – 8.8%
Bank of America Corp.		221,602		6,309,009
Citigroup, Inc.		76,942		4,959,681
JPMorgan Chase & Co.		69,755		7,219,642
Wells Fargo & Co.		105,938		5,181,428

				23,669,760

Capital Markets – 3.0%
CME Group, Inc.		28,041		5,111,314
Federated Investors, Inc. Class B		109,618		2,864,318

				7,975,632

Insurance – 1.5%
MetLife, Inc.		91,528		4,180,084

Mortgage Real Estate Investment Trust (REITs) – 9.2%
AGNC Investment Corp.		210,610		3,772,025
Annaly Capital Management, Inc.		382,144		3,989,583
Blackstone Mortgage Trust, Inc. Class A (a)		126,536		4,364,227
Chimera Investment Corp.		229,868		4,374,388
New Residential Investment Corp.		227,165		3,857,262
Starwood Property Trust, Inc.		193,186		4,265,547

				24,623,032


TOTAL FINANCIALS				60,448,508


HEALTH CARE – 7.0%
Biotechnology – 2.2%
AbbVie, Inc.		22,449		1,802,430
Amgen, Inc.		12,607		2,358,896

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



		19		*Semiannual Report*

Fidelity High Dividend ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
HEALTH CARE – continued
Biotechnology – continued
Gilead Sciences, Inc.		26,473	$	1,853,375

				6,014,701

Pharmaceuticals – 4.8%
AstraZeneca PLC		23,507		1,705,613
Johnson & Johnson		25,811		3,434,928
Merck & Co., Inc.		41,670		3,101,498
Orion Oyj Class B		40,542		1,430,646
Pfizer, Inc.		75,713		3,214,017

				12,886,702


TOTAL HEALTH CARE				18,901,403


INDUSTRIALS – 3.7%
Aerospace & Defense – 0.7%
The Boeing Co.		4,675		1,802,773

Air Freight & Logistics – 0.4%
United Parcel Service, Inc. Class B		10,125		1,067,175

Airlines – 0.3%
Delta Air Lines, Inc.		18,366		907,831

Electrical Equipment – 1.0%
Eaton Corp. PLC		11,848		903,410
Emerson Electric Co.		14,837		971,379
Siemens Gamesa Renewable Energy S.A. (b)		58,200		824,702

				2,699,491

Industrial Conglomerates – 1.1%
3M Co.		5,917		1,185,175
Jardine Matheson Holdings Ltd.		14,044		938,420
Jardine Strategic Holdings Ltd.		22,212		850,276

				2,973,871

Professional Services – 0.2%
Nielsen Holdings PLC		24,671		633,551


TOTAL INDUSTRIALS				10,084,692


INFORMATION TECHNOLOGY – 18.5%
Communications Equipment – 1.6%
Cisco Systems, Inc.		91,100		4,308,119

Electronic Equipment, Instruments & Components – 0.9%
Corning, Inc.		77,097		2,564,246

IT Services – 2.7%
International Business Machines Corp.		20,276		2,725,500
Paychex, Inc.		35,726		2,529,401
The Western Union Co.		111,534		2,035,495

				7,290,396

Semiconductors & Semiconductor Equipment – 2.7%
Broadcom, Inc.		12,451		3,339,981
Intel Corp.		82,572		3,890,792

				7,230,773




	Shares		Value
Software – 5.0%
Micro Focus International PLC		73,687	$	1,402,360
Microsoft Corp.		82,429		8,608,061
Oracle Corp.		66,366		3,333,564

				13,343,985

Technology Hardware, Storage & Peripherals – 5.6%
Apple, Inc.		52,394		8,720,458
HP, Inc.		108,695		2,394,551
Seagate Technology PLC		43,233		1,914,357
Xerox Corp.		69,844		1,970,299

				14,999,665


TOTAL INFORMATION TECHNOLOGY				49,737,184


REAL ESTATE – 12.0%
Equity Real Estate Investment Trusts (REITs) – 12.0%
Equity Residential		37,199		2,699,160
Gaming and Leisure Properties, Inc.		57,244		2,146,650
HCP, Inc.		90,145		2,843,173
Hospitality Properties Trust		73,742		1,965,962
Kimco Realty Corp.		135,232		2,300,296
Omega Healthcare Investors, Inc. (a)		78,566		3,157,568
Public Storage		12,069		2,564,904
Senior Housing Properties Trust		121,382		1,671,430
Simon Property Group, Inc.		15,853		2,887,148
Spirit Realty Capital, Inc.		51,003		2,025,839
Ventas, Inc.		40,664		2,622,421
Welltower, Inc.		38,452		2,979,646
WP Carey, Inc.		32,699		2,448,828


TOTAL REAL ESTATE				32,313,025


UTILITIES – 8.6%
Electric Utilities – 7.3%
Duke Energy Corp.		49,305		4,327,993
Edison International		55,577		3,166,222
NextEra Energy, Inc.		25,503		4,564,527
PPL Corp.		110,095		3,448,175
The Southern Co.		83,153		4,041,236

				19,548,153

Multi-Utilities – 1.3%
Dominion Energy, Inc.		49,244		3,458,898


TOTAL UTILITIES				23,007,051


TOTAL COMMON STOCKS (Cost $266,465,609)				267,644,725


Money Market Funds – 1.6%

Fidelity Cash Central Fund, 2.43% (c)		478,615		478,711

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



*Semiannual Report*		20


Money Market Funds – continued

	Shares		Value
Fidelity Securities Lending Cash Central Fund, 2.43% (c)(d)		3,816,314	$	3,816,696


TOTAL MONEY MARKET FUNDS (Cost $4,295,408)				4,295,407


TOTAL INVESTMENT PORTFOLIO – 101.2% (Cost $270,761,017)				271,940,132

NET OTHER ASSETS (LIABILITIES) – (1.2%)				(3,248,086	)


NET ASSETS – 100.0%			$	268,692,046

Legend

(a)

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

(b)

Non-income producing.

(c)

(d)

Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:


Fund	Income earned

Fidelity Cash Central Fund	$	3,967

Fidelity Securities Lending Cash Central Fund		5,911


Total	$	9,878

Investment Valuation

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



		21		*Semiannual Report*

Fidelity Low Volatility Factor ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
COMMUNICATION SERVICES – 9.8%
Diversified Telecommunication Services – 1.9%
AT&T, Inc.		36,541	$	1,098,423
Verizon Communications, Inc.		20,940		1,152,956

				2,251,379

Entertainment – 1.4%
The Walt Disney Co.		14,876		1,658,971

Interactive Media & Services – 5.6%
Alphabet, Inc. Class A (a)		3,547		3,993,532
Facebook, Inc. Class A (a)		16,680		2,780,389

				6,773,921

Media – 0.9%
Cable One, Inc.		1,296		1,146,105


TOTAL COMMUNICATION SERVICES				11,830,376


CONSUMER DISCRETIONARY – 11.2%
Auto Components – 0.0%
Garrett Motion, Inc. (a)		789		12,600

Diversified Consumer Services – 0.8%
Bright Horizons Family Solutions, Inc. (a)		8,651		1,001,699

Hotels, Restaurants & Leisure – 4.9%
Darden Restaurants, Inc.		8,933		937,340
Domino’s Pizza, Inc.		3,480		987,380
McDonald’s Corp.		9,437		1,687,147
Starbucks Corp.		23,912		1,629,364
Vail Resorts, Inc.		3,403		640,649

				5,881,880

Multiline Retail – 0.8%
Target Corp.		13,676		998,348

Specialty Retail – 3.5%
AutoZone, Inc. (a)		1,384		1,172,718
The Home Depot, Inc.		9,924		1,821,352
The TJX Companies, Inc.		24,352		1,211,025

				4,205,095

Textiles, Apparel & Luxury Goods – 1.2%
NIKE, Inc. Class B		17,405		1,425,122


TOTAL CONSUMER DISCRETIONARY				13,524,744


CONSUMER STAPLES – 6.9%
Beverages – 1.5%
Constellation Brands, Inc. Class A		3,381		587,145
PepsiCo, Inc.		11,202		1,262,129

				1,849,274

Food & Staples Retailing – 1.6%
Sysco Corp.		10,143		647,631
Walmart, Inc.		12,734		1,220,299

				1,867,930

Food Products – 1.1%
Hormel Foods Corp. (b)		16,059		679,617




	Shares		Value
The Hershey Co.		6,212	$	659,093

				1,338,710

Household Products – 2.7%
Colgate-Palmolive Co.		12,028		777,971
The Clorox Co.		4,405		653,614
The Procter & Gamble Co.		18,084		1,744,563

				3,176,148


TOTAL CONSUMER STAPLES				8,232,062


ENERGY – 5.2%
Energy Equipment & Services – 0.6%
Baker Hughes a GE Co.		10,917		257,314
Schlumberger Ltd.		10,964		484,718

				742,032

Oil, Gas & Consumable Fuels – 4.6%
Cabot Oil & Gas Corp.		15,330		382,484
Chevron Corp.		11,231		1,287,634
Exxon Mobil Corp.		23,161		1,697,238
Kinder Morgan, Inc.		25,982		470,274
Occidental Petroleum Corp.		7,216		481,884
ONEOK, Inc.		6,337		406,899
Phillips 66		4,426		422,285
Valero Energy Corp.		4,643		407,748

				5,556,446


TOTAL ENERGY				6,298,478


FINANCIALS – 14.5%
Banks – 3.9%
Commerce Bancshares, Inc.		13,325		796,835
The PNC Financial Services Group, Inc.		7,953		975,594
US Bancorp		23,280		1,191,005
Wells Fargo & Co.		34,491		1,686,955

				4,650,389

Capital Markets – 1.9%
CME Group, Inc.		6,801		1,239,686
Intercontinental Exchange, Inc.		14,205		1,090,376

				2,330,062

Diversified Financial Services – 2.2%
Berkshire Hathaway, Inc. Class B (a)		13,055		2,683,325

Insurance – 5.0%
Aflac, Inc.		21,831		1,041,339
Athene Holding Ltd. Class A (a)		19,000		815,100
Chubb Ltd.		8,269		1,100,190
Everest Re Group Ltd.		4,027		882,114
Marsh & McLennan Cos., Inc.		12,488		1,101,317
The Progressive Corp.		16,319		1,098,106

				6,038,166

Mortgage Real Estate Investment Trust (REITs) – 1.5%
Blackstone Mortgage Trust, Inc. Class A (b)		25,915		893,808

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



*Semiannual Report*		22


Common Stocks – continued

	Shares		Value
FINANCIALS – continued
Mortgage Real Estate Investment Trust (REITs) – continued
Starwood Property Trust, Inc.		38,193	$	843,302

				1,737,110


TOTAL FINANCIALS				17,439,052


HEALTH CARE – 14.2%
Health Care Equipment & Supplies – 2.4%
Danaher Corp.		13,255		1,470,245
Stryker Corp.		7,844		1,392,859

				2,863,104

Health Care Providers & Services – 6.2%
Anthem, Inc.		5,290		1,602,870
Cigna Corp.		6,728		1,344,322
HCA Healthcare, Inc.		9,752		1,359,721
MEDNAX, Inc. (a)		23,897		862,920
UnitedHealth Group, Inc.		8,519		2,301,834

				7,471,667

Pharmaceuticals – 5.6%
Eli Lilly & Co.		15,030		1,801,496
Johnson & Johnson		20,340		2,706,847
Pfizer, Inc.		53,444		2,268,698

				6,777,041


TOTAL HEALTH CARE				17,111,812


INDUSTRIALS – 9.0%
Aerospace & Defense – 3.8%
General Dynamics Corp.		4,956		848,318
Lockheed Martin Corp.		3,363		974,227
Northrop Grumman Corp.		3,203		882,587
Raytheon Co.		4,956		816,551
United Technologies Corp.		8,742		1,032,168

				4,553,851

Air Freight & Logistics – 0.6%
CH Robinson Worldwide, Inc.		8,153		707,436

Building Products – 0.0%
Resideo Technologies, Inc. (a)		1,321		28,970

Commercial Services & Supplies – 1.3%
Republic Services, Inc.		10,841		831,613
Rollins, Inc.		19,775		736,421

				1,568,034

Industrial Conglomerates – 2.0%
3M Co.		6,205		1,242,861
Honeywell International, Inc.		8,101		1,163,547

				2,406,408

Machinery – 0.6%
Fortive Corp.		10,283		771,122




	Shares		Value
Professional Services – 0.7%
Verisk Analytics, Inc. (a)		6,979	$	819,404


TOTAL INDUSTRIALS				10,855,225


INFORMATION TECHNOLOGY – 19.3%
Electronic Equipment, Instruments & Components – 0.9%
Amphenol Corp. Class A		12,163		1,069,371

IT Services – 11.2%
Accenture PLC Class A		9,251		1,420,491
Amdocs Ltd.		16,439		918,611
Automatic Data Processing, Inc.		9,607		1,343,443
Broadridge Financial Solutions, Inc.		9,364		944,172
Fiserv, Inc. (a)		15,307		1,269,410
Genpact Ltd.		33,414		996,740
International Business Machines Corp.		10,968		1,474,319
Mastercard, Inc. Class A		9,177		1,937,540
Paychex, Inc.		16,024		1,134,499
Visa, Inc. Class A		15,415		2,081,179

				13,520,404

Semiconductors & Semiconductor Equipment – 1.7%
Intel Corp.		41,701		1,964,951

Software – 0.9%
Check Point Software Technologies Ltd. (a)		9,473		1,060,218

Technology Hardware, Storage & Peripherals – 4.6%
Apple, Inc.		27,313		4,545,976
Dell Technologies, Inc. Class C (a)		21,213		1,030,739

				5,576,715


TOTAL INFORMATION TECHNOLOGY				23,191,659


MATERIALS – 2.8%
Chemicals – 2.4%
Air Products & Chemicals, Inc.		2,112		347,192
DowDuPont, Inc.		13,277		714,435
Ecolab, Inc.		2,404		380,241
International Flavors & Fragrances, Inc.		1,696		240,459
Linde PLC		2,400		391,224
LyondellBasell Industries N.V. Class A		3,103		269,868
NewMarket Corp.		488		195,732
The Sherwin-Williams Co.		785		330,893

				2,870,044

Containers & Packaging – 0.4%
Aptargroup, Inc.		2,001		198,339
Ball Corp.		5,980		312,634

				510,973


TOTAL MATERIALS				3,381,017


REAL ESTATE – 3.8%
Equity Real Estate Investment Trusts (REITs) – 3.8%
American Campus Communities, Inc.		4,589		211,186

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



		23		*Semiannual Report*

Fidelity Low Volatility Factor ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
American Tower Corp.		3,101	$	535,977
AvalonBay Communities, Inc.		1,575		303,849
Boston Properties, Inc.		1,960		258,465
Crown Castle International Corp.		3,338		390,746
Digital Realty Trust, Inc.		2,273		246,257
Equity Lifestyle Properties, Inc.		2,186		231,454
Essex Property Trust, Inc.		1,007		273,098
Federal Realty Investment Trust		1,619		214,631
Invitation Homes, Inc.		8,283		186,285
Public Storage		1,448		307,729
Realty Income Corp.		4,143		284,583
Simon Property Group, Inc.		2,332		424,704
UDR, Inc.		5,411		236,731
Ventas, Inc.		4,480		288,915
WP Carey, Inc.		2,954		221,225


TOTAL REAL ESTATE				4,615,835


UTILITIES – 3.1%
Electric Utilities – 1.6%
Duke Energy Corp.		6,018		528,260
NextEra Energy, Inc.		3,482		623,208
The Southern Co.		9,304		452,175
Xcel Energy, Inc.		7,216		377,830

				1,981,473

Multi-Utilities – 1.5%
CMS Energy Corp.		6,031		314,456
Consolidated Edison, Inc.		4,312		334,827
Dominion Energy, Inc.		6,167		433,170
DTE Energy Co.		2,966		349,246




	Shares		Value
WEC Energy Group, Inc.		4,894	$	357,409

				1,789,108


TOTAL UTILITIES				3,770,581


TOTAL COMMON STOCKS (Cost $117,384,631)				120,250,841


Money Market Funds – 1.1%

Fidelity Cash Central Fund, 2.43% (c)		144,453		144,482
Fidelity Securities Lending Cash Central Fund, 2.43% (c)(d)		1,247,625		1,247,750


TOTAL MONEY MARKET FUNDS (Cost $1,392,232)				1,392,232


TOTAL INVESTMENT PORTFOLIO – 100.9% (Cost $118,776,863)				121,643,073

NET OTHER ASSETS (LIABILITIES) – (0.9%)				(1,123,422	)


NET ASSETS – 100.0%			$	120,519,651

Legend

(a)

Non-income producing.

(b)

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

(c)

(d)

Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:


Fund	Income earned

Fidelity Cash Central Fund	$	1,368

Fidelity Securities Lending Cash Central Fund		3,041


Total	$	4,409

Investment Valuation

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



*Semiannual Report*		24

Fidelity Momentum Factor ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%

	Shares		Value
COMMUNICATION SERVICES – 9.8%
Diversified Telecommunication Services – 1.5%
Verizon Communications, Inc.		28,498	$	1,569,100

Entertainment – 4.6%
Netflix, Inc. (a)		3,792		1,287,384
The Madison Square Garden Co. Class A (a)		2,377		660,568
The Walt Disney Co.		11,668		1,301,216
Twenty-First Century Fox, Inc. Class A		19,846		978,606
World Wrestling Entertainment, Inc. Class A		8,912		733,814

				4,961,588

Interactive Media & Services – 3.2%
Alphabet, Inc. Class A (a)		3,090		3,479,000

Media – 0.5%
Discovery, Inc. Class A (a)(b)		21,020		596,548


TOTAL COMMUNICATION SERVICES				10,606,236


CONSUMER DISCRETIONARY – 10.3%
Hotels, Restaurants & Leisure – 0.6%
Domino’s Pizza, Inc.		2,229		632,434

Internet & Direct Marketing Retail – 4.4%
Amazon.com, Inc. (a)		2,037		3,501,053
Etsy, Inc. (a)		13,036		712,418
GrubHub, Inc. (a)(b)		6,131		492,932

				4,706,403

Multiline Retail – 0.6%
Target Corp.		8,646		631,158

Specialty Retail – 3.2%
Advance Auto Parts, Inc.		3,650		581,080
O’Reilly Automotive, Inc. (a)		2,047		705,519
The Home Depot, Inc.		7,791		1,429,882
The TJX Companies, Inc.		15,096		750,724

				3,467,205

Textiles, Apparel & Luxury Goods – 1.5%
Lululemon Athletica, Inc. (a)		4,259		629,523
NIKE, Inc. Class B		12,423		1,017,195

				1,646,718


TOTAL CONSUMER DISCRETIONARY				11,083,918


CONSUMER STAPLES – 6.6%
Beverages – 1.3%
The Coca-Cola Co.		28,158		1,355,245

Food & Staples Retailing – 3.1%
Costco Wholesale Corp.		4,324		928,060
Sysco Corp.		9,961		636,010
The Kroger Co.		22,918		649,267
Walmart, Inc.		11,683		1,119,582

				3,332,919




	Shares		Value
Food Products – 1.6%
Archer-Daniels-Midland Co.		14,097	$	632,955
Lamb Weston Holdings, Inc.		8,017		579,629
McCormick & Co., Inc. (non-vtg.)		4,439		548,838

				1,761,422

Personal Products – 0.6%
Herbalife Nutrition Ltd. (a)		11,155		665,953


TOTAL CONSUMER STAPLES				7,115,539


ENERGY – 5.0%
Oil, Gas & Consumable Fuels – 5.0%
Anadarko Petroleum Corp.		8,068		381,858
ConocoPhillips		9,539		645,695
EOG Resources, Inc.		5,454		541,037
Exxon Mobil Corp.		21,718		1,591,495
Hess Corp.		6,704		362,016
HollyFrontier Corp.		5,527		311,391
Marathon Oil Corp.		21,019		331,890
Marathon Petroleum Corp.		7,394		489,926
Valero Energy Corp.		5,303		465,710
Whiting Petroleum Corp. (a)		9,427		269,895


TOTAL ENERGY				5,390,913


FINANCIALS – 13.9%
Banks – 5.6%
Bank of America Corp.		63,002		1,793,667
Commerce Bancshares, Inc.		11,453		684,889
JPMorgan Chase & Co.		20,315		2,102,603
Popular, Inc.		13,335		728,224
SVB Financial Group (a)		3,042		709,942

				6,019,325

Capital Markets – 3.3%
CME Group, Inc.		5,122		933,638
Moody’s Corp.		5,238		830,276
MSCI, Inc.		4,982		848,285
S&P Global, Inc.		4,780		916,087

				3,528,286

Consumer Finance – 2.1%
American Express Co.		9,423		967,742
Credit Acceptance Corp. (a)(b)		1,650		656,733
Green Dot Corp. Class A (a)		8,983		664,922

				2,289,397


Diversified Financial Services – 2.2%
Berkshire Hathaway, Inc. Class B (a)		11,447		2,352,816

Insurance – 0.7%
The Progressive Corp.		12,205		821,275


TOTAL FINANCIALS				15,011,099

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



		25		*Semiannual Report*

Fidelity Momentum Factor ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
HEALTH CARE – 14.5%
Biotechnology – 0.8%
Neurocrine Biosciences, Inc. (a)		10,063	$	887,758

Health Care Equipment & Supplies – 4.5%
ABIOMED, Inc. (a)		3,076		1,079,891
DexCom, Inc. (a)		8,398		1,184,370
IDEXX Laboratories, Inc. (a)		5,668		1,206,037
Intuitive Surgical, Inc. (a)		2,584		1,353,086

				4,823,384

Health Care Providers & Services – 4.4%
HCA Healthcare, Inc.		9,180		1,279,968
Humana, Inc.		3,965		1,225,145
UnitedHealth Group, Inc.		8,186		2,211,857

				4,716,970

Life Sciences Tools & Services – 1.1%
Illumina, Inc. (a)		4,110		1,149,937

Pharmaceuticals – 3.7%
Merck & Co., Inc.		25,985		1,934,064
Pfizer, Inc.		49,381		2,096,223

				4,030,287


TOTAL HEALTH CARE				15,608,336


INDUSTRIALS – 10.0%
Aerospace & Defense – 3.2%
Axon Enterprise, Inc. (a)		10,474		534,279
HEICO Corp.		7,787		658,001
The Boeing Co.		3,956		1,525,513
TransDigm Group, Inc. (a)		2,011		786,301

				3,504,094

Machinery – 0.9%
Caterpillar, Inc.		7,494		997,901

Professional Services – 2.6%
CoStar Group, Inc. (a)		1,887		737,327
IHS Markit Ltd. (a)		13,396		695,520
Insperity, Inc.		5,779		616,504
Verisk Analytics, Inc. (a)		6,108		717,140

				2,766,491

Road & Rail – 2.6%
CSX Corp.		12,399		814,614
Norfolk Southern Corp.		4,904		822,597
Union Pacific Corp.		7,337		1,167,097

				2,804,308

Trading Companies & Distributors – 0.7%
WW Grainger, Inc.		2,381		703,323


TOTAL INDUSTRIALS				10,776,117


INFORMATION TECHNOLOGY – 20.5%
Communications Equipment – 1.5%
Cisco Systems, Inc.		33,399		1,579,439




	Shares		Value
IT Services – 4.5%
Mastercard, Inc. Class A		7,079	$	1,494,589
Square, Inc. Class A (a)		9,866		703,939
Twilio, Inc. Class A (a)		8,897		990,414
Visa, Inc. Class A		12,173		1,643,477

				4,832,419

Semiconductors & Semiconductor Equipment – 1.5%
Advanced Micro Devices, Inc. (a)(b)		36,189		883,374
NVIDIA Corp.		5,543		796,806

				1,680,180

Software – 9.0%
Adobe, Inc. (a)		4,719		1,169,462
Fortinet, Inc. (a)		8,442		646,404
Intuit, Inc.		4,161		898,027
Microsoft Corp.		38,244		3,993,821
Salesforce.com, Inc. (a)		7,861		1,194,636
ServiceNow, Inc. (a)		4,308		947,846
Zendesk, Inc. (a)		12,343		833,523

				9,683,719

Technology Hardware, Storage & Peripherals – 4.0%
Apple, Inc.		22,153		3,687,145
NetApp, Inc.		9,414		600,331

				4,287,476


TOTAL INFORMATION TECHNOLOGY				22,063,233


MATERIALS – 2.5%
Chemicals – 2.0%
Air Products & Chemicals, Inc.		1,826		300,176
CF Industries Holdings, Inc.		3,711		161,985
DowDuPont, Inc.		12,005		645,989
Ecolab, Inc.		1,967		311,121
LyondellBasell Industries N.V. Class A		2,833		246,386
The Mosaic Co.		5,876		189,677
The Sherwin-Williams Co.		698		294,221

				2,149,555

Metals & Mining – 0.5%
Cleveland-Cliffs, Inc.		14,446		154,717
Nucor Corp.		3,685		225,669
Steel Dynamics, Inc.		4,422		161,801

				542,187


TOTAL MATERIALS				2,691,742


REAL ESTATE – 3.5%
Equity Real Estate Investment Trusts (REITs) – 3.3%
American Tower Corp.		2,807		485,162
Crown Castle International Corp.		3,098		362,652
Extra Space Storage, Inc.		2,180		214,970
Host Hotels & Resorts, Inc.		10,802		195,084
Life Storage, Inc.		1,772		174,134
Omega Healthcare Investors, Inc.		5,294		212,766

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



*Semiannual Report*		26


Common Stocks – continued

	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Prologis, Inc.		4,951	$	342,411
Public Storage		1,349		286,690
Ryman Hospitality Properties, Inc.		2,178		175,002
Simon Property Group, Inc.		2,111		384,455
SL Green Realty Corp.		1,989		183,843
STORE Capital Corp.		5,886		190,236
Sun Communities, Inc.		1,845		202,784
Uniti Group, Inc. (a)		8,292		165,094

				3,575,283

Real Estate Management & Development – 0.2%
CBRE Group, Inc. Class A (a)		4,894		223,900


TOTAL REAL ESTATE				3,799,183


UTILITIES – 3.3%
Electric Utilities – 1.4%
Exelon Corp.		10,185		486,436
FirstEnergy Corp.		9,269		363,345
NextEra Energy, Inc.		3,542		633,947

				1,483,728

Gas Utilities – 0.3%
UGI Corp.		5,728		326,668

Independent Power and Renewable Electricity Producers – 0.9%
AES Corp.		20,975		343,780
NRG Energy, Inc.		8,501		347,776
Vistra Energy Corp. (a)		13,308		334,164

				1,025,720

Multi-Utilities – 0.7%
Ameren Corp.		5,250		364,035




	Shares		Value
Public Service Enterprise Group, Inc.		7,135	$	389,214

				753,249


TOTAL UTILITIES				3,589,365


TOTAL COMMON STOCKS (Cost $104,587,883)				107,735,681


Money Market Funds – 2.3%

Fidelity Cash Central Fund, 2.43% (c)		78,161		78,176
Fidelity Securities Lending Cash Central Fund, 2.43% (c)(d)		2,439,581		2,439,825


TOTAL MONEY MARKET FUNDS (Cost $2,518,002)				2,518,001


TOTAL INVESTMENT PORTFOLIO – 102.2% (Cost $107,105,885)				110,253,682

NET OTHER ASSETS (LIABILITIES) – (2.2%)				(2,369,470	)


NET ASSETS – 100.0%			$	107,884,212

Legend

(a)

Non-income producing.

(b)

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

(c)

(d)

Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:


Fund	Income earned

Fidelity Cash Central Fund	$	1,173

Fidelity Securities Lending Cash Central Fund		226


Total	$	1,399

Investment Valuation

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



		27		*Semiannual Report*

Fidelity Quality Factor ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%

	Shares		Value
COMMUNICATION SERVICES – 10.5%
Diversified Telecommunication Services – 1.9%
AT&T, Inc.		36,264	$	1,090,096
Verizon Communications, Inc.		20,794		1,144,918

				2,235,014

Entertainment – 1.3%
The Walt Disney Co.		14,089		1,571,205

Interactive Media & Services – 5.3%
Alphabet, Inc. Class A (a)		3,318		3,735,703
Facebook, Inc. Class A (a)		15,148		2,525,020

				6,260,723

Media – 2.0%
Comcast Corp. Class A		44,799		1,638,299
Sirius XM Holdings, Inc. (b)		125,659		732,592

				2,370,891


TOTAL COMMUNICATION SERVICES				12,437,833


CONSUMER DISCRETIONARY – 10.0%
Auto Components – 0.0%
Garrett Motion, Inc. (a)		766		12,233

Hotels, Restaurants & Leisure – 3.7%
Domino’s Pizza, Inc.		3,185		903,680
Las Vegas Sands Corp.		13,767		803,442
McDonald’s Corp.		8,891		1,589,533
Yum! Brands, Inc.		11,767		1,105,863

				4,402,518

Internet & Direct Marketing Retail – 1.0%
Booking Holdings, Inc. (a)		625		1,145,506

Specialty Retail – 4.2%
O’Reilly Automotive, Inc. (a)		3,069		1,057,762
Ross Stores, Inc.		11,010		1,014,241
The Home Depot, Inc.		9,457		1,735,643
The TJX Companies, Inc.		22,679		1,127,827

				4,935,473

Textiles, Apparel & Luxury Goods – 1.1%
NIKE, Inc. Class B		16,370		1,340,375


TOTAL CONSUMER DISCRETIONARY				11,836,105


CONSUMER STAPLES – 6.7%
Beverages – 1.6%
Monster Beverage Corp. (a)		9,918		567,706
The Coca-Cola Co.		27,759		1,336,041

				1,903,747

Food Products – 0.5%
The Hershey Co.		5,538		587,582

Household Products – 3.1%
Colgate-Palmolive Co.		11,048		714,584
Kimberly-Clark Corp.		5,731		638,319
The Clorox Co.		3,963		588,030




	Shares		Value
The Procter & Gamble Co.		17,253	$	1,664,397

				3,605,330

Tobacco – 1.5%
Altria Group, Inc.		16,751		826,662
Philip Morris International, Inc.		12,629		968,897

				1,795,559


TOTAL CONSUMER STAPLES				7,892,218


ENERGY – 5.1%
Energy Equipment & Services – 1.0%
Core Laboratories N.V. (b)		3,568		240,697
Halliburton Co.		12,927		405,391
Schlumberger Ltd.		12,047		532,598

				1,178,686

Oil, Gas & Consumable Fuels – 4.1%
ConocoPhillips		10,618		718,732
Exxon Mobil Corp.		23,885		1,750,293
Kinder Morgan, Inc.		29,975		542,547
Occidental Petroleum Corp.		8,050		537,579
Peabody Energy Corp.		9,144		326,441
Phillips 66		4,992		476,287
Valero Energy Corp.		5,211		457,630

				4,809,509


TOTAL ENERGY				5,988,195


FINANCIALS – 13.5%
Banks – 4.4%
Fifth Third Bancorp		38,000		1,019,160
SVB Financial Group (a)		3,507		818,464
The PNC Financial Services Group, Inc.		9,298		1,140,586
US Bancorp		27,000		1,381,320
Western Alliance Bancorp (a)		18,570		822,279

				5,181,809

Capital Markets – 6.3%
Affiliated Managers Group, Inc.		6,950		729,402
CME Group, Inc.		8,032		1,464,073
FactSet Research Systems, Inc.		5,335		1,166,391
Interactive Brokers Group, Inc. Class A		17,630		888,552
Moody’s Corp.		6,819		1,080,880
S&P Global, Inc.		6,432		1,232,693
SEI Investments Co.		18,222		866,274

				7,428,265

Consumer Finance – 1.9%
Discover Financial Services		16,147		1,089,761
Synchrony Financial		38,334		1,151,553

				2,241,314

Mortgage Real Estate Investment Trust (REITs) – 0.9%
AGNC Investment Corp.		56,398		1,010,088


TOTAL FINANCIALS				15,861,476

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



*Semiannual Report*		28


Common Stocks – continued

	Shares		Value
HEALTH CARE – 14.3%
Biotechnology – 5.8%
AbbVie, Inc.		17,452	$	1,401,221
Amgen, Inc.		8,129		1,521,017
Biogen, Inc. (a)		3,850		1,285,053
Celgene Corp. (a)		14,292		1,264,270
Gilead Sciences, Inc.		18,870		1,321,089

				6,792,650

Health Care Equipment & Supplies – 1.9%
IDEXX Laboratories, Inc. (a)		4,551		968,362
Intuitive Surgical, Inc. (a)		2,433		1,274,016

				2,242,378

Pharmaceuticals – 6.6%
Bristol-Myers Squibb Co.		24,402		1,204,727
Eli Lilly & Co.		14,408		1,726,943
Johnson & Johnson		19,814		2,636,847
Pfizer, Inc.		51,859		2,201,415

				7,769,932


TOTAL HEALTH CARE				16,804,960


INDUSTRIALS – 10.5%
Aerospace & Defense – 2.2%
Lockheed Martin Corp.		3,231		935,988
The Boeing Co.		4,406		1,699,042

				2,635,030

Building Products – 0.0%
Resideo Technologies, Inc. (a)		1,286		28,202

Commercial Services & Supplies – 0.6%
Rollins, Inc.		18,536		690,281

Electrical Equipment – 0.6%
Rockwell Automation, Inc.		4,308		730,292

Industrial Conglomerates – 2.0%
3M Co.		5,975		1,196,792
Honeywell International, Inc.		7,719		1,108,680

				2,305,472


Machinery – 1.9%
Allison Transmission Holdings, Inc.		14,968		728,492
Graco, Inc.		15,308		663,296
Illinois Tool Works, Inc.		6,225		854,755

				2,246,543

Professional Services – 1.4%
The Dun & Bradstreet Corp.		5,584		808,228
Verisk Analytics, Inc. (a)		6,589		773,615

				1,581,843

Road & Rail – 1.8%
CSX Corp.		13,436		882,745
Union Pacific Corp.		8,004		1,273,197

				2,155,942


TOTAL INDUSTRIALS				12,373,605




	Shares		Value
INFORMATION TECHNOLOGY – 19.5%
Communications Equipment – 0.6%
F5 Networks, Inc. (a)		4,649	$	748,257

IT Services – 5.5%
Accenture PLC Class A		7,620		1,170,051
Mastercard, Inc. Class A		7,887		1,665,182
Paychex, Inc.		12,315		871,902
VeriSign, Inc. (a)		5,440		920,829
Visa, Inc. Class A		13,535		1,827,360

				6,455,324

Semiconductors & Semiconductor Equipment – 3.0%
Applied Materials, Inc.		20,272		792,230
KLA-Tencor Corp.		7,081		754,622
NVIDIA Corp.		5,742		825,412
Texas Instruments, Inc.		11,176		1,125,200

				3,497,464

Software – 6.7%
Adobe, Inc. (a)		5,231		1,296,347
Check Point Software Technologies Ltd. (a)		7,236		809,853
Microsoft Corp.		41,838		4,369,142
Oracle Corp.		29,201		1,466,766

				7,942,108

Technology Hardware, Storage & Peripherals – 3.7%
Apple, Inc.		25,916		4,313,459


TOTAL INFORMATION TECHNOLOGY				22,956,612


MATERIALS – 2.7%
Chemicals – 1.9%
Air Products & Chemicals, Inc.		2,423		398,317
Celanese Corp. Class A		2,636		252,423
Ecolab, Inc.		2,765		437,340
Linde PLC		2,712		442,083
LyondellBasell Industries N.V. Class A		3,600		313,092
The Sherwin-Williams Co.		904		381,054

				2,224,309

Construction Materials – 0.1%
Eagle Materials, Inc.		2,560		181,760

Containers & Packaging – 0.2%
Packaging Corp. of America		2,522		237,875

Metals & Mining – 0.5%
Freeport-McMoRan, Inc.		21,000		244,440
Newmont Mining Corp.		8,762		298,872

				543,312


TOTAL MATERIALS				3,187,256


REAL ESTATE – 3.7%
Equity Real Estate Investment Trusts (REITs) – 3.7%
American Tower Corp.		3,163		546,693
AvalonBay Communities, Inc.		1,563		301,534

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



		29		*Semiannual Report*

Fidelity Quality Factor ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
CoreSite Realty Corp.		1,664	$	164,387
Equity Residential		4,234		307,219
Essex Property Trust, Inc.		1,022		277,166
Extra Space Storage, Inc.		2,426		239,228
Federal Realty Investment Trust		1,718		227,755
Gaming and Leisure Properties, Inc.		5,707		214,012
National Retail Properties, Inc.		4,458		234,981
Prologis, Inc.		5,039		348,497
Public Storage		1,477		313,892
Realty Income Corp.		4,266		293,032
Regency Centers Corp.		3,368		218,920
Simon Property Group, Inc.		2,348		427,618
WP Carey, Inc.		3,066		229,613


TOTAL REAL ESTATE				4,344,547


UTILITIES – 3.3%
Electric Utilities – 1.2%
IDACORP, Inc.		3,504		341,640
NextEra Energy, Inc.		3,951		707,150
OGE Energy Corp.		9,378		384,029

				1,432,819

Gas Utilities – 0.3%
National Fuel Gas Co.		6,150		352,395

Independent Power and Renewable Electricity Producers – 0.7%
AES Corp.		25,596		419,519
NRG Energy, Inc.		11,129		455,287

				874,806

Multi-Utilities – 1.1%
CenterPoint Energy, Inc.		12,853		397,415




	Shares		Value
Consolidated Edison, Inc.		5,340	$	414,651
WEC Energy Group, Inc.		6,096		445,191

				1,257,257


TOTAL UTILITIES				3,917,277


TOTAL COMMON STOCKS (Cost $120,873,407)				117,600,084


Money Market Funds – 0.9%

Fidelity Cash Central Fund, 2.43% (c)		107,300		107,322
Fidelity Securities Lending Cash Central Fund, 2.43% (c)(d)		1,004,212		1,004,312


TOTAL MONEY MARKET FUNDS (Cost $1,111,649)				1,111,634


TOTAL INVESTMENT PORTFOLIO – 100.7% (Cost $121,985,056)				118,711,718

NET OTHER ASSETS (LIABILITIES) – (0.7%)				(835,873	)


NET ASSETS – 100.0%			$	117,875,845

Legend

(a)

Non-income producing.

(b)

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

(c)

(d)

Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:


Fund	Income earned

Fidelity Cash Central Fund	$	1,401

Fidelity Securities Lending Cash Central Fund		10,707


Total	$	12,108

Investment Valuation

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



*Semiannual Report*		30

Fidelity Value Factor ETF

Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%

	Shares		Value
COMMUNICATION SERVICES – 11.4%
Diversified Telecommunication Services – 1.9%
AT&T, Inc.		36,179	$	1,087,541
Verizon Communications, Inc.		20,720		1,140,843

				2,228,384

Entertainment – 2.5%
The Walt Disney Co.		15,829		1,765,250
Viacom, Inc. Class B		37,471		1,102,397

				2,867,647

Interactive Media & Services – 5.4%
Alphabet, Inc. Class A (a)		3,298		3,713,185
Facebook, Inc. Class A (a)		15,015		2,502,851

				6,216,036

Media – 1.6%
Comcast Corp. Class A		50,388		1,842,689


TOTAL COMMUNICATION SERVICES				13,154,756


CONSUMER DISCRETIONARY – 9.8%
Automobiles – 0.9%
Ford Motor Co.		121,070		1,065,416

Diversified Consumer Services – 0.8%
H&R Block, Inc.		41,663		982,830

Hotels, Restaurants & Leisure – 2.8%
Norwegian Cruise Line Holdings Ltd. (a)		21,576		1,109,654
Royal Caribbean Cruises Ltd.		9,728		1,167,846
Wyndham Destinations, Inc.		22,545		950,046

				3,227,546

Household Durables – 0.9%
PulteGroup, Inc.		37,082		1,031,250

Internet & Direct Marketing Retail – 0.8%
eBay, Inc. (a)		26,306		885,197

Multiline Retail – 2.5%
Kohl’s Corp.		15,013		1,031,243
Macy’s, Inc.		27,836		732,087
Target Corp.		15,098		1,102,154

				2,865,484

Specialty Retail – 1.1%
Foot Locker, Inc.		22,030		1,231,257


TOTAL CONSUMER DISCRETIONARY				11,288,980


CONSUMER STAPLES – 6.9%
Food & Staples Retailing – 2.2%
The Kroger Co.		20,704		586,544
Walgreens Boots Alliance, Inc.		11,425		825,571
Walmart, Inc.		12,240		1,172,959

				2,585,074

Food Products – 1.0%
Ingredion, Inc.		5,515		545,985




	Shares		Value
Tyson Foods, Inc. Class A		10,154	$	628,736

				1,174,721

Household Products – 2.1%
Kimberly-Clark Corp.		5,975		665,496
The Procter & Gamble Co.		17,537		1,691,794

				2,357,290

Tobacco – 1.6%
Altria Group, Inc.		17,162		846,945
Philip Morris International, Inc.		12,903		989,918

				1,836,863


TOTAL CONSUMER STAPLES				7,953,948


ENERGY – 5.4%
Oil, Gas & Consumable Fuels – 5.4%
Chevron Corp.		11,244		1,289,125
ConocoPhillips		9,760		660,654
Exxon Mobil Corp.		23,121		1,694,307
HollyFrontier Corp.		5,403		304,405
Marathon Petroleum Corp.		6,109		404,782
Occidental Petroleum Corp.		7,342		490,299
PBF Energy, Inc. Class A		7,258		265,788
Peabody Energy Corp.		7,801		278,496
Phillips 66		4,513		430,585
Valero Energy Corp.		4,684		411,349


TOTAL ENERGY				6,229,790


FINANCIALS – 14.2%
Banks – 6.5%
Bank of America Corp.		62,740		1,786,208
Citigroup, Inc.		20,286		1,307,636
JPMorgan Chase & Co.		20,792		2,151,972
Popular, Inc.		13,012		710,585
Wells Fargo & Co.		30,583		1,495,814

				7,452,215

Capital Markets – 0.7%
Morgan Stanley		18,812		795,748

Consumer Finance – 1.9%
Capital One Financial Corp.		8,808		709,837
Discover Financial Services		10,279		693,730
Synchrony Financial		24,432		733,937

				2,137,504

Diversified Financial Services – 2.1%
Berkshire Hathaway, Inc. Class B (a)		11,852		2,436,060

Insurance – 1.9%
Athene Holding Ltd. Class A (a)		14,322		614,414
MetLife, Inc.		18,234		832,747
Prudential Financial, Inc.		8,148		750,756

				2,197,917

Thrifts & Mortgage Finance – 1.1%
MGIC Investment Corp. (a)		51,928		648,062

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



		31		*Semiannual Report*

Fidelity Value Factor ETF

Schedule of Investments (Unaudited) – continued


Common Stocks – continued

	Shares		Value
FINANCIALS – continued
Thrifts & Mortgage Finance – continued
Radian Group, Inc.		33,564	$	645,771

				1,293,833


TOTAL FINANCIALS				16,313,277


HEALTH CARE – 13.7%
Biotechnology – 4.7%
Amgen, Inc.		8,644		1,617,379
Biogen, Inc. (a)		4,127		1,377,510
Gilead Sciences, Inc.		20,077		1,405,591
United Therapeutics Corp. (a)		9,153		1,055,615

				5,456,095

Health Care Providers & Services – 4.6%
Cigna Corp.		6,937		1,386,082
CVS Health Corp.		21,875		1,433,906
Humana, Inc.		4,066		1,256,353
McKesson Corp.		9,810		1,258,133

				5,334,474

Pharmaceuticals – 4.4%
Johnson & Johnson		20,529		2,731,999
Pfizer, Inc.		54,342		2,306,818

				5,038,817


TOTAL HEALTH CARE				15,829,386


INDUSTRIALS – 10.5%
Aerospace & Defense – 1.6%
The Boeing Co.		4,738		1,827,068

Airlines – 3.1%
Delta Air Lines, Inc.		17,620		870,957
JetBlue Airways Corp. (a)		46,039		828,242
Southwest Airlines Co.		16,403		931,034
United Continental Holdings, Inc. (a)		10,871		948,712

				3,578,945

Building Products – 0.6%
Owens Corning		13,491		706,793

Machinery – 3.4%
Caterpillar, Inc.		8,454		1,125,735
Cummins, Inc.		6,394		940,621
Oshkosh Corp.		11,317		849,341
PACCAR, Inc.		14,154		927,370

				3,843,067

Professional Services – 0.6%
ManpowerGroup, Inc.		8,909		704,078

Trading Companies & Distributors – 1.2%
AerCap Holdings N.V. (a)		14,429		681,915
United Rentals, Inc. (a)		5,777		723,627

				1,405,542


TOTAL INDUSTRIALS				12,065,493




	Shares		Value
INFORMATION TECHNOLOGY – 19.0%
Communications Equipment – 1.6%
Cisco Systems, Inc.		38,589	$	1,824,874

IT Services – 5.4%
Accenture PLC Class A		7,511		1,153,314
Alliance Data Systems Corp.		3,491		619,967
Cognizant Technology Solutions Corp. Class A		12,235		852,535
DXC Technology Co.		9,845		631,261
International Business Machines Corp.		9,001		1,209,914
Visa, Inc. Class A		13,350		1,802,384

				6,269,375

Semiconductors & Semiconductor Equipment – 2.1%
Intel Corp.		35,889		1,691,090
Micron Technology, Inc. (a)		19,007		726,447

				2,417,537

Software – 5.7%
Microsoft Corp.		41,569		4,341,051
Oracle Corp.		28,785		1,445,870
VMware, Inc. Class A		5,276		797,045

				6,583,966

Technology Hardware, Storage & Peripherals – 4.2%
Apple, Inc.		25,760		4,287,495
Western Digital Corp.		12,079		543,434

				4,830,929


TOTAL INFORMATION TECHNOLOGY				21,926,681


MATERIALS – 2.5%
Chemicals – 1.2%
DowDuPont, Inc.		13,785		741,771
Huntsman Corp.		7,812		171,629
LyondellBasell Industries N.V. Class A		3,511		305,352
The Chemours Co.		5,861		209,531

				1,428,283

Containers & Packaging – 0.3%
International Paper Co.		6,148		291,600

Metals & Mining – 0.8%
Alcoa Corp. (a)		6,009		178,347
Freeport-McMoRan, Inc.		20,552		239,225
Nucor Corp.		4,785		293,033
United States Steel Corp.		7,679		173,085

				883,690

Paper & Forest Products – 0.2%
Louisiana-Pacific Corp.		8,806		214,690


TOTAL MATERIALS				2,818,263


REAL ESTATE – 3.6%
Equity Real Estate Investment Trusts (REITs) – 3.2%
Apple Hospitality REIT, Inc.		11,656		191,275
Brixmor Property Group, Inc.		12,236		209,603

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



*Semiannual Report*		32


Common Stocks – continued

	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
EPR Properties		3,180	$	232,331
Hospitality Properties Trust		7,469		199,124
Host Hotels & Resorts, Inc.		12,075		218,074
Kimco Realty Corp.		13,700		233,037
Medical Properties Trust, Inc.		15,395		280,189
Park Hotels & Resorts, Inc.		7,060		212,294
Prologis, Inc.		5,470		378,305
Senior Housing Properties Trust		11,789		162,335
Simon Property Group, Inc.		2,563		466,774
Ventas, Inc.		5,052		325,803
Welltower, Inc.		4,750		368,077
Weyerhaeuser Co.		9,395		246,525

				3,723,746

Real Estate Management & Development – 0.4%
CBRE Group, Inc. Class A (a)		5,397		246,912
Jones Lang LaSalle, Inc.		1,390		199,340

				446,252


TOTAL REAL ESTATE				4,169,998


UTILITIES – 2.8%
Electric Utilities – 1.5%
Duke Energy Corp.		6,439		565,215
Exelon Corp.		10,591		505,826
NextEra Energy, Inc.		3,711		664,195

				1,735,236

Independent Power and Renewable Electricity Producers – 1.0%
AES Corp.		22,316		365,759




	Shares		Value
NRG Energy, Inc.		9,719	$	397,605
Vistra Energy Corp. (a)		13,299		333,938

				1,097,302

Multi-Utilities – 0.3%
Consolidated Edison, Inc.		4,796		372,409


TOTAL UTILITIES				3,204,947


TOTAL COMMON STOCKS (Cost $114,410,130)				114,955,519


Money Market Funds – 0.1%

Fidelity Cash Central Fund, 2.43% (b) (Cost $122,603)		122,578		122,602


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $114,532,733)				115,078,121

NET OTHER ASSETS (LIABILITIES) – 0.1%				115,312


NET ASSETS – 100.0%			$	115,193,433

Legend

(a)

Non-income producing.

(b)

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:


Fund	Income earned

Fidelity Cash Central Fund	$	1,279

Fidelity Securities Lending Cash Central Fund		192


Total	$	1,471

Investment Valuation

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



		33		*Semiannual Report*

Financial Statements


Statements of Assets and Liabilities

January 31, 2019 (Unaudited)

	Fidelity Dividend ETF for Rising Rates			Fidelity High Dividend ETF			Fidelity Low Volatility Factor ETF		Fidelity Momentum Factor ETF

Assets

Investments in securities, at value (including securities loaned of $1,856,808, $3,763,274, $1,234,796 and $2,435,656, respectively) – See accompanying schedule:
Unaffiliated issuers	$	361,412,035		$	267,644,725		$	120,250,841	$	107,735,681
Fidelity Central Funds		2,524,769			4,295,407			1,392,232		2,518,001


Total Investments in Securities	$	363,936,804		$	271,940,132		$	121,643,073	$	110,253,682

Cash		—			—			—		36,519

Foreign currency held at value (cost $59,862, $3,580, $— and $—, respectively)		59,463			3,518			—		—

Receivable for fund shares sold		—			—			1,606,928		—

Dividends receivable		600,782			625,375			139,712		58,030

Distributions receivable from Fidelity Central Funds		871			1,209			40		211


Total assets		364,597,920			272,570,234			123,389,753		110,348,442


Liabilities

Payable for investments purchased		—			—			1,596,756		—

Accrued management fees		85,557			60,938			25,596		24,405

Collateral on securities loaned, at value		1,881,450			3,817,250			1,247,750		2,439,825


Total liabilities		1,967,007			3,878,188			2,870,102		2,464,230


Net Assets	$	362,630,913		$	268,692,046		$	120,519,651	$	107,884,212


Net Assets consist of:

Paid in capital		363,703,686			269,356,310			115,127,745		106,384,161

Total distributable earnings (loss)		(1,072,773	)		(664,264	)		5,391,906		1,500,051


Net Assets	$	362,630,913		$	268,692,046		$	120,519,651	$	107,884,212


Shares outstanding		11,850,000			9,150,000			3,750,000		3,350,000


Net Asset Value, offering price and redemption price per share	$	30.60		$	29.37		$	32.14	$	32.20


Investments at cost – Unaffiliated issuers	$	360,795,932		$	266,465,609		$	117,384,631	$	104,587,883

Investments at cost – Fidelity Central Funds		2,524,769			4,295,408			1,392,232		2,518,002


Investments at cost	$	363,320,701		$	270,761,017		$	118,776,863	$	107,105,885

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



*Semiannual Report*		34


Statements of Assets and Liabilities

January 31, 2019 (Unaudited)

	Fidelity Quality Factor ETF			Fidelity Value Factor ETF

Assets

Investments in securities, at value (including securities loaned of $947,107 and $—, respectively) – See accompanying schedule:
Unaffiliated issuers	$	117,600,084		$	114,955,519
Fidelity Central Funds		1,111,634			122,602


Total Investments in Securities	$	118,711,718		$	115,078,121

Cash		35,680			—

Foreign currency held at value (cost $— and $—, respectively)		—			—

Receivable for fund shares sold		—			—

Dividends receivable		153,728			141,832

Distributions receivable from Fidelity Central Funds		5,671			43


Total assets		118,906,797			115,219,996


Liabilities

Payable for investments purchased		—			—

Accrued management fees		26,694			26,563

Collateral on securities loaned, at value		1,004,258			—


Total liabilities		1,030,952			26,563


Net Assets	$	117,875,845		$	115,193,433


Net Assets consist of:

Paid in capital		118,950,830			114,223,306

Total distributable earnings (loss)		(1,074,985	)		970,127


Net Assets	$	117,875,845		$	115,193,433


Shares outstanding		3,650,000			3,550,000


Net Asset Value, offering price and redemption price per share	$	32.29		$	32.45


Investments at cost – Unaffiliated issuers	$	120,873,407		$	114,410,130

Investments at cost – Fidelity Central Funds		1,111,649			122,603


Investments at cost	$	121,985,056		$	114,532,733

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



		35		*Semiannual Report*

Financial Statements – continued


Statements of Operations

For the six months ended January 31, 2019 (Unaudited)

	Fidelity Dividend ETF for Rising Rates			Fidelity High Dividend ETF			Fidelity Low Volatility Factor ETF			Fidelity Momentum Factor ETF

Investment Income

Dividends	$	6,603,329		$	5,061,106		$	907,864		$	707,046

Income from Fidelity Central Funds		30,865			9,878			4,409			1,399


Total income		6,634,194			5,070,984			912,273			708,445


Expenses

Management fees		540,286			318,192			123,102			143,645

Independent trustees’ compensation		1,136			613			234			303


Total expenses before reductions		541,422			318,805			123,336			143,948

Expense reductions		(102	)		(108	)		(203	)		(215	)


Total expenses		541,320			318,697			123,133			143,733


Net investment income (loss)		6,092,874			4,752,287			789,140			564,712


Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities		(338,440	)		270,150			(9,526	)		(3,647,665	)

Net realized gain (loss) on In-kind redemptions		3,492,504			—			2,935,026			4,323,832

Net realized gain (loss) on foreign currency transactions		(1,900	)		(937	)		—			—


Total net realized gain (loss)		3,152,164			269,213			2,925,500			676,167


Change in net unrealized appreciation (depreciation) on investment securities		(18,731,546	)		(6,561,905	)		(2,300,866	)		(4,726,698	)

Change in net unrealized appreciation (depreciation) on Fidelity Central Funds		67			17			—			(1	)

Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies		654			(9	)		—			—


Total change in net unrealized appreciation (depreciation)		(18,730,825	)		(6,561,897	)		(2,300,866	)		(4,726,699	)


Net gain (loss)		(15,578,661	)		(6,292,684	)		624,634			(4,050,532	)


Net increase (decrease) in net assets resulting from operations	$	(9,485,787	)	$	(1,540,397	)	$	1,413,774		$	(3,485,820	)

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



*Semiannual Report*		36


Statements of Operations

For the six months ended January 31, 2019 (Unaudited)

	Fidelity Quality Factor ETF			Fidelity Value Factor ETF

Investment Income

Dividends	$	1,166,878		$	1,263,360

Income from Fidelity Central Funds		12,108			1,471


Total income		1,178,986			1,264,831


Expenses

Management fees		159,278			144,455

Independent trustees’ compensation		306			292


Total expenses before reductions		159,584			144,747

Expense reductions		(177	)		(130	)


Total expenses		159,407			144,617


Net investment income (loss)		1,019,579			1,120,214


Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities		(367,946	)		(956,179	)

Net realized gain (loss) on In-kind redemptions		3,086,248			2,515,768

Net realized gain (loss) on foreign currency transactions		—			—


Total net realized gain (loss)		2,718,302			1,559,589


Change in net unrealized appreciation (depreciation) on investment securities		(8,361,212	)		(5,147,519	)

Change in net unrealized appreciation (depreciation) on Fidelity Central Funds		(13	)		—

Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies		—			—


Total change in net unrealized appreciation (depreciation)		(8,361,225	)		(5,147,519	)


Net gain (loss)		(5,642,923	)		(3,587,930	)


Net increase (decrease) in net assets resulting from operations	$	(4,623,344	)	$	(2,467,716	)

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



		37		*Semiannual Report*

Financial Statements – continued


Statements of Changes in Net Assets

	Fidelity Dividend ETF for Rising Rates						Fidelity High Dividend ETF
	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	6,092,874		$	7,604,966		$	4,752,287		$	3,902,545
Net realized gain (loss)		3,152,164			5,757,039			269,213			4,576,051
Change in net unrealized appreciation (depreciation)		(18,730,825	)		17,013,699			(6,561,897	)		6,938,649


Net increase (decrease) in net assets resulting from operations		(9,485,787	)		30,375,704			(1,540,397	)		15,417,245


Distributions to shareholders		(5,553,500	)		—			(3,984,300	)		—

Distributions to shareholders from net investment income		—			(7,614,450	)		—			(4,045,250	)

Distributions to shareholders from net realized gain		—			—			—			(29,500	)


Total distributions		(5,553,500	)		(7,614,450	)		(3,984,300	)		(4,074,750	)


Share transactions
Proceeds from sales of shares		73,948,164			237,265,494			102,382,088			133,442,348
Cost of shares redeemed		(43,173,541	)		(65,623,350	)		—			(32,300,411	)


Net increase (decrease) in net assets resulting from share transactions		30,774,623			171,642,144			102,382,088			101,141,937


Total increase (decrease) in net assets		15,735,336			194,403,398			96,857,391			112,484,432

Net Assets
Beginning of period		346,895,577			152,492,179			171,834,655			59,350,223

End of period	$	362,630,913		$	346,895,577		$	268,692,046		$	171,834,655


Undistributed net investment income end of period				$	122,792					$	—


Other Information

Shares
Sold		2,350,000			7,750,000			3,450,000			4,600,000
Redeemed		(1,500,000	)		(2,100,000	)		—			(1,100,000	)


Net increase (decrease)		850,000			5,650,000			3,450,000			3,500,000

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



*Semiannual Report*		38


Statements of Changes in Net Assets



	Fidelity Low Volatility Factor ETF						Fidelity Momentum Factor ETF
	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	789,140		$	800,213		$	564,712		$	717,946
Net realized gain (loss)		2,925,500			1,649,908			676,167			2,180,008
Change in net unrealized appreciation (depreciation)		(2,300,866	)		4,025,357			(4,726,699	)		6,072,794


Net increase (decrease) in net assets resulting from operations		1,413,774			6,475,478			(3,485,820	)		8,970,748


Distributions to shareholders		(696,000	)		—			(545,500	)		—

Distributions to shareholders from net investment income		—			(793,800	)		—			(688,250	)

Distributions to shareholders from net realized gain		—			—			—			—


Total distributions		(696,000	)		(793,800	)		(545,500	)		(688,250	)


Share transactions
Proceeds from sales of shares		74,793,757			46,091,368			46,038,987			90,704,534
Cost of shares redeemed		(21,412,183	)		(19,185,949	)		(29,825,033	)		(39,030,201	)


Net increase (decrease) in net assets resulting from share transactions		53,381,574			26,905,419			16,213,954			51,674,333


Total increase (decrease) in net assets		54,099,348			32,587,097			12,182,634			59,956,831

Net Assets
Beginning of period		66,420,303			33,833,206			95,701,578			35,744,747

End of period	$	120,519,651		$	66,420,303		$	107,884,212		$	95,701,578


Undistributed net investment income end of period				$	28,045					$	49,177


Other Information

Shares
Sold		2,350,000			1,500,000			1,400,000			2,850,000
Redeemed		(650,000	)		(650,000	)		(900,000	)		(1,250,000	)


Net increase (decrease)		1,700,000			850,000			500,000			1,600,000

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



		39		*Semiannual Report*

Financial Statements – continued

Statements of Changes in Net Assets



	Fidelity Quality Factor ETF						Fidelity Value Factor ETF
	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	1,019,579		$	859,509		$	1,120,214		$	1,145,379
Net realized gain (loss)		2,718,302			1,969,453			1,559,589			2,387,424
Change in net unrealized appreciation (depreciation)		(8,361,225	)		4,345,070			(5,147,519	)		4,698,706


Net increase (decrease) in net assets resulting from operations		(4,623,344	)		7,174,032			(2,467,716	)		8,231,509


Distributions to shareholders		(888,350	)		—			(994,600	)		—

Distributions to shareholders from net investment income		—			(891,500	)		—			(1,129,450	)

Distributions to shareholders from net realized gain		—			—			—			—


Total distributions		(888,350	)		(891,500	)		(994,600	)		(1,129,450	)


Share transactions
Proceeds from sales of shares		89,764,613			44,304,370			49,151,170			62,950,948
Cost of shares redeemed		(31,636,046	)		(15,896,471	)		(16,945,523	)		(22,241,630	)


Net increase (decrease) in net assets resulting from share transactions		58,128,567			28,407,899			32,205,647			40,709,318


Total increase (decrease) in net assets		52,616,873			34,690,431			28,743,331			47,811,377

Net Assets
Beginning of period		65,258,972			30,568,541			86,450,102			38,638,725

End of period	$	117,875,845		$	65,258,972		$	115,193,433		$	86,450,102


Undistributed net investment income end of period				$	22,608					$	46,922


Other Information

Shares
Sold		2,700,000			1,400,000			1,500,000			1,950,000
Redeemed		(1,000,000	)		(500,000	)		(500,000	)		(700,000	)


Net increase (decrease)		1,700,000			900,000			1,000,000			1,250,000

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



*Semiannual Report*		40


Financial Highlights

	Fidelity Dividend ETF for Rising Rates
	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Year ended July 31, 2017^A

Selected Per-Share Data

Net asset value, beginning of period	$	31.54		$	28.50		$	25.34


Income from Investment Operations
Net investment income (loss)^B		0.51			0.93			0.76
Net realized and unrealized gain (loss)		(0.99	)		3.03			2.98

Total from investment operations		(0.48	)		3.96			3.74


Distributions from net investment income		(0.46	)		(0.92	)		(0.58	)

Total distributions		(0.46	)		(0.92	)		(0.58	)


Net asset value, end of period	$	30.60		$	31.54		$	28.50


Total Return^C,D		(1.47	)%		14.04	%		14.85	%

Ratios to Average Net Assets^E,F
Expense before reductions		.29	%^G		.30	%		.29	%^G
Expenses net of fee waivers, if any		.29	%^G		.30	%		.29	%^G
Expenses net of all reductions		.29	%^G		.30	%		.29	%^G
Net investment income (loss)		3.27	%^G		3.08	%		3.09	%^G

Supplemental Data
Net assets, end of period (000 omitted)	$	362,631		$	346,896		$	152,492
Portfolio turnover rate^H,I		2	%^J		38	%		52	%^J

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

Calculated based on average shares outstanding during the period.

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

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

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

Annualized.

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

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

Amount not annualized.

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



		41		*Semiannual Report*

Financial Statements – continued


Financial Highlights

	Fidelity High Dividend ETF
	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Year ended July 31, 2017^A

Selected Per-Share Data

Net asset value, beginning of period	$	30.15		$	26.98		$	25.32


Income from Investment Operations								.
Net investment income (loss)^B		0.64			1.09			0.85
Net realized and unrealized gain (loss)		(0.88	)		3.21			1.57

Total from investment operations		(0.24	)		4.30			2.42


Distributions from net investment income		(0.54	)		(1.12	)		(0.76	)

Distributions from net realized gain		—			(0.01	)		—

Total distributions		(0.54	)		(1.13	)		(0.76	)


Net asset value, end of period	$	29.37		$	30.15		$	26.98


Total Return^C,D		(0.77	)%		16.23	%		9.61	%

Ratios to Average Net Assets^E,F
Expense before reductions		.29	%^G		.30	%		.29	%^G
Expenses net of fee waivers, if any		.29	%^G		.30	%		.29	%^G
Expenses net of all reductions		.29	%^G		.30	%		.29	%^G
Net investment income (loss)		4.33	%^G		3.80	%		3.61	%^G

Supplemental Data
Net assets, end of period (000 omitted)	$	268,692		$	171,835		$	59,350
Portfolio turnover rate^H,I		4	%^J		53	%		57	%^J

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

Calculated based on average shares outstanding during the period.

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

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

Annualized.

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

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

Amount not annualized.

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



*Semiannual Report*		42


Financial Statements

	Fidelity Low Volatility Factor ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Year ended July 31, 2017^A

Selected Per-Share Data

Net asset value, beginning of period	$	32.40		$	28.19		$	25.31


Income from Investment Operations
Net investment income (loss)^B		0.30			0.53			0.45
Net realized and unrealized gain (loss)		(0.29	)^C		4.20			2.81

Total from investment operations		0.01			4.73			3.26


Distributions from net investment income		(0.27	)		(0.52	)		(0.38	)

Total distributions		(0.27	)		(0.52	)		(0.38	)


Net asset value, end of period	$	32.14		$	32.40		$	28.19


Total Return^D,E		0.06	%		16.89	%		12.94	%

Ratios to Average Net Assets^F,G
Expense before reductions		.29	%^H		.30	%		.29	%^H
Expenses net of fee waivers, if any		.29	%^H		.30	%		.29	%^H
Expenses net of all reductions		.29	%^H		.30	%		.29	%^H
Net investment income (loss)		1.86	%^H		1.73	%		1.87	%^H

Supplemental Data
Net assets, end of period (000 omitted)	$	120,520		$	66,420		$	33,833
Portfolio turnover rate^I,J		18	%^K		31	%		33	%^K

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

Calculated based on average shares outstanding during the period.

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

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

Annualized.

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

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

Amount not annualized.

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



		43		*Semiannual Report*

Financial Statements – continued


Financial Highlights

	Fidelity Momentum Factor ETF
	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Year ended July 31, 2017^A

Selected Per-Share Data

Net asset value, beginning of period	$	33.58		$	28.60		$	25.34


Income from Investment Operations
Net investment income (loss)^B		0.19			0.36			0.36
Net realized and unrealized gain (loss)		(1.39	)		4.97			3.19

Total from investment operations		(1.20	)		5.33			3.55


Distributions from net investment income		(0.18	)		(0.35	)		(0.29	)

Total distributions		(0.18	)		(0.35	)		(0.29	)


Net asset value, end of period	$	32.20		$	33.58		$	28.60


Total Return^C,D		(3.54	)%		18.72	%		14.11	%

Ratios to Average Net Assets^E,F
Expense before reductions		.29	%^G		.30	%		.29	%^G
Expenses net of fee waivers, if any		.29	%^G		.30	%		.29	%^G
Expenses net of all reductions		.29	%^G		.30	%		.29	%^G
Net investment income (loss)		1.14	%^G		1.14	%		1.50	%^G

Supplemental Data
Net assets, end of period (000 omitted)	$	107,884		$	95,702		$	35,745
Portfolio turnover rate^H,I		65	%^J		125	%		106	%^J

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

Calculated based on average shares outstanding during the period.

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

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

Annualized.

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

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

Amount not annualized.

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



*Semiannual Report*		44


Financial Highlights

	Fidelity Quality Factor ETF
	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Year ended July 31, 2017^A

Selected Per-Share Data

Net asset value, beginning of period	$	33.47		$	29.11		$	25.37


Income from Investment Operations
Net investment income (loss)^B		0.30			0.53			0.45
Net realized and unrealized gain (loss)		(1.24	)		4.38			3.62

Total from investment operations		(0.94	)		4.91			4.07


Distributions from net investment income		(0.24	)		(0.55	)		(0.33	)

Total distributions		(0.24	)		(0.55	)		(0.33	)


Net asset value, end of period	$	32.29		$	33.47		$	29.11


Total Return^C,D		(2.75	)%		16.95	%		16.10	%

Ratios to Average Net Assets^E,F
Expense before reductions		.29	%^G		.30	%		.29	%^G
Expenses net of fee waivers, if any		.29	%^G		.30	%		.29	%^G
Expenses net of all reductions		.29	%^G		.30	%		.29	%^G
Net investment income (loss)		1.86	%^G		1.66	%		1.84	%^G

Supplemental Data
Net assets, end of period (000 omitted)	$	117,876		$	65,259		$	30,569
Portfolio turnover rate^H,I		11	%^J		30	%		35	%^J

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

Calculated based on average shares outstanding during the period.

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

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

Annualized.

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

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

Amount not annualized.

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



		45		*Semiannual Report*

Financial Statements – continued


Financial Highlights

	Fidelity Value Factor ETF

	Six months ended January 31, 2019 (Unaudited)			Year ended July 31, 2018			Year ended July 31, 2017^A

Selected Per-Share Data

Net asset value, beginning of period	$	33.90		$	29.72		$	25.37


Income from Investment Operations
Net investment income (loss)^B		0.37			0.58			0.49
Net realized and unrealized gain (loss)		(1.49	)		4.18			4.23

Total from investment operations		(1.12	)		4.76			4.72


Distributions from net investment income		(0.33	)		(0.58	)		(0.37	)

Total distributions		(0.33	)		(0.58	)		(0.37	)


Net asset value, end of period	$	32.45		$	33.90		$	29.72


Total Return^C,D		(3.29	)%		16.11	%		18.65	%

Ratios to Average Net Assets^E,F
Expense before reductions		.29	%^G		.30	%		.29	%^G
Expenses net of fee waivers, if any		.29	%^G		.30	%		.29	%^G
Expenses net of all reductions		.29	%^G		.30	%		.29	%^G
Net investment income (loss)		2.25	%^G		1.79	%		1.92	%^G

Supplemental Data
Net assets, end of period (000 omitted)	$	115,193		$	86,450		$	38,639
Portfolio turnover rate^H,I		17	%^J		38	%		42	%^J

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

Calculated based on average shares outstanding during the period.

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

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

Annualized.

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

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

Amount not annualized.

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



*Semiannual Report*		46

Notes to Financial Statements

For the period ended January 31, 2019 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds’ Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund’s investments to the FairValue Committee (the Committee) established by each Fund’s investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund’s investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available)

Valuation techniques used to value each Fund’s investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.



		47		*Semiannual Report*

Notes to Financial Statements – continued

3. Significant Accounting Policies – continued

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Funds’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of NYSE Arca, normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Underlying Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Book-tax differences are primarily due to redemptions in kind, partnerships, foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:


	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Dividend ETF for Rising Rates	$	364,064,924	$	18,054,781	$	(18,182,901	)	$	(128,120	)
Fidelity High Dividend ETF		271,462,112		10,881,584		(10,403,564	)		478,020
Fidelity Low Volatility Factor ETF		118,880,985		5,684,107		(2,922,019	)		2,762,088
Fidelity Momentum Factor ETF		107,115,897		6,665,235		(3,527,450	)		3,137,785
Fidelity Quality Factor ETF		122,045,481		3,581,080		(6,914,843	)		(3,333,763	)
Fidelity Value Factor ETF		114,672,409		4,956,654		(4,550,942	)		405,712



*Semiannual Report*		48

3. Significant Accounting Policies – continued

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal year end and is subject to adjustment.


	No-expiration Short-term			No-expiration Long-term			Total capital loss carryforward
Fidelity Dividend ETF for Rising Rates	$	(4,911,356	)	$	(238,610	)	$	(5,149,966	)
Fidelity High Dividend ETF		(2,059,603	)		(599,311	)		(2,658,914	)
Fidelity Low Volatility Factor ETF		(458,029	)		(25,648	)		(483,677	)
Fidelity Momentum Factor ETF		(2,385,341	)		—			(2,385,341	)
Fidelity Quality Factor ETF		(623,489	)		(13,987	)		(637,476	)
Fidelity Value Factor ETF		(1,220,949	)		(11,936	)		(1,232,885	)


Financial Statement	Current Line-Item Presentation	Prior Line-Item Presentation
Statement of Assets and Liabilities	Total distributable earnings (loss)	Undistributed/Distributions in excess of/ Accumulated net investment income (loss) Accumulated/Undistributed net realized gain (loss) Net unrealized appreciation (depreciation)
Statement of Changes in Net Assets	N/A – removed	Undistributed/Distributions in excess of/ Accumulated net investment income (loss) end of period
Statement of Changes in Net Assets	Distributions to shareholders	Distributions to shareholders from net investment income Distributions to shareholders from net realized gain

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, were as follows:


	Purchases		Sales
Fidelity Dividend ETF for Rising Rates	$	9,453,602	$	8,701,744
Fidelity High Dividend ETF		11,713,135		8,446,985
Fidelity Low Volatility Factor ETF		17,170,744		15,006,332
Fidelity Momentum Factor ETF		65,440,753		65,149,349
Fidelity Quality Factor ETF		12,048,276		11,611,352
Fidelity Value Factor ETF		17,962,289		16,986,907

Securities received or delivered in-kind through subscriptions and redemptions were as follows:


	In-kind Subscriptions		In-kind Redemptions
Fidelity Dividend ETF for Rising Rates	$	72,402,986	$	42,293,961
Fidelity High Dividend ETF		99,582,560		—
Fidelity Low Volatility Factor ETF		72,815,280		19,824,611
Fidelity Momentum Factor ETF		45,737,382		29,695,743
Fidelity Quality Factor ETF		89,093,624		31,427,988
Fidelity Value Factor ETF		48,883,975		16,849,015



		49		*Semiannual Report*

Notes to Financial Statements – continued

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR Co., Inc. (FMRC) (the investment adviser) an affiliate of FMR, provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .29% of each Fund’s average net assets. Under the management contract, FMRC pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. The management fee paid to FMRC is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund’s accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

6. Security Lending.

Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities at period end is disclosed on each applicable Fund’s Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented on each applicable Fund’s Statement of Operations as a component of income from Fidelity Central Funds. Security lending activity was as follows:


	Total security lending income
Fidelity Dividend ETF for Rising Rates	$	25,661
Fidelity High Dividend ETF		5,911
Fidelity Low Volatility Factor ETF		3,041
Fidelity Momentum Factor ETF		226
Fidelity Quality Factor ETF		10,707
Fidelity Value Factor ETF		192

7. Expense Reductions.

Through arrangements with each applicable Fund’s custodian, credits realized as a result of uninvested cash balances were used to reduce each applicable Fund’s management fee. During the period, these credits reduced management fees by the following amounts:


	Amount
Fidelity Dividend ETF for Rising Rates	$	102
Fidelity High Dividend ETF		108
Fidelity Low Volatility Factor ETF		203
Fidelity Momentum Factor ETF		215
Fidelity Quality Factor ETF		177
Fidelity Value Factor ETF		130



*Semiannual Report*		50

8. Share Transactions.

9. Other.



		51		*Semiannual Report*

Shareholder Expense Example (Unaudited)

The Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2018 to January 31, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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


	Annualized Expense Ratio^A		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period^B August 1, 2018 to January 31, 2019

Fidelity Dividend ETF For Rising Rates		0.29%

Actual			$	1,000.00	$	985.30	$	1.45

Hypothetical^C			$	1,000.00	$	1,023.74	$	1.48

Fidelity High Dividend ETF		0.29%

Actual			$	1,000.00	$	992.30	$	1.46

Hypothetical^C			$	1,000.00	$	1,023.74	$	1.48

Fidelity Low Volatility Factor ETF		0.29%

Actual			$	1,000.00	$	1,000.60	$	1.46

Hypothetical^C			$	1,000.00	$	1,023.74	$	1.48

Fidelity Momentum Factor ETF		0.29%

Actual			$	1,000.00	$	964.60	$	1.44

Hypothetical^C			$	1,000.00	$	1,023.74	$	1.48

Fidelity Quality Factor ETF		0.29%

Actual			$	1,000.00	$	972.50	$	1.44

Hypothetical^C			$	1,000.00	$	1,023.74	$	1.48

Fidelity Value Factor ETF		0.29%

Actual			$	1,000.00	$	967.10	$	1.44

Hypothetical^C			$	1,000.00	$	1,023.74	$	1.48

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

^B	Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C	5% return per year before expenses.



*Semiannual Report*		52

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Factor-Based ETFs

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with FMR Co., Inc. (FMRC), an affiliate of Fidelity Management & Research Company (FMR), and the sub-advisory agreement for each fund (Sub-Advisory Agreement) with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMRC and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund’s Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund’s Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board’s annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2019 meeting, the Board unanimously determined to renew each fund’s Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund’s management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees’ counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board’s decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that each fund’s shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds’ investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers’ investments, if any, in the funds that they manage.

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

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

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity’s and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and Geode’s approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity’s and Geode’s investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity’s and Geode’s trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.



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Board Approval of Investment Advisory Contracts and Management Fees – continued

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and by FMRC’s affiliates under separate agreements covering pricing and bookkeeping and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally State Street Bank and Trust Company, each fund’s transfer agent and custodian; and (iii) the resources devoted to, and the record of compliance with, each fund’s compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for each fund and its benchmark index for the most recent one-year period ended June 30, 2018, as shown below.



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Fidelity Dividend ETF for Rising Rates

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Fidelity High Dividend ETF

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Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity Low Volatility Factor ETF

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Fidelity Momentum Factor ETF

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Fidelity Quality Factor ETF

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Fidelity Value Factor ETF

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

Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund’s management fee and total expense ratio compared to “mapped groups” of competitive funds created for the purpose of facilitating the Trustees’ competitive analysis of management fees and total expenses. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board’s management fee and total expense ratio comparisons by broadening the competitive group used for comparison.



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Board Approval of Investment Advisory Contracts and Management Fees – continued

lower than a fund’s. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds’ actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The “Asset-Size Peer Group” (ASPG) comparison focuses on a fund’s standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund’s management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund’s management fee rate ranked, is also included in the charts and was considered by the Board.

Fidelity Dividend ETF for Rising Rates

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Fidelity High Dividend ETF

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Fidelity Low Volatility Factor ETF

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Fidelity Momentum Factor ETF

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Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity Quality Factor ETF

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Fidelity Value Factor ETF

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The Board noted that each fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

Based on its review, the Board concluded that each fund’s management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.



*Semiannual Report*		60

Total Expense Ratio. In its review of each fund’s total expense ratio, the Board considered the fund’s all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMRC under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses.

In connection with the renewal of the Advisory Contracts, the Board also approved amendments to the management contract for each fund to clarify that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund’s securities lending program. The Board considered that the amendments would not change the services provided to the funds or the party responsible for making such payments under the current management contracts.

The Board noted that each fund’s total expense ratio ranked below the competitive median for the 12-month period ended June 30, 2018.

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

The Board also reviewed Fidelity’s and Geode’s non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity’s mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity’s and Geode’s affiliates may benefit from the funds’ business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity’s various businesses.

The Board also considered information regarding the profitability of Geode’s relationship with each fund.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.



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Board Approval of Investment Advisory Contracts and Management Fees – continued

profitability trends for certain funds, and the impact of certain factors on fund profitability results; (iii) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (iv) the methodology with respect to the evaluation of competitive fund data and peer group classifications and fee comparisons; (v) the expense structures for different funds and classes; (vi) information regarding other accounts managed by Fidelity, including collective investment trusts; and (vii) Fidelity’s philosophies and strategies for evaluating funds and classes with lower or declining asset levels.



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		63

CPF-SANN-0319

1.9881295.102

875415.1.0

Item 2.

Code of Ethics

Not applicable.

Item 3.

Audit Committee Financial Expert

Not applicable.

Item 4.

Principal Accountant Fees and Services

Not applicable.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)	Not applicable.

(b)	Not applicable

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

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

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Covington Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable

assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12.

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

Not applicable.

Item 13.

Exhibits


(a)	(1)	Not applicable.

(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)	(3)	Not applicable.

(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Fidelity Covington Trust


By:		/s/ Stacie M. Smith
		Stacie M. Smith
		President and Treasurer

Date:		March 26, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Stacie M. Smith
		Stacie M. Smith
		President and Treasurer

Date:		March 26, 2019

By:		/s/ John J. Burke III
		John J. Burke III
		Chief Financial Officer

Date:		March 26, 2019