FIDELITY COVINGTON TRUST

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.

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Contents

Note to Shareholders	4
Market Recap	5
Performance and Management's Discussion of Fund Performance	6
Schedule of Investments	39
Financial Statements	86
Notes to Financial Statements	109
Report of Independent Registered Public Accounting Firm	115
Premium/Discount Analysis	116
Trustees and Officers	119
Shareholder Expense Example	126
Distributions	128
Liquidity Risk Management Program	129
Proxy Voting Results	130

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following the end of this reporting period, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are "exogenous shocks" that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Market Recap

The S&P 500^® index gained 11.96% for the 12 months ending July 31, 2020, in what was a bumpy ride for U.S. equity investors, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. By mid-March, U.S. stocks entered bear-market territory less than a month after hitting an all-time high and extending the longest-running bull market in American history. Stocks slid in late February, after a surge in COVID-19 cases outside China. The sudden downtrend continued in March (-12%), capping the index’s worst quarter since 2008. A historically rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend. Aggressive support for financial markets by the U.S. Federal Reserve, plans for reopening the economy and improving infection data boosted stocks in April (+13%) and May (+5%). In June and July, the index gained amid progress on potential treatments and signs of an early recovery in economic activity. For the full 12 months, growth stocks widely topped value, while large-caps handily bested smaller-caps. The information technology sector (+39%) led the way, followed by consumer discretionary (+22%). In contrast, energy (-38%) fell hard along with the price of crude oil.

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 July 31, 2020}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of fund
Fidelity MSCI Communication Services Index ETF – NAV^A	11.40%	10.41%	9.30%
Fidelity MSCI Communication Services Index ETF – Market Price^B	11.26%	10.41%	9.28%
MSCI USA IMI Communication Services 25/50 Index^A	11.54%	10.55%	9.37%
S&P 500 Index^A	11.96%	11.49%	11.98%

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.

From October 21, 2013.

^B	From October 24, 2013, date initially listed on the NYSE ARCA exchange.
*	Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.

^{$10,000 Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Communication Services Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Communication Services 25/50 Index and the S&P 500 Index performed over the same period.

Fidelity® MSCI Communication Services Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2020, the exchange-traded fund's (ETF) net asset value gained 11.40%, roughly in line with the 11.54% advance of the MSCI USA IMI Communication Services 25/50 Index. The ETF's market price rose 11.26% over the same time frame, while the broad-market S&P 500^® index added 11.96%. Communication services stocks delivered muted results for the first half of the 12-month period, then trailed the S&P 500^® in a historically volatile March as the spread of coronavirus triggered a severe economic contraction. Communication services rebounded strongly in April and May due to gains aided by market stimulus and performed well in July. Several companies that benefited from stay-at-home mandates and voluntary virus-containment efforts saw outsized stock advances. Interactive home entertainment (+56%), comprising about 5% of the MSCI index, delivered the best returns by industry, as more consumers spent time at home. Video-game developer Activision Blizzard (+70%) added notable value. Wireless telecommunication services (+24%), comprising about 3% of the MSCI index, also posted strong gains, mainly due to an advance by T-Mobile (+35%), which acquired competitor Sprint in early April. Interactive media & services (+24%) – the sector’s largest subindustry, comprising about 46% of the MSCI index – also topped the MSCI index, led by index heavyweights Facebook (+30%) and Google-parent Alphabet (+21%). Conversely, broadcasting (-31%) and advertising (-24%), representing about 4% and 2% of the MSCI index, respectively, delivered the weakest results, as advertising dollars continued to shift away from traditional print and television media to digital. Integrated telecommunication services, representing about 10% of the MSCI index, also lagged the broader communication services sector.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

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 July 31, 2020}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of fund
Fidelity MSCI Consumer Discretionary Index ETF – NAV^A	25.26%	13.75%	14.28%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price^B	25.31%	13.74%	14.14%
MSCI USA IMI Consumer Discretionary Index^A	25.20%	13.82%	14.38%
S&P 500 Index^A	11.96%	11.49%	11.98%

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.

From October 21, 2013.

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

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

^{$10,000 Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Consumer Discretionary Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Consumer Discretionary Index and the S&P 500 Index performed over the same period.

Fidelity® MSCI Consumer Discretionary Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2020, the exchange-traded fund’s (ETF) net asset value rose 25.26%, roughly in line with the 25.20% return of the MSCI USA IMI Consumer Discretionary Index. The ETF’s market price gained 25.31% over the same time frame, while the broad-market S&P 500^® index returned 11.96%. Consumer discretionary stocks overcame concerns about global trade and recessionary fears during the first half of the period. Specifically, in the first quarter of 2020 the global outbreak of a novel coronavirus and subsequent containment efforts caused broad-based contraction in economic activity, elevated volatility and dislocation in the financial markets. By mid-March, the U.S. stock market entered bear-market territory less than a month after hitting an all-time high. Leisure travel stopped, and non-essential retailers were forced to close as states implemented social-distancing measures to help stall the spread of the virus and the disease is causes, COVID-19. However, stocks rebounded from late March through July on aggressive support for the financial markets by the U.S. Federal Reserve and plans for reopening the economy, as well as progress on potential treatments. Among the index’s industry components, automobile manufacturers (+110%) notched the strongest result the past 12 months. This was due to the strong performance of electric vehicle maker Tesla, which gained 490% as the company’s Model 3 reached record-breaking sales in China and the company produced four consecutive quarters of profit. Internet & direct market retail stocks (+60%), such as Amazon.com, benefited as the coronavirus pandemic accelerated a broader shift to e-commerce spending. Homebuilding (+36%) was boosted by continued low interest rates and positive housing data, while home-improvement retailers (+33%) such as Home Depot (+28%) and Lowe’s (+50%) rallied as consumers invested more money in their homes as they spent more time there amid the pandemic. Major laggards this year included department stores (-65%) and hotels, resorts & cruise lines (-43%), which suffered as non-essential businesses closed and global travel virtually halted in an effort to contain the spread of COVID-19.

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 July 31, 2020}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of fund
Fidelity MSCI Consumer Staples Index ETF – NAV^A	7.74%	7.06%	8.89%
Fidelity MSCI Consumer Staples Index ETF – Market Price^B	7.65%	7.05%	8.68%
MSCI USA IMI Consumer Staples Index^A	7.95%	7.21%	9.04%
S&P 500 Index^A	11.96%	11.49%	11.98%

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.

From October 21, 2013.

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

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

^{$10,000 Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Consumer Staples Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Consumer Staples Index and the S&P 500 Index performed over the same period.

Fidelity® MSCI Consumer Staples Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2020, the exchange-traded fund’s (ETF) net asset value returned 7.74%, trailing the 7.95% advance of the MSCI USA IMI Consumer Staples Index. The ETF’s market price gained 7.65% over the period, while the broad-based S&P 500^® index returned 11.96%. Stocks were volatile, benefiting early on from continued economic expansion before plunging in the first quarter of 2020 when the global outbreak of the coronavirus and the disease it causes, COVID-19, led to a shutdown of economies worldwide. The broader market subsequently rebounded in the second quarter on the back of government stimulus and encouraging news about containment efforts to slow the spread of COVID-19. Within the MSCI sector index, household products (+16%) outperformed, helped by increased consumer demand. Standouts included Procter & Gamble (+15%), which represented about 15% of the index. The hypermarkets & super centers segment (+20%) benefited as the COVID-19 crisis pushed more consumers to shop in bulk. Among standouts were Walmart and Costco Wholesale (+20% each). The packaged foods & meats group (+8%) also gained, as growing consumer demand helped offset declining demand from restaurants, schools and sports venues that closed during the lockdowns. Conversely, weak on-premises sales held back the soft drinks (+2%) category, while continued regulatory headwinds hindered the tobacco (-3%) segment. Individual disappointments included Coca-Cola (-7%), about 10% of the sector index, and Altria Group (-5%), another large index component.

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 July 31, 2020}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of fund
Fidelity MSCI Energy Index ETF – NAV^A	-39.28%	-10.34%	-10.47%
Fidelity MSCI Energy Index ETF – Market Price^B	-39.29%	-10.32%	-10.43%
MSCI USA IMI Energy Index^A	-39.30%	-10.26%	-10.40%
S&P 500 Index^A	11.96%	11.49%	11.98%

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.

From October 21, 2013.

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

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

^{$10,000 Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Energy Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Energy Index and the S&P 500 Index performed over the same period.

Fidelity® MSCI Energy Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2020, the exchange-traded fund’s (ETF) net asset value produced a return of -39.28%, about in line with the -39.30% result of the MSCI USA IMI Energy Index. The ETF’s market price was -39.29% for the period, whereas the broad-based S&P 500^® index rose 11.96%. The energy sector was by far the worst-performing of the 11 major equity market sectors in the S& P 500^® Index the past 12 months. In the first quarter of 2020, energy stocks were pressured by sharply lower global demand for crude oil and natural gas amid the outbreak and global spread of a novel coronavirus and the disease it causes, COVID-19. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad global economic contraction, along with elevated uncertainty, volatility and dislocation in financial markets. Reduced demand for energy commodities resulted in lower pricing, which hindered the profitability and outlook for many energy companies. All industry groups within the sector experienced double-digit declines during the period. Oil & gas equipment & services (-51%) was the biggest detractor, as demand for drilling equipment and services plummeted. Here, energy services firm Schlumberger (-52%) was a key driver of the portfolio’s performance. The two largest industry segments – integrated oil & gas (-38%) and oil & gas exploration & production (-41%) stocks – also suffered from the sector’s weakened outlook. In the former category, Exxon Mobil (-40%) had a significant negative influence on the industry’s performance, while E&P company EOG Resources (-44%) hurt the latter group. Holding up only moderately better than the sector benchmark were the oil & gas storage & transportation (-32%) and oil & gas refining & marketing (-35%) groups. Among refining firms, Marathon Petroleum (-29%) and Valero Energy (-31%) contributed to the category’s performance this period.

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 July 31, 2020}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of fund
Fidelity MSCI Financials Index ETF – NAV^A	-14.78%	5.11%	6.97%
Fidelity MSCI Financials Index ETF – Market Price^B	-14.84%	5.09%	7.00%
MSCI USA IMI Financials Index^A	-14.66%	5.22%	7.09%
S&P 500 Index^A	11.96%	11.49%	11.98%

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.

From October 21, 2013.

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

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

^{$10,000 Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Financials Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Financials Index and the S&P 500 Index performed over the same period.

Fidelity® MSCI Financials Index ETF

Management’s Discussion of Fund Performance

For the 12 months ending July 31, 2020, the exchange-traded fund’s (ETF) net asset value produced a return of -14.78%, versus the -14.66% return of the MSCI USA IMI Financials Index. The ETF’s market price returned -14.84% over the same period, while the broad-based S&P 500^® index gained 11.96%. The COVID-19 pandemic brought with it lower interest rates and concerns about a possible surge in nonperforming loans, as civilian unemployment reached levels not seen since the Great Depression. These conditions represented headwinds for the profitability of banks, which make up a large part of the financial services sector. Diversified banks, the largest group in the MSCI index, returned about -24% during the period, while regional banks finished with a return of roughly -27%. Within the banking segment, Wells Fargo (-47%) was one of the weakest performers, as the company saw its path to a turnaround delayed by the pandemic. US Bancorp (-33%) also weighed on the ETF’s return. JPMorgan Chase (-13%) and Bank of America (-17%) fared somewhat better. Outside of banks, other weak segments included mortgage REITs (-34%), multi-line insurance (-32%) and consumer finance (-28%). Although most groups in the MSCI index recorded double-digit negative returns, one group posted a gain: asset management & custody banks (+5%). KKR (+36%), Blackrock (+27%) and T. Rowe Price Group (+26%) bolstered this group’s performance.

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 July 31, 2020}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of fund
Fidelity MSCI Health Care Index ETF – NAV^A	19.69%	8.79%	13.28%
Fidelity MSCI Health Care Index ETF – Market Price^B	19.60%	8.77%	13.15%
MSCI USA IMI Health Care Index^A	19.80%	8.89%	13.41%
S&P 500 Index^A	11.96%	11.49%	11.98%

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.

From October 21, 2013.

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

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

^{$10,000 Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Health Care Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Health Care Index and the S&P 500 Index performed over the same period.

Fidelity® MSCI Health Care Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2020, the exchange-traded fund’s (ETF) net asset value gained 19.69%, roughly in line with the 19.80% return of the MSCI USA IMI Health Care Index. The ETF’s market price gained 19.60% over the same time frame, while the broad-market S&P 500^® index returned 11.96%. The sector benefited from higher demand late in period due to the anti-virus response. Secular trends, including an aging population, also supported many health care companies, as did solid business fundamentals, continued innovation and accelerating growth. Most of the groups within the MSCI health care index produced double-digit gains this period, including two of the largest industries: biotechnology and pharmaceuticals, which advanced 32% and 15%, respectively. These groups were beneficiaries of continued innovation and demand for life-saving drugs. As well, some biotech and pharma firms were at the forefront of the development of testing and treatments for the novel coronavirus. Standouts from these categories included AbbVie (+50%), a leader in biologics, focused on auto-immune, infectious and cardiovascular diseases that benefited from strong results for the its flagship arthritis treatment, Humira^®, and the completion of its merger with Allergan in May. In addition, Amgen (+35%), which saw strong growth and demand for Prolia^®, its treatment for osteoporosis, also performed well. Health care technology (+41%) was another strong-performing category, as health care providers increasingly turned to telemedicine companies, such as Teladoc Health, as the spread of the coronavirus escalated. Life science tools & services (+34%) also outpaced the broader sector, buoyed by companies such as Thermo-Fisher Scientific, a laboratory instrument manufacturing company that benefited partly by sales of the firm’s COVID-19 tests. The only industry to decline during the past year was health care facilities (-8%). This industry was negatively influenced by coronavirus outbreaks in nursing homes and long-term care facilities.

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 July 31, 2020}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of fund
Fidelity MSCI Industrials Index ETF – NAV^A	-4.34%	7.99%	7.95%
Fidelity MSCI Industrials Index ETF – Market Price^B	-4.47%	7.96%	7.76%
MSCI USA IMI Industrials Index^A	-4.24%	8.10%	8.07%
S&P 500 Index^A	11.96%	11.49%	11.98%

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.

From October 21, 2013.

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

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

^{$10,000 Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Industrials Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Industrials Index and the S&P 500 Index performed over the same period.

Fidelity® MSCI Industrials Index ETF

Management’s Discussion of Fund Performance

For the 12 months ending July 31, 2020, the exchange-traded fund’s (ETF) net asset value returned -4.34%, versus the -4.24% result of the MSCI USA IMI Industrials Index. The ETF’s market price returned -4.47% over the same period, while the broad-based S&P 500^® index gained 11.96%. Industrials stocks roughly kept pace with an advancing broader equity market from the beginning of the period through mid-February. However, the sector notably lagged the S&P 500^® thereafter because of the COVID-19 pandemic. Although it’s a relatively small component of the MSCI index, airlines (-56%) was, by far, the weakest-performing group, as social distancing and sheltering at home reduced air travel to a fraction of what it had been. Delta Air Lines (-58%) and American Airlines Group (-63%) were representative of the challenges faced by air carriers. Meanwhile, commercial aerospace stocks weighed down the aerospace & defense group (-24%). Index heavyweight Boeing (-53%) saw its value more than halved, as it simultaneously fought to get its 737 MAX airliner back into production and struggled under the weight of the pandemic. Industrial conglomerates (-16%) also did relatively poorly, with General Electric (-42%) explaining a lot of the weakness. On the flip side, research & consulting services (+20%), trading companies & distributors (+17%) and air freight & logistics (+15%) all outperformed. In the latter group, United Parcel Service (+23%) was a standout.

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 July 31, 2020}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of fund
Fidelity MSCI Information Technology Index ETF – NAV^A	36.99%	23.19%	21.55%
Fidelity MSCI Information Technology Index ETF – Market Price^B	36.93%	23.17%	21.66%
MSCI USA IMI Information Technology Index^A	37.13%	23.32%	21.67%
S&P 500 Index^A	11.96%	11.49%	11.98%

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.

From October 21, 2013.

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

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

^{$10,000 Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Information Technology Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Information Technology Index and the S&P 500 Index performed over the same period.

Fidelity® MSCI Information Technology Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2020, the exchange-traded fund’s (ETF) net asset value gained 36.99%, roughly in line with the 37.13% advance of the MSCI USA IMI Information Technology Index. The ETF’s market price rose 36.93% over the same time frame, while the broad-market S&P 500^® index increased 11.96%. Information technology finished the trailing 12-month period with the strongest performance among the 11 S&P 500^® sectors. The COVID-19 pandemic accelerated a number of trends that benefited technology stocks, such as the migration of consumers to digital platforms, the shift of enterprises to cloud computing, and the growth in cashless transactions. Technology hardware, storage & peripherals (+89%) was, by far, the strongest group in the MSCI index, riding a strong gain from index heavyweight Apple (+102%). Investors were optimistic about the company’s prospects for diversifying its business to rely more on services and wearables, and less on iPhones. Three other groups also stood out for their strong showings: semiconductor equipment (+55%), systems software (+45%) and internet services & infrastructure (+43%). In systems software, the dominant influence was Microsoft (+52%), which saw healthy growth in both its Azure cloud business and its Office productivity suite. Conversely, communications equipment (-10%) was one of the weaker index categories. Subdued capital spending on communications equipment, partly due to the pandemic, but also because of merger talks between telecom carriers T-Mobile and Sprint – which officially joined forces on April 1 – was at work here. The IT consulting & other services group (+1%) and the data processing & outsourced services segment (+14%) also lagged the sector index.

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 July 31, 2020}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of fund
Fidelity MSCI Materials Index ETF – NAV^A	3.28%	7.02%	6.17%
Fidelity MSCI Materials Index ETF – Market Price^B	3.04%	7.00%	5.96%
MSCI USA IMI Materials Index^A	3.38%	7.11%	6.25%
S&P 500 Index^A	11.96%	11.49%	11.98%

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.

From October 21, 2013.

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

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

^{$10,000 Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Materials Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Materials Index and the S&P 500 Index performed over the same period.

Fidelity® MSCI Materials Index ETF

Management’s Discussion of Fund Performance

For the 12 months ending July 31, 2020, the exchange-traded fund’s (ETF) net asset value advanced 3.28%, versus a 3.38% gain in the MSCI USA IMI Materials Index. The ETF’s market price rose 3.04% over the same period, while the broad-based S&P 500^® index added 11.96%. Returns in the MSCI index by industry varied widely the past 12 months. Gold (+77%) advanced strongly, partly due to its defensive nature, as well as negative real interest rates in the U.S., which tend to correlate with investor interest in precious metals. Among gold stocks, Newmont (+91%) stood out to the upside. The lone silver stock in the index, Hecla Mining (+206%), also rose strongly. Elsewhere, forest products (+37%), industrial gases (+30%) and copper (+18%) all topped the MSCI index. Conversely, aluminum (-30%) struggled, partly because so much of this metal is used by commercial aerospace firms that faced severe economic challenges due to the coronavirus pandemic. Alcoa (-41%), the largest aluminum player in the index, performed poorly. Other weak segments included paper products (-25%), steel (-22%) and commodity chemicals (-16%). Specialty chemicals, by far the largest group in the index, recorded a return of -5%. Among the larger specialty chemicals firms in the MSCI index, Dupont de Nemours (-23%), Ecolab, (-6%) and PPG Industries (-6%) each lagged the industry return.

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 July 31, 2020}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of fund
Fidelity MSCI Real Estate Index ETF – NAV^A	-5.27%	5.65%	4.05%
Fidelity MSCI Real Estate Index ETF – Market Price^B	-5.29%	5.64%	3.77%
MSCI USA IMI Real Estate Index^A	-5.00%	5.79%	4.14%
S&P 500 Index^A	11.96%	11.49%	11.42%

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.

From February 2, 2015.

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

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

^{$10,000 Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Real Estate Index ETF – NAV on February 2, 2015, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Real Estate Index and the S&P 500 Index performed over the same period.

Fidelity® MSCI Real Estate Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2020, the exchange-traded fund’s (ETF) net asset value returned -5.27% compared with -5.00% for the MSCI USA IMI Real Estate Index. The ETF’s market price returned -5.29% over the same time frame, while the broad-market S&P 500^® index rose 11.96%. In an often-challenging market environment for real estate securities, most groups within the MSCI sector index lost significant ground. The weakest-performing categories tended to be those involving businesses that heavily depend on social interaction, which became severely limited in the COVID-19 pandemic. Hotel & resort and retail real estate investment trusts (REITs), for example, were particularly poor performers, returning about -48% and -40%, respectively. By far, the biggest individual detractor was mall owner Simon Property Group (-59%). In March, Simon announced the temporary closure of all its retail U.S. properties, a move the company would not begin to reverse until early May. Hotel REIT Host Hotels & Resorts (-36%) also significantly lagged the index. Several health care REITs also were meaningful detractors, led by Welltower (-32%) and Ventas (-38%), both of which were hampered by worries about a potential oversupply of senior housing properties. Investor concern about the impact of COVID-19 on demand for senior-housing facilities also appeared to weigh on both stocks. Various apartment REITs also struggled this period, most notably Equity Residential (-30%), AvalonBay Communities (-24%) and Essex Property Trust (-25%). On the positive side, meanwhile, were many real estate owners whose business models remained largely unaffected by social distancing efforts. For example, industrial REITs were particularly strong performers, benefiting from growth in e-commerce and demand for specialized warehouse space. Prologis (+33%) and Duke Realty (+23%) were two particularly strong-performing firms in this category. Wireless communications tower operators, including American Tower (+24%), Crown Castle International (+28%) and SBA Communications (+27%), along with data-center operators Equinix (+58%), Digital Realty (+44%) and CyrusOne (+49%), all benefited from growth in data consumption associated with more people working from home. Alexandria Real Estate Equity (+23%), an owner of laboratory space, also contributed this period.

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 July 31, 2020}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of fund
Fidelity MSCI Utilities Index ETF – NAV^A	3.13%	10.34%	10.48%
Fidelity MSCI Utilities Index ETF – Market Price^B	3.15%	10.36%	10.34%
MSCI USA IMI Utilities Index^A	3.27%	10.49%	10.63%
S&P 500 Index^A	11.96%	11.49%	11.98%

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.

From October 21, 2013.

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

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

^{$10,000 Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Utilities Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Utilities Index and the S&P 500 Index performed over the same period.

Fidelity® MSCI Utilities Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2020, the exchange-traded fund's (ETF) net asset value gained 3.12%, roughly in line with the 3.27% advance of the MSCI USA IMI Utilities Index. The ETF's market price rose 3.15% over the same time frame, while the broad-market S&P 500^® index added 11.96%. Utilities stocks posted an absolute gain through January and declined less than the S&P 500^® in March, as investors sought dividend-paying stocks amid market volatility brought on by economic fears caused by the coronavirus pandemic. Then, when other sectors rebounded strongly in April, May, June and July, aided by government stimulus, utilities stocks lagged in a risk-on environment. Renewable electricity (+26%) posted the strongest results among all utilities subindustries, as wind and solar energy project development continued and these power sources became more readily available for consumers. Water utilities (+19%), considered to be among the most-conservative groups within utilities, also rose solidly. Electric utilities (+6%), representing 58% of the MSCI sector index, delivered more-muted results, as the high-dividend-yielding, regulated companies within this group generally lagged the broader market, as investors turned to riskier assets. Within electric utilities, NextEra Energy (+38%), among the index’s largest components, gained notably. Conversely, multi-utilities (+1%), comprising 30% of the MSCI sector index, lagged the MSCI index for the 12 months. Independent power producers & energy traders (-5%) and gas utilities (-18%) also posted weak results.

Fidelity^® MSCI Communication Services Index ETF

Schedule of Investments July 31, 2020

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 13.8%
Alternative Carriers – 4.0%
Anterix, Inc. (a)	7,988	$ 348,117
Bandwidth, Inc. Class A (a)	12,543	1,815,975
CenturyLink, Inc.	360,621	3,479,993
Cogent Communications Holdings, Inc.	29,905	2,694,739
GCI Liberty, Inc. Class A (a)	42,322	3,317,622
Globalstar, Inc. (a)	480,237	187,148
Iridium Communications, Inc. (a)	84,109	2,303,745
Liberty Global PLC Class A (a)	103,187	2,415,092
Liberty Global PLC Class C (a)	149,917	3,412,111
Liberty Latin America Ltd. Class A (a)	32,146	330,461
Liberty Latin America Ltd. Class C (a)	79,820	816,559
Vonage Holdings Corp. (a)	163,727	1,956,538
		23,078,100
Integrated Telecommunication Services – 9.8%
AT&T, Inc.	798,339	23,614,868
ATN International, Inc.	8,014	461,847
Cincinnati Bell, Inc. (a)	31,223	468,657
Consolidated Communications Holdings, Inc.	50,427	368,117
Verizon Communications, Inc.	548,076	31,503,408
		56,416,897
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES		79,494,997
ENTERTAINMENT – 17.3%
Interactive Home Entertainment – 5.8%
Activision Blizzard, Inc.	167,706	13,857,547
Electronic Arts, Inc. (a)	68,477	9,697,712
Glu Mobile, Inc. (a)	101,391	957,131
Take-Two Interactive Software, Inc. (a)	32,394	5,313,264
Zynga, Inc. Class A (a)	376,354	3,699,560
		33,525,214
Movies & Entertainment – 11.5%
AMC Entertainment Holdings, Inc. Class A	38,154	154,142
Cinemark Holdings, Inc.	79,461	940,024
IMAX Corp. (a)	37,248	420,530
Liberty Media Corp-Liberty Braves Class A (a)	6,363	120,324
Liberty Media Corp-Liberty Braves Class C (a)	24,373	454,557
Liberty Media Corp-Liberty Formula One Class C (a)	84,507	2,994,928
Lions Gate Entertainment Corp. Class A (a)	42,488	325,458
Lions Gate Entertainment Corp. Class B (a)	82,940	589,703
Live Nation Entertainment, Inc. (a)	63,976	2,994,717


	Shares	Value


Madison Square Garden Entertainment Corp. (a)	11,080	$ 785,129
Madison Square Garden Sports Corp. Class A (a)	11,004	1,691,205
Netflix, Inc. (a)	51,259	25,059,500
Roku, Inc. (a)	30,342	4,699,672
The Marcus Corp.	14,985	206,943
The Walt Disney Co.	202,147	23,639,070
World Wrestling Entertainment, Inc. Class A	32,782	1,527,969
		66,603,871
TOTAL ENTERTAINMENT		100,129,085
INTERACTIVE MEDIA & SERVICES – 45.9%
Interactive Media & Services – 45.9%
Alphabet, Inc. Class A (a)	41,450	61,675,527
Alphabet, Inc. Class C (a)	42,679	63,291,250
ANGI Homeservices, Inc. Class A (a)	54,291	857,255
Cargurus, Inc. (a)	58,731	1,696,739
Cars.com, Inc. (a)	48,226	391,595
Eventbrite, Inc. Class A (a)	33,992	289,612
EverQuote, Inc. Class A (a)	4,950	269,527
Facebook, Inc. Class A (a)	395,589	100,349,062
IAC/InterActiveCorp (a)	20,138	2,666,674
Liberty TripAdvisor Holdings, Inc. Class A (a)	52,851	131,070
Match Group, Inc. (a)	78,119	8,022,821
Pinterest, Inc. Class A (a)	149,974	5,142,608
QuinStreet, Inc. (a)	33,753	394,066
Snap, Inc. Class A (a)	246,211	5,520,051
TripAdvisor, Inc.	74,692	1,511,019
TrueCar, Inc. (a)	68,835	258,820
Twitter, Inc. (a)	192,152	6,994,333
Yelp, Inc. (a)	50,970	1,273,231
Zillow Group, Inc. Class C (a)	64,985	4,444,324
TOTAL INTERACTIVE MEDIA & SERVICES		265,179,584
MEDIA – 19.1%
Advertising – 1.6%
Boston Omaha Corp. Class A (a)	10,948	174,073
Cardlytics, Inc. (a)	16,409	1,089,886
Clear Channel Outdoor Holdings, Inc. (a)	256,954	235,498
National CineMedia, Inc.	48,343	119,407
Omnicom Group, Inc.	68,975	3,706,027
TechTarget, Inc. (a)	16,895	613,120
The Interpublic Group of Cos., Inc.	168,182	3,035,685
		8,973,696
Broadcasting – 3.9%
AMC Networks, Inc. Class A (a)	29,849	689,512
Discovery, Inc. Class A (a)	103,832	2,190,855

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

Fidelity^® MSCI Communication Services Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
MEDIA – continued
Broadcasting – continued
Discovery, Inc. Class C (a)	143,281	$ 2,715,175
Fox Corp. Class A	119,023	3,067,223
Fox Corp. Class B (a)	88,890	2,290,695
Gray Television, Inc. (a)	63,065	904,352
Hemisphere Media Group, Inc. (a)	11,690	102,872
iHeartMedia, Inc. Class A (a)	41,334	345,552
Nexstar Media Group, Inc. Class A	28,765	2,521,252
Sinclair Broadcast Group, Inc. Class A	45,221	931,553
TEGNA, Inc.	145,924	1,718,985
The E.W. Scripps Co. Class A	35,346	402,237
ViacomCBS, Inc. Class B	180,810	4,713,717
		22,593,980
Cable & Satellite – 12.2%
Altice USA, Inc. Class A (a)	124,113	3,349,810
Cable One, Inc.	1,926	3,510,250
Charter Communications, Inc. Class A (a)	32,854	19,055,320
Comcast Corp. Class A	605,072	25,897,082
DISH Network Corp. Class A (a)	102,525	3,292,078
Liberty Broadband Corp. Class A (a)	17,171	2,318,257
Liberty Broadband Corp. Class C (a)	32,072	4,402,523
Liberty Media Corp-Liberty SiriusXM Class A (a)	61,685	2,146,021
Liberty Media Corp-Liberty SiriusXM Class C (a)	78,819	2,757,877
Loral Space & Communications Ltd. (a)	8,340	151,538
MSG Networks, Inc. Class A (a)	30,370	289,426
Sirius XM Holdings, Inc.	524,331	3,083,066
WideOpenWest, Inc. (a)	35,321	192,853
		70,446,101
Publishing – 1.4%
John Wiley & Sons, Inc. Class A	31,650	1,070,719
Meredith Corp.	29,082	417,618


	Shares	Value


News Corp. Class A	212,206	$ 2,699,260
Scholastic Corp.	21,019	502,985
The New York Times Co. Class A	71,331	3,291,212
Tribune Publishing Co.	8,998	87,731
		8,069,525
TOTAL MEDIA		110,083,302
WIRELESS TELECOMMUNICATION SERVICES – 3.7%
Wireless Telecommunication Services – 3.7%
Boingo Wireless, Inc. (a)	29,618	427,980
Shenandoah Telecommunications Co.	33,495	1,683,794
Telephone & Data Systems, Inc.	69,115	1,342,213
T-Mobile US, Inc. (a)	163,381	17,543,852
United States Cellular Corp. (a)	9,260	274,744
TOTAL WIRELESS TELECOMMUNICATION SERVICES		21,272,583
TOTAL COMMON STOCKS (Cost $503,783,036)		576,159,551
Money Market Fund – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.05% (b) (Cost $708,000)	708,000	708,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $504,491,036)		576,867,551
NET OTHER ASSETS (LIABILITIES) – 0.1%		841,359
NET ASSETS – 100.0%		$ 577,708,910

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini S&P MidCap 400 Index Contracts	1	September 2020	$ 186,050	$ 11,918	$ 11,918
CME E-mini S&P Communication Services Select Sector Index Contracts	17	September 2020	1,289,025	48,666	48,666
Total Equity Index Contracts					$ 60,584

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

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

Investment Valuation

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

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 576,159,551	$ 576,159,551	$ —	$ —
Money Market Funds	708,000	708,000	—	—
Total Investments in Securities:	$ 576,867,551	$ 576,867,551	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 60,584	$ 60,584	$ —	$ —
Total Assets	$ 60,584	$ 60,584	$ —	$ —
Total Derivative Instruments:	$ 60,584	$ 60,584	$ —	$ —

Value of Derivative Instruments

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

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$60,584	$0
Total Equity Risk	60,584	0
Total Value of Derivatives	$60,584	$0

(a)

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

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

Fidelity® MSCI Consumer Discretionary Index ETF

Schedule of Investments July 31, 2020

Showing Percentage of Net Assets

Common Stocks – 99.4%
	Shares	Value
AUTO COMPONENTS – 1.9%
Auto Parts & Equipment – 1.9%
Adient PLC (a)	1,645	$ 27,373
American Axle & Manufacturing Holdings, Inc. (a)	35,440	250,206
Aptiv PLC	61,566	4,786,756
Autoliv, Inc.	19,005	1,235,895
BorgWarner, Inc.	47,356	1,733,230
Dana, Inc.	59,010	674,484
Delphi Technologies PLC (a)	24,804	371,812
Dorman Products, Inc. (a)	6,335	517,886
Fox Factory Holding Corp. (a)	8,824	785,336
Garrett Motion, Inc. (a)	48,766	286,744
Gentex Corp.	87,819	2,370,235
Gentherm, Inc. (a)	7,544	292,481
LCI Industries	5,728	720,582
Lear Corp.	13,165	1,453,153
Standard Motor Products, Inc.	4,694	213,483
Stoneridge, Inc. (a)	5,965	123,595
Tenneco, Inc. Class A (a)	9	67
Veoneer, Inc. (a)	24,270	243,914
Visteon Corp. (a)	6,439	467,536
		16,554,768
Tires & Rubber – 0.0%
Cooper Tire & Rubber Co.	11,522	357,873
The Goodyear Tire & Rubber Co.	6,565	59,151
		417,024
TOTAL AUTO COMPONENTS		16,971,792
AUTOMOBILES – 7.8%
Automobile Manufacturers – 7.7%
Ford Motor Co.	918,640	6,072,210
General Motors Co.	308,666	7,682,697
Tesla, Inc. (a)	36,872	52,754,983
Thor Industries, Inc.	12,666	1,443,797
Winnebago Industries, Inc.	7,323	442,382
		68,396,069
Motorcycle Manufacturers – 0.1%
Harley-Davidson, Inc.	34,758	904,751
TOTAL AUTOMOBILES		69,300,820
DISTRIBUTORS – 1.4%
Distributors – 1.4%
Core-Mark Holding Co., Inc.	10,434	276,710
Genuine Parts Co.	33,388	3,009,928
LKQ Corp. (a)	66,963	1,887,687
Pool Corp.	22,911	7,255,914
TOTAL DISTRIBUTORS		12,430,239


	Shares	Value
DIVERSIFIED CONSUMER SERVICES – 1.5%
Education Services – 0.9%
Adtalem Global Education, Inc. (a)	12,134	$ 416,681
American Public Education, Inc. (a)	3,522	102,525
Bright Horizons Family Solutions, Inc. (a)	13,345	1,431,118
Chegg, Inc. (a)	33,003	2,672,253
Graham Holdings Co. Class B	1,270	505,930
Grand Canyon Education, Inc. (a)	11,032	978,980
K12, Inc. (a)	17,794	814,787
Laureate Education, Inc. Class A (a)	30,556	387,450
Perdoceo Education Corp. (a)	16,095	231,768
Strategic Education, Inc.	5,032	635,089
		8,176,581
Specialized Consumer Services – 0.6%
Carriage Services, Inc.	3,871	85,588
Frontdoor, Inc. (a)	19,566	821,674
H&R Block, Inc.	44,802	649,629
OneSpaWorld Holdings Ltd.	682	3,792
Regis Corp. (a)	5,700	43,776
Service Corp. International	41,475	1,798,356
ServiceMaster Global Holdings, Inc. (a)	31,127	1,272,783
WW International, Inc. (a)	10,829	279,172
		4,954,770
TOTAL DIVERSIFIED CONSUMER SERVICES		13,131,351
HOTELS, RESTAURANTS & LEISURE – 14.5%
Casinos & Gaming – 1.5%
Accel Entertainment, Inc. (a)	9,874	78,893
Boyd Gaming Corp.	38,210	904,431
Caesars Entertainment, Inc. (a)	33,705	1,046,540
Churchill Downs, Inc.	8,170	1,131,708
Everi Holdings, Inc. (a)	70,359	399,639
Las Vegas Sands Corp.	78,877	3,442,192
MGM Resorts International	132,234	2,127,645
Monarch Casino & Resort, Inc. (a)	3,502	126,737
Penn National Gaming, Inc. (a)	28,887	977,825
Red Rock Resorts, Inc. Class A	47,514	520,754
Scientific Games Corp. Class A (a)	24,391	428,550
Twin River Worldwide Holdings, Inc.	11,117	239,683
Wynn Resorts Ltd.	26,344	1,908,096
		13,332,693
Hotels, Resorts & Cruise Lines – 2.0%
Carnival Corp.	6,257	86,847
Choice Hotels International, Inc.	8,317	698,961
Extended Stay America, Inc.	40,683	464,193
Hilton Grand Vacations, Inc. (a)	36,291	736,707
Hilton Worldwide Holdings, Inc.	63,663	4,777,908
Lindblad Expeditions Holdings, Inc. (a)	35,127	254,671

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

Common Stocks – continued
	Shares	Value
HOTELS, RESTAURANTS & LEISURE – continued
Hotels, Resorts & Cruise Lines – continued
Marriott International, Inc. Class A	63,245	$ 5,301,512
Marriott Vacations Worldwide Corp.	10,291	871,236
Norwegian Cruise Line Holdings Ltd. (a)	1,101	15,018
Playa Hotels & Resorts N.V. (a)	1,061	3,851
Royal Caribbean Cruises Ltd.	48,637	2,369,108
Wyndham Destinations, Inc.	31,535	838,831
Wyndham Hotels & Resorts, Inc.	21,361	943,302
		17,362,145
Leisure Facilities – 0.3%
Planet Fitness, Inc. Class A (a)	18,045	941,949
SeaWorld Entertainment, Inc. (a)	30,438	440,438
Six Flags Entertainment Corp.	1,229	21,372
Vail Resorts, Inc.	9,252	1,776,662
		3,180,421
Restaurants – 10.7%
Aramark	57,599	1,216,491
BJ's Restaurants, Inc.	154	3,089
Bloomin' Brands, Inc.	33,889	390,401
Brinker International, Inc.	19,004	511,018
Chipotle Mexican Grill, Inc. (a)	9,830	11,355,223
Cracker Barrel Old Country Store, Inc.	5,636	622,609
Darden Restaurants, Inc.	29,506	2,239,505
Dave & Buster's Entertainment, Inc.	402	4,961
Denny's Corp. (a)	34,735	308,620
Dine Brands Global, Inc.	8,480	385,246
Domino's Pizza, Inc.	11,114	4,296,784
Dunkin' Brands Group, Inc.	18,940	1,301,746
El Pollo Loco Holdings, Inc. (a)	4,396	86,865
Jack in the Box, Inc.	4,934	405,131
McDonald's Corp.	193,634	37,619,214
Papa John's International, Inc.	6,651	629,650
Ruth's Hospitality Group, Inc.	168	1,125
Shake Shack, Inc. Class A (a)	7,109	345,142
Starbucks Corp.	298,722	22,861,195
Texas Roadhouse, Inc.	15,131	850,211
The Cheesecake Factory, Inc.	9,717	233,208
The Wendy's Co.	43,506	1,008,469
Wingstop, Inc.	6,737	1,052,656
Yum! Brands, Inc.	69,043	6,286,365
		94,014,924
TOTAL HOTELS, RESTAURANTS & LEISURE		127,890,183
HOUSEHOLD DURABLES – 4.8%
Consumer Electronics – 1.0%
Garmin Ltd.	76,867	7,578,318
GoPro, Inc. Class A (a)	27,689	146,475
Sonos, Inc. (a)	82,988	1,327,808


	Shares	Value


Universal Electronics, Inc. (a)	3,190	$ 146,963
		9,199,564
Home Furnishings – 0.5%
Ethan Allen Interiors, Inc.	16,811	199,042
La-Z-Boy, Inc.	10,567	300,737
Leggett & Platt, Inc.	30,024	1,203,662
Mohawk Industries, Inc. (a)	16,755	1,337,887
Tempur Sealy International, Inc. (a)	13,522	1,094,606
		4,135,934
Homebuilding – 2.7%
Cavco Industries, Inc. (a)	1,897	380,026
Century Communities, Inc. (a)	6,427	228,930
D.R. Horton, Inc.	79,877	5,284,662
Green Brick Partners, Inc. (a)	5,773	79,667
Installed Building Products, Inc. (a)	5,489	434,235
KB Home	18,508	622,609
Lennar Corp. Class A	63,075	4,563,476
LGI Homes, Inc. (a)	4,946	564,388
M.D.C. Holdings, Inc.	12,277	550,378
M/I Homes, Inc. (a)	6,552	272,760
Meritage Homes Corp. (a)	8,740	866,833
NVR, Inc. (a)	802	3,151,980
PulteGroup, Inc.	61,962	2,701,543
Skyline Champion Corp. (a)	11,706	330,460
Taylor Morrison Home Corp. (a)	29,312	687,367
Toll Brothers, Inc.	28,587	1,092,024
TopBuild Corp. (a)	7,707	1,016,708
TRI Pointe Group, Inc. (a)	31,224	522,065
		23,350,111
Household Appliances – 0.4%
Helen of Troy Ltd. (a)	5,758	1,083,943
iRobot Corp. (a)	6,535	475,029
Whirlpool Corp.	14,390	2,347,297
		3,906,269
Housewares & Specialties – 0.2%
Newell Brands, Inc.	92,304	1,513,785
TOTAL HOUSEHOLD DURABLES		42,105,663
INTERNET & DIRECT MARKETING RETAIL – 34.2%
Internet & Direct Marketing Retail – 34.2%
1-800-FLOWERS.com, Inc. Class A (a)	5,728	161,816
Amazon.com, Inc. (a)	68,095	215,498,885
Booking Holdings, Inc. (a)	12,067	20,056,923
eBay, Inc.	261,601	14,461,303
Etsy, Inc. (a)	56,211	6,654,258
Expedia Group, Inc.	45,719	3,703,696
Groupon, Inc. (a)	15,289	234,686
GrubHub, Inc. (a)	61,196	4,420,799
Lands' End, Inc. (a)	17,066	147,109

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

Fidelity® MSCI Consumer Discretionary Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
INTERNET & DIRECT MARKETING RETAIL – continued
Internet & Direct Marketing Retail – continued
Magnite, Inc. (a)	22,089	$ 132,644
MercadoLibre, Inc. (a)	14,223	15,995,470
Overstock.com, Inc. (a)	32,811	2,480,183
PetMed Express, Inc.	26,747	834,506
Quotient Technology, Inc. (a)	17,352	138,990
Qurate Retail, Inc. Class A (a)	88,755	968,317
Revolve Group, Inc. (a)	7,707	126,164
Shutterstock, Inc.	33,386	1,814,195
Stamps.com, Inc. (a)	16,824	4,378,951
Stitch Fix, Inc. Class A (a)	12,063	267,195
The RealReal, Inc. (a)	67,087	915,067
Wayfair, Inc. Class A (a)	29,206	7,771,425
TOTAL INTERNET & DIRECT MARKETING RETAIL		301,162,582
LEISURE PRODUCTS – 1.0%
Leisure Products – 1.0%
Acushnet Holdings Corp.	8,626	328,219
Brunswick Corp.	18,235	1,221,380
Callaway Golf Co.	28,176	536,753
Hasbro, Inc.	29,817	2,169,485
Johnson Outdoors, Inc. Class A	1,407	123,197
Malibu Boats, Inc. Class A (a)	4,716	277,207
Mattel, Inc. (a)	79,604	884,401
Polaris, Inc.	13,280	1,376,206
Smith & Wesson Brands, Inc. (a)	12,637	301,898
Sturm Ruger & Co., Inc.	4,006	325,968
Vista Outdoor, Inc. (a)	13,281	227,769
YETI Holdings, Inc. (a)	16,907	826,583
TOTAL LEISURE PRODUCTS		8,599,066
MEDIA – 0.0%
Broadcasting – 0.0%
Media General, Inc. (a)(b)	7,026	0
MULTILINE RETAIL – 4.3%
Department Stores – 0.0%
Dillard's, Inc. Class A	72	1,696
Kohl's Corp.	2,728	51,941
Macy's, Inc.	8,198	49,680
Nordstrom, Inc.	240	3,285
		106,602
General Merchandise Stores – 4.3%
Big Lots, Inc.	8,959	352,447
Dollar General Corp.	81,271	15,473,999
Dollar Tree, Inc. (a)	54,335	5,072,172
Ollie's Bargain Outlet Holdings, Inc. (a)	13,133	1,380,278


	Shares	Value


Target Corp.	125,589	$ 15,809,144
		38,088,040
TOTAL MULTILINE RETAIL		38,194,642
SPECIALTY RETAIL – 21.3%
Apparel Retail – 3.8%
Abercrombie & Fitch Co. Class A	25,406	244,660
American Eagle Outfitters, Inc.	48,162	481,620
Boot Barn Holdings, Inc. (a)	19,647	380,366
Burlington Stores, Inc. (a)	15,197	2,857,036
Designer Brands, Inc. Class A	494	2,920
Foot Locker, Inc.	27,960	821,744
Genesco, Inc. (a)	60	933
Guess?, Inc.	40,915	423,061
L Brands, Inc.	6,978	170,333
Ross Stores, Inc.	82,386	7,387,553
Shoe Carnival, Inc.	7,966	195,565
The Buckle, Inc.	6,779	108,667
The Cato Corp. Class A	24,414	175,537
The Children's Place, Inc.	60	1,465
The Gap, Inc.	72,893	974,579
The TJX Cos., Inc.	359,898	18,711,097
Urban Outfitters, Inc. (a)	17,025	281,593
Zumiez, Inc. (a)	4,728	109,217
		33,327,946
Automotive Retail – 3.3%
Advance Auto Parts, Inc.	15,877	2,383,773
America's Car-Mart, Inc. (a)	1,424	135,508
Asbury Automotive Group, Inc. (a)	4,430	443,664
AutoNation, Inc. (a)	13,340	684,876
AutoZone, Inc. (a)	5,402	6,522,483
Camping World Holdings, Inc. Class A	7,278	266,520
CarMax, Inc. (a)	37,482	3,634,630
Carvana Co. (a)	16,854	2,611,527
Group 1 Automotive, Inc.	7,702	647,122
Lithia Motors, Inc. Class A	5,192	1,189,747
Monro, Inc.	7,619	428,950
Murphy USA, Inc. (a)	6,647	880,129
O'Reilly Automotive, Inc. (a)	17,170	8,196,615
Penske Automotive Group, Inc.	9,077	406,831
Sonic Automotive, Inc. Class A	5,254	200,282
		28,632,657
Computer & Electronics Retail – 0.6%
Best Buy Co., Inc.	53,443	5,322,388
GameStop Corp. Class A (a)	132	529
Rent-A-Center, Inc.	11,292	326,565
		5,649,482

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

Common Stocks – continued
	Shares	Value
SPECIALTY RETAIL – continued
Home Improvement Retail – 11.3%
Floor & Decor Holdings, Inc. Class A (a)	34,582	$ 2,278,954
Lowe's Cos., Inc.	175,924	26,196,843
The Home Depot, Inc.	267,070	70,904,414
		99,380,211
Homefurnishing Retail – 0.4%
Aarons, Inc.	18,233	951,398
Bed Bath & Beyond, Inc.	2,249	24,334
Haverty Furniture Companies, Inc.	3,924	55,799
RH (a)	3,480	1,000,256
Sleep Number Corp. (a)	6,352	295,368
Williams-Sonoma, Inc.	17,762	1,547,426
		3,874,581
Specialty Stores – 1.9%
Dick's Sporting Goods, Inc.	14,587	665,459
Five Below, Inc. (a)	12,766	1,390,345
Hibbett Sports, Inc. (a)	3,955	91,716
MarineMax, Inc. (a)	4,940	137,036
National Vision Holdings, Inc. (a)	18,390	588,296
Sally Beauty Holdings, Inc. (a)	26,805	311,206
Signet Jewelers Ltd.	972	10,439
The Michaels Cos., Inc. (a)	1,131	8,121
The ODP Corp.	11,687	257,932
Tiffany & Co., Inc.	25,017	3,136,131
Tractor Supply Co.	54,529	7,783,469
Ulta Beauty, Inc. (a)	12,452	2,403,112
Winmark Corp.	661	105,086
		16,888,348
TOTAL SPECIALTY RETAIL		187,753,225
TEXTILES, APPAREL & LUXURY GOODS – 6.7%
Apparel, Accessories & Luxury Goods – 2.6%
Capri Holdings Ltd. (a)	2,281	34,169
Carter's, Inc.	10,064	792,238
Columbia Sportswear Co.	6,958	527,695
G-III Apparel Group Ltd. (a)	224	2,215
Hanesbrands, Inc.	85,334	1,205,769
Kontoor Brands, Inc. (a)	23,822	456,430
Levi Strauss & Co. Class A	22,224	270,244


	Shares	Value


Lululemon Athletica, Inc. (a)	41,806	$ 13,611,616
Oxford Industries, Inc.	13,438	577,028
PVH Corp.	1,141	55,521
Ralph Lauren Corp.	13,087	933,103
Tapestry, Inc.	4,452	59,479
Under Armour, Inc. Class A (a)	4,458	46,898
Under Armour, Inc. Class C (a)	4,894	46,444
VF Corp.	77,009	4,648,263
		23,267,112
Footwear – 4.1%
Crocs, Inc. (a)	15,647	562,353
Deckers Outdoor Corp. (a)	6,402	1,339,619
NIKE, Inc. Class B	329,946	32,206,029
Skechers U.S.A., Inc. Class A (a)	30,716	899,365
Steven Madden Ltd.	24,558	520,138
Wolverine World Wide, Inc.	21,054	506,138
		36,033,642
TOTAL TEXTILES, APPAREL & LUXURY GOODS		59,300,754
TOTAL COMMON STOCKS (Cost $699,309,208)		876,840,317
Money Market Fund – 0.2%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.05% (c) (Cost $1,620,000)	1,620,000	1,620,000
TOTAL INVESTMENT IN SECURITIES – 99.6% (Cost $700,929,208)		878,460,317
NET OTHER ASSETS (LIABILITIES) – 0.4%		3,128,652
NET ASSETS – 100.0%		$ 881,588,969

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.

Fidelity® MSCI Consumer Discretionary Index ETF

Schedule of Investments–continued

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts	2	September 2020	$ 147,780	$ 3,589	$ 3,589
CME E-mini S&P Consumer Discretionary Select Sector Index Contracts	12	September 2020	1,656,240	52,815	52,815
Total Equity Index Contracts					$ 56,404

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

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 876,840,317	$ 876,840,317	$ —	$ —
Money Market Funds	1,620,000	1,620,000	—	—
Total Investments in Securities:	$ 878,460,317	$ 878,460,317	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 56,404	$ 56,404	$ —	$ —
Total Assets	$ 56,404	$ 56,404	$ —	$ —
Total Derivative Instruments:	$ 56,404	$ 56,404	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$56,404	$0
Total Equity Risk	56,404	0
Total Value of Derivatives	$56,404	$0

(a)

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

Fidelity® MSCI Consumer Staples Index ETF

Schedule of Investments July 31, 2020

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
BEVERAGES – 24.0%
Brewers – 0.8%
Molson Coors Brewing Co. Class B	75,887	$2,847,280
The Boston Beer Co., Inc. Class A (a)	3,190	2,585,304
		5,432,584
Distillers & Vintners – 2.7%
Brown-Forman Corp. Class B	110,778	7,681,346
Constellation Brands, Inc. Class A	57,970	10,330,254
MGP Ingredients, Inc.	6,402	232,201
		18,243,801
Soft Drinks – 20.5%
Coca-Cola Bottling Co. Consolidated	1,640	376,479
Keurig Dr Pepper, Inc.	122,815	3,756,911
Monster Beverage Corp. (a)	133,370	10,466,878
National Beverage Corp. (a)	3,815	244,732
PepsiCo, Inc.	443,143	61,003,065
The Coca-Cola Co.	1,334,164	63,025,907
		138,873,972
TOTAL BEVERAGES		162,550,357
FOOD & STAPLES RETAILING – 21.4%
Drug Retail – 1.5%
Rite Aid Corp. (a)	17,869	270,894
Walgreens Boots Alliance, Inc.	248,695	10,124,373
		10,395,267
Food Distributors – 1.8%
Performance Food Group Co. (a)	42,835	1,200,237
SpartanNash Co.	12,602	264,957
Sysco Corp.	160,251	8,469,265
The Andersons, Inc.	12,139	172,617
The Chefs' Warehouse, Inc. (a)	10,253	118,217
United Natural Foods, Inc. (a)	17,538	348,129
US Foods Holding Corp. (a)	76,072	1,544,262
		12,117,684
Food Retail – 2.0%
Casey's General Stores, Inc.	12,636	2,011,525
Grocery Outlet Holding Corp. (a)	22,101	972,223
Ingles Markets, Inc. Class A	4,405	177,301
Sprouts Farmers Market, Inc. (a)	38,528	1,016,369
The Kroger Co.	263,617	9,171,236
Village Super Market, Inc. Class A	2,812	71,003
Weis Markets, Inc.	5,731	285,518
		13,705,175
Hypermarkets & Super Centers – 16.1%
BJ's Wholesale Club Holdings, Inc. (a)	44,993	1,801,970
Costco Wholesale Corp.	144,781	47,130,559
PriceSmart, Inc.	8,079	528,124


	Shares	Value


Walmart, Inc.	461,395	$ 59,704,513
		109,165,166
TOTAL FOOD & STAPLES RETAILING		145,383,292
FOOD PRODUCTS – 18.4%
Agricultural Products – 2.2%
Archer-Daniels-Midland Co.	193,655	8,294,244
Bunge Ltd.	52,746	2,291,286
Darling Ingredients, Inc. (a)	58,441	1,632,257
Fresh Del Monte Produce, Inc.	10,231	231,016
Ingredion, Inc.	26,246	2,270,279
		14,719,082
Packaged Foods & Meats – 16.2%
B&G Foods, Inc.	23,206	670,885
Beyond Meat, Inc. (a)	8,066	1,015,509
Calavo Growers, Inc.	5,479	316,522
Cal-Maine Foods, Inc. (a)	10,072	442,614
Campbell Soup Co.	61,625	3,054,751
Conagra Brands, Inc.	161,684	6,055,066
Flowers Foods, Inc.	70,784	1,610,336
Freshpet, Inc. (a)	12,995	1,248,170
General Mills, Inc.	201,683	12,760,483
Hormel Foods Corp.	97,396	4,953,560
Hostess Brands, Inc. (a)	45,066	571,437
J&J Snack Foods Corp.	4,962	610,971
John B Sanfilippo & Son, Inc.	3,368	296,957
Kellogg Co.	87,266	6,020,481
Lamb Weston Holdings, Inc.	47,886	2,876,991
Lancaster Colony Corp.	6,312	1,001,020
Landec Corp. (a)	8,604	81,222
McCormick & Co., Inc. (non-vtg.)	41,598	8,107,450
Mondelez International, Inc. Class A	480,506	26,663,278
Pilgrim's Pride Corp. (a)	20,451	313,923
Post Holdings, Inc. (a)	23,727	2,105,534
Sanderson Farms, Inc.	6,560	731,407
Seaboard Corp.	95	256,809
The Hain Celestial Group, Inc. (a)	28,056	953,343
The Hershey Co.	50,741	7,378,249
The JM Smucker Co.	39,138	4,279,740
The Kraft Heinz Co.	225,100	7,738,938
The Simply Good Foods Co. (a)	29,995	721,080
Tootsie Roll Industries, Inc.	5,756	182,465
TreeHouse Foods, Inc. (a)	19,529	855,761
Tyson Foods, Inc. Class A	99,797	6,132,526
		110,007,478
TOTAL FOOD PRODUCTS		124,726,560
HOUSEHOLD PRODUCTS – 24.4%
Household Products – 24.4%
Central Garden and Pet Co. (a)	3,200	121,152

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

Fidelity® MSCI Consumer Staples Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
HOUSEHOLD PRODUCTS – continued
Household Products – continued
Central Garden and Pet Co. Class A (a)	13,172	$ 456,410
Church & Dwight Co., Inc.	84,216	8,112,527
Colgate-Palmolive Co.	274,511	21,192,249
Energizer Holdings, Inc.	21,992	1,102,459
Kimberly-Clark Corp.	116,226	17,671,001
Spectrum Brands Holdings, Inc.	16,445	890,661
The Clorox Co.	41,588	9,835,978
The Procter & Gamble Co.	804,918	105,540,848
WD-40 Co.	4,492	882,903
TOTAL HOUSEHOLD PRODUCTS		165,806,188
PERSONAL PRODUCTS – 2.9%
Personal Products – 2.9%
BellRing Brands, Inc. Class A (a)	14,230	282,750
Coty, Inc. Class A	102,680	380,943
Edgewell Personal Care Co. (a)	16,908	505,380
elf Beauty, Inc. (a)	13,217	236,056
Herbalife Nutrition Ltd. (a)	32,796	1,680,467
Inter Parfums, Inc.	5,673	231,969
Medifast, Inc.	3,504	585,624
Nu Skin Enterprises, Inc. Class A	19,240	862,914
The Estee Lauder Cos., Inc. Class A	72,938	14,408,172
USANA Health Sciences, Inc. (a)	4,239	344,122
TOTAL PERSONAL PRODUCTS		19,518,397
TOBACCO – 8.7%
Tobacco – 8.7%
Altria Group, Inc.	623,967	25,676,242


	Shares	Value


Philip Morris International, Inc.	415,148	$ 31,887,518
Turning Point Brands, Inc.	6,986	229,699
Universal Corp.	17,236	726,670
Vector Group Ltd.	49,618	437,631
TOTAL TOBACCO		58,957,760
TOTAL COMMON STOCKS (Cost $636,035,162)		676,942,554
Money Market Fund – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.05% (b) (Cost $800,000)	800,000	800,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $636,835,162)		677,742,554
NET OTHER ASSETS (LIABILITIES) – 0.1%		906,186
NET ASSETS – 100.0%		$ 678,648,740

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini S&P Consumer Staples Select Sector Index Contracts	26	September 2020	$1,633,840	$42,303	$42,303

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

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

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 676,942,554	$ 676,942,554	$ —	$ —
Money Market Funds	800,000	800,000	—	—
Total Investments in Securities:	$ 677,742,554	$ 677,742,554	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 42,303	$ 42,303	$ —	$ —
Total Assets	$ 42,303	$ 42,303	$ —	$ —
Total Derivative Instruments:	$ 42,303	$ 42,303	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$42,303	$0
Total Equity Risk	42,303	0
Total Value of Derivatives	$42,303	$0

(a)

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

Fidelity® MSCI Energy Index ETF

Schedule of Investments July 31, 2020

Showing Percentage of Net Assets

Common Stocks – 99.6%
	Shares	Value
ENERGY EQUIPMENT & SERVICES – 9.1%
Oil & Gas Drilling – 0.5%
Helmerich & Payne, Inc.	64,192	$ 1,144,544
Patterson-UTI Energy, Inc.	108,511	420,480
Transocean Ltd. (a)	338,780	691,111
		2,256,135
Oil & Gas Equipment & Services – 8.6%
Archrock, Inc.	75,649	503,822
Baker Hughes Co.	380,441	5,893,031
Cactus, Inc. Class A	27,420	620,240
ChampionX Corp. (a)	110,209	1,048,088
Core Laboratories N.V.	25,874	551,892
DMC Global, Inc.	8,530	250,611
Dril-Quip, Inc. (a)	21,063	701,187
Frank's International N.V. (a)	66,098	150,703
Halliburton Co.	512,241	7,340,414
Helix Energy Solutions Group, Inc. (a)	82,298	344,829
Liberty Oilfield Services, Inc. Class A	38,350	216,678
Matrix Service Co. (a)	15,853	138,793
National Oilwell Varco, Inc.	224,679	2,586,055
NexTier Oilfield Solitions, Inc. (a)	91,787	231,303
Oceaneering International, Inc. (a)	57,592	323,667
ProPetro Holding Corp. (a)	50,119	269,139
RPC, Inc. (a)	31,460	93,436
Schlumberger Ltd.	808,120	14,659,297
SEACOR Holdings, Inc. (a)	11,160	324,533
Select Energy Services, Inc. Class A (a)	35,749	158,726
TechnipFMC PLC	247,457	1,987,080
		38,393,524
TOTAL ENERGY EQUIPMENT & SERVICES		40,649,659
OIL, GAS & CONSUMABLE FUELS – 90.5%
Coal & Consumable Fuels – 0.1%
Arch Resources, Inc.	8,345	258,862
Peabody Energy Corp.	39,288	122,579
		381,441
Integrated Oil & Gas – 45.4%
Chevron Corp.	1,094,051	91,834,641
Exxon Mobil Corp.	2,463,775	103,675,652
Occidental Petroleum Corp.	520,046	8,185,524
Occidental Petroleum Corp. warrants 8/3/27 (a)	64,457	360,959
		204,056,776
Oil & Gas Exploration & Production – 22.4%
Antero Resources Corp. (a)	141,856	419,894
Apache Corp.	219,714	3,372,610
Bonanza Creek Energy, Inc. (a)	9,675	175,988
Brigham Minerals, Inc. Class A	21,878	242,408
Cabot Oil & Gas Corp.	232,019	4,338,755


	Shares	Value


Cimarex Energy Co.	59,458	$ 1,454,343
CNX Resources Corp. (a)	108,650	1,048,474
Concho Resources, Inc.	114,512	6,016,461
ConocoPhillips	629,383	23,532,630
Continental Resources, Inc.	53,137	918,739
Devon Energy Corp.	223,703	2,346,644
Diamondback Energy, Inc.	92,146	3,672,940
EOG Resources, Inc.	338,674	15,866,877
EQT Corp.	148,823	2,160,910
Gulfport Energy Corp. (a)	71,510	72,225
Hess Corp.	159,917	7,869,516
Kosmos Energy Ltd.	235,815	379,662
Magnolia Oil & Gas Corp. Class A (a)	73,059	436,893
Marathon Oil Corp.	460,142	2,526,180
Matador Resources Co. (a)	64,509	559,938
Murphy Oil Corp.	84,580	1,117,302
Noble Energy, Inc.	282,366	2,820,836
Northern Oil and Gas, Inc. (a)	142,669	114,349
Ovintiv, Inc.	151,256	1,465,671
Parsley Energy, Inc. Class A	175,839	1,930,712
PDC Energy, Inc. (a)	58,286	831,158
Pioneer Natural Resources Co.	96,471	9,349,969
Range Resources Corp.	131,731	850,982
Southwestern Energy Co. (a)	315,117	765,734
Talos Energy, Inc. (a)	12,864	87,604
Tellurian, Inc. (a)	122,016	108,814
Texas Pacific Land Trust	3,612	1,925,160
Viper Energy Partners LP	35,526	367,339
W&T Offshore, Inc. (a)	56,867	128,519
WPX Energy, Inc. (a)	244,226	1,458,029
		100,734,265
Oil & Gas Refining & Marketing – 11.1%
Clean Energy Fuels Corp. (a)	90,749	215,983
CVR Energy, Inc.	17,545	336,864
Delek US Holdings, Inc.	42,771	747,637
HollyFrontier Corp.	89,521	2,461,827
Marathon Petroleum Corp.	377,816	14,432,571
Par Pacific Holdings, Inc. (a)	22,688	168,118
PBF Energy, Inc. Class A	59,273	514,490
Phillips 66	255,823	15,866,142
Renewable Energy Group, Inc. (a)	22,683	625,597
REX American Resources Corp. (a)	3,344	227,894
Valero Energy Corp.	238,296	13,399,384
World Fuel Services Corp.	38,068	895,740
		49,892,247
Oil & Gas Storage & Transportation – 11.5%
Antero Midstream Corp.	169,086	958,718
Cheniere Energy, Inc. (a)	133,124	6,586,975
Diamond S Shipping, Inc. (a)	15,379	135,028
Dorian LPG Ltd. (a)	23,865	203,807

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

Common Stocks – continued
	Shares	Value
OIL, GAS & CONSUMABLE FUELS – continued
Oil & Gas Storage & Transportation – continued
EnLink Midstream LLC	156,392	$ 383,160
Equitrans Midstream Corp.	239,208	2,308,357
International Seaways, Inc.	14,554	251,348
Kinder Morgan, Inc.	1,186,748	16,733,147
ONEOK, Inc.	255,746	7,137,871
Plains GP Holdings LP Class A	101,856	808,737
Rattler Midstream LP	25,529	200,913
Targa Resources Corp.	135,704	2,480,669
The Williams Cos., Inc.	705,855	13,503,006
		51,691,736
TOTAL OIL, GAS & CONSUMABLE FUELS		406,756,465
TOTAL COMMON STOCKS (Cost $682,471,660)		447,406,124

Money Market Fund – 0.2%
	Shares	Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.05% (b) (Cost $910,000)	910,000	$ 910,000
TOTAL INVESTMENT IN SECURITIES – 99.8% (Cost $683,381,660)		448,316,124
NET OTHER ASSETS (LIABILITIES) – 0.2%		1,008,540
NET ASSETS – 100.0%		$ 449,324,664

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini S&P Energy Select Sector Index Contracts	50	September 2020	$1,861,500	$(89,910)	$(89,910)

The notional amount of futures purchased as a percentage of Net Assets is 0.4%

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

Fidelity® MSCI Energy Index ETF

Schedule of Investments–continued

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 447,406,124	$ 447,406,124	$ —	$ —
Money Market Funds	910,000	910,000	—	—
Total Investments in Securities:	$ 448,316,124	$ 448,316,124	$ —	$ —
Derivative Instruments:
Liabilities
Futures Contracts	$ (89,910)	$ (89,910)	$ —	$ —
Total Liabilities	$ (89,910)	$ (89,910)	$ —	$ —
Total Derivative Instruments:	$ (89,910)	$ (89,910)	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$0	$(89,910)
Total Equity Risk	0	(89,910)
Total Value of Derivatives	$0	$(89,910)

(a)

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

Fidelity® MSCI Financials Index ETF

Schedule of Investments July 31, 2020

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares	Value
BANKS – 35.5%
Diversified Banks – 22.7%
Bank of America Corp.	1,740,331	$ 43,299,436
Citigroup, Inc.	466,085	23,308,911
JPMorgan Chase & Co.	681,719	65,881,324
Morgan Group Holding Co. (a)	19	238
US Bancorp	303,762	11,190,592
Wells Fargo & Co.	862,781	20,931,067
		164,611,568
Regional Banks – 12.8%
1st Source Corp.	4,266	141,290
Allegiance Bancshares, Inc.	4,305	104,999
Altabancorp	3,614	67,762
Amalgamated Bank Class A	3,185	36,787
Amerant Bancorp, Inc. (a)	4,836	64,561
Ameris Bancorp	14,855	342,779
Arrow Financial Corp.	3,362	91,783
Associated Banc-Corp	35,305	453,316
Atlantic Capital Bancshares, Inc. (a)	5,021	50,210
Atlantic Union Bankshares Corp.	17,648	398,315
Banc of California, Inc.	10,326	110,695
Bancfirst Corp.	4,124	179,641
BancorpSouth Bank	23,585	493,634
Bank First Corp.	1,423	88,525
Bank of Hawaii Corp.	8,923	505,309
Bank of Marin Bancorp	2,896	90,963
Bank OZK	27,762	667,676
BankUnited, Inc.	21,343	429,848
Banner Corp.	7,670	271,748
Bar Harbor Bankshares	3,610	71,767
Berkshire Hills Bancorp, Inc.	10,017	99,769
BOK Financial Corp.	7,188	400,372
Boston Private Financial Holdings, Inc.	14,797	87,080
Bridge Bancorp, Inc.	3,815	69,013
Brookline Bancorp, Inc.	18,515	177,651
Bryn Mawr Bank Corp.	4,700	122,388
Byline Bancorp, Inc.	5,541	71,811
Cadence BanCorp	28,609	223,436
Camden National Corp.	3,548	112,436
Capital City Bank Group, Inc.	2,760	51,971
Cathay General Bancorp	16,912	408,932
CBTX, Inc.	4,460	70,423
Central Pacific Financial Corp.	6,370	99,117
Century Bancorp, Inc. Class A	730	50,837
CIT Group, Inc.	21,904	415,519
Citizens Financial Group, Inc.	95,239	2,362,880
City Holding Co.	3,663	228,791
CNB Financial Corp.	3,538	57,776
Columbia Banking System, Inc.	16,209	468,926
Comerica, Inc.	31,494	1,213,149


	Shares	Value


Commerce Bancshares, Inc.	22,469	$ 1,286,575
Community Bank System, Inc.	11,618	653,280
Community Trust Bancorp, Inc.	3,610	110,502
ConnectOne Bancorp, Inc.	7,864	108,445
CrossFirst Bankshares, Inc. (a)	9,671	88,683
Cullen/Frost Bankers, Inc.	13,302	958,542
Customers Bancorp, Inc. (a)	6,827	80,900
CVB Financial Corp.	30,056	543,112
Dime Community Bancshares, Inc.	6,548	76,906
Eagle Bancorp, Inc.	7,089	213,237
East West Bancorp, Inc.	32,319	1,120,177
Enterprise Financial Services Corp.	5,735	166,659
Equity Bancshares, Inc. Class A (a)	3,426	48,444
FB Financial Corp.	4,148	105,401
Fifth Third Bancorp	157,973	3,137,344
Financial Institutions, Inc.	3,423	50,558
First BanCorp	48,840	265,690
First BanCorp/NC	6,811	140,715
First Busey Corp.	11,260	192,546
First Citizens BancShares, Inc. Class A	1,163	495,287
First Commonwealth Financial Corp.	21,930	172,589
First Community Bankshares, Inc.	3,655	71,492
First Financial Bancorp	22,331	310,736
First Financial Bankshares, Inc.	28,520	853,318
First Financial Corp.	2,715	90,762
First Foundation, Inc.	8,761	134,657
First Hawaiian, Inc.	29,114	506,001
First Horizon National Corp.	123,526	1,145,086
First Interstate Bancsystem, Inc. Class A	9,618	279,980
First Merchants Corp.	12,539	306,328
First Mid-Illinois Bancshares, Inc.	3,343	81,603
First Midwest Bancorp, Inc.	25,990	315,389
First Republic Bank	38,135	4,289,425
Flushing Financial Corp.	4,763	52,774
FNB Corp.	72,855	539,856
Franklin Financial Network, Inc.	3,148	83,107
Fulton Financial Corp.	35,274	342,158
German American Bancorp, Inc.	5,735	163,103
Glacier Bancorp, Inc.	20,281	716,122
Great Southern Bancorp, Inc.	2,534	91,401
Great Western Bancorp, Inc.	12,301	159,913
Hancock Whitney Corp.	19,578	373,157
Hanmi Financial Corp.	6,261	57,789
Harborone Bancorp, Inc. (a)	11,712	101,426
Heartland Financial USA, Inc.	7,553	235,956
Heritage Commerce Corp.	11,008	74,634
Heritage Financial Corp.	8,500	160,777
Hilltop Holdings, Inc.	15,145	294,873
Home BancShares, Inc.	35,215	575,061

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

Fidelity® MSCI Financials Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
BANKS – continued
Regional Banks – continued
HomeTrust Bancshares, Inc.	3,914	$ 56,440
Hope Bancorp, Inc.	26,710	225,165
Horizon Bancorp, Inc.	9,577	96,823
Huntington Bancshares, Inc.	227,093	2,105,152
Independent Bank Corp.	5,169	72,185
Independent Bank Corp./MA	7,724	498,352
Independent Bank Group, Inc.	8,135	357,371
International Bancshares Corp.	12,412	377,573
Investors Bancorp, Inc.	52,371	425,252
KeyCorp	216,108	2,595,457
Lakeland Bancorp, Inc.	11,255	114,576
Lakeland Financial Corp.	5,735	253,831
Live Oak Bancshares, Inc.	6,056	103,013
M&T Bank Corp.	28,967	3,069,054
Mercantile Bank Corp.	3,630	77,283
Midland States Bancorp, Inc.	3,806	53,627
MidWestOne Financial Group, Inc.	3,564	64,437
National Bank Holdings Corp. Class A	6,836	189,904
NBT Bancorp, Inc.	9,633	286,967
Nicolet Bankshares, Inc. (a)	2,167	121,395
OceanFirst Financial Corp.	13,109	200,830
OFG Bancorp	11,919	155,900
Old National Bancorp	34,350	480,556
Origin Bancorp, Inc.	4,324	102,652
Pacific Premier Bancorp, Inc.	18,923	397,572
PacWest Bancorp	26,162	478,111
Park National Corp.	3,124	267,914
Peapack-Gladstone Financial Corp.	4,141	67,415
Peoples Bancorp, Inc.	3,536	70,968
People's United Financial, Inc.	98,153	1,059,071
Pinnacle Financial Partners, Inc.	17,273	684,356
Popular, Inc.	21,299	790,406
Preferred Bank	3,431	127,805
Prosperity Bancshares, Inc.	21,109	1,172,816
QCR Holdings, Inc.	3,485	104,132
Regions Financial Corp.	213,730	2,321,108
Renasant Corp.	12,601	292,721
Republic Bancorp, Inc. Class A	2,392	72,286
S&T Bancorp, Inc.	8,308	178,622
Sandy Spring Bancorp, Inc.	10,372	239,801
Seacoast Banking Corp. of Florida (a)	12,004	226,635
ServisFirst Bancshares, Inc.	10,314	377,389
Signature Bank	11,890	1,219,082
Simmons First National Corp. Class A	26,429	438,457
South State Corp.	15,813	753,648
Southside Bancshares, Inc.	7,200	199,440
Sterling Bancorp	44,219	497,464
Stock Yards Bancorp, Inc.	4,852	189,665


	Shares	Value


SVB Financial Group (a)	11,510	$ 2,581,348
Synovus Financial Corp.	32,819	661,303
TCF Financial Corp.	34,090	937,134
Texas Capital Bancshares, Inc. (a)	11,107	368,975
The Bancorp, Inc. (a)	11,940	112,594
The First Bancshares, Inc.	4,498	89,555
The First of Long Island Corp.	5,314	79,232
The PNC Financial Services Group, Inc.	96,411	10,284,161
Tompkins Financial Corp.	3,015	194,558
Towne Bank	16,351	288,432
Trico Bancshares	6,317	176,876
TriState Capital Holdings, Inc. (a)	5,571	73,816
Triumph Bancorp, Inc. (a)	5,081	133,122
Truist Financial Corp.	297,567	11,146,860
Trustmark Corp.	13,497	303,952
UMB Financial Corp.	10,501	522,950
Umpqua Holdings Corp.	49,536	537,466
United Bankshares, Inc.	28,950	761,964
United Community Banks, Inc.	17,831	319,710
Univest Financial Corp.	5,690	87,000
Valley National Bancorp	85,265	636,930
Veritex Holdings, Inc.	9,816	164,123
Washington Trust Bancorp, Inc.	3,474	115,823
Webster Financial Corp.	20,604	561,871
WesBanco, Inc.	14,260	282,776
Westamerica BanCorp.	6,150	371,214
Western Alliance Bancorp	21,848	785,436
Wintrust Financial Corp.	12,885	551,478
Zions Bancorp NA	36,749	1,193,240
		92,510,939
TOTAL BANKS		257,122,507
CAPITAL MARKETS – 27.0%
Asset Management & Custody Banks – 9.8%
Affiliated Managers Group, Inc.	10,666	733,714
Ameriprise Financial, Inc.	27,330	4,198,708
Apollo Global Management, Inc.	38,604	1,895,456
Ares Management Corp. Class A	19,819	791,571
Artisan Partners Asset Management, Inc. Class A	12,331	446,752
Assetmark Financial Holdings, Inc. (a)	3,743	104,243
Associated Capital Group, Inc. Class A	861	34,819
BlackRock, Inc.	33,752	19,407,737
Blucora, Inc. (a)	9,307	109,730
Brightsphere Investment Group (a)	15,511	208,468
Cohen & Steers, Inc.	5,310	319,556
Diamond Hill Investment Group, Inc.	678	77,312
Eaton Vance Corp.	25,168	909,572
Federated Hermes, Inc.	21,634	570,272

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

Common Stocks – continued
	Shares	Value
CAPITAL MARKETS – continued
Asset Management & Custody Banks – continued
Focus Financial Partners, Inc. Class A (a)	6,007	$ 221,959
Franklin Resources, Inc.	66,037	1,390,079
Hamilton Lane, Inc. Class A	5,315	383,956
Invesco Ltd.	86,588	869,344
Janus Henderson Group PLC	35,383	739,151
KKR & Co., Inc. Class A	111,908	3,958,186
Legg Mason, Inc.	19,300	964,807
Northern Trust Corp.	43,982	3,445,990
SEI Investments Co.	28,092	1,470,054
State Street Corp.	78,298	4,994,629
T Rowe Price Group, Inc.	52,280	7,219,868
The Bank of New York Mellon Corp.	177,158	6,351,114
The Blackstone Group, Inc. Class A	149,192	7,948,950
The Carlyle Group, Inc.	31,036	883,595
Victory Capital Holdings, Inc. Class A	3,768	66,882
Virtus Investment Partners, Inc.	1,721	233,918
Waddell & Reed Financial, Inc. Class A	14,358	209,483
WisdomTree Investments, Inc.	28,974	104,306
		71,264,181
Financial Exchanges & Data – 10.5%
Cboe Global Markets, Inc	24,378	2,137,951
CME Group, Inc.	79,220	13,164,780
FactSet Research Systems, Inc.	8,384	2,903,379
Intercontinental Exchange, Inc.	122,322	11,838,323
MarketAxess Holdings, Inc.	8,416	4,348,547
Moody's Corp.	37,443	10,532,716
Morningstar, Inc.	5,248	881,874
MSCI, Inc.	18,747	7,048,497
Nasdaq, Inc.	25,691	3,373,485
S&P Global, Inc.	54,010	18,917,002
Tradeweb Markets, Inc. Class A	18,029	974,828
		76,121,382
Investment Banking & Brokerage – 6.7%
B Riley Financial, Inc.	3,411	87,015
BGC Partners, Inc. Class A	60,943	168,812
Cowen, Inc. Class A	6,015	99,067
E*TRADE Financial Corp.	49,279	2,501,895
Evercore Partners, Inc. Class A	9,057	500,852
Freedom Holding Corp. (a)	3,901	75,289
Houlihan Lokey, Inc.	9,800	537,040
Interactive Brokers Group, Inc. Class A	15,907	788,987
LPL Financial Holdings, Inc.	17,739	1,401,736
Moelis & Co. Class A	11,836	352,594
Morgan Stanley	265,920	12,998,170
Piper Sandler Cos.	3,664	226,838
PJT Partners, Inc. Class A	4,375	234,194


	Shares	Value


Raymond James Financial, Inc.	27,684	$ 1,923,484
Stifel Financial Corp.	15,338	743,586
StoneX Group, Inc. (a)	3,764	197,535
TD Ameritrade Holding Corp.	59,709	2,142,956
The Charles Schwab Corp.	255,761	8,478,477
The Goldman Sachs Group, Inc.	72,683	14,388,327
Virtu Financial, Inc. Class A	13,116	325,277
		48,172,131
TOTAL CAPITAL MARKETS		195,557,694
CONSUMER FINANCE – 4.7%
Consumer Finance – 4.7%
Ally Financial, Inc.	83,570	1,679,757
American Express Co.	152,333	14,215,716
Capital One Financial Corp.	101,851	6,498,094
Credit Acceptance Corp. (a)	2,226	1,041,634
Discover Financial Services	68,700	3,395,841
Encore Capital Group, Inc. (a)	6,234	227,728
Enova International, Inc. (a)	7,828	125,953
Ezcorp, Inc. Class A (a)	11,750	67,210
FirstCash, Inc.	9,358	539,395
Green Dot Corp. Class A (a)	11,139	564,636
LendingClub Corp. (a)	12,508	65,292
LendingTree, Inc. (a)	1,762	610,163
Navient Corp.	43,079	342,909
Nelnet, Inc. Class A	4,464	258,912
OneMain Holdings, Inc.	18,370	527,219
PRA Group, Inc. (a)	10,189	403,077
SLM Corp.	84,442	571,672
Synchrony Financial	123,025	2,722,543
World Acceptance Corp. (a)	1,338	99,413
TOTAL CONSUMER FINANCE		33,957,164
DIVERSIFIED FINANCIAL SERVICES – 9.0%
Multi-Sector Holdings – 8.5%
Berkshire Hathaway, Inc. Class B (a)	307,410	60,184,730
Cannae Holdings, Inc. (a)	18,123	682,874
Jefferies Financial Group, Inc.	50,335	815,427
		61,683,031
Other Diversified Financial Services – 0.5%
Equitable Holdings, Inc.	92,476	1,892,059
Voya Financial, Inc.	29,257	1,445,296
		3,337,355
Specialized Finance – 0.0%
NewStar Financial, Inc. (b)	6,699	0
TOTAL DIVERSIFIED FINANCIAL SERVICES		65,020,386
INSURANCE – 20.9%
Insurance Brokers – 5.1%
Aon PLC Class A	51,201	10,507,469

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

Fidelity® MSCI Financials Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
INSURANCE – continued
Insurance Brokers – continued
Arthur J Gallagher & Co.	41,942	$ 4,508,346
Brown & Brown, Inc.	53,327	2,424,779
Crawford & Co. Class A	4,035	29,577
eHealth, Inc. (a)	4,596	317,767
Goosehead Insurance, Inc. Class A (a)	3,050	315,156
Marsh & McLennan Cos., Inc.	111,569	13,008,945
Willis Towers Watson PLC	28,470	5,978,985
		37,091,024
Life & Health Insurance – 4.0%
Aflac, Inc.	151,151	5,376,441
American Equity Investment Life Holding Co.	20,458	520,656
Athene Holding Ltd. Class A (a)	31,756	1,024,131
Brighthouse Financial, Inc. (a)	23,079	654,059
Citizens, Inc. (a)	10,159	58,313
CNO Financial Group, Inc.	32,591	492,124
FBL Financial Group, Inc. Class A	2,156	74,986
Genworth Financial, Inc. Class A (a)	110,800	226,032
Globe Life, Inc.	22,514	1,792,114
Independence Holding Co.	1,281	42,350
Lincoln National Corp.	43,041	1,604,138
MetLife, Inc.	172,188	6,517,316
National Western Life Group, Inc. Class A	555	108,108
Primerica, Inc.	9,245	1,106,257
Principal Financial Group, Inc.	61,016	2,588,909
Prudential Financial, Inc.	87,558	5,548,550
Trupanion, Inc. (a)	6,738	340,741
Unum Group	44,292	763,151
		28,838,376
Multi-line Insurance – 1.8%
American Financial Group, Inc.	16,968	1,031,145
American International Group, Inc.	193,017	6,203,566
American National Group, Inc.	1,753	129,108
Assurant, Inc.	13,332	1,432,790
Horace Mann Educators Corp.	9,115	342,542
National General Holdings Corp.	15,443	524,908
The Hartford Financial Services Group, Inc.	79,490	3,364,017
Watford Holdings Ltd. (a)	3,746	61,472
		13,089,548
Property & Casualty Insurance – 9.0%
Ambac Financial Group, Inc. (a)	10,382	132,890
AMERISAFE, Inc.	4,301	272,941
Arch Capital Group Ltd. (a)	90,375	2,779,031
Argo Group International Holdings Ltd.	6,857	229,778
Assured Guaranty Ltd.	20,346	444,153


	Shares	Value


Axis Capital Holdings Ltd.	19,615	$ 786,954
Chubb Ltd.	100,286	12,760,391
Cincinnati Financial Corp.	34,254	2,669,414
Donegal Group, Inc. Class A	3,199	44,722
Employers Holdings, Inc.	7,038	228,876
Erie Indemnity Co. Class A	5,642	1,185,497
Fidelity National Financial, Inc.	61,354	1,985,415
First American Financial Corp.	25,068	1,278,719
Global Indemnity Ltd.	1,703	38,914
HCI Group, Inc.	1,485	66,261
Heritage Insurance Holdings, Inc.	6,011	71,351
James River Group Holdings Ltd.	6,946	321,739
Kemper Corp.	14,113	1,108,153
Kinsale Capital Group, Inc.	4,718	919,538
Loews Corp.	56,498	2,057,092
Markel Corp. (a)	3,072	3,208,827
MBIA, Inc. (a)	16,009	128,232
Mercury General Corp.	6,148	263,811
Old Republic International Corp.	64,356	1,034,201
Palomar Holdings, Inc. (a)	3,839	350,654
ProAssurance Corp.	11,996	176,341
ProSight Global, Inc. (a)	2,357	18,526
RLI Corp.	9,009	793,963
Safety Insurance Group, Inc.	3,241	245,246
Selective Insurance Group, Inc.	13,187	716,582
State Auto Financial Corp.	3,389	52,563
Stewart Information Services Corp.	5,431	227,830
The Allstate Corp.	70,056	6,612,586
The Hanover Insurance Group, Inc.	8,567	872,806
The Progressive Corp.	129,601	11,708,154
The Travelers Cos., Inc.	56,823	6,501,688
United Fire Group, Inc.	4,527	114,850
United Insurance Holdings Corp.	3,512	25,989
Universal Insurance Holdings, Inc.	6,421	112,432
White Mountains Insurance Group Ltd.	702	617,851
WR Berkley Corp.	32,695	2,018,916
		65,183,877
Reinsurance – 1.0%
Alleghany Corp.	3,147	1,643,741
Enstar Group Ltd. (a)	2,634	442,380
Everest Re Group Ltd.	9,093	1,989,457
Greenlight Capital Re Ltd. Class A (a)	4,704	30,388
Reinsurance Group of America, Inc.	14,765	1,258,716
RenaissanceRe Holdings Ltd.	11,231	2,025,848
Third Point Reinsurance Ltd. (a)	17,929	139,667
		7,530,197
TOTAL INSURANCE		151,733,022

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

Common Stocks – continued
	Shares	Value
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 1.5%
Mortgage REITs – 1.5%
AGNC Investment Corp.	119,999	$ 1,631,986
Annaly Capital Management, Inc.	317,670	2,353,935
Apollo Commercial Real Estate Finance, Inc.	32,929	306,240
Arbor Realty Trust, Inc.	23,880	243,337
Ares Commercial Real Estate Corp.	7,435	67,882
ARMOUR Residential REIT, Inc.	13,385	125,016
Blackstone Mortgage Trust, Inc. Class A	28,654	689,702
Broadmark Realty Capital, Inc.	27,942	257,625
Capstead Mortgage Corp.	21,967	135,097
Chimera Investment Corp.	42,433	381,473
Colony Credit Real Estate, Inc.	18,869	118,875
Dynex Capital, Inc.	5,540	85,593
Ellington Financial, Inc.	9,580	112,661
Granite Point Mortgage Trust, Inc.	12,501	84,882
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	15,159	531,020
Invesco Mortgage Capital, Inc.	41,860	128,510
KKR Real Estate Finance Trust, Inc.	7,042	117,249
Ladder Capital Corp.	23,035	178,982
MFA Financial, Inc.	104,245	274,164
New Residential Investment Corp.	92,309	732,010
New York Mortgage Trust, Inc.	86,480	226,578
PennyMac Mortgage Investment Trust	22,354	421,373
Ready Capital Corp.	9,467	75,925
Redwood Trust, Inc.	25,356	180,788
Starwood Property Trust, Inc.	63,154	944,152
TPG RE Finance Trust, Inc.	10,139	88,006
Two Harbors Investment Corp.	59,830	324,877
TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)		10,817,938
THRIFTS & MORTGAGE FINANCE – 1.1%
Thrifts & Mortgage Finance – 1.1%
Axos Financial, Inc. (a)	12,114	271,475
Capitol Federal Financial, Inc.	29,771	287,290
Columbia Financial, Inc. (a)	11,406	137,214
Essent Group Ltd.	23,027	825,057
Federal Agricultural Mortgage Corp. Class C	2,130	126,756
Flagstar Bancorp, Inc.	8,340	261,709
HomeStreet, Inc.	5,297	140,053


	Shares	Value


Kearny Financial Corp.	17,903	$ 143,940
Luther Burbank Corp.	4,151	39,725
Merchants Bancorp	2,016	37,155
Meridian Bancorp, Inc.	10,705	122,091
Meta Financial Group, Inc.	7,323	136,647
MGIC Investment Corp.	77,461	640,602
Mr. Cooper Group, Inc. (a)	16,517	269,723
New York Community Bancorp, Inc.	109,182	1,149,686
NMI Holdings, Inc. Class A (a)	18,257	283,349
Northfield Bancorp, Inc.	9,422	90,545
Northwest Bancshares, Inc.	27,967	275,475
PennyMac Financial Services, Inc.	14,057	678,391
Premier Financial Corp.	8,794	155,478
Provident Financial Services, Inc.	15,669	213,882
Radian Group, Inc.	45,119	673,176
TFS Financial Corp.	12,556	181,811
TrustCo Bank Corp.	21,777	126,089
Walker & Dunlop, Inc.	6,586	332,000
Washington Federal, Inc.	17,395	405,999
Waterstone Financial, Inc.	5,814	88,838
WSFS Financial Corp.	11,490	327,810
TOTAL THRIFTS & MORTGAGE FINANCE		8,421,966
TOTAL COMMON STOCKS (Cost $851,640,291)		722,630,677
Money Market Fund – 0.2%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.05% (c) (Cost $1,379,000)	1,379,000	1,379,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $853,019,291)		724,009,677
NET OTHER ASSETS (LIABILITIES) – 0.1%		1,049,357
NET ASSETS – 100.0%		$ 725,059,034

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.

Fidelity® MSCI Financials Index ETF

Schedule of Investments–continued

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts	4	September 2020	$ 295,560	$ 1,462	$ 1,462
CME E-mini S&P Financial Select Sector Index Contracts	40	September 2020	2,952,000	51,505	51,505
Total Equity Index Contracts					$ 52,967

The notional amount of futures purchased as a percentage of Net Assets is 0.4%

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 722,630,677	$ 722,630,677	$ —	$ —
Money Market Funds	1,379,000	1,379,000	—	—
Total Investments in Securities:	$ 724,009,677	$ 724,009,677	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 52,967	$ 52,967	$ —	$ —
Total Assets	$ 52,967	$ 52,967	$ —	$ —
Total Derivative Instruments:	$ 52,967	$ 52,967	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$52,967	$0
Total Equity Risk	52,967	0
Total Value of Derivatives	$52,967	$0

(a)

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

Fidelity® MSCI Health Care Index ETF

Schedule of Investments July 31, 2020

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares	Value
BIOTECHNOLOGY – 20.1%
Biotechnology – 20.1%
AbbVie, Inc.	748,805	$ 71,069,083
ACADIA Pharmaceuticals, Inc. (a)	49,556	2,060,043
Acceleron Pharma, Inc. (a)	19,284	1,912,394
Adverum Biotechnologies, Inc. (a)	25,513	427,853
Agenus, Inc. (a)	44,431	135,070
Agios Pharmaceuticals, Inc. (a)	26,036	1,179,952
Aimmune Therapeutics, Inc. (a)	17,664	233,341
Akcea Therapeutics, Inc. (a)	8,273	89,679
Akebia Therapeutics, Inc. (a)	48,083	537,087
Akero Therapeutics, Inc. (a)	6,453	226,565
Alder Biopharmaceuticals, Inc. (a)(b)	22,547	19,841
Alector, Inc. (a)	18,527	290,318
Alexion Pharmaceuticals, Inc. (a)	93,842	9,617,867
Alkermes PLC (a)	67,112	1,208,687
Allakos, Inc. (a)	10,264	770,518
Allogene Therapeutics, Inc. (a)	23,925	877,330
Alnylam Pharmaceuticals, Inc. (a)	47,732	6,957,416
Amgen, Inc.	250,058	61,181,691
Amicus Therapeutics, Inc. (a)	108,376	1,566,033
AnaptysBio, Inc. (a)	10,249	184,072
Anika Therapeutics, Inc. (a)	6,326	230,266
Apellis Pharmaceuticals, Inc. (a)	25,681	664,881
Applied Therapeutics, Inc. (a)	5,624	145,099
Aprea Therapeutics, Inc. (a)	4,041	110,845
Arcturus Therapeutics Holdings, Inc. (a)	8,090	422,541
Arcus Biosciences, Inc. (a)	15,720	309,370
Arcutis Biotherapeutics, Inc. (a)	4,061	108,429
Ardelyx, Inc. (a)	24,874	140,538
Arena Pharmaceuticals, Inc. (a)	23,661	1,452,549
Arrowhead Pharmaceuticals, Inc. (a)	41,084	1,769,488
Assembly Biosciences, Inc. (a)	12,995	288,489
Atara Biotherapeutics, Inc. (a)	28,930	358,443
Athenex, Inc. (a)	17,788	188,731
Athersys, Inc. (a)	79,597	203,768
Atreca, Inc. Class A (a)	5,183	67,120
Avrobio, Inc. (a)	11,623	197,010
Beam Therapeutics, Inc. (a)	5,523	106,815
BioCryst Pharmaceuticals, Inc. (a)	73,515	299,206
Biogen, Inc. (a)	73,797	20,271,298
Biohaven Pharmaceutical Holding Co. Ltd. (a)	21,077	1,349,771
BioMarin Pharmaceutical, Inc. (a)	76,245	9,134,913
BioSpecifics Technologies Corp. (a)	2,287	143,303
Bioxcel Therapeutics, Inc. (a)	6,146	278,783
Black Diamond Therapeutics, Inc. (a)	3,827	106,467
Bluebird Bio, Inc. (a)	27,523	1,670,646
Blueprint Medicines Corp. (a)	21,836	1,597,958
Calithera Biosciences, Inc. (a)	20,878	98,127


	Shares	Value


CareDx, Inc. (a)	16,711	$ 557,312
Castle Biosciences, Inc. (a)	3,297	127,660
Catalyst Pharmaceuticals, Inc. (a)	39,121	168,220
CEL-SCI Corp. (a)	15,144	189,451
ChemoCentryx, Inc. (a)	17,346	914,308
Clovis Oncology, Inc. (a)	35,602	206,136
Coherus Biosciences, Inc. (a)	23,865	419,785
Constellation Pharmaceuticals, Inc. (a)	9,792	263,307
Corbus Pharmaceuticals Holdings, Inc. (a)	27,822	174,444
Cortexyme, Inc. (a)	6,270	249,859
Crinetics Pharmaceuticals, Inc. (a)	6,777	94,065
CRISPR Therapeutics AG (a)	21,732	1,857,217
Cue Biopharma, Inc. (a)	9,065	171,419
Cytokinetics, Inc. (a)	25,322	547,462
CytomX Therapeutics, Inc. (a)	17,386	121,876
Deciphera Pharmaceuticals, Inc. (a)	15,001	695,596
Denali Therapeutics, Inc. (a)	33,644	787,942
Dicerna Pharmaceuticals, Inc. (a)	26,666	573,319
Dynavax Technologies Corp. (a)	40,653	329,696
Eagle Pharmaceuticals, Inc. (a)	4,644	215,435
Editas Medicine, Inc. (a)	25,806	757,664
Eidos Therapeutics, Inc. (a)	4,099	164,370
Emergent BioSolutions, Inc. (a)	18,815	2,092,981
Enanta Pharmaceuticals, Inc. (a)	7,208	330,487
Epizyme, Inc. (a)	30,001	415,214
Esperion Therapeutics, Inc. (a)	10,838	407,834
Exact Sciences Corp. (a)	62,715	5,942,246
Exelixis, Inc. (a)	129,890	2,999,160
Fate Therapeutics, Inc. (a)	25,725	804,421
FibroGen, Inc. (a)	33,402	1,351,779
Flexion Therapeutics, Inc. (a)	18,149	246,282
G1 Therapeutics, Inc. (a)	10,988	161,194
Geron Corp. (a)	130,626	207,695
Gilead Sciences, Inc.	535,738	37,249,863
Global Blood Therapeutics, Inc. (a)	23,284	1,571,204
Gossamer Bio, Inc. (a)	22,490	268,081
Halozyme Therapeutics, Inc. (a)	55,848	1,518,507
Heron Therapeutics, Inc. (a)	36,382	592,663
Homology Medicines, Inc. (a)	10,307	135,537
IGM Biosciences, Inc. (a)	3,087	155,153
ImmunoGen, Inc. (a)	73,460	301,921
Immunomedics, Inc. (a)	77,360	3,266,913
Immunovant, Inc. (a)	9,858	222,889
Incyte Corp. (a)	78,119	7,715,032
Inovio Pharmaceuticals, Inc. (a)	62,140	1,208,002
Insmed, Inc. (a)	42,491	1,109,865
Intellia Therapeutics, Inc. (a)	16,655	296,626
Intercept Pharmaceuticals, Inc. (a)	11,044	504,048
Invitae Corp. (a)	48,630	1,419,996
Ionis Pharmaceuticals, Inc. (a)	56,505	3,252,428

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

Fidelity® MSCI Health Care Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
BIOTECHNOLOGY – continued
Biotechnology – continued
Iovance Biotherapeutics, Inc. (a)	45,576	$ 1,324,894
Ironwood Pharmaceuticals, Inc. (a)	63,921	586,156
Kadmon Holdings, Inc. (a)	51,054	186,858
Karuna Therapeutics, Inc. (a)	5,009	409,736
Karyopharm Therapeutics, Inc. (a)	19,516	313,232
Kiniksa Pharmaceuticals Ltd. Class A (a)	9,958	194,380
Kodiak Sciences, Inc. (a)	9,446	437,633
Krystal Biotech, Inc. (a)	5,415	223,585
Kura Oncology, Inc. (a)	21,007	345,355
Ligand Pharmaceuticals, Inc. (a)	7,020	822,604
MacroGenics, Inc. (a)	20,044	509,118
Madrigal Pharmaceuticals, Inc. (a)	4,263	437,426
MeiraGTx Holdings PLC (a)	6,714	87,215
Mersana Therapeutics, Inc. (a)	18,830	374,340
Merus N.V. (a)	6,800	93,092
Mirati Therapeutics, Inc. (a)	12,019	1,458,025
Moderna, Inc. (a)	115,303	8,543,952
Molecular Templates, Inc. (a)	8,751	95,998
Momenta Pharmaceuticals, Inc. (a)	47,381	1,397,266
Myovant Sciences Ltd. (a)	15,272	232,134
Myriad Genetics, Inc. (a)	31,860	384,550
Natera, Inc. (a)	28,205	1,354,404
Neoleukin Therapeutics, Inc. (a)	11,455	110,884
Neurocrine Biosciences, Inc. (a)	37,136	4,469,689
NextCure, Inc. (a)	5,279	47,089
Novavax, Inc. (a)	21,941	3,139,757
Opko Health, Inc. (a)	184,048	947,847
Passage Bio, Inc. (a)	5,856	91,588
PDL BioPharma, Inc. (a)	45,014	143,145
Preciden, Inc. (a)	25,938	109,199
Precision BioSciences, Inc. (a)	15,327	97,480
Principia Biopharma, Inc. (a)	10,456	874,122
Prothena Corp. PLC (a)	11,025	134,946
PTC Therapeutics, Inc. (a)	23,481	1,087,875
Puma Biotechnology, Inc. (a)	14,126	145,639
Radius Health, Inc. (a)	19,047	239,040
Regeneron Pharmaceuticals, Inc. (a)	42,764	27,029,841
REGENXBIO, Inc. (a)	13,429	444,500
Replimune Group, Inc. (a)	4,687	93,599
Retrophin, Inc. (a)	14,669	291,620
REVOLUTION Medicines, Inc. (a)	6,889	166,163
Rhythm Pharmaceuticals, Inc. (a)	10,275	197,485
Rigel Pharmaceuticals, Inc. (a)	74,435	171,200
Rocket Pharmaceuticals, Inc. (a)	12,808	301,372
Rubius Therapeutics, Inc. (a)	13,539	66,476
Sage Therapeutics, Inc. (a)	21,958	1,000,626
Sangamo Therapeutics, Inc. (a)	49,285	533,757
Sarepta Therapeutics, Inc. (a)	31,309	4,806,558


	Shares	Value


Scholar Rock Holding Corp. (a)	7,989	$ 90,196
Seattle Genetics, Inc. (a)	51,122	8,500,055
Sorrento Therapeutics, Inc. (a)	50,201	447,793
Spectrum Pharmaceuticals, Inc. (a)	44,522	133,121
SpringWorks Therapeutics, Inc. (a)	5,503	234,593
Stoke Therapeutics, Inc. (a)	3,544	89,273
TG Therapeutics, Inc. (a)	33,491	655,754
Translate Bio, Inc. (a)	17,445	264,990
Turning Point Therapeutics, Inc. (a)	14,052	832,300
Twist Bioscience Corp. (a)	12,115	678,925
Ultragenyx Pharmaceutical, Inc. (a)	23,362	1,825,974
uniQure N.V. (a)	13,913	580,589
United Therapeutics Corp. (a)	18,667	2,080,810
Vanda Pharmaceuticals, Inc. (a)	22,819	230,016
Veracyte, Inc. (a)	20,437	728,988
Verastem, Inc. (a)	47,286	63,363
Vericel Corp. (a)	16,717	275,663
Vertex Pharmaceuticals, Inc. (a)	109,921	29,898,512
Viking Therapeutics, Inc. (a)	28,387	199,277
Voyager Therapeutics, Inc. (a)	10,120	112,028
XBiotech, Inc. (a)	6,208	90,264
Xencor, Inc. (a)	21,723	653,645
Xenon Pharmaceuticals, Inc. (a)	11,926	130,351
Y-mAbs Therapeutics, Inc. (a)	8,322	292,352
ZIOPHARM Oncology, Inc. (a)	89,978	267,235
Zymeworks, Inc. (a)	14,561	444,547
TOTAL BIOTECHNOLOGY		403,948,322
HEALTH CARE EQUIPMENT & SUPPLIES – 25.6%
Health Care Equipment – 23.4%
Abbott Laboratories	747,634	75,241,886
ABIOMED, Inc. (a)	19,091	5,726,154
Accelerate Diagnostics, Inc. (a)	12,977	188,556
AngioDynamics, Inc. (a)	15,529	128,270
AtriCure, Inc. (a)	18,651	761,147
AxoGen, Inc. (a)	14,807	168,356
Axonics Modulation Technologies, Inc. (a)	9,165	388,229
Baxter International, Inc.	216,458	18,697,642
Becton Dickinson and Co.	114,968	32,345,097
Boston Scientific Corp. (a)	591,938	22,831,049
Cantel Medical Corp.	16,466	778,018
Cardiovascular Systems, Inc. (a)	16,537	504,048
Co-Diagnostics, Inc. (a)	10,514	252,336
CONMED Corp.	12,116	1,000,055
CryoLife, Inc. (a)	16,386	318,052
CryoPort, Inc. (a)	15,237	504,954
Danaher Corp.	265,662	54,141,916
DexCom, Inc. (a)	38,832	16,912,889
Edwards Lifesciences Corp. (a)	265,981	20,855,570
Envista Holdings Corp. (a)	67,716	1,480,949

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

Common Stocks – continued
	Shares	Value
HEALTH CARE EQUIPMENT & SUPPLIES – continued
Health Care Equipment – continued
GenMark Diagnostics, Inc. (a)	26,657	$ 476,094
Glaukos Corp. (a)	16,687	729,222
Globus Medical, Inc. Class A (a)	32,917	1,585,941
Heska Corp. (a)	3,177	305,691
Hill-Rom Holdings, Inc.	28,493	2,770,089
Hologic, Inc. (a)	111,630	7,789,541
IDEXX Laboratories, Inc. (a)	36,171	14,387,015
Inogen, Inc. (a)	7,988	245,232
Insulet Corp. (a)	26,652	5,419,951
Integer Holdings Corp. (a)	13,954	917,755
Integra LifeSciences Holdings Corp. (a)	30,525	1,457,569
Intuitive Surgical, Inc. (a)	49,173	33,705,141
iRhythm Technologies, Inc. (a)	11,224	1,397,163
LeMaitre Vascular, Inc.	7,489	219,652
LivaNova PLC (a)	20,584	957,979
Masimo Corp. (a)	21,789	4,796,195
Medtronic PLC	568,446	54,843,670
Mesa Laboratories, Inc.	2,007	475,539
Natus Medical, Inc. (a)	14,525	269,874
Nevro Corp. (a)	12,854	1,709,068
Novocure Ltd. (a)	36,025	2,730,335
NuVasive, Inc. (a)	22,135	1,264,794
Orthofix Medical, Inc. (a)	7,463	229,189
Penumbra, Inc. (a)	14,167	3,143,799
Repro-Med Systems, Inc. (a)	11,000	114,730
ResMed, Inc.	61,313	12,416,496
Shockwave Medical, Inc. (a)	10,480	516,874
Steris PLC	35,949	5,738,539
Stryker Corp.	142,926	27,627,596
Surmodics, Inc. (a)	5,718	270,404
Tactile Systems Technology, Inc. (a)	8,144	333,741
Tandem Diabetes Care, Inc. (a)	24,138	2,521,455
Teleflex, Inc.	19,657	7,334,027
Vapotherm, Inc. (a)	4,050	211,572
Varex Imaging Corp. (a)	16,273	255,161
Varian Medical Systems, Inc. (a)	38,403	5,480,876
ViewRay, Inc. (a)	37,243	103,163
Wright Medical Group N.V. (a)	54,760	1,643,895
Zimmer Biomet Holdings, Inc.	87,489	11,798,766
Zynex, Inc. (a)	7,772	148,601
		471,567,567
Health Care Supplies – 2.2%
Align Technology, Inc. (a)	31,743	9,326,728
Antares Pharma, Inc. (a)	65,005	169,663
Atrion Corp.	627	388,803
Avanos Medical, Inc. (a)	19,969	612,449
Cerus Corp. (a)	68,432	487,920
DENTSPLY SIRONA, Inc.	94,172	4,200,071


	Shares	Value


Haemonetics Corp. (a)	21,392	$ 1,875,223
ICU Medical, Inc. (a)	8,352	1,534,513
Lantheus Holdings, Inc. (a)	16,477	222,110
Meridian Bioscience, Inc. (a)	17,790	435,677
Merit Medical Systems, Inc. (a)	21,134	945,113
Neogen Corp. (a)	22,420	1,721,183
OraSure Technologies, Inc. (a)	25,872	469,577
OrthoPediatrics Corp. (a)	4,584	193,399
Quidel Corp. (a)	15,938	4,502,007
Quotient Ltd. (a)	25,613	200,806
SI-BONE, Inc. (a)	9,077	155,217
Silk Road Medical, Inc. (a)	11,438	531,409
SmileDirectClub, Inc. (a)	24,251	204,921
STAAR Surgical Co. (a)	14,392	837,470
The Cooper Cos., Inc.	20,845	5,897,676
West Pharmaceutical Services, Inc.	31,305	8,416,975
		43,328,910
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES		514,896,477
HEALTH CARE PROVIDERS & SERVICES – 17.5%
Health Care Distributors – 1.5%
AmerisourceBergen Corp.	65,468	6,559,239
Cardinal Health, Inc.	123,706	6,756,822
Covetrus, Inc. (a)	42,392	939,407
Henry Schein, Inc. (a)	60,670	4,169,849
McKesson Corp.	68,512	10,287,762
Owens & Minor, Inc.	24,445	393,075
Patterson Cos., Inc.	36,893	979,878
PetIQ, Inc. (a)	8,675	316,551
		30,402,583
Health Care Facilities – 1.3%
Acadia Healthcare Co., Inc. (a)	33,899	1,010,529
Brookdale Senior Living, Inc. (a)	71,010	196,698
Community Health Systems, Inc. (a)	39,937	198,886
Encompass Health Corp.	41,941	2,855,343
Hanger, Inc. (a)	15,881	277,282
HCA Healthcare, Inc.	114,783	14,536,119
National HealthCare Corp.	5,119	303,659
Select Medical Holdings Corp. (a)	45,701	870,147
Surgery Partners, Inc. (a)	8,289	126,573
Tenet Healthcare Corp. (a)	37,698	996,735
The Ensign Group, Inc.	21,630	994,764
The Pennant Group, Inc. (a)	11,478	287,639
Universal Health Services, Inc. Class B	33,605	3,693,190
US Physical Therapy, Inc.	5,433	451,265
		26,798,829
Health Care Services – 4.9%
1Life Healthcare, Inc. (a)	10,740	318,011
Addus HomeCare Corp. (a)	6,289	606,323
Amedisys, Inc. (a)	13,743	3,218,061

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

Fidelity® MSCI Health Care Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE PROVIDERS & SERVICES – continued
Health Care Services – continued
AMN Healthcare Services, Inc. (a)	19,928	$ 1,094,844
Apollo Medical Holdings, Inc. (a)	12,355	206,946
BioTelemetry, Inc. (a)	14,577	620,397
Chemed Corp.	6,748	3,321,298
Cigna Corp. (a)	157,940	27,274,659
CorVel Corp. (a)	4,301	341,887
CVS Health Corp.	552,918	34,800,659
DaVita, Inc. (a)	37,390	3,267,512
Guardant Health, Inc. (a)	24,068	2,050,112
Laboratory Corp. of America Holdings (a)	41,210	7,950,233
LHC Group, Inc. (a)	12,728	2,483,360
MEDNAX, Inc. (a)	36,016	719,600
National Research Corp.	5,833	333,589
Ontrak, Inc. (a)	2,847	108,926
Option Care Health, Inc. (a)	15,065	177,466
Premier, Inc. Class A (a)	30,231	1,057,178
Quest Diagnostics, Inc.	56,580	7,189,621
R1 RCM, Inc. (a)	40,108	548,276
RadNet, Inc. (a)	18,387	292,170
The Providence Service Corp. (a)	5,211	422,143
Tivity Health, Inc. (a)	14,410	189,059
		98,592,330
Managed Health Care – 9.8%
Anthem, Inc.	106,980	29,291,124
Centene Corp. (a)	248,769	16,232,177
HealthEquity, Inc. (a)	30,148	1,554,431
Humana, Inc.	56,009	21,980,732
Magellan Health, Inc. (a)	9,367	694,750
Molina Healthcare, Inc. (a)	25,762	4,758,242
Progyny, Inc. (a)	7,229	192,472
Triple-S Management Corp. Class B (a)	9,694	188,645
UnitedHealth Group, Inc.	402,161	121,766,308
		196,658,881
TOTAL HEALTH CARE PROVIDERS & SERVICES		352,452,623
HEALTH CARE TECHNOLOGY – 2.1%
Health Care Technology – 2.1%
Allscripts Healthcare Solutions, Inc. (a)	68,805	619,245
Cerner Corp.	132,251	9,184,832
Change Healthcare, Inc. (a)	96,150	1,121,109
Computer Programs & Systems, Inc.	5,133	126,682
Evolent Health, Inc. Class A (a)	32,193	375,048
Health Catalyst, Inc. (a)	6,344	221,406
HealthStream, Inc. (a)	11,462	251,648
HMS Holdings Corp. (a)	37,471	1,217,807
Inovalon Holdings, Inc. Class A (a)	29,915	703,900


	Shares	Value


Inspire Medical Systems, Inc. (a)	9,242	$ 918,285
Livongo Health, Inc. (a)	16,551	2,106,115
NextGen Healthcare, Inc. (a)	20,747	303,321
Omnicell, Inc. (a)	18,141	1,275,131
Phreesia, Inc. (a)	8,395	252,354
Schrodinger, Inc. (a)	5,334	386,075
Simulations Plus, Inc.	5,264	370,586
Tabula Rasa HealthCare, Inc. (a)	8,970	504,114
Teladoc Health, Inc. (a)	29,836	7,089,929
Veeva Systems, Inc. Class A (a)	56,054	14,830,207
Vocera Communications, Inc. (a)	13,166	405,118
TOTAL HEALTH CARE TECHNOLOGY		42,262,912
LIFE SCIENCES TOOLS & SERVICES – 8.6%
Life Sciences Tools & Services – 8.6%
Adaptive Biotechnologies Corp. (a)	32,321	1,206,220
Agilent Technologies, Inc.	131,747	12,691,189
Avantor, Inc. (a)	182,805	4,036,334
Bio-Rad Laboratories, Inc. Class A (a)	9,467	4,969,134
Bio-Techne Corp.	16,239	4,468,323
Bruker Corp.	45,907	2,048,370
Charles River Laboratories International, Inc. (a)	21,021	4,182,969
Codexis, Inc. (a)	23,717	280,572
Illumina, Inc. (a)	62,323	23,817,358
IQVIA Holdings, Inc. (a)	81,747	12,947,907
Luminex Corp.	18,202	662,553
Medpace Holdings, Inc. (a)	12,281	1,465,737
Mettler-Toledo International, Inc. (a)	10,197	9,534,195
NanoString Technologies, Inc. (a)	15,742	568,444
NeoGenomics, Inc. (a)	42,185	1,612,733
Pacific Biosciences of California, Inc. (a)	54,228	202,270
PerkinElmer, Inc.	47,152	5,606,844
PRA Health Sciences, Inc. (a)	27,036	2,880,956
Quanterix Corp. (a)	8,342	269,530
Repligen Corp. (a)	21,049	3,176,505
Syneos Health, Inc. (a)	26,600	1,659,574
Thermo Fisher Scientific, Inc.	169,090	69,994,805
Waters Corp. (a)	26,338	5,613,945
TOTAL LIFE SCIENCES TOOLS & SERVICES		173,896,467
PHARMACEUTICALS – 25.8%
Pharmaceuticals – 25.8%
Aerie Pharmaceuticals, Inc. (a)	16,781	193,988
AMAG Pharmaceuticals, Inc. (a)	13,117	125,333
Amneal Pharmaceuticals, Inc. (a)	37,065	160,491
Amphastar Pharmaceuticals, Inc. (a)	15,226	304,825
ANI Pharmaceuticals, Inc. (a)	4,009	118,706
Arvinas Holding Co. LLC (a)	8,330	262,395
Axsome Therapeutics, Inc. (a)	11,785	840,624

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

Common Stocks – continued
	Shares	Value
PHARMACEUTICALS – continued
Pharmaceuticals – continued
BioDelivery Sciences International, Inc. (a)	34,462	$ 144,396
Bristol-Myers Squibb Co.	957,105	56,143,779
Cara Therapeutics, Inc. (a)	17,890	294,112
Catalent, Inc. (a)	66,162	5,778,589
Collegium Pharmaceutical, Inc. (a)	12,833	202,505
Corcept Therapeutics, Inc. (a)	46,307	692,290
Durect Corp. (a)	83,506	163,672
Elanco Animal Health, Inc. (a)	168,631	3,984,751
Eli Lilly & Co.	364,925	54,844,578
Endo International PLC (a)	96,490	335,785
Horizon Therapeutics PLC (a)	80,654	4,935,218
Innoviva, Inc. (a)	28,005	379,328
Intersect ENT, Inc. (a)	12,059	207,294
Intra-Cellular Therapies, Inc. (a)	25,131	498,222
Jazz Pharmaceuticals PLC (a)	23,875	2,584,469
Johnson & Johnson	1,117,029	162,818,147
Kala Pharmaceuticals, Inc. (a)	13,946	122,027
Lannett Co., Inc. (a)	14,618	86,977
Merck & Co., Inc.	1,075,288	86,281,109
Mylan N.V. (a)	218,358	3,517,747
MyoKardia, Inc. (a)	20,942	1,887,502
Nektar Therapeutics (a)	74,826	1,658,144
Odonate Therapeutics, Inc. (a)	5,428	197,416
Omeros Corp. (a)	20,655	265,004
Pacira BioSciences, Inc. (a)	16,986	893,633
Perrigo Co. PLC	57,903	3,070,017
Pfizer, Inc.	2,346,273	90,284,585
Phathom Pharmaceuticals, Inc. (a)	3,088	102,707
Phibro Animal Health Corp. Class A	8,798	204,070
Prestige Consumer Healthcare, Inc. (a)	21,377	795,011
Provention Bio, Inc. (a)	14,228	147,829
Reata Pharmaceuticals, Inc. Class A (a)	10,093	1,490,736


	Shares	Value


Relmada Therapeutics, Inc. (a)	5,095	$ 185,305
Revance Therapeutics, Inc. (a)	21,796	511,770
SIGA Technologies, Inc. (a)	22,488	144,373
Supernus Pharmaceuticals, Inc. (a)	22,380	498,291
TherapeuticsMD, Inc. (a)	101,826	188,378
Theravance Biopharma, Inc. (a)	18,563	360,493
Tilray, Inc. Class 2 (a)	12,504	92,280
Tricida, Inc. (a)	12,670	169,525
WaVe Life Sciences Ltd. (a)	8,346	73,278
Zoetis, Inc.	201,351	30,540,920
Zogenix, Inc. (a)	22,062	524,855
TOTAL PHARMACEUTICALS		520,307,479
TOTAL COMMON STOCKS (Cost $1,696,054,210)		2,007,764,280
Money Market Fund – 0.2%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.05% (c) (Cost $4,484,000)	4,484,000	4,484,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $1,700,538,210)		2,012,248,280
NET OTHER ASSETS (LIABILITIES) – 0.1%		3,017,990
NET ASSETS – 100.0%		$ 2,015,266,270

Legend
(a)	Non-income producing.
(b)	Level 3 security.
(c)	The rate quoted is the annualized seven-day yield of the fund at period end.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts	9	September 2020	$ 665,010	$ 25,752	$ 25,752
CME E-mini S&P Health Care Select Sector Index Contracts	63	September 2020	6,697,530	375,159	375,159
Total Equity Index Contracts					$ 400,911

The notional amount of futures purchased as a percentage of Net Assets is 0.4%

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

Fidelity® MSCI Health Care Index ETF

Schedule of Investments–continued

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,007,764,280	$ 2,007,744,439	$ —	$ 19,841
Money Market Funds	4,484,000	4,484,000	—	—
Total Investments in Securities:	$ 2,012,248,280	$ 2,012,228,439	$ —	$ 19,841
Derivative Instruments:
Assets
Futures Contracts	$ 400,911	$ 400,911	$ —	$ —
Total Assets	$ 400,911	$ 400,911	$ —	$ —
Total Derivative Instruments:	$ 400,911	$ 400,911	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$400,911	$0
Total Equity Risk	400,911	0
Total Value of Derivatives	$400,911	$0

(a)

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

Fidelity® MSCI Industrials Index ETF

Schedule of Investments July 31, 2020

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
AEROSPACE & DEFENSE – 17.9%
Aerospace & Defense – 17.9%
AAR Corp.	4,218	$ 72,634
Aerojet Rocketdyne Holdings, Inc. (a)	8,409	346,871
AeroVironment, Inc. (a)	2,860	218,933
Astronics Corp. (a)	3,024	26,309
Axon Enterprise, Inc. (a)	7,448	619,152
BWX Technologies, Inc.	11,904	649,006
Cubic Corp.	3,931	165,102
Curtiss-Wright Corp.	5,365	478,129
Ducommun, Inc. (a)	1,381	49,647
General Dynamics Corp.	30,892	4,533,092
HEICO Corp.	5,431	522,028
HEICO Corp. Class A	9,064	693,849
Hexcel Corp.	10,482	390,979
Howmet Aerospace, Inc.	49,323	728,994
Huntington Ingalls Industries, Inc.	5,108	887,311
Kaman Corp.	2,974	117,443
Kratos Defense & Security Solutions, Inc. (a)	15,109	272,113
L3Harris Technologies, Inc.	27,739	4,669,306
Lockheed Martin Corp.	31,841	12,066,784
Maxar Technologies, Inc. (a)	7,549	134,297
Mercury Systems, Inc. (a)	6,990	541,236
Moog, Inc. Class A	3,937	211,496
National Presto Industries, Inc.	608	51,917
Northrop Grumman Corp.	19,984	6,495,000
PAE, Inc. (a)	6,900	54,372
Park Aerospace Corp.	2,303	24,826
Parsons Corp. (a)	3,151	109,749
Raytheon Technologies Corp.	190,169	10,778,779
Spirit AeroSystems Holdings, Inc. Class A	13,191	258,148
Teledyne Technologies, Inc. (a)	4,596	1,409,593
Textron, Inc.	28,615	999,808
The Boeing Co.	67,132	10,606,856
TransDigm Group, Inc.	6,398	2,761,249
Triumph Group, Inc.	6,166	41,805
Vectrus, Inc. (a)	1,454	63,961
Virgin Galactic Holdings, Inc. (a)	7,856	176,367
TOTAL AEROSPACE & DEFENSE		62,227,141
AIR FREIGHT & LOGISTICS – 6.5%
Air Freight & Logistics – 6.5%
Air Transport Services Group, Inc. (a)	1,850	45,084
Atlas Air Worldwide Holdings, Inc. (a)	787	40,987
CH Robinson Worldwide, Inc.	16,929	1,586,586
Echo Global Logistics, Inc. (a)	3,413	85,547
Expeditors International of Washington, Inc.	21,303	1,800,316


	Shares	Value


FedEx Corp.	31,129	$ 5,242,124
Forward Air Corp.	3,547	184,409
Hub Group, Inc. Class A (a)	4,159	220,011
United Parcel Service, Inc. Class B	88,101	12,577,299
XPO Logistics, Inc. (a)	11,570	867,981
TOTAL AIR FREIGHT & LOGISTICS		22,650,344
AIRLINES – 0.5%
Airlines – 0.5%
Alaska Air Group, Inc.	3,833	132,009
Allegiant Travel Co.	503	56,351
American Airlines Group, Inc.	15,688	174,451
Delta Air Lines, Inc.	20,121	502,421
Hawaiian Holdings, Inc.	1,446	17,193
JetBlue Airways Corp. (a)	8,432	87,187
SkyWest, Inc.	1,601	42,122
Southwest Airlines Co.	18,190	561,889
Spirit Airlines, Inc. (a)	2,731	43,177
TOTAL AIRLINES		1,616,800
BUILDING PRODUCTS – 6.4%
Building Products – 6.4%
AAON, Inc.	5,206	308,456
Advanced Drainage Systems, Inc.	6,500	318,500
Allegion PLC	11,619	1,155,626
American Woodmark Corp. (a)	2,022	163,014
AO Smith Corp.	17,057	821,124
Apogee Enterprises, Inc.	3,151	68,030
Armstrong World Industries, Inc.	6,035	429,933
Builders FirstSource, Inc. (a)	14,554	344,784
Carrier Global Corp.	102,889	2,802,696
Cornerstone Building Brands, Inc. (a)	6,543	37,099
CSW Industrials, Inc.	1,902	127,035
Fortune Brands Home & Security, Inc.	17,564	1,343,646
Gibraltar Industries, Inc. (a)	4,020	207,914
Griffon Corp.	4,129	94,430
Insteel Industries, Inc.	2,193	40,878
JELD-WEN Holding, Inc. (a)	8,863	173,715
Johnson Controls International PLC	95,847	3,688,193
Lennox International, Inc.	4,356	1,168,018
Masco Corp.	34,853	1,992,197
Masonite International Corp. (a)	2,977	251,110
Owens Corning	13,560	819,973
Patrick Industries, Inc.	2,858	182,769
PGT Innovations, Inc. (a)	7,249	123,740
Quanex Building Products Corp.	4,157	58,406
Resideo Technologies, Inc. (a)	15,104	200,581
Simpson Manufacturing Co., Inc.	5,018	484,538
Trane Technologies PLC	29,914	3,346,479
Trex Co., Inc. (a)	7,403	1,031,460

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

Fidelity® MSCI Industrials Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
BUILDING PRODUCTS – continued
Building Products – continued
UFP Industries, Inc.	7,705	$ 448,585
TOTAL BUILDING PRODUCTS		22,232,929
COMMERCIAL SERVICES & SUPPLIES – 7.5%
Commercial Printing – 0.2%
Brady Corp. Class A	6,217	285,795
Cimpress PLC (a)	2,302	230,200
Deluxe Corp.	5,349	151,002
Ennis, Inc.	3,319	57,419
		724,416
Diversified Support Services – 2.2%
Cintas Corp.	11,065	3,340,192
Copart, Inc. (a)	26,392	2,461,054
Healthcare Services Group, Inc.	9,297	243,489
IAA, Inc. (a)	16,712	724,465
KAR Auction Services, Inc.	16,180	244,803
Matthews International Corp. Class A	3,737	80,719
McGrath RentCorp	3,046	176,729
UniFirst Corp.	1,919	357,855
Viad Corp.	2,589	37,437
		7,666,743
Environmental & Facilities Services – 4.6%
ABM Industries, Inc.	8,352	299,837
Advanced Disposal Services, Inc. (a)	9,602	289,596
BrightView Holdings, Inc. (a)	3,985	48,298
Casella Waste Systems, Inc. Class A (a)	5,884	326,033
Clean Harbors, Inc. (a)	6,667	397,353
Covanta Holding Corp.	14,661	144,264
Harsco Corp. (a)	9,790	156,248
Heritage-Crystal Clean, Inc. (a)	1,937	26,983
Republic Services, Inc.	28,025	2,445,181
Rollins, Inc.	18,523	970,605
SP Plus Corp. (a)	2,718	43,189
Stericycle, Inc. (a)	11,416	689,926
Tetra Tech, Inc.	6,874	609,380
US Ecology, Inc.	3,553	123,218
Waste Connections, Inc.	33,088	3,387,219
Waste Management, Inc.	53,294	5,841,023
		15,798,353
Office Services & Supplies – 0.4%
ACCO Brands Corp.	11,902	77,601
Herman Miller, Inc.	7,388	173,101
HNI Corp.	5,335	158,449
Interface, Inc.	7,207	57,512
Kimball International, Inc. Class B	4,708	51,506
Knoll, Inc.	6,295	73,714
MSA Safety, Inc.	4,640	549,979
Pitney Bowes, Inc.	21,172	70,714


	Shares	Value


Steelcase, Inc. Class A	10,687	$ 114,672
		1,327,248
Security & Alarm Services – 0.1%
ADT, Inc.	19,005	163,633
The Brink's Co.	6,289	278,917
		442,550
TOTAL COMMERCIAL SERVICES & SUPPLIES		25,959,310
CONSTRUCTION & ENGINEERING – 1.7%
Construction & Engineering – 1.7%
AECOM (a)	19,863	718,842
Aegion Corp. (a)	3,850	59,367
Ameresco, Inc. Class A (a)	2,487	68,840
Arcosa, Inc.	6,068	256,191
Argan, Inc.	1,866	80,051
Comfort Systems USA, Inc.	4,546	225,982
Construction Partners, Inc. Class A (a)	3,080	50,974
Dycom Industries, Inc. (a)	3,987	170,763
EMCOR Group, Inc.	7,058	483,473
Fluor Corp.	17,124	174,494
Granite Construction, Inc.	5,873	99,606
Great Lakes Dredge & Dock Corp. (a)	8,123	67,908
IES Holdings, Inc. (a)	1,069	25,474
Jacobs Engineering Group, Inc.	16,697	1,425,089
MasTec, Inc. (a)	7,682	305,590
MYR Group, Inc. (a)	2,136	78,327
NV5 Global, Inc. (a)	1,317	74,727
Primoris Services Corp.	5,806	93,070
Quanta Services, Inc.	17,917	716,143
Sterling Construction Co., Inc. (a)	3,511	36,163
Tutor Perini Corp. (a)	4,900	57,673
Valmont Industries, Inc.	2,712	328,695
WillScot Mobile Mini Holdings Corp. (a)	21,056	317,103
TOTAL CONSTRUCTION & ENGINEERING		5,914,545
ELECTRICAL EQUIPMENT – 6.4%
Electrical Components & Equipment – 6.3%
Acuity Brands, Inc.	4,955	491,040
AMETEK, Inc.	28,753	2,681,217
Atkore International Group, Inc. (a)	5,984	159,593
Eaton Corp. PLC	51,876	4,831,212
Emerson Electric Co.	76,775	4,760,818
Encore Wire Corp.	2,625	131,749
EnerSys	5,293	356,007
Generac Holdings, Inc. (a)	7,844	1,236,058
GrafTech International Ltd.	10,138	61,538
Hubbell, Inc.	6,830	921,845
nVent Electric PLC	20,232	367,413
Plug Power, Inc. (a)	38,200	294,522

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

Common Stocks – continued
	Shares	Value
ELECTRICAL EQUIPMENT – continued
Electrical Components & Equipment – continued
Powell Industries, Inc.	1,168	$ 31,010
Regal-Beloit Corp.	5,114	470,335
Rockwell Automation, Inc.	14,578	3,180,045
Sensata Technologies Holding PLC (a)	19,840	753,523
Sunrun, Inc. (a)	10,504	385,392
Thermon Group Holdings, Inc. (a)	4,206	56,991
Vertiv Holdings Co. (a)	26,677	386,817
Vicor Corp. (a)	2,322	189,173
Vivint Solar, Inc. (a)	6,132	124,725
		21,871,023
Heavy Electrical Equipment – 0.1%
AZZ, Inc.	3,319	104,814
Bloom Energy Corp. Class A (a)	8,651	105,196
TPI Composites, Inc. (a)	3,794	97,051
		307,061
TOTAL ELECTRICAL EQUIPMENT		22,178,084
INDUSTRIAL CONGLOMERATES – 10.8%
Industrial Conglomerates – 10.8%
3M Co.	72,230	10,868,448
Carlisle Cos., Inc.	7,002	833,798
General Electric Co.	1,096,748	6,657,261
Honeywell International, Inc.	89,421	13,356,815
Raven Industries, Inc.	4,553	98,390
Roper Technologies, Inc.	13,315	5,758,072
TOTAL INDUSTRIAL CONGLOMERATES		37,572,784
MACHINERY – 20.2%
Agricultural & Farm Machinery – 2.4%
AGCO Corp.	8,063	529,175
Deere & Co.	37,387	6,591,702
Lindsay Corp.	1,361	131,976
The Toro Co.	13,481	961,869
		8,214,722
Construction Machinery & Heavy Trucks – 6.0%
Alamo Group, Inc.	1,256	129,506
Allison Transmission Holdings, Inc.	14,801	552,965
Astec Industries, Inc.	2,554	113,627
Blue Bird Corp. (a)	1,660	20,800
Caterpillar, Inc.	69,026	9,172,175
Cummins, Inc.	18,856	3,644,111
Douglas Dynamics, Inc.	2,814	99,475
Federal Signal Corp.	7,573	234,081
Meritor, Inc. (a)	8,802	200,245
Navistar International Corp. (a)	5,565	178,247
Oshkosh Corp.	8,573	674,867
PACCAR, Inc.	43,461	3,697,662
REV Group, Inc.	3,547	23,055


	Shares	Value


Terex Corp.	8,795	$ 165,786
The Greenbrier Cos., Inc.	4,053	104,284
The Manitowoc Co., Inc. (a)	4,565	48,663
The Shyft Group, Inc.	4,042	76,313
Trinity Industries, Inc.	12,045	235,239
Wabash National Corp.	6,638	75,607
Westinghouse Air Brake Technologies Corp.	22,851	1,421,104
		20,867,812
Industrial Machinery – 11.8%
Albany International Corp. Class A	3,845	184,868
Altra Industrial Motion Corp.	8,108	277,537
Barnes Group, Inc.	6,092	224,612
Chart Industries, Inc. (a)	4,507	308,865
Colfax Corp. (a)	11,876	345,354
Columbus McKinnon Corp.	2,977	98,628
Crane Co.	5,948	336,478
Donaldson Co., Inc.	15,911	769,138
Dover Corp.	18,110	1,864,062
Energy Recovery, Inc. (a)	4,844	36,766
Enerpac Tool Group Corp.	7,552	142,733
EnPro Industries, Inc.	2,488	118,752
ESCO Technologies, Inc.	3,257	279,907
Evoqua Water Technologies Corp. (a)	10,954	210,645
Flowserve Corp.	16,264	453,278
Fortive Corp.	37,946	2,663,430
Franklin Electric Co., Inc.	4,959	268,034
Gates Industrial Corp. PLC (a)	7,347	77,437
Graco, Inc.	21,070	1,121,767
Helios Technologies, Inc.	3,830	144,889
Hillenbrand, Inc.	9,410	275,054
Hyster-Yale Materials Handling, Inc.	811	30,258
IDEX Corp.	9,561	1,575,844
Illinois Tool Works, Inc.	40,013	7,402,005
Ingersoll Rand, Inc. (a)	44,376	1,401,838
ITT, Inc.	11,041	637,397
John Bean Technologies Corp.	3,986	373,727
Kadant, Inc.	1,428	154,952
Kennametal, Inc.	10,407	280,573
Lincoln Electric Holdings, Inc.	7,210	651,712
Luxfer Holdings PLC	3,460	43,942
Mueller Industries, Inc.	6,452	180,398
Mueller Water Products, Inc. Class A	18,878	191,045
Nordson Corp.	6,899	1,335,853
Omega Flex, Inc.	369	44,926
Otis Worldwide Corp.	51,445	3,227,659
Parker Hannifin Corp.	16,108	2,882,043
Pentair PLC	21,119	904,949
Proto Labs, Inc. (a)	3,196	383,904
RBC Bearings, Inc. (a)	3,148	385,378
Rexnord Corp.	15,316	443,705

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

Fidelity® MSCI Industrials Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
MACHINERY – continued
Industrial Machinery – continued
Snap-on, Inc.	6,517	$ 950,635
SPX Corp. (a)	5,584	234,528
SPX FLOW, Inc. (a)	5,342	214,107
Standex International Corp.	1,580	84,609
Stanley Black & Decker, Inc.	19,330	2,963,676
Tennant Co.	2,149	143,166
The Gorman-Rupp Co.	2,136	64,635
The Middleby Corp. (a)	7,035	584,327
The Timken Co.	8,548	390,302
Trimas Corp. (a)	5,544	129,730
Watts Water Technologies, Inc. Class A	3,297	276,585
Welbilt, Inc. (a)	17,025	103,512
Woodward, Inc.	7,426	556,504
Xylem, Inc.	22,613	1,650,297
		41,080,955
TOTAL MACHINERY		70,163,489
MARINE – 0.0%
Marine – 0.0%
Genco Shipping & Trading Ltd.	2,556	17,356
Kirby Corp. (a)	1,859	85,960
Matson, Inc.	1,317	47,965
TOTAL MARINE		151,281
PROFESSIONAL SERVICES – 6.4%
Human Resource & Employment Services – 0.9%
ASGN, Inc. (a)	6,639	454,506
Barrett Business Services, Inc.	949	49,993
Heidrick & Struggles International, Inc.	2,411	48,774
Insperity, Inc.	4,700	314,242
Kelly Services, Inc. Class A	4,261	63,105
Kforce, Inc.	2,603	75,070
Korn Ferry	6,949	195,267
ManpowerGroup, Inc.	7,340	504,919
Robert Half International, Inc.	14,471	736,140
TriNet Group, Inc. (a)	5,615	370,590
TrueBlue, Inc. (a)	4,911	75,777
Upwork, Inc. (a)	9,138	137,253
		3,025,636
Research & Consulting Services – 5.5%
CBIZ, Inc. (a)	6,537	158,065
CoreLogic, Inc.	9,932	676,965
CoStar Group, Inc. (a)	4,888	4,153,627
Equifax, Inc.	15,214	2,473,188
Exponent, Inc.	6,504	546,726
Forrester Research, Inc. (a)	1,378	48,382


	Shares	Value


Franklin Covey Co. (a)	1,477	$ 26,719
FTI Consulting, Inc. (a)	4,710	562,562
Huron Consulting Group, Inc. (a)	2,799	133,568
ICF International, Inc.	2,351	158,951
IHS Markit Ltd.	47,654	3,847,108
Nielsen Holdings PLC	44,799	646,450
Resources Connection, Inc.	3,801	42,951
TransUnion	23,679	2,120,928
Verisk Analytics, Inc.	19,440	3,668,522
Willdan Group, Inc. (a)	1,320	32,551
		19,297,263
TOTAL PROFESSIONAL SERVICES		22,322,899
ROAD & RAIL – 11.8%
Railroads – 8.7%
CSX Corp.	97,101	6,927,186
Kansas City Southern	12,066	2,073,542
Norfolk Southern Corp.	32,354	6,218,762
Union Pacific Corp.	86,617	15,015,057
		30,234,547
Trucking – 3.1%
AMERCO	1,224	388,902
ArcBest Corp.	3,228	98,099
Avis Budget Group, Inc. (a)	7,477	193,654
Heartland Express, Inc.	5,631	114,225
JB Hunt Transport Services, Inc.	10,660	1,379,404
Knight-Swift Transportation Holdings, Inc.	16,110	700,624
Landstar System, Inc.	4,965	604,638
Marten Transport Ltd.	5,150	137,093
Old Dominion Freight Line, Inc.	12,000	2,193,840
Ryder System, Inc.	6,653	243,699
Saia, Inc. (a)	3,274	391,079
Schneider National, Inc. Class B	6,556	164,752
Uber Technologies, Inc. (a)	119,212	3,607,355
Werner Enterprises, Inc.	7,828	344,315
		10,561,679
TOTAL ROAD & RAIL		40,796,226
TRADING COMPANIES & DISTRIBUTORS – 3.6%
Trading Companies & Distributors – 3.6%
Air Lease Corp.	13,486	353,603
Applied Industrial Technologies, Inc.	4,839	305,438
Beacon Roofing Supply, Inc. (a)	6,926	215,814
BMC Stock Holdings, Inc. (a)	7,974	204,134
CAI International, Inc. (a)	1,966	33,835
DXP Enterprises, Inc. (a)	2,118	35,752
Fastenal Co.	72,055	3,389,467
Foundation Building Materials, Inc. (a)	2,702	37,098

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

Common Stocks – continued
	Shares	Value
TRADING COMPANIES & DISTRIBUTORS – continued
Trading Companies & Distributors – continued
GATX Corp.	3,947	$ 240,728
GMS, Inc. (a)	5,281	123,734
H&E Equipment Services, Inc.	4,020	70,712
HD Supply Holdings, Inc. (a)	20,388	715,619
Herc Holdings, Inc. (a)	2,540	85,192
MRC Global, Inc. (a)	9,962	59,274
MSC Industrial Direct Co., Inc. Class A	5,662	373,749
NOW, Inc. (a)	13,765	108,468
Rush Enterprises, Inc. Class A	3,481	165,626
Rush Enterprises, Inc. Class B	548	21,810
SiteOne Landscape Supply, Inc. (a)	5,246	671,645
Systemax, Inc.	1,569	35,161
Triton International Ltd.	6,979	219,629
United Rentals, Inc. (a)	9,335	1,450,379
Univar Solutions, Inc. (a)	21,206	374,710
Watsco, Inc.	4,106	969,303
WESCO International, Inc. (a)	6,270	243,715
WW Grainger, Inc.	5,723	1,954,576
TOTAL TRADING COMPANIES & DISTRIBUTORS		12,459,171
TRANSPORTATION INFRASTRUCTURE – 0.1%
Airport Services – 0.1%
Macquarie Infrastructure Corp.	9,190	275,332
TOTAL COMMON STOCKS (Cost $382,209,288)		346,520,335

Money Market Fund – 0.1%
	Shares	Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.05% (b) (Cost $530,000)	530,000	$ 530,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $382,739,288)		347,050,335
NET OTHER ASSETS (LIABILITIES) – 0.1%		247,142
NET ASSETS – 100.0%		$ 347,297,477

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts	1	September 2020	$ 73,890	$ 3,153	$ 3,153
CME E-mini S&P Industrial Select Sector Index Contracts	9	September 2020	648,090	17,059	17,059
Total Equity Index Contracts					$ 20,212

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

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

Fidelity® MSCI Industrials Index ETF

Schedule of Investments–continued

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 346,520,335	$ 346,520,335	$ —	$ —
Money Market Funds	530,000	530,000	—	—
Total Investments in Securities:	$ 347,050,335	$ 347,050,335	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 20,212	$ 20,212	$ —	$ —
Total Assets	$ 20,212	$ 20,212	$ —	$ —
Total Derivative Instruments:	$ 20,212	$ 20,212	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$20,212	$0
Total Equity Risk	20,212	0
Total Value of Derivatives	$20,212	$0

(a)

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

Fidelity® MSCI Information Technology Index ETF

Schedule of Investments July 31, 2020

Showing Percentage of Net Assets

Common Stocks – 99.6%
	Shares	Value
COMMUNICATIONS EQUIPMENT – 3.4%
Communications Equipment – 3.4%
Acacia Communications, Inc. (a)	18,489	$ 1,256,882
ADTRAN, Inc.	22,947	285,002
Arista Networks, Inc. (a)	28,317	7,355,907
Calix, Inc. (a)	25,205	516,954
Casa Systems, Inc. (a)	14,408	80,829
Ciena Corp. (a)	75,779	4,509,608
Cisco Systems, Inc.	2,089,519	98,416,345
CommScope Holding Co., Inc. (a)	96,909	899,315
Comtech Telecommunications Corp.	10,376	170,374
EchoStar Corp. Class A (a)	23,497	641,468
Extreme Networks, Inc. (a)	62,681	285,199
F5 Networks, Inc. (a)	30,016	4,079,174
Harmonic, Inc. (a)	45,939	256,340
Infinera Corp. (a)	82,184	648,432
Inseego Corp. (a)	30,998	417,853
InterDigital, Inc.	15,164	910,143
Juniper Networks, Inc.	163,162	4,141,052
Lumentum Holdings, Inc. (a)	36,872	3,422,828
Motorola Solutions, Inc.	83,923	11,732,435
NETGEAR, Inc. (a)	15,220	468,015
Netscout Systems, Inc. (a)	36,080	918,597
Plantronics, Inc.	16,836	336,552
Ribbon Communications, Inc. (a)	24,931	109,696
ViaSat, Inc. (a)	23,009	873,422
Viavi Solutions, Inc. (a)	114,308	1,580,880
TOTAL COMMUNICATIONS EQUIPMENT		144,313,302
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.9%
Electronic Components – 0.9%
Amphenol Corp. Class A	146,760	15,521,338
Belden, Inc.	22,623	714,887
Corning, Inc.	376,970	11,686,070
Dolby Laboratories, Inc. Class A	31,681	2,204,998
II-VI, Inc. (a)	49,448	2,508,002
Knowles Corp. (a)	44,922	685,510
Littelfuse, Inc.	12,013	2,134,109
Rogers Corp. (a)	9,199	1,096,429
Vishay Intertechnology, Inc.	64,079	1,005,399
		37,556,742
Electronic Equipment & Instruments – 0.9%
Badger Meter, Inc.	14,424	902,942
Cognex Corp.	85,106	5,691,038
Coherent, Inc. (a)	11,918	1,654,576
FARO Technologies, Inc. (a)	8,557	511,965
Fitbit, Inc. Class A (a)	113,164	740,093
FLIR Systems, Inc.	65,720	2,737,895
Itron, Inc. (a)	18,741	1,303,624
Keysight Technologies, Inc. (a)	92,710	9,260,802
MTS Systems Corp.	9,552	177,190


	Shares	Value


Napco Security Technologies, Inc. (a)	5,962	$ 157,278
National Instruments Corp.	61,323	2,176,967
nLight, Inc. (a)	16,785	388,908
Novanta, Inc. (a)	17,369	1,800,818
OSI Systems, Inc. (a)	8,501	603,231
Trimble, Inc. (a)	122,990	5,474,285
Vishay Precision Group, Inc. (a)	5,105	129,922
Zebra Technologies Corp. Class A (a)	26,663	7,485,637
		41,197,171
Electronic Manufacturing Services – 0.7%
Benchmark Electronics, Inc.	17,825	362,917
CTS Corp.	15,079	299,469
Fabrinet (a)	18,449	1,339,951
Flex Ltd. (a)	249,316	2,864,641
IPG Photonics Corp. (a)	18,299	3,275,704
Jabil, Inc.	67,569	2,355,455
Kimball Electronics, Inc. (a)	12,822	170,276
Methode Electronics, Inc.	18,754	528,863
Plexus Corp. (a)	14,333	1,064,799
Sanmina Corp. (a)	34,678	1,029,243
TE Connectivity Ltd.	164,465	14,648,897
TTM Technologies, Inc. (a)	47,785	588,233
		28,528,448
Technology Distributors – 0.4%
Arrow Electronics, Inc. (a)	39,808	2,851,049
Avnet, Inc.	48,835	1,304,871
CDW Corp.	70,477	8,192,951
ePlus, Inc. (a)	6,928	516,413
Insight Enterprises, Inc. (a)	17,191	856,800
PC Connection, Inc.	5,684	248,391
ScanSource, Inc. (a)	13,218	303,353
SYNNEX Corp.	21,359	2,664,322
		16,938,150
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS		124,220,511
IT SERVICES – 20.1%
Data Processing & Outsourced Services – 14.4%
Alliance Data Systems Corp.	22,073	979,158
Automatic Data Processing, Inc.	212,730	28,273,944
Black Knight, Inc. (a)	73,833	5,531,568
Broadridge Financial Solutions, Inc.	56,672	7,613,317
Cardtronics PLC Class A (a)	17,826	398,055
Cass Information Systems, Inc.	6,098	218,491
Conduent, Inc. (a)	88,503	169,041
CSG Systems International, Inc.	16,080	677,450
Euronet Worldwide, Inc. (a)	25,767	2,477,239
EVERTEC, Inc.	30,745	954,632
Evo Payments, Inc. Class A (a)	20,476	464,600
ExlService Holdings, Inc. (a)	16,967	1,086,906

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

Fidelity® MSCI Information Technology Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
IT SERVICES – continued
Data Processing & Outsourced Services – continued
Fidelity National Information Services, Inc.	303,670	$ 44,429,958
Fiserv, Inc. (a)	284,743	28,414,504
FleetCor Technologies, Inc. (a)	42,125	10,892,261
Global Payments, Inc.	147,629	26,280,915
International Money Express, Inc. (a)	11,258	151,758
Jack Henry & Associates, Inc.	37,871	6,752,399
Mastercard, Inc. Class A	440,903	136,031,803
MAXIMUS, Inc.	31,726	2,354,386
NIC, Inc.	32,186	705,517
Paychex, Inc.	158,706	11,414,136
PayPal Holdings, Inc. (a)	549,030	107,648,312
Paysign, Inc. (a)	14,132	131,993
Repay Holding Corp. (a)	17,952	397,278
Sabre Corp.	136,615	1,032,809
Square, Inc. Class A (a)	174,769	22,693,755
Sykes Enterprises, Inc. (a)	19,113	524,843
The Western Union Co.	203,939	4,951,639
TTEC Holdings, Inc.	9,183	435,825
Verra Mobility Corp. (a)	62,876	643,222
Visa, Inc. Class A	840,573	160,045,099
WEX, Inc. (a)	21,367	3,383,892
		618,160,705
Internet Services & Infrastructure – 1.5%
Akamai Technologies, Inc. (a)	79,973	8,992,164
Endurance International Group Holdings, Inc. (a)	31,036	175,974
Fastly, Inc. Class A (a)	35,002	3,377,343
GoDaddy, Inc. Class A (a)	85,322	5,996,430
GTT Communications, Inc. (a)	14,514	91,438
Limelight Networks, Inc. (a)	60,777	381,072
MongoDB, Inc. (a)	22,388	5,128,643
Okta, Inc. (a)	55,766	12,323,171
Switch, Inc. Class A	29,321	527,485
Tucows, Inc. Class A (a)	4,641	280,827
Twilio, Inc. Class A (a)	58,246	16,158,605
VeriSign, Inc. (a)	51,722	10,948,513
		64,381,665
IT Consulting & Other Services – 4.2%
Accenture PLC Class A	312,892	70,331,864
Booz Allen Hamilton Holding Corp.	69,218	5,659,264
CACI International, Inc. Class A (a)	12,350	2,566,577
Cognizant Technology Solutions Corp. Class A	270,132	18,455,418
DXC Technology Co.	125,509	2,247,866
EPAM Systems, Inc. (a)	27,243	7,902,650
Gartner, Inc. (a)	43,983	5,482,041
International Business Machines Corp.	437,727	53,814,157
KBR, Inc.	70,493	1,567,764


	Shares	Value


Leidos Holdings, Inc.	66,314	$ 6,310,440
LiveRamp Holdings, Inc. (a)	33,253	1,515,339
ManTech International Corp. Class A	13,571	944,270
Perficient, Inc. (a)	15,697	615,479
Perspecta, Inc.	71,477	1,529,608
Science Applications International Corp.	25,406	2,031,972
The Hackett Group, Inc.	12,402	171,024
Unisys Corp. (a)	28,993	344,727
Virtusa Corp. (a)	14,127	573,556
		182,064,016
TOTAL IT SERVICES		864,606,386
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 17.0%
Semiconductor Equipment – 2.5%
ACM Research, Inc. Class A (a)	5,632	540,334
Advanced Energy Industries, Inc. (a)	18,688	1,374,876
Amkor Technology, Inc. (a)	55,074	748,731
Applied Materials, Inc.	452,457	29,106,559
Axcelis Technologies, Inc. (a)	15,520	456,598
Brooks Automation, Inc.	36,001	1,960,254
Cabot Microelectronics Corp.	14,513	2,187,399
Cohu, Inc.	21,170	398,631
Enphase Energy, Inc. (a)	45,613	2,753,201
Entegris, Inc.	66,647	4,792,586
FormFactor, Inc. (a)	37,619	1,084,932
Ichor Holdings Ltd. (a)	10,872	356,819
KLA Corp.	77,184	15,423,679
Kulicke & Soffa Industries, Inc.	31,148	738,208
Lam Research Corp.	71,716	27,048,407
MKS Instruments, Inc.	26,910	3,429,410
Onto Innovation, Inc. (a)	25,251	954,993
PDF Solutions, Inc. (a)	14,024	344,710
Photronics, Inc. (a)	27,524	326,985
SolarEdge Technologies, Inc. (a)	24,001	4,202,575
Teradyne, Inc.	82,727	7,359,394
Ultra Clean Holdings, Inc. (a)	20,145	606,163
Veeco Instruments, Inc. (a)	23,346	315,638
		106,511,082
Semiconductors – 14.5%
Advanced Micro Devices, Inc. (a)	576,303	44,623,141
Ambarella, Inc. (a)	16,560	749,837
Analog Devices, Inc.	181,427	20,836,891
Broadcom, Inc.	196,817	62,341,785
CEVA, Inc. (a)	10,461	420,532
Cirrus Logic, Inc. (a)	28,776	1,972,019
Cree, Inc. (a)	53,350	3,676,882
Diodes, Inc. (a)	21,362	1,099,075
DSP Group, Inc. (a)	11,006	163,439
First Solar, Inc. (a)	38,726	2,306,133
Impinj, Inc. (a)	8,193	193,355

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

Common Stocks – continued
	Shares	Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – continued
Semiconductors – continued
Inphi Corp. (a)	22,549	$ 2,946,252
Intel Corp.	2,107,316	100,582,193
Lattice Semiconductor Corp. (a)	66,313	2,061,671
MACOM Technology Solutions Holdings, Inc. (a)	22,418	947,385
MagnaChip Semiconductor Corp. (a)	15,486	176,231
Marvell Technology Group Ltd.	330,007	12,035,355
Maxim Integrated Products, Inc.	132,989	9,055,221
MaxLinear, Inc. Class A (a)	34,226	867,629
Microchip Technology, Inc.	117,876	11,991,525
Micron Technology, Inc. (a)	547,339	27,397,054
Monolithic Power Systems, Inc.	20,919	5,543,744
NeoPhotonics Corp. (a)	22,856	208,218
NVE Corp.	2,259	122,528
NVIDIA Corp.	301,540	128,030,869
NXP Semiconductors N.V.	137,469	16,156,732
ON Semiconductor Corp. (a)	202,927	4,180,296
Power Integrations, Inc.	14,464	1,765,042
Qorvo, Inc. (a)	57,109	7,318,518
QUALCOMM, Inc.	563,190	59,478,496
Rambus, Inc. (a)	54,321	801,778
Semtech Corp. (a)	32,327	1,801,584
Silicon Laboratories, Inc. (a)	21,378	2,148,703
Skyworks Solutions, Inc.	83,696	12,184,464
SMART Global Holdings, Inc. (a)	6,536	182,289
SunPower Corp. (a)	44,921	419,113
Synaptics, Inc. (a)	16,843	1,347,777
Texas Instruments, Inc.	460,178	58,695,704
Universal Display Corp.	20,884	3,643,214
Xilinx, Inc.	122,413	13,141,035
		623,613,709
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		730,124,791
SOFTWARE – 33.7%
Application Software – 12.8%
2U, Inc. (a)	31,521	1,484,482
8x8, Inc. (a)	46,831	744,613
ACI Worldwide, Inc. (a)	56,718	1,519,476
Adobe, Inc. (a)	237,552	105,549,105
Agilysys, Inc. (a)	9,560	200,378
Alarm.com Holdings, Inc. (a)	21,667	1,517,557
Altair Engineering, Inc. Class A (a)	18,983	765,015
Alteryx, Inc. Class A (a)	25,672	4,505,179
American Software, Inc. Class A	14,554	239,704
Anaplan, Inc. (a)	52,773	2,396,422
ANSYS, Inc. (a)	42,277	13,131,236
Appfolio, Inc. Class A (a)	7,340	1,021,875
Aspen Technology, Inc. (a)	33,526	3,260,739


	Shares	Value


Autodesk, Inc. (a)	108,413	$ 25,632,086
Avalara, Inc. (a)	36,650	4,927,592
Avaya Holdings Corp. (a)	47,023	595,311
Benefitfocus, Inc. (a)	12,381	144,982
Bill.com Holdings, Inc. (a)	7,155	666,202
Blackbaud, Inc.	24,205	1,513,781
Blackline, Inc. (a)	23,354	2,076,404
Bottomline Technologies DE, Inc. (a)	21,752	1,049,752
Box, Inc. Class A (a)	73,875	1,326,056
Cadence Design Systems, Inc. (a)	137,881	15,063,499
CDK Global, Inc.	59,976	2,726,509
Cerence, Inc. (a)	17,898	709,835
Ceridian HCM Holding, Inc. (a)	57,166	4,475,526
ChannelAdvisor Corp. (a)	14,238	290,028
Citrix Systems, Inc.	57,368	8,189,856
Cloudera, Inc. (a)	99,202	1,118,007
Cornerstone OnDemand, Inc. (a)	25,697	912,500
Coupa Software, Inc. (a)	32,807	10,053,705
Datadog, Inc. Class A (a)	52,111	4,891,138
Digital Turbine, Inc. (a)	37,039	514,101
DocuSign, Inc. (a)	83,976	18,208,516
Domo, Inc. Class B (a)	10,332	332,484
Dropbox, Inc. Class A (a)	120,786	2,747,881
Dynatrace, Inc. (a)	76,187	3,186,902
Ebix, Inc.	12,156	268,101
Elastic N.V. (a)	26,199	2,520,082
Envestnet, Inc. (a)	26,238	2,130,526
Everbridge, Inc. (a)	16,899	2,413,177
Fair Isaac Corp. (a)	14,382	6,316,431
Five9, Inc. (a)	30,149	3,642,602
Guidewire Software, Inc. (a)	40,764	4,796,292
HubSpot, Inc. (a)	20,330	4,769,621
Intuit, Inc.	128,347	39,321,670
j2 Global, Inc. (a)	22,727	1,289,075
LivePerson, Inc. (a)	31,286	1,344,672
LogMeIn, Inc.	23,932	2,053,605
Manhattan Associates, Inc. (a)	31,481	3,015,565
Medallia, Inc. (a)	37,566	1,154,403
MicroStrategy, Inc. Class A (a)	4,018	497,911
Mimecast Ltd. (a)	29,325	1,376,222
MobileIron, Inc. (a)	33,598	209,316
Model N, Inc. (a)	12,320	473,827
New Relic, Inc. (a)	24,883	1,764,454
Nuance Communications, Inc. (a)	139,654	3,819,537
Nutanix, Inc. Class A (a)	87,054	1,931,728
PagerDuty, Inc. (a)	11,444	348,813
Paycom Software, Inc. (a)	24,693	7,021,948
Paylocity Holding Corp. (a)	17,083	2,275,456
Pegasystems, Inc.	19,788	2,313,019
Pluralsight, Inc. Class A (a)	51,253	1,085,026
PROS Holdings, Inc. (a)	20,170	658,147

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

Fidelity® MSCI Information Technology Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
SOFTWARE – continued
Application Software – continued
PTC, Inc. (a)	54,166	$ 4,634,443
Q2 Holdings, Inc. (a)	21,244	1,997,998
QAD, Inc. Class A	5,733	226,511
RealPage, Inc. (a)	42,071	2,650,894
RingCentral, Inc. Class A (a)	35,669	10,353,641
Rosetta Stone, Inc. (a)	10,618	284,244
Salesforce.com, Inc. (a)	415,182	80,898,213
ShotSpotter, Inc. (a)	3,924	90,409
Slack Technologies, Inc. Class A (a)	152,193	4,497,303
Smartsheet, Inc. Class A (a)	52,211	2,492,553
Splunk, Inc. (a)	76,929	16,141,243
Sprout Social, Inc. Class A (a)	5,978	172,704
SPS Commerce, Inc. (a)	17,099	1,285,332
SS&C Technologies Holdings, Inc.	113,613	6,532,747
SVMK, Inc. (a)	53,237	1,276,623
Synopsys, Inc. (a)	73,951	14,732,518
The Trade Desk, Inc. Class A (a)	20,109	9,075,594
Tyler Technologies, Inc. (a)	19,467	6,954,586
Upland Software, Inc. (a)	10,272	353,562
Verint Systems, Inc. (a)	32,540	1,460,721
VirnetX Holding Corp.	31,530	163,010
Workday, Inc. Class A (a)	82,225	14,876,147
Workiva, Inc. (a)	17,018	951,306
Yext, Inc. (a)	39,695	667,670
Zendesk, Inc. (a)	55,658	5,073,227
Zoom Video Communications, Inc. Class A (a)	53,385	13,554,985
		547,897,844
Systems Software – 20.9%
A10 Networks, Inc. (a)	26,152	211,308
Appian Corp. (a)	13,648	694,274
CommVault Systems, Inc. (a)	21,342	940,755
Crowdstrike Holdings, Inc. Class A (a)	51,163	5,791,652
FireEye, Inc. (a)	109,441	1,652,559
Fortinet, Inc. (a)	72,381	10,010,292
Microsoft Corp.	3,560,187	729,873,937
NortonLifelock, Inc.	281,514	6,038,475
OneSpan, Inc. (a)	15,923	495,842
Oracle Corp.	1,106,306	61,344,668
Palo Alto Networks, Inc. (a)	49,054	12,553,900
Ping Identity Holding Corp. (a)	17,694	607,966
Progress Software Corp.	22,015	767,443
Proofpoint, Inc. (a)	28,243	3,266,868
Qualys, Inc. (a)	16,318	2,014,947
Rapid7, Inc. (a)	23,549	1,402,814
SailPoint Technologies Holding, Inc. (a)	44,311	1,395,796
SecureWorks Corp. Class A (a)	3,660	43,774


	Shares	Value


ServiceNow, Inc. (a)	93,516	$ 41,072,227
SolarWinds Corp. (a)	30,796	565,414
Tenable Holdings, Inc. (a)	26,794	909,120
Teradata Corp. (a)	55,002	1,155,042
Varonis Systems, Inc. (a)	14,986	1,623,733
VMware, Inc. Class A (a)	40,694	5,705,706
Xperi Holding Corp.	54,655	1,007,838
Zscaler, Inc. (a)	34,748	4,512,028
Zuora, Inc. Class A (a)	47,725	555,519
		896,213,897
TOTAL SOFTWARE		1,444,111,741
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 22.5%
Technology Hardware, Storage & Peripherals – 22.5%
3D Systems Corp. (a)	59,314	390,879
Apple, Inc.	2,155,836	916,316,533
DELL Technologies, Inc. Class C (a)	119,378	7,142,386
Diebold Nixdorf, Inc. (a)	35,422	246,891
Hewlett Packard Enterprise Co.	638,388	6,300,890
HP, Inc.	705,195	12,397,328
NCR Corp. (a)	63,929	1,178,212
NetApp, Inc.	109,180	4,836,674
Pure Storage, Inc. Class A (a)	115,440	2,061,758
Seagate Technology PLC	115,937	5,242,671
Super Micro Computer, Inc. (a)	21,445	649,891
Western Digital Corp.	147,574	6,360,439
Xerox Holdings Corp. (a)	89,492	1,490,042
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS		964,614,594
TOTAL COMMON STOCKS (Cost $2,824,830,208)		4,271,991,325
Money Market Fund – 0.3%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.05% (b) (Cost $11,014,000)	11,014,000	11,014,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $2,835,844,208)		4,283,005,325
NET OTHER ASSETS (LIABILITIES) – 0.1%		5,250,543
NET ASSETS – 100.0%		$ 4,288,255,868

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

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

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts	14	September 2020	1,034,460	$ 43,947	$ 43,947
CME E-mini S&P Select Sector Technology Index Contracts	131	September 2020	14,538,380	1,197,255	1,197,255
Total Equity Index Contracts					$1,241,202

The notional amount of futures purchased as a percentage of Net Assets is 0.4%

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 4,271,991,325	$ 4,271,991,325	$ —	$ —
Money Market Funds	11,014,000	11,014,000	—	—
Total Investments in Securities:	$ 4,283,005,325	$ 4,283,005,325	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 1,241,202	$ 1,241,202	$ —	$ —
Total Assets	$ 1,241,202	$ 1,241,202	$ —	$ —
Total Derivative Instruments:	$ 1,241,202	$ 1,241,202	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$1,241,202	$0
Total Equity Risk	1,241,202	0
Total Value of Derivatives	$1,241,202	$0

(a)

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

Fidelity® MSCI Materials Index ETF

Schedule of Investments July 31, 2020

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
CHEMICALS – 65.5%
Commodity Chemicals – 6.9%
AdvanSix, Inc. (a)	5,275	$ 65,674
Cabot Corp.	10,586	386,177
Dow, Inc. (a)	138,526	5,687,878
Hawkins, Inc.	1,793	92,393
Kronos Worldwide, Inc.	4,420	49,681
LyondellBasell Industries N.V. Class A	49,840	3,115,997
Olin Corp.	29,578	332,457
Orion Engineered Carbons S.A.	11,396	116,239
Tredegar Corp.	5,044	80,099
Trinseo S.A.	5,725	124,232
Tronox Holdings PLC Class A (a)	17,360	132,283
Valvoline, Inc.	35,197	722,242
Westlake Chemical Corp.	7,164	390,438
		11,295,790
Diversified Chemicals – 1.9%
Eastman Chemical Co.	25,400	1,895,602
Huntsman Corp.	37,839	700,022
The Chemours Co.	30,633	567,629
		3,163,253
Fertilizers & Agricultural Chemicals – 6.1%
American Vanguard Corp.	5,116	68,861
CF Industries Holdings, Inc.	40,374	1,264,917
Corteva, Inc. (a)	139,967	3,997,458
FMC Corp.	24,209	2,567,364
The Mosaic Co.	67,206	905,265
The Scotts Miracle-Gro Co.	7,787	1,234,785
		10,038,650
Industrial Gases – 22.0%
Air Products & Chemicals, Inc.	41,226	11,816,609
Linde PLC	99,673	24,430,849
		36,247,458
Specialty Chemicals – 28.6%
Albemarle Corp.	19,837	1,635,759
Amyris, Inc. (a)	15,309	65,523
Ashland Global Holdings, Inc.	10,128	764,461
Avient Corp.	17,580	420,162
Axalta Coating Systems Ltd. (a)	39,513	877,189
Balchem Corp.	6,041	605,671
Celanese Corp.	22,331	2,170,573
Chase Corp.	1,416	142,393
DuPont de Nemours, Inc.	138,097	7,385,428
Ecolab, Inc.	47,627	8,910,059
Element Solutions, Inc. (a)	42,435	460,844
Ferro Corp. (a)	13,784	161,135
FutureFuel Corp.	4,964	65,426
GCP Applied Technologies, Inc. (a)	8,919	203,532
HB Fuller Co.	9,598	435,173
Ingevity Corp. (a)	7,814	456,963
Innospec, Inc.	4,577	344,053


	Shares	Value


International Flavors & Fragrances, Inc.	15,953	$ 2,009,280
Kraton Corp. (a)	5,942	78,137
Livent Corp. (a)	27,276	171,021
Minerals Technologies, Inc.	6,456	302,657
NewMarket Corp.	1,671	626,308
PPG Industries, Inc.	44,034	4,740,260
PQ Group Holdings, Inc. (a)	7,739	94,958
Quaker Chemical Corp.	2,483	481,702
RPM International, Inc.	24,238	1,977,578
Sensient Technologies Corp.	7,906	412,772
Stepan Co.	3,782	412,994
The Sherwin-Williams Co.	15,507	10,047,295
WR Grace & Co.	10,595	488,747
		46,948,053
TOTAL CHEMICALS		107,693,204
CONSTRUCTION MATERIALS – 3.9%
Construction Materials – 3.9%
Eagle Materials, Inc.	7,389	592,819
Forterra, Inc. (a)	3,716	48,271
Martin Marietta Materials, Inc.	11,618	2,407,017
Summit Materials, Inc. Class A (a)	21,162	311,505
United States Lime & Minerals, Inc.	417	37,617
US Concrete, Inc. (a)	2,956	73,368
Vulcan Materials Co.	24,728	2,903,562
TOTAL CONSTRUCTION MATERIALS		6,374,159
CONTAINERS & PACKAGING – 14.0%
Metal & Glass Containers – 6.1%
AptarGroup, Inc.	11,962	1,378,022
Ball Corp.	60,847	4,480,165
Berry Global Group, Inc. (a)	24,730	1,236,253
Crown Holdings, Inc. (a)	25,323	1,812,620
Greif, Inc. Class A	4,664	162,261
Greif, Inc. Class B	819	32,179
Myers Industries, Inc.	5,638	84,908
O-I Glass, Inc.	27,662	288,791
Silgan Holdings, Inc.	14,481	553,898
		10,029,097
Paper Packaging – 7.9%
Amcor PLC (a)	299,591	3,085,787
Avery Dennison Corp.	15,556	1,763,117
Graphic Packaging Holding Co.	54,225	755,897
International Paper Co.	69,575	2,420,514
Packaging Corp. of America	17,678	1,699,209
Ranpak Holdings Corp. (a)	5,405	44,159
Sealed Air Corp.	28,858	1,029,654
Sonoco Products Co.	18,742	969,711

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

Common Stocks – continued
	Shares	Value
CONTAINERS & PACKAGING – continued
Paper Packaging – continued
Westrock Co.	48,272	$ 1,296,586
		13,064,634
TOTAL CONTAINERS & PACKAGING		23,093,731
METALS & MINING – 15.2%
Aluminum – 0.6%
Alcoa Corp. (a)	34,725	451,425
Arconic Corp. (a)	18,291	297,960
Century Aluminum Co. (a)	10,008	87,170
Kaiser Aluminum Corp.	2,965	183,682
		1,020,237
Copper – 2.1%
Freeport-McMoRan, Inc.	271,001	3,501,333
Diversified Metals & Mining – 0.3%
Compass Minerals International, Inc.	6,359	323,927
Materion Corp.	3,811	218,828
		542,755
Gold – 7.7%
Coeur Mining, Inc. (a)	45,721	362,568
McEwen Mining, Inc. (a)	66,567	91,862
Newmont Corp.	150,835	10,437,782
Royal Gold, Inc.	12,254	1,714,702
		12,606,914
Silver – 0.3%
Hecla Mining Co.	97,723	539,431
Steel – 4.2%
Allegheny Technologies, Inc. (a)	23,544	204,597
Carpenter Technology Corp.	8,986	200,927
Cleveland-Cliffs, Inc.	74,338	385,071
Commercial Metals Co.	22,159	458,248
Haynes International, Inc.	2,335	42,871
Nucor Corp.	56,369	2,364,680
Reliance Steel & Aluminum Co.	12,486	1,226,874
Schnitzer Steel Industries, Inc. Class A	5,031	92,570
Steel Dynamics, Inc.	39,886	1,093,275
SunCoke Energy, Inc.	15,641	49,895
United States Steel Corp.	40,989	272,987
Warrior Met Coal, Inc.	9,444	150,348


	Shares	Value


Worthington Industries, Inc.	7,368	$ 275,711
		6,818,054
TOTAL METALS & MINING		25,028,724
PAPER & FOREST PRODUCTS – 1.2%
Forest Products – 0.6%
Boise Cascade Co.	7,281	339,222
Louisiana-Pacific Corp.	20,923	662,631
		1,001,853
Paper Products – 0.6%
Clearwater Paper Corp. (a)	3,092	114,157
Domtar Corp.	10,578	222,032
Mercer International, Inc.	8,099	60,338
Neenah, Inc.	3,172	141,503
PH Glatfelter Co.	8,280	131,900
Schweitzer-Mauduit International, Inc.	5,775	187,861
Verso Corp. Class A	5,510	67,277
		925,068
TOTAL PAPER & FOREST PRODUCTS		1,926,921
TOTAL COMMON STOCKS (Cost $182,917,663)		164,116,739
Money Market Fund – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.05% (b) (Cost $209,000)	209,000	209,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $183,126,663)		164,325,739
NET OTHER ASSETS (LIABILITIES) – 0.1%		160,324
NET ASSETS – 100.0%		$ 164,486,063

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

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

Fidelity® MSCI Materials Index ETF

Schedule of Investments–continued

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Micro Russell 2000 Index Contracts	9	September 2020	$ 66,501	$ 2,660	$ 2,660
CME E-mini S&P Materials Select Sector Index Contracts	4	September 2020	254,680	14,974	14,974
Total Equity Index Contracts					$ 17,634

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

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 164,116,739	$ 164,116,739	$ —	$ —
Money Market Funds	209,000	209,000	—	—
Total Investments in Securities:	$ 164,325,739	$ 164,325,739	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 17,634	$ 17,634	$ —	$ —
Total Assets	$ 17,634	$ 17,634	$ —	$ —
Total Derivative Instruments:	$ 17,634	$ 17,634	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$17,634	$0
Total Equity Risk	17,634	0
Total Value of Derivatives	$17,634	$0

(a)

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

Fidelity® MSCI Real Estate Index ETF

Schedule of Investments July 31, 2020

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – 96.7%
Diversified REITs – 3.5%
Alexander & Baldwin, Inc.	64,362	$ 760,759
American Assets Trust, Inc.	49,780	1,344,060
Armada Hoffler Properties, Inc.	51,022	491,852
Colony Capital, Inc.	458,857	881,005
Empire State Realty Trust, Inc. Class A	143,209	945,179
Essential Properties Realty Trust, Inc.	89,115	1,434,752
Gladstone Commercial Corp.	32,425	590,135
Global Net Lease, Inc.	85,744	1,427,638
iStar, Inc.	72,440	841,028
One Liberty Properties, Inc.	15,064	255,636
PS Business Parks, Inc.	20,059	2,767,139
STORE Capital Corp.	217,977	5,163,875
VEREIT, Inc.	1,012,876	6,593,823
Washington Real Estate Investment Trust	78,402	1,753,069
WP Carey, Inc.	164,816	11,762,918
		37,012,868
Health Care REITs – 8.4%
CareTrust REIT, Inc.	91,598	1,650,596
Community Healthcare Trust, Inc.	23,116	1,057,094
Diversified Healthcare Trust	220,652	859,439
Global Medical REIT, Inc.	53,290	633,618
Healthcare Realty Trust, Inc.	126,986	3,720,690
Healthcare Trust of America, Inc. Class A	205,418	5,671,591
Healthpeak Properties, Inc.	488,161	13,321,914
LTC Properties, Inc.	37,205	1,382,166
Medical Properties Trust, Inc.	501,368	10,092,538
National Health Investors, Inc.	42,344	2,625,328
Omega Healthcare Investors, Inc.	213,922	6,926,794
Physicians Realty Trust	183,940	3,318,277
Sabra Health Care REIT, Inc.	193,297	2,849,198
Universal Health Realty Income Trust	13,548	942,670
Ventas, Inc.	349,152	13,393,471
Welltower, Inc.	387,007	20,728,095
		89,173,479
Hotel & Resort REITs – 2.2%
Apple Hospitality REIT, Inc.	197,370	1,740,803
Chatham Lodging Trust	43,970	229,084
DiamondRock Hospitality Co.	186,443	861,367
Host Hotels & Resorts, Inc.	662,682	7,143,712
MGM Growth Properties LLC Class A	122,930	3,360,906
Park Hotels & Resorts, Inc.	224,708	1,858,335
Pebblebrook Hotel Trust	122,620	1,299,772
RLJ Lodging Trust	156,104	1,250,393
Ryman Hospitality Properties, Inc.	49,231	1,576,376
Service Properties Trust	148,767	996,739
Summit Hotel Properties, Inc.	98,487	510,163
Sunstone Hotel Investors, Inc.	209,136	1,564,337


	Shares	Value


Xenia Hotels & Resorts, Inc.	105,555	$ 840,218
		23,232,205
Industrial REITs – 11.7%
Americold Realty Trust	193,478	7,806,837
Duke Realty Corp.	353,672	14,214,078
EastGroup Properties, Inc.	37,315	4,950,208
First Industrial Realty Trust, Inc.	125,685	5,520,085
Industrial Logistics Properties Trust	61,122	1,290,286
Lexington Realty Trust	246,734	2,862,114
Monmouth Real Estate Investment Corp. Class A	92,431	1,333,779
Prologis, Inc.	697,979	73,580,946
Rexford Industrial Realty, Inc.	106,562	5,000,955
STAG Industrial, Inc.	141,899	4,625,907
Terreno Realty Corp.	66,992	4,070,434
		125,255,629
Office REITs – 7.9%
Alexandria Real Estate Equities, Inc.	117,640	20,886,982
Boston Properties, Inc.	140,116	12,482,934
Brandywine Realty Trust	165,261	1,789,777
City Office REIT, Inc.	52,258	452,032
Columbia Property Trust, Inc.	107,914	1,290,651
Corporate Office Properties Trust	106,790	2,827,799
Cousins Properties, Inc.	139,559	4,287,252
Douglas Emmett, Inc.	156,804	4,569,269
Easterly Government Properties, Inc.	75,324	1,841,672
Equity Commonwealth	116,650	3,682,641
Franklin Street Properties Corp.	100,442	527,321
Highwoods Properties, Inc.	97,319	3,731,210
Hudson Pacific Properties, Inc.	144,880	3,414,822
JBG SMITH Properties	116,374	3,376,010
Kilroy Realty Corp.	91,840	5,351,517
Mack-Cali Realty Corp.	84,822	1,223,133
Office Properties Income Trust	45,669	1,148,575
Paramount Group, Inc.	170,437	1,215,216
Piedmont Office Realty Trust, Inc. Class A	117,652	1,907,139
SL Green Realty Corp.	72,980	3,393,570
Vornado Realty Trust	152,020	5,247,730
		84,647,252
Residential REITs – 13.7%
American Campus Communities, Inc.	131,112	4,672,832
American Homes 4 Rent Class A	273,751	7,938,779
Apartment Investment & Management Co. Class A	140,546	5,455,996
AvalonBay Communities, Inc.	133,964	20,512,568
Camden Property Trust	93,820	8,519,794
Equity Lifestyle Properties, Inc.	161,832	11,056,362
Equity Residential	348,324	18,680,616
Essex Property Trust, Inc.	63,739	14,069,747
Front Yard Residential Corp.	53,124	460,585

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

Fidelity® MSCI Real Estate Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Residential REITs – continued
Independence Realty Trust, Inc.	95,999	$ 1,103,988
Investors Real Estate Trust	11,134	804,988
Invitation Homes, Inc.	515,303	15,366,335
Mid-America Apartment Communities, Inc.	106,855	12,736,047
NexPoint Residential Trust, Inc.	19,364	740,286
Preferred Apartment Communities, Inc. Class A	41,447	299,662
Sun Communities, Inc.	87,272	13,084,691
UDR, Inc.	275,559	9,975,236
UMH Properties, Inc.	38,952	479,110
		145,957,622
Retail REITs – 7.9%
Acadia Realty Trust	76,893	925,792
Agree Realty Corp.	47,326	3,169,422
Alexander's, Inc.	2,300	579,117
American Finance Trust, Inc.	101,264	739,734
Brixmor Property Group, Inc.	279,058	3,211,958
Federal Realty Investment Trust	67,220	5,128,886
Getty Realty Corp.	34,329	1,017,168
Kimco Realty Corp.	404,994	4,515,683
Kite Realty Group Trust	78,633	776,108
National Retail Properties, Inc.	161,423	5,722,445
Realty Income Corp.	316,169	18,985,948
Regency Centers Corp.	156,706	6,429,647
Retail Opportunity Investments Corp.	109,051	1,185,384
Retail Properties of America, Inc. Class A	200,352	1,274,239
RPT Realty	75,276	468,217
Saul Centers, Inc.	12,985	398,769
Seritage Growth Properties, Class A (a)	34,923	325,133
Simon Property Group, Inc.	288,668	17,998,450
SITE Centers Corp.	145,202	1,064,331
Spirit Realty Capital, Inc.	95,862	3,303,404
Tanger Factory Outlet Centers, Inc.	86,988	559,333
Taubman Centers, Inc.	57,684	2,233,524
The Macerich Co.	105,819	807,399
Urban Edge Properties	112,714	1,181,243
Urstadt Biddle Properties, Inc. Class A	28,086	275,524
Weingarten Realty Investors	114,462	1,952,722
Whitestone REIT	35,428	233,825
		84,463,405
Specialized REITs – 41.4%
American Tower Corp.	419,543	109,664,345
CatchMark Timber Trust, Inc. Class A	47,281	461,463
CoreCivic, Inc.	111,528	993,714
CoreSite Realty Corp.	37,611	4,853,700
Crown Castle International Corp.	395,912	65,998,530


	Shares	Value


CubeSmart	181,270	$ 5,378,281
CyrusOne, Inc.	110,417	9,210,986
Digital Realty Trust, Inc.	248,981	39,971,410
EPR Properties	73,627	2,107,941
Equinix, Inc.	66,828	52,492,057
Extra Space Storage, Inc.	123,169	12,728,284
Four Corners Property Trust, Inc.	70,386	1,773,727
Gaming and Leisure Properties, Inc.	194,591	7,046,140
Iron Mountain, Inc.	269,504	7,597,318
Jernigan Capital, Inc.	24,468	342,797
Lamar Advertising Co. Class A	80,974	5,322,421
Life Storage, Inc.	44,102	4,327,729
National Storage Affiliates Trust	61,987	1,910,439
Outfront Media, Inc.	136,239	1,963,204
PotlatchDeltic Corp.	65,444	2,801,658
Public Storage	149,271	29,836,287
QTS Realty Trust, Inc. Class A	60,853	4,378,373
Rayonier, Inc.	122,493	3,402,856
Safehold, Inc.	13,201	665,726
SBA Communications Corp.	107,827	33,592,424
The Geo Group, Inc.	111,901	1,189,508
Uniti Group, Inc.	173,395	1,716,610
VICI Properties, Inc.	443,481	9,627,973
Weyerhaeuser Co.	707,234	19,668,178
		441,024,079
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		1,030,766,539
REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.1%
Diversified Real Estate Activities – 0.2%
Five Point Holdings LLC Class A (a)	51,952	249,370
Tejon Ranch Co. (a)	20,074	288,062
The RMR Group, Inc. Class A	15,858	456,076
The St. Joe Co. (a)	33,972	700,163
		1,693,671
Real Estate Development – 0.2%
Forestar Group, Inc. (a)	14,300	247,533
The Howard Hughes Corp. (a)	39,034	2,076,218
		2,323,751
Real Estate Operating Companies – 0.2%
FRP Holdings, Inc. (a)	6,989	273,410
Kennedy-Wilson Holdings, Inc.	119,903	1,779,360
		2,052,770
Real Estate Services – 2.5%
CBRE Group, Inc. Class A (a)	318,341	13,946,519
Cushman & Wakefield PLC (a)	108,956	1,165,829
eXp World Holdings, Inc. (a)	32,757	650,882
Jones Lang LaSalle, Inc.	48,885	4,835,215
Marcus & Millichap, Inc. (a)	23,149	630,579
Newmark Group, Inc. Class A	137,156	558,225
RE/MAX Holdings, Inc. Class A	16,812	544,204

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

Fidelity® MSCI Real Estate Index ETF

Schedule of Investments–continued

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,063,662,275	$ 1,063,662,275	$ —	$ —
Money Market Funds	2,701,000	2,701,000	—	—
Total Investments in Securities:	$ 1,066,363,275	$ 1,066,363,275	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 74,389	$ 74,389	$ —	$ —
Total Assets	$ 74,389	$ 74,389	$ —	$ —
Total Derivative Instruments:	$ 74,389	$ 74,389	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$74,389	$0
Total Equity Risk	74,389	0
Total Value of Derivatives	$74,389	$0

(a)

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

Fidelity® MSCI Utilities Index ETF

Schedule of Investments July 31, 2020

Showing Percentage of Net Assets

Common Stocks – 99.6%
	Shares	Value
ELECTRIC UTILITIES – 58.1%
Electric Utilities – 58.1%
ALLETE, Inc.	45,676	$ 2,708,587
Alliant Energy Corp.	216,300	11,647,755
American Electric Power Co., Inc.	436,225	37,899,228
Duke Energy Corp.	647,051	54,831,102
Edison International	320,057	17,817,573
Entergy Corp.	176,308	18,535,260
Evergy, Inc.	201,180	13,042,499
Eversource Energy	291,264	26,234,148
Exelon Corp.	860,075	33,207,496
FirstEnergy Corp.	477,312	13,842,048
Hawaiian Electric Industries, Inc.	96,464	3,497,785
IDACORP, Inc.	44,499	4,149,532
MGE Energy, Inc.	30,558	2,026,912
NextEra Energy, Inc.	431,632	121,159,102
NRG Energy, Inc.	218,618	7,391,475
OGE Energy Corp.	176,705	5,813,594
Otter Tail Corp.	32,018	1,224,689
Pinnacle West Capital Corp.	99,255	8,246,105
PNM Resources, Inc.	67,525	2,851,581
Portland General Electric Co.	78,955	3,484,284
PPL Corp.	677,783	18,042,583
The Southern Co.	930,614	50,820,831
Xcel Energy, Inc.	463,148	31,975,738
TOTAL ELECTRIC UTILITIES		490,449,907
GAS UTILITIES – 4.4%
Gas Utilities – 4.4%
Atmos Energy Corp.	107,931	11,439,607
Chesapeake Utilities Corp.	14,427	1,218,937
National Fuel Gas Co.	68,817	2,791,906
New Jersey Resources Corp.	84,259	2,617,085
Northwest Natural Holding Co.	26,903	1,439,042
ONE Gas, Inc.	46,671	3,532,995
South Jersey Industries, Inc.	81,607	1,903,891
Southwest Gas Holdings, Inc.	48,235	3,359,085
Spire, Inc.	45,011	2,775,378
Star Group LP	38,689	364,450
UGI Corp.	184,095	6,137,727
TOTAL GAS UTILITIES		37,580,103
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 2.9%
Independent Power Producers & Energy Traders – 2.2%
Clearway Energy, Inc. Class A	28,966	663,611
Clearway Energy, Inc. Class C	66,097	1,622,021
The AES Corp.	586,047	8,925,496
Vistra Corp.	387,220	7,225,525
		18,436,653


	Shares	Value

Renewable Electricity – 0.7%
NextEra Energy Partners LP	54,936	$ 3,417,019
Ormat Technologies, Inc.	35,950	2,139,025
Sunnova Energy International, Inc. (a)	26,009	650,485
		6,206,529
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS		24,643,182
MULTI-UTILITIES – 29.4%
Multi-Utilities – 29.4%
Ameren Corp.	217,181	17,426,603
Avista Corp.	59,328	2,202,849
Black Hills Corp.	55,399	3,205,386
CenterPoint Energy, Inc.	443,351	8,428,103
CMS Energy Corp.	250,595	16,083,187
Consolidated Edison, Inc.	294,638	22,637,038
Dominion Energy, Inc.	739,740	59,941,132
DTE Energy Co.	169,694	19,621,717
MDU Resources Group, Inc.	176,893	3,711,215
NiSource, Inc.	337,441	8,250,432
NorthWestern Corp.	44,560	2,506,946
Public Service Enterprise Group, Inc.	445,898	24,943,534
Sempra Energy	258,005	32,111,302
Unitil Corp.	13,202	569,666
WEC Energy Group, Inc.	278,448	26,524,957
TOTAL MULTI-UTILITIES		248,164,067
WATER UTILITIES – 4.8%
Water Utilities – 4.8%
American States Water Co.	32,538	2,501,521
American Water Works Co., Inc.	159,754	23,526,971
Cadiz, Inc. (a)	30,818	327,287
California Water Service Group	42,500	1,991,975
Essential Utilities, Inc.	196,659	8,918,486
Middlesex Water Co.	15,413	987,357
SJW Group	22,641	1,414,157
The York Water Co.	11,364	526,267
TOTAL WATER UTILITIES		40,194,021
TOTAL COMMON STOCKS (Cost $831,503,952)		841,031,280

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

Fidelity® MSCI Utilities Index ETF

Schedule of Investments–continued

Money Market Fund – 0.1%
	Shares	Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.05% (b) (Cost $1,074,000)	1,074,000	$ 1,074,000
TOTAL INVESTMENT IN SECURITIES – 99.7% (Cost $832,577,952)		842,105,280
NET OTHER ASSETS (LIABILITIES) – 0.3%		2,701,261
NET ASSETS – 100.0%		$ 844,806,541

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini S&P Utilities Select Sector Index Contracts	59	September 2020	$3,609,620	$68,083	$68,083

The notional amount of futures purchased as a percentage of Net Assets is 0.4%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $2,001,513.

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 841,031,280	$ 841,031,280	$ —	$ —
Money Market Funds	1,074,000	1,074,000	—	—
Total Investments in Securities:	$ 842,105,280	$ 842,105,280	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 68,083	$ 68,083	$ —	$ —
Total Assets	$ 68,083	$ 68,083	$ —	$ —
Total Derivative Instruments:	$ 68,083	$ 68,083	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$68,083	$0
Total Equity Risk	68,083	0
Total Value of Derivatives	$68,083	$0

(a)

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

Financial Statements

^{Statements of Assets and Liabilities}

July 31, 2020

	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	$ 576,867,551	$ 878,460,317	$ 677,742,554	$ 448,316,124
Segregated cash with brokers for derivative instruments	117,000	143,600	124,800	260,000
Cash	9,797	3,236	7,350	4,674
Receivable for investments sold	—	91,773,459	9,973,955	32,995
Receivable for fund shares sold	—	—	7,730	—
Dividends receivable	737,410	129,765	1,059,883	882,533
Interest receivable	30	75	66	46
Receivable for daily variation margin on futures contracts	16,407	8,162	17,892	—
Total assets	577,748,195	970,518,614	688,934,230	449,496,372
Liabilities
Payable to custodian bank	—	—	—	—
Payable for investments purchased	—	88,870,143	10,239,618	62,899
Accrued management fees	39,285	59,502	45,872	31,767
Payable for daily variation margin on futures contracts	—	—	—	77,042
Total liabilities	39,285	88,929,645	10,285,490	171,708
Net Assets	$577,708,910	$881,588,969	$678,648,740	$ 449,324,664
Net Assets consist of:
Paid in capital	541,366,059	741,255,576	667,842,346	835,895,238
Total accumulated earnings (loss)	36,342,851	140,333,393	10,806,394	(386,570,574)
Net Assets	$577,708,910	$881,588,969	$678,648,740	$ 449,324,664
Shares outstanding	15,250,000	15,400,000	18,200,000	47,450,000
Net Asset Value, offering price and redemption price per share	$ 37.88	$ 57.25	$ 37.29	$ 9.47
Investments at cost	$504,491,036	$700,929,208	$636,835,162	$ 683,381,660

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

^{Statements of Assets and Liabilities}

July 31, 2020

	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	$ 724,009,677	$ 2,012,248,280	$ 347,050,335	$ 4,283,005,325
Segregated cash with brokers for derivative instruments	367,200	537,300	73,300	1,325,700
Cash	1,386	—	5,029	66,855
Receivable for investments sold	5,974	483,901	—	2,842,500
Receivable for fund shares sold	—	37,603	—	—
Dividends receivable	891,019	2,793,378	193,668	951,224
Interest receivable	50	233	25	605
Receivable for daily variation margin on futures contracts	—	—	—	355,419
Total assets	725,275,306	2,016,100,695	347,322,357	4,288,547,628
Liabilities
Payable to custodian bank	—	479,541	—	—
Payable for investments purchased	31,659	174,916	—	—
Accrued management fees	51,095	138,910	23,745	291,760
Payable for daily variation margin on futures contracts	133,518	41,058	1,135	—
Total liabilities	216,272	834,425	24,880	291,760
Net Assets	$ 725,059,034	$2,015,266,270	$347,297,477	$4,288,255,868
Net Assets consist of:
Paid in capital	884,040,994	1,746,055,081	395,644,703	2,883,494,576
Total accumulated earnings (loss)	(158,981,960)	269,211,189	(48,347,226)	1,404,761,292
Net Assets	$ 725,059,034	$2,015,266,270	$347,297,477	$4,288,255,868
Shares outstanding	21,250,000	38,500,000	9,250,000	49,150,000
Net Asset Value, offering price and redemption price per share	$ 34.12	$ 52.34	$ 37.55	$ 87.25
Investments at cost	$ 853,019,291	$1,700,538,210	$382,739,288	$2,835,844,208

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

Financial Statements – continued

^{Statements of Assets and Liabilities}

July 31, 2020

	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	$ 164,325,739	$ 1,066,363,275	$ 842,105,280
Segregated cash with brokers for derivative instruments	28,420	258,999	371,700
Cash	282	5,355	6,262
Receivable for investments sold	—	—	3,865,733
Receivable for fund shares sold	—	—	—
Dividends receivable	147,839	447,428	397,819
Interest receivable	10	101	95
Receivable for daily variation margin on futures contracts	216	—	10,789
Total assets	164,502,506	1,067,075,158	846,757,678
Liabilities
Payable to custodian bank	—	—	—
Payable for investments purchased	5,150	825,956	1,893,008
Accrued management fees	11,293	70,494	58,129
Payable for daily variation margin on futures contracts	—	25,030	—
Total liabilities	16,443	921,480	1,951,137
Net Assets	$164,486,063	$1,066,153,678	$844,806,541
Net Assets consist of:
Paid in capital	193,261,523	1,144,689,171	859,666,631
Total accumulated earnings (loss)	(28,775,460)	(78,535,493)	(14,860,090)
Net Assets	$164,486,063	$1,066,153,678	$844,806,541
Shares outstanding	5,000,000	44,000,000	21,600,000
Net Asset Value, offering price and redemption price per share	$ 32.90	$ 24.23	$ 39.11
Investments at cost	$183,126,663	$1,107,249,968	$832,577,952

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

^{Statements of Operations}

For the year ended July 31, 2020

	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	$ 4,869,178	$ 8,221,939	$ 16,664,718	$ 17,696,528
Interest	5,331	8,306	6,665	5,453
Total income	4,874,509	8,230,245	16,671,383	17,701,981
Expenses
Management fees	390,923	601,733	502,414	346,007
Independent trustees' compensation	2,765	4,441	3,674	2,652
Total expenses	393,688	606,174	506,088	348,659
Net investment income (loss)	4,480,821	7,624,071	16,165,295	17,353,322
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(10,321,486)	(25,718,455)	(23,694,497)	(88,828,974)
Net realized gain (loss) on In-kind redemptions	26,870,322	27,572,002	41,110,657	10,237,479
Net realized gain (loss) on futures contracts	(308,470)	(60,564)	124,315	202,863
Net realized gain (loss) on foreign currency transactions	—	—	—	—
Total net realized gain (loss)	16,240,366	1,792,983	17,540,475	(78,388,632)
Change in net unrealized appreciation (depreciation) on investment securities	36,544,671	145,848,256	19,004,958	(119,640,102)
Change in net unrealized appreciation (depreciation) on futures contracts	60,584	56,404	42,303	(89,910)
Total change in net unrealized appreciation (depreciation)	36,605,255	145,904,660	19,047,261	(119,730,012)
Net gain (loss)	52,845,621	147,697,643	36,587,736	(198,118,644)
Net increase (decrease) in net assets resulting from operations	$ 57,326,442	$155,321,714	$ 52,753,031	$(180,765,322)

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

Financial Statements – continued

^{Statements of Operations}

For the year ended July 31, 2020

	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	$ 24,374,842	$ 26,715,520	$ 7,429,659	$ 41,242,031
Interest	12,032	27,026	5,016	35,188
Total income	24,386,874	26,742,546	7,434,675	41,277,219
Expenses
Management fees	757,299	1,389,800	328,876	2,654,374
Independent trustees' compensation	6,048	10,248	2,554	18,732
Total expenses	763,347	1,400,048	331,430	2,673,106
Net investment income (loss)	23,623,527	25,342,498	7,103,245	38,604,113
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(20,093,089)	(18,931,847)	(6,608,480)	(14,958,756)
Net realized gain (loss) on In-kind redemptions	18,265,900	87,545,696	10,366,964	117,617,321
Net realized gain (loss) on futures contracts	(603,612)	(145,721)	(177,456)	1,260,395
Net realized gain (loss) on foreign currency transactions	—	—	(11)	—
Total net realized gain (loss)	(2,430,801)	68,468,128	3,581,017	103,918,960
Change in net unrealized appreciation (depreciation) on investment securities	(188,227,904)	199,173,492	(39,493,442)	927,582,952
Change in net unrealized appreciation (depreciation) on futures contracts	52,967	400,911	20,212	1,241,202
Total change in net unrealized appreciation (depreciation)	(188,174,937)	199,574,403	(39,473,230)	928,824,154
Net gain (loss)	(190,605,738)	268,042,531	(35,892,213)	1,032,743,114
Net increase (decrease) in net assets resulting from operations	$(166,982,211)	$293,385,029	$(28,788,968)	$1,071,347,227

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

^{Statements of Operations}

For the year ended July 31, 2020

	Fidelity MSCI Materials Index ETF	Fidelity MSCI Real Estate Index ETF	Fidelity MSCI Utilities Index ETF
Investment Income
Dividends	$ 3,774,068	$ 25,539,901	$ 27,379,730
Interest	2,745	11,901	11,520
Total income	3,776,813	25,551,802	27,391,250
Expenses
Management fees	146,103	789,138	726,704
Independent trustees' compensation	1,125	5,752	5,341
Total expenses	147,228	794,890	732,045
Net investment income (loss)	3,629,585	24,756,912	26,659,205
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(2,952,968)	(29,948,888)	(6,736,835)
Net realized gain (loss) on In-kind redemptions	(211,623)	4,396,013	26,234,019
Net realized gain (loss) on futures contracts	(143,809)	227,085	(752,362)
Net realized gain (loss) on foreign currency transactions	—	—	—
Total net realized gain (loss)	(3,308,400)	(25,325,790)	18,744,822
Change in net unrealized appreciation (depreciation) on investment securities	(5,530,882)	(82,887,198)	(50,587,566)
Change in net unrealized appreciation (depreciation) on futures contracts	17,634	74,389	68,083
Total change in net unrealized appreciation (depreciation)	(5,513,248)	(82,812,809)	(50,519,483)
Net gain (loss)	(8,821,648)	(108,138,599)	(31,774,661)
Net increase (decrease) in net assets resulting from operations	$ (5,192,063)	$ (83,381,687)	$ (5,115,456)

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

Financial Statements – continued

^{Statements of Changes in Net Assets}

	Fidelity MSCI Communication Services Index ETF		Fidelity MSCI Consumer Discretionary Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2020	Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 4,480,821	$ 3,919,089	$ 7,624,071	$ 7,955,257
Net realized gain (loss)	16,240,366	6,708,389	1,792,983	63,352,867
Change in net unrealized appreciation (depreciation)	36,605,255	36,735,985	145,904,660	(34,233,246)
Net increase (decrease) in net assets resulting from operations	57,326,442	47,363,463	155,321,714	37,074,878
Distributions to shareholders	(4,434,950)	(3,314,700)	(7,815,800)	(8,215,200)
Return of capital	—	—	—	—
Total distributions	(4,434,950)	(3,314,700)	(7,815,800)	(8,215,200)
Share transactions
Proceeds from sales of shares	291,574,303	333,949,778	197,065,429	550,589,148
Cost of shares redeemed	(141,145,649)	(128,714,106)	(191,439,423)	(479,120,713)
Net increase (decrease) in net assets resulting from share transactions	150,428,654	205,235,672	5,626,006	71,468,435
Total increase (decrease) in net assets	203,320,146	249,284,435	153,131,920	100,328,113
Net Assets
Beginning of year	374,388,764	125,104,329	728,457,049	628,128,936
End of year	$ 577,708,910	$ 374,388,764	$ 881,588,969	$ 728,457,049
Other Information
Shares
Sold	8,500,000	10,700,000	3,950,000	12,900,000
Redeemed	(4,150,000)	(4,150,000)	(4,300,000)	(11,650,000)
Net increase (decrease)	4,350,000	6,550,000	(350,000)	1,250,000

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

^{Statements of Changes in Net Assets}

	Fidelity MSCI Consumer Staples Index ETF		Fidelity MSCI Energy Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2020	Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 16,165,295	$ 12,548,098	$ 17,353,322	$ 14,963,635
Net realized gain (loss)	17,540,475	10,498,459	(78,388,632)	(6,819,269)
Change in net unrealized appreciation (depreciation)	19,047,261	23,359,605	(119,730,012)	(128,630,437)
Net increase (decrease) in net assets resulting from operations	52,753,031	46,406,162	(180,765,322)	(120,486,071)
Distributions to shareholders	(15,887,400)	(12,158,300)	(29,582,350)	(15,191,850)
Return of capital	—	—	—	—
Total distributions	(15,887,400)	(12,158,300)	(29,582,350)	(15,191,850)
Share transactions
Proceeds from sales of shares	344,013,928	421,706,910	295,198,608	144,619,090
Cost of shares redeemed	(250,300,763)	(219,855,040)	(103,154,387)	(175,470,393)
Net increase (decrease) in net assets resulting from share transactions	93,713,165	201,851,870	192,044,221	(30,851,303)
Total increase (decrease) in net assets	130,578,796	236,099,732	(18,303,451)	(166,529,224)
Net Assets
Beginning of year	548,069,944	311,970,212	467,628,115	634,157,339
End of year	$ 678,648,740	$ 548,069,944	$ 449,324,664	$ 467,628,115
Other Information
Shares
Sold	9,800,000	12,600,000	29,050,000	8,000,000
Redeemed	(7,000,000)	(6,850,000)	(9,450,000)	(9,650,000)
Net increase (decrease)	2,800,000	5,750,000	19,600,000	(1,650,000)

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

Financial Statements – continued

^{Statements of Changes in Net Assets}

	Fidelity MSCI Financials Index ETF		Fidelity MSCI Health Care Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2020	Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 23,623,527	$ 28,248,410	$ 25,342,498	$ 21,863,611
Net realized gain (loss)	(2,430,801)	79,721,304	68,468,128	90,474,894
Change in net unrealized appreciation (depreciation)	(188,174,937)	(105,807,789)	199,574,403	(73,666,611)
Net increase (decrease) in net assets resulting from operations	(166,982,211)	2,161,925	293,385,029	38,671,894
Distributions to shareholders	(23,513,000)	(28,117,600)	(23,973,050)	(32,785,100)
Return of capital	—	—	—	—
Total distributions	(23,513,000)	(28,117,600)	(23,973,050)	(32,785,100)
Share transactions
Proceeds from sales of shares	108,377,280	111,490,469	471,503,606	605,506,750
Cost of shares redeemed	(336,681,503)	(516,051,490)	(282,901,778)	(306,767,425)
Net increase (decrease) in net assets resulting from share transactions	(228,304,223)	(404,561,021)	188,601,828	298,739,325
Total increase (decrease) in net assets	(418,799,434)	(430,516,696)	458,013,807	304,626,119
Net Assets
Beginning of year	1,143,858,468	1,574,375,164	1,557,252,463	1,252,626,344
End of year	$ 725,059,034	$1,143,858,468	$2,015,266,270	$1,557,252,463
Other Information
Shares
Sold	2,900,000	2,900,000	9,700,000	13,600,000
Redeemed	(9,400,000)	(13,500,000)	(6,250,000)	(7,200,000)
Net increase (decrease)	(6,500,000)	(10,600,000)	3,450,000	6,400,000

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

^{Statements of Changes in Net Assets}

	Fidelity MSCI Industrials Index ETF		Fidelity MSCI Information Technology Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2020	Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 7,103,245	$ 8,095,623	$ 38,604,113	$ 27,104,670
Net realized gain (loss)	3,581,017	23,882,304	103,918,960	194,611,311
Change in net unrealized appreciation (depreciation)	(39,473,230)	(26,405,832)	928,824,154	72,901,985
Net increase (decrease) in net assets resulting from operations	(28,788,968)	5,572,095	1,071,347,227	294,617,966
Distributions to shareholders	(7,240,200)	(7,967,250)	(37,905,100)	(26,778,650)
Return of capital	—	—	—	—
Total distributions	(7,240,200)	(7,967,250)	(37,905,100)	(26,778,650)
Share transactions
Proceeds from sales of shares	52,096,532	99,681,511	943,899,046	731,389,567
Cost of shares redeemed	(123,240,943)	(142,639,469)	(260,449,536)	(651,118,489)
Net increase (decrease) in net assets resulting from share transactions	(71,144,411)	(42,957,958)	683,449,510	80,271,078
Total increase (decrease) in net assets	(107,173,579)	(45,353,113)	1,716,891,637	348,110,394
Net Assets
Beginning of year	454,471,056	499,824,169	2,571,364,231	2,223,253,837
End of year	$ 347,297,477	$ 454,471,056	$4,288,255,868	$2,571,364,231
Other Information
Shares
Sold	1,400,000	2,600,000	13,150,000	12,700,000
Redeemed	(3,500,000)	(3,900,000)	(3,850,000)	(12,300,000)
Net increase (decrease)	(2,100,000)	(1,300,000)	9,300,000	400,000

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

Financial Statements – continued

^{Statements of Changes in Net Assets}

	Fidelity MSCI Materials Index ETF		Fidelity MSCI Real Estate Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2020	Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,629,585	$ 4,165,365	$ 24,756,912	$ 28,928,287
Net realized gain (loss)	(3,308,400)	(2,984,773)	(25,325,790)	11,060,069
Change in net unrealized appreciation (depreciation)	(5,513,248)	(17,284,162)	(82,812,809)	43,048,682
Net increase (decrease) in net assets resulting from operations	(5,192,063)	(16,103,570)	(83,381,687)	83,037,038
Distributions to shareholders	(3,689,350)	(4,082,150)	(24,756,912)	(34,076,900)
Return of capital	—	—	(7,484,038)	—
Total distributions	(3,689,350)	(4,082,150)	(32,240,950)	(34,076,900)
Share transactions
Proceeds from sales of shares	76,091,208	84,423,869	623,288,190	590,575,099
Cost of shares redeemed	(101,766,943)	(130,623,126)	(285,514,758)	(297,879,834)
Net increase (decrease) in net assets resulting from share transactions	(25,675,735)	(46,199,257)	337,773,432	292,695,265
Total increase (decrease) in net assets	(34,557,148)	(66,384,977)	222,150,795	341,655,403
Net Assets
Beginning of year	199,043,211	265,428,188	844,002,883	502,347,480
End of year	$ 164,486,063	$ 199,043,211	$1,066,153,678	$ 844,002,883
Other Information
Shares
Sold	2,350,000	2,650,000	25,200,000	23,800,000
Redeemed	(3,450,000)	(4,200,000)	(12,950,000)	(12,400,000)
Net increase (decrease)	(1,100,000)	(1,550,000)	12,250,000	11,400,000

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

Financial Statements – continued

^{Financial Highlights}

	Fidelity MSCI Communication Services Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2016
Selected Per-Share Data
Net asset value, beginning of period	$ 34.35	$ 28.76	$ 32.62	$ 32.10	$ 26.86
Income from Investment Operations
Net investment income (loss)^A	0.33	0.49	0.85	0.80	0.78
Net realized and unrealized gain (loss)	3.52	5.59	(2.43)	0.62	5.11
Total from investment operations	3.85	6.08	(1.58)	1.42	5.89
Distributions from net investment income	(0.32)	(0.49)	(1.00)	(0.90)	(0.65)
Distributions from net realized gain	—	—	(1.28)	—	—
Total distributions	(0.32)	(0.49)	(2.28)	(0.90)	(0.65)
Net asset value, end of period	$ 37.88	$ 34.35	$ 28.76	$ 32.62	$ 32.10
Total Return	11.40%	21.33%	(5.14)%	4.58%	22.36%
Ratios to Average Net Assets^B
Expenses before reductions	.08%	.08%	.08%	.08%	.12%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.12%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.12%
Net investment income (loss)	.96%	1.53%	2.81%	2.55%	2.74%
Supplemental Data
Net assets, end of period (000 omitted)	$577,709	$374,389	$125,104	$115,818	$174,940
Portfolio turnover rate^C,D	23%	82%	38%	27%	26%

^A	Calculated based on average shares outstanding during the period.
^B	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.
^C	Amount does not include the portfolio activity of any underlying funds.
^D	Portfolio turnover rate excludes securities received or delivered in-kind.

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

^{Financial Highlights}

	Fidelity MSCI Consumer Discretionary Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2016
Selected Per-Share Data
Net asset value, beginning of period	$ 46.25	$ 43.32	$ 36.06	$ 31.99	$ 32.06
Income from Investment Operations
Net investment income (loss)^A	0.50	0.51	0.47	0.50	0.43
Net realized and unrealized gain (loss)	11.01	2.96	7.20	4.07	(0.06)
Total from investment operations	11.51	3.47	7.67	4.57	0.37
Distributions from net investment income	(0.51)	(0.54)	(0.41)	(0.50)	(0.44)
Total distributions	(0.51)	(0.54)	(0.41)	(0.50)	(0.44)
Net asset value, end of period	$ 57.25	$ 46.25	$ 43.32	$ 36.06	$ 31.99
Total Return	25.26%	8.15%	21.36%	14.41%	1.25%
Ratios to Average Net Assets^B
Expenses before reductions	.08%	.08%	.08%	.08%	.12%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.12%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.12%
Net investment income (loss)	1.06%	1.18%	1.16%	1.49%	1.41%
Supplemental Data
Net assets, end of period (000 omitted)	$881,589	$728,457	$628,129	$293,913	$262,322
Portfolio turnover rate^C,D	60%	25%	5%	7%	5%

^A	Calculated based on average shares outstanding during the period.
^B	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.
^C	Amount does not include the portfolio activity of any underlying funds.
^D	Portfolio turnover rate excludes securities received or delivered in-kind.

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

Financial Statements – continued

^{Financial Highlights}

	Fidelity MSCI Consumer Staples Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2016
Selected Per-Share Data
Net asset value, beginning of period	$ 35.59	$ 32.33	$ 33.23	$ 32.82	$ 30.31
Income from Investment Operations
Net investment income (loss)^A	0.96	0.94	0.86	0.83	0.75
Net realized and unrealized gain (loss)	1.70	3.23	(0.88)	0.40	2.56
Total from investment operations	2.66	4.17	(0.02)	1.23	3.31
Distributions from net investment income	(0.96)	(0.91)	(0.88)	(0.82)	(0.80)
Total distributions	(0.96)	(0.91)	(0.88)	(0.82)	(0.80)
Net asset value, end of period	$ 37.29	$ 35.59	$ 32.33	$ 33.23	$ 32.82
Total Return	7.74%	13.16%	(0.06)%	3.82%	11.18%
Ratios to Average Net Assets^B
Expenses before reductions	.08%	.08%	.08%	.08%	.12%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.12%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.12%
Net investment income (loss)	2.68%	2.83%	2.65%	2.56%	2.45%
Supplemental Data
Net assets, end of period (000 omitted)	$678,649	$548,070	$311,970	$312,349	$285,504
Portfolio turnover rate^C,D	34%	30%	24%	11%	10%

^A	Calculated based on average shares outstanding during the period.
^B	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.
^C	Amount does not include the portfolio activity of any underlying funds.
^D	Portfolio turnover rate excludes securities received or delivered in-kind.

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

100

^{Financial Highlights}

	Fidelity MSCI Energy Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2016
Selected Per-Share Data
Net asset value, beginning of period	$ 16.79	$ 21.50	$ 18.39	$ 19.03	$ 19.72
Income from Investment Operations
Net investment income (loss)^A	0.51	0.54	0.47	0.57	0.50
Net realized and unrealized gain (loss)	(6.86)	(4.70)	3.22	(0.73)	(0.69)
Total from investment operations	(6.35)	(4.16)	3.69	(0.16)	(0.19)
Distributions from net investment income	(0.97)	(0.55)	(0.58)	(0.48)	(0.50)
Total distributions	(0.97)	(0.55)	(0.58)	(0.48)	(0.50)
Net asset value, end of period	$ 9.47	$ 16.79	$ 21.50	$ 18.39	$ 19.03
Total Return	(39.28)%	(19.42)%	20.52%	(0.96)%	(0.75)%
Ratios to Average Net Assets^B
Expenses before reductions	.08%	.08%	.08%	.08%	.12%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.12%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.12%
Net investment income (loss)	4.18%	2.92%	2.40%	2.91%	2.74%
Supplemental Data
Net assets, end of period (000 omitted)	$449,325	$467,628	$634,157	$431,311	$430,039
Portfolio turnover rate^C,D	17%	6%	5%	10%	19%

^A	Calculated based on average shares outstanding during the period.
^B	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.
^C	Amount does not include the portfolio activity of any underlying funds.
^D	Portfolio turnover rate excludes securities received or delivered in-kind.

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

101

Financial Statements – continued

^{Financial Highlights}

	Fidelity MSCI Financials Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2016
Selected Per-Share Data
Net asset value, beginning of period	$ 41.22	$ 41.05	$ 36.94	$ 28.61	$ 29.78
Income from Investment Operations
Net investment income (loss)^A	1.00	0.89	0.75	0.61	0.63
Net realized and unrealized gain (loss)	(7.09)	0.18 ^B	4.11	8.28	(1.11)
Total from investment operations	(6.09)	1.07	4.86	8.89	(0.48)
Distributions from net investment income	(1.01)	(0.90)	(0.75)	(0.56)	(0.69)
Total distributions	(1.01)	(0.90)	(0.75)	(0.56)	(0.69)
Net asset value, end of period	$ 34.12	$ 41.22	$ 41.05	$ 36.94	$ 28.61
Total Return	(14.78)%	2.80%	13.23%	31.31%	(1.49)%
Ratios to Average Net Assets^C
Expenses before reductions	.08%	.08%	.08%	.08%	.12%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.12%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.12%
Net investment income (loss)	2.61%	2.27%	1.88%	1.77%	2.29%
Supplemental Data
Net assets, end of period (000 omitted)	$725,059	$1,143,858	$1,574,375	$921,679	$237,490
Portfolio turnover rate^D,E	6%	5%	5%	18%	8%

^A	Calculated based on average shares outstanding during the period.
^B	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund.
^C	Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests.
^D	Amount does not include the portfolio activity of any underlying funds.
^E	Portfolio turnover rate excludes securities received or delivered in-kind.

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

102

^{Financial Highlights}

	Fidelity MSCI Health Care Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2016
Selected Per-Share Data
Net asset value, beginning of period	$ 44.43	$ 43.72	$ 38.44	$ 35.67	$ 37.16
Income from Investment Operations
Net investment income (loss)^A	0.72	0.63	0.56	0.51	0.44
Net realized and unrealized gain (loss)	7.88	1.01	5.29	2.76	(1.49)
Total from investment operations	8.60	1.64	5.85	3.27	(1.05)
Distributions from net investment income	(0.69)	(0.93)	(0.57)	(0.50)	(0.44)
Total distributions	(0.69)	(0.93)	(0.57)	(0.50)	(0.44)
Net asset value, end of period	$ 52.34	$ 44.43	$ 43.72	$ 38.44	$ 35.67
Total Return	19.69%	3.84%	15.34%	9.30%	(2.73)%
Ratios to Average Net Assets^B
Expenses before reductions	.08%	.08%	.08%	.08%	.12%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.12%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.12%
Net investment income (loss)	1.52%	1.43%	1.39%	1.45%	1.30%
Supplemental Data
Net assets, end of period (000 omitted)	$2,015,266	$1,557,252	$1,252,626	$818,710	$642,124
Portfolio turnover rate^C,D	7%	5%	8%	4%	9%

^A	Calculated based on average shares outstanding during the period.
^B	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.
^C	Amount does not include the portfolio activity of any underlying funds.
^D	Portfolio turnover rate excludes securities received or delivered in-kind.

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

103

Financial Statements – continued

^{Financial Highlights}

	Fidelity MSCI Industrials Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2016
Selected Per-Share Data
Net asset value, beginning of period	$ 40.04	$ 39.51	$ 34.93	$ 30.10	$ 28.05
Income from Investment Operations
Net investment income (loss)^A	0.69	0.70	0.61	0.61	0.54
Net realized and unrealized gain (loss)	(2.48)	0.51 ^B	4.62	4.79	2.04
Total from investment operations	(1.79)	1.21	5.23	5.40	2.58
Distributions from net investment income	(0.70)	(0.68)	(0.65)	(0.57)	(0.53)
Total distributions	(0.70)	(0.68)	(0.65)	(0.57)	(0.53)
Net asset value, end of period	$ 37.55	$ 40.04	$ 39.51	$ 34.93	$ 30.10
Total Return	(4.34)%	3.23%	15.08%	18.08%	9.41%
Ratios to Average Net Assets^C
Expenses before reductions	.08%	.08%	.08%	.08%	.12%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.12%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.12%
Net investment income (loss)	1.80%	1.84%	1.61%	1.85%	1.94%
Supplemental Data
Net assets, end of period (000 omitted)	$347,297	$454,471	$499,824	$354,586	$158,049
Portfolio turnover rate^D,E	4%	5%	5%	5%	11%

^A	Calculated based on average shares outstanding during the period.
^B	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund.
^C	Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests.
^D	Amount does not include the portfolio activity of any underlying funds.
^E	Portfolio turnover rate excludes securities received or delivered in-kind.

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

104

^{Financial Highlights}

	Fidelity MSCI Information Technology Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2016
Selected Per-Share Data
Net asset value, beginning of period	$ 64.53	$ 56.36	$ 44.50	$ 34.93	$ 32.69
Income from Investment Operations
Net investment income (loss)^A	0.87	0.70	0.53	0.48	0.46
Net realized and unrealized gain (loss)	22.70	8.17	11.85	9.54	2.24 ^B
Total from investment operations	23.57	8.87	12.38	10.02	2.70
Distributions from net investment income	(0.85)	(0.70)	(0.52)	(0.45)	(0.46)
Total distributions	(0.85)	(0.70)	(0.52)	(0.45)	(0.46)
Net asset value, end of period	$ 87.25	$ 64.53	$ 56.36	$ 44.50	$ 34.93
Total Return	36.99%	15.94%	27.92%	28.86%	8.41% ^B
Ratios to Average Net Assets^C
Expenses before reductions	.08%	.08%	.08%	.08%	.12%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.12%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.12%
Net investment income (loss)	1.21%	1.22%	1.02%	1.19%	1.42%
Supplemental Data
Net assets, end of period (000 omitted)	$4,288,256	$2,571,364	$2,223,254	$1,010,043	$431,391
Portfolio turnover rate^D,E	5%	18%	4%	6%	5%

^A	Calculated based on average shares outstanding during the period.
^B	Amount includes a reimbursement from the investment advisor for an operational error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 8.38%.
^C	Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests.
^D	Amount does not include the portfolio activity of any underlying funds.
^E	Portfolio turnover rate excludes securities received or delivered in-kind.

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

105

Financial Statements – continued

^{Financial Highlights}

	Fidelity MSCI Materials Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2016
Selected Per-Share Data
Net asset value, beginning of period	$ 32.63	$ 34.70	$ 31.63	$ 27.71	$ 25.91
Income from Investment Operations
Net investment income (loss)^A	0.65	0.65	0.55	0.57	0.50
Net realized and unrealized gain (loss)	0.30 ^B	(2.08)	3.09	3.87	1.83
Total from investment operations	0.95	(1.43)	3.64	4.44	2.33
Distributions from net investment income	(0.68)	(0.64)	(0.57)	(0.52)	(0.53)
Total distributions	(0.68)	(0.64)	(0.57)	(0.52)	(0.53)
Net asset value, end of period	$ 32.90	$ 32.63	$ 34.70	$ 31.63	$ 27.71
Total Return	3.28%	(4.02)%	11.54%	16.17%	9.28%
Ratios to Average Net Assets^C
Expenses before reductions	.08%	.08%	.08%	.08%	.11%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.11%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.11%
Net investment income (loss)	2.08%	2.05%	1.60%	1.93%	2.00%
Supplemental Data
Net assets, end of period (000 omitted)	$164,486	$199,043	$265,428	$211,931	$123,325
Portfolio turnover rate^D,E	3%	12%	10%	7%	9%

^A	Calculated based on average shares outstanding during the period.
^B	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund.
^C	Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests.
^D	Amount does not include the portfolio activity of any underlying funds.
^E	Portfolio turnover rate excludes securities received or delivered in-kind.

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

106

^{Financial Highlights}

	Fidelity MSCI Real Estate Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2016
Selected Per-Share Data
Net asset value, beginning of period	$ 26.58	$ 24.69	$ 24.53	$ 25.83	$ 22.55
Income from Investment Operations
Net investment income (loss)^A	0.67	1.05	0.76	0.68	0.83
Net realized and unrealized gain (loss)	(2.13)	2.08	0.32	(1.12)	3.37
Total from investment operations	(1.46)	3.13	1.08	(0.44)	4.20
Distributions from net investment income	(0.68)	(1.24)	(0.92)	(0.86)	(0.92)
Return of capital	(0.21)	—	—	—	—
Total distributions	(0.89)	(1.24)	(0.92)	(0.86)	(0.92)
Net asset value, end of period	$ 24.23	$ 26.58	$ 24.69	$ 24.53	$ 25.83
Total Return	(5.27)%	13.19%	4.53%	(1.53)%	19.29%
Ratios to Average Net Assets^B
Expenses before reductions	.08%	.08%	.08%	.08%	.11%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.11%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.11%
Net investment income (loss)	2.62%	4.20%	3.15%	2.85%	3.55%
Supplemental Data
Net assets, end of period (000 omitted)	$1,066,154	$844,003	$502,347	$392,538	$183,394
Portfolio turnover rate^C,D	9%	10%	8%	17%	10%

^A	Calculated based on average shares outstanding during the period.
^B	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.
^C	Amount does not include the portfolio activity of any underlying funds.
^D	Portfolio turnover rate excludes securities received or delivered in-kind.

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

107

Financial Statements – continued

^{Financial Highlights}

	Fidelity MSCI Utilities Index ETF
	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2016
Selected Per-Share Data
Net asset value, beginning of period	$ 39.21	$ 34.85	$ 34.64	$ 33.57	$ 28.10
Income from Investment Operations
Net investment income (loss)^A	1.23	1.16	1.10	1.06	0.98
Net realized and unrealized gain (loss)	(0.09)	4.32	0.20	1.09	5.48
Total from investment operations	1.14	5.48	1.30	2.15	6.46
Distributions from net investment income	(1.24)	(1.12)	(1.09)	(1.08)	(0.99)
Total distributions	(1.24)	(1.12)	(1.09)	(1.08)	(0.99)
Net asset value, end of period	$ 39.11	$ 39.21	$ 34.85	$ 34.64	$ 33.57
Total Return	3.13%	15.93%	3.83%	6.61%	23.56%
Ratios to Average Net Assets^B
Expenses before reductions	.08%	.08%	.08%	.08%	.12%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.12%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.12%
Net investment income (loss)	3.06%	3.11%	3.21%	3.22%	3.25%
Supplemental Data
Net assets, end of period (000 omitted)	$844,807	$733,190	$336,273	$277,149	$283,669
Portfolio turnover rate^C,D	5%	7%	6%	6%	9%

^A	Calculated based on average shares outstanding during the period.
^B	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.
^C	Amount does not include the portfolio activity of any underlying funds.
^D	Portfolio turnover rate excludes securities received or delivered in-kind.

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

108

Notes to Financial Statements
For the year ended July 31, 2020

1. Organization.

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

2. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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 Fair Value Committee (the Committee) established by each Fund’s investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund’s investments and ratifies the fair value determinations of the Committee.

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

Level 1 – quoted prices in active markets for identical investments

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

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

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

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds (Underlying Funds) are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated Underlying Fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 in the hierarchy.

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

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

109

Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

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

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

Investment Transactions and Income. For financial reporting purposes, the Funds’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of NYSE Arca, normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Underlying Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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. As of July 31, 2020, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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.

For the period ended July 31, 2020, Fidelity MSCI Real Estate Index ETF distributions exceeded the aggregate amount of taxable income and net realized gains resulting in a return of capital for tax purposes. This was due to reductions in taxable income available for distribution after certain distributions had been made. The tax treatment of distributions for the 2020 calendar year will be reported to shareholders prior to February 1, 2021.

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	$ 510,024,984	$ 94,998,235	$ (28,155,668)	$ 66,842,567
Fidelity MSCI Consumer Discretionary Index ETF	723,618,530	188,783,673	(33,941,886)	154,841,787

110

2. Significant Accounting Policies – continued

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation) on securities and other investments
Fidelity MSCI Consumer Staples Index ETF	$ 659,572,921	$ 45,499,895	$ (27,330,262)	$ 18,169,633
Fidelity MSCI Energy Index ETF	754,526,543	891,591	(307,102,010)	(306,210,419)
Fidelity MSCI Financials Index ETF	857,282,309	50,286,575	(183,559,207)	(133,272,632)
Fidelity MSCI Health Care Index ETF	1,715,886,565	366,923,004	(70,561,289)	296,361,715
Fidelity MSCI Industrials Index ETF	384,452,461	38,464,846	(75,866,972)	(37,402,126)
Fidelity MSCI Information Technology Index ETF	2,845,555,803	1,502,963,020	(65,513,498)	1,437,449,522
Fidelity MSCI Materials Index ETF	184,043,133	17,144,193	(36,861,587)	(19,717,394)
Fidelity MSCI Real Estate Index ETF	1,120,530,471	110,191,054	(164,358,250)	(54,167,196)
Fidelity MSCI Utilities Index ETF	837,203,561	59,181,997	(54,280,278)	4,901,719

The tax-based components of distributable earnings as of period end were as follows for each Fund:

	Undistributed ordinary income	Undistributed capital gains	Capital loss carryforward	Net unrealized appreciation (depreciation)
Fidelity MSCI Communication Services Index ETF	$ 650,260	$ —	$ (31,149,976)	$ 66,842,567
Fidelity MSCI Consumer Discretionary Index ETF	112,981	—	(14,621,376)	154,841,787
Fidelity MSCI Consumer Staples Index ETF	1,109,590	—	(8,472,827)	18,169,633
Fidelity MSCI Energy Index ETF	—	—	(80,360,155)	(306,210,419)
Fidelity MSCI Financials Index ETF	1,111,132	—	(26,820,459)	(133,272,632)
Fidelity MSCI Health Care Index ETF	1,635,288	—	(28,785,813)	296,361,715
Fidelity MSCI Industrials Index ETF	68,618	—	(11,013,717)	(37,402,126)
Fidelity MSCI Information Technology Index ETF	1,846,797	—	(34,535,027)	1,437,449,522
Fidelity MSCI Materials Index ETF	77,548	—	(9,135,613)	(19,717,394)
Fidelity MSCI Real Estate Index ETF	—	—	(24,368,297)	(54,167,196)
Fidelity MSCI Utilities Index ETF	—	—	(19,761,809)	4,901,719

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal 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	$ (14,001,695)	$ (17,148,281)	$ (31,149,976)
Fidelity MSCI Consumer Discretionary Index ETF	—	(14,621,376)	(14,621,376)
Fidelity MSCI Consumer Staples Index ETF	(178,999)	(8,293,828)	(8,472,827)
Fidelity MSCI Energy Index ETF	(8,497,463)	(71,862,692)	(80,360,155)
Fidelity MSCI Financials Index ETF	(9,368,382)	(17,452,077)	(26,820,459)
Fidelity MSCI Health Care Index ETF	(8,190,251)	(20,595,562)	(28,785,813)
Fidelity MSCI Industrials Index ETF	(2,606,950)	(8,406,767)	(11,013,717)
Fidelity MSCI Information Technology Index ETF	(32,782,328)	(1,752,699)	(34,535,027)
Fidelity MSCI Materials Index ETF	(3,426,357)	(5,709,256)	(9,135,613)
Fidelity MSCI Real Estate Index ETF	(11,697,726)	(12,670,571)	(24,368,297)
Fidelity MSCI Utilities Index ETF	(8,050,781)	(11,711,028)	(19,761,809)

The tax character of distributions paid was as follows:

July 31, 2020
	Ordinary Income	Long-Term Capital Gain	Tax Return Of Capital	Total
Fidelity MSCI Communication Services Index ETF	$ 4,434,950	$ —	$ —	$ 4,434,950
Fidelity MSCI Consumer Discretionary Index ETF	7,815,800	—	—	7,815,800
Fidelity MSCI Consumer Staples Index ETF	15,887,400	—	—	15,887,400
Fidelity MSCI Energy Index ETF	29,582,350	—	—	29,582,350

111

	% of fund's net assets
Facebook, Inc. Class A	17.4
Alphabet, Inc. Class C	11.0
Alphabet, Inc. Class A	10.7
Verizon Communications, Inc.	5.4
Comcast Corp. Class A	4.5
Netflix, Inc.	4.3
The Walt Disney Co.	4.1
AT&T, Inc.	4.1
Charter Communications, Inc. Class A	3.3
T-Mobile US, Inc.	3.0
	67.8

	% of fund's net assets
Amazon.com, Inc.	24.4
The Home Depot, Inc.	8.0
Tesla, Inc.	6.0
McDonald's Corp.	4.3
NIKE, Inc. Class B	3.7
Lowe's Cos., Inc.	3.0
Starbucks Corp.	2.6
Booking Holdings, Inc.	2.3
The TJX Cos., Inc.	2.1
MercadoLibre, Inc.	1.8
	58.2

	% of fund's net assets
The Procter & Gamble Co.	15.6
The Coca-Cola Co.	9.3
PepsiCo, Inc.	9.0
Walmart, Inc.	8.8
Costco Wholesale Corp.	6.9
Philip Morris International, Inc.	4.7
Mondelez International, Inc. Class A	3.9
Altria Group, Inc.	3.8
Colgate-Palmolive Co.	3.1
Kimberly-Clark Corp.	2.6
	67.7

	% of fund's net assets
Exxon Mobil Corp.	23.1
Chevron Corp.	20.5
ConocoPhillips	5.2
Kinder Morgan, Inc.	3.7
EOG Resources, Inc.	3.5
Phillips 66	3.5
Schlumberger Ltd.	3.3
Marathon Petroleum Corp.	3.2
The Williams Cos., Inc.	3.0
Valero Energy Corp.	3.0
	72.0

	% of fund's net assets
JPMorgan Chase & Co.	9.1
Berkshire Hathaway, Inc. Class B	8.3
Bank of America Corp.	6.0
Citigroup, Inc.	3.2
Wells Fargo & Co.	2.9
BlackRock, Inc.	2.7
S&P Global, Inc.	2.6
The Goldman Sachs Group, Inc.	2.0
American Express Co.	1.9
CME Group, Inc.	1.8
	40.5

	% of fund's net assets
Apple, Inc.	21.4
Microsoft Corp.	17.0
Visa, Inc. Class A	3.7
Mastercard, Inc. Class A	3.2
NVIDIA Corp.	3.0
PayPal Holdings, Inc.	2.5
Adobe, Inc.	2.5
Intel Corp.	2.3
Cisco Systems, Inc.	2.3
Salesforce.com, Inc.	1.9
	59.8

	% of fund's net assets
Linde PLC	14.9
Air Products & Chemicals, Inc.	7.2
Newmont Corp.	6.3
The Sherwin-Williams Co.	6.1
Ecolab, Inc.	5.4
DuPont de Nemours, Inc.	4.5
Dow, Inc.	3.5
PPG Industries, Inc.	2.9
Ball Corp.	2.7
Corteva, Inc.	2.4
	55.9

	% of fund's net assets
American Tower Corp.	10.3
Prologis, Inc.	6.9
Crown Castle International Corp.	6.2
Equinix, Inc.	4.9
Digital Realty Trust, Inc.	3.7
SBA Communications Corp.	3.2
Public Storage	2.8
Alexandria Real Estate Equities, Inc.	2.0
Welltower, Inc.	1.9
AvalonBay Communities, Inc.	1.9
	43.8

	% of fund's net assets
NextEra Energy, Inc.	14.4
Dominion Energy, Inc.	7.1
Duke Energy Corp.	6.5
The Southern Co.	6.0
American Electric Power Co., Inc.	4.5
Exelon Corp.	3.9
Sempra Energy	3.8
Xcel Energy, Inc.	3.8
WEC Energy Group, Inc.	3.1
Eversource Energy	3.1
	56.2