Quarterly Holdings Report

for

Fidelity^® Low Volatility Factor ETF

October 31, 2019

T18-QTLY-1219

1.9880051.103

Schedule of Investments October 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares		Value
COMMUNICATION SERVICES – 10.0%
Diversified Telecommunication Services – 2.4%
AT&T, Inc.		107,491	$	4,137,329
Verizon Communications, Inc.		62,907		3,803,986
				7,941,315
Entertainment – 1.0%
The Walt Disney Co.		25,590		3,324,653
Interactive Media & Services – 4.7%
Alphabet, Inc. Class A (a)		7,499		9,439,741
Facebook, Inc. Class A (a)		30,919		5,925,627
				15,365,368
Media – 1.5%
Cable One, Inc.		680		901,252
Comcast Corp. Class A		69,971		3,136,100
Omnicom Group, Inc.		12,017		927,592
				4,964,944
Wireless Telecommunication Services – 0.4%
T-Mobile US, Inc. (a)		13,081		1,081,275
TOTAL COMMUNICATION SERVICES				32,677,555
CONSUMER DISCRETIONARY – 10.2%
Diversified Consumer Services – 0.7%
Bright Horizons Family Solutions, Inc. (a)		14,523		2,156,956
Hotels, Restaurants & Leisure – 3.3%
Darden Restaurants, Inc.		18,590		2,087,099
McDonald’s Corp.		18,888		3,715,270
Starbucks Corp.		35,960		3,040,778
Yum! Brands, Inc.		21,323		2,168,762
				11,011,909
Multiline Retail – 1.0%
Target Corp.		31,096		3,324,473
Specialty Retail – 4.1%
AutoZone, Inc. (a)		2,163		2,475,294
O’Reilly Automotive, Inc. (a)		6,442		2,805,555
The Home Depot, Inc.		22,379		5,249,666
The TJX Cos., Inc.		53,369		3,076,723
				13,607,238
Textiles, Apparel & Luxury Goods – 1.1%
NIKE, Inc. Class B		39,214		3,511,614
TOTAL CONSUMER DISCRETIONARY				33,612,190
CONSUMER STAPLES – 6.9%
Beverages – 2.2%
PepsiCo, Inc.		26,166		3,589,190
The Coca-Cola Co.		69,439		3,779,565
				7,368,755
Food & Staples Retailing – 1.0%
Walmart, Inc.		27,551		3,230,630
Food Products – 1.3%
Hormel Foods Corp. (b)		33,417		1,366,421
McCormick & Co., Inc. (non-vtg.)		9,351		1,502,612

	Shares		Value
The Hershey Co.		9,850	$	1,446,670
				4,315,703
Household Products – 2.4%
Church & Dwight Co., Inc.		19,705		1,378,168
The Clorox Co.		9,492		1,401,873
The Procter & Gamble Co.		39,654		4,937,320
				7,717,361
TOTAL CONSUMER STAPLES				22,632,449
ENERGY – 4.2%
Oil, Gas & Consumable Fuels – 4.2%
Chevron Corp.		29,229		3,394,656
Exxon Mobil Corp.		60,421		4,082,647
Kinder Morgan, Inc.		62,321		1,245,174
ONEOK, Inc.		16,403		1,145,421
Phillips 66		12,827		1,498,450
Pioneer Natural Resources Co.		8,444		1,038,781
Valero Energy Corp.		14,349		1,391,566
TOTAL ENERGY				13,796,695
FINANCIALS – 13.2%
Capital Markets – 2.6%
Cboe Holdings, Inc.		20,538		2,364,951
CME Group, Inc.		15,322		3,152,502
Intercontinental Exchange, Inc.		31,448		2,966,175
				8,483,628
Diversified Financial Services – 2.1%
Berkshire Hathaway, Inc. Class B (a)		33,620		7,146,940
Insurance – 6.3%
Aflac, Inc.		50,970		2,709,565
Arch Capital Group Ltd. (a)		62,055		2,591,417
Chubb Ltd.		20,002		3,048,705
Everest Re Group Ltd.		9,526		2,449,039
Loews Corp.		44,896		2,199,904
Marsh & McLennan Cos., Inc.		28,337		2,936,280
The Progressive Corp.		34,320		2,392,104
WR Berkley Corp.		33,837		2,365,206
				20,692,220
Mortgage Real Estate Investment Trusts (REITs) – 2.2%
Blackstone Mortgage Trust, Inc. Class A		64,087		2,326,358
MFA Financial, Inc.		316,196		2,399,928
Starwood Property Trust, Inc.		98,904		2,433,038
				7,159,324
TOTAL FINANCIALS				43,482,112
HEALTH CARE – 13.9%
Health Care Equipment & Supplies – 3.8%
Danaher Corp.		22,126		3,049,405
Medtronic PLC		35,884		3,907,768
ResMed, Inc.		17,471		2,584,310

2

Common Stocks – continued
	Shares		Value
HEALTH CARE – continued
Health Care Equipment & Supplies – continued
Stryker Corp.		13,351	$	2,887,421
				12,428,904
Health Care Providers & Services – 3.2%
Anthem, Inc.		10,077		2,711,519
Cigna Corp. (a)		16,720		2,983,851
UnitedHealth Group, Inc.		19,494		4,926,134
				10,621,504
Pharmaceuticals – 6.9%
Bristol-Myers Squibb Co. (b)		65,684		3,768,291
Eli Lilly & Co.		28,971		3,301,246
Johnson & Johnson		47,611		6,286,556
Merck & Co., Inc.		55,360		4,797,498
Pfizer, Inc.		118,439		4,544,504
				22,698,095
TOTAL HEALTH CARE				45,748,503
INDUSTRIALS – 9.5%
Aerospace & Defense – 2.6%
Lockheed Martin Corp.		8,014		3,018,714
Northrop Grumman Corp.		7,396		2,606,942
Raytheon Co.		13,677		2,902,396
				8,528,052
Air Freight & Logistics – 0.5%
CH Robinson Worldwide, Inc. (b)		24,567		1,858,248
Commercial Services & Supplies – 2.0%
Republic Services, Inc.		23,590		2,064,361
Rollins, Inc.		57,934		2,207,865
Waste Management, Inc.		20,558		2,306,813
				6,579,039
Industrial Conglomerates – 1.9%
3M Co.		17,245		2,845,252
Honeywell International, Inc.		19,246		3,324,362
				6,169,614
Machinery – 0.6%
The Toro Co.		26,918		2,076,185
Professional Services – 1.9%
Exponent, Inc.		27,895		1,772,169
IHS Markit Ltd. (a)		33,213		2,325,574
Verisk Analytics, Inc.		14,048		2,032,746
				6,130,489
TOTAL INDUSTRIALS				31,341,627
INFORMATION TECHNOLOGY – 21.8%
Electronic Equipment, Instruments & Components – 0.9%
Amphenol Corp. Class A		30,183		3,028,260
IT Services – 12.6%
Accenture PLC Class A		19,801		3,671,502
Amdocs Ltd.		39,995		2,607,674
Automatic Data Processing, Inc.		19,871		3,223,672

	Shares		Value
Broadridge Financial Solutions, Inc.		20,242	$	2,534,703
Fidelity National Information Services, Inc.		25,575		3,369,762
Fiserv, Inc. (a)		29,767		3,159,469
Genpact Ltd.		63,004		2,467,867
Jack Henry & Associates, Inc.		18,201		2,576,534
Mastercard, Inc. Class A		18,914		5,235,584
Paychex, Inc.		32,677		2,733,104
PayPal Holdings, Inc. (a)		35,074		3,651,204
Visa, Inc. Class A		33,122		5,924,201
				41,155,276
Semiconductors & Semiconductor Equipment – 1.7%
Intel Corp.		99,834		5,643,616
Software – 6.6%
Check Point Software Technologies Ltd. (a)		23,404		2,630,844
Microsoft Corp.		105,150		15,075,355
Oracle Corp.		71,423		3,891,839
				21,598,038
TOTAL INFORMATION TECHNOLOGY				71,425,190
MATERIALS – 2.5%
Chemicals – 1.6%
Air Products & Chemicals, Inc.		4,977		1,061,395
Ecolab, Inc.		5,673		1,089,613
International Flavors & Fragrances, Inc. (b)		5,049		616,028
Linde PLC		9,372		1,858,936
NewMarket Corp.		1,340		650,557
				5,276,529
Construction Materials – 0.3%
Vulcan Materials Co.		5,609		801,358
Containers & Packaging – 0.6%
Aptargroup, Inc.		5,421		640,491
Ball Corp.		11,284		789,542
Sonoco Products Co.		10,482		604,811
				2,034,844
TOTAL MATERIALS				8,112,731
REAL ESTATE – 4.1%
Equity Real Estate Investment Trusts (REITs) – 4.1%
American Tower Corp.		7,497		1,634,946
AvalonBay Communities, Inc.		3,900		848,874
Camden Property Trust		5,546		634,296
Crown Castle International Corp.		8,349		1,158,758
Equity Commonwealth		14,892		479,224
Equity Lifestyle Properties, Inc.		9,431		659,604
Essex Property Trust, Inc.		2,257		738,332
Federal Realty Investment Trust		4,375		595,044
Invitation Homes, Inc.		21,598		665,002

3

Schedule of Investments (Unaudited) – continued

Common Stocks – continued
	Shares		Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Mid-America Apartment Communities, Inc.		5,159	$	717,049
National Retail Properties, Inc.		10,693		629,925
Public Storage		3,641		811,433
Realty Income Corp.		10,272		840,147
Simon Property Group, Inc.		6,526		983,338
Sun Communities, Inc.		4,497		731,437
UDR, Inc.		13,196		663,099
WP Carey, Inc.		7,230		665,594
TOTAL REAL ESTATE				13,456,102
UTILITIES – 3.5%
Electric Utilities – 2.2%
American Electric Power Co., Inc.		13,003		1,227,353
Duke Energy Corp.		15,919		1,500,525
NextEra Energy, Inc.		8,698		2,073,082
The Southern Co.		23,412		1,466,996
Xcel Energy, Inc.		16,567		1,052,170
				7,320,126
Multi-Utilities – 1.3%
CMS Energy Corp.		14,181		906,449
Consolidated Edison, Inc.		11,296		1,041,717
Dominion Energy, Inc.		17,825		1,471,454
DTE Energy Co.		7,084		901,935
				4,321,555
TOTAL UTILITIES				11,641,681
TOTAL COMMON STOCKS (Cost $302,531,580)				327,926,835

Money Market Funds – 1.9%
	Shares		Value
Fidelity Cash Central Fund, 1.83% (c)		291,207	$	291,265
Fidelity Securities Lending Cash Central Fund, 1.84% (c)(d)		5,465,402		5,901,655
TOTAL MONEY MARKET FUNDS (Cost $6,192,955)				6,192,920
TOTAL INVESTMENT IN SECURITIES – 101.7% (Cost $308,724,535)				334,119,755
NET OTHER ASSETS (LIABILITIES) (e) – (1.7%)				(5,708,790	)
NET ASSETS – 100.0%			$	328,410,965

Legend

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request.

(d) Investment made with cash collateral received from securities on loan.

(e) Includes $18,900 of cash collateral to cover margin requirements for futures contracts.

Futures Contracts
Purchased	Number of contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Equity Index Contract
CME E-mini S&P 500 Index Future Contracts		3		December 2019	$	455,370	$	10,902	$	10,902

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$	1,233
Fidelity Securities Lending Cash Central Fund		1,617
Total	$	2,850

Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.

4

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund’s investments to the Fair Value Committee (the Committee) established by the Fund’s investment adviser. In accordance with valuation policies and procedures approved by the Board, the 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 the 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 the Fund’s investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the 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, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.

5

The fund’s schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund’s shareholders. For more information regarding the fund and its holdings, please see the fund’s most recent prospectus and semiannual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

6