UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07319

 

 

Fidelity Covington Trust

(Exact name of registrant as specified in charter)

 

 

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

 

 

Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

 

 

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

Date of fiscal year end: July 31

Date of reporting period: July 31, 2021

 

 

 


Item 1.

Reports to Stockholders


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
Fidelity® MSCI Utilities Index ETF
Annual Report
July 31, 2021


Contents
Note to Shareholders 3  
Market Recap 4  
Performance and Management's Discussion of Fund Performance 5  
Schedule of Investments 38  
Financial Statements 88  
Notes to Financial Statements 111  
Report of Independent Registered Public Accounting Firm 117  
Trustees and Officers 118  
Shareholder Expense Example 125  
Distributions 127  
Board Approval of Investment Advisory Contracts and Management Fees 128  
Liquidity Risk Management Program 143  
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.
© 2021 FMR LLC. All Rights reserved.    
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.
 Annual Report 2


Table of Contents
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 the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, 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, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
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.
3 Annual Report 


Table of Contents
Market Recap
The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.
 Annual Report 4


Table of Contents
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 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, 2021
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
fund
Fidelity MSCI Communication Services Index ETF – NAVA 45.81 14.35 13.42
Fidelity MSCI Communication Services Index ETF – Market PriceB 45.90 14.34 13.42
MSCI USA IMI Communication Services 25/50 IndexA 45.94 14.48 13.50
S&P 500 IndexA 36.45 17.35 14.86
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.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
Effective December 1, 2018, the fund’s sector index changed from the MSCI USA IMI Telecommunication Services 25/50 Index to the MSCI USA IMI Communication Services 25/50 Index.
$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.
5 Annual Report 


Table of Contents
Fidelity® MSCI Communication Services Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2021, the exchange-traded fund's (ETF) net asset value gained 45.81%, roughly in line with the 45.94% advance of the MSCI USA IMI Communication Services 25/50 Index. The ETF's market price rose 45.90% the past 12 months, while the broad-based S&P 500 index advanced 36.45%. By subindustry, interactive media & services gained 67% and contributed most, followed by movies & entertainment, which gained 42%, and cable & satellite, which advanced about 32%. The broadcasting subindustry rose about 53%, advertising gained roughly 68%, and wireless telecommunication services advanced 29%. Other notable contributors included the alternative carriers (+26%), publishing (+56%), integrated telecommunication services (+2%), interactive home entertainment (+3%), and application software (+15%) subindustries. Turning to individual stocks, the biggest individual contributor was Alphabet (+81%), from the interactive media & services group. In interactive media & services, Facebook (+40%) and Snap (+232%) helped. Disney, within the movies & entertainment segment, advanced about 50% and lifted the fund. Another contributor was Comcast (+40%), a stock in the cable & satellite category. In contrast, the biggest individual detractor was Magnite (-24%), from the advertising industry. Cogent Communications Holdings, within the alternative carriers segment, returned roughly -10% and hindered the fund. In interactive media & services, IAC/Interactive (+4%) and Angi (-27%) hurt. Another detractor was Skillz (-19%), a stock in the interactive home entertainment group.
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.
 Annual Report 6


Table of Contents
Fidelity® MSCI Communication Services Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2021
  % of fund's
net assets
Facebook, Inc. Class A 17.2
Alphabet, Inc. Class A 12.3
Alphabet, Inc. Class C 12.1
The Walt Disney Co. 5.7
Comcast Corp. Class A 4.4
Netflix, Inc. 4.4
Verizon Communications, Inc. 4.0
AT&T, Inc. 3.7
Charter Communications, Inc. Class A 2.6
T-Mobile US, Inc. 2.1
  68.5
 
Industries as of July 31, 2021
* Includes short-term investments and net other assets.
 
7 Annual Report 


Table of Contents
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.*
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 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, 2021
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
fund
Fidelity MSCI Consumer Discretionary Index ETF – NAVA 42.95 21.88 17.62
Fidelity MSCI Consumer Discretionary Index ETF – Market PriceB 42.93 21.89 17.50
Fidelity MSCI Consumer Discretionary Index ETF Capped Linked IndexA 42.31 21.82 17.64
MSCI USA IMI Consumer Discretionary IndexA 39.29 21.30 17.32
S&P 500 IndexA 36.45 17.35 14.86
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.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$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 Fidelity MSCI Consumer Discretionary Index ETF Capped Linked Index, the MSCI USA IMI Consumer Discretionary Index, and the S&P 500 Index performed over the same period.
Effective December 1, 2020, the fund's benchmark changed from the MSCI USA IMI Consumer Discretionary Index to the Fidelity MSCI Consumer Discretionary Index ETF Capped Linked Index.
 Annual Report 8


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2021, the exchange-traded fund's (ETF) net asset value gained 42.95%, roughly in line with the 42.31% advance of the Fidelity MSCI Consumer Discretionary Index ETF Capped Linked Index. The ETF's market price rose 42.93% the past 12 months, while the broad-based S&P 500 index advanced 36.45%. By subindustry, automobile manufacturers gained 132% and notably contributed, along with restaurants, which gained approximately 46%, and home improvement retail, which advanced roughly 29%. The footwear subindustry rose roughly 78%, internet & direct marketing retail gained 9%, and hotels, resorts & cruise lines advanced 54%. Other notable contributors included the apparel retail (+66%), general merchandise stores (+58%), automotive retail (+47%), auto parts & equipment (+75%), apparel, accessories & luxury goods (+56%), and homebuilding (+42%) subindustries. Turning to individual stocks, the top contributor was Tesla (+140%), from the automobile manufacturers category. In footwear, Nike (+72%) was helpful and Home Depot (+26%) from the home improvement retail industry also contributed. Target, within the general merchandise stores group, rose 111% and Starbucks, within the restaurants segment, gained about 61% and boosted the fund. Conversely, the biggest individual detractor was Strategic Education (-33%), from the education services industry, followed by Grubhub (-17%), which is in the internet & direct marketing retail segment. Within casinos & gaming, Las Vegas Sands returned roughly -2% and hindered the fund. Other detractors were Ollies Bargain Outlet Holdings (-9%), a stock in the general merchandise stores group, and Stride (-33%), from the education services category.
Note to shareholders: Effective December 1, 2020, a capped version of the fund's benchmark was adopted.
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.
9 Annual Report 


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2021
  % of fund's
net assets
Amazon.com, Inc. 21.9
Tesla, Inc. 9.3
The Home Depot, Inc. 6.5
NIKE, Inc. Class B 3.9
McDonald's Corp. 3.3
Starbucks Corp. 2.6
Lowe's Cos., Inc. 2.6
Target Corp. 2.4
Booking Holdings, Inc. 1.7
The TJX Cos., Inc. 1.6
  55.8
 
Industries as of July 31, 2021
* Includes short-term investments and net other assets.
 
 Annual Report 10


Table of Contents
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.*
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 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, 2021
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
fund
Fidelity MSCI Consumer Staples Index ETF – NAVA 19.09 8.54 10.15
Fidelity MSCI Consumer Staples Index ETF – Market PriceB 19.12 8.55 9.97
Fidelity MSCI Consumer Staples Index ETF Capped Linked IndexA 19.21 8.68 10.30
MSCI USA IMI Consumer Staples IndexA 18.93 8.63 10.27
S&P 500 IndexA 36.45 17.35 14.86
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.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$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 Fidelity MSCI Consumer Staples Index ETF Capped Linked Index, the MSCI USA IMI Consumer Staples Index, and the S&P 500 Index performed over the same period.
Effective December 1, 2020, the fund's benchmark changed from the MSCI USA IMI Consumer Staples Index to the Fidelity MSCI Consumer Staples Index ETF Capped Linked Index.
11 Annual Report 


Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2021, the exchange-traded fund's (ETF’s) net asset value gained 19.09%, roughly in line with the 19.21% advance of the Fidelity MSCI Consumer Staples Index ETF Capped Linked Index. The ETF's market price rose 19.12% the past 12 months, while the broad-based S&P 500 index advanced 36.45%. By industry, soft drinks gained 21%, hypermarkets & super centers rose 22%, and tobacco advanced roughly 33%. The personal products industry rose 61%, packaged foods & meats gained 10%, and household products advanced 6%. Other notable contributors included the agricultural products (+57%), food distributors (+54%), distillers & vintners (+18%), food retail (+16%), drug retail (+20%), and brewers (+7%) industries. Turning to individual stocks, the top contributor was Costco Wholesale (+37%) from the hypermarkets & super centers industry. In soft drinks, Coca Cola (+25%) was helpful, and Procter & Gamble (+11%) from the household products segment also contributed. In addition, Philip Morris International, within the tobacco group, rose about 38% and Estee Lauder, within the personal products category, gained about 70%. Conversely, the biggest individual detractor was Clorox (-21%) from the household products industry. Kimberly Clark (-8%) and Church & Dwight (-9%), also from the household products industry, hurt. Other detractors were McCormick (-12%) and Conagra Brands (-8%), each from the packaged foods & meats group.
Note to shareholders: Effective December 1, 2020, a capped version of the fund's benchmark was adopted.
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.
 Annual Report 12


Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2021
  % of fund's
net assets
The Procter & Gamble Co. 14.2
The Coca-Cola Co. 9.1
PepsiCo, Inc. 8.5
Walmart, Inc. 8.3
Costco Wholesale Corp. 7.0
Philip Morris International, Inc. 4.6
Mondelez International, Inc. Class A 3.8
Altria Group, Inc. 3.5
The Estee Lauder Cos., Inc. Class A 3.2
Colgate-Palmolive Co. 2.7
  64.9
 
Industries as of July 31, 2021
* Includes short-term investments and net other assets.
 
13 Annual Report 


Table of Contents
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.*
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 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, 2021
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
fund
Fidelity MSCI Energy Index ETF – NAVA 48.79 -2.76 -4.43
Fidelity MSCI Energy Index ETF – Market PriceB 48.67 -2.74 -4.40
Fidelity MSCI Energy Index ETF Capped Linked IndexA 48.97 -2.69 -4.35
MSCI USA IMI Energy IndexA 48.84 -2.71 -4.36
S&P 500 IndexA 36.45 17.35 14.86
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.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$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 Fidelity MSCI Energy Index ETF Capped Linked Index, the MSCI USA IMI Energy Index, and the S&P 500 Index performed over the same period.
Effective December 1, 2020, the fund's benchmark changed from the MSCI USA IMI Energy Index to the Fidelity MSCI Energy Index ETF Capped Linked Index.
 Annual Report 14


Table of Contents
Fidelity® MSCI Energy Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2021, the exchange-traded fund's (ETF) net asset value gained 48.79%, roughly in line with the 48.97% advance of the Fidelity MSCI Energy Index ETF Capped Linked Index. The ETF's market price rose 48.67% the past 12 months, while the broad-based S&P 500 index advanced 36.45%. By subindustry, integrated oil & gas rose 39% and contributed, along with oil & gas exploration & production, which gained 72%. The oil & gas storage & transportation subindustry rose 55%, oil & gas equipment & services gained 52%, and oil & gas refining & marketing advanced 35%. Other notable contributors included the oil & gas drilling (+83%), coal & consumable fuels (+71%), marine (+14%), and construction & engineering (+9%) subindustries. Turning to individual stocks, the biggest individual contributor was Exxon Mobil (+47%), from the integrated oil & gas category. Chevron, within the integrated oil & gas industry, advanced 28% and lifted the fund. In oil & gas exploration & production, ConocoPhillips (+57%) and EOG Resources (+62%) helped. Another contributor was Schlumberger (+63%), a stock in the oil & gas equipment & services segment. Conversely, the biggest individual detractor was Cabot Oil & Gas (-12%), from the oil & gas exploration & production group. In oil & gas exploration & production, Callon Petroleum (+1%), SM Energy (-6%), Noble Energy (-13%), and Denbury (0%) all hurt the fund.
Note to shareholders: Effective December 1, 2020, a capped version of the fund's benchmark was adopted.
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.
15 Annual Report 


Table of Contents
Fidelity® MSCI Energy Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2021
  % of fund's
net assets
Exxon Mobil Corp. 21.7
Chevron Corp. 17.5
ConocoPhillips 6.7
EOG Resources, Inc. 3.8
Schlumberger N.V. 3.6
Marathon Petroleum Corp. 3.2
Kinder Morgan, Inc. 3.1
Phillips 66 2.9
The Williams Cos., Inc. 2.7
Pioneer Natural Resources Co. 2.7
  67.9
 
Industries as of July 31, 2021
* Includes short-term investments and net other assets.
 
 Annual Report 16


Table of Contents
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.*
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 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, 2021
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
fund
Fidelity MSCI Financials Index ETF – NAVA 56.15 15.25 12.30
Fidelity MSCI Financials Index ETF – Market PriceB 56.34 15.26 12.35
Fidelity MSCI Financials Index ETF Capped Linked IndexA 56.25 15.38 12.42
MSCI USA IMI Financials IndexA 56.25 15.38 12.42
S&P 500 IndexA 36.45 17.35 14.86
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.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$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 Fidelity MSCI Financials Index ETF Capped Linked Index, the MSCI USA IMI Financials Index, and the S&P 500 Index performed over the same period.
Effective December 1, 2020, the fund's benchmark changed from the MSCI USA IMI Financials Index to the Fidelity MSCI Financials Index ETF Capped Linked Index.
17 Annual Report 


Table of Contents
Fidelity® MSCI Financials Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2021, the exchange-traded fund's (ETF) net asset value gained 56.15%, roughly in line with the 56.25% advance of the Fidelity MSCI Financials Index ETF Capped Linked Index. The ETF's market price rose 56.34% the past 12 months, while the broad-based S&P 500 index advanced 36.45%. By subindustry, diversified banks gained roughly 61% and notably contributed, followed by regional banks, which gained about 71%, and investment banking & brokerage, which advanced 98%. The asset management & custody banks subindustry rose 66%, consumer finance gained 105%, and multi-sector holdings advanced roughly 42%. Other notable contributors included the financial exchanges & data (+30%), property & casualty insurance (+29%), life & health insurance (+58%), insurance brokers (+22%), multi-line insurance (+59%), and mortgage REITs (+48%) subindustries. In contrast, stocks in the data processing & outsourced services subindustry returned -11% and notably detracted. Turning to individual stocks, the biggest individual contributor was JPMorgan Chase (+62%), from the diversified banks segment. Berkshire Hathaway, within the multi-sector holdings group, advanced about 42% and lifted the fund. In diversified banks, Bank of America (+58%) and Wells Fargo (+93%) helped. Another contributor was Morgan Stanley (+102%), a stock in the investment banking & brokerage industry. In contrast, the biggest individual detractor was MarketAxess Holdings (-8%), from the financial exchanges & data category. In consumer finance, LendingTree (-43%) and Upstart Holdings (-28%) detracted. Renaissancere Holdings, within the reinsurance segment, returned approximately -14% and hindered the fund. Another detractor was Eastern Bankshares (-19%), a stock in the regional banks industry.
Note to shareholders: Effective December 1, 2020, a capped version of the fund's benchmark was adopted.
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.
 Annual Report 18


Table of Contents
Fidelity® MSCI Financials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2021
  % of fund's
net assets
JPMorgan Chase & Co. 9.3
Berkshire Hathaway, Inc. Class B 7.6
Bank of America Corp. 6.0
Wells Fargo & Co. 3.8
Citigroup, Inc. 2.8
Morgan Stanley 2.7
BlackRock, Inc. 2.6
The Goldman Sachs Group, Inc. 2.6
American Express Co. 2.3
S&P Global, Inc. 2.1
  41.8
 
Industries as of July 31, 2021
* Includes short-term investments and net other assets.
 
19 Annual Report 


Table of Contents
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.*
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 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, 2021
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
fund
Fidelity MSCI Health Care Index ETF – NAVA 27.91 14.91 15.06
Fidelity MSCI Health Care Index ETF – Market PriceB 28.05 14.95 14.96
Fidelity MSCI Health Care Index ETF Capped Linked IndexA 28.03 15.02 15.19
MSCI USA IMI Health Care IndexA 28.03 15.02 15.19
S&P 500 IndexA 36.45 17.35 14.86
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.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$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 Fidelity MSCI Health Care Index ETF Capped Linked Index, the MSCI USA IMI Health Care Index, and the S&P 500 Index performed over the same period.
Effective December 1, 2020, the fund's benchmark changed from the MSCI USA IMI Health Care Index to the Fidelity MSCI Health Care Index ETF Capped Linked Index.
 Annual Report 20


Table of Contents
Fidelity® MSCI Health Care Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2021, the exchange-traded fund's (ETF) net asset value gained 27.91%, roughly in line with the 28.03% advance of the Fidelity MSCI Health Care Index ETF Capped Linked Index. The ETF's market price rose 28.05% the past 12 months, while the broad-based S&P 500 index advanced 36.45%. By subindustry, health care equipment gained about 30% and notably contributed, whereas pharmaceuticals gained 23%, and life sciences tools & services advanced 45%. The biotechnology subindustry rose 16%, whereas managed health care and health care services advanced roughly 33% each. Other notable contributors included the health care facilities (+85%), health care supplies (+49%), health care distributors (+26%), and health care technology (+15%) subindustries. Turning to individual stocks, the biggest individual contributor was UnitedHealth Group (+38%), from the managed health care category. Moderna, within the biotechnology industry, advanced 376% and lifted the fund. In pharmaceuticals, Eli Lilly (+65%) and Johnson & Johnson (+21%) helped. Another contributor was Danaher (+46%), a stock in the health care equipment group. In contrast, the biggest individual detractor was Vertex Pharmaceuticals (-26%), from the biotechnology segment. In biotechnology, BioMarin Pharmaceutical (-36%) and Sarepta Therapeutics (-56%) detracted. Teladoc Health, within the health care technology category, returned approximately -31% and hindered the fund. Another detractor was Becton Dickinson (-8%), a stock in the health care equipment industry.
Note to shareholders: Effective December 1, 2020, a capped version of the fund's benchmark was adopted.
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.
21 Annual Report 


Table of Contents
Fidelity® MSCI Health Care Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2021
  % of fund's
net assets
Johnson & Johnson 7.4
UnitedHealth Group, Inc. 6.4
Pfizer, Inc. 3.9
Abbott Laboratories 3.5
Thermo Fisher Scientific, Inc. 3.5
AbbVie, Inc. 3.4
Eli Lilly & Co. 3.3
Merck & Co., Inc. 3.2
Danaher Corp. 3.1
Medtronic PLC 2.9
  40.6
 
Industries as of July 31, 2021
* Includes short-term investments and net other assets.
 
 Annual Report 22


Table of Contents
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.*
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 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, 2021
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
fund
Fidelity MSCI Industrials Index ETF – NAVA 47.17 14.58 12.34
Fidelity MSCI Industrials Index ETF – Market PriceB 47.30 14.55 12.18
Fidelity MSCI Industrials Index ETF Capped Linked IndexA 47.32 14.69 12.46
MSCI USA IMI Industrials IndexA 47.32 14.69 12.46
S&P 500 IndexA 36.45 17.35 14.86
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.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$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 Fidelity MSCI Industrials Index ETF Capped Linked Index, the MSCI USA IMI Industrials Index, and the S&P 500 Index performed over the same period.
Effective December 1, 2020, the fund's benchmark changed from the MSCI USA IMI Industrials Index to the Fidelity MSCI Industrials Index ETF Capped Linked Index.
23 Annual Report 


Table of Contents
Fidelity® MSCI Industrials Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2021, the exchange-traded fund's (ETF) net asset value gained 47.17%, roughly in line with the 47.32% advance of the Fidelity MSCI Industrials Index ETF Capped Linked Index. The ETF's market price rose 47.30% the past 12 months, while the broad-based S&P 500 index advanced 36.45%. By subindustry, aerospace & defense gained 36% and contributed most, followed by industrial conglomerates, which gained roughly 56%, and industrial machinery, which advanced 49%. The electrical components & equipment subindustry rose 68%, building products gained about 62%, and railroads advanced 34%. Other notable contributors included the air freight & logistics (+45%), agricultural & farm machinery (+101%), construction machinery & heavy trucks (+38%), research & consulting services (+27%), trading companies & distributors (+53%), and environmental & facilities services (+34%) subindustries. Conversely, stocks in the auto parts & equipment subindustry returned roughly -12% and detracted most. Turning to individual stocks, the top contributor was Honeywell International (+59%), from the industrial conglomerates segment. Also within industrial conglomerates, General Electric (+114%) was helpful and Deere (+107%), from the agricultural & farm machinery category, further contributed. Raytheon Technologies, within the aerospace & defense group, rose roughly 58% and Caterpillar, within the construction machinery & heavy trucks industry, gained 59% and boosted the fund. Conversely, the biggest individual detractor was Clarivate (-23%), from the research & consulting services segment, followed by Nikola (-42%), which is in the construction machinery & heavy trucks group. Within electrical components & equipment, Fuelcell Energy returned -38% and hurt. Other detractors were Proto Labs (-35%), a stock in the industrial machinery industry, and Mercury Systems (-15%), from the aerospace & defense category.
Note to Shareholders: Effective December 1, 2020, a capped version of the fund's benchmark was adopted.
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.
 Annual Report 24


Table of Contents
Fidelity® MSCI Industrials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2021
  % of fund's
net assets
Honeywell International, Inc. 4.0
Union Pacific Corp. 3.6
United Parcel Service, Inc. Class B 3.3
Raytheon Technologies Corp. 3.2
The Boeing Co. 3.0
3M Co. 2.8
General Electric Co. 2.8
Caterpillar, Inc. 2.7
Deere & Co. 2.6
Lockheed Martin Corp. 2.3
  30.3
 
Industries as of July 31, 2021
* Includes short-term investments and net other assets.
 
25 Annual Report 


Table of Contents
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.*
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 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, 2021
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
fund
Fidelity MSCI Information Technology Index ETF – NAVA 40.57 29.77 23.84
Fidelity MSCI Information Technology Index ETF – Market PriceB 40.67 29.76 23.95
Fidelity MSCI Information Technology Index ETF Capped Linked IndexA 40.70 29.90 23.97
MSCI USA IMI Information Technology IndexA 40.70 29.90 23.97
S&P 500 IndexA 36.45 17.35 14.86
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.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$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 Fidelity MSCI Information Technology Index ETF Capped Linked Index, the MSCI USA IMI Information Technology Index, and the S&P 500 Index performed over the same period.
Effective December 1, 2020, the fund's benchmark changed from the MSCI USA IMI Information Technology Index to the Fidelity MSCI Information Technology Index ETF Capped Linked Index.
 Annual Report 26


Table of Contents
Fidelity® MSCI Information Technology Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2021, the exchange-traded fund's (ETF) net asset value gained 40.57%, roughly in line with the 40.70% advance of the Fidelity MSCI Information Technology Index ETF Capped Linked Index. The ETF's market price rose 40.67% the past 12 months, while the broad-based S&P 500 index advanced 36.45%. By subindustry, systems software gained 43% and notably contributed, along with technology hardware, storage & peripherals, which gained 40%, and semiconductors, which advanced approximately 52%. The application software subindustry rose 34%, data processing & outsourced services gained about 31%, and semiconductor equipment advanced 82%. Other notable contributors included the IT consulting & other services (+38%), communications equipment (+27%), electronic equipment & instruments (+61%), electronic manufacturing services (+56%), electronic components (+40%), and internet services & infrastructure (+14%) subindustries. Conversely, stocks in the education services subindustry returned roughly -17%. Construction machinery & heavy trucks (-21%) also detracted. Turning to individual stocks, the biggest individual contributor was Apple (+38%), from the technology hardware, storage & peripherals category. Microsoft, within the systems software segment, gained roughly 40% and boosted the fund. In semiconductors, Nvidia (+84%) helped. Other contributors were Visa (+30%) and PayPal (+41%), from the data processing & outsourced services industry. Conversely, the biggest individual detractor was Splunk (-32%), from the application software group. In application software, Coupa Software (-29%), Alteryx (-56%), and Citrix Systems (-29%) had a negative impact. Fastly, within the internet services & infrastructure category, returned -50% and hindered the fund.
Note to shareholders: Effective December 1, 2020, a capped version of the fund's benchmark was adopted.
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.
27 Annual Report 


Table of Contents
Fidelity® MSCI Information Technology Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2021
  % of fund's
net assets
Apple, Inc. 20.1
Microsoft Corp. 16.8
NVIDIA Corp. 4.0
Visa, Inc. Class A 3.4
Mastercard, Inc. Class A 2.8
PayPal Holdings, Inc. 2.5
Adobe, Inc. 2.5
Salesforce.com, Inc. 1.9
Cisco Systems, Inc. 1.9
Intel Corp. 1.8
  57.7
 
Industries as of July 31, 2021
* Includes short-term investments and net other assets.
 
 Annual Report 28


Table of Contents
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.*
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 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, 2021
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
fund
Fidelity MSCI Materials Index ETF – NAVA 45.01 13.24 10.51
Fidelity MSCI Materials Index ETF – Market PriceB 45.22 13.24 10.35
Fidelity MSCI Materials Index ETF Capped Linked IndexA 44.82 13.28 10.56
MSCI USA IMI Materials IndexA 44.82 13.28 10.56
S&P 500 IndexA 36.45 17.35 14.86
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.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$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 the Fidelity MSCI Materials Index ETF Capped Linked Index, MSCI USA IMI Materials Index, and the S&P 500 Index performed over the same period.
Effective December 1, 2020, the fund's benchmark changed from the MSCI USA IMI Materials Index to the Fidelity MSCI Materials Index ETF Capped Linked Index.
29 Annual Report 


Table of Contents
Fidelity® MSCI Materials Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2021, the exchange-traded fund's (ETF) net asset value gained 45.01%, roughly in line with the 44.82% advance of the Fidelity MSCI Materials Index ETF Capped Linked Index. The ETF's market price rose 45.22% the past 12 months, while the broad-based S&P 500 index advanced 36.45%. By subindustry, specialty chemicals gained approximately 43% and notably contributed, followed by steel, which gained 140%, and commodity chemicals, which advanced 71%. The paper packaging subindustry rose 55%, industrial gases gained roughly 19%, and copper advanced 197%. Other notable contributors included the construction materials (+71%), fertilizers & agricultural chemicals (+43%), metal & glass containers (+21%), diversified chemicals (+59%), aluminum (+152%), and forest products (+78%) subindustries. In contrast, stocks in the gold subindustry returned about -7%. Turning to individual stocks, the top contributor was Freeport-McMoRan (+197%), from the copper segment, followed by Linde (+27%), within the industrial gases group. In steel, Nucor advanced 155%, and Sherwin Williams (+36%) from the specialty chemicals category also helped. Dow, within the commodity chemicals industry, rose roughly 59% and boosted the fund. In contrast, the biggest individual detractor was Newmont (-6%), from the gold segment. Royal Gold, also within the gold category, returned -12% and hindered the fund. In specialty chemicals, Danimer Scientific (-28%) and Newmarket (-14%) hurt. Another detractor was Piedmont Lithium (-15%), a stock in the diversified metals & mining group.
Note to shareholders: Effective December 1, 2020, a capped version of the fund's benchmark was adopted.
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.
 Annual Report 30


Table of Contents
Fidelity® MSCI Materials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2021
  % of fund's
net assets
Linde PLC 12.7
The Sherwin-Williams Co. 5.9
Air Products & Chemicals, Inc. 5.1
Ecolab, Inc. 4.5
Freeport-McMoRan, Inc. 4.4
Newmont Corp. 4.0
Dow, Inc. 3.6
DuPont de Nemours, Inc. 3.2
PPG Industries, Inc. 3.0
International Flavors & Fragrances, Inc. 3.0
  49.4
 
Industries as of July 31, 2021
* Includes short-term investments and net other assets.
 
31 Annual Report 


Table of Contents
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.*
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 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, 2021
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
fund
Fidelity MSCI Real Estate Index ETF – NAVA 35.58 8.40 8.38
Fidelity MSCI Real Estate Index ETF – Market PriceB 35.63 8.38 8.14
Fidelity MSCI Real Estate Index ETF Capped Linked IndexA 35.89 8.54 8.50
MSCI USA IMI Real Estate IndexA 35.61 8.49 8.46
S&P 500 IndexA 36.45 17.35 14.95
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.
 
A
From February 2, 2015.
B From February 5, 2015, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$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 Fidelity MSCI Real Estate Index ETF Capped Linked Index, the MSCI USA IMI Real Estate Index, and the S&P 500 Index performed over the same period.
Effective December 1, 2020, the fund's benchmark changed from the MSCI USA IMI Real Estate Index to the Fidelity MSCI Real Estate Index ETF Capped Linked Index.
 Annual Report 32


Table of Contents
Fidelity® MSCI Real Estate Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2021, the exchange-traded fund's (ETF) net asset value gained 35.58%, roughly in line with the 35.89% advance of the Fidelity MSCI Real Estate Index ETF Capped Linked Index. The ETF's market price rose 35.63% the past 12 months, while the broad-based S&P 500® index advanced 36.45%. By subindustry, specialized REITs gained roughly 21% and contributed most, followed by residential REITs (+52%) and retail REITs (+69%). The health care (+38%), real estate services (+109%) and industrial (+24%) categories also bolstered performance. Other notable contributors included the office (+25%), diversified (+48%) and hotel & resort (+79%) industries. Turning to individual holdings, the top contributor was Simon Property Group (+115%), from the retail REITs segment, followed by Public Storage (+62%), within the specialized REITs group. In industrial REITs, Prologis advanced about 24%, while CBRE Group (+120%), from the real estate services category, added value as well. Welltower, within the health care category, rose roughly 68%, further boosting the fund’s return. In contrast, the biggest individual detractor was CyrusOne (-12%), from the specialized segment. Also among specialized REITs, Digital Realty Trust (-1%) and GEO Group (-31%) pressured performance this period. CoreCivic, within the security & alarm services category, returned -26% and hindered the fund’s return. Another notable detractor was Equity Commonwealth (-6%), a stock in the office REITs group.
Note to Shareholders: Effective December 1, 2020, a capped version of the fund's benchmark was adopted.
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.
33 Annual Report 


Table of Contents
Fidelity® MSCI Real Estate Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2021
  % of fund's
net assets
American Tower Corp. 8.1
Prologis, Inc. 6.1
Crown Castle International Corp. 5.1
Equinix, Inc. 4.2
Public Storage 3.3
Simon Property Group, Inc. 2.7
Digital Realty Trust, Inc. 2.7
SBA Communications Corp. 2.5
Welltower, Inc. 2.4
CBRE Group, Inc. Class A 2.1
  39.2
 
Industries as of July 31, 2021
* Includes short-term investments and net other assets.
 
 Annual Report 34


Table of Contents
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.*
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 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, 2021
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
fund
Fidelity MSCI Utilities Index ETF – NAVA 12.46 8.28 10.73
Fidelity MSCI Utilities Index ETF – Market PriceB 12.44 8.27 10.61
Fidelity MSCI Utilities Index ETF Capped Linked IndexA 12.56 8.42 10.88
MSCI USA IMI Utilities IndexA 12.56 8.42 10.88
S&P 500 IndexA 36.45 17.35 14.86
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.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$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 Fidelity MSCI Utilities Index ETF Capped Linked Index, the MSCI USA IMI Utilities Index, and the S&P 500 Index performed over the same period.
Effective December 1, 2020, the fund's benchmark changed from the MSCI USA IMI Utilities Index to the Fidelity MSCI Utilities Index ETF Capped Linked Index.
35 Annual Report 


Table of Contents
Fidelity® MSCI Utilities Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2021, the exchange-traded fund's (ETF) net asset value gained 12.46%, roughly in line with the 12.56% advance of the Fidelity MSCI Utilities Index ETF Capped Linked Index. The ETF's market price rose 12.44% the past 12 months, while the broad-based S&P 500 index advanced 36.45%. By subindustry, electric utilities gained about 14% and contributed most. Multi-utilities stocks also helped, gaining 7%. The water utilities subindustry rose roughly 17%. Other notable contributors included the independent power producers & energy traders (+34%), gas utilities (+14%), and renewable electricity (+32%) subindustries. In contrast, stocks in the oil & gas storage & transportation subindustry returned 0% and detracted most. Turning to individual stocks, the biggest individual contributor was Duke Energy (+29%), from the electric utilities group. In electric utilities, NextEra Energy (+13%), Southern Co. (+22%), and Exelon (+26%) helped. AES, within the independent power producers & energy traders category, gained approximately 59% and boosted the fund. In contrast, the biggest individual detractor was Dominion Energy (-4%), a multi-utility. In electric utilities, PG&E (-5%) and Eversource Energy (-2%) hurt. Atmos Energy, within the gas utilities segment, returned roughly -5% and hindered the fund. Another detractor was CMS Energy (-1%), a stock in the multi-utilities group.
Note to shareholders: Effective December 1, 2020, a capped version of the fund's benchmark was adopted.
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.
 Annual Report 36


Table of Contents
Fidelity® MSCI Utilities Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2021
  % of fund's
net assets
NextEra Energy, Inc. 14.3
Duke Energy Corp. 7.5
The Southern Co. 6.3
Dominion Energy, Inc. 5.6
Exelon Corp. 4.3
American Electric Power Co., Inc. 4.1
Sempra Energy 3.9
Xcel Energy, Inc. 3.4
Public Service Enterprise Group, Inc. 2.9
American Water Works Co., Inc. 2.9
  55.2
 
Industries as of July 31, 2021
* Includes short-term investments and net other assets.
 
37 Annual Report 


Table of Contents
Fidelity® MSCI Communication Services Index ETF
Schedule of Investments July 31, 2021 
Showing Percentage of Net Assets
Common Stocks – 99.7%
  Shares Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 10.6% 
Alternative Carriers – 2.7%
Anterix, Inc. (a) 9,089 $ 530,070
Bandwidth, Inc. Class A (a) 16,632 2,156,505
Cogent Communications Holdings, Inc. 33,774 2,621,200
Globalstar, Inc. (a) 534,727 737,923
Iridium Communications, Inc. (a) 86,586 3,656,527
Liberty Global PLC Class A (a) 118,212 3,173,992
Liberty Global PLC Class C (a) 160,082 4,299,803
Liberty Latin America Ltd. Class A (a) 37,078 506,115
Liberty Latin America Ltd. Class C (a) 122,035 1,687,744
Lumen Technologies, Inc. 374,304 4,667,571
ORBCOMM, Inc. (a) 60,106 678,597
    24,716,047
Integrated Telecommunication Services – 7.9%
AT&T, Inc. 1,214,542 34,067,903
ATN International, Inc. 8,922 384,092
Cincinnati Bell, Inc. (a) 30,052 460,998
Consolidated Communications Holdings, Inc. (a) 57,113 439,199
Radius Global Infrastructure, Inc. (a) 46,323 710,132
Verizon Communications, Inc. 657,576 36,679,589
    72,741,913
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 97,457,960
ENTERTAINMENT – 18.1% 
Interactive Home Entertainment – 4.0%
Activision Blizzard, Inc. 178,352 14,913,794
Electronic Arts, Inc. 73,944 10,644,978
Skillz, Inc. (a) 73,719 1,037,964
Take-Two Interactive Software, Inc. (a) 35,607 6,174,966
Zynga, Inc. Class A (a) 397,282 4,012,548
    36,784,250
Movies & Entertainment – 14.1%
AMC Entertainment Holdings, Inc. Class A (a) 135,941 5,032,536
Cinemark Holdings, Inc. (a) 80,012 1,242,586
CuriosityStream, Inc. (a) 23,023 253,023
IMAX Corp. (a) 39,657 640,064
Liberty Media Corp-Liberty Braves Class A (a) 6,397 169,776
Liberty Media Corp-Liberty Braves Class C (a) 30,048 794,770
Liberty Media Corp-Liberty Formula One Class C (a) 89,716 4,210,372
Lions Gate Entertainment Corp. Class A (a) 46,493 698,790
Lions Gate Entertainment Corp. Class B (a) 93,209 1,245,272

  Shares Value
Live Nation Entertainment, Inc. (a) 61,251 $ 4,832,091
Madison Square Garden Entertainment Corp. (a) 18,737 1,310,841
Madison Square Garden Sports Corp. Class A (a) 11,700 1,904,058
Netflix, Inc. (a) 77,923 40,330,607
Roku, Inc. (a) 28,121 12,044,506
The Marcus Corp. (a) 16,830 270,458
The Walt Disney Co. (a) 297,124 52,299,766
World Wrestling Entertainment, Inc. Class A 37,091 1,831,554
    129,111,070
TOTAL ENTERTAINMENT 165,895,320
INTERACTIVE MEDIA & SERVICES – 50.3% 
Interactive Media & Services – 50.3%
Alphabet, Inc. Class A (a) 41,788 112,599,020
Alphabet, Inc. Class C (a) 40,858 110,497,192
Angi, Inc. (a) 52,634 605,817
Bumble, Inc. Class A (a) 32,185 1,637,573
Cargurus, Inc. (a) 62,218 1,779,435
Cars.com, Inc. (a) 53,907 651,196
Eventbrite, Inc. Class A (a) 51,393 913,254
EverQuote, Inc. Class A (a) 12,027 362,975
Facebook, Inc. Class A (a) 443,694 158,088,172
fuboTV, Inc. (a) 38,644 1,006,290
IAC/InterActive Corp. (a) 25,398 3,486,891
Match Group, Inc. (a) 66,595 10,606,586
MediaAlpha, Inc. Class A (a) 12,209 407,781
Pinterest, Inc. Class A (a) 133,634 7,871,043
QuinStreet, Inc. (a) 40,191 737,103
Snap, Inc. Class A (a) 223,597 16,640,089
TripAdvisor, Inc. (a) 76,725 2,911,714
TrueCar, Inc. (a) 74,494 391,838
Twitter, Inc. (a) 193,252 13,479,327
Vimeo, Inc. (a) 41,618 1,864,486
Yelp, Inc. (a) 58,810 2,199,494
Zillow Group, Inc. Class A (a) 29,181 3,126,160
Zillow Group, Inc. Class C (a) 47,128 5,007,821
ZoomInfo Technologies, Inc. Class A (a) 65,836 3,538,685
TOTAL INTERACTIVE MEDIA & SERVICES 460,409,942
MEDIA – 18.2% 
Advertising – 2.2%
Advantage Solutions, Inc. (a) 50,732 496,159
Boston Omaha Corp. Class A (a) 12,586 411,688
Cardlytics, Inc. (a) 25,239 3,179,105
Clear Channel Outdoor Holdings, Inc. (a) 261,782 696,340
Magnite, Inc. (a) 84,703 2,566,501
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 38


Table of Contents
Common Stocks – continued
  Shares Value
MEDIA – continued
Advertising – continued
Omnicom Group, Inc. 75,512 $ 5,498,784
TechTarget, Inc. (a) 19,110 1,396,559
The Interpublic Group of Cos., Inc. 166,548 5,889,137
    20,134,273
Broadcasting – 3.8%
AMC Networks, Inc. Class A (a) 21,279 1,064,801
Discovery, Inc. Class A (a) 95,486 2,770,049
Discovery, Inc. Class C (a) 135,731 3,679,667
Entercom Communications Corp. (a) 98,238 350,710
Fox Corp. Class A 130,579 4,656,447
Fox Corp. Class B 98,147 3,262,406
Gray Television, Inc. 63,084 1,398,572
Hemisphere Media Group, Inc. (a) 12,095 153,727
iHeartMedia, Inc. Class A (a) 59,549 1,539,342
Nexstar Media Group, Inc. Class A 26,077 3,835,144
Sinclair Broadcast Group, Inc. Class A 35,610 1,007,407
TEGNA, Inc. 160,434 2,842,891
The E.W. Scripps Co. Class A 41,472 791,286
ViacomCBS, Inc. Class B 172,236 7,049,620
    34,402,069
Cable & Satellite – 10.9%
Altice USA, Inc. Class A (a) 111,289 3,419,911
Cable One, Inc. 2,201 4,155,466
Charter Communications, Inc. Class A (a) 31,806 23,665,254
Comcast Corp. Class A 687,046 40,418,916
DISH Network Corp. Class A (a) 112,488 4,712,122
Liberty Broadband Corp. Class A (a) 19,743 3,389,281
Liberty Broadband Corp. Class C (a) 46,659 8,281,506
Liberty Media Corp-Liberty SiriusXM Class A (a) 67,740 3,162,781
Liberty Media Corp-Liberty SiriusXM Class C (a) 85,951 3,970,936
Loral Space & Communications Ltd. 8,584 303,788
Sirius XM Holdings, Inc. 575,200 3,721,544
WideOpenWest, Inc. (a) 41,708 927,586
    100,129,091

  Shares Value
Publishing – 1.3%
Gannett Co., Inc. (a) 105,193 $ 606,964
John Wiley & Sons, Inc. Class A 35,421 2,082,046
Meredith Corp. (a) 32,177 1,404,204
News Corp. Class A 170,387 4,196,632
Scholastic Corp. 20,674 694,853
The New York Times Co. Class A 74,731 3,271,723
    12,256,422
TOTAL MEDIA 166,921,855
WIRELESS TELECOMMUNICATION SERVICES – 2.5% 
Wireless Telecommunication Services – 2.5%
Gogo, Inc. (a) 33,782 350,319
Shenandoah Telecommunications Co. 37,604 1,985,115
Telephone & Data Systems, Inc. 76,494 1,709,641
T-Mobile US, Inc. (a) 130,775 18,834,215
United States Cellular Corp. (a) 10,621 386,180
TOTAL WIRELESS TELECOMMUNICATION SERVICES 23,265,470
TOTAL COMMON STOCKS
(Cost $668,586,313)
  913,950,547
Money Market Fund – 0.2%
     
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $1,408,000)
1,408,000 1,408,000
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $669,994,313)
915,358,547
NET OTHER ASSETS (LIABILITIES) – 0.1% 1,016,737
NET ASSETS – 100.0% $ 916,375,284
    
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 Communication Service Select Sector Index Contracts (United States) 20 September 2021 $2,154,250 $52,480 $52,480
See accompanying notes which are an integral part of the financial statements.
39 Annual Report 


Table of Contents
Fidelity® MSCI Communication Services Index ETF
Schedule of Investmentscontinued
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2021, 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   $ 913,950,547   $ 913,950,547   $ $  
Money Market Funds   1,408,000   1,408,000    
Total Investments in Securities:   $ 915,358,547   $ 915,358,547   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 52,480   $ 52,480   $ $  
Total Assets   $ 52,480   $ 52,480   $ $  
Total Derivative Instruments:   $ 52,480   $ 52,480   $ $  
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, 2021. 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) $52,480   $0
Total Equity Risk 52,480   0
Total Value of Derivatives $52,480   $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.
 Annual Report 40


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments July 31, 2021 
Showing Percentage of Net Assets
Common Stocks – 99.8%
  Shares Value
AUTO COMPONENTS – 2.8% 
Auto Parts & Equipment – 2.7%
Adient PLC (a) 36,897 $ 1,554,471
American Axle & Manufacturing Holdings, Inc. (a) 75,601 732,574
Aptiv PLC (a) 83,730 13,970,350
Autoliv, Inc. 29,354 2,961,232
BorgWarner, Inc. 82,336 4,032,817
Dana, Inc. 60,631 1,464,845
Dorman Products, Inc. (a) 12,345 1,248,697
Fox Factory Holding Corp. (a) 15,652 2,528,424
Gentex Corp. 85,335 2,903,950
Gentherm, Inc. (a) 15,550 1,289,562
LCI Industries 10,390 1,515,070
Lear Corp. 19,677 3,443,081
Luminar Technologies, Inc. (a) 2,551 46,938
Modine Manufacturing Co. (a) 3,330 55,711
Patrick Industries, Inc. 1,111 91,802
Standard Motor Products, Inc. 15,562 649,869
Stoneridge, Inc. (a) 21,308 616,867
Tenneco, Inc. Class A (a) 55,352 963,678
Veoneer, Inc. (a) 45,123 1,413,252
Visteon Corp. (a) 11,255 1,283,633
XL Fleet Corp. (a) 9,085 63,413
XPEL, Inc. (a) 1,828 169,273
    42,999,509
Tires & Rubber – 0.1%
The Goodyear Tire & Rubber Co. (a) 116,531 1,830,702
TOTAL AUTO COMPONENTS 44,830,211
AUTOMOBILES – 12.1% 
Automobile Manufacturers – 11.9%
Canoo, Inc. (a) 7,497 60,951
Fisker, Inc. (a) 5,048 81,374
Ford Motor Co. (a) 1,208,922 16,864,462
General Motors Co. (a) 394,517 22,424,346
Lordstown Motors Corp. Class A (a) 6,737 42,039
Tesla, Inc. (a) 220,583 151,584,638
Thor Industries, Inc. 20,065 2,374,893
Winnebago Industries, Inc. 15,394 1,106,367
Workhorse Group, Inc. (a) 7,245 83,607
    194,622,677
Motorcycle Manufacturers – 0.2%
Harley-Davidson, Inc. 56,084 2,222,048
TOTAL AUTOMOBILES 196,844,725
DISTRIBUTORS – 1.1% 
Distributors – 1.1%
Core-Mark Holding Co., Inc. 24,082 1,036,489
Funko, Inc. Class A (a) 2,240 41,799

  Shares Value
Genuine Parts Co. 47,333 $ 6,007,504
LKQ Corp. (a) 97,538 4,950,054
Pool Corp. 13,165 6,290,500
TOTAL DISTRIBUTORS 18,326,346
DIVERSIFIED CONSUMER SERVICES – 1.6% 
Education Services – 0.9%
2U, Inc. (a) 2,423 105,158
Adtalem Global Education, Inc. (a) 26,061 947,057
American Public Education, Inc. (a) 18,813 557,241
Bright Horizons Family Solutions, Inc. (a) 20,499 3,064,601
Chegg, Inc. (a) 41,869 3,710,849
Graham Holdings Co. Class B 1,915 1,272,824
Grand Canyon Education, Inc. (a) 17,917 1,654,993
Houghton Mifflin Harcourt Co. (a) 5,987 67,773
Laureate Education, Inc. Class A (a) 57,439 850,672
Perdoceo Education Corp. (a) 48,074 570,158
Strategic Education, Inc. 10,398 824,457
Stride, Inc. (a) 26,871 823,865
    14,449,648
Specialized Consumer Services – 0.7%
Carriage Services, Inc. 16,627 618,192
Frontdoor, Inc. (a) 32,810 1,605,721
H&R Block, Inc. 76,936 1,888,779
OneSpaWorld Holdings Ltd. (a) 70,473 696,273
Service Corp. International 60,103 3,755,836
Terminix Global Holdings, Inc. (a) 47,804 2,509,710
Vivint Smart Home, Inc. (a) 4,337 53,215
WW International, Inc. (a) 28,467 875,076
    12,002,802
TOTAL DIVERSIFIED CONSUMER SERVICES 26,452,450
HOTELS, RESTAURANTS & LEISURE – 17.3% 
Casinos & Gaming – 2.0%
Accel Entertainment, Inc. (a) 52,216 577,509
Bally's Corp. (a) 17,676 870,543
Boyd Gaming Corp. (a) 32,198 1,835,286
Caesars Entertainment, Inc. (a) 59,308 5,181,147
Churchill Downs, Inc. 12,602 2,341,452
DraftKings, Inc. Class A (a) 1,595 77,357
Everi Holdings, Inc. (a) 53,568 1,215,458
GAN Ltd. (a) 3,490 53,397
Golden Entertainment, Inc. (a) 1,376 62,622
Las Vegas Sands Corp. (a) 110,412 4,675,948
MGM Resorts International 133,081 4,994,530
Monarch Casino & Resort, Inc. (a) 10,592 676,299
Penn National Gaming, Inc. (a) 50,280 3,438,146
Red Rock Resorts, Inc. Class A (a) 32,743 1,290,074
Rush Street Interactive, Inc. (a) 4,710 46,394
 
See accompanying notes which are an integral part of the financial statements.
41 Annual Report 


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
  Shares Value
HOTELS, RESTAURANTS & LEISURE – continued
Casinos & Gaming – continued
Scientific Games Corp. Class A (a) 25,669 $1,584,034
Wynn Resorts Ltd. (a) 34,345 3,377,144
    32,297,340
Hotels, Resorts & Cruise Lines – 5.1%
Airbnb, Inc. Class A (a) 524 75,461
Booking Holdings, Inc. (a) 12,460 27,141,120
Carnival Corp. (a) 227,511 4,925,613
Choice Hotels International, Inc. 14,531 1,742,267
Expedia Group, Inc. (a) 43,608 7,015,219
Hilton Grand Vacations, Inc. (a) 34,833 1,416,658
Hilton Worldwide Holdings, Inc. (a) 86,919 11,425,503
Hyatt Hotels Corp. Class A (a) 1,113 88,895
Lindblad Expeditions Holdings, Inc. (a) 30,080 411,795
Marriott International, Inc. Class A (a) 85,919 12,542,456
Marriott Vacations Worldwide Corp. (a) 14,942 2,202,003
Norwegian Cruise Line Holdings Ltd. (a) 119,371 2,868,485
Playa Hotels & Resorts N.V. (a) 92,693 620,116
Royal Caribbean Cruises Ltd. (a) 72,812 5,597,058
Travel + Leisure Co. 33,335 1,726,753
Wyndham Hotels & Resorts, Inc. 34,252 2,468,199
    82,267,601
Leisure Facilities – 0.5%
Planet Fitness, Inc. Class A (a) 29,404 2,212,063
SeaWorld Entertainment, Inc. (a) 23,794 1,128,073
Six Flags Entertainment Corp. (a) 32,460 1,348,713
Vail Resorts, Inc. (a) 13,483 4,115,012
    8,803,861
Restaurants – 9.7%
Aramark 79,461 2,791,465
BJ's Restaurants, Inc. (a) 14,244 578,022
Bloomin' Brands, Inc. (a) 38,155 958,835
Brinker International, Inc. (a) 19,715 1,071,313
Chipotle Mexican Grill, Inc. (a) 8,178 15,239,212
Chuys Holdings, Inc. (a) 1,312 43,296
Cracker Barrel Old Country Store, Inc. 9,414 1,281,999
Darden Restaurants, Inc. 42,313 6,172,620
Dave & Buster's Entertainment, Inc. (a) 22,918 762,711
Denny's Corp. (a) 43,859 617,096
Dine Brands Global, Inc. (a) 9,628 745,881
Domino's Pizza, Inc. 12,591 6,616,445
El Pollo Loco Holdings, Inc. (a) 22,838 425,015
Jack in the Box, Inc. 10,251 1,115,924
McDonald's Corp. 224,515 54,492,036
Papa John's International, Inc. 12,859 1,467,469

  Shares Value
Ruth's Hospitality Group, Inc. (a) 28,362 $ 566,389
Shake Shack, Inc. Class A (a) 13,649 1,372,270
Starbucks Corp. 354,049 42,992,170
Texas Roadhouse, Inc. 24,578 2,265,354
The Cheesecake Factory, Inc. (a) 20,900 945,934
The Wendy's Co. 75,090 1,742,839
Wingstop, Inc. 11,350 1,944,369
Yum! Brands, Inc. 93,483 12,282,731
    158,491,395
TOTAL HOTELS, RESTAURANTS & LEISURE 281,860,197
HOUSEHOLD DURABLES – 5.1% 
Consumer Electronics – 0.6%
Garmin Ltd. 46,178 7,259,181
GoPro, Inc. Class A (a) 75,419 772,290
Sonos, Inc. (a) 38,250 1,276,785
Universal Electronics, Inc. (a) 11,259 526,246
Vuzix Corp. (a) 3,627 53,680
    9,888,182
Home Furnishings – 0.7%
Ethan Allen Interiors, Inc. 22,670 538,866
La-Z-Boy, Inc. 23,623 793,260
Leggett & Platt, Inc. 49,274 2,366,630
Mohawk Industries, Inc. (a) 20,427 3,981,222
Purple Innovation, Inc. (a) 3,117 82,102
Tempur Sealy International, Inc. 67,878 2,937,081
The Lovesac Co. (a) 2,427 147,319
    10,846,480
Homebuilding – 3.1%
Cavco Industries, Inc. (a) 4,371 1,027,185
Century Communities, Inc. 15,607 1,083,906
D.R. Horton, Inc. 109,128 10,414,085
Green Brick Partners, Inc. (a) 27,522 689,977
Hovnanian Enterprises, Inc. (a) 460 48,019
Installed Building Products, Inc. 10,446 1,253,520
KB Home 33,947 1,440,711
Lennar Corp. Class A 87,262 9,175,599
LGI Homes, Inc. (a) 9,116 1,557,924
M.D.C. Holdings, Inc. 25,386 1,353,582
M/I Homes, Inc. (a) 16,228 1,050,114
Meritage Homes Corp. (a) 16,003 1,737,606
NVR, Inc. (a) 1,151 6,011,213
PulteGroup, Inc. 89,373 4,903,896
Skyline Champion Corp. (a) 24,787 1,397,987
Taylor Morrison Home Corp. (a) 51,343 1,377,019
Toll Brothers, Inc. 43,711 2,590,751
TopBuild Corp. (a) 11,796 2,390,931
Tri Pointe Homes, Inc. (a) 58,147 1,402,506
    50,906,531
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 42


Table of Contents
Common Stocks – continued
  Shares Value
HOUSEHOLD DURABLES – continued
Household Appliances – 0.5%
Aterian, Inc. (a) 4,127 $ 37,267
Helen of Troy Ltd. (a) 9,398 2,099,419
iRobot Corp. (a) 11,762 1,029,175
Whirlpool Corp. 20,794 4,606,703
    7,772,564
Housewares & Specialties – 0.2%
Newell Brands, Inc. 133,204 3,296,799
Tupperware Brands Corp. (a) 3,618 75,580
    3,372,379
TOTAL HOUSEHOLD DURABLES 82,786,136
INTERNET & DIRECT MARKETING RETAIL – 25.6% 
Internet & Direct Marketing Retail – 25.6%
1-800-FLOWERS.com, Inc. Class A (a) 20,630 629,215
Amazon.com, Inc. (a) 107,407 357,406,459
CarParts.com, Inc. (a) 6,032 106,224
Chewy, Inc. Class A (a) 1,154 96,590
Duluth Holdings, Inc. Class B (a) 6,168 92,335
eBay, Inc. 213,500 14,562,835
Etsy, Inc. (a) 38,008 6,974,848
Groupon, Inc. (a) 17,557 638,548
Lands' End, Inc. (a) 15,307 586,717
MercadoLibre, Inc. (a) 13,640 21,397,068
Overstock.com, Inc. (a) 16,074 1,119,393
PetMed Express, Inc. 16,840 528,608
Porch Group, Inc. (a) 3,755 69,580
Poshmark, Inc. (a) 1,662 65,217
PubMatic, Inc. (a) 1,766 52,468
Quotient Technology, Inc. (a) 51,549 559,822
Qurate Retail, Inc. Class A 147,602 1,750,560
Revolve Group, Inc. (a) 17,154 1,194,090
Shutterstock, Inc. 10,594 1,149,343
Stamps.com, Inc. (a) 6,859 2,241,247
Stitch Fix, Inc. Class A (a) 22,080 1,190,554
The RealReal, Inc. (a) 20,908 345,191
Wayfair, Inc. Class A (a) 21,118 5,097,040
TOTAL INTERNET & DIRECT MARKETING RETAIL 417,853,952
LEISURE PRODUCTS – 1.8% 
Leisure Products – 1.8%
Acushnet Holdings Corp. 20,105 1,029,979
Brunswick Corp. 28,051 2,928,524
Callaway Golf Co. (a) 41,214 1,305,660
Escalante-Black Diamond Golf Club LLC (a) 3,626 0
Hasbro, Inc. 43,561 4,331,706
Johnson Outdoors, Inc. Class A 4,812 569,596

  Shares Value
Malibu Boats, Inc. Class A (a) 11,488 $ 961,086
Mattel, Inc. (a) 126,874 2,755,703
Nautilus, Inc. (a) 5,539 80,039
Peloton Interactive, Inc. Class A (a) 61,358 7,243,312
Polaris, Inc. 20,878 2,736,480
Smith & Wesson Brands, Inc. 39,016 914,925
Sturm Ruger & Co., Inc. 11,115 826,511
Vista Outdoor, Inc. (a) 28,836 1,164,686
YETI Holdings, Inc. (a) 27,759 2,674,025
TOTAL LEISURE PRODUCTS 29,522,232
MEDIA – 0.0% 
Broadcasting – 0.0%
Media General, Inc. (a)(b) 7,026 0
MULTILINE RETAIL – 4.6% 
Department Stores – 0.4%
Dillard's, Inc. Class A 5,790 1,061,133
Kohl's Corp. 55,621 2,825,547
Macy's, Inc. (a) 112,357 1,910,069
Nordstrom, Inc. (a) 44,371 1,468,680
    7,265,429
General Merchandise Stores – 4.2%
Big Lots, Inc. 17,923 1,032,544
Dollar General Corp. 76,214 17,730,425
Dollar Tree, Inc. (a) 74,457 7,430,064
Franchise Group, Inc. 2,498 84,832
Ollie's Bargain Outlet Holdings, Inc. (a) 21,592 2,010,215
Target Corp. 152,357 39,772,795
    68,060,875
TOTAL MULTILINE RETAIL 75,326,304
SPECIALTY RETAIL – 20.3% 
Apparel Retail – 3.7%
Abercrombie & Fitch Co. Class A (a) 30,410 1,149,802
American Eagle Outfitters, Inc. 60,217 2,075,680
Boot Barn Holdings, Inc. (a) 15,313 1,323,350
Burlington Stores, Inc. (a) 21,414 7,169,407
Caleres, Inc. 2,098 51,905
Citi Trends, Inc. (a) 562 44,820
Designer Brands, Inc. Class A (a) 45,095 657,034
Foot Locker, Inc. 36,430 2,078,696
Genesco, Inc. (a) 13,247 761,040
Guess?, Inc. 27,626 616,612
Ross Stores, Inc. 110,319 13,535,038
Shoe Carnival, Inc. 20,298 684,043
The Buckle, Inc. 19,396 816,184
The Children's Place, Inc. (a) 9,939 838,156
The Gap, Inc. 82,032 2,392,873
The TJX Cos., Inc. 365,693 25,163,335
See accompanying notes which are an integral part of the financial statements.
43 Annual Report 


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
  Shares Value
SPECIALTY RETAIL – continued
Apparel Retail – continued
Urban Outfitters, Inc. (a) 31,618 $1,175,557
Zumiez, Inc. (a) 14,873 649,206
    61,182,738
Automotive Retail – 3.7%
Advance Auto Parts, Inc. 22,332 4,735,724
America's Car-Mart, Inc. (a) 4,847 770,673
Arko Corp. (a) 8,891 73,795
Asbury Automotive Group, Inc. (a) 7,999 1,643,475
AutoNation, Inc. (a) 21,369 2,592,701
AutoZone, Inc. (a) 7,190 11,673,468
Blink Charging Co. (a) 1,846 63,742
Camping World Holdings, Inc. Class A 22,214 874,343
CarLotz, Inc. (a) 10,816 48,023
CarMax, Inc. (a) 52,650 7,052,468
Carvana Co. (a) 20,289 6,848,755
Group 1 Automotive, Inc. 7,882 1,369,419
Lithia Motors, Inc. 10,012 3,776,727
Monro, Inc. 16,313 946,154
Murphy USA, Inc. 11,308 1,668,043
O'Reilly Automotive, Inc. (a) 22,341 13,490,389
Penske Automotive Group, Inc. 14,845 1,315,267
Sonic Automotive, Inc. Class A 15,848 864,508
Vroom, Inc. (a) 2,136 79,117
    59,886,791
Computer & Electronics Retail – 0.8%
Best Buy Co., Inc. 73,338 8,239,524
GameStop Corp. Class A (a) 19,810 3,191,787
Rent-A-Center, Inc. 22,454 1,284,818
    12,716,129
Home Improvement Retail – 9.3%
Floor & Decor Holdings, Inc. Class A (a) 29,054 3,544,878
GrowGeneration Corp. (a) 2,789 113,429
Lowe's Cos., Inc. 222,413 42,856,761
Lumber Liquidators Holdings, Inc. (a) 3,657 69,776
The Home Depot, Inc. 323,263 106,091,684
    152,676,528
Homefurnishing Retail – 0.7%
Bed Bath & Beyond, Inc. (a) 52,423 1,496,152
Haverty Furniture Companies, Inc. 16,039 577,244
RH (a) 5,399 3,585,368
Sleep Number Corp. (a) 11,642 1,155,003
The Aaron's Co., Inc. 13,719 396,068
Williams-Sonoma, Inc. 25,839 3,919,776
    11,129,611
Specialty Stores – 2.1%
Academy Sports & Outdoors, Inc. (a) 1,600 59,280
Bath & Body Works, Inc. 87,361 6,994,995

  Shares Value
Dick's Sporting Goods, Inc. 25,275 $ 2,632,139
Five Below, Inc. (a) 18,910 3,676,482
Hibbett, Inc. 11,237 996,272
Leslie's, Inc. (a) 2,101 51,159
MarineMax, Inc. (a) 15,632 840,845
National Vision Holdings, Inc. (a) 32,338 1,745,605
Petco Health & Wellness Co., Inc. (a) 2,217 45,737
Sally Beauty Holdings, Inc. (a) 56,617 1,071,194
Signet Jewelers Ltd. 23,418 1,506,714
Sportsman's Warehouse Holdings, Inc. (a) 5,082 89,799
The Container Store Group, Inc. (a) 4,271 44,931
The ODP Corp. (a) 25,030 1,184,670
Tractor Supply Co. 37,536 6,791,389
Ulta Beauty, Inc. (a) 17,328 5,818,742
Winmark Corp. 3,080 649,326
    34,199,279
TOTAL SPECIALTY RETAIL 331,791,076
TEXTILES, APPAREL & LUXURY GOODS – 7.5% 
Apparel, Accessories & Luxury Goods – 2.9%
Capri Holdings Ltd. (a) 51,881 2,921,419
Carter's, Inc. 17,345 1,695,300
Columbia Sportswear Co. 12,972 1,292,271
G-III Apparel Group Ltd. (a) 26,903 803,323
Hanesbrands, Inc. 126,986 2,318,764
Kontoor Brands, Inc. 21,915 1,213,653
Levi Strauss & Co. Class A 34,207 941,377
Lululemon Athletica, Inc. (a) 38,094 15,244,076
Movado Group, Inc. 1,755 52,773
Oxford Industries, Inc. 10,234 889,642
PLBY Group, Inc. (a) 1,167 32,886
PVH Corp. (a) 25,620 2,680,364
Ralph Lauren Corp. 18,221 2,068,448
Tapestry, Inc. (a) 93,925 3,973,027
Under Armour, Inc. Class A (a) 74,671 1,527,022
Under Armour, Inc. Class C (a) 80,889 1,417,175
VF Corp. 104,313 8,365,903
    47,437,423
Footwear – 4.6%
Crocs, Inc. (a) 25,044 3,401,226
Deckers Outdoor Corp. (a) 9,723 3,994,694
NIKE, Inc. Class B 374,816 62,785,428
Skechers U.S.A., Inc. Class A (a) 51,329 2,755,341
Steven Madden Ltd. 34,959 1,532,253
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 44


Table of Contents
Common Stocks – continued
  Shares Value
TEXTILES, APPAREL & LUXURY GOODS – continued
Footwear – continued
Wolverine World Wide, Inc. 36,050 $ 1,209,117
    75,678,059
TOTAL TEXTILES, APPAREL & LUXURY GOODS 123,115,482
TOTAL COMMON STOCKS
(Cost $1,169,918,303)
  1,628,709,111
Money Market Fund – 0.2%
     
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (c)
(Cost $2,530,000)
2,530,000 2,530,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $1,172,448,303)
1,631,239,111
NET OTHER ASSETS (LIABILITIES) – 0.0% 292,032
NET ASSETS – 100.0% $ 1,631,531,143
    
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 (United States) 3 September 2021 $ 333,240 $ (7,358) $ (7,358)
CME E-mini S&P Consumer Discretionary Select Sector Index Future (United States) 12 September 2021 2,186,400 90,412 90,412
Total Equity Index Contracts         $ 83,054
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.
45 Annual Report 


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investmentscontinued
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description   Total   Level 1   Level 2 Level 3  
Investments in Securities:                
Common Stocks   $ 1,628,709,111   $ 1,628,709,111   $ $  
Money Market Funds   2,530,000   2,530,000    
Total Investments in Securities:   $ 1,631,239,111   $ 1,631,239,111   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 90,412   $ 90,412   $ $  
Total Assets   $ 90,412   $ 90,412   $ $  
Liabilities                
Futures Contracts   $ (7,358)   $ (7,358)   $ $  
Total Liabilities   $ (7,358)   $ (7,358)