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iso4217:USD xbrli:pure xbrli:shares

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)


Nicole Macarchuk, 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:

June 30

 

 

Date of reporting period:

June 30, 2025




Item 1.

Reports to Stockholders




 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
 
 
Fidelity® Metaverse ETF
Fidelity® Metaverse ETF :  FMET 
Principal U.S. Listing Exchange :
NASDAQ
NASDAQ/NMS Global Market
 
 
 
This annual shareholder report contains information about Fidelity® Metaverse ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Metaverse ETF 
$ 41 
0.39%
 
What affected the Fund's performance this period?
 
Global equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient economic growth throughout the world, a slowing in the pace of inflation in certain markets, global monetary easing and the benefit of generally weaker U.S. dollar for stocks abroad, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.
Against this backdrop, equities in emerging markets, led by China (+98%), gained roughly 41% overall and contributed most to the fund's performance for the fiscal year, followed by the United States (+7%).
By sector, communication services gained 29% and contributed most, driven by media & entertainment firms (+29%). Information technology stocks also helped, gaining 3% and benefiting from the software & services industry (+11%). Elsewhere, the real estate sector rose 10%, boosted by equity real estate investment trusts (+12%). Other noteworthy contributors included the industrials (+50%) and consumer discretionary (+4%) sectors.
In contrast, the U.K. returned about -48% and was a meaningful detractor from a geographic standpoint.
Turning to individual stocks, the top contributor was Roblox (+182%), within the media & entertainment industry. In the same category, stakes in Meta Platforms (+46%), Take-Two Interactive Software (+56%) and NetEase (+44%) also helped. Nvidia (+27%), a stock in the semiconductors & semiconductor equipment industry, was another plus.
Conversely, the biggest detractor was Adobe (-31%), from the software & services segment. Among semiconductors & semiconductor equipment stocks, Intel (-37%) hurt the fund's performance as well. Media & entertainment stock Snap (-48%) further hindered the fund. Lastly, Samsung Electronics (-23%) and Super Micro Computer (-40%), within the technology hardware & equipment group, weighed on performance too.
How did the Fund perform over the life of Fund?
  
CUMULATIVE PERFORMANCE
April 19, 2022 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Metaverse ETF
$10,000
$8,433
$10,209
$12,175
Fidelity Metaverse Index℠
$10,000
$8,444
$10,274
$12,307
MSCI ACWI (All Country World Index) Index
$10,000
$8,644
$10,111
$12,111
 
2022
2023
2024
2025
 
 
AVERAGE ANNUAL TOTAL RETURNS:
 
1 Year
Life of Fund A
Fidelity® Metaverse ETF - NAV 
12.13%
10.22%
Fidelity Metaverse Index℠
12.55%
10.72%
MSCI ACWI (All Country World Index) Index
16.54%
11.37%
A   From April 19, 2022
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$40,653,972
 
Number of Holdings
53
 
Total Advisory Fee
$125,313
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
53.5
 
Communication Services
38.3
 
Real Estate
6.2
 
Industrials
0.9
 
Consumer Discretionary
0.8
 
 
Common Stocks
99.7
Short-Term Investments and Net Other Assets (Liabilities)
0.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.7                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
 
United States
74.8
Korea (South)
12.0
China
5.7
France
2.6
Japan
1.5
Sweden
1.4
Taiwan
0.7
Germany
0.5
United Kingdom
0.5
United Arab Emirates
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 74.8                    
 
Korea (South) - 12.0                    
 
China - 5.7                             
 
France - 2.6                            
 
Japan - 1.5                             
 
Sweden - 1.4                            
 
Taiwan - 0.7                            
 
Germany - 0.5                           
 
United Kingdom - 0.5                    
 
United Arab Emirates - 0.3              
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Advanced Micro Devices Inc
5.0
 
NVIDIA Corp
4.7
 
Microsoft Corp
4.6
 
Meta Platforms Inc Class A
4.5
 
QUALCOMM Inc
4.5
 
Samsung Electronics Co Ltd
4.4
 
Alphabet Inc Class A
4.4
 
Apple Inc
4.2
 
Adobe Inc
3.9
 
Autodesk Inc
3.3
 
 
43.5
 
How has the Fund changed?
 
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-FIDELITY  or by sending an e-mail to fidfunddocuments@fidelity.com.
 
The fund changed its classification from non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.

The fund modified its principal investment strategies during the reporting period.
The fund modified its principal investment risks during the reporting period.

 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913377.101    6566-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
 
 
Fidelity® Electric Vehicles and Future Transportation ETF
Fidelity® Electric Vehicles and Future Transportation ETF :  FDRV 
Principal U.S. Listing Exchange :
CboeBZX
Cboe BZX Exchange, Inc.
 
 
 
This annual shareholder report contains information about Fidelity® Electric Vehicles and Future Transportation ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Electric Vehicles and Future Transportation ETF 
$ 41 
0.39%
 
What affected the Fund's performance this period?
 
Global equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient economic growth throughout the world, a slowing in the pace of inflation in certain markets, global monetary easing and the benefit of generally weaker U.S. dollar for stocks abroad, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.
Against this backdrop, equities in emerging markets, led by China (+55%), gained 30% overall and contributed most to the fund's performance for the fiscal year, followed by the United States (+6%).
By sector, consumer discretionary gained about 22% and contributed most, driven by the automobiles & components industry (+20%). Exposure to industrials stocks also helped, gaining 14%. The materials sector returned about -0.5%.
Conversely, Europe ex U.K., primarily France (-13%), returned roughly -2% and was a notable detractor. From a sector standpoint, information technology returned -1% and hurt most.
Turning to individual stocks, the biggest contributor was Tesla (+55%), from the automobiles & components industry. In the same group, XPeng (+135%), BYD (+58%) and Zhejiang Leapmotor Technology (+101%) boosted the fund as well. Among capital goods stocks, Bloom Energy (+96%) was another positive.
In contrast, the biggest detractor was Luminar Technologies (-88%), from the automobiles & components category. In the same group, Gentex (-25%) and NIO (-16%) hurt the fund as well. Technology hardware & equipment firm Samsung SDI returned -50% and also pressured performance. Lastly, STMicroelectronics (-27%), within the semiconductors & semiconductor equipment industry, further detracted.
How did the Fund perform over the life of Fund?
  
CUMULATIVE PERFORMANCE
October 5, 2021 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Electric Vehicles and Future Transportation ETF
$10,000
$7,085
$7,607
$5,359
$5,976
Fidelity Electric Vehicles and Future Transportation Index℠
$10,000
$7,184
$7,751
$5,483
$6,115
MSCI ACWI (All Country World Index) Index
$10,000
$8,524
$9,970
$11,943
$13,918
 
2021
2022
2023
2024
2025
 
 
AVERAGE ANNUAL TOTAL RETURNS:
 
1 Year
Life of Fund A
Fidelity® Electric Vehicles and Future Transportation ETF - NAV 
11.51%
-12.87%
Fidelity Electric Vehicles and Future Transportation Index℠
11.52%
-12.33%
MSCI ACWI (All Country World Index) Index
16.54%
9.25%
A   From October 5, 2021
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$28,180,628
 
Number of Holdings
52
 
Total Advisory Fee
$113,905
 
Portfolio Turnover
77%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Consumer Discretionary
46.2
 
Information Technology
29.9
 
Industrials
20.6
 
Materials
3.1
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
38.2
China
26.7
Japan
9.9
Netherlands
4.5
Germany
4.4
Korea (South)
4.0
Sweden
3.2
France
2.6
Belgium
1.7
Others
4.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 38.2                    
 
China - 26.7                            
 
Japan - 9.9                             
 
Netherlands - 4.5                       
 
Germany - 4.4                           
 
Korea (South) - 4.0                     
 
Sweden - 3.2                            
 
France - 2.6                            
 
Belgium - 1.7                           
 
Others - 4.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Uber Technologies Inc
4.8
 
NXP Semiconductors NV
4.5
 
Infineon Technologies AG
4.4
 
Contemporary Amperex Technology Co Ltd H Shares
4.3
 
Renesas Electronics Corp
4.3
 
Tesla Inc
4.1
 
Li Auto Inc A Shares
4.0
 
BYD Co Ltd H Shares
3.9
 
XPeng Inc A Shares
3.5
 
Rivian Automotive Inc Class A
3.4
 
 
41.2
 
How has the Fund changed?
 
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-FIDELITY  or by sending an e-mail to fidfunddocuments@fidelity.com.
 
The fund changed its classification from non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.

The fund modified its principal investment strategies during the reporting period.
The fund modified its principal investment risks during the reporting period.

 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913375.101    6445-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
 
 
Fidelity® Digital Health ETF
Fidelity® Digital Health ETF :  FDHT 
Principal U.S. Listing Exchange :
CboeBZX
Cboe BZX Exchange, Inc.
 
 
 
This annual shareholder report contains information about Fidelity® Digital Health ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Digital Health ETF 
$ 42 
0.39%
 
What affected the Fund's performance this period?
 
Global equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient economic growth throughout the world, a slowing in the pace of inflation in certain markets, global monetary easing and the benefit of generally weaker U.S. dollar for stocks abroad, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.
Against this backdrop, equity markets in the United States gained 18% and contributed most to the fund's performance for the fiscal year, followed by Asia Pacific ex Japan (+38%), especially Australia (+40%).
By sector, health care gained about 17% and contributed most, driven by the health care equipment & services industry (+18%). Exposure to consumer staples stocks (+20%) also helped, benefiting from the consumer staples distribution & retail industry (+20%). Elsewhere, information technology companies rose approximately 30%, boosted by the software & services industry (+100%). Communication services (+9%) added value as well, lifted by the media & entertainment group (+9%).
Conversely, Canada returned -40% and detracted most, followed by Europe ex U.K. (-5%), especially Switzerland (-24%). From a sector standpoint, industrials returned -17% and notably hurt. This group was hampered commercial & professional services firms (-17%).
Turning to individual stocks, the top contributor was Hims & Hers Health (+170%), within the health care equipment & services category. In that same group, stakes in Doximity (+117%), Pro Medicus (+93%), Veeva Systems (+58%) and Insulet (+56%) also helped.
In contrast, the biggest detractor was Tandem Diabetes Care (-54%), from the health care equipment & services group. Within the same industry, Astrana Health (-39%) and Well Health Technologies (-40%) hurt the fund's performance as well. Among consumer staples distribution & retail stocks, DocMorris returned approximately -70% and further weighed on performance. Lastly, IQVIA Holdings (-25%), from the pharmaceuticals, biotechnology & life sciences category, detracted too.
How did the Fund perform over the life of Fund?
  
CUMULATIVE PERFORMANCE
October 5, 2021 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Digital Health ETF
$10,000
$7,401
$7,843
$7,332
$8,537
Fidelity Digital Health Index℠
$10,000
$7,441
$7,913
$7,427
$8,678
MSCI ACWI (All Country World Index) Index
$10,000
$8,524
$9,970
$11,943
$13,918
 
2021
2022
2023
2024
2025
 
 
AVERAGE ANNUAL TOTAL RETURNS:
 
1 Year
Life of Fund A
Fidelity® Digital Health ETF - NAV 
16.43%
-4.15%
Fidelity Digital Health Index℠
16.84%
-3.72%
MSCI ACWI (All Country World Index) Index
16.54%
9.25%
A   From October 5, 2021
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$8,415,156
 
Number of Holdings
50
 
Total Advisory Fee
$31,817
 
Portfolio Turnover
47%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Health Care
86.9
 
Consumer Staples
8.1
 
Information Technology
3.0
 
Industrials
2.0
 
 
Common Stocks
100.0
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 100.0                   
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
62.2
Australia
7.5
China
6.6
Netherlands
5.4
Switzerland
4.1
Germany
3.7
Sweden
3.5
Japan
2.6
Denmark
2.1
Others
2.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 62.2                    
 
Australia - 7.5                         
 
China - 6.6                             
 
Netherlands - 5.4                       
 
Switzerland - 4.1                       
 
Germany - 3.7                           
 
Sweden - 3.5                            
 
Japan - 2.6                             
 
Denmark - 2.1                           
 
Others - 2.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
ResMed Inc
4.5
 
Dexcom Inc
4.5
 
Veeva Systems Inc Class A
4.5
 
Intuitive Surgical Inc
4.3
 
Insulet Corp
4.0
 
Koninklijke Philips NV
3.9
 
Siemens Healthineers AG
3.7
 
Cochlear Ltd
3.5
 
Sonova Holding AG
3.3
 
Pro Medicus Ltd
2.9
 
 
39.1
 
How has the Fund changed?
 
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-FIDELITY  or by sending an e-mail to fidfunddocuments@fidelity.com.
 
The fund changed its classification from non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.

The fund modified its principal investment strategies during the reporting period.
The fund modified its principal investment risks during the reporting period.

 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913374.101    6444-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
 
 
Fidelity® Crypto Industry and Digital Payments ETF
Fidelity® Crypto Industry and Digital Payments ETF :  FDIG 
Principal U.S. Listing Exchange :
NASDAQ
NASDAQ/NMS Global Market
 
 
 
This annual shareholder report contains information about Fidelity® Crypto Industry and Digital Payments ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Crypto Industry and Digital Payments ETF 
$ 44 
0.39%
 
What affected the Fund's performance this period?
 
Global equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient economic growth throughout the world, a slowing in the pace of inflation in certain markets, global monetary easing and the benefit of generally weaker U.S. dollar for stocks abroad, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.
Against this backdrop, equities in the United States gained roughly 24% and contributed most to the fund's performance for the fiscal year, followed by Asia Pacific ex Japan (+7%).
By sector, financials gained approximately 34% and contributed most, driven by the financial services industry (+34%). Information technology stocks also helped, gaining 8% and particularly benefiting from software & services stocks (+8%). The industrials sector rose about 7%, boosted by commercial & professional services firms (+7%).
In contrast, Canada returned -34% and detracted most, followed by Europe ex U.K. (+1%), especially France (-29%). From a sector standpoint, communication services returned -21% and notably hurt. This group was especially hampered by the media & entertainment industry (-21%). Energy companies (-36%) further pressured performance.
Turning to individual stocks, the biggest contributor was Coinbase Global (+57%), within the financial services industry. In that same same group, Robinhood Markets gained 142% and boosted the fund as well. Exposure to software & services stocks Core Scientific (+81%), Bitdeer Technologies (+10%) and Hut 8 (+25%) also added value.
Conversely, the biggest detractor was Bitfarms (-68%), in the software & services industry. From the same category, CleanSpark (-30%) and MARA Holdings (-21%) also hindered the fund. Lastly, stakes in Bakkt Holdings (-74%) and Block (-24%), from the financial services group, weighed on performance as well.
How did the Fund perform over the life of Fund?
  
CUMULATIVE PERFORMANCE
April 19, 2022 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Crypto Industry and Digital Payments ETF
$10,000
$4,808
$7,450
$11,374
Fidelity Crypto Industry and Digital Payments Index℠
$10,000
$4,812
$7,479
$11,466
MSCI ACWI (All Country World Index) Index
$10,000
$8,644
$10,111
$12,111
 
2022
2023
2024
2025
 
 
AVERAGE ANNUAL TOTAL RETURNS:
 
1 Year
Life of Fund A
Fidelity® Crypto Industry and Digital Payments ETF - NAV 
22.94%
11.05%
Fidelity Crypto Industry and Digital Payments Index℠
23.13%
11.38%
MSCI ACWI (All Country World Index) Index
16.54%
11.37%
A   From April 19, 2022
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$195,567,027
 
Number of Holdings
52
 
Total Advisory Fee
$553,772
 
Portfolio Turnover
79%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
52.0
 
Information Technology
44.7
 
Communication Services
2.1
 
Industrials
1.0
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
69.1
Canada
6.5
Japan
6.2
Australia
5.8
Brazil
3.0
Israel
2.7
China
1.8
Netherlands
1.3
Italy
1.2
Others
2.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 69.1                    
 
Canada - 6.5                            
 
Japan - 6.2                             
 
Australia - 5.8                         
 
Brazil - 3.0                            
 
Israel - 2.7                            
 
China - 1.8                             
 
Netherlands - 1.3                       
 
Italy - 1.2                             
 
Others - 2.4                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Coinbase Global Inc Class A
14.7
 
MARA Holdings Inc
5.4
 
Riot Platforms Inc
4.5
 
IREN Ltd
4.3
 
Cleanspark Inc
4.1
 
Core Scientific Inc
4.1
 
Applied Digital Corp
3.4
 
Block Inc Class A
3.3
 
Terawulf Inc
3.0
 
Etoro Group Ltd Class A
2.7
 
 
49.5
 
How has the Fund changed?
 
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-FIDELITY  or by sending an e-mail to fidfunddocuments@fidelity.com.
 
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.
The fund modified its principal investment strategies during the reporting period.

The fund modified its principal investment risks during the reporting period.
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913376.101    6565-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
 
 
Fidelity® Cloud Computing ETF
Fidelity® Cloud Computing ETF :  FCLD 
Principal U.S. Listing Exchange :
CboeBZX
Cboe BZX Exchange, Inc.
 
 
 
This annual shareholder report contains information about Fidelity® Cloud Computing ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Cloud Computing ETF 
$ 43 
0.39%
 
What affected the Fund's performance this period?
 
Global equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient economic growth throughout the world, a slowing in the pace of inflation in certain markets, global monetary easing and the benefit of generally weaker U.S. dollar for stocks abroad, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.
Against this backdrop, equity markets in the United States gained approximately 17% and contributed most to the fund's performance for the fiscal year, followed by emerging markets (+43%), especially China (+94%).
By sector, information technology stocks gained 19% and contributed most, driven by the software & services industry (+23%). Real estate also helped, advancing approximately 12% and benefiting from strong results among equity real estate investment trusts (+12%). The industrials sector rose about 12%, boosted by commercial & professional services firms (+12%).
In contrast, from a sector standpoint, consumer discretionary returned -3% and detracted most. This group was hampered by the consumer discretionary distribution & retail industry (-3%).
Turning to individual stocks, the top contributor was MicroStrategy (+205%), from the software & services industry. Within the same category, exposure to Oracle (+47%), Snowflake (+66%), Twilio (+117%) and ServiceNow (+31%) lifted the fund.
Conversely, the biggest detractor was technology hardware & equipment company Super Micro Computer (-62%). Lastly, stakes in DocuSign (-18%), Teradata (-36%), PagerDuty (-39%) and Five9 (-40%), in the software & services industry, hurt as well.
How did the Fund perform over the life of Fund?
  
CUMULATIVE PERFORMANCE
October 5, 2021 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Cloud Computing ETF
$10,000
$6,331
$7,755
$9,629
$11,358
Fidelity Cloud Computing Index℠
$10,000
$6,385
$7,854
$9,710
$11,499
MSCI ACWI (All Country World Index) Index
$10,000
$8,524
$9,970
$11,943
$13,918
 
2021
2022
2023
2024
2025
 
 
AVERAGE ANNUAL TOTAL RETURNS:
 
1 Year
Life of Fund A
Fidelity® Cloud Computing ETF - NAV 
17.96%
3.47%
Fidelity Cloud Computing Index℠
18.43%
3.81%
MSCI ACWI (All Country World Index) Index
16.54%
9.25%
A   From October 5, 2021
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$92,340,103
 
Number of Holdings
53
 
Total Advisory Fee
$320,134
 
Portfolio Turnover
32%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
88.9
 
Real Estate
7.1
 
Consumer Discretionary
2.1
 
Industrials
1.6
 
 
Common Stocks
99.7
Short-Term Investments and Net Other Assets (Liabilities)
0.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.7                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
 
United States
93.7
China
3.5
Israel
1.8
Germany
1.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 93.7                    
 
China - 3.5                             
 
Israel - 1.8                            
 
Germany - 1.0                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Microsoft Corp
4.8
 
Salesforce Inc
4.6
 
Servicenow Inc
4.5
 
MicroStrategy Inc Class A
4.5
 
Snowflake Inc Class A
4.0
 
Equinix Inc
3.7
 
Digital Realty Trust Inc
3.4
 
Datadog Inc Class A
3.3
 
Workday Inc Class A
3.3
 
Seagate Technology Holdings PLC
2.9
 
 
39.0
 
How has the Fund changed?
 
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-FIDELITY  or by sending an e-mail to fidfunddocuments@fidelity.com.
 
The fund changed its classification from non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.

The fund modified its principal investment strategies during the reporting period.
The fund modified its principal investment risks during the reporting period.

 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913373.101    6443-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
 
 
Fidelity® Clean Energy ETF
Fidelity® Clean Energy ETF :  FRNW 
Principal U.S. Listing Exchange :
CboeBZX
Cboe BZX Exchange, Inc.
 
 
 
This annual shareholder report contains information about Fidelity® Clean Energy ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Clean Energy ETF 
$ 41 
0.39%
 
What affected the Fund's performance this period?
 
Global equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient economic growth throughout the world, a slowing in the pace of inflation in certain markets, global monetary easing and the benefit of generally weaker U.S. dollar for stocks abroad, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.
Against this backdrop, equity markets in the United States gained approximately 12% and contributed most to the fund's performance for the fiscal year, followed by Europe ex U.K. (+5%), especially Germany (+31%).
By sector, industrials advanced about 32% and contributed most, driven by the capital goods industry (+32%). Exposure to utilities stocks also helped (+6%).
Conversely, Japan returned approximately -27% and was a notable detractor. From a sector standpoint, information technology returned approximately -20% and hurt most. This group was hampered by semiconductors & semiconductor equipment stocks (-27%). Stakes in materials companies (-1%) also hurt.
Turning to individual stocks, the top contributor was GE Vernova (+202%), from the capital goods group. Within the same category, positions in Bloom Energy (+94%) and Goldwind Science & Technology (+137%) helped as well. Utilities stocks Acciona (+57%) and E.ON (+63%) added value too.
In contrast, the biggest detractor was Enphase Energy (-60%), from the semiconductors & semiconductor equipment industry. In that same group, stakes in First Solar (-27%) and Xinyi Solar Holdings (-35%) hurt too. Another notable detractor was utilities holding Sunnova Energy International (-96%). Lastly, Vestas Wind Systems, within the capital goods group, returned about -35% and further pressured performance.
How did the Fund perform over the life of Fund?
  
CUMULATIVE PERFORMANCE
October 5, 2021 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Clean Energy ETF
$10,000
$8,388
$8,397
$5,931
$6,455
Fidelity Clean Energy Index℠
$10,000
$8,508
$8,539
$6,049
$6,606
MSCI ACWI (All Country World Index) Index
$10,000
$8,524
$9,970
$11,943
$13,918
 
2021
2022
2023
2024
2025
 
 
AVERAGE ANNUAL TOTAL RETURNS:
 
1 Year
Life of Fund A
Fidelity® Clean Energy ETF - NAV 
8.84%
-11.05%
Fidelity Clean Energy Index℠
9.22%
-10.50%
MSCI ACWI (All Country World Index) Index
16.54%
9.25%
A   From October 5, 2021
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$25,686,079
 
Number of Holdings
53
 
Total Advisory Fee
$98,256
 
Portfolio Turnover
46%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Utilities
46.6
 
Industrials
31.6
 
Information Technology
19.5
 
Materials
1.9
 
 
Common Stocks
99.6
Short-Term Investments and Net Other Assets (Liabilities)
0.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.6                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
 
United States
34.0
China
11.1
Canada
9.4
Spain
7.2
Denmark
6.7
Germany
5.0
Korea (South)
4.7
New Zealand
3.9
Portugal
3.7
Others
14.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 34.0                    
 
China - 11.1                            
 
Canada - 9.4                            
 
Spain - 7.2                             
 
Denmark - 6.7                           
 
Germany - 5.0                           
 
Korea (South) - 4.7                     
 
New Zealand - 3.9                       
 
Portugal - 3.7                          
 
Others - 14.3                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
GE Vernova Inc
4.8
 
First Solar Inc
4.2
 
EDP SA
3.7
 
Vestas Wind Systems A/S
3.6
 
Orsted AS
3.1
 
NEXTracker Inc Class A
2.9
 
Itron Inc
2.8
 
Bloom Energy Corp Class A
2.7
 
Verbund AG Class A
2.7
 
Ormat Technologies Inc
2.7
 
 
33.2
 
How has the Fund changed?
 
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-FIDELITY  or by sending an e-mail to fidfunddocuments@fidelity.com.
 
The fund changed its classification from non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.

The fund modified its principal investment strategies during the reporting period.
The fund modified its principal investment risks during the reporting period.

 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913372.101    6442-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
 
 
Fidelity® Enhanced Large Cap Value ETF
Fidelity® Enhanced Large Cap Value ETF :  FELV 
Principal U.S. Listing Exchange :
NYSEArca
NYSE Arca, Inc.
 
 
 
This annual shareholder report contains information about Fidelity® Enhanced Large Cap Value ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Enhanced Large Cap Value ETF 
$ 19 
0.18%
 
What affected the Fund's performance this period?
 
U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.
Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Value Index for the fiscal year, led by the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry. Picks in consumer staples also helped. Investment choices and an underweight in energy helped as well.
The top individual relative contributor was an overweight in Carvana (+161%). An underweight in Regeneron Pharmaceuticals (-50%), a stake established this period, also helped. Exposure to shares of Twilio (+101%) added value as well, though the stock was no longer held at period end.
In contrast, the biggest detractor from performance versus the benchmark was stock picking in information technology. Investment choices in industrials, primarily within the capital goods industry, also hurt, along with utilities.
The biggest individual relative detractor was an underweight in Micron Technology (-6%). The position was decreased this period. Non-benchmark exposure to Adobe returned approximately -29% and hurt as well. A position in GE Vernova (+115%) was another challenge. The stock was not held at period end.
Notable changes in positioning include increased exposure to the communication services and consumer discretionary sectors.
How did the Fund perform over the past 10 years?
  
CUMULATIVE PERFORMANCE
June 30, 2015 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Enhanced Large Cap Value ETF
$10,000
$10,097
$11,741
$12,937
$13,754
$12,666
$18,718
$17,791
$19,612
$22,435
$25,463
Russell 1000® Value Index
$10,000
$10,286
$11,884
$12,688
$13,762
$12,546
$18,026
$16,797
$18,735
$21,181
$24,083
Russell 1000® Index
$10,000
$10,293
$12,149
$13,916
$15,310
$16,455
$23,543
$20,474
$24,438
$30,274
$35,016
 
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
 
 
AVERAGE ANNUAL TOTAL RETURNS:
 
1 Year
5 Year
10 Year
Fidelity® Enhanced Large Cap Value ETF - NAV  A 
13.49%
14.99%
9.80%
Russell 1000® Value Index
13.70%
13.93%
9.19%
Russell 1000® Index
15.66%
16.30%
13.35%
A   Returns prior to the conversion are those of the former corresponding fund
 
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$2,317,829,364
 
Number of Holdings
383
 
Total Advisory Fee
$3,713,212
 
Portfolio Turnover
69%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
22.6
 
Industrials
13.9
 
Health Care
13.0
 
Information Technology
10.7
 
Consumer Discretionary
7.8
 
Communication Services
7.5
 
Consumer Staples
6.1
 
Energy
5.6
 
Materials
5.0
 
Real Estate
3.7
 
Utilities
3.7
 
 
Common Stocks
99.6
Short-Term Investments and Net Other Assets (Liabilities)
0.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.6                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
 
United States
99.5
Ireland
0.2
United Kingdom
0.2
Brazil
0.1
Puerto Rico
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 99.5                    
 
Ireland - 0.2                           
 
United Kingdom - 0.2                    
 
Brazil - 0.1                            
 
Puerto Rico - 0.0                       
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Berkshire Hathaway Inc Class B
3.4
 
JPMorgan Chase & Co
2.8
 
Exxon Mobil Corp
1.7
 
Bank of America Corp
1.7
 
Philip Morris International Inc
1.6
 
Amazon.com Inc
1.5
 
Walmart Inc
1.5
 
Walt Disney Co/The
1.4
 
Alphabet Inc Class A
1.4
 
Johnson & Johnson
1.2
 
 
18.2
 
How has the Fund changed?
 
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-FIDELITY  or by sending an e-mail to fidfunddocuments@fidelity.com.
 
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:
  • Management fee
  • Operating expenses
 
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.
The fund modified its principal investment strategies during the reporting period.

The fund modified its principal investment risks during the reporting period.
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913704.101    7542-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
 
 
Fidelity® Enhanced International ETF
Fidelity® Enhanced International ETF :  FENI 
Principal U.S. Listing Exchange :
NYSEArca
NYSE Arca, Inc.
 
 
 
This annual shareholder report contains information about Fidelity® Enhanced International ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Enhanced International ETF 
$ 31 
0.28%
 
What affected the Fund's performance this period?
 
International equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient global economic growth, a slowing in the pace of inflation in certain markets, global monetary easing and a generally weaker U.S. dollar, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.
Against this backdrop, security selection and an underweight in Europe ex U.K. and picks in the U.K. contributed to the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.
By sector, security selection was the primary contributor, especially within consumer staples, where picks among food, beverage & tobacco stocks helped most. Investment choices in materials and financials also boosted the fund's relative performance.
The top individual relative contributor was an underweight in LVMH Moet Hennessy Louis Vuitton (-30%). Outsized exposure to shares of Rolls-Royce (+131%) helped as well. A stake in Softbank (+29%), a position established this period, was another plus.
In contrast, from a regional standpoint, stock picking and an underweight in Japan detracted from the fund's relative result.
By sector, the biggest detractor from performance versus the benchmark was security selection among industrials firms. An overweight in information technology, primarily within the semiconductors & semiconductor equipment industry, and materials also hurt.
The biggest individual relative detractor was an underweight in Rheinmetall (+316%), a position established this period. Avoiding Mitsubishi Heavy Industries, a benchmark component that gained approximately 136%, also hurt. A smaller-than-index holding in Nintendo (+83%), which was not held at period end, further detracted.
Notable changes in geographic positioning include decreased exposure to Denmark and a higher allocation to Germany. By sector, meaningful shifts include increased exposure to communication services and financials stocks.
How did the Fund perform over the past 10 years?
  
CUMULATIVE PERFORMANCE
June 30, 2015 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Enhanced International ETF
$10,000
$9,040
$11,038
$11,860
$11,706
$10,969
$14,678
$12,046
$14,302
$16,382
$19,795
MSCI EAFE Index
$10,000
$9,001
$10,847
$11,614
$11,766
$11,183
$14,829
$12,221
$14,546
$16,261
$19,197
 
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
 
 
AVERAGE ANNUAL TOTAL RETURNS:
 
1 Year
5 Year
10 Year
Fidelity® Enhanced International ETF - NAV  A 
20.83%
12.53%
7.07%
MSCI EAFE Index
18.06%
11.41%
6.74%
A   Returns prior to the conversion are those of the former corresponding fund
 
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$3,192,488,948
 
Number of Holdings
301
 
Total Advisory Fee
$5,558,713
 
Portfolio Turnover
73%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
25.0
 
Industrials
20.1
 
Health Care
10.5
 
Information Technology
8.7
 
Consumer Discretionary
8.2
 
Materials
6.4
 
Consumer Staples
6.3
 
Communication Services
5.3
 
Utilities
4.1
 
Energy
3.4
 
Real Estate
0.2
 
 
Common Stocks
97.6
Preferred Stocks
0.6
Short-Term Investments and Net Other Assets (Liabilities)
1.8
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.6                    
 
Preferred Stocks - 0.6                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.8
 
Japan
21.8
United States
11.1
United Kingdom
10.7
Germany
10.5
France
8.5
Australia
6.6
Switzerland
4.6
Netherlands
4.2
Spain
3.6
Others
18.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 21.8                            
 
United States - 11.1                    
 
United Kingdom - 10.7                   
 
Germany - 10.5                          
 
France - 8.5                            
 
Australia - 6.6                         
 
Switzerland - 4.6                       
 
Netherlands - 4.2                       
 
Spain - 3.6                             
 
Others - 18.4                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
ASML Holding NV
2.1
 
Novartis AG
1.8
 
Siemens AG
1.5
 
Roche Holding AG
1.4
 
Allianz SE
1.4
 
SAP SE
1.2
 
TotalEnergies SE
1.2
 
Banco Santander SA
1.2
 
Rolls-Royce Holdings PLC
1.2
 
HSBC Holdings PLC
1.1
 
 
14.1
 
How has the Fund changed?
 
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-FIDELITY  or by sending an e-mail to fidfunddocuments@fidelity.com.
 
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:
  • Management fee
  • Operating expenses
 
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.
The fund modified its principal investment strategies during the reporting period.

The fund modified its principal investment risks during the reporting period.
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913706.101    7544-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
 
 
Fidelity® Enhanced Large Cap Core ETF
Fidelity® Enhanced Large Cap Core ETF :  FELC 
Principal U.S. Listing Exchange :
NYSEArca
NYSE Arca, Inc.
 
 
 
This annual shareholder report contains information about Fidelity® Enhanced Large Cap Core ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Enhanced Large Cap Core ETF 
$ 19 
0.18%
 
What affected the Fund's performance this period?
 
U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.
Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, especially within the industrials sector. Stock picks in information technology also hurt. Further detracting from the portfolio's relative result were investment choices and an overweight in consumer discretionary, primarily within the automobiles & components industry.
The largest individual relative detractor was an underweight in Palantir Technologies (+266%), a stake established this period. An underweight in Tesla (+61%) also hurt. The investment was increased prior to June 30. An overweight in Adobe (-30%) detracted as well.
In contrast, the biggest contributor to performance versus the benchmark was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Picks in consumer staples, primarily among food, beverage & tobacco firms, also boosted the fund's relative return. Investment choices and an outsized exposure to communication services, primarily within the media & entertainment industry, helped as well.
The fund's non-benchmark stake in Carvana gained 154% and was the top individual relative contributor. This period the fund's investment in the stock was decreased. An overweight in Netflix (+97%) was another plus. The company was one of our biggest holdings at period end. A non-benchmark stake in Exelixis gained about 96% and notably bolstered performance, although the position was reduced this period.
Notable changes in positioning include increased exposure to the financials sector and a lower allocation to health care.
How did the Fund perform over the past 10 years?
  
CUMULATIVE PERFORMANCE
June 30, 2015 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Enhanced Large Cap Core ETF
$10,000
$10,093
$11,754
$13,714
$14,876
$15,979
$22,814
$20,828
$24,553
$30,921
$35,273
S&P 500® Index
$10,000
$10,399
$12,260
$14,023
$15,483
$16,645
$23,436
$20,948
$25,053
$31,204
$35,936
 
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
 
 
AVERAGE ANNUAL TOTAL RETURNS:
 
1 Year
5 Year
10 Year
Fidelity® Enhanced Large Cap Core ETF - NAV  A 
14.07%
17.16%
13.43%
S&P 500® Index
15.16%
16.64%
13.65%
A   Returns prior to the conversion are those of the former corresponding fund
 
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$4,685,165,300
 
Number of Holdings
199
 
Total Advisory Fee
$7,153,740
 
Portfolio Turnover
77%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
31.8
 
Financials
14.7
 
Communication Services
11.7
 
Consumer Discretionary
10.7
 
Health Care
10.0
 
Industrials
9.7
 
Consumer Staples
3.5
 
Energy
2.6
 
Materials
2.3
 
Real Estate
1.2
 
Utilities
0.8
 
 
Common Stocks
99.0
Short-Term Investments and Net Other Assets (Liabilities)
1.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.0                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
 
United States
100.0
United Kingdom
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 100.0                   
 
United Kingdom - 0.0                    
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
7.8
 
Microsoft Corp
6.7
 
Apple Inc
6.3
 
Amazon.com Inc
4.2
 
Meta Platforms Inc Class A
3.0
 
Broadcom Inc
3.0
 
Berkshire Hathaway Inc Class B
2.2
 
Alphabet Inc Class C
2.1
 
Alphabet Inc Class A
1.9
 
JPMorgan Chase & Co
1.9
 
 
39.1
 
How has the Fund changed?
 
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-FIDELITY  or by sending an e-mail to fidfunddocuments@fidelity.com.
 
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:
  • Management fee
  • Operating expenses
 
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.
The fund modified its principal investment strategies during the reporting period.

The fund modified its principal investment risks during the reporting period.
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913703.101    7541-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
 
 
Fidelity® Enhanced Large Cap Growth ETF
Fidelity® Enhanced Large Cap Growth ETF :  FELG 
Principal U.S. Listing Exchange :
NYSEArca
NYSE Arca, Inc.
 
 
 
This annual shareholder report contains information about Fidelity® Enhanced Large Cap Growth ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Enhanced Large Cap Growth ETF 
$ 19 
0.18%
 
What affected the Fund's performance this period?
 
U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.
Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by the information technology sector. Picks in financials, primarily within the financial services industry, also hurt. Investment choices and an underweight in utilities pressured the portfolio's relative return as well.
The largest individual relative detractor was an underweight in Palantir Technologies (+438%), a position established this period. A non-benchmark stake in Abercrombie & Fitch returned about -53% and hurt too. Another notable relative detractor was an overweight stake in Merck (-34%).
In contrast, the biggest contributor to performance versus the benchmark was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Picks and an overweight in communication services, especially among media & entertainment firms, in addition to investment choices and an underweight in consumer staples, further boosted the fund's relative performance.
The top individual relative contributor was an overweight in Roblox (+90%), a position established this period. Outsized exposure to Exelixis (+92%) also helped. A larger-than-benchmark stake in Netflix (+98%) was another plus. The company was one of the fund's biggest holdings at period end.
Notable changes in positioning include decreased exposure to the health care sector and a higher allocation to consumer discretionary stocks.
How did the Fund perform over the past 10 years?
  
CUMULATIVE PERFORMANCE
June 30, 2015 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Enhanced Large Cap Growth ETF
$10,000
$10,059
$11,918
$14,475
$15,717
$19,077
$27,473
$22,858
$28,403
$38,437
$44,337
Russell 1000® Growth Index
$10,000
$10,302
$12,406
$15,199
$16,956
$20,904
$29,787
$24,195
$30,754
$41,051
$48,119
Russell 1000® Index
$10,000
$10,293
$12,149
$13,916
$15,310
$16,455
$23,543
$20,474
$24,438
$30,274
$35,016
 
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
 
 
AVERAGE ANNUAL TOTAL RETURNS:
 
1 Year
5 Year
10 Year
Fidelity® Enhanced Large Cap Growth ETF - NAV  A 
15.35%
18.37%
16.06%
Russell 1000® Growth Index
17.22%
18.15%
17.01%
Russell 1000® Index
15.66%
16.30%
13.35%
A   Returns prior to the conversion are those of the former corresponding fund
 
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$3,687,451,470
 
Number of Holdings
109
 
Total Advisory Fee
$5,510,653
 
Portfolio Turnover
60%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.8
 
Consumer Discretionary
15.6
 
Communication Services
12.7
 
Health Care
7.1
 
Industrials
5.7
 
Financials
5.3
 
Consumer Staples
1.3
 
Materials
0.8
 
Energy
0.7
 
Real Estate
0.1
 
 
Common Stocks
98.1
Short-Term Investments and Net Other Assets (Liabilities)
1.9
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.1                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.9
 
United States
99.8
Finland
0.1
United Kingdom
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 99.8                    
 
Finland - 0.1                           
 
United Kingdom - 0.1                    
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
12.8
 
Microsoft Corp
12.0
 
Apple Inc
9.9
 
Amazon.com Inc
5.7
 
Meta Platforms Inc Class A
4.6
 
Broadcom Inc
4.6
 
Tesla Inc
3.2
 
Netflix Inc
2.5
 
Alphabet Inc Class C
2.4
 
Alphabet Inc Class A
2.2
 
 
59.9
 
How has the Fund changed?
 
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-FIDELITY  or by sending an e-mail to fidfunddocuments@fidelity.com.
 
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:
  • Management fee
  • Operating expenses
 
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.
The fund modified its principal investment strategies during the reporting period.

The fund modified its principal investment risks during the reporting period.
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913705.101    7543-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
 
 
Fidelity® Enhanced Small Cap ETF
Fidelity® Enhanced Small Cap ETF :  FESM 
Principal U.S. Listing Exchange :
NYSEArca
NYSE Arca, Inc.
 
 
 
This annual shareholder report contains information about Fidelity® Enhanced Small Cap ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Enhanced Small Cap ETF 
$ 30 
0.28%
 
What affected the Fund's performance this period?
 
U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.
Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000 Index for the fiscal year, led by the health care sector, where our stock picks among health care equipment & services stocks helped most. Investment choices in communication services and financials boosted the fund's relative result as well.
The top individual relative contributor was an overweight in Lumen Technologies (+255%). Outsized exposure to Dave (+225%), a stake established this period, was another plus. The company was one of our biggest holdings at period end. A non-benchmark stake in Carvana (+168%) helped as well.
In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer discretionary. Security selection in energy also hampered the fund's result. Investment choices and an underweight in utilities hurt too.
The biggest individual relative detractor was an overweight in Abercrombie & Fitch (-53%). However, the position was increased this period, making it one of the fund's biggest holdings on June 30. An overweight in Helmerich & Payne (-55%) also helped. This was an investment established this period. Another performance challenge was a stake in Rocket Lab (+35%).
Notable changes in positioning include increased exposure to the real estate and financials sectors.
How did the Fund perform over the past 10 years?
  
CUMULATIVE PERFORMANCE
June 30, 2015 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Enhanced Small Cap ETF
$10,000
$9,365
$11,424
$12,949
$12,328
$11,141
$18,746
$14,591
$16,858
$19,250
$21,404
Russell 2000® Index
$10,000
$9,327
$11,621
$13,663
$13,211
$12,335
$19,987
$14,951
$16,790
$18,479
$19,898
Russell 3000® Index
$10,000
$10,214
$12,104
$13,893
$15,141
$16,130
$23,253
$20,029
$23,825
$29,335
$33,822
 
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
 
 
AVERAGE ANNUAL TOTAL RETURNS:
 
1 Year
5 Year
10 Year
Fidelity® Enhanced Small Cap ETF - NAV  A 
11.19%
13.95%
7.91%
Russell 2000® Index
7.68%
10.04%
7.12%
Russell 3000® Index
15.30%
15.96%
12.96%
A   Returns prior to the conversion are those of the former corresponding fund
 
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$1,899,023,041
 
Number of Holdings
603
 
Total Advisory Fee
$3,895,750
 
Portfolio Turnover
73%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
18.7
 
Industrials
16.6
 
Information Technology
15.1
 
Health Care
15.0
 
Consumer Discretionary
10.2
 
Materials
5.4
 
Real Estate
5.3
 
Energy
4.3
 
Communication Services
2.7
 
Consumer Staples
2.5
 
Utilities
2.5
 
 
Common Stocks
98.3
Short-Term Investments and Net Other Assets (Liabilities)
1.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.7
 
United States
98.6
Thailand
0.4
Ireland
0.2
Canada
0.2
Puerto Rico
0.1
Switzerland
0.1
Monaco
0.1
Norway
0.1
Panama
0.1
Others
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 98.6                    
 
Thailand - 0.4                          
 
Ireland - 0.2                           
 
Canada - 0.2                            
 
Puerto Rico - 0.1                       
 
Switzerland - 0.1                       
 
Monaco - 0.1                            
 
Norway - 0.1                            
 
Panama - 0.1                            
 
Others - 0.1                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Guardant Health Inc
0.9
 
Q2 Holdings Inc
0.8
 
Coeur Mining Inc
0.8
 
Dave Inc Class A
0.8
 
Option Care Health Inc
0.8
 
Credo Technology Group Holding Ltd
0.8
 
CareTrust REIT Inc
0.7
 
SkyWest Inc
0.7
 
HealthEquity Inc
0.7
 
Southwest Gas Holdings Inc
0.7
 
 
7.7
 
How has the Fund changed?
 
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-FIDELITY  or by sending an e-mail to fidfunddocuments@fidelity.com.
 
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.
The fund modified its principal investment strategies during the reporting period.

The fund modified its principal investment risks during the reporting period.
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9912775.101    7545-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
 
 
Fidelity® Enhanced Mid Cap ETF
Fidelity® Enhanced Mid Cap ETF :  FMDE 
Principal U.S. Listing Exchange :
NYSEArca
NYSE Arca, Inc.
 
 
 
This annual shareholder report contains information about Fidelity® Enhanced Mid Cap ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Enhanced Mid Cap ETF 
$ 25 
0.23%
 
What affected the Fund's performance this period?
 
U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.
Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell MidCap Index for the fiscal year, led by the consumer discretionary sector. Stock picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, as well as industrials, especially among capital goods firms, further boosted the fund's relative result.
The top individual relative contributor was an overweight in Carvana (+156%), a position established this period. The stock was among our biggest holdings at period end. Outsized exposure to Roblox (+185%), a holding purchased prior to June 30, also helped. The company was among the fund's largest holdings at period end. A larger-than-benchmark stake in Howmet Aerospace (+140%) was another plus. The stock was the portfolio's biggest holding at period end.
In contrast, the most sizable detractor from performance versus the benchmark was security selection in information technology. Underweight allocations to utilities and real estate hurt as well.
The largest individual relative detractor was a stake in Palantir Technologies (+373%), an investment established this period. The stock also was among our largest holdings this period. Comparatively small exposure to Robinhood Markets (+312%) helped as well given that the fund's stake in the stock was decreased this period. A holding in MicroStrategy (+33%) also detracted, and this position was no longer in the fund at period end.
Notable changes in positioning include increased exposure to the communication services and real estate sectors.
How did the Fund perform over the past 10 years?
  
CUMULATIVE PERFORMANCE
June 30, 2015 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Enhanced Mid Cap ETF
$10,000
$9,726
$11,464
$12,782
$13,362
$12,971
$19,441
$16,544
$19,010
$22,095
$26,116
Russell Midcap® Index
$10,000
$10,056
$11,713
$13,157
$14,187
$13,869
$20,776
$17,182
$19,746
$22,289
$25,678
Russell 3000® Index
$10,000
$10,214
$12,104
$13,893
$15,141
$16,130
$23,253
$20,029
$23,825
$29,335
$33,822
 
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
 
 
AVERAGE ANNUAL TOTAL RETURNS:
 
1 Year
5 Year
10 Year
Fidelity® Enhanced Mid Cap ETF - NAV  A 
18.20%
15.02%
10.08%
Russell Midcap® Index
15.21%
13.11%
9.89%
Russell 3000® Index
15.30%
15.96%
12.96%
A   Returns prior to the conversion are those of the former corresponding fund
 
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$2,837,676,062
 
Number of Holdings
366
 
Total Advisory Fee
$5,129,920
 
Portfolio Turnover
70%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
17.8
 
Financials
16.8
 
Information Technology
13.4
 
Consumer Discretionary
13.4
 
Health Care
9.2
 
Real Estate
8.1
 
Materials
4.7
 
Energy
4.6
 
Communication Services
4.0
 
Utilities
4.0
 
Consumer Staples
3.1
 
 
Common Stocks
99.1
Short-Term Investments and Net Other Assets (Liabilities)
0.9
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.1                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.9
 
United States
98.8
Korea (South)
0.7
United Kingdom
0.3
Brazil
0.1
Canada
0.1
Puerto Rico
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 98.8                    
 
Korea (South) - 0.7                     
 
United Kingdom - 0.3                    
 
Brazil - 0.1                            
 
Canada - 0.1                            
 
Puerto Rico - 0.0                       
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Howmet Aerospace Inc
1.3
 
Bank of New York Mellon Corp/The
1.1
 
ROBLOX Corp Class A
1.1
 
Axon Enterprise Inc
1.0
 
Cheniere Energy Inc
1.0
 
Digital Realty Trust Inc
1.0
 
Carvana Co Class A
1.0
 
MSCI Inc
1.0
 
Allstate Corp/The
0.9
 
Veeva Systems Inc Class A
0.9
 
 
10.3
 
How has the Fund changed?
 
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-FIDELITY  or by sending an e-mail to fidfunddocuments@fidelity.com.
 
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:
  • Management fee
  • Operating expenses
 
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.
The fund modified its principal investment strategies during the reporting period.

The fund modified its principal investment risks during the reporting period.
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913707.101    7546-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
 
 
Fidelity® Enhanced U.S. All-Cap Equity ETF
Fidelity® Enhanced U.S. All-Cap Equity ETF :  FEAC 
Principal U.S. Listing Exchange :
NYSEArca
NYSE Arca, Inc.
 
 
 
This annual shareholder report contains information about Fidelity® Enhanced U.S. All-Cap Equity ETF for the period November 19, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Enhanced U.S. All-Cap Equity ETF A
$ 11 
0.18%
 
A Expenses for the full reporting period would be higher.
 
What affected the Fund's performance this period?
 
U.S. stocks gained ground between the fund's November 19, 2024, inception date and the fund's June 30, 2025, fiscal year end, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.
Against this backdrop, security selection was the primary contributor to performance versus the Russell 3000 Index for the reporting period, especially in the communication services, health care and consumer discretionary sectors. Picks in energy also helped.
The largest individual relative contributor was an overweight in Netflix (+52%). Outsized exposure to Advanced Micro Devices (+23%) helped, as well. Adding further value in relative terms was an overweight in KLA (+46%).
In contrast, the biggest detractor from performance versus the benchmark was security selection in information technology, primarily within the software & services industry. An overweight in health care also hurt.
The largest individual relative detractor was a lack of exposure to benchmark component Palantir Technologies (+119%). An overweight in Adobe (-23%) also weighed on relative performance. An outsized stake in Fiserv (-25%) further hampered the fund's relative result.  
Notable changes in positioning include increased exposure to the information technology and consumer discretionary sectors.
How did the Fund perform over the life of Fund?
  
CUMULATIVE PERFORMANCE
November 19, 2024 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Enhanced U.S. All-Cap Equity ETF
$10,000
$10,534
Russell 3000® Index
$10,000
$10,493
 
2024
2025
 
 
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$5,249,875
 
Number of Holdings
419
 
Total Advisory Fee
$4,835
 
Portfolio Turnover
101%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
30.7
 
Financials
14.1
 
Consumer Discretionary
11.7
 
Health Care
11.4
 
Communication Services
10.8
 
Industrials
10.4
 
Consumer Staples
3.0
 
Energy
2.9
 
Materials
2.9
 
Real Estate
1.7
 
Utilities
0.3
 
 
Common Stocks
99.9
Short-Term Investments and Net Other Assets (Liabilities)
0.1
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.9                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.1
 
United States
99.2
Korea (South)
0.3
United Kingdom
0.1
Canada
0.1
Monaco
0.1
Brazil
0.1
Bailiwick Of Guernsey
0.1
Ireland
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 99.2                    
 
Korea (South) - 0.3                     
 
United Kingdom - 0.1                    
 
Canada - 0.1                            
 
Monaco - 0.1                            
 
Brazil - 0.1                            
 
Bailiwick Of Guernsey - 0.1             
 
Ireland - 0.0                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
6.9
 
Microsoft Corp
5.6
 
Apple Inc
4.4
 
Broadcom Inc
2.8
 
Amazon.com Inc
2.8
 
Meta Platforms Inc Class A
2.0
 
Alphabet Inc Class A
1.8
 
Netflix Inc
1.7
 
Walmart Inc
1.4
 
Home Depot Inc/The
1.3
 
 
30.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918719.100    7725-TSRA-0825    
 
 
 
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2025
 
 
Fidelity® Enhanced Emerging Markets ETF
Fidelity® Enhanced Emerging Markets ETF :  FEMR 
Principal U.S. Listing Exchange :
NYSEArca
NYSE Arca, Inc.
 
 
 
This annual shareholder report contains information about Fidelity® Enhanced Emerging Markets ETF for the period November 19, 2024 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
 
FUND COST (PREVIOUS YEAR)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Enhanced Emerging Markets ETF A
$ 25 
0.38%
 
A Expenses for the full reporting period would be higher.
 
What affected the Fund's performance this period?
 
International equities achieved a strong gain between the fund's November 19, 2024, inception date and the fund's June 30, 2025, fiscal year end, rising amid resilient global economic growth, a slowing in the pace of inflation in certain markets, global monetary easing and a generally weaker U.S. dollar, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.
Against this backdrop, security selection in Emerging Asia, especially South Korea, and an underweight in the Middle East contributed to the fund's performance versus the MSCI Emerging Markets Index for the reporting period.
By sector, security selection was the primary contributor, especially in utilities, health care and consumer discretionary. Within the latter category, picks among consumer discretionary distribution & retail stocks notably helped. 
The top individual relative contributor was an overweight in Pop Mart International Group (+239%), a position added this period. Outsized exposure to Hanwha Aerospace (+136%) also helped. A larger-than-index stake in Korea Electric Power (+72%) was another plus. This position was increased during the reporting period.
In contrast, from a geographic standpoint, positioning in Taiwan and security selection in China, South Africa and India detracted from the fund's relative result.
By sector, the biggest detractor from performance versus the benchmark was security selection in the information technology sector, primarily within the technology hardware & equipment industry. Stock picking and an underweight in financials also hurt.
The biggest individual relative detractor was a stake in Xiaomi (+101%), a position that was increased during the period. An overweight in Infosys (-15%) hurt, as well. Exposure to shares of Alibaba Group Holding (+31%), whose portfolio stake grew during the period, further pressured performance.
Notable changes in sector positioning include an increase to the utility and communication services sectors and a reduction to information technology and health care.
How did the Fund perform over the life of Fund?
  
CUMULATIVE PERFORMANCE
November 19, 2024 through June 30, 2025.
Initial investment of $10,000.
Fidelity® Enhanced Emerging Markets ETF
$10,000
$11,400
MSCI Emerging Markets Index
$10,000
$11,338
 
2024
2025
 
 
Visit www.fidelity.com for more recent performance information. 
 
The Fund's past performance is not a good predictor of the Fund's future performance.  The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of June 30, 2025)
 
KEY FACTS
 
 
 
Fund Size
$11,217,856
 
Number of Holdings
140
 
Total Advisory Fee
$24,081
 
Portfolio Turnover
46%
 
What did the Fund invest in?
(as of June 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
24.6
 
Financials
21.7
 
Consumer Discretionary
15.5
 
Industrials
8.7
 
Communication Services
8.5
 
Consumer Staples
5.3
 
Health Care
4.3
 
Energy
3.3
 
Materials
2.6
 
Utilities
2.4
 
Real Estate
1.9
 
 
Common Stocks
98.8
Short-Term Investments and Net Other Assets (Liabilities)
1.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
 
China
31.1
Taiwan
19.0
India
15.0
Korea (South)
12.1
Brazil
5.4
South Africa
2.1
United States
1.9
Saudi Arabia
1.7
United Arab Emirates
1.6
Others
10.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 31.1                            
 
Taiwan - 19.0                           
 
India - 15.0                            
 
Korea (South) - 12.1                    
 
Brazil - 5.4                            
 
South Africa - 2.1                      
 
United States - 1.9                     
 
Saudi Arabia - 1.7                      
 
United Arab Emirates - 1.6              
 
Others - 10.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
10.1
 
Tencent Holdings Ltd
4.9
 
Alibaba Group Holding Ltd
3.1
 
HDFC Bank Ltd ADR
3.1
 
ICICI Bank Ltd ADR
2.5
 
SK Hynix Inc
2.4
 
Samsung Electronics Co Ltd
2.1
 
Xiaomi Corp B Shares
2.0
 
Infosys Ltd ADR
1.9
 
Mahindra & Mahindra Ltd GDR
1.6
 
 
33.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918717.100    7726-TSRA-0825    
 


Item 2.

Code of Ethics


As of the end of the period, June 30, 2025, Fidelity Covington Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR.  Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.  



Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Clean Energy ETF, Fidelity Cloud Computing ETF, Fidelity Crypto Industry and Digital Payments ETF, Fidelity Digital Health ETF, Fidelity Electric Vehicles and Future Transportation ETF, and Fidelity Metaverse ETF (the “Funds”):

 


Services Billed by Deloitte Entities


June 30, 2025 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Clean Energy ETF

$14,000

$-

$4,100

$300

Fidelity Cloud Computing ETF

$14,000

$-

$4,400

$300

Fidelity Crypto Industry and Digital Payments ETF

$14,200

$-

$4,400

$300

Fidelity Digital Health ETF

$14,000

$-

$4,100

$300

Fidelity Electric Vehicles and Future Transportation ETF

$14,000

$-

$4,100

$300

Fidelity Metaverse ETF

$14,200

$-

$4,700

$300



June 30, 2024 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Clean Energy ETF

$15,600

$-

$4,000

$400

Fidelity Cloud Computing ETF

$15,600

$-

$4,000

$400

Fidelity Crypto Industry and Digital Payments ETF

$15,700

$-

$4,300

$400

Fidelity Digital Health ETF

$15,600

$-

$4,000

$400

Fidelity Electric Vehicles and Future Transportation ETF

$15,600

$-

$4,000

$400

Fidelity Metaverse ETF

$15,800

$-

$4,300

$400

A Amounts may reflect rounding.



The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Enhanced Emerging Markets ETF, Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, Fidelity Enhanced Mid Cap ETF, Fidelity Enhanced Small Cap ETF, and Fidelity Enhanced U.S. All-Cap Equity ETF (the “Funds”):

 


Services Billed by PwC


June 30, 2025 FeesA,C

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Enhanced Emerging Markets ETF

$19,200

$800

$4,900

$400

Fidelity Enhanced International ETF

$43,700

$-

$10,100

$1,300

Fidelity Enhanced Large Cap Core ETF

$43,200

$-

$10,100

$1,300

Fidelity Enhanced Large Cap Growth ETF

$45,800

$-

$10,900

$1,300

Fidelity Enhanced Large Cap Value ETF

$48,300

$-

$13,300

$1,300

Fidelity Enhanced Mid Cap ETF

$45,700

$-

$10,100

$1,300

Fidelity Enhanced Small Cap ETF

$43,100

$-

$10,100

$1,800

Fidelity Enhanced U.S. All-Cap Equity ETF

$19,200

$800

$4,900

$400



June 30, 2024 FeesA,B,C

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Enhanced Emerging Markets ETF

$-

$-

$-

$-

Fidelity Enhanced International ETF

$39,700

$-

$9,800

$700

Fidelity Enhanced Large Cap Core ETF

$39,200

$-

$9,800

$700

Fidelity Enhanced Large Cap Growth ETF

$39,200

$-

$9,800

$700

Fidelity Enhanced Large Cap Value ETF

$39,200

$-

$9,800

$700

Fidelity Enhanced Mid Cap ETF

$39,200

$-

$9,800

$700

Fidelity Enhanced Small Cap ETF

$66,100

$-

$13,500

$1,000

Fidelity Enhanced U.S. All-Cap Equity ETF

$-

$-

$-

$-



A Amounts may reflect rounding.
B Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, Fidelity Enhanced Mid Cap ETF, and   Fidelity Enhanced Small Cap ETF commenced operations on November 17, 2023.

C Fidelity Enhanced Emerging Markets ETF and Fidelity Enhanced U.S. All-Cap Equity ETF commenced operations on November 19, 2024.


 

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):

 

 

Services Billed by Deloitte Entities



 

June 30, 2025A

June 30, 2024A

Audit-Related Fees

$125,000

$200,000

Tax Fees

 $-  

$-

All Other Fees

$2,970,400

$1,929,500


A Amounts may reflect rounding.



Services Billed by PwC



 

June 30, 2025A,C

June 30, 2024A,B,C

Audit-Related Fees

$9,680,100

$9,437,800

Tax Fees

$1,000

$61,000

All Other Fees

$-

$35,000


A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, Fidelity Enhanced Mid Cap ETF, and   Fidelity Enhanced Small Cap ETF’s commencement of operations.
C May include amounts billed prior to the Fidelity Enhanced Emerging Markets ETF and Fidelity Enhanced U.S. All-Cap Equity ETF’s commencement of operations.


“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  


Assurance services must be performed by an independent public accountant.


* * *


The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:




Billed By

June 30, 2025A,C

June 30, 2024A,B,C

Deloitte Entities

$3,459,800

$6,225,500

PwC

$14,722,700

$15,075,400

 

 

 

 

A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, Fidelity Enhanced Mid Cap ETF, and   Fidelity Enhanced Small Cap ETF’s commencement of operations.

C May include amounts billed prior to the Fidelity Enhanced Emerging Markets ETF and Fidelity Enhanced U.S. All-Cap Equity ETF’s commencement of operations.


The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.


All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.


Item 5.

Audit Committee of Listed Registrants


The Audit Committee is a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934.  As of June 30, 2025, the members of the Audit Committee were Donald F. Donahue, Vijay C. Advani, Thomas Kennedy, Karen B. Peetz and Susan Tomasky. 


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable.


Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies




Fidelity® Clean Energy ETF
Fidelity® Cloud Computing ETF
Fidelity® Crypto Industry and Digital Payments ETF
Fidelity® Digital Health ETF
Fidelity® Electric Vehicles and Future Transportation ETF
Fidelity® Metaverse ETF
 
 
Annual Report
June 30, 2025

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)

Fidelity® Clean Energy ETF

Fidelity® Cloud Computing ETF

Fidelity® Crypto Industry and Digital Payments ETF

Fidelity® Digital Health ETF

Fidelity® Electric Vehicles and Future Transportation ETF

Fidelity® Metaverse ETF

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month 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 Fidelity Product Services LLC (FPS), and FPS 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 relationship between FPS 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. © 2025 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, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Clean Energy ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 99.6%
 
 
Shares
Value ($)
 
AUSTRIA - 2.7%
 
 
 
Utilities - 2.7%
 
 
 
Electric Utilities - 2.7%
 
 
 
Verbund AG Class A
 
9,144
699,300
CANADA - 9.4%
 
 
 
Information Technology - 1.1%
 
 
 
Semiconductors & Semiconductor Equipment - 1.1%
 
 
 
Canadian Solar Inc (a)(b)
 
25,688
283,595
Utilities - 8.3%
 
 
 
Independent Power and Renewable Electricity Producers - 8.3%
 
 
 
Boralex Inc Class A
 
19,697
456,734
Brookfield Renewable Corp Class A
 
20,086
656,972
Innergex Renewable Energy Inc
 
41,605
418,337
Northland Power Inc
 
38,908
609,354
 
 
 
2,141,397
TOTAL CANADA
 
 
2,424,992
CHINA - 11.1%
 
 
 
Industrials - 1.5%
 
 
 
Electrical Equipment - 1.5%
 
 
 
Goldwind Science & Technology Co Ltd H Shares
 
431,200
410,327
Information Technology - 4.5%
 
 
 
Semiconductors & Semiconductor Equipment - 4.5%
 
 
 
Flat Glass Group Co Ltd H Shares (b)
 
308,000
345,666
JinkoSolar Holding Co Ltd ADR
 
17,477
370,862
Xinyi Solar Holdings Ltd
 
1,348,000
427,582
 
 
 
1,144,110
Utilities - 5.1%
 
 
 
Independent Power and Renewable Electricity Producers - 5.1%
 
 
 
China Datang Corp Renewable Power Co Ltd H Shares (b)
 
1,060,000
329,478
China Longyuan Power Group Corp Ltd H Shares
 
617,000
555,693
China Power International Development Ltd
 
1,088,000
414,410
 
 
 
1,299,581
TOTAL CHINA
 
 
2,854,018
DENMARK - 6.7%
 
 
 
Industrials - 3.6%
 
 
 
Electrical Equipment - 3.6%
 
 
 
Vestas Wind Systems A/S
 
62,060
927,805
Utilities - 3.1%
 
 
 
Independent Power and Renewable Electricity Producers - 3.1%
 
 
 
Orsted AS (a)(c)(d)
 
18,521
792,616
TOTAL DENMARK
 
 
1,720,421
FRANCE - 1.9%
 
 
 
Industrials - 1.9%
 
 
 
Construction & Engineering - 1.9%
 
 
 
Vinci SA
 
3,377
495,908
GERMANY - 5.0%
 
 
 
Industrials - 1.9%
 
 
 
Electrical Equipment - 1.9%
 
 
 
Nordex SE (a)
 
24,330
480,375
Information Technology - 1.1%
 
 
 
Semiconductors & Semiconductor Equipment - 1.1%
 
 
 
SMA Solar Technology AG (a)(b)
 
12,177
303,604
Utilities - 2.0%
 
 
 
Multi-Utilities - 2.0%
 
 
 
E.ON SE
 
27,672
507,544
TOTAL GERMANY
 
 
1,291,523
HONG KONG - 1.4%
 
 
 
Industrials - 1.4%
 
 
 
Construction & Engineering - 1.4%
 
 
 
Central New Energy Holding Group Ltd (a)(b)
 
364,000
370,955
INDIA - 1.1%
 
 
 
Utilities - 1.1%
 
 
 
Independent Power and Renewable Electricity Producers - 1.1%
 
 
 
ReNew Energy Global PLC Class A (a)(b)
 
40,246
278,099
ISRAEL - 2.2%
 
 
 
Utilities - 2.2%
 
 
 
Independent Power and Renewable Electricity Producers - 2.2%
 
 
 
Enlight Renewable Energy Ltd (a)
 
24,656
559,382
ITALY - 1.5%
 
 
 
Utilities - 1.5%
 
 
 
Independent Power and Renewable Electricity Producers - 1.5%
 
 
 
ERG SpA
 
17,414
379,393
JAPAN - 1.7%
 
 
 
Industrials - 0.9%
 
 
 
Construction & Engineering - 0.9%
 
 
 
West Holdings Corp
 
20,500
236,159
Utilities - 0.8%
 
 
 
Independent Power and Renewable Electricity Producers - 0.8%
 
 
 
RENOVA Inc (a)
 
44,300
199,349
TOTAL JAPAN
 
 
435,508
KOREA (SOUTH) - 4.7%
 
 
 
Industrials - 2.8%
 
 
 
Electrical Equipment - 2.8%
 
 
 
CS Wind Corp
 
9,458
328,675
Doosan Fuel Cell Co Ltd (a)
 
22,134
368,190
 
 
 
696,865
Materials - 1.9%
 
 
 
Chemicals - 1.9%
 
 
 
Hanwha Solutions Corp
 
21,302
498,772
TOTAL KOREA (SOUTH)
 
 
1,195,637
NEW ZEALAND - 3.9%
 
 
 
Utilities - 3.9%
 
 
 
Electric Utilities - 1.4%
 
 
 
Mercury NZ Ltd
 
98,663
359,959
Independent Power and Renewable Electricity Producers - 2.5%
 
 
 
Meridian Energy Ltd
 
177,253
634,849
TOTAL NEW ZEALAND
 
 
994,808
PORTUGAL - 3.7%
 
 
 
Utilities - 3.7%
 
 
 
Electric Utilities - 3.7%
 
 
 
EDP SA
 
220,896
954,738
SPAIN - 7.2%
 
 
 
Utilities - 7.2%
 
 
 
Electric Utilities - 2.4%
 
 
 
Acciona SA
 
3,515
630,465
Independent Power and Renewable Electricity Producers - 4.8%
 
 
 
EDP Renovaveis SA
 
51,483
572,606
Grenergy Renovables SA (a)
 
3,932
283,858
Solaria Energia y Medio Ambiente SA (a)
 
31,577
364,588
 
 
 
1,221,052
TOTAL SPAIN
 
 
1,851,517
SWITZERLAND - 1.8%
 
 
 
Information Technology - 1.8%
 
 
 
Electronic Equipment, Instruments & Components - 1.8%
 
 
 
Landis+Gyr Group AG
 
6,484
452,903
UNITED STATES - 33.6%
 
 
 
Industrials - 17.6%
 
 
 
Construction & Engineering - 1.1%
 
 
 
Ameresco Inc Class A (a)
 
18,609
282,671
Electrical Equipment - 16.5%
 
 
 
Array Technologies Inc (a)
 
51,423
303,395
Bloom Energy Corp Class A (a)(b)
 
29,306
701,000
GE Vernova Inc
 
2,265
1,198,525
NEXTracker Inc Class A (a)
 
13,588
738,780
Plug Power Inc (a)(b)
 
356,929
531,824
Shoals Technologies Group Inc (a)
 
67,974
288,889
Sunrun Inc (a)
 
54,517
445,949
 
 
 
4,208,362
TOTAL INDUSTRIALS
 
 
4,491,033
 
 
 
 
Information Technology - 11.0%
 
 
 
Electronic Equipment, Instruments & Components - 2.8%
 
 
 
Itron Inc (a)
 
5,531
728,046
Semiconductors & Semiconductor Equipment - 8.2%
 
 
 
Enphase Energy Inc (a)
 
15,663
621,038
First Solar Inc (a)
 
6,420
1,062,767
SolarEdge Technologies Inc (a)(b)
 
20,581
419,852
 
 
 
2,103,657
TOTAL INFORMATION TECHNOLOGY
 
 
2,831,703
 
 
 
 
Utilities - 5.0%
 
 
 
Independent Power and Renewable Electricity Producers - 5.0%
 
 
 
Clearway Energy Inc Class C
 
18,744
599,808
Ormat Technologies Inc
 
8,169
684,235
 
 
 
1,284,043
TOTAL UNITED STATES
 
 
8,606,779
 
TOTAL COMMON STOCKS
 (Cost $30,654,587)
 
 
 
25,565,881
 
 
 
 
Money Market Funds - 8.0%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 
4.32
26,252
26,258
Fidelity Securities Lending Cash Central Fund (e)(f)
 
4.32
2,039,356
2,039,559
 
TOTAL MONEY MARKET FUNDS
 (Cost $2,065,817)
 
 
 
2,065,817
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 107.6%
 (Cost $32,720,404)
 
 
 
27,631,698
NET OTHER ASSETS (LIABILITIES) - (7.6)%  
(1,945,619)
NET ASSETS - 100.0%
25,686,079
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
 
CME S&P 500 Index Contracts (United States)
3
Sep 2025
93,806
3,223
3,223
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.4%

 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $792,616 or 3.1% of net assets.
 
(d)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $792,616 or 3.1% of net assets.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
32,219
3,927,877
3,933,838
925
-
-
26,258
26,252
0.0%
Fidelity Securities Lending Cash Central Fund
-
15,492,033
13,452,474
34,008
-
-
2,039,559
2,039,356
0.0%
Total
32,219
19,419,910
17,386,312
34,933
-
-
2,065,817
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Industrials
8,109,427
8,109,427
-
-
Information Technology
5,015,915
5,015,915
-
-
Materials
498,772
498,772
-
-
Utilities
11,941,767
11,941,767
-
-
 Money Market Funds
2,065,817
2,065,817
-
-
 Total Investments in Securities:
27,631,698
27,631,698
-
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
3,223
3,223
-
-
  Total Assets
3,223
3,223
-
-
 Total Derivative Instruments:
3,223
3,223
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
3,223
0
Total Equity Risk
3,223
0
Total Value of Derivatives
3,223
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).
Fidelity® Clean Energy ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,047,455) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $30,654,587)
$
25,565,881
 
 
Fidelity Central Funds (cost $2,065,817)
2,065,817
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $32,720,404)
 
 
$
27,631,698
Segregated cash with brokers for derivative instruments
 
 
10,783
Foreign currency held at value (cost $14,183)
 
 
14,224
Receivable for investments sold
 
 
24
Dividends receivable
 
 
39,337
Reclaims receivable
 
 
29,193
Distributions receivable from Fidelity Central Funds
 
 
8,102
Receivable for daily variation margin on futures contracts
 
 
450
  Total assets
 
 
27,733,811
Liabilities
 
 
 
 
Accrued management fee
$
8,173
 
 
Collateral on securities loaned
2,039,559
 
 
  Total liabilities
 
 
 
2,047,732
Net Assets  
 
 
$
25,686,079
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
43,561,073
Total accumulated earnings (loss)
 
 
 
(17,874,994)
Net Assets
 
 
$
25,686,079
Net Asset Value, offering price and redemption price per share ($25,686,079 ÷ 1,650,000 shares)
 
 
$
15.57
Statement of Operations
 
Year ended June 30, 2025
 
Investment Income
 
 
 
 
Dividends
 
 
$
423,008
Interest  
 
 
155
Income from Fidelity Central Funds (including $34,008 from security lending)
 
 
34,933
 Income before foreign taxes withheld
 
 
$
458,096
Less foreign taxes withheld
 
 
(52,703)
 Total income
 
 
 
405,393
Expenses
 
 
 
 
Management fee
$
98,256
 
 
Independent trustees' fees and expenses
104
 
 
Miscellaneous
147
 
 
 Total expenses before reductions
 
98,507
 
 
 Expense reductions
 
(216)
 
 
 Total expenses after reductions
 
 
 
98,291
Net Investment income (loss)
 
 
 
307,102
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(3,611,891)
 
 
   Redemptions in-kind
 
143,383
 
 
 Foreign currency transactions
 
(2,274)
 
 
 Futures contracts
 
4,889
 
 
Total net realized gain (loss)
 
 
 
(3,465,893)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
4,986,469
 
 
 Assets and liabilities in foreign currencies
 
2,373
 
 
 Futures contracts
 
2,955
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
4,991,797
Net gain (loss)
 
 
 
1,525,904
Net increase (decrease) in net assets resulting from operations
 
 
$
1,833,006
Statement of Changes in Net Assets
 
 
Year ended
June 30, 2025
 
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
307,102
$
325,489
Net realized gain (loss)
 
(3,465,893)
 
(5,958,967)
Change in net unrealized appreciation (depreciation)
 
4,991,797
 
(5,410,016)
Net increase (decrease) in net assets resulting from operations
 
1,833,006
 
(11,043,494)
Distributions to shareholders
 
(363,900)
 
(378,500)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
748,678
 
-
Cost of shares redeemed
 
(1,918,527)
 
(1,695,052)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(1,169,849)
 
(1,695,052)
Total increase (decrease) in net assets
 
299,257
 
(13,117,046)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
25,386,822
 
38,503,868
End of period
$
25,686,079
$
25,386,822
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
50,000
 
-
Redeemed
 
(150,000)
 
(100,000)
Net increase (decrease)
 
(100,000)
 
(100,000)
 
 
 
 
 
Financial Highlights
 
Fidelity® Clean Energy ETF
 
Years ended June 30,
 
2025  
 
2024 
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.51
$
20.81
$
20.95
$
25.12
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.17
 
.18
 
.15
 
.15
     Net realized and unrealized gain (loss)
 
1.10
 
(6.27)
 
(.12)
 
(4.20)
  Total from investment operations
 
1.27  
 
(6.09)  
 
.03  
 
(4.05)  
  Distributions from net investment income
 
(.21)
 
(.21)
 
(.17)
 
(.12)
     Total distributions
 
(.21)
 
(.21)
 
(.17)
 
(.12)
  Net asset value, end of period
$
15.57
$
14.51
$
20.81
$
20.95
 Total Return D,E,F
 
8.84
%
 
(29.37)%
 
.10%
 
(16.12)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.39%
 
.42%
 
.39%
 
.39% I
    Expenses net of fee waivers, if any
 
.39
%
 
.40%
 
.39%
 
.39% I
    Expenses net of all reductions, if any
 
.39%
 
.40%
 
.39%
 
.39% I
    Net investment income (loss)
 
1.22%
 
1.13%
 
.69%
 
.90% I
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
25,686
$
25,387
$
38,504
$
28,288
    Portfolio turnover rate J,K
 
46
%
 
45%
 
37%
 
30% L
 
AFor the period October 5, 2021 (commencement of operations) through June 30, 2022.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FBased on net asset value.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
LAmount not annualized.
Fidelity® Cloud Computing ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
CHINA - 3.5%
 
 
 
Information Technology - 3.5%
 
 
 
IT Services - 1.9%
 
 
 
Kingsoft Cloud Holdings Ltd (a)
 
1,102,000
932,138
Vnet Group Inc Class A ADR (a)
 
116,503
803,871
 
 
 
1,736,009
Software - 1.6%
 
 
 
Kingdee International Software Group Co Ltd (a)
 
778,500
1,531,215
TOTAL CHINA
 
 
3,267,224
GERMANY - 1.0%
 
 
 
Information Technology - 1.0%
 
 
 
IT Services - 1.0%
 
 
 
IONOS Group SE (a)
 
20,374
954,249
ISRAEL - 1.8%
 
 
 
Information Technology - 1.8%
 
 
 
Software - 1.8%
 
 
 
Nice Ltd (a)
 
9,734
1,651,962
UNITED STATES - 93.4%
 
 
 
Consumer Discretionary - 2.1%
 
 
 
Broadline Retail - 2.1%
 
 
 
Amazon.com Inc (a)
 
8,806
1,931,948
Industrials - 1.6%
 
 
 
Professional Services - 1.6%
 
 
 
Dayforce Inc (a)
 
26,800
1,484,452
Information Technology - 82.6%
 
 
 
IT Services - 9.4%
 
 
 
DigitalOcean Holdings Inc (a)
 
29,680
847,661
MongoDB Inc Class A (a)
 
9,523
1,999,735
Snowflake Inc Class A (a)
 
16,679
3,732,260
Twilio Inc Class A (a)
 
17,218
2,141,230
 
 
 
8,720,886
Software - 62.9%
 
 
 
Atlassian Corp Class A (a)
 
12,533
2,545,327
Box Inc Class A (a)
 
33,998
1,161,712
Braze Inc Class A (a)
 
26,707
750,467
C3.ai Inc Class A (a)(b)
 
39,834
978,721
Commvault Systems Inc (a)
 
8,259
1,439,791
Confluent Inc Class A (a)
 
57,315
1,428,863
Datadog Inc Class A (a)
 
22,804
3,063,261
Docusign Inc (a)
 
22,257
1,733,598
Dropbox Inc Class A (a)
 
47,138
1,348,147
Dynatrace Inc (a)
 
36,329
2,005,724
Elastic NV (a)
 
17,325
1,461,017
Five9 Inc (a)(b)
 
32,059
848,922
Gitlab Inc Class A (a)
 
28,171
1,270,794
HubSpot Inc (a)
 
4,237
2,358,441
Informatica Inc Class A (a)
 
37,437
911,591
Intapp Inc (a)
 
18,515
955,744
JFrog Ltd (a)
 
27,164
1,191,956
Klaviyo Inc Class A (a)
 
30,537
1,025,432
Microsoft Corp
 
8,851
4,402,577
MicroStrategy Inc Class A (a)
 
10,310
4,167,612
Nutanix Inc Class A (a)
 
27,221
2,080,773
Onestream Inc Class A (b)
 
27,911
789,881
Pegasystems Inc
 
23,976
1,297,821
RingCentral Inc Class A (a)
 
34,449
976,629
Rubrik Inc Class A (a)
 
15,664
1,403,338
Salesforce Inc
 
15,602
4,254,510
Servicenow Inc (a)
 
4,054
4,167,837
Teradata Corp (a)
 
41,381
923,210
UiPath Inc Class A (a)
 
100,488
1,286,246
Verint Systems Inc (a)(b)
 
40,241
791,540
Vertex Inc Class A (a)(b)
 
22,405
791,681
Workday Inc Class A (a)
 
12,609
3,026,160
Zeta Global Holdings Corp Class A (a)
 
77,324
1,197,749
 
 
 
58,037,072
Technology Hardware, Storage & Peripherals - 10.3%
 
 
 
NetApp Inc
 
20,980
2,235,419
Pure Storage Inc Class A (a)
 
36,559
2,105,067
Seagate Technology Holdings PLC
 
18,788
2,711,672
Western Digital Corp
 
38,350
2,454,017
 
 
 
9,506,175
TOTAL INFORMATION TECHNOLOGY
 
 
76,264,133
 
 
 
 
Real Estate - 7.1%
 
 
 
Specialized REITs - 7.1%
 
 
 
Digital Realty Trust Inc
 
18,183
3,169,842
Equinix Inc
 
4,247
3,378,361
 
 
 
6,548,203
TOTAL UNITED STATES
 
 
86,228,736
 
TOTAL COMMON STOCKS
 (Cost $81,666,018)
 
 
 
92,102,171
 
 
 
 
Money Market Funds - 2.7%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (c)
 
4.32
185,554
185,591
Fidelity Securities Lending Cash Central Fund (c)(d)
 
4.32
2,271,230
2,271,457
 
TOTAL MONEY MARKET FUNDS
 (Cost $2,457,048)
 
 
 
2,457,048
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.4%
 (Cost $84,123,066)
 
 
 
94,559,219
NET OTHER ASSETS (LIABILITIES) - (2.4)%  
(2,219,116)
NET ASSETS - 100.0%
92,340,103
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
 
CME Nasdaq 100 Index Contracts (United States)
5
Sep 2025
228,933
8,233
8,233
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.2%

 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
-
14,473,843
14,288,252
5,688
-
-
185,591
185,554
0.0%
Fidelity Securities Lending Cash Central Fund
-
64,723,311
62,451,854
2,108
-
-
2,271,457
2,271,230
0.0%
Total
-
79,197,154
76,740,106
7,796
-
-
2,457,048
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Consumer Discretionary
1,931,948
1,931,948
-
-
Industrials
1,484,452
1,484,452
-
-
Information Technology
82,137,568
82,137,568
-
-
Real Estate
6,548,203
6,548,203
-
-
 Money Market Funds
2,457,048
2,457,048
-
-
 Total Investments in Securities:
94,559,219
94,559,219
-
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
8,233
8,233
-
-
  Total Assets
8,233
8,233
-
-
 Total Derivative Instruments:
8,233
8,233
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
8,233
0
Total Equity Risk
8,233
0
Total Value of Derivatives
8,233
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).
Fidelity® Cloud Computing ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,240,133) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $81,666,018)
$
92,102,171
 
 
Fidelity Central Funds (cost $2,457,048)
2,457,048
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $84,123,066)
 
 
$
94,559,219
Segregated cash with brokers for derivative instruments
 
 
15,848
Cash
 
 
25,271
Foreign currency held at value (cost $14,904)
 
 
15,046
Dividends receivable
 
 
24,902
Distributions receivable from Fidelity Central Funds
 
 
821
Receivable for daily variation margin on futures contracts
 
 
1,418
  Total assets
 
 
94,642,525
Liabilities
 
 
 
 
Payable for investments purchased
$
1,573
 
 
Accrued management fee
29,392
 
 
Collateral on securities loaned
2,271,457
 
 
  Total liabilities
 
 
 
2,302,422
Net Assets  
 
 
$
92,340,103
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
90,216,536
Total accumulated earnings (loss)
 
 
 
2,123,567
Net Assets
 
 
$
92,340,103
Net Asset Value, offering price and redemption price per share ($92,340,103 ÷ 3,250,000 shares)
 
 
$
28.41
Statement of Operations
 
Year ended June 30, 2025
 
Investment Income
 
 
 
 
Dividends
 
 
$
359,526
Interest  
 
 
244
Income from Fidelity Central Funds (including $2,108 from security lending)
 
 
7,796
 Total income
 
 
 
367,566
Expenses
 
 
 
 
Management fee
$
320,134
 
 
Independent trustees' fees and expenses
329
 
 
Miscellaneous
242
 
 
 Total expenses before reductions
 
320,705
 
 
 Expense reductions
 
(1,173)
 
 
 Total expenses after reductions
 
 
 
319,532
Net Investment income (loss)
 
 
 
48,034
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(1,865,181)
 
 
   Redemptions in-kind
 
8,282,438
 
 
 Foreign currency transactions
 
(6,886)
 
 
 Futures contracts
 
3,119
 
 
Total net realized gain (loss)
 
 
 
6,413,490
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
6,083,021
 
 
 Assets and liabilities in foreign currencies
 
665
 
 
 Futures contracts
 
8,263
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
6,091,949
Net gain (loss)
 
 
 
12,505,439
Net increase (decrease) in net assets resulting from operations
 
 
$
12,553,473
Statement of Changes in Net Assets
 
 
Year ended
June 30, 2025
 
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
48,034
$
105,956
Net realized gain (loss)
 
6,413,490
 
5,343,110
Change in net unrealized appreciation (depreciation)
 
6,091,949
 
4,565,409
Net increase (decrease) in net assets resulting from operations
 
12,553,473
 
10,014,475
Distributions to shareholders
 
(45,600)
 
(106,250)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
26,788,469
 
44,981,125
Cost of shares redeemed
 
(24,077,800)
 
(14,705,337)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
2,710,669
 
30,275,788
Total increase (decrease) in net assets
 
15,218,542
 
40,184,013
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
77,121,561
 
36,937,548
End of period
$
92,340,103
$
77,121,561
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
950,000
 
1,950,000
Redeemed
 
(900,000)
 
(650,000)
Net increase (decrease)
 
50,000
 
1,300,000
 
 
 
 
 
Financial Highlights
 
Fidelity® Cloud Computing ETF
 
Years ended June 30,
 
2025  
 
2024 
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.10
$
19.44
$
15.91
$
25.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.02
 
.04 D
 
.04
 
.06
     Net realized and unrealized gain (loss)
 
4.30
 
4.66
 
3.53
 
(9.29)
  Total from investment operations
 
4.32  
 
4.70  
 
3.57  
 
(9.23)  
  Distributions from net investment income
 
(.01)
 
(.04)
 
(.03)
 
(.06)
  Distributions from tax return of capital
 
-
 
-
 
(.01)
 
-
     Total distributions
 
(.01)
 
(.04)
 
(.04)
 
(.06)
  Net asset value, end of period
$
28.41
$
24.10
$
19.44
$
15.91
 Total Return E,F,G
 
17.96
%
 
24.16%
 
22.51%
 
(36.69)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.39%
 
.41%
 
.39%
 
.39% J
    Expenses net of fee waivers, if any
 
.39
%
 
.40%
 
.39%
 
.39% J
    Expenses net of all reductions, if any
 
.39%
 
.40%
 
.39%
 
.39% J
    Net investment income (loss)
 
.06%
 
.18% D
 
.23%
 
.41% J
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
92,340
$
77,122
$
36,938
$
18,293
    Portfolio turnover rate K,L
 
32
%
 
33%
 
38%
 
31% M
 
AFor the period October 5, 2021 (commencement of operations) through June 30, 2022.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .10%.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FBased on net asset value.
GTotal returns for periods of less than one year are not annualized.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LPortfolio turnover rate excludes securities received or delivered in-kind.
MAmount not annualized.
Fidelity® Crypto Industry and Digital Payments ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 99.8%
 
 
Shares
Value ($)
 
AUSTRALIA - 5.8%
 
 
 
Financials - 1.5%
 
 
 
Consumer Finance - 1.5%
 
 
 
Zip Co Ltd (a)
 
1,523,865
3,065,901
Information Technology - 4.3%
 
 
 
Software - 4.3%
 
 
 
IREN Ltd (a)(b)
 
570,760
8,315,974
TOTAL AUSTRALIA
 
 
11,381,875
BRAZIL - 3.0%
 
 
 
Financials - 3.0%
 
 
 
Financial Services - 3.0%
 
 
 
Pagseguro Digital Ltd Class A
 
289,700
2,792,708
StoneCo Ltd Class A (a)
 
191,548
3,072,430
 
 
 
 
TOTAL BRAZIL
 
 
5,865,138
CANADA - 6.5%
 
 
 
Information Technology - 6.5%
 
 
 
IT Services - 1.5%
 
 
 
Shopify Inc Class A (a)
 
25,548
2,940,688
Software - 5.0%
 
 
 
Bitfarms Ltd/Canada (a)(b)
 
2,921,042
2,419,038
Hive Digital Technologies Ltd (United States) (a)
 
1,230,110
2,214,198
Hut 8 Corp (United States) (a)(b)
 
270,979
5,040,210
 
 
 
9,673,446
TOTAL CANADA
 
 
12,614,134
CHINA - 1.8%
 
 
 
Communication Services - 0.8%
 
 
 
Entertainment - 0.8%
 
 
 
Boyaa Interactive International Ltd (b)
 
2,147,000
1,517,943
Information Technology - 1.0%
 
 
 
Technology Hardware, Storage & Peripherals - 1.0%
 
 
 
Canaan Inc Class A ADR (a)(b)
 
3,240,398
2,003,538
TOTAL CHINA
 
 
3,521,481
GERMANY - 0.4%
 
 
 
Information Technology - 0.4%
 
 
 
Software - 0.4%
 
 
 
Northern Data AG (a)(b)
 
30,072
847,200
ISRAEL - 2.7%
 
 
 
Financials - 2.7%
 
 
 
Capital Markets - 2.7%
 
 
 
Etoro Group Ltd Class A
 
79,977
5,325,668
ITALY - 1.2%
 
 
 
Financials - 1.2%
 
 
 
Financial Services - 1.2%
 
 
 
Nexi SpA (c)(d)
 
409,523
2,439,166
JAPAN - 6.2%
 
 
 
Communication Services - 1.3%
 
 
 
Media - 1.3%
 
 
 
Ceres Inc/Japan (b)
 
142,800
2,472,518
Financials - 4.1%
 
 
 
Capital Markets - 3.2%
 
 
 
Monex Group Inc
 
473,000
2,321,693
SBI Holdings Inc
 
112,600
3,921,064
 
 
 
6,242,757
Financial Services - 0.9%
 
 
 
GMO Payment Gateway Inc
 
28,900
1,868,911
TOTAL FINANCIALS
 
 
8,111,668
 
 
 
 
Information Technology - 0.8%
 
 
 
IT Services - 0.8%
 
 
 
GMO internet group Inc
 
65,100
1,625,641
TOTAL JAPAN
 
 
12,209,827
MALAYSIA - 1.0%
 
 
 
Industrials - 1.0%
 
 
 
Professional Services - 1.0%
 
 
 
My EG Services Bhd
 
8,332,000
1,879,919
NETHERLANDS - 1.3%
 
 
 
Financials - 1.3%
 
 
 
Financial Services - 1.3%
 
 
 
Adyen NV (a)(c)(d)
 
1,377
2,518,984
UNITED ARAB EMIRATES - 1.0%
 
 
 
Information Technology - 1.0%
 
 
 
Software - 1.0%
 
 
 
Phoenix Group PLC (a)
 
4,618,976
2,012,160
UNITED STATES - 68.9%
 
 
 
Financials - 38.2%
 
 
 
Capital Markets - 19.3%
 
 
 
Bakkt Holdings Inc Class A (a)(b)
 
115,692
1,613,903
Coinbase Global Inc Class A (a)
 
81,356
28,514,465
Galaxy Digital Inc Class A (Canada)
 
127,885
2,794,819
Robinhood Markets Inc Class A (a)
 
48,874
4,576,073
 
 
 
37,499,260
Financial Services - 18.9%
 
 
 
Block Inc Class A (a)
 
96,360
6,545,735
Corpay Inc (a)
 
8,104
2,689,069
Fiserv Inc (a)
 
16,137
2,782,180
Flywire Corp (a)
 
209,459
2,450,670
Global Payments Inc
 
34,543
2,764,822
Marqeta Inc Class A (a)
 
449,346
2,619,687
Mastercard Inc Class A
 
4,535
2,548,398
Paymentus Holdings Inc Class A (a)
 
51,042
1,671,625
Payoneer Global Inc (a)
 
308,583
2,113,794
PayPal Holdings Inc (a)
 
36,389
2,704,430
Shift4 Payments Inc Class A (a)(b)
 
28,137
2,788,658
Visa Inc Class A
 
7,199
2,556,005
WEX Inc (a)
 
19,158
2,814,119
 
 
 
37,049,192
TOTAL FINANCIALS
 
 
74,548,452
 
 
 
 
Information Technology - 30.7%
 
 
 
IT Services - 3.4%
 
 
 
Applied Digital Corp (a)(b)
 
661,460
6,660,902
Software - 27.3%
 
 
 
Bit Digital Inc (a)(b)
 
1,207,510
2,644,447
Bitdeer Technologies Group Class A (a)(b)
 
328,363
3,769,607
Cipher Mining Inc (a)(b)
 
949,629
4,539,227
Cleanspark Inc (a)(b)
 
726,241
8,010,438
Core Scientific Inc (a)
 
465,674
7,949,055
Exodus Movement Inc Class A (a)(b)
 
38,895
1,121,343
MARA Holdings Inc (a)(b)
 
678,717
10,642,283
Riot Platforms Inc (a)
 
775,737
8,765,828
Terawulf Inc (a)(b)
 
1,337,268
5,857,234
 
 
 
53,299,462
TOTAL INFORMATION TECHNOLOGY
 
 
59,960,364
 
 
 
 
TOTAL UNITED STATES
 
 
134,508,816
 
TOTAL COMMON STOCKS
 (Cost $156,157,355)
 
 
 
195,124,368
 
 
 
 
Money Market Funds - 28.8%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 
4.32
425,668
425,752
Fidelity Securities Lending Cash Central Fund (e)(f)
 
4.32
55,920,499
55,926,092
 
TOTAL MONEY MARKET FUNDS
 (Cost $56,351,845)
 
 
 
56,351,844
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 128.6%
 (Cost $212,509,200)
 
 
 
251,476,212
NET OTHER ASSETS (LIABILITIES) - (28.6)%  
(55,909,185)
NET ASSETS - 100.0%
195,567,027
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
 
CME Nasdaq 100 Index Contracts (United States)
2
Sep 2025
91,573
4,091
4,091
CME Russell 2000 Index Contracts (United States)
3
Sep 2025
328,755
11,200
11,200
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
15,291
The notional amount of futures purchased as a percentage of Net Assets is 0.2%

 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,958,150 or 2.5% of net assets.
 
(d)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $4,958,150 or 2.5% of net assets.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
40,485
19,542,528
19,157,261
10,727
-
-
425,752
425,668
0.0%
Fidelity Securities Lending Cash Central Fund
-
242,368,975
186,442,882
481,503
-
(1)
55,926,092
55,920,499
0.2%
Total
40,485
261,911,503
205,600,143
492,230
-
(1)
56,351,844
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Communication Services
3,990,461
3,990,461
-
-
Financials
101,874,977
101,874,977
-
-
Industrials
1,879,919
1,879,919
-
-
Information Technology
87,379,011
87,379,011
-
-
 Money Market Funds
56,351,844
56,351,844
-
-
 Total Investments in Securities:
251,476,212
251,476,212
-
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
15,291
15,291
-
-
  Total Assets
15,291
15,291
-
-
 Total Derivative Instruments:
15,291
15,291
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
15,291
0
Total Equity Risk
15,291
0
Total Value of Derivatives
15,291
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).
Fidelity® Crypto Industry and Digital Payments ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $55,246,355) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $156,157,355)
$
195,124,368
 
 
Fidelity Central Funds (cost $56,351,845)
56,351,844
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $212,509,200)
 
 
$
251,476,212
Segregated cash with brokers for derivative instruments
 
 
80,571
Cash
 
 
47,559
Dividends receivable
 
 
17,224
Distributions receivable from Fidelity Central Funds
 
 
54,926
Receivable for daily variation margin on futures contracts
 
 
1,002
  Total assets
 
 
251,677,494
Liabilities
 
 
 
 
Payable to custodian bank
$
47,679
 
 
Payable for investments purchased
78,864
 
 
Accrued management fee
57,832
 
 
Collateral on securities loaned
55,926,092
 
 
  Total liabilities
 
 
 
56,110,467
Net Assets  
 
 
$
195,567,027
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
171,680,829
Total accumulated earnings (loss)
 
 
 
23,886,198
Net Assets
 
 
$
195,567,027
Net Asset Value, offering price and redemption price per share ($195,567,027 ÷ 5,500,000 shares)
 
 
$
35.56
Statement of Operations
 
Year ended June 30, 2025
 
Investment Income
 
 
 
 
Dividends
 
 
$
426,467
Special dividends
 
 
83,187
Interest  
 
 
1,431
Income from Fidelity Central Funds (including $481,503 from security lending)
 
 
492,230
 Total income
 
 
 
1,003,315
Expenses
 
 
 
 
Management fee
$
553,772
 
 
Independent trustees' fees and expenses
540
 
 
Miscellaneous
293
 
 
 Total expenses before reductions
 
554,605
 
 
 Expense reductions
 
(1,014)
 
 
 Total expenses after reductions
 
 
 
553,591
Net Investment income (loss)
 
 
 
449,724
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(10,244,987)
 
 
   Redemptions in-kind
 
16,124,101
 
 
 Foreign currency transactions
 
(13,363)
 
 
 Futures contracts
 
(22,609)
 
 
Total net realized gain (loss)
 
 
 
5,843,142
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
12,596,565
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
11,439
 
 
 Futures contracts
 
15,211
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
12,623,214
Net gain (loss)
 
 
 
18,466,356
Net increase (decrease) in net assets resulting from operations
 
 
$
18,916,080
Statement of Changes in Net Assets
 
 
Year ended
June 30, 2025
 
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
449,724
$
(127,893)
Net realized gain (loss)
 
5,843,142
 
8,999,521
Change in net unrealized appreciation (depreciation)
 
12,623,214
 
17,470,116
Net increase (decrease) in net assets resulting from operations
 
18,916,080
 
26,341,744
Distributions to shareholders
 
(1,957,600)
 
(135,150)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
104,716,736
 
51,747,447
Cost of shares redeemed
 
(29,900,709)
 
(10,623,302)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
74,816,027
 
41,124,145
Total increase (decrease) in net assets
 
91,774,507
 
67,330,739
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
103,792,520
 
36,461,781
End of period
$
195,567,027
$
103,792,520
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,900,000
 
2,050,000
Redeemed
 
(950,000)
 
(400,000)
Net increase (decrease)
 
1,950,000
 
1,650,000
 
 
 
 
 
Financial Highlights
 
Fidelity® Crypto Industry and Digital Payments ETF
 
Years ended June 30,
 
2025  
 
2024 
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
29.24
$
19.19
$
12.39
$
25.76
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.10 D
 
(.04)
 
(.03)
 
(.01)
     Net realized and unrealized gain (loss)
 
6.60
 
10.14
 
6.83
 
(13.36)
  Total from investment operations
 
6.70  
 
10.10  
 
6.80  
 
(13.37)  
  Distributions from net investment income
 
(.38)
 
(.05)
 
-
 
-
     Total distributions
 
(.38)
 
(.05)
 
-
 
-
  Net asset value, end of period
$
35.56
$
29.24
$
19.19
$
12.39
 Total Return E,F,G
 
22.94
%
 
52.67%
 
54.94%
 
(51.92)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.39%
 
.42%
 
.39%
 
.39% J
    Expenses net of fee waivers, if any
 
.39
%
 
.40%
 
.39%
 
.39% J
    Expenses net of all reductions, if any
 
.39%
 
.40%
 
.39%
 
.39% J
    Net investment income (loss)
 
.32% D
 
(.19)%
 
(.19)%
 
(.29)% J
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
195,567
$
103,793
$
36,462
$
13,005
    Portfolio turnover rate K,L
 
79
%
 
53%
 
55%
 
28% M
 
AFor the period April 19, 2022 (commencement of operations) through June 30, 2022.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .26%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GBased on net asset value.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KPortfolio turnover rate excludes securities received or delivered in-kind.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
MAmount not annualized.
Fidelity® Digital Health ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 100.0%
 
 
Shares
Value ($)
 
AUSTRALIA - 7.5%
 
 
 
Health Care - 6.4%
 
 
 
Health Care Equipment & Supplies - 3.5%
 
 
 
Cochlear Ltd
 
1,483
291,973
Health Care Technology - 2.9%
 
 
 
Pro Medicus Ltd
 
1,333
249,041
TOTAL HEALTH CARE
 
 
541,014
 
 
 
 
Information Technology - 1.1%
 
 
 
Software - 1.1%
 
 
 
Catapult Group International Ltd (a)
 
23,877
91,696
TOTAL AUSTRALIA
 
 
632,710
CANADA - 1.0%
 
 
 
Health Care - 1.0%
 
 
 
Health Care Providers & Services - 1.0%
 
 
 
Well Health Technologies Corp (a)
 
29,237
86,993
CHINA - 6.6%
 
 
 
Consumer Staples - 5.8%
 
 
 
Consumer Staples Distribution & Retail - 5.8%
 
 
 
Alibaba Health Information Technology Ltd (a)
 
272,000
164,239
JD Health International Inc (a)(b)(c)
 
37,400
204,867
Ping An Healthcare and Technology Co Ltd (b)(c)
 
104,700
116,971
 
 
 
486,077
Health Care - 0.8%
 
 
 
Health Care Technology - 0.8%
 
 
 
Yidu Tech Inc (a)(b)(c)
 
90,200
66,759
TOTAL CHINA
 
 
552,836
DENMARK - 2.1%
 
 
 
Health Care - 2.1%
 
 
 
Health Care Equipment & Supplies - 2.1%
 
 
 
Demant A/S (a)
 
4,161
172,966
GERMANY - 3.7%
 
 
 
Health Care - 3.7%
 
 
 
Health Care Equipment & Supplies - 3.7%
 
 
 
Siemens Healthineers AG (b)(c)
 
5,687
314,158
JAPAN - 2.6%
 
 
 
Health Care - 2.6%
 
 
 
Health Care Equipment & Supplies - 1.6%
 
 
 
Nihon Kohden Corp
 
10,800
128,304
Health Care Technology - 1.0%
 
 
 
JMDC Inc
 
3,200
88,260
TOTAL JAPAN
 
 
216,564
KOREA (SOUTH) - 1.3%
 
 
 
Health Care - 1.3%
 
 
 
Health Care Technology - 1.3%
 
 
 
Lunit Inc (a)
 
2,518
107,467
NETHERLANDS - 5.4%
 
 
 
Consumer Staples - 1.5%
 
 
 
Consumer Staples Distribution & Retail - 1.5%
 
 
 
Redcare Pharmacy NV (a)(b)(c)
 
1,124
123,562
Health Care - 3.9%
 
 
 
Health Care Equipment & Supplies - 3.9%
 
 
 
Koninklijke Philips NV
 
13,788
330,337
TOTAL NETHERLANDS
 
 
453,899
SWEDEN - 3.5%
 
 
 
Health Care - 3.5%
 
 
 
Health Care Technology - 3.5%
 
 
 
RaySearch Laboratories AB B Shares
 
2,820
99,125
Sectra AB B Shares
 
5,229
192,252
 
 
 
 
TOTAL SWEDEN
 
 
291,377
SWITZERLAND - 4.1%
 
 
 
Consumer Staples - 0.8%
 
 
 
Consumer Staples Distribution & Retail - 0.8%
 
 
 
DocMorris AG (a)
 
8,149
65,263
Health Care - 3.3%
 
 
 
Health Care Equipment & Supplies - 3.3%
 
 
 
Sonova Holding AG
 
947
281,245
TOTAL SWITZERLAND
 
 
346,508
UNITED STATES - 62.2%
 
 
 
Health Care - 58.3%
 
 
 
Health Care Equipment & Supplies - 28.1%
 
 
 
Axogen Inc (a)
 
6,881
74,659
Dexcom Inc (a)
 
4,312
376,394
Inspire Medical Systems Inc (a)
 
1,237
160,525
Insulet Corp (a)
 
1,084
340,571
Intuitive Surgical Inc (a)
 
661
359,194
iRhythm Technologies Inc (a)
 
1,232
189,679
Masimo Corp (a)
 
1,316
221,378
Omnicell Inc (a)
 
3,632
106,781
ResMed Inc
 
1,475
380,550
Senseonics Holdings Inc (a)
 
120,616
57,461
Tandem Diabetes Care Inc (a)
 
5,443
101,458
 
 
 
2,368,650
Health Care Providers & Services - 9.9%
 
 
 
Astrana Health Inc (a)
 
3,999
99,495
Cigna Group/The
 
529
174,877
CorVel Corp (a)
 
1,359
139,678
Hims & Hers Health Inc Class A (a)
 
4,628
230,706
Premier Inc Class A
 
5,675
124,453
Talkspace Inc Class A (a)
 
22,404
62,283
 
 
 
831,492
Health Care Technology - 18.2%
 
 
 
Doximity Inc Class A (a)
 
3,947
242,109
Evolent Health Inc Class A (a)
 
11,523
129,749
GoodRx Holdings Inc Class A (a)
 
16,958
84,451
Health Catalyst Inc (a)
 
14,742
55,577
HealthStream Inc
 
3,012
83,342
LifeMD Inc (a)
 
6,013
81,897
Phreesia Inc (a)
 
4,437
126,277
Teladoc Health Inc (a)
 
14,971
130,397
TruBridge Inc (a)
 
2,638
61,782
Veeva Systems Inc Class A (a)
 
1,301
374,663
Waystar Holding Corp (a)
 
3,867
158,044
 
 
 
1,528,288
Life Sciences Tools & Services - 2.1%
 
 
 
IQVIA Holdings Inc (a)
 
1,109
174,767
TOTAL HEALTH CARE
 
 
4,903,197
 
 
 
 
Industrials - 2.0%
 
 
 
Professional Services - 2.0%
 
 
 
Maximus Inc
 
2,386
167,497
Information Technology - 1.9%
 
 
 
Technology Hardware, Storage & Peripherals - 1.9%
 
 
 
Apple Inc
 
809
165,983
TOTAL UNITED STATES
 
 
5,236,677
 
TOTAL COMMON STOCKS
 (Cost $7,644,046)
 
 
 
8,412,155
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $7,644,046)
 
 
 
8,412,155
NET OTHER ASSETS (LIABILITIES) - 0.0%  
3,001
NET ASSETS - 100.0%
8,415,156
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $826,317 or 9.8% of net assets.
 
(c)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $826,317 or 9.8% of net assets.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
-
690,518
690,518
131
-
-
-
-
0.0%
Total
-
690,518
690,518
131
-
-
-
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Consumer Staples
674,902
674,902
-
-
Health Care
7,312,077
7,312,077
-
-
Industrials
167,497
167,497
-
-
Information Technology
257,679
257,679
-
-
 
 
 
 
 
 Total Investments in Securities:
8,412,155
8,412,155
-
-
Fidelity® Digital Health ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $7,644,046)
 
 
$
8,412,155
Cash
 
 
1,771
Foreign currency held at value (cost $265)
 
 
267
Dividends receivable
 
 
3,635
  Total assets
 
 
8,417,828
Liabilities
 
 
 
 
Accrued management fee
$
2,672
 
 
  Total liabilities
 
 
 
2,672
Net Assets  
 
 
$
8,415,156
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
11,277,702
Total accumulated earnings (loss)
 
 
 
(2,862,546)
Net Assets
 
 
$
8,415,156
Net Asset Value, offering price and redemption price per share ($8,415,156 ÷ 400,000 shares)
 
 
$
21.04
Statement of Operations
 
Year ended June 30, 2025
 
Investment Income
 
 
 
 
Dividends
 
 
$
44,827
Special dividends
 
 
113,207
Income from Fidelity Central Funds  
 
 
131
 Total income
 
 
 
158,165
Expenses
 
 
 
 
Management fee
$
31,817
 
 
Independent trustees' fees and expenses
34
 
 
Miscellaneous
22
 
 
 Total expenses before reductions
 
31,873
 
 
 Expense reductions
 
(51)
 
 
 Total expenses after reductions
 
 
 
31,822
Net Investment income (loss)
 
 
 
126,343
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Redemptions in-kind
 
245,641
 
 
   Unaffiliated issuers  
 
(982,421)
 
 
 Foreign currency transactions
 
1,587
 
 
Total net realized gain (loss)
 
 
 
(735,193)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,868,576
 
 
 Assets and liabilities in foreign currencies
 
55
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,868,631
Net gain (loss)
 
 
 
1,133,438
Net increase (decrease) in net assets resulting from operations
 
 
$
1,259,781
Statement of Changes in Net Assets
 
 
Year ended
June 30, 2025
 
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
126,343
$
2,851
Net realized gain (loss)
 
(735,193)
 
(938,755)
Change in net unrealized appreciation (depreciation)
 
1,868,631
 
339,751
Net increase (decrease) in net assets resulting from operations
 
1,259,781
 
(596,153)
Distributions to shareholders
 
(130,000)
 
(4,950)
 
 
 
 
 
Share transactions
 
 
 
 
Cost of shares redeemed
 
(978,653)
 
(963,021)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(978,653)
 
(963,021)
Total increase (decrease) in net assets
 
151,128
 
(1,564,124)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
8,264,028
 
9,828,152
End of period
$
8,415,156
$
8,264,028
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Redeemed
 
(50,000)
 
(50,000)
Net increase (decrease)
 
(50,000)
 
(50,000)
 
 
 
 
 
Financial Highlights
 
Fidelity® Digital Health ETF
 
Years ended June 30,
 
2025  
 
2024 
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.36
$
19.66
$
18.58
$
25.10
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.31 D
 
.01
 
.03 E
 
(.01)
     Net realized and unrealized gain (loss)
 
2.70
 
(1.30)
 
1.08
 
(6.51)
  Total from investment operations
 
3.01  
 
(1.29)  
 
1.11  
 
(6.52)  
  Distributions from net investment income
 
(.33)
 
(.01)
 
(.03)
 
-
     Total distributions
 
(.33)
 
(.01)
 
(.03)
 
-
  Net asset value, end of period
$
21.04
$
18.36
$
19.66
$
18.58
 Total Return F,G,H
 
16.43
%
 
(6.52)%
 
5.98%
 
(25.99)%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.39%
 
.42%
 
.39%
 
.39% K
    Expenses net of fee waivers, if any
 
.39
%
 
.40%
 
.39%
 
.39% K
    Expenses net of all reductions, if any
 
.39%
 
.40%
 
.39%
 
.39% K
    Net investment income (loss)
 
1.55% D
 
.03%
 
.18% E
 
(.05)% K
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,415
$
8,264
$
9,828
$
9,289
    Portfolio turnover rate L
 
47
% M
 
42% M
 
36%
 
48% M,N
 
AFor the period October 5, 2021 (commencement of operations) through June 30, 2022.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.28 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .16%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.03)%.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HBased on net asset value.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
MPortfolio turnover rate excludes securities received or delivered in-kind.
NAmount not annualized.
Fidelity® Electric Vehicles and Future Transportation ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 99.8%
 
 
Shares
Value ($)
 
AUSTRIA - 0.9%
 
 
 
Information Technology - 0.9%
 
 
 
Semiconductors & Semiconductor Equipment - 0.9%
 
 
 
ams-OSRAM AG (a)
 
20,389
272,280
BELGIUM - 1.7%
 
 
 
Information Technology - 1.7%
 
 
 
Semiconductors & Semiconductor Equipment - 1.7%
 
 
 
Melexis NV
 
5,699
482,667
CANADA - 1.5%
 
 
 
Industrials - 1.5%
 
 
 
Machinery - 1.5%
 
 
 
NFI Group Inc (a)
 
31,527
416,817
CHINA - 26.7%
 
 
 
Consumer Discretionary - 20.4%
 
 
 
Automobile Components - 2.6%
 
 
 
CALB Group Co Ltd H Shares (a)(b)(c)(d)
 
151,500
330,019
Hesai Group ADR (a)
 
18,412
404,144
 
 
 
734,163
Automobiles - 17.8%
 
 
 
BYD Co Ltd H Shares
 
70,000
1,092,357
Li Auto Inc A Shares (a)
 
81,200
1,106,803
NIO Inc A Shares (a)
 
216,730
756,484
XPeng Inc A Shares (a)
 
108,400
974,910
Yadea Group Holdings Ltd (b)(d)
 
285,073
456,116
Zhejiang Leapmotor Technology Co Ltd H Shares (a)(b)(d)
 
86,000
599,261
 
 
 
4,985,931
TOTAL CONSUMER DISCRETIONARY
 
 
5,720,094
 
 
 
 
Industrials - 4.3%
 
 
 
Electrical Equipment - 4.3%
 
 
 
Contemporary Amperex Technology Co Ltd H Shares (c)
 
29,100
1,220,347
Information Technology - 1.1%
 
 
 
Semiconductors & Semiconductor Equipment - 1.1%
 
 
 
indie Semiconductor Inc Class A (a)(c)
 
90,376
321,738
Materials - 0.9%
 
 
 
Chemicals - 0.9%
 
 
 
Ganfeng Lithium Group Co Ltd H Shares (b)(c)(d)
 
91,880
266,861
TOTAL CHINA
 
 
7,529,040
FRANCE - 2.6%
 
 
 
Consumer Discretionary - 2.6%
 
 
 
Automobile Components - 2.6%
 
 
 
Forvia SE (a)
 
46,037
465,397
Valeo SE
 
24,500
267,174
 
 
 
 
TOTAL FRANCE
 
 
732,571
GERMANY - 4.4%
 
 
 
Information Technology - 4.4%
 
 
 
Semiconductors & Semiconductor Equipment - 4.4%
 
 
 
Infineon Technologies AG
 
29,446
1,248,322
HONG KONG - 0.7%
 
 
 
Consumer Discretionary - 0.7%
 
 
 
Automobiles - 0.7%
 
 
 
Polestar Automotive Holding UK PLC Class A ADR (a)(c)
 
198,981
212,909
ISRAEL - 1.7%
 
 
 
Consumer Discretionary - 1.7%
 
 
 
Automobile Components - 1.7%
 
 
 
Mobileye Global Inc Class A (a)(c)
 
25,914
465,934
JAPAN - 9.9%
 
 
 
Consumer Discretionary - 1.3%
 
 
 
Household Durables - 1.3%
 
 
 
JVCKenwood Corp
 
47,400
379,016
Information Technology - 8.6%
 
 
 
Electronic Equipment, Instruments & Components - 1.7%
 
 
 
Alps Alpine Co Ltd
 
45,300
486,886
Semiconductors & Semiconductor Equipment - 6.9%
 
 
 
Allegro MicroSystems Inc (a)(c)
 
21,707
742,162
Renesas Electronics Corp
 
94,500
1,170,415
 
 
 
1,912,577
TOTAL INFORMATION TECHNOLOGY
 
 
2,399,463
 
 
 
 
TOTAL JAPAN
 
 
2,778,479
KOREA (SOUTH) - 4.0%
 
 
 
Industrials - 1.9%
 
 
 
Electrical Equipment - 1.9%
 
 
 
Doosan Fuel Cell Co Ltd (a)
 
13,774
229,124
LG Energy Solution Ltd (a)
 
1,375
302,590
 
 
 
531,714
Information Technology - 1.0%
 
 
 
Electronic Equipment, Instruments & Components - 1.0%
 
 
 
Samsung SDI Co Ltd
 
2,288
292,951
Materials - 1.1%
 
 
 
Chemicals - 1.1%
 
 
 
LG Chem Ltd
 
1,984
310,919
TOTAL KOREA (SOUTH)
 
 
1,135,584
NETHERLANDS - 4.5%
 
 
 
Information Technology - 4.5%
 
 
 
Semiconductors & Semiconductor Equipment - 4.5%
 
 
 
NXP Semiconductors NV
 
5,740
1,254,133
SWEDEN - 3.2%
 
 
 
Consumer Discretionary - 3.2%
 
 
 
Automobile Components - 3.2%
 
 
 
Autoliv Inc
 
8,034
899,005
UNITED STATES - 38.0%
 
 
 
Consumer Discretionary - 16.3%
 
 
 
Automobile Components - 6.2%
 
 
 
Adient PLC (a)
 
25,123
488,894
Gentex Corp
 
32,259
709,375
Visteon Corp (a)
 
5,997
559,520
 
 
 
1,757,789
Automobiles - 9.3%
 
 
 
Lucid Group Inc Class A (a)(c)
 
235,881
497,709
Rivian Automotive Inc Class A (a)(c)
 
68,757
944,721
Tesla Inc (a)
 
3,630
1,153,106
 
 
 
2,595,536
Specialty Retail - 0.8%
 
 
 
EVgo Inc Class A (a)(c)
 
62,322
227,475
TOTAL CONSUMER DISCRETIONARY
 
 
4,580,800
 
 
 
 
Industrials - 12.9%
 
 
 
Electrical Equipment - 5.4%
 
 
 
Bloom Energy Corp Class A (a)(c)
 
13,410
320,767
ChargePoint Holdings Inc Class A (a)(c)
 
266,681
187,556
Plug Power Inc (a)(c)
 
213,565
318,212
Sensata Technologies Holding PLC
 
23,698
713,547
 
 
 
1,540,082
Ground Transportation - 7.5%
 
 
 
Lyft Inc Class A (a)
 
48,140
758,686
Uber Technologies Inc (a)
 
14,445
1,347,719
 
 
 
2,106,405
TOTAL INDUSTRIALS
 
 
3,646,487
 
 
 
 
Information Technology - 7.7%
 
 
 
Electronic Equipment, Instruments & Components - 2.0%
 
 
 
Aeva Technologies Inc (a)(c)
 
14,616
552,339
Semiconductors & Semiconductor Equipment - 5.7%
 
 
 
Analog Devices Inc
 
793
188,749
Diodes Inc (a)
 
5,148
272,278
Lattice Semiconductor Corp (a)
 
5,997
293,793
ON Semiconductor Corp (a)
 
5,230
274,104
SiTime Corp (a)(c)
 
1,332
283,823
Skyworks Solutions Inc
 
4,053
302,030
 
 
 
1,614,777
TOTAL INFORMATION TECHNOLOGY
 
 
2,167,116
 
 
 
 
Materials - 1.1%
 
 
 
Chemicals - 1.1%
 
 
 
Albemarle Corp
 
4,806
301,192
TOTAL UNITED STATES
 
 
10,695,595
 
TOTAL COMMON STOCKS
 (Cost $27,479,034)
 
 
 
28,123,336
 
 
 
 
Money Market Funds - 23.6%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund (e)(f)
 (Cost $6,656,900)
 
4.32
6,656,234
6,656,900
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 123.4%
 (Cost $34,135,934)
 
 
 
34,780,236
NET OTHER ASSETS (LIABILITIES) - (23.4)%  
(6,599,608)
NET ASSETS - 100.0%
28,180,628
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
 
CME Nasdaq 100 Index Contracts (United States)
1
Sep 2025
45,787
1,451
1,451
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.2%

 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,652,257 or 5.9% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,652,257 or 5.9% of net assets.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
8,184
3,677,716
3,685,900
497
-
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund
-
34,286,832
27,629,932
120,764
-
-
6,656,900
6,656,234
0.0%
Total
8,184
37,964,548
31,315,832
121,261
-
-
6,656,900
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Consumer Discretionary
12,990,329
12,990,329
-
-
Industrials
5,815,365
5,815,365
-
-
Information Technology
8,438,670
8,438,670
-
-
Materials
878,972
878,972
-
-
 Money Market Funds
6,656,900
6,656,900
-
-
 Total Investments in Securities:
34,780,236
34,780,236
-
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
1,451
1,451
-
-
  Total Assets
1,451
1,451
-
-
 Total Derivative Instruments:
1,451
1,451
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
1,451
0
Total Equity Risk
1,451
0
Total Value of Derivatives
1,451
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).
Fidelity® Electric Vehicles and Future Transportation ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $6,419,111) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $27,479,034)
$
28,123,336
 
 
Fidelity Central Funds (cost $6,656,900)
6,656,900
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $34,135,934)
 
 
$
34,780,236
Segregated cash with brokers for derivative instruments
 
 
6,399
Foreign currency held at value (cost $468)
 
 
471
Dividends receivable
 
 
49,825
Distributions receivable from Fidelity Central Funds
 
 
14,841
Receivable for daily variation margin on futures contracts
 
 
284
Other receivables
 
 
8
  Total assets
 
 
34,852,064
Liabilities
 
 
 
 
Payable to custodian bank
$
5,638
 
 
Accrued management fee
8,898
 
 
Collateral on securities loaned
6,656,900
 
 
  Total liabilities
 
 
 
6,671,436
Net Assets  
 
 
$
28,180,628
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
59,133,059
Total accumulated earnings (loss)
 
 
 
(30,952,431)
Net Assets
 
 
$
28,180,628
Net Asset Value, offering price and redemption price per share ($28,180,628 ÷ 1,900,000 shares)
 
 
$
14.83
Statement of Operations
 
Year ended June 30, 2025
 
Investment Income
 
 
 
 
Dividends
 
 
$
172,163
Special dividends
 
 
19,323
Income from Fidelity Central Funds (including $120,764 from security lending)
 
 
121,261
 Total income
 
 
 
312,747
Expenses
 
 
 
 
Management fee
$
113,905
 
 
Independent trustees' fees and expenses
123
 
 
Miscellaneous
265
 
 
 Total expenses before reductions
 
114,293
 
 
 Expense reductions
 
(361)
 
 
 Total expenses after reductions
 
 
 
113,932
Net Investment income (loss)
 
 
 
198,815
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(10,588,304)
 
 
   Redemptions in-kind
 
457,251
 
 
 Foreign currency transactions
 
(1,262)
 
 
 Futures contracts
 
5,767
 
 
Total net realized gain (loss)
 
 
 
(10,126,548)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
12,853,794
 
 
 Assets and liabilities in foreign currencies
 
992
 
 
 Futures contracts
 
1,451
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
12,856,237
Net gain (loss)
 
 
 
2,729,689
Net increase (decrease) in net assets resulting from operations
 
 
$
2,928,504
Statement of Changes in Net Assets
 
 
Year ended
June 30, 2025
 
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
198,815
$
190,710
Net realized gain (loss)
 
(10,126,548)
 
(7,645,453)
Change in net unrealized appreciation (depreciation)
 
12,856,237
 
(8,068,367)
Net increase (decrease) in net assets resulting from operations
 
2,928,504
 
(15,523,110)
Distributions to shareholders
 
(169,000)
 
(178,200)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
2,453
 
1,007,818
Cost of shares redeemed
 
(7,368,497)
 
(6,914,724)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(7,366,044)
 
(5,906,906)
Total increase (decrease) in net assets
 
(4,606,540)
 
(21,608,216)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
32,787,168
 
54,395,384
End of period
$
28,180,628
$
32,787,168
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
-
 
50,000
Redeemed
 
(550,000)
 
(450,000)
Net increase (decrease)
 
(550,000)
 
(400,000)
 
 
 
 
 
Financial Highlights
 
Fidelity® Electric Vehicles and Future Transportation ETF
 
Years ended June 30,
 
2025  
 
2024 
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.38
$
19.09
$
17.82
$
25.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.09 D
 
.07
 
.05
 
.04
     Net realized and unrealized gain (loss)
 
1.45
 
(5.71)
 
1.27
 
(7.39)
  Total from investment operations
 
1.54  
 
(5.64)  
 
1.32  
 
(7.35)  
  Distributions from net investment income
 
(.09)
 
(.07)
 
(.05)
 
(.03)
     Total distributions
 
(.09)
 
(.07)
 
(.05)
 
(.03)
  Net asset value, end of period
$
14.83
$
13.38
$
19.09
$
17.82
 Total Return E,F,G
 
11.51
%
 
(29.55)%
 
7.36%
 
(29.15)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.39%
 
.42%
 
.39%
 
.39% J
    Expenses net of fee waivers, if any
 
.39
%
 
.40%
 
.39%
 
.39% J
    Expenses net of all reductions, if any
 
.39%
 
.40%
 
.39%
 
.39% J
    Net investment income (loss)
 
.68% D
 
.44%
 
.26%
 
.25% J
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
28,181
$
32,787
$
54,395
$
38,318
    Portfolio turnover rate K,L
 
77
%
 
54%
 
62%
 
31% M
 
AFor the period October 5, 2021 (commencement of operations) through June 30, 2022.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .61%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GBased on net asset value.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LPortfolio turnover rate excludes securities received or delivered in-kind.
MAmount not annualized.
Fidelity® Metaverse ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
CHINA - 5.7%
 
 
 
Communication Services - 3.7%
 
 
 
Entertainment - 3.0%
 
 
 
Netease Inc
 
43,600
1,171,924
Interactive Media & Services - 0.7%
 
 
 
Hello Group Inc Class A ADR
 
35,972
303,604
TOTAL COMMUNICATION SERVICES
 
 
1,475,528
 
 
 
 
Information Technology - 2.0%
 
 
 
Electronic Equipment, Instruments & Components - 1.3%
 
 
 
Sunny Optical Technology Group Co Ltd
 
61,200
540,665
IT Services - 0.7%
 
 
 
Vnet Group Inc Class A ADR (a)
 
41,135
283,831
TOTAL INFORMATION TECHNOLOGY
 
 
824,496
 
 
 
 
TOTAL CHINA
 
 
2,300,024
FRANCE - 2.6%
 
 
 
Communication Services - 0.6%
 
 
 
Entertainment - 0.6%
 
 
 
Ubisoft Entertainment SA (a)
 
21,731
239,427
Information Technology - 2.0%
 
 
 
Software - 2.0%
 
 
 
Dassault Systemes SE
 
23,011
830,062
TOTAL FRANCE
 
 
1,069,489
GERMANY - 0.5%
 
 
 
Information Technology - 0.5%
 
 
 
IT Services - 0.5%
 
 
 
Nagarro SE (a)
 
3,004
213,690
JAPAN - 1.5%
 
 
 
Communication Services - 1.5%
 
 
 
Entertainment - 1.5%
 
 
 
Nexon Co Ltd
 
29,600
596,324
KOREA (SOUTH) - 12.0%
 
 
 
Communication Services - 7.6%
 
 
 
Entertainment - 4.8%
 
 
 
Kakao Games Corp (a)
 
16,023
227,000
Krafton Inc (a)
 
2,055
552,731
NCSoft Corp
 
2,610
399,352
Netmarble Corp (b)(c)
 
5,893
270,722
Pearl Abyss Corp (a)
 
8,594
269,358
Wemade Co Ltd (a)
 
9,011
228,346
 
 
 
1,947,509
Interactive Media & Services - 2.8%
 
 
 
NAVER Corp
 
5,859
1,139,588
TOTAL COMMUNICATION SERVICES
 
 
3,087,097
 
 
 
 
Information Technology - 4.4%
 
 
 
Technology Hardware, Storage & Peripherals - 4.4%
 
 
 
Samsung Electronics Co Ltd
 
40,472
1,793,291
TOTAL KOREA (SOUTH)
 
 
4,880,388
SWEDEN - 1.4%
 
 
 
Communication Services - 1.4%
 
 
 
Entertainment - 1.4%
 
 
 
Embracer Group AB B Shares (a)
 
25,061
283,890
Modern Times Group MTG AB B Shares (a)
 
21,342
268,723
 
 
 
 
TOTAL SWEDEN
 
 
552,613
TAIWAN - 0.7%
 
 
 
Information Technology - 0.7%
 
 
 
Semiconductors & Semiconductor Equipment - 0.7%
 
 
 
Himax Technologies Inc ADR
 
29,751
265,676
UNITED ARAB EMIRATES - 0.3%
 
 
 
Communication Services - 0.3%
 
 
 
Interactive Media & Services - 0.3%
 
 
 
Yalla Group Ltd ADR (a)
 
24,617
165,919
UNITED KINGDOM - 0.5%
 
 
 
Information Technology - 0.5%
 
 
 
IT Services - 0.5%
 
 
 
Endava PLC Class A ADR (a)
 
13,356
204,614
UNITED STATES - 74.5%
 
 
 
Communication Services - 23.2%
 
 
 
Entertainment - 8.7%
 
 
 
Electronic Arts Inc
 
6,775
1,081,967
ROBLOX Corp Class A (a)
 
12,781
1,344,561
Take-Two Interactive Software Inc (a)
 
4,574
1,110,796
 
 
 
3,537,324
Interactive Media & Services - 14.5%
 
 
 
Alphabet Inc Class A
 
10,161
1,790,673
Meta Platforms Inc Class A
 
2,484
1,833,416
Pinterest Inc Class A (a)
 
23,548
844,431
Reddit Inc Class A (a)
 
5,568
838,374
Snap Inc Class A (a)
 
68,464
594,952
 
 
 
5,901,846
TOTAL COMMUNICATION SERVICES
 
 
9,439,170
 
 
 
 
Consumer Discretionary - 0.8%
 
 
 
Leisure Products - 0.8%
 
 
 
Peloton Interactive Inc Class A (a)
 
48,890
339,296
Industrials - 0.9%
 
 
 
Professional Services - 0.9%
 
 
 
Planet Labs PBC Class A (a)(d)
 
59,149
360,809
Information Technology - 43.4%
 
 
 
IT Services - 0.6%
 
 
 
Fastly Inc Class A (a)
 
32,309
228,102
Semiconductors & Semiconductor Equipment - 18.9%
 
 
 
Advanced Micro Devices Inc (a)
 
14,399
2,043,218
Ambarella Inc (a)
 
6,126
404,714
Cirrus Logic Inc (a)
 
4,647
484,473
Monolithic Power Systems Inc
 
1,411
1,031,977
NVIDIA Corp
 
12,032
1,900,936
QUALCOMM Inc
 
11,457
1,824,642
 
 
 
7,689,960
Software - 17.0%
 
 
 
Adobe Inc (a)
 
4,125
1,595,880
Autodesk Inc (a)
 
4,363
1,350,654
Bentley Systems Inc Class B
 
11,009
594,156
Microsoft Corp
 
3,682
1,831,464
N-able Inc/US (a)
 
25,223
204,305
PTC Inc (a)
 
4,743
817,409
Unity Software Inc (a)
 
20,705
501,061
 
 
 
6,894,929
Technology Hardware, Storage & Peripherals - 6.9%
 
 
 
Apple Inc
 
8,418
1,727,121
Super Micro Computer Inc (a)
 
18,799
921,339
Turtle Beach Corp (a)
 
11,442
158,243
 
 
 
2,806,703
TOTAL INFORMATION TECHNOLOGY
 
 
17,619,694
 
 
 
 
Real Estate - 6.2%
 
 
 
Specialized REITs - 6.2%
 
 
 
Digital Realty Trust Inc
 
6,956
1,212,639
Equinix Inc
 
1,649
1,311,731
 
 
 
2,524,370
TOTAL UNITED STATES
 
 
30,283,339
 
TOTAL COMMON STOCKS
 (Cost $35,174,500)
 
 
 
40,532,076
 
 
 
 
Money Market Funds - 0.7%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 
4.32
44,151
44,160
Fidelity Securities Lending Cash Central Fund (e)(f)
 
4.32
231,227
231,250
 
TOTAL MONEY MARKET FUNDS
 (Cost $275,410)
 
 
 
275,410
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $35,449,910)
 
 
 
40,807,486
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(153,514)
NET ASSETS - 100.0%
40,653,972
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
 
CME Nasdaq 100 Index Contracts (United States)
2
Sep 2025
91,573
3,403
3,403
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.2%

 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $270,722 or 0.7% of net assets.
 
(c)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $270,722 or 0.7% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
-
1,964,953
1,920,793
1,415
-
-
44,160
44,151
0.0%
Fidelity Securities Lending Cash Central Fund
-
18,300,035
18,068,785
10,379
-
-
231,250
231,227
0.0%
Total
-
20,264,988
19,989,578
11,794
-
-
275,410
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Communication Services
15,556,078
15,556,078
-
-
Consumer Discretionary
339,296
339,296
-
-
Industrials
360,809
360,809
-
-
Information Technology
21,751,523
21,751,523
-
-
Real Estate
2,524,370
2,524,370
-
-
 Money Market Funds
275,410
275,410
-
-
 Total Investments in Securities:
40,807,486
40,807,486
-
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
3,403
3,403
-
-
  Total Assets
3,403
3,403
-
-
 Total Derivative Instruments:
3,403
3,403
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
3,403
0
Total Equity Risk
3,403
0
Total Value of Derivatives
3,403
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).
Fidelity® Metaverse ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $225,700) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $35,174,500)
$
40,532,076
 
 
Fidelity Central Funds (cost $275,410)
275,410
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $35,449,910)
 
 
$
40,807,486
Segregated cash with brokers for derivative instruments
 
 
14,554
Foreign currency held at value (cost $46,182)
 
 
46,297
Dividends receivable
 
 
26,663
Distributions receivable from Fidelity Central Funds
 
 
868
Receivable for daily variation margin on futures contracts
 
 
567
  Total assets
 
 
40,896,435
Liabilities
 
 
 
 
Accrued management fee
$
11,213
 
 
Collateral on securities loaned
231,250
 
 
  Total liabilities
 
 
 
242,463
Net Assets  
 
 
$
40,653,972
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
38,583,210
Total accumulated earnings (loss)
 
 
 
2,070,762
Net Assets
 
 
$
40,653,972
Net Asset Value, offering price and redemption price per share ($40,653,972 ÷ 1,200,000 shares)
 
 
$
33.88
Statement of Operations
 
Year ended June 30, 2025
 
Investment Income
 
 
 
 
Dividends
 
 
$
248,049
Non-Cash dividends
 
 
167,482
Interest  
 
 
396
Income from Fidelity Central Funds (including $10,379 from security lending)
 
 
11,794
 Total income
 
 
 
427,721
Expenses
 
 
 
 
Management fee
$
125,313
 
 
Independent trustees' fees and expenses
131
 
 
Miscellaneous
82
 
 
 Total expenses before reductions
 
125,526
 
 
 Expense reductions
 
(1,424)
 
 
 Total expenses after reductions
 
 
 
124,102
Net Investment income (loss)
 
 
 
303,619
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(1,453,252)
 
 
   Redemptions in-kind
 
2,431,772
 
 
 Foreign currency transactions
 
(3,586)
 
 
 Futures contracts
 
13,281
 
 
Total net realized gain (loss)
 
 
 
988,215
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,592,939
 
 
 Assets and liabilities in foreign currencies
 
74
 
 
 Futures contracts
 
3,065
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
2,596,078
Net gain (loss)
 
 
 
3,584,293
Net increase (decrease) in net assets resulting from operations
 
 
$
3,887,912
Statement of Changes in Net Assets
 
 
Year ended
June 30, 2025
 
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
303,619
$
83,882
Net realized gain (loss)
 
988,215
 
2,308,628
Change in net unrealized appreciation (depreciation)
 
2,596,078
 
2,049,101
Net increase (decrease) in net assets resulting from operations
 
3,887,912
 
4,441,611
Distributions to shareholders
 
(321,750)
 
(100,500)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
11,031,831
 
20,617,140
Cost of shares redeemed
 
(7,503,621)
 
(8,087,398)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
3,528,210
 
12,529,742
Total increase (decrease) in net assets
 
7,094,372
 
16,870,853
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
33,559,600
 
16,688,747
End of period
$
40,653,972
$
33,559,600
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
350,000
 
750,000
Redeemed
 
(250,000)
 
(300,000)
Net increase (decrease)
 
100,000
 
450,000
 
 
 
 
 
Financial Highlights
 
Fidelity® Metaverse ETF
 
Years ended June 30,
 
2025  
 
2024 
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.51
$
25.67
$
21.32
$
25.28
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.28 D
 
.10
 
.11 E
 
- F
     Net realized and unrealized gain (loss)
 
3.38
 
4.84
 
4.36
 
(3.96)
  Total from investment operations
 
3.66  
 
4.94  
 
4.47  
 
(3.96)  
  Distributions from net investment income
 
(.29)
 
(.10)
 
(.12)
 
-
     Total distributions
 
(.29)
 
(.10)
 
(.12)
 
-
  Net asset value, end of period
$
33.88
$
30.51
$
25.67
$
21.32
 Total Return G,H,I
 
12.13
%
 
19.25%
 
21.06%
 
(15.67)%
 Ratios to Average Net Assets C,J,K
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.39%
 
.42%
 
.39%
 
.39% L
    Expenses net of fee waivers, if any
 
.39
%
 
.40%
 
.39%
 
.39% L
    Expenses net of all reductions, if any
 
.39%
 
.40%
 
.39%
 
.39% L
    Net investment income (loss)
 
.94% D
 
.35%
 
.49% E
 
.01% L
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
40,654
$
33,560
$
16,689
$
10,658
    Portfolio turnover rate M,N
 
30
%
 
52%
 
47%
 
8% O
 
AFor the period April 19, 2022 (commencement of operations) through June 30, 2022.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .42%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.
FAmount represents less than $.005 per share.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IBased on net asset value.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
NPortfolio turnover rate excludes securities received or delivered in-kind.
OAmount not annualized.
Notes to Financial Statements
 
For the period ended June 30, 2025
 
1. Organization.
Fidelity Clean Energy ETF, Fidelity Cloud Computing ETF, Fidelity Crypto Industry and Digital Payments ETF, Fidelity Digital Health ETF, Fidelity Electric Vehicles and Future Transportation ETF and Fidelity Metaverse ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Fidelity Clean Energy ETF, Fidelity Cloud Computing ETF, Fidelity Digital Health ETF, Fidelity Electric Vehicles and Future Transportation ETF, and Fidelity Metaverse ETF are each a diversified fund. Fidelity Crypto Industry and Digital Payments ETF is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
 
For Fidelity Clean Energy ETF, clean energy companies are subject to various risks, including fluctuations in commodity prices and/or interest rates, obsolescence of existing technology, short product cycles, changes in governmental and environmental regulations and enforcement policies, changes in U.S. and foreign government policies, including tax incentives and government subsidies, reduced availability of clean energy sources or other commodities, and extreme weather or other natural disasters.
 
For Fidelity Cloud Computing ETF, cloud computing companies are subject to various risks, including those associated with limited operating history, product lines, markets, financial resources or personnel, changes in business cycles, intense competition, potentially rapid product obsolescence, disruptions in service, changes in regulation, and cybersecurity attacks and other types of theft.
 
For Fidelity Crypto Industry and Digital Payments ETF, cryptocurrency and blockchain companies are subject to various risks, including inability to develop digital asset applications or to capitalize on those applications, theft, loss, or destruction of cryptographic keys, the possibility that digital asset technologies may never be fully implemented, cybersecurity risk, conflicting intellectual property claims, and inconsistent and changing regulations. Digital payments processing companies are subject to various risks, including those associated with intense competition, changes in regulation, economic conditions, deterioration in credit markets, impairment of intellectual property rights, disruptions in service, and cybersecurity attacks and other types of theft.
 
For Fidelity Digital Health ETF, digital health companies are subject to various risks, including competition, potentially rapid product obsolescence, increasing regulatory scrutiny, changes in government regulatory requirements, regulatory approval for new drugs and medical products, changes in business cycles, vulnerability to cybersecurity breaches, and unexpected events such as pandemics.
 
For Fidelity Electric Vehicles and Future Transportation ETF, electric vehicles and future transportation companies are subject to various risks, including those associated with limited product lines, markets, financial resources or personnel, intense competition, production delays, changes in governmental regulation, and litigation based on product liability claims.
 
For Fidelity Metaverse ETF, metaverse companies are subject to various risks, including those associated with limited product lines, markets, financial resources or personnel, intense competition, potentially rapid product obsolescence, impairment of intellectual property rights, disruptions in service, cybersecurity attacks, and changes in regulation.
 
Although each Fund's underlying index uses a rules-based proprietary index methodology that seeks to identify such companies, there is no guarantee that this methodology will be successful.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the Nasdaq Stock Market for Fidelity Crypto Industry and Digital Payments ETF and Fidelity Metaverse ETF, and of the Cboe BZX Exchange, Inc. (CboeBZX) for all other funds; and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Funds are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends or foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Funds and is not distributed to shareholders of the Funds. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost ($)
Gross unrealized appreciation ($)
Gross unrealized depreciation ($)
Net unrealized appreciation (depreciation)($)
Fidelity Clean Energy ETF
33,378,731
3,473,395
 (9,220,428)
 (5,747,033)
Fidelity Cloud Computing ETF
85,007,629
15,938,680
 (6,387,090)
9,551,590
Fidelity Crypto Industry and Digital Payments ETF 
214,652,830
52,152,260
 (15,328,878)
36,823,382
Fidelity Digital Health ETF
7,836,540
1,580,506
 (1,004,891)
575,615
Fidelity Electric Vehicles and Future Transportation ETF 
34,370,683
4,139,365
 (3,729,812)
409,553
Fidelity Metaverse ETF
35,809,165
7,283,423
 (2,285,102)
4,998,321
 
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
 
Undistributed ordinary income ($)
Capital loss carryforward ($)
Net unrealized appreciation (depreciation) on securities and other investments ($)
Fidelity Clean Energy ETF
-
 (12,134,158)
 (5,740,836)
Fidelity Cloud Computing ETF
-
 (7,424,126)
9,554,826
Fidelity Crypto Industry and Digital Payments ETF 
988,904
 (13,937,531)
36,834,826
Fidelity Digital Health ETF
90,030
 (3,528,506)
575,930
Fidelity Electric Vehicles and Future Transportation ETF 
23,133
 (31,387,809)
412,245
Fidelity Metaverse ETF
67,439
 (2,995,208)
4,998,532
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 
Short-term ($)
Long-term ($)
Total capital loss carryforward ($)
Fidelity Clean Energy ETF
 (2,280,041)
 (9,854,117)
  (12,134,158)
Fidelity Cloud Computing ETF
 (2,943,152)
 (4,480,974)
  (7,424,126)
Fidelity Crypto Industry and Digital Payments ETF 
 (9,801,302)
 (4,136,229)
  (13,937,531)
Fidelity Digital Health ETF
 (582,011)
 (2,946,495)
  (3,528,506)
Fidelity Electric Vehicles and Future Transportation ETF 
 (8,959,016)
 (22,428,793)
  (31,387,809)
Fidelity Metaverse ETF
 (950,308)
 (2,044,900)
  (2,995,208)
 
 
Certain of the Funds intend to elect to defer to the next fiscal year ordinary losses recognized during the period January 1, 2025, to June 30, 2025.  Loss deferrals are as follows:
 
 
Ordinary Losses($)
Fidelity Cloud Computing ETF
(7,133)
 
 
 
The tax character of distributions paid was as follows:
 
June 30, 2025
 
 
Ordinary Income ($)
Fidelity Clean Energy ETF
363,900
Fidelity Cloud Computing ETF
 45,600
Fidelity Crypto Industry and Digital Payments ETF 
 1,957,600
Fidelity Digital Health ETF
 130,000
Fidelity Electric Vehicles and Future Transportation ETF 
 169,000
Fidelity Metaverse ETF
 321,750
 
June 30, 2024
 
 
Ordinary Income ($)
Fidelity Clean Energy ETF
378,500
Fidelity Cloud Computing ETF
 106,250
Fidelity Crypto Industry and Digital Payments ETF 
 135,150
Fidelity Digital Health ETF
 4,950
Fidelity Electric Vehicles and Future Transportation ETF 
 178,200
Fidelity Metaverse ETF
 100,500
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
 
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Clean Energy ETF
12,417,846
11,691,362
Fidelity Cloud Computing ETF
43,450,861
25,912,490
Fidelity Crypto Industry and Digital Payments ETF
124,191,488
105,964,643
Fidelity Digital Health ETF
4,267,067
3,809,612
Fidelity Electric Vehicles and Future Transportation ETF
22,487,724
23,794,941
Fidelity Metaverse ETF
12,588,695
9,686,310
 
Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.
 
 
In-Kind Subscriptions ($)
In-Kind Redemptions ($)
Fidelity Clean Energy ETF
664,828
1,848,479
Fidelity Cloud Computing ETF
9,670,850
24,041,422
Fidelity Crypto Industry and Digital Payments ETF
84,615,246
29,871,420
Fidelity Digital Health ETF
-
972,902
Fidelity Electric Vehicles and Future Transportation ETF
-
6,000,775
Fidelity Metaverse ETF
8,245,926
7,363,060
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of each Fund's average net assets as noted in the table below. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
 
Fee Rate
Fidelity Clean Energy ETF
.39%
Fidelity Cloud Computing ETF
.39%
Fidelity Crypto Industry and Digital Payments ETF
.39%
Fidelity Digital Health ETF
.39%
Fidelity Electric Vehicles and Future Transportation ETF
.39%
Fidelity Metaverse ETF
.39%
 
Sub-Adviser. Geode Capital Management, LLC (Geode) serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Clean Energy ETF
3,850
 -
-
Fidelity Cloud Computing ETF
 203
 4
-
Fidelity Crypto Industry and Digital Payments ETF
 52,781
 480
 -
Fidelity Electric Vehicles and Future Transportation ETF
 13,172
 -
-
Fidelity Metaverse ETF
 1,118
 -
 -
8. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits ($)
Fidelity Clean Energy ETF
 216
Fidelity Cloud Computing ETF
 1,173
Fidelity Crypto Industry and Digital Payments ETF 
 1,014
Fidelity Digital Health ETF
 51
Fidelity Electric Vehicles and Future Transportation ETF 
 361
Fidelity Metaverse ETF
 1,424
9. Share Transactions.
Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.
 
To the extent the funds permit the contribution of securities in exchange for the purchase of shares (Contribution in-kind), shares may be issued in advance of receipt by the funds of all or a portion of the applicable deposit securities. In these case circumstances, the Authorized participant provides collateral to the custodian, on behalf of the Funds, in an at least equal to 105% and up to 115% of the daily marked to market value of the deposit securities not yet received.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Covington Trust and the Shareholders of Fidelity Clean Energy ETF, Fidelity Cloud Computing ETF, Fidelity Crypto Industry and Digital Payments ETF, Fidelity Digital Health ETF, Fidelity Electric Vehicles and Future Transportation ETF and Fidelity Metaverse ETF:
 
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Clean Energy ETF, Fidelity Cloud Computing ETF, Fidelity Crypto Industry and Digital Payments ETF, Fidelity Digital Health ETF, Fidelity Electric Vehicles and Future Transportation ETF and Fidelity Metaverse ETF (the "Funds"), each a fund of Fidelity Covington Trust, including the schedules of investments, as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of three years in the period then ended and for the period from October 5, 2021 (commencement of operations) through June 30, 2022, except for the financial highlights for the Fidelity Crypto Industry and Digital Payments ETF and Fidelity Metaverse ETF, which are for the three years in the period then ended and for the period from April 19, 2022 (commencement of operations) to June 30, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from October 5, 2021 (commencement of operations) through June 30, 2022 (or for the period mentioned above), in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
August 12, 2025
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
 
Distributions
 (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
Fidelity Clean Energy ETF
 
 
September 2024
 
3%
December 2024
 
3%
March 2025
 
9%
June 2025
 
 
9%
Fidelity Cloud Computing ETF
 
 
September 2024
 
100%
December 2024
 
100%
March 2025
 
-
June 2025
 
 
100%
Fidelity Crypto Industry and Digital Payments ETF
 
 
September 2024
 
-
December 20, 2024
 
3%
December 30, 2024
 
4%
March 2025
 
-
June 2025
 
 
-
Fidelity Digital Health ETF
 
 
September 2024
 
8%
December 2024
 
8%
March 2025
 
57%
June 2025
 
 
57%
Fidelity Electric Vehicles and Future Transportation ETF
 
 
September 2024
 
100%
December 2024
 
100%
March 2025
 
25%
June 2025
 
 
25%
Fidelity Metaverse ETF
 
 
September 2024
 
57%
December 2024
 
57%
March 2025
 
16%
June 2025
 
16%
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Fidelity Clean Energy ETF
 
September 2024
100%
December 2024
100%
March 2025
100%
June 2025
 
100%
Fidelity Cloud Computing ETF
 
September 2024
100%
December 2024
100%
March 2025
-
June 2025
 
100%
Fidelity Crypto Industry and Digital Payments ETF
 
September 2024
-
December 20, 2024
7.69%
December 30, 2024
15.19%
March 2025
-
June 2025
-
Fidelity Digital Health ETF
 
September 2024
12.24%
December 2024
12.19%
March 2025
100%
June 2025
 
100%
Fidelity Electric Vehicles and Future Transportation ETF
 
September 2024
100%
December 2024
100%
March 2025
100%
June 2025
 
100%
Fidelity Metaverse ETF
 
September 2024
90.05%
December 2024
90.05%
March 2025
100%
June 2025
100%
 
 
 
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:
 
Fidelity Metaverse ETF
 
September 2024
9.96%
December 2024
9.96%
 
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:
 
Fidelity Metaverse ETF
$898
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
Fidelity Clean Energy ETF
03/20/24
$0.0161
$0.0022
 
06/25/24
$0.1047
$0.0142
The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
38,080,283,823.03
97.17
Withheld
1,109,333,237.47
2.83
TOTAL
39,189,617,060.50
100.00
Robert A. Lawrence
Affirmative
37,781,807,251.33
96.41
Withheld
1,407,809,809.17
3.59
TOTAL
39,189,617,060.50
100.00
Vijay C. Advani
Affirmative
37,869,526,083.09
96.63
Withheld
1,320,090,977.41
3.37
TOTAL
39,189,617,060.50
100.00
Thomas P. Bostick
Affirmative
38,025,875,898.31
97.03
Withheld
1,163,741,162.19
2.97
TOTAL
39,189,617,060.50
100.00
Donald F. Donahue
Affirmative
37,825,198,238.79
96.52
Withheld
1,364,418,821.71
3.48
TOTAL
39,189,617,060.50
100.00
Vicki L. Fuller
Affirmative
38,031,768,119.99
97.05
Withheld
1,157,848,940.51
2.95
TOTAL
39,189,617,060.50
100.00
Patricia L. Kampling
Affirmative
38,062,391,881.90
97.12
Withheld
1,127,225,178.60
2.88
TOTAL
39,189,617,060.50
100.00
Thomas A. Kennedy
Affirmative
37,891,434,776.27
96.69
Withheld
1,298,182,284.23
3.31
TOTAL
39,189,617,060.50
100.00
Oscar Munoz
Affirmative
37,976,932,673.73
96.91
Withheld
1,212,684,386.77
3.09
TOTAL
39,189,617,060.50
100.00
Karen B. Peetz
Affirmative
38,011,822,212.28
96.99
Withheld
1,177,794,848.22
3.01
TOTAL
39,189,617,060.50
100.00
David M. Thomas
Affirmative
37,976,058,118.16
96.90
Withheld
1,213,558,942.34
3.10
TOTAL
39,189,617,060.50
100.00
Susan Tomasky
Affirmative
37,845,471,684.67
96.57
Withheld
1,344,145,375.83
3.43
TOTAL
39,189,617,060.50
100.00
Michael E. Wiley
Affirmative
37,736,569,620.69
96.29
Withheld
1,453,047,439.81
3.71
TOTAL
39,189,617,060.50
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Clean Energy ETF
Fidelity Cloud Computing ETF
Fidelity Crypto Industry and Digital Payments ETF
Fidelity Digital Health ETF
Fidelity Electric Vehicles and Future Transportation ETF
Fidelity Metaverse ETF
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the funds' investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under a separate agreement covering pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally State Street Bank and Trust Company, each fund's transfer agent and custodian; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending, under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund's tracking error versus its benchmark index. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The Board also considered information on each fund's bid-ask spread and premium/discount.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on net performance (after fees and expenses) of the fund compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered each fund's all-inclusive fee rate and also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under each fund's all-inclusive arrangement. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.
Fees Charged to Other Clients. The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with each fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through May 31, 2026.
 
1.9903828.103
CEE-ANN-0825
Fidelity® Enhanced International ETF
Fidelity® Enhanced Large Cap Core ETF
Fidelity® Enhanced Large Cap Growth ETF
Fidelity® Enhanced Large Cap Value ETF
Fidelity® Enhanced Mid Cap ETF
 
 
Annual Report
June 30, 2025

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)

Fidelity® Enhanced International ETF

Fidelity® Enhanced Large Cap Core ETF

Fidelity® Enhanced Large Cap Growth ETF

Fidelity® Enhanced Large Cap Value ETF

Fidelity® Enhanced Mid Cap ETF

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month 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.
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. © 2025 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, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Enhanced International ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 97.6%
 
 
Shares
Value ($)
 
AUSTRALIA - 6.6%
 
 
 
Communication Services - 0.6%
 
 
 
Diversified Telecommunication Services - 0.6%
 
 
 
Telstra Group Ltd
 
5,393,340
17,180,193
Interactive Media & Services - 0.0%
 
 
 
CAR Group Ltd
 
10
246
REA Group Ltd
 
5,187
820,991
 
 
 
821,237
TOTAL COMMUNICATION SERVICES
 
 
18,001,430
 
 
 
 
Consumer Discretionary - 1.3%
 
 
 
Broadline Retail - 0.8%
 
 
 
Wesfarmers Ltd
 
450,140
25,108,005
Hotels, Restaurants & Leisure - 0.5%
 
 
 
Aristocrat Leisure Ltd
 
364,917
15,651,886
TOTAL CONSUMER DISCRETIONARY
 
 
40,759,891
 
 
 
 
Financials - 1.5%
 
 
 
Banks - 1.0%
 
 
 
ANZ Group Holdings Ltd
 
681,889
13,086,578
Commonwealth Bank of Australia
 
139,594
16,973,683
National Australia Bank Ltd
 
4
103
 
 
 
30,060,364
Capital Markets - 0.1%
 
 
 
Macquarie Group Ltd
 
28,959
4,359,449
Insurance - 0.4%
 
 
 
Insurance Australia Group Ltd
 
318,569
1,893,286
Medibank Pvt Ltd
 
129
428
QBE Insurance Group Ltd
 
751,924
11,575,215
 
 
 
13,468,929
TOTAL FINANCIALS
 
 
47,888,742
 
 
 
 
Health Care - 0.6%
 
 
 
Health Care Equipment & Supplies - 0.0%
 
 
 
Cochlear Ltd
 
30
5,932
Health Care Technology - 0.6%
 
 
 
Pro Medicus Ltd
 
96,551
18,115,420
TOTAL HEALTH CARE
 
 
18,121,352
 
 
 
 
Industrials - 0.3%
 
 
 
Commercial Services & Supplies - 0.2%
 
 
 
Brambles Ltd
 
290,585
4,479,040
Professional Services - 0.0%
 
 
 
Computershare Ltd
 
27,112
711,788
Trading Companies & Distributors - 0.1%
 
 
 
Reece Ltd
 
113
1,067
SGH Ltd
 
124,476
4,429,624
 
 
 
4,430,691
TOTAL INDUSTRIALS
 
 
9,621,519
 
 
 
 
Materials - 2.3%
 
 
 
Metals & Mining - 2.3%
 
 
 
BHP Group Ltd
 
523,023
12,650,364
Fortescue Ltd
 
1,083,780
10,899,068
Northern Star Resources Ltd
 
1,050,673
12,827,333
Rio Tinto Ltd
 
172,841
12,186,606
Rio Tinto PLC
 
159,387
9,287,320
Rio Tinto PLC ADR
 
293,973
17,147,445
South32 Ltd
 
52
100
 
 
 
74,998,236
TOTAL AUSTRALIA
 
 
209,391,170
AUSTRIA - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Banks - 0.0%
 
 
 
Erste Group Bank AG
 
90
7,665
BELGIUM - 1.0%
 
 
 
Consumer Staples - 0.9%
 
 
 
Beverages - 0.9%
 
 
 
Anheuser-Busch InBev SA/NV
 
372,660
25,565,895
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Groupe Bruxelles Lambert NV
 
7,821
666,082
Health Care - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
UCB SA
 
23,004
4,523,938
TOTAL BELGIUM
 
 
30,755,915
CHINA - 1.8%
 
 
 
Consumer Discretionary - 0.9%
 
 
 
Broadline Retail - 0.9%
 
 
 
Prosus NV Class N
 
534,911
29,910,772
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
BOC Hong Kong Holdings Ltd
 
2,651,500
11,518,054
Industrials - 0.5%
 
 
 
Machinery - 0.2%
 
 
 
Yangzijiang Shipbuildling (Holdings) Ltd
 
4,397,600
7,678,075
Marine Transportation - 0.3%
 
 
 
SITC International Holdings Co Ltd
 
2,575,000
8,249,893
TOTAL INDUSTRIALS
 
 
15,927,968
 
 
 
 
TOTAL CHINA
 
 
57,356,794
DENMARK - 1.8%
 
 
 
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
Danske Bank A/S
 
313,692
12,792,839
Health Care - 1.2%
 
 
 
Biotechnology - 0.4%
 
 
 
Genmab A/S (b)
 
40,457
8,399,598
Genmab A/S ADR (b)
 
232,753
4,808,677
 
 
 
13,208,275
Pharmaceuticals - 0.8%
 
 
 
Novo Nordisk A/S Series B
 
339,074
23,533,757
TOTAL HEALTH CARE
 
 
36,742,032
 
 
 
 
Industrials - 0.0%
 
 
 
Building Products - 0.0%
 
 
 
ROCKWOOL A/S Series B
 
5,741
268,661
Marine Transportation - 0.0%
 
 
 
AP Moller - Maersk A/S Series A
 
1,136
2,098,472
TOTAL INDUSTRIALS
 
 
2,367,133
 
 
 
 
Materials - 0.2%
 
 
 
Chemicals - 0.2%
 
 
 
Novonesis Novozymes B Series B
 
70,455
5,051,291
TOTAL DENMARK
 
 
56,953,295
FINLAND - 1.5%
 
 
 
Financials - 0.3%
 
 
 
Banks - 0.2%
 
 
 
Nordea Bank Abp
 
418,901
6,222,335
Nordea Bank Abp (Sweden)
 
100
1,488
 
 
 
6,223,823
Insurance - 0.1%
 
 
 
Sampo Oyj A Shares
 
185,987
2,000,231
TOTAL FINANCIALS
 
 
8,224,054
 
 
 
 
Industrials - 1.2%
 
 
 
Machinery - 1.2%
 
 
 
Kone Oyj B Shares
 
304,881
20,068,440
Wartsila OYJ Abp
 
809,345
19,105,493
 
 
 
39,173,933
Information Technology - 0.0%
 
 
 
Communications Equipment - 0.0%
 
 
 
Nokia Oyj
 
130,994
679,865
Nokia Oyj ADR
 
120
622
 
 
 
680,487
TOTAL FINLAND
 
 
48,078,474
FRANCE - 8.5%
 
 
 
Communication Services - 0.2%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Orange SA
 
350,274
5,328,797
Consumer Discretionary - 0.9%
 
 
 
Hotels, Restaurants & Leisure - 0.2%
 
 
 
FDJ UNITED
 
109,051
4,277,606
Sodexo SA
 
17,797
1,094,319
 
 
 
5,371,925
Textiles, Apparel & Luxury Goods - 0.7%
 
 
 
Hermes International SCA
 
4,371
11,837,136
LVMH Moet Hennessy Louis Vuitton SE
 
21,299
11,154,639
 
 
 
22,991,775
TOTAL CONSUMER DISCRETIONARY
 
 
28,363,700
 
 
 
 
Consumer Staples - 0.3%
 
 
 
Food Products - 0.3%
 
 
 
Danone SA
 
124,962
10,209,722
Personal Care Products - 0.0%
 
 
 
L'Oreal SA
 
2,041
872,963
TOTAL CONSUMER STAPLES
 
 
11,082,685
 
 
 
 
Energy - 1.2%
 
 
 
Oil, Gas & Consumable Fuels - 1.2%
 
 
 
TotalEnergies SE
 
618,730
37,972,199
Financials - 1.6%
 
 
 
Banks - 1.6%
 
 
 
BNP Paribas SA
 
341,169
30,671,484
Credit Agricole SA
 
1,076
20,362
Societe Generale SA Series A
 
367,940
21,042,294
 
 
 
51,734,140
Insurance - 0.0%
 
 
 
AXA SA
 
8,828
433,324
TOTAL FINANCIALS
 
 
52,167,464
 
 
 
 
Industrials - 2.1%
 
 
 
Aerospace & Defense - 0.4%
 
 
 
Airbus SE
 
20,222
4,222,422
Safran SA
 
25,404
8,256,209
 
 
 
12,478,631
Building Products - 0.2%
 
 
 
Cie de Saint-Gobain SA
 
47,328
5,554,932
Construction & Engineering - 1.2%
 
 
 
Eiffage SA
 
87,808
12,334,437
Vinci SA
 
170,528
25,129,270
 
 
 
37,463,707
Electrical Equipment - 0.2%
 
 
 
Legrand SA
 
50,732
6,782,733
Transportation Infrastructure - 0.1%
 
 
 
Getlink SE Series A
 
119,632
2,309,687
TOTAL INDUSTRIALS
 
 
64,589,690
 
 
 
 
Information Technology - 0.2%
 
 
 
IT Services - 0.2%
 
 
 
Capgemini SE
 
44,699
7,637,345
Materials - 1.1%
 
 
 
Chemicals - 1.1%
 
 
 
Air Liquide SA
 
167,821
34,622,506
Real Estate - 0.2%
 
 
 
Diversified REITs - 0.1%
 
 
 
Covivio SA/France
 
59,047
3,724,639
Office REITs - 0.1%
 
 
 
Gecina SA
 
14,634
1,608,317
Retail REITs - 0.0%
 
 
 
Klepierre SA
 
32,309
1,272,672
TOTAL REAL ESTATE
 
 
6,605,628
 
 
 
 
Utilities - 0.7%
 
 
 
Multi-Utilities - 0.7%
 
 
 
Engie SA
 
994,269
23,336,143
Veolia Environnement SA
 
64
2,281
 
 
 
23,338,424
TOTAL FRANCE
 
 
271,708,438
GERMANY - 9.9%
 
 
 
Communication Services - 0.3%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Deutsche Telekom AG
 
174,388
6,361,868
Interactive Media & Services - 0.1%
 
 
 
Scout24 SE (c)(d)
 
34,155
4,711,271
TOTAL COMMUNICATION SERVICES
 
 
11,073,139
 
 
 
 
Consumer Discretionary - 0.9%
 
 
 
Automobile Components - 0.1%
 
 
 
Continental AG
 
49,273
4,300,848
Automobiles - 0.1%
 
 
 
Mercedes-Benz Group AG
 
45,124
2,641,213
Volkswagen AG
 
4,200
453,676
 
 
 
3,094,889
Specialty Retail - 0.0%
 
 
 
Zalando SE (b)(c)(d)
 
44,947
1,479,821
Textiles, Apparel & Luxury Goods - 0.7%
 
 
 
adidas AG
 
89,485
20,865,683
TOTAL CONSUMER DISCRETIONARY
 
 
29,741,241
 
 
 
 
Financials - 2.7%
 
 
 
Capital Markets - 0.1%
 
 
 
Deutsche Bank AG
 
122,457
3,630,728
Insurance - 2.6%
 
 
 
Allianz SE
 
104,770
42,466,696
Hannover Rueck SE
 
21,085
6,636,467
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
31,140
20,196,758
Talanx AG
 
91,828
11,887,750
 
 
 
81,187,671
TOTAL FINANCIALS
 
 
84,818,399
 
 
 
 
Health Care - 0.4%
 
 
 
Health Care Equipment & Supplies - 0.2%
 
 
 
Siemens Healthineers AG (c)(d)
 
102,288
5,670,266
Health Care Providers & Services - 0.2%
 
 
 
Fresenius Medical Care AG
 
88,039
5,045,275
Pharmaceuticals - 0.0%
 
 
 
Merck KGaA
 
8,336
1,080,133
TOTAL HEALTH CARE
 
 
11,795,674
 
 
 
 
Industrials - 3.1%
 
 
 
Aerospace & Defense - 0.0%
 
 
 
Rheinmetall AG
 
306
647,733
Air Freight & Logistics - 0.4%
 
 
 
Deutsche Post AG
 
309,971
14,316,761
Electrical Equipment - 1.0%
 
 
 
Siemens Energy AG (b)
 
278,433
32,161,734
Industrial Conglomerates - 1.5%
 
 
 
Siemens AG
 
182,549
46,802,062
Machinery - 0.2%
 
 
 
Gea Group Ag
 
15,927
1,114,415
Knorr-Bremse AG
 
22,375
2,162,562
Rational AG
 
2,819
2,364,296
 
 
 
5,641,273
TOTAL INDUSTRIALS
 
 
99,569,563
 
 
 
 
Information Technology - 1.2%
 
 
 
Software - 1.2%
 
 
 
SAP SE
 
125,393
38,130,480
Materials - 0.9%
 
 
 
Chemicals - 0.6%
 
 
 
Evonik Industries AG
 
478,907
9,872,249
Symrise AG
 
90,493
9,501,988
 
 
 
19,374,237
Construction Materials - 0.3%
 
 
 
Heidelberg Materials AG
 
34,548
8,116,780
TOTAL MATERIALS
 
 
27,491,017
 
 
 
 
Utilities - 0.4%
 
 
 
Independent Power and Renewable Electricity Producers - 0.4%
 
 
 
RWE AG
 
320,465
13,374,533
TOTAL GERMANY
 
 
315,994,046
HONG KONG - 2.8%
 
 
 
Consumer Staples - 0.5%
 
 
 
Food Products - 0.5%
 
 
 
WH Group Ltd (c)(d)
 
15,071,455
14,495,568
Financials - 1.6%
 
 
 
Capital Markets - 0.9%
 
 
 
Futu Holdings Ltd Class A ADR
 
36,240
4,478,902
Hong Kong Exchanges & Clearing Ltd
 
428,900
22,882,097
 
 
 
27,360,999
Insurance - 0.7%
 
 
 
AIA Group Ltd
 
2,768,232
24,826,086
TOTAL FINANCIALS
 
 
52,187,085
 
 
 
 
Industrials - 0.2%
 
 
 
Industrial Conglomerates - 0.1%
 
 
 
Jardine Matheson Holdings Ltd (Singapore)
 
57,000
2,739,420
Machinery - 0.1%
 
 
 
Techtronic Industries Co Ltd
 
229,500
2,523,054
TOTAL INDUSTRIALS
 
 
5,262,474
 
 
 
 
Real Estate - 0.0%
 
 
 
Real Estate Management & Development - 0.0%
 
 
 
Sun Hung Kai Properties Ltd
 
137,500
1,577,319
Utilities - 0.5%
 
 
 
Electric Utilities - 0.5%
 
 
 
CLP Holdings Ltd
 
1,954,500
16,457,742
TOTAL HONG KONG
 
 
89,980,188
IRELAND - 0.1%
 
 
 
Industrials - 0.1%
 
 
 
Trading Companies & Distributors - 0.1%
 
 
 
AerCap Holdings NV
 
27,144
3,175,848
ISRAEL - 0.8%
 
 
 
Financials - 0.2%
 
 
 
Banks - 0.2%
 
 
 
Bank Leumi Le-Israel BM
 
208,242
3,871,423
Mizrahi Tefahot Bank Ltd
 
19,261
1,255,170
 
 
 
5,126,593
Industrials - 0.0%
 
 
 
Aerospace & Defense - 0.0%
 
 
 
Elbit Systems Ltd
 
4,110
1,827,860
Information Technology - 0.6%
 
 
 
IT Services - 0.6%
 
 
 
Wix.com Ltd (b)
 
110,942
17,579,869
TOTAL ISRAEL
 
 
24,534,322
ITALY - 2.6%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Automobiles - 0.1%
 
 
 
Ferrari NV (Italy)
 
4,067
1,993,420
Consumer Staples - 0.5%
 
 
 
Beverages - 0.5%
 
 
 
Coca-Cola HBC AG
 
318,116
16,610,620
Financials - 1.9%
 
 
 
Banks - 1.8%
 
 
 
Intesa Sanpaolo SpA
 
4,570,914
26,337,343
UniCredit SpA
 
431,235
28,908,759
 
 
 
55,246,102
Financial Services - 0.0%
 
 
 
Banca Mediolanum SpA
 
28,559
491,832
Insurance - 0.1%
 
 
 
Generali
 
102,128
3,634,314
TOTAL FINANCIALS
 
 
59,372,248
 
 
 
 
Industrials - 0.1%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
Leonardo SpA
 
81,019
4,559,948
Utilities - 0.0%
 
 
 
Electric Utilities - 0.0%
 
 
 
Enel SpA
 
169,702
1,610,397
TOTAL ITALY
 
 
84,146,633
JAPAN - 21.8%
 
 
 
Communication Services - 2.2%
 
 
 
Entertainment - 0.2%
 
 
 
Konami Group Corp
 
45,600
7,224,499
Interactive Media & Services - 0.3%
 
 
 
LY Corp
 
2,637,922
9,716,009
Wireless Telecommunication Services - 1.7%
 
 
 
KDDI Corp
 
1,276,200
21,978,237
SoftBank Group Corp
 
428,200
31,266,435
 
 
 
53,244,672
TOTAL COMMUNICATION SERVICES
 
 
70,185,180
 
 
 
 
Consumer Discretionary - 3.1%
 
 
 
Automobile Components - 0.1%
 
 
 
Aisin Corp
 
184,200
2,362,538
Automobiles - 0.9%
 
 
 
Suzuki Motor Corp
 
1,373,300
16,622,075
Toyota Motor Corp
 
706,061
12,223,257
 
 
 
28,845,332
Household Durables - 1.1%
 
 
 
Panasonic Holdings Corp
 
1,136,700
12,278,302
Sekisui House Ltd
 
35,300
780,250
Sony Group Corp
 
900,980
23,337,074
 
 
 
36,395,626
Leisure Products - 0.5%
 
 
 
Bandai Namco Holdings Inc
 
425,800
15,289,829
Textiles, Apparel & Luxury Goods - 0.5%
 
 
 
Asics Corp
 
646,500
16,521,093
TOTAL CONSUMER DISCRETIONARY
 
 
99,414,418
 
 
 
 
Consumer Staples - 0.3%
 
 
 
Consumer Staples Distribution & Retail - 0.0%
 
 
 
Seven & i Holdings Co Ltd
 
132,200
2,132,569
Food Products - 0.3%
 
 
 
Ajinomoto Co Inc
 
329,200
8,936,098
TOTAL CONSUMER STAPLES
 
 
11,068,667
 
 
 
 
Energy - 0.5%
 
 
 
Oil, Gas & Consumable Fuels - 0.5%
 
 
 
Inpex Corp (e)
 
1,116,500
15,700,236
Financials - 4.3%
 
 
 
Banks - 1.9%
 
 
 
Japan Post Bank Co Ltd
 
559,600
6,042,693
Mitsubishi UFJ Financial Group Inc
 
1,956,100
26,936,192
Mizuho Financial Group Inc
 
422,100
11,704,075
Sumitomo Mitsui Financial Group Inc
 
447,000
11,280,150
Sumitomo Mitsui Trust Group Inc
 
209,800
5,593,015
 
 
 
61,556,125
Capital Markets - 0.9%
 
 
 
Daiwa Securities Group Inc
 
1,600,548
11,386,837
Nomura Holdings Inc
 
2,497,700
16,511,999
SBI Holdings Inc
 
36,200
1,264,442
 
 
 
29,163,278
Financial Services - 0.1%
 
 
 
Mitsubishi HC Capital Inc
 
263,800
1,942,710
Insurance - 1.4%
 
 
 
Dai-ichi Life Holdings Inc
 
2,336,900
17,785,788
Japan Post Holdings Co Ltd
 
135,800
1,259,407
Sompo Holdings Inc
 
239,100
7,214,260
Tokio Marine Holdings Inc
 
401,400
17,033,821
 
 
 
43,293,276
TOTAL FINANCIALS
 
 
135,955,389
 
 
 
 
Health Care - 1.7%
 
 
 
Health Care Equipment & Supplies - 0.2%
 
 
 
Hoya Corp
 
19,184
2,285,348
Terumo Corp
 
283,400
5,215,166
 
 
 
7,500,514
Pharmaceuticals - 1.5%
 
 
 
Astellas Pharma Inc
 
280,900
2,763,063
Daiichi Sankyo Co Ltd
 
730,300
17,065,098
Shionogi & Co Ltd
 
129,800
2,338,122
Takeda Pharmaceutical Co Ltd
 
771,500
23,706,729
 
 
 
45,873,012
TOTAL HEALTH CARE
 
 
53,373,526
 
 
 
 
Industrials - 5.5%
 
 
 
Electrical Equipment - 0.2%
 
 
 
Mitsubishi Electric Corp
 
157,800
3,409,019
NIDEC CORP
 
112,200
2,185,487
 
 
 
5,594,506
Ground Transportation - 0.4%
 
 
 
Central Japan Railway Co
 
595,500
13,365,203
Industrial Conglomerates - 0.5%
 
 
 
Hitachi Ltd
 
523,700
15,292,236
Machinery - 1.4%
 
 
 
Daifuku Co Ltd
 
99,500
2,571,709
FANUC Corp
 
358,900
9,819,562
Komatsu Ltd
 
598,400
19,684,184
Makita Corp
 
427,300
13,213,200
 
 
 
45,288,655
Marine Transportation - 0.6%
 
 
 
Nippon Yusen KK
 
506,900
18,261,846
Professional Services - 0.9%
 
 
 
Recruit Holdings Co Ltd
 
461,500
27,352,540
Trading Companies & Distributors - 1.5%
 
 
 
Marubeni Corp
 
53,400
1,080,200
Mitsui & Co Ltd
 
919,200
18,811,030
Sumitomo Corp
 
528,600
13,688,062
Toyota Tsusho Corp
 
665,200
15,100,440
 
 
 
48,679,732
TOTAL INDUSTRIALS
 
 
173,834,718
 
 
 
 
Information Technology - 3.7%
 
 
 
Electronic Equipment, Instruments & Components - 0.4%
 
 
 
Yokogawa Electric Corp
 
429,800
11,505,705
IT Services - 1.0%
 
 
 
Fujitsu Ltd
 
249,800
6,097,337
NEC Corp
 
708,500
20,757,345
Obic Co Ltd
 
159,800
6,226,435
 
 
 
33,081,117
Semiconductors & Semiconductor Equipment - 2.3%
 
 
 
Advantest Corp
 
286,300
21,183,476
Renesas Electronics Corp
 
627,200
7,791,818
SCREEN Holdings Co Ltd
 
158,600
12,951,884
Tokyo Electron Ltd
 
156,200
30,024,069
 
 
 
71,951,247
TOTAL INFORMATION TECHNOLOGY
 
 
116,538,069
 
 
 
 
Materials - 0.2%
 
 
 
Chemicals - 0.1%
 
 
 
Mitsubishi Chemical Group Corp
 
559,000
2,942,412
Nippon Paint Holdings Co Ltd
 
116,900
941,661
 
 
 
3,884,073
Metals & Mining - 0.1%
 
 
 
Nippon Steel Corp
 
194,400
3,689,422
TOTAL MATERIALS
 
 
7,573,495
 
 
 
 
Utilities - 0.3%
 
 
 
Electric Utilities - 0.0%
 
 
 
Chubu Electric Power Co Inc
 
96,200
1,189,766
Kansai Electric Power Co Inc/The
 
500
5,933
 
 
 
1,195,699
Gas Utilities - 0.3%
 
 
 
Osaka Gas Co Ltd
 
37,300
956,556
Tokyo Gas Co Ltd
 
257,300
8,562,076
 
 
 
9,518,632
TOTAL UTILITIES
 
 
10,714,331
 
 
 
 
TOTAL JAPAN
 
 
694,358,029
KOREA (SOUTH) - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Delivery Hero SE (b)(c)(d)
 
34,770
940,790
NETHERLANDS - 4.2%
 
 
 
Communication Services - 0.5%
 
 
 
Diversified Telecommunication Services - 0.5%
 
 
 
Koninklijke KPN NV
 
3,356,406
16,352,414
Consumer Staples - 0.1%
 
 
 
Beverages - 0.1%
 
 
 
Heineken Holding NV Class A
 
17,995
1,340,724
Food Products - 0.0%
 
 
 
JDE Peet's NV
 
45,004
1,285,022
TOTAL CONSUMER STAPLES
 
 
2,625,746
 
 
 
 
Financials - 1.4%
 
 
 
Banks - 0.8%
 
 
 
ABN AMRO Bank NV depository receipt (c)(d)
 
508,028
13,907,550
ING Groep NV
 
470,906
10,331,911
 
 
 
24,239,461
Capital Markets - 0.0%
 
 
 
Euronext NV (c)(d)
 
5
855
Insurance - 0.6%
 
 
 
Aegon Ltd
 
232,984
1,687,279
NN Group NV
 
305,961
20,334,149
 
 
 
22,021,428
TOTAL FINANCIALS
 
 
46,261,744
 
 
 
 
Health Care - 0.1%
 
 
 
Biotechnology - 0.1%
 
 
 
Argenx SE ADR (b)
 
2,483
1,368,679
Health Care Equipment & Supplies - 0.0%
 
 
 
Koninklijke Philips NV
 
28,412
683,080
TOTAL HEALTH CARE
 
 
2,051,759
 
 
 
 
Industrials - 0.0%
 
 
 
Professional Services - 0.0%
 
 
 
Wolters Kluwer NV
 
30
5,016
Information Technology - 2.1%
 
 
 
Semiconductors & Semiconductor Equipment - 2.1%
 
 
 
ASM International NV
 
25
16,002
ASML Holding NV
 
84,280
67,270,520
 
 
 
67,286,522
TOTAL NETHERLANDS
 
 
134,583,201
NEW ZEALAND - 0.1%
 
 
 
Utilities - 0.1%
 
 
 
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Meridian Energy Ltd
 
980,619
3,526,644
NORWAY - 1.3%
 
 
 
Communication Services - 0.0%
 
 
 
Diversified Telecommunication Services - 0.0%
 
 
 
Telenor ASA
 
96
1,492
Energy - 0.5%
 
 
 
Oil, Gas & Consumable Fuels - 0.5%
 
 
 
Equinor ASA
 
592,983
15,007,834
Financials - 0.4%
 
 
 
Banks - 0.2%
 
 
 
DNB Bank ASA
 
229,430
6,341,568
Insurance - 0.2%
 
 
 
Gjensidige Forsikring ASA
 
272,734
6,910,755
TOTAL FINANCIALS
 
 
13,252,323
 
 
 
 
Industrials - 0.4%
 
 
 
Aerospace & Defense - 0.4%
 
 
 
Kongsberg Gruppen ASA
 
354,257
13,737,063
TOTAL NORWAY
 
 
41,998,712
PORTUGAL - 0.0%
 
 
 
Utilities - 0.0%
 
 
 
Electric Utilities - 0.0%
 
 
 
EDP SA
 
7
30
SINGAPORE - 2.3%
 
 
 
Communication Services - 0.8%
 
 
 
Entertainment - 0.8%
 
 
 
Sea Ltd Class A ADR (b)
 
161,946
25,901,643
Financials - 1.0%
 
 
 
Banks - 0.8%
 
 
 
DBS Group Holdings Ltd
 
229,400
8,102,520
Oversea-Chinese Banking Corp Ltd
 
227,200
2,914,378
United Overseas Bank Ltd
 
505,155
14,302,462
 
 
 
25,319,360
Capital Markets - 0.2%
 
 
 
Singapore Exchange Ltd
 
532,200
6,228,184
TOTAL FINANCIALS
 
 
31,547,544
 
 
 
 
Industrials - 0.5%
 
 
 
Aerospace & Defense - 0.5%
 
 
 
Singapore Technologies Engineering Ltd
 
2,739,700
16,785,107
Real Estate - 0.0%
 
 
 
Industrial REITs - 0.0%
 
 
 
CapitaLand Ascendas REIT
 
228,200
480,987
TOTAL SINGAPORE
 
 
74,715,281
SOUTH AFRICA - 0.0%
 
 
 
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Anglo American PLC
 
29,380
867,062
Valterra Platinum Ltd (United Kingdom)
 
15
659
 
 
 
 
TOTAL SOUTH AFRICA
 
 
867,721
SPAIN - 3.6%
 
 
 
Financials - 1.3%
 
 
 
Banks - 1.3%
 
 
 
Banco Bilbao Vizcaya Argentaria SA
 
358,333
5,510,494
Banco Bilbao Vizcaya Argentaria SA ADR
 
8
123
Banco Santander SA
 
4,502,320
37,267,750
 
 
 
42,778,367
Industrials - 0.6%
 
 
 
Construction & Engineering - 0.0%
 
 
 
ACS Actividades de Construccion y Servicios SA
 
26,410
1,833,914
Transportation Infrastructure - 0.6%
 
 
 
Aena SME SA (c)(d)(e)
 
698,085
18,633,527
TOTAL INDUSTRIALS
 
 
20,467,441
 
 
 
 
Utilities - 1.7%
 
 
 
Electric Utilities - 1.7%
 
 
 
Endesa SA (e)
 
503,294
15,941,875
Iberdrola SA
 
1,852,038
35,538,397
 
 
 
51,480,272
TOTAL SPAIN
 
 
114,726,080
SWEDEN - 2.3%
 
 
 
Communication Services - 0.2%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Telia Co AB
 
1,204,289
4,324,081
Wireless Telecommunication Services - 0.0%
 
 
 
Tele2 AB B Shares
 
90,667
1,324,896
TOTAL COMMUNICATION SERVICES
 
 
5,648,977
 
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Automobiles - 0.3%
 
 
 
Volvo Car AB (b)(e)
 
4,349,744
7,986,032
Financials - 0.7%
 
 
 
Banks - 0.6%
 
 
 
Svenska Handelsbanken AB A Shares
 
1,229,209
16,429,038
Swedbank AB A1 Shares
 
110,020
2,913,043
 
 
 
19,342,081
Financial Services - 0.1%
 
 
 
Industrivarden AB A Shares
 
113,091
4,102,447
Industrivarden AB C Shares
 
19
686
 
 
 
4,103,133
TOTAL FINANCIALS
 
 
23,445,214
 
 
 
 
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Swedish Orphan Biovitrum AB B Shares (b)
 
40,118
1,222,083
Industrials - 0.5%
 
 
 
Construction & Engineering - 0.1%
 
 
 
Skanska AB B Shares
 
125,404
2,918,745
Machinery - 0.4%
 
 
 
Alfa Laval AB
 
61,246
2,575,195
Volvo AB B Shares
 
340,390
9,548,722
 
 
 
12,123,917
TOTAL INDUSTRIALS
 
 
15,042,662
 
 
 
 
Information Technology - 0.6%
 
 
 
Communications Equipment - 0.6%
 
 
 
Telefonaktiebolaget LM Ericsson B Shares
 
2,009,644
17,192,929
Telefonaktiebolaget LM Ericsson Class B ADR
 
227,620
1,930,218
 
 
 
19,123,147
TOTAL SWEDEN
 
 
72,468,115
SWITZERLAND - 4.6%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Cie Financiere Richemont SA Series A
 
5,717
1,076,824
Consumer Staples - 0.1%
 
 
 
Food Products - 0.1%
 
 
 
Chocoladefabriken Lindt & Spruengli AG
 
235
3,953,935
Financials - 1.9%
 
 
 
Capital Markets - 0.9%
 
 
 
UBS Group AG
 
844,788
28,587,255
Insurance - 1.0%
 
 
 
Zurich Insurance Group AG
 
43,517
30,417,202
TOTAL FINANCIALS
 
 
59,004,457
 
 
 
 
Industrials - 1.8%
 
 
 
Electrical Equipment - 1.0%
 
 
 
ABB Ltd
 
541,152
32,266,559
Machinery - 0.2%
 
 
 
Schindler Holding AG
 
22,085
8,211,071
Professional Services - 0.6%
 
 
 
SGS SA
 
175,190
17,774,019
TOTAL INDUSTRIALS
 
 
58,251,649
 
 
 
 
Materials - 0.7%
 
 
 
Chemicals - 0.7%
 
 
 
Givaudan SA
 
4,566
22,103,480
Utilities - 0.1%
 
 
 
Electric Utilities - 0.1%
 
 
 
BKW AG
 
7,662
1,673,482
TOTAL SWITZERLAND
 
 
146,063,827
UNITED KINGDOM - 10.7%
 
 
 
Communication Services - 0.0%
 
 
 
Wireless Telecommunication Services - 0.0%
 
 
 
Vodafone Group PLC
 
1,695,678
1,810,386
Vodafone Group PLC ADR
 
12
127
 
 
 
1,810,513
Consumer Discretionary - 0.1%
 
 
 
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Compass Group PLC
 
225,301
7,629,430
Specialty Retail - 0.0%
 
 
 
Kingfisher PLC
 
4
16
TOTAL CONSUMER DISCRETIONARY
 
 
7,629,446
 
 
 
 
Consumer Staples - 2.7%
 
 
 
Beverages - 0.1%
 
 
 
Coca-Cola Europacific Partners PLC
 
29,372
2,723,372
Consumer Staples Distribution & Retail - 0.7%
 
 
 
Tesco PLC
 
4,143,469
22,824,069
Food Products - 0.0%
 
 
 
Associated British Foods PLC
 
4,847
136,923
Household Products - 0.0%
 
 
 
Reckitt Benckiser Group PLC
 
175
11,902
Personal Care Products - 0.4%
 
 
 
Unilever PLC
 
226,755
13,773,045
Tobacco - 1.5%
 
 
 
British American Tobacco PLC
 
153,581
7,300,453
British American Tobacco PLC ADR (e)
 
516,423
24,442,301
Imperial Brands PLC
 
360,948
14,254,248
 
 
 
45,997,002
TOTAL CONSUMER STAPLES
 
 
85,466,313
 
 
 
 
Financials - 3.4%
 
 
 
Banks - 2.9%
 
 
 
Barclays PLC ADR
 
229,601
4,268,282
HSBC Holdings PLC
 
2,964,650
35,884,206
HSBC Holdings PLC ADR (e)
 
239,570
14,563,460
Lloyds Banking Group PLC
 
14,152,482
14,900,052
NatWest Group PLC
 
1,379,469
9,683,503
NatWest Group PLC ADR
 
277,061
3,920,413
Standard Chartered PLC
 
489,737
8,113,907
 
 
 
91,333,823
Capital Markets - 0.3%
 
 
 
3i Group PLC
 
77,359
4,374,897
London Stock Exchange Group PLC
 
30,781
4,493,452
 
 
 
8,868,349
Financial Services - 0.0%
 
 
 
M&G PLC
 
827,082
2,917,706
Insurance - 0.2%
 
 
 
Admiral Group PLC
 
109,581
4,918,615
Aviva PLC
 
376
3,196
 
 
 
4,921,811
TOTAL FINANCIALS
 
 
108,041,689
 
 
 
 
Health Care - 1.6%
 
 
 
Pharmaceuticals - 1.6%
 
 
 
Astrazeneca PLC
 
222,592
30,920,740
Astrazeneca PLC ADR
 
277,763
19,410,078
 
 
 
50,330,818
Industrials - 2.3%
 
 
 
Aerospace & Defense - 1.9%
 
 
 
BAE Systems PLC
 
920,390
23,833,538
Rolls-Royce Holdings PLC
 
2,711,286
36,010,654
 
 
 
59,844,192
Industrial Conglomerates - 0.2%
 
 
 
DCC PLC
 
15,555
1,009,502
Smiths Group PLC
 
133,273
4,108,769
 
 
 
5,118,271
Professional Services - 0.0%
 
 
 
RELX PLC ADR
 
16,590
901,501
Trading Companies & Distributors - 0.2%
 
 
 
Bunzl PLC
 
197,089
6,276,394
TOTAL INDUSTRIALS
 
 
72,140,358
 
 
 
 
Information Technology - 0.3%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Halma PLC
 
25,980
1,141,166
Software - 0.3%
 
 
 
Sage Group PLC/The
 
445,106
7,640,240
TOTAL INFORMATION TECHNOLOGY
 
 
8,781,406
 
 
 
 
Utilities - 0.3%
 
 
 
Multi-Utilities - 0.3%
 
 
 
National Grid PLC
 
554,874
8,084,891
TOTAL UNITED KINGDOM
 
 
342,285,434
UNITED STATES - 9.3%
 
 
 
Communication Services - 0.5%
 
 
 
Entertainment - 0.5%
 
 
 
Spotify Technology SA (b)
 
22,644
17,375,646
Consumer Staples - 0.9%
 
 
 
Food Products - 0.9%
 
 
 
Nestle SA
 
290,622
28,873,568
Energy - 1.2%
 
 
 
Oil, Gas & Consumable Fuels - 1.2%
 
 
 
BP PLC ADR
 
246,822
7,387,382
Shell PLC
 
900,248
31,554,249
 
 
 
38,941,631
Health Care - 4.8%
 
 
 
Life Sciences Tools & Services - 0.5%
 
 
 
QIAGEN NV
 
364,566
17,557,676
Pharmaceuticals - 4.3%
 
 
 
GSK PLC
 
577,556
11,019,673
GSK PLC ADR
 
370,932
14,243,789
Novartis AG
 
457,100
55,402,744
Novartis AG ADR
 
7,277
880,589
Roche Holding AG
 
134,927
43,941,190
Roche Holding AG
 
9,885
3,426,019
Sanofi SA
 
53,302
5,161,727
 
 
 
134,075,731
TOTAL HEALTH CARE
 
 
151,633,407
 
 
 
 
Industrials - 0.9%
 
 
 
Electrical Equipment - 0.9%
 
 
 
Schneider Electric SE
 
110,542
29,402,084
Materials - 1.0%
 
 
 
Construction Materials - 1.0%
 
 
 
Amrize Ltd
 
137,395
6,853,733
CRH PLC (United Kingdom)
 
151,897
13,994,615
Holcim AG
 
137,395
10,199,213
 
 
 
31,047,561
TOTAL UNITED STATES
 
 
297,273,897
 
TOTAL COMMON STOCKS
 (Cost $2,618,948,191)
 
 
 
3,115,890,549
 
 
 
 
Non-Convertible Preferred Stocks - 0.6%
 
 
Shares
Value ($)
 
GERMANY - 0.6%
 
 
 
Consumer Discretionary - 0.6%
 
 
 
Automobiles - 0.6%
 
 
 
Volkswagen AG
 
175,722
18,550,599
Consumer Staples - 0.0%
 
 
 
Household Products - 0.0%
 
 
 
Henkel AG & Co KGaA
 
6,325
496,652
TOTAL GERMANY
 
 
19,047,251
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $21,065,611)
 
 
 
19,047,251
 
 
 
 
U.S. Treasury Obligations - 0.2%
 
 
Yield (%) (f)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 8/28/2025 (g)
 
4.27
3,200,000
3,177,702
US Treasury Bills 0% 8/7/2025
 
4.25
3,290,000
3,275,627
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $6,453,976)
 
 
 
6,453,329
 
 
 
 
 
Money Market Funds - 2.5%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
 
4.32
38,507,624
38,515,325
Fidelity Securities Lending Cash Central Fund (h)(i)
 
4.32
40,839,501
40,843,586
 
TOTAL MONEY MARKET FUNDS
 (Cost $79,358,911)
 
 
 
79,358,911
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.9%
 (Cost $2,725,826,689)
 
 
 
3,220,750,040
NET OTHER ASSETS (LIABILITIES) - (0.9)%  
(28,261,092)
NET ASSETS - 100.0%
3,192,488,948
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
300
Sep 2025
40,225,500
867,485
867,485
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.3%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $59,839,648 or 1.9% of net assets.
 
(d)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $59,839,648 or 1.9% of net assets.
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(g)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,182,701.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
15,818,673
921,536,229
898,839,577
1,507,915
-
-
38,515,325
38,507,624
0.1%
Fidelity Securities Lending Cash Central Fund
10,015,523
355,680,952
324,852,889
316,123
-
-
40,843,586
40,839,501
0.1%
Total
25,834,196
1,277,217,181
1,223,692,466
1,824,038
-
-
79,358,911
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Communication Services
171,679,231
171,679,231
-
-
Consumer Discretionary
247,816,534
247,816,534
-
-
Consumer Staples
199,742,997
199,742,997
-
-
Energy
107,621,900
107,621,900
-
-
Financials
795,055,952
795,055,952
-
-
Health Care
329,794,589
329,794,589
-
-
Industrials
645,742,034
645,742,034
-
-
Information Technology
275,757,325
275,757,325
-
-
Materials
203,755,307
203,755,307
-
-
Real Estate
8,663,934
8,663,934
-
-
Utilities
130,260,746
130,260,746
-
-
 Non-Convertible Preferred Stocks
 
 
 
 
Consumer Discretionary
18,550,599
18,550,599
-
-
Consumer Staples
496,652
496,652
-
-
 U.S. Treasury Obligations
6,453,329
-
6,453,329
-
 Money Market Funds
79,358,911
79,358,911
-
-
 Total Investments in Securities:
3,220,750,040
3,214,296,711
6,453,329
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
867,485
867,485
-
-
  Total Assets
867,485
867,485
-
-
 Total Derivative Instruments:
867,485
867,485
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
867,485
0
Total Equity Risk
867,485
0
Total Value of Derivatives
867,485
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).
Fidelity® Enhanced International ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $38,892,255) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,646,467,778)
$
3,141,391,129
 
 
Fidelity Central Funds (cost $79,358,911)
79,358,911
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,725,826,689)
 
 
$
3,220,750,040
Cash
 
 
1
Foreign currency held at value (cost $1,689,794)
 
 
1,707,965
Dividends receivable
 
 
3,818,581
Reclaims receivable
 
 
7,506,260
Interest receivable
 
 
1,246
Distributions receivable from Fidelity Central Funds
 
 
234,220
Receivable for daily variation margin on futures contracts
 
 
14,665
  Total assets
 
 
3,234,032,978
Liabilities
 
 
 
 
Accrued management fee
$
692,124
 
 
Other payables and accrued expenses
8,234
 
 
Collateral on securities loaned
40,843,672
 
 
  Total liabilities
 
 
 
41,544,030
Net Assets  
 
 
$
3,192,488,948
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,798,973,305
Total accumulated earnings (loss)
 
 
 
393,515,643
Net Assets
 
 
$
3,192,488,948
Net Asset Value, offering price and redemption price per share ($3,192,488,948 ÷ 96,179,106 shares)
 
 
$
33.19
Statement of Operations
 
 
 
Year ended
June 30, 2025
Investment Income
 
 
 
 
Dividends
 
 
$
67,581,989
Interest  
 
 
107,923
Income from Fidelity Central Funds (including $316,123 from security lending)
 
 
1,824,038
 Income before foreign taxes withheld
 
 
$
69,513,950
Less foreign taxes withheld
 
 
(3,222,928)
 Total income
 
 
 
66,291,022
Expenses
 
 
 
 
Management fee
 
 
$
5,558,713
Independent trustees' fees and expenses
 
 
7,384
Interest
 
 
1,543
Miscellaneous
 
 
-
 Total expenses before reductions
 
 
 
5,567,640
 Expense reductions
 
 
 
(429)
 Total expenses after reductions
 
 
 
5,567,211
Net Investment income (loss)
 
 
 
60,723,811
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
 
 
31,643,872
   Redemptions in-kind
 
 
 
132,522,540
   Fidelity Central Funds
 
 
 
-
 Foreign currency transactions
 
 
 
(333,910)
 Futures contracts
 
 
 
(1,006,363)
Total net realized gain (loss)
 
 
 
162,826,139
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers   
 
 
 
221,623,553
 Assets and liabilities in foreign currencies
 
 
 
766,954
 Futures contracts
 
 
 
790,066
Total change in net unrealized appreciation (depreciation)
 
 
 
223,180,573
Net gain (loss)
 
 
 
386,006,712
Net increase (decrease) in net assets resulting from operations
 
 
$
446,730,523
Statement of Changes in Net Assets
 
 
 
 
Year ended
June 30, 2025
 
Ten months ended
June 30, 2024
 
Year ended
August 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
 
 
Operations
 
 
 
 
 
Net investment income (loss)
$
60,723,811
$
34,933,456
$
40,722,351
Net realized gain (loss)
 
162,826,139
 
99,267,722
 
(32,079,780)
Change in net unrealized appreciation (depreciation)
 
223,180,573
 
58,817,853
 
261,209,693
Net increase (decrease) in net assets resulting from operations
 
446,730,523
 
193,019,031
 
269,852,264
Distributions to shareholders
 
(66,312,030)
 
(71,077,009)
 
(33,763,256)
 
 
 
 
 
 
 
Share transactions
 
 
 
 
 
 
Proceeds from sales of shares
 
1,753,603,267
 
229,678,767
 
600,539,896
  Reinvestment of distributions
 
-
 
30,814,353
 
24,033,209
Cost of shares redeemed
 
(499,384,133)
 
(389,696,365)
 
(600,353,896)
 
 
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
1,254,219,134
 
(129,203,245)
 
24,219,209
Total increase (decrease) in net assets
 
1,634,637,627
 
(7,261,223)
 
260,308,217
 
 
 
 
 
 
 
Net Assets
 
 
 
 
 
 
Beginning of period
 
1,557,851,321
 
1,565,112,544
 
1,304,804,327
End of period
$
3,192,488,948
$
1,557,851,321
$
1,565,112,544
 
 
 
 
 
 
 
Other Information
 
 
 
 
 
 
Shares
 
 
 
 
 
 
Sold
 
57,400,000
 
8,475,592
 
26,342,964
  Issued in reinvestment of distributions
 
-
 
1,276,109
 
1,026,385
Redeemed
 
(16,300,000)
 
(15,496,865)
 
(25,639,395)
Net increase (decrease)
 
41,100,000
 
(5,745,164)
 
1,729,954
 
 
 
 
 
 
 
See Organization and Prior Fiscal Year Reorganization information note regarding reorganization from mutual fund to exchange traded fund for the ten months ended June 30, 2024.
 
Share activity is further described in Organization and Prior Fiscal Year Reorganization information notes, amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.
Financial Highlights
 
Fidelity® Enhanced International ETF
 
Years ended June 30,
 
2025  
 
2024 A
 
2023 B,C
 
2022 B,C
 
2021 B,C
 
2020 B,C  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
28.28
$
25.73
$
22.08
$
28.49
$
22.68
$
22.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) D,E
 
.91
 
.65
 
.64
 
.76
 
.62
 
.47
     Net realized and unrealized gain (loss)
 
4.88
 
3.19
 
3.58
 
(6.43)
 
5.61
 
.79
  Total from investment operations
 
5.79  
 
3.84  
 
4.22  
 
(5.67)  
 
6.23
 
1.26
  Distributions from net investment income
 
(.88)
 
(1.29)
 
(.57)
 
(.74)
 
(.42)
 
(.71)
     Total distributions
 
(.88)
 
(1.29)
 
(.57)
 
(.74)
 
(.42)
 
(.71)
  Net asset value, end of period
$
33.19
$
28.28
$
25.73
$
22.08
$
28.49
$
22.68
 Total Return F,G,H
 
20.83
%
 
15.53%
 
19.29%
 
(20.35)%
 
27.77%
 
5.55%
 Ratios to Average Net Assets E,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.28%
 
.36% K,L
 
.55%
 
.57%
 
.59%
 
.59%
    Expenses net of fee waivers, if any
 
.28
%
 
.36% K,L
 
.55%
 
.57%
 
.59%
 
.59%
    Expenses net of all reductions, if any
 
.28%
 
.36% K,L
 
.55%
 
.57%
 
.59%
 
.59%
    Net investment income (loss)
 
3.06%
 
2.95% K,L
 
2.69%
 
2.99%
 
2.32%
 
2.13%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,192,489
$
1,557,851
$
1,565,113
$
1,304,804
$
1,679,091
$
1,182,923
    Portfolio turnover rate M
 
73
% N
 
109% L,N
 
105%
 
114%
 
82%
 
75%
 
AFor the ten month period ended June 30. The Fund changed its fiscal year end from August 31 to June 30, effective March 1, 2024.
BFor the year ended August 31.
CAs further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.
DCalculated based on average shares outstanding during the period.
ENet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
FBased on net asset value.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KProxy expenses are not annualized.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
NPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Enhanced Large Cap Core ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 99.0%
 
 
Shares
Value ($)
 
UNITED KINGDOM - 0.0%
 
 
 
Energy - 0.0%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
TechnipFMC PLC
 
14,387
495,488
UNITED STATES - 99.0%
 
 
 
Communication Services - 11.7%
 
 
 
Diversified Telecommunication Services - 0.9%
 
 
 
AT&T Inc
 
822,878
23,814,089
Verizon Communications Inc
 
406,428
17,586,140
 
 
 
41,400,229
Entertainment - 3.3%
 
 
 
Electronic Arts Inc
 
128,918
20,588,205
Netflix Inc (b)
 
57,465
76,953,105
ROBLOX Corp Class A (b)
 
116,323
12,237,180
Walt Disney Co/The
 
358,190
44,419,142
 
 
 
154,197,632
Interactive Media & Services - 7.0%
 
 
 
Alphabet Inc Class A
 
514,029
90,587,331
Alphabet Inc Class C
 
546,576
96,957,117
Meta Platforms Inc Class A
 
190,125
140,329,361
 
 
 
327,873,809
Media - 0.3%
 
 
 
Comcast Corp Class A
 
358,321
12,788,476
Wireless Telecommunication Services - 0.2%
 
 
 
T-Mobile US Inc
 
53,024
12,633,498
TOTAL COMMUNICATION SERVICES
 
 
548,893,644
 
 
 
 
Consumer Discretionary - 10.7%
 
 
 
Automobiles - 1.7%
 
 
 
Ford Motor Co
 
980,401
10,637,351
General Motors Co
 
49,677
2,444,605
Tesla Inc (b)
 
210,653
66,916,032
 
 
 
79,997,988
Broadline Retail - 4.2%
 
 
 
Amazon.com Inc (b)
 
897,682
196,942,455
Hotels, Restaurants & Leisure - 1.9%
 
 
 
Airbnb Inc Class A (b)
 
43
5,691
Booking Holdings Inc
 
1,052
6,090,280
Carnival Corp (b)
 
234,355
6,590,063
DoorDash Inc Class A (b)
 
131,330
32,374,158
Expedia Group Inc Class A
 
144,391
24,355,874
Global Business Travel Group I Class A (b)(c)
 
316,520
1,994,076
International Game Technology PLC
 
179,156
2,832,456
McDonald's Corp
 
44,542
13,013,836
 
 
 
87,256,434
Household Durables - 0.2%
 
 
 
Garmin Ltd
 
49,487
10,328,927
M/I Homes Inc (b)
 
2
224
Meritage Homes Corp
 
6,929
464,035
Toll Brothers Inc
 
5,048
576,128
 
 
 
11,369,314
Specialty Retail - 2.7%
 
 
 
Abercrombie & Fitch Co Class A (b)
 
40,035
3,316,899
Bath & Body Works Inc
 
183,000
5,482,680
Best Buy Co Inc
 
117,054
7,857,835
Carvana Co Class A (b)
 
31,961
10,769,579
Gap Inc/The
 
370,858
8,088,413
Home Depot Inc/The
 
150,967
55,350,541
Lowe's Cos Inc
 
43,802
9,718,350
TJX Cos Inc/The
 
170,433
21,046,771
Ulta Beauty Inc (b)
 
8,137
3,806,651
 
 
 
125,437,719
TOTAL CONSUMER DISCRETIONARY
 
 
501,003,910
 
 
 
 
Consumer Staples - 3.5%
 
 
 
Beverages - 0.1%
 
 
 
Coca-Cola Co/The
 
32,768
2,318,335
PepsiCo Inc
 
20,752
2,740,094
 
 
 
5,058,429
Consumer Staples Distribution & Retail - 1.6%
 
 
 
Costco Wholesale Corp
 
34,117
33,773,783
Walmart Inc
 
395,332
38,655,563
 
 
 
72,429,346
Food Products - 0.2%
 
 
 
Tyson Foods Inc Class A
 
147,704
8,262,562
Household Products - 0.6%
 
 
 
Procter & Gamble Co/The
 
190,383
30,331,820
Tobacco - 1.0%
 
 
 
Philip Morris International Inc
 
268,198
48,846,902
TOTAL CONSUMER STAPLES
 
 
164,929,059
 
 
 
 
Energy - 2.6%
 
 
 
Oil, Gas & Consumable Fuels - 2.6%
 
 
 
Cheniere Energy Inc
 
96,302
23,451,463
Devon Energy Corp
 
56,019
1,781,964
EOG Resources Inc
 
243,756
29,155,655
Exxon Mobil Corp
 
182,593
19,683,525
Marathon Petroleum Corp
 
98,926
16,432,598
Occidental Petroleum Corp
 
4,869
204,547
Williams Cos Inc/The
 
488,283
30,669,056
 
 
 
121,378,808
Financials - 14.7%
 
 
 
Banks - 3.3%
 
 
 
Bank of America Corp
 
900,169
42,595,997
JPMorgan Chase & Co
 
301,606
87,438,596
PNC Financial Services Group Inc/The
 
96,039
17,903,590
US Bancorp
 
70,940
3,210,035
Wells Fargo & Co
 
26,485
2,121,978
 
 
 
153,270,196
Capital Markets - 3.7%
 
 
 
Cboe Global Markets Inc
 
24,307
5,668,635
Charles Schwab Corp/The
 
378,679
34,550,673
CME Group Inc Class A
 
82,419
22,716,325
Goldman Sachs Group Inc/The
 
43,589
30,850,115
Intercontinental Exchange Inc
 
80,036
14,684,205
Morgan Stanley
 
194,626
27,415,018
Morningstar Inc
 
11,611
3,645,041
MSCI Inc
 
10
5,767
S&P Global Inc
 
40,891
21,561,415
State Street Corp
 
15,264
1,623,174
T Rowe Price Group Inc (c)
 
86,167
8,315,116
 
 
 
171,035,484
Consumer Finance - 0.5%
 
 
 
Capital One Financial Corp
 
14,611
3,108,636
Synchrony Financial
 
283,479
18,919,389
 
 
 
22,028,025
Financial Services - 5.2%
 
 
 
Berkshire Hathaway Inc Class B (b)
 
207,805
100,945,435
Fiserv Inc (b)
 
53,242
9,179,453
Global Payments Inc
 
151,774
12,147,991
Mastercard Inc Class A
 
113,399
63,723,434
MGIC Investment Corp
 
34,161
951,042
PayPal Holdings Inc (b)
 
275,746
20,493,443
Visa Inc Class A
 
108,217
38,422,446
 
 
 
245,863,244
Insurance - 1.9%
 
 
 
Allstate Corp/The
 
109,823
22,108,468
Cincinnati Financial Corp
 
38,642
5,754,567
Markel Group Inc (b)
 
3,803
7,595,960
Progressive Corp/The
 
135,955
36,280,951
Prudential Financial Inc
 
51,907
5,576,888
Travelers Companies Inc/The
 
45,748
12,239,420
 
 
 
89,556,254
Mortgage Real Estate Investment Trusts (REITs) - 0.1%
 
 
 
Rithm Capital Corp
 
470,323
5,309,946
TOTAL FINANCIALS
 
 
687,063,149
 
 
 
 
Health Care - 10.0%
 
 
 
Biotechnology - 2.6%
 
 
 
AbbVie Inc
 
276,160
51,260,819
Biogen Inc (b)
 
90,381
11,350,950
Exelixis Inc (b)
 
198,219
8,736,502
Gilead Sciences Inc
 
315,164
34,942,233
Incyte Corp (b)
 
155,022
10,556,998
PTC Therapeutics Inc (b)
 
77,128
3,766,932
 
 
 
120,614,434
Health Care Equipment & Supplies - 1.4%
 
 
 
Abbott Laboratories
 
65,174
8,864,316
Becton Dickinson & Co
 
63,144
10,876,554
Boston Scientific Corp (b)
 
350,180
37,612,834
Intuitive Surgical Inc (b)
 
3,268
1,775,864
STERIS PLC
 
18,611
4,470,734
 
 
 
63,600,302
Health Care Providers & Services - 2.3%
 
 
 
Cardinal Health Inc
 
145,382
24,424,176
Centene Corp (b)
 
242,726
13,175,167
Cigna Group/The
 
10,355
3,423,156
CVS Health Corp
 
181,869
12,545,324
Elevance Health Inc
 
33,442
13,007,600
Humana Inc
 
108,036
26,412,641
Tenet Healthcare Corp (b)
 
24,556
4,321,856
UnitedHealth Group Inc
 
36,271
11,315,464
 
 
 
108,625,384
Health Care Technology - 0.4%
 
 
 
Veeva Systems Inc Class A (b)
 
82,589
23,783,980
Pharmaceuticals - 3.3%
 
 
 
Bristol-Myers Squibb Co
 
638,913
29,575,283
Eli Lilly & Co
 
40,212
31,346,460
Johnson & Johnson
 
130,481
19,930,973
Merck & Co Inc
 
507,816
40,198,715
Pfizer Inc
 
1,336,960
32,407,910
 
 
 
153,459,341
TOTAL HEALTH CARE
 
 
470,083,441
 
 
 
 
Industrials - 9.7%
 
 
 
Aerospace & Defense - 2.3%
 
 
 
Axon Enterprise Inc (b)
 
14,797
12,251,028
Curtiss-Wright Corp
 
11,014
5,380,890
GE Aerospace
 
113,332
29,170,523
General Dynamics Corp
 
51,432
15,000,657
HEICO Corp
 
13,029
4,273,512
Howmet Aerospace Inc
 
69,672
12,968,049
Lockheed Martin Corp
 
64,579
29,909,119
 
 
 
108,953,778
Air Freight & Logistics - 0.6%
 
 
 
FedEx Corp
 
120,458
27,381,308
Building Products - 1.1%
 
 
 
Allegion plc
 
123,203
17,756,016
Trane Technologies PLC
 
75,630
33,081,319
 
 
 
50,837,335
Commercial Services & Supplies - 0.6%
 
 
 
Cintas Corp
 
135,598
30,220,726
Waste Management Inc
 
1
229
 
 
 
30,220,955
Construction & Engineering - 0.3%
 
 
 
Valmont Industries Inc
 
37,483
12,240,823
Ground Transportation - 2.4%
 
 
 
CSX Corp
 
603,563
19,694,261
Lyft Inc Class A (b)
 
1,503,168
23,689,928
Uber Technologies Inc (b)
 
450,536
42,035,009
Union Pacific Corp
 
104,312
24,000,105
 
 
 
109,419,303
Industrial Conglomerates - 0.7%
 
 
 
Honeywell International Inc
 
147,106
34,258,045
Machinery - 0.2%
 
 
 
Caterpillar Inc
 
18,507
7,184,603
SPX Technologies Inc (b)
 
15,808
2,650,685
 
 
 
9,835,288
Passenger Airlines - 0.1%
 
 
 
SkyWest Inc (b)
 
36,169
3,724,322
Professional Services - 1.0%
 
 
 
Automatic Data Processing Inc
 
48,918
15,086,311
Dun & Bradstreet Holdings Inc
 
399,913
3,635,209
Leidos Holdings Inc
 
156,298
24,657,573
Maximus Inc
 
45,667
3,205,823
 
 
 
46,584,916
Trading Companies & Distributors - 0.4%
 
 
 
Rush Enterprises Inc Class A
 
33,913
1,746,859
WW Grainger Inc
 
18,577
19,324,538
 
 
 
21,071,397
TOTAL INDUSTRIALS
 
 
454,527,470
 
 
 
 
Information Technology - 31.8%
 
 
 
Communications Equipment - 1.1%
 
 
 
Arista Networks Inc
 
3
307
Cisco Systems Inc
 
463,134
32,132,237
Motorola Solutions Inc
 
42,795
17,993,586
 
 
 
50,126,130
Electronic Equipment, Instruments & Components - 0.3%
 
 
 
Itron Inc (b)
 
107,963
14,211,169
IT Services - 0.3%
 
 
 
Gartner Inc (b)
 
25,478
10,298,717
IBM Corporation
 
1,437
423,599
Kyndryl Holdings Inc (b)
 
123,109
5,165,654
 
 
 
15,887,970
Semiconductors & Semiconductor Equipment - 13.3%
 
 
 
Advanced Micro Devices Inc (b)
 
71,232
10,107,821
Analog Devices Inc
 
59,458
14,152,193
Applied Materials Inc
 
211,625
38,742,189
Broadcom Inc
 
504,725
139,127,446
Cirrus Logic Inc (b)
 
116,949
12,192,518
Credo Technology Group Holding Ltd (b)
 
3,010
278,696
KLA Corp
 
3,423
3,066,118
Lam Research Corp
 
2
194
NVIDIA Corp
 
2,323,921
367,156,279
QUALCOMM Inc
 
248,464
39,570,377
 
 
 
624,393,831
Software - 10.1%
 
 
 
Adobe Inc (b)
 
96,734
37,424,450
Alarm.com Holdings Inc (b)(c)
 
187,836
10,625,883
Autodesk Inc (b)
 
49,214
15,235,178
Commvault Systems Inc (b)
 
2
349
Dropbox Inc Class A (b)
 
115,637
3,307,218
Fortinet Inc (b)
 
98,184
10,380,012
Microsoft Corp
 
623,843
310,305,747
Oracle Corp
 
25,333
5,538,554
Palantir Technologies Inc Class A (b)
 
25,455
3,470,026
Salesforce Inc
 
169,386
46,189,868
Servicenow Inc (b)
 
1,805
1,855,684
Teradata Corp (b)
 
348,775
7,781,170
Zoom Communications Inc Class A (b)
 
247,141
19,272,055
 
 
 
471,386,194
Technology Hardware, Storage & Peripherals - 6.7%
 
 
 
Apple Inc
 
1,435,633
294,548,823
NetApp Inc
 
39,083
4,164,293
Western Digital Corp
 
228,325
14,610,517
 
 
 
313,323,633
TOTAL INFORMATION TECHNOLOGY
 
 
1,489,328,927
 
 
 
 
Materials - 2.3%
 
 
 
Chemicals - 1.1%
 
 
 
Axalta Coating Systems Ltd (b)
 
10
297
Balchem Corp
 
44,027
7,009,098
DuPont de Nemours Inc
 
24,653
1,690,949
Ecolab Inc
 
110,245
29,704,413
Linde PLC
 
31,938
14,984,671
 
 
 
53,389,428
Construction Materials - 0.4%
 
 
 
CRH PLC
 
189,459
17,392,336
Containers & Packaging - 0.4%
 
 
 
Amcor PLC
 
1,502,296
13,806,100
Crown Holdings Inc
 
37,962
3,909,327
 
 
 
17,715,427
Metals & Mining - 0.4%
 
 
 
Commercial Metals Co
 
15,492
757,714
Newmont Corp
 
311,635
18,155,855
 
 
 
18,913,569
TOTAL MATERIALS
 
 
107,410,760
 
 
 
 
Real Estate - 1.2%
 
 
 
Health Care REITs - 0.2%
 
 
 
CareTrust REIT Inc
 
250,542
7,666,585
Real Estate Management & Development - 0.0%
 
 
 
Compass Inc Class A (b)
 
104,909
658,828
Specialized REITs - 1.0%
 
 
 
American Tower Corp
 
80,154
17,715,637
Digital Realty Trust Inc
 
64,814
11,299,025
Equinix Inc
 
17,621
14,016,977
Extra Space Storage Inc
 
40,716
6,003,167
 
 
 
49,034,806
TOTAL REAL ESTATE
 
 
57,360,219
 
 
 
 
Utilities - 0.8%
 
 
 
Electric Utilities - 0.7%
 
 
 
Exelon Corp
 
79,231
3,440,210
NextEra Energy Inc
 
378,127
26,249,576
 
 
 
29,689,786
Multi-Utilities - 0.1%
 
 
 
Avista Corp
 
13,010
493,730
Black Hills Corp
 
3,842
215,536
Sempra
 
82,277
6,234,128
 
 
 
6,943,394
TOTAL UTILITIES
 
 
36,633,180
 
 
 
 
TOTAL UNITED STATES
 
 
4,638,612,567
 
TOTAL COMMON STOCKS
 (Cost $3,813,999,121)
 
 
 
4,639,108,055
 
 
 
 
U.S. Treasury Obligations - 0.1%
 
 
Yield (%) (d)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 7/17/2025 (e)
 
4.26
1,880,000
1,876,541
US Treasury Bills 0% 7/24/2025 (e)
 
4.23 to 4.25
760,000
757,978
US Treasury Bills 0% 8/21/2025 (e)
 
4.28
290,000
288,226
US Treasury Bills 0% 8/7/2025 (e)
 
4.26 to 4.32
200,000
199,126
US Treasury Bills 0% 9/11/2025 (e)
 
4.29 to 4.30
70,000
69,405
US Treasury Bills 0% 9/18/2025 (e)
 
4.24 to 4.26
160,000
158,519
US Treasury Bills 0% 9/4/2025 (e)
 
4.28 to 4.29
330,000
327,462
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $3,677,230)
 
 
 
3,677,257
 
 
 
 
 
Money Market Funds - 0.9%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 
4.32
40,230,290
40,238,336
Fidelity Securities Lending Cash Central Fund (f)(g)
 
4.32
827,292
827,375
 
TOTAL MONEY MARKET FUNDS
 (Cost $41,065,711)
 
 
 
41,065,711
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $3,858,742,062)
 
 
 
4,683,851,023
NET OTHER ASSETS (LIABILITIES) - 0.0%  
1,314,277
NET ASSETS - 100.0%
4,685,165,300
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
 
CME S&P 500 Index Contracts (United States)
128
Sep 2025
40,024,000
1,079,970
1,079,970
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.9%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,833,811.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
23,491,496
555,204,295
538,457,455
1,548,020
-
-
40,238,336
40,230,290
0.1%
Fidelity Securities Lending Cash Central Fund
562,500
157,404,345
157,139,470
2,358
-
-
827,375
827,292
0.0%
Total
24,053,996
712,608,640
695,596,925
1,550,378
-
-
41,065,711
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Communication Services
548,893,644
548,893,644
-
-
Consumer Discretionary
501,003,910
501,003,910
-
-
Consumer Staples
164,929,059
164,929,059
-
-
Energy
121,874,296
121,874,296
-
-
Financials
687,063,149
687,063,149
-
-
Health Care
470,083,441
470,083,441
-
-
Industrials
454,527,470
454,527,470
-
-
Information Technology
1,489,328,927
1,489,328,927
-
-
Materials
107,410,760
107,410,760
-
-
Real Estate
57,360,219
57,360,219
-
-
Utilities
36,633,180
36,633,180
-
-
 U.S. Treasury Obligations
3,677,257
-
3,677,257
-
 Money Market Funds
41,065,711
41,065,711
-
-
 Total Investments in Securities:
4,683,851,023
4,680,173,766
3,677,257
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
1,079,970
1,079,970
-
-
  Total Assets
1,079,970
1,079,970
-
-
 Total Derivative Instruments:
1,079,970
1,079,970
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
1,079,970
0
Total Equity Risk
1,079,970
0
Total Value of Derivatives
1,079,970
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).
Fidelity® Enhanced Large Cap Core ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $3,871,830) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,817,676,351)
$
4,642,785,312
 
 
Fidelity Central Funds (cost $41,065,711)
41,065,711
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,858,742,062)
 
 
$
4,683,851,023
Cash
 
 
69,480
Receivable for fund shares sold
 
 
6,898,289
Dividends receivable
 
 
2,259,349
Distributions receivable from Fidelity Central Funds
 
 
156,148
Receivable for daily variation margin on futures contracts
 
 
192,000
Other receivables
 
 
4,265
  Total assets
 
 
4,693,430,554
Liabilities
 
 
 
 
Payable for investments purchased
$
6,768,748
 
 
Accrued management fee
669,131
 
 
Collateral on securities loaned
827,375
 
 
  Total liabilities
 
 
 
8,265,254
Net Assets  
 
 
$
4,685,165,300
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,052,874,317
Total accumulated earnings (loss)
 
 
 
632,290,983
Net Assets
 
 
$
4,685,165,300
Net Asset Value, offering price and redemption price per share ($4,685,165,300 ÷ 135,835,453 shares)
 
 
$
34.49
Statement of Operations
 
 
 
Year ended
June 30, 2025
Investment Income
 
 
 
 
Dividends
 
 
$
51,072,028
Interest  
 
 
175,028
Income from Fidelity Central Funds (including $2,358 from security lending)
 
 
1,550,378
 Total income
 
 
 
52,797,434
Expenses
 
 
 
 
Management fee
 
 
$
7,153,740
Independent trustees' fees and expenses
 
 
15,253
Interest
 
 
-
Miscellaneous
 
 
19,178
 Total expenses before reductions
 
 
 
7,188,171
 Expense reductions
 
 
 
(1,474)
 Total expenses after reductions
 
 
 
7,186,697
Net Investment income (loss)
 
 
 
45,610,737
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
 
 
(128,386,977)
   Redemptions in-kind
 
 
 
507,599,694
   Fidelity Central Funds
 
 
 
-
 Futures contracts
 
 
 
(1,338,433)
Total net realized gain (loss)
 
 
 
377,874,284
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers   
 
 
 
55,736,617
 Futures contracts
 
 
 
1,005,131
Total change in net unrealized appreciation (depreciation)
 
 
 
56,741,748
Net gain (loss)
 
 
 
434,616,032
Net increase (decrease) in net assets resulting from operations
 
 
$
480,226,769
Statement of Changes in Net Assets
 
 
 
 
Year ended
June 30, 2025
 
Ten months ended
June 30, 2024
 
Year ended
August 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
 
 
Operations
 
 
 
 
 
Net investment income (loss)
$
45,610,737
$
22,083,441
$
24,807,007
Net realized gain (loss)
 
377,874,284
 
209,030,464
 
(3,624,422)
Change in net unrealized appreciation (depreciation)
 
56,741,748
 
246,834,439
 
223,258,386
Net increase (decrease) in net assets resulting from operations
 
480,226,769
 
477,948,344
 
244,440,971
Distributions to shareholders
 
(45,512,986)
 
(35,565,387)
 
(22,292,999)
 
 
 
 
 
 
 
Share transactions
 
 
 
 
 
 
Proceeds from sales of shares
 
2,992,296,321
 
1,442,966,046
 
629,039,473
  Reinvestment of distributions
 
-
 
16,466,045
 
18,530,259
Cost of shares redeemed
 
(1,653,079,179)
 
(1,038,895,541)
 
(1,283,514,169)
 
 
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
1,339,217,142
 
420,536,550
 
(635,944,437)
Total increase (decrease) in net assets
 
1,773,930,925
 
862,919,507
 
(413,796,465)
 
 
 
 
 
 
 
Net Assets
 
 
 
 
 
 
Beginning of period
 
2,911,234,375
 
2,048,314,868
 
2,462,111,333
End of period
$
4,685,165,300
$
2,911,234,375
$
2,048,314,868
 
 
 
 
 
 
 
Other Information
 
 
 
 
 
 
Shares
 
 
 
 
 
 
Sold
 
92,700,000
 
50,966,892
 
27,859,340
  Issued in reinvestment of distributions
 
-
 
676,837
 
875,246
Redeemed
 
(52,100,000)
 
(38,273,623)
 
(58,631,055)
Net increase (decrease)
 
40,600,000
 
13,370,106
 
(29,896,469)
 
 
 
 
 
 
 
See Organization and Prior Fiscal Year Reorganization information note regarding reorganization from mutual fund to exchange traded fund for the ten months ended June 30, 2024.
 
Share activity is further described in Organization and Prior Fiscal Year Reorganization information notes, amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.
Financial Highlights
 
Fidelity® Enhanced Large Cap Core ETF
 
Years ended June 30,
 
2025  
 
2024 A
 
2023 B,C
 
2022 B,C
 
2021 B,C
 
2020 B,C  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.57
$
25.02
$
22.03
$
27.89
$
21.60
$
18.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) D,E
 
.37
 
.27
 
.29
 
.29
 
.26
 
.29
     Net realized and unrealized gain (loss)
 
3.91
 
5.71
 
2.96
 
(2.48)
 
6.55
 
3.64
  Total from investment operations
 
4.28  
 
5.98  
 
3.25  
 
(2.19)  
 
6.81
 
3.93
  Distributions from net investment income
 
(.36)
 
(.43)
 
(.18)
 
(.43)
 
(.26)
 
(.31)
  Distributions from net realized gain
 
-
 
-
 
(.10)
 
(3.24)
 
(.26)
 
(.15)
     Total distributions
 
(.36)
 
(.43)
 
(.26) F
 
(3.67)
 
(.52)
 
(.46)
  Net asset value, end of period
$
34.49
$
30.57
$
25.02
$
22.03
$
27.89
$
21.60
 Total Return G,H,I
 
14.07
%
 
24.20%
 
15.01%
 
(9.41)%
 
32.14%
 
21.97%
 Ratios to Average Net Assets E,J,K
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.18%
 
.24% L,M
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of fee waivers, if any
 
.18
%
 
.23% L,M
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of all reductions, if any
 
.18%
 
.23% L,M
 
.39%
 
.39%
 
.39%
 
.39%
    Net investment income (loss)
 
1.15%
 
1.20% L,M
 
1.26%
 
1.18%
 
1.09%
 
1.49%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,685,165
$
2,911,234
$
2,048,315
$
2,462,111
$
1,508,781
$
1,087,245
    Portfolio turnover rate N
 
77
% O
 
58% L,O
 
105%
 
104%
 
83%
 
63%
 
AFor the ten month period ended June 30. The Fund changed its fiscal year end from August 31 to June 30, effective March 1, 2024.
BAs further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.
CFor the year ended August 31.
DCalculated based on average shares outstanding during the period.
ENet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
FTotal distributions per share do not sum due to rounding.
GBased on net asset value.
HTotal returns for periods of less than one year are not annualized.
ITotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MProxy expenses are not annualized.
NAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
OPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Enhanced Large Cap Growth ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 98.1%
 
 
Shares
Value ($)
 
FINLAND - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Amer Sports Inc (b)
 
125,325
4,857,597
UNITED KINGDOM - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
TechnipFMC PLC
 
114,664
3,949,028
UNITED STATES - 97.9%
 
 
 
Communication Services - 12.7%
 
 
 
Entertainment - 3.5%
 
 
 
Electronic Arts Inc
 
48,440
7,735,868
Netflix Inc (b)
 
66,904
89,593,154
ROBLOX Corp Class A (b)
 
258,315
27,174,738
Spotify Technology SA (b)
 
5,534
4,246,459
 
 
 
128,750,219
Interactive Media & Services - 9.2%
 
 
 
Alphabet Inc Class A
 
473,018
83,359,962
Alphabet Inc Class C
 
489,435
86,820,875
Meta Platforms Inc Class A
 
231,041
170,529,052
 
 
 
340,709,889
TOTAL COMMUNICATION SERVICES
 
 
469,460,108
 
 
 
 
Consumer Discretionary - 15.5%
 
 
 
Automobiles - 3.2%
 
 
 
Tesla Inc (b)
 
374,295
118,898,550
Broadline Retail - 5.7%
 
 
 
Amazon.com Inc (b)
 
951,601
208,771,743
Diversified Consumer Services - 0.5%
 
 
 
Duolingo Inc Class A (b)
 
43,425
17,805,119
Hotels, Restaurants & Leisure - 2.5%
 
 
 
Booking Holdings Inc
 
7,037
40,738,882
DoorDash Inc Class A (b)
 
116,734
28,776,098
Dutch Bros Inc Class A (b)
 
13,299
909,253
Expedia Group Inc Class A
 
120,479
20,322,398
Global Business Travel Group I Class A (b)
 
33
208
Life Time Group Holdings Inc (b)
 
9,937
301,389
 
 
 
91,048,228
Household Durables - 0.4%
 
 
 
Garmin Ltd
 
76,097
15,882,965
Specialty Retail - 3.2%
 
 
 
Abercrombie & Fitch Co Class A (b)
 
137,408
11,384,253
Bath & Body Works Inc
 
135,891
4,071,294
Carvana Co Class A (b)
 
52,535
17,702,194
Home Depot Inc/The
 
144,458
52,964,081
TJX Cos Inc/The
 
221,280
27,325,867
Ulta Beauty Inc (b)
 
5,868
2,745,168
 
 
 
116,192,857
TOTAL CONSUMER DISCRETIONARY
 
 
568,599,462
 
 
 
 
Consumer Staples - 1.3%
 
 
 
Beverages - 0.2%
 
 
 
Coca-Cola Co/The
 
19,463
1,377,007
PepsiCo Inc
 
52,750
6,965,110
 
 
 
8,342,117
Consumer Staples Distribution & Retail - 1.0%
 
 
 
Costco Wholesale Corp
 
35,784
35,424,013
Tobacco - 0.1%
 
 
 
Philip Morris International Inc
 
31,160
5,675,171
TOTAL CONSUMER STAPLES
 
 
49,441,301
 
 
 
 
Energy - 0.6%
 
 
 
Oil, Gas & Consumable Fuels - 0.6%
 
 
 
Cheniere Energy Inc
 
87,410
21,286,084
Texas Pacific Land Corp
 
590
623,270
Williams Cos Inc/The
 
888
55,775
 
 
 
21,965,129
Financials - 5.3%
 
 
 
Capital Markets - 1.2%
 
 
 
Charles Schwab Corp/The
 
134,395
12,262,200
Morningstar Inc
 
31,609
9,923,013
MSCI Inc
 
37,404
21,572,383
 
 
 
43,757,596
Financial Services - 3.5%
 
 
 
Fiserv Inc (b)
 
1,806
311,372
Mastercard Inc Class A
 
129,207
72,606,582
Visa Inc Class A
 
158,652
56,329,393
 
 
 
129,247,347
Insurance - 0.6%
 
 
 
Palomar Hldgs Inc (b)
 
12,457
1,921,492
Progressive Corp/The
 
79,337
21,171,872
 
 
 
23,093,364
TOTAL FINANCIALS
 
 
196,098,307
 
 
 
 
Health Care - 7.1%
 
 
 
Biotechnology - 2.9%
 
 
 
AbbVie Inc
 
186,129
34,549,265
Exelixis Inc (b)
 
451,617
19,905,019
Gilead Sciences Inc
 
162,890
18,059,614
Incyte Corp (b)
 
265,512
18,081,367
Insmed Inc (b)
 
3,000
301,920
Natera Inc (b)
 
26,108
4,410,686
PTC Therapeutics Inc (b)
 
156,612
7,648,930
TG Therapeutics Inc (b)
 
67,820
2,440,842
 
 
 
105,397,643
Health Care Equipment & Supplies - 0.9%
 
 
 
Boston Scientific Corp (b)
 
174,741
18,768,931
Insulet Corp (b)
 
33,721
10,594,464
Intuitive Surgical Inc (b)
 
8,511
4,624,962
 
 
 
33,988,357
Health Care Providers & Services - 0.2%
 
 
 
Cardinal Health Inc
 
37,882
6,364,176
UnitedHealth Group Inc
 
6,054
1,888,666
 
 
 
8,252,842
Life Sciences Tools & Services - 0.4%
 
 
 
Illumina Inc (b)(c)
 
161,609
15,419,115
Pharmaceuticals - 2.7%
 
 
 
Bristol-Myers Squibb Co
 
365,469
16,917,560
Eli Lilly & Co
 
78,825
61,446,453
Merck & Co Inc
 
251,233
19,887,604
 
 
 
98,251,617
TOTAL HEALTH CARE
 
 
261,309,574
 
 
 
 
Industrials - 5.7%
 
 
 
Aerospace & Defense - 1.3%
 
 
 
Axon Enterprise Inc (b)
 
33,428
27,676,378
GE Aerospace
 
58,349
15,018,449
Loar Holdings Inc (b)
 
21,775
1,876,352
Lockheed Martin Corp
 
3,941
1,825,235
StandardAero Inc
 
90,972
2,879,264
 
 
 
49,275,678
Building Products - 0.7%
 
 
 
Allegion plc
 
12,786
1,842,718
Johnson Controls International plc
 
18,400
1,943,408
Trane Technologies PLC
 
50,651
22,155,254
 
 
 
25,941,380
Commercial Services & Supplies - 0.7%
 
 
 
Cintas Corp
 
119,756
26,690,020
Construction & Engineering - 0.0%
 
 
 
Valmont Industries Inc
 
1,281
418,336
Ground Transportation - 2.3%
 
 
 
Lyft Inc Class A (b)
 
1,210,024
19,069,978
Uber Technologies Inc (b)
 
455,050
42,456,165
Union Pacific Corp
 
92,176
21,207,854
 
 
 
82,733,997
Industrial Conglomerates - 0.0%
 
 
 
Honeywell International Inc
 
3,623
843,724
Professional Services - 0.1%
 
 
 
Leidos Holdings Inc
 
13,172
2,078,015
Trading Companies & Distributors - 0.6%
 
 
 
WW Grainger Inc
 
20,816
21,653,636
TOTAL INDUSTRIALS
 
 
209,634,786
 
 
 
 
Information Technology - 48.8%
 
 
 
Communications Equipment - 0.0%
 
 
 
Arista Networks Inc
 
456
46,653
Electronic Equipment, Instruments & Components - 0.3%
 
 
 
Zebra Technologies Corp Class A (b)
 
37,878
11,680,060
Semiconductors & Semiconductor Equipment - 20.0%
 
 
 
Advanced Micro Devices Inc (b)
 
119,777
16,996,356
Applied Materials Inc
 
136,406
24,971,846
Broadcom Inc
 
613,084
168,996,605
Cirrus Logic Inc (b)
 
79,168
8,253,660
Credo Technology Group Holding Ltd (b)
 
56,826
5,261,519
KLA Corp
 
16,364
14,657,889
NVIDIA Corp
 
2,986,796
471,883,901
QUALCOMM Inc
 
156,283
24,889,631
 
 
 
735,911,407
Software - 18.6%
 
 
 
Adobe Inc (b)
 
96,910
37,492,541
Atlassian Corp Class A (b)
 
107,989
21,931,486
Autodesk Inc (b)
 
85,588
26,495,477
Clearwater Analytics Holdings Inc Class A (b)
 
124,168
2,723,004
Commvault Systems Inc (b)
 
7,006
1,221,356
Dropbox Inc Class A (b)
 
454,474
12,997,956
Fortinet Inc (b)
 
234,371
24,777,702
HubSpot Inc (b)
 
18,306
10,189,669
Intuit Inc
 
15,710
12,373,667
Microsoft Corp
 
887,606
441,504,100
Oracle Corp
 
111,769
24,436,056
Palantir Technologies Inc Class A (b)
 
161,908
22,071,299
Salesforce Inc
 
86,086
23,474,791
Servicenow Inc (b)
 
20,271
20,840,210
Tenable Holdings Inc (b)
 
91,384
3,086,952
Teradata Corp (b)
 
360
8,032
 
 
 
685,624,298
Technology Hardware, Storage & Peripherals - 9.9%
 
 
 
Apple Inc
 
1,770,695
363,293,493
TOTAL INFORMATION TECHNOLOGY
 
 
1,796,555,911
 
 
 
 
Materials - 0.8%
 
 
 
Chemicals - 0.6%
 
 
 
Ecolab Inc
 
82,795
22,308,285
Metals & Mining - 0.2%
 
 
 
Royal Gold Inc
 
49,372
8,780,316
TOTAL MATERIALS
 
 
31,088,601
 
 
 
 
Real Estate - 0.1%
 
 
 
Health Care REITs - 0.1%
 
 
 
CareTrust REIT Inc
 
94,707
2,898,034
TOTAL UNITED STATES
 
 
3,607,051,213
 
TOTAL COMMON STOCKS
 (Cost $2,181,586,155)
 
 
 
3,615,857,838
 
 
 
 
U.S. Treasury Obligations - 0.1%
 
 
Yield (%) (d)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 8/21/2025 (e)
 
4.28
720,000
715,595
US Treasury Bills 0% 8/7/2025 (e)
 
4.27
1,940,000
1,931,525
US Treasury Bills 0% 9/4/2025 (e)
 
4.28
2,480,000
2,460,930
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $5,108,299)
 
 
 
5,108,050
 
 
 
 
 
Money Market Funds - 2.0%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 
4.32
74,083,656
74,098,473
Fidelity Securities Lending Cash Central Fund (f)(g)
 
4.32
1,044,796
1,044,900
 
TOTAL MONEY MARKET FUNDS
 (Cost $75,143,373)
 
 
 
75,143,373
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $2,261,837,827)
 
 
 
3,696,109,261
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(8,657,791)
NET ASSETS - 100.0%
3,687,451,470
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
 
CME S&P 500 Index Contracts (United States)
209
Sep 2025
65,351,688
1,137,099
1,137,099
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.8%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,490,757.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
45,135,313
660,269,776
631,306,616
1,315,994
-
-
74,098,473
74,083,656
0.1%
Fidelity Securities Lending Cash Central Fund
5,211,375
127,920,693
132,087,168
900
-
-
1,044,900
1,044,796
0.0%
Total
50,346,688
788,190,469
763,393,784
1,316,894
-
-
75,143,373
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Communication Services
469,460,108
469,460,108
-
-
Consumer Discretionary
573,457,059
573,457,059
-
-
Consumer Staples
49,441,301
49,441,301
-
-
Energy
25,914,157
25,914,157
-
-
Financials
196,098,307
196,098,307
-
-
Health Care
261,309,574
261,309,574
-
-
Industrials
209,634,786
209,634,786
-
-
Information Technology
1,796,555,911
1,796,555,911
-
-
Materials
31,088,601
31,088,601
-
-
Real Estate
2,898,034
2,898,034
-
-
 U.S. Treasury Obligations
5,108,050
-
5,108,050
-
 Money Market Funds
75,143,373
75,143,373
-
-
 Total Investments in Securities:
3,696,109,261
3,691,001,211
5,108,050
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
1,137,099
1,137,099
-
-
  Total Assets
1,137,099
1,137,099
-
-
 Total Derivative Instruments:
1,137,099
1,137,099
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
1,137,099
0
Total Equity Risk
1,137,099
0
Total Value of Derivatives
1,137,099
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).
Fidelity® Enhanced Large Cap Growth ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $1,030,428) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,186,694,454)
$
3,620,965,888
 
 
Fidelity Central Funds (cost $75,143,373)
75,143,373
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,261,837,827)
 
 
$
3,696,109,261
Cash
 
 
545
Receivable for investments sold
 
 
791,960
Dividends receivable
 
 
774,464
Distributions receivable from Fidelity Central Funds
 
 
130,779
Receivable for daily variation margin on futures contracts
 
 
308,902
  Total assets
 
 
3,698,115,911
Liabilities
 
 
 
 
Payable for investments purchased
$
9,089,271
 
 
Accrued management fee
530,270
 
 
Collateral on securities loaned
1,044,900
 
 
  Total liabilities
 
 
 
10,664,441
Net Assets  
 
 
$
3,687,451,470
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,350,667,292
Total accumulated earnings (loss)
 
 
 
1,336,784,178
Net Assets
 
 
$
3,687,451,470
Net Asset Value, offering price and redemption price per share ($3,687,451,470 ÷ 99,618,998 shares)
 
 
$
37.02
Statement of Operations
 
 
 
Year ended
June 30, 2025
Investment Income
 
 
 
 
Dividends
 
 
$
19,510,462
Interest  
 
 
169,320
Income from Fidelity Central Funds (including $900 from security lending)
 
 
1,316,894
 Total income
 
 
 
20,996,676
Expenses
 
 
 
 
Management fee
 
 
$
5,510,653
Independent trustees' fees and expenses
 
 
12,050
Interest
 
 
2,400
Miscellaneous
 
 
-
 Total expenses before reductions
 
 
 
5,525,103
 Expense reductions
 
 
 
(778)
 Total expenses after reductions
 
 
 
5,524,325
Net Investment income (loss)
 
 
 
15,472,351
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
 
 
(94,704,842)
   Redemptions in-kind
 
 
 
356,934,910
   Fidelity Central Funds
 
 
 
-
 Foreign currency transactions
 
 
 
-
 Futures contracts
 
 
 
(2,198,245)
Total net realized gain (loss)
 
 
 
260,031,823
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers   
 
 
 
167,602,688
 Futures contracts
 
 
 
1,101,880
Total change in net unrealized appreciation (depreciation)
 
 
 
168,704,568
Net gain (loss)
 
 
 
428,736,391
Net increase (decrease) in net assets resulting from operations
 
 
$
444,208,742
Statement of Changes in Net Assets
 
 
 
 
Year ended
June 30, 2025
 
Ten months ended
June 30, 2024
 
Year ended
August 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
 
 
Operations
 
 
 
 
 
Net investment income (loss)
$
15,472,351
$
11,344,510
$
14,345,783
Net realized gain (loss)
 
260,031,823
 
260,568,152
 
46,418,406
Change in net unrealized appreciation (depreciation)
 
168,704,568
 
368,592,605
 
358,739,553
Net increase (decrease) in net assets resulting from operations
 
444,208,742
 
640,505,267
 
419,503,742
Distributions to shareholders
 
(15,582,492)
 
(21,679,293)
 
(10,050,462)
 
 
 
 
 
 
 
Share transactions
 
 
 
 
 
 
Proceeds from sales of shares
 
1,852,251,673
 
1,183,970,024
 
1,206,466,982
  Reinvestment of distributions
 
-
 
11,773,276
 
8,894,596
Cost of shares redeemed
 
(1,280,331,656)
 
(1,496,108,622)
 
(882,002,420)
 
 
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
571,920,017
 
(300,365,322)
 
333,359,158
Total increase (decrease) in net assets
 
1,000,546,267
 
318,460,652
 
742,812,438
 
 
 
 
 
 
 
Net Assets
 
 
 
 
 
 
Beginning of period
 
2,686,905,203
 
2,368,444,551
 
1,625,632,113
End of period
$
3,687,451,470
$
2,686,905,203
$
2,368,444,551
 
 
 
 
 
 
 
Other Information
 
 
 
 
 
 
Shares
 
 
 
 
 
 
Sold
 
54,500,000
 
41,974,709
 
56,403,387
  Issued in reinvestment of distributions
 
-
 
488,957
 
467,755
Redeemed
 
(38,200,000)
 
(55,500,883)
 
(39,305,302)
Net increase (decrease)
 
16,300,000
 
(13,037,217)
 
17,565,840
 
 
 
 
 
 
 
See Organization and Prior Fiscal Year Reorganization information note regarding reorganization from mutual fund to exchange traded fund for the ten months ended June 30, 2024.
 
Share activity is further described in Organization and Prior Fiscal Year Reorganization information notes, amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.
Financial Highlights
 
Fidelity® Enhanced Large Cap Growth ETF
 
Years ended June 30,
 
2025  
 
2024 A
 
2023 B,C
 
2022 B,C
 
2021 B,C
 
2020 B,C  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
32.25
$
24.58
$
20.64
$
28.47
$
23.10
$
16.82
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) D,E
 
.17
 
.14
 
.15
 
.12
 
.12
 
.13
     Net realized and unrealized gain (loss)
 
4.77
 
7.78
 
3.91
 
(4.19)
 
6.34
 
6.72
  Total from investment operations
 
4.94  
 
7.92  
 
4.06  
 
(4.07)  
 
6.46
 
6.85
  Distributions from net investment income
 
(.17)
 
(.24)
 
(.12)
 
(.12)
 
(.13)
 
(.15)
  Distributions from net realized gain
 
-
 
(.01)
 
-
 
(3.64)
 
(.96)
 
(.42)
     Total distributions
 
(.17)
 
(.25)
 
(.12)
 
(3.76)
 
(1.09)
 
(.57)
  Net asset value, end of period
$
37.02
$
32.25
$
24.58
$
20.64
$
28.47
$
23.10
 Total Return F,G,H
 
15.35
%
 
32.45%
 
19.85%
 
(16.70)%
 
29.08%
 
41.73%
 Ratios to Average Net Assets E,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.18%
 
.24% K,L
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of fee waivers, if any
 
.18
%
 
.24% K,L
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of all reductions, if any
 
.18%
 
.24% K,L
 
.39%
 
.39%
 
.39%
 
.39%
    Net investment income (loss)
 
.51%
 
.60% K,L
 
.71%
 
.52%
 
.47%
 
.74%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,687,451
$
2,686,905
$
2,368,445
$
1,625,632
$
1,784,746
$
1,417,537
    Portfolio turnover rate M
 
60
% N
 
58% L,N
 
108%
 
101%
 
84%
 
69%
 
AFor the ten month period ended June 30. The Fund changed its fiscal year end from August 31 to June 30, effective March 1, 2024.
BFor the year ended August 31.
CAs further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.
DCalculated based on average shares outstanding during the period.
ENet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
FBased on net asset value.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KProxy expenses are not annualized.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
NPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Enhanced Large Cap Value ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 99.6%
 
 
Shares
Value ($)
 
BRAZIL - 0.1%
 
 
 
Financials - 0.1%
 
 
 
Capital Markets - 0.1%
 
 
 
XP Inc Class A
 
117,211
2,367,662
IRELAND - 0.2%
 
 
 
Information Technology - 0.2%
 
 
 
IT Services - 0.2%
 
 
 
Accenture PLC Class A
 
16,626
4,969,345
PUERTO RICO - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Banks - 0.0%
 
 
 
Popular Inc
 
9,854
1,086,009
UNITED KINGDOM - 0.2%
 
 
 
Energy - 0.2%
 
 
 
Energy Equipment & Services - 0.2%
 
 
 
TechnipFMC PLC
 
140,877
4,851,804
UNITED STATES - 99.1%
 
 
 
Communication Services - 7.5%
 
 
 
Diversified Telecommunication Services - 1.6%
 
 
 
AT&T Inc
 
710,853
20,572,086
Verizon Communications Inc
 
372,211
16,105,570
 
 
 
36,677,656
Entertainment - 2.1%
 
 
 
Electronic Arts Inc
 
59,558
9,511,413
Netflix Inc (b)
 
3,909
5,234,659
Playtika Holding Corp
 
80,655
381,498
ROBLOX Corp Class A (b)
 
30,007
3,156,736
Walt Disney Co/The
 
252,547
31,318,354
 
 
 
49,602,660
Interactive Media & Services - 2.5%
 
 
 
Alphabet Inc Class A
 
169,650
29,897,420
Alphabet Inc Class C
 
69,000
12,239,910
Angi Inc Class A (b)(c)
 
60,782
927,533
Meta Platforms Inc Class A
 
16,469
12,155,604
 
 
 
55,220,467
Media - 1.0%
 
 
 
Comcast Corp Class A
 
526,197
18,779,971
DoubleVerify Holdings Inc (b)
 
27,160
406,585
News Corp Class A
 
47,351
1,407,272
News Corp Class B (c)
 
31,386
1,076,853
Sirius XM Holdings Inc (c)
 
83,369
1,914,986
 
 
 
23,585,667
Wireless Telecommunication Services - 0.3%
 
 
 
T-Mobile US Inc
 
33,940
8,086,544
TOTAL COMMUNICATION SERVICES
 
 
173,172,994
 
 
 
 
Consumer Discretionary - 7.8%
 
 
 
Automobile Components - 0.1%
 
 
 
BorgWarner Inc
 
81,781
2,738,028
Lear Corp
 
5,188
492,756
 
 
 
3,230,784
Automobiles - 0.3%
 
 
 
Ford Motor Co
 
597,752
6,485,609
Broadline Retail - 1.7%
 
 
 
Amazon.com Inc (b)
 
160,031
35,109,201
eBay Inc
 
26,072
1,941,321
Macy's Inc (c)
 
117,001
1,364,232
 
 
 
38,414,754
Diversified Consumer Services - 0.0%
 
 
 
ADT Inc
 
159,388
1,350,016
Hotels, Restaurants & Leisure - 2.1%
 
 
 
Airbnb Inc Class A (b)
 
6,172
816,802
Carnival Corp (b)
 
151,809
4,268,869
Darden Restaurants Inc
 
8,913
1,942,767
DoorDash Inc Class A (b)
 
35,081
8,647,817
Expedia Group Inc Class A
 
41,359
6,976,436
Global Business Travel Group I Class A (b)(c)
 
320,167
2,017,052
International Game Technology PLC
 
306,774
4,850,097
Life Time Group Holdings Inc (b)
 
115,574
3,505,359
Light & Wonder Inc Class A (b)(c)
 
37,893
3,647,580
McDonald's Corp
 
35,467
10,362,394
MGM Resorts International (b)
 
17,571
604,267
Yum! Brands Inc
 
11,388
1,687,474
 
 
 
49,326,914
Household Durables - 0.8%
 
 
 
DR Horton Inc
 
7,571
976,053
Garmin Ltd
 
24,010
5,011,367
Leggett & Platt Inc (c)
 
15,901
141,837
M/I Homes Inc (b)
 
14,283
1,601,410
Meritage Homes Corp
 
61,800
4,138,746
PulteGroup Inc
 
19,386
2,044,448
Toll Brothers Inc
 
31,331
3,575,807
 
 
 
17,489,668
Specialty Retail - 2.5%
 
 
 
Abercrombie & Fitch Co Class A (b)
 
41,146
3,408,946
AutoNation Inc (b)
 
1,872
371,873
Bath & Body Works Inc
 
192,638
5,771,434
Best Buy Co Inc
 
46,046
3,091,068
CarMax Inc (b)
 
27,933
1,877,377
Carvana Co Class A (b)
 
39,216
13,214,224
Chewy Inc Class A (b)
 
17,862
761,278
Dick's Sporting Goods Inc
 
965
190,887
Five Below Inc (b)
 
3,224
422,924
Gap Inc/The (c)
 
70,293
1,533,090
Home Depot Inc/The
 
49,534
18,161,147
Lowe's Cos Inc
 
16,442
3,647,987
TJX Cos Inc/The
 
24,245
2,994,015
Ulta Beauty Inc (b)
 
2,273
1,063,355
Urban Outfitters Inc (b)
 
10,036
728,011
Williams-Sonoma Inc
 
697
113,869
 
 
 
57,351,485
Textiles, Apparel & Luxury Goods - 0.3%
 
 
 
Carter's Inc
 
10,854
327,031
Ralph Lauren Corp Class A
 
10,186
2,793,816
Tapestry Inc
 
32,926
2,891,232
 
 
 
6,012,079
TOTAL CONSUMER DISCRETIONARY
 
 
179,661,309
 
 
 
 
Consumer Staples - 6.1%
 
 
 
Beverages - 0.8%
 
 
 
Boston Beer Co Inc/The Class A (b)
 
4,788
913,598
Coca-Cola Co/The
 
40,386
2,857,310
Coca-Cola Consolidated Inc
 
3,246
362,416
Keurig Dr Pepper Inc
 
335,154
11,080,191
Molson Coors Beverage Co Class B (c)
 
22,518
1,082,891
Monster Beverage Corp (b)
 
2,337
146,389
PepsiCo Inc
 
8,864
1,170,403
 
 
 
17,613,198
Consumer Staples Distribution & Retail - 1.8%
 
 
 
BJ's Wholesale Club Holdings Inc (b)
 
3,009
324,460
Dollar General Corp
 
9,952
1,138,310
Dollar Tree Inc (b)
 
13,181
1,305,446
Target Corp
 
7,885
777,855
US Foods Holding Corp (b)
 
61,377
4,726,643
Walgreens Boots Alliance Inc
 
89,413
1,026,461
Walmart Inc
 
340,489
33,293,015
 
 
 
42,592,190
Food Products - 0.5%
 
 
 
Conagra Brands Inc
 
28,217
577,602
JM Smucker Co
 
28,912
2,839,158
Kraft Heinz Co/The
 
100
2,582
Mondelez International Inc
 
30,810
2,077,826
Post Holdings Inc (b)
 
3,509
382,586
Tyson Foods Inc Class A
 
108,745
6,083,196
 
 
 
11,962,950
Household Products - 1.1%
 
 
 
Church & Dwight Co Inc
 
1,679
161,368
Kimberly-Clark Corp
 
7,139
920,360
Procter & Gamble Co/The
 
158,958
25,325,189
 
 
 
26,406,917
Personal Care Products - 0.1%
 
 
 
Interparfums Inc
 
4,945
649,328
Kenvue Inc
 
35,930
752,015
 
 
 
1,401,343
Tobacco - 1.8%
 
 
 
Altria Group Inc
 
95,440
5,595,647
Philip Morris International Inc
 
197,895
36,042,617
 
 
 
41,638,264
TOTAL CONSUMER STAPLES
 
 
141,614,862
 
 
 
 
Energy - 5.4%
 
 
 
Oil, Gas & Consumable Fuels - 5.4%
 
 
 
Antero Midstream Corp (c)
 
22,065
418,131
Cheniere Energy Inc
 
57,705
14,052,322
Chevron Corp
 
55,845
7,996,446
ConocoPhillips
 
164,523
14,764,294
Coterra Energy Inc
 
38,081
966,496
Devon Energy Corp
 
137,604
4,377,183
EOG Resources Inc (c)
 
138,050
16,512,161
Exxon Mobil Corp
 
348,853
37,606,353
Hess Corp
 
7,082
981,140
HF Sinclair Corp
 
20,665
848,918
Marathon Petroleum Corp
 
19,641
3,262,567
Occidental Petroleum Corp
 
122,419
5,142,822
Williams Cos Inc/The
 
294,313
18,485,800
 
 
 
125,414,633
Financials - 22.5%
 
 
 
Banks - 7.0%
 
 
 
Ameris Bancorp
 
16,845
1,089,872
Associated Banc-Corp
 
6,689
163,145
Bank of America Corp
 
764,648
36,183,143
Flagstar Financial Inc (c)
 
22,500
238,500
Huntington Bancshares Inc/OH
 
296,123
4,963,021
JPMorgan Chase & Co
 
219,657
63,680,762
PNC Financial Services Group Inc/The
 
89,939
16,766,428
United Bankshares Inc/WV (c)
 
86,086
3,136,113
US Bancorp
 
218,635
9,893,234
Wells Fargo & Co
 
332,083
26,606,490
 
 
 
162,720,708
Capital Markets - 5.8%
 
 
 
Bank of New York Mellon Corp/The
 
129,020
11,755,012
Blackrock Inc
 
942
988,394
Cboe Global Markets Inc
 
19,002
4,431,456
Charles Schwab Corp/The
 
260,555
23,773,038
CME Group Inc Class A
 
63,319
17,451,983
Goldman Sachs Group Inc/The
 
21,383
15,133,818
Intercontinental Exchange Inc
 
107,859
19,788,891
Morgan Stanley
 
120,530
16,977,856
Morningstar Inc
 
3,726
1,169,703
Raymond James Financial Inc
 
31
4,754
S&P Global Inc
 
27,378
14,436,146
State Street Corp
 
31,384
3,337,375
T Rowe Price Group Inc
 
41,569
4,011,409
Tradeweb Markets Inc Class A
 
12
1,756
Virtu Financial Inc Class A
 
18,980
850,114
 
 
 
134,111,705
Consumer Finance - 1.0%
 
 
 
Ally Financial Inc
 
53,036
2,065,752
Capital One Financial Corp
 
53,701
11,425,425
FirstCash Holdings Inc
 
1,105
149,330
Synchrony Financial (c)
 
156,592
10,450,950
 
 
 
24,091,457
Financial Services - 4.7%
 
 
 
Berkshire Hathaway Inc Class B (b)
 
160,325
77,881,076
Euronet Worldwide Inc (b)
 
488
49,473
Fidelity National Information Services Inc
 
6,661
542,272
Fiserv Inc (b)
 
49,526
8,538,778
Global Payments Inc
 
16,502
1,320,820
Mastercard Inc Class A
 
5,617
3,156,417
MGIC Investment Corp
 
127,379
3,546,231
PayPal Holdings Inc (b)
 
186,839
13,885,874
 
 
 
108,920,941
Insurance - 3.6%
 
 
 
Allstate Corp/The
 
67,976
13,684,249
Cincinnati Financial Corp
 
36,921
5,498,275
Fidelity National Financial Inc/US
 
24
1,345
First American Financial Corp
 
15,622
959,035
Globe Life Inc
 
60,021
7,460,010
Hartford Insurance Group Inc/The
 
18,405
2,335,042
Kemper Corp
 
46,423
2,996,140
Loews Corp
 
6,569
602,115
Markel Group Inc (b)(c)
 
6,210
12,403,606
Marsh & McLennan Cos Inc
 
13,738
3,003,676
Mercury General Corp
 
7,174
483,097
MetLife Inc
 
23,077
1,855,852
Principal Financial Group Inc
 
48,527
3,854,500
Progressive Corp/The
 
30,790
8,216,619
Prudential Financial Inc
 
95,713
10,283,405
Travelers Companies Inc/The
 
37,044
9,910,752
 
 
 
83,547,718
Mortgage Real Estate Investment Trusts (REITs) - 0.4%
 
 
 
Rithm Capital Corp
 
761,008
8,591,780
TOTAL FINANCIALS
 
 
521,984,309
 
 
 
 
Health Care - 13.0%
 
 
 
Biotechnology - 2.2%
 
 
 
AbbVie Inc
 
67,019
12,440,067
Biogen Inc (b)
 
57,284
7,194,298
Exelixis Inc (b)
 
40,709
1,794,248
Gilead Sciences Inc
 
182,618
20,246,858
Incyte Corp (b)
 
104,425
7,111,343
PTC Therapeutics Inc (b)
 
39,420
1,925,273
Regeneron Pharmaceuticals Inc
 
1,206
633,149
 
 
 
51,345,236
Health Care Equipment & Supplies - 2.9%
 
 
 
Abbott Laboratories (c)
 
93,713
12,745,905
Becton Dickinson & Co
 
89,639
15,440,318
Boston Scientific Corp (b)
 
210,574
22,617,753
DENTSPLY SIRONA Inc (c)
 
20,745
329,431
Edwards Lifesciences Corp (b)
 
23,002
1,798,986
Insulet Corp (b)
 
444
139,496
Solventum Corp (b)
 
19,690
1,493,290
STERIS PLC
 
25,282
6,073,242
Stryker Corp
 
18,605
7,360,696
 
 
 
67,999,117
Health Care Providers & Services - 3.6%
 
 
 
Cardinal Health Inc
 
71,191
11,960,088
Centene Corp (b)
 
96,426
5,234,003
Cigna Group/The
 
9,452
3,124,642
CVS Health Corp
 
122,931
8,479,780
Elevance Health Inc
 
24,741
9,623,259
Humana Inc
 
55,509
13,570,840
Labcorp Holdings Inc
 
14,992
3,935,550
Option Care Health Inc (b)
 
61,964
2,012,591
Tenet Healthcare Corp (b)
 
21,384
3,763,584
UnitedHealth Group Inc
 
62,266
19,425,125
 
 
 
81,129,462
Health Care Technology - 0.3%
 
 
 
Veeva Systems Inc Class A (b)
 
25,970
7,478,841
Life Sciences Tools & Services - 0.9%
 
 
 
10X Genomics Inc Class A (b)
 
145,359
1,683,257
Agilent Technologies Inc
 
22,089
2,606,723
Charles River Laboratories International Inc (b)
 
4,231
641,970
Danaher Corp
 
29,774
5,881,556
Illumina Inc (b)(c)
 
30,561
2,915,825
QIAGEN NV (United States)
 
9,909
476,226
Thermo Fisher Scientific Inc
 
16,221
6,576,967
 
 
 
20,782,524
Pharmaceuticals - 3.1%
 
 
 
Bristol-Myers Squibb Co
 
265,473
12,288,745
Johnson & Johnson
 
185,868
28,391,337
Merck & Co Inc
 
116,372
9,212,008
Pfizer Inc
 
910,505
22,070,641
 
 
 
71,962,731
TOTAL HEALTH CARE
 
 
300,697,911
 
 
 
 
Industrials - 13.9%
 
 
 
Aerospace & Defense - 2.7%
 
 
 
Curtiss-Wright Corp
 
11,329
5,534,783
GE Aerospace
 
49,874
12,837,069
General Dynamics Corp
 
31,629
9,224,914
HEICO Corp
 
10,182
3,339,696
Howmet Aerospace Inc
 
22,162
4,125,013
Huntington Ingalls Industries Inc
 
905
218,521
Lockheed Martin Corp
 
28,323
13,117,514
RTX Corp
 
35,345
5,161,077
Textron Inc
 
123,288
9,898,794
 
 
 
63,457,381
Air Freight & Logistics - 0.4%
 
 
 
CH Robinson Worldwide Inc
 
2
192
FedEx Corp
 
45,630
10,372,155
 
 
 
10,372,347
Building Products - 1.6%
 
 
 
A O Smith Corp
 
13,277
870,573
Allegion plc
 
70,759
10,197,787
Builders FirstSource Inc (b)
 
5,571
650,080
Johnson Controls International plc
 
123,747
13,070,158
Owens Corning
 
180
24,754
Trane Technologies PLC
 
29,167
12,757,937
 
 
 
37,571,289
Commercial Services & Supplies - 0.6%
 
 
 
Brink's Co/The
 
11,409
1,018,710
Cintas Corp
 
50,941
11,353,221
Republic Services Inc
 
3,270
806,415
Veralto Corp
 
7,578
764,999
Vestis Corp
 
97,398
558,090
 
 
 
14,501,435
Construction & Engineering - 0.4%
 
 
 
Arcosa Inc
 
2,136
185,212
EMCOR Group Inc
 
3,954
2,114,955
Valmont Industries Inc
 
24,210
7,906,260
 
 
 
10,206,427
Electrical Equipment - 1.2%
 
 
 
Acuity Inc
 
6,324
1,886,702
AMETEK Inc
 
37,189
6,729,721
Eaton Corp PLC
 
26,367
9,412,756
EnerSys
 
9,074
778,277
nVent Electric PLC
 
84,924
6,220,683
Sensata Technologies Holding PLC
 
94,008
2,830,581
 
 
 
27,858,720
Ground Transportation - 1.8%
 
 
 
CSX Corp
 
286,199
9,338,673
Lyft Inc Class A (b)
 
584,151
9,206,220
Uber Technologies Inc (b)
 
118,576
11,063,141
Union Pacific Corp
 
50,546
11,629,624
 
 
 
41,237,658
Industrial Conglomerates - 0.7%
 
 
 
3M Co
 
28,958
4,408,566
Honeywell International Inc
 
54,005
12,576,684
 
 
 
16,985,250
Machinery - 3.0%
 
 
 
Caterpillar Inc (c)
 
32,039
12,437,861
Cummins Inc
 
19,516
6,391,490
ESCO Technologies Inc
 
16,859
3,234,736
Federal Signal Corp
 
3,046
324,155
Flowserve Corp
 
160,095
8,380,973
Gates Industrial Corp PLC (b)
 
30,472
701,770
ITT Inc
 
30,754
4,823,150
Mueller Water Products Inc Class A1
 
97,216
2,337,073
Nordson Corp
 
12,305
2,637,823
Oshkosh Corp
 
55,933
6,350,633
PACCAR Inc
 
73,444
6,981,587
SPX Technologies Inc (b)
 
7,059
1,183,653
Westinghouse Air Brake Technologies Corp
 
45,781
9,584,252
Xylem Inc/NY
 
12,037
1,557,106
 
 
 
66,926,262
Passenger Airlines - 0.3%
 
 
 
SkyWest Inc (b)
 
62,700
6,456,219
Professional Services - 1.1%
 
 
 
Automatic Data Processing Inc
 
7,401
2,282,468
Concentrix Corp
 
8,068
426,434
Dun & Bradstreet Holdings Inc
 
125,003
1,136,277
KBR Inc
 
15,657
750,597
Leidos Holdings Inc
 
80,263
12,662,291
Maximus Inc
 
39,628
2,781,886
SS&C Technologies Holdings Inc
 
56,750
4,698,900
 
 
 
24,738,853
Trading Companies & Distributors - 0.1%
 
 
 
Air Lease Corp Class A
 
3,687
215,653
Boise Cascade Co
 
7,450
646,809
Fastenal Co
 
774
32,507
Rush Enterprises Inc Class A
 
19,459
1,002,333
 
 
 
1,897,302
TOTAL INDUSTRIALS
 
 
322,209,143
 
 
 
 
Information Technology - 10.5%
 
 
 
Communications Equipment - 1.5%
 
 
 
Cisco Systems Inc
 
407,753
28,289,903
Extreme Networks Inc (b)
 
41,018
736,273
Motorola Solutions Inc
 
14,746
6,200,103
 
 
 
35,226,279
Electronic Equipment, Instruments & Components - 0.2%
 
 
 
Amphenol Corp Class A
 
11,749
1,160,214
Itron Inc (b)
 
34,813
4,582,435
 
 
 
5,742,649
IT Services - 1.3%
 
 
 
Cognizant Technology Solutions Corp Class A
 
28,308
2,208,873
EPAM Systems Inc (b)
 
8,098
1,431,888
IBM Corporation
 
76,336
22,502,326
Kyndryl Holdings Inc (b)
 
74,761
3,136,972
MongoDB Inc Class A (b)
 
3,306
694,227
 
 
 
29,974,286
Semiconductors & Semiconductor Equipment - 4.4%
 
 
 
Advanced Micro Devices Inc (b)
 
58,986
8,370,113
Analog Devices Inc
 
65,040
15,480,822
Applied Materials Inc
 
46,694
8,548,271
Broadcom Inc
 
43,758
12,061,893
Cirrus Logic Inc (b)(c)
 
61,875
6,450,778
Credo Technology Group Holding Ltd (b)
 
17,087
1,582,085
Intel Corp
 
730,891
16,371,959
Marvell Technology Inc
 
39,631
3,067,439
Micron Technology Inc
 
20,714
2,553,001
Qorvo Inc (b)(c)
 
66,363
5,634,882
QUALCOMM Inc
 
83,090
13,232,913
Skyworks Solutions Inc
 
32,386
2,413,405
Texas Instruments Inc
 
27,586
5,727,405
 
 
 
101,494,966
Software - 2.5%
 
 
 
Adobe Inc (b)
 
29,563
11,437,333
Alarm.com Holdings Inc (b)
 
75,285
4,258,872
ANSYS Inc (b)
 
751
263,766
Autodesk Inc (b)
 
7,023
2,174,110
Dropbox Inc Class A (b)
 
139,496
3,989,586
Dynatrace Inc (b)
 
462
25,507
RingCentral Inc Class A (b)
 
49,779
1,411,235
Salesforce Inc
 
79,197
21,596,231
Tenable Holdings Inc (b)
 
92,636
3,129,244
Teradata Corp (b)
 
125,715
2,804,702
Unity Software Inc (b)
 
4,576
110,739
Zoom Communications Inc Class A (b)
 
75,276
5,870,022
 
 
 
57,071,347
Technology Hardware, Storage & Peripherals - 0.6%
 
 
 
Apple Inc
 
1,467
300,984
Hewlett Packard Enterprise Co
 
65
1,329
NetApp Inc (c)
 
32,107
3,421,001
Western Digital Corp
 
159,228
10,189,000
 
 
 
13,912,314
TOTAL INFORMATION TECHNOLOGY
 
 
243,421,841
 
 
 
 
Materials - 5.0%
 
 
 
Chemicals - 2.5%
 
 
 
Ashland Inc
 
2,878
144,706
Axalta Coating Systems Ltd (b)
 
49,638
1,473,752
Balchem Corp
 
26,308
4,188,234
CF Industries Holdings Inc
 
13,204
1,214,768
Corteva Inc
 
59,991
4,471,129
DuPont de Nemours Inc
 
139,244
9,550,746
Ecolab Inc
 
46,446
12,514,410
FMC Corp (c)
 
43,827
1,829,777
International Flavors & Fragrances Inc
 
104,962
7,719,955
Linde PLC
 
25,532
11,979,104
PPG Industries Inc
 
7,401
841,864
Scotts Miracle-Gro Co/The
 
15,832
1,044,279
 
 
 
56,972,724
Construction Materials - 1.2%
 
 
 
CRH PLC
 
156,169
14,336,314
Vulcan Materials Co
 
48,356
12,612,212
 
 
 
26,948,526
Containers & Packaging - 0.3%
 
 
 
Amcor PLC
 
501,595
4,609,658
AptarGroup Inc
 
2,481
388,103
Ball Corp
 
17,411
976,583
Crown Holdings Inc
 
18,614
1,916,870
Sonoco Products Co
 
3
130
 
 
 
7,891,344
Metals & Mining - 1.0%
 
 
 
Coeur Mining Inc (b)
 
19,601
173,664
Commercial Metals Co
 
23,105
1,130,066
Hecla Mining Co
 
128,493
769,673
Newmont Corp
 
186,145
10,844,808
Nucor Corp
 
53,020
6,868,211
Steel Dynamics Inc
 
28,312
3,624,219
 
 
 
23,410,641
Paper & Forest Products - 0.0%
 
 
 
Magnera Corp (b)
 
26,470
319,758
TOTAL MATERIALS
 
 
115,542,993
 
 
 
 
Real Estate - 3.7%
 
 
 
Diversified REITs - 0.0%
 
 
 
WP Carey Inc
 
11,334
707,015
Health Care REITs - 0.8%
 
 
 
CareTrust REIT Inc
 
187,972
5,751,943
Healthpeak Properties Inc
 
244,280
4,277,343
Ventas Inc
 
67,325
4,251,574
Welltower Inc
 
26,318
4,045,866
 
 
 
18,326,726
Industrial REITs - 0.3%
 
 
 
First Industrial Realty Trust Inc
 
54,985
2,646,428
STAG Industrial Inc Class A
 
100,445
3,644,145
 
 
 
6,290,573
Real Estate Management & Development - 0.0%
 
 
 
Compass Inc Class A (b)
 
2,424
15,222
Newmark Group Inc Class A
 
47,312
574,841
 
 
 
590,063
Residential REITs - 0.3%
 
 
 
American Homes 4 Rent Class A
 
63,754
2,299,607
Camden Property Trust
 
6,984
787,027
Equity Residential
 
60,727
4,098,465
Invitation Homes Inc
 
20,144
660,723
 
 
 
7,845,822
Retail REITs - 0.5%
 
 
 
Brixmor Property Group Inc
 
147,562
3,842,514
Phillips Edison & Co Inc
 
111,655
3,911,276
Realty Income Corp
 
31,668
1,824,393
Regency Centers Corp
 
39,862
2,839,370
 
 
 
12,417,553
Specialized REITs - 1.8%
 
 
 
American Tower Corp
 
20,647
4,563,400
Crown Castle Inc
 
7,153
734,828
Digital Realty Trust Inc
 
57,246
9,979,695
Equinix Inc
 
17,846
14,195,958
Extra Space Storage Inc
 
28,457
4,195,700
Gaming and Leisure Properties Inc
 
89,351
4,170,905
Lamar Advertising Co Class A
 
2,845
345,268
VICI Properties Inc
 
65,345
2,130,247
 
 
 
40,316,001
TOTAL REAL ESTATE
 
 
86,493,753
 
 
 
 
Utilities - 3.7%
 
 
 
Electric Utilities - 2.4%
 
 
 
ALLETE Inc
 
25,425
1,628,980
American Electric Power Co Inc
 
8,579
890,157
Duke Energy Corp
 
20,362
2,402,716
Edison International
 
76,960
3,971,136
Evergy Inc
 
49,670
3,423,753
Exelon Corp
 
231,876
10,068,056
NextEra Energy Inc
 
215,710
14,974,588
OGE Energy Corp
 
54,008
2,396,875
PG&E Corp
 
393,602
5,486,812
Southern Co/The
 
104,370
9,584,297
 
 
 
54,827,370
Gas Utilities - 0.2%
 
 
 
MDU Resources Group Inc
 
212,454
3,541,608
Southwest Gas Holdings Inc
 
24,830
1,847,104
 
 
 
5,388,712
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
AES Corp/The
 
200,576
2,110,060
Multi-Utilities - 1.0%
 
 
 
Avista Corp
 
7,588
287,964
Black Hills Corp
 
54,298
3,046,118
CenterPoint Energy Inc
 
13,138
482,690
CMS Energy Corp
 
38,834
2,690,420
Consolidated Edison Inc
 
26,411
2,650,344
DTE Energy Co
 
33,110
4,385,751
NiSource Inc
 
74,461
3,003,757
Public Service Enterprise Group Inc
 
16
1,346
Sempra
 
86,913
6,585,398
 
 
 
23,133,788
TOTAL UTILITIES
 
 
85,459,930
 
 
 
 
TOTAL UNITED STATES
 
 
2,295,673,678
 
TOTAL COMMON STOCKS
 (Cost $2,076,968,118)
 
 
 
2,308,948,498
 
 
 
 
U.S. Treasury Obligations - 0.3%
 
 
Yield (%) (d)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 7/10/2025
 
4.25
170,000
169,822
US Treasury Bills 0% 7/17/2025
 
4.26
1,120,000
1,117,939
US Treasury Bills 0% 7/24/2025
 
4.24 to 4.25
160,000
159,574
US Treasury Bills 0% 7/31/2025
 
4.24
220,000
219,236
US Treasury Bills 0% 8/21/2025
 
4.28
250,000
248,471
US Treasury Bills 0% 9/25/2025 (e)
 
4.23
3,810,000
3,771,864
US Treasury Bills 0% 9/4/2025
 
4.28 to 4.29
150,000
148,846
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $5,835,769)
 
 
 
5,835,752
 
 
 
 
 
Money Market Funds - 0.8%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 
4.32
996,390
996,590
Fidelity Securities Lending Cash Central Fund (f)(g)
 
4.32
17,624,521
17,626,283
 
TOTAL MONEY MARKET FUNDS
 (Cost $18,622,873)
 
 
 
18,622,873
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
 (Cost $2,101,426,760)
 
 
 
2,333,407,123
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(15,577,759)
NET ASSETS - 100.0%
2,317,829,364
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
 
CME S&P 500 Index Contracts (United States)
2
Sep 2025
625,375
23,421
23,421
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.0%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $163,349.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
43,118,597
428,728,863
470,850,870
963,423
-
-
996,590
996,390
0.0%
Fidelity Securities Lending Cash Central Fund
9,990,301
367,484,221
359,848,239
6,740
-
-
17,626,283
17,624,521
0.1%
Total
53,108,898
796,213,084
830,699,109
970,163
-
-
18,622,873
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Communication Services
173,172,994
173,172,994
-
-
Consumer Discretionary
179,661,309
179,661,309
-
-
Consumer Staples
141,614,862
141,614,862
-
-
Energy
130,266,437
130,266,437
-
-
Financials
525,437,980
525,437,980
-
-
Health Care
300,697,911
300,697,911
-
-
Industrials
322,209,143
322,209,143
-
-
Information Technology
248,391,186
248,391,186
-
-
Materials
115,542,993
115,542,993
-
-
Real Estate
86,493,753
86,493,753
-
-
Utilities
85,459,930
85,459,930
-
-
 U.S. Treasury Obligations
5,835,752
-
5,835,752
-
 Money Market Funds
18,622,873
18,622,873
-
-
 Total Investments in Securities:
2,333,407,123
2,327,571,371
5,835,752
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
23,421
23,421
-
-
  Total Assets
23,421
23,421
-
-
 Total Derivative Instruments:
23,421
23,421
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
23,421
0
Total Equity Risk
23,421
0
Total Value of Derivatives
23,421
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).
Fidelity® Enhanced Large Cap Value ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $17,261,104) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,082,803,887)
$
2,314,784,250
 
 
Fidelity Central Funds (cost $18,622,873)
18,622,873
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,101,426,760)
 
 
$
2,333,407,123
Cash
 
 
1,379,854
Dividends receivable
 
 
2,262,838
Distributions receivable from Fidelity Central Funds
 
 
84,424
Receivable for daily variation margin on futures contracts
 
 
10,239
Other receivables
 
 
9,835
  Total assets
 
 
2,337,154,313
Liabilities
 
 
 
 
Payable for investments purchased
$
1,359,780
 
 
Accrued management fee
341,887
 
 
Collateral on securities loaned
17,623,282
 
 
  Total liabilities
 
 
 
19,324,949
Net Assets  
 
 
$
2,317,829,364
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,179,018,421
Total accumulated earnings (loss)
 
 
 
138,810,943
Net Assets
 
 
$
2,317,829,364
Net Asset Value, offering price and redemption price per share ($2,317,829,364 ÷ 72,878,976 shares)
 
 
$
31.80
Statement of Operations
 
 
 
Year ended
June 30, 2025
Investment Income
 
 
 
 
Dividends
 
 
$
40,471,842
Interest  
 
 
107,390
Income from Fidelity Central Funds (including $6,740 from security lending)
 
 
970,163
 Total income
 
 
 
41,549,395
Expenses
 
 
 
 
Management fee
 
 
$
3,713,212
Independent trustees' fees and expenses
 
 
8,174
Interest
 
 
-
Miscellaneous
 
 
-
 Total expenses before reductions
 
 
 
3,721,386
 Expense reductions
 
 
 
(1,478)
 Total expenses after reductions
 
 
 
3,719,908
Net Investment income (loss)
 
 
 
37,829,487
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
 
 
(27,510,343)
   Redemptions in-kind
 
 
 
161,857,172
   Fidelity Central Funds
 
 
 
-
 Foreign currency transactions
 
 
 
869
 Futures contracts
 
 
 
453,828
Total net realized gain (loss)
 
 
 
134,801,526
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers   
 
 
 
82,779,857
 Assets and liabilities in foreign currencies
 
 
 
(889)
 Futures contracts
 
 
 
(2,993)
Total change in net unrealized appreciation (depreciation)
 
 
 
82,775,975
Net gain (loss)
 
 
 
217,577,501
Net increase (decrease) in net assets resulting from operations
 
 
$
255,406,988
Statement of Changes in Net Assets
 
 
 
 
Year ended
June 30, 2025
 
Ten months ended
June 30, 2024
 
Year ended
August 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
 
 
Operations
 
 
 
 
 
Net investment income (loss)
$
37,829,487
$
38,826,940
$
104,218,377
Net realized gain (loss)
 
134,801,526
 
453,402,154
 
209,018,224
Change in net unrealized appreciation (depreciation)
 
82,775,975
 
(574,650,497)
 
130,413,938
Net increase (decrease) in net assets resulting from operations
 
255,406,988
 
(82,421,403)
 
443,650,539
Distributions to shareholders
 
(38,336,716)
 
(175,458,721)
 
(257,200,574)
 
 
 
 
 
 
 
Share transactions
 
 
 
 
 
 
Proceeds from sales of shares
 
1,092,508,805
 
996,838,223
 
817,757,697
  Reinvestment of distributions
 
-
 
143,727,046
 
243,302,994
Cost of shares redeemed
 
(784,266,648)
 
(4,621,932,538)
 
(1,407,138,550)
 
 
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
308,242,157
 
(3,481,367,269)
 
(346,077,859)
Total increase (decrease) in net assets
 
525,312,429
 
(3,739,247,393)
 
(159,627,894)
 
 
 
 
 
 
 
Net Assets
 
 
 
 
 
 
Beginning of period
 
1,792,516,935
 
5,531,764,328
 
5,691,392,222
End of period
$
2,317,829,364
$
1,792,516,935
$
5,531,764,328
 
 
 
 
 
 
 
Other Information
 
 
 
 
 
 
Shares
 
 
 
 
 
 
Sold
 
35,500,000
 
38,559,161
 
32,117,183
  Issued in reinvestment of distributions
 
-
 
5,858,095
 
9,686,875
Redeemed
 
(25,400,000)
 
(192,077,486)
 
(55,489,324)
Net increase (decrease)
 
10,100,000
 
(147,660,230)
 
(13,685,266)
 
 
 
 
 
 
 
See Organization and Prior Fiscal Year Reorganization information note regarding reorganization from mutual fund to exchange traded fund for the ten months ended June 30, 2024.
 
Share activity is further described in Organization and Prior Fiscal Year Reorganization information notes, amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.
Financial Highlights
 
Fidelity® Enhanced Large Cap Value ETF
 
Years ended June 30,
 
2025  
 
2024 A
 
2023 B,C
 
2022 B,C
 
2021 B,C
 
2020 B,C  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
28.55
$
26.29
$
25.40
$
30.16
$
22.04
$
22.36
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) D,E
 
.56
 
.40
 
.47
 
.49
 
.44
 
.49
     Net realized and unrealized gain (loss)
 
3.26
 
2.99
 
1.59
 
(1.81)
 
8.08
 
-
  Total from investment operations
 
3.82  
 
3.39  
 
2.06  
 
(1.32)  
 
8.52
 
.49
  Distributions from net investment income
 
(.57)
 
(.80)
 
(.38)
 
(.58)
 
(.40)
 
(.51)
  Distributions from net realized gain
 
-
 
(.33)
 
(.79)
 
(2.86)
 
-
 
(.30)
     Total distributions
 
(.57)
 
(1.13)
 
(1.17)
 
(3.44)
 
(.40)
 
(.81)
  Net asset value, end of period
$
31.80
$
28.55
$
26.29
$
25.40
$
30.16
$
22.04
 Total Return F,G,H
 
13.49
%
 
13.49%
 
8.30%
 
(5.18)%
 
39.12%
 
1.95%
 Ratios to Average Net Assets E,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.18%
 
.28% K,L
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of fee waivers, if any
 
.18
%
 
.28% K,L
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of all reductions, if any
 
.18%
 
.28% K,L
 
.39%
 
.39%
 
.39%
 
.39%
    Net investment income (loss)
 
1.83%
 
1.82% K,L
 
1.88%
 
1.76%
 
1.65%
 
2.21%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,317,829
$
1,792,517
$
5,531,764
$
5,691,392
$
6,187,508
$
3,887,139
    Portfolio turnover rate M
 
69
% N
 
90% L,N
 
88%
 
112%
 
75%
 
81%
 
AFor the ten month period ended June 30. The Fund changed its fiscal year end from August 31 to June 30, effective March 1, 2024.
BFor the year ended August 31.
CAs further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.
DCalculated based on average shares outstanding during the period.
ENet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
FBased on net asset value.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KProxy expenses are not annualized.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
NPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Enhanced Mid Cap ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 99.1%
 
 
Shares
Value ($)
 
BRAZIL - 0.1%
 
 
 
Financials - 0.1%
 
 
 
Capital Markets - 0.1%
 
 
 
XP Inc Class A
 
92,502
1,868,540
CANADA - 0.1%
 
 
 
Utilities - 0.1%
 
 
 
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Brookfield Renewable Corp Class A (United States) (b)
 
50,487
1,654,964
KOREA (SOUTH) - 0.7%
 
 
 
Consumer Discretionary - 0.7%
 
 
 
Broadline Retail - 0.7%
 
 
 
Coupang Inc Class A (c)
 
677,144
20,287,234
PUERTO RICO - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Banks - 0.0%
 
 
 
Popular Inc
 
4,139
456,159
UNITED KINGDOM - 0.3%
 
 
 
Energy - 0.3%
 
 
 
Energy Equipment & Services - 0.3%
 
 
 
TechnipFMC PLC
 
213,547
7,354,559
UNITED STATES - 97.9%
 
 
 
Communication Services - 4.0%
 
 
 
Diversified Telecommunication Services - 0.0%
 
 
 
AST SpaceMobile Inc Class A (c)
 
12,577
587,722
Entertainment - 2.2%
 
 
 
Electronic Arts Inc
 
145,320
23,207,604
Live Nation Entertainment Inc (c)
 
44,659
6,756,014
Playtika Holding Corp
 
493,307
2,333,342
ROBLOX Corp Class A (c)
 
274,077
28,832,900
Warner Bros Discovery Inc (c)
 
295
3,381
 
 
 
61,133,241
Interactive Media & Services - 0.4%
 
 
 
Angi Inc Class A (b)(c)
 
98,674
1,505,765
IAC Inc Class A (c)
 
93,216
3,480,685
Pinterest Inc Class A (c)
 
212,149
7,607,664
 
 
 
12,594,114
Media - 1.4%
 
 
 
Fox Corp Class A
 
21,878
1,226,043
Fox Corp Class B
 
4,728
244,107
New York Times Co/The Class A
 
304,731
17,058,841
News Corp Class A
 
255,178
7,583,890
News Corp Class B (b)
 
207,725
7,127,045
Sirius XM Holdings Inc (b)
 
304,882
7,003,140
 
 
 
40,243,066
TOTAL COMMUNICATION SERVICES
 
 
114,558,143
 
 
 
 
Consumer Discretionary - 12.7%
 
 
 
Automobile Components - 0.1%
 
 
 
BorgWarner Inc
 
46,510
1,557,155
Automobiles - 0.0%
 
 
 
Harley-Davidson Inc
 
12
282
Broadline Retail - 0.4%
 
 
 
eBay Inc
 
130,508
9,717,626
Etsy Inc (c)
 
4,694
235,451
Macy's Inc
 
71,394
832,454
 
 
 
10,785,531
Diversified Consumer Services - 0.8%
 
 
 
ADT Inc
 
498,509
4,222,371
Duolingo Inc Class A (c)
 
43,628
17,888,353
 
 
 
22,110,724
Hotels, Restaurants & Leisure - 3.7%
 
 
 
Airbnb Inc Class A (c)
 
44
5,823
Carnival Corp (c)
 
835,922
23,506,128
Darden Restaurants Inc
 
41,196
8,979,492
DoorDash Inc Class A (c)
 
44,021
10,851,617
DraftKings Inc Class A (c)
 
194,274
8,332,412
Dutch Bros Inc Class A (c)
 
17,897
1,223,618
Expedia Group Inc Class A
 
112,569
18,988,139
Hilton Worldwide Holdings Inc
 
4,301
1,145,528
International Game Technology PLC
 
425,940
6,734,111
Las Vegas Sands Corp
 
15,875
690,721
Life Time Group Holdings Inc (c)
 
77,453
2,349,149
Light & Wonder Inc Class A (c)
 
33,473
3,222,111
MGM Resorts International (c)
 
332,323
11,428,588
Planet Fitness Inc Class A (c)
 
10,547
1,150,150
Royal Caribbean Cruises Ltd
 
12,168
3,810,288
Travel + Leisure Co
 
4,466
230,490
Wendy's Co/The
 
7,169
81,870
Yum! Brands Inc
 
17,828
2,641,753
 
 
 
105,371,988
Household Durables - 2.4%
 
 
 
DR Horton Inc
 
38,242
4,930,158
Garmin Ltd
 
99,959
20,863,442
Lennar Corp Class A
 
64,552
7,140,097
Lennar Corp Class B (b)
 
1,208
127,142
NVR Inc (c)
 
698
5,155,191
PulteGroup Inc
 
80,376
8,476,453
Toll Brothers Inc
 
90,344
10,310,961
TopBuild Corp (c)
 
38,505
12,465,609
 
 
 
69,469,053
Specialty Retail - 4.1%
 
 
 
Abercrombie & Fitch Co Class A (c)
 
48,764
4,040,097
Bath & Body Works Inc
 
155,490
4,658,480
Best Buy Co Inc (b)
 
248,209
16,662,270
Carvana Co Class A (c)
 
73,827
24,876,746
Chewy Inc Class A (c)
 
352,063
15,004,925
Dick's Sporting Goods Inc
 
23,338
4,616,490
Five Below Inc (c)
 
6,848
898,321
GameStop Corp Class A (b)(c)
 
41,211
1,005,136
Gap Inc/The
 
686,361
14,969,533
Lithia Motors Inc Class A
 
2,997
1,012,447
Ross Stores Inc
 
7,105
906,456
Ulta Beauty Inc (c)
 
40,890
19,129,160
Williams-Sonoma Inc
 
49,353
8,062,800
 
 
 
115,842,861
Textiles, Apparel & Luxury Goods - 1.2%
 
 
 
Ralph Lauren Corp Class A
 
55,224
15,146,839
Tapestry Inc
 
225,541
19,804,755
 
 
 
34,951,594
TOTAL CONSUMER DISCRETIONARY
 
 
360,089,188
 
 
 
 
Consumer Staples - 3.1%
 
 
 
Beverages - 0.4%
 
 
 
Boston Beer Co Inc/The Class A (c)
 
23,884
4,557,306
Coca-Cola Consolidated Inc (b)
 
36,746
4,102,691
Molson Coors Beverage Co Class B
 
28,546
1,372,777
 
 
 
10,032,774
Consumer Staples Distribution & Retail - 1.6%
 
 
 
BJ's Wholesale Club Holdings Inc (c)
 
117,047
12,621,178
Casey's General Stores Inc
 
6,400
3,265,728
Dollar General Corp
 
14,332
1,639,294
Dollar Tree Inc (c)
 
21,772
2,156,299
Maplebear Inc (c)
 
349,593
15,815,588
US Foods Holding Corp (c)
 
132,176
10,178,874
Walgreens Boots Alliance Inc
 
5,255
60,327
 
 
 
45,737,288
Food Products - 0.9%
 
 
 
Cal-Maine Foods Inc
 
4,316
430,003
Conagra Brands Inc
 
7,064
144,600
General Mills Inc
 
38,757
2,008,000
Hershey Co/The
 
14,083
2,337,074
Ingredion Inc
 
30,447
4,129,222
JM Smucker Co
 
20,444
2,007,601
Kellanova
 
15,100
1,200,903
Pilgrim's Pride Corp
 
66,694
2,999,896
Post Holdings Inc (c)
 
3,941
429,687
Tyson Foods Inc Class A
 
178,486
9,984,507
 
 
 
25,671,493
Household Products - 0.0%
 
 
 
Clorox Co/The
 
2,978
357,568
Personal Care Products - 0.2%
 
 
 
Kenvue Inc
 
335,273
7,017,264
TOTAL CONSUMER STAPLES
 
 
88,816,387
 
 
 
 
Energy - 4.3%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Halliburton Co
 
74,329
1,514,825
Oil, Gas & Consumable Fuels - 4.3%
 
 
 
Antero Midstream Corp
 
126,488
2,396,948
Cheniere Energy Inc
 
110,317
26,864,396
Civitas Resources Inc
 
79,525
2,188,528
ConocoPhillips
 
140,696
12,626,059
Coterra Energy Inc
 
36,522
926,928
Devon Energy Corp
 
159,384
5,070,005
EOG Resources Inc
 
38,514
4,606,660
EQT Corp
 
53,010
3,091,543
Hess Corp
 
43,378
6,009,588
HF Sinclair Corp
 
163,415
6,713,088
Kinder Morgan Inc
 
804,251
23,644,979
Marathon Petroleum Corp
 
43,786
7,273,292
Matador Resources Co
 
15
716
Targa Resources Corp
 
9,763
1,699,543
Texas Pacific Land Corp
 
2,902
3,065,644
Williams Cos Inc/The
 
243,395
15,287,640
 
 
 
121,465,557
TOTAL ENERGY
 
 
122,980,382
 
 
 
 
Financials - 16.7%
 
 
 
Banks - 1.5%
 
 
 
Citizens Financial Group Inc
 
39
1,745
Commerce Bancshares Inc/MO
 
93,054
5,785,167
Cullen/Frost Bankers Inc
 
2,951
379,322
Fifth Third Bancorp
 
17,440
717,307
Huntington Bancshares Inc/OH
 
656,698
11,006,258
KeyCorp
 
220,801
3,846,353
M&T Bank Corp
 
44
8,536
PNC Financial Services Group Inc/The
 
54,942
10,242,288
Prosperity Bancshares Inc
 
27,182
1,909,264
Zions Bancorp NA
 
153,663
7,981,256
 
 
 
41,877,496
Capital Markets - 6.4%
 
 
 
Ameriprise Financial Inc
 
19,740
10,535,830
Bank of New York Mellon Corp/The
 
320,245
29,177,522
Cboe Global Markets Inc
 
81,806
19,077,977
Coinbase Global Inc Class A (c)
 
15,616
5,473,252
Janus Henderson Group PLC
 
5,752
223,408
LPL Financial Holdings Inc
 
6,577
2,466,178
Morningstar Inc
 
33,262
10,441,940
MSCI Inc
 
42,426
24,468,771
Nasdaq Inc
 
116,206
10,391,141
Northern Trust Corp
 
22,313
2,829,065
Raymond James Financial Inc
 
120,260
18,444,276
Robinhood Markets Inc Class A (c)
 
7,413
694,079
State Street Corp
 
165,686
17,619,049
Stifel Financial Corp
 
67,592
7,014,698
Tradeweb Markets Inc Class A
 
125,324
18,347,434
Virtu Financial Inc Class A
 
30,993
1,388,176
 
 
 
178,592,796
Consumer Finance - 1.5%
 
 
 
Ally Financial Inc
 
443,248
17,264,510
Capital One Financial Corp
 
35,424
7,536,810
SoFi Technologies Inc Class A (c)
 
247,922
4,514,660
Synchrony Financial
 
205,492
13,714,536
 
 
 
43,030,516
Financial Services - 2.7%
 
 
 
Affirm Holdings Inc Class A (c)
 
22,671
1,567,473
Block Inc Class A (c)
 
152,435
10,354,910
Equitable Holdings Inc
 
79,934
4,484,297
Euronet Worldwide Inc (c)
 
115,247
11,683,741
Fidelity National Information Services Inc
 
180,879
14,725,359
Global Payments Inc
 
130,006
10,405,680
MGIC Investment Corp
 
111,714
3,110,118
PayPal Holdings Inc (c)
 
82,161
6,106,206
Toast Inc Class A (c)
 
334,110
14,797,732
 
 
 
77,235,516
Insurance - 4.1%
 
 
 
Allstate Corp/The
 
127,416
25,650,115
American Financial Group Inc/OH
 
4,255
537,024
Assurant Inc
 
65,767
12,988,325
Cincinnati Financial Corp
 
125,223
18,648,209
First American Financial Corp
 
21,725
1,333,698
Globe Life Inc
 
120,929
15,030,265
Hanover Insurance Group Inc/The
 
795
135,046
Kemper Corp
 
5,257
339,286
Markel Group Inc (c)
 
10,244
20,460,956
Prudential Financial Inc
 
91,268
9,805,834
Reinsurance Group of America Inc
 
25,774
5,112,531
W R Berkley Corp
 
29,089
2,137,169
Willis Towers Watson PLC
 
17,229
5,280,689
 
 
 
117,459,147
Mortgage Real Estate Investment Trusts (REITs) - 0.5%
 
 
 
Rithm Capital Corp
 
1,275,935
14,405,305
TOTAL FINANCIALS
 
 
472,600,776
 
 
 
 
Health Care - 9.2%
 
 
 
Biotechnology - 2.8%
 
 
 
Biogen Inc (c)
 
92,470
11,613,307
BioMarin Pharmaceutical Inc (c)
 
3,306
181,731
Exelixis Inc (c)
 
398,661
17,570,984
Gilead Sciences Inc
 
114,109
12,651,265
Incyte Corp (c)
 
246,600
16,793,460
Insmed Inc (c)
 
27,815
2,799,302
Natera Inc (c)
 
46,702
7,889,836
Revolution Medicines Inc (c)
 
3,162
116,329
United Therapeutics Corp (c)
 
25,901
7,442,652
 
 
 
77,058,866
Health Care Equipment & Supplies - 0.5%
 
 
 
ABIOMED Inc (c)(d)
 
3,289
7,302
Becton Dickinson & Co
 
8,245
1,420,201
Hologic Inc (c)
 
7,615
496,193
Inspire Medical Systems Inc (c)
 
2,609
338,570
Insulet Corp (c)
 
29,427
9,245,375
ResMed Inc
 
11,420
2,946,360
 
 
 
14,454,001
Health Care Providers & Services - 2.7%
 
 
 
Cardinal Health Inc
 
143,046
24,031,729
Cencora Inc
 
18,997
5,696,250
Centene Corp (c)
 
284,153
15,423,825
Guardant Health Inc (c)
 
4,237
220,493
Humana Inc
 
86,907
21,247,023
Labcorp Holdings Inc
 
19,462
5,108,970
Option Care Health Inc (c)
 
27,448
891,511
Tenet Healthcare Corp (c)
 
21,108
3,715,008
 
 
 
76,334,809
Health Care Technology - 1.3%
 
 
 
Doximity Inc Class A (c)
 
215,011
13,188,774
Veeva Systems Inc Class A (c)
 
86,625
24,946,268
 
 
 
38,135,042
Life Sciences Tools & Services - 1.3%
 
 
 
10X Genomics Inc Class A (c)
 
337,984
3,913,855
Agilent Technologies Inc
 
21,488
2,535,799
Charles River Laboratories International Inc (c)
 
38,918
5,905,028
Illumina Inc (c)
 
192,386
18,355,549
Medpace Holdings Inc (c)
 
15,497
4,863,888
QIAGEN NV (United States) (b)
 
52,787
2,536,943
 
 
 
38,111,062
Pharmaceuticals - 0.6%
 
 
 
Bristol-Myers Squibb Co
 
275,092
12,734,009
Organon & Co
 
175,073
1,694,707
Viatris Inc
 
170,483
1,522,413
 
 
 
15,951,129
TOTAL HEALTH CARE
 
 
260,044,909
 
 
 
 
Industrials - 17.8%
 
 
 
Aerospace & Defense - 4.0%
 
 
 
Axon Enterprise Inc (c)
 
35,763
29,609,619
Curtiss-Wright Corp
 
40,228
19,653,389
HEICO Corp
 
29,365
9,631,720
HEICO Corp Class A
 
19,221
4,973,434
Howmet Aerospace Inc
 
179,788
33,463,941
Textron Inc
 
108,309
8,696,130
Woodward Inc
 
22,972
5,630,207
 
 
 
111,658,440
Building Products - 1.8%
 
 
 
A O Smith Corp
 
122,473
8,030,555
Allegion plc
 
121,659
17,533,495
Armstrong World Industries Inc
 
20,676
3,358,609
Builders FirstSource Inc (c)
 
30,326
3,538,741
Johnson Controls International plc
 
17
1,796
Lennox International Inc
 
7,546
4,325,669
Masco Corp
 
5,606
360,802
Owens Corning
 
57,348
7,886,497
Trane Technologies PLC
 
13,661
5,975,458
 
 
 
51,011,622
Commercial Services & Supplies - 0.8%
 
 
 
Cintas Corp
 
62,218
13,866,526
Veralto Corp
 
72,777
7,346,838
Vestis Corp
 
209,368
1,199,678
 
 
 
22,413,042
Construction & Engineering - 1.4%
 
 
 
AECOM
 
25,751
2,906,258
Comfort Systems USA Inc
 
22,816
12,234,167
EMCOR Group Inc
 
18,504
9,897,605
Valmont Industries Inc
 
47,279
15,439,903
 
 
 
40,477,933
Electrical Equipment - 1.6%
 
 
 
Acuity Inc
 
51,890
15,480,863
AMETEK Inc
 
116,185
21,024,838
Hubbell Inc
 
1
408
Sensata Technologies Holding PLC
 
310,182
9,339,580
 
 
 
45,845,689
Ground Transportation - 0.7%
 
 
 
JB Hunt Transport Services Inc
 
30,921
4,440,256
Lyft Inc Class A (c)
 
1,001,507
15,783,750
Old Dominion Freight Line Inc
 
1,625
263,737
 
 
 
20,487,743
Machinery - 2.9%
 
 
 
AGCO Corp
 
14
1,444
Allison Transmission Holdings Inc
 
14,542
1,381,345
Cummins Inc
 
66,056
21,633,340
Donaldson Co Inc
 
34,933
2,422,604
Flowserve Corp
 
152,149
7,965,000
Fortive Corp
 
63
3,284
Gates Industrial Corp PLC (c)
 
465,609
10,722,975
ITT Inc
 
57,456
9,010,824
Middleby Corp/The (c)
 
22,054
3,175,776
Oshkosh Corp
 
37,424
4,249,121
Westinghouse Air Brake Technologies Corp
 
109,820
22,990,818
 
 
 
83,556,531
Passenger Airlines - 0.3%
 
 
 
United Airlines Holdings Inc (c)
 
98,361
7,832,486
Professional Services - 2.4%
 
 
 
Amentum Holdings Inc
 
35,078
828,192
Booz Allen Hamilton Holding Corp Class A
 
95,193
9,912,447
Concentrix Corp
 
12,622
667,135
Dun & Bradstreet Holdings Inc
 
374,098
3,400,551
Leidos Holdings Inc
 
125,161
19,745,399
Paylocity Holding Corp (c)
 
46,649
8,452,332
SS&C Technologies Holdings Inc
 
220,461
18,254,171
Verisk Analytics Inc
 
18,561
5,781,752
 
 
 
67,041,979
Trading Companies & Distributors - 1.9%
 
 
 
Fastenal Co
 
284,946
11,967,732
FTAI Aviation Ltd
 
1,551
178,427
MSC Industrial Direct Co Inc Class A (b)
 
57,771
4,911,690
QXO Inc (c)
 
74,267
1,599,711
Watsco Inc
 
7,850
3,466,717
Wesco International Inc
 
63,385
11,738,902
WW Grainger Inc
 
19,677
20,468,803
 
 
 
54,331,982
TOTAL INDUSTRIALS
 
 
504,657,447
 
 
 
 
Information Technology - 13.4%
 
 
 
Communications Equipment - 0.9%
 
 
 
F5 Inc (c)
 
57,548
16,937,527
Motorola Solutions Inc
 
19,968
8,395,745
 
 
 
25,333,272
Electronic Equipment, Instruments & Components - 0.9%
 
 
 
Itron Inc (c)
 
17,925
2,359,468
Keysight Technologies Inc (c)
 
19,896
3,260,159
Littelfuse Inc (b)
 
9,482
2,149,854
Ralliant Corp
 
21
1,017
Zebra Technologies Corp Class A (c)
 
60,636
18,697,717
 
 
 
26,468,215
IT Services - 1.5%
 
 
 
EPAM Systems Inc (c)
 
4,129
730,090
GoDaddy Inc Class A (c)
 
107,368
19,332,682
Kyndryl Holdings Inc (c)
 
104,276
4,375,421
MongoDB Inc Class A (c)
 
1,726
362,443
Okta Inc Class A (c)
 
7,294
729,181
Twilio Inc Class A (c)
 
133,336
16,581,665
 
 
 
42,111,482
Semiconductors & Semiconductor Equipment - 2.3%
 
 
 
Cirrus Logic Inc (c)
 
151,084
15,751,262
Enphase Energy Inc (c)
 
75,246
2,983,504
GlobalFoundries Inc (c)
 
23,648
903,354
KLA Corp
 
4,797
4,296,865
MACOM Technology Solutions Holdings Inc (c)
 
26,929
3,858,656
MKS Inc
 
9,304
924,445
Onto Innovation Inc (c)
 
33,939
3,425,463
Qorvo Inc (c)
 
206,035
17,494,433
Skyworks Solutions Inc
 
210,054
15,653,224
 
 
 
65,291,206
Software - 5.8%
 
 
 
ANSYS Inc (c)
 
11,646
4,090,308
AppLovin Corp Class A (c)
 
44,041
15,417,873
Atlassian Corp Class A (c)
 
8,172
1,659,651
BILL Holdings Inc (c)
 
55,386
2,562,156
Commvault Systems Inc (c)
 
31,742
5,533,583
Docusign Inc (c)
 
110,329
8,593,526
Dropbox Inc Class A (c)
 
544,039
15,559,515
Dynatrace Inc (c)
 
316,250
17,460,163
Fortinet Inc (c)
 
129,035
13,641,580
HubSpot Inc (c)
 
37,214
20,714,430
Manhattan Associates Inc (c)
 
6,854
1,353,459
Nutanix Inc Class A (c)
 
98,405
7,522,078
Palantir Technologies Inc Class A (c)
 
5,114
697,140
Pegasystems Inc
 
100,672
5,449,375
Q2 Holdings Inc (c)
 
10,471
979,981
RingCentral Inc Class A (c)
 
269,616
7,643,614
Teradata Corp (c)
 
404,177
9,017,189
UiPath Inc Class A (c)
 
99,565
1,274,432
Unity Software Inc (c)
 
167,797
4,060,687
Zoom Communications Inc Class A (c)
 
236,219
18,420,359
Zscaler Inc (c)
 
12,502
3,924,878
 
 
 
165,575,977
Technology Hardware, Storage & Peripherals - 2.0%
 
 
 
Hewlett Packard Enterprise Co
 
919,732
18,808,519
HP Inc
 
90,499
2,213,606
NetApp Inc
 
185,058
19,717,930
Western Digital Corp
 
249,458
15,962,817
 
 
 
56,702,872
TOTAL INFORMATION TECHNOLOGY
 
 
381,483,024
 
 
 
 
Materials - 4.7%
 
 
 
Chemicals - 2.3%
 
 
 
Axalta Coating Systems Ltd (c)
 
389,281
11,557,753
CF Industries Holdings Inc
 
17,151
1,577,891
Corteva Inc
 
43,815
3,265,532
DuPont de Nemours Inc
 
182,867
12,542,848
Ecolab Inc
 
41,272
11,120,328
FMC Corp (b)
 
214,104
8,938,842
International Flavors & Fragrances Inc
 
188,804
13,886,534
 
 
 
62,889,728
Construction Materials - 0.5%
 
 
 
CRH PLC
 
106,190
9,748,242
Vulcan Materials Co
 
20,996
5,476,177
 
 
 
15,224,419
Containers & Packaging - 1.2%
 
 
 
Amcor PLC
 
2,026,521
18,623,728
Crown Holdings Inc
 
131,241
13,515,198
Sealed Air Corp
 
37,588
1,166,356
 
 
 
33,305,282
Metals & Mining - 0.7%
 
 
 
Newmont Corp
 
106,011
6,176,201
Nucor Corp
 
63,018
8,163,352
Royal Gold Inc
 
31,213
5,550,920
Steel Dynamics Inc
 
5,560
711,735
 
 
 
20,602,208
TOTAL MATERIALS
 
 
132,021,637
 
 
 
 
Real Estate - 8.1%
 
 
 
Diversified REITs - 0.3%
 
 
 
WP Carey Inc
 
134,923
8,416,497
Health Care REITs - 1.3%
 
 
 
CareTrust REIT Inc
 
312,038
9,548,363
Healthpeak Properties Inc
 
613,669
10,745,344
Ventas Inc
 
269,123
16,995,117
 
 
 
37,288,824
Industrial REITs - 0.2%
 
 
 
First Industrial Realty Trust Inc
 
22,782
1,096,498
STAG Industrial Inc Class A
 
146,886
5,329,024
 
 
 
6,425,522
Real Estate Management & Development - 0.7%
 
 
 
CBRE Group Inc Class A (c)
 
41,273
5,783,173
Compass Inc Class A (c)
 
239,185
1,502,081
Zillow Group Inc Class A (b)(c)
 
88,539
6,064,036
Zillow Group Inc Class C (c)
 
108,528
7,602,387
 
 
 
20,951,677
Residential REITs - 0.9%
 
 
 
American Homes 4 Rent Class A
 
337,512
12,174,058
Equity Residential
 
208,892
14,098,121
 
 
 
26,272,179
Retail REITs - 1.5%
 
 
 
Brixmor Property Group Inc
 
584,050
15,208,662
Regency Centers Corp
 
136,442
9,718,764
Simon Property Group Inc
 
109,519
17,606,274
 
 
 
42,533,700
Specialized REITs - 3.2%
 
 
 
American Tower Corp
 
51,020
11,276,440
Crown Castle Inc
 
59,516
6,114,079
CubeSmart
 
49,150
2,088,875
Digital Realty Trust Inc
 
151,910
26,482,471
EPR Properties
 
33,070
1,926,658
Extra Space Storage Inc
 
26,353
3,885,486
Gaming and Leisure Properties Inc
 
288,532
13,468,674
Iron Mountain Inc
 
15,566
1,596,605
National Storage Affiliates Trust
 
13,973
446,996
Rayonier Inc
 
8
177
SBA Communications Corp Class A
 
1,696
398,289
VICI Properties Inc
 
625,715
20,398,309
 
 
 
88,083,059
TOTAL REAL ESTATE
 
 
229,971,458
 
 
 
 
Utilities - 3.9%
 
 
 
Electric Utilities - 1.7%
 
 
 
Edison International
 
137,671
7,103,824
Evergy Inc
 
88,994
6,134,356
Exelon Corp
 
242,639
10,535,385
NRG Energy Inc
 
102,117
16,397,949
PG&E Corp
 
510,431
7,115,408
Xcel Energy Inc
 
52
3,541
 
 
 
47,290,463
Gas Utilities - 0.0%
 
 
 
MDU Resources Group Inc
 
93,222
1,554,010
Independent Power and Renewable Electricity Producers - 0.5%
 
 
 
AES Corp/The
 
243,929
2,566,133
Clearway Energy Inc Class A
 
52,719
1,595,277
Clearway Energy Inc Class C (b)
 
94,185
3,013,920
Vistra Corp
 
41,081
7,961,909
 
 
 
15,137,239
Multi-Utilities - 1.7%
 
 
 
Ameren Corp
 
34,861
3,348,050
CenterPoint Energy Inc
 
233,414
8,575,630
CMS Energy Corp
 
182,129
12,617,898
Consolidated Edison Inc
 
69,676
6,991,987
DTE Energy Co
 
46,516
6,161,509
NiSource Inc
 
128,585
5,187,119
WEC Energy Group Inc
 
39,064
4,070,469
 
 
 
46,952,662
Water Utilities - 0.0%
 
 
 
American Water Works Co Inc
 
8,169
1,136,389
TOTAL UTILITIES
 
 
112,070,763
 
 
 
 
TOTAL UNITED STATES
 
 
2,779,294,114
 
TOTAL COMMON STOCKS
 (Cost $2,557,098,455)
 
 
 
2,810,915,570
 
 
 
 
U.S. Treasury Obligations - 0.3%
 
 
Yield (%) (e)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 7/31/2025
 
4.23
2,390,000
2,381,701
US Treasury Bills 0% 9/25/2025 (f)
 
4.23
4,000,000
3,959,962
US Treasury Bills 0% 9/4/2025
 
4.28
2,640,000
2,619,700
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $8,961,475)
 
 
 
8,961,363
 
 
 
 
 
Money Market Funds - 1.5%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
 
4.32
15,425,863
15,428,947
Fidelity Securities Lending Cash Central Fund (g)(h)
 
4.32
27,951,909
27,954,705
 
TOTAL MONEY MARKET FUNDS
 (Cost $43,383,652)
 
 
 
43,383,652
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.9%
 (Cost $2,609,443,582)
 
 
 
2,863,260,585
NET OTHER ASSETS (LIABILITIES) - (0.9)%  
(25,584,523)
NET ASSETS - 100.0%
2,837,676,062
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
 
CME S&P 400 Midcap Index Contracts (United States)
48
Sep 2025
15,002,400
452,890
452,890
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.5%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Non-income producing
 
(d)
Level 3 security
 
(e)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,410,737.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
79,628,655
374,076,942
438,276,649
1,028,632
-
(1)
15,428,947
15,425,863
0.0%
Fidelity Securities Lending Cash Central Fund
10,080,342
267,365,108
249,490,745
133,399
-
-
27,954,705
27,951,909
0.1%
Total
89,708,997
641,442,050
687,767,394
1,162,031
-
(1)
43,383,652
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Communication Services
114,558,143
114,558,143
-
-
Consumer Discretionary
380,376,422
380,376,422
-
-
Consumer Staples
88,816,387
88,816,387
-
-
Energy
130,334,941
130,334,941
-
-
Financials
474,925,475
474,925,475
-
-
Health Care
260,044,909
260,037,607
-
7,302
Industrials
504,657,447
504,657,447
-
-
Information Technology
381,483,024
381,483,024
-
-
Materials
132,021,637
132,021,637
-
-
Real Estate
229,971,458
229,971,458
-
-
Utilities
113,725,727
113,725,727
-
-
 U.S. Treasury Obligations
8,961,363
-
8,961,363
-
 Money Market Funds
43,383,652
43,383,652
-
-
 Total Investments in Securities:
2,863,260,585
2,854,291,920
8,961,363
7,302
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
452,890
452,890
-
-
  Total Assets
452,890
452,890
-
-
 Total Derivative Instruments:
452,890
452,890
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
452,890
0
Total Equity Risk
452,890
0
Total Value of Derivatives
452,890
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).
Fidelity® Enhanced Mid Cap ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $27,196,496) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,566,059,930)
$
2,819,876,933
 
 
Fidelity Central Funds (cost $43,383,652)
43,383,652
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,609,443,582)
 
 
$
2,863,260,585
Cash
 
 
403,583
Dividends receivable
 
 
2,767,209
Distributions receivable from Fidelity Central Funds
 
 
104,956
Other receivables
 
 
511
  Total assets
 
 
2,866,536,844
Liabilities
 
 
 
 
Payable for investments purchased
$
374,719
 
 
Accrued management fee
524,430
 
 
Payable for daily variation margin on futures contracts
5,405
 
 
Other payables and accrued expenses
1,523
 
 
Collateral on securities loaned
27,954,705
 
 
  Total liabilities
 
 
 
28,860,782
Net Assets  
 
 
$
2,837,676,062
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,687,572,895
Total accumulated earnings (loss)
 
 
 
150,103,167
Net Assets
 
 
$
2,837,676,062
Net Asset Value, offering price and redemption price per share ($2,837,676,062 ÷ 82,516,761 shares)
 
 
$
34.39
Statement of Operations
 
 
 
Year ended
June 30, 2025
Investment Income
 
 
 
 
Dividends
 
 
$
32,007,168
Interest  
 
 
145,378
Income from Fidelity Central Funds (including $133,399 from security lending)
 
 
1,162,031
 Total income
 
 
 
33,314,577
Expenses
 
 
 
 
Management fee
 
 
$
5,129,920
Independent trustees' fees and expenses
 
 
8,511
Interest
 
 
4,284
Miscellaneous
 
 
-
 Total expenses before reductions
 
 
 
5,142,715
 Expense reductions
 
 
 
(2,815)
 Total expenses after reductions
 
 
 
5,139,900
Net Investment income (loss)
 
 
 
28,174,677
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
 
 
(46,234,927)
   Redemptions in-kind
 
 
 
272,013,260
   Fidelity Central Funds
 
 
 
-
 Foreign currency transactions
 
 
 
-
 Futures contracts
 
 
 
2,679,811
Total net realized gain (loss)
 
 
 
228,458,144
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers   
 
 
 
64,438,986
   Fidelity Central Funds
 
 
 
(1)
 Futures contracts
 
 
 
404,791
Total change in net unrealized appreciation (depreciation)
 
 
 
64,843,776
Net gain (loss)
 
 
 
293,301,920
Net increase (decrease) in net assets resulting from operations
 
 
$
321,476,597
Statement of Changes in Net Assets
 
 
 
 
Year ended
June 30, 2025
 
Ten months ended
June 30, 2024
 
Year ended
August 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
 
 
Operations
 
 
 
 
 
Net investment income (loss)
$
28,174,677
$
15,169,494
$
19,450,767
Net realized gain (loss)
 
228,458,144
 
178,466,399
 
8,724,420
Change in net unrealized appreciation (depreciation)
 
64,843,776
 
13,844,200
 
111,463,962
Net increase (decrease) in net assets resulting from operations
 
321,476,597
 
207,480,093
 
139,639,149
Distributions to shareholders
 
(29,122,156)
 
(25,950,215)
 
(57,460,804)
 
 
 
 
 
 
 
Share transactions
 
 
 
 
 
 
Proceeds from sales of shares
 
2,000,994,293
 
655,066,382
 
531,911,323
  Reinvestment of distributions
 
-
 
14,294,274
 
54,197,269
Cost of shares redeemed
 
(1,109,248,748)
 
(833,830,134)
 
(686,633,472)
 
 
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
891,745,545
 
(164,469,478)
 
(100,524,880)
Total increase (decrease) in net assets
 
1,184,099,986
 
17,060,400
 
(18,346,535)
 
 
 
 
 
 
 
Net Assets
 
 
 
 
 
 
Beginning of period
 
1,653,576,076
 
1,636,515,676
 
1,654,862,211
End of period
$
2,837,676,062
$
1,653,576,076
$
1,636,515,676
 
 
 
 
 
 
 
Other Information
 
 
 
 
 
 
Shares
 
 
 
 
 
 
Sold
 
60,700,000
 
22,793,530
 
21,113,682
  Issued in reinvestment of distributions
 
-
 
584,792
 
2,258,425
Redeemed
 
(34,300,000)
 
(30,719,865)
 
(27,059,804)
Net increase (decrease)
 
26,400,000
 
(7,341,543)
 
(3,687,697)
 
 
 
 
 
 
 
See Organization and Prior Fiscal Year Reorganization information note regarding reorganization from mutual fund to exchange traded fund for the ten months ended June 30, 2024.
 
Share activity is further described in Organization and Prior Fiscal Year Reorganization information notes, amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.
Financial Highlights
 
Fidelity® Enhanced Mid Cap ETF
 
Years ended June 30,
 
2025  
 
2024 A
 
2023 B,C
 
2022 B,C
 
2021 B,C
 
2020 B,C  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
29.47
$
25.79
$
24.65
$
32.17
$
23.47
$
22.59
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) D,E
 
.41
 
.27
 
.28
 
.28
 
.22
 
.29
     Net realized and unrealized gain (loss)
 
4.93
 
3.86
 
1.69
 
(3.81)
 
9.40
 
1.50
  Total from investment operations
 
5.34  
 
4.13  
 
1.97  
 
(3.53)  
 
9.62
 
1.79
  Distributions from net investment income
 
(.42)
 
(.45)
 
(.23)
 
(.23)
 
(.25)
 
(.34)
  Distributions from net realized gain
 
-
 
-
 
(.57)
 
(3.76)
 
(.67)
 
(.59)
     Total distributions
 
(.42)
 
(.45)
 
(.83) F
 
(3.99)
 
(.92)
 
(.91) F
  Net asset value, end of period
$
34.39
$
29.47
$
25.79
$
24.65
$
32.17
$
23.47
 Total Return G,H,I
 
18.20
%
 
16.23%
 
8.19%
 
(12.36)%
 
41.82%
 
7.91%
 Ratios to Average Net Assets E,J,K
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.23%
 
.29% L,M
 
.45%
 
.51%
 
.59%
 
.59%
    Expenses net of fee waivers, if any
 
.23
%
 
.29% L,M
 
.45%
 
.51%
 
.59%
 
.59%
    Expenses net of all reductions, if any
 
.23%
 
.29% L,M
 
.45%
 
.51%
 
.59%
 
.59%
    Net investment income (loss)
 
1.27%
 
1.19% L,M
 
1.12%
 
1.00%
 
.77%
 
1.33%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,837,676
$
1,653,576
$
1,636,516
$
1,654,862
$
2,042,347
$
1,182,253
    Portfolio turnover rate N
 
70
% O
 
73% L,O
 
104%
 
116%
 
70%
 
73%
 
AFor the ten month period ended June 30. The Fund changed its fiscal year end from August 31 to June 30, effective March 1, 2024.
BAs further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.
CFor the year ended August 31.
DCalculated based on average shares outstanding during the period.
ENet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IBased on net asset value.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MProxy expenses are not annualized.
NAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
OPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 
For the period ended June 30, 2025
 
1. Organization.
Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF and Fidelity Enhanced Mid Cap ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Fidelity Enhanced Large Cap Growth ETF is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
 
Effective November 17, 2023, each Fidelity Enhanced Index Fund (Predecessor Fund) reorganized into the newly created exchange traded fund (ETF) as noted in the table below. Each Predecessor Fund was the accounting survivor in the reorganization, and, as such, the financial statements and financial highlights of each Fund reflect the financial information of each Predecessor Fund through November 17, 2023 (see Prior Fiscal Year Reorganization Information note).
 
Current ETFs
Former Mutual Funds (Predecessor Funds)
Fidelity Enhanced International ETF
Fidelity International Enhanced Index Fund
Fidelity Enhanced Large Cap Core ETF
Fidelity Large Cap Core Enhanced Index Fund
Fidelity Enhanced Large Cap Growth ETF
Fidelity Large Cap Growth Enhanced Index Fund
Fidelity Enhanced Large Cap Value ETF
Fidelity Large Cap Value Enhanced Index Fund
Fidelity Enhanced Mid Cap ETF
Fidelity Mid Cap Enhanced Index Fund
Effective March 1, 2024 each Fund's fiscal year-end changed from August 31 to June 30. Accordingly, the Fund's financial statements and related notes include information as of the one year period ended June 30, 2025, the ten month period ended June 30, 2024, and the one year period ended August 31, 2023, as applicable.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
.005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close (normally 4:00 p.m. Eastern time) of the New York Stock Exchange, Archipelago Exchange (NYSE Arca), and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends or foreign taxes withheld, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity Enhanced International ETF Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Funds and is not distributed to shareholders of the Funds. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to short-term capital gain dividends, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.
 
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost ($)
Gross unrealized appreciation ($)
Gross unrealized depreciation ($)
Net unrealized appreciation (depreciation)($)
Fidelity Enhanced International ETF
2,741,415,536
513,143,540
 (33,809,036)
479,334,504
Fidelity Enhanced Large Cap Core ETF
3,869,972,414
905,178,195
 (91,299,586)
813,878,609
Fidelity Enhanced Large Cap Growth ETF 
2,271,050,028
1,474,943,084
 (49,883,851)
1,425,059,233
Fidelity Enhanced Large Cap Value ETF
2,107,029,535
322,687,893
 (96,310,305)
226,377,588
Fidelity Enhanced Mid Cap ETF
2,615,338,035
352,016,263
 (104,093,713)
247,922,550
 
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
 
Undistributed ordinary income ($)
Capital loss carryforward ($)
Net unrealized appreciation (depreciation) on securities and other investments ($)
Fidelity Enhanced International ETF
11,686,990
 (98,223,155)
480,051,807
Fidelity Enhanced Large Cap Core ETF
74,418
 (181,662,043)
813,878,609
Fidelity Enhanced Large Cap Growth ETF 
197,914
 (88,472,969)
1,425,059,233
Fidelity Enhanced Large Cap Value ETF
-
 (87,566,663)
226,377,607
Fidelity Enhanced Mid Cap ETF
-
 (97,819,384)
247,922,550
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 
 
Short-term ($)
Long-term ($)
Total capital loss carryforward ($)
Fidelity Enhanced International ETF
 (98,223,155)
 -
  (98,223,155)
Fidelity Enhanced Large Cap Core ETF
 (171,846,589)
 (9,815,454)
  (181,662,043)
Fidelity Enhanced Large Cap Growth ETF 
 (84,774,517)
 (3,698,452)
  (88,472,969)
Fidelity Enhanced Large Cap Value ETF
 (74,292,481)
 (13,274,182)
  (87,566,663)
Fidelity Enhanced Mid Cap ETF
 (97,819,384)
 -
  (97,819,384)
 
 
 
 
The tax character of distributions paid was as follows:
 
June 30, 2025
 
 
 
 
 
 
Ordinary Income ($)
Long-term Capital Gains ($)
Total ($)
 
 
Fidelity Enhanced International ETF
66,312,030
-
66,312,030
 
 
Fidelity Enhanced Large Cap Core ETF
 45,512,986
 -
 45,512,986
 
 
Fidelity Enhanced Large Cap Growth ETF 
 15,582,492
 -
 15,582,492
 
 
Fidelity Enhanced Large Cap Value ETF
 38,336,716
 -
 38,336,716
 
 
Fidelity Enhanced Mid Cap ETF
 29,122,156
 -
 29,122,156
 
 
 
 
 
 
 
 
 
June 30, 2024
 
 
 
 
 
 
Ordinary Income ($)
Long-term Capital Gains ($)
Total ($)
 
 
Fidelity Enhanced International ETF
71,077,009
-
71,077,009
 
 
Fidelity Enhanced Large Cap Core ETF
 35,565,387
 -
 35,565,387
 
 
Fidelity Enhanced Large Cap Growth ETF 
 21,077,755
 601,538
 21,679,293
 
 
Fidelity Enhanced Large Cap Value ETF
 102,487,259
 72,971,462
 175,458,721
 
 
Fidelity Enhanced Mid Cap ETF
 25,950,215
 -
 25,950,215
 
 
 
 
 
 
 
 
 
 
August 31, 2023
 
 
 
 
 
 
Ordinary Income ($)
Long-term Capital Gains ($)
Total ($)
 
 
Fidelity International Enhanced Index Fund 
 33,763,256
 -
 33,763,256
 
 
Fidelity Large Cap Core Enhanced Index Fund 
 14,695,385
 7,597,614
 22,292,999
 
 
Fidelity Large Cap Growth Enhanced Index Fund 
 10,050,462
 -
 10,050,462
 
 
Fidelity Large Cap Value Enhanced Index Fund 
 84,574,965
 172,625,609
 257,200,574
 
 
Fidelity Mid Cap Enhanced Index Fund
 16,855,170
 40,605,634
 57,460,804
 
 
 
 
 
 
 
 
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Enhanced International ETF
2,098,812,532
1,387,347,917
Fidelity Enhanced Large Cap Core ETF
3,817,088,840
2,923,414,777
Fidelity Enhanced Large Cap Growth ETF
2,890,328,499
1,787,568,966
Fidelity Enhanced Large Cap Value ETF
2,291,380,009
1,413,837,022
Fidelity Enhanced Mid Cap ETF
2,435,431,745
1,492,886,171
 
Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.
 
 
In-Kind Subscriptions ($)
In-Kind Redemptions ($)
Fidelity Enhanced International ETF
993,790,377
489,015,262
Fidelity Enhanced Large Cap Core ETF
2,049,801,551
1,622,386,610
Fidelity Enhanced Large Cap Growth ETF
661,609,702
1,249,165,411
Fidelity Enhanced Large Cap Value ETF
203,418,577
764,995,084
Fidelity Enhanced Mid Cap ETF
1,008,225,916
1,068,746,100
 
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Enhanced Large Cap Growth ETF
2,376,033
30,168,211
67,930,785
Fidelity Enhanced Large Cap Value ETF
269,891,296
408,600,213
3,633,326,017
Fidelity Enhanced Mid Cap ETF
2,515,337
10,553,430
40,748,466
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of each Fund's average net assets as noted in the table below. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. The management fees are reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
 
 
Fee Rate
Fidelity Enhanced International ETF
.28%
Fidelity Enhanced Large Cap Core ETF
.18%
Fidelity Enhanced Large Cap Growth ETF
.18%
Fidelity Enhanced Large Cap Value ETF
.18%
Fidelity Enhanced Mid Cap ETF
.23%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Enhanced International ETF
 3,699
Fidelity Enhanced Large Cap Core ETF
 66,254
Fidelity Enhanced Large Cap Growth ETF
 35,412
Fidelity Enhanced Large Cap Value ETF
 40,913
Fidelity Enhanced Mid Cap ETF
 63,490
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Enhanced International ETF
 Borrower
 4,978,000
5.58%
 1,543
Fidelity Enhanced Large Cap Growth ETF 
 Borrower
17,022,000
5.08%
 2,400
Fidelity Enhanced Mid Cap ETF
 Borrower
 7,598,000
5.08%
4,284
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Enhanced International ETF
 63,604,660
 33,286,239
 2,956,986
Fidelity Enhanced Large Cap Core ETF
 155,343,593
 130,595,860
 1,708,703
Fidelity Enhanced Large Cap Growth ETF
 156,945,128
 138,063,770
  (11,056,299)
Fidelity Enhanced Large Cap Value ETF
 145,839,766
 53,249,989
 239,730
Fidelity Enhanced Mid Cap ETF
 98,057,267
 86,835,851
  (606,173)
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Enhanced International ETF
36,650
 -
-
Fidelity Enhanced Large Cap Core ETF
 250
 1
-
Fidelity Enhanced Large Cap Growth ETF
 93
 -
 -
Fidelity Enhanced Large Cap Value ETF
 674
 1
 -
Fidelity Enhanced Mid Cap ETF
 14,470
 9
-
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity Enhanced Large Cap Core ETF
3,143,444
8. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits ($)
Fidelity Enhanced International ETF
 429
Fidelity Enhanced Large Cap Core ETF 
 1,474
Fidelity Enhanced Large Cap Growth ETF 
 778
Fidelity Enhanced Large Cap Value ETF 
 1,478
Fidelity Enhanced Mid Cap ETF
 2,815
9. Share Transactions.
Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities and/or cash to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.
 
To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Funds of all or portion of the applicable deposit securities. In these circumstances, the Authorized Participant provides collateral to the custodian, on behalf of the Funds, in an amount up to 115% of the daily mark to market value of the deposit securities not yet received.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
12 . Prior Fiscal Year Reorganization Information.
On November 17, 2023 each Fund (Predecessor Fund) reorganized into a newly created exchange traded fund (ETF) pursuant an Agreement and Plan of Reorganization (the Agreement) approved by its Board of Trustees. Per the Agreement, shareholders of each Predecessor Fund received ETF shares equal in value to the shares of the Predecessor Fund they owned on the day the reorganization was effective. Each Predecessor Fund was the accounting survivor after the reorganization. As such, performance and financial history prior to the reorganization is that of each Predecessor Fund. Historical share transactions and per share information for the Predecessor Fund was retroactively adjusted to reflect the change in capital structure due to the reorganization. 
Predecessor Funds
New ETFs
Fidelity International Enhanced Index Fund
Fidelity Enhanced International ETF
Fidelity Large Cap Core Enhanced Index Fund
Fidelity Enhanced Large Cap Core ETF
Fidelity Large Cap Growth Enhanced Index Fund
Fidelity Enhanced Large Cap Growth ETF
Fidelity Large Cap Value Enhanced Index Fund
Fidelity Enhanced Large Cap Value ETF
Fidelity Mid Cap Enhanced Index Fund
Fidelity Enhanced Mid Cap ETF
 
For financial reporting purposes, the assets and liabilities of each Predecessor Fund and shares issued by each ETF were recorded at fair value; however, the cost basis of the investments received from each Predecessor Fund were carried forward and will be utilized for purposes of each ETF's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to each Predecessor Fund or their shareholders. Costs incurred in connection with the reorganization were paid by each Predecessor Fund.
 
Predecessor Fund/Accounting Survivor
Investments $
Unrealized appreciation (depreciation) $
Net Assets $
Shares Exchanged
Shares Exchanged Ratio
Fidelity International Enhanced Index Fund
1,368,602,643
195,092,188
1,368,248,892
54,730,068
.4057160000
Fidelity Large Cap Core Enhanced Index Fund
1,840,988,775
537,069,093
1,948,361,461
77,934,309
.8388640000
Fidelity Large Cap Growth Enhanced Index Fund
2,012,959,825
875,152,421
2,145,716,375
85,828,689
1.2032280000
Fidelity Large Cap Value Enhanced Index Fund
1,827,644,613
392,942
2,004,099,301
80,163,716
.5729240000
Fidelity Mid Cap Enhanced Index Fund
1,369,301,709
129,571,229
1,460,889,645
58,435,751
.6458920000
 
Acquiring ETF
Net Assets $
Total net assets after the acquisition $
Fidelity Enhanced International ETF
25
1,368,248,917
Fidelity Enhanced Large Cap Core ETF
25
1,948,361,486
Fidelity Enhanced Large Cap Growth ETF
25
2,145,716,400
Fidelity Enhanced Large Cap Value ETF
25
2,004,099,326
Fidelity Enhanced Mid Cap ETF
25
1,460,889,670
 
Pro forma results of operations of the combined entity for the entire period ended June 30, 2024, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
 
ETF name
Net investment income (loss)
Total net realized gain (loss)
Total change in net unrealized appreciation (depreciation)
Net increase (decrease) in net assets resulting from operations
Fidelity Enhanced International ETF
$35,812,169
$99,267,722
$58,817,853
$193,897,744
Fidelity Enhanced Large Cap Core ETF
22,993,277
209,030,464
246,834,439
478,858,180
Fidelity Enhanced Large Cap Growth ETF
12,362,182
260,568,152
368,592,605
641,522,939
Fidelity Enhanced Large Cap Value ETF
40,907,004
453,402,154
(574,650,497)
(80,341,339)
Fidelity Enhanced Mid Cap ETF
15,874,097
178,466,399
13,844,200
208,184,696
 
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of each Predecessor Fund that has been included in each ETF's Statement of Operations since November 17, 2023.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, and Fidelity Enhanced Mid Cap ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, and Fidelity Enhanced Mid Cap ETF (five of the funds constituting Fidelity Covington Trust, referred to hereafter as the "Funds") as of June 30, 2025, the related statements of operations for the year ended June 30, 2025 and the statements of changes in net assets for the year ended June 30, 2025, the period September 1, 2023 through June 30, 2024 and the year ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of their operations for the year ended June 30, 2025, the changes in their net assets for the year ended June 30, 2025, the period September 1, 2023 through June 30, 2024 and for the year ended August 31, 2023, and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
August 12, 2025
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
 
Distributions
 (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
Fidelity Enhanced Large Cap Core ETF
 
September 2024
100%
December 2024
100%
March 2025
100%
June 2025
100%
Fidelity Enhanced Large Cap Growth ETF
 
September 2024
100%
December 2024
100%
March 2025
100%
June 2025
100%
Fidelity Enhanced Large Cap Value ETF
 
September 2024
94%
December 2024
94%
March 2025
89%
June 2025
89%
Fidelity Enhanced Mid Cap ETF
 
September 2024
85%
December 2024
85%
March 2025
75%
June 2025
75%
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Fidelity Enhanced International ETF
 
September 2024
40.64%
December 2024
77.43%
March 2025
83.35%
June 2025
83.35%
Fidelity Enhanced Large Cap Core ETF
 
September 2024
100%
December 2024
100%
March 2025
100%
June 2025
100%
Fidelity Enhanced Large Cap Growth ETF
 
September 2024
100%
December 2024
100%
March 2025
100%
June 2025
100%
Fidelity Enhanced Large Cap Value ETF
 
September 2024
98.45%
December 2024
98.45%
March 2025
91.21%
June 2025
91.21%
Fidelity Enhanced Mid Cap ETF
 
September 2024
92.03%
December 2024
92.03%
March 2025
76.42%
June 2025
76.42%
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:
 
Fidelity Enhanced Large Cap Value ETF
 
September 2024
1.55%
December 2024
1.55%
March 2025
8.80%
June 2025
8.80%
Fidelity Enhanced Mid Cap ETF
 
September 2024
7.97%
December 2024
7.97%
March 2025
23.58%
June 2025
23.58%
 
 
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:
 
Fidelity Enhanced International ETF
$1,498,809
Fidelity Enhanced Large Cap Value ETF
$1,022,129
Fidelity Enhanced Mid Cap ETF
$997,113
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity Enhanced International ETF
03/20/2024
$0.2468
$0.0185
 
06/25/2024
$0.2922
$0.0219
 
09/24/2024
$0.1601
$0.0057
 
12/24/2024
$0.1581
$0.0057
 
The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
38,080,283,823.03
97.17
Withheld
1,109,333,237.47
2.83
TOTAL
39,189,617,060.50
100.00
Robert A. Lawrence
Affirmative
37,781,807,251.33
96.41
Withheld
1,407,809,809.17
3.59
TOTAL
39,189,617,060.50
100.00
Vijay C. Advani
Affirmative
37,869,526,083.09
96.63
Withheld
1,320,090,977.41
3.37
TOTAL
39,189,617,060.50
100.00
Thomas P. Bostick
Affirmative
38,025,875,898.31
97.03
Withheld
1,163,741,162.19
2.97
TOTAL
39,189,617,060.50
100.00
Donald F. Donahue
Affirmative
37,825,198,238.79
96.52
Withheld
1,364,418,821.71
3.48
TOTAL
39,189,617,060.50
100.00
Vicki L. Fuller
Affirmative
38,031,768,119.99
97.05
Withheld
1,157,848,940.51
2.95
TOTAL
39,189,617,060.50
100.00
Patricia L. Kampling
Affirmative
38,062,391,881.90
97.12
Withheld
1,127,225,178.60
2.88
TOTAL
39,189,617,060.50
100.00
Thomas A. Kennedy
Affirmative
37,891,434,776.27
96.69
Withheld
1,298,182,284.23
3.31
TOTAL
39,189,617,060.50
100.00
Oscar Munoz
Affirmative
37,976,932,673.73
96.91
Withheld
1,212,684,386.77
3.09
TOTAL
39,189,617,060.50
100.00
Karen B. Peetz
Affirmative
38,011,822,212.28
96.99
Withheld
1,177,794,848.22
3.01
TOTAL
39,189,617,060.50
100.00
David M. Thomas
Affirmative
37,976,058,118.16
96.90
Withheld
1,213,558,942.34
3.10
TOTAL
39,189,617,060.50
100.00
Susan Tomasky
Affirmative
37,845,471,684.67
96.57
Withheld
1,344,145,375.83
3.43
TOTAL
39,189,617,060.50
100.00
Michael E. Wiley
Affirmative
37,736,569,620.69
96.29
Withheld
1,453,047,439.81
3.71
TOTAL
39,189,617,060.50
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Enhanced International ETF
Fidelity Enhanced Large Cap Core ETF
Fidelity Enhanced Large Cap Growth ETF
Fidelity Enhanced Large Cap Value ETF
Fidelity Enhanced Mid Cap ETF
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the each fund's management contract with Fidelity Management & Research Company LLC (FMR) (the Advisory Contract). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of each fund's Advisory Contract throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contract. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contract. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
In considering whether to renew the Advisory Contract for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of FMR, and also considered FMR's implementation of the funds' investment programs. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's staff, such as size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and under a separate agreement covering pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally State Street Bank and Trust Company, each fund's transfer agent and custodian; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an index that has characteristics relevant to each fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered each fund's all-inclusive fee rate and also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under each fund's all-inclusive arrangement. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contract should be renewed through May 31, 2026.
 
1.9910053.101
EIE-ANN-0825
Fidelity® Enhanced Small Cap ETF
 
 
Annual Report
June 30, 2025

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)

Fidelity® Enhanced Small Cap ETF

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month 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.
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. © 2025 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund 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, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Enhanced Small Cap ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets   
Common Stocks - 98.3%
 
 
Shares
Value ($)
 
BERMUDA - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Teekay Corp Ltd (b)
 
141,427
1,166,773
BRAZIL - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
StoneCo Ltd Class A (c)
 
45,204
725,072
CANADA - 0.2%
 
 
 
Health Care - 0.1%
 
 
 
Biotechnology - 0.1%
 
 
 
Aurinia Pharmaceuticals Inc (c)
 
145,064
1,228,693
Xenon Pharmaceuticals Inc (c)
 
16,981
531,505
 
 
 
1,760,198
Information Technology - 0.1%
 
 
 
Software - 0.1%
 
 
 
D-Wave Quantum Inc (b)(c)
 
79,260
1,160,366
TOTAL CANADA
 
 
2,920,564
IRELAND - 0.2%
 
 
 
Industrials - 0.2%
 
 
 
Commercial Services & Supplies - 0.2%
 
 
 
Cimpress PLC (c)
 
94,038
4,419,786
MONACO - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Scorpio Tankers Inc
 
46,183
1,807,141
NORWAY - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
SFL Corp Ltd (b)
 
160,680
1,338,464
PANAMA - 0.1%
 
 
 
Financials - 0.1%
 
 
 
Financial Services - 0.1%
 
 
 
Banco Latinoamericano de Comercio Exterior SA Class E
 
31,619
1,274,246
PUERTO RICO - 0.1%
 
 
 
Financials - 0.1%
 
 
 
Banks - 0.1%
 
 
 
First BanCorp/Puerto Rico
 
133,842
2,787,929
SWITZERLAND - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Biotechnology - 0.1%
 
 
 
CRISPR Therapeutics AG (c)
 
41,021
1,995,261
THAILAND - 0.4%
 
 
 
Information Technology - 0.4%
 
 
 
Electronic Equipment, Instruments & Components - 0.4%
 
 
 
Fabrinet (c)
 
28,721
8,463,504
UNITED STATES - 96.9%
 
 
 
Communication Services - 2.7%
 
 
 
Diversified Telecommunication Services - 0.8%
 
 
 
AST SpaceMobile Inc Class A (b)(c)
 
48,395
2,261,498
Atn International Inc
 
58,250
946,563
Bandwidth Inc Class A (c)
 
201,545
3,204,566
IDT Corp Class B
 
6,238
426,180
Lumen Technologies Inc (c)
 
1,859,994
8,146,774
Shenandoah Telecommunications Co
 
24,276
331,609
 
 
 
15,317,190
Entertainment - 0.6%
 
 
 
AMC Entertainment Holdings Inc Class A (b)(c)
 
116,189
360,186
Cinemark Holdings Inc (b)
 
176,407
5,323,963
Lionsgate Studios Corp
 
299,994
1,742,965
Madison Square Garden Entertainment Corp Class A (c)
 
71,773
2,868,767
Marcus Corp/The
 
26,209
441,884
 
 
 
10,737,765
Interactive Media & Services - 0.8%
 
 
 
EverQuote Inc Class A (c)
 
16,215
392,079
TrueCar Inc (c)
 
241,944
459,694
Vimeo Inc Class A (b)(c)
 
1,063,964
4,298,415
Yelp Inc Class A (c)
 
300,402
10,294,777
ZipRecruiter Inc Class A (c)
 
54,129
271,185
 
 
 
15,716,150
Media - 0.5%
 
 
 
Cable One Inc
 
5,627
764,203
Gannett Co Inc (c)
 
412,477
1,476,668
John Wiley & Sons Inc Class A
 
176,746
7,888,174
 
 
 
10,129,045
Wireless Telecommunication Services - 0.0%
 
 
 
Spok Holdings Inc
 
14,332
253,389
TOTAL COMMUNICATION SERVICES
 
 
52,153,539
 
 
 
 
Consumer Discretionary - 10.2%
 
 
 
Automobile Components - 0.6%
 
 
 
American Axle & Manufacturing Holdings Inc (b)(c)
 
500,183
2,040,747
Cooper-Standard Holdings Inc (c)
 
110,066
2,366,419
Goodyear Tire & Rubber Co/The (c)
 
155,222
1,609,652
Phinia Inc
 
125,449
5,581,226
 
 
 
11,598,044
Automobiles - 0.3%
 
 
 
Winnebago Industries Inc
 
195,270
5,662,829
Broadline Retail - 0.4%
 
 
 
Groupon Inc (b)(c)
 
240,957
8,060,012
Diversified Consumer Services - 1.3%
 
 
 
Adtalem Global Education Inc (c)
 
75,752
9,637,928
Chegg Inc (c)
 
530,667
642,107
Coursera Inc (c)
 
68,668
601,532
Graham Holdings Co Class B
 
4,602
4,354,274
KinderCare Learning Cos Inc (c)
 
128,650
1,299,365
Strategic Education Inc
 
55,557
4,729,567
Universal Technical Institute Inc (c)
 
100,672
3,411,774
 
 
 
24,676,547
Hotels, Restaurants & Leisure - 1.3%
 
 
 
BJ's Restaurants Inc (c)
 
42,198
1,882,031
Life Time Group Holdings Inc (c)
 
364,982
11,069,904
Light & Wonder Inc Class A (c)
 
28,889
2,780,855
Monarch Casino & Resort Inc
 
27,388
2,367,419
PlayAGS Inc (c)
 
119,475
1,492,243
Rush Street Interactive Inc Class A (c)
 
39,073
582,187
Shake Shack Inc Class A (c)
 
37,243
5,236,366
 
 
 
25,411,005
Household Durables - 2.1%
 
 
 
Cavco Industries Inc (c)
 
10,415
4,524,588
Ethan Allen Interiors Inc (b)
 
128,955
3,591,397
Flexsteel Industries Inc
 
13,592
489,719
Installed Building Products Inc
 
6,997
1,261,699
KB Home
 
48,211
2,553,737
M/I Homes Inc (c)
 
75,070
8,416,848
Meritage Homes Corp
 
171,048
11,455,085
Sonos Inc (c)
 
140,532
1,519,151
Taylor Morrison Home Corp (c)
 
92,306
5,669,435
 
 
 
39,481,659
Leisure Products - 0.6%
 
 
 
Funko Inc Class A (b)(c)
 
141,450
673,301
Peloton Interactive Inc Class A (c)
 
988,356
6,859,191
Sturm Ruger & Co Inc
 
73,763
2,648,092
Topgolf Callaway Brands Corp (c)
 
87,678
705,808
 
 
 
10,886,392
Specialty Retail - 3.3%
 
 
 
Abercrombie & Fitch Co Class A (c)
 
119,804
9,925,761
Carparts Com Inc (c)
 
327,567
242,431
Carvana Co Class A (c)
 
28,922
9,745,557
EVgo Inc Class A (b)(c)
 
225,983
824,838
ODP Corp/The (c)
 
121,066
2,194,927
Petco Health & Wellness Co Inc Class A (c)
 
2,352,049
6,656,299
RealReal Inc/The (b)(c)
 
237,953
1,139,795
Sally Beauty Holdings Inc (c)
 
720,677
6,673,469
Sleep Number Corp (b)(c)
 
85,441
577,154
Sonic Automotive Inc Class A
 
25,843
2,065,631
Stitch Fix Inc Class A (b)(c)
 
432,145
1,598,937
Upbound Group Inc
 
340,423
8,544,617
Urban Outfitters Inc (c)
 
167,455
12,147,186
 
 
 
62,336,602
Textiles, Apparel & Luxury Goods - 0.3%
 
 
 
Hanesbrands Inc (b)(c)
 
834,110
3,820,224
Oxford Industries Inc
 
27,779
1,118,105
Wolverine World Wide Inc
 
88,350
1,597,368
 
 
 
6,535,697
TOTAL CONSUMER DISCRETIONARY
 
 
194,648,787
 
 
 
 
Consumer Staples - 2.5%
 
 
 
Beverages - 0.7%
 
 
 
Coca-Cola Consolidated Inc
 
54,528
6,088,051
National Beverage Corp (c)
 
41,162
1,779,845
Primo Brands Corp Class A
 
185,588
5,497,117
 
 
 
13,365,013
Consumer Staples Distribution & Retail - 1.0%
 
 
 
Natural Grocers by Vitamin Cottage Inc
 
41,199
1,617,061
Sprouts Farmers Market Inc (c)
 
64,421
10,606,273
United Natural Foods Inc (c)
 
187,254
4,364,891
Weis Markets Inc (b)
 
3,496
253,425
 
 
 
16,841,650
Food Products - 0.6%
 
 
 
Fresh Del Monte Produce Inc
 
99,102
3,212,887
Lancaster Colony Corp
 
3,149
544,052
Utz Brands Inc Class A
 
372,047
4,669,190
WK Kellogg Co (b)
 
227,225
3,621,967
 
 
 
12,048,096
Household Products - 0.1%
 
 
 
Central Garden & Pet Co Class A (c)
 
15,195
475,451
Energizer Holdings Inc
 
93,338
1,881,694
 
 
 
2,357,145
Personal Care Products - 0.1%
 
 
 
Honest Co Inc/The (c)
 
446,170
2,271,006
Medifast Inc (b)(c)
 
17,248
242,334
 
 
 
2,513,340
TOTAL CONSUMER STAPLES
 
 
47,125,244
 
 
 
 
Energy - 4.0%
 
 
 
Energy Equipment & Services - 1.6%
 
 
 
Archrock Inc
 
59,392
1,474,703
Aris Water Solutions Inc Class A (b)
 
91,793
2,170,904
Bristow Group Inc (b)(c)
 
40,316
1,329,219
ChampionX Corp
 
49,439
1,228,065
Expro Group Holdings NV (c)
 
625,164
5,370,159
Helix Energy Solutions Group Inc (c)
 
311,265
1,942,294
Helmerich & Payne Inc (b)
 
439,033
6,655,740
Nabors Industries Ltd (b)(c)
 
52,325
1,466,147
Nabors Industries Ltd warrants 6/11/2026 (c)
 
10,764
7,104
Noble Corp PLC (b)
 
117,428
3,117,713
Oceaneering International Inc (c)
 
89,708
1,858,750
Oil States International Inc (c)
 
108,189
579,893
ProPetro Holding Corp (b)(c)
 
257,364
1,536,463
Solaris Energy Infrastructure Inc Class A (b)
 
22,528
637,317
Tidewater Inc (b)(c)
 
38,994
1,798,793
 
 
 
31,173,264
Oil, Gas & Consumable Fuels - 2.4%
 
 
 
Berry Corp
 
62,777
173,892
California Resources Corp
 
52,037
2,376,530
Core Natural Resources Inc
 
31,956
2,228,611
Crescent Energy Co Class A
 
389,381
3,348,677
Delek US Holdings Inc
 
76,758
1,625,734
Dorian LPG Ltd
 
151,672
3,697,763
Excelerate Energy Inc Class A
 
150,398
4,409,670
Gulfport Energy Corp (c)
 
9,344
1,879,732
Kinetik Holdings Inc Class A
 
10,744
473,273
Murphy Oil Corp (b)
 
520,840
11,718,901
Riley Exploration Permian Inc (b)
 
51,275
1,344,943
Uranium Energy Corp (b)(c)
 
142,580
969,544
World Kinect Corp
 
381,841
10,825,193
 
 
 
45,072,463
TOTAL ENERGY
 
 
76,245,727
 
 
 
 
Financials - 18.5%
 
 
 
Banks - 8.6%
 
 
 
1st Source Corp
 
28,360
1,760,305
Amalgamated Financial Corp (b)
 
58,857
1,836,338
Ameris Bancorp
 
128,798
8,333,231
Associated Banc-Corp
 
74,166
1,808,909
Atlantic Union Bankshares Corp
 
28,226
882,909
Axos Financial Inc (c)
 
146,290
11,123,892
BancFirst Corp (b)
 
58,258
7,201,854
Bank of Hawaii Corp (b)
 
118,678
8,014,325
Banner Corp
 
20,853
1,337,720
Byline Bancorp Inc
 
18,335
490,095
Cathay General Bancorp
 
23,613
1,075,100
Central Pacific Financial Corp
 
170,691
4,784,469
Community Financial System Inc
 
101,668
5,781,859
Community Trust Bancorp Inc
 
19,292
1,020,933
FB Financial Corp
 
157,947
7,154,999
Financial Institutions Inc
 
39,759
1,021,011
First Busey Corp
 
173,063
3,960,547
First Commonwealth Financial Corp
 
215,736
3,501,395
First Financial Bancorp
 
99,395
2,411,323
First Financial Bankshares Inc
 
216,261
7,781,071
First Merchants Corp
 
172,570
6,609,431
Flushing Financial Corp
 
36,154
429,510
Fulton Financial Corp
 
189,456
3,417,786
Hancock Whitney Corp
 
16,610
953,414
Lakeland Financial Corp
 
112,672
6,923,694
Mercantile Bank Corp
 
6,353
294,843
Midland States Bancorp Inc
 
16,703
289,296
NB Bancorp Inc (b)(c)
 
188,818
3,372,289
Nbt Bancorp Inc (b)
 
21,657
899,848
Northfield Bancorp Inc
 
152,051
1,745,545
Northwest Bancshares Inc
 
794,695
10,156,202
OceanFirst Financial Corp
 
121,354
2,137,044
Old National Bancorp/IN
 
236,766
5,052,586
Park National Corp
 
25,068
4,192,874
Peapack-Gladstone Financial Corp
 
30,949
874,309
Provident Financial Services Inc
 
225,914
3,960,272
Renasant Corp (b)
 
63,328
2,275,375
S&T Bancorp Inc
 
13,623
515,222
Seacoast Banking Corp of Florida (b)
 
30,190
833,848
Sierra Bancorp
 
37,804
1,122,401
Stellar Bancorp Inc
 
9,019
252,351
Triumph Financial Inc (c)
 
6,970
384,117
TrustCo Bank Corp NY
 
8,262
276,116
UMB Financial Corp
 
20,989
2,207,203
United Bankshares Inc/WV
 
80,626
2,937,205
United Community Banks Inc/GA
 
59,861
1,783,259
Univest Financial Corp
 
10,072
302,563
Veritex Holdings Inc
 
98,127
2,561,115
Washington Trust Bancorp Inc
 
12,935
365,802
WesBanco Inc
 
357,612
11,311,268
Westamerica BanCorp
 
18,958
918,326
 
 
 
160,637,399
Capital Markets - 2.7%
 
 
 
Acadian Asset Management Inc
 
55,958
1,971,960
BGC Group Inc Class A
 
1,004,092
10,271,861
Federated Hermes Inc Class B
 
235,367
10,431,466
Oppenheimer Holdings Inc Class A
 
9,264
609,293
Piper Sandler Cos
 
21,782
6,054,089
Victory Capital Holdings Inc Class A
 
180,957
11,521,533
Virtus Invt Partners Inc
 
4,256
772,038
WisdomTree Inc (b)
 
843,655
9,710,469
 
 
 
51,342,709
Consumer Finance - 2.3%
 
 
 
Dave Inc Class A (c)
 
49,630
13,321,188
Encore Capital Group Inc (c)
 
94,224
3,647,411
EZCORP Inc Class A (b)(c)
 
340,281
4,723,100
FirstCash Holdings Inc
 
50,691
6,850,382
Lendingtree Inc (c)
 
141,984
5,263,347
NerdWallet Inc Class A (c)
 
232,485
2,550,360
PROG Holdings Inc
 
194,523
5,709,250
Regional Management Corp
 
31,794
928,703
 
 
 
42,993,741
Financial Services - 1.9%
 
 
 
Cannae Holdings Inc
 
37,505
781,979
Compass Diversified Holdings
 
185,033
1,162,007
Federal Agricultural Mortgage Corp Class C
 
13,297
2,583,341
Flywire Corp (c)
 
364,708
4,267,084
Merchants Bancorp/IN
 
32,041
1,059,596
Mr Cooper Group Inc (c)
 
31,069
4,635,806
NCR Atleos Corp (c)
 
31,329
893,816
NMI Holdings Inc (c)
 
236,223
9,966,249
Payoneer Global Inc (c)
 
1,470,844
10,075,282
Remitly Global Inc (c)
 
31,699
594,990
Repay Holdings Corp Class A (c)
 
80,449
387,764
Waterstone Financial Inc
 
43,161
596,053
 
 
 
37,003,967
Insurance - 2.6%
 
 
 
Amerisafe Inc
 
43,140
1,886,512
CNO Financial Group Inc
 
101,133
3,901,711
Genworth Financial Inc Class A (c)
 
440,871
3,429,976
HCI Group Inc
 
27,655
4,209,091
Heritage Insurance Holdings Inc (c)
 
77,764
1,939,434
Horace Mann Educators Corp
 
64,080
2,753,518
Lemonade Inc (b)(c)
 
107,379
4,704,274
Oscar Health Inc Class A (b)(c)
 
329,011
7,053,996
Root Inc/OH Class A (c)
 
20,412
2,612,124
Selective Insurance Group Inc
 
108,732
9,421,628
Selectquote Inc (c)
 
367,974
875,778
Trupanion Inc (c)
 
120,118
6,648,531
Universal Insurance Holdings Inc
 
22,585
626,282
 
 
 
50,062,855
Mortgage Real Estate Investment Trusts (REITs) - 0.4%
 
 
 
ARMOUR Residential REIT Inc (b)
 
48,154
809,469
Brightspire Capital Inc Class A
 
73,785
372,613
Kkr Real Estate Finance Trust Inc (b)
 
148,110
1,298,925
Ladder Capital Corp Class A
 
124,081
1,333,871
Ready Capital Corp (b)
 
239,864
1,048,206
TPG RE Finance Trust Inc
 
311,887
2,407,768
 
 
 
7,270,852
TOTAL FINANCIALS
 
 
349,311,523
 
 
 
 
Health Care - 14.8%
 
 
 
Biotechnology - 6.5%
 
 
 
89bio Inc (c)
 
207,425
2,036,914
ACADIA Pharmaceuticals Inc (c)
 
124,055
2,675,866
Adaptimmune Therapeutics Plc ADR (c)
 
123,869
29,691
Adicet Bio Inc (c)
 
244,002
148,841
ADMA Biologics Inc (c)
 
124,588
2,268,747
Agios Pharmaceuticals Inc (c)
 
12,929
430,019
Akebia Therapeutics Inc (c)
 
643,025
2,340,611
Akero Therapeutics Inc (c)
 
80,363
4,288,170
Alkermes PLC (c)
 
142,047
4,063,965
Altimmune Inc (c)
 
317,319
1,228,025
Amicus Therapeutics Inc (c)
 
318,930
1,827,469
Anika Therapeutics Inc (b)(c)
 
17,784
188,155
Arbutus Biopharma Corp (b)(c)
 
63,303
195,606
Arcellx Inc (c)
 
16,818
1,107,465
Arcus Biosciences Inc (c)
 
161,401
1,313,804
Arcutis Biotherapeutics Inc (b)(c)
 
106,054
1,486,877
ArriVent Biopharma Inc (c)
 
9,837
214,151
Arrowhead Pharmaceuticals Inc (c)
 
26,593
420,169
Atreca Inc Class A rights (c)(d)
 
1,051
0
Avidity Biosciences Inc (c)
 
54,287
1,541,751
Beam Therapeutics Inc (c)
 
25,519
434,078
Bicara Therapeutics Inc
 
72,495
673,479
BioCryst Pharmaceuticals Inc (c)
 
231,020
2,069,939
Biohaven Ltd (c)
 
106,754
1,506,299
Black Diamond Therapeutics Inc (b)(c)
 
259,178
642,761
Blueprint Medicines Corp (c)
 
32,304
4,140,727
Bridgebio Pharma Inc (c)
 
94,673
4,087,980
C4 Therapeutics Inc (b)(c)
 
122,922
175,778
Carisma Therapeutics Inc rights (c)(d)
 
304,482
3
Cartesian Therapeutics Inc rights (c)(d)
 
85,524
23,947
Catalyst Pharmaceuticals Inc (c)
 
124,792
2,707,986
Celldex Therapeutics Inc (c)
 
14,302
291,046
Cogent Biosciences Inc (c)
 
223,970
1,608,105
Crinetics Pharmaceuticals Inc (c)
 
38,194
1,098,459
Cytokinetics Inc (c)
 
57,936
1,914,205
Denali Therapeutics Inc (c)
 
46,815
654,942
Design Therapeutics Inc (c)
 
78,206
263,554
Dynavax Technologies Corp (b)(c)
 
150,805
1,495,986
Emergent BioSolutions Inc (b)(c)
 
122,649
782,501
Erasca Inc (c)
 
266,209
338,085
Halozyme Therapeutics Inc (c)
 
52,958
2,754,875
Ideaya Biosciences Inc (c)
 
14,131
297,034
Inhibrx Biosciences Inc (b)(c)
 
26,295
375,230
Insmed Inc (c)
 
79,743
8,025,336
Intellia Therapeutics Inc (b)(c)
 
167,286
1,569,143
Ironwood Pharmaceuticals Inc Class A (c)
 
343,807
246,578
iTeos Therapeutics Inc (c)
 
45,785
456,476
Jounce Therapeutics Inc rights (c)(d)
 
118,367
1
KalVista Pharmaceuticals Inc (b)(c)
 
92,452
1,045,170
Kiniksa Pharmaceuticals International Plc Class A (c)
 
70,602
1,953,557
Kodiak Sciences Inc (b)(c)
 
184,231
687,182
Krystal Biotech Inc (c)
 
5,933
815,550
Kymera Therapeutics Inc (c)
 
15,029
655,866
Madrigal Pharmaceuticals Inc (c)
 
10,241
3,099,336
Mirum Pharmaceuticals Inc (c)
 
47,026
2,393,153
Myriad Genetics Inc (c)
 
276,467
1,468,040
Neurogene Inc (b)(c)
 
43,176
645,481
Novavax Inc (b)(c)
 
233,806
1,472,978
Nurix Therapeutics Inc (c)
 
44,483
506,661
Nuvalent Inc Class A (c)
 
12,003
915,829
Oncternal Therapeutics Inc rights (b)(c)(d)
 
1,148
0
Organogenesis Holdings Inc Class A (b)(c)
 
158,666
580,718
ORIC Pharmaceuticals Inc (b)(c)
 
91,677
930,522
Praxis Precision Medicines Inc (c)
 
33,665
1,415,613
Precigen Inc (b)(c)
 
259,824
368,950
Protagonist Therapeutics Inc (c)
 
27,498
1,519,814
PTC Therapeutics Inc (c)
 
77,045
3,762,878
Puma Biotechnology Inc (c)
 
88,454
303,397
Q32 Bio Inc rights (c)(d)
 
40,603
0
Recursion Pharmaceuticals Inc Class A (c)
 
76,856
388,891
REGENXBIO Inc (b)(c)
 
160,541
1,318,042
Replimune Group Inc (c)
 
130,528
1,212,605
Revolution Medicines Inc (c)
 
98,707
3,631,431
Rhythm Pharmaceuticals Inc (c)
 
56,761
3,586,728
Rocket Pharmaceuticals Inc (c)
 
226,202
554,195
Sangamo Therapeutics Inc (b)(c)
 
328,034
177,565
Scholar Rock Holding Corp (c)
 
29,652
1,050,274
Soleno Therapeutics Inc (c)
 
30,147
2,525,716
SpringWorks Therapeutics Inc (c)
 
13,223
621,349
Summit Therapeutics Inc (b)(c)
 
20,775
442,092
Surface Oncology Inc rights (c)(d)
 
60,289
0
Syndax Pharmaceuticals Inc (c)
 
129,381
1,211,653
TG Therapeutics Inc (b)(c)
 
77,254
2,780,371
Tonix Pharmaceuticals Holding Corp (c)
 
12,750
458,745
Tourmaline Bio Inc (b)(c)
 
49,078
784,757
Travere Therapeutics Inc (c)
 
116,856
1,729,469
Twist Bioscience Corp (b)(c)
 
64,220
2,362,654
Upstream Bio Inc
 
60,647
665,904
Vanda Pharmaceuticals Inc (c)
 
108,926
514,131
Vaxcyte Inc (c)
 
65,810
2,139,483
Veracyte Inc (c)
 
89,394
2,416,320
Verastem Inc (c)
 
133,021
552,037
Vericel Corp (c)
 
15,994
680,545
Voyager Therapeutics Inc (c)
 
68,957
214,456
Xencor Inc (b)(c)
 
52,955
416,226
Zenas Biopharma Inc
 
36,484
353,530
Zentalis Pharmaceuticals Inc (c)
 
131,461
152,495
 
 
 
123,923,188
Health Care Equipment & Supplies - 1.7%
 
 
 
Accuray Inc Del (c)
 
591,125
809,841
AngioDynamics Inc (c)
 
80,064
794,235
AtriCure Inc (c)
 
78,870
2,584,570
Avanos Medical Inc (c)
 
201,386
2,464,965
Axogen Inc (c)
 
219,017
2,376,334
Bioventus Inc (c)
 
215,343
1,425,571
Cerus Corp (c)
 
556,191
784,229
Glaukos Corp (c)
 
34,185
3,530,969
Haemonetics Corp (c)
 
18,882
1,408,786
iRhythm Technologies Inc (c)
 
29,233
4,500,713
LivaNova PLC (c)
 
25,001
1,125,545
Omnicell Inc (c)
 
190,084
5,588,470
Tactile Systems Technology Inc (b)(c)
 
60,392
612,375
Tandem Diabetes Care Inc (c)
 
100,844
1,879,732
Treace Medical Concepts Inc (c)
 
67,387
396,235
Varex Imaging Corp (c)
 
215,220
1,865,957
 
 
 
32,148,527
Health Care Providers & Services - 4.5%
 
 
 
Alignment Healthcare Inc (c)
 
380,241
5,323,374
BrightSpring Health Services Inc (c)
 
228,335
5,386,423
Brookdale Senior Living Inc (c)
 
396,516
2,759,751
Castle Biosciences Inc (c)
 
23,011
469,884
GeneDx Holdings Corp Class A (c)
 
128,072
11,822,326
Guardant Health Inc (c)
 
296,824
15,446,721
HealthEquity Inc (c)
 
122,915
12,876,575
Hims & Hers Health Inc Class A (b)(c)
 
117,661
5,865,401
NeoGenomics Inc (c)
 
90,193
659,311
Option Care Health Inc (c)
 
407,024
13,220,140
PACS Group Inc (c)
 
167,262
2,161,025
Pediatrix Medical Group Inc (c)
 
197,810
2,838,574
Privia Health Group Inc (c)
 
114,373
2,630,579
Progyny Inc (c)
 
203,491
4,476,802
 
 
 
85,936,886
Health Care Technology - 0.6%
 
 
 
Health Catalyst Inc (b)(c)
 
194,464
733,128
HealthStream Inc
 
97,068
2,685,872
Phreesia Inc (c)
 
191,358
5,446,049
Teladoc Health Inc (c)
 
268,304
2,336,928
 
 
 
11,201,977
Life Sciences Tools & Services - 0.3%
 
 
 
Adaptive Biotechnologies Corp (c)
 
213,721
2,489,850
Codexis Inc (b)(c)
 
222,524
542,959
Cytek Biosciences Inc (c)
 
151,338
514,549
Medpace Holdings Inc (c)
 
3,037
953,193
Mesa Laboratories Inc (b)
 
2,592
244,218
NanoString Technologies Inc (b)(c)(d)
 
84,939
1
OmniAb Inc (c)
 
119,369
207,701
Quanterix Corp (c)
 
99,667
662,786
 
 
 
5,615,257
Pharmaceuticals - 1.2%
 
 
 
Amneal Intermediate Inc Class A (c)
 
193,007
1,561,427
Atea Pharmaceuticals Inc (c)
 
72,531
261,111
Avadel Pharmaceuticals PLC Class A (c)
 
135,936
1,203,034
Axsome Therapeutics Inc (c)
 
17,828
1,861,065
BioAge Labs Inc (b)
 
74,784
308,857
Collegium Pharmaceutical Inc (c)
 
37,713
1,115,173
Corcept Therapeutics Inc (b)(c)
 
25,862
1,898,271
Ligand Pharmaceuticals Inc (c)
 
18,426
2,094,668
MBX Biosciences Inc (b)(c)
 
46,112
526,138
Nuvation Bio Inc Class A (b)(c)
 
378,947
738,947
Pacira BioSciences Inc (c)
 
69,409
1,658,875
Phibro Animal Health Corp Class A
 
49,218
1,257,028
Prestige Consumer Healthcare Inc (c)
 
53,197
4,247,780
Supernus Pharmaceuticals Inc (c)
 
57,675
1,817,916
Tarsus Pharmaceuticals Inc (c)
 
13,001
526,671
WaVe Life Sciences Ltd (c)
 
82,109
533,709
Xeris Biopharma Holdings Inc (c)
 
230,832
1,077,985
 
 
 
22,688,655
TOTAL HEALTH CARE
 
 
281,514,490
 
 
 
 
Industrials - 16.4%
 
 
 
Aerospace & Defense - 1.9%
 
 
 
AAR Corp (c)
 
147,475
10,144,805
Archer Aviation Inc Class A (b)(c)
 
428,059
4,644,440
Ducommun Inc (c)
 
56,559
4,673,470
Intuitive Machines Inc Class A (b)(c)
 
90,869
987,746
Kratos Defense & Security Solutions Inc (c)
 
107,351
4,986,454
National Presto Industries Inc (b)
 
4,013
393,113
Park Aerospace Corp
 
19,428
286,952
Rocket Lab Corp (b)
 
287,389
10,279,905
V2X Inc (c)
 
10,906
529,486
 
 
 
36,926,371
Air Freight & Logistics - 0.1%
 
 
 
Hub Group Inc Class A
 
37,033
1,238,013
Building Products - 1.1%
 
 
 
Apogee Enterprises Inc
 
103,057
4,184,114
Gibraltar Industries Inc (c)
 
54,803
3,233,377
Griffon Corp
 
130,640
9,454,417
Resideo Technologies Inc (c)
 
162,103
3,575,992
Zurn Elkay Water Solutions Corp
 
17,723
648,130
 
 
 
21,096,030
Commercial Services & Supplies - 2.1%
 
 
 
ABM Industries Inc
 
216,067
10,200,523
BrightView Holdings Inc (c)
 
257,263
4,283,429
Brink's Co/The
 
25,051
2,236,804
CECO Environmental Corp (c)
 
149,395
4,229,372
Healthcare Services Group Inc (c)
 
114,718
1,724,212
Interface Inc
 
122,571
2,565,411
OPENLANE Inc (c)
 
265,127
6,482,355
Pitney Bowes Inc
 
389,491
4,249,347
Steelcase Inc Class A
 
43,408
452,745
UniFirst Corp/MA
 
16,403
3,087,373
 
 
 
39,511,571
Construction & Engineering - 2.7%
 
 
 
Arcosa Inc
 
99,062
8,589,666
Comfort Systems USA Inc
 
20,046
10,748,866
Dycom Industries Inc (c)
 
15,031
3,673,426
EMCOR Group Inc
 
20,709
11,077,037
Granite Construction Inc
 
22,754
2,127,727
Limbach Holdings Inc (b)(c)
 
13,676
1,916,008
MYR Group Inc (c)
 
13,112
2,379,172
Primoris Services Corp
 
25,254
1,968,297
Sterling Infrastructure Inc (c)
 
28,083
6,479,591
 
 
 
48,959,790
Electrical Equipment - 1.7%
 
 
 
Bloom Energy Corp Class A (b)(c)
 
200,810
4,803,375
EnerSys
 
138,840
11,908,307
LSI Industries Inc
 
77,575
1,319,550
NEXTracker Inc Class A (c)
 
67,541
3,672,204
NuScale Power Corp Class A (b)(c)
 
44,528
1,761,528
Preformed Line Products Co
 
12,620
2,016,802
Thermon Group Holdings Inc (c)
 
51,620
1,449,490
Vicor Corp (c)
 
122,916
5,575,470
 
 
 
32,506,726
Ground Transportation - 0.5%
 
 
 
ArcBest Corp
 
68,098
5,244,227
Marten Transport Ltd
 
354,932
4,610,567
 
 
 
9,854,794
Machinery - 2.1%
 
 
 
Atmus Filtration Technologies Inc
 
35,704
1,300,340
Chart Industries Inc (c)
 
19,001
3,128,515
Enerpac Tool Group Corp Class A
 
21,737
881,653
ESCO Technologies Inc
 
19,862
3,810,922
Federal Signal Corp
 
113,461
12,074,520
Franklin Electric Co Inc
 
7,359
660,397
Gorman-Rupp Co/The
 
9,317
342,120
Hillman Solutions Corp Class A (c)
 
526,569
3,759,703
Hurco Cos Inc (c)
 
12,537
236,948
Hyster-Yale Inc Class A
 
48,882
1,944,526
Kennametal Inc
 
25,933
595,422
L B Foster Co Class A (c)
 
12,275
268,453
Proto Labs Inc (c)
 
60,497
2,422,300
SPX Technologies Inc (c)
 
21,044
3,528,658
Tennant CO
 
6,812
527,794
Trinity Industries Inc
 
157,336
4,249,645
 
 
 
39,731,916
Passenger Airlines - 0.8%
 
 
 
Allegiant Travel Co (b)(c)
 
33,156
1,821,922
Joby Aviation Inc Class A (b)(c)
 
104,539
1,102,886
SkyWest Inc (c)
 
125,674
12,940,652
 
 
 
15,865,460
Professional Services - 1.2%
 
 
 
Barrett Business Services Inc
 
76,941
3,207,670
CRA International Inc
 
9,405
1,762,215
ExlService Holdings Inc (c)
 
125,750
5,506,593
Kelly Services Inc Class A
 
78,520
919,469
Maximus Inc
 
137,706
9,666,961
Planet Labs PBC Class A (c)
 
261,475
1,594,998
Willdan Group Inc (c)
 
8,938
558,714
 
 
 
23,216,620
Trading Companies & Distributors - 2.2%
 
 
 
Applied Industrial Technologies Inc
 
14,985
3,483,263
Boise Cascade Co
 
28,940
2,512,571
DNOW Inc (c)
 
214,630
3,182,963
DXP Enterprises Inc/TX (c)
 
102,390
8,974,484
FTAI Aviation Ltd
 
84,485
9,719,154
GATX Corp
 
10,885
1,671,501
Global Industrial Co
 
24,536
662,717
GMS Inc (c)
 
9,448
1,027,470
McGrath RentCorp
 
5,757
667,582
Mrc Global Inc (c)
 
68,978
945,688
Rush Enterprises Inc Class A
 
129,230
6,656,637
Xometry Inc Class A (c)
 
83,797
2,831,501
 
 
 
42,335,531
TOTAL INDUSTRIALS
 
 
311,242,822
 
 
 
 
Information Technology - 14.6%
 
 
 
Communications Equipment - 1.1%
 
 
 
Applied Optoelectronics Inc (c)
 
24,199
621,672
Calix Inc (c)
 
39,926
2,123,664
CommScope Holding Co Inc (c)
 
781,106
6,467,558
Extreme Networks Inc (c)
 
234,459
4,208,539
Harmonic Inc (c)
 
25,833
244,638
NetScout Systems Inc (c)
 
196,252
4,869,012
Viavi Solutions Inc (c)
 
326,336
3,286,204
 
 
 
21,821,287
Electronic Equipment, Instruments & Components - 2.8%
 
 
 
Arlo Technologies Inc (c)
 
346,163
5,870,924
Benchmark Electronics Inc (b)
 
182,093
7,070,671
Daktronics Inc (b)(c)
 
89,672
1,355,841
Evolv Technologies Holdings Inc Class A (c)
 
84,978
530,263
Itron Inc (c)
 
69,302
9,122,222
Kimball Electronics Inc (c)
 
53,958
1,037,612
Mirion Technologies Inc Class A (c)
 
141,606
3,048,777
PC Connection Inc
 
52,841
3,475,881
Plexus Corp (c)
 
61,748
8,355,122
Sanmina Corp (c)
 
126,370
12,362,778
Vishay Intertechnology Inc
 
40,405
641,631
 
 
 
52,871,722
IT Services - 0.1%
 
 
 
Fastly Inc Class A (c)
 
217,870
1,538,162
Semiconductors & Semiconductor Equipment - 2.5%
 
 
 
ACM Research Inc Class A (c)
 
166,841
4,321,182
Ambarella Inc (c)
 
179,437
11,854,505
Axcelis Technologies Inc (b)(c)
 
28,006
1,951,738
CEVA Inc (c)
 
18,005
395,750
Credo Technology Group Holding Ltd (c)
 
138,214
12,797,234
Diodes Inc (c)
 
23,282
1,231,385
MaxLinear Inc Class A (c)
 
556,580
7,909,002
PDF Solutions Inc (c)
 
104,455
2,233,248
Power Integrations Inc
 
17,788
994,349
Rigetti Computing Inc Class A (b)(c)
 
27,559
326,850
Semtech Corp (c)
 
33,504
1,512,371
Silicon Laboratories Inc (c)
 
5,376
792,207
Veeco Instruments Inc (b)(c)
 
43,356
880,994
 
 
 
47,200,815
Software - 7.4%
 
 
 
8x8 Inc (c)
 
894,894
1,753,992
ACI Worldwide Inc (c)
 
68,425
3,141,392
Airship AI Holdings Inc Class A (b)(c)
 
129,390
762,107
Alarm.com Holdings Inc (c)
 
129,082
7,302,169
Appian Corp Class A (c)
 
178,543
5,331,294
Asana Inc Class A (c)
 
532,963
7,195,001
Aurora Innovation Inc Class A (b)(c)
 
471,828
2,472,379
Blackbaud Inc (c)
 
103,819
6,666,218
Braze Inc Class A (c)
 
15,842
445,160
Clear Secure Inc Class A (b)
 
411,818
11,432,068
Clearwater Analytics Holdings Inc Class A (c)
 
39,524
866,761
Commvault Systems Inc (c)
 
50,908
8,874,792
Core Scientific Inc (c)
 
89,158
1,521,927
Domo Inc Class B (c)
 
231,002
3,227,098
Intapp Inc (c)
 
184,376
9,517,489
Jamf Holding Corp (c)
 
70,788
673,194
LivePerson Inc (b)(c)
 
684,717
691,564
LiveRamp Holdings Inc (c)
 
329,043
10,871,581
Meridianlink Inc (b)(c)
 
22,484
364,915
PagerDuty Inc (c)
 
445,088
6,800,945
Progress Software Corp
 
51,566
3,291,973
PROS Holdings Inc (c)
 
214,526
3,359,477
Q2 Holdings Inc (c)
 
152,939
14,313,561
Qualys Inc (c)
 
24,057
3,437,024
Rapid7 Inc (c)
 
76,690
1,773,840
SoundHound AI Inc Class A (b)(c)
 
100,438
1,077,700
Sprinklr Inc Class A (c)
 
238,527
2,017,938
Sprout Social Inc Class A (b)(c)
 
196,396
4,106,640
Tenable Holdings Inc (c)
 
370,680
12,521,570
Upland Software Inc (c)
 
66,708
130,080
Weave Communications Inc (c)
 
68,666
571,301
Xperi Inc (c)
 
244,745
1,935,933
Yext Inc (c)
 
283,449
2,409,317
 
 
 
140,858,400
Technology Hardware, Storage & Peripherals - 0.7%
 
 
 
CompoSecure Inc Class A (b)(c)
 
46,385
653,565
Diebold Nixdorf Inc (c)
 
79,707
4,415,768
Immersion Corp (b)
 
250,850
1,976,698
IonQ Inc (b)(c)
 
129,600
5,568,912
Quantum Computing Inc (c)
 
29,219
560,128
 
 
 
13,175,071
TOTAL INFORMATION TECHNOLOGY
 
 
277,465,457
 
 
 
 
Materials - 5.4%
 
 
 
Chemicals - 2.1%
 
 
 
American Vanguard Corp (c)
 
121,706
477,088
Balchem Corp
 
37,392
5,952,806
Hawkins Inc
 
23,995
3,409,690
HB Fuller Co
 
181,900
10,941,285
Minerals Technologies Inc
 
102,695
5,655,414
PureCycle Technologies Inc (c)
 
28,855
395,313
Sensient Technologies Corp
 
127,300
12,541,596
Trinseo PLC (b)
 
72,513
226,240
 
 
 
39,599,432
Construction Materials - 0.2%
 
 
 
United States Lime & Minerals Inc
 
37,473
3,739,805
Containers & Packaging - 0.3%
 
 
 
Myers Industries Inc
 
92,582
1,341,513
O-I Glass Inc (c)
 
313,842
4,626,031
 
 
 
5,967,544
Metals & Mining - 2.8%
 
 
 
Carpenter Technology Corp
 
37,949
10,488,345
Coeur Mining Inc (c)
 
1,572,947
13,936,310
Commercial Metals Co
 
230,221
11,260,109
Hecla Mining Co
 
1,349,942
8,086,153
Olympic Steel Inc
 
42,228
1,376,211
SunCoke Energy Inc
 
758,239
6,513,273
Worthington Steel Inc
 
26,471
789,630
 
 
 
52,450,031
TOTAL MATERIALS
 
 
101,756,812
 
 
 
 
Real Estate - 5.3%
 
 
 
Diversified REITs - 0.4%
 
 
 
American Assets Trust Inc
 
172,848
3,413,748
Broadstone Net Lease Inc Class A
 
210,632
3,380,644
 
 
 
6,794,392
Health Care REITs - 1.4%
 
 
 
American Healthcare REIT Inc
 
11,399
418,799
CareTrust REIT Inc
 
457,561
14,001,367
Community Healthcare Trust Inc
 
70,762
1,176,772
Global Medical REIT Inc
 
172,669
1,196,596
Healthpeak Properties Inc
 
524,420
9,182,594
LTC Properties Inc
 
13,457
465,747
Universal Health Realty Income Trust
 
13,140
525,206
 
 
 
26,967,081
Hotel & Resort REITs - 0.1%
 
 
 
Sunstone Hotel Investors Inc
 
193,594
1,680,395
Industrial REITs - 0.0%
 
 
 
Terreno Realty Corp
 
14,597
818,453
Office REITs - 0.5%
 
 
 
Brandywine Realty Trust
 
96,461
413,818
COPT Defense Properties
 
145,206
4,004,781
Easterly Government Properties Inc
 
37,488
832,234
Empire State Realty Trust Inc Class A
 
497,400
4,023,966
Hudson Pacific Properties Inc (c)
 
251,980
690,425
 
 
 
9,965,224
Real Estate Management & Development - 1.1%
 
 
 
Anywhere Real Estate Inc (c)
 
618,027
2,237,258
Compass Inc Class A (c)
 
1,404,229
8,818,558
Cushman & Wakefield PLC (c)
 
480,402
5,318,050
eXp World Holdings Inc (b)
 
407,161
3,705,165
Opendoor Technologies Inc Class A (b)(c)
 
625,628
333,460
RE/MAX Holdings Inc Class A (c)
 
26,816
219,355
 
 
 
20,631,846
Residential REITs - 0.2%
 
 
 
Centerspace
 
15,003
903,031
Elme Communities
 
57,574
915,427
NexPoint Residential Trust Inc
 
9,833
327,635
Veris Residential Inc
 
61,956
922,525
 
 
 
3,068,618
Retail REITs - 1.1%
 
 
 
Alexander's Inc
 
2,102
473,623
CBL & Associates Properties Inc
 
13,986
355,104
Kite Realty Group Trust
 
141,696
3,209,414
Macerich Co/The
 
248,907
4,027,315
Phillips Edison & Co Inc
 
312,084
10,932,303
Urban Edge Properties
 
50,107
934,997
Whitestone REIT
 
123,298
1,538,759
 
 
 
21,471,515
Specialized REITs - 0.5%
 
 
 
Outfront Media Inc
 
568,603
9,279,601
TOTAL REAL ESTATE
 
 
100,677,125
 
 
 
 
Utilities - 2.5%
 
 
 
Electric Utilities - 0.3%
 
 
 
ALLETE Inc
 
13,749
880,898
Oklo Inc Class A (c)
 
59,046
3,305,986
TXNM Energy Inc
 
31,170
1,755,494
 
 
 
5,942,378
Gas Utilities - 1.3%
 
 
 
New Jersey Resources Corp
 
156,713
7,023,877
Northwest Natural Holding Co (b)
 
11,322
449,710
Southwest Gas Holdings Inc
 
170,836
12,708,490
Spire Inc
 
57,694
4,211,085
 
 
 
24,393,162
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
Hallador Energy Co (c)
 
206,077
3,262,199
Multi-Utilities - 0.6%
 
 
 
Avista Corp
 
209,138
7,936,787
Black Hills Corp
 
18,210
1,021,581
Northwestern Energy Group Inc
 
32,551
1,669,866
 
 
 
10,628,234
Water Utilities - 0.1%
 
 
 
American States Water Co
 
7,894
605,154
Consolidated Water Co Ltd (b)
 
12,555
376,901
H2O America
 
35,552
1,847,638
 
 
 
2,829,693
TOTAL UTILITIES
 
 
47,055,666
 
 
 
 
TOTAL UNITED STATES
 
 
1,839,197,192
 
TOTAL COMMON STOCKS
 (Cost $1,858,976,183)
 
 
 
1,866,095,932
 
 
 
 
U.S. Treasury Obligations - 0.2%
 
 
Yield (%) (e)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 7/10/2025
 
4.25
80,000
79,916
US Treasury Bills 0% 7/17/2025
 
4.26
1,560,000
1,557,130
US Treasury Bills 0% 8/21/2025
 
4.28 to 4.29
450,000
447,247
US Treasury Bills 0% 9/25/2025 (f)
 
4.23
3,100,000
3,068,971
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $5,153,287)
 
 
 
5,153,264
 
 
 
 
 
Money Market Funds - 7.1%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
 
4.32
26,706,784
26,712,125
Fidelity Securities Lending Cash Central Fund (g)(h)
 
4.32
107,224,840
107,235,562
 
TOTAL MONEY MARKET FUNDS
 (Cost $133,947,687)
 
 
 
133,947,687
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 105.6%
 (Cost $1,998,077,157)
 
 
 
2,005,196,883
NET OTHER ASSETS (LIABILITIES) - (5.6)%  
(106,173,842)
NET ASSETS - 100.0%
1,899,023,041
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
 
CME Russell 2000 Index Contracts (United States)
246
Sep 2025
26,957,910
849,473
849,473
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.4%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Non-income producing
 
(d)
Level 3 security
 
(e)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,311,629.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
31,391,601
245,272,559
249,952,035
877,330
-
-
26,712,125
26,706,784
0.1%
Fidelity Securities Lending Cash Central Fund
29,678,010
494,383,224
416,825,671
337,018
-
(1)
107,235,562
107,224,840
0.4%
Total
61,069,611
739,655,783
666,777,706
1,214,348
-
(1)
133,947,687
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Communication Services
52,153,539
52,153,539
-
-
Consumer Discretionary
194,648,787
194,648,787
-
-
Consumer Staples
47,125,244
47,125,244
-
-
Energy
80,558,105
80,558,105
-
-
Financials
354,098,770
354,098,770
-
-
Health Care
285,269,949
285,245,997
-
23,952
Industrials
315,662,608
315,662,608
-
-
Information Technology
287,089,327
287,089,327
-
-
Materials
101,756,812
101,756,812
-
-
Real Estate
100,677,125
100,677,125
-
-
Utilities
47,055,666
47,055,666
-
-
 U.S. Treasury Obligations
5,153,264
-
5,153,264
-
 Money Market Funds
133,947,687
133,947,687
-
-
 Total Investments in Securities:
2,005,196,883
2,000,019,667
5,153,264
23,952
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
849,473
849,473
-
-
  Total Assets
849,473
849,473
-
-
 Total Derivative Instruments:
849,473
849,473
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
849,473
0
Total Equity Risk
849,473
0
Total Value of Derivatives
849,473
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).
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $110,742,759) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,864,129,470)
$
1,871,249,196
 
 
Fidelity Central Funds (cost $133,947,687)
133,947,687
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,998,077,157)
 
 
$
2,005,196,883
Cash
 
 
940,618
Dividends receivable
 
 
1,347,218
Distributions receivable from Fidelity Central Funds
 
 
95,815
Receivable for daily variation margin on futures contracts
 
 
35,670
  Total assets
 
 
2,007,616,204
Liabilities
 
 
 
 
Payable for investments purchased
$
935,660
 
 
Accrued management fee
428,086
 
 
Collateral on securities loaned
107,229,417
 
 
  Total liabilities
 
 
 
108,593,163
Net Assets  
 
 
$
1,899,023,041
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,995,592,618
Total accumulated earnings (loss)
 
 
 
(96,569,577)
Net Assets
 
 
$
1,899,023,041
Net Asset Value, offering price and redemption price per share ($1,899,023,041 ÷ 59,421,356 shares)
 
 
$
31.96
Statement of Operations
 
 
 
Year ended
June 30, 2025
Investment Income
 
 
 
 
Dividends
 
 
$
15,717,412
Interest  
 
 
106,344
Income from Fidelity Central Funds (including $337,018 from security lending)
 
 
1,214,348
 Total income
 
 
 
17,038,104
Expenses
 
 
 
 
Management fee
 
 
$
3,895,750
Independent trustees' fees and expenses
 
 
4,919
 Total expenses before reductions
 
 
 
3,900,669
 Expense reductions
 
 
 
(5,614)
 Total expenses after reductions
 
 
 
3,895,055
Net Investment income (loss)
 
 
 
13,143,049
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
 
 
(75,551,226)
   Redemptions in-kind
 
 
 
135,859,865
 Futures contracts
 
 
 
(1,494,935)
Total net realized gain (loss)
 
 
 
58,813,704
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers   
 
 
 
(45,591,563)
   Fidelity Central Funds
 
 
 
(1)
 Futures contracts
 
 
 
688,754
Total change in net unrealized appreciation (depreciation)
 
 
 
(44,902,810)
Net gain (loss)
 
 
 
13,910,894
Net increase (decrease) in net assets resulting from operations
 
 
$
27,053,943
Statement of Changes in Net Assets
 
 
 
 
Year ended
June 30, 2025
 
Four months ended
June 30, 2024
 
Year ended
February 29, 2024
Increase (Decrease) in Net Assets
 
 
 
 
 
 
Operations
 
 
 
 
 
Net investment income (loss)
$
13,143,049
$
2,182,494
$
4,649,534
Net realized gain (loss)
 
58,813,704
 
28,074,517
 
32,794,589
Change in net unrealized appreciation (depreciation)
 
(44,902,810)
 
(29,968,000)
 
27,704,246
Net increase (decrease) in net assets resulting from operations
 
27,053,943
 
289,011
 
65,148,369
Distributions to shareholders
 
(16,951,185)
 
(2,247,305)
 
(4,715,442)
 
 
 
 
 
 
 
Share transactions
 
 
 
 
 
 
Proceeds from sales of shares
 
1,986,137,502
 
113,489,919
 
117,577,525
  Reinvestment of distributions
 
-
 
-
 
4,092,903
Cost of shares redeemed
 
(671,389,675)
 
(43,439,075)
 
(261,496,096)
 
 
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
1,314,747,827
 
70,050,844
 
(139,825,668)
Total increase (decrease) in net assets
 
1,324,850,585
 
68,092,550
 
(79,392,741)
 
 
 
 
 
 
 
Net Assets
 
 
 
 
 
 
Beginning of period
 
574,172,456
 
506,079,906
 
585,472,647
End of period
$
1,899,023,041
$
574,172,456
$
506,079,906
 
 
 
 
 
 
 
Other Information
 
 
 
 
 
 
Shares
 
 
 
 
 
 
Sold
 
61,600,000
 
3,900,000
 
4,564,341
  Issued in reinvestment of distributions
 
-
 
-
 
163,135
Redeemed
 
(21,900,000)
 
(1,500,000)
 
(10,287,720)
Net increase (decrease)
 
39,700,000
 
2,400,000
 
(5,560,244)
 
 
 
 
 
 
 
See Organization and Prior Fiscal Year Reorganization information note regarding reorganization from mutual fund to exchange traded fund for the fiscal year ended February 29, 2024.
 
Share activity is further described in Organization and Prior Fiscal Year Reorganization information notes, and amounts for the prior fiscal years have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.
Financial Highlights
 
Fidelity® Enhanced Small Cap ETF
 
Years ended June 30,
 
2025  
 
2024 A
 
2024 B,C
 
2023 B,D
 
2022 B,D
 
2021 B,D  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
29.11
$
29.22
$
25.58
$
27.53
$
34.05
$
22.27
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) E,F
 
.30
 
.11
 
.22
 
.24
 
.14
 
.16
     Net realized and unrealized gain (loss)
 
2.95
 
(.10)
 
3.65
 
(.99)
 
(.40)
 
11.80
  Total from investment operations
 
3.25  
 
.01  
 
3.87  
 
(.75)  
 
(.26)
 
11.96
  Distributions from net investment income
 
(.40)
 
(.12)
 
(.23)
 
(.22)
 
(.14)
 
(.18)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.00)
 
(6.12)
 
-
     Total distributions
 
(.40)
 
(.12)
 
(.23)
 
(1.20) G
 
(6.26)
 
(.18)
  Net asset value, end of period
$
31.96
$
29.11
$
29.22
$
25.58
$
27.53
$
34.05
 Total Return H,I,J
 
11.19
%
 
.06%
 
15.26%
 
(2.62)%
 
(1.64)%
 
53.78%
 Ratios to Average Net Assets F,K,L
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.28%
 
.28% M,N
 
.48%
 
.55%
 
.63%
 
.64%
    Expenses net of fee waivers, if any
 
.28
%
 
.28% M,N
 
.48%
 
.55%
 
.63%
 
.64%
    Expenses net of all reductions, if any
 
.28%
 
.28% M,N
 
.48%
 
.55%
 
.63%
 
.64%
    Net investment income (loss)
 
.95%
 
1.20% M,N
 
.87%
 
.94%
 
.41%
 
.62%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,899,023
$
574,172
$
506,080
$
585,473
$
655,168
$
689,131
    Portfolio turnover rate O
 
73
% P
 
71% N,P
 
97% P
 
98%
 
96%
 
44%
 
AFor the four month period ended June 30. The Fund changed its fiscal year end from February 29 to June 30, effective March 1, 2024.
BAs further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.
CFor the year ended February 29.
DFor the year ended February 28.
ECalculated based on average shares outstanding during the period.
FNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
GTotal distributions per share do not sum due to rounding.
HTotal returns for periods of less than one year are not annualized.
ITotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
JBased on net asset value.
KFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
LExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
MProxy expenses are not annualized.
NAnnualized.
OAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
PPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 
For the period ended June 30, 2025
 
1. Organization.
Fidelity Enhanced Small Cap ETF (the Fund) is an exchange-traded fund of Fidelity Covington Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
 
Effective March 1, 2024 the Fund's fiscal year-end changed from February 28 to June 30. Accordingly, the Fund's financial statements and related notes include information as of the one year period ended June 30, 2025, the four month period ended June 30, 2024, and the one year period ended February 29, 2024, as applicable.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3 Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE)business (normally 4:00 p.m. Eastern time) of the New York Stock Exchange, Archipelago Exchange (NYSE Arca), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$188,731,380
Gross unrealized depreciation
(185,686,008)
Net unrealized appreciation (depreciation)
$3,045,372
Tax Cost
$2,002,151,511
 
The tax-based components of distributable earnings as of period end were as follows:
 
Capital loss carryforward
$(97,694,871)
Net unrealized appreciation (depreciation) on securities and other investments
$3,045,372
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(83,785,703)
 Long-term
(13,909,168)
Total capital loss carryforward
$(97,694,871)
 
The Fund intends to elect to defer to its next fiscal year $1,920,079 of ordinary losses recognized during the period January 1, 2025 to June 30, 2025.
 
 
The tax character of distributions paid was as follows:
 
 
June 30, 2025
June 30, 2024
February 29, 2024
Ordinary Income
$16,951,185
$2,247,305
$4,715,442
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period, unless an average notional amount is presented in the table below.
 
 
Average Notional Amount ($)
Fidelity Enhanced Small Cap ETF
18,065,320
 
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Enhanced Small Cap ETF
2,015,148,232
937,396,088
 
Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.
 
 
In-Kind Subscriptions ($)
In-Kind Redemptions ($)
Fidelity Enhanced Small Cap ETF
886,117,923
645,316,021
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .28% of average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholders meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Enhanced Small Cap ETF
 98,354
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Enhanced Small Cap ETF
 95,744,307
 42,033,946
 (4,193,465)
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Enhanced Small Cap ETF
36,126
 1,268
27,681
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity Enhanced Small Cap ETF
5,993,091
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $5,614.
9. Share Transactions.
Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
12. Prior Fiscal Year Reorganization Information.
On November 17, 2023, Fidelity Small Cap Enhanced Index Fund (Predecessor Fund) reorganized into a newly created Fidelity Enhanced Small Cap ETF (ETF) pursuant an Agreement and Plan of Reorganization (the Agreement) approved by its Board of Trustees. Per the Agreement, shareholders of the Predecessor Fund received ETF shares equal in value to the shares of the Predecessor Fund they owned on the day the reorganization was effective. The Predecessor Fund was the accounting survivor after the reorganization. As such, performance and financial history prior to the reorganization is that of the Predecessor Fund. Historical share transactions and per share information for the Predecessor Fund was retroactively adjusted to reflect the change in capital structure due to the reorganization.
 
For financial reporting purposes, the assets and liabilities of the Predecessor Fund and shares issued by the ETF were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund were carried forward and will be utilized for purposes of the ETF's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. Costs incurred in connection with the reorganization were paid by the Predecessor Fund.
 
Predecessor Fund/Accounting Survivor
Investments $
Unrealized appreciation (depreciation) $
Net Assets $
Shares Exchanged
Shares Exchanged Ratio
Fidelity Small Cap Enhanced Index Fund
510,635,061
30,515,551
511,993,789
20,479,785
.5077880000
 
Acquiring ETF
Net Assets $
Total net assets after the acquisition $
Fidelity Enhanced Small Cap ETF
25
511,993,814
 
Pro forma results of operations of the combined entity for the entire period ended February 29, 2024, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
 
Net investment income (loss)
$5,714,131
Total net realized gain (loss)
32,794,589
Total change in net unrealized appreciation (depreciation)
27,704,246
Net increase (decrease) in net assets resulting from operations
$66,212,966
 
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Predecessor Fund that has been included in the ETF's Statement of Operations since November 17, 2023.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity Enhanced Small Cap ETF
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Enhanced Small Cap ETF (one of the funds constituting Fidelity Covington Trust, referred to hereafter as the "Fund") as of June 30, 2025, the related statement of operations for the year ended June 30, 2025 and the statement of changes in net assets for the year ended June 30, 2025, the period March 1, 2024 through June 30, 2024 and the year ended February 29, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year ended June 30, 2025, the changes in its net assets for the year ended June 30, 2025, the period March 1, 2024 through June 30, 2024 and for the year ended February 29, 2024, and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
August 12, 2025
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
 
Distributions
 (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $780,926 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 39%, 51%, 69%, and 69% of the dividends distributed in September, December, March, and June respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
The fund designates 49.89%, 64.77%, 64.89%, and 64.89% of the dividends distributed September, December, March, and June respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The fund designates 32.71%, 12.64%, 27.09%, and 27.09% of the dividends distributed in September, December, March, and June, respectively during the fiscal year as a section 199A dividend.
 
The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
38,080,283,823.03
97.17
Withheld
1,109,333,237.47
2.83
TOTAL
39,189,617,060.50
100.00
Robert A. Lawrence
Affirmative
37,781,807,251.33
96.41
Withheld
1,407,809,809.17
3.59
TOTAL
39,189,617,060.50
100.00
Vijay C. Advani
Affirmative
37,869,526,083.09
96.63
Withheld
1,320,090,977.41
3.37
TOTAL
39,189,617,060.50
100.00
Thomas P. Bostick
Affirmative
38,025,875,898.31
97.03
Withheld
1,163,741,162.19
2.97
TOTAL
39,189,617,060.50
100.00
Donald F. Donahue
Affirmative
37,825,198,238.79
96.52
Withheld
1,364,418,821.71
3.48
TOTAL
39,189,617,060.50
100.00
Vicki L. Fuller
Affirmative
38,031,768,119.99
97.05
Withheld
1,157,848,940.51
2.95
TOTAL
39,189,617,060.50
100.00
Patricia L. Kampling
Affirmative
38,062,391,881.90
97.12
Withheld
1,127,225,178.60
2.88
TOTAL
39,189,617,060.50
100.00
Thomas A. Kennedy
Affirmative
37,891,434,776.27
96.69
Withheld
1,298,182,284.23
3.31
TOTAL
39,189,617,060.50
100.00
Oscar Munoz
Affirmative
37,976,932,673.73
96.91
Withheld
1,212,684,386.77
3.09
TOTAL
39,189,617,060.50
100.00
Karen B. Peetz
Affirmative
38,011,822,212.28
96.99
Withheld
1,177,794,848.22
3.01
TOTAL
39,189,617,060.50
100.00
David M. Thomas
Affirmative
37,976,058,118.16
96.90
Withheld
1,213,558,942.34
3.10
TOTAL
39,189,617,060.50
100.00
Susan Tomasky
Affirmative
37,845,471,684.67
96.57
Withheld
1,344,145,375.83
3.43
TOTAL
39,189,617,060.50
100.00
Michael E. Wiley
Affirmative
37,736,569,620.69
96.29
Withheld
1,453,047,439.81
3.71
TOTAL
39,189,617,060.50
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Enhanced Small Cap ETF
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) (the Advisory Contract). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contract throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contract, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contract. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contract. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contract. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contract was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of FMR, and also considered the FMR's implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contract and under a separate agreement covering pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally State Street Bank and Trust Company, the fund's transfer agent and custodian; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the fund over different time periods and discussed with the Investment Adviser the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contract should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group). The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contract should be renewed through May 31, 2026.
 
1.9910154.102
CPE-ANN-0825
Fidelity® Enhanced Emerging Markets ETF
Fidelity® Enhanced U.S. All-Cap Equity ETF
 
 
Annual Report
June 30, 2025

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)

Fidelity® Enhanced Emerging Markets ETF

Fidelity® Enhanced U.S. All-Cap Equity ETF

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month 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.
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. © 2025 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, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Enhanced Emerging Markets ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 98.8%
 
 
Shares
Value ($)
 
BRAZIL - 5.4%
 
 
 
Consumer Staples - 1.0%
 
 
 
Beverages - 0.7%
 
 
 
Ambev SA
 
32,300
79,188
Food Products - 0.3%
 
 
 
BRF SA ADR
 
10,089
36,825
TOTAL CONSUMER STAPLES
 
 
116,013
 
 
 
 
Energy - 1.0%
 
 
 
Oil, Gas & Consumable Fuels - 1.0%
 
 
 
Petroleo Brasileiro SA - Petrobras
 
18,500
106,851
Financials - 1.5%
 
 
 
Banks - 0.9%
 
 
 
Itau Unibanco Holding SA
 
8,800
59,848
NU Holdings Ltd/Cayman Islands Class A (b)
 
2,698
37,017
 
 
 
96,865
Insurance - 0.6%
 
 
 
BB Seguridade Participacoes SA
 
10,200
67,210
TOTAL FINANCIALS
 
 
164,075
 
 
 
 
Industrials - 1.2%
 
 
 
Aerospace & Defense - 1.0%
 
 
 
Embraer SA ADR
 
1,875
106,706
Electrical Equipment - 0.2%
 
 
 
WEG SA
 
3,500
27,559
TOTAL INDUSTRIALS
 
 
134,265
 
 
 
 
Utilities - 0.7%
 
 
 
Water Utilities - 0.7%
 
 
 
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
 
4,000
87,706
TOTAL BRAZIL
 
 
608,910
CHILE - 1.3%
 
 
 
Consumer Discretionary - 1.0%
 
 
 
Broadline Retail - 0.5%
 
 
 
Falabella SA
 
10,148
53,919
Specialty Retail - 0.5%
 
 
 
Empresas Copec SA
 
8,000
54,477
TOTAL CONSUMER DISCRETIONARY
 
 
108,396
 
 
 
 
Consumer Staples - 0.1%
 
 
 
Consumer Staples Distribution & Retail - 0.1%
 
 
 
Cencosud SA
 
4,605
15,669
Industrials - 0.2%
 
 
 
Passenger Airlines - 0.2%
 
 
 
Latam Airlines Group SA
 
926,374
18,754
TOTAL CHILE
 
 
142,819
CHINA - 31.1%
 
 
 
Communication Services - 7.4%
 
 
 
Entertainment - 2.0%
 
 
 
Kingsoft Corp Ltd
 
13,200
68,775
Netease Inc
 
5,400
145,147
Tencent Music Entertainment Group Class A ADR
 
716
13,955
 
 
 
227,877
Interactive Media & Services - 4.9%
 
 
 
Tencent Holdings Ltd
 
8,600
551,061
Wireless Telecommunication Services - 0.5%
 
 
 
China United Network Communications Ltd A Shares (China)
 
75,400
56,204
TOTAL COMMUNICATION SERVICES
 
 
835,142
 
 
 
 
Consumer Discretionary - 10.5%
 
 
 
Automobile Components - 0.2%
 
 
 
Ningbo Tuopu Group Co Ltd A Shares (China)
 
3,700
24,404
Automobiles - 2.6%
 
 
 
BYD Co Ltd H Shares
 
9,000
140,447
Geely Automobile Holdings Ltd
 
37,000
75,226
Seres Group Co Ltd A Shares (China)
 
3,400
63,749
 
 
 
279,422
Broadline Retail - 4.3%
 
 
 
Alibaba Group Holding Ltd
 
24,600
344,089
JD.com Inc A Shares
 
6,100
99,388
PDD Holdings Inc Class A ADR (b)
 
289
30,246
 
 
 
473,723
Hotels, Restaurants & Leisure - 2.1%
 
 
 
Meituan B Shares (b)(c)(d)
 
9,100
145,253
Trip.com Group Ltd
 
1,550
90,039
 
 
 
235,292
Specialty Retail - 1.3%
 
 
 
Pop Mart International Group Ltd (c)(d)
 
4,400
149,433
TOTAL CONSUMER DISCRETIONARY
 
 
1,162,274
 
 
 
 
Consumer Staples - 0.5%
 
 
 
Beverages - 0.5%
 
 
 
Beijing Yanjing Brewery Co Ltd A Shares (China)
 
33,300
60,103
Energy - 0.9%
 
 
 
Energy Equipment & Services - 0.2%
 
 
 
CNOOC Energy Technology & Services Ltd A Shares (China)
 
44,100
25,116
Oil, Gas & Consumable Fuels - 0.7%
 
 
 
PetroChina Co Ltd H Shares
 
83,600
71,886
TOTAL ENERGY
 
 
97,002
 
 
 
 
Financials - 2.6%
 
 
 
Banks - 0.6%
 
 
 
China Construction Bank Corp H Shares
 
44,700
45,099
Huaxia Bank Co Ltd A Shares (China)
 
17,500
19,323
 
 
 
64,422
Capital Markets - 0.2%
 
 
 
China Galaxy Securities Co Ltd H Shares
 
14,000
15,748
Huatai Securities Co Ltd H Shares (c)(d)
 
6,600
13,367
 
 
 
29,115
Consumer Finance - 0.7%
 
 
 
Qifu Technology Inc Class A ADR
 
1,792
77,701
Insurance - 1.1%
 
 
 
China Life Insurance Co Ltd H Shares
 
7,000
16,800
People's Insurance Co Group of China Ltd/The A Shares (China)
 
16,900
20,547
People's Insurance Co Group of China Ltd/The H Shares
 
107,000
81,376
 
 
 
118,723
TOTAL FINANCIALS
 
 
289,961
 
 
 
 
Health Care - 2.8%
 
 
 
Biotechnology - 1.9%
 
 
 
BeOne Medicines Ltd H Shares (b)
 
4,400
82,843
Innovent Biologics Inc (b)(c)(d)
 
12,500
124,842
 
 
 
207,685
Life Sciences Tools & Services - 0.3%
 
 
 
Wuxi Apptec Co Ltd A Shares (China)
 
4,700
45,630
Pharmaceuticals - 0.6%
 
 
 
Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)
 
8,900
64,478
TOTAL HEALTH CARE
 
 
317,793
 
 
 
 
Industrials - 2.9%
 
 
 
Air Freight & Logistics - 0.6%
 
 
 
JD Logistics Inc (b)(c)(d)
 
42,500
71,141
Electrical Equipment - 1.0%
 
 
 
Contemporary Amperex Technology Co Ltd A Shares (China)
 
1,500
52,811
Shanghai Electric Group Co Ltd A Shares (China) (b)
 
57,400
59,212
 
 
 
112,023
Machinery - 0.8%
 
 
 
CRRC Corp Ltd A Shares (China)
 
65,700
64,564
Yutong Bus Co Ltd A Shares (China)
 
6,400
22,209
 
 
 
86,773
Marine Transportation - 0.1%
 
 
 
COSCO SHIPPING Holdings Co Ltd H Shares
 
7,000
12,163
Passenger Airlines - 0.4%
 
 
 
China Southern Airlines Co Ltd A Shares (China) (b)
 
54,000
44,473
TOTAL INDUSTRIALS
 
 
326,573
 
 
 
 
Information Technology - 2.0%
 
 
 
Technology Hardware, Storage & Peripherals - 2.0%
 
 
 
Xiaomi Corp B Shares (b)(c)(d)
 
29,600
226,055
Materials - 0.6%
 
 
 
Construction Materials - 0.3%
 
 
 
China National Building Material Co Ltd H Shares
 
60,000
28,662
Metals & Mining - 0.3%
 
 
 
China Hongqiao Group Ltd
 
16,500
37,793
TOTAL MATERIALS
 
 
66,455
 
 
 
 
Real Estate - 0.3%
 
 
 
Real Estate Management & Development - 0.3%
 
 
 
KE Holdings Inc ADR
 
2,023
35,888
Utilities - 0.6%
 
 
 
Water Utilities - 0.6%
 
 
 
Guangdong Investment Ltd
 
84,000
70,197
TOTAL CHINA
 
 
3,487,443
EGYPT - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Banks - 0.0%
 
 
 
Commercial International Bank - Egypt (CIB)
 
2,174
3,695
GREECE - 0.4%
 
 
 
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
Eurobank Ergasias Services and Holdings SA
 
15,597
53,574
HUNGARY - 1.6%
 
 
 
Energy - 0.7%
 
 
 
Oil, Gas & Consumable Fuels - 0.7%
 
 
 
MOL Hungarian Oil & Gas PLC Class A
 
8,923
77,695
Financials - 0.9%
 
 
 
Banks - 0.9%
 
 
 
OTP Bank Nyrt
 
1,271
101,529
TOTAL HUNGARY
 
 
179,224
INDIA - 15.0%
 
 
 
Consumer Discretionary - 1.6%
 
 
 
Automobiles - 1.6%
 
 
 
Mahindra & Mahindra Ltd GDR (d)
 
4,910
179,706
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Reliance Industries Ltd GDR (c)
 
278
19,404
Financials - 8.1%
 
 
 
Banks - 8.1%
 
 
 
Axis Bank Ltd GDR (d)
 
1,963
136,232
HDFC Bank Ltd ADR
 
4,401
337,425
ICICI Bank Ltd ADR
 
8,458
284,527
State Bank of India GDR (d)
 
1,579
150,479
 
 
 
908,663
Health Care - 1.5%
 
 
 
Pharmaceuticals - 1.5%
 
 
 
Dr Reddy's Laboratories Ltd ADR
 
11,459
172,229
Industrials - 0.4%
 
 
 
Construction & Engineering - 0.4%
 
 
 
Larsen & Toubro Ltd GDR (d)
 
1,086
46,481
Information Technology - 3.2%
 
 
 
IT Services - 3.2%
 
 
 
Infosys Ltd ADR
 
11,322
209,797
Wipro Ltd ADR
 
47,684
144,005
 
 
 
353,802
TOTAL INDIA
 
 
1,680,285
INDONESIA - 0.8%
 
 
 
Consumer Staples - 0.6%
 
 
 
Food Products - 0.6%
 
 
 
Indofood Sukses Makmur Tbk PT
 
138,100
69,114
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
United Tractors Tbk PT
 
15,100
19,950
TOTAL INDONESIA
 
 
89,064
KOREA (SOUTH) - 12.1%
 
 
 
Communication Services - 1.1%
 
 
 
Interactive Media & Services - 0.6%
 
 
 
NAVER Corp
 
330
64,017
Wireless Telecommunication Services - 0.5%
 
 
 
SK Telecom Co Ltd
 
1,428
59,836
TOTAL COMMUNICATION SERVICES
 
 
123,853
 
 
 
 
Consumer Discretionary - 1.6%
 
 
 
Automobile Components - 1.5%
 
 
 
Hankook Tire & Technology Co Ltd
 
2,508
73,674
Hyundai Mobis Co Ltd
 
425
90,142
 
 
 
163,816
Automobiles - 0.1%
 
 
 
Kia Corp
 
235
16,828
TOTAL CONSUMER DISCRETIONARY
 
 
180,644
 
 
 
 
Financials - 1.4%
 
 
 
Capital Markets - 1.3%
 
 
 
Korea Investment Holdings Co Ltd
 
440
45,393
NH Investment & Securities Co Ltd
 
6,455
95,359
 
 
 
140,752
Insurance - 0.1%
 
 
 
DB Insurance Co Ltd
 
36
3,280
Samsung Life Insurance Co Ltd
 
105
9,886
 
 
 
13,166
TOTAL FINANCIALS
 
 
153,918
 
 
 
 
Industrials - 2.4%
 
 
 
Aerospace & Defense - 0.9%
 
 
 
Hanwha Aerospace Co Ltd
 
169
105,910
Machinery - 1.1%
 
 
 
HD Korea Shipbuilding & Offshore Engineering Co Ltd
 
442
119,552
Passenger Airlines - 0.4%
 
 
 
Korean Air Lines Co Ltd
 
2,740
46,369
TOTAL INDUSTRIALS
 
 
271,831
 
 
 
 
Information Technology - 4.5%
 
 
 
Semiconductors & Semiconductor Equipment - 2.4%
 
 
 
SK Hynix Inc
 
1,208
260,678
Technology Hardware, Storage & Peripherals - 2.1%
 
 
 
Samsung Electronics Co Ltd
 
5,259
232,411
TOTAL INFORMATION TECHNOLOGY
 
 
493,089
 
 
 
 
Utilities - 1.1%
 
 
 
Electric Utilities - 1.1%
 
 
 
Korea Electric Power Corp
 
4,435
128,807
TOTAL KOREA (SOUTH)
 
 
1,352,142
MALAYSIA - 1.1%
 
 
 
Financials - 1.0%
 
 
 
Banks - 1.0%
 
 
 
AMMB Holdings Bhd
 
20,600
24,943
Malayan Banking Bhd
 
34,700
79,912
 
 
 
104,855
Materials - 0.1%
 
 
 
Chemicals - 0.1%
 
 
 
Petronas Chemicals Group Bhd
 
17,500
14,500
TOTAL MALAYSIA
 
 
119,355
MEXICO - 1.3%
 
 
 
Consumer Staples - 1.3%
 
 
 
Beverages - 1.3%
 
 
 
Arca Continental SAB de CV
 
7,500
79,271
Coca-Cola Femsa SAB de CV unit
 
6,500
62,982
 
 
 
 
TOTAL MEXICO
 
 
142,253
PHILIPPINES - 0.9%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Jollibee Foods Corp
 
4,100
15,730
Industrials - 0.8%
 
 
 
Transportation Infrastructure - 0.8%
 
 
 
International Container Terminal Services Inc
 
11,210
81,834
TOTAL PHILIPPINES
 
 
97,564
POLAND - 1.1%
 
 
 
Financials - 1.1%
 
 
 
Banks - 0.3%
 
 
 
Bank Polska Kasa Opieki SA
 
681
34,954
Insurance - 0.8%
 
 
 
Powszechny Zaklad Ubezpieczen SA
 
5,269
92,096
TOTAL POLAND
 
 
127,050
QATAR - 0.1%
 
 
 
Financials - 0.1%
 
 
 
Banks - 0.1%
 
 
 
Qatar Islamic Bank QPSC
 
3,823
23,257
SAUDI ARABIA - 1.7%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Specialty Retail - 0.0%
 
 
 
Jarir Marketing Co
 
1,299
4,343
Energy - 0.1%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
Ades Holding Co
 
3,068
11,207
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Saudi Arabian Oil Co (c)(d)
 
829
5,376
TOTAL ENERGY
 
 
16,583
 
 
 
 
Financials - 1.6%
 
 
 
Banks - 1.5%
 
 
 
Al Rajhi Bank
 
3,966
100,036
Saudi Awwal Bank
 
683
6,137
Saudi National Bank/The
 
5,090
49,020
 
 
 
155,193
Capital Markets - 0.1%
 
 
 
Saudi Tadawul Group Holding Co
 
350
16,462
TOTAL FINANCIALS
 
 
171,655
 
 
 
 
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Saudi Arabian Mining Co (b)
 
12
171
TOTAL SAUDI ARABIA
 
 
192,752
SOUTH AFRICA - 2.1%
 
 
 
Consumer Discretionary - 0.5%
 
 
 
Specialty Retail - 0.5%
 
 
 
Pepkor Holdings Ltd (c)(d)
 
35,169
54,093
Financials - 0.4%
 
 
 
Banks - 0.3%
 
 
 
Absa Group Ltd
 
3,751
37,290
Insurance - 0.1%
 
 
 
Discovery Ltd
 
877
10,641
TOTAL FINANCIALS
 
 
47,931
 
 
 
 
Materials - 1.2%
 
 
 
Chemicals - 0.3%
 
 
 
Sasol Ltd (b)
 
7,584
33,740
Metals & Mining - 0.9%
 
 
 
Gold Fields Ltd ADR
 
1,054
24,948
Harmony Gold Mining Co Ltd
 
5,346
73,925
 
 
 
98,873
TOTAL MATERIALS
 
 
132,613
 
 
 
 
TOTAL SOUTH AFRICA
 
 
234,637
TAIWAN - 19.0%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Pou Chen Corp (b)
 
28,000
29,659
Consumer Staples - 0.5%
 
 
 
Food Products - 0.5%
 
 
 
Uni-President Enterprises Corp
 
20,000
55,443
Financials - 2.1%
 
 
 
Banks - 1.0%
 
 
 
CTBC Financial Holding Co Ltd
 
75,000
112,170
Financial Services - 0.2%
 
 
 
Yuanta Financial Holding Co Ltd
 
17,000
19,869
Insurance - 0.9%
 
 
 
Cathay Financial Holding Co Ltd
 
10,000
21,493
Fubon Financial Holding Co Ltd
 
26,000
77,682
 
 
 
99,175
TOTAL FINANCIALS
 
 
231,214
 
 
 
 
Industrials - 0.6%
 
 
 
Marine Transportation - 0.6%
 
 
 
Evergreen Marine Corp Taiwan Ltd
 
9,000
61,296
Passenger Airlines - 0.0%
 
 
 
China Airlines Ltd
 
4,000
2,957
TOTAL INDUSTRIALS
 
 
64,253
 
 
 
 
Information Technology - 14.9%
 
 
 
Electronic Equipment, Instruments & Components - 1.4%
 
 
 
Delta Electronics Inc
 
8,000
113,077
Hon Hai Precision Industry Co Ltd
 
8,000
44,081
 
 
 
157,158
Semiconductors & Semiconductor Equipment - 12.8%
 
 
 
ASE Technology Holding Co Ltd
 
16,000
80,769
MediaTek Inc
 
3,000
128,341
Realtek Semiconductor Corp
 
5,000
97,026
Taiwan Semiconductor Manufacturing Co Ltd
 
31,000
1,124,611
 
 
 
1,430,747
Technology Hardware, Storage & Peripherals - 0.7%
 
 
 
Asustek Computer Inc
 
2,000
44,081
Compal Electronics Inc
 
36,000
35,730
 
 
 
79,811
TOTAL INFORMATION TECHNOLOGY
 
 
1,667,716
 
 
 
 
Materials - 0.7%
 
 
 
Construction Materials - 0.7%
 
 
 
Asia Cement Corp
 
44,000
64,226
TCC Group Holdings Co Ltd
 
17,000
14,836
 
 
 
79,062
TOTAL TAIWAN
 
 
2,127,347
THAILAND - 1.0%
 
 
 
Communication Services - 0.0%
 
 
 
Wireless Telecommunication Services - 0.0%
 
 
 
Advanced Info Service PCL depository receipt
 
300
2,570
Consumer Staples - 0.6%
 
 
 
Food Products - 0.6%
 
 
 
Charoen Pokphand Foods PCL depository receipt
 
97,800
69,309
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
PTT PCL depository receipt
 
20,300
18,764
Financials - 0.2%
 
 
 
Banks - 0.2%
 
 
 
Krung Thai Bank PCL depository receipt
 
33,100
21,723
TOTAL THAILAND
 
 
112,366
TURKEY - 0.5%
 
 
 
Financials - 0.3%
 
 
 
Banks - 0.3%
 
 
 
Turkiye Is Bankasi AS Class C
 
102,815
34,472
Industrials - 0.2%
 
 
 
Passenger Airlines - 0.2%
 
 
 
Turk Hava Yollari AO
 
2,774
19,750
TOTAL TURKEY
 
 
54,222
UNITED ARAB EMIRATES - 1.6%
 
 
 
Real Estate - 1.6%
 
 
 
Real Estate Management & Development - 1.6%
 
 
 
Aldar Properties PJSC
 
32,000
77,722
Emaar Properties PJSC
 
27,961
103,542
 
 
 
 
TOTAL UNITED ARAB EMIRATES
 
 
181,264
UNITED STATES - 0.7%
 
 
 
Consumer Staples - 0.7%
 
 
 
Food Products - 0.7%
 
 
 
JBS NV Class A
 
5,050
73,781
 
TOTAL COMMON STOCKS
 (Cost $9,676,060)
 
 
 
11,083,004
 
 
 
 
U.S. Treasury Obligations - 0.2%
 
 
Yield (%) (e)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 7/10/2025 (f)
 (Cost $19,978)
 
4.26
20,000
19,979
 
 
 
 
 
Money Market Funds - 0.6%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
 (Cost $70,825)
 
4.32
70,811
70,825
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
 (Cost $9,766,863)
 
 
 
11,173,808
NET OTHER ASSETS (LIABILITIES) - 0.4%  
44,048
NET ASSETS - 100.0%
11,217,856
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
 
ICE MSCI Emerging Markets Index Contracts (United States)
1
Sep 2025
61,675
900
900
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.5%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $808,964 or 7.2% of net assets.
 
(d)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,302,458 or 11.6% of net assets.
 
(e)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $19,979.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
-
9,116,187
9,045,362
3,805
-
-
70,825
70,811
0.0%
Total
-
9,116,187
9,045,362
3,805
-
-
70,825
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Communication Services
961,565
961,565
-
-
Consumer Discretionary
1,734,845
1,734,845
-
-
Consumer Staples
601,685
601,685
-
-
Energy
356,249
356,249
-
-
Financials
2,437,572
2,437,572
-
-
Health Care
490,022
490,022
-
-
Industrials
963,741
963,741
-
-
Information Technology
2,740,662
2,740,662
-
-
Materials
292,801
292,801
-
-
Real Estate
217,152
217,152
-
-
Utilities
286,710
286,710
-
-
 U.S. Treasury Obligations
19,979
-
19,979
-
 Money Market Funds
70,825
70,825
-
-
 Total Investments in Securities:
11,173,808
11,153,829
19,979
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
900
900
-
-
  Total Assets
900
900
-
-
 Total Derivative Instruments:
900
900
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
900
0
Total Equity Risk
900
0
Total Value of Derivatives
900
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).
Fidelity® Enhanced Emerging Markets ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $9,696,038)
$
11,102,983
 
 
Fidelity Central Funds (cost $70,825)
70,825
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $9,766,863)
 
 
$
11,173,808
Cash
 
 
3,288
Foreign currency held at value (cost $2,940)
 
 
2,943
Dividends receivable
 
 
40,784
Distributions receivable from Fidelity Central Funds
 
 
402
Receivable for daily variation margin on futures contracts
 
 
120
  Total assets
 
 
11,221,345
Liabilities
 
 
 
 
Accrued management fee
$
3,489
 
 
  Total liabilities
 
 
 
3,489
Net Assets  
 
 
$
11,217,856
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
10,130,986
Total accumulated earnings (loss)
 
 
 
1,086,870
Net Assets
 
 
$
11,217,856
Net Asset Value, offering price and redemption price per share ($11,217,856 ÷ 400,000 shares)
 
 
$
28.04
Statement of Operations
 
For the period November 19, 2024 (commencement of operations) through June 30, 2025
 
Investment Income
 
 
 
 
Dividends
 
 
$
186,883
Interest  
 
 
812
Income from Fidelity Central Funds  
 
 
3,805
 Total income
 
 
 
191,500
Expenses
 
 
 
 
Management fee
$
24,081
 
 
Independent trustees' fees and expenses
20
 
 
 Total expenses before reductions
 
24,101
 
 
 Expense reductions
 
(211)
 
 
 Total expenses after reductions
 
 
 
23,890
Net Investment income (loss)
 
 
 
167,610
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(248,365)
 
 
   Redemptions in-kind
 
21,159
 
 
 Foreign currency transactions
 
722
 
 
 Futures contracts
 
(70,531)
 
 
Total net realized gain (loss)
 
 
 
(297,015)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,406,945
 
 
 Assets and liabilities in foreign currencies
 
390
 
 
 Futures contracts
 
900
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,408,235
Net gain (loss)
 
 
 
1,111,220
Net increase (decrease) in net assets resulting from operations
 
 
$
1,278,830
Statement of Changes in Net Assets
 
 
For the period November 19, 2024 (commencement of operations) through June 30, 2025
Increase (Decrease) in Net Assets
 
 
Operations
 
Net investment income (loss)
$
167,610
Net realized gain (loss)
 
(297,015)
Change in net unrealized appreciation (depreciation)
 
1,408,235
Net increase (decrease) in net assets resulting from operations
 
1,278,830
Distributions to shareholders
 
(170,800)
 
 
 
Share transactions
 
 
Proceeds from sales of shares
 
12,633,157
Cost of shares redeemed
 
(2,523,331)
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
10,109,826
Total increase (decrease) in net assets
 
11,217,856
 
 
 
Net Assets
 
 
Beginning of period
 
-
End of period
$
11,217,856
 
 
 
Other Information
 
 
Shares
 
 
Sold
 
500,000
Redeemed
 
(100,000)
Net increase (decrease)
 
400,000
 
 
 
Financial Highlights
 
Fidelity® Enhanced Emerging Markets ETF
 
Years ended June 30,
 
2025 A 
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
25.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.42
     Net realized and unrealized gain (loss)
 
3.05
  Total from investment operations
 
3.47  
  Distributions from net investment income
 
(.43)
     Total distributions
 
(.43)
  Net asset value, end of period
$
28.04
 Total Return D,E,F
 
14.00
%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
.38% I
    Expenses net of fee waivers, if any
 
.38
% I
    Expenses net of all reductions, if any
 
.38% I
    Net investment income (loss)
 
2.65% I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
11,218
    Portfolio turnover rate J
 
46
% I,K
 
AFor the period November 19, 2024 (commencement of operations) through June 30, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FBased on net asset value.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Enhanced U.S. All-Cap Equity ETF
Schedule of Investments June 30, 2025
Showing Percentage of Net Assets  
Common Stocks - 99.9%
 
 
Shares
Value ($)
 
BAILIWICK OF GUERNSEY - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Super Group SGHC Ltd
 
256
2,808
BRAZIL - 0.1%
 
 
 
Financials - 0.1%
 
 
 
Capital Markets - 0.1%
 
 
 
XP Inc Class A
 
154
3,111
CANADA - 0.1%
 
 
 
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Aurinia Pharmaceuticals Inc (a)
 
313
2,651
Real Estate - 0.1%
 
 
 
Real Estate Management & Development - 0.1%
 
 
 
Real Brokerage Inc/The (a)
 
590
2,661
TOTAL CANADA
 
 
5,312
IRELAND - 0.0%
 
 
 
Industrials - 0.0%
 
 
 
Commercial Services & Supplies - 0.0%
 
 
 
Cimpress PLC (a)
 
57
2,679
KOREA (SOUTH) - 0.3%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Broadline Retail - 0.3%
 
 
 
Coupang Inc Class A (a)
 
504
15,100
MONACO - 0.1%
 
 
 
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Scorpio Tankers Inc
 
42
1,643
Industrials - 0.1%
 
 
 
Marine Transportation - 0.1%
 
 
 
Costamare Inc
 
250
2,278
TOTAL MONACO
 
 
3,921
UNITED KINGDOM - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
TechnipFMC PLC
 
184
6,337
UNITED STATES - 99.1%
 
 
 
Communication Services - 10.8%
 
 
 
Diversified Telecommunication Services - 1.1%
 
 
 
AT&T Inc
 
1,762
50,993
Bandwidth Inc Class A (a)
 
181
2,878
IDT Corp Class B
 
39
2,664
 
 
 
56,535
Entertainment - 4.3%
 
 
 
Electronic Arts Inc
 
114
18,206
Netflix Inc (a)
 
65
87,044
Playtika Holding Corp
 
458
2,166
ROBLOX Corp Class A (a)
 
247
25,984
Spotify Technology SA (a)
 
47
36,065
Walt Disney Co/The
 
457
56,673
 
 
 
226,138
Interactive Media & Services - 4.6%
 
 
 
Alphabet Inc Class A
 
511
90,054
Alphabet Inc Class C
 
235
41,686
Meta Platforms Inc Class A
 
141
104,071
Vimeo Inc Class A (a)
 
527
2,129
Yelp Inc Class A (a)
 
72
2,467
 
 
 
240,407
Media - 0.7%
 
 
 
Comcast Corp Class A
 
944
33,692
New York Times Co/The Class A
 
40
2,239
 
 
 
35,931
Wireless Telecommunication Services - 0.1%
 
 
 
T-Mobile US Inc
 
33
7,862
TOTAL COMMUNICATION SERVICES
 
 
566,873
 
 
 
 
Consumer Discretionary - 11.3%
 
 
 
Automobile Components - 0.1%
 
 
 
American Axle & Manufacturing Holdings Inc (a)
 
577
2,354
Phinia Inc
 
60
2,669
 
 
 
5,023
Automobiles - 1.6%
 
 
 
Ford Motor Co
 
1,712
18,575
General Motors Co
 
423
20,816
Tesla Inc (a)
 
146
46,378
 
 
 
85,769
Broadline Retail - 2.8%
 
 
 
Amazon.com Inc (a)
 
673
147,649
Diversified Consumer Services - 0.4%
 
 
 
Adtalem Global Education Inc (a)
 
22
2,799
Coursera Inc (a)
 
276
2,418
Duolingo Inc Class A (a)
 
16
6,560
Frontdoor Inc (a)
 
51
3,006
Strategic Education Inc
 
31
2,639
Universal Technical Institute Inc (a)
 
75
2,542
 
 
 
19,964
Hotels, Restaurants & Leisure - 1.9%
 
 
 
Airbnb Inc Class A (a)
 
36
4,764
BJ's Restaurants Inc (a)
 
58
2,587
Booking Holdings Inc
 
2
11,578
Brinker International Inc (a)
 
19
3,426
Carnival Corp (a)
 
432
12,148
DoorDash Inc Class A (a)
 
154
37,963
Expedia Group Inc Class A
 
54
9,109
Global Business Travel Group I Class A (a)
 
420
2,646
International Game Technology PLC
 
135
2,134
Life Time Group Holdings Inc (a)
 
93
2,821
Light & Wonder Inc Class A (a)
 
17
1,636
Monarch Casino & Resort Inc
 
28
2,420
PlayAGS Inc (a)
 
197
2,461
Rush Street Interactive Inc Class A (a)
 
191
2,846
Wendy's Co/The
 
230
2,627
 
 
 
101,166
Household Durables - 0.5%
 
 
 
Cavco Industries Inc (a)
 
5
2,171
Cricut Inc Class A
 
402
2,722
Garmin Ltd
 
29
6,053
M/I Homes Inc (a)
 
24
2,691
Meritage Homes Corp
 
42
2,813
Sonos Inc (a)
 
237
2,562
Taylor Morrison Home Corp (a)
 
40
2,457
Toll Brothers Inc
 
43
4,908
 
 
 
26,377
Leisure Products - 0.1%
 
 
 
Hasbro Inc
 
45
3,322
Peloton Interactive Inc Class A (a)
 
367
2,547
 
 
 
5,869
Specialty Retail - 3.8%
 
 
 
Abercrombie & Fitch Co Class A (a)
 
38
3,148
AutoNation Inc (a)
 
16
3,178
Bath & Body Works Inc
 
97
2,906
Best Buy Co Inc
 
85
5,706
Buckle Inc/The
 
60
2,721
CarMax Inc (a)
 
68
4,570
Carvana Co Class A (a)
 
47
15,837
Chewy Inc Class A (a)
 
92
3,921
Five Below Inc (a)
 
25
3,280
Gap Inc/The
 
138
3,010
Home Depot Inc/The
 
180
65,996
Lithia Motors Inc Class A
 
11
3,716
ODP Corp/The (a)
 
147
2,665
Petco Health & Wellness Co Inc Class A (a)
 
920
2,604
Sally Beauty Holdings Inc (a)
 
285
2,639
Signet Jewelers Ltd
 
34
2,705
Stitch Fix Inc Class A (a)
 
567
2,098
ThredUp Inc Class A (a)
 
366
2,741
TJX Cos Inc/The
 
340
41,987
Ulta Beauty Inc (a)
 
20
9,356
Upbound Group Inc
 
112
2,811
Urban Outfitters Inc (a)
 
39
2,829
Williams-Sonoma Inc
 
21
3,431
 
 
 
193,855
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Tapestry Inc
 
73
6,410
TOTAL CONSUMER DISCRETIONARY
 
 
592,082
 
 
 
 
Consumer Staples - 3.0%
 
 
 
Beverages - 0.7%
 
 
 
Boston Beer Co Inc/The Class A (a)
 
10
1,908
Coca-Cola Consolidated Inc
 
27
3,015
Keurig Dr Pepper Inc
 
70
2,314
MGP Ingredients Inc
 
19
569
Molson Coors Beverage Co Class B
 
10
481
PepsiCo Inc
 
220
29,049
 
 
 
37,336
Consumer Staples Distribution & Retail - 1.8%
 
 
 
BJ's Wholesale Club Holdings Inc (a)
 
53
5,715
Costco Wholesale Corp
 
4
3,960
Natural Grocers by Vitamin Cottage Inc
 
47
1,844
United Natural Foods Inc (a)
 
90
2,098
US Foods Holding Corp (a)
 
94
7,239
Village Super Market Inc Class A
 
66
2,541
Walmart Inc
 
719
70,304
 
 
 
93,701
Food Products - 0.3%
 
 
 
Cal-Maine Foods Inc
 
30
2,989
Fresh Del Monte Produce Inc
 
71
2,302
Hain Celestial Group Inc (a)
 
1,492
2,267
Tyson Foods Inc Class A
 
122
6,825
Utz Brands Inc Class A
 
200
2,510
 
 
 
16,893
Household Products - 0.1%
 
 
 
Kimberly-Clark Corp
 
6
774
Procter & Gamble Co/The
 
23
3,664
 
 
 
4,438
Personal Care Products - 0.1%
 
 
 
Honest Co Inc/The (a)
 
476
2,423
Nature's Sunshine Products Inc (a)
 
170
2,514
 
 
 
4,937
TOTAL CONSUMER STAPLES
 
 
157,305
 
 
 
 
Energy - 2.8%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
Natural Gas Services Group Inc (a)
 
99
2,555
Oil States International Inc (a)
 
472
2,530
Ranger Energy Services Inc Class A
 
166
1,982
 
 
 
7,067
Oil, Gas & Consumable Fuels - 2.7%
 
 
 
Antero Midstream Corp
 
169
3,203
Cheniere Energy Inc
 
97
23,621
Devon Energy Corp
 
270
8,589
EOG Resources Inc
 
88
10,526
Excelerate Energy Inc Class A
 
90
2,639
Exxon Mobil Corp
 
70
7,546
HF Sinclair Corp
 
76
3,122
Kinder Morgan Inc
 
645
18,963
Kinetik Holdings Inc Class A
 
57
2,510
Marathon Petroleum Corp
 
136
22,591
Targa Resources Corp
 
21
3,656
Williams Cos Inc/The
 
532
33,415
 
 
 
140,381
TOTAL ENERGY
 
 
147,448
 
 
 
 
Financials - 14.0%
 
 
 
Banks - 1.1%
 
 
 
Byline Bancorp Inc
 
100
2,673
Central Pacific Financial Corp
 
96
2,691
Community Trust Bancorp Inc
 
48
2,540
JPMorgan Chase & Co
 
117
33,919
Northwest Bancshares Inc
 
217
2,773
Old Second Bancorp Inc
 
147
2,608
SmartFinancial Inc
 
76
2,567
Third Coast Bancshares Inc (a)
 
77
2,516
TrustCo Bank Corp NY
 
80
2,674
WesBanco Inc
 
82
2,594
 
 
 
57,555
Capital Markets - 5.5%
 
 
 
Acadian Asset Management Inc
 
78
2,749
Bank of New York Mellon Corp/The
 
314
28,609
Cboe Global Markets Inc
 
45
10,494
Charles Schwab Corp/The
 
537
48,996
CME Group Inc Class A
 
148
40,792
Goldman Sachs Group Inc/The
 
79
55,913
Janus Henderson Group PLC
 
64
2,486
Morgan Stanley
 
330
46,484
Morningstar Inc
 
10
3,139
MSCI Inc
 
33
19,032
Piper Sandler Cos
 
11
3,057
SEI Investments Co
 
40
3,594
State Street Corp
 
128
13,612
Tradeweb Markets Inc Class A
 
50
7,320
WisdomTree Inc
 
244
2,808
 
 
 
289,085
Consumer Finance - 1.0%
 
 
 
Capital One Financial Corp
 
172
36,595
Dave Inc Class A (a)
 
12
3,221
Encore Capital Group Inc (a)
 
62
2,400
Green Dot Corp Class A (a)
 
249
2,684
Lendingtree Inc (a)
 
65
2,410
NerdWallet Inc Class A (a)
 
217
2,380
PROG Holdings Inc
 
89
2,612
 
 
 
52,302
Financial Services - 4.1%
 
 
 
Alerus Financial Corp
 
123
2,662
Berkshire Hathaway Inc Class B (a)
 
92
44,691
Compass Diversified Holdings
 
380
2,386
Euronet Worldwide Inc (a)
 
26
2,636
Federal Agricultural Mortgage Corp Class C
 
13
2,526
Fiserv Inc (a)
 
196
33,792
Flywire Corp (a)
 
233
2,726
Global Payments Inc
 
110
8,804
Mastercard Inc Class A
 
106
59,566
NMI Holdings Inc (a)
 
72
3,038
PayPal Holdings Inc (a)
 
426
31,660
Velocity Financial Inc (a)
 
134
2,484
Visa Inc Class A
 
57
20,238
 
 
 
217,209
Insurance - 2.1%
 
 
 
Allstate Corp/The
 
114
22,949
Cincinnati Financial Corp
 
56
8,340
Donegal Group Inc Class A
 
124
2,483
Globe Life Inc
 
36
4,474
HCI Group Inc
 
17
2,587
Horace Mann Educators Corp
 
60
2,578
Kemper Corp
 
44
2,840
Markel Group Inc (a)
 
5
9,987
Progressive Corp/The
 
175
46,701
Selective Insurance Group Inc
 
18
1,560
Selectquote Inc (a)
 
961
2,287
United Fire Group Inc
 
90
2,583
Universal Insurance Holdings Inc
 
90
2,496
 
 
 
111,865
Mortgage Real Estate Investment Trusts (REITs) - 0.2%
 
 
 
Angel Oak Mortgage REIT Inc
 
76
715
Kkr Real Estate Finance Trust Inc
 
266
2,333
New York Mortgage Trust Inc
 
382
2,559
Rithm Capital Corp
 
275
3,105
 
 
 
8,712
TOTAL FINANCIALS
 
 
736,728
 
 
 
 
Health Care - 11.4%
 
 
 
Biotechnology - 3.3%
 
 
 
AbbVie Inc
 
336
62,368
ACADIA Pharmaceuticals Inc (a)
 
125
2,696
Akebia Therapeutics Inc (a)
 
657
2,391
Alkermes PLC (a)
 
100
2,861
BioCryst Pharmaceuticals Inc (a)
 
247
2,213
Biogen Inc (a)
 
64
8,038
BioMarin Pharmaceutical Inc (a)
 
80
4,398
Black Diamond Therapeutics Inc (a)
 
317
786
Catalyst Pharmaceuticals Inc (a)
 
117
2,539
Exact Sciences Corp (a)
 
70
3,720
Exelixis Inc (a)
 
120
5,289
Gilead Sciences Inc
 
425
47,120
Incyte Corp (a)
 
68
4,631
Ironwood Pharmaceuticals Inc Class A (a)
 
1,405
1,008
MiMedx Group Inc (a)
 
61
372
Myriad Genetics Inc (a)
 
180
956
Natera Inc (a)
 
50
8,447
PTC Therapeutics Inc (a)
 
59
2,882
Puma Biotechnology Inc (a)
 
717
2,459
United Therapeutics Corp (a)
 
19
5,460
 
 
 
170,634
Health Care Equipment & Supplies - 0.8%
 
 
 
Becton Dickinson & Co
 
125
21,531
Boston Scientific Corp (a)
 
9
967
Insulet Corp (a)
 
31
9,740
LivaNova PLC (a)
 
62
2,791
Omnicell Inc (a)
 
70
2,058
Orthofix Medical Inc (a)
 
145
1,617
Surmodics Inc (a)
 
83
2,466
Tactile Systems Technology Inc (a)
 
139
1,409
 
 
 
42,579
Health Care Providers & Services - 3.1%
 
 
 
Alignment Healthcare Inc (a)
 
130
1,820
Aveanna Healthcare Holdings Inc (a)
 
520
2,720
Cardinal Health Inc
 
107
17,976
Centene Corp (a)
 
219
11,887
CVS Health Corp
 
549
37,870
Elevance Health Inc
 
92
35,784
Enhabit Inc (a)
 
35
337
GeneDx Holdings Corp Class A (a)
 
30
2,769
Humana Inc
 
53
12,957
Labcorp Holdings Inc
 
10
2,625
Option Care Health Inc (a)
 
93
3,021
Pediatrix Medical Group Inc (a)
 
176
2,526
Privia Health Group Inc (a)
 
128
2,944
Talkspace Inc Class A (a)
 
673
1,871
UnitedHealth Group Inc
 
75
23,398
 
 
 
160,505
Health Care Technology - 0.5%
 
 
 
Doximity Inc Class A (a)
 
58
3,558
HealthStream Inc
 
93
2,572
Phreesia Inc (a)
 
99
2,818
Veeva Systems Inc Class A (a)
 
65
18,719
 
 
 
27,667
Life Sciences Tools & Services - 0.0%
 
 
 
Niagen Bioscience Inc (a)
 
184
2,651
Pharmaceuticals - 3.7%
 
 
 
Amneal Intermediate Inc Class A (a)
 
304
2,459
Bristol-Myers Squibb Co
 
893
41,337
Eli Lilly & Co
 
26
20,268
Jazz Pharmaceuticals PLC (a)
 
28
2,971
Johnson & Johnson
 
116
17,719
Merck & Co Inc
 
645
51,059
Pfizer Inc
 
1,834
44,457
Phibro Animal Health Corp Class A
 
106
2,707
Supernus Pharmaceuticals Inc (a)
 
83
2,616
Viatris Inc
 
520
4,644
Xeris Biopharma Holdings Inc (a)
 
545
2,545
 
 
 
192,782
TOTAL HEALTH CARE
 
 
596,818
 
 
 
 
Industrials - 10.3%
 
 
 
Aerospace & Defense - 2.3%
 
 
 
Astronics Corp (a)
 
81
2,712
Axon Enterprise Inc (a)
 
32
26,494
Curtiss-Wright Corp
 
16
7,817
Ducommun Inc (a)
 
32
2,644
HEICO Corp
 
8
2,624
Howmet Aerospace Inc
 
176
32,759
Lockheed Martin Corp
 
87
40,293
V2X Inc (a)
 
58
2,816
 
 
 
118,159
Air Freight & Logistics - 0.0%
 
 
 
Radiant Logistics Inc (a)
 
425
2,584
Building Products - 1.8%
 
 
 
Allegion plc
 
38
5,477
Apogee Enterprises Inc
 
50
2,029
Armstrong World Industries Inc
 
19
3,086
Gibraltar Industries Inc (a)
 
44
2,596
Griffon Corp
 
37
2,678
Johnson Controls International plc
 
288
30,419
Resideo Technologies Inc (a)
 
132
2,912
Trane Technologies PLC
 
98
42,866
 
 
 
92,063
Commercial Services & Supplies - 1.3%
 
 
 
ABM Industries Inc
 
49
2,313
BrightView Holdings Inc (a)
 
169
2,814
Cintas Corp
 
152
33,877
CoreCivic Inc (a)
 
112
2,360
Healthcare Services Group Inc (a)
 
175
2,630
Interface Inc
 
125
2,616
Republic Services Inc
 
90
22,195
 
 
 
68,805
Construction & Engineering - 0.7%
 
 
 
AECOM
 
56
6,320
Argan Inc
 
11
2,425
Comfort Systems USA Inc
 
15
8,043
EMCOR Group Inc
 
19
10,163
MYR Group Inc (a)
 
17
3,085
Sterling Infrastructure Inc (a)
 
9
2,077
Tutor Perini Corp (a)
 
63
2,947
Valmont Industries Inc
 
9
2,939
 
 
 
37,999
Electrical Equipment - 1.1%
 
 
 
Acuity Inc
 
13
3,878
Allient Inc
 
80
2,905
AMETEK Inc
 
101
18,278
Atkore Inc
 
41
2,893
EnerSys
 
33
2,830
LSI Industries Inc
 
139
2,364
nVent Electric PLC
 
72
5,274
Rockwell Automation Inc
 
49
16,276
Sensata Technologies Holding PLC
 
102
3,071
 
 
 
57,769
Ground Transportation - 1.1%
 
 
 
Lyft Inc Class A (a)
 
196
3,088
Uber Technologies Inc (a)
 
565
52,715
 
 
 
55,803
Machinery - 0.5%
 
 
 
Astec Industries Inc
 
60
2,501
ESCO Technologies Inc
 
17
3,262
Flowserve Corp
 
61
3,193
Gates Industrial Corp PLC (a)
 
141
3,247
Hillman Solutions Corp Class A (a)
 
248
1,770
Hyster-Yale Inc Class A
 
60
2,387
Proto Labs Inc (a)
 
64
2,563
Shyft Group Inc/The
 
214
2,684
SPX Technologies Inc (a)
 
20
3,354
Worthington Enterprises Inc
 
44
2,800
 
 
 
27,761
Marine Transportation - 0.0%
 
 
 
Matson Inc
 
6
668
Passenger Airlines - 0.0%
 
 
 
SkyWest Inc (a)
 
29
2,986
Professional Services - 0.8%
 
 
 
Amentum Holdings Inc
 
60
1,416
Booz Allen Hamilton Holding Corp Class A
 
56
5,831
Heidrick & Struggles International Inc
 
60
2,746
IBEX Holdings Ltd (a)
 
88
2,561
Legalzoom.com Inc (a)
 
280
2,495
Leidos Holdings Inc
 
56
8,835
Maximus Inc
 
32
2,246
Paylocity Holding Corp (a)
 
19
3,443
SS&C Technologies Holdings Inc
 
94
7,783
Willdan Group Inc (a)
 
45
2,813
 
 
 
40,169
Trading Companies & Distributors - 0.7%
 
 
 
DNOW Inc (a)
 
146
2,164
DXP Enterprises Inc/TX (a)
 
30
2,630
Global Industrial Co
 
95
2,566
Karat Packaging Inc
 
79
2,225
McGrath RentCorp
 
24
2,783
MSC Industrial Direct Co Inc Class A
 
35
2,976
Rush Enterprises Inc Class A
 
30
1,545
Rush Enterprises Inc Class B
 
25
1,312
WW Grainger Inc
 
19
19,765
 
 
 
37,966
TOTAL INDUSTRIALS
 
 
542,732
 
 
 
 
Information Technology - 30.7%
 
 
 
Communications Equipment - 0.7%
 
 
 
Extreme Networks Inc (a)
 
166
2,980
Motorola Solutions Inc
 
72
30,273
NetScout Systems Inc (a)
 
109
2,704
Ribbon Communications Inc (a)
 
657
2,635
 
 
 
38,592
Electronic Equipment, Instruments & Components - 0.2%
 
 
 
Arlo Technologies Inc (a)
 
159
2,697
Itron Inc (a)
 
23
3,027
Plexus Corp (a)
 
16
2,165
 
 
 
7,889
IT Services - 0.5%
 
 
 
Backblaze Inc Class A (a)
 
44
241
BigCommerce Holdings Inc (a)
 
507
2,535
Gartner Inc (a)
 
3
1,213
GoDaddy Inc Class A (a)
 
61
10,984
Kyndryl Holdings Inc (a)
 
104
4,364
Twilio Inc Class A (a)
 
62
7,710
 
 
 
27,047
Semiconductors & Semiconductor Equipment - 14.2%
 
 
 
ACM Research Inc Class A (a)
 
103
2,668
Advanced Micro Devices Inc (a)
 
394
55,909
Ambarella Inc (a)
 
44
2,907
Analog Devices Inc
 
8
1,904
Applied Materials Inc
 
269
49,246
Axcelis Technologies Inc (a)
 
28
1,951
Broadcom Inc
 
539
148,575
Cirrus Logic Inc (a)
 
29
3,023
Credo Technology Group Holding Ltd (a)
 
62
5,741
KLA Corp
 
51
45,683
MACOM Technology Solutions Holdings Inc (a)
 
26
3,726
Marvell Technology Inc
 
37
2,864
NVIDIA Corp
 
2,285
361,007
Onto Innovation Inc (a)
 
16
1,615
PDF Solutions Inc (a)
 
124
2,651
QUALCOMM Inc
 
316
50,326
 
 
 
739,796
Software - 10.6%
 
 
 
8x8 Inc (a)
 
1,243
2,436
ACI Worldwide Inc (a)
 
59
2,709
Adobe Inc (a)
 
125
48,360
Alarm.com Holdings Inc (a)
 
44
2,489
Asana Inc Class A (a)
 
151
2,039
Clear Secure Inc Class A
 
90
2,498
Commvault Systems Inc (a)
 
19
3,312
Domo Inc Class B (a)
 
176
2,459
Fortinet Inc (a)
 
264
27,910
HubSpot Inc (a)
 
1
557
Intapp Inc (a)
 
48
2,478
Kaltura Inc (a)
 
1,074
2,159
LiveRamp Holdings Inc (a)
 
81
2,676
Microsoft Corp
 
578
287,503
OneSpan Inc
 
154
2,570
Ooma Inc (a)
 
206
2,657
PagerDuty Inc (a)
 
162
2,475
PROS Holdings Inc (a)
 
141
2,208
Q2 Holdings Inc (a)
 
32
2,995
Red Violet Inc
 
51
2,509
Salesforce Inc
 
206
56,174
Servicenow Inc (a)
 
48
49,348
Sprout Social Inc Class A (a)
 
120
2,509
Synchronoss Technologies Inc (a)
 
412
2,822
Tenable Holdings Inc (a)
 
87
2,939
Teradata Corp (a)
 
116
2,588
Weave Communications Inc (a)
 
261
2,172
Workday Inc Class A (a)
 
88
21,120
Xperi Inc (a)
 
302
2,389
Yext Inc (a)
 
294
2,499
Zoom Communications Inc Class A (a)
 
113
8,812
 
 
 
558,371
Technology Hardware, Storage & Peripherals - 4.5%
 
 
 
Apple Inc
 
1,124
230,611
Diebold Nixdorf Inc (a)
 
52
2,881
Immersion Corp
 
300
2,364
 
 
 
235,856
TOTAL INFORMATION TECHNOLOGY
 
 
1,607,551
 
 
 
 
Materials - 2.9%
 
 
 
Chemicals - 1.3%
 
 
 
Balchem Corp
 
17
2,706
Corteva Inc
 
300
22,359
DuPont de Nemours Inc
 
34
2,332
Ecolab Inc
 
109
29,369
International Flavors & Fragrances Inc
 
112
8,238
Koppers Holdings Inc
 
81
2,604
 
 
 
67,608
Construction Materials - 0.6%
 
 
 
CRH PLC
 
297
27,265
United States Lime & Minerals Inc
 
25
2,495
 
 
 
29,760
Containers & Packaging - 0.1%
 
 
 
Amcor PLC
 
990
9,098
Metals & Mining - 0.9%
 
 
 
Coeur Mining Inc (a)
 
348
3,083
Commercial Metals Co
 
62
3,032
Hecla Mining Co
 
479
2,869
Newmont Corp
 
488
28,432
Olympic Steel Inc
 
82
2,672
Royal Gold Inc
 
29
5,158
SunCoke Energy Inc
 
294
2,525
 
 
 
47,771
TOTAL MATERIALS
 
 
154,237
 
 
 
 
Real Estate - 1.6%
 
 
 
Health Care REITs - 0.4%
 
 
 
CareTrust REIT Inc
 
99
3,029
Healthpeak Properties Inc
 
304
5,323
Ventas Inc
 
182
11,494
 
 
 
19,846
Real Estate Management & Development - 0.2%
 
 
 
Anywhere Real Estate Inc (a)
 
547
1,980
Compass Inc Class A (a)
 
345
2,167
Cushman & Wakefield PLC (a)
 
259
2,867
RE/MAX Holdings Inc Class A (a)
 
315
2,577
 
 
 
9,591
Retail REITs - 0.1%
 
 
 
Brixmor Property Group Inc
 
128
3,333
CBL & Associates Properties Inc
 
82
2,082
Phillips Edison & Co Inc
 
78
2,732
 
 
 
8,147
Specialized REITs - 0.9%
 
 
 
American Tower Corp
 
182
40,226
Equinix Inc
 
8
6,363
 
 
 
46,589
TOTAL REAL ESTATE
 
 
84,173
 
 
 
 
Utilities - 0.3%
 
 
 
Electric Utilities - 0.0%
 
 
 
PG&E Corp
 
19
264
Gas Utilities - 0.1%
 
 
 
MDU Resources Group Inc
 
156
2,600
Southwest Gas Holdings Inc
 
40
2,976
 
 
 
5,576
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
AES Corp/The
 
304
3,198
Multi-Utilities - 0.1%
 
 
 
Avista Corp
 
34
1,290
Black Hills Corp
 
38
2,132
Unitil Corp
 
10
522
 
 
 
3,944
Water Utilities - 0.1%
 
 
 
Consolidated Water Co Ltd
 
59
1,771
H2O America
 
45
2,339
 
 
 
4,110
TOTAL UTILITIES
 
 
17,092
 
 
 
 
TOTAL UNITED STATES
 
 
5,203,039
 
TOTAL COMMON STOCKS
 (Cost $4,881,981)
 
 
 
5,242,307
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $4,881,981)
 
 
 
5,242,307
NET OTHER ASSETS (LIABILITIES) - 0.1%  
7,568
NET ASSETS - 100.0%
5,249,875
 
 
Legend
 
(a)
Non-income producing
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
-
142,344
142,344
520
-
-
-
-
0.0%
Total
-
142,344
142,344
520
-
-
-
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of June 30, 2025, 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 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
 
 
 
 
Communication Services
566,873
566,873
-
-
Consumer Discretionary
609,990
609,990
-
-
Consumer Staples
157,305
157,305
-
-
Energy
155,428
155,428
-
-
Financials
739,839
739,839
-
-
Health Care
599,469
599,469
-
-
Industrials
547,689
547,689
-
-
Information Technology
1,607,551
1,607,551
-
-
Materials
154,237
154,237
-
-
Real Estate
86,834
86,834
-
-
Utilities
17,092
17,092
-
-
 
 
 
 
 
 Total Investments in Securities:
5,242,307
5,242,307
-
-
Fidelity® Enhanced U.S. All-Cap Equity ETF
Financial Statements
Statement of Assets and Liabilities
As of June 30, 2025
 
 
Assets
 
 
 
 
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $4,881,981)
 
 
$
5,242,307
Cash
 
 
13,899
Receivable for investments sold
 
 
273
Dividends receivable
 
 
2,391
Distributions receivable from Fidelity Central Funds
 
 
40
  Total assets
 
 
5,258,910
Liabilities
 
 
 
 
Payable for investments purchased
$
8,272
 
 
Accrued management fee
763
 
 
  Total liabilities
 
 
 
9,035
Net Assets  
 
 
$
5,249,875
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,992,949
Total accumulated earnings (loss)
 
 
 
256,926
Net Assets
 
 
$
5,249,875
Net Asset Value, offering price and redemption price per share ($5,249,875 ÷ 200,000 shares)
 
 
$
26.25
Statement of Operations
 
For the period November 19, 2024 (commencement of operations) through June 30, 2025
 
Investment Income
 
 
 
 
Dividends
 
 
$
36,489
Income from Fidelity Central Funds  
 
 
520
 Total income
 
 
 
37,009
Expenses
 
 
 
 
Management fee
$
4,835
 
 
Independent trustees' fees and expenses
8
 
 
 Total expenses before reductions
 
4,843
 
 
 Expense reductions
 
(214)
 
 
 Total expenses after reductions
 
 
 
4,629
Net Investment income (loss)
 
 
 
32,380
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(102,730)
 
 
Total net realized gain (loss)
 
 
 
(102,730)
Change in net unrealized appreciation (depreciation) on investment securities
 
 
 
360,326
Net gain (loss)
 
 
 
257,596
Net increase (decrease) in net assets resulting from operations
 
 
$
289,976
Statement of Changes in Net Assets
 
 
For the period November 19, 2024 (commencement of operations) through June 30, 2025
Increase (Decrease) in Net Assets
 
 
Operations
 
Net investment income (loss)
$
32,380
Net realized gain (loss)
 
(102,730)
Change in net unrealized appreciation (depreciation)
 
360,326
Net increase (decrease) in net assets resulting from operations
 
289,976
Distributions to shareholders
 
(33,050)
 
 
 
Share transactions
 
 
Proceeds from sales of shares
 
4,992,949
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
4,992,949
Total increase (decrease) in net assets
 
5,249,875
 
 
 
Net Assets
 
 
Beginning of period
 
-
End of period
$
5,249,875
 
 
 
Other Information
 
 
Shares
 
 
Sold
 
200,000
Net increase (decrease)
 
200,000
 
 
 
Financial Highlights
 
Fidelity® Enhanced U.S. All-Cap Equity ETF
 
Years ended June 30,
 
2025 A 
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
25.10
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.18
     Net realized and unrealized gain (loss)
 
1.15
  Total from investment operations
 
1.33  
  Distributions from net investment income
 
(.18)
     Total distributions
 
(.18)
  Net asset value, end of period
$
26.25
 Total Return D,E,F
 
5.34
%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
.18% I
    Expenses net of fee waivers, if any
 
.18
% I
    Expenses net of all reductions, if any
 
.17% I
    Net investment income (loss)
 
1.21% I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
5,250
    Portfolio turnover rate J
 
101
% I,K
 
AFor the period November 19, 2024 (commencement of operations) through June 30, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FBased on net asset value.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 
For the period ended June 30, 2025
 
1. Organization.
Fidelity Enhanced Emerging Markets ETF and Fidelity Enhanced U.S. All-Cap Equity ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Funds and is not distributed to shareholders of the Funds. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind and capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost ($)
Gross unrealized appreciation ($)
Gross unrealized depreciation ($)
Net unrealized appreciation (depreciation)($)
Fidelity Enhanced Emerging Markets ETF 
9,813,034
1,635,811
 (275,037)
1,360,774
Fidelity Enhanced U.S. All-Cap Equity ETF 
4,889,044
536,454
(183,191)
353,263
 
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
 
Undistributed ordinary income ($)
Capital loss carryforward ($)
Net unrealized appreciation (depreciation) on securities and other investments ($)
Fidelity Enhanced Emerging Markets ETF 
43,774
 (318,067)
1,361,164
Fidelity Enhanced U.S. All-Cap Equity ETF 
448
 (96,785)
353,263
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 
 
Short-term ($)
Long-term ($)
Total capital loss carryforward ($)
Fidelity Enhanced Emerging Markets ETF 
 (276,289)
 (41,778)
  (318,067)
Fidelity Enhanced U.S. All-Cap Equity ETF 
 (96,785)
 -
  (96,785)
 
The tax character of distributions paid was as follows:
 
June 30, 2025
 
 
Ordinary Income ($)
Fidelity Enhanced Emerging Markets ETF 
170,800
Fidelity Enhanced U.S. All-Cap Equity ETF 
 33,050
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period, unless an average notional amount is presented in the table below.
 
 
 
Average Notional Amount ($)
Fidelity Enhanced Emerging Markets ETF
 
70,229
 
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Enhanced Emerging Markets ETF
12,995,262
2,868,335
Fidelity Enhanced U.S. All-Cap Equity ETF
2,467,670
2,315,986
 
Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.
 
 
In-Kind Subscriptions ($)
In-Kind Redemptions ($)
Fidelity Enhanced Emerging Markets ETF
-
219,397
Fidelity Enhanced U.S. All-Cap Equity ETF
4,840,684
-
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of each Fund's average net assets as noted in the table below. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
 
Fee Rate
Fidelity Enhanced Emerging Markets ETF
.38%
Fidelity Enhanced U.S. All-Cap Equity ETF
.18%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Enhanced U.S. All-Cap Equity ETF
 66
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Enhanced Emerging Markets ETF
 273,101
 78,900
  (5,154)
Fidelity Enhanced U.S. All-Cap Equity ETF
 166,887
 23,429
  (1,303)
7. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits ($)
Fidelity Enhanced Emerging Markets ETF 
 211
Fidelity Enhanced U.S. All-Cap Equity ETF 
 214
8. Share Transactions.
Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity Enhanced Emerging Markets ETF and Fidelity Enhanced U.S. All-Cap Equity ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Enhanced Emerging Markets ETF and Fidelity Enhanced U.S. All-Cap Equity ETF (two of the funds constituting Fidelity Covington Trust, hereafter collectively referred to as the "Funds") as of June 30, 2025, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period November 19, 2024 (commencement of operations) through June 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the period November 19, 2024 (commencement of operations) through June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.      
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
 
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
August 12, 2025
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
 (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
Fidelity Enhanced U.S. All-Cap Equity ETF
 
 
December 2024
83%
 
March 2025
97%
 
June 2025
97%
 
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Fidelity Enhanced Emerging Markets ETF
 
December 2024
48.99%
March 2025
34.55%
June 2025
34.55%
 
 
Fidelity Enhanced U.S. All-Cap Equity ETF
 
December 2024
88.28%
March 2025
100.00%
June 2025
100.00%
A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:
 
Fidelity Enhanced U.S. All-Cap Equity ETF
 
December 2024
11.73%
 
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:
 
Fidelity Enhanced Emerging Markets ETF
$4,170
Fidelity Enhanced U.S. All-Cap Equity ETF
$474
 
The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9916456.100
EMU-ANN-0825

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies


See Item 7.


Item 9.

Proxy Disclosures for Open-End Management Investment Companies


See Item 7.


Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies


See Item 7.


Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract


See Item 7.


Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 13.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 14.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 15.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.


Item 16.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.


Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies


Not applicable.


Item 18.

Recovery of Erroneously Awarded Compensation


(a)

Not applicable.


(b)

Not applicable.


Item 19.

Exhibits


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)

 

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Covington Trust



By:

/s/Stacie M. Smith

 

Stacie M. Smith

 

President and Treasurer (Principal Executive Officer)

 

 

Date:

August 22, 2025


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith

 

Stacie M. Smith

 

President and Treasurer (Principal Executive Officer)

 

 

Date:

August 22, 2025



By:

/s/Stephanie Caron

 

Stephanie Caron

 

Chief Financial Officer (Principal Financial Officer)

 

 

Date:

August 22, 2025

 






ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CODE.HTM

EX99CERT.HTM

EX99906CERT.HTM

FMR-20250829.XSD

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