Fidelity® MSCI Communication Services Index ETF
   Fidelity® MSCI Consumer Discretionary Index ETF
   Fidelity® MSCI Consumer Staples Index ETF
   Fidelity® MSCI Energy Index ETF
   Fidelity® MSCI Financials Index ETF
   Fidelity® MSCI Health Care Index ETF
   Fidelity® MSCI Industrials Index ETF
   Fidelity® MSCI Information Technology Index ETF
   Fidelity® MSCI Materials Index ETF
   Fidelity® MSCI Real Estate Index ETF
   Fidelity® MSCI Utilities Index ETF
   Semi-Annual Report
   January 31, 2022
    Contents
    Note to Shareholders                   3
    Investment Summary                     4
    Schedule of Investments               15
    Financial Statements                  64
    Notes to Financial Statements         87
    Shareholder Expense Example           92
    Toviewafund’sproxyvotingguidelines and proxy voting record forthe period endedJune,30,visithttp://www.fidelity.com/proxyvotingresults orvisitthe
    Securities and Exchange Commission’s (SEC) web site athttp://www.sec.gov.You may also call 1-800-FIDELITYto requesta free copy ofthe proxy voting
    guidelines.
    Thefundsorsecurities referred to herein are notsponsored,endorsed,orpromoted by MSCI,and MSCI bears no liability with respectto any such funds or
    securities orany index on which such funds orsecurities are based.The prospectus contains a more detailed description of the limited relationship MSCI has
    with Fidelity and any related funds.
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    ©2022FMRLLC.AllRightsreserved.
    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.
    Afundfiles its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on
    the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information
    regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most
    recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
    NOTFDICINSURED•MAYLOSEVALUE•NOBANKGUARANTEE
    Neither the funds nor Fidelity Distributors Corporation is a bank.
    Semi-Annual Report                       2
   Note to Shareholders:
   Early in 2020,the outbreakand spread ofCOVID-19emerged as a public health emergency thathad a majorinfluence on financial markets,
   primarily based on its impact on the global economy and corporate earnings. On March 11,2020,theWorld Health Organization declared the
   COVID-19outbreakapandemic,citingsustainedriskoffurtherglobal spread.The pandemic prompted a numberofmeasures to limitthe spread
   of COVID-19,including travel and borderrestrictions,quarantines,and restrictions on large gatherings. In turn,these resulted in lowerconsumer
   activity, diminished demand fora wide range of products and services,disruption in manufacturing and supply chains,and – given the wide
   variability in outcomes regarding the outbreak– significant marketuncertainty and volatility.To help stem the turmoil,the U.S. governmenttook
   unprecedented action – in concertwith the U.S. Federal Reserve and central banks around the world – to help supportconsumers,businesses,
   andthebroadereconomy,andtolimitdisruptiontothefinancialsystem.
   In general,the overall impactof the pandemic lessened in 2021,amid a resilienteconomy and widespread distribution of three COVID-19
   vaccines granted emergency use authorization from the U.S. Food and DrugAdministration (FDA) early in the year. Still,the situation remains
   dynamic,andtheextentanddurationofitsinfluenceonfinancialmarketsandtheeconomyishighlyuncertain,dueinparttoarecentspikein
   cases based on highly contagious variants of the coronavirus.
   ExtremeeventssuchastheCOVID-19crisisareexogenousshocksthatcanhavesignificantadverseeffectsonmutualfundsandtheir
   investments.Although multiple assetclasses may be affected by marketdisruption,the duration and impactmay notbe the same forall types of
   assets. Fidelity is committed to helping you stay informed amid news about COVID-19and during increased marketvolatility,and we continue to
   take extra steps to be responsive to customerneeds.We encourage you to visitus online,where we offerongoing updates,commentary,and
   analysis on the markets and ourfunds.
                                        3                         Semi-Annual Report
      Fidelity® MSCI Communication Services Index ETF
      Investment Summary (Unaudited)
        Top Ten Stocks as of January 31, 2022                                        Industries as of January 31, 2022
                                                 %offund’s                                                         % of fund’s
                                                  net assets                                                       net assets
      Facebook, Inc. Class A                        17.4                                    Interactive Media &
      Alphabet, Inc. Class A                        11.6                                    Services                 46.8%
      Alphabet, Inc. Class C                        10.9                                    Media                    19.9%
      The Walt Disney Co.                            5.7                                    Entertainment            17.5%
      Verizon Communications, Inc.                   4.9                                    Diversified
      AT&T, Inc.                                     4.8                                    Telecommunication
      Comcast Corp. Class A                          4.7                                    Services                 13.3%
      Netflix, Inc.                                  3.1                                    Wireless
      Charter Communications, Inc. Class A           2.2                                    Telecommunication
      T-Mobile US, Inc.                              2.0                                    Services                  2.4%
                                                    67.3                                    All Others*               0.1%
                                                                                   *Includes short-term investments and net other assets.
       Semi-Annual Report                                                      4