Fidelity High Yield Factor ETF NCSRS Certified semi-annual shareholder report (management investment company)

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, MA 02110

(Address of principal executive offices) (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02110

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2016

Item 1.

Reports to Stockholders

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 Telecommunication Services Index ETF

Fidelity MSCI Utilities Index ETF

Semiannual

January 31, 2016

LOGO

Contents



Performance and Investment Summary	3	How each fund has done over time and a summary of each fund’s holdings.

Shareholder Expense Example	14	An example of shareholder expenses.

Investments	16	A complete list of each fund’s investments with their market values.

Financial Statements	56	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes	79	Notes to the financial statements.

Board Approval of Investment Advisory Contracts and Management Fees	83

To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank..


*Semiannual Report*		2

Fidelity^® MSCI Consumer Discretionary Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Consumer Discretionary Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*

The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.


Fiscal Periods Ended January 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Consumer Discretionary Index ETF – NAV		3.47%		7.52%
Fidelity MSCI Consumer Discretionary Index ETF –Market Price		3.33%		7.50%
MSCI USA IMI Consumer Discretionary Index		3.61%		7.66%
S&P 500 Index		-0.67%		6.95%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Consumer Discretionary Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended December 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Consumer Discretionary Index ETF –NAV		6.39%		10.73%
Fidelity MSCI Consumer Discretionary Index ETF –Market Price		6.31%		10.75%
MSCI USA IMI Consumer Discretionary Index		6.55%		10.89%
S&P 500 Index		1.38%		9.75%

This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.

The fund’s expense ratio is 0.12%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.

^A	From October 21, 2013.

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

Investment Summary


Top Ten Stocks as of January 31, 2016
	% of fund’s net assets
Amazon.com, Inc.		8.3
Home Depot, Inc.		5.8
The Walt Disney Co.		5.5
Comcast Corp. Class A		4.9
McDonald’s Corp.		4.2
Starbucks Corp.		3.2
NIKE, Inc. Class B		3.0
Lowe’s Companies, Inc.		2.4
Time Warner, Inc.		2.0
priceline.com, Inc.		1.9

		41.2


Industries as of January 31, 2016

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*	Includes short-tem investments and net other assets.


		3		*Semiannual Report*

Fidelity^® MSCI Consumer Staples Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Consumer Staples Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Consumer Staples Index ETF – NAV		7.27%		11.60%
Fidelity MSCI Consumer Staples Index ETF – Market Price		7.35%		11.61%
MSCI USA IMI Consumer Staples Index		7.43%		11.76%
S&P 500 Index		-0.67%		6.95%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Consumer Staples Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended December 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Consumer Staples Index ETF – NAV		5.65%		11.92%
Fidelity MSCI Consumer Staples Index ETF – Market Price		5.72%		11.97%
MSCI USA IMI Consumer Staples Index		5.80%		12.09%
S&P 500 Index		1.38%		9.75%

^A	From October 21, 2013.

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

Investment Summary


Top Ten Stocks as of January 31, 2016
	% of fund’s net assets
The Procter & Gamble Co.		11.4
The Coca-Cola Co.		9.1
PepsiCo, Inc.		7.5
Philip Morris International, Inc.		7.1
Altria Group, Inc.		6.1
CVS Health Corp.		5.5
Wal-Mart Stores, Inc.		4.7
Walgreens Boots Alliance, Inc.		3.6
Mondelez International, Inc. Class A		3.6
Costco Wholesale Corp.		3.4

		62.0


Industries as of January 31, 2016

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*	Includes short-term investments and net other assets.


*Semiannual Report*		4

Fidelity^® MSCI Energy Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Energy Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Energy Index ETF – NAV		-22.12%		-14.98%
Fidelity MSCI Energy Index ETF – Market Price		-22.16%		-14.98%
MSCI USA IMI Energy Index		-22.15%		-14.96%
S&P 500 Index		-0.67%		6.95%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Energy Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended December 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Energy Index ETF – NAV		-23.00%		-14.05%
Fidelity MSCI Energy Index ETF – Market Price		-23.03%		-14.03%
MSCI USA IMI Energy Index		-23.05%		-14.04%
S&P 500 Index		1.38%		9.75%

^A	From October 21, 2013.

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

Investment Summary


Top Ten Stocks as of January 31, 2016
	% of fund’s net assets
Exxon Mobil Corp.		23.1
Chevron Corp.		13.0
Schlumberger Ltd.		7.3
Occidental Petroleum Corp.		4.2
ConocoPhillips		3.9
Phillips 66		3.5
EOG Resources, Inc.		3.2
Valero Energy Corp.		2.7
Kinder Morgan, Inc.		2.5
Halliburton Co.		2.2

		65.6


Industries as of January 31, 2016

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		5		*Semiannual Report*

Fidelity^® MSCI Financials Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Financials Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Financials Index ETF – NAV		-3.62%		3.61%
Fidelity MSCI Financials Index ETF – Market Price		-3.72%		3.59%
MSCI USA IMI Financials Index		-3.58%		3.70%
S&P 500 Index		-0.67%		6.95%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Financials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended December 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Financials Index ETF – NAV		-0.62%		7.98%
Fidelity MSCI Financials Index ETF – Market Price		-0.69%		8.00%
MSCI USA IMI Financials Index		-0.52%		8.09%
S&P 500 Index		1.38%		9.75%

^A	From October 21, 2013.

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

Investment Summary


Top Ten Stocks as of January 31, 2016
	% of fund’s net assets
Wells Fargo & Co.		6.9
JPMorgan Chase & Co.		6.2
Berkshire Hathaway, Inc. Class B		4.3
Bank of America Corp.		4.1
Citigroup, Inc.		3.6
American International Group, Inc.		2.0
US Bancorp		2.0
The Goldman Sachs Group, Inc.		1.8
Simon Property Group, Inc.		1.6
Chubb Ltd.		1.4

		33.9


Industries as of January 31, 2016

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*	Includes short-term investments and net other assets.


*Semiannual Report*		6

Fidelity^® MSCI Health Care Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Health Care Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Health Care Index ETF – NAV		-4.36%		12.09%
Fidelity MSCI Health Care Index ETF – Market Price		-4.51%		12.05%
MSCI USA IMI Health Care Index		-4.26%		12.24%
S&P 500 Index		-0.67%		6.95%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Health Care Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended December 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Health Care Index ETF – NAV		7.04%		17.64%
Fidelity MSCI Health Care Index ETF – Market Price		7.04%		17.67%
MSCI USA IMI Health Care Index		7.20%		17.82%
S&P 500 Index		1.38%		9.75%

^A	From October 21, 2013.

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

Investment Summary


Top Ten Stocks as of January 31, 2016
	% of fund’s net assets
Johnson & Johnson		9.8
Pfizer, Inc.		6.4
Merck & Co., Inc.		4.8
Gilead Sciences, Inc.		4.1
Amgen, Inc.		3.9
Allergan PLC		3.8
UnitedHealth Group, Inc.		3.7
Medtronic PLC		3.7
Bristol-Myers Squibb Co.		3.5
AbbVie, Inc.		3.1

		46.8


Industries as of January 31, 2016

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*	Includes short-term investments and net other liabilities.


		7		*Semiannual Report*

Fidelity^® MSCI Industrials Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Industrials Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Industrials Index ETF – NAV		-5.57%		2.34%
Fidelity MSCI Industrials Index ETF – Market Price		-5.64%		2.32%
MSCI USA IMI Industrials Index		-5.45%		2.44%
S&P 500 Index		-0.67%		6.95%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Industrials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended December 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Industrials Index ETF – NAV		-3.63%		5.34%
Fidelity MSCI Industrials Index ETF – Market Price		-3.63%		5.39%
MSCI USA IMI Industrials Index		-3.54%		5.45%
S&P 500 Index		1.38%		9.75%

^A	From October 21, 2013.

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

Investment Summary


Top Ten Stocks as of January 31, 2016
	% of fund’s net assets
General Electric Co.		13.5
3M Co.		4.6
The Boeing Co.		3.8
Honeywell International, Inc.		3.8
United Technologies Corp.		3.6
United Parcel Service, Inc. Class B		3.2
Union Pacific Corp.		3.1
Lockheed Martin Corp.		2.9
Danaher Corp.		2.6
Raytheon Co.		1.9

		43.0


Industries as of January 31, 2016

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*	Includes short-term investments and net other liabilities.


*Semiannual Report*		8

Fidelity^® MSCI Information Technology Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Information Technology Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Information Technology Index ETF – NAV		2.66%		10.73%
Fidelity MSCI Information Technology Index ETF – Market Price		2.43%		10.68%
MSCI USA IMI Information Technology Index		2.74%		10.83%
S&P 500 Index		-0.67%		6.95%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Information Technology Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended December 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Information Technology Index ETF – NAV		5.05%		14.18%
Fidelity MSCI Information Technology Index ETF – Market Price		4.91%		14.20%
MSCI USA IMI Information Technology Index		5.13%		14.30%
S&P 500 Index		1.38%		9.75%

^A	From October 21, 2013.

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

Investment Summary


Top Ten Stocks as of January 31, 2016
	% of fund’s net assets
Apple, Inc.		13.5
Microsoft Corp.		10.1
Facebook, Inc. Class A		5.8
Alphabet, Inc. Class C		5.6
Alphabet, Inc. Class A		5.4
Intel Corp.		3.6
Visa, Inc. Class A		3.5
Oracle Corp.		3.1
Cisco Systems, Inc.		2.9
International Business Machines Corp.		2.8

		56.3


Industries as of January 31, 2016

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*	Includes short-term investments and net other liabilities.


		9		*Semiannual Report*

Fidelity^® MSCI Materials Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Materials Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Materials Index ETF – NAV		-16.92%		-4.07%
Fidelity MSCI Materials Index ETF – Market Price		-17.06%		-4.11%
MSCI USA IMI Materials Index		-16.89%		-4.03%
S&P 500 Index		-0.67%		6.95%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Materials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended December 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Materials Index ETF – NAV		-10.21%		0.48%
Fidelity MSCI Materials Index ETF – Market Price		-9.95%		0.61%
MSCI USA IMI Materials Index		-10.17%		0.53%
S&P 500 Index		1.38%		9.75%

^A	From October 21, 2013.

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

Investment Summary


Top Ten Stocks as of January 31, 2016
	% of fund’s net assets
EI du Pont de Nemours & Co.		7.8
The Dow Chemical Co.		7.7
Monsanto Co.		7.0
LyondellBasell Industries N.V. Class A		5.1
Praxair, Inc.		4.7
Ecolab, Inc.		4.7
Air Products & Chemicals, Inc.		4.2
PPG Industries, Inc.		4.2
The Sherwin-Williams Co.		3.3
International Paper Co.		2.2

		50.9


Industries as of January 31, 2016

LOGO


*Semiannual Report*		10

Fidelity^® MSCI Real Estate Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Real Estate Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*


Fiscal Period Ended January 31, 2016
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Real Estate Index ETF – NAV		-7.38%
Fidelity MSCI Real Estate Index ETF – Market Price		-7.17%
MSCI USA IMI Real Estate Index		-7.51%
S&P 500 Index		-1.94%

Cumulative total returns reflect performance over the period shown. This information represents returns as of the end of the fund’s fiscal period.


Period Ended December 31, 2015
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Real Estate Index ETF – NAV		-3.53%
Fidelity MSCI Real Estate Index ETF – Market Price		-3.19%
MSCI USA IMI Real Estate Index		-3.61%
S&P 500 Index		3.18%

This information shows the returns of the fund and its indices for the applicable time period through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.

Average annual total returns take Fidelity MSCI Real Estate Index ETF’s cumulative total return and show you what would have happened if Fidelity MSCI Real Estate Index ETF’s shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

^A	From February 2, 2015.

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

Investment Summary


Top Ten Stocks as of January 31, 2016
	% of fund’s net assets
Simon Property Group, Inc.		6.4
American Tower Corp.		4.5
Public Storage		4.2
Crown Castle International Corp.		3.2
Equity Residential		3.1
AvalonBay Communities, Inc.		2.6
Welltower, Inc.		2.5
Equinix, Inc.		2.3
Prologis, Inc.		2.3
Ventas, Inc.		2.0

		33.1


Industries as of January 31, 2016

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		11		*Semiannual Report*

Fidelity^® MSCI Telecommunication Services Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Telecommunication Services Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Telecommunication Services Index ETF – NAV		6.49%		5.79%
Fidelity MSCI Telecommunication Services Index ETF – Market Price		6.61%		5.81%
MSCI USA IMI Telecommunication Services 25/50 Index		6.61%		5.73%
S&P 500 Index		-0.67%		6.95%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Telecommunication Services Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended December 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Telecommunication Services Index ETF – NAV		3.26%		5.30%
Fidelity MSCI Telecommunication Services Index ETF – Market Price		3.30%		5.38%
MSCI USA IMI Telecommunication Services 25/50 Index		3.40%		5.23%
S&P 500 Index		1.38%		9.75%

^A	From October 21, 2013.

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

Investment Summary


Top Ten Stocks as of January 31, 2016
	% of fund’s net assets
AT&T, Inc.		24.5
Verizon Communications, Inc.		23.3
Level 3 Communications, Inc.		4.4
CenturyLink, Inc.		4.2
T-Mobile US, Inc.		3.8
SBA Communications Corp. Class A		3.7
Frontier Communications Corp.		2.2
8x8, Inc.		1.8
Straight Path Communications, Inc.		1.7
Cogent Communications Holdings, Inc.		1.7

		71.3


Industries as of January 31, 2016

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*	Rounds to less than 0.1%.


*Semiannual Report*		12

Fidelity^® MSCI Utilities Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Utilities Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*


Fiscal Periods Ended January 31, 2016
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Utilities Index ETF – NAV		-2.46%		11.00%
Fidelity MSCI Utilities Index ETF – Market Price		-2.46%		11.03%
MSCI USA IMI Utilities Index		-2.40%		11.14%
S&P 500 Index		-0.67%		6.95%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Utilities Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended December 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Utilities Index ETF – NAV		-4.80%		9.15%
Fidelity MSCI Utilities Index ETF – Market Price		-4.72%		9.26%
MSCI USA IMI Utilities Index		-4.74%		9.28%
S&P 500 Index		1.38%		9.75%

^A	From October 21, 2013.

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

Investment Summary


Top Ten Stocks as of January 31, 2016
	% of fund’s net assets
Duke Energy Corp.		7.4
NextEra Energy, Inc.		7.2
The Southern Co.		6.3
Dominion Resources, Inc.		6.1
American Electric Power Co., Inc.		4.2
PG&E Corp.		3.8
Exelon Corp.		3.6
PPL Corp.		3.3
Sempra Energy		3.2
Public Service Enterprise Group, Inc.		3.0

		48.1


Industries as of January 31, 2016

LOGO


		13		*Semiannual Report*

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The actual expense Example is based on an investment of $1,000 invested for the one-half year period and held for the entire period (August 1, 2015 to January 31, 2016). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2015 to January 31, 2016).

Actual Expenses

For each fund, the first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying money market fund, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying money market fund. These fees and expenses are not included in each Fund’s annualized expense ratio used to calculate the expense estimates in the table below.

Hypothetical Example for Comparison Purposes

For each fund, the second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in the underlying money market fund, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying money market fund. These fees and expenses are not included in each Fund’s annualized expense ratio used to calculate the expense estimates in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


	Annualized Expense Ratio^A		Beginning Account Value August 1, 2015		Ending Account Value January 31, 2016		Expenses Paid During Period^B August 1, 2015 to January 31, 2016
Fidelity MSCI Consumer Discretionary Index ETF
Actual		.12%	$	1,000.00	$	908.70	$	0.58
Hypothetical^C			$	1,000.00	$	1,024.50	$	0.61
Fidelity MSCI Consumer Staples Index ETF
Actual		.12%	$	1,000.00	$	1,014.10	$	0.61
Hypothetical^C			$	1,000.00	$	1,024.50	$	0.61
Fidelity MSCI Energy Index ETF
Actual		.12%	$	1,000.00	$	847.30	$	0.56
Hypothetical^C			$	1,000.00	$	1,024.50	$	0.61
Fidelity MSCI Financials Index ETF
Actual		.12%	$	1,000.00	$	880.80	$	0.57
Hypothetical^C			$	1,000.00	$	1,024.50	$	0.61
Fidelity MSCI Health Care Index ETF
Actual		.12%	$	1,000.00	$	848.40	$	0.56
Hypothetical^C			$	1,000.00	$	1,024.50	$	0.61
Fidelity MSCI Industrials Index ETF
Actual		.12%	$	1,000.00	$	921.30	$	0.58
Hypothetical^C			$	1,000.00	$	1,024.50	$	0.61
Fidelity MSCI Information Technology Index ETF
Actual		.12%	$	1,000.00	$	953.20	$	0.59
Hypothetical^C			$	1,000.00	$	1,024.50	$	0.61


*Semiannual Report*		14


	Annualized Expense Ratio^A		Beginning Account Value August 1, 2015		Ending Account Value January 31, 2016		Expenses Paid During Period^B August 1, 2015 to January 31, 2016
Fidelity MSCI Materials Index ETF
Actual		.12%	$	1,000.00	$	850.60	$	0.56
Hypothetical^C			$	1,000.00	$	1,024.50	$	0.61
Fidelity MSCI Real Estate Index ETF
Actual		.12%	$	1,000.00	$	980.10	$	0.60
Hypothetical^C			$	1,000.00	$	1,024.50	$	0.61
Fidelity MSCI Telecommunication Services Index ETF
Actual		.12%	$	1,000.00	$	1,021.00	$	0.61
Hypothetical^C			$	1,000.00	$	1,024.50	$	0.61
Fidelity MSCI Utilities Index ETF
Actual		.12%	$	1,000.00	$	1,055.60	$	0.62
Hypothetical^C			$	1,000.00	$	1,024.50	$	0.61

^A	Annualized expense ratio reflects expenses net of applicable fee waivers.

^B	Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

^C	5% return per year before expenses.


		15		*Semiannual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Investments January 31, 2016 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
AUTO COMPONENTS – 3.4%
Auto Parts & Equipment – 3.1%
American Axle & Manufacturing Holdings, Inc. (a)		6,176	$	79,176
Autoliv, Inc.		7,916		813,607
BorgWarner, Inc.		20,359		597,740
Cooper-Standard Holding, Inc. (a)		1,565		108,392
Dana Holding Corp.		14,374		170,907
Delphi Automotive PLC		25,529		1,657,853
Dorman Products, Inc. (a)		2,892		125,224
Drew Industries, Inc.		2,087		119,794
Federal-Mogul Holdings Corp. Class A (a)		3,286		15,674
Fox Factory Holding Corp. (a)		1,753		25,927
Gentex Corp.		26,273		359,677
Gentherm, Inc. (a)		3,090		123,631
Johnson Controls, Inc.		58,711		2,105,964
Lear Corp.		6,898		716,219
Metaldyne Performance Group, Inc.		993		11,767
Modine Manufacturing Co. (a)		4,338		27,850
Motorcar Parts of America, Inc. (a)		1,652		56,779
Standard Motor Products, Inc.		1,901		70,926
Superior Industries International, Inc.		1,908		35,126
Tenneco, Inc. (a)		5,466		208,856
Tower International, Inc.		1,973		45,419
Visteon Corp.		3,623		242,306

				7,718,814

Tires & Rubber – 0.3%
Cooper Tire & Rubber Co.		4,838		176,393
The Goodyear Tire & Rubber Co.		24,221		688,119

				864,512


TOTAL AUTO COMPONENTS				8,583,326


AUTOMOBILES – 4.1%
Automobile Manufacturers – 3.8%
Ford Motor Co.		332,238		3,966,922
General Motors Co.		127,939		3,792,112
Tesla Motors, Inc. (a)		8,745		1,672,044
Thor Industries, Inc.		4,240		222,303
Winnebago Industries, Inc.		2,436		42,898

				9,696,279

Motorcycle Manufacturers – 0.3%
Harley-Davidson, Inc.		18,520		740,800


TOTAL AUTOMOBILES				10,437,079


DISTRIBUTORS – 1.0%
Distributors – 1.0%
Core-Mark Holding Co., Inc.		2,075		168,677
Genuine Parts Co.		13,613		1,173,032
LKQ Corp. (a)		27,416		751,198
Pool Corp.		3,857		325,917



	Shares		Value
Weyco Group, Inc.		654	$	17,527


TOTAL DISTRIBUTORS				2,436,351


DIVERSIFIED CONSUMER SERVICES – 1.3%
Education Services – 0.5%
2U, Inc. (a)		2,420		48,860
American Public Education, Inc. (a)		1,456		22,976
Apollo Group, Inc. Class A (non-vtg.) (a)		996		7,908
Bridgepoint Education, Inc. (a)		1,819		12,187
Bright Horizons Family Solutions, Inc. (a)		4,052		284,329
Capella Education Co.		1,027		45,096
Career Education Corp. (a)		5,591		16,102
Chegg, Inc. (a)		3,968		23,014
DeVry Education Group, Inc.		5,414		107,739
Graham Holdings Co. Class B		433		209,871
Grand Canyon Education, Inc. (a)		4,045		152,294
Houghton Mifflin Harcourt Co. (a)		12,179		217,273
K12, Inc. (a)		2,951		27,120
Strayer Education, Inc. (a)		1,018		54,351

				1,229,120

Specialized Consumer Services – 0.8%
Carriage Services, Inc.		1,479		32,819
H&R Block, Inc.		21,175		721,009
LifeLock, Inc. (a)		7,323		87,729
Regis Corp. (a)		3,801		56,787
Service Corp. International		17,979		434,912
ServiceMaster Global Holdings, Inc. (a)		12,204		515,131
Sotheby’s		5,357		125,836
Weight Watchers International, Inc. (a)		2,561		32,499

				2,006,722


TOTAL DIVERSIFIED CONSUMER SERVICES				3,235,842


HOTELS, RESTAURANTS & LEISURE – 16.3%
Casinos & Gaming – 1.3%
Boyd Gaming Corp. (a)		7,482		133,254
Caesars Acquisition Co. (a)		4,595		27,570
Caesars Entertainment Corp. (a)		5,202		36,050
Churchill Downs, Inc.		1,187		163,972
Isle of Capri Casinos, Inc. (a)		2,066		26,156
Las Vegas Sands Corp.		35,820		1,615,482
MGM Resorts International (a)		40,496		813,160
Penn National Gaming, Inc. (a)		6,533		92,311
Pinnacle Entertainment, Inc. (a)		383		11,697
Scientific Games Corp. Class A (a)		4,674		27,670
Wynn Resorts Ltd.		7,306		491,986

				3,439,308

Hotels, Resorts & Cruise Lines – 3.2%
Belmond Ltd. Class A (a)		8,499		71,902
Carnival Corp.		37,295		1,795,008
Choice Hotels International, Inc.		3,380		147,774
Diamond Resorts International, Inc. (a)		4,275		78,745

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


*Semiannual Report*		16


Common Stocks – continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE – continued
Hotels, Resorts & Cruise Lines – continued
Extended Stay America, Inc.		7,432	$	95,204
Hilton Worldwide Holdings, Inc.		44,383		790,461
Interval Leisure Group, Inc.		3,661		43,127
La Quinta Holdings, Inc. (a)		8,311		94,247
Lindblad Expeditions Holdings, Inc. (a)		1,904		19,078
Marcus Corp.		1,551		29,376
Marriott International, Inc. Class A		19,100		1,170,448
Marriott Vacations Worldwide Corp.		2,395		118,289
Norwegian Cruise Line Holdings Ltd. (a)		14,417		654,099
Royal Caribbean Cruises Ltd.		15,798		1,294,804
Starwood Hotels & Resorts Worldwide, Inc.		15,302		952,396
Wyndham Worldwide Corp.		10,620		689,238

				8,044,196

Leisure Facilities – 0.4%
ClubCorp Holdings, Inc.		5,886		70,455
International Speedway Corp. Class A		2,411		82,311
Intrawest Resorts Holdings, Inc. (a)		1,765		14,844
Planet Fitness, Inc., Class A (a)		1,544		22,064
SeaWorld Entertainment, Inc.		6,518		124,233
Six Flags Entertainment Corp.		6,836		343,646
Speedway Motorsports, Inc.		1,161		21,908
Vail Resorts, Inc.		3,276		409,500

				1,088,961

Restaurants – 11.4%
Aramark		20,444		653,186
Biglari Holdings, Inc. (a)		96		36,305
BJ’s Restaurants, Inc. (a)		1,773		76,044
Bloomin’ Brands, Inc.		11,010		194,437
Bob Evans Farms, Inc.		1,816		74,347
Bojangles’, Inc. (a)		867		12,589
Brinker International, Inc.		5,402		268,695
Buffalo Wild Wings, Inc. (a)		1,710		260,433
Carrols Restaurant Group, Inc. (a)		3,114		41,603
Chipotle Mexican Grill, Inc. (a)		2,796		1,266,504
Chuys Holdings, Inc. (a)		1,507		51,524
Cracker Barrel Old Country Store, Inc.		1,719		225,584
Darden Restaurants, Inc.		10,307		649,959
Dave & Buster’s Entertainment, Inc. (a)		2,832		102,717
Del Frisco’s Restaurant Group, Inc. (a)		2,131		33,755
Del Taco Restaurants, Inc. (a)		3,575		34,570
Denny’s Corp. (a)		7,600		71,212
DineEquity, Inc.		1,546		131,286
Domino’s Pizza, Inc.		4,904		558,713
Dunkin’ Brands Group, Inc.		8,550		336,528
El Pollo Loco Holdings, Inc. (a)		1,371		16,617
Fiesta Restaurant Group, Inc. (a)		2,404		87,506
Jack in the Box, Inc.		3,279		254,582
Krispy Kreme Doughnuts, Inc. (a)		5,772		84,617
McDonald’s Corp.		84,509		10,460,524



	Shares		Value
Noodles & Co. (a)		1,316	$	15,845
Panera Bread Co. Class A (a)		2,196		426,024
Papa John’s International, Inc.		2,664		127,206
Popeyes Louisiana Kitchen, Inc. (a)		1,968		121,288
Potbelly Corp. (a)		1,220		13,054
Red Robin Gourmet Burgers, Inc. (a)		1,302		80,385
Ruby Tuesday, Inc. (a)		5,566		30,335
Ruth’s Hospitality Group, Inc.		3,252		52,845
Shake Shack, Inc. Class A (a)		939		32,471
Sonic Corp.		4,463		131,123
Starbucks Corp.		133,181		8,093,409
Texas Roadhouse, Inc. Class A		5,662		208,531
The Cheesecake Factory, Inc.		4,226		204,116
The Habit Restaurants, Inc. Class A (a)		1,085		22,275
Wendy’s Co.		19,546		199,956
Wingstop, Inc. (a)		691		16,764
Yum! Brands, Inc.		38,702		2,800,864
Zoe’s Kitchen, Inc. (a)		1,668		46,337

				28,606,665


TOTAL HOTELS, RESTAURANTS & LEISURE				41,179,130


HOUSEHOLD DURABLES – 4.1%
Consumer Electronics – 0.4%
Garmin Ltd.		10,314		362,846
Harman International Industries, Inc.		6,398		475,947
Universal Electronics, Inc. (a)		1,358		68,104

				906,897

Home Furnishings – 0.8%
Ethan Allen Interiors, Inc.		2,305		61,543
La-Z-Boy, Inc.		4,579		98,174
Leggett & Platt, Inc.		12,331		511,860
Mohawk Industries, Inc. (a)		5,651		940,383
Tempur Sealy International, Inc. (a)		5,569		336,033

				1,947,993

Homebuilding – 1.6%
Beazer Homes U.S.A., Inc. (a)		3,012		25,753
CalAtlantic Group, Inc.		6,977		226,683
Cavco Industries, Inc. (a)		734		61,553
Century Communities, Inc. (a)		1,482		21,919
D.R. Horton, Inc.		29,670		816,222
Green Brick Partners, Inc. (a)		1,465		8,614
Hovnanian Enterprises, Inc. Class A (a)		10,614		16,345
Installed Building Products, Inc. (a)		1,740		36,244
KB Home		7,436		80,755
Lennar Corp. Class A		15,636		659,057
LGI Homes, Inc. (a)		1,333		29,273
M.D.C. Holdings, Inc.		3,513		76,443
M/I Homes, Inc. (a)		2,229		39,944
Meritage Homes Corp. (a)		3,422		112,960
NVR, Inc. (a)		347		572,897
PulteGroup, Inc.		28,621		479,688

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


		17		*Semiannual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares			Value
HOUSEHOLD DURABLES – continued
Homebuilding – continued
Taylor Morrison Home Corp. Class A (a)		3,062		$	36,897
Toll Brothers, Inc. (a)		15,050			415,681
TopBuild Corp. (a)		3,473			93,007
TRI Pointe Group, Inc. (a)		13,867			146,158
WCI Communities, Inc. (a)		1,766			36,980
William Lyon Homes Class A (a)		2,008			21,807

					4,014,880

Household Appliances – 0.5%
Helen of Troy Ltd. (a)		2,436			217,705
iRobot Corp. (a)		2,573			87,302
NACCO Industries, Inc. Class A		360			17,133
Whirlpool Corp.		7,046			946,912

					1,269,052

Housewares & Specialties – 0.8%
CSS Industries, Inc.		782			21,904
Jarden Corp. (a)		18,020			955,961
Libbey, Inc.		2,001			32,016
Newell Rubbermaid, Inc.		24,056			932,892
Tupperware Brands Corp.		4,491			208,517

					2,151,290


TOTAL HOUSEHOLD DURABLES					10,290,112


INTERNET & CATALOG RETAIL – 13.3%
Catalog Retail – 0.5%
HSN, Inc.		3,116			146,639
Liberty Interactive Corp. QVC Group Series A (a)		40,187			1,047,273

					1,193,912

Internet Retail – 12.8%
1-800-FLOWERS.com, Inc. Class A (a)		2,306			16,384
Amazon.com, Inc. (a)		35,671			20,938,877
Blue Nile, Inc. (a)		1,056			36,738
Etsy, Inc. (a)		6,149			47,716
Expedia, Inc.		11,073			1,118,816
FTD Cos., Inc. (a)		1,663			41,076
Groupon, Inc. Class A (a)		44,255			120,374
Lands’ End, Inc. (a)		1,579			34,391
Liberty Media Corp. Series A (a)		12,092	��		475,578
Liberty TripAdvisor Holdings, Inc. Class A (a)		6,446			143,939
Netflix, Inc. (a)		36,320			3,335,629
NutriSystem, Inc.		2,624			51,981
Overstock.com, Inc. (a)		1,556			18,454
PetMed Express, Inc.		1,924			34,671
priceline.com, Inc. (a)		4,550			4,845,614
Shutterfly, Inc. (a)		3,245			135,154
TripAdvisor, Inc. (a)		10,620			708,991



	Shares		Value
Wayfair, Inc. Class A (a)		1,978	$	89,406

				32,193,789


TOTAL INTERNET & CATALOG RETAIL				33,387,701


LEISURE PRODUCTS – 1.2%
Leisure Products – 1.2%
Arctic Cat, Inc.		1,158		14,255
Brunswick Corp.		8,257		329,041
Callaway Golf Co.		7,173		62,477
Hasbro, Inc.		10,101		750,302
Mattel, Inc.		30,446		840,005
Nautilus, Inc. (a)		2,713		52,849
Polaris Industries, Inc.		5,654		417,491
Smith & Wesson Holding Corp. (a)		4,878		105,170
Sturm, Ruger & Co., Inc.		1,715		100,928
Vista Outdoor, Inc. (a)		5,688		274,219


TOTAL LEISURE PRODUCTS				2,946,737


MEDIA – 24.0%
Advertising – 1.0%
Clear Channel Outdoor Holding, Inc. Class A		3,922		19,806
Harte-Hanks, Inc.		4,176		14,282
Interpublic Group of Companies, Inc.		36,896		827,946
National CineMedia, Inc.		5,581		87,287
Omnicom Group, Inc.		21,793		1,598,517

				2,547,838

Broadcasting – 2.3%
CBS Corp. Class B (non-vtg.)		39,899		1,895,203
Discovery Communications, Inc. Class A (a)		13,436		370,699
Discovery Communications, Inc. Class C (non-vtg.) (a)		24,634		670,291
E.W. Scripps Co. Class A		4,882		92,660
Entercom Communications Corp. Class A (a)		2,029		21,284
Entravision Communications Corp. Class A		5,779		43,111
Gray Television, Inc. (a)		5,667		74,521
Liberty Media Corp. (a)		18,100		644,179
Liberty Media Corp. Class A (a)		8,254		302,261
Media General, Inc. (a)		7,448		120,956
Nexstar Broadcasting Group, Inc. Class A		2,870		129,753
Scripps Networks Interactive, Inc. Class A		6,756		411,913
Sinclair Broadcast Group, Inc. Class A		5,970		197,010
TEGNA, Inc.		19,352		464,642
Tribune Media Co. Class A		7,219		237,866

				5,676,349

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


*Semiannual Report*		18


Common Stocks – continued
	Shares		Value
MEDIA – continued
Cable & Satellite – 9.8%
AMC Networks, Inc. Class A (a)		5,481	$	398,962
Cable One, Inc.		448		192,635
Cablevision Systems Corp. – NY Group Class A		17,998		574,316
Charter Communications, Inc. Class A (a)		7,546		1,293,082
Comcast Corp. Class A		222,794		12,411,854
DISH Network Corp. Class A (a)		20,181		974,137
Liberty Broadband Corp. Class A (a)		2,117		100,769
Liberty Broadband Corp. Class C (a)		6,061		284,867
Liberty Global PLC LiLAC Series A (a)		1,158		40,762
Liberty Global PLC LiLAC Series C (a)		2,795		102,996
Liberty Global PLC Series A (a)		22,699		781,073
Liberty Global PLC Series C (a)		54,911		1,829,085
Loral Space & Communications Ltd. (a)		1,265		43,706
MSG Networks, Inc. (a)		5,020		87,800
Sirius XM Holdings, Inc. (a)		217,227		803,740
Starz – Liberty Capital Series A (a)		7,901		224,625
Time Warner Cable, Inc.		25,394		4,621,962

				24,766,371

Movies & Entertainment – 10.4%
AMC Entertainment Holdings, Inc.		2,000		43,600
Carmike Cinemas, Inc. (a)		2,258		50,082
Cinemark Holdings, Inc.		9,396		277,088
DreamWorks Animation SKG, Inc. Class A (a)		6,698		171,737
Global Eagle Entertainment, Inc. (a)		3,556		35,916
IMAX Corp. (a)		5,690		176,731
Lions Gate Entertainment Corp.		9,339		244,215
Live Nation Entertainment, Inc. (a)		13,658		310,037
Regal Entertainment Group Class A		7,758		133,825
Rentrak Corp. (a)		923		41,046
The Madison Square Garden Co. (a)		1,682		259,163
The Walt Disney Co.		143,876		13,786,198
Time Warner, Inc.		73,188		5,155,363
Twenty-First Century Fox, Inc. Class A		109,580		2,955,373
Twenty-First Century Fox, Inc. Class B		39,443		1,068,905
Viacom, Inc. Class B (non-vtg.)		31,196		1,423,785
World Wrestling Entertainment, Inc. Class A		3,102		55,526

				26,188,590

Publishing – 0.5%
Gannett Co., Inc.		9,861		146,337
John Wiley & Sons, Inc. Class A		4,232		176,898
Meredith Corp.		3,400		143,854
New Media Investment Group, Inc.		3,862		66,890
News Corp. Class A		34,266		444,430
Scholastic Corp.		2,170		74,496
The New York Times Co. Class A		11,825		156,326
Time, Inc.		9,912		148,680



	Shares		Value
Tribune Publishing Co.		2,040	$	19,054

				1,376,965


TOTAL MEDIA				60,556,113


MULTILINE RETAIL – 4.3%
Department Stores – 1.2%
Dillard’s, Inc. Class A		2,140		150,677
J.C. Penney Co., Inc. (a)		26,114		189,588
Kohl’s Corp.		17,782		884,655
Macy’s, Inc.		29,725		1,201,187
Nordstrom, Inc.		12,701		623,619
Sears Holdings Corp. (a)		2,445		41,443

				3,091,169

General Merchandise Stores – 3.1%
Big Lots, Inc.		4,707		182,537
Dollar General Corp.		26,450		1,985,337
Dollar Tree, Inc. (a)		20,031		1,628,921
Fred’s, Inc. Class A		3,173		52,354
Ollie’s Bargain Outlet Holdings, Inc. (a)		1,119		25,010
Target Corp.		53,578		3,880,119
Tuesday Morning Corp. (a)		4,253		23,689

				7,777,967


TOTAL MULTILINE RETAIL				10,869,136


SPECIALTY RETAIL – 19.8%
Apparel Retail – 4.9%
Abercrombie & Fitch Co. Class A		6,310		165,574
American Eagle Outfitters, Inc.		16,738		245,044
Ascena Retail Group, Inc. (a)		15,773		116,405
Boot Barn Holdings, Inc. (a)		1,057		6,427
Burlington Stores, Inc. (a)		6,762		363,322
Caleres, Inc.		3,788		101,821
Chico’s FAS, Inc.		11,879		123,423
Citi Trends, Inc.		1,457		30,102
DSW, Inc. Class A		7,347		176,401
Express, Inc. (a)		6,924		117,431
Finish Line, Inc. Class A		4,030		76,328
Foot Locker, Inc.		12,516		845,581
Francescas Holdings Corp. (a)		3,601		65,646
Gap, Inc.		22,559		557,658
Genesco, Inc. (a)		2,175		143,855
Guess?, Inc.		5,851		108,478
L Brands, Inc.		22,276		2,141,837
Ross Stores, Inc.		37,150		2,090,059
Shoe Carnival, Inc.		1,442		33,440
Stage Stores, Inc.		3,028		25,132
Stein Mart, Inc.		2,762		20,328
Tailored Brands, Inc.		3,818		52,345
The Buckle, Inc.		2,676		76,052
The Cato Corp. Class A		2,375		95,784
The Children’s Place Retail Stores, Inc.		1,876		122,128

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


		19		*Semiannual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
SPECIALTY RETAIL – continued
Apparel Retail – continued
TJX Companies, Inc.		60,519	$	4,311,374
Urban Outfitters, Inc. (a)		8,340		190,819
Zumiez, Inc. (a)		44		797

				12,403,591

Automotive Retail – 3.2%
Advance Auto Parts, Inc.		6,576		999,881
America’s Car Mart, Inc. (a)		746		17,501
Asbury Automotive Group, Inc. (a)		2,075		97,691
AutoNation, Inc. (a)		6,625		286,531
AutoZone, Inc. (a)		2,771		2,126,438
CarMax, Inc. (a)		18,696		825,989
CST Brands, Inc.		6,787		262,928
Group 1 Automotive, Inc.		2,174		116,635
Lithia Motors, Inc. Class A		2,138		163,707
Monro Muffler Brake, Inc.		2,877		189,163
Murphy USA, Inc. (a)		4,220		244,127
O’Reilly Automotive, Inc. (a)		8,918		2,326,706
Penske Automotive Group, Inc.		4,079		127,958
Sonic Automotive, Inc. Class A		2,969		50,829
The Pep Boys – Manny, Moe & Jack (a)		4,350		80,432
TravelCenters of America LLC (a)		3,019		21,103

				7,937,619

Computer & Electronics Retail – 0.4%
Best Buy Co., Inc.		28,542		797,178
Conn’s, Inc. (a)		1,660		20,451
GameStop Corp. Class A		9,625		252,272

				1,069,901

Home Improvement Retail – 8.2%
Home Depot, Inc.		115,220		14,490,067
Lowe’s Companies, Inc.		83,026		5,949,643
Lumber Liquidators Holdings, Inc. (a)		2,430		31,371
Tile Shop Holdings, Inc. (a)		2,522		38,108

				20,509,189

Homefurnishing Retail – 0.6%
Aarons, Inc. Class A		5,892		134,809
Bed Bath & Beyond, Inc. (a)		15,264		658,947
Haverty Furniture Companies, Inc.		1,712		32,442
Kirkland’s, Inc.		1,492		17,650
Mattress Firm Holding Corp. (a)		1,427		52,086
Pier 1 Imports, Inc.		261		1,049
Restoration Hardware Holdings, Inc. (a)		3,441		212,034
Select Comfort Corp. (a)		4,611		97,108
Williams-Sonoma, Inc.		7,742		399,952

				1,606,077

Specialty Stores – 2.5%
Barnes & Noble Education, Inc. (a)		3,539		39,000
Barnes & Noble, Inc.		5,556		48,726
Big 5 Sporting Goods Corp.		1,768		21,516
Cabela’s, Inc. Class A (a)		4,736		199,243



	Shares		Value
Dick’s Sporting Goods, Inc.		8,439	$	329,796
Five Below, Inc. (a)		4,923		173,437
GNC Holdings, Inc. Class A		7,623		213,520
Hibbett Sports, Inc. (a)		2,204		70,881
MarineMax, Inc. (a)		2,369		40,060
Office Depot, Inc. (a)		44,430		228,814
Outerwall, Inc.		1,646		55,635
Party City Holdings, Inc. (a)		2,755		26,531
Sally Beauty Holdings, Inc. (a)		14,106		388,761
Signet Jewelers Ltd.		6,797		788,452
Sportsman’s Warehouse Holdings, Inc. (a)		2,348		30,782
Staples, Inc.		57,840		515,933
The Container Store Group, Inc. (a)		30		130
The Michaels Cos., Inc. (a)		7,522		163,980
Tiffany & Co., Inc.		11,564		738,246
Tractor Supply Co.		12,197		1,077,117
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		5,480		992,812
Vitamin Shoppe, Inc. (a)		2,690		81,857
Winmark Corp.		231		21,797

				6,247,026


TOTAL SPECIALTY RETAIL				49,773,403


TEXTILES, APPAREL & LUXURY GOODS – 7.0%
Apparel, Accessories & Luxury Goods – 3.7%
Carter’s, Inc.		4,704		457,323
Coach, Inc.		24,878		921,730
Columbia Sportswear Co.		2,541		140,212
Fossil Group, Inc. (a)		3,923		127,890
G-III Apparel Group Ltd. (a)		3,643		179,818
Hanesbrands, Inc.		36,147		1,105,014
Iconix Brand Group, Inc. (a)		4,342		28,831
Kate Spade & Co. (a)		11,583		206,293
lululemon athletica, Inc. (a)		10,149		629,948
Michael Kors Holdings Ltd. (a)		17,396		694,100
Movado Group, Inc.		1,511		38,833
Oxford Industries, Inc.		1,373		95,918
PVH Corp.		7,434		545,507
Ralph Lauren Corp.		5,377		604,913
Sequential Brands Group, Inc. (a)		3,370		21,703
Tumi Holdings, Inc. (a)		5,179		89,545
Under Armour, Inc. Class A (a)		16,160		1,380,549
Vera Bradley, Inc. (a)		2,001		29,575
VF Corp.		30,580		1,914,308

				9,212,010

Footwear – 3.3%
Crocs, Inc. (a)		6,699		61,698
Deckers Outdoor Corp. (a)		2,929		144,868
NIKE, Inc. Class B		121,664		7,544,385
Skechers U.S.A., Inc. Class A (a)		11,309		318,801
Steven Madden Ltd. (a)		5,113		165,099

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


*Semiannual Report*		20


Common Stocks – continued
	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS – continued
Footwear – continued
Wolverine World Wide, Inc.		9,340	$	157,939

				8,392,790

Textiles – 0.0%
Unifi, Inc. (a)		1,390		33,179


TOTAL TEXTILES, APPAREL & LUXURY GOODS				17,637,979


TOTAL COMMON STOCKS (Cost $277,096,830)				251,332,909


Money Market Funds – 0.1%
	Shares		Value
SSgA US Treasury Money Market Fund, 0.08% (b) (Cost $165,043)		165,043	$	165,043


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $277,261,873)				251,497,952

NET OTHER ASSETS (LIABILITIES) – 0.1%				173,537


NET ASSETS – 100%			$	251,671,489

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

Other Information

The following is a summary of the inputs used, as of January 31, 2016, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	251,332,909	$	251,332,909	$	—	$	—
Money Market Funds		165,043		165,043		—		—

Total Investments in Securities:	$	251,497,952	$	251,497,952	$	—	$	—

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


		21		*Semiannual Report*

Fidelity MSCI Consumer Staples Index ETF

Investments January 31, 2016 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
BEVERAGES – 22.0%
Brewers – 0.9%
Molson Coors Brewing Co. Class B		24,615	$	2,227,165
The Boston Beer Co., Inc. Class A (a)		327		58,615

				2,285,780

Distillers & Vintners – 2.0%
Brown-Forman Corp. Class B		15,667		1,532,859
Constellation Brands, Inc. Class A		23,002		3,507,345

				5,040,204

Soft Drinks – 19.1%
Coca-Cola Bottling Co. Consolidated		806		141,776
Coca-Cola Enterprises, Inc.		29,200		1,355,464
Dr Pepper Snapple Group, Inc.		25,605		2,402,773
Monster Beverage Corp. (a)		19,276		2,602,838
National Beverage Corp. (a)		2,158		89,212
PepsiCo, Inc.		195,281		19,391,403
The Coca-Cola Co.		549,212		23,572,179

				49,555,645


TOTAL BEVERAGES				56,881,629


FOOD & STAPLES RETAILING – 22.2%
Drug Retail – 9.5%
CVS Health Corp.		148,230		14,317,536
Rite Aid Corp. (a)		138,195		1,076,539
Walgreens Boots Alliance, Inc.		116,340		9,274,625

				24,668,700

Food Distributors – 1.4%
Sysco Corp.		79,620		3,169,672
The Andersons, Inc.		4,554		133,478
The Chefs’ Warehouse, Inc. (a)		4,719		62,055
United Natural Foods, Inc. (a)		7,400		259,148

				3,624,353

Food Retail – 3.1%
Casey’s General Stores, Inc.		5,398		651,754
Ingles Markets, Inc. Class A		2,253		86,425
Natural Grocers by Vitamin Cottage, Inc. (a)		2,559		46,088
Smart & Final Stores, Inc. (a)		5,529		88,906
Sprouts Farmers Market, Inc. (a)		20,532		468,130
SUPERVALU, Inc. (a)		34,313		156,124
The Fresh Market, Inc. (a)		7,163		137,243
The Kroger Co.		124,333		4,825,364
Village Super Market, Inc. Class A		1,943		51,023
Weis Markets, Inc.		2,250		91,395
Whole Foods Market, Inc.		48,444		1,419,894

				8,022,346

Hypermarkets & Super Centers – 8.2%
Costco Wholesale Corp.		58,518		8,843,240
PriceSmart, Inc.		2,946		225,546



	Shares		Value
Wal-Mart Stores, Inc.		182,282	$	12,096,233

				21,165,019


TOTAL FOOD & STAPLES RETAILING				57,480,418


FOOD PRODUCTS – 19.6%
Agricultural Products – 2.1%
Alico, Inc.		1,279		38,843
Archer-Daniels-Midland Co.		75,996		2,686,459
Bunge Ltd.		19,540		1,211,675
Darling Ingredients, Inc. (a)		24,821		223,141
Fresh Del Monte Produce, Inc.		5,171		211,029
Ingredion, Inc.		9,747		981,718

				5,352,865

Packaged Foods & Meats – 17.5%
Amplify Snack Brands, Inc. (a)		4,870		52,596
B&G Foods, Inc.		8,425		306,839
Blue Buffalo Pet Products, Inc. (a)		6,696		113,966
Cal-Maine Foods, Inc.		4,572		230,749
Calavo Growers, Inc.		2,469		127,771
Campbell Soup Co.		25,219		1,422,604
ConAgra Foods, Inc.		57,920		2,411,789
Dean Foods Co.		13,842		276,563
Diamond Foods, Inc. (a)		4,253		156,085
Farmer Bros Co. (a)		2,046		57,022
Flowers Foods, Inc.		26,405		542,359
Freshpet, Inc. (a)		7,166		42,566
General Mills, Inc.		80,087		4,525,716
Hormel Foods Corp.		19,628		1,578,287
J&J Snack Foods Corp.		2,226		240,363
John B Sanfilippo & Son, Inc.		1,557		93,404
Kellogg Co.		35,542		2,610,204
Keurig Green Mountain, Inc.		15,642		1,396,049
Lancaster Colony Corp.		2,787		283,382
Landec Corp. (a)		5,409		65,070
McCormick & Co., Inc. (non-vtg.)		15,711		1,382,097
Mead Johnson Nutrition Co.		27,310		1,979,702
Mondelez International, Inc. Class A		214,535		9,246,459
Omega Protein Corp. (a)		3,253		73,485
Pinnacle Foods, Inc.		15,326		657,332
Post Holdings, Inc. (a)		8,524		498,654
Sanderson Farms, Inc.		2,998		243,498
Seaboard Corp. (a)		48		138,096
Seneca Foods Corp. Class A (a)		1,827		50,480
Snyders-Lance, Inc.		7,393		233,397
The Hain Celestial Group, Inc. (a)		14,371		522,817
The Hershey Co.		20,340		1,792,157
The JM Smucker Co.		15,312		1,964,836
The Kraft Heinz Co.		80,846		6,310,839
The WhiteWave Foods Co. (a)		24,052		907,963
Tootsie Roll Industries, Inc.		3,317		108,864
TreeHouse Foods, Inc. (a)		7,592		602,501

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


*Semiannual Report*		22


Common Stocks – continued
	Shares		Value
FOOD PRODUCTS – continued
Packaged Foods & Meats – continued
Tyson Foods, Inc. Class A		40,861	$	2,180,343

				45,426,904


TOTAL FOOD PRODUCTS				50,779,769


HOUSEHOLD PRODUCTS – 18.6%
Household Products – 18.6%
Central Garden and Pet Co. (a)		3,425		46,203
Central Garden and Pet Co. Class A (a)		6,344		87,674
Church & Dwight Co., Inc.		17,716		1,488,144
Colgate-Palmolive Co.		113,922		7,693,153
Energizer Holdings, Inc.		8,283		265,387
HRG Group, Inc. (a)		14,245		172,934
Kimberly-Clark Corp.		48,566		6,236,846
Spectrum Brands Holdings, Inc.		3,834		364,383
The Clorox Co.		17,301		2,232,694
The Procter & Gamble Co.		360,503		29,449,490
WD-40 Co.		2,178		224,988


TOTAL HOUSEHOLD PRODUCTS				48,261,896


PERSONAL PRODUCTS – 1.8%
Personal Products – 1.8%
Avon Products, Inc.		66,451		225,269
Edgewell Personal Care Co.		8,385		620,574
Elizabeth Arden, Inc. (a)		6,194		49,552
Herbalife Ltd. (a)		9,776		451,749
Inter Parfums, Inc.		3,245		87,128
Medifast, Inc.		1,207		35,039
Natural Health Trends Corp.		1,076		21,466
Nu Skin Enterprises, Inc. Class A		8,500		269,025



	Shares		Value
Revlon, Inc. Class A (a)		2,610	$	77,595
The Estee Lauder Cos., Inc. Class A		30,277		2,581,114
USANA Health Sciences, Inc. (a)		967		122,713


TOTAL PERSONAL PRODUCTS				4,541,224


TOBACCO – 15.7%
Tobacco – 15.7%
Altria Group, Inc.		260,725		15,932,905
Philip Morris International, Inc.		205,951		18,537,649
Reynolds American, Inc.		114,459		5,717,227
Universal Corp.		3,341		182,853
Vector Group Ltd.		13,330		310,856


TOTAL TOBACCO				40,681,490


TOTAL COMMON STOCKS (Cost $256,015,804)				258,626,426


Money Market Funds – 0.0%

SSgA US Treasury Money Market Fund, 0.08% (b) (Cost $80,827)		80,827		80,827


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $256,096,631)				258,707,253

NET OTHER ASSETS (LIABILITIES) – 0.1%				347,167


NET ASSETS – 100%			$	259,054,420

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	258,626,426	$	258,626,426	$	—	$	—
Money Market Funds		80,827		80,827		—		—

Total Investments in Securities:	$	258,707,253	$	258,707,253	$	—	$	—

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


		23		*Semiannual Report*

Fidelity MSCI Energy Index ETF

Investments January 31, 2016 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
ENERGY EQUIPMENT & SERVICES – 17.8%
Oil & Gas Drilling – 1.5%
Atwood Oceanics, Inc.		14,242	$	87,303
Diamond Offshore Drilling, Inc.		17,590		326,998
Ensco PLC Class A		54,462		532,638
Helmerich & Payne, Inc.		28,311		1,438,199
Nabors Industries Ltd.		67,468		496,565
Noble Corp. PLC		56,312		438,670
Parker Drilling Co. (a)		29,261		40,088
Patterson-UTI Energy, Inc.		35,773		514,416
Rowan Cos. PLC Class A		31,133		393,832
Transocean Partners LLC		5,318		42,757
Unit Corp. (a)		11,178		116,587

				4,428,053

Oil & Gas Equipment & Services – 16.3%
Archrock, Inc.		15,415		92,490
Baker Hughes, Inc.		104,602		4,551,233
Bristow Group, Inc.		8,034		186,871
C&J Energy Services Ltd. (a)		11,224		27,611
Cameron International Corp. (a)		46,684		3,065,271
CARBO Ceramics, Inc.		4,877		80,714
Core Laboratories N.V.		11,730		1,154,232
Dril-Quip, Inc. (a)		11,953		700,924
Era Group, Inc. (a)		7,838		71,953
Exterran Corp. (a)		7,661		126,560
Fairmount Santrol Holdings, Inc. (a)		9,826		24,074
FMC Technologies, Inc. (a)		57,557		1,447,559
Forum Energy Technologies, Inc. (a)		14,713		164,933
Frank’s International N.V.		16,664		243,794
Geospace Technologies Corp. (a)		3,556		38,440
Halliburton Co.		202,979		6,452,702
Helix Energy Solutions Group, Inc. (a)		23,597		95,096
Hornbeck Offshore Services, Inc. (a)		7,651		62,203
Matrix Service Co. (a)		8,232		156,079
McDermott International, Inc. (a)		55,774		153,936
National Oilwell Varco, Inc.		94,101		3,062,047
Natural Gas Services Group, Inc. (a)		5,401		102,187
Newpark Resources, Inc. (a)		19,649		95,691
Oceaneering International, Inc.		27,065		916,150
Oil States International, Inc. (a)		17,639		497,949
PHI, Inc. (non-vtg.) (a)		3,554		64,434
RigNet, Inc. (a)		4,061		59,250
RPC, Inc.		16,916		210,942
Schlumberger Ltd.		294,693		21,297,463
SEACOR Holdings, Inc. (a)		5,282		243,025
Superior Energy Services, Inc.		36,348		374,748
Tesco Corp.		8,123		55,236
TETRA Technologies, Inc. (a)		19,797		122,543
Tidewater, Inc.		10,926		58,017
US Silica Holdings, Inc.		12,855		239,746



	Shares		Value
Weatherford International PLC (a)		179,173	$	1,207,626

				47,503,729


TOTAL ENERGY EQUIPMENT & SERVICES				51,931,782


OIL, GAS & CONSUMABLE FUELS – 82.1%
Coal & Consumable Fuels – 0.1%
CONSOL Energy, Inc.		42,461		337,140
Peabody Energy Corp.		4,292		19,100
Solazyme, Inc. (a)		14,711		24,273

				380,513

Integrated Oil & Gas – 40.3%
Chevron Corp.		436,291		37,726,083
Exxon Mobil Corp.		862,139		67,117,521
Occidental Petroleum Corp.		179,016		12,321,671

				117,165,275

Oil & Gas Exploration & Production – 23.5%
Anadarko Petroleum Corp.		121,836		4,762,569
Antero Resources Corp. (a)		19,298		524,327
Apache Corp.		90,891		3,866,503
Bill Barrett Corp. (a)		11,647		43,094
Bonanza Creek Energy, Inc. (a)		9,941		28,332
Cabot Oil & Gas Corp.		101,930		2,115,048
California Resources Corp.		71,767		102,627
Callon Petroleum Co. (a)		17,353		118,868
Carrizo Oil & Gas, Inc. (a)		12,640		342,923
Chesapeake Energy Corp.		138,455		469,362
Cimarex Energy Co.		23,722		2,206,146
Clayton Williams Energy, Inc. (a)		1,428		24,533
Cobalt International Energy, Inc. (a)		76,375		289,461
Concho Resources, Inc. (a)		31,421		2,989,080
ConocoPhillips		289,339		11,307,368
Continental Resources, Inc. (a)		21,563		455,195
Denbury Resources, Inc.		83,013		129,500
Devon Energy Corp.		91,279		2,546,684
Diamondback Energy, Inc. (a)		17,883		1,351,061
Eclipse Resources Corp. (a)		13,541		16,385
Energen Corp.		21,073		743,245
EOG Resources, Inc.		129,306		9,183,312
EQT Corp.		38,026		2,347,725
EXCO Resources, Inc. (a)		44,038		52,405
Gran Tierra Energy, Inc. (a)		66,836		153,054
Gulfport Energy Corp. (a)		25,416		751,043
Halcon Resources Corp. (a)		18,394		10,117
Hess Corp.		63,870		2,714,475
Jones Energy, Inc. Class A (a)		7,115		15,013
Kosmos Energy Ltd. (a)		31,546		144,165
Laredo Petroleum, Inc. (a)		37,190		288,594
LinnCo LLC		29,907		29,614
Marathon Oil Corp.		156,459		1,522,346
Matador Resources Co. (a)		20,136		322,780

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


*Semiannual Report*		24


Common Stocks – continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS – continued
Oil & Gas Exploration & Production – continued
Memorial Resource Development Corp. (a)		29,132	$	463,490
Murphy Oil Corp.		38,137		747,867
Newfield Exploration Co. (a)		41,447		1,204,864
Noble Energy, Inc.		104,485		3,382,179
Northern Oil and Gas, Inc. (a)		11,784		38,887
Oasis Petroleum, Inc. (a)		36,481		195,173
Parsley Energy, Inc. Class A (a)		30,138		580,458
PDC Energy, Inc. (a)		12,292		699,046
Pioneer Natural Resources Co.		38,714		4,798,600
QEP Resources, Inc.		40,864		523,877
Range Resources Corp.		39,321		1,162,329
Rice Energy, Inc. (a)		5,339		62,306
RSP Permian, Inc. (a)		15,935		375,269
Sanchez Energy Corp. (a)		9,716		35,172
SM Energy Co.		15,803		220,926
Southwestern Energy Co. (a)		88,846		789,841
Stone Energy Corp. (a)		13,655		42,057
Synergy Resources Corp. (a)		25,777		163,426
Ultra Petroleum Corp. (a)		35,714		80,714
W&T Offshore, Inc. (a)		8,827		17,213
Whiting Petroleum Corp. (a)		47,219		347,060
WPX Energy, Inc. (a)		54,364		294,653

				68,192,361

Oil & Gas Refining & Marketing – 10.9%
Alon USA Energy, Inc.		9,460		119,007
Clean Energy Fuels Corp. (a)		17,259		46,254
CVR Energy, Inc.		9,060		317,281
Delek US Holdings, Inc.		23,000		391,460
Green Plains, Inc.		17,876		338,750
HollyFrontier Corp.		45,643		1,596,136
Marathon Petroleum Corp.		128,045		5,351,001
Par Pacific Holdings, Inc. (a)		7,813		186,887
PBF Energy, Inc. Class A		26,704		934,373
Phillips 66		126,410		10,131,761
Renewable Energy Group, Inc. (a)		11,128		77,117
REX American Resources Corp. (a)		3,050		162,962
Tesoro Corp.		30,454		2,657,111



	Shares		Value
Valero Energy Corp.		117,439	$	7,970,585
Western Refining, Inc.		21,250		699,125
World Fuel Services Corp.		20,504		798,631

				31,778,441

Oil & Gas Storage & Transportation – 7.3%
Cheniere Energy, Inc. (a)		51,926		1,560,376
Columbia Pipeline Group, Inc.		99,259		1,841,255
Enbridge Energy Management LLC (a)		16,360		285,482
EnLink Midstream LLC		11,519		145,715
Gener8 Maritime, Inc. (a)		3,910		26,314
Kinder Morgan, Inc.		436,619		7,182,383
ONEOK, Inc.		51,787		1,290,014
Plains GP Holdings LP Class A		51,672		413,376
SemGroup Corp. Class A		10,501		232,492
Spectra Energy Corp.		161,310		4,427,960
Tallgrass Energy GP LP		11,290		174,995
Targa Resources Corp.		12,320		276,830
The Williams Cos., Inc.		169,163		3,264,846

				21,122,038


TOTAL OIL, GAS & CONSUMABLE FUELS				238,638,628


TOTAL COMMON STOCKS (Cost $398,250,184)				290,570,410


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.08% (b) (Cost $265,295)		265,295		265,295


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $398,515,479)				290,835,705

NET OTHER ASSETS (LIABILITIES) – 0.0%				(70,479	)


NET ASSETS – 100%			$	290,765,226

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	290,570,410	$	290,570,410	$	—	$	—
Money Market Funds		265,295		265,295		—		—

Total Investments in Securities:	$	290,835,705	$	290,835,705	$	—	$	—

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


		25		*Semiannual Report*

Fidelity MSCI Financials Index ETF

Investments January 31, 2016 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
BANKS – 33.2%
Diversified Banks – 22.9%
Bank of America Corp.		625,556	$	8,845,362
Citigroup, Inc.		180,378		7,680,495
Comerica, Inc.		10,642		365,021
JPMorgan Chase & Co.		221,612		13,185,914
US Bancorp		105,544		4,228,093
Wells Fargo & Co.		292,241		14,679,265

				48,984,150

Regional Banks – 10.3%
1^st Source Corp.		790		23,874
Ameris Bancorp		1,967		56,905
Arrow Financial Corp.		757		20,833
Associated Banc-Corp		8,985		157,687
Banc of California, Inc.		1,976		29,838
Bancfirst Corp.		428		23,942
BancorpSouth, Inc.		5,170		107,950
Bank of Hawaii Corp.		2,655		159,114
Bank of the Ozarks, Inc.		4,786		212,211
BankUnited, Inc.		6,185		208,434
Banner Corp.		1,264		52,456
BB&T Corp.		46,734		1,526,332
BBCN Bancorp, Inc.		4,881		74,191
Berkshire Hills Bancorp, Inc.		1,755		48,754
Blue Hills Bancorp, Inc.		1,838		27,019
BNC Bancorp		2,178		50,573
BOK Financial Corp.		1,508		75,415
Boston Private Financial Holdings, Inc.		5,050		52,267
Bridge Bancorp, Inc.		923		26,869
Brookline Bancorp, Inc.		4,323		48,245
Bryn Mawr Bank Corp.		820		21,509
Camden National Corp.		498		20,901
Capital Bank Financial Corp. Class A		1,697		51,674
Cardinal Financial Corp.		1,955		37,282
Cascade Bancorp (a)		1,952		10,541
Cathay General Bancorp		4,768		133,504
Centerstate Banks, Inc.		2,832		40,186
Central Pacific Financial Corp.		1,891		39,616
Chemical Financial Corp.		2,272		72,386
CIT Group, Inc.		10,408		305,475
Citizens Financial Group, Inc.		31,750		674,687
City Holding Co.		946		42,059
CoBiz Financial, Inc.		2,270		24,947
Columbia Banking System, Inc.		3,516		104,179
Commerce Bancshares, Inc.		5,266		216,591
Community Bank System, Inc.		2,627		98,880
Community Trust Bancorp, Inc.		1,009		35,154
ConnectOne Bancorp, Inc.		1,748		29,069
Cullen/Frost Bankers, Inc.		3,451		165,165
Customers Bancorp, Inc. (a)		1,623		40,737
CVB Financial Corp.		6,134		93,912
Eagle Bancorp, Inc. (a)		1,791		84,607



	Shares		Value
East West Bancorp, Inc.		8,595	$	278,650
Enterprise Financial Services Corp.		1,176		33,387
FCB Financial Holdings, Inc. Class A (a)		2,047		68,820
Fidelity Southern Corp.		1,016		16,053
Fifth Third Bancorp		48,662		768,860
First BanCorp (a)		7,058		18,351
First BanCorp/NC		1,118		20,963
First Busey Corp.		1,471		27,111
First Citizens BancShares, Inc. Class A		425		104,575
First Commonwealth Financial Corp.		5,395		47,098
First Community Bancshares, Inc.		978		18,142
First Financial Bancorp		3,820		61,120
First Financial Bankshares, Inc.		3,147		82,200
First Financial Corp.		562		18,574
First Horizon National Corp.		13,940		177,456
First Interstate Bancsystem, Inc. Class A		1,293		34,846
First Merchants Corp.		2,339		53,470
First Midwest Bancorp, Inc.		4,734		82,514
First NBC Bank Holding Co. (a)		947		29,726
First Niagara Financial Group, Inc.		21,199		207,538
First Republic Bank		8,558		581,944
FirstMerit Corp.		9,888		191,629
Flushing Financial Corp.		1,640		36,080
FNB Corp.		10,589		127,597
Fulton Financial Corp.		10,461		134,424
German American Bancorp, Inc.		740		23,547
Glacier Bancorp, Inc.		4,505		106,273
Great Southern Bancorp, Inc.		592		23,485
Great Western Bancorp, Inc.		3,133		81,834
Hancock Holding Co.		4,717		113,019
Hanmi Financial Corp.		1,967		42,684
Heartland Financial USA, Inc.		1,005		30,100
Heritage Financial Corp.		1,741		31,530
Hilltop Holdings, Inc. (a)		4,575		73,063
Home BancShares, Inc.		3,697		143,111
HomeTrust Bancshares, Inc. (a)		1,197		22,144
Huntington Bancshares, Inc.		48,431		415,538
Iberiabank Corp.		2,451		117,280
Independent Bank Corp.		1,526		69,753
Independent Bank Group, Inc.		612		18,305
International Bancshares Corp.		3,423		79,379
Investors Bancorp, Inc.		20,640		241,282
KeyCorp		50,315		561,515
Lakeland Bancorp, Inc.		2,543		28,507
Lakeland Financial Corp.		1,047		45,848
LegacyTexas Financial Group, Inc.		2,740		53,512
Live Oak Bancshares, Inc.		851		12,118
M&T Bank Corp.		8,647		952,726
MainSource Financial Group, Inc.		1,235		27,392
MB Financial, Inc.		4,576		142,405
Metro Bancorp, Inc.		672		19,165
National Bank Holdings Corp. Class A		1,845		36,328
National Penn Bancshares, Inc.		8,486		96,740

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


*Semiannual Report*		26


Common Stocks – continued
	Shares		Value
BANKS – continued
Regional Banks – continued
NBT Bancorp, Inc.		2,706	$	70,085
NewBridge Bancorp		1,919		21,723
OFG Bancorp		2,685		15,090
Old National Bancorp		6,847		84,355
Opus Bank		1,208		39,852
Pacific Premier Bancorp, Inc. (a)		1,234		25,334
PacWest Bancorp		6,819		250,325
Park National Corp.		771		67,933
People’s United Financial, Inc.		18,754		269,495
Peoples Bancorp, Inc.		1,068		18,327
Pinnacle Financial Partners, Inc.		2,052		102,292
Popular, Inc.		6,187		155,541
Preferred Bank		719		23,367
PrivateBancorp, Inc.		4,525		170,276
Prosperity Bancshares, Inc.		4,046		171,550
Regions Financial Corp.		79,271		643,681
Renasant Corp.		2,304		73,152
Republic Bancorp, Inc. Class A		642		17,148
S&T Bancorp, Inc.		2,034		54,938
Sandy Spring Bancorp, Inc.		1,464		38,942
Seacoast Banking Corp. of Florida (a)		1,516		22,467
ServisFirst Bancshares, Inc.		1,314		52,652
Signature Bank (a)		3,052		425,266
Simmons First National Corp. Class A		1,709		75,726
South State Corp.		1,438		96,130
Southside Bancshares, Inc.		1,418		31,948
State Bank Financial Corp.		2,148		41,370
Sterling Bancorp/DE		7,043		110,646
Stock Yards Bancorp, Inc.		888		34,703
SunTrust Banks, Inc.		30,853		1,128,603
SVB Financial Group (a)		3,080		312,066
Synovus Financial Corp.		7,877		240,485
Talmer Bancorp, Inc. Class A		4,027		64,674
TCF Financial Corp.		9,681		116,269
Texas Capital Bancshares, Inc. (a)		2,754		98,318
The Bancorp, Inc. (a)		2,197		9,887
The PNC Financial Services Group, Inc.		30,798		2,668,647
Tompkins Financial Corp.		799		44,760
Towne Bank		2,502		47,713
Trico Bancshares		1,326		33,826
TriState Capital Holdings Inc. (a)		1,391		16,553
Trustmark Corp.		3,994		86,430
UMB Financial Corp.		2,502		117,344
Umpqua Holdings Corp.		13,154		190,470
Union Bankshares Corp.		2,779		63,834
United Bankshares, Inc.		4,199		141,002
United Community Banks, Inc.		3,159		57,052
Univest Corp. of Pennsylvania		1,222		24,049
Valley National Bancorp		14,541		127,961
Washington Trust Bancorp, Inc.		892		35,198
Webster Financial Corp.		5,498		182,369



	Shares		Value
WesBanco, Inc.		2,122	$	61,580
Westamerica BanCorp.		1,552		67,776
Western Alliance Bancorp (a)		5,242		170,784
Wilshire Bancorp, Inc.		4,455		47,178
Wintrust Financial Corp.		2,744		115,495
Yadkin Financial Corp.		1,565		36,371
Zions BanCorp.		12,193		276,537

				21,943,226


TOTAL BANKS				70,927,376


CAPITAL MARKETS – 10.6%
Asset Management & Custody Banks – 5.9%
Affiliated Managers Group, Inc. (a)		3,262		437,728
Ameriprise Financial, Inc.		10,709		970,771
Arlington Asset Investment Corp. Class A		892		9,901
Artisan Partners Asset Management, Inc. Class A		2,105		65,886
Associated Capital Group, Inc. Class A (a)		313		8,476
BlackRock, Inc.		7,354		2,311,068
Cohen & Steers, Inc.		1,253		37,866
Diamond Hill Investment Group, Inc.		186		31,443
Eaton Vance Corp.		6,944		199,015
Federated Investors, Inc. Class B		5,731		144,937
Financial Engines, Inc.		3,083		83,148
Franklin Resources, Inc.		23,982		831,216
GAMCO Investors, Inc. Class A		313		9,102
Invesco Ltd.		25,787		771,805
Janus Capital Group, Inc.		9,048		113,914
Legg Mason, Inc.		5,889		180,321
Northern Trust Corp.		13,298		825,540
NorthStar Asset Management Group, Inc.		11,731		135,376
OM Asset Management PLC		2,572		29,089
Pzena Investment Management, Inc. Class A		727		5,598
Safeguard Scientifics, Inc. (a)		1,310		17,030
SEI Investments Co.		8,424		330,558
State Street Corp.		24,472		1,363,825
T Rowe Price Group, Inc.		15,380		1,091,211
The Bank of New York Mellon Corp.		66,366		2,403,777
Virtus Investment Partners, Inc.		421		37,048
Waddell & Reed Financial, Inc. Class A		804		22,062
Westwood Holdings Group, Inc.		460		21,804
WisdomTree Investments, Inc.		7,145		85,740

				12,575,255

Diversified Capital Markets – 0.0%
HFF, Inc. Class A (a)		2,075		59,283

Investment Banking & Brokerage – 4.7%
BGC Partners, Inc. Class A		12,247		112,060
Cowen Group, Inc. Class A (a)		6,233		17,826
E*TRADE Financial Corp. (a)		17,516		412,677
Evercore Partners, Inc. Class A		2,366		106,872

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


		27		*Semiannual Report*

Fidelity MSCI Financials Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
CAPITAL MARKETS – continued
Investment Banking & Brokerage – continued
Greenhill & Co., Inc.		1,678	$	39,903
Houlihan Lokey, Inc.		734		17,726
Interactive Brokers Group, Inc. Class A		3,569		115,172
INTL. FCStone, Inc. (a)		922		25,991
KCG Holdings, Inc. Class A (a)		2,899		29,628
Ladenburg Thalmann Financial Services, Inc. (a)		6,092		14,316
LPL Financial Holdings, Inc.		4,538		138,046
Moelis & Co. Class A		1,088		27,679
Morgan Stanley		87,879		2,274,308
Oppenheimer Holdings, Inc. Class A		723		11,084
Piper Jaffray Cos. (a)		960		32,640
Raymond James Financial, Inc.		7,832		343,120
Stifel Financial Corp. (a)		4,022		134,576
TD Ameritrade Holding Corp.		16,381		451,788
The Charles Schwab Corp.		70,929		1,810,817
The Goldman Sachs Group, Inc.		23,350		3,772,426
Virtu Financial, Inc. Class A		2,043		46,376

				9,935,031


TOTAL CAPITAL MARKETS				22,569,569


CONSUMER FINANCE – 4.1%
Consumer Finance – 4.1%
Ally Financial, Inc. (a)		25,946		411,244
American Express Co.		54,027		2,890,445
Capital One Financial Corp.		32,493		2,132,191
Cash America International, Inc.		1,670		50,000
Credit Acceptance Corp. (a)		439		78,563
Discover Financial Services		26,113		1,195,714
Encore Capital Group, Inc. (a)		1,495		34,265
Enova International, Inc. (a)		1,578		8,789
Ezcorp, Inc. Class A (a)		2,973		9,038
First Cash Financial Services, Inc. (a)		1,677		59,534
Green Dot Corp. Class A (a)		2,337		41,528
Navient Corp.		22,356		213,723
Nelnet, Inc. Class A		1,491		48,413
OneMain Holdings, Inc. (a)		3,607		95,333
SLM Corp. (a)		25,759		164,858
Synchrony Financial (a)		49,990		1,420,716
World Acceptance Corp. (a)		405		11,721


TOTAL CONSUMER FINANCE				8,866,075


DIVERSIFIED FINANCIAL SERVICES – 8.4%
Multi-Sector Holdings – 4.5%
Berkshire Hathaway, Inc. Class B (a)		71,015		9,215,616
FNFV Group (a)		4,881		45,784
Leucadia National Corp.		19,720		326,563
PICO Holdings, Inc. (a)		1,387		12,178
Texas Pacific Land Trust		490		59,290

				9,659,431



	Shares		Value
Other Diversified Financial Services – 0.2%
Voya Financial Inc.		13,649	$	417,387

Specialized Finance – 3.7%
CBOE Holdings, Inc.		4,944		329,369
CME Group, Inc.		19,230		1,727,816
FactSet Research Systems, Inc.		2,358		355,351
Intercontinental Exchange, Inc.		7,115		1,876,937
MarketAxess Holdings, Inc.		2,261		262,796
McGraw Hill Financial, Inc.		16,339		1,389,142
Moody’s Corp.		10,829		965,297
Morningstar, Inc.		1,196		96,170
MSCI, Inc.		5,947		409,391
Nasdaq, Inc.		7,128		441,936
NewStar Financial, Inc. (a)		1,234		9,452
On Deck Capital, Inc. (a)		2,065		16,355

				7,880,012


TOTAL DIVERSIFIED FINANCIAL SERVICES				17,956,830


INSURANCE – 17.6%
Insurance Brokers – 2.2%
Aon PLC		16,792		1,474,841
Arthur J Gallagher & Co.		10,393		391,193
Brown & Brown, Inc.		7,164		216,711
Marsh & McLennan Cos., Inc.		31,760		1,693,761
Willis Towers Watson PLC		7,850		898,589

				4,675,095

Life & Health Insurance – 4.3%
Aflac, Inc.		25,817		1,496,353
American Equity Investment Life Holding Co.		5,033		91,550
Citizens, Inc. (a)		2,845		18,436
CNO Financial Group, Inc.		11,468		199,543
FBL Financial Group, Inc. Class A		654		39,933
Fidelity & Guaranty Life		788		19,739
Genworth Financial, Inc. Class A (a)		32,449		90,208
Lincoln National Corp.		15,017		592,571
MetLife, Inc.		56,932		2,542,014
National Western Life Group, Inc. Class A		158		36,455
Primerica, Inc.		2,961		133,275
Principal Financial Group, Inc.		17,740		674,120
Prudential Financial, Inc.		27,018		1,893,422
StanCorp Financial Group, Inc.		2,537		290,893
Symetra Financial Corp.		4,864		155,745
Torchmark Corp.		7,483		406,626
Unum Group		14,745		422,297

				9,103,180

Multi-line Insurance – 3.2%
American Financial Group, Inc.		4,199		298,045
American International Group, Inc.		77,548		4,379,911
American National Insurance Co.		479		46,549

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


*Semiannual Report*		28


Common Stocks – continued
	Shares		Value
INSURANCE – continued
Multi-line Insurance – continued
Assurant, Inc.		3,998	$	325,078
Hartford Financial Services Group, Inc.		24,912		1,000,964
Horace Mann Educators Corp.		2,515		77,261
Kemper Corp.		2,520		87,091
Loews Corp.		17,381		643,271
National General Holdings Corp.		3,022		59,805

				6,917,975

Property & Casualty Insurance – 6.7%
Allied World Assurance Co. Holdings AG		5,419		198,281
Ambac Financial Group, Inc. (a)		2,596		36,448
AMERISAFE, Inc.		1,186		60,498
Amtrust Financial Services, Inc.		2,662		152,240
Arch Capital Group Ltd. (a)		7,325		494,804
Argo Group International Holdings Ltd.		1,672		95,020
Aspen Insurance Holdings Ltd.		3,630		168,831
Assured Guaranty Ltd.		8,753		208,146
Axis Capital Holdings Ltd.		6,019		324,484
Baldwin & Lyons, Inc. Class B		593		14,665
Chubb Ltd.		27,673		3,128,986
Cincinnati Financial Corp.		9,391		541,203
Donegal Group, Inc. Class A		656		9,256
EMC Insurance Group, Inc.		550		12,793
Employers Holdings, Inc.		2,092		52,112
Erie Indemnity Co. Class A		1,524		146,472
Federated National Holding Co.		851		21,054
First American Financial Corp.		6,518		224,024
FNF Group		15,159		490,848
Global Indemnity PLC (a)		599		18,012
HCI Group, Inc.		593		19,717
Heritage Insurance Holdings, Inc.		1,556		30,840
Infinity Property & Casualty Corp.		729		57,875
James River Group Holdings Ltd.		714		24,219
Markel Corp. (a)		836		702,625
MBIA, Inc. (a)		8,572		57,090
Mercury General Corp.		458		21,265
National Interstate Corp.		489		11,995
Old Republic International Corp.		14,823		268,000
OneBeacon Insurance Group Ltd. Class A		1,331		17,090
ProAssurance Corp.		3,220		161,386
RLI Corp.		2,532		150,148
Safety Insurance Group, Inc.		813		45,869
Selective Insurance Group, Inc.		3,725		116,630
State Auto Financial Corp.		1,004		21,917
State National Cos., Inc.		1,912		18,833
Stewart Information Services Corp.		1,360		48,226
The Allstate Corp.		24,005		1,454,703
The Hanover Insurance Group, Inc.		2,667		217,334
The Navigators Group, Inc. (a)		702		61,502
The Progressive Corp.		35,202		1,100,062



	Shares		Value
The Travelers Cos., Inc.		18,641	$	1,995,333
United Fire Group, Inc.		1,266		48,906
United Insurance Holdings Corp.		1,061		16,477
Universal Insurance Holdings Inc.		2,014		37,742
White Mountains Insurance Group Ltd.		361		257,425
WR Berkley Corp.		5,970		299,396
XL Group PLC		18,085		655,762

				14,316,544

Reinsurance – 1.2%
Alleghany Corp. (a)		956		456,891
Endurance Specialty Holdings Ltd.		3,775		233,786
Enstar Group Ltd. (a)		621		99,080
Everest Re Group Ltd.		2,620		468,823
Greenlight Capital Re Ltd. (a)		1,845		35,830
Maiden Holdings Ltd.		3,319		42,483
PartnerRe Ltd.		2,868		402,667
Reinsurance Group of America, Inc.		3,972		334,562
RenaissanceRe Holdings Ltd.		2,732		307,760
Third Point Reinsurance Ltd. (a)		3,564		41,521
Validus Holdings Ltd.		4,942		218,634

				2,642,037


TOTAL INSURANCE				37,654,831


REAL ESTATE INVESTMENT TRUSTS (REITS) – 24.2%
Diversified REIT’s – 1.5%
American Assets Trust, Inc.		2,014		75,303
Cousins Properties, Inc.		12,678		109,284
Duke Realty Corp.		20,826		419,227
Empire State Realty Trust, Inc. Class A		6,487		107,360
First Potomac Realty Trust		3,625		35,489
Forest City Realty Trust, Inc. Class A (a)		14,488		285,414
Global Net Lease, Inc.		10,106		70,742
Gramercy Property Trust		25,119		183,620
Investors Real Estate Trust		7,363		48,007
Lexington Realty Trust		12,846		94,161
Liberty Property Trust		8,990		263,587
NorthStar Realty Finance Corp.		1,907		22,636
One Liberty Properties, Inc.		863		17,881
PS Business Parks, Inc.		1,228		106,320
RAIT Financial Trust		5,555		14,221
Select Income REIT		4,057		76,677
Spirit Realty Capital, Inc.		26,367		276,326
STORE Capital Corp.		5,057		125,363
VEREIT, Inc.		54,574		420,766
Washington Real Estate Investment Trust		4,153		104,780
Winthrop Realty Trust (a)		1,959		25,820
WP Carey, Inc.		5,992		349,034

				3,232,018

Health Care REIT’s – 2.4%
Care Capital Properties, Inc.		4,995		149,550
CareTrust REIT, Inc.		2,774		28,461
HCP, Inc.		27,769		998,018

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


		29		*Semiannual Report*

Fidelity MSCI Financials Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Health Care REIT’s – continued
Healthcare Realty Trust, Inc.		6,010	$	174,530
Healthcare Trust of America, Inc. Class A		7,622		213,721
LTC Properties, Inc.		2,062		91,821
Medical Properties Trust, Inc.		14,227		156,497
National Health Investors, Inc.		2,171		131,736
New Senior Investment Group, Inc.		5,176		47,567
Omega Healthcare Investors, Inc.		11,136		353,123
Physicians Realty Trust		6,315		107,797
Sabra Health Care REIT, Inc.		3,954		72,596
Senior Housing Properties Trust		14,174		205,240
Universal Health Realty Income Trust		416		21,145
Ventas, Inc.		19,858		1,098,545
Welltower, Inc.		21,100		1,312,842

				5,163,189

Hotel & Resort REIT’s – 1.1%
Apple Hospitality REIT, Inc.		9,965		182,260
Ashford Hospitality Prime, Inc.		1,838		20,200
Ashford Hospitality Trust, Inc.		5,695		31,664
Chatham Lodging Trust		2,351		44,340
Chesapeake Lodging Trust		3,606		90,583
DiamondRock Hospitality Co.		12,181		101,102
FelCor Lodging Trust, Inc.		8,143		56,675
Hersha Hospitality Trust		2,541		44,645
Hospitality Properties Trust		9,768		230,427
Host Hotels & Resorts, Inc.		44,947		622,516
LaSalle Hotel Properties		6,760		149,802
Pebblebrook Hotel Trust		4,356		106,373
RLJ Lodging Trust		7,823		143,083
Ryman Hospitality Properties, Inc.		2,827		132,728
Summit Hotel Properties, Inc.		5,213		52,912
Sunstone Hotel Investors, Inc.		12,851		152,673
Xenia Hotels & Resorts, Inc.		6,468		94,627

				2,256,610

Industrial REIT’s – 0.9%
DCT Industrial Trust, Inc.		5,352		191,548
EastGroup Properties, Inc.		1,971		105,232
First Industrial Realty Trust, Inc.		6,618		136,264
Monmouth Real Estate Investment Corp. Class A		3,332		34,253
Prologis, Inc.		31,442		1,241,016
Rexford Industrial Realty, Inc.		3,320		54,083
STAG Industrial, Inc.		4,164		70,496
Terreno Realty Corp.		2,556		57,459

				1,890,351

Mortgage REIT’s – 1.4%
AG Mortgage Investment Trust, Inc.		1,777		20,844
Altisource Residential Corp.		3,592		35,740
American Capital Agency Corp.		20,844		355,807
American Capital Mortgage Investment Corp.		3,152		41,071



	Shares		Value
Annaly Capital Management, Inc.		57,050	$	541,975
Anworth Mortgage Asset Corp.		6,368		27,128
Apollo Commercial Real Estate Finance, Inc.		3,695		58,751
Apollo Residential Mortgage, Inc.		1,990		21,592
ARMOUR Residential REIT, Inc.		2,670		52,038
Blackstone Mortgage Trust, Inc. Class A		5,294		131,185
Capstead Mortgage Corp.		5,916		55,255
Chimera Investment Corp.		11,630		144,096
Colony Financial, Inc. Class A		6,670		114,924
CYS Investments, Inc.		9,600		66,144
Dynex Capital, Inc.		3,365		20,190
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,151		38,610
Hatteras Financial Corp.		5,948		72,922
Invesco Mortgage Capital, Inc.		7,522		85,149
iStar, Inc. (a)		5,182		54,100
Ladder Capital Corp.		2,736		30,096
MFA Financial, Inc.		22,377		142,094
New Residential Investment Corp.		13,740		156,499
New York Mortgage Trust, Inc.		6,411		31,029
Newcastle Investment Corp.		4,058		14,446
PennyMac Mortgage Investment Trust		1,036		14,038
Redwood Trust, Inc.		5,170		55,681
Resource Capital Corp.		2,050		21,361
Starwood Property Trust, Inc.		14,392		274,024
Two Harbors Investment Corp.		21,956		166,866
United Development Funding IV		1,832		18,448
Western Asset Mortgage Capital Corp.		2,592		25,428

				2,887,531

Office REIT’s – 2.4%
Alexandria Real Estate Equities, Inc.		4,325		342,453
Boston Properties, Inc.		9,223		1,071,805
Brandywine Realty Trust		10,920		140,104
Columbia Property Trust, Inc.		7,214		160,656
Corporate Office Properties Trust		5,770		128,671
Douglas Emmett, Inc.		8,350		246,993
Easterly Government Properties, Inc.		875		15,592
Equity Commonwealth (a)		7,351		197,668
Franklin Street Properties Corp.		5,546		54,129
Government Properties Income Trust		4,038		55,442
Highwoods Properties, Inc.		5,624		237,839
Hudson Pacific Properties, Inc.		4,557		115,793
Kilroy Realty Corp.		5,570		311,196
Mack-Cali Realty Corp.		5,112		106,278
New York REIT, Inc.		9,702		99,737
NorthStar Realty Europe Corp.		3,598		33,965
Paramount Group, Inc.		9,485		155,554
Parkway Properties, Inc.		5,053		68,064
Piedmont Office Realty Trust, Inc. Class A		9,031		167,164
SL Green Realty Corp.		5,967		576,472
Tier REIT, Inc.		2,839		43,635

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


*Semiannual Report*		30


Common Stocks – continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Office REIT’s – continued
Vornado Realty Trust		10,197	$	902,027

				5,231,237

Residential REIT’s – 3.3%
American Campus Communities, Inc.		6,798		286,876
American Homes 4 Rent Class A		10,055		150,724
American Residential Properties, Inc.		1,860		31,508
Apartment Investment & Management Co. Class A		9,432		369,263
AvalonBay Communities, Inc.		7,970		1,366,775
Camden Property Trust		5,200		396,760
Campus Crest Communities, Inc. (a)		4,138		28,635
Colony Starwood Homes		2,377		51,153
Education Realty Trust, Inc.		3,759		146,902
Equity Lifestyle Properties, Inc.		4,782		315,229
Equity Residential		21,817		1,681,873
Essex Property Trust, Inc.		3,938		839,227
Mid-America Apartment Communities, Inc.		4,512		423,316
Monogram Residential Trust, Inc.		9,458		82,474
Post Properties, Inc.		3,254		186,422
Silver Bay Realty Trust Corp.		2,056		28,702
Sun Communities, Inc.		3,102		206,562
UDR, Inc.		15,721		559,510

				7,151,911

Retail REIT’s – 5.1%
Acadia Realty Trust		4,158		141,788
Agree Realty Corp.		1,212		44,747
Alexander’s, Inc.		143		52,195
Brixmor Property Group, Inc.		10,764		286,538
CBL & Associates Properties, Inc.		10,342		111,176
Cedar Realty Trust, Inc.		4,630		32,688
DDR Corp.		18,400		314,824
Equity One, Inc.		5,525		153,153
Federal Realty Investment Trust		4,147		625,492
General Growth Properties, Inc.		34,571		969,371
Getty Realty Corp.		1,696		30,324
Inland Real Estate Corp.		5,566		59,612
Kimco Realty Corp.		24,823		674,937
Kite Realty Group Trust		4,983		132,049
National Retail Properties, Inc.		8,115		348,458
Pennsylvania Real Estate Investment Trust		4,275		83,705
Ramco-Gershenson Properties Trust		4,789		81,844
Realty Income Corp.		14,123		787,922
Regency Centers Corp.		5,627		407,339
Retail Opportunity Investments Corp.		6,055		111,957
Retail Properties of America, Inc. Class A		14,269		221,312
Rouse Properties, Inc.		2,441		42,718
Saul Centers, Inc.		783		39,831
Seritage Growth Properties, Class A		1,479		57,666
Simon Property Group, Inc.		18,545		3,454,563



	Shares		Value
Tanger Factory Outlet Centers		5,825	$	186,342
Taubman Centers, Inc.		3,651		259,367
The Macerich Co.		8,081		630,076
Urban Edge Properties		5,911		143,637
Urstadt Biddle Properties, Inc. Class A		1,360		27,608
Weingarten Realty Investors		7,117		248,312
WP Glimcher, Inc.		11,410		103,603

				10,865,154

Specialized REIT’s – 6.1%
American Tower Corp.		25,388		2,395,104
CatchMark Timber Trust, Inc. Class A		2,513		27,367
Communications Sales & Leasing, Inc.		7,633		146,630
CoreSite Realty Corp.		1,847		118,467
Corrections Corp. of America		7,009		201,929
Crown Castle International Corp.		20,000		1,724,000
CubeSmart		10,219		319,753
CyrusOne, Inc.		3,799		139,993
Digital Realty Trust, Inc.		8,129		650,970
DuPont Fabros Technology, Inc.		3,931		130,391
EPR Properties		3,470		208,027
Equinix, Inc.		3,995		1,240,727
Extra Space Storage, Inc.		6,999		634,739
Four Corners Property Trust, Inc.		2,340		39,546
Gaming and Leisure Properties, Inc.		5,478		142,866
InfraREIT, Inc. (a)		2,475		47,842
Iron Mountain, Inc.		11,961		329,406
Lamar Advertising Co. Class A		4,954		277,969
Outfront Media, Inc.		8,332		181,221
Plum Creek Timber Co., Inc.		10,446		423,167
Potlatch Corp.		2,488		71,754
Public Storage		8,807		2,233,103
QTS Realty Trust, Inc. Class A		2,325		107,415
Rayonier, Inc.		7,510		158,386
Sovran Self Storage, Inc.		2,331		262,657
The Geo Group, Inc.		4,526		133,879
Weyerhaeuser Co.		30,923		791,938

				13,139,246


TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS)				51,817,247


REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.8%
Diversified Real Estate Activities – 0.1%
Alexander & Baldwin, Inc.		2,755		83,476
Tejon Ranch Co. (a)		968		18,934
The RMR Group, Inc. Class A (a)		461		9,612
The St Joe Co. (a)		1,832		29,147

				141,169

Real Estate Development – 0.1%
Forestar Group, Inc. (a)		2,077		18,859
The Howard Hughes Corp. (a)		2,133		202,699

				221,558

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


		31		*Semiannual Report*

Fidelity MSCI Financials Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT – continued
Real Estate Services – 0.6%
Altisource Portfolio Solutions S.A. (a)		923	$	26,675
CBRE Group, Inc. Class A (a)		18,046		504,747
Jones Lang LaSalle, Inc.		2,695		379,240
Kennedy-Wilson Holdings, Inc.		5,220		105,862
Marcus & Millichap, Inc. (a)		922		21,796
RE/MAX Holdings, Inc. Class A		1,009		35,133
Realogy Holdings Corp. (a)		8,761		287,361

				1,360,814


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				1,723,541


THRIFTS & MORTGAGE FINANCE – 1.0%
Thrifts & Mortgage Finance – 1.0%
Anchor BanCorp Wisconsin, Inc. (a)		409		17,456
Astoria Financial Corp.		5,394		81,611
Bank Mutual Corp.		2,867		22,592
Beneficial Bancorp, Inc. (a)		5,065		65,592
BofI Holding, Inc. (a)		3,252		55,804
Capitol Federal Financial, Inc.		7,841		96,209
Dime Community Bancshares, Inc.		1,890		32,489
Essent Group Ltd. (a)		3,689		66,291
EverBank Financial Corp.		4,963		69,829
Federal Agricultural Mortgage Corp. Class C		642		20,936
Flagstar Bancorp, Inc. (a)		1,431		26,688
HomeStreet, Inc. (a)		1,222		25,027
Kearny Financial Corp.		5,582		67,486
LendingTree, Inc. (a)		415		30,581
Meridian Bancorp, Inc.		1,335		18,757
MGIC Investment Corp. (a)		20,251		134,062
Nationstar Mortgage Holdings, Inc. (a)		2,639		26,654
New York Community Bancorp, Inc.		29,231		452,496
NMI Holdings, Inc. Class A (a)		3,206		16,832
Northfield Bancorp, Inc.		2,572		39,815



	Shares		Value
Northwest Bancshares, Inc.		5,881	$	73,924
Ocwen Financial Corp. (a)		6,569		35,538
Oritani Financial Corp.		2,371		39,643
PHH Corp. (a)		3,568		43,815
Provident Financial Services, Inc.		3,568		70,076
Radian Group, Inc.		12,445		125,197
TFS Financial Corp.		4,482		78,211
TrustCo Bank Corp.		5,801		31,905
United Financial Bancorp, Inc.		2,876		32,499
Walker & Dunlop, Inc. (a)		1,721		41,235
Walter Investment Management Corp. (a)		2,321		22,955
Washington Federal, Inc.		5,615		119,880
Waterstone Financial, Inc.		1,715		23,753
WSFS Financial Corp.		1,702		49,460


TOTAL THRIFTS & MORTGAGE FINANCE				2,155,298


TOTAL COMMON STOCKS (Cost $246,324,417)				213,670,767


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.08% (b) (Cost $130,480)		130,480		130,480


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $246,454,897)				213,801,247

NET OTHER ASSETS (LIABILITIES) – 0.0%				17,651


NET ASSETS – 100%			$	213,818,898

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	213,670,767	$	213,670,767	$	—	$	—
Money Market Funds		130,480		130,480		—		—

Total Investments in Securities:	$	213,801,247	$	213,801,247	$	—	$	—

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


*Semiannual Report*		32

Fidelity MSCI Health Care Index ETF

Investments January 31, 2016 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
BIOTECHNOLOGY – 24.2%
Biotechnology – 24.2%
AbbVie, Inc.		359,366	$	19,729,193
ACADIA Pharmaceuticals, Inc. (a)		20,476		423,648
Acceleron Pharma, Inc. (a)		6,084		186,779
Achillion Pharmaceuticals, Inc. (a)		23,815		160,989
Acorda Therapeutics, Inc. (a)		9,286		341,911
Aduro Biotech, Inc. (a)		4,767		69,026
Advaxis, Inc. (a)		7,174		48,927
Aegerion Pharmaceuticals, Inc. (a)		30		212
Agios Pharmaceuticals, Inc. (a)		4,949		208,947
Aimmune Therapeutics, Inc. (a)		2,811		38,454
Alder Biopharmaceuticals, Inc. (a)		5,160		124,769
Alexion Pharmaceuticals, Inc. (a)		49,108		7,166,330
Alkermes PLC (a)		32,419		1,037,732
Alnylam Pharmaceuticals, Inc. (a)		16,513		1,138,406
AMAG Pharmaceuticals, Inc. (a)		7,481		171,390
Amgen, Inc.		164,617		25,141,954
Amicus Therapeutics, Inc. (a)		23,285		140,641
Anacor Pharmaceuticals, Inc. (a)		8,179		614,488
Ardelyx, Inc. (a)		4,181		43,524
Arena Pharmaceuticals, Inc. (a)		52,635		79,479
Ariad Pharmaceuticals, Inc. (a)		39,174		196,653
Array BioPharma, Inc. (a)		31,362		96,909
Arrowhead Research Corp. (a)		13,121		45,661
Atara Biotherapeutics, Inc. (a)		3,710		67,151
Axovant Sciences Ltd. (a)		5,460		86,978
Baxalta, Inc.		132,598		5,305,246
Bellicum Pharmaceuticals, Inc. (a)		4,603		52,014
BioCryst Pharmaceuticals, Inc. (a)		13,182		91,879
Biogen, Inc. (a)		51,059		13,942,171
BioMarin Pharmaceutical, Inc. (a)		35,005		2,591,070
Biotime, Inc. (a)		11,170		27,031
Bluebird Bio, Inc. (a)		700		28,952
Blueprint Medicines Corp. (a)		3,009		47,301
Cara Therapeutics, Inc. (a)		3,614		32,526
Celgene Corp. (a)		171,632		17,218,122
Celldex Therapeutics, Inc. (a)		21,588		179,180
Cepheid, Inc. (a)		15,768		464,368
Chiasma, Inc. (a)		2,398		24,699
Chimerix, Inc. (a)		198		1,525
Clovis Oncology, Inc. (a)		6,626		138,616
Coherus Biosciences, Inc. (a)		3,707		49,155
Concert Pharmaceuticals, Inc. (a)		3,145		48,024
CTI BioPharma Corp. (a)		38,630		48,674
Dyax Corp. (a)		31,822		89,102
Dynavax Technologies Corp. (a)		8,426		202,982
Eagle Pharmaceuticals, Inc. (a)		1,852		133,159
Emergent Biosolutions, Inc. (a)		6,769		247,745
Enanta Pharmaceuticals, Inc. (a)		2,269		58,313
Epizyme, Inc. (a)		8,359		75,983
Esperion Therapeutics, Inc. (a)		2,687		39,983
Exact Sciences Corp. (a)		21,008		138,023



	Shares		Value
Exelixis, Inc. (a)		49,148	$	227,064
FibroGen, Inc. (a)		10,610		215,171
Five Prime Therapeutics, Inc. (a)		4,185		150,451
Foundation Medicine, Inc. (a)		2,269		33,105
Genomic Health, Inc. (a)		4,019		115,747
Geron Corp. (a)		35,318		107,720
Gilead Sciences, Inc.		318,615		26,445,045
Global Blood Therapeutics, Inc. (a)		2,008		38,011
Halozyme Therapeutics, Inc. (a)		23,542		207,170
Heron Therapeutics, Inc. (a)		6,631		139,185
Immune Design Corp. (a)		1,747		18,291
ImmunoGen, Inc. (a)		18,857		160,096
Immunomedics, Inc. (a)		21,477		40,377
Incyte Corp. Ltd. (a)		35,308		2,491,332
Infinity Pharmaceuticals, Inc. (a)		10,745		66,726
Inovio Pharmaceuticals, Inc. (a)		15,153		101,222
Insmed, Inc. (a)		12,862		169,778
Insys Therapeutics, Inc. (a)		5,458		94,696
Intercept Pharmaceuticals, Inc. (a)		3,685		391,458
Intrexon Corp. (a)		9,992		291,167
Ionis Pharmaceuticals, Inc. (a)		26,071		1,014,944
Ironwood Pharmaceuticals, Inc. (a)		27,961		258,080
Juno Therapeutics, Inc. (a)		9,846		271,553
Karyopharm Therapeutics, Inc. (a)		4,268		26,547
Keryx Biopharmaceuticals, Inc. (a)		22,800		80,484
Kite Pharma, Inc. (a)		8,328		395,497
La Jolla Pharmaceutical Co. (a)		3,126		55,361
Lexicon Pharmaceuticals, Inc. (a)		8,986		91,567
Ligand Pharmaceuticals, Inc. (a)		3,909		390,783
Lion Biotechnologies, Inc. (a)		9,381		56,192
MacroGenics, Inc. (a)		6,026		121,303
MannKind Corp. (a)		58,286		58,129
Medivation, Inc. (a)		35,490		1,160,523
Merrimack Pharmaceuticals, Inc. (a)		22,476		138,677
MiMedx Group, Inc. (a)		20,533		170,835
Mirati Therapeutics, Inc. (a)		2,748		59,164
Momenta Pharmaceuticals, Inc. (a)		14,324		177,904
Myriad Genetics, Inc. (a)		14,881		579,913
NantKwest, Inc. (a)		4,427		45,598
Neurocrine Biosciences, Inc. (a)		18,700		795,685
NewLink Genetics Corp. (a)		4,682		114,054
Northwest Biotherapeutics, Inc. (a)		11,417		24,204
Novavax, Inc. (a)		58,484		301,193
OncoMed Pharmaceuticals, Inc. (a)		2,563		23,708
Ophthotech Corp. (a)		5,271		285,635
Opko Health, Inc. (a)		70,539		567,134
Orexigen Therapeutics, Inc. (a)		24,508		44,850
Organovo Holdings, Inc. (a)		19,037		37,313
Osiris Therapeutics, Inc. (a)		4,315		30,895
Otonomy, Inc. (a)		4,429		66,081
OvaScience, Inc. (a)		4,732		26,736
Portola Pharmaceuticals, Inc. (a)		12,109		399,960
Progenics Pharmaceuticals, Inc. (a)		15,502		64,643

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


		33		*Semiannual Report*

Fidelity MSCI Health Care Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
BIOTECHNOLOGY – continued
Biotechnology – continued
Pronai Therapeutics, Inc. (a)		3,981	$	32,963
Prothena Corp. PLC (a)		6,224		242,425
PTC Therapeutics, Inc. (a)		6,360		151,495
Puma Biotechnology, Inc. (a)		5,948		248,270
Radius Health, Inc. (a)		6,086		194,935
Raptor Pharmaceutical Corp. (a)		16,702		68,478
Regeneron Pharmaceuticals, Inc. (a)		16,569		6,960,471
Regulus Therapeutics, Inc. (a)		6,695		38,697
Repligen Corp. (a)		6,880		152,392
Retrophin, Inc. (a)		6,967		104,296
Sage Therapeutics, Inc. (a)		4,507		151,345
Sangamo Biosciences, Inc. (a)		15,132		91,549
Sarepta Therapeutics, Inc. (a)		9,213		109,450
Seattle Genetics, Inc. (a)		23,890		787,892
Seres Therapeutics, Inc. (a)		2,156		58,061
Spark Therapeutics, Inc. (a)		3,779		106,454
Spectrum Pharmaceuticals, Inc. (a)		15,173		75,258
Synergy Pharmaceuticals, Inc. (a)		23,405		87,769
Synta Pharmaceuticals Corp. (a)		27,044		6,623
TESARO, Inc. (a)		5,638		194,737
TG Therapeutics, Inc. (a)		8,276		67,615
Trevena, Inc. (a)		7,101		51,695
Ultragenyx Pharmaceutical, Inc. (a)		5,921		332,464
United Therapeutics Corp. (a)		9,877		1,216,649
Vanda Pharmaceuticals, Inc. (a)		9,137		77,939
Versartis, Inc. (a)		4,113		45,819
Vertex Pharmaceuticals, Inc. (a)		53,132		4,821,729
Xencor, Inc. (a)		6,236		67,474
Zafgen, Inc. (a)		3,670		24,405
ZIOPHARM Oncology, Inc. (a)		25,931		128,877


TOTAL BIOTECHNOLOGY				154,773,177


HEALTH CARE EQUIPMENT & SUPPLIES – 16.3%
Health Care Equipment – 15.0%
Abaxis, Inc.		4,686		204,075
Abbott Laboratories		323,600		12,248,260
ABIOMED, Inc. (a)		8,685		741,091
Accuray, Inc. (a)		17,295		92,182
Analogic Corp.		2,753		203,915
AngioDynamics, Inc. (a)		5,871		66,460
AtriCure, Inc. (a)		6,148		107,467
Baxter International, Inc.		118,484		4,336,514
Becton Dickinson and Co.		45,657		6,637,158
Boston Scientific Corp. (a)		291,864		5,116,376
Cantel Medical Corp.		7,653		454,359
Cardiovascular Systems, Inc. (a)		6,342		53,590
ConforMIS, Inc. (a)		2,264		24,904
CONMED Corp.		5,389		199,070
CR Bard, Inc.		16,134		2,956,878
Cynosure, Inc. Class A (a)		4,468		161,742



	Shares		Value
DexCom, Inc. (a)		17,389	$	1,239,488
Edwards Lifesciences Corp. (a)		46,708		3,653,033
Entellus Medical, Inc. (a)		1,794		29,888
Exactech, Inc. (a)		2,279		45,603
GenMark Diagnostics, Inc. (a)		8,757		46,324
Glaukos Corp. (a)		1,431		23,354
Globus Medical, Inc. Class A (a)		15,583		388,796
Greatbatch, Inc. (a)		5,523		213,243
HeartWare International, Inc. (a)		3,615		145,106
Hill-Rom Holdings, Inc.		12,299		601,175
Hologic, Inc. (a)		52,096		1,768,138
IDEXX Laboratories, Inc. (a)		19,945		1,398,942
Inogen, Inc. (a)		2,855		94,900
Insulet Corp. (a)		12,339		409,408
Integra LifeSciences Holdings Corp. (a)		6,332		389,101
Intuitive Surgical, Inc. (a)		8,040		4,348,434
Invacare Corp.		6,473		99,749
K2M Group Holdings, Inc. (a)		5,380		76,450
LivaNova PLC (a)		9,470		530,131
Masimo Corp. (a)		10,498		385,801
Medtronic PLC		307,492		23,344,793
Natus Medical, Inc. (a)		7,166		252,816
Nevro Corp. (a)		3,423		211,507
NuVasive, Inc. (a)		10,725		494,637
NxStage Medical, Inc. (a)		11,948		226,056
Orthofix International N.V. (a)		4,161		164,235
ResMed, Inc.		30,473		1,727,819
Rockwell Medical, Inc. (a)		9,800		61,348
Sirona Dental Systems, Inc. (a)		12,161		1,292,593
St Jude Medical, Inc.		61,200		3,235,032
STERIS PLC		18,531		1,283,086
Stryker Corp.		73,592		7,296,647
SurModics, Inc. (a)		2,867		57,197
Teleflex, Inc.		9,020		1,223,924
Varian Medical Systems, Inc. (a)		21,410		1,651,353
Wright Medical Group N.V. (a)		19,900		397,005
Zeltiq Aesthetics, Inc. (a)		6,726		156,178
Zimmer Biomet Holdings, Inc.		37,546		3,726,816

				96,294,147

Health Care Supplies – 1.3%
Alere, Inc. (a)		17,642		656,282
Align Technology, Inc. (a)		14,760		976,226
Anika Therapeutics, Inc. (a)		3,236		121,738
Atrion Corp.		320		120,166
Cerus Corp. (a)		21,043		114,264
DENTSPLY International, Inc.		30,450		1,793,201
Endologix, Inc. (a)		13,964		99,563
Haemonetics Corp. (a)		11,033		349,084
Halyard Health, Inc. (a)		10,089		250,207
ICU Medical, Inc. (a)		3,082		296,643
LDR Holding Corp. (a)		5,785		106,270
Meridian Bioscience, Inc.		9,046		174,136
Merit Medical Systems, Inc. (a)		9,260		153,253

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


*Semiannual Report*		34


Common Stocks – continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES – continued
Health Care Supplies – continued
Neogen Corp. (a)		8,183	$	426,989
OraSure Technologies, Inc. (a)		12,310		67,336
Quidel Corp. (a)		6,181		105,324
Staar Surgical Co. (a)		7,771		50,745
The Cooper Cos., Inc.		10,562		1,385,206
The Spectranetics Corp. (a)		9,207		110,944
Vascular Solutions, Inc. (a)		3,863		105,692
West Pharmaceutical Services, Inc.		15,725		899,785

				8,363,054


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES				104,657,201


HEALTH CARE PROVIDERS & SERVICES – 18.2%
Health Care Services – 3.7%
Addus HomeCare Corp. (a)		1,501		31,836
Adeptus Health, Inc. Class A (a)		2,626		123,895
Air Methods Corp. (a)		8,090		315,025
Almost Family, Inc. (a)		1,820		69,597
Amedisys, Inc. (a)		5,481		195,946
AMN Healthcare Services, Inc. (a)		10,408		293,193
Chemed Corp.		3,668		514,694
Civitas Solutions, Inc. (a)		3,374		81,178
Corvel Corp. (a)		2,442		111,404
Cross Country Healthcare, Inc. (a)		6,729		96,898
DaVita HealthCare Partners, Inc. (a)		37,505		2,517,336
Diplomat Pharmacy, Inc. (a)		8,368		227,693
Envision Healthcare Holdings, Inc. (a)		40,463		894,232
ExamWorks Group, Inc. (a)		8,740		240,000
Express Scripts Holding Co. (a)		146,718		10,544,623
Healthways, Inc. (a)		6,994		82,249
Laboratory Corp. of America Holdings (a)		21,947		2,465,745
Landauer, Inc.		2,228		68,266
LHC Group, Inc. (a)		3,043		115,391
MEDNAX, Inc. (a)		20,459		1,421,082
Premier, Inc. Class A (a)		9,505		303,590
Quest Diagnostics, Inc.		31,243		2,051,728
Team Health Holdings, Inc. (a)		15,724		642,640
Teladoc, Inc. (a)		2,156		35,013
The Providence Service Corp. (a)		2,962		131,513

				23,574,767

Health Care Distributors – 3.5%
Aceto Corp.		6,320		144,412
AmerisourceBergen Corp.		44,610		3,995,272
Cardinal Health, Inc.		71,090		5,784,593
Henry Schein, Inc. (a)		18,138		2,746,819
McKesson Corp.		50,463		8,123,534
Owens & Minor, Inc.		13,647		472,868
Patterson Cos., Inc.		19,124		812,005
PharMerica Corp. (a)		6,601		195,984

				22,275,487



	Shares		Value
Health Care Facilities – 2.2%
AAC Holdings, Inc. (a)		2,057	$	36,738
Acadia Healthcare Co., Inc. (a)		15,156		924,971
Amsurg Corp. (a)		11,703		856,542
Brookdale Senior Living, Inc. (a)		40,106		652,926
Capital Senior Living Corp. (a)		6,300		115,479
Community Health Systems, Inc. (a)		25,687		551,757
Genesis Healthcare, Inc. (a)		8,783		15,809
Hanger, Inc. (a)		7,647		103,158
HCA Holdings, Inc. (a)		72,137		5,019,292
HealthSouth Corp.		19,966		714,583
Kindred Healthcare, Inc.		18,660		180,256
LifePoint Health, Inc. (a)		9,632		672,217
National HealthCare Corp.		2,030		128,194
Select Medical Holdings Corp.		19,937		190,000
Surgical Care Affiliates, Inc. (a)		5,986		255,423
Tenet Healthcare Corp. (a)		21,647		587,067
The Ensign Group, Inc.		10,726		240,799
Universal Health Services, Inc. Class B		19,952		2,247,393
US Physical Therapy, Inc.		2,776		141,992
VCA, Inc. (a)		17,596		902,147

				14,536,743

Managed Health Care – 8.8%
Aetna, Inc.		75,714		7,710,714
Anthem, Inc.		56,801		7,411,962
Centene Corp. (a)		24,607		1,527,110
Cigna Corp.		55,913		7,469,977
Health Net, Inc. (a)		16,856		1,116,204
HealthEquity, Inc. (a)		7,596		163,694
Humana, Inc.		32,187		5,239,722
Magellan Health, Inc. (a)		6,092		347,244
Molina Healthcare, Inc. (a)		9,172		503,635
Triple-S Management Corp. Class B (a)		5,110		113,902
UnitedHealth Group, Inc.		207,020		23,840,423
Universal American Corp.		10,501		66,366
WellCare Health Plans, Inc. (a)		9,547		725,381

				56,236,334


TOTAL HEALTH CARE PROVIDERS & SERVICES				116,623,331


HEALTH CARE TECHNOLOGY – 1.3%
Health Care Technology – 1.3%
Allscripts Healthcare Solutions, Inc. (a)		39,046		538,054
athenahealth, Inc. (a)		8,385		1,188,993
Castlight Health, Inc. Class B (a)		9,813		32,481
Cerner Corp. (a)		67,455		3,913,065
Computer Programs & Systems, Inc.		2,449		128,646
Evolent Health, Inc. (a)		2,777		27,409
HealthStream, Inc. (a)		5,495		120,340
HMS Holdings Corp. (a)		19,200		231,360
IMS Health Holdings, Inc. (a)		35,697		825,315
Inovalon Holdings, Inc. Class A (a)		5,679		95,862
Medidata Solutions, Inc. (a)		12,087		516,477
Omnicell, Inc. (a)		7,755		217,062

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


		35		*Semiannual Report*

Fidelity MSCI Health Care Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
HEALTH CARE TECHNOLOGY – continued
Health Care Technology – continued
Press Ganey Holdings, Inc. (a)		2,318	$	68,497
Quality Systems, Inc.		9,837		128,963
Veeva Systems, Inc. Class A (a)		15,474		372,923
Vocera Communications, Inc. (a)		5,105		73,461


TOTAL HEALTH CARE TECHNOLOGY				8,478,908


LIFE SCIENCES TOOLS & SERVICES – 4.8%
Life Sciences Tools & Services – 4.8%
Accelerate Diagnostics, Inc. (a)		6,679		98,916
Affymetrix, Inc. (a)		17,875		250,786
Agilent Technologies, Inc.		72,048		2,712,607
Albany Molecular Research, Inc. (a)		5,976		97,528
Bio-Rad Laboratories, Inc. Class A (a)		4,455		568,503
Bio-Techne Corp.		8,096		669,458
Bruker Corp. (a)		25,528		570,040
Cambrex Corp. (a)		6,797		235,448
Charles River Laboratories International, Inc. (a)		10,140		752,692
Fluidigm Corp. (a)		6,259		41,998
Illumina, Inc. (a)		31,424		4,963,421
INC Research Holdings, Inc. Class A (a)		7,554		318,250
Luminex Corp. (a)		8,385		160,908
Mettler-Toledo International, Inc.��(a)		6,026		1,885,234
Pacific Biosciences of California, Inc. (a)		13,813		147,661
PAREXEL International Corp. (a)		11,987		766,689
PerkinElmer, Inc.		24,690		1,193,021
PRA Health Sciences, Inc. (a)		4,567		196,746
Quintiles Transnational Holdings, Inc. (a)		19,951		1,213,619
Sequenom, Inc. (a)		25,687		41,356
Thermo Fisher Scientific, Inc.		86,520		11,425,831
VWR Corp. (a)		9,975		243,989
Waters Corp. (a)		17,893		2,168,811


TOTAL LIFE SCIENCES TOOLS & SERVICES				30,723,512


PHARMACEUTICALS – 35.1%
Pharmaceuticals – 35.1%
Aerie Pharmaceuticals, Inc. (a)		4,455		73,686
Akorn, Inc. (a)		17,497		454,747
Allergan PLC (a)		85,459		24,307,103
Amphastar Pharmaceuticals, Inc. (a)		7,373		88,845
ANI Pharmaceuticals, Inc. (a)		1,740		55,697
BioDelivery Sciences International, Inc. (a)		10,813		43,793
Bristol-Myers Squibb Co.		362,018		22,503,039
Catalent, Inc. (a)		20,388		479,730
Cempra, Inc. (a)		8,350		143,871
Corcept Therapeutics, Inc. (a)		14,356		52,399
Depomed, Inc. (a)		13,570		208,164
Dermira, Inc. (a)		3,215		90,020
Eli Lilly & Co.		216,605		17,133,455
Endo International PLC (a)		46,691		2,589,950
Furiex Pharmaceuticals, Inc. (a)		373		—



	Shares		Value
Horizon Pharma PLC (a)		29,429	$	515,008
Impax Laboratories, Inc. (a)		14,907		558,565
Innoviva, Inc.		18,940		189,779
Intersect ENT, Inc. (a)		4,159		74,155
Intra-Cellular Therapies, Inc. (a)		6,815		252,700
Jazz Pharmaceuticals PLC (a)		13,350		1,718,679
Johnson & Johnson		601,146		62,783,688
Lannett Co., Inc. (a)		5,933		151,351
Mallinckrodt PLC (a)		25,555		1,484,490
Merck & Co., Inc.		611,482		30,983,793
Mylan N.V. (a)		90,741		4,781,143
Nektar Therapeutics (a)		28,714		391,659
Ocular Therapeutix, Inc. (a)		35		214
Omeros Corp. (a)		8,195		88,424
Pacira Pharmaceuticals, Inc. (a)		7,953		472,567
Paratek Pharmaceuticals, Inc. (a)		2,548		37,252
Perrigo Co. PLC		31,769		4,593,162
Pfizer, Inc.		1,338,889		40,822,726
Phibro Animal Health Corp. Class A		3,522		118,163
Prestige Brands Holdings, Inc. (a)		11,489		536,307
Relypsa, Inc. (a)		5,414		102,000
Revance Therapeutics, Inc. (a)		4,227		87,626
Sagent Pharmaceuticals, Inc. (a)		5,146		77,756
Sciclone Pharmaceuticals, Inc. (a)		10,511		83,983
Sucampo Pharmaceuticals, Inc. Class A (a)		4,905		62,048
Supernus Pharmaceuticals, Inc. (a)		7,760		87,998
Teligent, Inc. (a)		8,017		57,562
Tetraphase Pharmaceuticals, Inc. (a)		6,285		34,190
The Medicines Co. (a)		14,498		501,051
TherapeuticsMD, Inc. (a)		33,796		241,641
Theravance Biopharma, Inc. (a)		5,543		91,016
XenoPort, Inc. (a)		12,989		64,555
Zoetis, Inc.		102,943		4,431,696


TOTAL PHARMACEUTICALS				224,701,446


TOTAL COMMON STOCKS (Cost $696,601,511)				639,957,575


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.08% (b) (Cost $921,986)		921,986		921,986


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $697,523,497)				640,879,561

NET OTHER ASSETS (LIABILITIES) – 0.0%				(192,544	)


NET ASSETS – 100%			$	640,687,017

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

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


*Semiannual Report*		36

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	639,957,575	$	639,868,473	$	—	$	89,102
Money Market Funds		921,986		921,986		—		—

Total Investments in Securities:	$	640,879,561	$	640,790,459	$	—	$	89,102

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


		37		*Semiannual Report*

Fidelity MSCI Industrials Index ETF

Investments January 31, 2016 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 101.5%
	Shares		Value
AEROSPACE & DEFENSE – 25.5%
Aerospace & Defense – 25.5%
AAR Corp.		1,719	$	36,116
Aerojet Rocketdyne Holdings, Inc. (a)		2,454		40,368
Aerovironment, Inc. (a)		1,047		26,709
American Science & Engineering, Inc.		340		12,203
Astronics Corp. (a)		970		31,273
B/E Aerospace, Inc.		5,353		216,529
BWX Technologies, Inc.		5,124		153,413
Cubic Corp.		1,176		46,993
Curtiss-Wright Corp.		2,237		154,353
DigitalGlobe, Inc. (a)		3,311		43,374
Engility Holdings, Inc.		934		12,618
Esterline Technologies Corp. (a)		1,463		115,153
General Dynamics Corp.		13,759		1,840,541
HEICO Corp.		1,000		55,700
HEICO Corp. Class A		1,880		87,232
Hexcel Corp.		4,837		200,155
Honeywell International, Inc.		37,249		3,844,097
Huntington Ingalls Industries, Inc.		2,399		306,784
KLX, Inc. (a)		2,694		78,746
Kratos Defense & Security Solutions, Inc. (a)		2,673		8,527
L-3 Communications Holdings, Inc.		4,030		470,865
Lockheed Martin Corp.		14,018		2,957,798
Moog, Inc. Class A (a)		1,717		79,549
National Presto Industries, Inc.		261		20,642
Northrop Grumman Corp.		8,929		1,652,401
Orbital ATK, Inc.		2,965		267,532
Precision Castparts Corp.		6,782		1,593,431
Raytheon Co.		15,225		1,952,454
Rockwell Collins, Inc.		6,610		534,617
Spirit Aerosystems Holdings, Inc. Class A (a)		7,088		300,531
Taser International, Inc. (a)		2,679		41,230
Teledyne Technologies, Inc. (a)		1,695		137,719
Textron, Inc.		13,866		474,494
The Boeing Co.		32,376		3,889,329
The KEYW Holding Corp. (a)		1,577		7,412
TransDigm Group, Inc. (a)		2,686		603,625
Triumph Group, Inc.		2,439		62,194
United Technologies Corp.		42,434		3,721,037


TOTAL AEROSPACE & DEFENSE				26,077,744


AIR FREIGHT & LOGISTICS – 6.1%
Air Freight & Logistics – 6.1%
Air Transport Services Group, Inc. (a)		800		7,784
Atlas Air Worldwide Holdings, Inc. (a)		320		11,753
CH Robinson Worldwide, Inc.		7,113		460,709
Echo Global Logistics, Inc. (a)		1,318		29,009
Expeditors International of Washington, Inc.		9,489		428,144
FedEx Corp.		13,461		1,788,698
Forward Air Corp.		1,528		65,948



	Shares		Value
Hub Group, Inc. Class A (a)		1,845	$	56,217
Park-Ohio Holdings Corp.		377		10,756
United Parcel Service, Inc. Class B		35,031		3,264,889
XPO Logistics, Inc. (a)		4,834		110,457


TOTAL AIR FREIGHT & LOGISTICS				6,234,364


AIRLINES – 1.4%
Airlines – 1.4%
Allegiant Travel Co.		221		35,464
American Airlines Group, Inc.		8,425		328,491
Delta Air Lines, Inc.		9,974		441,748
Hawaiian Holdings, Inc. (a)		705		24,823
SkyWest, Inc.		593		8,907
Southwest Airlines Co.		8,269		311,080
Spirit Airlines, Inc. (a)		905		37,829
United Continental Holdings, Inc. (a)		4,738		228,751
Virgin America, Inc. (a)		537		16,566


TOTAL AIRLINES				1,433,659


BUILDING PRODUCTS – 2.7%
Building Products – 2.7%
AAON, Inc.		2,164		46,591
Advanced Drainage Systems, Inc.		1,750		39,515
Allegion PLC		4,806		291,051
American Woodmark Corp. (a)		680		46,920
AO Smith Corp.		3,799		265,360
Apogee Enterprises, Inc.		1,475		58,675
Armstrong World Industries, Inc. (a)		1,977		76,470
Builders FirstSource, Inc. (a)		3,525		28,306
Continental Building Products, Inc. (a)		1,743		26,040
Fortune Brands Home & Security, Inc.		8,023		389,838
Gibraltar Industries, Inc. (a)		1,417		30,097
Griffon Corp.		1,656		25,138
Insteel Industries, Inc.		902		22,108
Lennox International, Inc.		2,147		257,254
Masco Corp.		17,253		455,307
Masonite International Corp. (a)		1,312		72,829
NCI Building Systems, Inc. (a)		1,463		15,186
Nortek, Inc. (a)		492		19,183
Owens Corning		5,603		258,803
Patrick Industries, Inc. (a)		599		20,935
PGT, Inc. (a)		2,359		23,118
Ply Gem Holdings, Inc. (a)		959		9,561
Quanex Building Products Corp.		1,657		30,671
Simpson Manufacturing Co., Inc.		2,076		67,740
Trex Co., Inc. (a)		1,596		59,946
Universal Forest Products, Inc.		995		68,546
USG Corp. (a)		4,817		86,176


TOTAL BUILDING PRODUCTS				2,791,364

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


*Semiannual Report*		38


Common Stocks – continued
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES – 6.6%
Commercial Printing – 0.4%
Brady Corp. Class A		2,465	$	55,315
Deluxe Corp.		2,507		140,141
Ennis, Inc.		1,280		25,562
InnerWorkings, Inc. (a)		1,837		12,969
Multi-Color Corp.		679		42,797
Quad/Graphics, Inc.		1,257		12,670
RR Donnelley & Sons Co.		10,472		146,294

				435,748

Diversified Support Services – 1.3%
Cintas Corp.		4,699		403,738
Copart, Inc. (a)		5,732		192,079
G&K Services, Inc. Class A		985		63,414
Healthcare Services Group, Inc.		3,412		120,682
KAR Auction Services, Inc.		7,130		238,285
Matthews International Corp. Class A		1,638		81,753
McGrath RentCorp		1,182		28,853
Mobile Mini, Inc.		2,220		57,542
UniFirst Corp.		759		79,923
Viad Corp.		976		28,763
VSE Corp.		217		13,020

				1,308,052

Environmental & Facilities Services – 3.2%
ABM Industries, Inc.		2,642		79,339
Ceco Environmental Corp.		1,360		10,608
Clean Harbors, Inc. (a)		2,461		109,047
Covanta Holding Corp.		5,913		83,610
Republic Services, Inc.		12,251		535,369
Rollins, Inc.		4,986		137,364
SP Plus Corp. (a)		747		16,770
Stericycle, Inc. (a)		4,256		512,210
Team, Inc. (a)		999		23,976
Tetra Tech, Inc.		3,060		81,060
US Ecology, Inc.		1,056		35,872
Waste Connections, Inc.		6,191		371,274
Waste Management, Inc.		22,683		1,201,065

				3,197,564

Office Services & Supplies – 0.7%
ACCO Brands Corp. (a)		5,360		32,535
ARC Document Solutions, Inc. (a)		2,055		7,583
Essendant, Inc.		1,897		56,644
Herman Miller, Inc.		2,958		75,784
HNI Corp.		2,199		74,810
Interface, Inc.		3,223		54,436
Kimball International, Inc. Class B		1,657		15,974
Knoll, Inc.		2,375		43,581
MSA Safety, Inc.		1,581		67,667
Pitney Bowes, Inc.		10,200		199,716
Steelcase, Inc. Class A		4,439		56,642
West Corp.		2,280		41,291

				726,663



	Shares		Value
Security & Alarm Services – 1.0%
The ADT Corp.		8,525	$	252,169
The Brink’s Co.		2,310		67,914
Tyco International PLC		21,143		727,108

				1,047,191


TOTAL COMMERCIAL SERVICES & SUPPLIES				6,715,218


CONSTRUCTION & ENGINEERING – 1.8%
Construction & Engineering – 1.8%
AECOM (a)		7,196		197,458
Aegion Corp. (a)		1,784		32,165
Ameresco, Inc. Class A (a)		1,097		5,979
Argan, Inc.		614		18,494
Chicago Bridge & Iron Co. N.V.		4,806		186,569
Comfort Systems USA, Inc.		1,934		54,810
Dycom Industries, Inc. (a)		1,715		113,636
EMCOR Group, Inc.		3,151		144,001
Fluor Corp.		7,271		326,395
Furmanite Corp. (a)		2,071		10,852
Granite Construction, Inc.		1,959		75,676
Great Lakes Dredge & Dock Corp. (a)		3,204		11,022
Jacobs Engineering Group, Inc. (a)		6,211		243,657
KBR, Inc.		7,325		104,454
MasTec, Inc. (a)		3,334		51,477
MYR Group, Inc. (a)		1,082		21,651
Primoris Services Corp.		1,955		39,862
Quanta Services, Inc. (a)		9,876		184,681
Tutor Perini Corp. (a)		1,985		26,222


TOTAL CONSTRUCTION & ENGINEERING				1,849,061


ELECTRICAL EQUIPMENT – 5.5%
Electrical Components & Equipment – 5.4%
Acuity Brands, Inc.		2,185		442,310
AMETEK, Inc.		12,147		571,516
Eaton Corp. PLC		23,448		1,184,358
Emerson Electric Co.		32,959		1,515,455
Encore Wire Corp.		999		37,173
EnerSys, Inc.		2,341		113,375
Franklin Electric Co., Inc.		1,976		53,905
FuelCell Energy, Inc. (a)		1,009		5,378
Generac Holdings, Inc. (a)		3,529		100,294
General Cable Corp.		2,414		28,292
Hubbell, Inc.		2,540		229,692
Plug Power, Inc. (a)		8,740		16,344
Powell Industries, Inc.		495		12,395
Regal-Beloit Corp.		2,255		126,754
Rockwell Automation, Inc.		6,727		642,899
Sensata Technologies Holding N.V. (a)		8,534		313,198
SolarCity Corp. (a)		2,948		105,096
Sunrun, Inc. (a)		1,069		10,177
Thermon Group Holdings, Inc. (a)		1,573		26,458

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


		39		*Semiannual Report*

Fidelity MSCI Industrials Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
ELECTRICAL EQUIPMENT – continued
Electrical Components & Equipment – continued
Vicor Corp. (a)		868	$	7,291

				5,542,360

Heavy Electrical Equipment – 0.1%
AZZ, Inc.		1,320		67,954
Babcock & Wilcox Enterprises, Inc. (a)		2,550		52,657
Power Solutions International, Inc. (a)		223		2,665

				123,276


TOTAL ELECTRICAL EQUIPMENT				5,665,636


INDUSTRIAL CONGLOMERATES – 21.9%
Industrial Conglomerates – 21.9%
3M Co.		31,334		4,731,434
Carlisle Cos., Inc.		3,272		273,801
Danaher Corp.		30,852		2,673,326
General Electric Co.		473,345		13,774,339
Raven Industries, Inc.		1,817		27,273
Roper Industries, Inc.		5,050		887,134


TOTAL INDUSTRIAL CONGLOMERATES				22,367,307


MACHINERY – 15.4%
Agricultural & Farm Machinery – 1.6%
AGCO Corp.		3,498		170,598
Deere & Co.		15,637		1,204,205
Lindsay Corp.		568		39,953
The Toro Co.		2,750		204,930
Titan International, Inc.		2,217		6,651

				1,626,337

Construction & Farm Machinery & Heavy Trucks – 4.9%
Alamo Group, Inc.		502		26,621
Allison Transmission Holdings, Inc.		7,966		189,511
American Railcar Industries, Inc.		461		20,929
Astec Industries, Inc.		941		35,099
Caterpillar, Inc.		28,714		1,787,159
Cummins, Inc.		8,513		765,234
Douglas Dynamics, Inc.		1,155		22,938
Federal Signal Corp.		3,098		45,819
FreightCar America, Inc.		616		11,735
Joy Global, Inc.		4,778		47,637
Meritor, Inc. (a)		4,502		30,749
Navistar International Corp. (a)		2,419		17,586
Oshkosh Corp.		3,930		129,415
PACCAR, Inc.		17,805		873,691
Terex Corp.		5,650		126,560
The Greenbrier Cos., Inc.		1,393		36,023
The Manitowoc Co., Inc.		6,592		103,758
Trinity Industries, Inc.		7,763		166,284
Wabash National Corp. (a)		3,349		37,040
WABCO Holdings, Inc. (a)		2,761		247,524



	Shares		Value
Wabtec Corp.		4,850	$	310,158

				5,031,470

Industrial Machinery – 8.9%
Actuant Corp. Class A		2,810		65,417
Albany International Corp. Class A		1,445		49,014
Altra Industrial Motion Corp.		1,280		28,749
Barnes Group, Inc.		2,495		81,112
Blount International, Inc. (a)		2,066		19,214
Briggs & Stratton Corp.		2,236		43,960
Chart Industries, Inc. (a)		1,560		25,288
CIRCOR International, Inc.		722		25,624
CLARCOR, Inc.		2,537		118,884
Colfax Corp. (a)		4,318		95,601
Columbus McKinnon Corp.		968		13,842
Crane Co.		2,308		110,230
Donaldson Co., Inc.		6,435		181,338
Dover Corp.		7,848		458,716
EnPro Industries, Inc.		1,100		48,917
ESCO Technologies, Inc.		1,272		43,795
Flowserve Corp.		6,696		258,733
Global Brass & Copper Holdings, Inc.		1,093		22,636
Graco, Inc.		2,896		210,481
Harsco Corp.		4,094		26,365
Hillenbrand, Inc.		3,124		84,598
Hyster-Yale Materials Handling, Inc.		421		21,867
IDEX Corp.		3,882		281,484
Illinois Tool Works, Inc.		16,526		1,488,497
Ingersoll-Rand PLC		13,310		685,066
ITT Corp.		4,457		144,630
John Bean Technologies Corp.		1,498		68,623
Kadant, Inc.		539		20,919
Kennametal, Inc.		3,907		69,154
Lincoln Electric Holdings, Inc.		3,353		178,514
Lydall, Inc. (a)		853		24,097
Milacron Holdings Corp. (a)		845		10,774
Mueller Industries, Inc.		2,696		68,613
Mueller Water Products, Inc. Class A		7,962		65,368
NN, Inc.		1,292		15,659
Nordson Corp.		2,872		173,555
Parker Hannifin Corp.		6,943		674,582
Pentair PLC		9,032		425,588
Proto Labs, Inc. (a)		1,159		63,733
RBC Bearings, Inc. (a)		1,161		68,882
Rexnord Corp. (a)		5,093		83,372
Snap-on, Inc.		2,918		471,432
SPX Corp.		1,799		16,731
SPX FLOW, Inc. (a)		1,809		43,127
Standex International Corp.		634		45,787
Stanley Black & Decker, Inc.		7,687		725,192
Sun Hydraulics Corp.		1,144		29,126
Tennant Co.		858		46,426
The Gorman-Rupp Co.		1,172		29,792

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


*Semiannual Report*		40


Common Stocks – continued
	Shares		Value
MACHINERY – continued
Industrial Machinery – continued
The Middleby Corp. (a)		2,876	$	259,875
The Timken Co.		3,651		96,934
Trimas Corp. (a)		2,280		39,421
Valmont Industries, Inc.		1,177		125,456
Watts Water Technologies, Inc. Class A		1,328		65,431
Woodward, Inc.		2,880		133,027
Xylem, Inc.		9,105		327,325

				9,100,573


TOTAL MACHINERY				15,758,380


MARINE – 0.1%
Marine – 0.1%
Kirby Corp. (a)		666		33,733
Matson, Inc.		480		19,397


TOTAL MARINE				53,130


PROFESSIONAL SERVICES – 4.2%
Human Resource & Employment Services – 1.0%
Barrett Business Services, Inc.		349		13,670
GP Strategies Corp. (a)		688		16,643
Heidrick & Struggles International, Inc.		889		23,434
Insperity, Inc.		787		35,360
Kelly Services, Inc. Class A		1,510		25,036
Kforce, Inc.		1,279		28,522
Korn/Ferry International		2,544		78,381
Manpowergroup, Inc.		3,853		294,176
On Assignment, Inc. (a)		2,360		91,214
Robert Half International, Inc.		6,747		295,316
TriNet Group, Inc. (a)		1,963		29,052
TrueBlue, Inc. (a)		2,096		47,873
WageWorks, Inc. (a)		1,807		80,845

				1,059,522

Research & Consulting Services – 3.2%
Acacia Research Corp.		2,362		8,834
CBIZ, Inc. (a)		2,395		24,190
CEB, Inc.		1,703		100,443
Equifax, Inc.		5,932		627,606
Exponent, Inc.		1,319		67,678
FTI Consulting, Inc. (a)		2,086		70,695
Huron Consulting Group, Inc. (a)		1,159		65,031
ICF International, Inc. (a)		857		29,318
IHS, Inc. Class A (a)		3,433		359,160
Mistras Group, Inc. (a)		904		20,421
Navigant Consulting, Inc. (a)		2,400		37,896
Nielsen Holdings PLC		17,538		844,630
Resources Connection, Inc.		1,815		27,425
RPX Corp. (a)		2,679		31,023
The Advisory Board Co. (a)		2,147		98,268
The Dun & Bradstreet Corp.		1,812		178,337



	Shares		Value
TransUnion (a)		1,803	$	44,606
Verisk Analytics, Inc. Class A (a)		8,029		586,117

				3,221,678


TOTAL PROFESSIONAL SERVICES				4,281,200


ROAD & RAIL – 7.3%
Railroads – 5.7%
CSX Corp.		49,341		1,135,830
Genesee & Wyoming, Inc. Class A (a)		2,681		132,924
Kansas City Southern		5,536		392,392
Norfolk Southern Corp.		15,117		1,065,748
Union Pacific Corp.		43,519		3,133,368

				5,860,262

Trucking – 1.6%
AMERCO		394		144,460
ArcBest Corp.		1,280		26,278
Avis Budget Group, Inc. (a)		5,192		136,394
Celadon Group, Inc.		1,286		10,211
Covenant Transportation Group, Inc. Class A (a)		561		10,956
Heartland Express, Inc.		2,677		45,911
Hertz Global Holdings, Inc. (a)		19,579		177,777
JB Hunt Transport Services, Inc.		4,665		339,146
Knight Transportation, Inc.		3,055		74,756
Landstar System, Inc.		2,189		125,671
Marten Transport Ltd.		1,200		20,136
Old Dominion Freight Line, Inc. (a)		3,210		176,004
PAM Transportation Services, Inc. (a)		169		4,365
Roadrunner Transportation Systems, Inc. (a)		1,497		11,856
Ryder System, Inc.		2,678		142,389
Saia, Inc. (a)		1,295		27,700
Swift Transportation Co. (a)		4,572		74,569
Universal Truckload Services, Inc.		411		5,306
Werner Enterprises, Inc.		2,293		55,376
YRC Worldwide, Inc. (a)		1,013		10,475

				1,619,736


TOTAL ROAD & RAIL				7,479,998


TRADING COMPANIES & DISTRIBUTORS – 2.7%
Trading Companies & Distributors – 2.7%
Air Lease Corp.		4,902		126,276
Aircastle Ltd.		3,333		57,228
Applied Industrial Technologies, Inc.		1,926		74,035
Beacon Roofing Supply, Inc. (a)		2,527		102,344
BMC Stock Holdings, Inc. (a)		782		11,237
DXP Enterprises, Inc. (a)		607		9,518
Fastenal Co.		13,827		560,823
GATX Corp.		2,097		85,935
H&E Equipment Services, Inc.		1,639		19,094
HD Supply Holdings, Inc. (a)		10,009		262,936
Kaman Corp.		1,267		50,477

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


		41		*Semiannual Report*

Fidelity MSCI Industrials Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS – continued
Trading Companies & Distributors – continued
MRC Global, Inc. (a)		5,112	$	51,376
MSC Industrial Direct Co., Inc. Class A		2,429		157,424
NOW, Inc. (a)		5,319		72,126
Rush Enterprises, Inc. Class A (a)		1,523		29,089
TAL International Group, Inc. (a)		1,640		18,499
Titan Machinery, Inc. (a)		857		7,276
United Rentals, Inc. (a)		4,784		229,201
Univar, Inc. (a)		1,719		21,848
Veritiv Corp. (a)		424		13,080
Watsco, Inc.		1,290		149,911
WESCO International, Inc. (a)		2,215		89,442
WW Grainger, Inc.		2,979		585,940


TOTAL TRADING COMPANIES & DISTRIBUTORS				2,785,115


TRANSPORTATION INFRASTRUCTURE – 0.3%
Airport Services – 0.3%
Macquarie Infrastructure Corp.		3,793		254,358
Wesco Aircraft Holdings, Inc. (a)		3,337		37,675


TOTAL TRANSPORTATION INFRASTRUCTURE				292,033


TOTAL COMMON STOCKS (Cost $121,691,084)				103,784,209


Money Market Funds – 0.1%
	Shares		Value
SSgA US Treasury Money Market Fund, 0.08% (b) (Cost $71,916)		71,916	$	71,916


TOTAL INVESTMENT PORTFOLIO – 101.6% (Cost $121,763,000)				103,856,125

NET OTHER ASSETS (LIABILITIES) – (1.6%)				(1,599,762	)


NET ASSETS – 100%			$	102,256,363

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	103,784,209	$	103,784,209	$	—	$	—
Money Market Funds		71,916		71,916		—		—

Total Investments in Securities:	$	103,856,125	$	103,856,125	$	—	$	—

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


*Semiannual Report*		42

Fidelity MSCI Information Technology Index ETF

Investments January 31, 2016 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 100.6%
	Shares		Value
COMMUNICATIONS EQUIPMENT – 6.8%
Communications Equipment – 6.8%
ADTRAN, Inc.		4,558	$	82,773
Arista Networks, Inc. (a)		3,435		206,203
ARRIS International PLC (a)		17,091		435,308
Black Box Corp.		1,410		10,744
Brocade Communications Systems, Inc.		38,863		310,127
CalAmp Corp. (a)		3,371		57,307
Calix, Inc. (a)		3,881		29,806
Ciena Corp. (a)		11,229		199,539
Cisco Systems, Inc.		469,392		11,166,836
CommScope Holding Co., Inc. (a)		12,459		279,331
Comtech Telecommunications Corp.		1,476		28,812
EchoStar Corp. Class A (a)		4,111		144,419
Extreme Networks, Inc. (a)		9,262		25,563
F5 Networks, Inc. (a)		6,577		616,791
Finisar Corp. (a)		9,787		124,295
Harmonic, Inc. (a)		8,128		26,822
Harris Corp.		11,467		997,285
Infinera Corp. (a)		13,041		199,788
InterDigital, Inc.		3,391		152,731
Ixia (a)		5,336		51,066
Juniper Networks, Inc.		31,947		753,949
Lumentum Holdings, Inc. (a)		4,483		88,450
Mitel Networks Corp. (a)		9,156		66,656
Motorola Solutions, Inc.		14,714		982,454
NETGEAR, Inc. (a)		2,800		104,636
Netscout Systems, Inc. (a)		8,928		192,398
Palo Alto Networks, Inc. (a)		6,583		984,093
Plantronics, Inc.		3,231		144,846
Polycom, Inc. (a)		12,642		128,822
QUALCOMM, Inc.		145,026		6,575,479
Ruckus Wireless, Inc. (a)		7,775		65,388
ShoreTel, Inc. (a)		5,869		48,184
Sonus Networks, Inc. (a)		4,123		24,738
Ubiquiti Networks, Inc. (a)		2,863		84,773
ViaSat, Inc. (a)		4,259		266,187
Viavi Solutions, Inc. (a)		21,841		109,205


TOTAL COMMUNICATIONS EQUIPMENT				25,765,804


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.0%
Electronic Components – 1.3%
Amphenol Corp. Class A		28,560		1,415,719
AVX Corp.		4,846		55,632
Belden, Inc.		3,967		169,470
Corning, Inc.		113,213		2,106,894
Dolby Laboratories, Inc. Class A		4,799		172,812
DTS, Inc. (a)		1,524		33,955
II-VI, Inc. (a)		4,929		102,523
InvenSense, Inc. (a)		7,802		64,055
Knowles Corp. (a)		8,138		110,677
Littelfuse, Inc.		2,130		217,047



	Shares		Value
Rogers Corp. (a)		1,804	$	85,636
Universal Display Corp. (a)		3,861		189,575
Vishay Intertechnology, Inc.		12,529		143,582

				4,867,577

Electronic Equipment & Instruments – 0.8%
Badger Meter, Inc.		1,370		76,487
Checkpoint Systems, Inc.		4,467		28,946
Cognex Corp.		7,634		246,197
Coherent, Inc. (a)		2,353		181,816
Daktronics, Inc.		3,906		31,365
FARO Technologies, Inc. (a)		1,679		43,100
FEI Co.		3,893		282,048
FLIR Systems, Inc.		12,914		377,605
GSI Group, Inc. (a)		3,157		39,021
Itron, Inc. (a)		3,501		115,393
Keysight Technologies, Inc. (a)		15,585		364,689
MTS Systems Corp.		1,400		74,760
National Instruments Corp.		9,648		274,968
Newport Corp. (a)		3,886		59,184
OSI Systems, Inc. (a)		1,722		94,400
RealD, Inc. (a)		3,964		41,186
Rofin-Sinar Technologies, Inc. (a)		2,668		68,007
VeriFone Systems, Inc. (a)		10,726		250,881
Zebra Technologies Corp. Class A (a)		4,869		294,088

				2,944,141

Electronic Manufacturing Services – 1.2%
Benchmark Electronics, Inc. (a)		4,763		100,023
CTS Corp.		2,706		42,620
Fabrinet (a)		2,936		73,136
Flextronics International Ltd. (a)		52,191		546,962
IPG Photonics Corp. (a)		3,416		276,115
Jabil Circuit, Inc.		16,063		319,814
Kimball Electronics, Inc. (a)		2,624		26,345
Mercury Systems, Inc. (a)		3,283		62,672
Methode Electronics, Inc.		3,423		89,203
Multi-Fineline Electronix, Inc. (a)		915		15,308
Park Electrochemical Corp.		1,757		28,604
Plexus Corp. (a)		3,123		109,149
QLogic Corp. (a)		8,268		105,996
Sanmina Corp. (a)		7,626		142,911
TE Connectivity Ltd.		37,159		2,124,008
Trimble Navigation Ltd. (a)		23,906		461,147
TTM Technologies, Inc. (a)		5,900		34,397

				4,558,410


Technology Distributors – 0.7%
Anixter International, Inc. (a)		2,771		136,998
Arrow Electronics, Inc. (a)		8,695		448,662
Avnet, Inc.		12,396		494,848
CDW Corp.		13,336		512,769
Electro Rent Corp.		1,764		15,417
ePlus, Inc. (a)		592		56,068

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


		43		*Semiannual Report*

Fidelity MSCI Information Technology Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – continued
Technology Distributors – continued
Ingram Micro, Inc. Class A		14,368	$	405,178
Insight Enterprises, Inc. (a)		3,527		83,343
PC Connection, Inc.		978		22,074
ScanSource, Inc. (a)		2,532		79,454
SYNNEX Corp.		2,785		233,801
Tech Data Corp. (a)		3,316		206,919

				2,695,531


TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS				15,065,659


INTERNET SOFTWARE & SERVICES – 20.5%
Internet Software & Services – 20.5%
Actua Corp. (a)		3,814		36,080
Akamai Technologies, Inc. (a)		16,543		754,692
Alphabet, Inc. Class A (a)		26,753		20,368,397
Alphabet, Inc. Class C (a)		28,567		21,223,853
Angie’s List, Inc. (a)		3,971		33,714
Bankrate, Inc. (a)		5,722		65,460
Bazaarvoice, Inc. (a)		5,497		19,899
Benefitfocus, Inc. (a)		1,458		42,515
Blucora, Inc. (a)		4,070		35,124
Box, Inc. Class A (a)		3,053		32,850
Carbonite, Inc. (a)		1,001		8,979
ChannelAdvisor Corp. (a)		2,096		25,634
Cimpress N.V. (a)		2,689		211,140
comScore, Inc. (a)		3,051		117,555
Constant Contact, Inc. (a)		3,063		96,821
Cornerstone OnDemand, Inc. (a)		4,505		138,258
CoStar Group, Inc. (a)		3,009		527,688
Cvent, Inc. (a)		2,173		57,389
Demandware, Inc. (a)		3,109		131,915
DHI Group, Inc. (a)		4,340		40,405
EarthLink Holdings Corp.		10,178		60,254
eBay, Inc. (a)		100,959		2,368,498
Endurance International Group Holdings, Inc. (a)		5,454		50,068
Envestnet, Inc. (a)		3,444		80,762
Facebook, Inc. Class A (a)		198,116		22,230,596
GoDaddy, Inc. Class A (a)		2,452		74,761
Gogo, Inc. (a)		4,999		72,735
GrubHub, Inc. (a)		5,818		109,669
GTT Communications, Inc. (a)		2,681		39,920
Hortonworks, Inc. (a)		1,997		19,371
IAC/InterActiveCorp		7,123		369,969
Internap Corp. (a)		4,533		17,497
IntraLinks Holdings, Inc. (a)		3,664		29,532
j2 Global, Inc.		4,287		310,850
LinkedIn Corp. Class A (a)		10,594		2,096,659
Liquidity Services, Inc. (a)		2,241		14,589



	Shares		Value
LivePerson, Inc. (a)		4,903	$	27,751
LogMeIn, Inc. (a)		2,294		119,839
Marketo, Inc. (a)		3,003		57,087
MercadoLibre, Inc.		3,082		302,776
Monster Worldwide, Inc. (a)		8,408		41,956
New Relic, Inc. (a)		2,035		57,428
NIC, Inc.		5,930		117,355
OPOWER, Inc. (a)		1,732		14,722
Pandora Media, Inc. (a)		18,644		181,220
Q2 Holdings, Inc. (a)		2,169		46,981
Quotient Technology, Inc. (a)		4,968		30,156
Rackspace Hosting, Inc. (a)		10,683		215,903
RetailMeNot, Inc. (a)		2,675		24,342
SciQuest, Inc. (a)		2,767		35,224
Shutterstock, Inc. (a)		1,823		52,666
SPS Commerce, Inc. (a)		1,536		100,270
Stamps.com, Inc. (a)		1,390		130,410
TrueCar, Inc. (a)		4,095		26,536
Twitter, Inc. (a)		53,140		892,752
VeriSign, Inc. (a)		9,454		714,722
Web.com Group, Inc. (a)		3,990		75,132
WebMD Health Corp. (a)		2,996		153,126
XO Group, Inc. (a)		2,230		33,227
Yahoo!, Inc. (a)		82,581		2,436,965
Yelp, Inc. (a)		6,079		127,355
Zillow Group, Inc. Class C (a)		9,398		192,659


TOTAL INTERNET SOFTWARE & SERVICES				78,122,658


IT SERVICES – 18.0%
Data Processing & Outsourced Services – 11.7%
Alliance Data Systems Corp. (a)		5,677		1,134,208
Automatic Data Processing, Inc.		43,004		3,573,202
Black Knight Financial Services, Inc. Class A (a)		2,268		68,426
Blackhawk Network Holdings, Inc. (a)		4,775		179,970
Broadridge Financial Solutions, Inc.		10,987		588,464
Cardtronics, Inc. (a)		4,128		127,184
Cass Information Systems, Inc.		877		44,639
Convergys Corp.		9,096		222,306
CoreLogic, Inc. (a)		8,291		295,989
CSG Systems International, Inc.		3,125		109,188
DST Systems, Inc.		2,989		315,070
Euronet Worldwide, Inc. (a)		4,637		369,893
Everi Holdings, Inc. (a)		6,778		19,046
EVERTEC, Inc.		6,175		84,845
ExlService Holdings, Inc. (a)		2,920		127,487
Fidelity National Information Services, Inc.		26,011		1,553,637
Fiserv, Inc. (a)		21,664		2,048,548
FleetCor Technologies, Inc. (a)		7,239		889,239
Global Payments, Inc.		11,950		704,452
Heartland Payment Systems, Inc.		3,385		311,691

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


*Semiannual Report*		44


Common Stocks – continued
	Shares		Value

IT SERVICES – continued
Data Processing & Outsourced Services – continued
Jack Henry & Associates, Inc.		7,525	$	610,879
Mastercard, Inc. Class A		92,114		8,200,909
MAXIMUS, Inc.		6,161		328,813
MoneyGram International, Inc. (a)		2,683		14,220
Net 1 UEPS Technologies, Inc. (a)		3,906		42,497
Paychex, Inc.		30,032		1,437,332
PayPal Holdings, Inc. (a)		101,263		3,659,645
Sabre Corp.		16,563		424,178
Sykes Enterprises, Inc. (a)		3,670		108,045
Syntel, Inc. (a)		3,097		146,612
TeleTech Holdings, Inc.		1,532		40,920
The Western Union Co.		47,242		842,797
Total System Services, Inc.		15,306		614,689
Travelport Worldwide Ltd.		9,716		105,807
Vantiv, Inc. Class A (a)		14,504		682,413
Visa, Inc. Class A		180,096		13,415,351
WEX, Inc. (a)		3,617		262,630
Xerox Corp.		93,860		915,135

				44,620,356

IT Consulting & Other Services – 6.3%
Accenture PLC Class A		57,610		6,080,160
Acxiom Corp. (a)		7,352		137,483
Booz Allen Hamilton Holding Corp.		10,952		309,832
CACI International, Inc. Class A (a)		2,128		176,773
CIBER, Inc. (a)		7,749		25,184
Cognizant Technology Solutions Corp. Class A (a)		56,272		3,562,580
Computer Sciences Corp.		12,864		412,549
CSRA, Inc.		12,871		344,685
EPAM Systems, Inc. (a)		3,930		294,357
Forrester Research, Inc.		826		26,407
Gartner, Inc. (a)		7,673		674,380
International Business Machines Corp.		85,884		10,717,464
Leidos Holdings, Inc.		5,678		261,869
Lionbridge Technologies, Inc. (a)		6,276		29,058
ManTech International Corp. Class A		2,215		63,859
Perficient, Inc. (a)		3,404		64,846
Science Applications International Corp.		3,848		164,002
ServiceSource International, Inc. (a)		6,255		24,207
Teradata Corp. (a)		13,157		320,241
The Hackett Group, Inc.		2,445		36,113
Virtusa Corp. (a)		2,620		117,166

				23,843,215


TOTAL IT SERVICES				68,463,571


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 12.3%
Semiconductor Equipment – 1.5%
Advanced Energy Industries, Inc. (a)		3,617		101,565
Amkor Technology, Inc. (a)		10,148		62,309



	Shares		Value
Applied Materials, Inc.		110,884	$	1,957,103
Brooks Automation, Inc.		6,375		60,754
Cabot Microelectronics Corp. (a)		2,239		90,993
Cohu, Inc.		2,214		26,812
Entegris, Inc. (a)		11,711		136,550
FormFactor, Inc. (a)		5,501		45,713
KLA-Tencor Corp.		14,523		972,896
Kulicke & Soffa Industries, Inc. (a)		6,684		67,642
Lam Research Corp.		14,653		1,051,939
MKS Instruments, Inc.		5,027		178,157
Nanometrics, Inc. (a)		2,305		32,570
PDF Solutions, Inc. (a)		2,782		30,129
Photronics, Inc. (a)		6,092		72,739
Rudolph Technologies, Inc. (a)		2,960		37,918
SolarEdge Technologies, Inc. (a)		1,423		40,228
SunEdison Semiconductor Ltd. (a)		3,850		23,870
SunEdison, Inc. (a)		30,319		94,898
Teradyne, Inc.		19,477		378,438
Tessera Technologies, Inc.		4,403		126,894
Ultratech, Inc. (a)		2,544		51,312
Veeco Instruments, Inc. (a)		3,746		69,825
Xcerra Corp. (a)		5,156		28,255

				5,739,509

Semiconductors – 10.8%
Advanced Micro Devices, Inc. (a)		61,520		135,344
Ambarella, Inc. (a)		2,903		115,191
Analog Devices, Inc.		28,975		1,560,593
Applied Micro Circuits Corp. (a)		7,010		38,976
Atmel Corp.		38,658		311,583
Avago Technologies Ltd.		34,618		4,628,773
Broadcom Corp. Class A		51,416		2,810,913
Cavium, Inc. (a)		5,170		298,671
Ceva, Inc. (a)		1,968		45,559
Cirrus Logic, Inc. (a)		5,859		203,424
Cree, Inc. (a)		9,655		270,630
Cypress Semiconductor Corp. (a)		31,376		246,615
Diodes, Inc. (a)		3,678		70,360
Exar Corp. (a)		3,906		21,483
Fairchild Semiconductor International, Inc. (a)		10,692		219,079
First Solar, Inc. (a)		7,023		482,199
Inphi Corp. (a)		2,828		78,477
Integrated Device Technology, Inc. (a)		13,674		348,414
Intel Corp.		438,842		13,612,879
Intersil Corp. Class A		12,469		162,097
IXYS Corp.		2,584		30,827
Lattice Semiconductor Corp. (a)		11,243		54,641
Linear Technology Corp.		22,190		948,179
M/A-COM Technology Solutions Holdings, Inc. (a)		2,051		78,964
Marvell Technology Group Ltd.		38,316		339,097
Maxim Integrated Products, Inc.		26,299		878,387
MaxLinear, Inc. Class A (a)		4,931		75,839

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


		45		*Semiannual Report*

Fidelity MSCI Information Technology Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – continued
Semiconductor – continued
Mellanox Technologies Ltd. (a)		3,939	$	179,028	��
Microchip Technology, Inc.		19,464		872,182
Micron Technology, Inc. (a)		79,237		873,984
Microsemi Corp. (a)		10,300		326,510
Monolithic Power Systems, Inc.		3,506		219,370
NVE Corp.		394		19,542
NVIDIA Corp.		49,793		1,458,437
ON Semiconductor Corp. (a)		38,186		326,872
Power Integrations, Inc.		2,772		130,644
Qorvo, Inc. (a)		13,775		545,490
Rambus, Inc. (a)		10,915		133,600
Semtech Corp. (a)		6,145		123,514
Silicon Laboratories, Inc. (a)		3,783		172,505
Skyworks Solutions, Inc.		17,634		1,215,335
SunPower Corp. (a)		5,101		129,769
Synaptics, Inc. (a)		3,362		246,468
Texas Instruments, Inc.		94,745		5,014,853
Xilinx, Inc.		23,901		1,201,503

				41,256,800


TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				46,996,309


SOFTWARE – 22.1%
Application Software – 6.1%
ACI Worldwide, Inc. (a)		11,072		198,189
Adobe Systems, Inc. (a)		45,941		4,094,721
ANSYS, Inc. (a)		8,346		736,034
Aspen Technology, Inc. (a)		7,823		253,778
Autodesk, Inc. (a)		20,907		978,866
Blackbaud, Inc.		4,317		265,409
Bottomline Technologies de, Inc. (a)		3,825		110,236
BroadSoft, Inc. (a)		2,593		88,706
Cadence Design Systems, Inc. (a)		27,062		529,333
Callidus Software, Inc. (a)		5,188		80,051
CDK Global, Inc.		12,589		554,545
Citrix Systems, Inc. (a)		14,887		1,048,938
Ebix, Inc.		2,546		86,869
Ellie Mae, Inc. (a)		2,593		181,069
EnerNOC, Inc. (a)		2,551		13,393
Epiq Systems, Inc.		2,225		27,857
Fair Isaac Corp.		2,867		273,999
Glu Mobile, Inc. (a)		11,945		26,398
Guidewire Software, Inc. (a)		6,518		358,751
HubSpot, Inc. (a)		1,389		56,379
Interactive Intelligence Group, Inc. (a)		1,767		42,196
Intuit, Inc.		24,327		2,323,472
Jive Software, Inc. (a)		3,872		13,475
Manhattan Associates, Inc. (a)		6,813		392,769
Mentor Graphics Corp.		9,417		163,667
MicroStrategy, Inc. Class A (a)		862		148,704



	Shares		Value
MobileIron, Inc. (a)		2,889	$	10,660
Monotype Imaging Holdings, Inc.		3,638		90,732
Nuance Communications, Inc. (a)		22,852		402,881
Paycom Software, Inc. (a)		3,923		118,278
Paylocity Holding Corp. (a)		1,913		59,533
Pegasystems, Inc.		3,686		86,621
PROS Holdings, Inc. (a)		2,441		29,975
PTC, Inc. (a)		10,504		311,023
QAD, Inc. Class A		827		15,308
Qlik Technologies, Inc. (a)		8,641		216,371
RealPage, Inc. (a)		4,124		79,552
RingCentral, Inc. Class A (a)		4,423		96,510
Salesforce.com, Inc. (a)		57,493		3,912,974
Silver Spring Networks, Inc. (a)		2,926		33,503
SolarWinds, Inc. (a)		6,414		384,519
Solera Holdings, Inc.		6,182		335,435
Splunk, Inc. (a)		11,687		540,991
SS&C Technologies Holdings, Inc.		8,086		519,849
Synchronoss Technologies, Inc. (a)		3,495		107,087
Synopsys, Inc. (a)		14,485		621,406
Tangoe, Inc. (a)		3,607		30,191
Telenav, Inc. (a)		2,868		16,520
Textura Corp. (a)		1,752		27,664
The Ultimate Software Group, Inc. (a)		2,512		441,183
TiVo, Inc. (a)		9,471		75,579
Tyler Technologies, Inc. (a)		2,997		470,709
Verint Systems, Inc. (a)		5,676		207,798
Workday, Inc. Class A (a)		10,289		648,310
Workiva, Inc. (a)		2,092		31,234
Xura, Inc. (a)		2,130		45,710
Zendesk, Inc. (a)		4,487		98,759

				23,114,669

Home Entertainment Software – 1.0%
Activision Blizzard, Inc.		47,137		1,641,310
Electronic Arts, Inc. (a)		28,790		1,858,251
Take-Two Interactive Software, Inc. (a)		7,974		276,698
Zynga, Inc. Class A (a)		72,606		178,611

				3,954,870

Systems Software – 15.0%
A10 Networks, Inc. (a)		2,775		16,428
Barracuda Networks, Inc. (a)		1,686		17,838
CA, Inc.		30,596		879,023
CommVault Systems, Inc. (a)		4,011		150,493
Fleetmatics Group PLC (a)		3,561		154,583
Fortinet, Inc. (a)		13,517		380,368
Gigamon, Inc. (a)		1,712		44,769
Imperva, Inc. (a)		2,578		132,922
Infoblox, Inc. (a)		5,081		82,007
Microsoft Corp.		701,181		38,628,061
NetSuite, Inc. (a)		3,675		254,935
Oracle Corp.		320,150		11,624,646
Progress Software Corp. (a)		4,154		107,547

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


*Semiannual Report*		46


Common Stocks – continued
	Shares		Value
SOFTWARE – continued
Systems Software – continued
Proofpoint, Inc. (a)		3,534	$	177,972
Qualys, Inc. (a)		2,287		59,439
Rapid7, Inc. (a)		691		9,052
Red Hat, Inc. (a)		16,990		1,190,149
Rovi Corp. (a)		8,316		161,829
ServiceNow, Inc. (a)		13,674		850,660
Symantec Corp.		63,213		1,254,146
Tableau Software, Inc. Class A (a)		4,742		380,498
The Rubicon Project, Inc. (a)		2,583		34,845
TubeMogul, Inc. (a)		1,563		17,615
Varonis Systems, Inc. (a)		1,022		19,234
VASCO Data Security International, Inc. (a)		2,993		46,392
VMware, Inc. Class A (a)		7,322		334,982

				57,010,433


TOTAL SOFTWARE				84,079,972


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 16.9%
Technology Hardware, Storage & Peripherals – 16.9%
3D Systems Corp. (a)		9,990		80,020
Apple, Inc.		526,264		51,226,538
Cray, Inc. (a)		3,775		148,697
Diebold, Inc.		5,745		159,251
Eastman Kodak Co. (a)		1,740		15,869
Electronics For Imaging, Inc. (a)		4,345		179,796
EMC Corp.		177,676		4,401,035
Hewlett Packard Enterprise Co.		167,839		2,309,465
HP, Inc.		166,928		1,620,871



	Shares		Value
Immersion Corp. (a)		3,090	$	26,203
Lexmark International, Inc. Class A		5,668		159,894
NCR Corp. (a)		11,817		252,175
NetApp, Inc.		27,830		610,312
Nimble Storage, Inc. (a)		3,218		21,142
Quantum Corp. (a)		21,894		10,404
SanDisk Corp.		18,888		1,335,382
Seagate Technology PLC		27,929		811,337
Super Micro Computer, Inc. (a)		3,633		108,191
Western Digital Corp.		21,295		1,021,734


TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS				64,498,316


TOTAL COMMON STOCKS (Cost $411,345,993)				382,992,289


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.08% (b) (Cost $304,929)		304,929		304,929


TOTAL INVESTMENT PORTFOLIO – 100.7% (Cost $411,650,922)				383,297,218

NET OTHER ASSETS (LIABILITIES) – (0.7%)				(2,778,857	)


NET ASSETS – 100%			$	380,518,361

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	382,992,289	$	382,992,289	$	—	$	—
Money Market Funds		304,929		304,929		—		—

Total Investments in Securities:	$	383,297,218	$	383,297,218	$	—	$	—

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


		47		*Semiannual Report*

Fidelity MSCI Materials Index ETF

Investments January 31, 2016 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
CHEMICALS – 70.1%
Commodity Chemicals – 6.4%
Axiall Corp.		7,079	$	126,926
Cabot Corp.		6,268		252,851
Calgon Carbon Corp.		5,263		85,208
Hawkins, Inc.		974		36,496
Koppers Holdings, Inc. (a)		2,003		33,911
Kronos Worldwide, Inc.		2,337		10,984
LyondellBasell Industries N.V. Class A		39,567		3,085,039
Tredegar Corp.		2,316		30,409
Trinseo S.A. (a)		1,221		29,048
Tronox Ltd. Class A		6,671		23,815
Westlake Chemical Corp.		4,642		211,118

				3,925,805

Diversified Chemicals – 17.9%
Eastman Chemical Co.		14,864		909,825
EI du Pont de Nemours & Co.		90,412		4,770,137
Huntsman Corp.		20,823		179,703
LSB Industries, Inc. (a)		1,751		9,806
Olin Corp.		16,468		278,968
The Chemours Co.		17,884		70,463
The Dow Chemical Co.		112,355		4,718,910

				10,937,812

Fertilizers & Agricultural Chemicals – 10.7%
AgroFresh Solutions, Inc. (a)		2,234		12,265
American Vanguard Corp.		2,683		30,210
CF Industries Holdings, Inc.		23,289		698,670
FMC Corp.		13,326		476,005
Intrepid Potash, Inc. (a)		5,532		12,060
Monsanto Co.		46,747		4,235,278
The Mosaic Co.		32,006		771,345
The Scotts Miracle-Gro Co. Class A		4,586		314,966

				6,550,799

Industrial Gases – 10.5%
Air Products & Chemicals, Inc.		20,413		2,586,531
Airgas, Inc.		6,714		939,960
Praxair, Inc.		28,628		2,862,800

				6,389,291

Specialty Chemicals – 24.6%
A Schulman, Inc. Class A		2,921		73,960
Albemarle Corp.		11,227		590,989
Ashland, Inc.		6,408		607,222
Axalta Coating Systems Ltd. (a)		14,151		336,935
Balchem Corp.		3,162		177,515
Celanese Corp. Class A		15,321		975,488
Chemtura Corp. (a)		6,054		158,857
Ecolab, Inc.		26,538		2,862,654
Ferro Corp. (a)		7,757		72,063
Flotek Industries, Inc. (a)		5,388		35,992
FutureFuel Corp.		2,471		30,937
HB Fuller Co.		5,043		187,701
Innophos Holdings, Inc.		1,946		51,978
Innospec, Inc.		2,395		119,391



	Shares		Value
International Flavors & Fragrances, Inc.		8,054	$	941,996
Kraton Performance Polymers, Inc. (a)		3,065		44,994
Minerals Technologies, Inc.		3,472		142,317
NewMarket Corp.		1,055		400,130
OMNOVA Solutions, Inc. (a)		4,691		24,628
Platform Specialty Products Corp. (a)		14,794		112,878
PolyOne Corp.		8,889		240,536
PPG Industries, Inc.		27,053		2,573,281
Quaker Chemical Corp.		1,318		98,863
Rayonier Advanced Materials, Inc.		4,358		30,506
RPM International, Inc.		13,363		524,498
Sensient Technologies Corp.		4,575		272,990
Stepan Co.		2,015		90,594
The Sherwin-Williams Co.		7,921		2,025,162
The Valspar Corp.		7,632		597,815
WR Grace & Co. (a)		7,230		588,088

				14,990,958


TOTAL CHEMICALS				42,794,665


CONSTRUCTION MATERIALS – 4.0%
Construction Materials – 4.0%
Eagle Materials, Inc.		5,035		269,574
Headwaters, Inc. (a)		7,415		118,418
Martin Marietta Materials, Inc.		5,689		714,425
Summit Materials, Inc. Class A (a)		4,927		78,191
United States Lime & Minerals, Inc.		229		12,588
US Concrete, Inc. (a)		1,369		62,262
Vulcan Materials Co.		13,307		1,173,677


TOTAL CONSTRUCTION MATERIALS				2,429,135


CONTAINERS & PACKAGING – 13.6%
Metal & Glass Containers – 4.7%
Aptargroup, Inc.		6,292		458,687
Ball Corp.		13,125		877,144
Berry Plastics Group, Inc. (a)		11,958		371,894
Crown Holdings, Inc. (a)		13,930		639,108
Greif, Inc. Class A		2,556		67,555
Myers Industries, Inc.		2,452		27,928
Owens-Illinois, Inc. (a)		15,255		197,400
Silgan Holdings, Inc.		4,528		239,395

				2,879,111

Paper Packaging – 8.9%
Avery Dennison Corp.		9,160		557,753
Bemis Co., Inc.		9,725		465,536
Graphic Packaging Holding Co.		32,805		372,665
International Paper Co.		39,659		1,356,734
Packaging Corp. of America		9,771		496,660
Sealed Air Corp.		20,574		833,864
Sonoco Products Co.		10,073		397,984
WestRock Co.		26,176		923,489

				5,404,685


TOTAL CONTAINERS & PACKAGING				8,283,796

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


*Semiannual Report*		48


Common Stocks – continued
	Shares		Value
METALS & MINING – 10.3%
Aluminum – 1.8%
Alcoa, Inc.		130,883	$	954,137
Century Aluminum Co. (a)		5,198		24,535
Kaiser Aluminum Corp.		1,721		133,790

				1,112,462

Diversified Metals & Mining – 1.3%
Compass Minerals International, Inc.		3,361		251,571
Freeport-McMoRan, Inc.		103,763		477,310
Materion Corp.		1,937		47,437

				776,318

Gold – 2.1%
McEwen Mining, Inc.		22,524		27,704
Newmont Mining Corp.		52,871		1,055,305
Royal Gold, Inc.		6,507		193,844

				1,276,853

Precious Metals & Minerals – 0.1%
Stillwater Mining Co. (a)		11,928		78,128

Silver – 0.2%
Coeur Mining, Inc. (a)		14,043		31,035
Hecla Mining Co.		38,357		71,344

				102,379

Steel – 4.8%
AK Steel Holding Corp. (a)		17,319		35,331
Allegheny Technologies, Inc.		10,946		102,673
Carpenter Technology Corp.		4,959		137,662
Cliffs Natural Resources, Inc. (a)		13,316		21,439
Commercial Metals Co.		11,608		161,583
Haynes International, Inc.		1,219		39,008
Nucor Corp.		31,941		1,247,935
Reliance Steel & Aluminum Co.		7,334		417,598
Schnitzer Steel Industries, Inc. Class A		2,692		36,207
Steel Dynamics, Inc.		24,137		442,914
SunCoke Energy, Inc.		6,283		23,750
TimkenSteel Corp.		3,483		31,382
United States Steel Corp.		14,754		103,278
Worthington Industries, Inc.		4,923		150,595

				2,951,355


TOTAL METALS & MINING				6,297,495



	Shares		Value
PAPER & FOREST PRODUCTS – 1.9%
Forest Products – 0.6%
Boise Cascade Co. (a)		3,905	$	80,678
Deltic Timber Corp.		1,122		61,620
Louisiana-Pacific Corp. (a)		14,237		223,806

				366,104

Paper Products – 1.3%
Clearwater Paper Corp. (a)		1,893		74,130
Domtar Corp.		6,283		202,627
KapStone Paper and Packaging Corp.		8,657		127,950
Mercer International, Inc.		4,795		35,243
Neenah Paper, Inc.		1,653		99,907
PH Glatfelter Co.		4,292		63,350
Resolute Forest Products, Inc. (a)		6,454		36,401
Schweitzer-Mauduit International, Inc.		3,023		126,966

				766,574


TOTAL PAPER & FOREST PRODUCTS				1,132,678


TOTAL COMMON STOCKS (Cost $79,783,277)				60,937,769


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.08% (b) (Cost $44,567)		44,567		44,567


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $79,827,844)				60,982,336

NET OTHER ASSETS (LIABILITIES) – 0.0%				24,899


NET ASSETS – 100%			$	61,007,235

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	60,937,769	$	60,937,769	$	—	$	—
Money Market Funds		44,567		44,567		—		—

Total Investments in Securities:	$	60,982,336	$	60,982,336	$	—	$	—

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


		49		*Semiannual Report*

Fidelity MSCI Real Estate Index ETF

Investments January 31, 2016 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – 96.6%
Diversified REIT’s – 6.2%
American Assets Trust, Inc.		1,716	$	64,161
Cousins Properties, Inc.		10,499		90,501
Duke Realty Corp.		17,601		354,308
Empire State Realty Trust, Inc. Class A		5,581		92,366
First Potomac Realty Trust		3,050		29,860
Forest City Realty Trust, Inc. Class A (a)		12,244		241,207
Global Net Lease, Inc.		8,657		60,599
Gramercy Property Trust		21,383		156,310
Investors Real Estate Trust		6,386		41,637
Lexington Realty Trust		10,979		80,476
Liberty Property Trust		7,656		224,474
NorthStar Realty Finance Corp.		7,269		86,283
One Liberty Properties, Inc.		713		14,773
PS Business Parks, Inc.		1,035		89,610
RAIT Financial Trust		4,967		12,716
Select Income REIT		3,447		65,148
Spirit Realty Capital, Inc.		22,555		236,376
STORE Capital Corp.		4,290		106,349
VEREIT, Inc.		46,139		355,732
Washington Real Estate Investment Trust		3,479		87,775
Winthrop Realty Trust		1,647		21,707
WP Carey, Inc.		5,060		294,745

				2,807,113

Health Care REIT’s – 9.6%
Care Capital Properties, Inc.		4,263		127,634
CareTrust REIT, Inc.		2,377		24,388
HCP, Inc.		23,531		845,704
Healthcare Realty Trust, Inc.		5,143		149,353
Healthcare Trust of America, Inc. Class A		6,498		182,204
LTC Properties, Inc.		1,778		79,174
Medical Properties Trust, Inc.		11,889		130,779
National Health Investors, Inc.		1,833		111,227
New Senior Investment Group, Inc.		4,439		40,794
Omega Healthcare Investors, Inc.		9,431		299,057
Physicians Realty Trust		5,442		92,895
Sabra Health Care REIT, Inc.		3,345		61,414
Senior Housing Properties Trust		12,059		174,614
Universal Health Realty Income Trust		112		5,693
Ventas, Inc.		16,830		931,036
Welltower, Inc.		17,893		1,113,303

				4,369,269

Hotel & Resort REIT’s – 4.2%
Apple Hospitality REIT, Inc.		8,536		156,123
Ashford Hospitality Prime, Inc.		1,509		16,584
Ashford Hospitality Trust, Inc.		5,023		27,928
Chatham Lodging Trust		2,014		37,984
Chesapeake Lodging Trust		3,054		76,716
DiamondRock Hospitality Co.		10,353		85,930
FelCor Lodging Trust, Inc.		6,980		48,581
Hersha Hospitality Trust		2,229		39,164



	Shares		Value
Hospitality Properties Trust		7,277	$	171,664
Host Hotels & Resorts, Inc.		38,245		529,693
LaSalle Hotel Properties		5,804		128,617
Pebblebrook Hotel Trust		3,704		90,452
RLJ Lodging Trust		6,712		122,762
Ryman Hospitality Properties, Inc.		2,345		110,098
Summit Hotel Properties, Inc.		4,482		45,492
Sunstone Hotel Investors, Inc.		10,753		127,742
Xenia Hotels & Resorts, Inc.		5,481		80,187

				1,895,717

Industrial REIT’s – 3.5%
DCT Industrial Trust, Inc.		4,522		161,843
EastGroup Properties, Inc.		1,636		87,346
First Industrial Realty Trust, Inc.		5,687		117,095
Monmouth Real Estate Investment Corp. Class A		2,863		29,432
Prologis, Inc.		26,656		1,052,112
Rexford Industrial Realty, Inc.		2,866		46,687
STAG Industrial, Inc.		3,489		59,069
Terreno Realty Corp.		2,231		50,153

				1,603,737

Mortgage REIT’s – 5.3%
AG Mortgage Investment Trust, Inc.		1,463		17,161
Altisource Residential Corp.		2,948		29,333
American Capital Agency Corp.		17,793		303,726
American Capital Mortgage Investment Corp.		2,676		34,868
Annaly Capital Management, Inc.		48,282		458,679
Anworth Mortgage Asset Corp.		5,455		23,238
Apollo Commercial Real Estate Finance, Inc.		3,026		48,113
Apollo Residential Mortgage, Inc.		1,681		18,239
ARMOUR Residential REIT, Inc.		2,272		44,281
Blackstone Mortgage Trust, Inc. Class A		4,552		112,799
Capstead Mortgage Corp.		4,899		45,757
Chimera Investment Corp.		10,027		124,235
Colony Financial, Inc. Class A		5,750		99,072
CYS Investments, Inc.		8,108		55,864
Dynex Capital, Inc.		2,686		16,116
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,877		33,692
Hatteras Financial Corp.		4,951		60,699
Invesco Mortgage Capital, Inc.		6,336		71,723
iStar, Inc. (a)		4,368		45,602
Ladder Capital Corp.		2,259		24,849
MFA Financial, Inc.		18,842		119,647
New Residential Investment Corp.		11,708		133,354
New York Mortgage Trust, Inc.		5,705		27,612
Newcastle Investment Corp.		3,726		13,265
Redwood Trust, Inc.		4,314		46,462
Resource Capital Corp.		1,724		17,964
Starwood Property Trust, Inc.		12,188		232,059

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


*Semiannual Report*		50


Common Stocks – continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Mortgage REIT’s – continued
Two Harbors Investment Corp.		18,841	$	143,192
United Development Funding IV		40		403
Western Asset Mortgage Capital Corp.		2,234		21,916

				2,423,920

Office REIT’s – 9.7%
Alexandria Real Estate Equities, Inc.		3,689		292,095
Boston Properties, Inc.		7,811		907,716
Brandywine Realty Trust		9,238		118,524
Columbia Property Trust, Inc.		6,036		134,422
Corporate Office Properties Trust		4,819		107,464
Douglas Emmett, Inc.		7,103		210,107
Easterly Government Properties, Inc.		787		14,024
Equity Commonwealth (a)		6,309		169,649
Franklin Street Properties Corp.		4,620		45,091
Government Properties Income Trust		1,943		26,677
Highwoods Properties, Inc.		4,811		203,457
Hudson Pacific Properties, Inc.		3,874		98,438
Kilroy Realty Corp.		4,706		262,924
Mack-Cali Realty Corp.		4,358		90,603
New York REIT, Inc.		8,375		86,095
NorthStar Realty Europe Corp.		2,976		28,094
Paramount Group, Inc.		8,154		133,726
Parkway Properties, Inc.		4,316		58,137
Piedmont Office Realty Trust, Inc. Class A		7,687		142,286
SL Green Realty Corp.		5,077		490,489
Tier REIT, Inc.		2,476		38,056
Vornado Realty Trust		8,631		763,498

				4,421,572

Residential REIT’s – 13.4%
American Campus Communities, Inc.		5,736		242,059
American Homes 4 Rent Class A		8,571		128,479
American Residential Properties, Inc.		1,608		27,240
Apartment Investment & Management Co. Class A		7,971		312,065
AvalonBay Communities, Inc.		6,758		1,158,929
Camden Property Trust		4,429		337,933
Campus Crest Communities, Inc. (a)		3,363		23,272
Colony Starwood Homes		1,978		42,567
Education Realty Trust, Inc.		3,202		125,134
Equity Lifestyle Properties, Inc.		4,085		269,283
Equity Residential		18,494		1,425,702
Essex Property Trust, Inc.		3,345		712,853
Mid-America Apartment Communities, Inc.		3,842		360,456
Monogram Residential Trust, Inc.		8,093		70,571
Post Properties, Inc.		2,796		160,183
Silver Bay Realty Trust Corp.		1,806		25,212
Sun Communities, Inc.		2,661		177,196
UDR, Inc.		13,344		474,913

				6,074,047



	Shares		Value
Retail REIT’s – 20.2%
Acadia Realty Trust		3,535	$	120,543
Agree Realty Corp.		1,013		37,400
Alexander’s, Inc.		120		43,800
Brixmor Property Group, Inc.		9,145		243,440
CBL & Associates Properties, Inc.		6,700		72,025
Cedar Realty Trust, Inc.		3,737		26,383
DDR Corp.		15,710		268,798
Equity One, Inc.		4,698		130,229
Federal Realty Investment Trust		3,519		530,771
General Growth Properties, Inc.		29,288		821,236
Getty Realty Corp.		1,432		25,604
Inland Real Estate Corp.		4,672		50,037
Kimco Realty Corp.		21,033		571,887
Kite Realty Group Trust		4,244		112,466
National Retail Properties, Inc.		6,858		294,483
Pennsylvania Real Estate Investment Trust		3,576		70,018
Ramco-Gershenson Properties Trust		4,064		69,454
Realty Income Corp.		11,953		666,858
Regency Centers Corp.		4,800		347,472
Retail Opportunity Investments Corp.		5,086		94,040
Retail Properties of America, Inc. Class A		12,133		188,183
Rouse Properties, Inc.		2,109		36,907
Saul Centers, Inc.		650		33,066
Seritage Growth Properties, Class A		1,286		50,141
Simon Property Group, Inc.		15,723		2,928,880
Tanger Factory Outlet Centers		4,907		156,975
Taubman Centers, Inc.		3,078		218,661
The Macerich Co.		6,852		534,250
Urban Edge Properties		5,096		123,833
Urstadt Biddle Properties, Inc. Class A		662		13,439
Weingarten Realty Investors		6,018		209,968
WP Glimcher, Inc.		9,474		86,024

				9,177,271

Specialized REIT’s – 24.5%
American Tower Corp.		21,514		2,029,631
CatchMark Timber Trust, Inc. Class A		2,108		22,956
Communications Sales & Leasing, Inc. (a)		6,512		125,095
CoreSite Realty Corp.		1,550		99,417
Corrections Corp. of America		5,958		171,650
Crown Castle International Corp.		16,954		1,461,435
CubeSmart		8,635		270,189
CyrusOne, Inc.		3,202		117,994
Digital Realty Trust, Inc.		6,916		553,833
DuPont Fabros Technology, Inc.		3,361		111,484
EPR Properties		2,957		177,272
Equinix, Inc.		3,393		1,053,764
Extra Space Storage, Inc.		5,942		538,880
Four Corners Property Trust, Inc.		1,942		32,820
Gaming and Leisure Properties, Inc.		4,703		122,654
InfraREIT, Inc. (a)		2,160		41,753
Iron Mountain, Inc.		10,222		281,514

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


		51		*Semiannual Report*

Fidelity MSCI Real Estate Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Specialized REIT’s – continued
Lamar Advertising Co. Class A		4,184	$	234,764
Outfront Media, Inc.		7,042		153,163
Plum Creek Timber Co., Inc.		8,907		360,823
Potlatch Corp.		2,090		60,276
Public Storage		7,473		1,894,854
QTS Realty Trust, Inc. Class A		1,989		91,892
Rayonier, Inc.		6,463		136,305
Sovran Self Storage, Inc.		1,993		224,571
The Geo Group, Inc.		3,807		112,611
Weyerhaeuser Co.		26,169		670,188

				11,151,788


TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS)				43,924,434


REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.3%
Diversified Real Estate Activities – 0.3%
Alexander & Baldwin, Inc.		2,399		72,690
Tejon Ranch Co. (a)		850		16,626
The RMR Group, Inc. Class A (a)		380		7,923
The St Joe Co. (a)		2,134		33,952

				131,191

Real Estate Development – 0.4%
Forestar Group, Inc. (a)		1,722		15,636
The Howard Hughes Corp. (a)		1,829		173,810

				189,446



	Shares		Value
Real Estate Services – 2.6%
Altisource Portfolio Solutions S.A. (a)		759	$	21,935
CBRE Group, Inc. Class A (a)		15,277		427,298
Jones Lang LaSalle, Inc.		2,293		322,671
Kennedy-Wilson Holdings, Inc.		4,363		88,481
Marcus & Millichap, Inc. (a)		769		18,179
RE/MAX Holdings, Inc. Class A		879		30,607
Realogy Holdings Corp. (a)		7,486		245,541

				1,154,712


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				1,475,349


TOTAL COMMON STOCKS (Cost $48,531,349)				45,399,783


Money Market Funds – 0.0%

SSgA US Treasury Money Market Fund, 0.08% (b) (Cost $22,422)		22,422		22,422


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $48,553,771)				45,422,205

NET OTHER ASSETS (LIABILITIES) – 0.1%				44,773


NET ASSETS – 100%			$	45,466,978

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	45,399,783	$	45,399,783	$	—	$	—
Money Market Funds		22,422		22,422		—		—

Total Investments in Securities:	$	45,422,205	$	45,422,205	$	—	$	—

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


*Semiannual Report*		52

Fidelity MSCI Telecommunication Services Index ETF

Investments January 31, 2016 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 100.0%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 87.1%
Alternative Carriers – 20.0%
8x8, Inc. (a)		123,854	$	1,555,606
Cogent Communications Holdings, Inc.		46,198		1,543,475
Globalstar, Inc. (a)		668,870		856,154
inContact, Inc. (a)		146,439		1,266,697
Inteliquent, Inc.		74,318		1,276,783
Iridium Communications, Inc. (a)		170,888		1,189,381
Level 3 Communications, Inc. (a)		79,124		3,862,042
Lumos Networks Corp. (a)		96,062		1,112,398
ORBCOMM, Inc. (a)		196,764		1,436,377
pdvWireless, Inc. (a)		29,978		721,571
Straight Path Communications, Inc. (a)		68,621		1,543,973
Vonage Holdings Corp. (a)		233,936		1,200,092

				17,564,549


Integrated Telecommunication Services – 67.1%
AT&T, Inc.		596,885		21,523,673
Atlantic Tele-Network, Inc.		18,189		1,400,371
CenturyLink, Inc.		144,488		3,672,885
Cincinnati Bell, Inc. (a)		366,712		1,188,147
Consolidated Communications Holdings, Inc.		66,362		1,329,894
FairPoint Communications, Inc. (a)		74,368		1,115,520
Frontier Communications Corp.		425,411		1,935,620
General Communication, Inc. Class A (a)		67,322		1,219,875
IDT Corp. Class B		74,071		940,702
SBA Communications Corp. Class A (a)		32,917		3,268,000
Verizon Communications, Inc.		410,385		20,506,938
Windstream Holding, Inc.		167,979		969,239

				59,070,864


TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES				76,635,413



	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES – 12.9%
Wireless Telecommunication Services – 12.9%
Boingo Wireless, Inc. (a)		157,796	$	962,556
Contra Leap Wireless (a)		18,242		47,064
NII Holdings, Inc. (a)		122,554		447,322
Shenandoah Telecommunications Co.		59,740		1,372,825
Spok Holdings, Inc.		74,424		1,340,376
Sprint Corp. (a)		380,713		1,149,753
T-Mobile US, Inc. (a)		83,939		3,370,151
Telephone & Data Systems, Inc.		63,260		1,467,000
United States Cellular Corp. (a)		31,978		1,203,652

TOTAL WIRELESS TELECOMMUNICATION SERVICES				11,360,699


TOTAL COMMON STOCKS (Cost $88,135,129)				87,996,112


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.08% (b) (Cost $79,701)		79,701		79,701


TOTAL INVESTMENT PORTFOLIO – 100.1% (Cost $88,214,830)				88,075,813

NET OTHER ASSETS (LIABILITIES) – (0.1%)				(62,038	)


NET ASSETS – 100%			$	88,013,775

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	87,996,112	$	87,949,048	$	—	$	47,064
Money Market Funds		79,701		79,701		—		—

Total Investments in Securities:	$	88,075,813	$	88,028,749	$	—	$	47,064

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


		53		*Semiannual Report*

Fidelity MSCI Utilities Index ETF

Investments January 31, 2016 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
ELECTRIC UTILITIES – 52.4%
Electric Utilities – 52.4%
ALLETE, Inc.		10,350	$	547,515
American Electric Power Co., Inc.		109,651		6,685,422
Cleco Corp.		13,492		716,965
Duke Energy Corp.		153,869		11,586,336
Edison International		72,824		4,500,523
El Paso Electric Co.		9,083		371,767
Empire District Electric Co.		9,803		287,620
Entergy Corp.		40,139		2,833,011
Eversource Energy		70,892		3,813,990
Exelon Corp.		192,594		5,695,005
FirstEnergy Corp.		94,427		3,121,757
Great Plains Energy, Inc.		34,555		963,393
Hawaiian Electric Industries, Inc.		23,970		717,182
IDACORP, Inc.		11,230		781,496
ITC Holdings Corp.		34,912		1,392,989
MGE Energy, Inc.		7,734		374,712
NextEra Energy, Inc.		101,064		11,289,859
OGE Energy Corp.		44,692		1,172,271
Otter Tail Corp.		7,599		211,556
Pepco Holdings, Inc.		56,678		1,512,169
Pinnacle West Capital Corp.		24,767		1,642,300
PNM Resources, Inc.		17,796		558,972
Portland General Electric Co.		19,798		769,548
PPL Corp.		149,766		5,250,796
The Southern Co.		203,027		9,932,081
Westar Energy, Inc.		31,600		1,376,496
Xcel Energy, Inc.		113,383		4,333,498

TOTAL ELECTRIC UTILITIES				82,439,229


GAS UTILITIES – 7.2%
Gas Utilities – 7.2%
AGL Resources, Inc.		26,850		1,706,586
Atmos Energy Corp.		22,676		1,569,633
Chesapeake Utilities Corp.		3,418		215,232
National Fuel Gas Co.		16,029		726,595
New Jersey Resources Corp.		19,076		671,857
Northwest Natural Gas Co.		6,093		316,531
ONE Gas, Inc.		11,634		658,019
Piedmont Natural Gas Co., Inc.		17,689		1,047,896
Questar Corp.		39,201		799,308
South Jersey Industries, Inc.		15,291		380,134
Southwest Gas Corp.		10,495		617,421
The Laclede Group, Inc.		9,676		618,683
UGI Corp.		38,650		1,314,100
WGL Holdings, Inc.		11,144		744,308

TOTAL GAS UTILITIES				11,386,303


INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 3.2%
Independent Power Producers & Energy Traders – 2.6%
AES Corp.		152,717		1,450,812
Calpine Corp. (a)		76,555		1,172,057



	Shares		Value
Dynegy, Inc. (a)		21,449	$	253,956
NRG Energy, Inc.		73,757		784,775
NRG Yield, Inc. Class A		7,711		95,616
NRG Yield, Inc. Class C		14,062		186,181
Talen Energy Corp. (a)		18,621		133,140

				4,076,537

Renewable Electricity – 0.6%
8Point3 Energy Partners LP		4,456		73,301
NextEra Energy Partners LP		6,259		168,930
Ormat Technologies, Inc.		8,210		290,634
Pattern Energy Group, Inc.		13,374		253,437
TerraForm Global, Inc. Class A		10,737		45,418
TerraForm Power, Inc. Class A (a)		15,248		151,108
Vivint Solar, Inc. (a)		4,754		39,458

				1,022,286


TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS				5,098,823


MULTI-UTILITIES – 33.9%
Multi-Utilities – 33.9%
Alliant Energy Corp.		25,315		1,654,082
Ameren Corp.		54,235		2,436,236
Avista Corp.		13,898		514,643
Black Hills Corp.		11,275		555,632
CenterPoint Energy, Inc.		91,383		1,633,014
CMS Energy Corp.		62,021		2,411,377
Consolidated Edison, Inc.		65,464		4,542,547
Dominion Resources, Inc.		132,848		9,587,640
DTE Energy Co.		40,112		3,409,921
MDU Resources Group, Inc.		41,338		697,785
NiSource, Inc.		71,079		1,493,370
NorthWestern Corp.		10,496		586,097
PG&E Corp.		109,337		6,003,695
Public Service Enterprise Group, Inc.		113,078		4,670,121
SCANA Corp.		30,351		1,910,595
Sempra Energy		52,639		4,987,545
TECO Energy, Inc.		52,602		1,426,566
Unitil Corp.		2,929		113,499
Vectren Corp.		18,513		774,584
WEC Energy Group, Inc.		70,560		3,897,029

TOTAL MULTI-UTILITIES				53,305,978


WATER UTILITIES – 3.1%
Water Utilities – 3.1%
American States Water Co.		8,301		376,865
American Water Works Co., Inc.		40,293		2,615,419
Aqua America, Inc.		39,557		1,247,232
California Water Service Group		10,649		267,184
Connecticut Water Service, Inc.		2,480		106,466
Middlesex Water Co.		3,586		103,994
SJW Corp.		3,418		111,427

TOTAL WATER UTILITIES				4,828,587


TOTAL COMMON STOCKS (Cost $164,502,678)				157,058,920

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


*Semiannual Report*		54


Money Market Funds – 0.1%
	Shares		Value
SSgA US Treasury Money Market Fund, 0.08% (b) (Cost $174,195)		174,195	$	174,195


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $164,676,873)				157,233,115

NET OTHER ASSETS (LIABILITIES) – 0.1%				84,688


NET ASSETS – 100%			$	157,317,803

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	157,058,920	$	157,058,920	$	—	$	—
Money Market Funds		174,195		174,195		—		—

Total Investments in Securities:	$	157,233,115	$	157,233,115	$	—	$	—

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


		55		*Semiannual Report*

Financial Statements


Statements of Assets and Liabilities
January 31, 2016 (Unaudited)
	Fidelity MSCI Consumer Discretionary Index ETF			Fidelity MSCI Consumer Staples Index ETF		Fidelity MSCI Energy Index ETF			Fidelity MSCI Financials Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$	251,497,952		$	258,707,253	$	290,835,705		$	213,801,247
Cash		—			—		—			27,125
Receivable for investments sold		—			2,288,184		7,742,669			—
Receivable for fund shares sold		—			3,296		—			—
Dividends receivable		200,911			429,920		149,043			290,260
Interest receivable		15			10		14			6

Total assets		251,698,878			261,428,663		298,727,431			214,118,638


Liabilities
Payable for investments purchased		—			2,349,473		7,934,991			277,304
Accrued management fees		27,389			24,770		27,214			22,436

Total liabilities		27,389			2,374,243		7,962,205			299,740


Net Assets	$	251,671,489		$	259,054,420	$	290,765,226		$	213,818,898

Net Assets consist of:
Paid in capital	$	272,574,961		$	253,029,013	$	410,029,698		$	253,815,387
Undistributed net investment income		411,967			419,348		581,532			370,415
Accumulated undistributed net realized gain (loss) on investments		4,448,482			2,995,437		(12,166,230	)		(7,713,254	)
Net unrealized appreciation (depreciation) on investments		(25,763,921	)		2,610,622		(107,679,774	)		(32,653,650	)


Net Assets	$	251,671,489		$	259,054,420	$	290,765,226		$	213,818,898

Shares outstanding		8,700,000			8,550,000		17,650,000			8,250,000

Net Asset Value, offering price and redemption price per share	$	28.93		$	30.30	$	16.47		$	25.92


Investments at cost	$	277,261,873		$	256,096,631	$	398,515,479		$	246,454,897

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


*Semiannual Report*		56


Statements of Assets and Liabilities
January 31, 2016 (Unaudited)
	Fidelity MSCI Health Care Index ETF			Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF			Fidelity MSCI Materials Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$	640,879,561		$	103,856,125		$	383,297,218		$	60,982,336
Cash		—			—			164,529			—
Receivable for investments sold		—			—			69			—
Dividends receivable		465,912			77,898			69,189			43,041
Interest receivable		32			4			18			4

Total assets		641,345,505			103,934,027			383,531,023			61,025,381


Liabilities
Payable for investments purchased		590,661			1,666,540			2,972,803			—
Payable for fund shares redeemed		—			—			—			10,225
Accrued management fees		67,827			11,124			39,859			7,921

Total liabilities		658,488			1,677,664			3,012,662			18,146


Net Assets	$	640,687,017		$	102,256,363		$	380,518,361		$	61,007,235

Net Assets consist of:
Paid in capital	$	679,928,771		$	126,283,037		$	396,683,320		$	94,391,477
Undistributed net investment income		493,541			64,722			205,049			34,049
Accumulated undistributed net realized gain (loss) on investments		16,908,641			(6,184,521	)		11,983,696			(14,572,783	)
Net unrealized appreciation (depreciation) on investments		(56,643,936	)		(17,906,875	)		(28,353,704	)		(18,845,508	)


Net Assets	$	640,687,017		$	102,256,363		$	380,518,361		$	61,007,235

Shares outstanding		20,450,000			4,000,000			12,300,000			2,800,000

Net Asset Value, offering price and redemption price per share	$	31.33		$	25.56		$	30.94		$	21.79


Investments at cost	$	697,523,497		$	121,763,000		$	411,650,922		$	79,827,844

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


		57		*Semiannual Report*

Financial Statements – continued


Statements of Assets and Liabilities
January 31, 2016 (Unaudited)
	Fidelity MSCI Real Estate Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$	45,422,205		$	88,075,813		$	157,233,115
Cash		9,387			—			—
Receivable for investments sold		—			1,332,560			—
Receivable for fund shares sold		—			8,692			—
Dividends receivable		55,882			441,549			98,504
Interest receivable		2			3			8

Total assets		45,487,476			89,858,617			157,331,627


Liabilities
Payable for investments purchased		16,075			1,837,424			—
Accrued management fees		4,423			7,418			13,824

Total liabilities		20,498			1,844,842			13,824


Net Assets	$	45,466,978		$	88,013,775		$	157,317,803

Net Assets consist of:
Paid in capital	$	49,004,783		$	89,729,332		$	167,201,449
Undistributed net investment income		102,829			376,268			72,060
Accumulated undistributed net realized gain (loss) on investments		(509,068	)		(1,952,808	)		(2,511,948	)
Net unrealized appreciation (depreciation) on investments		(3,131,566	)		(139,017	)		(7,443,758	)


Net Assets	$	45,466,978		$	88,013,775		$	157,317,803

Shares outstanding		2,100,000			3,250,000			5,400,000

Net Asset Value, offering price and redemption price per share	$	21.65		$	27.08		$	29.13


Investments at cost	$	48,553,771		$	88,214,830		$	164,676,873

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


*Semiannual Report*		58


Statements of Operations
For the six months ended January 31, 2016 (Unaudited)
	Fidelity MSCI Consumer Discretionary Index ETF			Fidelity MSCI Consumer Staples Index ETF			Fidelity MSCI Energy Index ETF			Fidelity MSCI Financials Index ETF
Investment Income
Dividends	$	2,363,531		$	2,859,717		$	3,948,461		$	3,409,263
Interest		16			11			14			6

Total income		2,363,547			2,859,728			3,948,475			3,409,269


Expenses
Management fees		167,126			128,672			155,788			149,975
Independent trustees’ compensation		2,638			1,940			2,484			2,479

Total expenses		169,764			130,612			158,272			152,454


Net investment income (loss)		2,193,783			2,729,116			3,790,203			3,256,815

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(2,292,491	)		(2,161,055	)		(6,570,692	)		(1,483,033	)
Net realized gain (loss) on In-kind redemptions		7,649,855			5,445,304			167,055			(4,810,077	)

Total net realized gain (loss)		5,357,364			3,284,249			(6,403,637	)		(6,293,110	)

Change in net unrealized appreciation (depreciation) on investment securities		(40,513,857	)		(5,717,646	)		(41,073,768	)		(41,099,400	)

Net gain (loss)		(35,156,493	)		(2,433,397	)		(47,477,405	)		(47,392,510	)

Net increase (decrease) in net assets resulting from operations	$	(32,962,710	)	$	295,719		$	(43,687,202	)	$	(44,135,695	)

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


		59		*Semiannual Report*

Financial Statements – continued


Statements of Operations
For the six months ended January 31, 2016 (Unaudited)
	Fidelity MSCI Health Care Index ETF			Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF			Fidelity MSCI Materials Index ETF
Investment Income
Dividends	$	5,158,134		$	1,296,696		$	2,910,031		$	765,657
Interest		33			4			19			4

Total income		5,158,167			1,296,700			2,910,050			765,661


Expenses
Management fees		422,074			64,639			222,437			40,586
Independent trustees’ compensation		6,698			1,054			3,487			666

Total expenses		428,772			65,693			225,924			41,252


Net investment income (loss)		4,729,395			1,231,007			2,684,126			724,409

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(3,669,071	)		(645,229	)		(1,883,329	)		(424,666	)
Net realized gain (loss) on In-kind redemptions		21,206,604			(4,037,031	)		15,722,690			(12,782,652	)

Total net realized gain (loss)		17,537,533			(4,682,260	)		13,839,361			(13,207,318	)

Change in net unrealized appreciation (depreciation) on investment securities		(150,423,413	)		(11,747,245	)		(51,304,636	)		(5,782,468	)

Net gain (loss)		(132,885,880	)		(16,429,505	)		(37,465,275	)		(18,989,786	)

Net increase (decrease) in net assets resulting from operations	$	(128,156,485	)	$	(15,198,498	)	$	(34,781,149	)	$	(18,265,377	)

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


*Semiannual Report*		60


Statements of Operations
For the six months ended January 31, 2016 (Unaudited)
	Fidelity MSCI Real Estate Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Investment Income
Dividends	$	859,714		$	992,231		$	2,466,485
Interest		2			3			8

Total income		859,716			992,234			2,466,493


Expenses
Management fees		20,594			37,447			76,671
Independent trustees’ compensation		293			592			1,162

Total expenses		20,887			38,039			77,833


Net investment income (loss)		838,829			954,195			2,388,660

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(323,753	)		(237,964	)		(784,037	)
Net realized gain (loss) on In-kind redemptions		—			(294,105	)		(829,248	)

Total net realized gain (loss)		(323,753	)		(532,069	)		(1,613,285	)

Change in net unrealized appreciation (depreciation) on investment securities		(1,490,035	)		(37,405	)		5,251,044

Net gain (loss)		(1,813,788	)		(569,474	)		3,637,759

Net increase (decrease) in net assets resulting from operations	$	(974,959	)	$	384,721		$	6,026,419

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


		61		*Semiannual Report*

Financial Statements – continued


Statements of Changes in Net Assets
	Fidelity MSCI Consumer Discretionary Index ETF						Fidelity MSCI Consumer Staples Index ETF
	Six months ended Janury 31, 2016 (Unaudited)			Year ended July 31, 2015			Six months ended Janury 31, 2016 (Unaudited)			Year ended July 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,193,783		$	2,507,741		$	2,729,116		$	4,343,907
Net realized gain (loss)		5,357,364			9,513,098			3,284,249			11,413,454
Change in net unrealized appreciation (depreciation)		(40,513,857	)		13,954,185			(5,717,646	)		11,637,539

Net increase (decrease) in net assets resulting from operations		(32,962,710	)		25,975,024			295,719			27,394,900

Distributions to shareholders from net investment income		(2,008,700	)		(2,306,850	)		(2,659,200	)		(4,188,550	)

Share transactions
Proceeds from sales of shares		109,396,949			425,654,394			168,201,052			229,055,775
Cost of shares redeemed		(122,547,950	)		(225,269,937	)		(111,379,543	)		(120,909,594	)

Net increase (decrease) in net assets resulting from share transactions		(13,151,001	)		200,384,457			56,821,509			108,146,181

Total increase (decrease) in net assets		(48,122,411	)		224,052,631			54,458,028			131,352,531

Net Assets
Beginning of period		299,793,900			75,741,269			204,596,392			73,243,861

End of period	$	251,671,489		$	299,793,900		$	259,054,420		$	204,596,392

Undistributed net investment income included in net assets at end of period	$	411,967		$	226,884		$	419,348		$	349,432

Other Information
Shares
Sold		3,500,000			14,550,000			5,700,000			8,050,000
Redeemed		(4,150,000	)		(8,050,000	)		(3,900,000	)		(4,100,000	)

Net increase (decrease)		(650,000	)		6,500,000			1,800,000			3,950,000

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


*Semiannual Report*		62


Statements of Changes in Net Assets
	Fidelity MSCI Energy Index ETF						Fidelity MSCI Financials Index ETF
	Six months ended Janury 31, 2016 (Unaudited)			Year ended July 31, 2015			Six months ended Janury 31, 2016 (Unaudited)			Year ended July 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,790,203		$	5,757,206		$	3,256,815		$	4,608,688
Net realized gain (loss)		(6,403,637	)		(4,091,479	)		(6,293,110	)		12,920,591
Change in net unrealized appreciation (depreciation)		(41,073,768	)		(69,086,985	)		(41,099,400	)		7,522,639

Net increase (decrease) in net assets resulting from operations		(43,687,202	)		(67,421,258	)		(44,135,695	)		25,051,918

Distributions to shareholders from net investment income		(3,631,000	)		(5,436,900	)		(2,886,400	)		(4,778,000	)

Share transactions
Proceeds from sales of shares		84,361,784			387,551,304			98,378,445			397,233,968
Cost of shares redeemed		(2,677,209	)		(203,719,287	)		(181,548,996	)		(199,893,224	)

Net increase (decrease) in net assets resulting from share transactions		81,684,575			183,832,017			(83,170,551	)		197,340,744

Total increase (decrease) in net assets		34,366,373			110,973,859			(130,192,646	)		217,614,662

Net Assets
Beginning of period		256,398,853			145,424,994			344,011,544			126,396,882

End of period	$	290,765,226		$	256,398,853		$	213,818,898		$	344,011,544

Undistributed net investment income included in net assets at end of period	$	581,532		$	422,329		$	370,415		$	—

Other Information
Shares
Sold		4,800,000			16,800,000			3,400,000			13,900,000
Redeemed		(150,000	)		(9,000,000	)		(6,700,000	)		(7,100,000	)

Net increase (decrease)		4,650,000			7,800,000			(3,300,000	)		6,800,000

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


		63		*Semiannual Report*

Financial Statements – continued


Statements of Changes in Net Assets
	Fidelity MSCI Health Care Index ETF						Fidelity MSCI Industrials Index ETF
	Six months ended Janury 31, 2016 (Unaudited)			Year ended July 31, 2015			Six months ended Janury 31, 2016 (Unaudited)			Year ended July 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,729,395		$	10,686,195		$	1,231,007		$	2,384,615
Net realized gain (loss)		17,537,533			13,927,958			(4,682,260	)		4,650,078
Change in net unrealized appreciation (depreciation)		(150,423,413	)		85,822,767			(11,747,245	)		(1,605,315	)

Net increase (decrease) in net assets resulting from operations		(128,156,485	)		110,436,920			(15,198,498	)		5,429,378

Distributions to shareholders from net investment income		(4,728,750	)		(10,407,500	)		(1,196,300	)		(2,431,900	)

Share transactions
Proceeds from sales of shares		144,215,895			587,328,357			80,400,345			228,258,894
Cost of shares redeemed		(171,356,627	)		(74,026,791	)		(104,783,071	)		(188,928,297	)

Net increase (decrease) in net assets resulting from share transactions		(27,140,732	)		513,301,566			(24,382,726	)		39,330,597

Total increase (decrease) in net assets		(160,025,967	)		613,330,986			(40,777,524	)		42,328,075

Net Assets
Beginning of period		800,712,984			187,381,998			143,033,887			100,705,812

End of period	$	640,687,017		$	800,712,984		$	102,256,363		$	143,033,887

Undistributed net investment income included in net assets at end of period	$	493,541		$	492,896		$	64,722		$	30,015

Other Information
Shares
Sold		4,200,000			17,450,000			2,900,000			8,200,000
Redeemed		(5,300,000	)		(2,350,000	)		(4,000,000	)		(6,850,000	)

Net increase (decrease)		(1,100,000	)		15,100,000			(1,100,000	)		1,350,000

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


*Semiannual Report*		64


Statements of Changes in Net Assets
	Fidelity MSCI Information Technology Index ETF						Fidelity MSCI Materials Index ETF
	Six months ended Janury 31, 2016 (Unaudited)			Year ended July 31, 2015			Six months ended Janury 31, 2016 (Unaudited)			Year ended July 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,684,126		$	3,807,562		$	724,409		$	1,992,096
Net realized gain (loss)		13,839,361			17,277,538			(13,207,318	)		4,585,403
Change in net unrealized appreciation (depreciation)		(51,304,636	)		13,322,371			(5,782,468	)		(14,202,804	)

Net increase (decrease) in net assets resulting from operations		(34,781,149	)		34,407,471			(18,265,377	)		(7,625,305	)

Distributions to shareholders from net investment income		(2,583,200	)		(3,773,400	)		(727,250	)		(2,010,950	)

Share transactions
Proceeds from sales of shares		184,782,636			323,240,750			66,889,294			218,809,870
Cost of shares redeemed		(190,272,186	)		(112,113,694	)		(109,941,362	)		(180,163,249	)

Net increase (decrease) in net assets resulting from share transactions		(5,489,550	)		211,127,056			(43,052,068	)		38,646,621

Total increase (decrease) in net assets		(42,853,899	)		241,761,127			(62,044,695	)		29,010,366

Net Assets
Beginning of period		423,372,260			181,611,133			123,051,930			94,041,564

End of period	$	380,518,361		$	423,372,260		$	61,007,235		$	123,051,930

Undistributed net investment income included in net assets at end of period	$	205,049		$	104,123		$	34,049		$	36,890

Other Information
Shares
Sold		5,600,000			10,350,000			2,750,000			8,000,000
Redeemed		(6,250,000	)		(3,600,000	)		(4,700,000	)		(6,650,000	)

Net increase (decrease)		(650,000	)		6,750,000			(1,950,000	)		1,350,000

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


		65		*Semiannual Report*

Financial Statements – continued


Statements of Changes in Net Assets
	Fidelity MSCI Real Estate Index ETF						Fidelity MSCI Telecommunication Services Index ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015^A			Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	838,829		$	393,530		$	954,195		$	2,443,571
Net realized gain (loss)		(323,753	)		(185,315	)		(532,069	)		1,226,482
Change in net unrealized appreciation (depreciation)		(1,490,035	)		(1,641,531	)		(37,405	)		(1,582,140	)

Net increase (decrease) in net assets resulting from operations		(974,959	)		(1,433,316	)		384,721			2,087,913

Distributions to shareholders from net investment income		(736,000	)		(393,530	)		(752,750	)		(2,584,450	)
Return of capital		—			(26,520	)		—			—

Total distributions		(736,000	)		(420,050	)		(752,750	)		(2,584,450	)

Share transactions
Proceeds from sales of shares		21,241,697			27,789,606			62,754,304			39,633,193
Cost of shares redeemed		—			—			(56,280,421	)		(24,675,680	)

Net increase (decrease) in net assets resulting from share transactions		21,241,697			27,789,606			6,473,883			14,957,513

Total increase (decrease) in net assets		19,530,738			25,936,240			6,105,854			14,460,976

Net Assets
Beginning of period		25,936,240			—			81,907,921			67,446,945

End of period	$	45,466,978		$	25,936,240		$	88,013,775		$	81,907,921

Undistributed net investment income included in net assets at end of period	$	102,829		$	—		$	376,268		$	174,823

Other Information
Shares
Sold		950,000			1,150,000			2,400,000			1,450,000
Redeemed		—			—			(2,200,000	)		(900,000	)

Net increase (decrease)		950,000			1,150,000			200,000			550,000

For the period February 2, 2015 (commencement of operations) to July 31, 2015.

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


*Semiannual Report*		66


Statements of Changes in Net Assets
	Fidelity MSCI Utilities Index ETF
	Six months ended Janury 31, 2016 (Unaudited)			Year ended July 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,388,660		$	4,392,110
Net realized gain (loss)		(1,613,285	)		(1,178,742	)
Change in net unrealized appreciation (depreciation)		5,251,044			(8,840,330	)

Net increase (decrease) in net assets resulting from operations		6,026,419			(5,626,962	)

Distributions to shareholders from net investment income		(2,316,600	)		(4,579,400	)

Share transactions
Proceeds from sales of shares		117,256,192			230,014,021
Cost of shares redeemed		(71,824,188	)		(232,580,340	)

Net increase (decrease) in net assets resulting from share transactions		45,432,004			(2,566,319	)

Total increase (decrease) in net assets		49,141,823			(12,772,681	)

Net Assets
Beginning of period		108,175,980			120,948,661

End of period	$	157,317,803		$	108,175,980

Undistributed net investment income included in net assets at end of period	$	72,060		$	—

Other Information
Shares
Sold		4,200,000			7,550,000
Redeemed		(2,650,000	)		(8,200,000	)

Net increase (decrease)		1,550,000			(650,000	)

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


		67		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Consumer Discretionary Index ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	32.06		$	26.58		$	25.17

Income from Investment Operations
Net investment income (loss)^B		0.23			0.37			0.25
Net realized and unrealized gain (loss)		(3.15	)		5.43			1.38

Total from investment operations		(2.92	)		5.80			1.63

Distributions from net investment income		(0.21	)		(0.32	)		(0.22	)

Total distributions		(0.21	)		(0.32	)		(0.22	)

Net asset value, end of period	$	28.93		$	32.06		$	26.58

Total Return^C		(9.13	)%		21.93	%		6.47	%
Ratios to Average Net Assets^D
Expenses before reductions		.12	%^E		.12	%		.12	%^E
Expenses net of fee waivers, if any		.12	%^E		.12	%		.12	%^E
Expenses net of all reductions		.12	%^E		.12	%		.12	%^E
Net investment income (loss)		1.53	%^E		1.25	%		1.20	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	251,671		$	299,794		$	75,741
Portfolio turnover rate^F,G		2	%^H		8	%		5	%^H

For the period October 21, 2013 (commencement of operations) to July 31, 2014.

Calculated based on average shares outstanding during the period.

Total returns for periods of less than one year are not annualized.

Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests.

Annualized.

Amount does not include the portfolio activity of any underlying funds.

Portfolio turnover rate excludes securities received or delivered in-kind.

Amount not annualized.

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


*Semiannual Report*		68


Financial Highlights
	Fidelity MSCI Consumer Staples Index ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	30.31		$	26.16		$	25.00

Income from Investment Operations
Net investment income (loss)^B		0.37			0.77			0.52
Net realized and unrealized gain (loss)		0.04	^C		4.16			1.09

Total from investment operations		0.41			4.93			1.61

Distributions from net investment income		(0.42	)		(0.78	)		(0.45	)

Total distributions		(0.42	)		(0.78	)		(0.45	)

Net asset value, end of period	$	30.30		$	30.31		$	26.16

Total Return^D		1.41	%		19.00	%		6.42	%
Ratios to Average Net Assets^E
Expenses before reductions		.12	%^F		.12	%		.12	%^F
Expenses net of fee waivers, if any		.12	%^F		.12	%		.12	%^F
Expenses net of all reductions		.12	%^F		.12	%		.12	%^F
Net investment income (loss)		2.47	%^F		2.63	%		2.51	%^F
Supplemental Data
Net assets, end of period (000 omitted)	$	259,054		$	204,596		$	73,244
Portfolio turnover rate^G,H		4	%^I		10	%		3	%^I

For the period October 21, 2013 (commencement of operations) to July 31, 2014.

Calculated based on average shares outstanding during the period.

The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund.

Total returns for periods of less than one year are not annualized.

Annualized.

Amount does not include the portfolio activity of any underlying funds.

Portfolio turnover rate excludes securities received or delivered in-kind.

Amount not annualized.

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


		69		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Energy Index ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	19.72		$	27.97		$	24.98

Income from Investment Operations
Net investment income (loss)^B		0.26			0.57			0.38
Net realized and unrealized gain (loss)		(3.26	)		(8.31	)		2.89

Total from investment operations		(3.00	)		(7.74	)		3.27

Distributions from net investment income		(0.25	)		(0.51	)		(0.28	)

Total distributions		(0.25	)		(0.51	)		(0.28	)

Net asset value, end of period	$	16.47		$	19.72		$	27.97

Total Return^C		(15.27	)%		(27.95	)%		13.16	%
Ratios to Average Net Assets^D
Expenses before reductions		.12	%^E		.12	%		.12	%^E
Expenses net of fee waivers, if any		.12	%^E		.12	%		.12	%^E
Expenses net of all reductions		.12	%^E		.12	%		.12	%^E
Net investment income (loss)		2.82	%^E		2.47	%		1.76	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	290,765		$	256,399		$	145,425
Portfolio turnover rate^F,G		5	%^H		8	%		4	%^H

For the period October 21, 2013 (commencement of operations) to July 31, 2014.

Calculated based on average shares outstanding during the period.

Total returns for periods of less than one year are not annualized.

Annualized.

Amount does not include the portfolio activity of any underlying funds.

Portfolio turnover rate excludes securities received or delivered in-kind.

Amount not annualized.

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


*Semiannual Report*		70


Financial Highlights
	Fidelity MSCI Financials Index ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	29.78		$	26.61		$	25.00

Income from Investment Operations
Net investment income (loss)^B		0.35			0.58			0.41
Net realized and unrealized gain (loss)		(3.88	)		3.15			1.56

Total from investment operations		(3.53	)		3.73			1.97

Distributions from net investment income		(0.33	)		(0.56	)		(0.36	)

Total distributions		(0.33	)		(0.56	)		(0.36	)

Net asset value, end of period	$	25.92		$	29.78		$	26.61

Total Return^C		(11.92	)%		14.08	%		7.89	%
Ratios to Average Net Assets^D
Expenses before reductions		.12	%^E		.12	%		.12	%^E
Expenses net of fee waivers, if any		.12	%^E		.12	%		.12	%^E
Expenses net of all reductions		.12	%^E		.12	%		.12	%^E
Net investment income (loss)		2.51	%^E		2.01	%		1.97	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	213,819		$	344,012		$	126,397
Portfolio turnover rate^F,G		5	%^H		7	%		6	%^H

For the period October 21, 2013 (commencement of operations) to July 31, 2014.

Calculated based on average shares outstanding during the period.

Total returns for periods of less than one year are not annualized.

Annualized.

Amount does not include the portfolio activity of any underlying funds.

Portfolio turnover rate excludes securities received or delivered in-kind.

Amount not annualized.

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


		71		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Health Care Index ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	37.16		$	29.05		$	24.97

Income from Investment Operations
Net investment income (loss)^B		0.22			0.80	^C		0.30
Net realized and unrealized gain (loss)		(5.83	)		7.99			3.99

Total from investment operations		(5.61	)		8.79			4.29

Distributions from net investment income		(0.22	)		(0.68	)		(0.21	)

Total distributions		(0.22	)		(0.68	)		(0.21	)

Net asset value, end of period	$	31.33		$	37.16		$	29.05

Total Return^D		(15.16	)%		30.40	%		17.23	%
Ratios to Average Net Assets^E
Expenses before reductions		.12	%^F		.12	%		.12	%^F
Expenses net of fee waivers, if any		.12	%^F		.12	%		.12	%^F
Expenses net of all reductions		.12	%^F		.12	%		.12	%^F
Net investment income (loss)		1.31	%^F		2.31	%^C		1.36	%^F
Supplemental Data
Net assets, end of period (000 omitted)	$	640,687		$	800,713		$	187,382
Portfolio turnover rate^G,H		4	%^I		10	%		4	%^I

For the period October 21, 2013 (commencement of operations) to July 31, 2014.

Calculated based on average shares outstanding during the period.

Investment income per share reflects a large, non-recurring dividend which amounted to $.17 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.83%.

Total returns for periods of less than one year are not annualized.

Annualized.

Amount does not include the portfolio activity of any underlying funds.

Portfolio turnover rate excludes securities received or delivered in-kind.

Amount not annualized.

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


*Semiannual Report*		72


Financial Highlights
	Fidelity MSCI Industrials Index ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	28.05		$	26.85		$	25.20

Income from Investment Operations
Net investment income (loss)^B		0.30			0.48			0.35
Net realized and unrealized gain (loss)		(2.50	)		1.19			1.61

Total from investment operations		(2.20	)		1.67			1.96

Distributions from net investment income		(0.29	)		(0.47	)		(0.31	)

Total distributions		(0.29	)		(0.47	)		(0.31	)

Net asset value, end of period	$	25.56		$	28.05		$	26.85

Total Return^C		(7.87	)%		6.18	%		7.75	%
Ratios to Average Net Assets^D
Expenses before reductions		.12	%^E		.12	%		.12	%^E
Expenses net of fee waivers, if any		.12	%^E		.12	%		.12	%^E
Expenses net of all reductions		.12	%^E		.12	%		.12	%^E
Net investment income (loss)		2.19	%^E		1.69	%		1.65	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	102,256		$	143,034		$	100,706
Portfolio turnover rate^F,G		4	%^H		6	%		4	%^H

For the period October 21, 2013 (commencement of operations) to July 31, 2014.

Calculated based on average shares outstanding during the period.

Total returns for periods of less than one year are not annualized.

Annualized.

Amount does not include the portfolio activity of any underlying funds.

Portfolio turnover rate excludes securities received or delivered in-kind.

Amount not annualized.

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


		73		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Information Technology Index ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	32.69		$	29.29		$	25.18

Income from Investment Operations
Net investment income (loss)^B		0.23			0.39			0.25
Net realized and unrealized gain (loss)		(1.75	)		3.40			4.06

Total from investment operations		(1.52	)		3.79			4.31

Distributions from net investment income		(0.23	)		(0.39	)		(0.20	)

Total distributions		(0.23	)		(0.39	)		(0.20	)

Net asset value, end of period	$	30.94		$	32.69		$	29.29

Total Return^C		(4.68	)%		12.98	%		17.14	%
Ratios to Average Net Assets^D
Expenses before reductions		.12	%^E		.12	%		.12	%^E
Expenses net of fee waivers, if any		.12	%^E		.12	%		.12	%^E
Expenses net of all reductions		.12	%^E		.12	%		.12	%^E
Net investment income (loss)		1.40	%^E		1.23	%		1.14	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	380,518		$	423,372		$	181,611
Portfolio turnover rate^F,G		3	%^H		6	%		4	%^H

For the period October 21, 2013 (commencement of operations) to July 31, 2014.

Calculated based on average shares outstanding during the period.

Total returns for periods of less than one year are not annualized.

Annualized.

Amount does not include the portfolio activity of any underlying funds.

Portfolio turnover rate excludes securities received or delivered in-kind.

Amount not annualized.

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


*Semiannual Report*		74


Financial Highlights
	Fidelity MSCI Materials Index ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	25.91		$	27.66		$	24.95

Income from Investment Operations
Net investment income (loss)^B		0.25			0.50			0.35
Net realized and unrealized gain (loss)		(4.10	)		(1.75	)		2.67

Total from investment operations		(3.85	)		(1.25	)		3.02

Distributions from net investment income		(0.27	)		(0.50	)		(0.31	)

Total distributions		(0.27	)		(0.50	)		(0.31	)

Net asset value, end of period	$	21.79		$	25.91		$	27.66

Total Return^C		(14.94	)%		(4.65	)%		12.15	%
Ratios to Average Net Assets^D
Expenses before reductions		.12	%^E		.12	%		.12	%^E
Expenses net of fee waivers, if any		.12	%^E		.12	%		.12	%^E
Expenses net of all reductions		.12	%^E		.12	%		.12	%^E
Net investment income (loss)		2.06	%^E		1.81	%		1.64	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	61,007		$	123,052		$	94,042
Portfolio turnover rate^F,G		5	%^H		7	%		5	%^H

For the period October 21, 2013 (commencement of operations) to July 31, 2014.

Calculated based on average shares outstanding during the period.

Total returns for periods of less than one year are not annualized.

Annualized.

Amount does not include the portfolio activity of any underlying funds.

Portfolio turnover rate excludes securities received or delivered in-kind.

Amount not annualized.

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


		75		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Real Estate Index ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015^A
Selected Per-Share Data
Net asset value, beginning of period	$	22.55		$	24.28

Income from Investment Operations
Net investment income (loss)^B		0.53			0.38
Net realized and unrealized gain (loss)		(0.98	)		(1.70	)

Total from investment operations		(0.45	)		(1.32	)

Distributions from net investment income		(0.45	)		(0.38	)
Return of capital		—			(0.03	)

Total distributions		(0.45	)		(0.41	)

Net asset value, end of period	$	21.65		$	22.55

Total Return^C		(1.99	)%		(5.50	)%
Ratios to Average Net Assets^D,E
Expenses before reductions		.12	%		.12	%
Expenses net of fee waivers, if any		.12	%		.12	%
Expenses net of all reductions		.12	%		.12	%
Net investment income (loss)		4.79	%		3.33	%
Supplemental Data
Net assets, end of period (000 omitted)	$	45,467		$	25,936
Portfolio turnover rate^F,G,H		7	%		10	%

For the period February 2, 2015 (commencement of operations) to July 31, 2015.

Calculated based on average shares outstanding during the period.

Total returns for periods of less than one year are not annualized.

Annualized.

Amount does not include the portfolio activity of any underlying funds.

Portfolio turnover rate excludes securities received or delivered in-kind.

Amount not annualized.

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


*Semiannual Report*		76


Financial Highlights
	Fidelity MSCI Telecommunication Services Index ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	26.86		$	26.98		$	25.26

Income from Investment Operations
Net investment income (loss)^B		0.39			0.78			0.72
Net realized and unrealized gain (loss)		0.16	^C		(0.09	)		1.42

Total from investment operations		0.55			0.69			2.14

Distributions from net investment income		(0.33	)		(0.81	)		(0.42	)

Total distributions		(0.33	)		(0.81	)		(0.42	)

Net asset value, end of period	$	27.08		$	26.86		$	26.98

Total Return^D		2.10	%		2.56	%		8.57	%
Ratios to Average Net Assets^E
Expenses before reductions		.12	%^F		.12	%		.12	%^F
Expenses net of fee waivers, if any		.12	%^F		.12	%		.12	%^F
Expenses net of all reductions		.12	%^F		.12	%		.12	%^F
Net investment income (loss)		2.93	%^F		2.89	%		3.51	%^F
Supplemental Data
Net assets, end of period (000 omitted)	$	88,014		$	81,908		$	67,447
Portfolio turnover rate^G,H		14	%^I		23	%		21	%^I

For the period October 21, 2013 (commencement of operations) to July 31, 2014.

Calculated based on average shares outstanding during the period.

Total returns for periods of less than one year are not annualized.

Annualized.

Amount does not include the portfolio activity of any underlying funds.

Portfolio turnover rate excludes securities received or delivered in-kind.

Amount not annualized.

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


		77		*Semiannual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Utilities Index ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	28.10		$	26.88		$	24.99

Income from Investment Operations
Net investment income (loss)^B		0.50			0.98			0.67
Net realized and unrealized gain (loss)		1.02			1.47^C			1.85

Total from investment operations		1.52			2.45			2.52

Distributions from net investment income		(0.49	)		(1.23	)		(0.63	)

Total distributions		(0.49	)		(1.23	)		(0.63	)

Net asset value, end of period	$	29.13		$	28.10		$	26.88

Total Return^D		5.56	%		9.13	%		10.13	%
Ratios to Average Net Assets^E
Expenses before reductions		.12	%^F		.12	%		.12	%^F
Expenses net of fee waivers, if any		.12	%^F		.12	%		.12	%^F
Expenses net of all reductions		.12	%^F		.12	%		.12	%^F
Net investment income (loss)		3.62	%^F		3.37	%		3.15	%^F
Supplemental Data
Net assets, end of period (000 omitted)	$	157,318		$	108,176		$	120,949
Portfolio turnover rate^G,H		2	%^I		7	%		6	%^I

For the period October 21, 2013 (commencement of operations) to July 31, 2014.

Calculated based on average shares outstanding during the period.

Total returns for periods of less than one year are not annualized.

Annualized.

Amount does not include the portfolio activity of any underlying funds.

Portfolio turnover rate excludes securities received or delivered in-kind.

Amount not annualized.

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


*Semiannual Report*		78

Notes to Financial Statements

For the period ended January 31, 2016 (Unaudited)

1. Organization.

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 Telecommunication Services Index ETF and Fidelity MSCI Utilities Index ETF (the Funds) are non-diversified 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.

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund’s investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund’s investments and ratifies the fair value determinations of the Committee.

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

Level 1 – quoted prices in active markets for identical investments

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

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

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

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

Investments in open-end mutual funds (Underlying Funds) are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated underlying fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of January 31, 2016, is included at the end of each Fund’s Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Funds’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of NYSE Arca, normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a


		79		*Semiannual Report*

Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date a fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Large, non-recurring dividends recognized by the Funds are presented separately on the Statements of Operations as “Special dividends” and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. As of January 31, 2016 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. A fund’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to passive foreign investment companies (PFIC), market discount, redemptions in kind, capital loss carryforwards, losses due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:


	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on securities and other investments
Fidelity MSCI Consumer Discretionary Index ETF	$	277,458,661	$	10,947,770	$	(36,908,479	)	$	(25,960,709	)
Fidelity MSCI Consumer Staples Index ETF		257,145,474		8,893,548		(7,331,769	)		1,561,779
Fidelity MSCI Energy Index ETF		403,980,955		1,498,156		(114,643,406	)		(113,145,250	)
Fidelity MSCI Financials Index ETF		246,563,662		2,482,582		(35,244,997	)		(32,762,415	)
Fidelity MSCI Health Care Index ETF		698,814,059		10,913,903		(68,848,401	)		(57,934,498	)
Fidelity MSCI Industrials Index ETF		121,875,703		544,843		(18,564,421	)		(18,019,578	)
Fidelity MSCI Information Technology Index ETF		411,930,019		18,755,120		(47,387,921	)		(28,632,801	)
Fidelity MSCI Materials Index ETF		79,962,219		108,769		(19,088,652	)		(18,979,883	)
Fidelity MSCI Real Estate Index ETF		48,715,539		1,082,246		(4,375,580	)		(3,293,334	)
Fidelity MSCI Telecommunication Services Index ETF		88,414,522		4,298,842		(4,637,551	)		(338,709	)
Fidelity MSCI Utilities Index ETF		164,792,700		2,902,861		(10,462,446	)		(7,559,585	)

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any


*Semiannual Report*		80

2. Significant Accounting Policies – continued

losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.


	No-expiration Short-term			No-expiration Long-term			Total capital loss carryforward
Fidelity MSCI Consumer Discretionary Index ETF	$	(341,040	)	$	(816	)	$	(341,856	)
Fidelity MSCI Energy Index ETF		(497,468	)		(9,190	)		(506,658	)
Fidelity MSCI Financials Index ETF		(341,799	)		(1,016	)		(342,815	)
Fidelity MSCI Industrials Index ETF		(414,450	)		(2,233	)		(416,683	)
Fidelity MSCI Information Technology Index ETF		(642,553	)		(32,788	)		(675,341	)
Fidelity MSCI Materials Index ETF		(386,258	)		(7,439	)		(393,697	)
Fidelity MSCI Telecommunication Services Index ETF		(253,348	)		—			(253,348	)
Fidelity MSCI Utilities Index ETF		(95,257	)		—			(95,257	)

Certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2014 to July 31, 2015. Loss deferrals were as follows:


	Capital losses
Fidelity MSCI Consumer Discretionary Index ETF	$	(434,588	)
Fidelity MSCI Energy Index ETF		(4,255,961	)
Fidelity MSCI Financials Index ETF		(998,283	)
Fidelity MSCI Industrials Index ETF		(1,019,495	)
Fidelity MSCI Information Technology Index ETF		(917,644	)
Fidelity MSCI Materials Index ETF		(869,345	)
Fidelity MSCI Real Estate Index ETF		(125,150	)
Fidelity MSCI Telecommunication Services Index ETF		(405,242	)
Fidelity MSCI Utilities Index ETF		(668,763	)

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, were as follows:


	Purchases		Sales
Fidelity MSCI Consumer Discretionary Index ETF	$	6,741,392	$	6,860,014
Fidelity MSCI Consumer Staples Index ETF		8,552,030		8,339,537
Fidelity MSCI Energy Index ETF		13,726,222		12,836,363
Fidelity MSCI Financials Index ETF		12,918,011		12,053,227
Fidelity MSCI Health Care Index ETF		30,955,917		30,089,895
Fidelity MSCI Industrials Index ETF		6,352,423		4,718,200
Fidelity MSCI Information Technology Index ETF		13,658,671		10,494,755
Fidelity MSCI Materials Index ETF		3,472,062		3,618,103
Fidelity MSCI Real Estate Index ETF		2,692,547		2,393,076
Fidelity MSCI Telecommunication Services Index ETF		9,816,571		9,456,008
Fidelity MSCI Utilities Index ETF		3,441,134		3,301,642

Securities received or delivered in-kind through subscriptions and redemptions were as follows:


	In-kind Subscriptions		In-kind Redemptions
Fidelity MSCI Consumer Discretionary Index ETF	$	109,240,583	$	121,960,609
Fidelity MSCI Consumer Staples Index ETF		167,661,936		111,031,660
Fidelity MSCI Energy Index ETF		84,075,402		2,670,459
Fidelity MSCI Financials Index ETF		97,674,358		179,924,006
Fidelity MSCI Health Care Index ETF		143,831,259		170,903,836
Fidelity MSCI Industrials Index ETF		80,245,902		104,410,923
Fidelity MSCI Information Technology Index ETF		184,412,229		189,858,938
Fidelity MSCI Materials Index ETF		66,739,107		109,445,707
Fidelity MSCI Real Estate Index ETF		20,987,975		—
Fidelity MSCI Telecommunication Services Index ETF		62,380,526		56,128,904
Fidelity MSCI Utilities Index ETF		116,912,216		71,524,547


		81		*Semiannual Report*

Notes to Financial Statements – continued

4. Fees and Other Transactions with Affiliates.

Management Fee. SelectCo 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 .12% of each Fund’s average net assets. Under the management contract, SelectCo pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to SelectCo is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees.

Sub-Adviser. BlackRock Fund Advisors (BFA), serves as sub-adviser for the Funds. BFA provides discretionary investment advisory services to the Funds and is paid by SelectCo for providing these services.

Interfund Trades. The Funds may purchase from or sell securities to other funds affiliated with the sub-adviser under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

5. Share Transactions.

The 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 stocks 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 defray the costs associated with the issuance and redemption of Creation Units.

6. Other.

The Funds’ organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.


*Semiannual Report*		82

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Sector ETFs

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity SelectCo, LLC (SelectCo), an affiliate of Fidelity Management & Research Company (FMR), and each fund’s Sub-advisory and ETF Services Agreement with BlackRock Fund Advisors (BFA) (together, the Advisory Contracts). 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 has established four standing committees (Committees) – Operations, Audit, Fair Valuation, and Governance and Nominating – each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund’s Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund’s Advisory Contracts. The Board also meets as needed to consider 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 ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2016 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 to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund’s management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity and BFA from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts 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 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. The Board’s decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that each fund’s shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing of SelectCo and BFA (together with SelectCo, the Investment Advisers) as it relates to the funds, including the backgrounds of investment personnel of the Investment Advisers, and also considered the funds’ investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with representatives of BFA and senior management of Fidelity’s investment operations and investment groups. The Board considered the structure of the investment personnel compensation programs of the Investment Advisers and whether these structures provide appropriate incentives to act in the best interests of each fund.

The Trustees also discussed with representatives of SelectCo, at meetings throughout the year, SelectCo’s role in overseeing compliance with federal securities laws and other applicable requirements by BFA with respect to the funds and monitoring and overseeing the performance and investment capabilities of BFA. The Trustees considered that the Board had received from SelectCo periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of BFA.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of the Investment Advisers’ investment staffs, including their size, education, experience, and resources, as well as the Investment Advisers’ approach to recruiting, training, managing, and compensating investment personnel. The Board also noted that the Investment Advisers’ analysts 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 the Investment Advisers’ 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 or agents under the Advisory Contracts and under separate agreements covering pricing and bookkeeping services for each fund; (ii) the nature and extent of the 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 to, and the record of compliance with, each fund’s compliance policies and procedures. The Board also reviewed the allocation of fund brokerage and including allocations to brokers affiliated with the Investment Advisers.


		83		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

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 or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity’s global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (viii) implementing investment enhancements to further strengthen Fidelity’s target date product line to increase investors’ probability of success in achieving their goals; (ix) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (x) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xi) implementing changes to Fidelity’s money market fund product line in response to recent regulatory reforms.

Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board also considered the extent to which each fund has tracked its benchmark index since it commenced operations.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. 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 considers annualized return information for the fund, for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund’s tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such 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. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) 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; securities lending revenues (if any); and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index for the most recent one-year period ended June 30, 2015.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund’s management fee and total expense ratio compared to “mapped groups” of competitive funds created for the purpose of facilitating the Trustees’ analysis of the competitiveness of management fees and total expenses. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board’s management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods (or shorter) ended June 30 shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group.” The Total Mapped Group comparison focuses on a fund’s standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund’s. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds’ actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The “Asset-Size Peer Group” (ASPG) comparison focuses on a


*Semiannual Report*		84

fund’s standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund’s management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund’s management fee rate ranked, is also considered by the Board.

Fidelity MSCI Consumer Discretionary Index ETF

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Fidelity MSCI Consumer Staples Index ETF

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		85		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Energy Index ETF

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Fidelity MSCI Financials Index ETF

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*Semiannual Report*		86

Fidelity MSCI Health Care Index ETF

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Fidelity MSCI Industrials Index ETF

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		87		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Information Technology Index ETF

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Fidelity MSCI Materials Index ETF

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*Semiannual Report*		88

Fidelity MSCI Real Estate Index ETF

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Fidelity MSCI Telecommunications Index ETF

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		89		*Semiannual Report*

Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity MSCI Utilities Index ETF

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The Board noted that each fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2015.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and the boards of other Fidelity funds to conduct an in-depth review of the “group fee” component of the management fee of funds with such management fee structures. Committee focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that each fund’s management fee is fair and reasonable in light of the services that each fund receives and the other factors considered.

Total Expense Ratio. In its review of each fund’s total expense ratio, the Board considered each fund’s all-inclusive fee. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by SelectCo under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the funds. As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses.

The Board noted that each fund’s total expense ratio ranked below the competitive median for the 12-month period ended June 30, 2015.

Fees Charged to Other Clients. The Board also considered fee structures applicable to the Investment Advisers’ other clients, such as other funds advised or subadvised by the Investment Advisers, pension plan clients, and other institutional clients with similar mandates. The Board noted the findings of the 2013 ad hoc joint committee (created with the boards of other Fidelity funds), which reviewed and compared Fidelity’s institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

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 each 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 relationship with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a


*Semiannual Report*		90

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.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of the profitability analysis used by Fidelity. PwC’s engagement includes the review and assessment of Fidelity’s methodologies used in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC’s 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 the Investment Advisers’ non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity’s and BFA’s affiliates may benefit from or be related to the funds’ business. The Board also considered information regarding the profitability of BFA’s relationship with each fund.

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 also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze 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 concluded, taking into account the analysis of the Economies of Scale 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: (i) Fidelity’s fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity’s compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity’s long-term expectations for its offerings in the workplace investing channel; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity’s transfer agent fee, expense, and service structures for different funds and classes, and the impact of outsourcing, the increased use of omnibus accounts and lower pricing in the retirement channel; (viii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain funds and classes or to achieve further economies of scale; and (ix) matters relating to BFA’s sub-advisory and administrative services to the funds.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that each fund’s Advisory Contracts should be renewed.


		91		*Semiannual Report*

Investment Adviser

Fidelity SelectCo, LLC

Denver, CO

Investment Sub-Advisers

BlackRock Fund Advisors

San Francisco, CA

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

State Street Bank and Trust Company

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Boston, MA

The Fidelity Telephone Connection

1-800-FIDELITY

EXT-SANN-0316 752250.1.0

1.9584798.102

Corporate Headquarters

245 Summer St., Boston, MA 02210

www.fidelity.com

Item 2.

Code of Ethics

Not applicable.

Item 3.

Audit Committee Financial Expert

Not applicable.

Item 4.

Principal Accountant Fees and Services

Not applicable.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)	Not applicable.

(b)	Not applicable

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

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

Not applicable.

Item 10.

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 Fidelity Covington Trust’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Covington Trust’s (the “Trust”) 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 second fiscal quarter of 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 12.

Exhibits


(a)	(1)	Not applicable.

(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/ Adrien E. Deberghes
		Adrien E. Deberghes
		President and Treasurer

Date:		March 25, 2016

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/ Adrien E. Deberghes
		Adrien E. Deberghes
		President and Treasurer

Date:		March 25, 2016

By:		/s/ Howard J. Galligan III
		Howard J. Galligan III
		Chief Financial Officer

Date:		March 25, 2016

Fidelity High Yield Factor ETF (FDHY) N-CSRSCertified semi-annual shareholder report (management investment company)