Fidelity High Yield Factor ETF (FDHY) N-CSRS 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 number811-07319

Fidelity Covington Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, MA 02210

(Address of principal executive offices) (Zip code)

William C. Coffey, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2019

Item 1. Reports to Stockholders

Fidelity^® High Yield Factor ETF

  Semi-Annual Report February 28, 2019    

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity’s web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose ‘no’ under Required Disclosures to continue print)	1-800-343-0860

Contents

Investment Summary	4
Schedule of Investments	5
Financial Statements	10
Notes to Financial Statements	14
Shareholder Expense Example	18

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 call1-800-FIDELITY to request a free copy of the proxy voting guidelines.

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

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

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

^© 2019 FMR LLC. All Rights reserved.

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. FormsN-Q are available on the SEC’s web site at http://www.sec.gov. A fund’s FormsN-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 calling1-800-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.

3 Semiannual Report  

Investment Summary(Unaudited)

Top Five Holdings as of February 28, 2019
(by issuer, excluding cash equivalents)	% of fund’s net assets
Frontier Communications Corp.		2.0
Equinix, Inc.		2.0
Hilton Domestic Operating Co., Inc.		2.0
Open Text Corp.		2.0
Gartner, Inc.		2.0
		10.0

Top Five Market Sectors as of February 28, 2019
	% of fund’s net assets
Consumer Discretionary		15.3
Energy		14.6
Industrials		13.2
Information Technology		12.1
Health Care		8.8

Quality Diversification as of February 28, 2019

We have used ratings from Moody’s Investors Service, Inc. Where Moody’s^® ratings are not available, we have used S&P^® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation as of February 28, 2019

* Foreign  investments – 12.5%

Semiannual Report  4

Schedule of Investments February 28, 2019(Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds – 96.8%
	Principal Amount		Value
COMMUNICATION SERVICES – 8.3%
Diversified Telecommunication Services – 4.9%
Altice France S.A. 7.375% 5/1/26 (a)	$	150,000	$	147,187
CenturyLink, Inc.:
6.75% 12/1/23		89,000		92,421
7.50% 4/1/24		88,000		93,088
Frontier Communications Corp. 8.50% 4/1/26 (a)		440,000		409,200
Hughes Satellite Systems Corp. 6.625% 8/1/26		244,000		240,035
				981,931
Media – 1.8%
CSC Holdings LLC 5.375% 2/1/28 (a)		150,000		147,375
DISH DBS Corp. 5.875% 11/15/24		100,000		84,220
Nexstar Broadcasting, Inc. 5.625% 8/1/24 (a)		130,000		129,025
				360,620
Wireless Telecommunication Services – 1.6%
Sprint Corp. 7.625% 2/15/25		100,000		104,750
T-Mobile USA, Inc. 6.375% 3/1/25		200,000		208,125
				312,875
TOTAL COMMUNICATION SERVICES				1,655,426
CONSUMER DISCRETIONARY – 15.3%
Auto Components – 0.1%
Delphi Technologies PLC 5.00% 10/1/25 (a)		33,000		29,364
Hotels, Restaurants & Leisure – 8.7%
1011778 BC ULC / New Red Finance, Inc. 5.00% 10/15/25 (a)		410,000		397,597
Eldorado Resorts, Inc. 6.00% 9/15/26 (a)		5,000		5,088
GLP Capital LP / GLP Financing II, Inc.:
5.25% 6/1/25		112,000		115,975
5.375% 4/15/26		99,000		102,286
5.75% 6/1/28		37,000		38,396
Hilton Domestic Operating Co., Inc. 4.25% 9/1/24		410,000		403,850
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.:
4.625% 4/1/25		133,000		132,335
4.875% 4/1/27		174,000		173,130
International Game Technology PLC 6.25% 1/15/27 (a)		10,000		10,413

	Principal Amount		Value
Six Flags Entertainment Corp. 5.50% 4/15/27 (a)	$	112,000	$	110,040
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.:
5.25% 5/15/27 (a)		56,000		53,567
5.50% 3/1/25 (a)		194,000		193,088
				1,735,765
Household Durables – 1.5%
Lennar Corp.:
4.125% 1/15/22		25,000		24,875
4.75% 11/15/22 to 5/30/25		38,000		38,475
PulteGroup, Inc.:
5.00% 1/15/27		93,000		89,048
5.50% 3/1/26		157,000		158,177
				310,575
Internet & Direct Marketing Retail – 1.1%
Netflix, Inc.:
5.875% 2/15/25		96,000		101,760
5.875% 11/15/28 (a)		21,000		21,873
6.375% 5/15/29 (a)		100,000		106,219
				229,852
Leisure Products – 0.6%
Mattel, Inc. 6.75% 12/31/25 (a)		122,000		120,170
Media – 2.6%
AMC Networks, Inc.:
4.75% 8/1/25		19,000		18,477
5.00% 4/1/24		103,000		102,196
CCO Holdings LLC / CCO Holdings Capital Corp.:
5.50% 5/1/26 (a)		120,000		122,365
5.875% 4/1/24 (a)		80,000		83,300
Sirius XM Radio, Inc.:
5.375% 4/15/25 (a)		37,000		37,705
6.00% 7/15/24 (a)		155,000		160,619
				524,662
Specialty Retail – 0.5%
L Brands, Inc. 5.25% 2/1/28		112,000		96,880
Textiles, Apparel & Luxury Goods – 0.2%
The William Carter Co. 5.625% 3/15/27 (b)		30,000		30,000
TOTAL CONSUMER DISCRETIONARY				3,077,268
CONSUMER STAPLES – 4.4%
Food Products – 1.3%
Lamb Weston Holdings, Inc. 4.625% 11/1/24 (a)		100,000		100,500

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

5 Semiannual Report 

Schedule of Investments (Unaudited) – continued

Nonconvertible Bonds – continued
	Principal Amount		Value
CONSUMER STAPLES – continued
Food Products – continued
Pilgrim’s Pride Corp. 5.75% 3/15/25 (a)	$	161,000	$	161,000
				261,500
Household Products – 0.7%
Energizer Holdings, Inc. 6.375% 7/15/26 (a)		130,000		131,300
Personal Products – 1.4%
HLF Financing Sarl LLC / Herbalife International, Inc. 7.25% 8/15/26 (a)		285,000		290,714
Tobacco – 1.0%
Vector Group Ltd. 6.125% 2/1/25 (a)		226,000		200,010
TOTAL CONSUMER STAPLES				883,524
ENERGY – 14.6%
Energy Equipment & Services – 2.6%
Calfrac Holdings LP 8.50% 6/15/26 (a)		125,000		92,500
Diamond Offshore Drilling, Inc. 7.875% 8/15/25		112,000		105,840
Ensco PLC 7.75% 2/1/26		60,000		50,400
KLX Energy Services Holdings, Inc. 11.50% 11/1/25 (a)		15,000		15,600
McDermott Technology Americas, Inc. / McDermott Technology US, Inc. 10.625% 5/1/24 (a)		18,000		14,940
Nine Energy Service, Inc. 8.75% 11/1/23 (a)		195,000		195,000
Noble Holding International Ltd. 7.75% 1/15/24		60,000		53,400
				527,680
Independent Power and Renewable Electricity Producers – 2.1%
Clearway Energy Operating LLC 5.75% 10/15/25 (a)		15,000		14,738
NRG Energy, Inc.:
6.625% 1/15/27		53,000		56,445
7.25% 5/15/26		319,000		345,716
				416,899
Oil, Gas & Consumable Fuels – 7.3%
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 7.00% 11/1/26 (a)		119,000		114,835
DCP Midstream LP 7.375% (c)(d)		112,000		107,750
Diamondback Energy, Inc. 5.375% 5/31/25		160,000		165,600

	Principal Amount		Value
Genesis Energy LP / Genesis Energy Finance Corp. 6.50% 10/1/25	$	50,000	$	47,875
Holly Energy Partners LP / Holly Energy Finance Corp. 6.00% 8/1/24 (a)		192,000		196,800
Matador Resources Co. 5.875% 9/15/26		110,000		109,450
Murphy Oil Corp. 6.875% 8/15/24		116,000		122,718
Parkland Fuel Corp. 6.00% 4/1/26 (a)		202,000		198,465
Parsley Energy LLC / Parsley Finance Corp. 5.375% 1/15/25 (a)		200,000		200,500
Peabody Energy Corp. 6.00% 3/31/22 (a)		60,000		60,525
W&T Offshore, Inc. 9.75% 11/1/23 (a)		149,000		147,510
				1,472,028
Pipeline – 2.6%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 5.375% 9/15/24		198,000		198,000
Cheniere Energy Partners LP:
5.25% 10/1/25		126,000		127,575
5.625% 10/1/26 (a)		75,000		76,406
PBF Logistics LP / PBF Logistics Finance Corp. 6.875% 5/15/23		100,000		101,780
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 6.50% 7/15/27 (a)		10,000		10,575
				514,336
TOTAL ENERGY				2,930,943
FINANCIALS – 7.4%
Capital Markets – 1.0%
LPL Holdings, Inc. 5.75% 9/15/25 (a)		202,000		204,273
Consumer Finance – 3.2%
Ally Financial, Inc.:
4.25% 4/15/21		280,000		283,150
5.75% 11/20/25		112,000		118,720
CIT Group, Inc. 5.25% 3/7/25		30,000		31,350
Enova International, Inc. 8.50% 9/15/25 (a)		50,000		47,375

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

Semiannual Report  6

Nonconvertible Bonds – continued
	Principal Amount		Value
FINANCIALS – continued
Consumer Finance – continued
Springleaf Finance Corp. 6.125% 3/15/24	$	150,000	$	151,687
				632,282
Diversified Financial Services – 1.2%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.25% 2/1/22		238,000		245,092
Mortgage Real Estate Investment Trust (REITs) – 2.0%
Starwood Property Trust, Inc. 3.625% 2/1/21		400,000		397,500
TOTAL FINANCIALS				1,479,147
HEALTH CARE – 8.8%
Health Care Equipment & Supplies – 1.0%
Mallinckrodt International Finance S.A. / Mallinckrodt CB LLC 5.50% 4/15/25 (a)		100,000		81,500
Teleflex, Inc. 4.625% 11/15/27		112,000		111,411
				192,911
Health Care Providers & Services – 5.4%
Centene Corp. 4.75% 5/15/22		62,000		63,162
DaVita, Inc.:
5.00% 5/1/25		52,000		50,164
5.125% 7/15/24		199,000		197,010
HCA, Inc.:
5.375% 9/1/26		365,000		373,833
5.625% 9/1/28		20,000		20,622
MEDNAX, Inc.:
5.25% 12/1/23 (a)		168,000		169,890
6.25% 1/15/27 (a)		200,000		201,110
WellCare Health Plans, Inc. 5.375% 8/15/26 (a)		10,000		10,288
				1,086,079
Life Sciences Tools & Services – 1.5%
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc. 5.75% 3/1/25 (a)		250,000		243,988
IQVIA, Inc. 4.875% 5/15/23 (a)		62,000		62,930
				306,918
Pharmaceuticals – 0.9%
Bausch Health Americas, Inc. 8.50% 1/31/27 (a)(b)		15,000		15,534
Bausch Health Cos., Inc.:
5.75% 8/15/27 (a)(b)		5,000		5,044
5.875% 5/15/23 (a)		46,000		45,770

	Principal Amount		Value
Charles River Laboratories International, Inc. 5.50% 4/1/26 (a)	$	112,000	$	116,480
				182,828
TOTAL HEALTH CARE				1,768,736
INDUSTRIALS – 13.2%
Aerospace & Defense – 1.5%
TransDigm, Inc. 6.25% 3/15/26 (a)		300,000		307,500
Air Freight & Logistics – 0.3%
XPO Logistics, Inc. 6.125% 9/1/23 (a)		60,000		59,850
Building Products – 0.3%
Griffon Corp. 5.25% 3/1/22		63,000		62,213
Commercial Services & Supplies – 4.5%
HD Supply, Inc. 5.375% 10/15/26 (a)		20,000		20,300
KAR Auction Services, Inc. 5.125% 6/1/25 (a)		213,000		207,143
Nielsen Finance LLC / Nielsen Finance Co. 5.00% 4/15/22 (a)		251,000		250,372
Refinitiv US Holdings, Inc. 6.25% 5/15/26 (a)		25,000		25,250
Ritchie Bros Auctioneers, Inc. 5.375% 1/15/25 (a)		112,000		113,960
Tervita Escrow Corp. 7.625% 12/1/21 (a)		200,000		199,500
United Rentals North America, Inc. 6.50% 12/15/26		80,000		83,500
				900,025
Construction & Engineering – 0.5%
AECOM 5.125% 3/15/27		100,000		94,875
Containers & Packaging – 3.2%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 6.00% 2/15/25 (a)		200,000		197,500
Ball Corp.:
4.875% 3/15/26		309,000		314,407
5.25% 7/1/25		73,000		76,650
Intertape Polymer Group, Inc. 7.00% 10/15/26 (a)		60,000		60,450
				649,007
Diversified Financial Services – 0.0%
Park Aerospace Holdings Ltd. 5.50% 2/15/24 (a)		5,000		5,169

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

7 Semiannual Report 

Schedule of Investments (Unaudited) – continued

Nonconvertible Bonds – continued
	Principal Amount		Value
INDUSTRIALS – continued
Machinery – 2.9%
Allison Transmission, Inc. 5.00% 10/1/24 (a)	$	395,000	$	397,469
Colfax Corp. 6.00% 2/15/24 (a)		50,000		51,750
EnPro Industries, Inc. 5.75% 10/15/26 (a)		120,000		120,900
				570,119
TOTAL INDUSTRIALS				2,648,758
INFORMATION TECHNOLOGY – 12.1%
Communications Equipment – 0.4%
ViaSat, Inc. 5.625% 9/15/25 (a)		84,000		81,900
Internet Software & Services – 3.7%
j2 Cloud Services LLC / j2 GlobalCo-Obligor, Inc. 6.00% 7/15/25 (a)		146,000		149,903
Star Merger Sub, Inc. 6.875% 8/15/26 (a)		200,000		200,692
VeriSign, Inc.:
4.75% 7/15/27		123,000		121,463
5.25% 4/1/25		262,000		271,256
				743,314
IT Services – 2.0%
Gartner, Inc. 5.125% 4/1/25 (a)		400,000		403,000
Office Electronics – 1.3%
CDW LLC / CDW Finance Corp.:
5.00% 9/1/25		100,000		101,125
5.50% 12/1/24		160,000		166,800
				267,925
Semiconductors & Semiconductor Equipment – 2.0%
Qorvo, Inc. 5.50% 7/15/26 (a)		390,000		397,800
Software – 2.7%
CDK Global, Inc. 4.875% 6/1/27		135,000		132,666
Open Text Corp.:
5.625% 1/15/23 (a)		180,000		184,725
5.875% 6/1/26 (a)		208,000		218,832
				536,223
TOTAL INFORMATION TECHNOLOGY				2,430,162
MATERIALS – 6.5%
Chemicals – 2.7%
Axalta Coating Systems LLC 4.875% 8/15/24 (a)		400,000		397,000

	Principal Amount		Value
CVR Partners LP / CVR Nitrogen Finance Corp. 9.25% 6/15/23 (a)	$	145,000	$	152,961
				549,961
Metals & Mining – 3.3%
ArcelorMittal 6.125% 6/1/25		92,000		100,553
FMG Resources August 2006 Pty Ltd.:
4.75% 5/15/22 (a)		168,000		168,000
5.125% 3/15/23 (a)		234,000		233,415
Rain CII Carbon LLC / CII Carbon Corp. 7.25% 4/1/25 (a)		110,000		95,150
Steel Dynamics, Inc. 5.50% 10/1/24		60,000		61,650
				658,768
Paper & Forest Products – 0.5%
Mercer International, Inc. 7.375% 1/15/25 (a)		50,000		52,250
Schweitzer-Mauduit International, Inc. 6.875% 10/1/26 (a)		50,000		49,125
				101,375
TOTAL MATERIALS				1,310,104
REAL ESTATE – 6.2%
Equity Real Estate Investment Trusts (REITs) – 4.0%
Equinix, Inc.:
5.75% 1/1/25		59,000		61,434
5.875% 1/15/26		329,000		344,627
Iron Mountain, Inc.:
4.875% 9/15/27 (a)		79,000		74,754
5.25% 3/15/28 (a)		185,000		177,138
SBA Communications Corp. 4.875% 7/15/22 to 9/1/24		130,000		131,241
				789,194
Real Estate Management & Development – 2.2%
Kennedy-Wilson, Inc. 5.875% 4/1/24		401,000		394,468
Newmark Group, Inc. 6.125% 11/15/23 (a)		50,000		50,248
				444,716
TOTAL REAL ESTATE				1,233,910
TOTAL NONCONVERTIBLE BONDS (Cost $19,209,530)				19,417,978

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

Semiannual Report  8

Money Market Funds – 3.4%
	Shares		Value
Fidelity Cash Central Fund, 2.44% (e) (Cost $681,102)		680,966	$	681,102
TOTAL INVESTMENT IN SECURITIES – 100.2% (Cost $19,890,632)				20,099,080
NET OTHER ASSETS (LIABILITIES) – (0.2%)				(31,321	)
NET ASSETS – 100.0%			$	20,067,759

Legend

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,814,301 or 53.9% of net assets.

(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(c) Security is perpetual in nature with no stated maturity date.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$	7,392

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of February 28, 2019, 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:
Corporate Bonds	$	19,417,978	$	—	$	19,417,978	$	—
Money Market Funds		681,102		681,102		—		—
Total Investments in Securities:	$	20,099,080	$	681,102	$	19,417,978	$	—

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States	87.7
Canada	7.1
Australia	2.0
Ireland	1.0
Others (Individually Less Than 1%)	2.4
	100.2	%

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

9 Semiannual Report 

Financial Statements

Statement of Assets and Liabilities
February 28, 2019 (Unaudited)
Assets
Investments in securities, at value – See accompanying schedule:
Unaffiliated issuers	$	19,417,978
Fidelity Central Funds		681,102
Total Investments in Securities	$	20,099,080
Distributions receivable from Fidelity Central Funds		1,837
Interest receivable		320,692
Total assets		20,421,609
Liabilities
Payable for investments purchased
Regular delivery		204,528
Delayed delivery		50,622
Distributions payable		91,200
Accrued management fees		7,500
Total liabilities		353,850
Net Assets	$	20,067,759
Net Assets consist of:
Paid in capital		19,979,725
Total distributable earnings (loss)		88,034
Net Assets	$	20,067,759
Shares outstanding		400,000
Net Asset Value, offering price and redemption price per share	$	50.17
Investments at cost – Unaffiliated issuers	$	19,209,530
Investments at cost – Fidelity Central Funds		681,102
Investments at cost	$	19,890,632

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

Semiannual Report  10

Statement of Operations
For the six months ended February 28, 2019 (Unaudited)
Investment Income
Interest	$	425,831
Income from Fidelity Central Funds		7,392
Total income		433,223
Expenses
Management fees		33,242
Independent trustees’ compensation		36
Total expenses before reductions		33,278
Expense reductions		(260	)
Total expenses		33,018
Net investment income (loss)		400,205
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(124,921	)
Total net realized gain (loss)		(124,921	)
Change in net unrealized appreciation (depreciation) on investment securities		206,564
Net gain (loss)		81,643
Net increase (decrease) in net assets resulting from operations	$	481,848

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

11 Semiannual Report 

Financial Statements – continued

Statements of Changes in Net Assets
	Six months ended February 28, 2019 (Unaudited)			Year ended August 31, 2018A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	400,205		$	144,598
Net realized gain (loss)		(124,921	)		4,254
Change in net unrealized appreciation (depreciation)		206,564			1,884
Net increase (decrease) in net assets resulting from operations		481,848			150,736
Distributions to shareholders		(400,300	)		—
Distributions to shareholders from net investment income		—			(144,250	)
Total distributions		(400,300	)		(144,250	)
Share transactions
Proceeds from sales of shares		7,433,045			12,546,680
Net increase (decrease) in net assets resulting from share transactions		7,433,045			12,546,680
Total increase (decrease) in net assets		7,514,593			12,553,166
Net Assets
Beginning of period		12,553,166			—
End of period	$	20,067,759		$	12,553,166
Undistributed net investment income end of period				$	348
Other Information
Shares
Sold		150,000			250,000
Redeemed		—			—
Net increase (decrease)		150,000			250,000

^A For the period June 12, 2018 (commencement of operations) to August 31, 2018.

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

Semiannual Report  12

Financial Highlights
	Six months ended February 28, 2019 (Unaudited)			Year ended August 31, 2018A
SelectedPer-Share Data
Net asset value, beginning of period	$	50.21		$	50.00
Income from Investment Operations
Net investment income (loss)B		1.348			0.578
Net realized and unrealized gain (loss)		(0.108	)C		0.209
Total from investment operations		1.240			0.787
Distributions from net investment income		(1.280	)		(0.577	)
Total distributions		(1.280	)		(0.577	)
Net asset value, end of period	$	50.17		$	50.21
Total ReturnD,E		2.55	%		1.59	%
Ratios to Average Net AssetsF,G,H
Expense before reductions		.46	%		.45	%
Expenses net of fee waivers, if any		.45	%		.45	%
Expenses net of all reductions		.45	%		.45	%
Net investment income (loss)		5.49	%		5.21	%
Supplemental Data
Net assets, end of period (000 omitted)	$	20,068		$	12,553
Portfolio turnover rateI,J		33	%		8	%

^A  For the period June 12, 2018 (commencement of operations) to August 31, 2018.

^B  Calculated based on average shares outstanding during the period.

^C  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.

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

^E  Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F  Annualized.

^G  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 the 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.

^H  Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. The Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds.

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

^J  Amount not annualized.

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

13 Semiannual Report 

Notes to Financial Statements

For the period ended February 28, 2019 (Unaudited)

1. Organization.

Fidelity High Yield Factor ETF (the Fund) is an exchange-traded fund of Fidelity Covington Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anopen-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which areopen-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund’s Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 Fund:

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

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels 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 the Fund’s investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Investments inopen-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Semiannual Report  14

3. Significant Accounting Policies – continued

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 February 28, 2019, is included at the end of the Fund’s Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund’s investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded onex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed onnon-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed fromnon-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on theex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on securities and other investments
Fidelity High Yield Factor ETF	$	19,899,081	$	282,783	$	(82,784	)	$	199,999

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund’s Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund’s Schedule of Investments.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule ReleaseNo. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between RegulationS-X and GAAP. In accordance with these amendments, certain line-items in the Fund’s financial statements have been combined or removed for the current period as outlined in the table below.

15 Semiannual Report 

Notes to Financial Statements – continued

3. Significant Accounting Policies – continued

Financial Statement	Current Line-Item Presentation	Prior Line-Item Presentation
Statement of Assets and Liabilities	Total distributable earnings (loss)	Undistributed/Distributions in excess of/Accumulated net investment income (loss)
		Accumulated/Undistributed net realized gain (loss)
		Net unrealized appreciation (depreciation)
Statement of Changes in Net Assets	N/A – removed	Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period
Statement of Changes in Net Assets	Distributions to shareholders	Distributions to shareholders from net investment income
		Distributions to shareholders from net realized gain

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $11,988,501 and $4,786,135, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR Co., Inc. (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholders meeting expenses.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule17a-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.

6. Expense Reductions.

Through arrangements with the Fund’s custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund’s management fee. During the period, these credits reduced management fees by $260.

7. Share Transactions.

The Fund issues and redeems shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities and cash to the fund and redemption proceeds are paid with a basket of securities from the 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. The 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 the fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units.

Semiannual Report  16

8. Other.

The Fund’s 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 Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

17 Semiannual Report 

Shareholder Expense Example(Unaudited)

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 Example is based on an investment of $1,000 invested for theone-half year period (September 1, 2018 to February 28, 2019).

Actual Expenses

For the 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 the Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear itspro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund’s annualized expense ratio used to calculate the expense estimates in the table below.

Hypothetical Example for Comparison Purposes

For the 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, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear itspro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the 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 RatioA		Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Expenses Paid During PeriodB September 1, 2018 to February 28, 2019
Fidelity High Yield Factor ETF		0.45%
Actual			$	1,000.00	$	1,025.50	$	2.26
HypotheticalC			$	1,000.00	$	1,022.56	$	2.26

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

^B  Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period).

^C  5% return per year before expenses.

Semiannual Report  18

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19

HIE-SANN-0419 1.9887635.100	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 forClosed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities byClosed-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 Rule30a-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 Rule30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)	(1)	Not applicable.
(a)	(2)	Certification pursuant to Rule30a-2(a) under the Investment Company Act of 1940 (17 CFR270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule30a-2(b) under the Investment Company Act of 1940 (17 CFR270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Fidelity Covington Trust

By:	/s/ Stacie M. Smith
	Stacie M. Smith
	President and Treasurer
Date:	April 24, 2019

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

By:	/s/ Stacie M. Smith
	Stacie M. Smith
	President and Treasurer
Date:	April 24, 2019
By:	/s/ John J. Burke III
	John J. Burke III
	Chief Financial Officer
Date:	April 24, 2019