Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07319

FIDELITY COVINGTON TRUST

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2014

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 Telecommunication Services Index ETF

Fidelity MSCI Utilities Index ETF

Semiannual Report

January 31, 2014

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	13	An example of shareholder expenses.

Investments	15	A complete list of each fund’s investments with their market values.

Financial Statements	54	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes	62	Notes to the financial statements.

Board Approval of Investment Advisory Contracts and Management Fees	65

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 Ÿ MAY LOSE VALUE Ÿ 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 benchmark. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes cumulative 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 call Fidelity.

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 Period Ended January 31, 2014
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Consumer Discretionary Index ETF – NAV		1.40%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price		1.32%
MSCI USA IMI Consumer Discretionary Index		1.41%

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, 2013
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Consumer Discretionary Index ETF – NAV		7.54%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price		7.58%
MSCI USA IMI Consumer Discretionary Index		7.58%

This information shows the returns of the fund and its index 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 as shown in the previous table.

Expense ratio: 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, 2014
	% of fund’s net assets
Amazon.com, Inc.		5.1
The Walt Disney Co.		4.8
Comcast Corp. Class A		4.5
Home Depot, Inc.		4.3
McDonald’s Corp.		3.7
priceline.com, Inc.		2.3
Time Warner, Inc.		2.3
Ford Motor Co.		2.1
Starbucks Corp.		2.1
NIKE, Inc. Class B		2.0

		33.2


Industries as of January 31, 2014

LOGO

*	Includes short-term 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 benchmark. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes cumulative total returns and is further explained in this section.*


Fiscal Period Ended January 31, 2014
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Consumer Staples Index ETF – NAV		-0.79%
Fidelity MSCI Consumer Staples Index ETF – Market Price		-0.83%
MSCI USA IMI Consumer Staples Index		-0.77%

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, 2013
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Consumer Staples Index ETF – NAV		4.71%
Fidelity MSCI Consumer Staples Index ETF – Market Price		4.67%
MSCI USA IMI Consumer Staples Index		4.74%

Expense ratio: 0.12%

^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, 2014
	% of fund’s net assets
The Procter & Gamble Co.		12.6
The Coca-Cola Co.		9.1
Philip Morris International, Inc.		7.6
PepsiCo, Inc.		7.4
Wal-Mart Stores, Inc.		7.3
CVS Caremark Corp.		5.0
Altria Group, Inc.		4.2
Colgate-Palmolive Co.		3.4
Mondelez International, Inc. Class A		3.3
Walgreen Co.		3.1

		63.0


Industries as of January 31, 2014

LOGO

*	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 benchmark. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes cumulative total returns and is further explained in this section.*


Fiscal Period Ended January 31, 2014
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Energy Index ETF – NAV		-3.04%
Fidelity MSCI Energy Index ETF – Market Price		-3.05%
MSCI USA IMI Energy Index		-3.03%

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, 2013
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Energy Index ETF – NAV		3.26%
Fidelity MSCI Energy Index ETF – Market Price		3.46%
MSCI USA IMI Energy Index		3.29%

Expense ratio: 0.12%

^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, 2014
	% of fund’s net assets
Exxon Mobil Corp.		22.4
Chevron Corp.		11.9
Schlumberger Ltd.		6.4
ConocoPhillips		4.2
Occidental Petroleum Corp.		3.9
EOG Resources, Inc.		2.5
Phillips 66		2.3
Halliburton Co.		2.3
Anadarko Petroleum Corp.		2.2
National Oilwell Varco, Inc.		1.8

		59.9


Industries as of January 31, 2014

LOGO

*	Rounds to less than 0.1%.


		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 benchmark. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes cumulative total returns and is further explained in this section.*


Fiscal Period Ended January 31, 2014
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Financials Index ETF – NAV		1.32%
Fidelity MSCI Financials Index ETF – Market Price		1.28%
MSCI USA IMI Financials Index		1.31%

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, 2013
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Financials Index ETF – NAV		4.50%
Fidelity MSCI Financials Index ETF – Market Price		4.58%
MSCI USA IMI Financials Index		4.49%

Expense ratio: 0.12%

^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, 2014
	% of fund’s net assets
Wells Fargo & Co.		6.8
JPMorgan Chase & Co.		6.2
Bank of America Corp.		5.4
Citigroup, Inc.		4.3
Berkshire Hathaway, Inc. Class B		3.7
American Express Co.		2.5
US Bancorp		2.2
The Goldman Sachs Group, Inc.		2.1
American International Group, Inc.		2.0
Simon Property Group, Inc.		1.5

		36.7


Industries as of January 31, 2014

LOGO

*	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 benchmark. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes cumulative total returns and is further explained in this section.*


Fiscal Period Ended January 31, 2014
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Health Care Index ETF – NAV		8.39%
Fidelity MSCI Health Care Index ETF – Market Price		8.35%
MSCI USA IMI Health Care Index		8.46%

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, 2013
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Health Care Index ETF – NAV		6.55%
Fidelity MSCI Health Care Index ETF – Market Price		6.75%
MSCI USA IMI Health Care Index		6.57%

Expense ratio: 0.12%

^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, 2014
	% of fund’s net assets
Johnson & Johnson		9.6
Pfizer, Inc.		7.7
Merck & Co., Inc.		6.0
Gilead Sciences, Inc.		4.7
Amgen, Inc.		3.4
Bristol-Myers Squibb Co.		3.2
AbbVie, Inc.		3.0
Biogen Idec, Inc.		2.9
UnitedHealth Group, Inc.		2.8
Celgene Corp.		2.4

		45.7


Industries as of January 31, 2014

LOGO

*	Includes short-term investments and net other assets.


		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 benchmark. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes cumulative total returns and is further explained in this section.*


Fiscal Period Ended January 31, 2014
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Industrials Index ETF – NAV		4.41%
Fidelity MSCI Industrials Index ETF – Market Price		4.33%
MSCI USA IMI Industrials Index		4.44%

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, 2013
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Industrials Index ETF – NAV		9.19%
Fidelity MSCI Industrials Index ETF – Market Price		9.15%
MSCI USA IMI Industrials Index		9.24%

Expense ratio: 0.12%

^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, 2014
	% of fund’s net assets
General Electric Co.		11.4
United Technologies Corp.		4.4
The Boeing Co.		4.0
3M Co.		3.7
Union Pacific Corp.		3.6
United Parcel Service, Inc. Class B		3.1
Honeywell International, Inc.		3.0
Caterpillar, Inc.		2.7
Emerson Electric Co.		2.1
Danaher Corp.		2.0

		40.0


Industries as of January 31, 2014

LOGO

*	Includes short-term investments and net other assets.


*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 benchmark. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes cumulative total returns and is further explained in this section.*


Fiscal Period Ended January 31, 2014
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Information Technology Index ETF – NAV		5.36%
Fidelity MSCI Information Technology Index ETF – Market Price		5.36%
MSCI USA IMI Information Technology Index		5.40%

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, 2013
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Information Technology Index ETF – NAV		7.78%
Fidelity MSCI Information Technology Index ETF – Market Price		7.78%
MSCI USA IMI Information Technology Index		7.85%

Expense ratio: 0.12%

^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, 2014
	% of fund’s net assets
Apple, Inc.		12.5
Google, Inc. Class A		8.9
Microsoft Corp.		8.2
International Business Machines Corp.		5.0
Oracle Corp.		3.5
QUALCOMM, Inc.		3.5
Intel Corp.		3.4
Cisco Systems, Inc.		3.2
Visa, Inc. Class A		3.0
Facebook, Inc. Class A		3.0

		54.2


Industries as of January 31, 2014

LOGO

*	Includes short-term investments and net other assets.


		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 benchmark. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes cumulative total returns and is further explained in this section.*

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 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 Period Ended January 31, 2014
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Materials Index ETF – NAV		1.80%
Fidelity MSCI Materials Index ETF – Market Price		1.80%
MSCI USA IMI Materials Index		1.84%

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, 2013
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Materials Index ETF – NAV		6.43%
Fidelity MSCI Materials Index ETF – Market Price		6.43%
MSCI USA IMI Materials Index		6.44%

Expense ratio: 0.12%

^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, 2014
	% of fund’s net assets
Monsanto Co.		7.6
EI du Pont de Nemours & Co.		7.5
The Dow Chemical Co.		7.3
Praxair, Inc.		4.9
Freeport-McMoRan Copper & Gold, Inc.		4.5
LyondellBasell Industries N.V. Class A		4.5
Ecolab, Inc.		3.6
PPG Industries, Inc.		3.5
Air Products & Chemicals, Inc.		2.9
International Paper Co.		2.7

		49.0

Industries as of January 31, 2014

LOGO


*Semiannual Report*		10

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 benchmark. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes cumulative total returns and is further explained in this section.*

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 Period Ended January 31, 2014
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Telecommunication Services Index ETF – NAV		-0.70%
Fidelity MSCI Telecommunication Services Index ETF – Market Price		-0.14%
MSCI USA IMI Telecommunication Services 25/50 Index		-0.68%

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, 2013
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Telecommunication Services Index ETF – NAV		1.96%
Fidelity MSCI Telecommunication Services Index ETF – Market Price		2.12%
MSCI USA IMI Telecommunication Services 25/50 Index		1.98%

Expense ratio: 0.12%

^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, 2014
	% of fund’s net assets
Verizon Communications, Inc.		21.5
AT&T, Inc.		21.2
Crown Castle International Corp.		4.3
SBA Communications Corp. Class A		4.1
CenturyLink, Inc.		4.1
T-Mobile US, Inc.		3.5
Sprint Corp.		2.9
Level 3 Communications, Inc.		2.7
Cogent Communications Group, Inc.		2.2
Vonage Holdings Corp.		2.2

		68.7

Industries as of January 31, 2014

LOGO


		11		*Semiannual Report*

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 benchmark. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes cumulative total returns and is further explained in this section.*


Fiscal Period Ended January 31, 2014
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Utilities Index ETF – NAV		3.04%
Fidelity MSCI Utilities Index ETF – Market Price		3.04%
MSCI USA IMI Utilities Index		3.09%

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, 2013
Cumulative Total Returns	Life of fund ^A
Fidelity MSCI Utilities Index ETF – NAV		0.38%
Fidelity MSCI Utilities Index ETF – Market Price		0.42%
MSCI USA IMI Utilities Index		0.38%

Expense ratio: 0.12%

^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, 2014
	% of fund’s net assets
Duke Energy Corp.		8.1
Dominion Resources, Inc.		6.4
NextEra Energy, Inc.		6.3
The Southern Co.		5.8
Exelon Corp.		4.0
American Electric Power Co., Inc.		3.9
Sempra Energy		3.5
PPL Corp.		3.1
PG&E Corp.		3.1
Public Service Enterprise Group, Inc.		2.7

		46.9


Industries as of January 31, 2014

LOGO


*Semiannual Report*		12

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 at the beginning of the period and held for the entire period (October 21, 2013 to January 31, 2014). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2013 to January 31, 2014).

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		Beginning Account Value		Ending Account Value January 31, 2014		Expenses Paid During Period
Fidelity MSCI Consumer Discretionary Index ETF		.12%
Actual			$	1,000.00	$	1,014.00	$	0.34	^A
Hypothetical ^B			$	1,000.00	$	1,024.60	$	0.61	^C
Fidelity MSCI Consumer Staples Index ETF		.12%
Actual			$	1,000.00	$	992.10	$	0.34	^A
Hypothetical ^B			$	1,000.00	$	1,024.60	$	0.61	^C
Fidelity MSCI Energy Index ETF		.12%
Actual			$	1,000.00	$	969.60	$	0.33	^A
Hypothetical ^B			$	1,000.00	$	1,024.60	$	0.61	^C
Fidelity MSCI Financials Index ETF		.12%
Actual			$	1,000.00	$	1,013.20	$	0.34	^A
Hypothetical ^B			$	1,000.00	$	1,024.60	$	0.61	^C
Fidelity MSCI Health Care Index ETF		.12%
Actual			$	1,000.00	$	1,083.90	$	0.35	^A
Hypothetical ^B			$	1,000.00	$	1,024.60	$	0.61	^C
Fidelity MSCI Industrials Index ETF		.12%
Actual			$	1,000.00	$	1,044.10	$	0.35	^A
Hypothetical ^B			$	1,000.00	$	1,024.60	$	0.61	^C
Fidelity MSCI Information Technology Index ETF		.12%
Actual			$	1,000.00	$	1,053.60	$	0.35	^A
Hypothetical ^B			$	1,000.00	$	1,024.60	$	0.61	^C


		13		*Semiannual Report*

Shareholder Expense Example – continued


	Annualized Expense Ratio		Beginning Account Value		Ending Account Value January 31, 2014		Expenses Paid During Period
Fidelity MSCI Materials Index ETF		.12%
Actual			$	1,000.00	$	1,018.00	$	0.34	^A
Hypothetical ^B			$	1,000.00	$	1,024.60	$	0.61	^C
Fidelity MSCI Telecommunication Services Index ETF		.12%
Actual			$	1,000.00	$	993.00	$	0.34	^A
Hypothetical ^B			$	1,000.00	$	1,024.60	$	0.61	^C
Fidelity MSCI Utilities Index ETF		.12%
Actual			$	1,000.00	$	1,030.40	$	0.34	^A
Hypothetical ^B			$	1,000.00	$	1,024.60	$	0.61	^C

^A	Actual expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 103/365 (to reflect the period October 21, 2013 to January 31, 2014).

^B	5% return per year before expenses.

^C	Hypothetical expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).


*Semiannual Report*		14

Fidelity MSCI Consumer Discretionary Index ETF

Investments January 31, 2014 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
AUTO COMPONENTS – 4.6%
Auto Parts & Equipment – 4.3%
Allison Transmission Holdings, Inc.		1,356	$	38,958
American Axle & Manufacturing Holdings, Inc. (a)		1,020		18,992
Autoliv, Inc.		1,433		129,930
BorgWarner, Inc.		3,414		183,332
Dana Holding Corp.		2,190		41,435
Delphi Automotive PLC		4,377		266,515
Dorman Products, Inc. (a)		447		23,315
Drew Industries, Inc.		330		15,870
Federal-Mogul Corp. Class A (a)		570		10,192
Fox Factory Holding Corp. (a)		129		2,092
Fuel Systems Solutions, Inc. (a)		240		2,950
Gentex Corp.		2,158		69,898
Gentherm, Inc. (a)		510		12,995
Johnson Controls, Inc.		10,166		468,856
Lear Corp.		1,141		82,528
Modine Manufacturing Co. (a)		690		9,039
Standard Motor Products, Inc.		324		10,598
Superior Industries International, Inc.		360		6,556
Tenneco, Inc. (a)		909		51,667
TRW Automotive Holdings Corp. (a)		1,733		128,502
Visteon Corp. (a)		667		54,034

				1,628,254

Tires & Rubber – 0.3%
Cooper Tire & Rubber Co.		932		21,809
The Goodyear Tire & Rubber Co.		3,660		86,595

				108,404


TOTAL AUTO COMPONENTS				1,736,658


AUTOMOBILES – 4.8%
Automobile Manufacturers – 4.2%
Ford Motor Co.		54,598		816,786
General Motors Co. (a)		14,396		519,408
Tesla Motors, Inc. (a)		1,266		229,665
Thor Industries, Inc.		681		34,983
Winnebago Industries, Inc. (a)		420		10,063

				1,610,905

Motorcycle Manufacturers – 0.6%
Harley-Davidson, Inc.		3,306		203,947


TOTAL AUTOMOBILES				1,814,852


DISTRIBUTORS – 0.9%
Distributors – 0.9%
Core-Mark Holding Co., Inc.		172		13,011
Genuine Parts Co.		2,288		188,188
LKQ Corp. (a)		4,442		120,245



	Shares		Value
Pool Corp.		699	$	37,872
Weyco Group, Inc.		90		2,378


TOTAL DISTRIBUTORS				361,694


DIVERSIFIED CONSUMER SERVICES – 1.5%
Education Services – 0.6%
American Public Education, Inc. (a)		263		11,133
Apollo Group, Inc. Class A (non-vtg.) (a)		1,529		49,371
Bridgepoint Education, Inc. (a)		215		3,737
Bright Horizons Family Solutions, Inc. (a)		354		13,009
Capella Education Co. (a)		180		11,230
DeVry, Inc.		863		31,189
Graham Holdings Co. Class B		68		42,572
Grand Canyon Education, Inc. (a)		660		28,921
ITT Educational Services, Inc. (a)		264		7,762
K12, Inc. (a)		424		9,307
Strayer Education, Inc. (a)		175		6,118
Universal Technical Institute, Inc.		330		3,884

				218,233

Specialized Consumer Services – 0.9%
Ascent Capital Group, Inc. Class A (a)		180		12,879
H&R Block, Inc.		4,079		124,002
Hillenbrand, Inc.		957		25,906
LifeLock, Inc. (a)		660		13,471
Matthews International Corp. Class A		420		17,858
Outerwall, Inc. (a)		420		27,010
Regis Corp.		840		10,357
Service Corp. International		3,187		56,410
Sotheby’s Class A		1,020		48,878
Steiner Leisure Ltd. (a)		201		9,851
Weight Watchers International, Inc.		420		11,353

				357,975


TOTAL DIVERSIFIED CONSUMER SERVICES				576,208


HOTELS, RESTAURANTS & LEISURE – 15.2%
Casinos & Gaming – 2.8%
Bally Technologies, Inc. (a)		577		42,306
Boyd Gaming Corp. (a)		1,172		12,376
Caesars Entertainment Corp. (a)		720		15,847
Churchill Downs, Inc.		204		18,179
International Game Technology		3,908		56,393
Isle of Capri Casinos, Inc. (a)		330		3,155
Las Vegas Sands Corp.		6,121		468,379
MGM Mirage, Inc. (a)		5,790		141,044
Multimedia Games Holding Co., Inc. (a)		447		14,197
Penn National Gaming, Inc. (a)		1,043		12,234
Scientific Games Corp. Class A (a)		728		10,250
Wynn Resorts Ltd.		1,198		260,469

				1,054,829

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


		15		*Semiannual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE – continued
Hotels, Resorts & Cruise Lines – 2.5%
Carnival Corp.		5,730	$	224,559
Choice Hotels International, Inc.		480		23,294
Diamond Resorts International Inc. (a)		277		4,848
Interval Leisure Group, Inc.		510		13,464
Marcus Corp.		270		3,526
Marriott International, Inc. Class A		3,608		177,874
Marriott Vacations Worldwide Corp. (a)		328		15,705
Orient-Express Hotels Ltd. (a)		1,380		19,541
Royal Caribbean Cruises Ltd.		2,301		114,130
Starwood Hotels & Resorts Worldwide, Inc.		2,888		215,762
Wyndham Worldwide Corp.		1,981		140,532

				953,235

Leisure Facilities – 0.3%
International Speedway Corp. Class A		414		13,898
Life Time Fitness, Inc. (a)		620		25,519
Six Flags Entertainment Corp.		1,078		38,689
Town Sports International Holdings, Inc.		270		2,946
Vail Resorts, Inc.		540		36,801

				117,853

Restaurants – 9.6%
Biglari Holdings, Inc. (a)		24		10,487
BJ’s Restaurants, Inc. (a)		390		11,060
Bloomin’ Brands, Inc. (a)		751		17,250
Bob Evans Farms, Inc.		411		20,653
Bravo Brio Restaurant Group, Inc. (a)		320		4,781
Brinker International, Inc.		990		47,876
Buffalo Wild Wings, Inc. (a)		278		39,437
CEC Entertainment, Inc.		262		14,138
Chipotle Mexican Grill, Inc. (a)		455		251,142
Chuys Holdings, Inc. (a)		235		8,488
Cracker Barrel Old Country Store, Inc.		305		30,198
Darden Restaurants, Inc.		1,944		96,111
Del Frisco’s Restaurant Group, Inc. (a)		363		8,349
Denny’s Corp. (a)		1,380		9,467
DineEquity, Inc.		247		19,219
Domino’s Pizza, Inc.		832		58,748
Dunkin’ Brands Group, Inc.		1,590		73,983
Fiesta Restaurant Group, Inc. (a)		356		15,297
Ignite Restaurant Group, Inc. (a)		120		1,459
Jack in the Box, Inc. (a)		608		30,747
Krispy Kreme Doughnuts, Inc. (a)		906		15,629
McDonald’s Corp.		14,850		1,398,424
Noodles & Co. (a)		220		7,997
Panera Bread Co. Class A (a)		420		71,009
Papa John’s International, Inc.		501		24,113
Popeyes Louisiana Kitchen, Inc. (a)		360		14,490
Red Robin Gourmet Burgers, Inc. (a)		210		13,530
Ruby Tuesday, Inc. (a)		840		4,704
Ruth’s Hospitality Group, Inc.		540		7,069
Sonic Corp. (a)		810		14,410
Starbucks Corp.		11,162		793,841



	Shares		Value
Texas Roadhouse, Inc. Class A		958	$	23,232
The Cheesecake Factory, Inc.		772		34,385
Wendy’s Co.		4,410		39,999
Yum! Brands, Inc.		6,630		445,204

				3,676,926


TOTAL HOTELS, RESTAURANTS & LEISURE				5,802,843


HOUSEHOLD DURABLES – 4.2%
Consumer Electronics – 0.5%
Garmin Ltd.		1,760		79,288
Harman International Industries, Inc.		998		103,223
Universal Electronics, Inc. (a)		240		8,578

				191,089

Home Furnishings – 0.7%
Ethan Allen Interiors, Inc.		390		9,844
La-Z-Boy, Inc.		780		20,998
Leggett & Platt, Inc.		2,130		63,942
Mohawk Industries, Inc. (a)		923		131,232
Tempur Sealy International, Inc. (a)		900		44,361

				270,377

Homebuilding – 1.7%
Beazer Homes U.S.A., Inc. (a)		390		8,779
Cavco Industries, Inc. (a)		119		9,296
D.R. Horton, Inc.		4,287		100,659
Hovnanian Enterprises, Inc. Class A (a)		1,680		10,130
KB Home		1,140		22,048
Lennar Corp. Class A		2,423		97,308
M.D.C. Holdings, Inc.		600		18,534
M/I Homes, Inc. (a)		360		8,852
Meritage Homes Corp. (a)		510		24,771
NVR, Inc. (a)		64		73,818
PulteGroup, Inc.		5,227		106,213
Ryland Group, Inc.		690		30,801
Standard Pacific Corp. (a)		2,280		20,064
Taylor Morrison Home Corp. Class A (a)		485		10,258
Toll Brothers, Inc. (a)		2,400		88,200
TRI Pointe Homes, Inc. (a)		270		4,763
WCI Communities, Inc. (a)		118		2,209
William Lyon Homes Class A (a)		207		4,982

				641,685

Household Appliances – 0.5%
Helen of Troy Ltd. (a)		470		25,869
iRobot Corp. (a)		417		14,737
NACCO Industries, Inc. Class A		81		4,782
Whirlpool Corp.		1,178		157,027

				202,415

Housewares & Specialties – 0.8%
Blyth, Inc.		150		1,407
CSS Industries, Inc.		150		4,020
Jarden Corp. (a)		1,800		108,810
Libbey, Inc. (a)		300		6,462

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


*Semiannual Report*		16


Common Stocks – continued
	Shares		Value
HOUSEHOLD DURABLES – continued
Housewares & Specialties – continued
Newell Rubbermaid, Inc.		4,290	$	132,561
Tupperware Brands Corp.		775		60,729

				313,989


TOTAL HOUSEHOLD DURABLES				1,619,555


INTERNET & CATALOG RETAIL – 10.1%
Catalog Retail – 0.6%
HSN, Inc.		561		30,726
Liberty Media Corp. Interactive Series A (a)		7,319		195,490

				226,216

Internet Retail – 9.5%
1-800-FLOWERS.com, Inc. Class A (a)		390		1,965
Amazon.com, Inc. (a)		5,430		1,947,687
Blue Nile, Inc. (a)		200		8,612
Expedia, Inc.		1,650		107,217
FTD Cos., Inc. (a)		244		7,564
Groupon, Inc. Class A (a)		6,415		67,101
HomeAway, Inc. (a)		880		35,957
Liberty Media Corp. Series A (a)		532		61,712
Netflix, Inc. (a)		785		321,324
NutriSystem, Inc.		420		5,972
Orbitz Worldwide, Inc. (a)		420		3,024
Overstock.com, Inc. (a)		245		5,160
PetMed Express, Inc.		300		3,969
priceline.com, Inc. (a)		770		881,565
RetailMeNot, Inc. (a)		275		9,738
Shutterfly, Inc. (a)		570		26,995
TripAdvisor, Inc. (a)		1,746		134,774
Vitacost.com, Inc. (a)		330		1,822

				3,632,158


TOTAL INTERNET & CATALOG RETAIL				3,858,374


LEISURE EQUIPMENT & PRODUCTS – 1.4%
Leisure Products – 1.4%
Arctic Cat, Inc.		210		8,891
Black Diamond, Inc. (a)		330		3,515
Brunswick Corp.		1,350		55,971
Callaway Golf Co.		1,080		8,824
Hasbro, Inc.		1,740		85,469
Leapfrog Enterprises, Inc. Class A (a)		900		6,408
Mattel, Inc.		5,130		194,119
Polaris Industries, Inc.		964		120,693
Smith & Wesson Holding Corp. (a)		960		12,566
Sturm, Ruger & Co., Inc.		293		22,318


TOTAL LEISURE EQUIPMENT & PRODUCTS				518,774


MEDIA – 27.8%
Advertising – 1.3%
Clear Channel Outdoor Holding, Inc. Class A (a)		540		5,103


Common Stocks – continued
	Shares		Value
Digital Generation, Inc. (a)		330	$	4,455
Harte-Hanks, Inc.		720		4,932
Interpublic Group of Companies, Inc.		6,295		102,734
Lamar Advertising Co. Class A (a)		1,198		58,295
National CineMedia, Inc.		840		15,691
Omnicom Group, Inc.		3,871		280,957
ReachLocal, Inc. (a)		150		1,947

				474,114

Broadcasting – 2.9%
CBS Corp. Class B (non-vtg.)		8,401		493,307
Cumulus Media, Inc. Class A (a)		1,650		11,039
Discovery Communications, Inc. Class A (a)		2,184		174,240
Discovery Communications, Inc. Class C (non-vtg.) (a)		1,327		97,826
Entercom Communications Corp. Class A (a)		330		3,112
Liberty Media Corp. Class A (a)		1,404		184,752
Nexstar Broadcasting Group, Inc. Class A		450		21,622
Scripps Networks Interactive, Inc. Class A		1,252		90,795
Sinclair Broadcast Group, Inc. Class A		1,110		34,876

				1,111,569

Cable & Satellite – 11.2%
AMC Networks, Inc. Class A (a)		862		55,547
Cablevision Systems Corp. – NY Group Class A		2,813		45,121
Charter Communications, Inc. Class A (a)		900		123,300
Comcast Corp. Class A		31,690		1,725,520
Comcast Corp. Class A (special) (non-vtg.)		7,161		374,878
DIRECTV (a)		7,746		537,805
DISH Network Corp. Class A (a)		3,236		182,446
Liberty Global PLC Series A (a)		3,148		251,620
Liberty Global PLC Series C (a)		2,463		195,390
Loral Space & Communications Ltd. (a)		180		13,383
Sirius XM Holdings, Inc. (a)		46,236		165,525
Starz – Liberty Capital Series A (a)		1,357		37,969
Time Warner Cable, Inc.		4,250		566,397

				4,274,901

Movies & Entertainment – 11.5%
Carmike Cinemas, Inc. (a)		332		9,000
Cinemark Holdings, Inc.		1,560		45,724
DreamWorks Animation SKG, Inc. Class A (a)		1,020		34,415
Lions Gate Entertainment Corp. (a)		1,230		39,766
Live Nation Entertainment, Inc. (a)		2,040		43,391
Regal Entertainment Group Class A		1,290		25,155
The Madison Square Garden Co. Class A (a)		900		52,227
The Walt Disney Co.		25,207		1,830,280
Time Warner, Inc.		13,671		858,949
Twenty-First Century Fox, Inc. Class A		22,524		716,714
Twenty-First Century Fox, Inc. Class B		6,540		204,309

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
MEDIA – continued
Movies & Entertainment – continued
Viacom, Inc. Class B (non-vtg.)		6,327	$	519,447
World Wrestling Entertainment, Inc. Class A		450		10,885

				4,390,262

Publishing – 0.9%
E.W. Scripps Co. Class A (a)		480		8,837
Gannett Co., Inc.		3,420		94,153
John Wiley & Sons, Inc. Class A		696		37,681
Journal Communications, Inc. Class A (a)		510		4,065
Meredith Corp.		540		24,721
Morningstar, Inc.		351		27,097
News Corp. Class A (a)		5,666		90,429
Scholastic Corp.		420		13,856
The McClatchy Co. Class A (a)		960		4,378
The New York Times Co. Class A		2,035		28,775
Valassis Communications, Inc.		570		19,380

				353,372


TOTAL MEDIA				10,604,218


MULTILINE RETAIL – 4.6%
Department Stores – 1.8%
Dillard’s, Inc. Class A		414		36,142
J.C. Penney Co., Inc. (a)		4,529		26,812
Kohl’s Corp.		3,129		158,421
Macy’s, Inc.		5,631		299,569
Nordstrom, Inc.		2,314		132,939
Sears Holdings Corp. (a)		561		20,404

				674,287

General Merchandise Stores – 2.8%
Big Lots, Inc. (a)		870		23,307
Dollar General Corp. (a)		4,614		259,861
Dollar Tree, Inc. (a)		3,302		166,817
Family Dollar Stores, Inc.		1,552		95,945
Fred’s, Inc. Class A		540		9,439
Gordmans Stores, Inc.		150		1,083
Target Corp.		8,908		504,549
Tuesday Morning Corp. (a)		570		7,490

				1,068,491


TOTAL MULTILINE RETAIL				1,742,778


SPECIALTY RETAIL – 18.0%
Apparel Retail – 4.8%
Abercrombie & Fitch Co. Class A		1,142		40,404
Aeropostale, Inc. (a)		1,170		8,249
American Eagle Outfitters, Inc.		2,580		34,907
ANN, Inc. (a)		689		22,282
Ascena Retail Group, Inc. (a)		2,010		37,708
bebe stores, Inc.		540		2,684
Brown Shoe Co., Inc.		630		14,918
Chico’s FAS, Inc.		2,428		40,305


Common Stocks – continued
	Shares		Value
Destination Maternity Corp.		180	$	4,829
DSW, Inc. Class A		1,101		41,453
Express, Inc. (a)		1,236		21,408
Finish Line, Inc. Class A		750		19,237
Foot Locker, Inc.		2,250		86,850
Francescas Holdings Corp. (a)		630		11,970
Gap, Inc.		4,502		171,436
Genesco, Inc. (a)		360		25,279
Guess?, Inc.		960		26,928
Jos. A. Bank Clothiers, Inc. (a)		420		23,612
L Brands, Inc.		3,652		191,219
New York & Co., Inc. (a)		480		2,174
Ross Stores, Inc.		3,261		221,455
Shoe Carnival, Inc.		210		5,187
Stage Stores, Inc.		513		10,055
Stein Mart, Inc.		476		5,893
The Buckle, Inc.		441		19,545
The Cato Corp. Class A		420		11,743
The Children’s Place Retail Stores, Inc. (a)		335		17,644
The Men’s Wearhouse, Inc.		717		34,445
Tilly’s, Inc. Class A (a)		150		1,742
TJX Companies, Inc.		10,624		609,393
Urban Outfitters, Inc. (a)		1,765		63,222
Wet Seal, Inc. Class A (a)		1,230		2,940
Zumiez, Inc. (a)		360		7,747

				1,838,863

Automotive Retail – 2.5%
Advance Auto Parts, Inc.		1,085		124,569
America’s Car Mart, Inc. (a)		120		4,626
Asbury Automotive Group, Inc. (a)		420		19,748
AutoZone, Inc. (a)		530		262,382
CarMax, Inc. (a)		3,330		150,216
CST Brands, Inc.		1,132		36,145
Group 1 Automotive, Inc.		352		21,518
Lithia Motors, Inc. Class A		352		19,814
Monro Muffler Brake, Inc.		450		24,979
Murphy USA, Inc. (a)		689		26,692
O’Reilly Automotive, Inc. (a)		1,618		211,926
Penske Automotive Group, Inc.		667		28,621
Sonic Automotive, Inc. Class A		570		12,785
The Pep Boys – Manny, Moe & Jack (a)		720		8,597

				952,618

Computer & Electronics Retail – 0.5%
Best Buy Co., Inc.		4,050		95,337
Conn’s, Inc. (a)		369		22,402
GameStop Corp. Class A		1,748		61,302
hhgregg, Inc. (a)		210		1,735
RadioShack Corp. (a)		1,530		3,672
Rent-A-Center, Inc.		804		20,052

				204,500

Home Improvement Retail – 6.3%
Home Depot, Inc.		21,276		1,635,061

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


*Semiannual Report*		18


Common Stocks – continued
	Shares		Value
SPECIALTY RETAIL – continued
Home Improvement Retail – continued
Lowe’s Companies, Inc.		15,626	$	723,327
Lumber Liquidators Holdings, Inc. (a)		414		36,842
Sears Hometown & Outlet Stores, Inc. (a)		150		3,148
Tile Shop Holdings, Inc. (a)		420		5,935

				2,404,313

Homefurnishing Retail – 1.0%
Aarons, Inc. Class A		1,080		29,041
Bed Bath & Beyond, Inc. (a)		3,235		206,555
Haverty Furniture Companies, Inc.		300		8,346
Kirkland’s, Inc. (a)		240		4,519
Mattress Firm Holding Corp. (a)		210		8,547
Pier 1 Imports, Inc.		1,440		27,518
Restoration Hardware Holdings, Inc. (a)		446		25,306
Select Comfort Corp. (a)		840		13,751
Williams-Sonoma, Inc.		1,299		70,822

				394,405

Specialty Stores – 2.9%
Barnes & Noble, Inc. (a)		540		7,279
Big 5 Sporting Goods Corp.		240		4,118
Cabela’s, Inc. Class A (a)		741		49,543
Dick’s Sporting Goods, Inc.		1,500		78,750
Five Below, Inc. (a)		690		25,289
GNC Holdings, Inc. Class A		1,417		72,423
Hibbett Sports, Inc. (a)		390		23,404
MarineMax, Inc. (a)		360		5,310
Office Depot, Inc. (a)		7,388		36,127
PetSmart, Inc.		1,470		92,610
Sally Beauty Holdings, Inc. (a)		2,467		70,014
Signet Jewelers Ltd.		1,200		95,460
Staples, Inc.		9,772		128,600
Tiffany & Co., Inc.		1,912		159,059
Tractor Supply Co.		2,077		138,141
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		895		76,710
Vitamin Shoppe, Inc. (a)		441		19,766
Winmark Corp.		37		2,984
Zale Corp. (a)		485		7,333

				1,092,920


TOTAL SPECIALTY RETAIL				6,887,619


TEXTILES, APPAREL & LUXURY GOODS – 6.8%
Apparel, Accessories & Luxury Goods – 4.4%
Carter’s, Inc.		801		53,867
Coach, Inc.		4,175		199,941
Columbia Sportswear Co.		210		15,613
Fifth & Pacific Companies, Inc. (a)		1,827		52,435
Fossil Group, Inc. (a)		755		84,432
G-III Apparel Group Ltd. (a)		261		18,262



	Shares		Value
Hanesbrands, Inc.		1,478	$	105,145
Iconix Brand Group, Inc. (a)		811		30,169
lululemon athletica, Inc. (a)		1,508		68,901
Michael Kors Holdings Ltd. (a)		2,875		229,799
Movado Group, Inc.		292		11,023
Oxford Industries, Inc.		217		16,377
Perry Ellis International, Inc. (a)		180		2,821
PVH Corp.		1,205		145,648
Quiksilver, Inc. (a)		1,890		13,325
Ralph Lauren Corp.		898		140,887
The Jones Group, Inc.		1,140		16,815
Tumi Holdings, Inc. (a)		660		13,220
Under Armour, Inc. Class A (a)		1,195		129,191
Vera Bradley, Inc. (a)		300		7,206
VF Corp.		5,222		305,226

				1,660,303

Footwear – 2.4%
Crocs, Inc. (a)		1,380		21,183
Deckers Outdoor Corp. (a)		516		40,222
NIKE, Inc. Class B		10,585		771,117
Skechers U.S.A., Inc. Class A (a)		600		17,334
Steven Madden Ltd. (a)		930		30,309
Wolverine World Wide, Inc.		1,500		41,850

				922,015

Textiles – 0.0%
Unifi, Inc. (a)		238		5,519


TOTAL TEXTILES, APPAREL & LUXURY GOODS				2,587,837


TOTAL COMMON STOCKS (Cost $38,675,646)				38,111,410


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $48,577)		48,577		48,577


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $38,724,223)				38,159,987

NET OTHER ASSETS (LIABILITIES) – 0.0%				12,267


NET ASSETS – 100%			$	38,172,254

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.


		19		*Semiannual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Investments (Unaudited) – continued

Other Information

The following is a summary of the inputs used, as of January 31, 2014, 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 valuing inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	38,111,410	$	38,111,410	$	—	$	—
Money Market Funds		48,577		48,577		—		—

Total Investments in Securities:	$	38,159,987	$	38,159,987	$	—	$	—

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


*Semiannual Report*		20

Fidelity MSCI Consumer Staples Index ETF

Investments January 31, 2014 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
BEVERAGES – 21.0%
Brewers – 0.6%
Molson Coors Brewing Co. Class B		2,915	$	153,446
The Boston Beer Co., Inc. Class A (a)		175		36,454

				189,900

Distillers & Vintners – 2.1%
Beam, Inc.		2,808		233,906
Brown-Forman Corp. Class B		2,361		181,797
Constellation Brands, Inc. Class A (a)		3,165		242,661

				658,364

Soft Drinks – 18.3%
Coca-Cola Bottling Co. Consolidated		104		7,101
Coca-Cola Enterprises, Inc.		4,891		211,731
Dr Pepper Snapple Group, Inc.		3,916		187,498
Monster Beverage Corp. (a)		2,726		185,096
National Beverage Corp. (a)		234		4,851
PepsiCo, Inc.		29,684		2,385,406
The Coca-Cola Co.		76,793		2,904,311

				5,885,994


TOTAL BEVERAGES				6,734,258


FOOD & STAPLES RETAILING – 23.5%
Drug Retail – 8.3%
CVS Caremark Corp.		23,641		1,600,969
Rite Aid Corp. (a)		14,063		78,050
Walgreen Co.		17,275		990,721

				2,669,740

Food Distributors – 1.6%
Spartan Stores, Inc.		727		16,423
Sysco Corp.		11,413		400,368
The Andersons, Inc.		344		28,462
The Chefs’ Warehouse, Inc. (a)		364		8,594
United Natural Foods, Inc. (a)		954		64,462

				518,309

Food Retail – 3.2%
Casey’s General Stores, Inc.		735		50,472
Fairway Group Holdings Corp. (a)		330		3,878
Ingles Markets, Inc. Class A		208		5,653
Natural Grocers by Vitamin Cottage, Inc. (a)		178		6,759
Roundy’s, Inc.		494		4,189
Safeway, Inc.		4,644		145,079
SUPERVALU, Inc. (a)		3,952		22,843
Susser Holdings Corp. (a)		356		21,709
The Fresh Market, Inc. (a)		742		25,940
The Kroger Co.		9,469		341,831
The Pantry, Inc. (a)		442		6,458
Village Super Market, Inc. Class A		104		3,020
Weis Markets, Inc.		234		11,517
Whole Foods Market, Inc.		6,808		355,786

				1,005,134



	Shares		Value
Hypermarkets & Super Centers – 10.4%
Costco Wholesale Corp.		8,404	$	944,273
PriceSmart, Inc.		383		34,815
Wal-Mart Stores, Inc.		31,534		2,354,959

				3,334,047


TOTAL FOOD & STAPLES RETAILING				7,527,230


FOOD PRODUCTS – 18.9%
Agricultural Products – 2.8%
Alico, Inc.		78		2,848
Archer-Daniels-Midland Co.		12,691		501,041
Bunge Ltd.		2,827		214,173
Darling International, Inc. (a)		3,044		59,541
Fresh Del Monte Produce, Inc.		748		19,792
Ingredion, Inc.		1,500		93,450

				890,845

Packaged Foods & Meats – 16.1%
Annie’s, Inc. (a)		330		13,240
B&G Foods, Inc.		1,014		33,229
Boulder Brands, Inc. (a)		1,144		16,405
Cal-Maine Foods, Inc.		280		14,106
Calavo Growers, Inc.		258		7,838
Campbell Soup Co.		3,918		161,461
Chiquita Brands International, Inc. (a)		858		9,078
ConAgra Foods, Inc.		8,124		258,262
Dean Foods Co. (a)		1,794		28,345
Diamond Foods, Inc. (a)		443		11,677
Flowers Foods, Inc.		3,619		75,818
General Mills, Inc.		12,348		592,951
Green Mountain Coffee Roasters, Inc. (a)		2,467		199,827
Hillshire Brands Co.		2,376		84,633
Hormel Foods Corp.		2,804		127,414
J&J Snack Foods Corp.		292		25,725
Kellogg Co.		4,882		283,058
Kraft Foods Group, Inc.		11,459		599,879
Lancaster Colony Corp.		370		32,160
McCormick & Co., Inc. (non-vtg.)		2,306		147,999
Mead Johnson Nutrition Co.		3,895		299,487
Mondelez International, Inc. Class A		32,553		1,066,111
Pilgrim’s Pride Corp. (a)		1,248		20,879
Pinnacle Foods, Inc.		1,015		27,405
Post Holdings, Inc. (a)		642		34,366
Sanderson Farms, Inc.		408		30,335
Seaboard Corp.		6		15,300
Seneca Foods Corp. Class A (a)		153		4,448
Snyders-Lance, Inc.		936		25,001
The Hain Celestial Group, Inc. (a)		915		84,079
The Hershey Co.		2,970		295,218
The JM Smucker Co.		2,024		195,093
Tootsie Roll Industries, Inc.		413		12,530
TreeHouse Foods, Inc. (a)		702		46,220

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


		21		*Semiannual Report*

Fidelity MSCI Consumer Staples Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
FOOD PRODUCTS – continued
Packaged Foods & Meats – continued
Tyson Foods, Inc. Class A		5,406	$	202,184
WhiteWave Foods Co. Class A (a)		3,328		80,571

				5,162,332


TOTAL FOOD PRODUCTS				6,053,177


HOUSEHOLD PRODUCTS – 20.3%
Household Products – 20.3%
Central Garden and Pet Co. (a)		208		1,344
Central Garden and Pet Co. Class A (a)		598		3,731
Church & Dwight Co., Inc.		2,670		172,429
Colgate-Palmolive Co.		17,851		1,093,017
Energizer Holdings, Inc.		1,201		113,494
Harbinger Group, Inc. (a)		702		8,340
Kimberly-Clark Corp.		7,370		806,057
Spectrum Brands Holdings, Inc.		460		34,615
The Clorox Co.		2,511		221,646
The Procter & Gamble Co.		52,707		4,038,410
WD-40 Co.		286		19,657


TOTAL HOUSEHOLD PRODUCTS				6,512,740


PERSONAL PRODUCTS – 2.1%
Personal Products – 2.1%
Avon Products, Inc.		8,343		124,227
Elizabeth Arden, Inc. (a)		520		14,102
Herbalife Ltd.		1,685		108,464
Inter Parfums, Inc.		336		10,934
Medifast, Inc. (a)		234		6,208
Nu Skin Enterprises, Inc. Class A		1,018		86,683
Revlon, Inc. Class A (a)		234		5,494
Star Scientific, Inc. (a)		2,599		1,781
The Estee Lauder Cos., Inc. Class A		4,589		315,448
USANA Health Sciences, Inc. (a)		137		8,202


TOTAL PERSONAL PRODUCTS				681,543



	Shares		Value
TOBACCO – 14.0%
Tobacco – 14.0%
Alliance One International, Inc. (a)		1,586	$	4,076
Altria Group, Inc.		38,574		1,358,576
Lorillard, Inc.		7,195		354,138
Philip Morris International, Inc.		31,152		2,434,217
Reynolds American, Inc.		6,281		304,628
Universal Corp.		408		20,939
Vector Group Ltd.		1,274		22,754


TOTAL TOBACCO				4,499,328


TOTAL COMMON STOCKS (Cost $32,830,059)				32,008,276


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $34,979)		34,979		34,979


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $32,865,038)				32,043,255

NET OTHER ASSETS (LIABILITIES) – 0.1%				47,345


NET ASSETS – 100%			$	32,090,600

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	$	32,008,276	$	32,008,276	$	—	$	—
Money Market Funds		34,979		34,979		—		—

Total Investments in Securities:	$	32,043,255	$	32,043,255	$	—	$	—

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


*Semiannual Report*		22

Fidelity MSCI Energy Index ETF

Investments January 31, 2014 (Unaudited)

Showing Percentage of Nets Assets


Common Stocks – 100.0%
	Shares		Value
ENERGY EQUIPMENT & SERVICES – 20.3%
Oil & Gas Drilling – 2.9%
Atwood Oceanics, Inc. (a)		956	$	45,314
Diamond Offshore Drilling, Inc.		1,168		56,695
Ensco PLC Class A		3,905		196,695
Helmerich & Payne, Inc.		1,775		156,271
Hercules Offshore, Inc. (a)		2,250		11,205
Nabors Industries Ltd.		4,948		84,512
Noble Corp. PLC		4,225		131,102
Parker Drilling Co. (a)		2,000		14,880
Patterson-UTI Energy, Inc.		2,450		62,940
Pioneer Energy Services Corp. (a)		1,050		8,799
Rowan Cos. PLC Class A (a)		2,075		65,093
Unit Corp. (a)		745		37,228

				870,734

Oil & Gas Equipment & Services – 17.4%
Baker Hughes, Inc.		7,379		417,947
Basic Energy Services, Inc. (a)		450		7,709
Bristow Group, Inc.		607		43,577
C&J Energy Services, Inc. (a)		625		14,613
Cameron International Corp. (a)		4,097		245,697
CARBO Ceramics, Inc.		350		40,292
Core Laboratories N.V.		757		135,442
Dawson Geophysical Co. (a)		151		4,888
Dresser-Rand Group, Inc. (a)		1,275		72,675
Dril-Quip, Inc. (a)		575		57,822
Era Group, Inc. (a)		325		9,519
Exterran Holdings, Inc. (a)		1,000		34,740
FMC Technologies, Inc. (a)		3,946		195,090
Forum Energy Technologies, Inc. (a)		848		21,302
Frank’s International N.V.		646		15,142
Geospace Technologies Corp. (a)		206		16,381
Gulf Island Fabrication, Inc.		225		4,559
Gulfmark Offshore, Inc. Class A		100		4,256
Halliburton Co.		14,096		690,845
Helix Energy Solutions Group, Inc. (a)		1,675		34,153
Hornbeck Offshore Services, Inc. (a)		545		23,277
ION Geophysical Corp. (a)		2,100		6,363
Key Energy Services, Inc. (a)		2,400		17,496
Matrix Service Co. (a)		425		11,169
McDermott International, Inc. (a)		3,925		32,734
Mitcham Industries, Inc. (a)		200		3,020
National Oilwell Varco, Inc.		7,127		534,596
Natural Gas Services Group, Inc. (a)		200		5,780
Newpark Resources, Inc. (a)		1,493		16,960
Nuverra Environmental Solutions, Inc. (a)		195		2,820
Oceaneering International, Inc.		1,807		123,147
Oil States International, Inc. (a)		925		86,904
PHI, Inc. (non-vtg.) (a)		222		8,176
RigNet, Inc. (a)		150		6,998
RPC, Inc.		1,100		18,733
Schlumberger Ltd.		22,050		1,930,918



	Shares		Value
SEACOR Holdings, Inc.		325	$	27,358
Superior Energy Services, Inc. (a)		2,650		62,646
Tesco Corp. (a)		550		11,616
TETRA Technologies, Inc. (a)		1,300		13,416
Tidewater, Inc.		825		42,776
Weatherford International Ltd. (a)		12,851		174,003
Willbros Group, Inc. (a)		675		5,636

				5,233,191


TOTAL ENERGY EQUIPMENT & SERVICES				6,103,925


OIL, GAS & CONSUMABLE FUELS – 79.7%
Coal & Consumable Fuels – 0.9%
Alpha Natural Resources, Inc. (a)		3,675		20,874
Arch Coal, Inc.		3,550		15,052
Cloud Peak Energy, Inc. (a)		1,025		19,198
CONSOL Energy, Inc.		3,824		142,826
Peabody Energy Corp.		4,521		77,083
Solazyme, Inc. (a)		575		7,458

				282,491

Integrated Oil & Gas – 39.5%
Chevron Corp.		32,193		3,593,705
Exxon Mobil Corp.		73,335		6,758,554
Hess Corp.		5,152		388,924
Occidental Petroleum Corp.		13,428		1,175,890

				11,917,073

Oil & Gas Exploration & Production – 26.9%
Abraxas Petroleum Corp. (a)		1,400		4,438
Anadarko Petroleum Corp.		8,379		676,102
Apache Corp.		6,493		521,128
Apco Oil and Gas International, Inc. (a)		125		1,761
Approach Resources, Inc. (a)		618		12,416
Athlon Energy, Inc. (a)		347		10,583
Bill Barrett Corp. (a)		826		23,136
Bonanza Creek Energy, Inc. (a)		475		19,337
BPZ Resources, Inc. (a)		1,700		3,400
Cabot Oil & Gas Corp.		7,019		280,620
Carrizo Oil & Gas, Inc. (a)		720		29,592
Chesapeake Energy Corp.		8,903		239,580
Cimarex Energy Co.		1,450		142,071
Clayton Williams Energy, Inc. (a)		100		6,902
Cobalt International Energy, Inc. (a)		4,806		78,674
Comstock Resources, Inc.		775		13,291
Concho Resources, Inc. (a)		1,755		171,621
ConocoPhillips		19,365		1,257,757
Contango Oil & Gas Co. (a)		275		11,539
Continental Resources, Inc. (a)		775		85,405
Denbury Resources, Inc. (a)		6,249		100,421
Devon Energy Corp.		6,426		380,548
Diamondback Energy, Inc. (a)		500		25,990
Emerald Oil, Inc. (a)		901		6,911
Energen Corp.		1,207		85,359

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


		23		*Semiannual Report*

Fidelity MSCI Energy Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS – continued
Oil & Gas Exploration & Production – continued
Energy XXI Bermuda Ltd.		1,073	$	24,625
EOG Resources, Inc.		4,543		750,685
EPL Oil & Gas, Inc. (a)		489		13,139
EQT Corp.		2,506		232,582
EXCO Resources, Inc.		2,719		13,948
Forest Oil Corp. (a)		2,000		6,100
Goodrich Petroleum Corp. (a)		575		9,902
Gulfport Energy Corp. (a)		1,407		85,757
Halcon Resources Corp. (a)		4,079		13,746
Jones Energy, Inc. Class A (a)		197		3,089
Kodiak Oil & Gas Corp. (a)		4,425		46,949
Laredo Petroleum Holdings, Inc. (a)		1,075		26,595
LinnCo LLC		1,966		63,286
Magnum Hunter Resources Corp. (a)		2,700		22,545
Marathon Oil Corp.		11,824		387,709
Matador Resources Co. (a)		793		15,416
Midstates Petroleum Co., Inc. (a)		575		2,685
Miller Energy Resources, Inc. (a)		525		4,142
Murphy Oil Corp.		3,022		171,075
Newfield Exploration Co. (a)		2,276		56,377
Noble Energy, Inc.		5,981		372,796
Northern Oil and Gas, Inc. (a)		1,000		14,540
Oasis Petroleum, Inc. (a)		1,599		66,854
PDC Energy, Inc. (a)		600		29,916
Penn Virginia Corp. (a)		925		11,091
PetroQuest Energy, Inc. (a)		975		3,764
Pioneer Natural Resources Co.		2,308		390,791
QEP Resources, Inc.		2,999		92,639
Quicksilver Resources, Inc. (a)		1,775		5,520
Range Resources Corp.		2,732		235,471
Resolute Energy Corp. (a)		1,025		8,190
Rex Energy Corp. (a)		750		14,130
Rosetta Resources, Inc. (a)		1,025		43,675
Sanchez Energy Corp. (a)		675		18,556
SandRidge Energy, Inc. (a)		6,175		37,976
SM Energy Co.		1,120		92,691
Southwestern Energy Co. (a)		5,872		238,932
Stone Energy Corp. (a)		849		26,277
Swift Energy Co. (a)		725		8,976
Triangle Petroleum Corp. (a)		1,075		8,181
Ultra Petroleum Corp. (a)		2,550		61,072
Vaalco Energy, Inc. (a)		925		5,569
W&T Offshore, Inc.		625		8,950
Warren Resources, Inc. (a)		1,175		3,960
Whiting Petroleum Corp. (a)		1,993		116,351
WPX Energy, Inc. (a)		3,370		64,198

				8,120,000



	Shares		Value
Oil & Gas Refining & Marketing – 6.8%
Alon USA Energy, Inc.		325	$	5,106
Clean Energy Fuels Corp. (a)		1,100		13,123
CVR Energy, Inc.		300		11,127
Delek US Holdings, Inc.		600		18,180
Green Plains Renewable Energy, Inc.		425		9,469
HollyFrontier Corp.		3,178		147,141
Marathon Petroleum Corp.		5,218		454,227
PBF Energy, Inc. Class A		910		23,596
Phillips 66		9,676		707,219
Renewable Energy Group, Inc. (a)		401		4,014
Tesoro Corp.		2,268		116,847
Valero Energy Corp.		9,031		461,484
Western Refining, Inc.		932		36,451
World Fuel Services Corp.		1,223		52,247

				2,060,231

Oil & Gas Storage & Transportation – 5.6%
Cheniere Energy, Inc. (a)		3,400		149,396
Crosstex Energy, Inc.		600		22,500
Enbridge Energy Management LLC (a)		945		26,687
Kinder Morgan Management LLC (a)		1,852		139,843
Kinder Morgan, Inc.		11,219		381,558
SemGroup Corp. Class A		718		44,344
Spectra Energy Corp.		11,148		400,770
Targa Resources Corp.		532		48,034
The Williams Cos., Inc.		11,385		460,979

				1,674,111


TOTAL OIL, GAS & CONSUMABLE FUELS				24,053,906


TOTAL COMMON STOCKS (Cost $31,240,159)				30,157,831


Money Market Funds – 0.0%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $8,719)		8,719		8,719


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $31,248,878)				30,166,550

NET OTHER ASSETS (LIABILITIES) – 0.0%				5,144


NET ASSETS – 100%			$	30,171,694

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*		24

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	30,157,831	$	30,157,831	$	—	$	—
Money Market Funds		8,719		8,719		—		—

Total Investments in Securities:	$	30,166,550	$	30,166,550	$	—	$	—

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


		25		*Semiannual Report*

Fidelity MSCI Financials Index ETF

Investments January 31, 2014 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.7%
	Shares		Value
CAPITAL MARKETS – 13.4%
Asset Management & Custody Banks – 8.1%
Affiliated Managers Group, Inc. (a)		820	$	163,377
American Capital Ltd. (a)		4,640		72,430
Ameriprise Financial, Inc.		3,064		323,681
Apollo Investment Corp.		3,608		30,452
Ares Capital Corp.		4,584		81,183
Artisan Partners Asset Management, Inc. Class A		246		15,601
BlackRock Kelso Capital Corp.		1,271		11,808
BlackRock, Inc.		2,083		625,879
Calamos Asset Management, Inc. Class A		410		4,703
Capital Southwest Corp.		205		7,005
Cohen & Steers, Inc.		328		11,831
Eaton Vance Corp.		1,886		71,800
Federated Investors, Inc. Class B		1,473		39,609
Fifth Street Finance Corp.		2,214		20,834
Financial Engines, Inc.		779		47,457
Franklin Resources, Inc.		6,403		333,020
GAMCO Investors, Inc. Class A		82		6,625
Golub Capital BDC, Inc.		656		12,005
Hercules Technology Growth Capital, Inc.		1,025		16,256
ICG Group, Inc. (a)		656		12,457
Invesco Ltd.		6,889		229,059
Janus Capital Group, Inc.		2,747		30,190
KCAP Financial, Inc.		574		4,575
Legg Mason, Inc.		1,728		73,181
Main Street Capital Corp.		611		20,701
MCG Capital Corp.		1,230		5,498
Medley Capital Corp.		728		10,039
MVC Capital, Inc.		410		5,843
New Mountain Finance Corp.		748		11,055
Northern Trust Corp.		3,560		214,383
PennantPark Investment Corp.		1,107		12,531
Prospect Capital Corp.		4,172		45,350
Safeguard Scientifics, Inc. (a)		369		6,764
SEI Investments Co.		2,296		78,202
Solar Capital Ltd.		738		16,332
State Street Corp.		6,890		461,285
T Rowe Price Group, Inc.		4,019		315,250
TCP Capital Corp.		492		8,521
The Bank of New York Mellon Corp.		17,789		568,536
THL Credit, Inc.		533		8,432
TICC Capital Corp.		902		9,155
Triangle Capital Corp.		451		12,159
Virtus Investment Partners, Inc. (a)		120		21,871
Waddell & Reed Financial, Inc. Class A		1,345		87,183
Walter Investment Management Corp. (a)		574		17,702
WisdomTree Investments, Inc. (a)		1,558		21,999

				4,203,809

Diversified Capital Markets – 0.0%
HFF, Inc. Class A		529		15,648



	Shares		Value
Investment Banking & Brokerage – 5.3%
BGC Partners, Inc. Class A		2,132	$	13,709
Cowen Group, Inc. Class A (a)		1,435		5,855
E*TRADE Financial Corp. (a)		4,510		90,290
Evercore Partners, Inc. Class A		451		25,184
FXCM, Inc. Class A		451		7,730
GFI Group, Inc.		1,394		5,297
Greenhill & Co., Inc.		416		21,611
INTL. FCStone, Inc. (a)		294		5,186
Investment Technology Group, Inc. (a)		579		9,554
KCG Holdings, Inc. Class A (a)		656		7,255
LPL Financial Holdings, Inc.		1,345		71,998
Morgan Stanley		22,705		670,025
Oppenheimer Holdings, Inc. Class A		205		4,813
Piper Jaffray Cos. (a)		251		9,859
Raymond James Financial, Inc.		1,968		100,191
Stifel Financial Corp. (a)		943		42,576
TD Ameritrade Holding Corp.		3,444		107,625
The Charles Schwab Corp.		17,906		444,427
The Goldman Sachs Group, Inc.		6,597		1,082,700

				2,725,885


TOTAL CAPITAL MARKETS				6,945,342


COMMERCIAL BANKS – 19.1%
Diversified Banks – 9.3%
Comerica, Inc.		2,878		131,812
US Bancorp		28,417		1,129,007
Wells Fargo & Co.		77,896		3,531,805

				4,792,624

Regional Banks – 9.8%
1st Source Corp.		246		7,250
Arrow Financial Corp.		201		5,011
Associated Banc-Corp		2,592		42,690
Bancfirst Corp.		123		6,646
Bancorp, Inc. (a)		615		11,716
BancorpSouth, Inc.		1,347		31,749
Bank of Hawaii Corp.		697		39,576
Bank of the Ozarks, Inc.		530		33,602
BankUnited, Inc.		1,221		37,973
Banner Corp.		328		12,080
BB&T Corp.		10,906		407,993
BBCN Bancorp, Inc.		1,230		18,512
BOK Financial Corp.		448		28,788
Boston Private Financial Holdings, Inc.		1,189		14,613
Bryn Mawr Bank Corp.		246		6,856
Camden National Corp.		126		4,454
Capital Bank Financial Corp. Class A (a)		451		10,396
CapitalSource, Inc.		3,116		42,783
Cardinal Financial Corp.		533		9,088
Cathay General Bancorp		1,189		27,941
Centerstate Banks, Inc.		574		6,314
Central Pacific Financial Corp.		410		7,524

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


*Semiannual Report*		26


Common Stocks – continued
	Shares		Value
COMMERCIAL BANKS – continued
Regional Banks – continued
CIT Group, Inc. (a)		2,957	$	137,648
City Holding Co.		250		11,155
City National Corp.		772		55,854
CoBiz Financial, Inc.		656		6,927
Columbia Banking System, Inc.		779		20,340
Commerce Bancshares, Inc.		1,265		54,990
Community Bank System, Inc.		615		21,894
Community Trust Bancorp, Inc.		246		9,968
Cullen/Frost Bankers, Inc.		853		63,139
CVB Financial Corp.		1,392		20,769
East West Bancorp, Inc.		2,177		72,842
Enterprise Financial Services Corp.		287		5,344
Fifth Third Bancorp		13,241		278,326
First BanCorp (a)		1,804		8,822
First BanCorp/NC		328		5,651
First Citizens BancShares, Inc. Class A		82		18,142
First Commonwealth Financial Corp.		1,519		12,471
First Community Bancshares, Inc.		328		5,310
First Financial Bancorp		902		14,955
First Financial Bankshares, Inc.		410		25,080
First Financial Corp.		164		5,276
First Financial Holdings, Inc.		376		23,143
First Horizon National Corp.		3,813		44,841
First Interstate Bancsystem, Inc.		287		7,364
First Merchants Corp.		609		12,844
First Midwest Bancorp, Inc.		1,230		19,643
First NBC Bank Holding Co. (a)		248		8,085
First Niagara Financial Group, Inc.		5,576		48,177
First Republic Bank		1,435		69,641
FirstMerit Corp.		2,580		52,503
Flushing Financial Corp.		492		10,106
FNB Corp.		2,337		27,670
Fulton Financial Corp.		3,032		37,445
Glacier Bancorp, Inc.		1,148		30,342
Great Southern Bancorp, Inc.		164		4,535
Hancock Holding Co.		1,312		45,395
Hanmi Financial Corp.		533		11,497
Heartland Financial USA, Inc.		246		6,197
Home BancShares, Inc.		698		21,526
HomeTrust Bancshares, Inc. (a)		328		5,186
Huntington Bancshares, Inc.		12,990		117,819
Iberiabank Corp.		458		30,155
Independent Bank Corp.		369		13,343
Independent Bank Group, Inc.		120		6,096
International Bancshares Corp.		861		20,156
Investors Bancorp, Inc.		871		22,097
KeyCorp		14,194		181,115
Lakeland Bancorp, Inc.		574		6,469
Lakeland Financial Corp.		248		9,084
M&T Bank Corp.		1,812		202,056



	Shares		Value
MB Financial, Inc.		860	$	24,166
National Penn Bancshares, Inc.		2,009		20,853
NBT Bancorp, Inc.		651		15,650
OFG Bancorp		779		11,358
Old National Bancorp		1,640		22,960
PacWest Bancorp		580		23,264
Peoples Bancorp, Inc.		158		3,563
Pinnacle Financial Partners, Inc. (a)		533		17,397
Popular, Inc. (a)		1,640		43,296
PrivateBancorp, Inc.		1,066		30,477
Prosperity Bancshares, Inc.		902		56,429
Regions Financial Corp.		21,731		221,004
Renasant Corp.		492		14,165
Republic Bancorp, Inc. Class A		205		4,733
S&T Bancorp, Inc.		492		11,508
Signature Bank (a)		738		90,080
Simmons First National Corp. Class A		246		8,494
Southside Bancshares, Inc.		287		7,649
State Bank Financial Corp.		495		8,479
Sterling Bancorp/DE (a)		1,277		16,090
Sterling Financial Corp.		615		19,372
Sun Bancorp, Inc. (a)		943		2,989
SunTrust Banks, Inc.		8,359		309,450
Susquehanna Bancshares, Inc.		2,993		32,414
SVB Financial Group (a)		705		79,122
SY Bancorp, Inc.		255		7,545
Synovus Financial Corp.		14,596		48,897
Taylor Capital Group, Inc. (a)		246		5,493
TCF Financial Corp.		2,531		40,749
Texas Capital Bancshares, Inc. (a)		659		39,191
The PNC Financial Services Group, Inc.		8,208		655,655
TowneBank		451		6,783
Trico Bancshares		246		6,091
Trustmark Corp.		1,066		25,328
UMB Financial Corp.		611		36,226
Umpqua Holdings Corp.		1,804		31,678
Union First Market Bankshares Corp.		767		17,695
United Community Banks, Inc. (a)		245		4,087
Univest Corp. of Pennsylvania		331		6,216
Valley National Bancorp		3,034		29,399
ViewPoint Financial Group, Inc.		608		14,969
Washington Trust Bancorp, Inc.		246		8,103
Webster Financial Corp.		1,435		43,538
WesBanco, Inc.		451		12,881
Westamerica BanCorp.		416		20,534
Western Alliance Bancorp (a)		1,222		27,397
Wilshire Bancorp, Inc.		1,107		11,026
Wintrust Financial Corp.		653		28,621
Zions BanCorp.		2,831		81,391

				5,067,443


TOTAL COMMERCIAL BANKS				9,860,067

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
CONSUMER FINANCE – 5.1%
Consumer Finance – 5.1%
American Express Co.		15,004	$	1,275,640
Capital One Financial Corp.		9,054		639,303
Cash America International, Inc.		451		16,565
Credit Acceptance Corp. (a)		164		22,826
DFC Global Corp. (a)		581		4,369
Discover Financial Services		7,468		400,658
Encore Capital Group, Inc. (a)		369		17,561
Ezcorp, Inc. Class A (a)		788		8,652
First Cash Financial Services, Inc. (a)		448		22,015
Green Dot Corp. Class A (a)		364		8,197
Nelnet, Inc. Class A		451		16,800
Portfolio Recovery Associates, Inc. (a)		786		39,473
SLM Corp.		6,803		154,836
World Acceptance Corp. (a)		172		16,459


TOTAL CONSUMER FINANCE				2,643,354


DIVERSIFIED FINANCIAL SERVICES – 22.9%
Multi-Sector Holdings – 4.0%
Berkshire Hathaway, Inc. Class B (a)		17,186		1,917,958
Leucadia National Corp.		4,838		132,222
PICO Holdings, Inc. (a)		363		8,556

				2,058,736

Other Diversified Financial Services – 15.9%
Bank of America Corp.		165,919		2,779,144
Citigroup, Inc.		46,975		2,228,024
JPMorgan Chase & Co.		58,133		3,218,243

				8,225,411

Specialized Finance – 3.0%
CBOE Holdings, Inc.		1,358		70,643
CME Group, Inc.		4,920		367,819
Interactive Brokers Group, Inc. Class A		697		14,776
IntercontinentalExchange Group, Inc.		1,767		368,932
MarketAxess Holdings, Inc.		566		35,511
McGraw Hill Financial, Inc.		4,061		308,798
Moody’s Corp.		3,080		229,706
MSCI, Inc. (a)		1,804		77,067
PHH Corp. (a)		854		20,727
The NASDAQ OMX Group, Inc.		1,850		70,578

				1,564,557


TOTAL DIVERSIFIED FINANCIAL SERVICES				11,848,704


INSURANCE – 17.6%
Insurance Brokers – 2.0%
Aon PLC		4,512		363,036
Arthur J Gallagher & Co.		2,006		92,737
Brown & Brown, Inc.		1,927		60,681
eHealth, Inc. (a)		294		15,709
Marsh & McLennan Cos., Inc.		8,522		389,541
Willis Group Holdings PLC		2,622		112,903

				1,034,607



	Shares		Value
Life & Health Insurance – 5.1%
Aflac, Inc.		7,181	$	450,823
American Equity Investment Life Holding Co.		984		21,599
Citizens, Inc. (a)		779		5,414
CNO Financial Group, Inc.		3,157		53,480
FBL Financial Group, Inc. Class A		168		6,490
Kansas City Life Insurance Co.		82		3,868
Lincoln National Corp.		4,108		197,307
MetLife, Inc.		14,424		707,497
Primerica, Inc.		783		32,988
Principal Financial Group, Inc.		4,556		198,505
Protective Life Corp.		1,230		60,282
Prudential Financial, Inc.		7,165		604,654
StanCorp Financial Group, Inc.		697		44,782
Symetra Financial Corp.		1,304		24,972
Torchmark Corp.		1,428		107,314
Unum Group		4,104		132,149

				2,652,124

Multi-line Insurance – 3.6%
American Financial Group, Inc.		1,114		61,181
American International Group, Inc.		21,681		1,039,821
Assurant, Inc.		1,185		77,440
Genworth Financial, Inc. Class A (a)		7,339		108,250
Hartford Financial Services Group, Inc.		6,685		222,276
HCC Insurance Holdings, Inc.		1,563		67,068
Horace Mann Educators Corp.		656		18,302
Kemper Corp.		738		27,122
Loews Corp.		5,119		228,256

				1,849,716

Property & Casualty Insurance – 5.7%
ACE Ltd.		5,377		504,416
Allied World Assurance Co. Holdings AG		533		54,856
AMERISAFE, Inc.		290		11,997
Amtrust Financial Services, Inc.		533		17,205
Arch Capital Group Ltd. (a)		2,089		112,409
Argo Group International Holdings Ltd.		418		18,806
Aspen Insurance Holdings Ltd.		1,071		41,662
Assured Guaranty Ltd.		2,592		54,821
Axis Capital Holdings Ltd.		1,608		72,392
Baldwin & Lyons, Inc. Class B		164		4,093
Cincinnati Financial Corp.		2,419		117,201
Donegal Group, Inc. Class A		205		2,995
EMC Insurance Group, Inc.		82		2,253
Employers Holdings, Inc.		492		12,088
Fidelity National Financial, Inc. Class A		3,811		120,199
First American Financial Corp.		1,598		41,420
Global Indemnity PLC (a)		164		4,020
HCI Group, Inc.		198		8,421
Hilltop Holdings, Inc. (a)		1,107		26,336
Infinity Property & Casualty Corp.		203		14,332
MBIA, Inc. (a)		2,337		25,567

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


*Semiannual Report*		28


Common Stocks – continued
	Shares		Value
INSURANCE – continued
Property & Casualty Insurance – continued
Meadowbrook Insurance Group, Inc.		902	$	5,466
National Interstate Corp.		164		3,701
Old Republic International Corp.		3,925		61,309
OneBeacon Insurance Group Ltd.		420		5,905
ProAssurance Corp.		1,022		47,482
RLI Corp.		638		26,579
Safety Insurance Group, Inc.		206		11,141
Selective Insurance Group, Inc.		861		20,251
State Auto Financial Corp.		287		5,505
Stewart Information Services Corp.		369		11,996
The Allstate Corp.		7,184		367,821
The Chubb Corp.		1,568		132,559
The Hanover Insurance Group, Inc.		697		38,704
The Navigators Group, Inc. (a)		196		11,688
The Progressive Corp.		9,087		211,182
The Travelers Cos., Inc.		5,785		470,205
Tower Group International Ltd.		1,066		2,665
United Fire Group, Inc.		369		9,262
WR Berkley Corp.		2,107		81,667
XL Group PLC		4,469		128,439

				2,921,016

Reinsurance – 1.2%
Alleghany Corp. (a)		315		117,284
Endurance Specialty Holdings Ltd.		702		36,778
Enstar Group Ltd. (a)		172		21,321
Everest Re Group Ltd.		770		111,465
Greenlight Capital Re Ltd. (a)		492		15,808
Maiden Holdings Ltd.		943		10,354
Montpelier Re Holdings Ltd.		739		20,596
PartnerRe Ltd.		773		75,885
Platinum Underwriters Holdings Ltd.		483		27,454
Reinsurance Group of America, Inc.		1,111		82,958
RenaissanceRe Holdings Ltd.		697		63,225
Third Point Reinsurance Ltd. (a)		488		7,793
Validus Holdings Ltd.		1,429		51,330

				642,251


TOTAL INSURANCE				9,099,714


REAL ESTATE INVESTMENT TRUSTS (REITS) – 19.2%
Diversified REIT’s – 1.3%
American Realty Capital Properties, Inc.		2,911		40,288
Cousins Properties, Inc.		2,747		29,530
Duke Realty Corp.		5,120		80,435
First Potomac Realty Trust		984		12,851
Investors Real Estate Trust		1,681		14,608
Liberty Property Trust		2,253		82,009
One Liberty Properties, Inc.		246		5,132
PS Business Parks, Inc.		330		25,928
RAIT Financial Trust		1,025		8,651
Select Income REIT		534		14,738



	Shares		Value
Spirit Realty Capital, Inc.		5,613	$	59,498
Vornado Realty Trust		2,713		249,135
Washington Real Estate Investment Trust		1,066		24,838
Winthrop Realty Trust		615		7,060
WP Carey, Inc.		538		31,785

				686,486

Industrial REIT’s – 0.8%
DCT Industrial Trust, Inc.		5,002		36,015
EastGroup Properties, Inc.		491		29,136
First Industrial Realty Trust, Inc.		1,640		28,142
Monmouth Real Estate Investment Corp. Class A		697		6,440
Prologis, Inc.		7,749		300,351
STAG Industrial, Inc.		697		14,958

				415,042

Mortgage REIT’s – 1.9%
AG Mortgage Investment Trust, Inc.		492		8,162
Altisource Residential Corp.		649		19,470
American Capital Agency Corp.		6,147		128,780
American Capital Mortgage Investment Corp.		908		17,751
Annaly Capital Management, Inc.		14,850		159,934
Anworth Mortgage Asset Corp.		2,460		11,537
Apollo Commercial Real Estate Finance, Inc.		615		10,344
Apollo Residential Mortgage, Inc.		574		9,276
ARMOUR Residential REIT, Inc.		6,027		24,771
Chimera Investment Corp.		16,277		50,784
Colony Financial, Inc.		1,238		27,484
CYS Investments, Inc.		2,829		22,406
Dynex Capital, Inc.		943		7,601
Hatteras Financial Corp.		1,599		28,686
Invesco Mortgage Capital, Inc.		2,173		34,138
iStar Financial, Inc. (a)		1,106		17,055
MFA Financial, Inc.		6,961		50,746
New Residential Investment Corp.		4,059		25,775
New York Mortgage Trust, Inc.		1,148		8,197
Newcastle Investment Corp.		5,618		30,562
NorthStar Realty Finance Corp.		4,479		65,349
PennyMac Mortgage Investment Trust		116		2,732
Redwood Trust, Inc.		1,312		24,534
Resource Capital Corp.		2,132		12,557
Starwood Property Trust, Inc.		3,102		93,680
Two Harbors Investment Corp.		5,916		58,154
Western Asset Mortgage Capital Corp.		474		7,086

				957,551

Office REIT’s – 2.0%
Alexandria Real Estate Equities, Inc.		1,115		78,195
BioMed Realty Trust, Inc.		3,037		59,252
Boston Properties, Inc.		2,411		260,605
Brandywine Realty Trust		2,501		35,639
CommonWealth REIT		1,843		45,301
CoreSite Realty Corp.		369		11,321

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
Office REIT’s – continued
Corporate Office Properties Trust		1,401	$	34,815
CyrusOne, Inc.		328		7,088
Digital Realty Trust, Inc.		2,009		102,439
Douglas Emmett, Inc.		2,132		54,217
DuPont Fabros Technology, Inc.		1,025		26,640
Franklin Street Properties Corp.		1,435		17,205
Government Properties Income Trust		331		8,176
Highwoods Properties, Inc.		1,401		52,033
Hudson Pacific Properties, Inc.		738		16,037
Kilroy Realty Corp.		1,271		67,109
Mack-Cali Realty Corp.		1,353		27,371
Parkway Properties, Inc./MD		1,058		18,769
Piedmont Office Realty Trust, Inc. Class A		2,591		43,192
SL Green Realty Corp.		554		51,948

				1,017,352

Residential REIT’s – 2.6%
American Campus Communities, Inc.		1,640		57,006
American Homes 4 Rent Class A		940		15,679
American Residential Properties, Inc. (a)		568		10,508
Apartment Investment & Management Co. Class A		2,296		64,219
Associated Estates Realty Corp.		862		13,766
AvalonBay Communities, Inc.		1,954		241,319
BRE Properties, Inc.		1,195		70,625
Camden Property Trust		1,319		81,541
Campus Crest Communities, Inc.		1,107		9,775
Education Realty Trust, Inc.		1,962		17,717
Equity Lifestyle Properties, Inc.		1,232		48,430
Equity Residential		5,298		293,403
Essex Property Trust, Inc.		647		102,465
Home Properties, Inc.		901		50,231
Mid-America Apartment Communities, Inc.		1,285		82,934
Post Properties, Inc.		861		40,407
Silver Bay Realty Trust Corp.		656		10,411
Sun Communities, Inc.		568		26,554
UDR, Inc.		3,892		94,731

				1,331,721

Retail REIT’s – 4.0%
Acadia Realty Trust		904		23,007
Agree Realty Corp.		244		6,976
Alexander’s, Inc.		45		15,292
CBL & Associates Properties, Inc.		2,576		43,766
Cedar Realty Trust, Inc.		1,025		6,468
Cole Real Estate Investment, Inc.		7,380		111,807
DDR Corp.		4,298		67,350
Equity One, Inc.		1,066		24,155
Excel Trust, Inc.		820		9,356
Federal Realty Investment Trust		1,161		126,549
General Growth Properties, Inc.		7,544		151,936
Getty Realty Corp.		451		8,569



	Shares		Value
Glimcher Realty Trust		2,337	$	20,005
Inland Real Estate Corp.		1,476		15,557
Kimco Realty Corp.		6,355		132,883
Kite Realty Group Trust		2,203		14,209
National Retail Properties, Inc.		1,921		63,777
Pennsylvania Real Estate Investment Trust		1,116		20,813
Ramco-Gershenson Properties Trust		1,109		17,711
Regency Centers Corp.		1,435		69,081
Retail Opportunity Investments Corp.		1,224		17,699
Retail Properties of America, Inc. Class A		3,031		39,979
Rouse Properties, Inc.		446		7,778
Saul Centers, Inc.		205		9,553
Simon Property Group, Inc.		4,882		755,929
Tanger Factory Outlet Centers		1,529		51,038
Taubman Centers, Inc.		984		63,980
The Macerich Co.		2,206		124,860
Weingarten Realty Investors		1,803		52,269

				2,072,352

Specialized REIT’s – 6.6%
American Tower Corp.		6,267		506,875
Ashford Hospitality Prime, Inc.		246		4,059
Ashford Hospitality Trust, Inc.		1,183		11,120
Aviv REIT, Inc.		291		7,098
Chesapeake Lodging Trust		779		18,969
Corrections Corp. of America		1,804		60,560
CubeSmart		2,009		33,108
DiamondRock Hospitality Co.		3,116		36,083
EPR Properties		813		41,528
Extra Space Storage, Inc.		1,674		76,435
FelCor Lodging Trust, Inc. (a)		1,886		15,390
Gaming and Leisure Properties, Inc.		1,139		39,523
HCP, Inc.		7,090		277,574
Health Care REIT, Inc.		4,470		258,902
Healthcare Realty Trust, Inc.		1,550		35,526
Healthcare Trust of America, Inc. Class A		2,838		30,452
Hersha Hospitality Trust		2,993		16,252
Hospitality Properties Trust		2,296		59,007
Host Hotels & Resorts, Inc.		11,681		214,814
LaSalle Hotel Properties		1,638		50,385
LTC Properties, Inc.		573		21,745
Medical Properties Trust, Inc.		2,579		34,223
National Health Investors, Inc.		567		35,704
Omega Healthcare Investors, Inc.		1,849		59,057
Pebblebrook Hotel Trust		984		29,648
Plum Creek Timber Co., Inc.		2,908		125,248
Potlatch Corp.		656		26,240
Public Storage		2,390		376,640
Rayonier, Inc.		1,942		85,953
RLJ Lodging Trust		1,763		44,040
Ryman Hospitality Properties, Inc.		704		29,117
Sabra Health Care REIT, Inc.		615		17,792
Senior Housing Properties Trust		2,995		67,447

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
Specialized REIT’s – continued
Sovran Self Storage, Inc.		492	$	33,412
Strategic Hotels & Resorts, Inc. (a)		2,665		24,811
Summit Hotel Properties, Inc.		1,353		12,055
Sunstone Hotel Investors, Inc.		2,831		36,322
The Geo Group, Inc.		514		17,209
Universal Health Realty Income Trust		30		1,272
Ventas, Inc.		4,551		283,937
Weyerhaeuser Co.		8,988		268,561

				3,424,093


TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS)				9,904,597


REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.0%
Diversified Real Estate Activities – 0.1%
Alexander & Baldwin, Inc. (a)		697		27,260
Tejon Ranch Co. (a)		292		9,963

				37,223

Real Estate Development – 0.1%
Forestar Group, Inc. (a)		574		11,480
The Howard Hughes Corp. (a)		496		61,886

				73,366

Real Estate Operating Companies – 0.1%
Forest City Enterprises, Inc. Class A (a)		2,214		40,272

Real Estate Services – 0.7%
Altisource Portfolio Solutions S.A. (a)		251		32,816
CBRE Group, Inc. Class A (a)		4,380		116,245
Jones Lang LaSalle, Inc.		698		79,754
Kennedy-Wilson Holdings, Inc.		1,052		25,269
Realogy Holdings Corp. (a)		2,292		104,446

				358,530

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				509,391


THRIFTS & MORTGAGE FINANCE – 1.4%
Thrifts & Mortgage Finance – 1.4%
Astoria Financial Corp.		1,388		18,377
Bank Mutual Corp.		861		5,889
Beneficial Mutual Bancorp, Inc. (a)		656		7,793
Berkshire Hills Bancorp, Inc.		410		10,029
BofI Holding, Inc. (a)		197		16,302
Brookline Bancorp, Inc.		1,189		10,582
Capitol Federal Financial, Inc.		2,180		26,095



	Shares		Value
Dime Community Bancshares, Inc.		533	$	8,709
EverBank Financial Corp.		1,189		21,176
Federal Agricultural Mortgage Corp. Class C		164		5,025
Flagstar Bancorp, Inc. (a)		410		8,557
Home Loan Servicing Solutions Ltd.		1,158		23,762
HomeStreet, Inc.		205		3,678
Hudson City Bancorp, Inc.		7,383		66,742
MGIC Investment Corp. (a)		5,084		43,163
Nationstar Mortgage Holdings, Inc. (a)		354		9,905
New York Community Bancorp, Inc.		6,888		111,517
Northfield Bancorp, Inc.		984		12,231
Northwest Bancshares, Inc.		1,517		21,329
Ocwen Financial Corp. (a)		1,804		79,629
Oritani Financial Corp.		656		10,326
People’s United Financial, Inc.		5,049		71,746
Provident Financial Services, Inc.		909		15,744
Radian Group, Inc.		2,747		40,875
Rockville Financial, Inc.		451		5,989
TFS Financial Corp. (a)		1,517		17,415
TrustCo Bank Corp.		1,599		10,442
United Financial Bancorp, Inc.		328		5,815
Walker & Dunlop, Inc. (a)		334		4,689
Washington Federal, Inc.		1,634		35,752
WSFS Financial Corp.		156		11,201


TOTAL THRIFTS & MORTGAGE FINANCE				740,484


TOTAL COMMON STOCKS (Cost $52,289,633)				51,551,653


Money Market Funds – 0.2%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $101,828)		101,828		101,828


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $52,391,461)				51,653,481

NET OTHER ASSETS (LIABILITIES) – 0.1%				48,218


NET ASSETS – 100%			$	51,701,699

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.


		31		*Semiannual Report*

Fidelity MSCI Financials Index ETF

Investments (Unaudited) - continued

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	51,551,653	$	51,551,653	$	—	$	—
Money Market Funds		101,828		101,828		—		—

Total Investments in Securities:	$	51,653,481	$	51,653,481	$	—	$	—

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


*Semiannual Report*		32

Fidelity MSCI Health Care Index ETF

Investments January 31, 2014 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
BIOTECHNOLOGY – 21.1%
Biotechnology – 21.1%
ACADIA Pharmaceuticals, Inc. (a)		1,982	$	46,181
Achillion Pharmaceuticals, Inc. (a)		2,166		7,169
Acorda Therapeutics, Inc. (a)		1,140		33,459
Aegerion Pharmaceuticals, Inc. (a)		619		37,128
Agios Pharmaceuticals, Inc. (a)		227		6,004
Alexion Pharmaceuticals, Inc. (a)		5,783		917,936
Alkermes PLC (a)		3,816		185,763
Alnylam Pharmaceuticals, Inc. (a)		1,674		140,047
AMAG Pharmaceuticals, Inc. (a)		456		9,790
Amgen, Inc.		22,281		2,650,325
Arena Pharmaceuticals, Inc. (a)		6,441		40,836
Ariad Pharmaceuticals, Inc. (a)		1,536		11,351
Array BioPharma, Inc. (a)		3,015		14,502
BioCryst Pharmaceuticals, Inc. (a)		1,262		12,872
Biogen Idec, Inc. (a)		7,028		2,197,234
BioMarin Pharmaceutical, Inc. (a)		4,150		285,852
Biotime, Inc. (a)		912		3,393
Bluebird Bio, Inc. (a)		221		4,900
Celgene Corp. (a)		12,163		1,847,925
Celldex Therapeutics, Inc. (a)		2,613		67,363
Cepheid, Inc. (a)		1,995		105,456
ChemoCentryx, Inc. (a)		513		3,186
Chimerix, Inc. (a)		456		8,869
Clovis Oncology, Inc. (a)		618		40,188
Cubist Pharmaceuticals, Inc. (a)		1,946		142,233
Curis, Inc. (a)		2,394		6,775
Dendreon Corp. (a)		4,674		13,040
Dyax Corp. (a)		3,534		29,756
Dynavax Technologies Corp. (a)		7,744		13,475
Emergent Biosolutions, Inc. (a)		855		20,460
Enanta Pharmaceuticals, Inc. (a)		222		8,121
Epizyme, Inc. (a)		169		5,138
Exact Sciences Corp. (a)		2,052		26,676
Exelixis, Inc. (a)		5,725		39,388
Genomic Health, Inc. (a)		456		13,735
Geron Corp. (a)		3,811		19,131
Gilead Sciences, Inc. (a)		45,269		3,650,945
Halozyme Therapeutics, Inc. (a)		2,679		41,953
Hyperion Therapeutics, Inc. (a)		228		6,402
Idenix Pharmaceuticals, Inc. (a)		2,964		20,778
ImmunoGen, Inc. (a)		2,508		37,595
Immunomedics, Inc. (a)		2,337		11,334
Incyte Corp. Ltd. (a)		4,071		266,732
Infinity Pharmaceuticals, Inc. (a)		1,083		13,917
Insmed, Inc. (a)		914		18,664
Insys Therapeutics, Inc. (a)		166		9,766
InterMune, Inc. (a)		2,619		34,964
Intrexon Corp. (a)		1,018		34,174
Ironwood Pharmaceuticals, Inc. (a)		2,901		40,237
Isis Pharmaceuticals, Inc. (a)		3,417		174,472



	Shares		Value
Keryx Biopharmaceuticals, Inc. (a)		2,629	$	40,434
KYTHERA Biopharmaceuticals, Inc. (a)		399		18,354
Lexicon Pharmaceuticals, Inc. (a)		6,840		12,586
Ligand Pharmaceuticals, Inc. Class B (a)		560		34,686
MannKind Corp. (a)		5,461		29,599
Medivation, Inc. (a)		2,223		176,951
Merrimack Pharmaceuticals, Inc. (a)		2,736		14,364
MiMedx Group, Inc. (a)		2,463		19,310
Momenta Pharmaceuticals, Inc. (a)		1,368		24,487
Myriad Genetics, Inc. (a)		2,394		66,146
Neurocrine Biosciences, Inc. (a)		1,995		34,095
NewLink Genetics Corp. (a)		513		18,991
Novavax, Inc. (a)		5,871		31,938
NPS Pharmaceuticals, Inc. (a)		3,017		107,948
Opko Health, Inc. (a)		6,555		51,981
Orexigen Therapeutics, Inc. (a)		2,664		18,115
Organovo Holdings, Inc. (a)		1,817		17,171
Osiris Therapeutics, Inc. (a)		513		8,008
PDL BioPharma, Inc.		4,161		37,865
Pharmacyclics, Inc. (a)		1,835		244,183
Portola Pharmaceuticals, Inc. (a)		517		13,788
PTC Therapeutics, Inc. (a)		287		7,482
Raptor Pharmaceutical Corp. (a)		1,769		27,508
Receptos, Inc. (a)		382		15,223
Regeneron Pharmaceuticals, Inc. (a)		2,288		660,294
Rigel Pharmaceuticals, Inc. (a)		2,565		7,772
Sangamo Biosciences, Inc. (a)		1,767		34,174
Sarepta Therapeutics, Inc. (a)		949		23,137
Seattle Genetics, Inc. (a)		3,078		138,079
Spectrum Pharmaceuticals, Inc. (a)		1,937		16,290
Stemline Therapeutics, Inc. (a)		276		6,941
Synageva BioPharma Corp. (a)		555		50,272
Synergy Pharmaceuticals, Inc. (a)		1,881		9,988
Synta Pharmaceuticals Corp. (a)		1,709		9,126
TESARO, Inc. (a)		456		14,369
Theravance, Inc. (a)		2,389		87,963
United Therapeutics Corp. (a)		1,410		144,694
Vertex Pharmaceuticals, Inc. (a)		6,887		544,348
XOMA Corp. (a)		2,437		18,935
ZIOPHARM Oncology, Inc. (a)		2,286		9,578


TOTAL BIOTECHNOLOGY				16,224,763


HEALTH CARE EQUIPMENT & SUPPLIES – 16.4%
Health Care Equipment – 15.1%
Abaxis, Inc. (a)		627		23,933
Abbott Laboratories		45,961		1,684,930
ABIOMED, Inc. (a)		1,083		29,772
Accuray, Inc. (a)		2,109		22,461
Analogic Corp.		360		34,434
AngioDynamics, Inc. (a)		798		12,696
ArthroCare Corp. (a)		855		38,800
Baxter International, Inc.		16,053		1,096,420
Becton Dickinson and Co.		5,742		620,825

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
HEALTH CARE EQUIPMENT & SUPPLIES – continued
Health Care Equipment – continued
Boston Scientific Corp. (a)		39,689	$	536,992
Cantel Medical Corp.		1,026		32,524
Cardiovascular Systems, Inc. (a)		688		23,337
CareFusion Corp. (a)		6,332		258,156
CONMED Corp.		798		33,476
Covidien PLC		13,604		928,337
CR Bard, Inc.		2,224		288,208
Cyberonics, Inc. (a)		813		54,308
Cynosure, Inc. Class A (a)		570		15,293
DexCom, Inc. (a)		2,109		85,330
Edwards Lifesciences Corp. (a)		3,311		215,612
Exactech, Inc. (a)		285		6,350
Globus Medical, Inc. Class A (a)		1,425		33,345
Greatbatch, Inc. (a)		736		31,287
HeartWare International, Inc. (a)		450		44,644
Hill-Rom Holdings, Inc.		1,741		63,146
Hologic, Inc. (a)		7,980		170,453
IDEXX Laboratories, Inc. (a)		1,553		177,446
Insulet Corp. (a)		1,596		68,628
Integra LifeSciences Holdings Corp. (a)		743		34,520
Intuitive Surgical, Inc. (a)		1,183		482,167
Invacare Corp.		855		17,254
Masimo Corp. (a)		1,596		46,683
Medtronic, Inc.		29,797		1,685,318
Natus Medical, Inc. (a)		912		23,612
Navidea Biopharmaceuticals, Inc. (a)		3,762		6,621
NuVasive, Inc. (a)		1,311		49,084
NxStage Medical, Inc. (a)		1,482		19,192
Orthofix International N.V. (a)		570		11,713
PhotoMedex, Inc. (a)		399		5,550
ResMed, Inc.		4,213		183,729
Rockwell Medical, Inc. (a)		1,133		11,625
Sirona Dental Systems, Inc. (a)		1,640		117,982
St Jude Medical, Inc.		8,487		515,415
STERIS Corp.		1,762		80,858
Stryker Corp.		8,948		694,365
SurModics, Inc. (a)		456		11,117
Symmetry Medical, Inc. (a)		1,083		10,527
Teleflex, Inc.		1,214		113,679
Thoratec Corp. (a)		1,710		59,747
Tornier N.V. (a)		795		14,461
Varian Medical Systems, Inc. (a)		3,178		258,403
Volcano Corp. (a)		1,596		33,500
Wright Medical Group, Inc. (a)		1,311		39,868
Zimmer Holdings, Inc.		5,016		471,354

				11,629,487

Health Care Supplies – 1.3%
Alere, Inc. (a)		2,280		86,412
Align Technology, Inc. (a)		1,884		111,947
Anika Therapeutics, Inc. (a)		394		13,108



	Shares		Value
Antares Pharma, Inc. (a)		3,192	$	15,258
Cerus Corp. (a)		2,052		12,661
DENTSPLY International, Inc.		4,216		194,526
Endologix, Inc. (a)		1,767		28,272
Haemonetics Corp. (a)		1,539		58,313
ICU Medical, Inc. (a)		399		25,740
Meridian Bioscience, Inc.		1,254		28,566
Merit Medical Systems, Inc. (a)		1,197		17,201
Neogen Corp. (a)		1,026		43,113
OraSure Technologies, Inc. (a)		1,653		9,703
Quidel Corp. (a)		912		26,959
RTI Surgical, Inc. (a)		1,596		4,948
Spectranetics Corp. (a)		1,197		31,146
Staar Surgical Co. (a)		1,083		17,783
TearLab Corp. (a)		805		5,385
The Cooper Cos., Inc.		1,437		178,590
West Pharmaceutical Services, Inc.		2,052		97,367

				1,006,998


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES				12,636,485


HEALTH CARE PROVIDERS & SERVICES – 16.9%
Health Care Services – 4.4%
Accretive Health, Inc. (a)		1,425		13,124
Air Methods Corp. (a)		1,026		52,767
Amedisys, Inc. (a)		912		13,762
AMN Healthcare Services, Inc. (a)		1,368		20,671
Bio-Reference Labs, Inc. (a)		741		19,926
BioScrip, Inc. (a)		1,995		16,977
Chemed Corp.		563		44,432
Corvel Corp. (a)		342		16,197
DaVita HealthCare Partners, Inc. (a)		5,349		347,311
Envision Healthcare Holdings, Inc. (a)		1,303		43,077
ExamWorks Group, Inc. (a)		969		29,836
Express Scripts Holding Co. (a)		24,078		1,798,386
Gentiva Health Services, Inc. (a)		855		9,713
Healthways, Inc. (a)		1,026		15,708
IPC The Hospitalist Co., Inc. (a)		463		24,715
Laboratory Corp. of America Holdings (a)		2,663		239,217
Landauer, Inc.		285		13,158
LHC Group, Inc. (a)		456		10,461
MEDNAX, Inc. (a)		2,994		166,586
Omnicare, Inc.		3,068		191,627
Quest Diagnostics, Inc.		4,500		236,250
Team Health Holdings, Inc. (a)		2,052		88,564
The Providence Service Corp. (a)		339		8,946

				3,421,411

Health Care Distributors – 3.7%
AmerisourceBergen Corp.		6,825		458,776
Cardinal Health, Inc.		10,038		682,785
Henry Schein, Inc. (a)		2,556		293,659
McKesson Corp.		6,762		1,179,360
MWI Veterinary Supply, Inc. (a)		360		67,053

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


*Semiannual Report*		34


Common Stocks – continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES – continued
Health Care Distributors – continued
Owens & Minor, Inc.		1,881	$	65,158
Patterson Cos., Inc.		2,457		98,182
PharMerica Corp. (a)		855		20,811

				2,865,784

Health Care Facilities – 2.0%
Acadia Healthcare Co., Inc. (a)		969		49,458
Amsurg Corp. (a)		969		40,456
Brookdale Senior Living, Inc. (a)		2,947		80,924
Capital Senior Living Corp. (a)		855		19,212
Community Health Systems, Inc. (a)		3,326		137,730
Community Health Systems, Inc. rights (a)		7,425		297
Emeritus Corp. (a)		1,197		26,394
Five Star Quality Care, Inc. (a)		1,311		7,119
Hanger, Inc. (a)		1,026		34,689
HCA Holdings, Inc. (a)		9,044		454,642
HealthSouth Corp.		2,565		79,823
Kindred Healthcare, Inc.		1,596		30,228
LifePoint Hospitals, Inc. (a)		1,418		75,168
Select Medical Holdings Corp.		1,254		13,543
Tenet Healthcare Corp. (a)		3,017		138,812
The Ensign Group, Inc.		570		23,894
Universal Health Services, Inc.		2,687		220,388
US Physical Therapy, Inc.		342		10,776
VCA Antech, Inc. (a)		2,622		83,747

				1,527,300

Managed Health Care – 6.8%
Aetna, Inc.		11,003		751,835
Centene Corp. (a)		1,619		98,111
Cigna Corp.		8,363		721,811
Health Net, Inc. (a)		2,337		76,864
Humana, Inc.		4,626		450,110
Magellan Health Services, Inc. (a)		798		47,744
Molina Healthcare, Inc. (a)		902		32,472
Triple-S Management Corp. Class B (a)		684		12,203
UnitedHealth Group, Inc.		30,070		2,173,460
Universal American Corp.		1,140		8,037
WellCare Health Plans, Inc. (a)		1,304		84,903
WellPoint, Inc.		8,840		760,240

				5,217,790


TOTAL HEALTH CARE PROVIDERS & SERVICES				13,032,285


HEALTH CARE TECHNOLOGY – 1.4%
Health Care Technology – 1.4%
Allscripts Healthcare Solutions, Inc. (a)		4,731		78,345
athenahealth, Inc. (a)		1,087		160,224
Cerner Corp. (a)		9,128		519,292
Computer Programs & Systems, Inc.		333		22,251
HealthStream, Inc. (a)		621		18,021
HMS Holdings Corp. (a)		2,622		60,385



	Shares		Value
MedAssets, Inc. (a)		1,653	$	36,432
Medidata Solutions, Inc. (a)		1,430		90,233
Merge Healthcare, Inc. (a)		1,938		4,167
Omnicell, Inc. (a)		1,026		26,491
Quality Systems, Inc.		1,311		24,136
Vocera Communications, Inc. (a)		456		7,966


TOTAL HEALTH CARE TECHNOLOGY				1,047,943


LIFE SCIENCES TOOLS & SERVICES – 5.2%
Life Sciences Tools & Services – 5.2%
Affymetrix, Inc. (a)		1,995		18,733
Agilent Technologies, Inc.		9,782		568,823
Bio-Rad Laboratories, Inc. Class A (a)		589		74,874
Bruker Corp. (a)		2,736		55,678
Cambrex Corp. (a)		912		17,118
Charles River Laboratories International, Inc. (a)		1,451		82,025
Covance, Inc. (a)		1,653		156,308
Fluidigm Corp. (a)		684		30,862
Furiex Pharmaceuticals, Inc. (a)		171		7,928
Illumina, Inc. (a)		3,702		562,704
Life Technologies Corp. (a)		5,106		388,413
Luminex Corp. (a)		1,140		20,828
Mettler-Toledo International, Inc. (a)		894		220,192
PAREXEL International Corp. (a)		1,657		80,878
PerkinElmer, Inc.		3,306		144,142
Sequenom, Inc. (a)		3,420		7,763
Techne Corp.		1,037		94,232
Thermo Fisher Scientific, Inc.		10,664		1,227,853
Waters Corp. (a)		2,522		273,057


TOTAL LIFE SCIENCES TOOLS & SERVICES				4,032,411


PERSONAL PRODUCTS – 0.1%
Personal Products – 0.1%
Prestige Brands Holdings, Inc. (a)		1,530		46,298


PHARMACEUTICALS – 38.7%
Pharmaceuticals – 38.7%
AbbVie, Inc.		46,890		2,308,395
AcelRx Pharmaceuticals, Inc. (a)		740		8,451
Actavis PLC (a)		5,129		969,278
Akorn, Inc. (a)		2,166		49,168
Allergan, Inc.		8,775		1,005,615
Aratana Therapeutics, Inc. (a)		564		12,132
Auxilium Pharmaceuticals, Inc. (a)		1,368		34,993
AVANIR Pharmaceuticals, Inc. Class A (a)		4,332		16,245
Bristol-Myers Squibb Co.		48,690		2,433,039
Cadence Pharmaceuticals, Inc. (a)		1,653		18,150
Depomed, Inc. (a)		1,653		19,836
Eli Lilly & Co.		29,987		1,619,598
Endo Health Solutions, Inc. (a)		3,382		222,806

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
PHARMACEUTICALS – continued
Pharmaceuticals – continued
Endocyte, Inc. (a)		798	$	9,472
Forest Laboratories, Inc. (a)		7,146		473,780
Hi-Tech Pharmacal Co., Inc. (a)		342		14,795
Hospira, Inc. (a)		4,902		215,737
Impax Laboratories, Inc. (a)		1,938		44,845
Jazz Pharmaceuticals PLC (a)		1,467		222,485
Johnson & Johnson		83,347		7,373,709
Mallinckrodt PLC (a)		1,710		98,889
Merck & Co., Inc.		86,549		4,584,501
Mylan, Inc. (a)		11,284		512,407
Nektar Therapeutics (a)		3,687		50,143
Pacira Pharmaceuticals, Inc. (a)		853		58,456
Perrigo Co. PLC		3,952		615,168
Pfizer, Inc.		195,802		5,952,381
Questcor Pharmaceuticals, Inc.		1,767		118,407
Repros Therapeutics, Inc. (a)		684		12,825
Sagent Pharmaceuticals, Inc. (a)		399		7,553
Salix Pharmaceuticals Ltd. (a)		1,824		177,548
Sciclone Pharmaceuticals, Inc. (a)		1,368		6,430
Sucampo Pharmaceuticals, Inc. Class A (a)		399		3,296
The Medicines Co. (a)		1,850		64,306
Vivus, Inc. (a)		2,850		21,147



	Shares		Value
XenoPort, Inc. (a)		1,425	$	8,194
Zoetis, Inc.		14,770		448,417


TOTAL PHARMACEUTICALS				29,812,597


TOTAL COMMON STOCKS (Cost $74,850,865)				76,832,782


Money Market Funds – 0.2%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $128,315)		128,315		128,315


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $74,979,180)				76,961,097

NET OTHER ASSETS (LIABILITIES) – 0.0%				21,239


NET ASSETS – 100%			$	76,982,336

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	$	76,832,782	$	76,832,782	$	—	$	—
Money Market Funds		128,315		128,315		—		—

Total Investments in Securities:	$	76,961,097	$	76,961,097	$	—	$	—

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


*Semiannual Report*		36

Fidelity MSCI Industrials Index ETF

Investments January 31, 2014 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
AEROSPACE & DEFENSE – 23.0%
Aerospace & Defense – 23.0%
AAR Corp.		897	$	23,905
Aerovironment, Inc. (a)		429		12,793
Alliant Techsystems, Inc.		736		105,763
American Science & Engineering, Inc.		187		12,789
Astronics Corp. (a)		273		16,537
B/E Aerospace, Inc. (a)		2,338		185,801
Cubic Corp.		466		23,081
Curtiss-Wright Corp.		975		59,884
DigitalGlobe, Inc. (a)		1,365		52,116
Engility Holdings, Inc. (a)		390		14,941
Esterline Technologies Corp. (a)		708		72,889
Exelis, Inc.		4,290		84,041
GenCorp, Inc. (a)		1,131		19,250
General Dynamics Corp.		6,759		684,754
HEICO Corp.		465		24,747
Hexcel Corp. (a)		2,264		94,364
Honeywell International, Inc.		16,974		1,548,538
Huntington Ingalls Industries, Inc.		1,131		107,468
Kratos Defense & Security Solutions, Inc. (a)		1,040		7,519
L-3 Communications Holdings, Inc.		2,034		225,916
Lockheed Martin Corp.		6,208		936,849
Moog, Inc. Class A (a)		897		53,874
National Presto Industries, Inc.		117		8,903
Northrop Grumman Corp.		4,965		573,706
Orbital Sciences Corp. (a)		1,365		33,374
Precision Castparts Corp.		3,314		844,241
Raytheon Co.		7,338		697,624
Rockwell Collins, Inc.		2,924		220,937
Spirit Aerosystems Holdings, Inc. Class A (a)		2,769		93,897
Taser International, Inc. (a)		1,170		18,790
Teledyne Technologies, Inc. (a)		807		74,139
Textron, Inc.		6,398		227,129
The Boeing Co.		16,314		2,043,492
The KEYW Holding Corp. (a)		624		9,984
TransDigm Group, Inc.		1,135		189,579
Triumph Group, Inc.		1,177		80,530
United Technologies Corp.		19,850		2,263,297


TOTAL AEROSPACE & DEFENSE				11,747,441


AIR FREIGHT & LOGISTICS – 5.9%
Air Freight & Logistics – 5.9%
Air Transport Services Group, Inc. (a)		390		2,453
Atlas Air Worldwide Holdings, Inc. (a)		156		5,511
CH Robinson Worldwide, Inc.		3,630		212,500
Echo Global Logistics, Inc. (a)		312		6,331
Expeditors International of Washington, Inc.		4,716		192,696
FedEx Corp.		6,834		911,109



	Shares		Value
Forward Air Corp.		702	$	31,267
Hub Group, Inc. Class A (a)		855		35,440
Park-Ohio Holdings Corp. (a)		195		9,321
United Parcel Service, Inc. Class B		16,427		1,564,343
UTi Worldwide, Inc.		2,379		37,255
XPO Logistics, Inc. (a)		1,042		25,967


TOTAL AIR FREIGHT & LOGISTICS				3,034,193


AIRLINES – 0.9%
Airlines – 0.9%
Alaska Air Group, Inc.		397		31,391
Allegiant Travel Co.		112		10,200
American Airlines Group, Inc. (a)		1,482		49,721
Delta Air Lines, Inc.		4,848		148,397
Hawaiian Holdings, Inc. (a)		312		3,170
Republic Airways Holdings, Inc. (a)		273		2,678
SkyWest, Inc.		312		4,059
Southwest Airlines Co.		4,018		84,177
Spirit Airlines, Inc. (a)		424		19,886
United Continental Holdings, Inc. (a)		2,067		94,751


TOTAL AIRLINES				448,430


BUILDING PRODUCTS – 2.0%
Building Products – 2.0%
AAON, Inc.		663		19,665
Allegion PLC (a)		2,218		109,458
American Woodmark Corp. (a)		234		8,216
AO Smith Corp.		1,794		84,713
Apogee Enterprises, Inc.		663		22,409
Armstrong World Industries, Inc. (a)		932		51,894
Builders FirstSource, Inc. (a)		1,131		9,104
Fortune Brands Home & Security, Inc.		3,783		170,462
Gibraltar Industries, Inc. (a)		663		11,841
Griffon Corp.		1,170		14,695
Insteel Industries, Inc.		390		7,266
Lennox International, Inc.		1,085		93,918
Masco Corp.		8,151		172,475
NCI Building Systems, Inc. (a)		545		10,050
Owens Corning (a)		2,574		98,198
PGT, Inc. (a)		898		9,591
Ply Gem Holdings, Inc. (a)		467		6,192
Quanex Building Products Corp.		858		16,259
Simpson Manufacturing Co., Inc.		936		30,514
Trex Co., Inc. (a)		351		24,686
Universal Forest Products, Inc.		468		24,593
USG Corp. (a)		712		21,787


TOTAL BUILDING PRODUCTS				1,017,986


COMMERCIAL SERVICES & SUPPLIES – 5.9%
Commercial Printing – 0.4%
Consolidated Graphics, Inc. (a)		195		12,644
Deluxe Corp.		1,131		54,910

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


		37		*Semiannual Report*

Fidelity MSCI Industrials Index ETF

Investments (Unaudited) – continued


Common Stocks – continued
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES – continued
Commercial Printing – continued
Ennis, Inc.		624	$	9,029
InnerWorkings, Inc. (a)		752		5,670
Multi-Color Corp.		309		11,112
Quad/Graphics, Inc.		507		11,625
RR Donnelley & Sons Co.		4,134		76,355

				181,345

Diversified Support Services – 1.1%
Cintas Corp.		2,379		135,770
Copart, Inc. (a)		2,574		88,237
EnerNOC, Inc. (a)		546		12,230
G&K Services, Inc. Class A		436		24,368
Healthcare Services Group, Inc.		1,523		41,319
Iron Mountain, Inc.		3,276		86,519
KAR Auction Services, Inc.		3,163		87,995
McGrath RentCorp		546		19,995
Mobile Mini, Inc. (a)		897		34,687
Performant Financial Corp. (a)		663		5,655
UniFirst Corp.		351		37,136
Viad Corp.		429		11,278

				585,189

Environmental & Facilities Services – 2.5%
ABM Industries, Inc.		1,053		28,073
Clean Harbors, Inc. (a)		1,294		72,568
Covanta Holding Corp.		2,691		48,438
Republic Services, Inc.		6,582		210,821
Rollins, Inc.		1,518		43,749
SP Plus Corp. (a)		351		8,866
Stericycle, Inc. (a)		1,953		228,618
Team, Inc. (a)		464		19,641
Tetra Tech, Inc. (a)		1,482		43,734
US Ecology, Inc.		463		16,557
Waste Connections, Inc.		2,688		109,885
Waste Management, Inc.		10,137		423,524

				1,254,474

Office Services & Supplies – 0.7%
ACCO Brands Corp. (a)		2,613		15,181
Herman Miller, Inc.		1,365		38,261
HNI Corp.		1,051		36,060
Interface, Inc.		1,521		31,865
Kimball International, Inc. Class B		663		9,859
Knoll, Inc.		1,092		18,127
Mine Safety Appliances Co.		707		35,619
Pitney Bowes, Inc.		4,602		115,878
Steelcase, Inc. Class A		2,028		29,953
United Stationers, Inc.		862		35,713
West Corp.		582		13,456

				379,972



	Shares		Value
Security & Alarm Services – 1.2%
The ADT Corp.		4,561	$	137,012
The Brink’s Co.		1,092		34,551
Tyco International Ltd.		10,534		426,522

				598,085


TOTAL COMMERCIAL SERVICES & SUPPLIES				2,999,065


CONSTRUCTION & ENGINEERING – 2.7%
Construction & Engineering – 2.7%
AECOM Technology Corp. (a)		2,065		59,204
Aegion Corp. (a)		897		18,406
Ameresco, Inc. Class A (a)		429		4,230
Chicago Bridge & Iron Co. N.V.		2,188		164,078
Comfort Systems USA, Inc.		858		14,620
Dycom Industries, Inc. (a)		783		21,791
EMCOR Group, Inc.		1,521		64,658
Fluor Corp.		3,712		281,964
Foster Wheeler AG (a)		2,228		66,795
Furmanite Corp. (a)		858		10,021
Granite Construction, Inc.		858		28,563
Great Lakes Dredge & Dock Corp. (a)		1,287		9,691
Jacobs Engineering Group, Inc. (a)		3,004		182,373
KBR, Inc.		3,391		106,138
Layne Christensen Co. (a)		429		7,276
MasTec, Inc. (a)		1,326		47,656
MYR Group, Inc. (a)		468		11,733
Northwest Pipe Co. (a)		232		8,139
Orion Marine Group, Inc. (a)		624		6,989
Pike Electric Corp. (a)		546		5,755
Primoris Services Corp.		780		24,781
Quanta Services, Inc. (a)		4,797		149,522
Tutor Perini Corp. (a)		898		20,295
URS Corp.		1,712		85,942


TOTAL CONSTRUCTION & ENGINEERING				1,400,620


ELECTRICAL EQUIPMENT – 7.5%
Electrical Components & Equipment – 7.2%
Acuity Brands, Inc.		975		123,864
AMETEK, Inc.		5,543		273,935
Brady Corp. Class A		1,092		29,877
Eaton Corp. PLC		10,796		789,080
Emerson Electric Co.		16,268		1,072,712
Encore Wire Corp.		434		22,173
EnerSys, Inc.		1,089		74,117
Enphase Energy, Inc. (a)		351		2,597
Franklin Electric Co., Inc.		933		37,171
Generac Holdings, Inc.		1,560		75,083
General Cable Corp.		1,131		32,267
GrafTech International Ltd. (a)		2,769		28,382
Hubbell, Inc. Class B		1,176		137,275
II-VI, Inc. (a)		1,209		18,461

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


*Semiannual Report*		38


Common Stocks – continued
	Shares		Value
ELECTRICAL EQUIPMENT – continued
Electrical Components & Equipment – continued
Polypore International, Inc. (a)		1,016	$	33,680
Powell Industries, Inc. (a)		226		13,879
Preformed Line Products Co.		70		4,724
Regal-Beloit Corp.		975		72,238
Rockwell Automation, Inc.		3,160		362,894
Roper Industries, Inc.		2,262		310,437
Sensata Technologies Holding N.V. (a)		3,345		125,237
SolarCity Corp. (a)		625		46,306
Thermon Group Holdings, Inc. (a)		624		16,898
Vicor Corp. (a)		429		4,432

				3,707,719

Heavy Electrical Equipment – 0.3%
AZZ, Inc.		585		24,459
Capstone Turbine Corp. (a)		7,059		11,435
Power Solutions International, Inc. (a)		109		7,250
The Babcock & Wilcox Co.		2,532		86,797

				129,941


TOTAL ELECTRICAL EQUIPMENT				3,837,660


INDUSTRIAL CONGLOMERATES – 17.3%
Industrial Conglomerates – 17.3%
3M Co.		14,784		1,895,161
Carlisle Cos., Inc.		1,450		108,069
Danaher Corp.		13,461		1,001,364
General Electric Co.		231,896		5,827,546
Raven Industries, Inc.		813		30,447


TOTAL INDUSTRIAL CONGLOMERATES				8,862,587


MACHINERY – 18.9%
Construction & Farm Machinery & Heavy Trucks – 8.4%
AGCO Corp.		2,223		118,553
Alamo Group, Inc.		156		7,834
American Railcar Industries, Inc.		231		11,300
Astec Industries, Inc.		463		17,224
Caterpillar, Inc.		14,746		1,384,797
Commercial Vehicle Group, Inc. (a)		585		4,680
Cummins, Inc.		4,051		514,396
Deere & Co.		8,275		711,319
Douglas Dynamics, Inc.		507		7,362
Federal Signal Corp. (a)		1,443		17,778
FreightCar America, Inc.		273		6,274
Greenbrier Cos., Inc. (a)		585		21,464
Joy Global, Inc.		2,418		127,646
Lindsay Corp.		305		25,925
Meritor, Inc. (a)		2,223		24,408
Navistar International Corp. (a)		1,287		39,665
Oshkosh Corp. (a)		1,794		97,127
PACCAR, Inc.		8,073		452,088
Terex Corp. (a)		2,535		103,935



	Shares		Value
The Manitowoc Co., Inc.		2,886	$	82,107
The Toro Co.		1,323		83,825
Titan International, Inc.		1,092		18,302
Trinity Industries, Inc.		1,794		104,465
Twin Disc, Inc.		195		4,596
Wabash National Corp. (a)		1,560		21,388
WABCO Holdings, Inc. (a)		1,437		123,898
Wabtec Corp.		2,187		161,422

				4,293,778

Industrial Machinery – 10.5%
Actuant Corp. Class A		1,599		54,718
Albany International Corp. Class A		624		21,572
Altra Industrial Motion Corp.		624		19,569
Barnes Group, Inc.		1,014		37,964
Blount International, Inc. (a)		1,131		14,499
Briggs & Stratton Corp.		1,092		23,008
Chart Industries, Inc. (a)		692		59,124
CIRCOR International, Inc.		358		25,783
CLARCOR, Inc.		1,140		63,179
Colfax Corp. (a)		1,750		105,438
Columbus McKinnon Corp. (a)		429		10,605
Crane Co.		1,061		67,013
Donaldson Co., Inc.		3,161		130,423
Dover Corp.		3,896		337,238
Dynamic Materials Corp.		312		6,811
EnPro Industries, Inc. (a)		468		33,949
ESCO Technologies, Inc.		622		21,708
Flowserve Corp.		3,201		231,528
Global Brass & Copper Holdings, Inc.		315		5,446
Graco, Inc.		1,404		97,564
Harsco Corp.		1,833		46,540
Hyster-Yale Materials Handling, Inc.		227		19,468
IDEX Corp.		1,872		134,803
Illinois Tool Works, Inc.		9,683		763,698
Ingersoll-Rand PLC		6,634		390,013
ITT Corp.		2,067		84,644
John Bean Technologies Corp.		663		20,467
Kadant, Inc.		270		9,696
Kennametal, Inc.		1,680		72,811
LB Foster Co. Class A		234		10,076
Lincoln Electric Holdings, Inc.		1,787		123,660
Mueller Industries, Inc.		631		39,273
Mueller Water Products, Inc. Class A		3,627		31,482
Nordson Corp.		1,326		91,918
Pall Corp.		2,542		203,614
Parker Hannifin Corp.		3,398		385,231
Pentair Ltd.		4,531		336,789
Proto Labs, Inc. (a)		351		27,855
RBC Bearings, Inc. (a)		538		34,884
Rexnord Corp. (a)		1,265		32,865
Snap-on, Inc.		1,326		132,799
SPX Corp.		933		92,899

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
MACHINERY – continued
Industrial Machinery – continued
Standex International Corp.		280	$	15,926
Stanley Black & Decker, Inc.		3,469		268,501
Sun Hydraulics Corp.		461		16,850
Tennant Co.		391		25,075
The ExOne Co. (a)		234		11,012
The Middleby Corp. (a)		432		106,523
Timken Co.		1,836		103,422
Trimas Corp. (a)		1,014		35,287
Valmont Industries, Inc.		550		80,509
Watts Water Technologies, Inc. Class A		624		34,956
Woodward, Inc.		1,404		60,161
Xylem, Inc.		4,204		140,245

				5,351,091


TOTAL MACHINERY				9,644,869


MARINE – 0.2%
Marine – 0.2%
Kirby Corp. (a)		1,170		116,754
Matson, Inc.		234		5,600


TOTAL MARINE				122,354


PROFESSIONAL SERVICES – 3.7%
Human Resource & Employment Services – 1.3%
Barrett Business Services, Inc.		156		12,232
CDI Corp.		351		6,009
Heidrick & Struggles International, Inc.		390		6,505
Insperity, Inc.		507		16,741
Kelly Services, Inc. Class A		709		17,002
Kforce, Inc.		624		11,313
Korn/Ferry International (a)		1,131		26,533
Manpowergroup, Inc.		1,791		139,519
On Assignment, Inc. (a)		1,053		31,253
Robert Half International, Inc.		3,161		132,067
Towers Watson & Co. Class A		1,487		173,860
TrueBlue, Inc. (a)		941		23,083
WageWorks, Inc. (a)		702		43,657

				639,774

Research & Consulting Services – 2.4%
Acacia Research Corp.		1,131		15,630
CBIZ, Inc. (a)		1,014		8,720
Equifax, Inc.		2,769		193,996
Exponent, Inc.		305		22,027
FTI Consulting, Inc. (a)		936		34,698
Huron Consulting Group, Inc. (a)		543		35,968
ICF International, Inc. (a)		466		15,686
IHS, Inc. Class A (a)		1,456		165,125
Mistras Group, Inc. (a)		390		9,110
Navigant Consulting, Inc. (a)		1,164		20,452
Nielsen Holdings N.V.		6,043		255,559



	Shares		Value
Resources Connection, Inc.		936	$	12,617
RPX Corp. (a)		663		10,754
The Advisory Board Co. (a)		819		51,851
The Corporate Executive Board Co.		773		56,506
The Dun & Bradstreet Corp.		892		98,120
Verisk Analytics, Inc. Class A (a)		3,437		219,487

				1,226,306


TOTAL PROFESSIONAL SERVICES				1,866,080


ROAD & RAIL – 8.8%
Railroads – 6.8%
CSX Corp.		23,175		623,639
Genesee & Wyoming, Inc. Class A (a)		1,175		106,150
Kansas City Southern		2,505		264,503
Norfolk Southern Corp.		7,102		657,574
Union Pacific Corp.		10,565		1,840,846

				3,492,712

Trucking – 2.0%
AMERCO		184		40,982
Arkansas Best Corp.		546		18,722
Avis Budget Group, Inc. (a)		2,457		92,653
Celadon Group, Inc.		507		10,535
Con-way, Inc.		1,287		49,511
Heartland Express, Inc.		1,092		22,998
Hertz Global Holdings, Inc. (a)		9,116		237,198
JB Hunt Transport Services, Inc.		2,117		158,881
Knight Transportation, Inc.		1,365		29,143
Landstar System, Inc.		1,051		60,369
Marten Transport Ltd.		585		11,156
Old Dominion Freight Line, Inc. (a)		1,482		80,384
Quality Distribution, Inc. (a)		585		8,044
Roadrunner Transportation Systems, Inc. (a)		585		15,356
Ryder System, Inc.		1,203		85,642
Saia, Inc. (a)		546		18,378
Swift Transportation Co. (a)		1,911		41,660
Universal Truckload Services, Inc.		153		4,439
Werner Enterprises, Inc.		1,014		26,425

				1,012,476


TOTAL ROAD & RAIL				4,505,188


TRADING COMPANIES & DISTRIBUTORS – 2.9%
Trading Companies & Distributors – 2.9%
Aceto Corp.		628		13,389
Air Lease Corp.		2,217		69,791
Aircastle Ltd.		1,560		29,468
Applied Industrial Technologies, Inc.		858		43,363
Beacon Roofing Supply, Inc. (a)		1,128		42,627
CAI International, Inc. (a)		390		8,069
DXP Enterprises, Inc. (a)		233		22,377
Fastenal Co.		6,435		282,690
GATX Corp.		1,012		58,595

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


*Semiannual Report*		40


Common Stocks – continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS – continued
Trading Companies & Distributors – continued
H&E Equipment Services, Inc. (a)		699	$	21,166
HD Supply Holdings, Inc. (a)		1,552		33,321
Houston Wire & Cable Co.		390		5,160
Kaman Corp.		546		21,163
MRC Global, Inc. (a)		2,333		65,137
MSC Industrial Direct Co., Inc. Class A		1,128		94,775
Rush Enterprises, Inc. Class A (a)		663		18,325
TAL International Group, Inc.		780		33,563
Titan Machinery, Inc. (a)		429		6,993
United Rentals, Inc. (a)		2,137		172,969
Watsco, Inc.		585		55,353
WESCO International, Inc. (a)		1,014		84,121
WW Grainger, Inc.		1,353		317,252


TOTAL TRADING COMPANIES & DISTRIBUTORS				1,499,667


TRANSPORTATION INFRASTRUCTURE – 0.2%
Airport Services – 0.2%
Macquarie Infrastructure Co. LLC		1,131		62,488
Wesco Aircraft Holdings, Inc. (a)		1,404		31,379


TOTAL TRANSPORTATION INFRASTRUCTURE				93,867


TOTAL COMMON STOCKS (Cost $50,952,478)				51,080,007


Money Market Funds – 0.1%
	Shares		Value
SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $60,387)		60,387	$	60,387


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $51,012,865)				51,140,394

NET OTHER ASSETS (LIABILITIES) – 0.0%				197


NET ASSETS – 100%			$	51,140,591

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	$	51,080,007	$	51,080,007	$	—	$	—
Money Market Funds		60,387		60,387		—		—

Total Investments in Securities:	$	51,140,394	$	51,140,394	$	—	$	—

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


		41		*Semiannual Report*

Fidelity MSCI Information Technology Index ETF

Investments January 31, 2014 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT – 9.1%
Communications Equipment – 9.1%
ADTRAN, Inc.		1,100	$	27,929
Anaren, Inc. (a)		220		6,149
ARRIS Group, Inc. (a)		2,750		71,225
Aruba Networks, Inc. (a)		2,145		42,278
Black Box Corp.		330		9,045
Brocade Communications Systems, Inc. (a)		8,360		78,083
CalAmp Corp. (a)		664		19,575
Calix, Inc. (a)		715		5,670
Ciena Corp. (a)		2,035		47,477
Cisco Systems, Inc.		106,764		2,339,199
Comtech Telecommunications Corp.		330		10,039
Digi International, Inc. (a)		550		5,665
EchoStar Corp. Class A (a)		836		39,317
Emulex Corp. (a)		1,815		13,358
Extreme Networks, Inc. (a)		1,595		11,675
F5 Networks, Inc. (a)		1,549		165,743
Finisar Corp. (a)		1,927		45,689
Harmonic, Inc. (a)		2,035		13,350
Harris Corp.		2,149		149,012
Infinera Corp. (a)		2,310		20,143
InterDigital, Inc.		825		23,719
Ixia (a)		990		12,662
JDS Uniphase Corp. (a)		4,780		63,526
Juniper Networks, Inc. (a)		10,171		270,650
Motorola Solutions, Inc.		4,789		305,538
NETGEAR, Inc. (a)		763		24,347
Oplink Communications, Inc. (a)		385		6,518
Palo Alto Networks, Inc. (a)		440		26,158
Parkervision, Inc. (a)		1,756		8,060
Plantronics, Inc.		880		37,778
Polycom, Inc. (a)		2,856		34,072
Procera Networks, Inc. (a)		440		5,086
QUALCOMM, Inc.		34,270		2,543,520
Riverbed Technology, Inc. (a)		3,142		61,960
Ruckus Wireless, Inc. (a)		1,156		15,525
ShoreTel, Inc. (a)		1,100		8,470
Sonus Networks, Inc. (a)		4,235		12,705
Ubiquiti Networks, Inc. (a)		439		18,087
ViaSat, Inc. (a)		872		51,893


TOTAL COMMUNICATIONS EQUIPMENT				6,650,895


COMPUTERS & PERIPHERALS – 17.9%
Computer Hardware – 14.5%
3D Systems Corp. (a)		1,932		150,174
Apple, Inc.		18,150		9,085,890
Avid Technology, Inc. (a)		660		4,580
Cray, Inc. (a)		770		22,707
Diebold, Inc.		1,210		40,644
Hewlett-Packard Co.		38,563		1,118,327
NCR Corp. (a)		3,346		117,746



	Shares		Value
Silicon Graphics International Corp. (a)		605	$	7,871
Super Micro Computer, Inc. (a)		660		13,570

				10,561,509

Computer Storage & Peripherals – 3.4%
Electronics For Imaging, Inc. (a)		935		39,616
EMC Corp.		41,534		1,006,784
Fusion-io, Inc. (a)		1,485		16,335
Immersion Corp. (a)		556		6,505
Lexmark International, Inc. Class A		1,265		49,575
NetApp, Inc.		6,817		288,632
QLogic Corp. (a)		1,760		20,363
Quantum Corp. (a)		4,895		6,119
SanDisk Corp.		4,829		335,857
Seagate Technology PLC		6,433		340,049
Western Digital Corp.		4,281		368,894

				2,478,729


TOTAL COMPUTERS & PERIPHERALS				13,040,238


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.2%
Electronic Components – 1.4%
Aeroflex Holding Corp. (a)		385		2,653
Amphenol Corp. Class A		3,190		277,147
AVX Corp.		990		12,791
Belden, Inc.		880		56,945
Corning, Inc.		29,207		502,652
Dolby Laboratories, Inc. Class A (a)		935		38,326
DTS, Inc. (a)		385		7,981
InvenSense, Inc. (a)		770		15,161
Littelfuse, Inc.		446		39,917
Rogers Corp. (a)		339		20,577
Universal Display Corp. (a)		818		26,569
Vishay Intertechnology, Inc. (a)		2,640		35,851

				1,036,570

Electronic Equipment & Instruments – 0.7%
Badger Meter, Inc.		275		14,008
Checkpoint Systems, Inc. (a)		825		11,006
Cognex Corp.		1,650		65,092
Coherent, Inc. (a)		495		33,086
Daktronics, Inc.		715		10,446
Electro Scientific Industries, Inc.		605		6,558
FARO Technologies, Inc. (a)		340		17,585
FEI Co.		828		77,600
FLIR Systems, Inc.		2,855		90,561
GSI Group, Inc. (a)		605		6,528
Itron, Inc. (a)		769		31,052
MTS Systems Corp.		330		23,209
National Instruments Corp.		2,029		58,841
Newport Corp. (a)		770		13,968
OSI Systems, Inc. (a)		385		22,303
RealD, Inc. (a)		935		8,368

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


*Semiannual Report*		42


Common Stocks – continued
	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – continued
Electronic Equipment & Instruments – continued
Rofin-Sinar Technologies, Inc. (a)		550	$	12,705
Vishay Precision Group, Inc. (a)		275		3,916

				506,832

Electronic Manufacturing Services – 1.4%
Benchmark Electronics, Inc. (a)		1,100		25,003
CTS Corp.		605		11,307
Fabrinet (a)		550		10,159
Flextronics International Ltd. (a)		12,211		99,520
IPG Photonics Corp. (a)		667		44,602
Jabil Circuit, Inc.		3,630		65,231
Kemet Corp. (a)		935		5,161
Measurement Specialties, Inc. (a)		323		17,820
Mercury Systems, Inc. (a)		660		7,062
Methode Electronics, Inc.		715		24,067
Multi-Fineline Electronix, Inc. (a)		220		3,036
Park Electrochemical Corp.		385		11,615
Plexus Corp. (a)		663		25,923
Sanmina Corp. (a)		1,650		27,588
TE Connectivity Ltd.		8,260		466,773
Trimble Navigation Ltd. (a)		5,117		165,433
TTM Technologies, Inc. (a)		1,100		8,811
Zygo Corp. (a)		275		3,858

				1,022,969

Technology Distributors – 0.7%
Agilysys, Inc. (a)		379		4,965
Anixter International, Inc. (a)		550		48,246
Arrow Electronics, Inc. (a)		2,028		104,199
Avnet, Inc.		2,747		112,819
Electro Rent Corp.		385		6,476
Ingram Micro, Inc. Class A (a)		3,079		77,036
Insight Enterprises, Inc. (a)		880		18,568
PC Connection, Inc.		165		3,376
ScanSource, Inc. (a)		594		22,299
SYNNEX Corp. (a)		558		31,332
Tech Data Corp. (a)		770		41,518

				470,834


TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS				3,037,205


INTERNET SOFTWARE & SERVICES – 17.8%
Internet Software & Services – 17.8%
Akamai Technologies, Inc. (a)		3,570		170,218
Angie’s List, Inc. (a)		660		11,840
AOL, Inc. (a)		1,540		70,963
Bankrate, Inc. (a)		825		13,687
Bazaarvoice, Inc. (a)		715		5,184
Blucora, Inc. (a)		770		19,720
Brightcove, Inc. (a)		499		5,359
Carbonite, Inc. (a)		225		2,275



	Shares		Value
ChannelAdvisor Corp. (a)		222	$	9,628
comScore, Inc. (a)		660		18,091
Constant Contact, Inc. (a)		605		16,341
Conversant, Inc.		1,430		30,745
Cornerstone OnDemand, Inc. (a)		715		40,791
CoStar Group, Inc. (a)		559		96,170
Dealertrack Technologies, Inc. (a)		880		41,052
Demand Media, Inc. (a)		660		3,808
Demandware, Inc. (a)		442		28,147
Dice Holdings, Inc. (a)		825		5,775
Digital River, Inc. (a)		660		11,603
E2open, Inc. (a)		165		3,952
EarthLink Holdings Corp.		2,090		9,071
eBay, Inc. (a)		23,266		1,237,751
Envestnet, Inc. (a)		596		25,479
Equinix, Inc. (a)		990		183,348
Facebook, Inc. Class A (a)		34,489		2,157,977
Google, Inc. Class A (a)		5,475		6,465,811
IAC/InterActiveCorp		1,540		107,862
Internap Network Services Corp. (a)		990		8,068
IntraLinks Holdings, Inc. (a)		715		7,565
j2 Global, Inc.		814		36,915
LinkedIn Corp. Class A (a)		1,980		426,116
Liquidity Services, Inc. (a)		495		11,766
LivePerson, Inc. (a)		990		13,692
LogMeIn, Inc. (a)		440		14,942
Marin Software, Inc. (a)		328		3,237
Marketo, Inc. (a)		272		11,136
MercadoLibre, Inc.		665		64,166
Millennial Media, Inc. (a)		550		4,367
Monster Worldwide, Inc. (a)		2,365		14,474
Move, Inc. (a)		660		9,332
NIC, Inc.		1,264		27,479
OpenTable, Inc. (a)		440		33,123
Pandora Media, Inc. (a)		2,855		102,980
Perficient, Inc. (a)		660		13,550
QuinStreet, Inc. (a)		550		4,548
Rackspace Hosting, Inc. (a)		2,359		85,891
RealNetworks, Inc. (a)		495		3,604
Responsys, Inc. (a)		770		20,798
SciQuest, Inc. (a)		440		11,634
Shutterstock, Inc. (a)		227		18,298
SPS Commerce, Inc. (a)		327		21,131
Stamps.com, Inc. (a)		275		10,851
Textura Corp. (a)		218		6,854
Travelzoo, Inc. (a)		154		3,431
Trulia, Inc. (a)		605		20,891
VeriSign, Inc. (a)		2,862		168,142
VistaPrint N.V. (a)		605		29,572
Vocus, Inc. (a)		440		5,377
Web.com Group, Inc. (a)		820		27,716
WebMD Health Corp. (a)		715		34,248

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
INTERNET SOFTWARE & SERVICES – continued
Internet Software & Services – continued
XO Group, Inc. (a)		495	$	6,004
Xoom Corp. (a)		385		10,545
Yahoo!, Inc. (a)		19,367		697,599
Yelp, Inc. (a)		1,160		88,102
Zillow, Inc. Class A (a)		557		45,730


TOTAL INTERNET SOFTWARE & SERVICES				12,916,522


IT SERVICES – 18.0%
Data Processing & Outsourced Services – 9.9%
Alliance Data Systems Corp. (a)		983		235,586
Automatic Data Processing, Inc.		9,635		738,041
Broadridge Financial Solutions, Inc.		2,367		85,898
Cardtronics, Inc. (a)		924		35,592
Cass Information Systems, Inc.		177		9,579
Computer Sciences Corp.		2,972		179,539
Convergys Corp.		2,090		42,573
CoreLogic, Inc. (a)		1,752		55,801
CSG Systems International, Inc.		660		19,774
DST Systems, Inc.		605		55,055
Euronet Worldwide, Inc. (a)		891		38,188
EVERTEC, Inc.		1,316		31,755
ExlService Holdings, Inc. (a)		605		15,216
Fidelity National Information Services, Inc.		5,840		296,088
Fiserv, Inc. (a)		5,213		292,189
FleetCor Technologies, Inc. (a)		1,383		147,041
Global Cash Access Holdings, Inc. (a)		1,320		11,194
Global Payments, Inc.		1,496		98,871
Heartland Payment Systems, Inc.		721		31,082
Higher One Holdings, Inc. (a)		550		4,268
Jack Henry & Associates, Inc.		1,705		95,105
Mastercard, Inc. Class A		20,870		1,579,442
MAXIMUS, Inc.		1,375		58,259
MoneyGram International, Inc. (a)		495		9,157
Paychex, Inc.		6,555		274,130
Sykes Enterprises, Inc. (a)		825		17,292
Syntel, Inc.		337		28,392
TeleTech Holdings, Inc. (a)		495		10,801
The Western Union Co.		11,055		170,247
Total System Services, Inc.		3,407		101,801
Vantiv, Inc. Class A (a)		2,471		74,970
VeriFone Systems, Inc. (a)		2,197		63,735
Visa, Inc. Class A		10,282		2,215,051
WEX, Inc. (a)		759		62,511

				7,184,223

IT Consulting & Other Services – 8.1%
Accenture PLC Class A		12,875		1,028,455
Acxiom Corp. (a)		1,485		53,401
Booz Allen Hamilton Holding Corp.		1,149		21,004
CACI International, Inc. Class A (a)		448		33,161



	Shares		Value
CIBER, Inc. (a)		1,430	$	5,548
Cognizant Technology Solutions Corp. Class A (a)		6,039		585,300
Computer Task Group, Inc.		330		5,333
EPAM Systems, Inc. (a)		275		11,247
Forrester Research, Inc.		220		8,259
Gartner, Inc. (a)		1,870		131,517
iGATE Corp. (a)		660		22,275
International Business Machines Corp.		20,791		3,673,354
Leidos Holdings, Inc.		1,480		67,103
Lionbridge Technologies, Inc. (a)		1,210		6,655
ManTech International Corp. Class A		495		14,404
Sapient Corp. (a)		2,263		36,276
Science Applications International Corp.		825		30,533
ServiceSource International, Inc. (a)		990		7,900
Teradata Corp. (a)		3,290		135,285
Unisys Corp. (a)		880		30,158
Virtusa Corp. (a)		385		13,198

				5,920,366


TOTAL IT SERVICES				13,104,589


OFFICE ELECTRONICS – 0.4%
Office Electronics – 0.4%
Xerox Corp.		23,379		253,662
Zebra Technologies Corp. Class A (a)		1,040		57,159


TOTAL OFFICE ELECTRONICS				310,821


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 12.0%
Semiconductor Equipment – 1.7%
Advanced Energy Industries, Inc. (a)		770		21,021
Amkor Technology, Inc. (a)		1,753		9,291
Applied Materials, Inc.		24,031		404,201
ATMI, Inc. (a)		660		18,269
Brooks Automation, Inc.		1,320		13,398
Cabot Microelectronics Corp. (a)		492		19,837
Cohu, Inc.		495		5,128
Entegris, Inc. (a)		2,750		28,930
FormFactor, Inc. (a)		1,100		7,084
GT Advanced Technologies, Inc. (a)		2,640		27,113
KLA-Tencor Corp.		3,309		203,404
Kulicke & Soffa Industries, Inc. (a)		1,485		17,285
Lam Research Corp. (a)		3,249		164,432
LTX-Credence Corp. (a)		990		8,465
MKS Instruments, Inc.		1,095		32,992
Nanometrics, Inc. (a)		440		7,454
PDF Solutions, Inc. (a)		495		11,732
Photronics, Inc. (a)		1,210		10,043
Rudolph Technologies, Inc. (a)		605		6,649
SunEdison, Inc. (a)		4,950		68,855
Teradyne, Inc. (a)		3,857		72,550
Tessera Technologies, Inc.		1,104		21,914

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


*Semiannual Report*		44


Common Stocks – continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – continued
Semiconductor Equipment – continued
Ultratech, Inc. (a)		550	$	13,915
Veeco Instruments, Inc. (a)		770		29,268

				1,223,230

Semiconductors – 10.3%
Advanced Micro Devices, Inc. (a)		12,372		42,436
Altera Corp.		6,379		213,250
Ambarella, Inc. (a)		275		8,808
Analog Devices, Inc.		6,210		299,757
Applied Micro Circuits Corp. (a)		1,480		14,948
Atmel Corp. (a)		8,525		71,269
Avago Technologies Ltd.		4,942		270,031
Broadcom Corp. Class A		10,608		315,694
Cavium, Inc. (a)		1,045		38,843
Ceva, Inc. (a)		440		7,652
Cirrus Logic, Inc. (a)		1,265		22,150
Cree, Inc. (a)		2,412		145,733
Cypress Semiconductor Corp.		2,805		28,162
Diodes, Inc. (a)		770		17,641
Entropic Communications, Inc. (a)		1,705		7,110
Exar Corp. (a)		770		8,478
Fairchild Semiconductor International, Inc. (a)		2,530		32,283
First Solar, Inc. (a)		1,477		74,707
Freescale Semiconductor Ltd. (a)		1,265		22,934
Hittite Microwave Corp. (a)		652		37,392
Inphi Corp. (a)		440		5,051
Integrated Device Technology, Inc. (a)		3,029		29,230
Integrated Silicon Solution, Inc. (a)		550		6,473
Intel Corp.		99,545		2,442,834
Intermolecular, Inc. (a)		385		1,552
International Rectifier Corp. (a)		1,428		37,142
Intersil Corp. Class A		2,530		28,690
IXYS Corp.		495		6,282
Kopin Corp. (a)		1,265		4,858
Lattice Semiconductor Corp. (a)		2,310		13,352
Linear Technology Corp.		4,672		208,091
LSI Corp.		10,890		120,117
M/A-COM Technology Solutions Holdings, Inc. (a)		220		3,740
Magnachip Semiconductor Corp. (a)		550		8,695
Marvell Technology Group Ltd.		7,865		117,424
Maxim Integrated Products, Inc.		5,721		173,117
MaxLinear, Inc. Class A (a)		440		4,514
Mellanox Technologies Ltd. (a)		770		28,698
Micrel, Inc.		990		9,880
Microchip Technology, Inc.		3,957		177,511
Micron Technology, Inc. (a)		20,784		478,863
Microsemi Corp. (a)		1,870		43,833
Monolithic Power Systems, Inc. (a)		708		23,145
NVE Corp. (a)		110		6,332



	Shares		Value
NVIDIA Corp.		11,551	$	181,351
OmniVision Technologies, Inc. (a)		1,100		16,929
ON Semiconductor Corp. (a)		8,965		74,947
Peregrine Semiconductor Corp. (a)		385		2,529
PMC-Sierra, Inc. (a)		4,070		26,658
Power Integrations, Inc.		605		35,834
Rambus, Inc. (a)		2,145		19,112
RF Micro Devices, Inc. (a)		5,610		29,901
Semtech Corp. (a)		1,370		31,250
Silicon Image, Inc. (a)		1,540		8,609
Silicon Laboratories, Inc. (a)		825		38,973
Skyworks Solutions, Inc. (a)		3,795		114,799
Spansion, Inc. Class A (a)		1,155		17,325
SunPower Corp. (a)		874		28,283
Supertex, Inc. (a)		220		5,874
Synaptics, Inc. (a)		662		38,634
Texas Instruments, Inc.		22,011		933,266
TriQuint Semiconductor, Inc. (a)		3,245		26,933
Xilinx, Inc.		5,328		247,326

				7,537,235


TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				8,760,465


SOFTWARE – 20.5%
Application Software – 6.2%
Accelrys, Inc. (a)		1,100		13,838
ACI Worldwide, Inc. (a)		818		49,579
Actuate Corp. (a)		935		7,106
Adobe Systems, Inc. (a)		9,519		563,430
Advent Software, Inc.		989		32,499
ANSYS, Inc. (a)		1,862		146,223
Aspen Technology, Inc. (a)		1,870		85,216
Autodesk, Inc. (a)		4,455		228,319
Blackbaud, Inc.		935		32,220
Bottomline Technologies de, Inc. (a)		770		26,657
BroadSoft, Inc. (a)		539		16,499
Cadence Design Systems, Inc. (a)		5,711		80,639
Callidus Software, Inc. (a)		717		10,518
Citrix Systems, Inc. (a)		3,745		202,492
Compuware Corp.		4,345		44,058
Concur Technologies, Inc. (a)		946		114,788
Ebix, Inc.		715		9,710
Ellie Mae, Inc. (a)		495		12,919
Epiq Systems, Inc.		605		8,688
FactSet Research Systems, Inc.		825		87,260
Fair Isaac Corp.		715		38,867
Guidance Software, Inc. (a)		330		3,561
Guidewire Software, Inc. (a)		1,104		52,120
Informatica Corp. (a)		2,190		88,388
Interactive Intelligence Group, Inc. (a)		330		25,060
Intuit, Inc.		5,655		414,229
Jive Software, Inc. (a)		495		4,579

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
SOFTWARE – continued
Application Software – continued
Manhattan Associates, Inc. (a)		1,540	$	51,929
Mentor Graphics Corp.		1,925		40,040
MicroStrategy, Inc. Class A (a)		175		21,997
Monotype Imaging Holdings, Inc.		770		22,461
Net 1 UEPS Technologies, Inc. (a)		773		6,184
Netscout Systems, Inc. (a)		715		25,254
Nuance Communications, Inc. (a)		4,951		75,899
Pegasystems, Inc.		334		15,177
PROS Holdings, Inc. (a)		440		16,724
PTC, Inc. (a)		2,363		84,312
Qlik Technologies, Inc. (a)		1,758		47,501
RealPage, Inc. (a)		935		21,019
Salesforce.com, Inc. (a)		11,324		685,442
Seachange International, Inc. (a)		605		7,236
Silver Spring Networks, Inc. (a)		381		6,496
SolarWinds, Inc. (a)		1,373		54,769
Solera Holdings, Inc.		1,375		91,891
Splunk, Inc. (a)		2,141		164,921
SS&C Technologies Holdings, Inc. (a)		1,419		55,086
Synchronoss Technologies, Inc. (a)		660		17,596
Synopsys, Inc. (a)		3,124		124,523
Tangoe, Inc. (a)		602		10,974
Telenav, Inc. (a)		385		2,502
The Ultimate Software Group, Inc. (a)		554		90,429
TIBCO Software, Inc. (a)		3,080		65,573
TiVo, Inc. (a)		2,530		31,347
Tyler Technologies, Inc. (a)		605		63,797
Verint Systems, Inc. (a)		1,045		47,485
VirnetX Holding Corp. (a)		880		15,805
Vringo, Inc. (a)		1,540		6,607
Workday, Inc. Class A (a)		1,691		151,412

				4,521,850

Home Entertainment Software – 0.6%
Activision Blizzard, Inc.		9,071		155,386
Electronic Arts, Inc. (a)		6,152		162,413
Glu Mobile, Inc. (a)		1,320		5,214
Rosetta Stone, Inc. (a)		330		3,657
Take-Two Interactive Software, Inc. (a)		1,650		31,647
Zynga, Inc. Class A (a)		11,778		51,823

				410,140



	Shares		Value
Systems Software – 13.7%
CA, Inc.		6,375	$	204,510
CommVault Systems, Inc. (a)		888		61,334
Fortinet, Inc. (a)		2,750		58,300
Gigamon, Inc. (a)		161		4,904
Imperva, Inc. (a)		330		18,150
Infoblox, Inc. (a)		499		17,505
MICROS Systems, Inc. (a)		1,536		85,294
Microsoft Corp.		158,079		5,983,290
NetSuite, Inc. (a)		662		69,629
Oracle Corp.		69,401		2,560,897
Progress Software Corp. (a)		1,045		25,258
Proofpoint, Inc. (a)		330		13,358
Qualys, Inc. (a)		275		7,970
Rally Software Development Corp. (a)		114		2,428
Red Hat, Inc. (a)		3,791		214,191
Rovi Corp. (a)		2,035		43,162
ServiceNow, Inc. (a)		2,469		156,609
Symantec Corp.		14,020		300,168
Tableau Software, Inc. Class A (a)		334		26,994
VASCO Data Security International, Inc. (a)		660		4,930
VMware, Inc. Class A (a)		1,697		152,968

				10,011,849


TOTAL SOFTWARE				14,943,839


TOTAL COMMON STOCKS (Cost $72,319,500)				72,764,574


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $53,052)		53,052		53,052


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $72,372,552)				72,817,626

NET OTHER ASSETS (LIABILITIES) – 0.0%				5,695


NET ASSETS – 100%			$	72,823,321

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*		46

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	72,764,574	$	72,764,574	$	—	$	—
Money Market Funds		53,052		53,052		—		—

Total Investments in Securities:	$	72,817,626	$	72,817,626	$	—	$	—

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


		47		*Semiannual Report*

Fidelity MSCI Materials Index ETF

Investments January 31, 2014 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
CHEMICALS – 66.7%
Commodity Chemicals – 5.9%
Axiall Corp.		2,951	$	117,745
Cabot Corp.		2,699		131,360
Calgon Carbon Corp. (a)		2,318		47,079
Hawkins, Inc.		400		14,084
Koppers Holdings, Inc.		875		34,562
Kronos Worldwide, Inc.		975		15,093
LyondellBasell Industries N.V. Class A		17,942		1,413,112
Tredegar Corp.		950		23,551
Tronox Ltd. Class A		2,625		57,645

				1,854,231

Diversified Chemicals – 18.7%
Eastman Chemical Co.		6,506		507,208
EI du Pont de Nemours & Co.		38,932		2,375,241
FMC Corp.		5,754		406,405
Huntsman Corp.		8,668		190,002
LSB Industries, Inc. (a)		800		26,488
Olin Corp.		3,377		86,823
The Dow Chemical Co.		51,026		2,322,193

				5,914,360

Fertilizers & Agricultural Chemicals – 11.7%
American Vanguard Corp.		1,025		23,821
CF Industries Holdings, Inc.		2,420		558,681
Intrepid Potash, Inc. (a)		2,400		35,280
Monsanto Co.		22,477		2,394,925
The Mosaic Co.		12,544		560,215
The Scotts Miracle-Gro Co. Class A		1,957		116,226

				3,689,148

Industrial Gases – 8.7%
Air Products & Chemicals, Inc.		8,845		929,963
Airgas, Inc.		2,796		288,659
Praxair, Inc.		12,431		1,550,395

				2,769,017

Specialty Chemicals – 21.7%
A Schulman, Inc.		1,249		42,429
Advanced Emissions Solutions, Inc. (a)		429		21,420
Albemarle Corp.		3,431		220,202
Ashland, Inc.		3,102		287,897
Balchem Corp.		1,268		69,131
Celanese Corp.		6,742		341,415
Chemtura Corp. (a)		4,170		104,584
Cytec Industries, Inc.		1,467		131,986
Ecolab, Inc.		11,443		1,150,479
Ferro Corp. (a)		3,506		44,105
Flotek Industries, Inc. (a)		2,067		44,461
FutureFuel Corp.		826		13,513
HB Fuller Co.		2,125		98,982
Innophos Holdings, Inc.		925		43,170
Innospec, Inc.		1,000		42,840
International Flavors & Fragrances, Inc.		3,452		299,219



	Shares		Value
Kraton Performance Polymers, Inc. (a)		1,375	$	34,389
Landec Corp. (a)		975		10,481
Minerals Technologies, Inc.		1,457		75,298
NewMarket Corp.		450		150,687
OM Group, Inc. (a)		1,350		43,659
OMNOVA Solutions, Inc. (a)		1,975		17,854
PolyOne Corp.		3,892		138,400
PPG Industries, Inc.		6,027		1,099,084
Quaker Chemical Corp.		557		38,494
Rockwood Holdings, Inc.		2,997		205,384
RPM International, Inc.		5,619		222,906
Sensient Technologies Corp.		2,120		103,710
Sigma-Aldrich Corp.		5,075		471,823
Stepan Co.		800		50,712
The Sherwin-Williams Co.		3,680		674,397
The Valspar Corp.		3,525		247,737
WR Grace & Co. (a)		3,075		290,034
Zep, Inc.		882		14,147
Zoltek Cos., Inc. (a)		1,225		20,457

				6,865,486


TOTAL CHEMICALS				21,092,242


CONSTRUCTION MATERIALS – 2.5%
Construction Materials – 2.5%
Eagle Materials, Inc.		1,993		156,949
Headwaters, Inc. (a)		3,075		34,194
Martin Marietta Materials, Inc.		1,952		212,788
Texas Industries, Inc. (a)		602		45,282
United States Lime & Minerals, Inc. (a)		75		4,091
Vulcan Materials Co.		5,493		339,083


TOTAL CONSTRUCTION MATERIALS				792,387


CONTAINERS & PACKAGING – 9.2%
Metal & Glass Containers – 3.7%
AEP Industries, Inc. (a)		133		5,858
Aptargroup, Inc.		2,800		178,640
Ball Corp.		5,822		298,028
Berry Plastics Group, Inc. (a)		3,150		70,245
Crown Holdings, Inc. (a)		5,948		244,463
Greif, Inc. Class A		1,075		54,427
Myers Industries, Inc.		1,201		22,999
Owens-Illinois, Inc. (a)		6,600		211,464
Silgan Holdings, Inc.		1,875		85,931

				1,172,055

Paper Packaging – 5.5%
Avery Dennison Corp.		4,144		204,175
Bemis Co., Inc.		4,349		167,480
Graphic Packaging Holding Co. (a)		11,019		104,680
MeadWestvaco Corp.		7,500		270,525
Packaging Corp. of America		4,147		267,896
Rock Tenn Co. Class A		3,044		308,905

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


*Semiannual Report*		48


Common Stocks – continued
	Shares		Value

CONTAINERS & PACKAGING – continued
Paper Packaging – continued
Sealed Air Corp.		7,857	$	245,060
Sonoco Products Co.		4,228		174,955

				1,743,676


TOTAL CONTAINERS & PACKAGING				2,915,731


METALS & MINING – 16.4%
Aluminum – 1.9%
Alcoa, Inc.		45,145		519,619
Century Aluminum Co. (a)		2,225		25,966
Kaiser Aluminum Corp.		792		55,289

				600,874

Diversified Metals & Mining – 5.8%
AMCOL International Corp.		1,101		37,511
Compass Minerals International, Inc.		1,418		111,483
Freeport-McMoRan Copper & Gold, Inc.		43,769		1,418,554
Globe Specialty Metals, Inc.		2,850		49,818
Horsehead Holding Corp. (a)		2,079		31,850
Materion Corp.		825		21,920
Molycorp, Inc. (a)		7,347		35,633
RTI International Metals, Inc. (a)		1,250		38,900
US Silica Holdings, Inc.		2,253		66,734
Walter Energy, Inc.		2,725		30,956

				1,843,359

Gold – 2.0%
Allied Nevada Gold Corp. (a)		3,821		18,761
Gold Resource Corp.		1,450		6,684
Newmont Mining Corp.		21,003		453,665
Royal Gold, Inc.		2,722		152,269

				631,379

Precious Metals & Minerals – 0.5%
Coeur Mining, Inc. (a)		4,119		41,808
Hecla Mining Co.		14,905		45,162
McEwen Mining, Inc. (a)		8,667		22,534
Paramount Gold and Silver Corp. (a)		5,550		6,605
Stillwater Mining Co. (a)		5,042		63,227

				179,336

Steel – 6.2%
AK Steel Holding Corp. (a)		5,725		40,476
Allegheny Technologies, Inc.		4,557		143,272
AM Castle & Co. (a)		675		9,261
Carpenter Technology Corp.		2,123		123,368
Cliffs Natural Resources, Inc.		6,471		125,020
Commercial Metals Co.		4,719		89,944
Haynes International, Inc.		525		26,849
Nucor Corp.		13,424		649,050
Olympic Steel, Inc.		400		11,076
Reliance Steel & Aluminum Co.		3,252		227,477
Schnitzer Steel Industries, Inc. Class A		1,100		29,062



	Shares		Value
Steel Dynamics, Inc.		9,327	$	153,895
SunCoke Energy, Inc. (a)		2,950		65,431
United States Steel Corp.		6,107		159,454
Universal Stainless & Alloy Products, Inc. (a)		300		9,522
Worthington Industries, Inc.		2,228		90,323

				1,953,480


TOTAL METALS & MINING				5,208,428


PAPER & FOREST PRODUCTS – 5.0%
Forest Products – 0.6%
Boise Cascade Co. (a)		1,325		40,399
Deltic Timber Corp.		493		31,705
Louisiana-Pacific Corp. (a)		5,928		103,918

				176,022

Paper Products – 4.4%
Clearwater Paper Corp. (a)		831		47,325
Domtar Corp.		1,393		149,622
International Paper Co.		17,872		853,209
KapStone Paper and Packaging Corp. (a)		3,638		101,755
Neenah Paper, Inc.		675		29,322
PH Glatfelter Co.		1,828		56,650
Resolute Forest Products, Inc. (a)		4,026		77,702
Schweitzer-Mauduit International, Inc.		1,325		61,122
Wausau Paper Corp.		1,653		22,580

				1,399,287


TOTAL PAPER & FOREST PRODUCTS				1,575,309


TOTAL COMMON STOCKS (Cost $31,714,669)				31,584,097


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $23,862)		23,862		23,862


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $31,738,531)				31,607,959

NET OTHER ASSETS (LIABILITIES) – 0.1%				19,786


NET ASSETS – 100%			$	31,627,745

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.


		49		*Semiannual Report*

Fidelity MSCI Materials Index ETF

Investments (Unaudited) – continued

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	31,584,097	$	31,584,097	$	—	$	—
Money Market Funds		23,862		23,862		—		—

Total Investments in Securities:	$	31,607,959	$	31,607,959	$	—	$	—

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


*Semiannual Report*		50

Fidelity MSCI Telecommunication Services Index ETF

Investments January 31, 2014 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 74.8%
Alternative Carriers – 16.1%
8x8, Inc. (a)		48,213	$	488,880
Cogent Communications Group, Inc.		13,572		561,474
inContact, Inc. (a)		36,779		322,919
Iridium Communications, Inc. (a)		41,055		260,289
Level 3 Communications, Inc. (a)		21,389		686,587
Lumos Networks Corp.		17,720		336,857
Premiere Global Services, Inc. (a)		27,435		299,041
tw telecom, Inc. (a)		17,332		510,601
Vonage Holdings Corp. (a)		119,979		553,103

				4,019,751

Integrated Telecommunication Services – 58.7%
AT&T, Inc.		159,156		5,303,078
Atlantic Tele-Network, Inc.		6,809		396,624
Cbeyond, Inc. (a)		39,599		287,489
CenturyLink, Inc.		35,434		1,022,625
Cincinnati Bell, Inc. (a)		82,557		285,647
Consolidated Communications Holdings, Inc.		20,517		401,723
Frontier Communications Corp.		108,905		511,854
General Communication, Inc. Class A (a)		32,455		315,787
IDT Corp. Class B		19,571		332,707
Verizon Communications, Inc.		111,788		5,368,060
Windstream Holdings, Inc.		61,398		459,257

				14,684,851


TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES				18,704,602



	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES – 25.1%
Wireless Telecommunication Services – 25.1%
Boingo Wireless, Inc. (a)		36,586	$	221,345
Crown Castle International Corp. (a)		15,062		1,068,800
Leap Wireless International, Inc. (a)		25,693		450,912
NII Holdings, Inc. (a)		90,954		273,772
NTELOS Holdings Corp.		14,325		235,073
SBA Communications Corp. Class A (a)		11,135		1,032,771
Shenandoah Telecommunications Co.		17,957		450,721
Sprint Corp. (a)		87,178		720,962
T-Mobile US, Inc.		28,581		873,721
Telephone & Data Systems, Inc.		15,933		430,510
United States Cellular Corp.		6,198		274,509
USA Mobility, Inc.		18,021		256,979


TOTAL WIRELESS TELECOMMUNICATION SERVICES				6,290,075


TOTAL COMMON STOCKS (Cost $25,324,966)				24,994,677


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $12,861)		12,861		12,861


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $25,337,827)				25,007,538

NET OTHER ASSETS (LIABILITIES) – 0.0%				10,951


NET ASSETS – 100%			$	25,018,489

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	$	24,994,677	$	24,994,677	$	—	$	—
Money Market Funds		12,861		12,861		—		—

Total Investments in Securities:	$	25,007,538	$	25,007,538	$	—	$	—

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


		51		*Semiannual Report*

Fidelity MSCI Utilities Index ETF

Investments January 31, 2014 (Unaudited)

Showing Percentage of Net Assets


Common Stocks – 99.7%
	Shares		Value
ELECTRIC UTILITIES – 51.2%
Electric Utilities – 51.2%
ALLETE, Inc.		1,493	$	74,620
American Electric Power Co., Inc.		20,140		983,033
Cleco Corp.		2,494		121,857
Duke Energy Corp.		29,208		2,062,669
Edison International		12,816		617,219
El Paso Electric Co.		1,660		60,474
Empire District Electric Co.		1,760		40,392
Entergy Corp.		7,386		465,540
Exelon Corp.		35,440		1,027,760
FirstEnergy Corp.		17,318		545,344
Great Plains Energy, Inc.		6,383		157,532
Hawaiian Electric Industries, Inc.		4,083		106,240
IDACORP, Inc.		2,074		109,362
ITC Holdings Corp.		2,173		224,905
MGE Energy, Inc.		966		55,004
NextEra Energy, Inc.		17,572		1,615,394
Northeast Utilities		13,035		570,933
NRG Yield, Inc. Class A		925		36,019
OGE Energy Corp.		8,193		279,136
Otter Tail Corp.		1,340		37,306
Pepco Holdings, Inc.		10,331		200,731
Pinnacle West Capital Corp.		4,562		240,098
PNM Resources, Inc.		3,279		80,827
Portland General Electric Co.		3,197		96,485
PPL Corp.		26,140		799,100
The Southern Co.		36,159		1,491,197
UIL Holdings Corp.		2,298		88,864
Unitil Corp.		540		16,438
UNS Energy Corp.		1,713		102,574
Westar Energy, Inc.		5,268		174,740
Xcel Energy, Inc.		20,601		595,575


TOTAL ELECTRIC UTILITIES				13,077,368


GAS UTILITIES – 8.5%
Gas Utilities – 8.5%
AGL Resources, Inc.		4,919		235,030
Atmos Energy Corp.		3,760		180,518
Chesapeake Utilities Corp.		400		23,540
National Fuel Gas Co.		2,947		222,086
New Jersey Resources Corp.		1,713		78,113
Northwest Natural Gas Co.		1,104		45,882
ONEOK, Inc.		8,541		584,973
Piedmont Natural Gas Co., Inc.		3,121		103,055
Questar Corp.		7,263		169,373
South Jersey Industries, Inc.		1,320		70,409
Southwest Gas Corp.		1,912		102,732
The Laclede Group, Inc.		1,277		58,601
UGI Corp.		4,725		205,018
WGL Holdings, Inc.		2,138		80,774


TOTAL GAS UTILITIES				2,160,104



	Shares		Value
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 4.3%
Independent Power Producers & Energy Traders – 4.3%
AES Corp.		28,364	$	398,798
Calpine Corp. (a)		14,507		275,343
Dynegy, Inc. (a)		1,860		37,869
Genie Energy Ltd. Class B (a)		600		6,000
NRG Energy, Inc.		13,346		371,686
Ormat Technologies, Inc.		660		16,269


TOTAL INDEPENDENT POWER PRODUCERS & ENERGY TRADERS				1,105,965


MULTI-UTILITIES – 33.3%
Multi-Utilities – 33.3%
Alliant Energy Corp.		4,601		239,068
Ameren Corp.		10,027		379,422
Avista Corp.		2,478		71,441
Black Hills Corp.		1,740		95,404
CenterPoint Energy, Inc.		16,828		393,775
CMS Energy Corp.		11,028		306,468
Consolidated Edison, Inc.		12,123		659,613
Dominion Resources, Inc.		23,958		1,626,988
DTE Energy Co.		7,248		494,459
Integrys Energy Group, Inc.		3,304		179,539
MDU Resources Group, Inc.		7,440		238,378
NiSource, Inc.		12,919		444,026
NorthWestern Corp.		1,605		72,562
PG&E Corp.		18,421		776,445
Public Service Enterprise Group, Inc.		20,939		698,106
SCANA Corp.		5,516		260,741
Sempra Energy		9,601		890,109
TECO Energy, Inc.		8,574		140,442
Vectren Corp.		3,396		124,022
Wisconsin Energy Corp.		9,411		401,567


TOTAL MULTI-UTILITIES				8,492,575


WATER UTILITIES – 2.4%
Water Utilities – 2.4%
American States Water Co.		1,599		45,411
American Water Works Co., Inc.		7,354		313,060
Aqua America, Inc.		7,296		174,739
California Water Service Group		1,960		45,648
Connecticut Water Service, Inc.		441		14,862
Middlesex Water Co.		660		13,134
SJW Corp.		580		16,594


TOTAL WATER UTILITIES				623,448


TOTAL COMMON STOCKS (Cost $24,854,168)				25,459,460

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


*Semiannual Report*		52


Money Market Funds – 0.2%
	Shares		Value
SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $44,794)		44,794	$	44,794


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $24,898,962)				25,504,254

NET OTHER ASSETS (LIABILITIES) – 0.1%				27,895


NET ASSETS – 100%			$	25,532,149

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	$	25,459,460	$	25,459,460	$	—	$	—
Money Market Funds		44,794		44,794		—		—

Total Investments in Securities:	$	25,504,254	$	25,504,254	$	—	$	—

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


		53		*Semiannual Report*

Financial Statements


Statements of Assets and Liabilities
January 31, 2014 (Unaudited)
	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
Assets
Investments in securities, at value – See accompanying schedule	$	38,159,987		$	32,043,255		$	30,166,550		$	51,653,481		$	76,961,097
Cash		—			—			—			5,130			—
Dividends receivable		16,166			50,422			8,094			50,548			35,196

Total assets		38,176,153			32,093,677			30,174,644			51,709,159			76,996,293


Liabilities
Payable for investments purchased		—			—			—			2,726			7,842
Accrued management fees		3,899			3,077			2,950			4,734			6,115

Total liabilities		3,899			3,077			2,950			7,460			13,957


Net Assets	$	38,172,254		$	32,090,600		$	30,171,694		$	51,701,699		$	76,982,336

Net Assets consist of:
Paid in capital	$	38,732,054		$	32,866,651		$	31,252,180		$	52,381,320		$	74,653,497
Undistributed net investment income		13,649			47,899			6,105			69,440			17,650
Accumulated undistributed net realized gain (loss) on investments		(9,213	)		(2,167	)		(4,263	)		(11,081	)		329,272
Net unrealized appreciation (depreciation) on investments		(564,236	)		(821,783	)		(1,082,328	)		(737,980	)		1,981,917


Net Assets	$	38,172,254		$	32,090,600		$	30,171,694		$	51,701,699		$	76,982,336

Shares outstanding		1,500,000			1,300,000			1,250,000			2,050,000			2,850,000

Net Asset Value, offering price and redemption price per share	$	25.45		$	24.69		$	24.14		$	25.22		$	27.01


Investments at cost	$	38,724,223		$	32,865,038		$	31,248,878		$	52,391,461		$	74,979,180

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


*Semiannual Report*		54


Statements of Assets and Liabilities
January 31, 2014 (Unaudited)
	Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF			Fidelity MSCI Materials Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$	51,140,394		$	72,817,626		$	31,607,959		$	25,007,538		$	25,504,254
Dividends receivable		23,900			11,701			22,886			139,483			30,377

Total assets		51,164,294			72,829,327			31,630,845			25,147,021			25,534,631


Liabilities
Payable for investments purchased		19,207			—			—			125,998			—
Accrued management fees		4,496			6,006			3,100			2,534			2,482

Total liabilities		23,703			6,006			3,100			128,532			2,482


Net Assets	$	51,140,591		$	72,823,321		$	31,627,745		$	25,018,489		$	25,532,149

Net Assets consist of:
Paid in capital	$	51,000,116		$	72,357,710		$	31,738,536		$	25,226,584		$	24,901,482
Undistributed net investment income		13,964			25,408			21,901			134,680			28,649
Accumulated undistributed net realized gain (loss) on investments		(1,018	)		(4,871	)		(2,120	)		(12,486	)		(3,274	)
Net unrealized appreciation (depreciation) on investments		127,529			445,074			(130,572	)		(330,289	)		605,292


Net Assets	$	51,140,591		$	72,823,321		$	31,627,745		$	25,018,489		$	25,532,149

Shares outstanding		1,950,000			2,750,000			1,250,000			1,000,000			1,000,000

Net Asset Value, offering price and redemption price per share	$	26.23		$	26.48		$	25.30		$	25.02		$	25.53


Investments at cost	$	51,012,865		$	72,372,552		$	31,738,531		$	25,337,827		$	24,898,962

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


		55		*Semiannual Report*

Financial Statements – continued


Statements of Operations
For the period October 21, 2013 (commencement of operations) to January 31, 2014 (Unaudited)
	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
Investment Income
Dividends	$	103,044		$	167,451		$	101,312		$	205,684		$	119,510


Expenses
Management fees		9,487			8,303			7,962			10,336			12,631
Independent trustees’ compensation		108			99			95			108			129

Total expenses		9,595			8,402			8,057			10,444			12,760


Net investment income (loss)		93,449			159,049			93,255			195,240			106,750

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(9,213	)		(2,167	)		(4,263	)		(11,081	)		19,304
Net realized gain (loss) on In-kind redemptions		—			—			—			—			309,968

Total net realized gain (loss)		(9,213	)		(2,167	)		(4,263	)		(11,081	)		329,272
Change in net unrealized appreciation (depreciation) on investment securities		(564,236	)		(821,783	)		(1,082,328	)		(737,980	)		1,981,917

Net gain (loss)		(573,449	)		(823,950	)		(1,086,591	)		(749,061	)		2,311,189

Net increase (decrease) in net assets resulting from operations	$	(480,000	)	$	(664,901	)	$	(993,336	)	$	(553,821	)	$	2,417,939

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


*Semiannual Report*		56


Statements of Operations
For the period October 21, 2013 (commencement of operations) to January 31, 2014 (Unaudited)
	Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF			Fidelity MSCI Materials Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Investment Income
Dividends	$	129,179		$	106,242		$	111,468		$	199,859		$	227,859


Expenses
Management fees		10,107			12,114			7,877			7,486			7,417
Independent trustees’ compensation		108			120			90			93			93

Total expenses		10,215			12,234			7,967			7,579			7,510


Net investment income (loss)		118,964			94,008			103,501			192,280			220,349

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(1,018	)		(4,871	)		(2,120	)		(12,486	)		(3,274	)
Change in net unrealized appreciation (depreciation) on investment securities		127,529			445,074			(130,572	)		(330,289	)		605,292

Net gain (loss)		126,511			440,203			(132,692	)		(342,775	)		602,018

Net increase (decrease) in net assets resulting from operations	$	245,475		$	534,211		$	(29,191	)	$	(150,495	)	$	822,367

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


		57		*Semiannual Report*

Financial Statements – continued


Statements of Changes in Net Assets
For the period October 21, 2013 (commencement of operations) to January 31, 2014 (Unaudited)
	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
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	93,449		$	159,049		$	93,255		$	195,240		$	106,750
Net realized gain (loss)		(9,213	)		(2,167	)		(4,263	)		(11,081	)		329,272
Change in net unrealized appreciation (depreciation)		(564,236	)		(821,783	)		(1,082,328	)		(737,980	)		1,981,917

Net increase (decrease) in net assets resulting from operations		(480,000	)		(664,901	)		(993,336	)		(553,821	)		2,417,939

Distributions to shareholders from net investment income		(79,800	)		(111,150	)		(87,150	)		(125,800	)		(89,100	)

Share transactions
Proceeds from sales of shares		38,732,054			32,866,651			31,252,180			52,381,320			79,926,627
Cost of shares redeemed		—			—			—			—			(5,273,130	)

Net increase (decrease) in net assets resulting from share transactions		38,732,054			32,866,651			31,252,180			52,381,320			74,653,497

Total increase (decrease) in net assets		38,172,254			32,090,600			30,171,694			51,701,699			76,982,336

Net Assets
Beginning of period		—			—			—			—			—

End of period	$	38,172,254		$	32,090,600		$	30,171,694		$	51,701,699		$	76,982,336

Undistributed net investment income included in net assets at end of period	$	13,649		$	47,899		$	6,105		$	69,440		$	17,650

Other Information
Shares
Sold		1,500,000			1,300,000			1,250,000			2,050,000			3,050,000
Redeemed		—			—			—			—			(200,000	)

Net increase (decrease)		1,500,000			1,300,000			1,250,000			2,050,000			2,850,000

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


*Semiannual Report*		58


Statements of Changes in Net Assets
For the period October 21, 2013 (commencement of operations) to January 31, 2014 (Unaudited)
	Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF			Fidelity MSCI Materials Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	118,964		$	94,008		$	103,501		$	192,280		$	220,349
Net realized gain (loss)		(1,018	)		(4,871	)		(2,120	)		(12,486	)		(3,274	)
Change in net unrealized appreciation (depreciation)		127,529			445,074			(130,572	)		(330,289	)		605,292

Net increase (decrease) in net assets resulting from operations		245,475			534,211			(29,191	)		(150,495	)		822,367

Distributions to shareholders from net investment income		(105,000	)		(68,600	)		(81,600	)		(57,600	)		(191,700	)

Share transactions
Proceeds from sales of shares		51,000,116			72,357,710			31,738,536			25,226,584			24,901,482
Cost of shares redeemed		—			—			—			—			—

Net increase (decrease) in net assets resulting from share transactions		51,000,116			72,357,710			31,738,536			25,226,584			24,901,482

Total increase (decrease) in net assets		51,140,591			72,823,321			31,627,745			25,018,489			25,532,149

Net Assets
Beginning of period		—			—			—			—			—

End of period	$	51,140,591		$	72,823,321		$	31,627,745		$	25,018,489		$	25,532,149

Undistributed net investment income included in net assets at end of period	$	13,964		$	25,408		$	21,901		$	134,680		$	28,649

Other Information
Shares
Sold		1,950,000			2,750,000			1,250,000			1,000,000			1,000,000
Redeemed		—			—			—			—			—

Net increase (decrease)		1,950,000			2,750,000			1,250,000			1,000,000			1,000,000

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


		59		*Semiannual Report*

Financial Statements – continued


Financial Highlights
(Unaudited)	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
Period ended January 31,	2014 ^A			2014 ^A			2014 ^A			2014 ^A			2014 ^A
Selected Per-Share Data
Net asset value, beginning of period	$	25.17		$	25.00		$	24.98		$	25.00		$	24.97

Income from Investment Operations
Net investment income (loss) ^B		0.09			0.17			0.10			0.16			0.08
Net realized and unrealized gain (loss)		0.27	^C		(0.36	)		(0.86	)		0.17	^C		2.01

Total from investment operations		0.36			(0.19	)		(0.76	)		0.33			2.09

Distributions from net investment income		(0.08	)		(0.12	)		(0.08	)		(0.11	)		(0.05	)

Total distributions		(0.08	)		(0.12	)		(0.08	)		(0.11	)		(0.05	)

Net asset value, end of period	$	25.45		$	24.69		$	24.14		$	25.22		$	27.01

Total Return ^D		1.40	%		(0.79	)%		(3.04	)%		1.32	%		8.39	%
Ratios to Average Net Assets ^E,F
Expenses before reductions		.12	%		.12	%		.12	%		.12	%		.12	%
Expenses net of fee waivers, if any		.12	%		.12	%		.12	%		.12	%		.12	%
Expenses net of all reductions		.12	%		.12	%		.12	%		.12	%		.12	%
Net investment income (loss)		1.17	%		2.28	%		1.39	%		2.24	%		.99	%
Supplemental Data
Net assets, end of period (000 omitted)	$	38,172		$	32,091		$	30,172		$	51,702		$	76,982
Portfolio turnover rate ^G,H,I		1	%		1	%		1	%		1	%		1	%

For the period October 21, 2013 (commencement of operations) to January 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.

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.

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

Amount not annualized.

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

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


*Semiannual Report*		60


Financial Highlights
(Unaudited)	Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF			Fidelity MSCI Materials Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Period ended January 31,	2014 ^A			2014 ^A			2014 ^A			2014 ^A			2014 ^A
Selected Per-Share Data
Net asset value, beginning of period	$	25.20		$	25.18		$	24.95		$	25.26		$	24.99

Income from Investment Operations
Net investment income (loss) ^B		0.11			0.07			0.11			0.22			0.25
Net realized and unrealized gain (loss)		1.00			1.28			0.34	^C		(0.40	)		0.50

Total from investment operations		1.11			1.35			0.45			(0.18	)		0.75

Distributions from net investment income		(0.08	)		(0.05	)		(0.10	)		(0.06	)		(0.21	)

Total distributions		(0.08	)		(0.05	)		(0.10	)		(0.06	)		(0.21	)

Net asset value, end of period	$	26.23		$	26.48		$	25.30		$	25.02		$	25.53

Total Return ^D		4.41	%		5.36	%		1.80	%		(0.70	)%		3.04	%
Ratios to Average Net Assets ^E,F
Expenses before reductions		.12	%		.12	%		.12	%		.12	%		.12	%
Expenses net of fee waivers, if any		.12	%		.12	%		.12	%		.12	%		.12	%
Expenses net of all reductions		.12	%		.12	%		.12	%		.12	%		.12	%
Net investment income (loss)		1.39	%		.92	%		1.56	%		3.06	%		3.54	%
Supplemental Data
Net assets, end of period (000 omitted)	$	51,141		$	72,823		$	31,628		$	25,018		$	25,532
Portfolio turnover rate ^G,H,I		1	%		1	%		1	%		5	%		2	%

For the period October 21, 2013 (commencement of operations) to January 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.

Amount not annualized.

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

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


		61		*Semiannual Report*

Notes to Financial Statements

For the period ended January 31, 2014 (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 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.

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. 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 open-end mutual 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, 2014, 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. Security transactions are accounted for as of trade date. 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. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned.


*Semiannual Report*		62

2. Significant Accounting Policies – continued

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

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

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


	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on securities and other investments
Fidelity MSCI Consumer Discretionary Index ETF	$	38,725,809	$	1,045,397	$	(1,611,219	)	$	(565,822	)
Fidelity MSCI Consumer Staples Index ETF		32,867,034		420,484		(1,244,263	)		(823,779	)
Fidelity MSCI Energy Index ETF		31,251,142		494,362		(1,578,954	)		(1,084,592	)
Fidelity MSCI Financials Index ETF		52,395,889		686,324		(1,428,732	)		(742,408	)
Fidelity MSCI Health Care Index ETF		74,983,826		3,135,547		(1,158,276	)		1,977,271
Fidelity MSCI Industrials Index ETF		51,013,344		1,311,392		(1,184,342	)		127,050
Fidelity MSCI Information Technology Index ETF		72,373,994		2,107,658		(1,664,026	)		443,632
Fidelity MSCI Materials Index ETF		31,739,460		732,888		(864,389	)		(131,501	)
Fidelity MSCI Telecommunication Services Index ETF		25,353,626		823,633		(1,169,721	)		(346,088	)
Fidelity MSCI Utilities Index ETF		24,902,987		858,880		(257,613	)		601,267

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	$	413,456	$	381,904
Fidelity MSCI Consumer Staples Index ETF		278,317		186,020
Fidelity MSCI Energy Index ETF		179,735		151,387
Fidelity MSCI Financials Index ETF		630,345		359,103
Fidelity MSCI Health Care Index ETF		573,501		456,821
Fidelity MSCI Industrials Index ETF		422,966		291,275
Fidelity MSCI Information Technology Index ETF		561,845		515,828
Fidelity MSCI Materials Index ETF		294,997		276,829
Fidelity MSCI Telecommunication Services Index ETF		1,270,092		1,127,740
Fidelity MSCI Utilities Index ETF		377,860		384,628


		63		*Semiannual Report*

Notes to Financial Statements – continued

3. Purchases and Sales of Investments – continued

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	$	38,653,306	$	—
Fidelity MSCI Consumer Staples Index ETF		32,787,025		—
Fidelity MSCI Energy Index ETF		31,216,074		—
Fidelity MSCI Financials Index ETF		52,046,070		—
Fidelity MSCI Health Care Index ETF		79,756,092		5,268,895
Fidelity MSCI Industrials Index ETF		50,822,029		—
Fidelity MSCI Information Technology Index ETF		72,278,355		—
Fidelity MSCI Materials Index ETF		31,698,621		—
Fidelity MSCI Telecommunication Services Index ETF		25,197,476		—
Fidelity MSCI Utilities Index ETF		24,864,209		—

4. Fees and Other Transactions with Affiliates.

Management Fee. SelectCo provides each Fund with investment management related services for which the Fund pays 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.

5. Share Transactions.

The Funds issue and redeem shares at Net Asset Value 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*		64

Board Approval of Investment Advisory Contracts and Management Fees

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 Telecommunication Services Index ETF

Fidelity MSCI Utilities Index ETF

On September 17, 2013, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and sub-advisory agreement (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Fidelity SelectCo, LLC (SelectCo), and the sub-adviser, BlackRock Fund Advisors (BFA) (together, the Investment Advisers), including the backgrounds of the funds’ investment personnel, and also considered the funds’ investment objectives, strategies, and related investment philosophies.

Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of the Investment Advisers’ investment staff, including its size, education, experience, and resources. The Board also considered the due diligence on BFA performed by SelectCo, which formed the basis for SelectCo’s recommendation that the Board approve the sub-advisory agreement with BFA.

Shareholder, Administrative and Other Services . The Board considered the nature, extent, quality, and cost of advisory, administrative, shareholder and other services to be performed by the Investment Advisers, their affiliates and a third party service provider under the Advisory Contracts and under separate agreements for each fund. The Board also considered the nature and extent of the supervision of third party service providers.

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 Performance . Each fund is a new fund and therefore had no historical performance for the Board to review at the time it approved each fund’s Advisory Contracts. The Board considered BFA’s reputation and its strength in managing passive exchange traded funds.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund’s proposed management fee and the projected total expense ratio of the fund in reviewing the Advisory Contracts, and the fact that the management contract provides that SelectCo will be responsible for paying all operating expenses of each fund with the exception of fees and expenses of the independent Trustees, interest, taxes, brokerage commissions and non-recurring expenses. The Board noted that each fund’s proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates.

Based on its review, the Board concluded that each fund’s management fee and projected total expense ratio were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability. Each fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of each fund at the time it approved the Advisory Contracts. In connection with its future renewal of each fund’s Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and its shareholders.

Economies of Scale. The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that each fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

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


		65		*Semiannual Report*


*Semiannual Report*		66


		67		*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

Quincy, MA

The Fidelity Telephone Connection

1-800-FIDELITY

EXT-SANN-0314 682285.1.0

1.9584798.100

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 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 26, 2014

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 26, 2014


By:		/s/Christine Reynolds
		Christine Reynolds Chief Financial Officer

Date:		March 26, 2014

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