ThZeal - The Zeal

Prospectus - Investment Objective

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 811-23762

Fidelity Greenwood Street Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, MA 02210

(Address of principal executive offices) (Zip code)

Margaret Carey, 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:	January 31

Date of reporting period:	July 31, 2024

Item 1.

Reports to Stockholders


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Hedged Equity Fund Fidelity Advisor® Hedged Equity Fund Class I : FEQJX

This semi-annual shareholder report contains information about Fidelity® Hedged Equity Fund for the period February 1, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 29	0.55%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$244,353,561
Number of Holdings	423
Portfolio Turnover	28%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Options	1.2

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Apple Inc	7.0
Microsoft Corp	6.8
NVIDIA Corp	6.3
Alphabet Inc Class A	4.1
Amazon.com Inc	3.8
Meta Platforms Inc Class A	2.3
Berkshire Hathaway Inc Class B	2.1
Broadcom Inc	1.7
JPMorgan Chase & Co	1.7
Eli Lilly & Co	1.6
	37.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914476.100 6879-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Equity Market Neutral Fund Fidelity® Equity Market Neutral Fund : FEMNX

This semi-annual shareholder report contains information about Fidelity® Equity Market Neutral Fund for the period June 25, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Equity Market Neutral Fund A	$ 11	1.10%

AExpenses for the full reporting period would be higher.

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$10,005,423
Number of Holdings	213
Portfolio TurnoverA	0%

A Amount not annualized

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Swaps	143.3
Forward Foreign Currency Contracts	57.0

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	2.4
FedEx Corp	2.2
JPMorgan Chase & Co	2.2
Expedia Group Inc Class A	2.1
Schindler Holding AG	2.1
Apollo Global Management Inc	2.1
Nickel Industries Ltd	2.1
Taiwan Semiconductor Manufacturing Co Ltd	2.0
Taiyo Yuden Co Ltd	2.0
T-Mobile US Inc	2.0
	21.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916840.100 7601-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Macro Opportunities Fund Fidelity Advisor® Macro Opportunities Fund Class I : FAQEX

This semi-annual shareholder report contains information about Fidelity® Macro Opportunities Fund for the period February 1, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 40	0.80%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$10,355,932
Number of Holdings	29
Portfolio Turnover	122%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	280.9
Swaps	41.0
Forward Foreign Currency Contracts	23.5
Options	0.4

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
US Treasury Bill	9.3
SPDR Gold Shares	8.5
iShares Russell 2000 ETF	5.9
iPath Bloomberg Commodity Index Total Return ETN (Barclays Bank Plc Warrant Program) 6/12/2036	4.9
iShares MSCI EAFE ETF	4.0
Vanguard Health Care Index Fund ETF Shares	1.3
Vanguard Consumer Staples Index Fund ETF Shares	1.3
	35.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914462.100 6523-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Equity Market Neutral Fund Fidelity Advisor® Equity Market Neutral Fund Class I : FEMUX

This semi-annual shareholder report contains information about Fidelity® Equity Market Neutral Fund for the period June 25, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I A	$ 11	1.10%

AExpenses for the full reporting period would be higher.

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$10,005,423
Number of Holdings	213
Portfolio TurnoverA	0%

A Amount not annualized

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Swaps	143.3
Forward Foreign Currency Contracts	57.0

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	2.4
FedEx Corp	2.2
JPMorgan Chase & Co	2.2
Expedia Group Inc Class A	2.1
Schindler Holding AG	2.1
Apollo Global Management Inc	2.1
Nickel Industries Ltd	2.1
Taiwan Semiconductor Manufacturing Co Ltd	2.0
Taiyo Yuden Co Ltd	2.0
T-Mobile US Inc	2.0
	21.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916848.100 7622-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Risk Parity Fund Fidelity Advisor® Risk Parity Fund Class A : FAPUX

This semi-annual shareholder report contains information about Fidelity® Risk Parity Fund for the period February 1, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 44	0.85%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$8,016,521
Number of Holdings	25
Portfolio Turnover	114%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	12.0
Swaps	40.4

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Fidelity Inflation-Protected Bond Index Fund	27.7
iShares US Treasury Bond ETF	9.3
Fidelity Commodity Strategy Fund	9.2
Fidelity Total Market Index Fund	8.7
Fidelity Small Cap Value Index Fund	8.0
Fidelity International Index Fund	6.8
iShares J.P. Morgan EM Local Currency Bond ETF	6.6
Fidelity Small Cap Index Fund	5.3
US Treasury Bill	4.3
Fidelity Real Estate Index Fund	3.3
	89.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914453.100 6514-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Macro Opportunities Fund Fidelity Advisor® Macro Opportunities Fund Class C : FAQCX

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 89	1.80%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$10,355,932
Number of Holdings	29
Portfolio Turnover	122%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	280.9
Swaps	41.0
Forward Foreign Currency Contracts	23.5
Options	0.4

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
US Treasury Bill	9.3
SPDR Gold Shares	8.5
iShares Russell 2000 ETF	5.9
iPath Bloomberg Commodity Index Total Return ETN (Barclays Bank Plc Warrant Program) 6/12/2036	4.9
iShares MSCI EAFE ETF	4.0
Vanguard Health Care Index Fund ETF Shares	1.3
Vanguard Consumer Staples Index Fund ETF Shares	1.3
	35.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914460.100 6521-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Hedged Equity Fund Fidelity Advisor® Hedged Equity Fund Class Z : FEQZX

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 26	0.50%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$244,353,561
Number of Holdings	423
Portfolio Turnover	28%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Options	1.2

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Apple Inc	7.0
Microsoft Corp	6.8
NVIDIA Corp	6.3
Alphabet Inc Class A	4.1
Amazon.com Inc	3.8
Meta Platforms Inc Class A	2.3
Berkshire Hathaway Inc Class B	2.1
Broadcom Inc	1.7
JPMorgan Chase & Co	1.7
Eli Lilly & Co	1.6
	37.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914477.100 6880-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Hedged Equity Fund Fidelity Advisor® Hedged Equity Fund Class M : FEQNX

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 55	1.05%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$244,353,561
Number of Holdings	423
Portfolio Turnover	28%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Options	1.2

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Apple Inc	7.0
Microsoft Corp	6.8
NVIDIA Corp	6.3
Alphabet Inc Class A	4.1
Amazon.com Inc	3.8
Meta Platforms Inc Class A	2.3
Berkshire Hathaway Inc Class B	2.1
Broadcom Inc	1.7
JPMorgan Chase & Co	1.7
Eli Lilly & Co	1.6
	37.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914475.100 6878-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Hedged Equity Fund Fidelity Advisor® Hedged Equity Fund Class A : FEQAX

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 42	0.80%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$244,353,561
Number of Holdings	423
Portfolio Turnover	28%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Options	1.2

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Apple Inc	7.0
Microsoft Corp	6.8
NVIDIA Corp	6.3
Alphabet Inc Class A	4.1
Amazon.com Inc	3.8
Meta Platforms Inc Class A	2.3
Berkshire Hathaway Inc Class B	2.1
Broadcom Inc	1.7
JPMorgan Chase & Co	1.7
Eli Lilly & Co	1.6
	37.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914473.100 6876-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Risk Parity Fund Fidelity Advisor® Risk Parity Fund Class M : FAPWX

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 57	1.10%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$8,016,521
Number of Holdings	25
Portfolio Turnover	114%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	12.0
Swaps	40.4

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Fidelity Inflation-Protected Bond Index Fund	27.7
iShares US Treasury Bond ETF	9.3
Fidelity Commodity Strategy Fund	9.2
Fidelity Total Market Index Fund	8.7
Fidelity Small Cap Value Index Fund	8.0
Fidelity International Index Fund	6.8
iShares J.P. Morgan EM Local Currency Bond ETF	6.6
Fidelity Small Cap Index Fund	5.3
US Treasury Bill	4.3
Fidelity Real Estate Index Fund	3.3
	89.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914455.100 6516-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Equity Market Neutral Fund Fidelity Advisor® Equity Market Neutral Fund Class C : FEMQX

This semi-annual shareholder report contains information about Fidelity® Equity Market Neutral Fund for the period June 25, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C A	$ 21	2.10%

AExpenses for the full reporting period would be higher.

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$10,005,423
Number of Holdings	213
Portfolio TurnoverA	0%

A Amount not annualized

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Swaps	143.3
Forward Foreign Currency Contracts	57.0

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	2.4
FedEx Corp	2.2
JPMorgan Chase & Co	2.2
Expedia Group Inc Class A	2.1
Schindler Holding AG	2.1
Apollo Global Management Inc	2.1
Nickel Industries Ltd	2.1
Taiwan Semiconductor Manufacturing Co Ltd	2.0
Taiyo Yuden Co Ltd	2.0
T-Mobile US Inc	2.0
	21.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916846.100 7621-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Equity Market Neutral Fund Fidelity Advisor® Equity Market Neutral Fund Class M : FEMOX

This semi-annual shareholder report contains information about Fidelity® Equity Market Neutral Fund for the period June 25, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M A	$ 16	1.60%

AExpenses for the full reporting period would be higher.

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$10,005,423
Number of Holdings	213
Portfolio TurnoverA	0%

A Amount not annualized

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Swaps	143.3
Forward Foreign Currency Contracts	57.0

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	2.4
FedEx Corp	2.2
JPMorgan Chase & Co	2.2
Expedia Group Inc Class A	2.1
Schindler Holding AG	2.1
Apollo Global Management Inc	2.1
Nickel Industries Ltd	2.1
Taiwan Semiconductor Manufacturing Co Ltd	2.0
Taiyo Yuden Co Ltd	2.0
T-Mobile US Inc	2.0
	21.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916844.100 7620-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Macro Opportunities Fund Fidelity® Macro Opportunities Fund : FAQAX

This semi-annual shareholder report contains information about Fidelity® Macro Opportunities Fund for the period February 1, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Macro Opportunities Fund	$ 40	0.80%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$10,355,932
Number of Holdings	29
Portfolio Turnover	122%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	280.9
Swaps	41.0
Forward Foreign Currency Contracts	23.5
Options	0.4

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
US Treasury Bill	9.3
SPDR Gold Shares	8.5
iShares Russell 2000 ETF	5.9
iPath Bloomberg Commodity Index Total Return ETN (Barclays Bank Plc Warrant Program) 6/12/2036	4.9
iShares MSCI EAFE ETF	4.0
Vanguard Health Care Index Fund ETF Shares	1.3
Vanguard Consumer Staples Index Fund ETF Shares	1.3
	35.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914458.100 6519-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Macro Opportunities Fund Fidelity Advisor® Macro Opportunities Fund Class Z : FAQFX

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 37	0.75%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$10,355,932
Number of Holdings	29
Portfolio Turnover	122%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	280.9
Swaps	41.0
Forward Foreign Currency Contracts	23.5
Options	0.4

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
US Treasury Bill	9.3
SPDR Gold Shares	8.5
iShares Russell 2000 ETF	5.9
iPath Bloomberg Commodity Index Total Return ETN (Barclays Bank Plc Warrant Program) 6/12/2036	4.9
iShares MSCI EAFE ETF	4.0
Vanguard Health Care Index Fund ETF Shares	1.3
Vanguard Consumer Staples Index Fund ETF Shares	1.3
	35.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914463.100 6524-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Hedged Equity Fund Fidelity Advisor® Hedged Equity Fund Class C : FEQDX

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 81	1.55%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$244,353,561
Number of Holdings	423
Portfolio Turnover	28%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Options	1.2

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Apple Inc	7.0
Microsoft Corp	6.8
NVIDIA Corp	6.3
Alphabet Inc Class A	4.1
Amazon.com Inc	3.8
Meta Platforms Inc Class A	2.3
Berkshire Hathaway Inc Class B	2.1
Broadcom Inc	1.7
JPMorgan Chase & Co	1.7
Eli Lilly & Co	1.6
	37.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914474.100 6877-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Risk Parity Fund Fidelity Advisor® Risk Parity Fund Class I : FAPYX

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 31	0.60%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$8,016,521
Number of Holdings	25
Portfolio Turnover	114%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	12.0
Swaps	40.4

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Fidelity Inflation-Protected Bond Index Fund	27.7
iShares US Treasury Bond ETF	9.3
Fidelity Commodity Strategy Fund	9.2
Fidelity Total Market Index Fund	8.7
Fidelity Small Cap Value Index Fund	8.0
Fidelity International Index Fund	6.8
iShares J.P. Morgan EM Local Currency Bond ETF	6.6
Fidelity Small Cap Index Fund	5.3
US Treasury Bill	4.3
Fidelity Real Estate Index Fund	3.3
	89.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914456.100 6517-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Macro Opportunities Fund Fidelity Advisor® Macro Opportunities Fund Class A : FAQBX

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 52	1.05%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$10,355,932
Number of Holdings	29
Portfolio Turnover	122%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	280.9
Swaps	41.0
Forward Foreign Currency Contracts	23.5
Options	0.4

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
US Treasury Bill	9.3
SPDR Gold Shares	8.5
iShares Russell 2000 ETF	5.9
iPath Bloomberg Commodity Index Total Return ETN (Barclays Bank Plc Warrant Program) 6/12/2036	4.9
iShares MSCI EAFE ETF	4.0
Vanguard Health Care Index Fund ETF Shares	1.3
Vanguard Consumer Staples Index Fund ETF Shares	1.3
	35.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914459.100 6520-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Risk Parity Fund Fidelity® Risk Parity Fund : FAPSX

This semi-annual shareholder report contains information about Fidelity® Risk Parity Fund for the period February 1, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Risk Parity Fund	$ 31	0.60%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$8,016,521
Number of Holdings	25
Portfolio Turnover	114%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	12.0
Swaps	40.4

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Fidelity Inflation-Protected Bond Index Fund	27.7
iShares US Treasury Bond ETF	9.3
Fidelity Commodity Strategy Fund	9.2
Fidelity Total Market Index Fund	8.7
Fidelity Small Cap Value Index Fund	8.0
Fidelity International Index Fund	6.8
iShares J.P. Morgan EM Local Currency Bond ETF	6.6
Fidelity Small Cap Index Fund	5.3
US Treasury Bill	4.3
Fidelity Real Estate Index Fund	3.3
	89.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914452.100 6513-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Risk Parity Fund Fidelity Advisor® Risk Parity Fund Class Z : FAPZX

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 28	0.55%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$8,016,521
Number of Holdings	25
Portfolio Turnover	114%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	12.0
Swaps	40.4

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Fidelity Inflation-Protected Bond Index Fund	27.7
iShares US Treasury Bond ETF	9.3
Fidelity Commodity Strategy Fund	9.2
Fidelity Total Market Index Fund	8.7
Fidelity Small Cap Value Index Fund	8.0
Fidelity International Index Fund	6.8
iShares J.P. Morgan EM Local Currency Bond ETF	6.6
Fidelity Small Cap Index Fund	5.3
US Treasury Bill	4.3
Fidelity Real Estate Index Fund	3.3
	89.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914457.100 6518-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Risk Parity Fund Fidelity Advisor® Risk Parity Fund Class C : FAPVX

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 83	1.60%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$8,016,521
Number of Holdings	25
Portfolio Turnover	114%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	12.0
Swaps	40.4

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Fidelity Inflation-Protected Bond Index Fund	27.7
iShares US Treasury Bond ETF	9.3
Fidelity Commodity Strategy Fund	9.2
Fidelity Total Market Index Fund	8.7
Fidelity Small Cap Value Index Fund	8.0
Fidelity International Index Fund	6.8
iShares J.P. Morgan EM Local Currency Bond ETF	6.6
Fidelity Small Cap Index Fund	5.3
US Treasury Bill	4.3
Fidelity Real Estate Index Fund	3.3
	89.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914454.100 6515-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Equity Market Neutral Fund Fidelity Advisor® Equity Market Neutral Fund Class A : FEMLX

This semi-annual shareholder report contains information about Fidelity® Equity Market Neutral Fund for the period June 25, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A A	$ 14	1.35%

AExpenses for the full reporting period would be higher.

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$10,005,423
Number of Holdings	213
Portfolio TurnoverA	0%

A Amount not annualized

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Swaps	143.3
Forward Foreign Currency Contracts	57.0

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	2.4
FedEx Corp	2.2
JPMorgan Chase & Co	2.2
Expedia Group Inc Class A	2.1
Schindler Holding AG	2.1
Apollo Global Management Inc	2.1
Nickel Industries Ltd	2.1
Taiwan Semiconductor Manufacturing Co Ltd	2.0
Taiyo Yuden Co Ltd	2.0
T-Mobile US Inc	2.0
	21.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916842.100 7619-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® SAI Convertible Arbitrage Fund Fidelity® SAI Convertible Arbitrage Fund : FSAWX

This semi-annual shareholder report contains information about Fidelity® SAI Convertible Arbitrage Fund for the period February 1, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® SAI Convertible Arbitrage Fund	$ 74	1.45%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$236,646,750
Number of Holdings	26
Portfolio Turnover	741%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	21.2
Swaps	316.6

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
US Treasury Bill	56.3
Granite Construction Inc	7.1
SPDR S&P 500 ETF Trust	4.6
iShares MSCI ACWI ETF	4.3
Lantheus Holdings Inc	4.1
Royal Caribbean Cruises Ltd	4.0
Insmed Inc	3.6
BlackLine Inc	3.0
Enovis Corp	1.8
Advanced Energy Industries Inc	1.6
	90.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914486.100 7521-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Macro Opportunities Fund Fidelity Advisor® Macro Opportunities Fund Class M : FAQDX

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 64	1.30%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$10,355,932
Number of Holdings	29
Portfolio Turnover	122%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	280.9
Swaps	41.0
Forward Foreign Currency Contracts	23.5
Options	0.4

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
US Treasury Bill	9.3
SPDR Gold Shares	8.5
iShares Russell 2000 ETF	5.9
iPath Bloomberg Commodity Index Total Return ETN (Barclays Bank Plc Warrant Program) 6/12/2036	4.9
iShares MSCI EAFE ETF	4.0
Vanguard Health Care Index Fund ETF Shares	1.3
Vanguard Consumer Staples Index Fund ETF Shares	1.3
	35.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914461.100 6522-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Equity Market Neutral Fund Fidelity Advisor® Equity Market Neutral Fund Class Z : FEMWX

This semi-annual shareholder report contains information about Fidelity® Equity Market Neutral Fund for the period June 25, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z A	$ 11	1.05%

AExpenses for the full reporting period would be higher.

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$10,005,423
Number of Holdings	213
Portfolio TurnoverA	0%

A Amount not annualized

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Swaps	143.3
Forward Foreign Currency Contracts	57.0

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	2.4
FedEx Corp	2.2
JPMorgan Chase & Co	2.2
Expedia Group Inc Class A	2.1
Schindler Holding AG	2.1
Apollo Global Management Inc	2.1
Nickel Industries Ltd	2.1
Taiwan Semiconductor Manufacturing Co Ltd	2.0
Taiyo Yuden Co Ltd	2.0
T-Mobile US Inc	2.0
	21.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916850.100 7623-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Hedged Equity Fund Fidelity® Hedged Equity Fund : FEQHX

This semi-annual shareholder report contains information about Fidelity® Hedged Equity Fund for the period February 1, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Hedged Equity Fund	$ 29	0.55%

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$244,353,561
Number of Holdings	423
Portfolio Turnover	28%

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Options	1.2

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Apple Inc	7.0
Microsoft Corp	6.8
NVIDIA Corp	6.3
Alphabet Inc Class A	4.1
Amazon.com Inc	3.8
Meta Platforms Inc Class A	2.3
Berkshire Hathaway Inc Class B	2.1
Broadcom Inc	1.7
JPMorgan Chase & Co	1.7
Eli Lilly & Co	1.6
	37.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914472.100 6875-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Yield Enhanced Equity ETF Fidelity® Yield Enhanced Equity ETF : FYEE Principal U.S. Listing Exchange : CboeBZX Cboe BZX Exchange, Inc.

This semi-annual shareholder report contains information about Fidelity® Yield Enhanced Equity ETF for the period April 9, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Yield Enhanced Equity ETF A	$ 9	0.28%

A Expenses for the full reporting period would be higher.

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$5,771,425
Number of Holdings	180
Portfolio TurnoverA	36%

A Amount not annualized

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Options	0.5

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Apple Inc	7.4
NVIDIA Corp	6.7
Microsoft Corp	6.4
Amazon.com Inc	3.7
Meta Platforms Inc Class A	2.7
Berkshire Hathaway Inc Class B	2.2
Alphabet Inc Class A	2.2
Broadcom Inc	2.0
Alphabet Inc Class C	2.0
JPMorgan Chase & Co	1.8
	37.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916943.100 7590-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Dynamic Buffered Equity ETF Fidelity® Dynamic Buffered Equity ETF : FBUF Principal U.S. Listing Exchange : CboeBZX Cboe BZX Exchange, Inc.

This semi-annual shareholder report contains information about Fidelity® Dynamic Buffered Equity ETF for the period April 9, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Dynamic Buffered Equity ETF A	$ 15	0.48%

A Expenses for the full reporting period would be higher.

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$7,712,308
Number of Holdings	183
Portfolio TurnoverA	36%

A Amount not annualized

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Options	1.1

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Apple Inc	7.4
NVIDIA Corp	6.7
Microsoft Corp	6.4
Amazon.com Inc	3.6
Meta Platforms Inc Class A	2.7
Berkshire Hathaway Inc Class B	2.2
Alphabet Inc Class A	2.2
Broadcom Inc	2.0
Alphabet Inc Class C	2.0
JPMorgan Chase & Co	1.8
	37.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916941.100 7589-TSRS-0924


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2024
	Fidelity® Hedged Equity ETF Fidelity® Hedged Equity ETF : FHEQ Principal U.S. Listing Exchange : CboeBZX Cboe BZX Exchange, Inc.

This semi-annual shareholder report contains information about Fidelity® Hedged Equity ETF for the period April 9, 2024 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Hedged Equity ETF A	$ 15	0.48%

A Expenses for the full reporting period would be higher.

Key Fund Statistics

(as of July 31, 2024)

KEY FACTS
Fund Size	$465,569,895
Number of Holdings	185
Portfolio TurnoverA	37%

A Amount not annualized

What did the Fund invest in?
(as of July 31, 2024)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Options	1.2

ASSET ALLOCATION (% of Fund's total exposure)

TOP HOLDINGS (% of Fund's net assets)
Apple Inc	7.3
NVIDIA Corp	6.5
Microsoft Corp	6.1
Amazon.com Inc	3.5
Meta Platforms Inc Class A	2.6
Berkshire Hathaway Inc Class B	2.2
Alphabet Inc Class A	2.1
Alphabet Inc Class C	1.9
Broadcom Inc	1.9
JPMorgan Chase & Co	1.7
	35.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916939.100 7588-TSRS-0924

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.

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

Fidelity® Risk Parity Fund

Semi-Annual Report

July 31, 2024

Includes Fidelity and Fidelity Advisor share classes

Contents

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

Fidelity® Risk Parity Fund

Notes to Consolidated Financial Statements

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

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

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

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

Fidelity® Risk Parity Fund

Consolidated Schedule of Investments July 31, 2024 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 42.8%
	Shares	Value ($)
Domestic Equity Funds - 34.6%
Fidelity Commodity Strategy Fund (a)	7,973	729,365
Fidelity Real Estate Index Fund (a)	16,329	267,788
Fidelity Small Cap Index Fund (a)	15,235	427,179
Fidelity Small Cap Value Index Fund (a)	24,044	643,895
Fidelity Total Market Index Fund (a)	4,600	700,004
TOTAL DOMESTIC EQUITY FUNDS		2,768,231
International Equity Funds - 8.2%
Fidelity Emerging Markets Index Fund (a)	10,694	116,025
Fidelity International Index Fund (a)	10,598	543,051
TOTAL INTERNATIONAL EQUITY FUNDS		659,076
TOTAL EQUITY FUNDS (Cost $3,053,425)		3,427,307

Fixed-Income Funds - 47.3%
	Shares	Value ($)
Fixed-Income Funds - 45.6%
Fidelity Inflation-Protected Bond Index Fund (a)	241,364	2,213,312
Fidelity Long-Term Treasury Bond Index Fund (a)	7,899	77,410
Invesco Senior Loan ETF	4,137	86,877
iShares J.P. Morgan EM Local Currency Bond ETF	14,550	530,493
iShares U.S. Treasury Bond ETF	32,557	749,137
TOTAL FIXED-INCOME FUNDS		3,657,229
Global Fixed-Income Funds - 1.7%
Fidelity International Bond Index Fund (a)	14,542	134,513
TOTAL FIXED-INCOME FUNDS (Cost $3,736,971)		3,791,742

U.S. Treasury Obligations - 4.3%
	Principal Amount (b)	Value ($)
U.S. Treasury Bills, yield at date of purchase 5.3% to 5.3% 10/3/24 to 10/10/24 (c)(d) (Cost $346,473)	350,000	346,514

Cash Equivalents - 4.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (e) (Cost $360,061)	359,989	360,061

TOTAL INVESTMENT IN SECURITIES - 98.9% (Cost $7,496,930)	7,925,624
NET OTHER ASSETS (LIABILITIES) - 1.1%	90,897
NET ASSETS - 100.0%	8,016,521

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Equity Index Contracts
ICE MSCI EAFE Index Contracts (United States)	3	Sep 2024	358,455	9,161	9,161
ICE MSCI Emerging Markets Index Contracts (United States)	11	Sep 2024	603,075	5,578	5,578

TOTAL FUTURES CONTRACTS					14,739
The notional amount of futures purchased as a percentage of Net Assets is 12.0%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $673,680.

Total Return Swaps

Underlying Reference

Pay/

Receive

Reference

Payment

Frequency

Financing

Rate

Financing

Frequency

Counterparty

Maturity

Date

Units

Notional

Amount

Value ($)

Upfront

Premium

Received/

(Paid) ($)

Unrealized

Appreciation/

(Depreciation) ($)

Invesco Senior Loan ETF

Receives

Monthly

U.S. Secured Overnight Fin. Rate (SOFR) Index

Monthly

BNP Paribas S.A.

Dec 2024

3,579

75,266

(369)

iShares 20+ Year Treasury Bond ETF

Receives

Monthly

U.S. Secured Overnight Fin. Rate (SOFR) Index

Monthly

BNP Paribas S.A.

Jan 2025

2,253

202,567

10,102

SPDR Gold Shares

Receives

Monthly

U.S. Secured Overnight Fin. Rate (SOFR) Index

Monthly

Goldman Sachs Intl.

Jan 2025

3,259

702,543

32,672

Invesco Senior Loan ETF

Receives

Monthly

U.S. Secured Overnight Fin. Rate (SOFR) Index

Monthly

Goldman Sachs Intl.

Oct 2024

41,728

877,540

(4,930)

Invesco Senior Loan ETF

Receives

Monthly

U.S. Secured Overnight Fin. Rate (SOFR) Index

Monthly

Goldman Sachs Intl.

Nov 2024

5,202

109,398

(615)

iShares JPMorgan USD Emerging Markets Bond ETF

Receives

Monthly

U.S. Secured Overnight Fin. Rate (SOFR) Index

Monthly

Morgan Stanley Capital Services LLC

Oct 2024

5,017

440,242

11,684

iShares iBoxx $ High Yield Corporate Bond ETF

Receives

Monthly

U.S. Secured Overnight Fin. Rate (SOFR) Index

Monthly

Morgan Stanley Capital Services LLC

Jan 2025

10,841

831,722

16,381

TOTAL RETURN SWAPS

64,925

For the period, the average monthly notional amount at value for swaps in the aggregate was $3,571,257.

Security Type Abbreviations

ETF

EXCHANGE-TRADED FUND

Legend

(a)	Affiliated Fund

(b)	Amount is stated in United States dollars unless otherwise noted.

(c)	Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $29,728.

(d)	Security or a portion of the security has been segregated as collateral for open bi-lateral over the counter (OTC) swaps. At period end, the value of securities pledged amounted to $138,594.

(e)

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	1,082,291	1,058,660	1,780,890	18,066	-	-	360,061	0.0%
Total	1,082,291	1,058,660	1,780,890	18,066	-	-	360,061

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

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
Fidelity Commodity Strategy Fund	718,317	62,622	55,021	-	(10,219)	13,666	729,365
Fidelity Emerging Markets Index Fund	600,671	197,959	743,905	-	40,800	20,500	116,025
Fidelity Inflation-Protected Bond Index Fund	1,007,571	1,701,401	524,786	23,472	(8,965)	38,091	2,213,312
Fidelity International Bond Index Fund	-	333,315	200,253	1,583	(703)	2,154	134,513
Fidelity International Index Fund	843,816	54,118	409,744	1,932	54,560	301	543,051
Fidelity Long-Term Treasury Bond Index Fund	464,673	86,054	457,762	4,843	(45,895)	30,340	77,410
Fidelity Real Estate Index Fund	218,192	44,975	18,629	1,440	(256)	23,506	267,788
Fidelity Small Cap Index Fund	343,463	64,950	41,872	505	2,932	57,706	427,179
Fidelity Small Cap Value Index Fund	509,657	97,473	53,679	-	1,649	88,795	643,895
Fidelity Total Market Index Fund	559,895	232,634	168,774	1,134	7,109	69,140	700,004
	5,266,255	2,875,501	2,674,425	34,909	41,012	344,199	5,852,542

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equity Funds	3,427,307	3,427,307	-	-

Fixed-Income Funds	3,791,742	3,791,742	-	-

Other Short-Term Investments and Net Other Assets	346,514	-	346,514	-

Money Market Funds	360,061	360,061	-	-
Total Investments in Securities:	7,925,624	7,579,110	346,514	-
Derivative Instruments: Assets
Futures Contracts	14,739	14,739	-	-
Swaps	70,839	-	70,839	-
Total Assets	85,578	14,739	70,839	-
Liabilities
Swaps	(5,914)	-	(5,914)	-
Total Liabilities	(5,914)	-	(5,914)	-
Total Derivative Instruments:	79,664	14,739	64,925	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Consolidated Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Commodity Risk
Swaps (a)	32,672	0
Total Commodity Risk	32,672	0
Credit Risk
Swaps (a)	28,065	(5,914)
Total Credit Risk	28,065	(5,914)
Equity Risk
Futures Contracts (b)	14,739	0
Total Equity Risk	14,739	0
Interest Rate Risk
Swaps (a)	10,102	0
Total Interest Rate Risk	10,102	0
Total Value of Derivatives	85,578	(5,914)

(a)For bi-lateral over-the-counter (OTC) swaps, reflects gross value which is presented in the Consolidated Statement of Assets and Liabilities in the bi-lateral OTC swaps, at value line-items.

(b)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

Consolidated Financial Statements (Unaudited)

Consolidated Statement of Assets and Liabilities
As of July 31, 2024 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $1,692,993)	$	1,713,021
Fidelity Central Funds (cost $360,061)		360,061
Other affiliated issuers (cost $5,443,876)		5,852,542


Total Investment in Securities (cost $7,496,930)			$	7,925,624
Cash				11,688
Receivable for investments sold				49
Dividends receivable				247
Distributions receivable from Fidelity Central Funds				1,409
Receivable for daily variation margin on futures contracts				18,275
Bi-lateral OTC swaps, at value				70,839
Receivable from investment adviser for expense reductions				275
Total assets				8,028,406
Liabilities
Payable for investments purchased	$	248
Payable for fund shares redeemed		55
Bi-lateral OTC swaps, at value		5,914
Accrued management fee		3,888
Distribution and service plan fees payable		1,568
Other affiliated payables		212
Total liabilities				11,885
Net Assets			$	8,016,521
Net Assets consist of:
Paid in capital			$	7,911,101
Total accumulated earnings (loss)				105,420
Net Assets			$	8,016,521

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($1,102,595 ÷ 110,410 shares)(a)			$	9.99
Maximum offering price per share (100/94.25 of $9.99)			$	10.60
Class M :
Net Asset Value and redemption price per share ($1,097,724 ÷ 109,943 shares)(a)			$	9.98
Maximum offering price per share (100/96.50 of $9.98)			$	10.34
Class C :
Net Asset Value and offering price per share ($1,084,942 ÷ 108,760 shares)(a)			$	9.98
Fidelity Risk Parity Fund :
Net Asset Value, offering price and redemption price per share ($2,412,805 ÷ 242,909 shares)			$	9.93
Class I :
Net Asset Value, offering price and redemption price per share ($1,214,796 ÷ 121,665 shares)			$	9.98
Class Z :
Net Asset Value, offering price and redemption price per share ($1,103,659 ÷ 110,457 shares)			$	9.99
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Consolidated Statement of Operations
Six months ended July 31, 2024 (Unaudited)
Investment Income
Dividends (including $34,909 earned from affiliated issuers)			$	54,693
Interest				7,883
Income from Fidelity Central Funds				18,066
Total income				80,642
Expenses
Management fee	$	22,637
Distribution and service plan fees		9,135
Independent trustees' fees and expenses		1,812
Total expenses before reductions		33,584
Expense reductions		(2,285)
Total expenses after reductions				31,299
Net Investment income (loss)				49,343
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		21,465
Affiliated issuers		41,012
Futures contracts		22,053
Swaps		33,463
Total net realized gain (loss)				117,993
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		4,187
Affiliated issuers		344,199
Futures contracts		11,413
Swaps		83,573
Total change in net unrealized appreciation (depreciation)				443,372
Net gain (loss)				561,365
Net increase (decrease) in net assets resulting from operations			$	610,708

Consolidated Statement of Changes in Net Assets

		Six months ended July 31, 2024 (Unaudited)		Year ended January 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	49,343	$	196,720
Net realized gain (loss)		117,993		(342,455)
Change in net unrealized appreciation (depreciation)		443,372		197,903
Net increase (decrease) in net assets resulting from operations		610,708		52,168
Distributions to shareholders		(100,429)		(249,670)

Share transactions - net increase (decrease)		(83,892)		575,397
Total increase (decrease) in net assets		426,387		377,895

Net Assets
Beginning of period		7,590,134		7,212,239
End of period	$	8,016,521	$	7,590,134

Consolidated Financial Highlights

Fidelity Advisor® Risk Parity Fund Class A

		Six months ended (Unaudited) July 31, 2024		Years ended January 31, 2024		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.35	$	9.64	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.06		.25		.86
Net realized and unrealized gain (loss)		.71		(.22)		(.60)
Total from investment operations		.77		.03		.26
Distributions from net investment income		(.13)		(.32)		(.62)
Total distributions		(.13)		(.32)		(.62)
Net asset value, end of period	$	9.99	$	9.35	$	9.64
Total Return D,E,F		8.27 %		.50%		2.90%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.90% I		.95%		2.40% I
Expenses net of fee waivers, if any		.85 % I		.85%		.85% I
Expenses net of all reductions		.84% I		.84%		.84% I
Net investment income (loss)		1.28% I		2.74%		15.39% I
Supplemental Data
Net assets, end of period (000 omitted)	$	1,103	$	1,015	$	1,009
Portfolio turnover rate J		114 % I		84%		163% I

AFor the period July 7, 2022 (commencement of operations) through January 31, 2023

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FTotal returns do not include the effect of the sales charges.

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.

HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Risk Parity Fund Class M

		Six months ended (Unaudited) July 31, 2024		Years ended January 31, 2024		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.35	$	9.64	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.05		.23		.84
Net realized and unrealized gain (loss)		.71		(.23)		(.60)
Total from investment operations		.76		- D		.24
Distributions from net investment income		(.13)		(.29)		(.60)
Total distributions		(.13)		(.29)		(.60)
Net asset value, end of period	$	9.98	$	9.35	$	9.64
Total Return E,F,G		8.14 %		.15%		2.77%
Ratios to Average Net Assets C,H,I
Expenses before reductions		1.15% J		1.20%		2.65% J
Expenses net of fee waivers, if any		1.10 % J		1.10%		1.10% J
Expenses net of all reductions		1.09% J		1.09%		1.09% J
Net investment income (loss)		1.02% J		2.49%		15.09% J
Supplemental Data
Net assets, end of period (000 omitted)	$	1,098	$	1,013	$	1,008
Portfolio turnover rate K		114 % J		84%		163% J

AFor the period July 7, 2022 (commencement of operations) through January 31, 2023

BCalculated based on average shares outstanding during the period.

DAmount represents less than $.005 per share.

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

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

GTotal returns do not include the effect of the sales charges.

HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.

IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Risk Parity Fund Class C

		Six months ended (Unaudited) July 31, 2024		Years ended January 31, 2024		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.37	$	9.64	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.03		.18		.82
Net realized and unrealized gain (loss)		.70		(.22)		(.60)
Total from investment operations		.73		(.04)		.22
Distributions from net investment income		(.12)		(.23)		(.58)
Total distributions		(.12)		(.23)		(.58)
Net asset value, end of period	$	9.98	$	9.37	$	9.64
Total Return D,E,F		7.87 %		(.30)%		2.52%
Ratios to Average Net Assets C,G,H
Expenses before reductions		1.65% I		1.70%		3.15% I
Expenses net of fee waivers, if any		1.60 % I		1.60%		1.60% I
Expenses net of all reductions		1.59% I		1.59%		1.59% I
Net investment income (loss)		.53% I		1.99%		14.60% I
Supplemental Data
Net assets, end of period (000 omitted)	$	1,085	$	1,002	$	1,008
Portfolio turnover rate J		114 % I		84%		163% I

AFor the period July 7, 2022 (commencement of operations) through January 31, 2023

BCalculated based on average shares outstanding during the period.

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

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

FTotal returns do not include the effect of the contingent deferred sales charge.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity® Risk Parity Fund

		Six months ended (Unaudited) July 31, 2024		Years ended January 31, 2024		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.29	$	9.60	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.07		.27		.27
Net realized and unrealized gain (loss)		.70		(.22)		(.04)
Total from investment operations		.77		.05		.23
Distributions from net investment income		(.13)		(.36)		(.63)
Total distributions		(.13)		(.36)		(.63)
Net asset value, end of period	$	9.93	$	9.29	$	9.60
Total Return D,E		8.35 %		.70%		2.63%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.65% H		.70%		1.26% H
Expenses net of fee waivers, if any		.60 % H		.60%		.60% H
Expenses net of all reductions		.59% H		.59%		.58% H
Net investment income (loss)		1.52% H		2.98%		7.06% H
Supplemental Data
Net assets, end of period (000 omitted)	$	2,413	$	2,403	$	2,036
Portfolio turnover rate I		114 % H		84%		163% H

AFor the period September 1, 2022 (commencement of sale of shares) through January 31, 2023.

BCalculated based on average shares outstanding during the period.

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

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

FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.

GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Risk Parity Fund Class I

		Six months ended (Unaudited) July 31, 2024		Years ended January 31, 2024		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.34	$	9.64	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.07		.27		.88
Net realized and unrealized gain (loss)		.70		(.21)		(.61)
Total from investment operations		.77		.06		.27
Distributions from net investment income		(.13)		(.36)		(.63)
Total distributions		(.13)		(.36)		(.63)
Net asset value, end of period	$	9.98	$	9.34	$	9.64
Total Return D,E		8.30 %		.76%		3.02%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.65% H		.70%		2.18% H
Expenses net of fee waivers, if any		.60 % H		.60%		.60% H
Expenses net of all reductions		.59% H		.59%		.59% H
Net investment income (loss)		1.52% H		2.99%		15.81% H
Supplemental Data
Net assets, end of period (000 omitted)	$	1,215	$	1,139	$	1,141
Portfolio turnover rate I		114 % H		84%		163% H

AFor the period July 7, 2022 (commencement of operations) through January 31, 2023

BCalculated based on average shares outstanding during the period.

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

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Risk Parity Fund Class Z

		Six months ended (Unaudited) July 31, 2024		Years ended January 31, 2024		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.34	$	9.65	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.08		.28		.97
Net realized and unrealized gain (loss)		.70		(.23)		(.69)
Total from investment operations		.78		.05		.28
Distributions from net investment income		(.13)		(.36)		(.63)
Total distributions		(.13)		(.36)		(.63)
Net asset value, end of period	$	9.99	$	9.34	$	9.65
Total Return D,E		8.42 %		.70%		3.13%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.60% H		.65%		2.23% H
Expenses net of fee waivers, if any		.55 % H		.55%		.55% H
Expenses net of all reductions		.54% H		.54%		.54% H
Net investment income (loss)		1.57% H		3.04%		17.34% H
Supplemental Data
Net assets, end of period (000 omitted)	$	1,104	$	1,018	$	1,011
Portfolio turnover rate I		114 % H		84%		163% H

AFor the period July 7, 2022 (commencement of operations) through January 31, 2023

BCalculated based on average shares outstanding during the period.

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

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Consolidated Financial Statements

(Unaudited)

For the period ended July 31, 2024

1. Organization.

Fidelity Risk Parity Fund (the Fund) is a fund of Fidelity Greenwood Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund offers Class A, Class M, Class C, Fidelity Risk Parity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Consolidated Subsidiary.

The Funds included in the table below hold certain commodity-related investments through a wholly owned subsidiary (the "Subsidiary"). As of period end, the investments in the Subsidiaries, were as follows:

	Subsidiary Name	Net Assets of Subsidiary	% of Fund's Net Assets
Fidelity Risk Parity Fund	Fidelity Risk Parity Cayman Ltd.	185,699	2.3

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

3. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

4. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated 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 consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities and swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2024 is included at the end of the Fund's Consolidated Schedule of Investments.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

Book-tax differences are primarily due to futures contracts, swaps, controlled foreign corporations, capital loss carryforwards and losses deferred due to wash sales.

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

Gross unrealized appreciation	$619,457
Gross unrealized depreciation	(168,721)
Net unrealized appreciation (depreciation)	$450,736
Tax cost	$7,554,552

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Short-term	$(421,753)
Long-term	(51,213)
Total capital loss carryforward	$(472,966)

5. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts and swaps. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns, to gain exposure to certain types of assets and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):


Commodity Risk	Commodity risk is the risk that the value of a commodity will fluctuate as a result of changes in market prices.
Credit Risk	Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund.
Equity Risk	Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Interest Rate Risk	Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as bi-lateral swaps, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Consolidated Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Consolidated Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Consolidated Statement of Operations.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)($)	Change in Net Unrealized Appreciation (Depreciation)($)
Fidelity Risk Parity Fund
Commodity Risk
Swaps	56,391	41,713
Total Commodity Risk	56,391	41,713
Credit Risk
Swaps	14,628	32,184
Total Credit Risk	14,628	32,184
Equity Risk
Futures Contracts	22,053	11,413
Total Equity Risk	22,053	11,413
Interest Rate Risk
Swaps	(37,556)	9,676
Total Interest Rate Risk	(37,556)	9,676
Totals	55,516	94,986

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Consolidated Schedule of Investments.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Consolidated Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Consolidated Statement of Operations.

Any open futures contracts at period end are presented in the Consolidated Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.

Bi-lateral OTC swaps are marked-to-market daily and changes in value are reflected in the Consolidated Statement of Assets and Liabilities in the bi-lateral OTC swaps at value line items. Any upfront premiums paid or received upon entering a bi-lateral OTC swap to compensate for differences between stated terms of the swap and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded in total accumulated earnings (loss) in the Consolidated Statement of Assets and Liabilities and amortized to realized gain or (loss) ratably over the term of the swap. Any unamortized upfront premiums are presented in the Consolidated Schedule of Investments.

Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Consolidated Statement of Operations.

Any open swaps at period end are included in the Consolidated Schedule of Investments under the caption "Swaps", and are representative of volume of activity during the period unless an average notional amount is presented.

Total Return Swaps. Total return swaps are agreements between counterparties to exchange cash flows, one based on a market-linked return of an individual asset or a basket of assets (i.e., an index), and the other on a fixed or floating rate. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting payment obligation, a fund will receive a payment from or make a payment to the counterparty. A fund enters into total return swaps to manage its market exposure.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Risk Parity Fund	4,150,567	3,757,225

7. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Diversifying Solutions LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which each class of the Fund pays a monthly management fee. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, distribution and service plan fees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses. During the period, the management fee for each class of the Fund was as follows:

	Annual % of Class-Level Average Net Assets
Class A	.60%
Class M	.60%
Class C	.60%
Fidelity Risk Parity Fund	.60%
Class I	.60%
Class Z	.55%

The investment adviser also provides investment management services to the Subsidiary. The Subsidiary does not pay the investment adviser a fee for these services. The Subsidiary pays certain other expenses, such as custody fees.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees ($)	Retained by FDC ($)
Class A	- %	.25%	1,314	1,311
Class M	.25%	.25%	2,624	2,608
Class C	.75%	.25%	5,197	5,195
			9,135	9,114

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC ($)
Class A	6
Class M	16
Class CA	5
	27

A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

	Amount ($)
Fidelity Risk Parity Fund	36

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

8. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

9. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through May 31, 2025. Some expenses, for example certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement ($)
Class A	.85%	249
Class M	1.10%	249
Class C	1.60%	246
Fidelity Risk Parity Fund	.60%	540
Class I	.60%	280
Class Z	.55%	250
		1,814

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $471.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended July 31, 2024	Year ended January 31, 2024
Fidelity Risk Parity Fund
Distributions to shareholders
Class A	$13,793	$34,079
Class M	13,552	30,555
Class C	13,114	23,943
Fidelity Risk Parity Fund	30,065	80,347
Class I	15,739	42,566
Class Z	14,166	38,180
Total	$100,429	$249,670

11. Share Transactions.

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Six months ended July 31, 2024	Year ended January 31, 2024	Six months ended July 31, 2024	Year ended January 31, 2024
Fidelity Risk Parity Fund
Class A
Shares sold	395	193	$3,883	$1,756
Reinvestment of distributions	1,449	3,788	13,793	34,079
Shares redeemed	(15)	(6)	(150)	(60)
Net increase (decrease)	1,829	3,975	$17,526	$35,775
Class M
Shares sold	182	371	$1,726	$3,325
Reinvestment of distributions	1,422	3,404	13,552	30,555
Net increase (decrease)	1,604	3,775	$15,278	$33,880
Class C
Shares sold	501	110	$4,721	$1,000
Reinvestment of distributions	1,375	2,687	13,114	23,943
Shares redeemed	(137)	(310)	(1,338)	(2,729)
Net increase (decrease)	1,739	2,487	$16,497	$22,214
Fidelity Risk Parity Fund
Shares sold	17,524	107,679	$167,850	$961,233
Reinvestment of distributions	876	2,124	8,287	19,219
Shares redeemed	(34,183)	(63,187)	(319,735)	(568,009)
Net increase (decrease)	(15,783)	46,616	$(143,598)	$412,443
Class I
Reinvestment of distributions	1,655	4,724	15,739	42,566
Shares redeemed	(2,000)	(1,034)	(19,500)	(9,661)
Net increase (decrease)	(345)	3,690	$(3,761)	$32,905
Class Z
Reinvestment of distributions	1,490	4,233	14,166	38,180
Net increase (decrease)	1,490	4,233	$14,166	$38,180

12. Other.

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

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund	Affiliated %
Fidelity Risk Parity Fund	70%

13. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

Note: This is not applicable for any fund included in this document.

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

Note: This is not applicable for any fund included in this document.

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

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment companies.

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

Note: This is not applicable for any fund included in this document.

1.9906093.102

RPF-SANN-0924

Fidelity® Dynamic Buffered Equity ETF

Fidelity® Hedged Equity ETF

Fidelity® Yield Enhanced Equity ETF

Semi-Annual Report

July 31, 2024

Contents

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

Fidelity® Dynamic Buffered Equity ETF

Fidelity® Hedged Equity ETF

Fidelity® Yield Enhanced Equity ETF

Notes to Financial Statements

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

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

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

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

You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.

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

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

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.

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

Fidelity® Dynamic Buffered Equity ETF

Schedule of Investments July 31, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares	Value ($)
COMMUNICATION SERVICES - 10.1%
Diversified Telecommunication Services - 0.8%
AT&T, Inc. (a)	1,875	36,094
Verizon Communications, Inc. (a)	727	29,458
		65,552
Entertainment - 1.6%
Netflix, Inc. (a)(b)	96	60,322
Playtika Holding Corp. (a)	3,640	27,773
Roku, Inc. Class A (b)	67	3,900
Spotify Technology SA (a)(b)	24	8,255
The Walt Disney Co.	206	19,300
		119,550
Interactive Media & Services - 6.8%
Alphabet, Inc.:
Class A (a)	965	165,536
Class C (a)	877	151,853
Meta Platforms, Inc. Class A (a)	435	206,551
		523,940
Media - 0.9%
Comcast Corp. Class A (a)	1,614	66,610
TOTAL COMMUNICATION SERVICES		775,652
CONSUMER DISCRETIONARY - 9.0%
Automobiles - 1.0%
Ford Motor Co.	1,381	14,942
Tesla, Inc. (b)	281	65,212
		80,154
Broadline Retail - 3.6%
Amazon.com, Inc. (a)(b)	1,488	278,226
Macy's, Inc.	67	1,158
		279,384
Hotels, Restaurants & Leisure - 1.3%
Chipotle Mexican Grill, Inc. (b)	201	10,918
Draftkings Holdings, Inc. (b)	144	5,321
Hilton Worldwide Holdings, Inc.	52	11,163
International Game Technology PLC	1,765	41,425
Light & Wonder, Inc. Class A (b)	36	3,859
McDonald's Corp.	65	17,251
MGM Resorts International (b)	196	8,422
Travel+Leisure Co.	66	3,042
		101,401
Household Durables - 0.6%
Taylor Morrison Home Corp. (b)	355	23,813
Toll Brothers, Inc.	9	1,284
TRI Pointe Homes, Inc. (b)	379	17,150
		42,247
Specialty Retail - 2.4%
Abercrombie & Fitch Co. Class A (b)	63	9,291
Carvana Co. Class A (b)	243	32,375
Gap, Inc.	809	18,995
Ross Stores, Inc.	157	22,487
The Home Depot, Inc. (a)	272	100,140
TJX Companies, Inc.	16	1,808
		185,096
Textiles, Apparel & Luxury Goods - 0.1%
lululemon athletica, Inc. (b)	12	3,104
TOTAL CONSUMER DISCRETIONARY		691,386
CONSUMER STAPLES - 4.5%
Beverages - 0.4%
Boston Beer Co., Inc. Class A (b)	51	14,291
The Coca-Cola Co.	253	16,885
		31,176
Consumer Staples Distribution & Retail - 2.1%
Costco Wholesale Corp.	101	83,022
Kroger Co.	432	23,544
Walmart, Inc.	792	54,363
		160,929
Household Products - 1.5%
Colgate-Palmolive Co.	223	22,119
Kimberly-Clark Corp.	135	18,232
Procter & Gamble Co.	447	71,860
		112,211
Tobacco - 0.5%
Philip Morris International, Inc.	369	42,494
TOTAL CONSUMER STAPLES		346,810
ENERGY - 2.4%
Oil, Gas & Consumable Fuels - 2.4%
Chevron Corp.	30	4,814
ConocoPhillips Co.	43	4,782
Devon Energy Corp.	193	9,077
EOG Resources, Inc.	288	36,518
Exxon Mobil Corp.	1,070	126,891
		182,082
FINANCIALS - 14.2%
Banks - 2.9%
Bank of America Corp. (a)	2,078	83,764
JPMorgan Chase & Co. (a)	657	139,810
		223,574
Capital Markets - 3.6%
Ameriprise Financial, Inc. (a)	87	37,416
Bank of New York Mellon Corp.	366	23,816
BlackRock, Inc.	63	55,220
Charles Schwab Corp. (a)	200	13,038
CME Group, Inc. (a)	133	25,763
Goldman Sachs Group, Inc. (a)	19	9,672
LPL Financial	66	14,620
Morgan Stanley	297	30,653
Raymond James Financial, Inc. (a)	163	18,908
Robinhood Markets, Inc. (b)	84	1,728
S&P Global, Inc.	14	6,786
SEI Investments Co.	417	28,289
T. Rowe Price Group, Inc.	103	11,764
Tradeweb Markets, Inc. Class A (a)	29	3,239
		280,912
Consumer Finance - 0.7%
American Express Co. (a)	208	52,632
Financial Services - 4.8%
Berkshire Hathaway, Inc. Class B (a)(b)	390	171,015
Enact Holdings, Inc. (a)	384	13,068
Jackson Financial, Inc.	60	5,284
MasterCard, Inc. Class A (a)	216	100,161
PayPal Holdings, Inc. (a)(b)	789	51,900
Visa, Inc. Class A (a)	111	29,489
		370,917
Insurance - 2.2%
Aon PLC (a)	114	37,450
Globe Life, Inc.	305	28,286
Marsh & McLennan Companies, Inc. (a)	132	29,379
Progressive Corp. (a)	257	55,029
Unum Group (a)	109	6,271
Willis Towers Watson PLC	42	11,856
		168,271
TOTAL FINANCIALS		1,096,306
HEALTH CARE - 13.1%
Biotechnology - 3.6%
AbbVie, Inc. (a)	355	65,789
Alkermes PLC (a)(b)	374	10,218
Amgen, Inc.	72	23,938
Biogen, Inc. (a)(b)	126	26,863
Exelixis, Inc. (a)(b)	1,636	38,364
Gilead Sciences, Inc. (a)	762	57,958
Halozyme Therapeutics, Inc. (b)	172	9,505
Incyte Corp. (a)(b)	458	29,802
Neurocrine Biosciences, Inc. (b)	124	17,555
United Therapeutics Corp. (b)	3	940
		280,932
Health Care Equipment & Supplies - 1.5%
Abbott Laboratories	179	18,963
Becton, Dickinson & Co. (a)	192	46,284
DexCom, Inc. (b)	8	543
Edwards Lifesciences Corp. (a)(b)	96	6,053
GE Healthcare Technologies, Inc. (a)	15	1,269
Hologic, Inc. (a)(b)	456	37,214
Solventum Corp.	102	6,006
		116,332
Health Care Providers & Services - 2.8%
Cencora, Inc.	48	11,418
Centene Corp. (a)(b)	24	1,846
Cigna Group	156	54,393
Elevance Health, Inc. (a)	88	46,819
McKesson Corp.	14	8,638
UnitedHealth Group, Inc. (a)	159	91,609
		214,723
Life Sciences Tools & Services - 0.7%
Medpace Holdings, Inc. (a)(b)	90	34,427
Thermo Fisher Scientific, Inc.	35	21,467
		55,894
Pharmaceuticals - 4.5%
Bristol-Myers Squibb Co. (a)	1,153	54,837
Eli Lilly & Co. (a)	85	68,363
Johnson & Johnson (a)	534	84,292
Merck & Co., Inc. (a)	698	78,965
Pfizer, Inc. (a)	1,878	57,354
		343,811
TOTAL HEALTH CARE		1,011,692
INDUSTRIALS - 10.3%
Aerospace & Defense - 3.3%
General Electric Co.	301	51,230
Hexcel Corp.	13	861
Howmet Aerospace, Inc.	522	49,955
L3Harris Technologies, Inc.	8	1,815
Lockheed Martin Corp. (a)	114	61,779
Northrop Grumman Corp. (a)	98	47,463
Textron, Inc. (a)	445	41,341
		254,444
Building Products - 0.4%
Trane Technologies PLC (a)	86	28,748
Commercial Services & Supplies - 1.1%
Cintas Corp. (a)	51	38,961
Waste Management, Inc.	205	41,545
		80,506
Electrical Equipment - 0.6%
Eaton Corp. PLC (a)	145	44,195
EnerSys	7	770
		44,965
Ground Transportation - 2.0%
CSX Corp. (a)	1,344	47,174
Uber Technologies, Inc. (a)(b)	617	39,778
Union Pacific Corp. (a)	267	65,877
		152,829
Industrial Conglomerates - 0.1%
3M Co.	81	10,332
Machinery - 0.8%
Caterpillar, Inc. (a)	84	29,081
Illinois Tool Works, Inc.	43	10,633
PACCAR, Inc. (a)	144	14,207
Westinghouse Air Brake Tech Co.	55	8,863
		62,784
Passenger Airlines - 0.3%
SkyWest, Inc. (b)	270	21,584
Professional Services - 1.6%
CACI International, Inc. (a)(b)	76	35,072
Leidos Holdings, Inc. (a)	241	34,800
SS&C Technologies Holdings, Inc. (a)	588	42,895
Verisk Analytics, Inc.	49	12,826
		125,593
Trading Companies & Distributors - 0.1%
Applied Industrial Technologies, Inc.	49	10,691
TOTAL INDUSTRIALS		792,476
INFORMATION TECHNOLOGY - 30.4%
Communications Equipment - 0.1%
Arista Networks, Inc. (b)	31	10,743
IT Services - 0.4%
Twilio, Inc. Class A (b)	150	8,870
Wix.com Ltd. (b)	121	18,867
		27,737
Semiconductors & Semiconductor Equipment - 11.9%
Advanced Micro Devices, Inc. (b)	24	3,468
Applied Materials, Inc.	303	64,297
Broadcom, Inc.	960	154,253
Cirrus Logic, Inc. (b)	63	8,220
Intel Corp.	897	27,574
KLA Corp.	60	49,384
Micron Technology, Inc.	312	34,264
NVIDIA Corp.	4,356	509,739
Qualcomm, Inc. (a)	356	64,418
		915,617
Software - 10.7%
Adobe, Inc. (a)(b)	148	81,644
Alarm.com Holdings, Inc. (b)	206	14,533
DocuSign, Inc. (b)	252	13,981
Dropbox, Inc. Class A (b)	1,747	41,788
Gen Digital, Inc.	369	9,590
GitLab, Inc. (b)	30	1,537
Microsoft Corp. (a)	1,156	483,613
Pegasystems, Inc.	264	18,406
RingCentral, Inc. (b)	476	16,684
Salesforce, Inc. (a)	280	72,464
Teradata Corp. (b)	985	31,934
Zoom Video Communications, Inc. Class A (b)	654	39,502
		825,676
Technology Hardware, Storage & Peripherals - 7.3%
Apple, Inc. (a)	2,539	563,856
TOTAL INFORMATION TECHNOLOGY		2,343,629
MATERIALS - 2.0%
Chemicals - 0.9%
Ecolab, Inc.	200	46,138
Olin Corp.	8	365
PPG Industries, Inc.	206	26,158
		72,661
Construction Materials - 0.5%
CRH PLC	71	6,085
Vulcan Materials Co.	129	35,412
		41,497
Containers & Packaging - 0.1%
Crown Holdings, Inc.	56	4,967
Metals & Mining - 0.5%
Nucor Corp.	240	39,106
TOTAL MATERIALS		158,231
REAL ESTATE - 1.1%
Equity Real Estate Investment Trusts (REITs) - 1.1%
Crown Castle, Inc.	26	2,862
Invitation Homes, Inc.	996	35,129
Public Storage Operating Co.	114	33,735
VICI Properties, Inc.	422	13,192
		84,918
UTILITIES - 1.5%
Electric Utilities - 1.2%
NextEra Energy, Inc.	716	54,695
Otter Tail Corp.	338	32,759
Xcel Energy, Inc.	122	7,110
		94,564
Gas Utilities - 0.1%
New Jersey Resources Corp.	16	748
UGI Corp.	317	7,855
		8,603
Independent Power and Renewable Electricity Producers - 0.2%
The AES Corp.	698	12,417
Vistra Corp.	55	4,357
		16,774
TOTAL UTILITIES		119,941
TOTAL COMMON STOCKS (Cost $7,187,674)		7,603,123

Money Market Funds - 0.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (c) (Cost $40,360)	40,352	40,360

Purchased Options - 0.6%
	Counterparty	Number of Contracts	Notional Amount ($)	Exercise Price ($)	Expiration Date	Value ($)
Put Options
S&P 500 Mini Index	Chicago Board Options Exchange	55	3,037,265	505	08/16/24	1,870
S&P 500 Mini Index	Chicago Board Options Exchange	44	2,429,812	530	09/20/24	18,590
S&P 500 Mini Index	Chicago Board Options Exchange	36	1,988,028	536	10/18/24	25,956

						46,416
TOTAL PURCHASED OPTIONS (Cost $83,553)						46,416

For the period, the average monthly notional amount at value for purchased options in the aggregate was $6,503,499.

TOTAL INVESTMENT IN SECURITIES - 99.7% (Cost $7,311,587)	7,689,899
NET OTHER ASSETS (LIABILITIES) - 0.3%	22,409
NET ASSETS - 100.0%	7,712,308

Written Options
	Counterparty	Number of Contracts	Notional Amount ($)	Exercise Price ($)	Expiration Date	Value ($)
Call Options
S&P 500 Mini Index	Chicago Board Options Exchange	32	1,767,136	568.00	08/09/24	(1,728)
S&P 500 Mini Index	Chicago Board Options Exchange	32	1,767,136	571.00	08/16/24	(2,976)
S&P 500 Mini Index	Chicago Board Options Exchange	33	1,822,359	557.00	08/23/24	(21,863)
S&P 500 Mini Index	Chicago Board Options Exchange	32	1,767,136	566.00	08/30/24	(12,832)

TOTAL WRITTEN OPTIONS						(39,399)

For the period, the average monthly notional amount at value for written options in the aggregate was $6,032,850.

Legend

(a)	Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $1,081,500.

(b)	Non-income producing

(c)

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	-	118,447	78,087	730	-	-	40,360	0.0%
Total	-	118,447	78,087	730	-	-	40,360

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

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	775,652	775,652	-	-
Consumer Discretionary	691,386	691,386	-	-
Consumer Staples	346,810	346,810	-	-
Energy	182,082	182,082	-	-
Financials	1,096,306	1,096,306	-	-
Health Care	1,011,692	1,011,692	-	-
Industrials	792,476	792,476	-	-
Information Technology	2,343,629	2,343,629	-	-
Materials	158,231	158,231	-	-
Real Estate	84,918	84,918	-	-
Utilities	119,941	119,941	-	-

Money Market Funds	40,360	40,360	-	-

Purchased Options	46,416	46,416	-	-
Total Investments in Securities:	7,689,899	7,689,899	-	-
Derivative Instruments: Liabilities
Written Options	(39,399)	(39,399)	-	-
Total Liabilities	(39,399)	(39,399)	-	-
Total Derivative Instruments:	(39,399)	(39,399)	-	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Purchased Options (a)	46,416	0
Written Options (b)	0	(39,399)
Total Equity Risk	46,416	(39,399)
Total Value of Derivatives	46,416	(39,399)

(a)Gross value is presented in the Statement of Assets and Liabilities in the Investments in Securities at value line-item.

(b)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

Fidelity® Dynamic Buffered Equity ETF

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of July 31, 2024 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $7,271,227)	$	7,649,539
Fidelity Central Funds (cost $40,360)		40,360


Total Investment in Securities (cost $7,311,587)			$	7,689,899
Cash				48,018
Receivable for investments sold				12,363
Dividends receivable				5,059
Distributions receivable from Fidelity Central Funds				197
Receivable from investment adviser for expense reductions				157
Total assets				7,755,693
Liabilities
Payable for investments purchased	$	1,141
Accrued management fee		2,668
Written options, at value (premium received $45,852)		39,399
Other affiliated payables		177
Total liabilities				43,385
Net Assets			$	7,712,308
Net Assets consist of:
Paid in capital			$	7,514,023
Total accumulated earnings (loss)				198,285
Net Assets			$	7,712,308
Net Asset Value, offering price and redemption price per share ($7,712,308 ÷ 300,000 shares)			$	25.71

Statement of Operations
For the period April 9, 2024 (commencement of operations) through July 31, 2024 (Unaudited)
Investment Income
Dividends			$	22,714
Income from Fidelity Central Funds				730
Total income				23,444
Expenses
Management fee	$	9,060
Independent trustees' fees and expenses		799
Total expenses before reductions		9,859
Expense reductions		(669)
Total expenses after reductions				9,190
Net Investment income (loss)				14,254
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(76,263)
Written options		(114,221)
Total net realized gain (loss)				(190,484)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		378,312
Written options		6,453
Total change in net unrealized appreciation (depreciation)				384,765
Net gain (loss)				194,281
Net increase (decrease) in net assets resulting from operations			$	208,535

Statement of Changes in Net Assets

		For the period April 9, 2024 (commencement of operations) through July 31, 2024 (Unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	14,254
Net realized gain (loss)		(190,484)
Change in net unrealized appreciation (depreciation)		384,765
Net increase (decrease) in net assets resulting from operations		208,535
Distributions to shareholders		(10,250)

Share transactions
Proceeds from sales of shares		7,514,023

Net increase (decrease) in net assets resulting from share transactions		7,514,023
Total increase (decrease) in net assets		7,712,308

Net Assets
Beginning of period		-
End of period	$	7,712,308

Other Information
Shares
Sold		300,000
Net increase (decrease)		300,000

Financial Highlights

Fidelity® Dynamic Buffered Equity ETF

		Six months ended (Unaudited) July 31, 2024 A
Selected Per-Share Data
Net asset value, beginning of period	$	24.99
Income from Investment Operations
Net investment income (loss) B,C		.06
Net realized and unrealized gain (loss)		.70
Total from investment operations		.76
Distributions from net investment income		(.04)
Total distributions		(.04)
Net asset value, end of period	$	25.71
Total Return D,E		3.04 %
Ratios to Average Net Assets C,F,G
Expenses before reductions		.52% H
Expenses net of fee waivers, if any		.48 % H
Expenses net of all reductions		.48% H
Net investment income (loss)		.75% H
Supplemental Data
Net assets, end of period (000 omitted)	$	7,712
Portfolio turnover rate I		36 % J,K

AFor the period April 9, 2024 (commencement of operations) through July 31, 2024.

BCalculated based on average shares outstanding during the period.

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

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

FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

JAmount not annualized.

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

Fidelity® Hedged Equity ETF

Schedule of Investments July 31, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares	Value ($)
COMMUNICATION SERVICES - 10.0%
Diversified Telecommunication Services - 0.9%
AT&T, Inc.	128,666	2,476,821
Verizon Communications, Inc.	45,202	1,831,585
		4,308,406
Entertainment - 1.6%
Netflix, Inc. (a)	5,689	3,574,683
Playtika Holding Corp.	213,503	1,629,028
Roku, Inc. Class A (a)	3,566	207,577
Spotify Technology SA (a)	1,424	489,771
The Walt Disney Co.	14,393	1,348,480
		7,249,539
Interactive Media & Services - 6.7%
Alphabet, Inc.:
Class A	57,347	9,837,304
Class C	51,988	9,001,722
Meta Platforms, Inc. Class A	25,534	12,124,309
		30,963,335
Media - 0.8%
Comcast Corp. Class A	95,498	3,941,202
TOTAL COMMUNICATION SERVICES		46,462,482
CONSUMER DISCRETIONARY - 8.7%
Automobiles - 1.0%
Ford Motor Co.	82,816	896,069
Tesla, Inc. (a)	16,764	3,890,421
		4,786,490
Broadline Retail - 3.5%
Amazon.com, Inc. (a)	86,283	16,133,195
Macy's, Inc.	8,849	152,911
		16,286,106
Hotels, Restaurants & Leisure - 1.4%
Chipotle Mexican Grill, Inc. (a)	27,810	1,510,639
Draftkings Holdings, Inc. (a)	8,544	315,701
Hilton Worldwide Holdings, Inc.	2,015	432,560
International Game Technology PLC	105,124	2,467,260
Light & Wonder, Inc. Class A (a)	6,151	659,387
MGM Resorts International (a)	17,800	764,866
Travel+Leisure Co.	3,989	183,853
		6,334,266
Household Durables - 0.5%
Taylor Morrison Home Corp. (a)	15,069	1,010,829
TRI Pointe Homes, Inc. (a)	25,993	1,176,183
		2,187,012
Specialty Retail - 2.3%
Abercrombie & Fitch Co. Class A (a)	3,563	525,471
Carvana Co. Class A (a)	14,640	1,950,487
Gap, Inc.	40,339	947,160
Ross Stores, Inc.	9,295	1,331,323
The Home Depot, Inc.	15,978	5,882,460
TJX Companies, Inc.	716	80,922
		10,717,823
Textiles, Apparel & Luxury Goods - 0.0%
lululemon athletica, Inc. (a)	10	2,587
TOTAL CONSUMER DISCRETIONARY		40,314,284
CONSUMER STAPLES - 4.5%
Beverages - 0.5%
Boston Beer Co., Inc. Class A (a)	3,788	1,061,435
PepsiCo, Inc.	192	33,153
The Coca-Cola Co.	17,373	1,159,474
		2,254,062
Consumer Staples Distribution & Retail - 2.1%
Costco Wholesale Corp.	6,124	5,033,928
Kroger Co.	26,457	1,441,907
Walmart, Inc.	46,701	3,205,557
		9,681,392
Household Products - 1.4%
Colgate-Palmolive Co.	13,028	1,292,247
Kimberly-Clark Corp.	7,836	1,058,252
Procter & Gamble Co.	26,277	4,224,291
The Clorox Co.	533	70,319
		6,645,109
Tobacco - 0.5%
Philip Morris International, Inc.	21,954	2,528,223
TOTAL CONSUMER STAPLES		21,108,786
ENERGY - 2.4%
Oil, Gas & Consumable Fuels - 2.4%
Chevron Corp.	1,843	295,746
ConocoPhillips Co.	4,159	462,481
Devon Energy Corp.	15,482	728,118
EOG Resources, Inc.	16,928	2,146,470
Exxon Mobil Corp.	64,092	7,600,670
		11,233,485
FINANCIALS - 13.8%
Banks - 2.7%
Bank of America Corp.	123,410	4,974,657
JPMorgan Chase & Co.	36,539	7,775,499
		12,750,156
Capital Markets - 3.6%
Ameriprise Financial, Inc.	5,125	2,204,109
Bank of New York Mellon Corp.	37,381	2,432,382
BlackRock, Inc.	2,046	1,793,319
Charles Schwab Corp.	8,952	583,581
CME Group, Inc.	8,061	1,561,496
Goldman Sachs Group, Inc.	1,077	548,225
LPL Financial	3,851	853,074
Morgan Stanley	22,406	2,312,523
Raymond James Financial, Inc.	9,636	1,117,776
Robinhood Markets, Inc. (a)	5,013	103,117
S&P Global, Inc.	538	260,785
SEI Investments Co.	24,489	1,661,334
T. Rowe Price Group, Inc.	8,708	994,541
Tradeweb Markets, Inc. Class A	717	80,075
		16,506,337
Consumer Finance - 0.7%
American Express Co.	12,104	3,062,796
Financial Services - 4.8%
Berkshire Hathaway, Inc. Class B (a)	23,071	10,116,634
Enact Holdings, Inc.	22,072	751,110
Jackson Financial, Inc.	10,478	922,693
MasterCard, Inc. Class A	13,130	6,088,512
PayPal Holdings, Inc. (a)	44,096	2,900,635
Visa, Inc. Class A	6,606	1,755,016
		22,534,600
Insurance - 2.0%
Allstate Corp.	1,800	308,016
Aon PLC	6,599	2,167,837
Globe Life, Inc.	12,585	1,167,133
Marsh & McLennan Companies, Inc.	8,063	1,794,582
Progressive Corp.	14,620	3,130,434
Unum Group	2,375	136,634
Willis Towers Watson PLC	2,564	723,766
		9,428,402
TOTAL FINANCIALS		64,282,291
HEALTH CARE - 13.0%
Biotechnology - 3.5%
AbbVie, Inc.	17,937	3,324,085
Alkermes PLC (a)	22,290	608,963
Amgen, Inc.	4,274	1,420,977
Biogen, Inc. (a)	7,534	1,606,249
Exelixis, Inc. (a)	96,308	2,258,423
Gilead Sciences, Inc.	45,395	3,452,744
Halozyme Therapeutics, Inc. (a)	7,595	419,700
Incyte Corp. (a)	38,074	2,477,475
Neurocrine Biosciences, Inc. (a)	5,780	818,275
United Therapeutics Corp. (a)	337	105,579
		16,492,470
Health Care Equipment & Supplies - 1.7%
Abbott Laboratories	10,126	1,072,748
Becton, Dickinson & Co.	10,760	2,593,806
DexCom, Inc. (a)	8	543
Edwards Lifesciences Corp. (a)	5,696	359,133
Hologic, Inc. (a)	27,052	2,207,714
IDEXX Laboratories, Inc. (a)	2,224	1,058,891
Solventum Corp.	8,996	529,684
		7,822,519
Health Care Providers & Services - 2.7%
Cencora, Inc.	1,598	380,132
Centene Corp. (a)	3,486	268,143
Cigna Group	9,403	3,278,544
Elevance Health, Inc.	5,442	2,895,307
McKesson Corp.	714	440,552
UnitedHealth Group, Inc.	8,765	5,050,042
		12,312,720
Life Sciences Tools & Services - 0.7%
Medpace Holdings, Inc. (a)	5,339	2,042,274
Thermo Fisher Scientific, Inc.	1,914	1,173,933
		3,216,207
Pharmaceuticals - 4.4%
Bristol-Myers Squibb Co.	68,360	3,251,202
Eli Lilly & Co.	5,180	4,166,119
Johnson & Johnson	31,801	5,019,788
Merck & Co., Inc.	40,996	4,637,877
Pfizer, Inc.	111,575	3,407,501
		20,482,487
TOTAL HEALTH CARE		60,326,403
INDUSTRIALS - 10.2%
Aerospace & Defense - 3.3%
General Electric Co.	18,041	3,070,578
Hexcel Corp.	785	51,975
Howmet Aerospace, Inc.	31,050	2,971,485
Lockheed Martin Corp.	6,825	3,698,604
Northrop Grumman Corp.	5,850	2,833,272
Textron, Inc.	26,511	2,462,872
		15,088,786
Building Products - 0.4%
Owens Corning	745	138,853
Trane Technologies PLC	5,270	1,761,656
		1,900,509
Commercial Services & Supplies - 1.0%
Cintas Corp.	3,190	2,436,969
Waste Management, Inc.	11,714	2,373,959
		4,810,928
Electrical Equipment - 0.6%
Eaton Corp. PLC	8,489	2,587,362
Emerson Electric Co.	391	45,790
		2,633,152
Ground Transportation - 1.9%
CSX Corp.	80,257	2,817,021
Uber Technologies, Inc. (a)	33,390	2,152,653
Union Pacific Corp.	15,950	3,935,344
		8,905,018
Industrial Conglomerates - 0.2%
3M Co.	8,413	1,073,078
Machinery - 0.8%
Caterpillar, Inc.	5,120	1,772,544
Illinois Tool Works, Inc.	2,143	529,921
PACCAR, Inc.	8,544	842,951
Westinghouse Air Brake Tech Co.	3,341	538,402
		3,683,818
Passenger Airlines - 0.2%
SkyWest, Inc. (a)	13,571	1,084,866
Professional Services - 1.7%
CACI International, Inc. (a)	5,373	2,479,532
Leidos Holdings, Inc.	13,603	1,964,273
SS&C Technologies Holdings, Inc.	35,036	2,555,876
Verisk Analytics, Inc.	2,914	762,740
		7,762,421
Trading Companies & Distributors - 0.1%
Applied Industrial Technologies, Inc.	1,784	389,251
TOTAL INDUSTRIALS		47,331,827
INFORMATION TECHNOLOGY - 29.9%
Communications Equipment - 0.2%
Arista Networks, Inc. (a)	2,398	831,027
Electronic Equipment, Instruments & Components - 0.1%
Itron, Inc. (a)	2,922	302,252
IT Services - 0.3%
Twilio, Inc. Class A (a)	7,983	472,035
Wix.com Ltd. (a)	7,122	1,110,498
		1,582,533
Semiconductors & Semiconductor Equipment - 11.7%
Advanced Micro Devices, Inc. (a)	1,409	203,572
Applied Materials, Inc.	18,045	3,829,149
Broadcom, Inc.	55,678	8,946,341
Cirrus Logic, Inc. (a)	2,793	364,431
Intel Corp.	69,426	2,134,155
KLA Corp.	3,652	3,005,852
Micron Technology, Inc.	15,043	1,652,022
NVIDIA Corp.	258,565	30,257,276
Qualcomm, Inc.	21,683	3,923,539
		54,316,337
Software - 10.4%
Adobe, Inc. (a)	8,686	4,791,632
Alarm.com Holdings, Inc. (a)	12,160	857,888
DocuSign, Inc. (a)	14,952	829,537
Dropbox, Inc. Class A (a)	104,036	2,488,541
Gen Digital, Inc.	22,012	572,092
GitLab, Inc. (a)	622	31,865
Microsoft Corp.	68,417	28,622,252
Pegasystems, Inc.	12,885	898,342
RingCentral, Inc. (a)	30,407	1,065,765
Salesforce, Inc.	16,053	4,154,516
Teradata Corp. (a)	58,401	1,893,360
Zoom Video Communications, Inc. Class A (a)	39,024	2,357,050
		48,562,840
Technology Hardware, Storage & Peripherals - 7.2%
Apple, Inc.	150,930	33,518,530
Western Digital Corp. (a)	2,850	191,093
		33,709,623
TOTAL INFORMATION TECHNOLOGY		139,304,612
MATERIALS - 2.1%
Chemicals - 0.9%
Ecolab, Inc.	11,711	2,701,611
PPG Industries, Inc.	13,750	1,745,975
		4,447,586
Construction Materials - 0.6%
CRH PLC	3,492	299,264
Vulcan Materials Co.	9,498	2,607,296
		2,906,560
Containers & Packaging - 0.1%
Crown Holdings, Inc.	2,905	257,674
Metals & Mining - 0.5%
Nucor Corp.	13,657	2,225,272
TOTAL MATERIALS		9,837,092
REAL ESTATE - 1.1%
Equity Real Estate Investment Trusts (REITs) - 1.1%
Invitation Homes, Inc.	59,851	2,110,945
Public Storage Operating Co.	6,839	2,023,797
VICI Properties, Inc.	36,474	1,140,177
		5,274,919
UTILITIES - 1.5%
Electric Utilities - 1.2%
NextEra Energy, Inc.	40,859	3,121,219
Otter Tail Corp.	22,626	2,192,912
Xcel Energy, Inc.	7,121	415,012
		5,729,143
Gas Utilities - 0.1%
UGI Corp.	18,515	458,802
Independent Power and Renewable Electricity Producers - 0.2%
The AES Corp.	42,165	750,115
Vistra Corp.	3,428	271,566
		1,021,681
TOTAL UTILITIES		7,209,626
TOTAL COMMON STOCKS (Cost $433,837,780)		452,685,807

Money Market Funds - 0.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (b) (Cost $2,129,184)	2,128,758	2,129,184

Equity Funds - 1.1%
	Shares	Value ($)
Domestic Equity Funds - 1.1%
iShares Core S&P 500 ETF (Cost $4,661,651)	8,756	4,844,870

Purchased Options - 1.2%
	Counterparty	Number of Contracts	Notional Amount ($)	Exercise Price ($)	Expiration Date	Value ($)
Put Options
S&P 500 Index	Chicago Board Options Exchange	332	183,340,360	5,080	08/16/24	114,540
S&P 500 Index	Chicago Board Options Exchange	257	141,923,110	3,750	05/16/25	605,235
S&P 500 Index	Chicago Board Options Exchange	340	187,758,200	5,300	09/20/24	1,417,800
S&P 500 Index	Chicago Board Options Exchange	250	138,057,500	3,900	06/20/25	778,750
S&P 500 Index	Chicago Board Options Exchange	290	160,146,700	5,360	10/18/24	2,076,400
S&P 500 Index	Chicago Board Options Exchange	200	110,446,000	4,000	07/18/25	763,000
S&P 500 Mini Index	Chicago Board Options Exchange	43	2,374,589	505	08/16/24	1,462
S&P 500 Mini Index	Chicago Board Options Exchange	33	1,822,359	370	05/16/25	7,425

						5,764,612
TOTAL PURCHASED OPTIONS (Cost $7,974,891)						5,764,612

For the period, the average monthly notional amount at value for purchased options in the aggregate was $684,357,662.

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $448,603,506)	465,424,473
NET OTHER ASSETS (LIABILITIES) - 0.0%	145,422
NET ASSETS - 100.0%	465,569,895

Security Type Abbreviations

ETF

EXCHANGE-TRADED FUND

Legend

(a)	Non-income producing

(b)

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	-	8,474,101	6,344,922	37,888	5	-	2,129,184	0.0%
Total	-	8,474,101	6,344,922	37,888	5	-	2,129,184

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	46,462,482	46,462,482	-	-
Consumer Discretionary	40,314,284	40,314,284	-	-
Consumer Staples	21,108,786	21,108,786	-	-
Energy	11,233,485	11,233,485	-	-
Financials	64,282,291	64,282,291	-	-
Health Care	60,326,403	60,326,403	-	-
Industrials	47,331,827	47,331,827	-	-
Information Technology	139,304,612	139,304,612	-	-
Materials	9,837,092	9,837,092	-	-
Real Estate	5,274,919	5,274,919	-	-
Utilities	7,209,626	7,209,626	-	-

Money Market Funds	2,129,184	2,129,184	-	-

Equity Funds	4,844,870	4,844,870	-	-

Purchased Options	5,764,612	5,764,612	-	-
Total Investments in Securities:	465,424,473	465,424,473	-	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Purchased Options (a)	5,764,612	0
Total Equity Risk	5,764,612	0
Total Value of Derivatives	5,764,612	0

(a)Gross value is presented in the Statement of Assets and Liabilities in the Investments in Securities at value line-item.

Fidelity® Hedged Equity ETF

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of July 31, 2024 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $446,474,322)	$	463,295,289
Fidelity Central Funds (cost $2,129,184)		2,129,184


Total Investment in Securities (cost $448,603,506)			$	465,424,473
Cash				500
Dividends receivable				323,704
Distributions receivable from Fidelity Central Funds				12,112
Receivable from investment adviser for expense reductions				8,256
Total assets				465,769,045
Liabilities
Accrued management fee	$	186,289
Other affiliated payables		12,861
Total liabilities				199,150
Net Assets			$	465,569,895
Net Assets consist of:
Paid in capital			$	450,403,283
Total accumulated earnings (loss)				15,166,612
Net Assets			$	465,569,895
Net Asset Value, offering price and redemption price per share ($465,569,895 ÷ 17,850,000 shares)			$	26.08

Statement of Operations
For the period April 9, 2024 (commencement of operations) through July 31, 2024 (Unaudited)
Investment Income
Dividends			$	1,211,421
Income from Fidelity Central Funds				37,888
Total income				1,249,309
Expenses
Management fee	$	466,576
Independent trustees' fees and expenses		32,651
Total expenses before reductions		499,227
Expense reductions		(35,838)
Total expenses after reductions				463,389
Net Investment income (loss)				785,920
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(1,604,266)
Redemptions in-kind		(302,764)
Fidelity Central Funds		5
Total net realized gain (loss)				(1,907,025)
Change in net unrealized appreciation (depreciation) on investment securities				16,820,967
Net gain (loss)				14,913,942
Net increase (decrease) in net assets resulting from operations			$	15,699,862

Statement of Changes in Net Assets

		For the period April 9, 2024 (commencement of operations) through July 31, 2024 (Unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	785,920
Net realized gain (loss)		(1,907,025)
Change in net unrealized appreciation (depreciation)		16,820,967
Net increase (decrease) in net assets resulting from operations		15,699,862
Distributions to shareholders		(533,250)

Share transactions
Proceeds from sales of shares		481,110,032
Cost of shares redeemed		(30,706,749)

Net increase (decrease) in net assets resulting from share transactions		450,403,283
Total increase (decrease) in net assets		465,569,895

Net Assets
Beginning of period		-
End of period	$	465,569,895

Other Information
Shares
Sold		19,075,000
Redeemed		(1,225,000)
Net increase (decrease)		17,850,000

Financial Highlights

Fidelity® Hedged Equity ETF

		Six months ended (Unaudited) July 31, 2024 A
Selected Per-Share Data
Net asset value, beginning of period	$	24.99
Income from Investment Operations
Net investment income (loss) B,C		.06
Net realized and unrealized gain (loss)		1.06
Total from investment operations		1.12
Distributions from net investment income		(.03)
Total distributions		(.03)
Net asset value, end of period	$	26.08
Total Return D,E		4.49 %
Ratios to Average Net Assets C,F,G
Expenses before reductions		.52% H
Expenses net of fee waivers, if any		.48 % H
Expenses net of all reductions		.48% H
Net investment income (loss)		.82% H
Supplemental Data
Net assets, end of period (000 omitted)	$	465,570
Portfolio turnover rate I		37 % J,K

AFor the period April 9, 2024 (commencement of operations) through July 31, 2024.

BCalculated based on average shares outstanding during the period.

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

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

FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

JAmount not annualized.

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

Fidelity® Yield Enhanced Equity ETF

Schedule of Investments July 31, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares	Value ($)
COMMUNICATION SERVICES - 10.1%
Diversified Telecommunication Services - 0.8%
AT&T, Inc. (a)	1,408	27,104
Verizon Communications, Inc. (a)	549	22,245
		49,349
Entertainment - 1.6%
Netflix, Inc. (a)(b)	72	45,242
Playtika Holding Corp. (a)	2,743	20,929
Roku, Inc. Class A (b)	53	3,085
Spotify Technology SA (a)(b)	18	6,191
The Walt Disney Co.	155	14,522
		89,969
Interactive Media & Services - 6.8%
Alphabet, Inc.:
Class A (a)	724	124,195
Class C (a)	658	113,933
Meta Platforms, Inc. Class A (a)	327	155,269
		393,397
Media - 0.9%
Comcast Corp. Class A (a)	1,212	50,019
TOTAL COMMUNICATION SERVICES		582,734
CONSUMER DISCRETIONARY - 9.0%
Automobiles - 1.1%
Ford Motor Co.	1,029	11,134
Tesla, Inc. (b)	212	49,199
		60,333
Broadline Retail - 3.6%
Amazon.com, Inc. (a)(b)	1,114	208,296
Macy's, Inc.	50	864
		209,160
Hotels, Restaurants & Leisure - 1.3%
Chipotle Mexican Grill, Inc. (b)	162	8,800
Draftkings Holdings, Inc. (b)	108	3,991
Hilton Worldwide Holdings, Inc.	39	8,372
International Game Technology PLC	1,324	31,074
Light & Wonder, Inc. Class A (b)	27	2,894
McDonald's Corp.	50	13,270
MGM Resorts International (b)	148	6,360
Travel+Leisure Co.	50	2,305
		77,066
Household Durables - 0.6%
Taylor Morrison Home Corp. (b)	271	18,179
Toll Brothers, Inc.	7	999
TRI Pointe Homes, Inc. (b)	288	13,032
		32,210
Specialty Retail - 2.4%
Abercrombie & Fitch Co. Class A (b)	48	7,079
Carvana Co. Class A (b)	185	24,648
Gap, Inc.	609	14,299
Ross Stores, Inc.	119	17,044
The Home Depot, Inc. (a)	205	75,473
TJX Companies, Inc.	13	1,469
		140,012
Textiles, Apparel & Luxury Goods - 0.0%
lululemon athletica, Inc. (b)	10	2,587
TOTAL CONSUMER DISCRETIONARY		521,368
CONSUMER STAPLES - 4.5%
Beverages - 0.4%
Boston Beer Co., Inc. Class A (b)	39	10,928
The Coca-Cola Co.	190	12,681
		23,609
Consumer Staples Distribution & Retail - 2.1%
Costco Wholesale Corp.	77	63,294
Kroger Co.	324	17,658
Walmart, Inc.	594	40,772
		121,724
Household Products - 1.4%
Colgate-Palmolive Co.	166	16,466
Kimberly-Clark Corp.	101	13,640
Procter & Gamble Co.	337	54,176
		84,282
Tobacco - 0.6%
Philip Morris International, Inc.	281	32,360
TOTAL CONSUMER STAPLES		261,975
ENERGY - 2.4%
Oil, Gas & Consumable Fuels - 2.4%
Chevron Corp.	24	3,851
ConocoPhillips Co.	33	3,670
Devon Energy Corp.	145	6,819
EOG Resources, Inc.	216	27,389
Exxon Mobil Corp.	806	95,584
		137,313
FINANCIALS - 14.4%
Banks - 2.9%
Bank of America Corp. (a)	1,559	62,843
JPMorgan Chase & Co. (a)	494	105,123
		167,966
Capital Markets - 3.7%
Ameriprise Financial, Inc. (a)	66	28,385
Bank of New York Mellon Corp.	279	18,155
BlackRock, Inc.	48	42,072
Charles Schwab Corp. (a)	149	9,713
CME Group, Inc. (a)	100	19,371
Goldman Sachs Group, Inc. (a)	15	7,635
LPL Financial	50	11,076
Morgan Stanley	224	23,119
Raymond James Financial, Inc. (a)	124	14,384
Robinhood Markets, Inc. (b)	64	1,316
S&P Global, Inc.	11	5,332
SEI Investments Co.	314	21,302
T. Rowe Price Group, Inc.	79	9,023
Tradeweb Markets, Inc. Class A (a)	23	2,569
		213,452
Consumer Finance - 0.7%
American Express Co. (a)	158	39,980
Financial Services - 4.8%
Berkshire Hathaway, Inc. Class B (a)(b)	293	128,481
Enact Holdings, Inc. (a)	288	9,801
Jackson Financial, Inc.	45	3,963
MasterCard, Inc. Class A (a)	162	75,121
PayPal Holdings, Inc. (a)(b)	591	38,876
Visa, Inc. Class A (a)	84	22,316
		278,558
Insurance - 2.3%
Aon PLC (a)	87	28,580
Globe Life, Inc.	231	21,423
Marsh & McLennan Companies, Inc. (a)	99	22,034
Progressive Corp. (a)	194	41,539
Unum Group (a)	110	6,328
Willis Towers Watson PLC	32	9,033
		128,937
TOTAL FINANCIALS		828,893
HEALTH CARE - 13.2%
Biotechnology - 3.7%
AbbVie, Inc. (a)	269	49,851
Alkermes PLC (a)(b)	282	7,704
Amgen, Inc.	54	17,953
Biogen, Inc. (a)(b)	95	20,254
Exelixis, Inc. (a)(b)	1,232	28,890
Gilead Sciences, Inc. (a)	573	43,582
Halozyme Therapeutics, Inc. (b)	130	7,184
Incyte Corp. (a)(b)	344	22,384
Neurocrine Biosciences, Inc. (b)	95	13,449
United Therapeutics Corp. (b)	3	940
		212,191
Health Care Equipment & Supplies - 1.5%
Abbott Laboratories	135	14,302
Becton, Dickinson & Co. (a)	145	34,954
DexCom, Inc. (b)	8	543
Edwards Lifesciences Corp. (a)(b)	72	4,540
GE Healthcare Technologies, Inc. (a)	11	931
Hologic, Inc. (a)(b)	342	27,911
Solventum Corp.	77	4,534
		87,715
Health Care Providers & Services - 2.8%
Cencora, Inc.	36	8,564
Centene Corp. (a)(b)	16	1,231
Cigna Group	119	41,492
Elevance Health, Inc. (a)	66	35,114
McKesson Corp.	11	6,787
UnitedHealth Group, Inc. (a)	120	69,139
		162,327
Life Sciences Tools & Services - 0.7%
Medpace Holdings, Inc. (a)(b)	68	26,011
Thermo Fisher Scientific, Inc.	27	16,560
		42,571
Pharmaceuticals - 4.5%
Bristol-Myers Squibb Co. (a)	865	41,139
Eli Lilly & Co. (a)	64	51,473
Johnson & Johnson (a)	401	63,298
Merck & Co., Inc. (a)	524	59,280
Pfizer, Inc. (a)	1,407	42,970
		258,160
TOTAL HEALTH CARE		762,964
INDUSTRIALS - 10.4%
Aerospace & Defense - 3.3%
General Electric Co.	226	38,465
Hexcel Corp.	10	662
Howmet Aerospace, Inc.	395	37,802
L3Harris Technologies, Inc.	7	1,588
Lockheed Martin Corp. (a)	87	47,147
Northrop Grumman Corp. (a)	74	35,840
Textron, Inc. (a)	334	31,029
		192,533
Building Products - 0.4%
Trane Technologies PLC (a)	65	21,728
Commercial Services & Supplies - 1.1%
Cintas Corp. (a)	39	29,794
Waste Management, Inc.	156	31,615
		61,409
Electrical Equipment - 0.6%
Eaton Corp. PLC (a)	109	33,222
EnerSys	6	660
		33,882
Ground Transportation - 2.0%
CSX Corp. (a)	1,008	35,381
Uber Technologies, Inc. (a)(b)	462	29,785
Union Pacific Corp. (a)	201	49,593
		114,759
Industrial Conglomerates - 0.1%
3M Co.	62	7,908
Machinery - 0.8%
Caterpillar, Inc. (a)	63	21,811
Illinois Tool Works, Inc.	34	8,408
PACCAR, Inc. (a)	108	10,655
Westinghouse Air Brake Tech Co.	43	6,929
		47,803
Passenger Airlines - 0.3%
SkyWest, Inc. (b)	204	16,308
Professional Services - 1.6%
CACI International, Inc. (a)(b)	58	26,766
Leidos Holdings, Inc. (a)	181	26,136
SS&C Technologies Holdings, Inc. (a)	441	32,171
Verisk Analytics, Inc.	37	9,685
		94,758
Trading Companies & Distributors - 0.2%
Applied Industrial Technologies, Inc.	38	8,291
TOTAL INDUSTRIALS		599,379
INFORMATION TECHNOLOGY - 30.4%
Communications Equipment - 0.1%
Arista Networks, Inc. (b)	24	8,317
IT Services - 0.4%
Twilio, Inc. Class A (b)	115	6,800
Wix.com Ltd. (b)	90	14,033
		20,833
Semiconductors & Semiconductor Equipment - 11.9%
Advanced Micro Devices, Inc. (b)	19	2,745
Applied Materials, Inc.	228	48,382
Broadcom, Inc.	730	117,296
Cirrus Logic, Inc. (b)	47	6,133
Intel Corp.	674	20,719
KLA Corp.	45	37,038
Micron Technology, Inc.	235	25,808
NVIDIA Corp.	3,258	381,251
Qualcomm, Inc. (a)	267	48,314
		687,686
Software - 10.7%
Adobe, Inc. (a)(b)	111	61,233
Alarm.com Holdings, Inc. (b)	157	11,076
DocuSign, Inc. (b)	189	10,486
Dropbox, Inc. Class A (b)	1,312	31,383
Gen Digital, Inc.	279	7,251
GitLab, Inc. (b)	25	1,281
Microsoft Corp. (a)	868	363,128
Pegasystems, Inc.	118	8,227
RingCentral, Inc. (b)	361	12,653
Salesforce, Inc. (a)	211	54,607
Teradata Corp. (b)	739	23,958
Zoom Video Communications, Inc. Class A (b)	492	29,717
		615,000
Technology Hardware, Storage & Peripherals - 7.3%
Apple, Inc. (a)	1,906	423,281
TOTAL INFORMATION TECHNOLOGY		1,755,117
MATERIALS - 2.1%
Chemicals - 1.0%
Ecolab, Inc.	152	35,065
Olin Corp.	7	319
PPG Industries, Inc.	155	19,682
		55,066
Construction Materials - 0.5%
CRH PLC	53	4,542
Vulcan Materials Co.	98	26,902
		31,444
Containers & Packaging - 0.1%
Crown Holdings, Inc.	42	3,725
Metals & Mining - 0.5%
Nucor Corp.	180	29,329
TOTAL MATERIALS		119,564
REAL ESTATE - 1.1%
Equity Real Estate Investment Trusts (REITs) - 1.1%
Crown Castle, Inc.	20	2,202
Invitation Homes, Inc.	755	26,629
Public Storage Operating Co.	87	25,745
VICI Properties, Inc.	316	9,878
		64,454
UTILITIES - 1.6%
Electric Utilities - 1.3%
NextEra Energy, Inc.	537	41,021
Otter Tail Corp.	256	24,812
Xcel Energy, Inc.	93	5,420
		71,253
Gas Utilities - 0.1%
New Jersey Resources Corp.	13	608
UGI Corp.	241	5,972
		6,580
Independent Power and Renewable Electricity Producers - 0.2%
The AES Corp.	530	9,429
Vistra Corp.	43	3,406
		12,835
TOTAL UTILITIES		90,668
TOTAL COMMON STOCKS (Cost $5,367,586)		5,724,429

Money Market Funds - 0.6%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (c) (Cost $33,639)	33,632	33,639

TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $5,401,225)	5,758,068
NET OTHER ASSETS (LIABILITIES) - 0.2%	13,357
NET ASSETS - 100.0%	5,771,425

Written Options
	Counterparty	Number of Contracts	Notional Amount ($)	Exercise Price ($)	Expiration Date	Value ($)
Call Options
S&P 500 Mini Index	Chicago Board Options Exchange	24	1,325,352	568.00	08/09/24	(1,296)
S&P 500 Mini Index	Chicago Board Options Exchange	24	1,325,352	571.00	08/16/24	(2,232)
S&P 500 Mini Index	Chicago Board Options Exchange	25	1,380,575	557.00	08/23/24	(16,563)
S&P 500 Mini Index	Chicago Board Options Exchange	24	1,325,352	566.00	08/30/24	(9,624)

TOTAL WRITTEN OPTIONS						(29,715)

For the period, the average monthly notional amount at value for written options in the aggregate was $5,282,578.

Legend

(a)	Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $1,081,500.

(b)	Non-income producing

(c)

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	-	164,032	130,393	1,283	-	-	33,639	0.0%
Total	-	164,032	130,393	1,283	-	-	33,639

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	582,734	582,734	-	-
Consumer Discretionary	521,368	521,368	-	-
Consumer Staples	261,975	261,975	-	-
Energy	137,313	137,313	-	-
Financials	828,893	828,893	-	-
Health Care	762,964	762,964	-	-
Industrials	599,379	599,379	-	-
Information Technology	1,755,117	1,755,117	-	-
Materials	119,564	119,564	-	-
Real Estate	64,454	64,454	-	-
Utilities	90,668	90,668	-	-

Money Market Funds	33,639	33,639	-	-
Total Investments in Securities:	5,758,068	5,758,068	-	-
Derivative Instruments: Liabilities
Written Options	(29,715)	(29,715)	-	-
Total Liabilities	(29,715)	(29,715)	-	-
Total Derivative Instruments:	(29,715)	(29,715)	-	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Written Options (a)	0	(29,715)
Total Equity Risk	0	(29,715)
Total Value of Derivatives	0	(29,715)

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

Fidelity® Yield Enhanced Equity ETF

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of July 31, 2024 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $5,367,586)	$	5,724,429
Fidelity Central Funds (cost $33,639)		33,639


Total Investment in Securities (cost $5,401,225)			$	5,758,068
Cash				31,100
Receivable for investments sold				9,272
Dividends receivable				4,411
Distributions receivable from Fidelity Central Funds				169
Receivable from investment adviser for expense reductions				175
Total assets				5,803,195
Liabilities
Payable for investments purchased	$	547
Accrued management fee		1,345
Written options, at value (premium received $36,777)		29,715
Other affiliated payables		163
Total liabilities				31,770
Net Assets			$	5,771,425
Net Assets consist of:
Paid in capital			$	5,621,752
Total accumulated earnings (loss)				149,673
Net Assets			$	5,771,425
Net Asset Value, offering price and redemption price per share ($5,771,425 ÷ 225,000 shares)			$	25.65

Statement of Operations
For the period April 9, 2024 (commencement of operations) through July 31, 2024 (Unaudited)
Investment Income
Dividends			$	20,857
Income from Fidelity Central Funds				1,283
Total income				22,140
Expenses
Management fee	$	4,867
Independent trustees' fees and expenses		758
Total expenses before reductions		5,625
Expense reductions		(680)
Total expenses after reductions				4,945
Net Investment income (loss)				17,195
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(19,933)
Written options		(110,019)
Total net realized gain (loss)				(129,952)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		356,843
Written options		7,062
Total change in net unrealized appreciation (depreciation)				363,905
Net gain (loss)				233,953
Net increase (decrease) in net assets resulting from operations			$	251,148

Statement of Changes in Net Assets

		For the period April 9, 2024 (commencement of operations) through July 31, 2024 (Unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	17,195
Net realized gain (loss)		(129,952)
Change in net unrealized appreciation (depreciation)		363,905
Net increase (decrease) in net assets resulting from operations		251,148
Distributions to shareholders		(101,475)

Share transactions
Proceeds from sales of shares		5,621,752

Net increase (decrease) in net assets resulting from share transactions		5,621,752
Total increase (decrease) in net assets		5,771,425

Net Assets
Beginning of period		-
End of period	$	5,771,425

Other Information
Shares
Sold		225,000
Net increase (decrease)		225,000

Financial Highlights

Fidelity® Yield Enhanced Equity ETF

		Six months ended (Unaudited) July 31, 2024 A
Selected Per-Share Data
Net asset value, beginning of period	$	24.99
Income from Investment Operations
Net investment income (loss) B,C		.08
Net realized and unrealized gain (loss)		1.03
Total from investment operations		1.11
Distributions from net investment income		(.45)
Total distributions		(.45)
Net asset value, end of period	$	25.65
Total Return D,E		4.48 %
Ratios to Average Net Assets C,F,G
Expenses before reductions		.32% H
Expenses net of fee waivers, if any		.28 % H
Expenses net of all reductions		.28% H
Net investment income (loss)		.99% H
Supplemental Data
Net assets, end of period (000 omitted)	$	5,771
Portfolio turnover rate I		36 % J,K

AFor the period April 9, 2024 (commencement of operations) through July 31, 2024.

BCalculated based on average shares outstanding during the period.

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

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

FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

JAmount not annualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended July 31, 2024

1. Organization.

Fidelity Dynamic Buffered Equity ETF, Fidelity Hedged Equity ETF and Fidelity Yield Enhanced Equity ETF (the Funds) are exchange-traded funds of Fidelity Greenwood Street 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 Delaware statutory trust.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the Cboe BZX Exchange, Inc. (CboeBZX). Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

	Tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Fidelity Dynamic Buffered Equity ETF	7,316,776	559,612	(180,036)	379,576
Fidelity Hedged Equity ETF	448,706,342	25,718,808	(9,000,677)	16,718,131
Fidelity Yield Enhanced Equity ETF	5,405,897	480,287	(121,054)	359,233

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)($)	Change in Net Unrealized Appreciation (Depreciation)($)
Fidelity Dynamic Buffered Equity ETF
Equity Risk
Purchased Options	(46,492)	(37,137)
Written Options	(114,221)	6,453
Total Equity Risk	(160,713)	(30,684)
Totals	(160,713)	(30,684)
Fidelity Hedged Equity ETF
Equity Risk
Purchased Options	(738,843)	(2,210,279)
Total Equity Risk	(738,843)	(2,210,279)
Totals	(738,843)	(2,210,279)
Fidelity Yield Enhanced Equity ETF
Equity Risk
Written Options	(110,019)	7,062
Total Equity Risk	(110,019)	7,062
Totals	(110,019)	7,062

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. Exchange-traded and/or OTC options were used to manage exposure to the market.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period unless an average notional amount is presented.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Dynamic Buffered Equity ETF	1,627,738	1,811,821
Fidelity Hedged Equity ETF	90,076,444	82,466,954
Fidelity Yield Enhanced Equity ETF	1,500,175	1,670,235

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.

	In-Kind Subscriptions ($)	In-Kind Redemptions ($)
Fidelity Dynamic Buffered Equity ETF	7,401,838	-
Fidelity Hedged Equity ETF	461,512,081	29,439,460
Fidelity Yield Enhanced Equity ETF	5,557,869	-

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Diversifying Solutions LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of each Fund's average net assets as noted in the table below. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

	Fee Rate
Fidelity Dynamic Buffered Equity ETF	.48%
Fidelity Hedged Equity ETF	.48%
Fidelity Yield Enhanced Equity ETF	.28%

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

	Amount ($)
Fidelity Dynamic Buffered Equity ETF	20
Fidelity Hedged Equity ETF	556
Fidelity Yield Enhanced Equity ETF	20

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Dynamic Buffered Equity ETF	381	-	-
Fidelity Hedged Equity ETF	1,104,485	1,155,451	(50,037)
Fidelity Yield Enhanced Equity ETF	334	-	-

7. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through May 31, 2025. Some expenses, for example certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following Funds were in reimbursement during the period:

	Expense Limitations	Reimbursement ($)
Fidelity Dynamic Buffered Equity ETF	.48%	669
Fidelity Hedged Equity ETF	.48%	35,838
Fidelity Yield Enhanced Equity ETF	.28%	680

8. Share Transactions.

Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.

9. Other.

10. Risk and Uncertainties.

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

Note: This is not applicable for any fund included in this document.

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

Note: This is not applicable for any fund included in this document.

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

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

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

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Dynamic Buffered Equity ETF

Fidelity Hedged Equity ETF

Fidelity Yield Enhanced Equity ETF

At its February 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve each fund's management contract with Fidelity Diversifying Solutions LLC (FDS) and the sub-advisory agreements with affiliates of FDS (together, the Advisory Contracts) for each fund. FDS and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to each fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of the Fidelity investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering pricing and bookkeeping and securities lending services for each fund. The Board also considered the nature and extent of Fidelity's supervision of third-party service providers, principally transfer agents, custodians, subcustodians, and pricing vendors.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools.

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 the Investment Advisers' strength in managing assets and trading derivatives instruments.

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 the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. In reviewing the Advisory Contracts, the Board considered the fund's proposed all-inclusive (subject to certain exceptions) fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FDS under the all-inclusive arrangement. The Board noted that each fund's proposed management fee rate is below the median fee rate of funds with similar Morningstar investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total net expense ratio of each fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

Other Contractual Arrangements. The Board noted that FDS has agreed to contractually limit each fund's total operating expenses, with certain limited exceptions, to 48 basis points for Fidelity Dynamic Buffered Equity ETF and Fidelity Hedged Equity ETF and 28 basis points for Fidelity Yield Enhanced Equity ETF.

Based on its review, the Board concluded that the management fee and the projected total expenses of each fund were fair and reasonable in light of the services that each 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 consideration of future renewals 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 servicing each fund's 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 for each fund 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.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be approved through February 2026.

1.9911148.100

HBE-SANN-0924

Fidelity® Equity Market Neutral Fund

Semi-Annual Report

July 31, 2024

Includes Fidelity and Fidelity Advisor share classes

Contents

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

Fidelity® Equity Market Neutral Fund

Notes to Financial Statements

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

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

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

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

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

Fidelity® Equity Market Neutral Fund

Schedule of Investments July 31, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 81.9%
	Shares	Value ($)
COMMUNICATION SERVICES - 10.2%
Diversified Telecommunication Services - 3.1%
Cellnex Telecom SA (a)	2,081	72,578
Telenor ASA	14,785	176,164
True Corp. PCL NVDR (b)	237,100	61,697
		310,439
Interactive Media & Services - 1.7%
Meta Platforms, Inc. Class A	363	172,363
Media - 1.8%
Ipsos SA	2,903	179,552
Wireless Telecommunication Services - 3.6%
Far EasTone Telecommunications Co. Ltd.	58,000	153,458
T-Mobile U.S., Inc.	1,101	200,690
		354,148
TOTAL COMMUNICATION SERVICES		1,016,502
CONSUMER DISCRETIONARY - 11.5%
Automobile Components - 1.8%
Linamar Corp.	868	43,298
Nexteer Auto Group Ltd.	204,000	88,516
Nifco, Inc.	2,000	51,721
		183,535
Automobiles - 0.9%
Brilliance China Automotive Holdings Ltd.	186,000	90,942
Broadline Retail - 2.0%
PDD Holdings, Inc. ADR (b)	1,533	197,588
Hotels, Restaurants & Leisure - 2.2%
Expedia Group, Inc. (b)	1,678	214,230
Household Durables - 0.5%
De'Longhi SpA	1,612	50,837
Specialty Retail - 2.8%
Aritzia, Inc. (b)	2,019	66,274
Lovisa Holdings Ltd.	4,089	93,430
Valvoline, Inc. (b)	2,632	122,388
		282,092
Textiles, Apparel & Luxury Goods - 1.3%
PVH Corp.	1,305	133,097
TOTAL CONSUMER DISCRETIONARY		1,152,321
CONSUMER STAPLES - 7.8%
Beverages - 3.7%
The Coca-Cola Co.	3,423	228,453
Treasury Wine Estates Ltd.	18,037	145,672
		374,125
Consumer Staples Distribution & Retail - 1.2%
CP ALL PCL (For. Reg.)	74,100	121,424
Food Products - 1.3%
Darling Ingredients, Inc. (b)	3,133	124,474
Personal Care Products - 1.6%
Kose Corp.	2,400	159,968
TOTAL CONSUMER STAPLES		779,991
FINANCIALS - 13.8%
Banks - 4.0%
JPMorgan Chase & Co.	1,011	215,141
Wells Fargo & Co.	3,152	187,040
		402,181
Capital Markets - 3.5%
IGM Financial, Inc.	6,055	171,565
Morgan Stanley	1,710	176,489
		348,054
Financial Services - 2.1%
Apollo Global Management, Inc.	1,657	207,639
Insurance - 4.2%
Hyundai Marine & Fire Insurance Co. Ltd.	5,757	151,512
RenaissanceRe Holdings Ltd.	702	162,801
Storebrand ASA (A Shares)	10,261	103,075
		417,388
TOTAL FINANCIALS		1,375,262
HEALTH CARE - 8.7%
Biotechnology - 3.4%
Biogen, Inc. (b)	922	196,570
CSL Ltd.	736	149,070
		345,640
Health Care Equipment & Supplies - 2.4%
Insulet Corp. (b)	868	168,696
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)	2,100	74,785
		243,481
Health Care Providers & Services - 1.3%
Guardant Health, Inc. (b)	3,678	129,208
Pharmaceuticals - 1.6%
Merck KGaA	868	155,751
TOTAL HEALTH CARE		874,080
INDUSTRIALS - 15.6%
Aerospace & Defense - 1.4%
Airbus Group NV	955	144,517
Air Freight & Logistics - 2.2%
FedEx Corp.	725	219,131
Building Products - 2.9%
Allegion PLC	684	93,578
Fortune Brands Innovations, Inc.	2,399	193,863
		287,441
Electrical Equipment - 0.9%
TKH Group NV (bearer) (depositary receipt)	1,995	87,227
Ground Transportation - 0.4%
Localiza Rent a Car SA	5,900	45,720
Localiza Rent a Car SA rights 8/1/24 (b)	59	121
		45,841
Machinery - 5.4%
Fluidra SA	6,597	146,933
Miura Co. Ltd.	8,000	186,429
Schindler Holding AG (participation certificate)	788	210,971
		544,333
Passenger Airlines - 1.0%
Ryanair Holdings PLC sponsored ADR	957	96,944
Professional Services - 1.4%
TransUnion	1,522	137,376
TOTAL INDUSTRIALS		1,562,810
INFORMATION TECHNOLOGY - 8.4%
Communications Equipment - 1.9%
Telefonaktiebolaget LM Ericsson (B Shares)	27,953	192,201
Electronic Equipment, Instruments & Components - 2.0%
Taiyo Yuden Co. Ltd.	6,700	201,336
Semiconductors & Semiconductor Equipment - 3.7%
First Solar, Inc. (b)	739	159,617
Taiwan Semiconductor Manufacturing Co. Ltd.	7,000	205,091
		364,708
Software - 0.8%
ANSYS, Inc. (b)	252	79,035
TOTAL INFORMATION TECHNOLOGY		837,280
MATERIALS - 5.3%
Chemicals - 1.2%
Air Liquide SA	666	121,517
Containers & Packaging - 1.7%
CCL Industries, Inc. Class B	3,158	171,801
Metals & Mining - 2.4%
Nickel Industries Ltd.	370,309	207,050
Rio Tinto PLC	405	26,338
		233,388
TOTAL MATERIALS		526,706
REAL ESTATE - 0.6%
Equity Real Estate Investment Trusts (REITs) - 0.6%
Sun Communities, Inc.	508	64,379
TOTAL COMMON STOCKS (Cost $8,057,793)		8,189,331

Money Market Funds - 19.0%
	Shares	Value ($)
Morgan Stanley Institutional Liquidity Prime Portfolio Institutional Class 5.32% (c) (Cost $1,905,009)	1,905,009	1,905,390

TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $9,962,802)	10,094,721
NET OTHER ASSETS (LIABILITIES) - (0.9)%	(89,298)
NET ASSETS - 100.0%	10,005,423

Forward Foreign Currency Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation) ($)

AUD	155	USD	101	UBS Ag London Branch	8/01/24	0
GBP	78	USD	100	JPMorgan Chase Bank, N.A.	8/01/24	0
JPY	15,400	USD	102	JPMorgan Chase Bank, N.A.	8/01/24	0
USD	510	AUD	785	HSBC Bank	8/01/24	(3)
USD	2,477	EUR	2,286	JPMorgan Chase Bank, N.A.	8/01/24	3
USD	3,369	GBP	2,623	JPMorgan Chase Bank, N.A.	8/01/24	(3)
USD	1,367	JPY	211,878	HSBC Bank	8/01/24	(48)
USD	51,237	JPY	7,704,402	Morgan Stanley Cap. Group, Inc	8/01/24	(192)
BRL	15,000	USD	2,698	Morgan Stanley Cap. Group, Inc	8/28/24	(53)
CNY	110,000	USD	15,155	Goldman Sachs Intl London	8/28/24	130
EUR	52,000	USD	56,723	HSBC Bank	8/28/24	(373)
EUR	62,000	USD	67,112	JPMorgan Chase Bank, N.A.	8/28/24	74
GBP	5,000	USD	6,445	Goldman Sachs Intl London	8/28/24	(15)
GBP	13,000	USD	16,793	HSBC Bank	8/28/24	(76)
GBP	17,000	USD	21,841	JPMorgan Chase Bank, N.A.	8/28/24	19
GBP	33,000	USD	43,043	JPMorgan Chase Bank, N.A.	8/28/24	(609)
GBP	3,000	USD	3,881	JPMorgan Chase Bank, N.A.	8/28/24	(23)
HKD	795,000	USD	101,928	HSBC Bank	8/28/24	(87)
HKD	148,000	USD	18,959	JPMorgan Chase Bank, N.A.	8/28/24	0
JPY	6,890,000	USD	45,030	Goldman Sachs Intl London	8/28/24	1,152
JPY	11,417,000	USD	76,231	Morgan Stanley Cap. Group, Inc	8/28/24	295
THB	82,000	USD	2,275	Goldman Sachs Intl London	8/28/24	37
THB	146,000	USD	4,071	HSBC Bank	8/28/24	45
THB	1,086,000	USD	30,355	HSBC Bank	8/28/24	263
THB	71,000	USD	1,984	JPMorgan Chase Bank, N.A.	8/28/24	18
THB	309,000	USD	8,670	UBS Ag London Branch	8/28/24	42
TWD	322,000	USD	9,831	UBS Ag London Branch	8/28/24	38
TWD	6,514,000	USD	200,749	UBS Ag London Branch	8/28/24	(1,105)
TWD	415,000	USD	12,641	UBS Ag London Branch	8/28/24	78
USD	594,085	AUD	879,000	HSBC Bank	8/28/24	18,842
USD	50,437	BRL	276,000	UBS Ag London Branch	8/28/24	1,774
USD	446,994	CAD	610,000	HSBC Bank	8/28/24	4,819
USD	219,702	CHF	194,000	Goldman Sachs Intl London	8/28/24	(2,028)
USD	22,636	CHF	20,000	HSBC Bank	8/28/24	(222)
USD	14,731	CHF	13,000	JPMorgan Chase Bank, N.A.	8/28/24	(128)
USD	290,560	CNY	2,106,000	HSBC Bank	8/28/24	(2,080)
USD	1,176,303	EUR	1,073,000	Goldman Sachs Intl London	8/28/24	13,550
USD	9,023	GBP	7,000	HSBC Bank	8/28/24	22
USD	11,580	GBP	9,000	HSBC Bank	8/28/24	7
USD	7,808	GBP	6,000	HSBC Bank	8/28/24	92
USD	2,589	GBP	2,000	JPMorgan Chase Bank, N.A.	8/28/24	17
USD	83,429	GBP	65,000	UBS Ag London Branch	8/28/24	(154)
USD	286,962	HKD	2,238,000	Morgan Stanley Cap. Group, Inc	8/28/24	272
USD	14,739	HKD	115,000	UBS Ag London Branch	8/28/24	7
USD	639,412	JPY	99,293,000	JPMorgan Chase Bank, N.A.	8/28/24	(26,136)
USD	143,834	KRW	197,753,000	UBS Ag London Branch	8/28/24	(771)
USD	282,742	NOK	3,030,000	JPMorgan Chase Bank, N.A.	8/28/24	4,839
USD	24,468	SEK	264,000	Goldman Sachs Intl London	8/28/24	(219)
USD	13,486	SEK	145,000	HSBC Bank	8/28/24	(73)
USD	193,417	SEK	2,029,000	JPMorgan Chase Bank, N.A.	8/28/24	3,687
USD	2,854	THB	103,000	Goldman Sachs Intl London	8/28/24	(50)
USD	2,772	THB	100,000	Morgan Stanley Cap. Group, Inc	8/28/24	(47)
USD	4,272	THB	154,000	Morgan Stanley Cap. Group, Inc	8/28/24	(69)
USD	372,792	TWD	12,115,000	JPMorgan Chase Bank, N.A.	8/28/24	1,487

TOTAL FORWARD FOREIGN CURRENCY CONTRACTS						17,045
Unrealized Appreciation						51,609
Unrealized Depreciation						(34,564)

For the period, the average contract value for forward foreign currency contracts was $4,985,966. Contract value represents contract amount in United States dollars plus or minus unrealized appreciation or depreciation, respectively.

Total Return Swaps
Fund Receives/Pays	Payment Frequency	Counterparty	Maturity Date	Absolute Notional Value ($)	Value ($)	Net Cash and Other Receivables/(Payables) ($)	Unrealized Appreciation (Depreciation) ($)
The Fund receives appreciation or pays depreciation on underlying contracts for difference (CFDs), receives/pays accrued income on long/short CFDs, respectively, and receives/pays interest based on a benchmark plus or minus a specified spread ranging from (.90)% to .22% on short/long CFDs, respectively.	Monthly	UBS AG London	Jun 2027 to July 2027	1,102,086	(42,883)	1,674	(41,209)

Description	Shares	Notional Value ($)	Unrealized Appreciation/ (Depreciation) ($)	Percentage of Swap Value (%)	Currency	Benchmark	Investment Type	Industry
TOKIO MARINE HOLDINGS INC	2,800	109,853	(2,424)	0.06	JPY	TONAR	Common Stock	Insurance
AMERICAN WATER WRKS COMPANY	(946)	(134,673)	(2,138)	0.05	USD	SOFR-1D	Common Stock	Water Utilities
CHUNGHWA TELECOM CO LTD	(54,000)	(200,971)	(1,176)	0.03	USD	SOFR-1D	Common Stock	Diversified Telecommunication Services
CONSTELLATION ENERGY CORP	(611)	(115,968)	(11,835)	0.28	USD	SOFR-1D	Common Stock	Electric Utilities
DELTA ELECTRONICS THAI-NVDR	(53,100)	(152,365)	(17,635)	0.41	USD	SOFR-1D	Common Stock	Electronic Equipment, Instruments & Components
RAYTHEON TECHNOLOGIES CORP	(1,844)	(216,652)	(7,413)	0.17	USD	SOFR-1D	Common Stock	Aerospace & Defense
TAKE-TWO INTERACTV SOFTWR INC	(1,140)	(171,604)	(262)	0.01	USD	SOFR-1D	Common Stock	Entertainment

Total Return Swaps
Fund Receives/Pays	Payment Frequency	Counterparty	Maturity Date	Absolute Notional Value ($)	Value ($)	Net Cash and Other Receivables/(Payables) ($)	Unrealized Appreciation/(Depreciation) ($)
The Fund receives appreciation or pays depreciation on underlying contracts for difference (CFDs), receives/pays accrued income on long/short CFDs, respectively, and receives/pays interest based on a benchmark plus or minus a specified spread ranging from (.58)% to .31% on short/long CFDs, respectively.	Monthly	Goldman Sachs International Ltd.	Jun 2039 to Dec 2039	5,935,005	(79,132)	(1,494)	(80,626)

Description	Shares	Notional Value ($)	Unrealized Appreciation/ (Depreciation) ($)	Percentage of Swap Value (%)	Currency	Benchmark	Investment Type	Industry
DEXCOM INC	1,456	98,746	(2,737)	0.03	USD	SOFR-1D	Common Stock	Health Care Equipment & Supplies
ANTOFAGASTA PLC	(5,011)	(130,126)	(4,661)	0.06	GBP	SONIA	Common Stock	Metals & Mining
AT&T INC	(10,563)	(203,338)	(2,852)	0.04	USD	SOFR-1D	Common Stock	Diversified Telecommunication Services
BANK OF QUEENSLAND LTD	(36,138)	(149,121)	(945)	0.01	AUD	BBSW-1M	Common Stock	Banks
BRIDGEPOINT GROUP PLC	(57,514)	(216,636)	(11,830)	0.15	GBP	SONIA	Common Stock	Capital Markets
CAIXABANK SA	(20,836)	(121,521)	(607)	0.01	EUR	ESTR-1D	Common Stock	Banks
CARGOTEC CORP B	(1,933)	(98,575)	(4,013)	0.05	EUR	ESTR-1D	Common Stock	Machinery
CARLYLE GROUP INC (THE)	(3,138)	(156,084)	(3,828)	0.05	USD	SOFR-1D	Common Stock	Capital Markets
CK INFRASTRUCTURE HOLDINGS LTD	(13,000)	(86,774)	499	(0.01)	HKD	HIBOR-1M	Common Stock	Electric Utilities
CME GROUP INC CL A	(764)	(147,994)	2,666	(0.03)	USD	SOFR-1D	Common Stock	Capital Markets
CRH PLC	(2,817)	(240,171)	(8,909)	0.11	GBP	SONIA	Common Stock	Construction Materials
DAYFORCE INC	(1,593)	(94,433)	(8,921)	0.11	USD	SOFR-1D	Common Stock	Professional Services
DECKERS OUTDOOR CORP	(188)	(173,454)	(2,143)	0.03	USD	SOFR-1D	Common Stock	Textiles, Apparel & Luxury Goods
DELIVERY HERO SE	(3,798)	(84,499)	(4,840)	0.06	EUR	ESTR-1D	Common Stock	Hotels, Restaurants & Leisure
DENKA CO LTD	(11,800)	(171,962)	(87)	0.00	JPY	TONAR	Common Stock	Chemicals
ELIS SA	(3,785)	(87,579)	(244)	0.00	EUR	ESTR-1D	Common Stock	Commercial Services & Supplies
EPAM SYSTEMS INC	(492)	(105,844)	(699)	0.01	USD	SOFR-1D	Common Stock	IT Services
FIFTH THIRD BANCORP	(1,774)	(75,111)	(142)	0.00	USD	SOFR-1D	Common Stock	Banks
FORD MOTOR CO	(6,705)	(72,548)	134	(0.00)	USD	SOFR-1D	Common Stock	Automobiles
GROCERY OUTLET HOLDING CORP	(2,140)	(41,858)	3,231	(0.04)	USD	SOFR-1D	Common Stock	Consumer Staples Distribution & Retail
HUHTAMAKI OYJ	(1,461)	(59,231)	853	(0.01)	EUR	ESTR-1D	Common Stock	Containers & Packaging
INCYTE CORP	(2,274)	(147,969)	6,185	(0.08)	USD	SOFR-1D	Common Stock	Biotechnology
INTL BUS MACH CORP	(1,057)	(203,092)	(1,163)	0.01	USD	SOFR-1D	Common Stock	IT Services
KKR & CO INC	(912)	(112,586)	(3,156)	0.04	USD	SOFR-1D	Common Stock	Capital Markets
LULULEMON ATHLETICA INC	(394)	(101,912)	(1,048)	0.01	USD	SOFR-1D	Common Stock	Textiles, Apparel & Luxury Goods
MARKETAXESS HLDGS INC	(555)	(124,059)	272	(0.00)	USD	SOFR-1D	Common Stock	Capital Markets
MEDTRONIC PLC	(2,493)	(200,238)	1,222	(0.02)	USD	SOFR-1D	Common Stock	Health Care Equipment & Supplies
NIO INC ADR	(18,919)	(84,000)	(378)	0.00	USD	SOFR-1D	Common Stock	Automobiles
PAYPAL HLDGS INC	(2,874)	(189,052)	(5,116)	0.06	USD	SOFR-1D	Common Stock	Financial Services
PEARSON PLC	(17,871)	(242,473)	(2,394)	0.03	GBP	SONIA	Common Stock	Diversified Consumer Services
PERFORMANCE FOOD GROUP CO	(1,817)	(125,373)	(345)	0.00	USD	SOFR-1D	Common Stock	Consumer Staples Distribution & Retail
PERNOD-RICARD	(1,065)	(142,922)	1,207	(0.02)	EUR	ESTR-1D	Common Stock	Beverages
PRICE (T ROWE)GROUP INC	(454)	(51,851)	(686)	0.01	USD	SOFR-1D	Common Stock	Capital Markets
QUALYS INC	(403)	(60,103)	(197)	0.00	USD	SOFR-1D	Common Stock	Software
RIGHTMOVE PLC	(13,265)	(98,258)	(3,101)	0.04	GBP	SONIA	Common Stock	Interactive Media & Services
SCHNEIDER ELECTRIC SE	(875)	(210,906)	(4,090)	0.05	EUR	ESTR-1D	Common Stock	Electrical Equipment
SITC INTL HOLDINGS CO LTD	(68,000)	(151,443)	(1,393)	0.02	HKD	HIBOR-1M	Common Stock	Marine Transportation
SOCIONEXT INC	(8,100)	(163,569)	3,492	(0.04)	JPY	TONAR	Common Stock	Semiconductors & Semiconductor Equipment
STARBUCKS CORP	(2,798)	(218,104)	(5,624)	0.07	USD	SOFR-1D	Common Stock	Hotels, Restaurants & Leisure
TEXAS INSTRUMENTS INC	(820)	(167,124)	(2,312)	0.03	USD	SOFR-1D	Common Stock	Semiconductors & Semiconductor Equipment
TOYODA GOSEI CO	(8,900)	(165,577)	(8,468)	0.11	JPY	TONAR	Common Stock	Automobile Components
TREX CO INC	(1,457)	(121,849)	1,268	(0.02)	USD	SOFR-1D	Common Stock	Building Products
VALEO SA	(5,455)	(62,335)	(1,911)	0.02	EUR	ESTR-1D	Common Stock	Automobile Components
WATCHES OF SWITZERLAND GROUP LTD	(10,452)	(54,660)	(725)	0.01	GBP	SONIA	Common Stock	Specialty Retail
YUM BRANDS INC	(903)	(119,945)	(596)	0.01	USD	SOFR-1D	Common Stock	Hotels, Restaurants & Leisure

Total Return Swaps
Fund Receives/Pays	Payment Frequency	Counterparty	Maturity Date	Absolute Notional Value ($)	Value ($)	Net Cash and Other Receivables/(Payables) ($)	Unrealized Appreciation/(Depreciation) ($)
The Fund receives appreciation or pays depreciation on underlying contracts for difference (CFDs), receives/pays accrued income on long/short CFDs, respectively, and receives/pays interest based on a benchmark plus or minus a specified spread ranging from .05% to .08% on short/long CFDs, respectively.	Monthly	HSBC Bank PLC	Oct 2025	262,535	3,968	-	3,968

Description	Shares	Notional Value ($)	Unrealized Appreciation/ (Depreciation) ($)	Percentage of Swap Value (%)	Currency	Benchmark	Investment Type	Industry
DESCARTES SYS GROUP INC	(984)	(100,024)	(2,204)	(0.56)	USD	SOFR-1D	Common Stock	Software
OCCIDENTAL PETROLEUM CORP	(2,672)	(162,511)	6,172	1.56	USD	SOFR-1D	Common Stock	Oil, Gas & Consumable Fuels

Total Return Swaps
Fund Receives/Pays	Payment Frequency	Counterparty	Maturity Date	Absolute Notional Value ($)	Value ($)	Net Cash and Other Receivables/(Payables) ($)	Unrealized Appreciation/(Depreciation) ($)
The Fund receives appreciation or pays depreciation on underlying contracts for difference (CFDs), receives/pays accrued income on long/short CFDs, respectively, and receives/pays interest based on a benchmark plus or minus a specified spread ranging from (3.00)% to .30% on short/long CFDs, respectively.	Monthly	JP Morgan Securities PLC	Jul 2029 to Aug 2029	4,056,735	(42,841)	340	(42,501)

Description	Shares	Notional Value ($)	Unrealized Appreciation/ (Depreciation) ($)	Percentage of Swap Value (%)	Currency	Benchmark	Investment Type	Industry
APPLIED MATERIALS INC	518	109,920	(16,162)	0.38	USD	SOFR-1D	Common Stock	Semiconductors & Semiconductor Equipment
ASKUL CORP	3,400	48,320	131	(0.00)	JPY	TONAR	Common Stock	Broadline Retail
AUCTION TECHNOLOGY GROUP PLC	7,021	45,761	1,291	(0.03)	GBP	SONIA	Common Stock	Diversified Consumer Services
HARMONIC DRIVE SYSTEMS INC	4,700	130,046	(12,080)	0.28	JPY	TONAR	Common Stock	Machinery
NATIONAL GRID PLC	2,982	37,836	1,093	(0.03)	GBP	SONIA	Common Stock	Multi-Utilities
RESORTTRUST INC	10,500	177,541	9,883	(0.23)	JPY	TONAR	Common Stock	Hotels, Restaurants & Leisure
SERCO GROUP PLC	47,348	116,563	2,072	(0.05)	GBP	SONIA	Common Stock	Commercial Services & Supplies
SHIN-ETSU CHEMICAL CO LTD	2,500	111,077	(986)	0.02	JPY	TONAR	Common Stock	Chemicals
SIMPLEX HOLDINGS INC	7,600	109,938	(26,026)	0.61	JPY	TONAR	Common Stock	IT Services
SSE PLC	9,376	226,663	483	(0.01)	GBP	SONIA	Common Stock	Electric Utilities
UNILEVER PLC ORD	2,586	158,922	12,447	(0.29)	GBP	SONIA	Common Stock	Personal Care Products
ABB LTD	(3,780)	(209,815)	8,953	(0.21)	CHF	SARON-1D	Common Stock	Electrical Equipment
ASSET WORLD CORP PCL (FOR)	(636,900)	(65,217)	129	(0.00)	USD	SOFR-1D	Common Stock	Hotels, Restaurants & Leisure
CAE INC	(3,520)	(64,044)	1,785	(0.04)	CAD	CORRA	Common Stock	Aerospace & Defense
CANADIAN TIRE LTD A PHYS DELIVERY	(760)	(78,045)	(463)	0.01	CAD	CORRA	Common Stock	Broadline Retail
CHUGAI PHARMACEUTICAL CO LTD	(3,600)	(157,113)	(4,419)	0.10	JPY	TONAR	Common Stock	Pharmaceuticals
COLLIERS INTERNATIONAL GROUP INC	(1,305)	(175,875)	(16,768)	0.39	CAD	CORRA	Common Stock	Real Estate Management & Development
FLOOR & DECOR HOLDINGS INC	(1,257)	(123,186)	(4,123)	0.10	USD	SOFR-1D	Common Stock	Specialty Retail
GEBERIT AG (REG)	(181)	(115,560)	(1,609)	0.04	CHF	SARON-1D	Common Stock	Building Products
KOBAYASHI PHARMAC CO LTD	(1,900)	(76,429)	(5,061)	0.12	JPY	TONAR	Common Stock	Personal Care Products
MINERAL RESOURCES LTD	(3,195)	(113,411)	5,595	(0.13)	AUD	BBSW-1M	Common Stock	Metals & Mining
NISSAN MOTOR CO LTD ORD	(24,000)	(76,179)	432	(0.01)	JPY	TONAR	Common Stock	Automobiles
OTSUKA HOLDINGS CO LTD	(4,000)	(203,873)	(11,730)	0.27	JPY	TONAR	Common Stock	Pharmaceuticals
REGIS RESOURCES LTD	(59,892)	(65,604)	7,834	(0.18)	AUD	BBSW-1M	Common Stock	Metals & Mining
REMY COINTREAU SA	(1,279)	(100,920)	3,314	(0.08)	EUR	ESTR-1D	Common Stock	Beverages
SANDFIRE RESOURCES LTD	(13,218)	(75,202)	3,285	(0.08)	AUD	BBSW-1M	Common Stock	Metals & Mining
SERVICE STREAM LTD	(86,992)	(79,644)	(4,267)	0.10	AUD	BBSW-1M	Common Stock	Construction & Engineering
SIEMENS AG (REGD)	(1,024)	(187,491)	10,770	(0.25)	EUR	ESTR-1D	Common Stock	Industrial Conglomerates
SOLVENTUM CORP	(1,969)	(115,935)	(19,454)	0.45	USD	SOFR-1D	Common Stock	Health Care Equipment & Supplies
STRAUMANN HOLDG AG (REGD)	(814)	(104,967)	6,689	(0.16)	CHF	SARON-1D	Common Stock	Health Care Equipment & Supplies
SUN LIFE FINANCIAL INC	(4,439)	(220,367)	(1)	0.00	CAD	CORRA	Common Stock	Insurance
WEIBO CORP SPON ADR	(15,898)	(122,733)	12,400	(0.29)	USD	SOFR-1D	Common Stock	Interactive Media & Services
WESTPAC BANKING CORP	(5,247)	(102,252)	(7,594)	0.18	AUD	BBSW-1M	Common Stock	Banks
ZURICH INSURANCE GROUP AG	(273)	(150,286)	(684)	0.02	CHF	SARON-1D	Common Stock	Insurance

Total Return Swaps
Fund Receives/Pays	Payment Frequency	Counterparty	Maturity Date	Absolute Notional Value ($)	Value ($)	Net Cash and Other Receivables/(Payables) ($)	Unrealized Appreciation/(Depreciation) ($)
The Fund receives appreciation or pays depreciation on underlying contracts for difference (CFDs), receives/pays accrued income on long/short CFDs, respectively, and receives/pays interest based on a benchmark plus or minus a specified spread ranging from (.20)% to .20% on short/long CFDs, respectively.	Monthly	Morgan Stanley & Co. International PLC	Jun 2026	2,978,452	51,302	15,271	66,573

Description	Shares	Notional Value ($)	Unrealized Appreciation/ (Depreciation) ($)	Percentage of Swap Value (%)	Currency	Benchmark	Investment Type	Industry
AGNICO EAGLE MINES LTD	2,345	180,964	21,386	0.42	USD	SOFR-1D	Common Stock	Metals & Mining
ALLISON TRANSMISSION HLDGS INC	902	79,908	11,401	0.22	USD	SOFR-1D	Common Stock	Machinery
CONTINENTAL AG	1,908	116,968	5,646	0.11	EUR	ESTR-1D	Common Stock	Automobile Components
FORVIA	9,277	108,784	(4,920)	(0.10)	EUR	ESTR-1D	Common Stock	Automobile Components
NN GROUP NV	3,450	173,023	7,057	0.14	EUR	ESTR-1D	Common Stock	Insurance
ROCHE HOLDINGS AG (GENUSSCHEINE)	541	175,154	(998)	(0.02)	CHF	SARON-1D	Common Stock	Pharmaceuticals
SIEMENS ENERGY AG	8,214	239,219	8,535	0.17	EUR	ESTR-1D	Common Stock	Industrial Conglomerates
SIKA AG	288	87,540	-	-	CHF	SARON-1D	Common Stock	Chemicals
SOPRA STERIA GROUP	592	109,943	(12,878)	(0.25)	EUR	ESTR-1D	Common Stock	IT Services
SWISS RE LTD	1,071	132,327	-	-	CHF	SARON-1D	Common Stock	Insurance
TELE2 AB B SHS	15,566	160,178	9,375	0.18	SEK	STIBO-1M	Common Stock	Wireless Telecommunication Services
CASEY GENERAL STORES	(299)	(115,964)	(5,256)	(0.10)	USD	SOFR-1D	Common Stock	Consumer Staples Distribution & Retail
DR ING HC F PORSCHE AG PFD	(1,236)	(93,072)	(805)	(0.02)	EUR	ESTR-1D	Preferred Stock	Automobiles
EQUINOR ASA	(4,809)	(127,343)	7,421	0.14	NOK	NIBOR-1M	Common Stock	Oil, Gas & Consumable Fuels
FORTUM OYJ	(8,955)	(137,523)	(3,660)	(0.07)	EUR	ESTR-1D	Common Stock	Electric Utilities
HEXAGON AB SER B	(19,285)	(196,407)	21,578	0.42	SEK	STIBO-1M	Common Stock	Electronic Equipment, Instruments & Components
JDE PEETS BV	(6,360)	(139,589)	(9,843)	(0.19)	EUR	ESTR-1D	Common Stock	Food Products
SODEXO	(1,950)	(184,764)	(15,828)	(0.31)	EUR	ESTR-1D	Common Stock	Hotels, Restaurants & Leisure
SVENSKA CELLULOSA AB CL B	(7,902)	(107,434)	5,313	0.10	SEK	STIBO-1M	Common Stock	Paper & Forest Products
VERIZON COMMUNICATIONS INC	(3,376)	(136,796)	2,026	0.04	USD	SOFR-1D	Common Stock	Diversified Telecommunication Services
VOLKSWAG PFD PERP	(1,573)	(175,552)	5,752	0.11	EUR	ESTR-1D	Preferred Stock	Automobiles

Benchmark Abbreviations & Rates
Benchmark		Benchmark Rate
BBSW-1M	Bank Bill Swap Rate	4.34%
CORRA	Canadian Overnight Repo Rate Average	4.53%
ESTR-1D	Euro Short-Term Rate	3.65%
HIBOR-1M	Hong Kong Inter-Bank Offered Rate	4.52%
NIBOR-1M	Norwegian Interbank Offered Rate	4.63%
SARON-1D	Swiss Average Rate Overnight	1.21%
SOFR-1D	Secured Overnight Financing Rate	5.38%
SONIA	Sterling Overnight Average	5.20%
STIBO-1M	Stockholm Interbank Offered Rate	3.68%
TONAR	Tokyo Overnight Average Rate	0.08%

Currency Abbreviations

AUD	-	Australian dollar
BRL	-	Brazilian real
CAD	-	Canadian dollar
CHF	-	Swiss franc
CNY	-	Chinese yuan
EUR	-	European Monetary Unit
GBP	-	British pound sterling
HKD	-	Hong Kong dollar
JPY	-	Japanese yen
KRW	-	Korean won
NOK	-	Norwegian krone
SEK	-	Swedish krona
THB	-	Thai baht
TWD	-	Taiwanese dollar
USD	-	U.S. dollar

Legend

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $72,578 or 0.7% of net assets.

(b)	Non-income producing

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	-	10,000,000	10,000,000	2,979	-	-	-	0.0%
Total	-	10,000,000	10,000,000	2,979	-	-	-

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	1,016,502	790,466	226,036	-
Consumer Discretionary	1,152,321	1,152,321	-	-
Consumer Staples	779,991	779,991	-	-
Financials	1,375,262	1,375,262	-	-
Health Care	874,080	874,080	-	-
Industrials	1,562,810	1,418,293	144,517	-
Information Technology	837,280	238,652	598,628	-
Materials	526,706	378,851	147,855	-
Real Estate	64,379	64,379	-	-

Money Market Funds	1,905,390	1,905,390	-	-
Total Investments in Securities:	10,094,721	8,977,685	1,117,036	-
Derivative Instruments: Assets
Forward Foreign Currency Contracts	51,609	-	51,609	-
Swaps	70,541	-	70,541	-
Total Assets	122,150	-	122,150	-
Liabilities
Forward Foreign Currency Contracts	(34,564)	-	(34,564)	-
Swaps	(164,336)	-	(164,336)	-
Total Liabilities	(198,900)	-	(198,900)	-
Total Derivative Instruments:	(76,750)	-	(76,750)	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Swaps	70,541	(164,336)
Total Equity Risk	70,541	(164,336)
Foreign Exchange Risk
Forward Foreign Currency Contracts (a)	51,609	(34,564)
Total Foreign Exchange Risk	51,609	(34,564)
Total Value of Derivatives	122,150	(198,900)

(a)Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-items.

The following table is a summary of the Fund's derivatives inclusive of potential netting arrangements.


Counterparty		Value of Derivative Assets ($)		Value of Derivative Liabilities ($)		Collateral Received(a) ($)		Collateral Pledged(a) ($)		Net(b) ($)
Goldman Sachs Intl.		14,869		(82,938)		-		-		(68,069)
HSBC Bank		28,058		(2,962)		-		-		25,096
JPMorgan Chase Bank, N.A.		10,144		(69,400)		-		-		(59,256)
Morgan Stanley Cap. Group, Inc		67,140		(361)		-		-		66,779
UBS AG		1,939		(43,239)		-		-		(41,300)
Total	$	122,150	$	(198,900)	$	-	$	-	$	(76,750)

(a) Reflects collateral received from or pledged to an individual counterparty, excluding any excess or initial collateral amounts.

(b) Net represents the receivable / (payable) that would be due from / (to) the counterparty in an event of default. Netting may be allowed across transactions traded under the same legal agreement with the same legal entity. Please refer to Derivative Instruments - Risk Exposures and the Use of Derivative Instruments section in the accompanying Notes to Financial Statements.

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of July 31, 2024 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $9,962,802):			$	10,094,721
Foreign currency held at value (cost $58,838)				58,833
Unrealized appreciation on forward foreign currency contracts				51,609
Receivable for unsettled total return swaps				31,114
Dividends receivable				3,951
Bi-lateral OTC swaps, at value				70,541
Prepaid expenses				106,008
Receivable from investment adviser for expense reductions				22,742
Total assets				10,439,519
Liabilities
Payable to custodian bank	$	208,126
Unrealized depreciation on forward foreign currency contracts		34,564
Bi-lateral OTC swaps, at value		164,336
Accrued management fee		8,375
Distribution and service plan fees payable		1,465
Other affiliated payables		282
Other payables and accrued expenses		16,948
Total liabilities				434,096
Net Assets			$	10,005,423
Net Assets consist of:
Paid in capital			$	10,081,250
Total accumulated earnings (loss)				(75,827)
Net Assets			$	10,005,423

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($992,459 ÷ 100,000 shares)(a)			$	9.92
Maximum offering price per share (100/94.25 of $9.92)			$	10.53
Class M :
Net Asset Value and redemption price per share ($992,201 ÷ 100,000 shares)(a)			$	9.92
Maximum offering price per share (100/96.50 of $9.92)			$	10.28
Class C :
Net Asset Value and offering price per share ($991,685 ÷ 100,000 shares)(a)			$	9.92
Fidelity Equity Market Neutral Fund :
Net Asset Value, offering price and redemption price per share ($5,043,592 ÷ 508,065 shares)			$	9.93
Class I :
Net Asset Value, offering price and redemption price per share ($992,717 ÷ 100,000 shares)			$	9.93
Class Z :
Net Asset Value, offering price and redemption price per share ($992,769 ÷ 100,000 shares)			$	9.93
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
For the period June 25, 2024 (commencement of operations) through July 31, 2024 (Unaudited)
Investment Income
Dividends			$	14,273
Special dividends				102,391
Income from Fidelity Central Funds				2,979
Income before foreign taxes withheld			$	119,643
Less foreign taxes withheld				(860)
Total income				118,783
Expenses
Management fee	$	10,121
Distribution and service plan fees		1,771
Custodian fees and expenses		1,379
Independent trustees' fees and expenses		366
Registration fees		13,655
Audit fees		13,134
Total expenses before reductions		40,426
Expense reductions		(27,116)
Total expenses after reductions				13,310
Net Investment income (loss)				105,473
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Forward foreign currency contracts		(50,538)
Foreign currency transactions		5,662
Swaps		(191,593)
Total net realized gain (loss)				(236,469)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		131,538
Fidelity Central Funds		381
Forward foreign currency contracts		17,045
Swaps		(93,795)
Total change in net unrealized appreciation (depreciation)				55,169
Net gain (loss)				(181,300)
Net increase (decrease) in net assets resulting from operations			$	(75,827)

Statement of Changes in Net Assets

		For the period June 25, 2024 (commencement of operations) through July 31, 2024 (Unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	105,473
Net realized gain (loss)		(236,469)
Change in net unrealized appreciation (depreciation)		55,169
Net increase (decrease) in net assets resulting from operations		(75,827)
Share transactions - net increase (decrease)		10,081,250
Total increase (decrease) in net assets		10,005,423

Net Assets
Beginning of period		-
End of period	$	10,005,423

Financial Highlights

Fidelity Advisor® Equity Market Neutral Fund Class A

		Six months ended (Unaudited) July 31, 2024 A
Selected Per-Share Data
Net asset value, beginning of period	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.10 D
Net realized and unrealized gain (loss)		(.18)
Total from investment operations		(.08)
Net asset value, end of period	$	9.92
Total Return E,F,G		(.80) %
Ratios to Average Net Assets C,H,I
Expenses before reductions		4.06% J
Expenses net of fee waivers, if any		1.35 % J
Expenses net of all reductions		1.35% J
Net investment income (loss)		10.29% D,J
Supplemental Data
Net assets, end of period (000 omitted)	$	992
Portfolio turnover rate K		0 % L

AFor the period June 25, 2024 (commencement of operations) through July 31, 2024.

BCalculated based on average shares outstanding during the period.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .22%.

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

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

GTotal returns do not include the effect of the sales charges.

HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

LAmount not annualized.

Fidelity Advisor® Equity Market Neutral Fund Class M

		Six months ended (Unaudited) July 31, 2024 A
Selected Per-Share Data
Net asset value, beginning of period	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.10 D
Net realized and unrealized gain (loss)		(.18)
Total from investment operations		(.08)
Net asset value, end of period	$	9.92
Total Return E,F,G		(.80) %
Ratios to Average Net Assets C,H,I
Expenses before reductions		4.31% J
Expenses net of fee waivers, if any		1.60 % J
Expenses net of all reductions		1.60% J
Net investment income (loss)		10.03% D,J
Supplemental Data
Net assets, end of period (000 omitted)	$	992
Portfolio turnover rate K		0 % L

AFor the period June 25, 2024 (commencement of operations) through July 31, 2024.

BCalculated based on average shares outstanding during the period.

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

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

GTotal returns do not include the effect of the sales charges.

HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

LAmount not annualized.

Fidelity Advisor® Equity Market Neutral Fund Class C

		Six months ended (Unaudited) July 31, 2024 A
Selected Per-Share Data
Net asset value, beginning of period	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.10 D
Net realized and unrealized gain (loss)		(.18)
Total from investment operations		(.08)
Net asset value, end of period	$	9.92
Total Return E,F,G		(.80) %
Ratios to Average Net Assets C,H,I
Expenses before reductions		4.81% J
Expenses net of fee waivers, if any		2.10 % J
Expenses net of all reductions		2.10% J
Net investment income (loss)		9.51% D,J
Supplemental Data
Net assets, end of period (000 omitted)	$	992
Portfolio turnover rate K		0 % L

AFor the period June 25, 2024 (commencement of operations) through July 31, 2024.

BCalculated based on average shares outstanding during the period.

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

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

GTotal returns do not include the effect of the contingent deferred sales charge.

HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

LAmount not annualized.

Fidelity® Equity Market Neutral Fund

		Six months ended (Unaudited) July 31, 2024 A
Selected Per-Share Data
Net asset value, beginning of period	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.11 D
Net realized and unrealized gain (loss)		(.18)
Total from investment operations		(.07)
Net asset value, end of period	$	9.93
Total Return E,F		(.70) %
Ratios to Average Net Assets C,G,H
Expenses before reductions		3.81% I
Expenses net of fee waivers, if any		1.10 % I
Expenses net of all reductions		1.10% I
Net investment income (loss)		10.55% D,I
Supplemental Data
Net assets, end of period (000 omitted)	$	5,044
Portfolio turnover rate J		0 % K

AFor the period June 25, 2024 (commencement of operations) through July 31, 2024.

BCalculated based on average shares outstanding during the period.

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

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

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KAmount not annualized.

Fidelity Advisor® Equity Market Neutral Fund Class I

		Six months ended (Unaudited) July 31, 2024 A
Selected Per-Share Data
Net asset value, beginning of period	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.11 D
Net realized and unrealized gain (loss)		(.18)
Total from investment operations		(.07)
Net asset value, end of period	$	9.93
Total Return E,F		(.70) %
Ratios to Average Net Assets C,G,H
Expenses before reductions		3.81% I
Expenses net of fee waivers, if any		1.10 % I
Expenses net of all reductions		1.10% I
Net investment income (loss)		10.54% D,I
Supplemental Data
Net assets, end of period (000 omitted)	$	993
Portfolio turnover rate J		0 % K

AFor the period June 25, 2024 (commencement of operations) through July 31, 2024.

BCalculated based on average shares outstanding during the period.

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

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

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KAmount not annualized.

Fidelity Advisor® Equity Market Neutral Fund Class Z

		Six months ended (Unaudited) July 31, 2024 A
Selected Per-Share Data
Net asset value, beginning of period	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.11 D
Net realized and unrealized gain (loss)		(.18)
Total from investment operations		(.07)
Net asset value, end of period	$	9.93
Total Return E,F		(.70) %
Ratios to Average Net Assets C,G,H
Expenses before reductions		3.76% I
Expenses net of fee waivers, if any		1.05 % I
Expenses net of all reductions		1.05% I
Net investment income (loss)		10.60% D,I
Supplemental Data
Net assets, end of period (000 omitted)	$	993
Portfolio turnover rate J		0 % K

AFor the period June 25, 2024 (commencement of operations) through July 31, 2024.

BCalculated based on average shares outstanding during the period.

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

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

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KAmount not annualized.

Notes to Financial Statements

(Unaudited)

For the period ended July 31, 2024

1. Organization.

Fidelity Equity Market Neutral Fund (the Fund) is a fund of Fidelity Greenwood Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund offers Class A, Class M, Class C, Fidelity Equity Market Neutral Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

Valuation techniques used to value the Fund's investments by major category are as follows:

Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The U.S. dollar value of forward foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Gross unrealized appreciation	$697,949
Gross unrealized depreciation	(642,780)
Net unrealized appreciation (depreciation)	$55,169
Tax cost	$9,962,802

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

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including forward foreign currency contracts and swaps. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns, to gain exposure to certain types of assets, to facilitate transactions in foreign-denominated securities and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

Equity Risk	Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Foreign Exchange Risk	Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as forward foreign currency contracts and bi-lateral swaps, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. A summary of derivatives inclusive of potential netting arrangements is presented at the end of the Schedule of Investments.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)($)	Change in Net Unrealized Appreciation (Depreciation)($)
Fidelity Equity Market Neutral Fund
Equity Risk
Swaps	(191,593)	(93,795)
Total Equity Risk	(191,593)	(93,795)
Foreign Exchange Risk
Forward Foreign Currency Contracts	(50,538)	17,045
Total Foreign Exchange Risk	(50,538)	17,045
Totals	(242,131)	(76,750)

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

Forward Foreign Currency Contracts. Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Forward foreign currency contracts were used to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When the contract is closed, a gain or loss is realized equal to the difference between the closing value and the value at the time it was opened. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is presented in the Statement of Operations.

Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end, and is representative of volume of activity during the period unless an average contract value is presented.

Bi-lateral OTC swaps are marked-to-market daily and changes in value are reflected in the Statement of Assets and Liabilities in the bi-lateral OTC swaps at value line items. Any upfront premiums paid or received upon entering a bi-lateral OTC swap to compensate for differences between stated terms of the swap and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded in total accumulated earnings (loss) in the Statement of Assets and Liabilities and amortized to realized gain or (loss) ratably over the term of the swap. Any unamortized upfront premiums are presented in the Schedule of Investments.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps", and are representative of volume of activity during the period unless an average notional amount is presented.

The Fund enters into contracts for difference (CFD), which are total return swap transactions, to obtain exposure to long and/or short positions in a single equity stock or financial index for hedging, efficient portfolio management and investment purposes. The Fund may trade in and out of these long and short positions and receives the economic benefits and risks equivalent to direct investments in these positions, which includes unrealized appreciation (depreciation), corporate actions, and dividends and interest received and paid, all of which are reflected in the swap value. The swap value also includes financing charges and credits related to the notional values of the long and short positions and cash balances within the swap. Finance charges and credits are based on defined market rates plus or minus a specified spread. Positions within the swap are reset periodically, and financing costs are reset generally monthly. During a reset, any realized gains (losses) from positions, income, proceeds from corporate actions and accrued financing costs may become available for cash settlement between the Fund and the counterparty. Prior to the reset, these amounts are included as a component of the swap value in net cash and other receivables (payables).

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Equity Market Neutral Fund	8,057,971	-

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Diversifying Solutions LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which each class of the Fund pays a monthly management fee. Under the management contract, the investment adviser pays all other operating expenses, except third-party expenses (including custody, audit and registration fees) and certain other limited exceptions. During the period, the management fee for each class of the Fund was as follows:

	Annual % of Class-Level Average Net Assets
Class A	1.00%
Class M	1.00%
Class C	1.00%
Fidelity Equity Market Neutral Fund	1.00%
Class I	1.00%
Class Z	.95%

	Distribution Fee	Service Fee	Total Fees ($)	Retained by FDC ($)
Class A	- %	.25%	253	253
Class M	.25%	.25%	506	506
Class C	.75%	.25%	1,012	1,012
			1,771	1,771

For the period, there were no sales charge amounts retained by FDC.

7. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement ($)
Class A	1.35%	2,697
Class M	1.60%	2,689
Class C	2.10%	2,673
Fidelity Equity Market Neutral Fund	1.10%	13,645
Class I	1.10%	2,705
Class Z	1.05%	2,707
		27,116

8. Share Transactions.

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

	Shares	Dollars
	Six months ended July 31, 2024A	Six months ended July 31, 2024A
Fidelity Equity Market Neutral Fund
Class A
Shares sold	100,000	$1,000,000
Net increase (decrease)	100,000	$1,000,000
Class M
Shares sold	100,000	$1,000,000
Net increase (decrease)	100,000	$1,000,000
Class C
Shares sold	100,000	$1,000,000
Net increase (decrease)	100,000	$1,000,000
Fidelity Equity Market Neutral Fund
Shares sold	508,088	$5,081,477
Shares redeemed	(23)	(227)
Net increase (decrease)	508,065	$5,081,250
Class I
Shares sold	100,000	$1,000,000
Net increase (decrease)	100,000	$1,000,000
Class Z
Shares sold	100,000	$1,000,000
Net increase (decrease)	100,000	$1,000,000

A For the period June 25, 2024 (commencement of operations) through July 31, 2024.

9. Other.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund	Affiliated %
Fidelity Equity Market Neutral Fund	99%