Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07319
Fidelity Covington Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant’s telephone number, including area code: 617-563-7000
Date of fiscal year end: July 31
Date of reporting period: January 31, 2015
Table of Contents
Item 1. | Reports to Stockholders |
Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Fidelity MSCI Consumer Staples Index ETF
Fidelity MSCI Energy Index ETF
Fidelity MSCI Financials Index ETF
Fidelity MSCI Health Care Index ETF
Fidelity MSCI Industrials Index ETF
Fidelity MSCI Information Technology Index ETF
Fidelity MSCI Materials Index ETF
Fidelity MSCI Telecommunication Services Index ETF
Fidelity MSCI Utilities Index ETF
Semiannual Report
January 31, 2015
Table of Contents
Performance and Investment Summary | 3 | How each fund has done over time and a summary of each fund’s holdings. | ||||
Shareholder Expense Example | 13 | An example of shareholder expenses. | ||||
Investments | 15 | A complete list of each fund’s investments with their market values. | ||||
Financial Statements | 54 | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | ||||
Notes | 73 | Notes to the financial statements. | ||||
Board Approval of Investment Advisory Contracts and Management Fees | 76 |
To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
© 2015 FMR LLC. All Rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED Ÿ MAY LOSE VALUE Ÿ NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report | 2 |
Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
The information provided in the tables below shows you the performance of Fidelity® MSCI Consumer Discretionary Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended January 31, 2015 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Consumer Discretionary Index ETF – NAV | 12.43% | 10.80% | ||||||
Fidelity MSCI Consumer Discretionary Index ETF – Market Price | 12.64% | 10.89% | ||||||
MSCI USA IMI Consumer Discretionary Index | 12.61% | 10.94% | ||||||
S&P 500 Index | 14.22% | 13.31% |
Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Consumer Discretionary Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
Periods Ended December 31, 2014 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Consumer Discretionary Index ETF – NAV | 9.32% | 14.49% | ||||||
Fidelity MSCI Consumer Discretionary Index ETF – Market Price | 9.39% | 14.59% | ||||||
MSCI USA IMI Consumer Discretionary Index | 9.45% | 14.65% | ||||||
S&P 500 Index | 13.69% | 17.27% |
This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.
The fund’s expense ratio is 0.12%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.
A | From October 21, 2013. |
* | Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any. |
Investment Summary
Top Ten Stocks as of January 31, 2015 | ||||
% of fund’s net assets | ||||
The Walt Disney Co. | 5.2 | |||
Home Depot, Inc. | 5.0 | |||
Amazon.com, Inc. | 4.9 | |||
Comcast Corp. Class A | 4.0 | |||
McDonald’s Corp. | 3.2 | |||
Lowe’s Companies, Inc. | 2.4 | |||
Time Warner, Inc. | 2.4 | |||
Starbucks Corp. | 2.3 | |||
NIKE, Inc. Class B | 2.2 | |||
Ford Motor Co. | 1.9 | |||
|
| |||
33.5 | ||||
|
|
Industries as of January 31, 2015 |
* | Includes short-term investments and other net assets. |
3 | Semiannual Report |
Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Performance
The information provided in the tables below shows you the performance of Fidelity® MSCI Consumer Staples Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended January 31, 2015 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Consumer Staples Index ETF – NAV | 20.67% | 15.10% | ||||||
Fidelity MSCI Consumer Staples Index ETF – Market Price | 20.67% | 15.07% | ||||||
MSCI USA IMI Consumer Staples Index | 20.87% | 15.28% | ||||||
S&P 500 Index | 14.22% | 13.31% |
Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Consumer Staples Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
Periods Ended December 31, 2014 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Consumer Staples Index ETF – NAV | 15.74% | 17.45% | ||||||
Fidelity MSCI Consumer Staples Index ETF – Market Price | 15.82% | 17.48% | ||||||
MSCI USA IMI Consumer Staples Index | 15.91% | 17.63% | ||||||
S&P 500 Index | 13.69% | 17.27% |
This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.
The fund’s expense ratio is 0.12%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.
A | From October 21, 2013. |
* | Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any. |
Investment Summary
Top Ten Stocks as of January 31, 2015 | ||||
% of fund’s net assets | ||||
The Procter & Gamble Co. | 12.0 | |||
The Coca-Cola Co. | 8.5 | |||
PepsiCo, Inc. | 7.4 | |||
Wal-Mart Stores, Inc. | 7.2 | |||
Philip Morris International, Inc. | 6.6 | |||
CVS Health Corp. | 6.0 | |||
Altria Group, Inc. | 4.9 | |||
Walgreens Boots Alliance, Inc. | 3.5 | |||
Costco Wholesale Corp. | 3.3 | |||
Colgate-Palmolive Co. | 3.3 | |||
|
| |||
62.7 | ||||
|
|
Industries as of January 31, 2015 |
* | Includes short-term investments and net other assets. |
Semiannual Report | 4 |
Table of Contents
Fidelity® MSCI Energy Index ETF
Performance
The information provided in the tables below shows you the performance of Fidelity® MSCI Energy Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended January 31, 2015 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Energy Index ETF – NAV | -8.52% | -8.95% | ||||||
Fidelity MSCI Energy Index ETF – Market Price | -8.48% | -8.92% | ||||||
MSCI USA IMI Energy Index | -8.46% | -8.90% | ||||||
S&P 500 Index | 14.22% | 13.31% |
Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Energy Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
Periods Ended December 31, 2014 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Energy Index ETF – NAV | -9.79% | -5.77% | ||||||
Fidelity MSCI Energy Index ETF – Market Price | -9.89% | -5.70% | ||||||
MSCI USA IMI Energy Index | -9.74% | -5.70% | ||||||
S&P 500 Index | 13.69% | 17.27% |
This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.
The fund’s expense ratio is 0.12%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.
A | From October 21, 2013. |
* | Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any. |
Investment Summary
Top Ten Stocks as of January 31, 2015 | ||||
% of fund’s net assets | ||||
Exxon Mobil Corp. | 22.5 | |||
Chevron Corp. | 11.7 | |||
Schlumberger Ltd. | 6.4 | |||
ConocoPhillips | 4.7 | |||
Kinder Morgan, Inc. | 4.5 | |||
Occidental Petroleum Corp. | 3.8 | |||
EOG Resources, Inc. | 2.9 | |||
Anadarko Petroleum Corp. | 2.5 | |||
Phillips 66 | 2.4 | |||
Halliburton Co. | 2.0 | |||
|
| |||
63.4 | ||||
|
|
Industries as of January 31, 2015 |
5 | Semiannual Report |
Table of Contents
Fidelity® MSCI Financials Index ETF
Performance
The information provided in the tables below shows you the performance of Fidelity® MSCI Financials Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended January 31, 2015 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Financials Index ETF – NAV | 11.01% | 9.63% | ||||||
Fidelity MSCI Financials Index ETF – Market Price | 11.13% | 9.69% | ||||||
MSCI USA IMI Financials Index | 11.20% | 9.77% | ||||||
S&P 500 Index | 14.22% | 13.31% |
Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Financials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
Periods Ended December 31, 2014 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Financials Index ETF – NAV | 13.98% | 15.76% | ||||||
Fidelity MSCI Financials Index ETF – Market Price | 14.01% | 15.85% | ||||||
MSCI USA IMI Financials Index | 14.12% | 15.87% | ||||||
S&P 500 Index | 13.69% | 17.27% |
This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.
The fund’s expense ratio is 0.12%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.
A | From October 21, 2013. |
* | Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any. |
Investment Summary
Top Ten Stocks as of January 31, 2015 | ||||
% of fund’s net assets | ||||
Wells Fargo & Co. | 7.0 | |||
JPMorgan Chase & Co. | 5.5 | |||
Berkshire Hathaway, Inc. Class B | 4.5 | |||
Bank of America Corp. | 4.3 | |||
Citigroup, Inc. | 3.8 | |||
American Express Co. | 2.1 | |||
US Bancorp | 2.0 | |||
American International Group, Inc. | 1.9 | |||
The Goldman Sachs Group, Inc. | 1.8 | |||
Simon Property Group, Inc. | 1.7 | |||
|
| |||
34.6 | ||||
|
|
Industries as of January 31, 2015 |
* | Includes short-term investments and net other liabilities. |
Semiannual Report | 6 |
Table of Contents
Fidelity® MSCI Health Care Index ETF
Performance
The information provided in the tables below shows you the performance of Fidelity® MSCI Health Care Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended January 31, 2015 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Health Care Index ETF – NAV | 25.12% | 26.90% | ||||||
Fidelity MSCI Health Care Index ETF – Market Price | 25.28% | 26.99% | ||||||
MSCI USA IMI Health Care Index | 25.30% | 27.10% | ||||||
S&P 500 Index | 14.22% | 13.31% |
Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Health Care Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
Periods Ended December 31, 2014 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Health Care Index ETF – NAV | 25.23% | 27.29% | ||||||
Fidelity MSCI Health Care Index ETF – Market Price | 25.07% | 27.36% | ||||||
MSCI USA IMI Health Care Index | 25.44% | 27.50% | ||||||
S&P 500 Index | 13.69% | 17.27% |
This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.
The fund’s expense ratio is 0.12%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.
A | From October 21, 2013. |
* | Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any. |
Investment Summary
Top Ten Stocks as of January 31, 2015 | ||||
% of fund’s net assets | ||||
Johnson & Johnson | 8.9 | |||
Pfizer, Inc. | 6.2 | |||
Merck & Co., Inc. | 5.5 | |||
Gilead Sciences, Inc. | 5.0 | |||
Amgen, Inc. | 3.6 | |||
UnitedHealth Group, Inc. | 3.2 | |||
Medtronic PLC | 3.2 | |||
Bristol-Myers Squibb Co. | 3.1 | |||
AbbVie, Inc. | 3.0 | |||
Celgene Corp. | 3.0 | |||
|
| |||
44.7 | ||||
|
|
Industries as of January 31, 2015 |
* | Includes short-term investments and net other assets. |
7 | Semiannual Report |
Table of Contents
Fidelity® MSCI Industrials Index ETF
Performance
The information provided in the tables below shows you the performance of Fidelity® MSCI Industrials Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended January 31, 2015 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Industrials Index ETF – NAV | 6.90% | 8.97% | ||||||
Fidelity MSCI Industrials Index ETF – Market Price | 7.02% | 9.00% | ||||||
MSCI USA IMI Industrials Index | 7.00% | 9.07% | ||||||
S&P 500 Index | 14.22% | 13.31% |
Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Industrials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
Periods Ended December 31, 2014 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Industrials Index ETF – NAV | 6.52% | 13.48% | ||||||
Fidelity MSCI Industrials Index ETF – Market Price | 6.67% | 13.57% | ||||||
MSCI USA IMI Industrials Index | 6.61% | 13.60% | ||||||
S&P 500 Index | 13.69% | 17.27% |
This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.
The fund’s expense ratio is 0.12%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.
A | From October 21, 2013. |
* | Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any. |
Investment Summary
Top Ten Stocks as of January 31, 2015 | ||||
% of fund’s net assets | ||||
General Electric Co. | 10.3 | |||
Union Pacific Corp. | 4.5 | |||
3M Co. | 4.3 | |||
United Technologies Corp. | 4.3 | |||
The Boeing Co. | 4.3 | |||
Honeywell International, Inc. | 3.1 | |||
United Parcel Service, Inc. Class B | 3.0 | |||
Danaher Corp. | 2.2 | |||
Lockheed Martin Corp. | 2.2 | |||
Caterpillar, Inc. | 2.0 | |||
|
| |||
40.2 | ||||
|
|
Industries as of January 31, 2015 |
* | Includes short-term investments and net other liabilities. |
Semiannual Report | 8 |
Table of Contents
Fidelity® MSCI Information Technology Index ETF
Performance
The information provided in the tables below shows you the performance of Fidelity® MSCI Information Technology Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended January 31, 2015 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Information Technology Index ETF – NAV | 16.64% | 17.48% | ||||||
Fidelity MSCI Information Technology Index ETF – Market Price | 16.79% | 17.60% | ||||||
MSCI USA IMI Information Technology Index | 16.74% | 17.60% | ||||||
S&P 500 Index | 14.22% | 13.31% |
Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Information Technology Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
Periods Ended December 31, 2014 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Information Technology Index ETF – NAV | 18.16% | 22.43% | ||||||
Fidelity MSCI Information Technology Index ETF – Market Price | 18.34% | 22.59% | ||||||
MSCI USA IMI Information Technology Index | 18.25% | 22.57% | ||||||
S&P 500 Index | 13.69% | 17.27% |
This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.
The fund’s expense ratio is 0.12%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.
A | From October 21, 2013. |
* | Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any. |
Investment Summary
Top Ten Stocks as of January 31, 2015 | ||||
% of fund’s net assets | ||||
Apple, Inc. | 16.8 | |||
Microsoft Corp. | 7.6 | |||
Intel Corp. | 3.9 | |||
Google, Inc. Class C | 3.7 | |||
Google, Inc. Class A | 3.7 | |||
Facebook, Inc. Class A | 3.6 | |||
Oracle Corp. | 3.6 | |||
International Business Machines Corp. | 3.5 | |||
Cisco Systems, Inc. | 3.2 | |||
Visa, Inc. Class A | 3.0 | |||
|
| |||
52.6 | ||||
|
|
Industries as of January 31, 2015 |
* | Includes short-term investments and net other liabilities. |
9 | Semiannual Report |
Table of Contents
Fidelity® MSCI Materials Index ETF
Performance
The information provided in the tables below shows you the performance of Fidelity® MSCI Materials Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended January 31, 2015 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Materials Index ETF – NAV | 7.54% | 7.34% | ||||||
Fidelity MSCI Materials Index ETF – Market Price | 7.62% | 7.40% | ||||||
MSCI USA IMI Materials Index | 7.56% | 7.38% | ||||||
S&P 500 Index | 14.22% | 13.31% |
Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Materials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
Periods Ended December 31, 2014 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Materials Index ETF – NAV | 5.75% | 10.40% | ||||||
Fidelity MSCI Materials Index ETF – Market Price | 5.75% | 10.40% | ||||||
MSCI USA IMI Materials Index | 5.81% | 10.46% | ||||||
S&P 500 Index | 13.69% | 17.27% |
This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.
The fund’s expense ratio is 0.12%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.
A | From October 21, 2013. |
* | Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any. |
Investment Summary
Top Ten Stocks as of January 31, 2015 | ||||
% of fund’s net assets | ||||
EI du Pont de Nemours & Co. | 8.3 | |||
Monsanto Co. | 7.9 | |||
The Dow Chemical Co. | 6.8 | |||
Praxair, Inc. | 4.5 | |||
LyondellBasell Industries N.V. Class A | 4.4 | |||
Air Products & Chemicals, Inc. | 3.9 | |||
PPG Industries, Inc. | 3.9 | |||
Ecolab, Inc. | 3.5 | |||
The Sherwin-Williams Co. | 2.9 | |||
International Paper Co. | 2.7 | |||
|
| |||
48.8 | ||||
|
|
Industries as of January 31, 2015 |
Semiannual Report | 10 |
Table of Contents
Fidelity® MSCI Telecommunication Services Index ETF
Performance
The information provided in the tables below shows you the performance of Fidelity® MSCI Telecommunication Services Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview or call Fidelity. The performance data featured represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended January 31, 2015 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Telecommunication Services Index ETF – NAV | 7.51% | 5.25% | ||||||
Fidelity MSCI Telecommunication Services Index ETF – Market Price | 6.83% | 5.18% | ||||||
MSCI USA IMI Telecommunication Services 25/50 Index | 7.23% | 5.05% | ||||||
S&P 500 Index | 14.22% | 13.31% |
Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Telecommunication Services Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
Periods Ended December 31, 2014 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Telecommunication Services Index ETF – NAV | 6.38% | 7.04% | ||||||
Fidelity MSCI Telecommunication Services Index ETF – Market Price | 6.34% | 7.14% | ||||||
MSCI USA IMI Telecommunication Services 25/50 Index | 6.06% | 6.79% | ||||||
S&P 500 Index | 13.69% | 17.27% |
This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.
The fund’s expense ratio is 0.12%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.
A | From October 21, 2013. |
* | Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any. |
Investment Summary
Top Ten Stocks as of January 31, 2015 | ||||
% of fund’s net assets | ||||
AT&T, Inc. | 21.8 | |||
Verizon Communications, Inc. | 21.2 | |||
SBA Communications Corp. Class A | 4.8 | |||
Level 3 Communications, Inc. | 4.7 | |||
CenturyLink, Inc. | 4.2 | |||
Frontier Communications Corp. | 3.1 | |||
T-Mobile US, Inc. | 3.0 | |||
Windstream Holdings, Inc. | 2.2 | |||
IDT Corp. Class B | 2.0 | |||
General Communication, Inc. Class A | 1.9 | |||
|
| |||
68.9 | ||||
|
|
Industries as of January 31, 2015 |
11 | Semiannual Report |
Table of Contents
Fidelity® MSCI Utilities Index ETF
Performance
The information provided in the tables below shows you the performance of Fidelity® MSCI Utilities Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended January 31, 2015 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Utilities Index ETF – NAV | 26.22% | 22.81% | ||||||
Fidelity MSCI Utilities Index ETF – Market Price | 26.30% | 22.87% | ||||||
MSCI USA IMI Utilities Index | 26.45% | 23.03% | ||||||
S&P 500 Index | 14.22% | 13.31% |
Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Utilities Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
Periods Ended December 31, 2014 | ||||||||
Average Annual Total Returns | Past 1 Year | Life of fundA | ||||||
Fidelity MSCI Utilities Index ETF – NAV | 26.83% | 22.39% | ||||||
Fidelity MSCI Utilities Index ETF – Market Price | 26.94% | 22.52% | ||||||
MSCI USA IMI Utilities Index | 27.07% | 22.59% | ||||||
S&P 500 Index | 13.69% | 17.27% |
This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.
The fund’s expense ratio is 0.12%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.
A | From October 21, 2013. |
* | Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any. |
Investment Summary
Top Ten Stocks as of January 31, 2015 | ||||
% of fund’s net assets | ||||
Duke Energy Corp. | 8.2 | |||
NextEra Energy, Inc. | 6.3 | |||
The Southern Co. | 6.1 | |||
Dominion Resources, Inc. | 6.0 | |||
Exelon Corp. | 4.1 | |||
American Electric Power Co., Inc. | 4.1 | |||
PG&E Corp. | 3.7 | |||
Sempra Energy | 3.5 | |||
PPL Corp. | 3.1 | |||
Public Service Enterprise Group, Inc. | 2.9 | |||
|
| |||
48.0 | ||||
|
|
Industries as of January 31, 2015 |
* | Rounds to less than 0.1%. |
Semiannual Report | 12 |
Table of Contents
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
The actual expense Example is based on an investment of $1,000 invested for the one-half year period and held for the entire period (August 1, 2014 to January 31, 2015). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2014 to January 31, 2015).
Actual Expenses
For each fund, the first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying money market fund, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying money market fund. These fees and expenses are not included in each Fund’s annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
For each fund, the second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in the underlying money market fund, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying money market fund. These fees and expenses are not included in each Fund’s annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense RatioA | Beginning Account Value August 1, 2014 | Ending Account Value January 31, 2015 | Expenses Paid During PeriodB August 1, 2014 to January 31, 2015 | |||||||||||||
Fidelity MSCI Consumer Discretionary Index ETF | .12% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,070.80 | $ | 0.63 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.60 | $ | 0.61 | ||||||||||
Fidelity MSCI Consumer Staples Index ETF | .12% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,124.90 | $ | 0.64 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.60 | $ | 0.61 | ||||||||||
Fidelity MSCI Energy Index ETF | .12% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 783.80 | $ | 0.54 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.60 | $ | 0.61 | ||||||||||
Fidelity MSCI Financials Index ETF | .12% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,042.50 | $ | 0.62 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.60 | $ | 0.61 | ||||||||||
Fidelity MSCI Health Care Index ETF | .12% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,156.90 | $ | 0.65 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.60 | $ | 0.61 | ||||||||||
Fidelity MSCI Industrials Index ETF | .12% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,035.90 | $ | 0.62 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.60 | $ | 0.61 | ||||||||||
Fidelity MSCI Information Technology Index ETF | .12% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,049.00 | $ | 0.62 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.60 | $ | 0.61 |
13 | Semiannual Report |
Table of Contents
Shareholder Expense Example – continued
Annualized Expense RatioA | Beginning Account Value August 1, 2014 | Ending Account Value January 31, 2015 | Expenses Paid During PeriodB August 1, 2014 to January 31, 2015 | |||||||||||||
Fidelity MSCI Materials Index ETF | .12% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 976.20 | $ | 0.60 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.60 | $ | 0.61 | ||||||||||
Fidelity MSCI Telecommunication Services Index ETF | .12% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 983.30 | $ | 0.60 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.60 | $ | 0.61 | ||||||||||
Fidelity MSCI Utilities Index ETF | .12% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,181.00 | $ | 0.66 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.60 | $ | 0.61 |
A | Annualized expense ratio reflects expenses net of applicable fee waivers. |
B | Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
C | 5% return per year before expenses. |
Semiannual Report | 14 |
Table of Contents
Fidelity MSCI Consumer Discretionary Index ETF
Investments January 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | ||||||||
Shares | Value | |||||||
AUTO COMPONENTS – 4.5% |
| |||||||
Auto Parts & Equipment – 4.2% |
| |||||||
American Axle & Manufacturing Holdings, Inc. (a) | 3,774 | $ | 91,897 | |||||
Autoliv, Inc. | 5,164 | 547,694 | ||||||
BorgWarner, Inc. | 12,685 | 685,117 | ||||||
Dana Holding Corp. | 8,663 | 180,797 | ||||||
Delphi Automotive PLC | 16,617 | 1,142,086 | ||||||
Dorman Products, Inc. (a) | 1,755 | 80,256 | ||||||
Drew Industries, Inc. (a) | 1,245 | 62,599 | ||||||
Federal-Mogul Holdings Corp. Class A (a) | 1,659 | 22,446 | ||||||
Fox Factory Holding Corp. (a) | 1,012 | 15,372 | ||||||
Gentex Corp. | 16,198 | 270,345 | ||||||
Gentherm, Inc. (a) | 1,880 | 69,146 | ||||||
Johnson Controls, Inc. | 36,954 | 1,717,252 | ||||||
Lear Corp. | 4,442 | 445,755 | ||||||
Modine Manufacturing Co. (a) | 2,763 | 33,681 | ||||||
Motorcar Parts of America, Inc. (a) | 987 | 25,780 | ||||||
Remy International, Inc. | 1,501 | 31,926 | ||||||
Standard Motor Products, Inc. | 1,169 | 42,622 | ||||||
Superior Industries International, Inc. | 1,199 | 21,882 | ||||||
Tenneco, Inc. (a) | 3,425 | 176,113 | ||||||
Tower International, Inc. (a) | 1,173 | 27,765 | ||||||
TRW Automotive Holdings Corp. (a) | 6,180 | 637,591 | ||||||
Visteon Corp. (a) | 2,323 | 225,215 | ||||||
|
| |||||||
6,553,337 | ||||||||
|
| |||||||
Tires & Rubber – 0.3% |
| |||||||
Cooper Tire & Rubber Co. | 3,386 | 117,799 | ||||||
The Goodyear Tire & Rubber Co. | 15,258 | 369,854 | ||||||
|
| |||||||
487,653 | ||||||||
|
| |||||||
TOTAL AUTO COMPONENTS |
| 7,040,990 | ||||||
|
| |||||||
AUTOMOBILES – 4.6% |
| |||||||
Automobile Manufacturers – 4.1% |
| |||||||
Ford Motor Co. | 200,749 | 2,953,018 | ||||||
General Motors Co. | 71,223 | 2,323,294 | ||||||
Tesla Motors, Inc. (a) | 4,821 | 981,555 | ||||||
Thor Industries, Inc. | 2,665 | 150,173 | ||||||
Winnebago Industries, Inc. | 1,554 | 30,909 | ||||||
|
| |||||||
6,438,949 | ||||||||
|
| |||||||
Motorcycle Manufacturers – 0.5% |
| |||||||
Harley-Davidson, Inc. | 12,074 | 744,966 | ||||||
|
| |||||||
TOTAL AUTOMOBILES |
| 7,183,915 | ||||||
|
| |||||||
DISTRIBUTORS – 0.9% |
| |||||||
Distributors – 0.9% |
| |||||||
Core-Mark Holding Co., Inc. | 1,316 | 87,751 | ||||||
Genuine Parts Co. | 8,488 | 788,875 | ||||||
LKQ Corp. (a) | 16,761 | 432,601 |
Shares | Value | |||||||
Pool Corp. | 2,469 | $ | 153,597 | |||||
Weyco Group, Inc. | 445 | 12,024 | ||||||
|
| |||||||
TOTAL DISTRIBUTORS |
| 1,474,848 | ||||||
|
| |||||||
DIVERSIFIED CONSUMER SERVICES – 1.5% |
| |||||||
Education Services – 0.7% |
| |||||||
2U, Inc. (a) | 986 | 17,541 | ||||||
American Public Education, Inc. (a) | 992 | 33,301 | ||||||
Apollo Group, Inc. Class A (non-vtg.) (a) | 5,438 | 137,364 | ||||||
Bridgepoint Education, Inc. (a) | 995 | 9,821 | ||||||
Bright Horizons Family Solutions, Inc. (a) | 2,032 | 98,654 | ||||||
Capella Education Co. | 639 | 43,446 | ||||||
Career Education Corp. (a) | 3,575 | 19,948 | ||||||
Chegg, Inc. (a) | 3,161 | 20,957 | ||||||
DeVry Education Group, Inc. | 3,199 | 135,670 | ||||||
Graham Holdings Co. Class B | 252 | 235,701 | ||||||
Grand Canyon Education, Inc. (a) | 2,495 | 109,331 | ||||||
Houghton Mifflin Harcourt Co. (a) | 7,764 | 152,795 | ||||||
ITT Educational Services, Inc. (a) | 1,132 | 8,230 | ||||||
K12, Inc. (a) | 1,741 | 24,757 | ||||||
Strayer Education, Inc. (a) | 643 | 43,081 | ||||||
Universal Technical Institute, Inc. | 1,221 | 9,975 | ||||||
|
| |||||||
1,100,572 | ||||||||
|
| |||||||
Specialized Consumer Services – 0.8% |
| |||||||
Ascent Capital Group, Inc. Class A (a) | 667 | 28,221 | ||||||
H&R Block, Inc. | 15,214 | 521,536 | ||||||
LifeLock, Inc. (a) | 2,646 | 39,293 | ||||||
Outerwall, Inc. (a) | 940 | 58,355 | ||||||
Regis Corp. (a) | 3,108 | 48,951 | ||||||
Service Corp. International | 11,685 | 264,431 | ||||||
ServiceMaster Global Holdings, Inc. (a) | 2,558 | 72,289 | ||||||
Sotheby’s Class A | 3,270 | 139,138 | ||||||
Steiner Leisure Ltd. (a) | 772 | 33,675 | ||||||
Weight Watchers International, Inc. (a) | 1,553 | 25,718 | ||||||
|
| |||||||
1,231,607 | ||||||||
|
| |||||||
TOTAL DIVERSIFIED CONSUMER SERVICES |
| 2,332,179 | ||||||
HOTELS, RESTAURANTS & LEISURE – 15.2% |
| |||||||
Casinos & Gaming – 1.8% |
| |||||||
Boyd Gaming Corp. (a) | 4,306 | 56,236 | ||||||
Caesars Acquisition Co. (a) | 2,749 | 21,525 | ||||||
Caesars Entertainment Corp. (a) | 3,234 | 35,218 | ||||||
Churchill Downs, Inc. | 747 | 70,958 | ||||||
International Game Technology | 13,740 | 232,481 | ||||||
Isle of Capri Casinos, Inc. (a) | 1,221 | 12,503 | ||||||
Las Vegas Sands Corp. | 22,354 | 1,215,387 | ||||||
MGM Resorts International (a) | 21,815 | 424,956 | ||||||
Penn National Gaming, Inc. (a) | 3,991 | 59,745 | ||||||
Pinnacle Entertainment, Inc. (a) | 383 | 8,100 | ||||||
Scientific Games Corp. Class A (a) | 2,777 | 32,796 | ||||||
Wynn Resorts Ltd. | 4,490 | 664,296 | ||||||
|
| |||||||
2,834,201 | ||||||||
|
|
See accompanying notes which are an integral part of the financial statements.
15 | Semiannual Report |
Table of Contents
Fidelity MSCI Consumer Discretionary Index ETF
Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HOTELS, RESTAURANTS & LEISURE – continued |
| |||||||
Hotels, Resorts & Cruise Lines – 3.3% |
| |||||||
Belmond Ltd. (a) | 5,277 | $ | 57,994 | |||||
Carnival Corp. | 21,363 | 939,118 | ||||||
Choice Hotels International, Inc. | 1,776 | 102,031 | ||||||
Diamond Resorts International Inc. (a) | 1,879 | 53,326 | ||||||
Extended Stay America, Inc. | 3,414 | 67,529 | ||||||
Hilton Worldwide Holdings, Inc. (a) | 21,830 | 566,925 | ||||||
Interval Leisure Group, Inc. | 2,305 | 53,199 | ||||||
La Quinta Holdings, Inc. (a) | 3,977 | 80,852 | ||||||
Marcus Corp. | 984 | 18,558 | ||||||
Marriott International, Inc. Class A | 12,912 | 961,944 | ||||||
Marriott Vacations Worldwide Corp. | 1,565 | 119,723 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) | 5,079 | 222,257 | ||||||
Royal Caribbean Cruises Ltd. | 9,263 | 699,820 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 10,583 | 761,659 | ||||||
Wyndham Worldwide Corp. | 6,963 | 583,430 | ||||||
|
| |||||||
5,288,365 | ||||||||
|
| |||||||
Leisure Facilities – 0.4% |
| |||||||
ClubCorp Holdings Inc. | 1,776 | 30,210 | ||||||
International Speedway Corp. Class A | 1,530 | 44,508 | ||||||
Intrawest Resorts Holdings Inc. (a) | 1,105 | 11,160 | ||||||
Life Time Fitness, Inc. (a) | 2,082 | 113,823 | ||||||
SeaWorld Entertainment, Inc. | 3,976 | 69,620 | ||||||
Six Flags Entertainment Corp. | 3,683 | 158,222 | ||||||
Vail Resorts, Inc. | 1,998 | 175,344 | ||||||
|
| |||||||
602,887 | ||||||||
|
| |||||||
Restaurants – 9.7% |
| |||||||
Biglari Holdings, Inc. (a) | 101 | 41,811 | ||||||
BJ’s Restaurants, Inc. (a) | 1,443 | 63,910 | ||||||
Bloomin’ Brands, Inc. (a) | 5,553 | 137,242 | ||||||
Bob Evans Farms, Inc. | 1,339 | 75,479 | ||||||
Bravo Brio Restaurant Group, Inc. (a) | 647 | 8,508 | ||||||
Brinker International, Inc. | 3,609 | 210,874 | ||||||
Buffalo Wild Wings, Inc. (a) | 1,049 | 187,058 | ||||||
Chipotle Mexican Grill, Inc. (a) | 1,715 | 1,217,376 | ||||||
Chuys Holdings, Inc. (a) | 836 | 17,865 | ||||||
Cracker Barrel Old Country Store, Inc. | 1,074 | 144,464 | ||||||
Darden Restaurants, Inc. | 7,356 | 451,511 | ||||||
Del Frisco’s Restaurant Group, Inc. (a) | 1,335 | 26,473 | ||||||
Denny’s Corp. (a) | 4,687 | 50,995 | ||||||
DineEquity, Inc. | 1,006 | 107,390 | ||||||
Domino’s Pizza, Inc. | 3,073 | 304,381 | ||||||
Dunkin’ Brands Group, Inc. | 5,794 | 274,114 | ||||||
El Pollo Loco Holdings, Inc. (a) | 342 | 8,800 | ||||||
Fiesta Restaurant Group, Inc. (a) | 1,438 | 84,943 | ||||||
Jack in the Box, Inc. | 2,193 | 185,944 | ||||||
Krispy Kreme Doughnuts, Inc. (a) | 3,682 | 71,689 | ||||||
McDonald’s Corp. | 54,494 | 5,037,425 | ||||||
Noodles & Co. (a) | 1,028 | 26,420 | ||||||
Panera Bread Co. Class A (a) | 1,432 | 246,103 |
Shares | Value | |||||||
Papa John’s International, Inc. | 1,693 | $ | 107,438 | |||||
Popeyes Louisiana Kitchen, Inc. (a) | 1,332 | 76,483 | ||||||
Potbelly Corp. (a) | 886 | 12,431 | ||||||
Red Robin Gourmet Burgers, Inc. (a) | 778 | 60,295 | ||||||
Ruby Tuesday, Inc. (a) | 3,550 | 21,371 | ||||||
Ruth’s Hospitality Group, Inc. | 1,998 | 29,011 | ||||||
Sonic Corp. | 2,865 | 86,724 | ||||||
Starbucks Corp. | 41,685 | 3,648,688 | ||||||
Texas Roadhouse, Inc. Class A | 3,688 | 123,880 | ||||||
The Cheesecake Factory, Inc. | 2,634 | 138,311 | ||||||
Wendy’s Co. | 15,344 | 161,726 | ||||||
Yum! Brands, Inc. | 24,383 | 1,762,403 | ||||||
Zoe’s Kitchen, Inc. (a) | 970 | 30,012 | ||||||
|
| |||||||
15,239,548 | ||||||||
|
| |||||||
TOTAL HOTELS, RESTAURANTS & LEISURE |
| 23,965,001 | ||||||
|
| |||||||
HOUSEHOLD DURABLES – 4.4% |
| |||||||
Consumer Electronics – 0.5% |
| |||||||
Garmin Ltd. | 6,420 | 336,151 | ||||||
Harman International Industries, Inc. | 3,778 | 489,742 | ||||||
Universal Electronics, Inc. (a) | 888 | 56,601 | ||||||
|
| |||||||
882,494 | ||||||||
|
| |||||||
Home Furnishings – 0.8% |
| |||||||
Ethan Allen Interiors, Inc. | 1,443 | 39,278 | ||||||
La-Z-Boy, Inc. | 2,935 | 78,335 | ||||||
Leggett & Platt, Inc. | 7,631 | 325,310 | ||||||
Mohawk Industries, Inc. (a) | 3,433 | 566,582 | ||||||
Tempur Sealy International, Inc. (a) | 3,423 | 188,368 | ||||||
|
| |||||||
1,197,873 | ||||||||
|
| |||||||
Homebuilding – 1.6% | ||||||||
Beazer Homes U.S.A., Inc. (a) | 1,532 | 24,205 | ||||||
Cavco Industries, Inc. (a) | 443 | 32,565 | ||||||
D.R. Horton, Inc. | 18,169 | 445,504 | ||||||
Hovnanian Enterprises, Inc. Class A (a) | 6,680 | 22,979 | ||||||
Installed Building Products, Inc. (a) | 1,109 | 19,796 | ||||||
KB Home | 4,638 | 57,789 | ||||||
Lennar Corp. Class A | 9,635 | 432,708 | ||||||
LGI Homes, Inc. (a) | 930 | 12,248 | ||||||
M.D.C. Holdings, Inc. | 2,218 | 55,450 | ||||||
M/I Homes, Inc. (a) | 1,333 | 27,513 | ||||||
Meritage Homes Corp. (a) | 2,095 | 76,279 | ||||||
NVR, Inc. (a) | 221 | 277,185 | ||||||
PulteGroup, Inc. | 18,735 | 385,754 | ||||||
Ryland Group, Inc. | 2,637 | 105,875 | ||||||
Standard Pacific Corp. (a) | 8,436 | 59,221 | ||||||
Taylor Morrison Home Corp. Class A (a) | 1,875 | 33,319 | ||||||
Toll Brothers, Inc. (a) | 9,429 | 326,432 | ||||||
TRI Pointe Homes, Inc. (a) | 8,118 | 116,331 | ||||||
WCI Communities, Inc. (a) | 1,009 | 19,484 | ||||||
William Lyon Homes Class A (a) | 895 | 17,077 | ||||||
|
| |||||||
2,547,714 | ||||||||
|
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 16 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HOUSEHOLD DURABLES – continued |
| |||||||
Household Appliances – 0.7% |
| |||||||
Helen of Troy Ltd. (a) | 1,573 | $ | 118,321 | |||||
iRobot Corp. (a) | 1,551 | 48,934 | ||||||
NACCO Industries, Inc. Class A | 243 | 13,377 | ||||||
Whirlpool Corp. | 4,329 | 861,818 | ||||||
|
| |||||||
1,042,450 | ||||||||
|
| |||||||
Housewares & Specialties – 0.8% |
| |||||||
CSS Industries, Inc. | 549 | 14,933 | ||||||
Jarden Corp. (a) | 10,120 | 485,962 | ||||||
Newell Rubbermaid, Inc. | 15,190 | 560,055 | ||||||
Tupperware Brands Corp. | 2,785 | 188,294 | ||||||
|
| |||||||
1,249,244 | ||||||||
|
| |||||||
TOTAL HOUSEHOLD DURABLES |
| 6,919,775 | ||||||
|
| |||||||
INTERNET & CATALOG RETAIL – 9.4% |
| |||||||
Catalog Retail – 0.5% |
| |||||||
HSN, Inc. | 1,903 | 147,368 | ||||||
Liberty Media Corp. Interactive Series A (a) | 25,075 | 686,052 | ||||||
|
| |||||||
833,420 | ||||||||
|
| |||||||
Internet Retail – 8.9% |
| |||||||
1-800-FLOWERS.com, Inc. Class A (a) | 1,443 | 11,385 | ||||||
Amazon.com, Inc. (a) | 21,814 | 7,733,717 | ||||||
Blue Nile, Inc. (a) | 661 | 20,544 | ||||||
Expedia, Inc. | 5,736 | 492,895 | ||||||
FTD Cos., Inc. (a) | 1,089 | 37,298 | ||||||
Groupon, Inc. Class A (a) | 24,003 | 171,862 | ||||||
Lands’ End, Inc. (a) | 1,008 | 34,968 | ||||||
Liberty Media Corp. Series A (a) | 7,636 | 285,205 | ||||||
Liberty TripAdvisor Holdings, Inc. (a) | 3,910 | 93,605 | ||||||
Netflix, Inc. (a) | 3,181 | 1,405,366 | ||||||
NutriSystem, Inc. | 1,554 | 27,692 | ||||||
Orbitz Worldwide, Inc. (a) | 4,875 | 44,996 | ||||||
Overstock.com, Inc. (a) | 893 | 19,985 | ||||||
PetMed Express, Inc. | 1,110 | 17,427 | ||||||
priceline.com, Inc. (a) | 2,921 | 2,948,691 | ||||||
Shutterfly, Inc. (a) | 2,125 | 93,224 | ||||||
TripAdvisor, Inc. (a) | 6,492 | 435,029 | ||||||
|
| |||||||
13,873,889 | ||||||||
|
| |||||||
TOTAL INTERNET & CATALOG RETAIL |
| 14,707,309 | ||||||
|
| |||||||
LEISURE PRODUCTS – 1.2% |
| |||||||
Leisure Products – 1.2% |
| |||||||
Arctic Cat, Inc. | 775 | 26,056 | ||||||
Black Diamond, Inc. (a) | 1,198 | 7,619 | ||||||
Brunswick Corp. | 5,202 | 282,365 | ||||||
Callaway Golf Co. | 4,429 | 36,141 | ||||||
Hasbro, Inc. | 6,411 | 352,092 | ||||||
Leapfrog Enterprises, Inc. Class A (a) | 1,938 | 4,612 | ||||||
Mattel, Inc. | 18,706 | 503,191 |
Shares | Value | |||||||
Nautilus, Inc. (a) | 1,804 | $ | 25,689 | |||||
Polaris Industries, Inc. | 3,487 | 504,185 | ||||||
Smith & Wesson Holding Corp. (a) | 3,011 | 37,035 | ||||||
Sturm, Ruger & Co., Inc. | 1,052 | 42,501 | ||||||
|
| |||||||
TOTAL LEISURE PRODUCTS |
| 1,821,486 | ||||||
|
| |||||||
MEDIA – 26.2% |
| |||||||
Advertising – 1.0% |
| |||||||
Clear Channel Outdoor Holding, Inc. Class A | 2,168 | 19,620 | ||||||
Harte-Hanks, Inc. | 2,664 | 19,367 | ||||||
Interpublic Group of Companies, Inc. | 23,431 | 467,214 | ||||||
National CineMedia, Inc. | 3,354 | 48,298 | ||||||
Omnicom Group, Inc. | 13,926 | 1,013,813 | ||||||
|
| |||||||
1,568,312 | ||||||||
|
| |||||||
Broadcasting – 2.1% |
| |||||||
CBS Corp. Class B (non-vtg.) | 27,048 | 1,482,501 | ||||||
Cumulus Media, Inc. Class A (a) | 7,786 | 27,095 | ||||||
Discovery Communications, Inc. Class A (a) | 8,201 | 237,706 | ||||||
Discovery Communications, Inc. Class C (non-vtg.) (a) | 15,487 | 431,778 | ||||||
Entercom Communications Corp. Class A (a) | 1,221 | 14,127 | ||||||
Entravision Communications Corp. | 3,556 | 21,940 | ||||||
Gray Television, Inc. (a) | 2,873 | 27,179 | ||||||
Liberty Media Corp. (a) | 11,409 | 389,275 | ||||||
Liberty Media Corp. Class A (a) | 5,199 | 177,026 | ||||||
Media General, Inc. (a) | 3,959 | 56,614 | ||||||
Nexstar Broadcasting Group, Inc. Class A | 1,755 | 87,566 | ||||||
Scripps Networks Interactive, Inc. Class A | 4,417 | 314,004 | ||||||
Sinclair Broadcast Group, Inc. Class A | 3,772 | 93,319 | ||||||
|
| |||||||
3,360,130 | ||||||||
|
| |||||||
Cable & Satellite – 10.9% |
| |||||||
AMC Networks, Inc. Class A (a) | 3,351 | 223,512 | ||||||
Cablevision Systems Corp. – NY Group Class A | 10,852 | 205,320 | ||||||
Charter Communications, Inc. Class A (a) | 4,220 | 637,705 | ||||||
Comcast Corp. Class A | 119,293 | 6,339,827 | ||||||
Comcast Corp. Class A (special) (non-vtg.) | 23,808 | 1,259,443 | ||||||
DIRECTV (a) | 26,470 | 2,257,362 | ||||||
DISH Network Corp. Class A (a) | 12,312 | 866,149 | ||||||
Liberty Broadband Corp. Class A (a) | 1,313 | 58,389 | ||||||
Liberty Broadband Corp. Class C (a) | 3,672 | 163,037 | ||||||
Liberty Global PLC Series A (a) | 13,743 | 642,073 | ||||||
Liberty Global PLC Series C (a) | 35,269 | 1,607,914 | ||||||
Loral Space & Communications Ltd. (a) | 752 | 54,076 | ||||||
Sirius XM Holdings, Inc. (a) | 141,297 | 501,604 |
See accompanying notes which are an integral part of the financial statements.
17 | Semiannual Report |
Table of Contents
Fidelity MSCI Consumer Discretionary Index ETF
Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
MEDIA – continued |
| |||||||
Cable & Satellite – continued |
| |||||||
Starz-Liberty Capital Series A (a) | 4,603 | $ | 135,881 | |||||
Time Warner Cable, Inc. | 15,496 | 2,109,470 | ||||||
|
| |||||||
17,061,762 | ||||||||
|
| |||||||
Movies & Entertainment – 11.3% |
| |||||||
AMC Entertainment Holdings, Inc. | 1,232 | 34,644 | ||||||
Carmike Cinemas, Inc. (a) | 1,328 | 36,746 | ||||||
Cinemark Holdings, Inc. | 5,766 | 214,322 | ||||||
DreamWorks Animation SKG, Inc. Class A (a) | 3,885 | 72,533 | ||||||
Global Eagle Entertainment, Inc. (a) | 1,942 | 29,897 | ||||||
Lions Gate Entertainment Corp. | 4,555 | 130,865 | ||||||
Live Nation Entertainment, Inc. (a) | 7,765 | 184,574 | ||||||
Regal Entertainment Group Class A | 4,773 | 100,997 | ||||||
Rentrak Corp. (a) | 547 | 42,081 | ||||||
SFX Entertainment, Inc. (a) | 2,564 | 8,436 | ||||||
The Madison Square Garden Co. Class A (a) | 3,534 | 267,700 | ||||||
The Walt Disney Co. | 90,525 | 8,234,154 | ||||||
Time Warner, Inc. | 47,459 | 3,698,480 | ||||||
Twenty-First Century Fox, Inc. Class A | 77,205 | 2,560,118 | ||||||
Twenty-First Century Fox, Inc. Class B | 24,370 | 776,184 | ||||||
Viacom, Inc. Class B (non-vtg.) | 20,655 | 1,330,595 | ||||||
World Wrestling Entertainment, Inc. Class A | 1,908 | 23,106 | ||||||
|
| |||||||
17,745,432 | ||||||||
|
| |||||||
Publishing – 0.9% |
| |||||||
E.W. Scripps Co. Class A (a) | 1,770 | 34,922 | ||||||
Gannett Co., Inc. | 12,538 | 388,803 | ||||||
John Wiley & Sons, Inc. Class A | 2,644 | 163,822 | ||||||
Journal Communications, Inc. Class A (a) | 2,110 | 21,206 | ||||||
Meredith Corp. | 2,087 | 108,649 | ||||||
Morningstar, Inc. | 1,109 | 73,848 | ||||||
New Media Investment Group, Inc. | 1,800 | 42,102 | ||||||
News Corp. Class A (a) | 21,186 | 315,460 | ||||||
Scholastic Corp. | 1,550 | 57,009 | ||||||
The McClatchy Co. Class A (a) | 3,304 | 8,293 | ||||||
The New York Times Co. Class A | 7,542 | 94,954 | ||||||
Time, Inc. | 6,018 | 150,691 | ||||||
Tribune Publishing Co. | 1,077 | 22,617 | ||||||
|
| |||||||
1,482,376 | ||||||||
|
| |||||||
TOTAL MEDIA |
| 41,218,012 | ||||||
|
| |||||||
MULTILINE RETAIL – 5.1% |
| |||||||
Department Stores – 1.8% |
| |||||||
Dillard’s, Inc. Class A | 1,421 | 161,426 | ||||||
J.C. Penney Co., Inc. (a) | 12,645 | 91,929 | ||||||
Kohl’s Corp. | 11,488 | 686,063 | ||||||
Macy’s, Inc. | 19,595 | 1,251,729 | ||||||
Nordstrom, Inc. | 7,852 | 598,322 | ||||||
Sears Holdings Corp. (a) | 1,773 | 56,452 | ||||||
|
| |||||||
2,845,921 | ||||||||
|
|
Shares | Value | |||||||
General Merchandise Stores – 3.3% |
| |||||||
Big Lots, Inc. | 3,090 | $ | 141,862 | |||||
Burlington Stores, Inc. (a) | 3,526 | 175,912 | ||||||
Dollar General Corp. (a) | 16,822 | 1,128,083 | ||||||
Dollar Tree, Inc. (a) | 11,409 | 811,180 | ||||||
Family Dollar Stores, Inc. | 5,704 | 434,075 | ||||||
Fred’s, Inc. Class A | 1,998 | 33,167 | ||||||
Target Corp. | 33,405 | 2,458,942 | ||||||
Tuesday Morning Corp. (a) | 2,452 | 43,400 | ||||||
|
| |||||||
5,226,621 | ||||||||
|
| |||||||
TOTAL MULTILINE RETAIL |
| 8,072,542 | ||||||
|
| |||||||
SPECIALTY RETAIL – 19.9% |
| |||||||
Apparel Retail – 4.7% |
| |||||||
Abercrombie & Fitch Co. Class A | 3,045 | 77,708 | ||||||
Aeropostale, Inc. (a) | 2,052 | 5,007 | ||||||
American Eagle Outfitters, Inc. | 9,762 | 137,058 | ||||||
ANN, Inc. (a) | 2,572 | 85,133 | ||||||
Ascena Retail Group, Inc. (a) | 7,563 | 87,428 | ||||||
Brown Shoe Co., Inc. | 2,329 | 66,120 | ||||||
Chico’s FAS, Inc. | 8,106 | 135,208 | ||||||
DSW, Inc. Class A | 4,081 | 145,120 | ||||||
Express, Inc. (a) | 4,747 | 62,091 | ||||||
Finish Line, Inc. Class A | 2,666 | 62,918 | ||||||
Foot Locker, Inc. | 7,977 | 424,536 | ||||||
Francescas Holdings Corp. (a) | 2,331 | 36,970 | ||||||
Gap, Inc. | 13,270 | 546,591 | ||||||
Genesco, Inc. (a) | 1,332 | 95,171 | ||||||
Guess?, Inc. | 3,552 | 66,707 | ||||||
L Brands, Inc. | 13,754 | 1,164,001 | ||||||
Ross Stores, Inc. | 11,732 | 1,075,942 | ||||||
Shoe Carnival, Inc. | 777 | 18,042 | ||||||
Stage Stores, Inc. | 1,762 | 35,240 | ||||||
Stein Mart, Inc. | 1,754 | 24,135 | ||||||
The Buckle, Inc. | 1,651 | 83,854 | ||||||
The Cato Corp. Class A | 1,447 | 61,353 | ||||||
The Children’s Place Retail Stores, Inc. | 1,226 | 73,499 | ||||||
The Men’s Wearhouse, Inc. | 2,305 | 107,113 | ||||||
TJX Companies, Inc. | 38,454 | 2,535,657 | ||||||
Urban Outfitters, Inc. (a) | 5,967 | 208,010 | ||||||
Zumiez, Inc. (a) | 1,220 | 45,494 | ||||||
|
| |||||||
7,466,106 | ||||||||
|
| |||||||
Automotive Retail – 3.1% |
| |||||||
Advance Auto Parts, Inc. | 4,050 | 643,950 | ||||||
America’s Car Mart, Inc. (a) | 447 | 23,740 | ||||||
Asbury Automotive Group, Inc. (a) | 1,518 | 112,651 | ||||||
AutoNation, Inc. (a) | 4,314 | 257,201 | ||||||
AutoZone, Inc. (a) | 1,822 | 1,087,661 | ||||||
CarMax, Inc. (a) | 12,161 | 755,198 | ||||||
CST Brands, Inc. | 4,210 | 181,451 | ||||||
Group 1 Automotive, Inc. | 1,212 | 97,433 | ||||||
Lithia Motors, Inc. Class A | 1,319 | 111,719 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 18 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
SPECIALTY RETAIL – continued |
| |||||||
Automotive Retail – continued |
| |||||||
Monro Muffler Brake, Inc. | 1,665 | $ | 95,138 | |||||
Murphy USA, Inc. (a) | 2,543 | 177,527 | ||||||
O’Reilly Automotive, Inc. (a) | 5,757 | 1,078,631 | ||||||
Penske Automotive Group, Inc. | 2,539 | 122,761 | ||||||
Sonic Automotive, Inc. Class A | 1,891 | 46,575 | ||||||
The Pep Boys – Manny, Moe & Jack (a) | 2,664 | 22,458 | ||||||
|
| |||||||
4,814,094 | ||||||||
|
| |||||||
Computer & Electronics Retail – 0.6% |
| |||||||
Best Buy Co., Inc. | 16,422 | 578,054 | ||||||
Conn’s, Inc. (a) | 798 | 12,561 | ||||||
GameStop Corp. Class A | 6,351 | 223,873 | ||||||
Rent-A-Center, Inc. | 2,908 | 99,686 | ||||||
|
| |||||||
914,174 | ||||||||
|
| |||||||
Home Improvement Retail – 7.4% |
| |||||||
Home Depot, Inc. | 74,699 | 7,800,070 | ||||||
Lowe’s Companies, Inc. | 54,775 | 3,711,554 | ||||||
Lumber Liquidators Holdings, Inc. (a) | 1,518 | 95,862 | ||||||
Sears Hometown & Outlet Stores, Inc. (a) | 660 | 7,491 | ||||||
Tile Shop Holdings, Inc. (a) | 1,428 | 11,595 | ||||||
|
| |||||||
11,626,572 | ||||||||
|
| |||||||
Homefurnishing Retail – 1.1% |
| |||||||
Aarons, Inc. Class A | 3,642 | 115,306 | ||||||
Bed Bath & Beyond, Inc. (a) | 11,199 | 837,349 | ||||||
Haverty Furniture Companies, Inc. | 1,110 | 27,117 | ||||||
Kirkland’s, Inc. (a) | 863 | 20,082 | ||||||
Mattress Firm Holding Corp. (a) | 881 | 50,763 | ||||||
Pier 1 Imports, Inc. | 4,882 | 82,066 | ||||||
Restoration Hardware Holdings, Inc. (a) | 1,756 | 153,703 | ||||||
Select Comfort Corp. (a) | 2,975 | 88,774 | ||||||
Williams-Sonoma, Inc. | 4,976 | 389,372 | ||||||
|
| |||||||
1,764,532 | ||||||||
|
| |||||||
Specialty Stores – 3.0% |
| |||||||
Barnes & Noble, Inc. (a) | 2,215 | 52,030 | ||||||
Big 5 Sporting Goods Corp. | 1,135 | 13,518 | ||||||
Cabela’s, Inc. Class A (a) | 2,765 | 151,937 | ||||||
Dick’s Sporting Goods, Inc. | 5,338 | 275,708 | ||||||
Five Below, Inc. (a) | 2,416 | 80,501 | ||||||
GNC Holdings, Inc. Class A | 5,012 | 222,232 | ||||||
Hibbett Sports, Inc. (a) | 1,443 | 67,879 | ||||||
MarineMax, Inc. (a) | 1,419 | 36,199 | ||||||
Office Depot, Inc. (a) | 28,557 | 217,033 | ||||||
PetSmart, Inc. | 5,247 | 428,706 | ||||||
Sally Beauty Holdings, Inc. (a) | 8,575 | 266,511 | ||||||
Signet Jewelers Ltd. | 4,221 | 511,205 | ||||||
Staples, Inc. | 35,728 | 609,163 | ||||||
The Container Store Group, Inc. (a) | 1,105 | 20,133 | ||||||
Tiffany & Co., Inc. | 7,189 | 622,855 | ||||||
Tractor Supply Co. | 7,661 | 621,843 | ||||||
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 3,414 | 450,443 |
Shares | Value | |||||||
Vitamin Shoppe, Inc. (a) | 1,749 | $ | 73,930 | |||||
Winmark Corp. | 133 | 10,841 | ||||||
|
| |||||||
4,732,667 | ||||||||
|
| |||||||
TOTAL SPECIALTY RETAIL |
| 31,318,145 | ||||||
|
| |||||||
TEXTILES, APPAREL & LUXURY GOODS – 6.9% |
| |||||||
Apparel, Accessories & Luxury Goods – 4.3% |
| |||||||
Carter’s, Inc. | 2,934 | 239,092 | ||||||
Coach, Inc. | 15,234 | 566,553 | ||||||
Columbia Sportswear Co. | 1,554 | 66,045 | ||||||
Fossil Group, Inc. (a) | 2,651 | 259,268 | ||||||
G-III Apparel Group Ltd. (a) | 1,102 | 107,114 | ||||||
Hanesbrands, Inc. | 5,530 | 615,931 | ||||||
Iconix Brand Group, Inc. (a) | 2,550 | 84,762 | ||||||
Kate Spade & Co. (a) | 7,104 | 223,989 | ||||||
lululemon athletica, Inc. (a) | 6,084 | 403,004 | ||||||
Michael Kors Holdings Ltd. (a) | 11,417 | 808,209 | ||||||
Movado Group, Inc. | 1,016 | 24,415 | ||||||
Oxford Industries, Inc. | 865 | 48,388 | ||||||
PVH Corp. | 4,571 | 503,999 | ||||||
Quiksilver, Inc. (a) | 6,917 | 12,935 | ||||||
Ralph Lauren Corp. | 3,404 | 568,094 | ||||||
Tumi Holdings, Inc. (a) | 3,202 | 72,589 | ||||||
Under Armour, Inc. Class A (a) | 9,210 | 663,857 | ||||||
Vera Bradley, Inc. (a) | 1,305 | 24,886 | ||||||
VF Corp. | 19,151 | 1,328,505 | ||||||
Vince Holding Corp. (a) | 903 | 21,175 | ||||||
|
| |||||||
6,642,810 | ||||||||
|
| |||||||
Footwear – 2.6% |
| |||||||
Crocs, Inc. (a) | 4,875 | 51,675 | ||||||
Deckers Outdoor Corp. (a) | 1,937 | 127,939 | ||||||
NIKE, Inc. Class B | 38,349 | 3,537,695 | ||||||
Skechers U.S.A., Inc. Class A (a) | 2,278 | 137,477 | ||||||
Steven Madden Ltd. (a) | 3,323 | 114,112 | ||||||
Wolverine World Wide, Inc. | 5,662 | 159,385 | ||||||
|
| |||||||
4,128,283 | ||||||||
|
| |||||||
Textiles – 0.0% |
| |||||||
Unifi, Inc. (a) | 886 | 28,556 | ||||||
|
| |||||||
TOTAL TEXTILES, APPAREL & LUXURY GOODS |
| 10,799,649 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 156,853,851 | ||||||
|
| |||||||
Money Market Funds – 0.1% | ||||||||
SSgA US Treasury Money Market Fund, 0.00% (b) | 125,435 | 125,435 | ||||||
|
| |||||||
TOTAL INVESTMENT PORTFOLIO – 99.9% |
| 156,979,286 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.1% |
| 128,566 | ||||||
|
| |||||||
NET ASSETS – 100% |
| $ | 157,107,852 | |||||
|
|
See accompanying notes which are an integral part of the financial statements.
19 | Semiannual Report |
Table of Contents
Fidelity MSCI Consumer Discretionary Index ETF
Investments (Unaudited) – continued
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Other Information
The following is a summary of the inputs used, as of January 31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 156,853,851 | $ | 156,853,851 | $ | — | $ | — | ||||||||
Money Market Funds | 125,435 | 125,435 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 156,979,286 | $ | 156,979,286 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 20 |
Table of Contents
Fidelity MSCI Consumer Staples Index ETF
Investments January 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | ||||||||
Shares | Value | |||||||
BEVERAGES – 20.6% |
| |||||||
Brewers – 0.8% |
| |||||||
Molson Coors Brewing Co. Class B | 16,814 | $ | 1,276,687 | |||||
The Boston Beer Co., Inc. Class A (a) | 1,059 | 333,077 | ||||||
|
| |||||||
1,609,764 | ||||||||
|
| |||||||
Distillers & Vintners – 1.6% |
| |||||||
Brown-Forman Corp. Class B | 13,939 | 1,238,759 | ||||||
Constellation Brands, Inc. Class A (a) | 18,712 | 2,066,740 | ||||||
|
| |||||||
3,305,499 | ||||||||
|
| |||||||
Soft Drinks – 18.2% |
| |||||||
Coca-Cola Bottling Co. Consolidated | 571 | 55,695 | ||||||
Coca-Cola Enterprises, Inc. | 25,686 | 1,081,381 | ||||||
Dr Pepper Snapple Group, Inc. | 21,992 | 1,699,322 | ||||||
Monster Beverage Corp. (a) | 15,791 | 1,846,757 | ||||||
National Beverage Corp. (a) | 1,296 | 28,175 | ||||||
PepsiCo, Inc. | 165,847 | 15,553,132 | ||||||
The Coca-Cola Co. | 434,465 | 17,886,924 | ||||||
|
| |||||||
38,151,386 | ||||||||
|
| |||||||
TOTAL BEVERAGES |
| 43,066,649 | ||||||
|
| |||||||
CHEMICALS – 0.0% |
| |||||||
Specialty Chemicals – 0.0% | ||||||||
Landec Corp. (a) | 2,133 | 27,238 | ||||||
|
| |||||||
FOOD & STAPLES RETAILING – 25.5% |
| |||||||
Drug Retail – 9.8% |
| |||||||
CVS Health Corp. | 127,472 | 12,512,652 | ||||||
Rite Aid Corp. (a) | 107,926 | 753,323 | ||||||
Walgreens Boots Alliance, Inc. | 100,025 | 7,376,844 | ||||||
|
| |||||||
20,642,819 | ||||||||
|
| |||||||
Food Distributors – 1.6% |
| |||||||
SpartanNash Co. | 4,173 | 107,496 | ||||||
Sysco Corp. | 65,582 | 2,568,847 | ||||||
The Andersons, Inc. | 3,014 | 135,570 | ||||||
The Chefs’ Warehouse, Inc. (a) | 2,202 | 47,101 | ||||||
United Natural Foods, Inc. (a) | 5,496 | 424,731 | ||||||
|
| |||||||
3,283,745 | ||||||||
|
| |||||||
Food Retail – 3.5% |
| |||||||
Casey’s General Stores, Inc. | 4,537 | 414,228 | ||||||
Ingles Markets, Inc. Class A | 1,240 | 52,886 | ||||||
Natural Grocers by Vitamin Cottage, Inc. (a) | 1,113 | 34,281 | ||||||
Sprouts Farmers Market Inc. (a) | 14,168 | 515,857 | ||||||
SUPERVALU, Inc. (a) | 22,888 | 222,929 | ||||||
The Fresh Market, Inc. (a) | 4,566 | 174,010 | ||||||
The Kroger Co. | 51,683 | 3,568,711 | ||||||
The Pantry, Inc. (a) | 2,579 | 95,165 | ||||||
Village Super Market, Inc. Class A | 819 | 23,727 | ||||||
Weis Markets, Inc. | 1,552 | 71,128 | ||||||
Whole Foods Market, Inc. | 39,897 | 2,078,434 | ||||||
|
| |||||||
7,251,356 | ||||||||
|
|
Shares | Value | |||||||
Hypermarkets & Super Centers – 10.6% |
| |||||||
Costco Wholesale Corp. | 48,493 | $ | 6,934,014 | |||||
PriceSmart, Inc. | 2,152 | 175,990 | ||||||
Wal-Mart Stores, Inc. | 177,405 | 15,075,877 | ||||||
|
| |||||||
22,185,881 | ||||||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING |
| 53,363,801 | ||||||
|
| |||||||
FOOD PRODUCTS – 18.8% |
| |||||||
Agricultural Products – 2.8% |
| |||||||
Alico, Inc. | 407 | 19,349 | ||||||
Archer-Daniels-Midland Co. | 71,059 | 3,313,481 | ||||||
Bunge Ltd. | 16,065 | 1,438,299 | ||||||
Darling International, Inc. (a) | 18,259 | 310,038 | ||||||
Fresh Del Monte Produce, Inc. | 5,025 | 168,991 | ||||||
Ingredion, Inc. | 8,251 | 665,361 | ||||||
|
| |||||||
5,915,519 | ||||||||
|
| |||||||
Packaged Foods & Meats – 16.0% |
| |||||||
B&G Foods, Inc. | 5,893 | 175,847 | ||||||
Boulder Brands, Inc. (a) | 7,147 | 71,684 | ||||||
Cal-Maine Foods, Inc. | 3,143 | 110,162 | ||||||
Calavo Growers, Inc. | 1,762 | 70,674 | ||||||
Campbell Soup Co. | 22,891 | 1,047,034 | ||||||
ConAgra Foods, Inc. | 46,959 | 1,663,757 | ||||||
Dean Foods Co. | 10,386 | 188,194 | ||||||
Diamond Foods, Inc. (a) | 2,412 | 59,287 | ||||||
Farmer Bros Co. (a) | 965 | 28,863 | ||||||
Flowers Foods, Inc. | 20,785 | 406,555 | ||||||
General Mills, Inc. | 68,139 | 3,575,935 | ||||||
Hormel Foods Corp. | 16,643 | 852,454 | ||||||
J&J Snack Foods Corp. | 1,910 | 187,409 | ||||||
John B Sanfilippo & Son, Inc. | 1,094 | 39,898 | ||||||
Kellogg Co. | 30,091 | 1,973,368 | ||||||
Keurig Green Mountain, Inc. | 13,499 | 1,654,437 | ||||||
Kraft Foods Group, Inc. | 65,948 | 4,309,042 | ||||||
Lancaster Colony Corp. | 2,489 | 223,836 | ||||||
McCormick & Co., Inc. (non-vtg.) | 13,507 | 964,265 | ||||||
Mead Johnson Nutrition Co. | 22,353 | 2,201,547 | ||||||
Mondelez International, Inc. Class A | 186,011 | 6,555,028 | ||||||
Pinnacle Foods, Inc. | 10,518 | 378,332 | ||||||
Post Holdings, Inc. (a) | 5,646 | 266,774 | ||||||
Sanderson Farms, Inc. | 2,298 | 183,748 | ||||||
Seaboard Corp. (a) | 34 | 130,050 | ||||||
Seneca Foods Corp. Class A (a) | 861 | 22,283 | ||||||
Snyders-Lance, Inc. | 5,413 | 157,464 | ||||||
The Hain Celestial Group, Inc. (a) | 11,277 | 595,087 | ||||||
The Hershey Co. | 17,251 | 1,763,225 | ||||||
The JM Smucker Co. | 11,376 | 1,173,434 | ||||||
Tootsie Roll Industries, Inc. | 2,313 | 72,143 | ||||||
TreeHouse Foods, Inc. (a) | 4,616 | 418,671 | ||||||
Tyson Foods, Inc. Class A | 33,644 | 1,313,462 | ||||||
WhiteWave Foods Co. Class A (a) | 19,184 | 632,497 | ||||||
|
| |||||||
33,466,446 | ||||||||
|
| |||||||
TOTAL FOOD PRODUCTS |
| 39,381,965 | ||||||
|
|
See accompanying notes which are an integral part of the financial statements.
21 | Semiannual Report |
Table of Contents
Fidelity MSCI Consumer Staples Index ETF
Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HOUSEHOLD PRODUCTS – 19.4% |
| |||||||
Household Products – 19.4% | ||||||||
Central Garden and Pet Co. Class A (a) | 3,600 | $ | 32,760 | |||||
Church & Dwight Co., Inc. | 15,211 | 1,230,874 | ||||||
Colgate-Palmolive Co. | 101,035 | 6,821,883 | ||||||
Energizer Holdings, Inc. | 6,845 | 876,229 | ||||||
Harbinger Group, Inc. (a) | 12,469 | 155,738 | ||||||
Kimberly-Clark Corp. | 41,499 | 4,480,232 | ||||||
Spectrum Brands Holdings, Inc. | 2,823 | 253,167 | ||||||
The Clorox Co. | 14,558 | 1,553,484 | ||||||
The Procter & Gamble Co. | 298,017 | 25,119,853 | ||||||
WD-40 Co. | 1,807 | 148,282 | ||||||
|
| |||||||
TOTAL HOUSEHOLD PRODUCTS | 40,672,502 | |||||||
|
| |||||||
PERSONAL PRODUCTS – 1.4% |
| |||||||
Personal Products – 1.4% |
| |||||||
Avon Products, Inc. | 47,803 | 369,995 | ||||||
Elizabeth Arden, Inc. (a) | 2,445 | 36,137 | ||||||
Herbalife Ltd. | 7,608 | 231,892 | ||||||
Inter Parfums, Inc. | 1,870 | 47,030 | ||||||
Medifast, Inc. (a) | 1,120 | 35,493 | ||||||
Nu Skin Enterprises, Inc. Class A | 6,193 | 253,789 | ||||||
Revlon, Inc. Class A (a) | 1,451 | 47,506 | ||||||
The Estee Lauder Cos., Inc. Class A | 26,047 | 1,838,658 | ||||||
USANA Health Sciences, Inc. (a) | 766 | 75,099 | ||||||
|
| |||||||
TOTAL PERSONAL PRODUCTS |
| 2,935,599 | ||||||
|
|
Shares | Value | |||||||
TOBACCO – 14.1% |
| |||||||
Tobacco – 14.1% |
| |||||||
Altria Group, Inc. | 193,506 | $ | 10,275,169 | |||||
Lorillard, Inc. | 40,227 | 2,639,294 | ||||||
Philip Morris International, Inc. | 171,939 | 13,796,385 | ||||||
Reynolds American, Inc. | 35,660 | 2,423,097 | ||||||
Universal Corp. | 3,601 | 144,616 | ||||||
Vector Group Ltd. | 10,530 | 235,661 | ||||||
|
| |||||||
TOTAL TOBACCO |
| 29,514,222 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 208,961,976 | ||||||
|
| |||||||
Money Market Funds – 0.1% | ||||||||
SSgA US Treasury Money Market Fund, 0.00% (b) | 330,133 | 330,133 | ||||||
|
| |||||||
TOTAL INVESTMENT PORTFOLIO – 99.9% |
| 209,292,109 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.1% |
| 174,886 | ||||||
|
| |||||||
NET ASSETS – 100% |
| $ | 209,466,995 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Other Information
The following is a summary of the inputs used, as of January 31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 208,961,976 | $ | 208,961,976 | $ | — | $ | — | ||||||||
Money Market Funds | 330,133 | 330,133 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 209,292,109 | $ | 209,292,109 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 22 |
Table of Contents
Fidelity MSCI Energy Index ETF
Investments January 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | ||||||||
Shares | Value | |||||||
ENERGY EQUIPMENT & SERVICES – 17.5% |
| |||||||
Oil & Gas Drilling – 1.9% |
| |||||||
Atwood Oceanics, Inc. | 7,667 | $ | 219,123 | |||||
Diamond Offshore Drilling, Inc. | 8,609 | 271,442 | ||||||
Ensco PLC Class A | 29,351 | 823,002 | ||||||
Helmerich & Payne, Inc. | 13,552 | 807,157 | ||||||
Hercules Offshore, Inc. (a) | 23,447 | 16,882 | ||||||
Nabors Industries Ltd. | 33,833 | 389,418 | ||||||
Noble Corp. PLC | 31,873 | 516,980 | ||||||
Paragon Offshore PLC | 10,860 | 22,697 | ||||||
Parker Drilling Co. (a) | 15,815 | 42,859 | ||||||
Patterson-UTI Energy, Inc. | 18,478 | 317,082 | ||||||
Pioneer Energy Services Corp. (a) | 8,022 | 33,211 | ||||||
Rowan Cos. PLC Class A | 14,873 | 314,118 | ||||||
Transocean Partners LLC | 2,675 | 39,135 | ||||||
Unit Corp. (a) | 5,583 | 166,262 | ||||||
|
| |||||||
3,979,368 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services – 15.6% |
| |||||||
Baker Hughes, Inc. | 54,481 | 3,159,353 | ||||||
Basic Energy Services, Inc. (a) | 4,811 | 28,289 | ||||||
Bristow Group, Inc. | 4,445 | 247,631 | ||||||
C&J Energy Services, Inc. (a) | 5,702 | 58,731 | ||||||
Cameron International Corp. (a) | 25,403 | 1,137,546 | ||||||
CARBO Ceramics, Inc. | 2,686 | 88,047 | ||||||
CHC Group Ltd. (a) | 5,022 | 9,542 | ||||||
Core Laboratories N.V. | 5,557 | 515,412 | ||||||
Dresser-Rand Group, Inc. (a) | 9,585 | 767,567 | ||||||
Dril-Quip, Inc. (a) | 5,034 | 373,674 | ||||||
Era Group, Inc. (a) | 2,483 | 55,917 | ||||||
Exterran Holdings, Inc. | 7,586 | 205,656 | ||||||
FMC Technologies, Inc. (a) | 29,403 | 1,102,024 | ||||||
Forum Energy Technologies, Inc. (a) | 7,790 | 120,355 | ||||||
Frank’s International N.V. | 4,962 | 81,228 | ||||||
Geospace Technologies Corp. (a) | 1,712 | 41,054 | ||||||
Gulf Island Fabrication, Inc. | 1,729 | 28,650 | ||||||
Gulfmark Offshore, Inc. Class A | 764 | 15,074 | ||||||
Halliburton Co. | 106,503 | 4,259,055 | ||||||
Helix Energy Solutions Group, Inc. (a) | 12,600 | 236,502 | ||||||
Hornbeck Offshore Services, Inc. (a) | 4,196 | 93,151 | ||||||
ION Geophysical Corp. (a) | 16,656 | 37,476 | ||||||
Key Energy Services, Inc. (a) | 1,372 | 2,305 | ||||||
Matrix Service Co. (a) | 3,426 | 65,779 | ||||||
McDermott International, Inc. (a) | 29,982 | 67,459 | ||||||
National Oilwell Varco, Inc. | 53,876 | 2,932,471 | ||||||
Natural Gas Services Group, Inc. (a) | 1,703 | 34,384 | ||||||
Newpark Resources, Inc. (a) | 10,512 | 90,824 | ||||||
Oceaneering International, Inc. | 13,531 | 708,483 | ||||||
Oil States International, Inc. (a) | 6,132 | 251,841 | ||||||
PHI, Inc. (non-vtg.) (a) | 1,534 | 52,478 | ||||||
RigNet, Inc. (a) | 1,699 | 58,140 | ||||||
RPC, Inc. | 8,404 | 104,798 | ||||||
Schlumberger Ltd. | 162,230 | 13,366,130 |
Shares | Value | |||||||
SEACOR Holdings, Inc. (a) | 2,361 | $ | 169,874 | |||||
Seventy Seven Energy, Inc. (a) | 131 | 517 | ||||||
Superior Energy Services, Inc. | 19,441 | 388,820 | ||||||
Tesco Corp. | 4,405 | 45,107 | ||||||
TETRA Technologies, Inc. (a) | 10,275 | 50,758 | ||||||
Tidewater, Inc. | 6,261 | 183,197 | ||||||
Weatherford International PLC (a) | 96,827 | 1,000,223 | ||||||
Willbros Group, Inc. (a) | 5,607 | 31,287 | ||||||
|
| |||||||
32,266,809 | ||||||||
|
| |||||||
TOTAL ENERGY EQUIPMENT & SERVICES |
| 36,246,177 | ||||||
|
| |||||||
GAS UTILITIES – 0.5% |
| |||||||
Gas Utilities – 0.5% |
| |||||||
ONEOK, Inc. | 26,027 | 1,145,969 | ||||||
|
| |||||||
METALS & MINING – 0.1% |
| |||||||
Diversified Metals & Mining – 0.1% |
| |||||||
US Silica Holdings, Inc. | 6,735 | 169,722 | ||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS – 81.7% |
| |||||||
Coal & Consumable Fuels – 0.6% |
| |||||||
Alpha Natural Resources, Inc. (a) | 28,498 | 29,638 | ||||||
Arch Coal, Inc. | 26,940 | 24,982 | ||||||
Cloud Peak Energy, Inc. (a) | 7,690 | 52,215 | ||||||
CONSOL Energy, Inc. | 28,824 | 834,455 | ||||||
Peabody Energy Corp. | 34,132 | 212,642 | ||||||
Solazyme, Inc. (a) | 7,391 | 16,334 | ||||||
Westmoreland Coal Co. (a) | 1,913 | 49,891 | ||||||
|
| |||||||
1,220,157 | ||||||||
|
| |||||||
Integrated Oil & Gas – 39.1% |
| |||||||
Chevron Corp. | 237,645 | 24,365,742 | ||||||
Exxon Mobil Corp. | 533,704 | 46,656,403 | ||||||
Hess Corp. | 34,706 | 2,342,308 | ||||||
Occidental Petroleum Corp. | 97,587 | 7,806,960 | ||||||
|
| |||||||
81,171,413 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production – 25.3% |
| |||||||
Abraxas Petroleum Corp. (a) | 12,811 | 37,921 | ||||||
Anadarko Petroleum Corp. | 63,347 | 5,178,617 | ||||||
Antero Resources Corp. (a) | 6,556 | 227,165 | ||||||
Apache Corp. | 47,896 | 2,996,853 | ||||||
Approach Resources, Inc. (a) | 4,765 | 29,877 | ||||||
Bill Barrett Corp. (a) | 6,301 | 64,270 | ||||||
Bonanza Creek Energy, Inc. (a) | 4,162 | 108,545 | ||||||
Cabot Oil & Gas Corp. | 52,213 | 1,383,645 | ||||||
California Resources Corp. (a) | 39,571 | 202,604 | ||||||
Callon Petroleum Co. (a) | 6,643 | 36,204 | ||||||
Carrizo Oil & Gas, Inc. (a) | 5,538 | 249,764 | ||||||
Chesapeake Energy Corp. | 66,671 | 1,278,750 | ||||||
Cimarex Energy Co. | 10,891 | 1,123,951 | ||||||
Clayton Williams Energy, Inc. (a) | 780 | 43,602 | ||||||
Cobalt International Energy, Inc. (a) | 36,274 | 330,819 |
See accompanying notes which are an integral part of the financial statements.
23 | Semiannual Report |
Table of Contents
Fidelity MSCI Energy Index ETF
Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
OIL, GAS & CONSUMABLE FUELS – continued |
| |||||||
Oil & Gas Exploration & Production – continued |
| |||||||
Comstock Resources, Inc. | 5,702 | $ | 23,036 | |||||
Concho Resources, Inc. (a) | 14,135 | 1,566,865 | ||||||
ConocoPhillips | 153,902 | 9,692,748 | ||||||
Contango Oil & Gas Co. (a) | 2,096 | 63,027 | ||||||
Continental Resources, Inc. (a) | 11,668 | 529,727 | ||||||
Denbury Resources, Inc. | 44,259 | 305,387 | ||||||
Devon Energy Corp. | 48,690 | 2,934,546 | ||||||
Diamondback Energy, Inc. (a) | 6,071 | 418,838 | ||||||
Eclipse Resources Corp. (a) | 4,460 | 27,652 | ||||||
Emerald Oil, Inc. (a) | 8,529 | 7,019 | ||||||
Energen Corp. | 9,169 | 581,498 | ||||||
Energy XXI Bermuda Ltd. | 11,626 | 34,180 | ||||||
EOG Resources, Inc. | 68,533 | 6,101,493 | ||||||
EP Energy Corp. (a) | 6,334 | 65,557 | ||||||
EQT Corp. | 18,955 | 1,411,010 | ||||||
EXCO Resources, Inc. | 20,473 | 40,741 | ||||||
Gastar Exploration, Inc. (a) | 9,903 | 23,173 | ||||||
Goodrich Petroleum Corp. (a) | 4,573 | 11,524 | ||||||
Gulfport Energy Corp. (a) | 10,720 | 412,613 | ||||||
Halcon Resources Corp. (a) | 32,467 | 45,454 | ||||||
Jones Energy, Inc. Class A (a) | 1,525 | 15,555 | ||||||
Kosmos Energy Ltd. (a) | 14,523 | 127,367 | ||||||
Laredo Petroleum Holdings, Inc. (a) | 9,329 | 91,518 | ||||||
LinnCo LLC | 16,184 | 167,181 | ||||||
Magnum Hunter Resources Corp. (a) | 20,233 | 39,252 | ||||||
Marathon Oil Corp. | 84,492 | 2,247,487 | ||||||
Matador Resources Co. (a) | 8,748 | 188,607 | ||||||
Memorial Resource Development Corp. (a) | 9,788 | 187,440 | ||||||
Murphy Oil Corp. | 21,133 | 949,083 | ||||||
Newfield Exploration Co. (a) | 17,162 | 511,084 | ||||||
Noble Energy, Inc. | 45,326 | 2,163,863 | ||||||
Northern Oil and Gas, Inc. (a) | 7,453 | 46,805 | ||||||
Oasis Petroleum, Inc. (a) | 12,744 | 171,279 | ||||||
Parsley Energy, Inc. (a) | 7,681 | 128,810 | ||||||
PDC Energy, Inc. (a) | 4,546 | 208,843 | ||||||
Penn Virginia Corp. (a) | 8,960 | 43,725 | ||||||
PetroQuest Energy, Inc. (a) | 7,032 | 20,604 | ||||||
Pioneer Natural Resources Co. | 17,932 | 2,699,304 | ||||||
QEP Resources, Inc. | 21,431 | 433,335 | ||||||
Range Resources Corp. | 21,162 | 979,166 | ||||||
Resolute Energy Corp. (a) | 7,862 | 5,739 | ||||||
Rex Energy Corp. (a) | 6,722 | 23,796 | ||||||
Rice Energy, Inc. (a) | 5,339 | 91,190 | ||||||
Rosetta Resources, Inc. (a) | 7,694 | 131,337 | ||||||
RSP Permian, Inc. (a) | 4,915 | 131,722 | ||||||
Sanchez Energy Corp. (a) | 167 | 1,860 | ||||||
SandRidge Energy, Inc. (a) | 10,959 | 15,452 | ||||||
SM Energy Co. | 8,450 | 319,579 | ||||||
Southwestern Energy Co. (a) | 47,604 | 1,180,103 | ||||||
Stone Energy Corp. (a) | 7,056 | 99,348 | ||||||
Swift Energy Co. (a) | 5,679 | 12,096 |
Shares | Value | |||||||
Synergy Resources Corp. (a) | 10,802 | $ | 132,108 | |||||
Triangle Petroleum Corp. (a) | 8,199 | 43,045 | ||||||
Ultra Petroleum Corp. (a) | 19,258 | 245,540 | ||||||
Vaalco Energy, Inc. (a) | 7,067 | 39,151 | ||||||
W&T Offshore, Inc. | 4,787 | 24,222 | ||||||
Warren Resources, Inc. (a) | 9,699 | 10,184 | ||||||
Whiting Petroleum Corp. (a) | 20,852 | 625,977 | ||||||
WPX Energy, Inc. (a) | 24,228 | 258,271 | ||||||
|
| |||||||
52,399,703 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing – 7.5% |
| |||||||
Alon USA Energy, Inc. | 3,618 | 43,705 | ||||||
Clean Energy Fuels Corp. (a) | 9,321 | 38,869 | ||||||
CVR Energy, Inc. | 2,241 | 85,875 | ||||||
Delek US Holdings, Inc. | 6,862 | 211,693 | ||||||
Green Plains, Inc. | 4,245 | 99,375 | ||||||
HollyFrontier Corp. | 23,629 | 848,754 | ||||||
Marathon Petroleum Corp. | 35,490 | 3,286,019 | ||||||
PBF Energy, Inc. Class A | 11,046 | 310,393 | ||||||
Phillips 66 | 69,957 | 4,919,376 | ||||||
Renewable Energy Group, Inc. (a) | 4,380 | 38,281 | ||||||
REX American Resources Corp. (a) | 774 | 42,965 | ||||||
Tesoro Corp. | 16,048 | 1,311,603 | ||||||
Valero Energy Corp. | 66,116 | 3,496,214 | ||||||
Western Refining, Inc. | 10,141 | 376,535 | ||||||
World Fuel Services Corp. | 9,112 | 446,215 | ||||||
|
| |||||||
15,555,872 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation – 9.2% |
| |||||||
Cheniere Energy, Inc. (a) | 28,341 | 2,022,980 | ||||||
Enbridge Energy Management LLC (a) | 6,438 | 241,361 | ||||||
EnLink Midstream LLC | 5,161 | 163,294 | ||||||
Kinder Morgan, Inc. | 225,343 | 9,250,330 | ||||||
SemGroup Corp. Class A | 5,351 | 360,283 | ||||||
Spectra Energy Corp. | 84,028 | 2,809,896 | ||||||
Targa Resources Corp. | 4,766 | 413,832 | ||||||
The Williams Cos., Inc. | 88,881 | 3,898,321 | ||||||
|
| |||||||
19,160,297 | ||||||||
|
| |||||||
TOTAL OIL, GAS & CONSUMABLE FUELS |
| 169,507,442 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 207,069,310 | ||||||
|
| |||||||
Money Market Funds – 0.1% | ||||||||
SSgA US Treasury Money Market Fund, 0.00% (b) | 215,564 | 215,564 | ||||||
|
| |||||||
TOTAL INVESTMENT PORTFOLIO – 99.9% |
| 207,284,874 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.1% |
| 137,281 | ||||||
|
| |||||||
NET ASSETS – 100% |
| $ | 207,422,155 | |||||
|
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 24 |
Table of Contents
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Other Information
The following is a summary of the inputs used, as of January��31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 207,069,310 | $ | 207,069,310 | $ | — | $ | — | ||||||||
Money Market Funds | 215,564 | 215,564 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 207,284,874 | $ | 207,284,874 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
25 | Semiannual Report |
Table of Contents
Fidelity MSCI Financials Index ETF
Investments January 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 100.1% | ||||||||
Shares | Value | |||||||
BANKS – 18.2% |
| |||||||
Diversified Banks – 9.2% |
| |||||||
Comerica, Inc. | 10,983 | $ | 455,795 | |||||
Square 1 Financial, Inc. Class A (a) | 1,188 | 27,633 | ||||||
US Bancorp | 109,615 | 4,593,965 | ||||||
Wells Fargo & Co. | 301,719 | 15,665,250 | ||||||
|
| |||||||
20,742,643 | ||||||||
|
| |||||||
Regional Banks – 9.0% |
| |||||||
1st Source Corp. | 825 | 24,527 | ||||||
Ameris Bancorp | 1,672 | 40,345 | ||||||
Arrow Financial Corp. | 823 | 21,044 | ||||||
Associated Banc-Corp | 9,584 | 161,107 | ||||||
Bancfirst Corp. | 459 | 26,466 | ||||||
BancorpSouth, Inc. | 5,403 | 107,250 | ||||||
Bank of Hawaii Corp. | 2,689 | 151,821 | ||||||
Bank of the Ozarks, Inc. | 4,429 | 143,632 | ||||||
BankUnited, Inc. | 5,956 | 164,743 | ||||||
Banner Corp. | 1,236 | 49,910 | ||||||
BB&T Corp. | 43,791 | 1,545,384 | ||||||
BBCN Bancorp, Inc. | 4,610 | 59,700 | ||||||
Blue Hills Bancorp, Inc. (a) | 1,827 | 24,281 | ||||||
BOK Financial Corp. | 1,477 | 79,920 | ||||||
Boston Private Financial Holdings, Inc. | 4,992 | 54,912 | ||||||
Bryn Mawr Bank Corp. | 815 | 23,757 | ||||||
Camden National Corp. | 495 | 18,394 | ||||||
Capital Bank Financial Corp. Class A (a) | 1,775 | 43,346 | ||||||
Cardinal Financial Corp. | 1,943 | 34,605 | ||||||
Cathay General Bancorp | 4,603 | 109,966 | ||||||
Centerstate Banks, Inc. | 2,815 | 30,993 | ||||||
Central Pacific Financial Corp. | 1,424 | 29,876 | ||||||
Chemical Financial Corp. | 2,026 | 57,457 | ||||||
CIT Group, Inc. | 11,281 | 494,333 | ||||||
City Holding Co. | 981 | 41,526 | ||||||
City National Corp. | 3,050 | 264,405 | ||||||
CoBiz Financial, Inc. | 2,256 | 24,590 | ||||||
Columbia Banking System, Inc. | 3,307 | 84,097 | ||||||
Commerce Bancshares, Inc. | 5,330 | 213,200 | ||||||
Community Bank System, Inc. | 2,547 | 85,656 | ||||||
Community Trust Bancorp, Inc. | 1,003 | 31,675 | ||||||
ConnectOne Bancorp, Inc. | 1,695 | 31,188 | ||||||
Cullen/Frost Bankers, Inc. | 3,458 | 215,433 | ||||||
Customers Bancorp, Inc. (a) | 1,496 | 29,396 | ||||||
CVB Financial Corp. | 5,894 | 86,111 | ||||||
Eagle Bancorp, Inc. (a) | 1,702 | 58,208 | ||||||
East West Bancorp, Inc. | 8,744 | 316,358 | ||||||
Enterprise Financial Services Corp. | 1,169 | 22,340 | ||||||
FCB Financial Holdings, Inc. Class A (a) | 592 | 13,373 | ||||||
Fifth Third Bancorp | 50,680 | 876,764 | ||||||
First BanCorp (a) | 6,673 | 36,635 | ||||||
First BanCorp/NC | 1,111 | 18,443 | ||||||
First Citizens BancShares, Inc. Class A | 434 | 105,918 | ||||||
First Commonwealth Financial Corp. | 5,671 | 44,744 |
Shares | Value | |||||||
First Community Bancshares, Inc. | 972 | $ | 15,251 | |||||
First Financial Bancorp | 3,608 | 59,604 | ||||||
First Financial Bankshares, Inc. | 3,128 | 77,262 | ||||||
First Financial Corp. | 686 | 22,233 | ||||||
First Horizon National Corp. | 14,460 | 187,835 | ||||||
First Interstate Bancsystem, Inc. | 1,285 | 30,712 | ||||||
First Merchants Corp. | 2,146 | 46,869 | ||||||
First Midwest Bancorp, Inc. | 4,705 | 72,457 | ||||||
First NBC Bank Holding Co. (a) | 933 | 28,886 | ||||||
First Niagara Financial Group, Inc. | 21,806 | 177,065 | ||||||
First Republic Bank | 7,971 | 405,883 | ||||||
FirstMerit Corp. | 10,136 | 166,078 | ||||||
Flushing Financial Corp. | 1,774 | 32,109 | ||||||
FNB Corp. | 10,214 | 122,568 | ||||||
Fulton Financial Corp. | 11,522 | 128,470 | ||||||
Glacier Bancorp, Inc. | 4,592 | 102,264 | ||||||
Great Southern Bancorp, Inc. | 657 | 23,731 | ||||||
Hancock Holding Co. | 5,092 | 132,952 | ||||||
Hanmi Financial Corp. | 1,955 | 38,826 | ||||||
Heartland Financial USA, Inc. | 990 | 27,344 | ||||||
Heritage Financial Corp. | 1,928 | 29,923 | ||||||
Home BancShares, Inc. | 3,108 | 92,059 | ||||||
HomeTrust Bancshares, Inc. (a) | 1,403 | 21,676 | ||||||
Huntington Bancshares, Inc. | 49,654 | 497,533 | ||||||
Iberiabank Corp. | 1,922 | 104,960 | ||||||
Independent Bank Corp. | 1,476 | 55,837 | ||||||
International Bancshares Corp. | 3,506 | 78,920 | ||||||
Investors Bancorp, Inc. | 21,706 | 238,983 | ||||||
KeyCorp | 53,131 | 690,172 | ||||||
Lakeland Bancorp, Inc. | 2,431 | 26,231 | ||||||
Lakeland Financial Corp. | 1,041 | 39,287 | ||||||
LegacyTexas Financial Group, Inc. | 2,438 | 48,321 | ||||||
M&T Bank Corp. | 7,208 | 815,657 | ||||||
MB Financial, Inc. | 3,899 | 110,771 | ||||||
National Bank Holdings Corp. Class A | 2,450 | 45,203 | ||||||
National Penn Bancshares, Inc. | 7,730 | 74,981 | ||||||
NBT Bancorp, Inc. | 2,767 | 63,669 | ||||||
OFG Bancorp | 2,795 | 45,000 | ||||||
Old National Bancorp | 7,099 | 95,198 | ||||||
Opus Bank (a) | 982 | 25,630 | ||||||
PacWest Bancorp | 1,534 | 65,586 | ||||||
Peoples Bancorp, Inc. | 733 | 16,749 | ||||||
Pinnacle Financial Partners, Inc. | 2,117 | 76,085 | ||||||
Popular, Inc. (a) | 6,295 | 194,075 | ||||||
PrivateBancorp, Inc. | 4,416 | 133,981 | ||||||
Prosperity Bancshares, Inc. | 4,084 | 187,006 | ||||||
Regions Financial Corp. | 83,768 | 728,782 | ||||||
Renasant Corp. | 1,882 | 49,233 | ||||||
Republic Bancorp, Inc. Class A | 638 | 14,540 | ||||||
S&T Bancorp, Inc. | 1,814 | 49,867 | ||||||
ServisFirst Bancshares, Inc. | 1,320 | 40,128 | ||||||
Signature Bank (a) | 3,078 | 360,526 | ||||||
Simmons First National Corp. Class A | 901 | 33,715 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 26 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
BANKS – continued |
| |||||||
Regional Banks – continued |
| |||||||
South State Corp. | 1,483 | $ | 88,550 | |||||
Southside Bancshares, Inc. | 1,410 | 38,493 | ||||||
State Bank Financial Corp. | 1,971 | 35,990 | ||||||
Sterling Bancorp/DE | 5,024 | 66,216 | ||||||
Stock Yards Bancorp, Inc. | 910 | 28,028 | ||||||
SunTrust Banks, Inc. | 32,317 | 1,241,619 | ||||||
Susquehanna Bancshares, Inc. | 11,592 | 146,175 | ||||||
SVB Financial Group (a) | 3,088 | 348,635 | ||||||
Synovus Financial Corp. | 8,559 | 220,565 | ||||||
Talmer Bancorp, Inc. Class A | 3,839 | 51,903 | ||||||
TCF Financial Corp. | 9,771 | 143,634 | ||||||
Texas Capital Bancshares, Inc. (a) | 2,798 | 114,298 | ||||||
The Bancorp, Inc. (a) | 2,487 | 21,189 | ||||||
The PNC Financial Services Group, Inc. | 32,881 | 2,779,760 | ||||||
Towne Bank | 2,674 | 38,800 | ||||||
Trico Bancshares | 1,318 | 30,775 | ||||||
TriState Capital Holdings Inc. (a) | 1,688 | 15,968 | ||||||
Trustmark Corp. | 3,929 | 83,923 | ||||||
UMB Financial Corp. | 2,397 | 116,302 | ||||||
Umpqua Holdings Corp. | 13,256 | 205,601 | ||||||
Union Bankshares Corp. | 2,762 | 55,240 | ||||||
United Bankshares, Inc. | 3,827 | 129,391 | ||||||
United Community Banks, Inc. | 1,848 | 32,359 | ||||||
Univest Corp. of Pennsylvania | 1,123 | 20,798 | ||||||
Valley National Bancorp | 13,411 | 121,772 | ||||||
Washington Trust Bancorp, Inc. | 887 | 32,482 | ||||||
Webster Financial Corp. | 5,584 | 170,480 | ||||||
WesBanco, Inc. | 1,789 | 53,992 | ||||||
Westamerica BanCorp. | 1,646 | 66,959 | ||||||
Western Alliance Bancorp (a) | 4,912 | 126,288 | ||||||
Wilshire Bancorp, Inc. | 4,428 | 40,295 | ||||||
Wintrust Financial Corp. | 2,700 | 117,369 | ||||||
Zions BanCorp. | 12,363 | 296,218 | ||||||
|
| |||||||
20,226,579 | ||||||||
|
| |||||||
TOTAL BANKS |
| 40,969,222 | ||||||
|
| |||||||
CAPITAL MARKETS – 12.1% |
| |||||||
Asset Management & Custody Banks – 7.1% | �� | |||||||
Affiliated Managers Group, Inc. (a) | 3,383 | 695,274 | ||||||
Ameriprise Financial, Inc. | 11,375 | 1,421,193 | ||||||
Arlington Asset Investment Corp. Class A | 892 | 23,665 | ||||||
Artisan Partners Asset Management, Inc. Class A | 1,998 | 96,443 | ||||||
BlackRock, Inc. | 8,078 | 2,750,640 | ||||||
Calamos Asset Management, Inc. Class A | 1,272 | 15,964 | ||||||
Cohen & Steers, Inc. | 1,245 | 52,390 | ||||||
Eaton Vance Corp. | 7,192 | 289,478 | ||||||
Federated Investors, Inc. Class B | 5,760 | 182,074 | ||||||
Financial Engines, Inc. | 3,206 | 115,095 | ||||||
Franklin Resources, Inc. | 24,692 | 1,272,379 | ||||||
GAMCO Investors, Inc. Class A | 315 | 25,720 | ||||||
Invesco Ltd. | 26,217 | 962,950 |
Shares | Value | |||||||
Janus Capital Group, Inc. | 9,151 | $ | 160,509 | |||||
Legg Mason, Inc. | 6,341 | 351,545 | ||||||
Northern Trust Corp. | 13,597 | 888,972 | ||||||
NorthStar Asset Management Group, Inc. | 11,517 | 243,815 | ||||||
Pzena Investment Management, Inc. Class A | 1,136 | 9,236 | ||||||
Safeguard Scientifics, Inc. (a) | 1,302 | 23,866 | ||||||
SEI Investments Co. | 8,667 | 348,153 | ||||||
State Street Corp. | 25,736 | 1,840,381 | ||||||
T Rowe Price Group, Inc. | 15,985 | 1,258,339 | ||||||
The Bank of New York Mellon Corp. | 68,830 | 2,477,880 | ||||||
Virtus Investment Partners, Inc. | 469 | 63,610 | ||||||
Waddell & Reed Financial, Inc. Class A | 5,147 | 230,122 | ||||||
Walter Investment Management Corp. (a) | 2,462 | 37,102 | ||||||
Westwood Holdings Group, Inc. | 457 | 26,958 | ||||||
WisdomTree Investments, Inc. | 6,638 | 115,634 | ||||||
|
| |||||||
15,979,387 | ||||||||
|
| |||||||
Diversified Capital Markets – 0.0% |
| |||||||
HFF, Inc. Class A | 2,126 | 72,220 | ||||||
Investment Banking & Brokerage – 5.0% |
| |||||||
BGC Partners, Inc. Class A | 10,542 | 82,544 | ||||||
Cowen Group, Inc. Class A (a) | 6,687 | 27,818 | ||||||
E*TRADE Financial Corp. (a) | 17,552 | 404,573 | ||||||
Evercore Partners, Inc. Class A | 2,112 | 101,101 | ||||||
GFI Group, Inc. | 4,824 | 27,063 | ||||||
Greenhill & Co., Inc. | 1,646 | 60,704 | ||||||
INTL. FCStone, Inc. (a) | 1,003 | 19,338 | ||||||
Investment Technology Group, Inc. (a) | 2,301 | 47,746 | ||||||
KCG Holdings, Inc. Class A (a) | 4,929 | 60,282 | ||||||
LPL Financial Holdings, Inc. | 4,919 | 202,417 | ||||||
Moelis & Co. Class A | 1,070 | 33,170 | ||||||
Morgan Stanley | 89,570 | 3,028,362 | ||||||
Oppenheimer Holdings, Inc. Class A | 719 | 14,200 | ||||||
Piper Jaffray Cos. (a) | 1,021 | 52,122 | ||||||
Raymond James Financial, Inc. | 7,770 | 408,857 | ||||||
RCS Capital Corp. Class A | 2,109 | 19,888 | ||||||
Stifel Financial Corp. (a) | 3,855 | 181,763 | ||||||
TD Ameritrade Holding Corp. | 16,628 | 538,581 | ||||||
The Charles Schwab Corp. | 71,343 | 1,853,491 | ||||||
The Goldman Sachs Group, Inc. | 24,121 | 4,158,702 | ||||||
|
| |||||||
11,322,722 | ||||||||
|
| |||||||
TOTAL CAPITAL MARKETS |
| 27,374,329 | ||||||
|
| |||||||
CONSUMER FINANCE – 4.8% |
| |||||||
Consumer Finance – 4.8% |
| |||||||
Ally Financial, Inc. (a) | 26,249 | 491,119 | ||||||
American Express Co. | 57,299 | 4,623,456 | ||||||
Capital One Financial Corp. | 34,143 | 2,499,609 | ||||||
Cash America International, Inc. | 1,784 | 37,107 | ||||||
Credit Acceptance Corp. (a) | 449 | 70,780 | ||||||
Discover Financial Services | 28,095 | 1,527,806 | ||||||
Encore Capital Group, Inc. (a) | 1,513 | 56,314 | ||||||
Enova International, Inc. (a) | 1,630 | 31,378 |
See accompanying notes which are an integral part of the financial statements.
27 | Semiannual Report |
Table of Contents
Fidelity MSCI Financials Index ETF
Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
CONSUMER FINANCE – continued |
| |||||||
Consumer Finance – continued |
| |||||||
Ezcorp, Inc. Class A (a) | 3,187 | $ | 32,858 | |||||
First Cash Financial Services, Inc. (a) | 1,714 | 85,220 | ||||||
Green Dot Corp. Class A (a) | 1,831 | 27,923 | ||||||
Navient Corp. | 25,484 | 503,054 | ||||||
Nelnet, Inc. Class A | 1,618 | 70,771 | ||||||
PRA Group, Inc. (a) | 3,082 | 152,621 | ||||||
SLM Corp. | 25,878 | 235,749 | ||||||
Springleaf Holdings, Inc. (a) | 1,818 | 57,449 | ||||||
Synchrony Financial (a) | 10,175 | 314,000 | ||||||
World Acceptance Corp. (a) | 488 | 35,844 | ||||||
|
| |||||||
TOTAL CONSUMER FINANCE |
| 10,853,058 | ||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES – 21.7% |
| |||||||
Multi-Sector Holdings – 4.7% |
| |||||||
Berkshire Hathaway, Inc. Class B (a) | 69,940 | 10,065,065 | ||||||
FNFV Group (a) | 5,411 | 67,096 | ||||||
Leucadia National Corp. | 19,038 | 431,592 | ||||||
PICO Holdings, Inc. (a) | 1,470 | 23,505 | ||||||
|
| |||||||
10,587,258 | ||||||||
|
| |||||||
Other Diversified Financial Services – 13.9% |
| |||||||
Bank of America Corp. | 639,748 | 9,692,182 | ||||||
Citigroup, Inc. | 184,441 | 8,659,505 | ||||||
JPMorgan Chase & Co. | 228,827 | 12,443,613 | ||||||
Voya Financial Inc. | 12,523 | 488,522 | ||||||
|
| |||||||
31,283,822 | ||||||||
|
| |||||||
Specialized Finance – 3.1% |
| |||||||
CBOE Holdings, Inc. | 5,187 | 334,406 | ||||||
CME Group, Inc. | 19,421 | 1,656,611 | ||||||
Interactive Brokers Group, Inc. Class A | 3,204 | 98,139 | ||||||
Intercontinental Exchange, Inc. | 6,905 | 1,420,566 | ||||||
MarketAxess Holdings, Inc. | 2,303 | 174,959 | ||||||
McGraw Hill Financial, Inc. | 16,454 | 1,471,646 | ||||||
Moody’s Corp. | 11,561 | 1,055,866 | ||||||
MSCI, Inc. | 6,736 | 362,531 | ||||||
PHH Corp. (a) | 3,444 | 85,893 | ||||||
The NASDAQ OMX Group, Inc. | 7,181 | 327,454 | ||||||
|
| |||||||
6,988,071 | ||||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
| 48,859,151 | ||||||
|
| |||||||
INSURANCE – 16.9% |
| |||||||
Insurance Brokers – 1.9% |
| |||||||
Aon PLC | 16,793 | 1,512,210 | ||||||
Arthur J Gallagher & Co. | 9,670 | 429,638 | ||||||
Brown & Brown, Inc. | 7,471 | 230,480 | ||||||
Marsh & McLennan Cos., Inc. | 33,113 | 1,780,486 | ||||||
Willis Group Holdings PLC | 9,776 | 423,301 | ||||||
|
| |||||||
4,376,115 | ||||||||
|
| |||||||
Life & Health Insurance – 4.5% |
| |||||||
Aflac, Inc. | 27,553 | 1,572,725 | ||||||
American Equity Investment Life Holding Co. | 4,405 | 112,372 | ||||||
Citizens, Inc. (a) | 2,727 | 19,689 |
Shares | Value | |||||||
CNO Financial Group, Inc. | 12,300 | $ | 190,896 | |||||
FBL Financial Group, Inc. Class A | 713 | 37,211 | ||||||
Fidelity & Guaranty Life | 783 | 16,921 | ||||||
Kansas City Life Insurance Co. | 259 | 11,777 | ||||||
Lincoln National Corp. | 15,857 | 792,533 | ||||||
MetLife, Inc. | 58,159 | 2,704,393 | ||||||
Primerica, Inc. | 3,360 | 166,790 | ||||||
Principal Financial Group, Inc. | 17,854 | 837,888 | ||||||
Protective Life Corp. | 4,854 | 339,537 | ||||||
Prudential Financial, Inc. | 27,857 | 2,113,789 | ||||||
StanCorp Financial Group, Inc. | 2,608 | 161,800 | ||||||
Symetra Financial Corp. | 5,063 | 102,830 | ||||||
Torchmark Corp. | 7,965 | 398,808 | ||||||
Unum Group | 15,485 | 480,964 | ||||||
|
| |||||||
10,060,923 | ||||||||
|
| |||||||
Multi-line Insurance – 3.2% |
| |||||||
American Financial Group, Inc. | 4,655 | 270,176 | ||||||
American International Group, Inc. | 86,800 | 4,241,916 | ||||||
Assurant, Inc. | 4,345 | 275,951 | ||||||
Genworth Financial, Inc. Class A (a) | 20,300 | 141,694 | ||||||
Hartford Financial Services Group, Inc. | 27,189 | 1,057,652 | ||||||
HCC Insurance Holdings, Inc. | 6,074 | 323,987 | ||||||
Horace Mann Educators Corp. | 2,544 | 77,516 | ||||||
Kemper Corp. | 2,569 | 89,684 | ||||||
Loews Corp. | 20,842 | 797,415 | ||||||
|
| |||||||
7,275,991 | ||||||||
|
| |||||||
Property & Casualty Insurance – 6.1% |
| |||||||
ACE Ltd. | 20,419 | 2,204,435 | ||||||
Allied World Assurance Co. Holdings AG | 5,885 | 227,573 | ||||||
Ambac Financial Group, Inc. (a) | 1,379 | 33,717 | ||||||
AMERISAFE, Inc. | 1,179 | 47,985 | ||||||
Amtrust Financial Services, Inc. | 2,114 | 107,011 | ||||||
Arch Capital Group Ltd. (a) | 8,210 | 475,934 | ||||||
Argo Group International Holdings Ltd. | 1,614 | 86,333 | ||||||
Aspen Insurance Holdings Ltd. | 4,021 | 174,190 | ||||||
Assured Guaranty Ltd. | 9,776 | 238,730 | ||||||
Axis Capital Holdings Ltd. | 6,073 | 309,116 | ||||||
Baldwin & Lyons, Inc. Class B | 562 | 12,982 | ||||||
Cincinnati Financial Corp. | 9,446 | 477,117 | ||||||
Donegal Group, Inc. Class A | 652 | 10,425 | ||||||
EMC Insurance Group, Inc. | 401 | 12,936 | ||||||
Employers Holdings, Inc. | 1,936 | 40,269 | ||||||
Federated National Holding Co. | 846 | 24,627 | ||||||
First American Financial Corp. | 6,581 | 223,886 | ||||||
FNF Group | 15,179 | 532,783 | ||||||
Global Indemnity PLC (a) | 568 | 14,904 | ||||||
HCI Group, Inc. | 573 | 26,478 | ||||||
Hilltop Holdings, Inc. (a) | 4,547 | 82,528 | ||||||
Infinity Property & Casualty Corp. | 745 | 52,351 | ||||||
MBIA, Inc. (a) | 8,855 | 71,017 | ||||||
Meadowbrook Insurance Group, Inc. | 3,062 | 25,415 | ||||||
National Interstate Corp. | 486 | 12,524 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 28 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
INSURANCE – continued |
| |||||||
Property & Casualty Insurance – continued |
| |||||||
Old Republic International Corp. | 15,129 | $ | 212,411 | |||||
OneBeacon Insurance Group Ltd. Class A | 1,323 | 20,917 | ||||||
ProAssurance Corp. | 3,534 | 156,804 | ||||||
RLI Corp. | 2,395 | 112,349 | ||||||
Safety Insurance Group, Inc. | 810 | 50,180 | ||||||
Selective Insurance Group, Inc. | 3,480 | 89,854 | ||||||
State Auto Financial Corp. | 1,137 | 25,014 | ||||||
Stewart Information Services Corp. | 1,275 | 45,645 | ||||||
The Allstate Corp. | 26,367 | 1,840,153 | ||||||
The Chubb Corp. | 14,636 | 1,432,864 | ||||||
The Hanover Insurance Group, Inc. | 2,691 | 185,679 | ||||||
The Navigators Group, Inc. (a) | 698 | 51,806 | ||||||
The Progressive Corp. | 34,097 | 884,817 | ||||||
The Travelers Cos., Inc. | 20,622 | 2,120,354 | ||||||
United Fire Group, Inc. | 1,378 | 38,501 | ||||||
Universal Insurance Holdings Inc. | 1,868 | 43,394 | ||||||
WR Berkley Corp. | 6,575 | 322,109 | ||||||
XL Group PLC | 16,127 | 556,220 | ||||||
|
| |||||||
13,714,337 | ||||||||
|
| |||||||
Reinsurance – 1.2% |
| |||||||
Alleghany Corp. (a) | 999 | 441,648 | ||||||
Endurance Specialty Holdings Ltd. | 2,748 | 167,958 | ||||||
Enstar Group Ltd. (a) | 747 | 100,822 | ||||||
Everest Re Group Ltd. | 2,766 | 474,037 | ||||||
Greenlight Capital Re Ltd. (a) | 1,877 | 58,956 | ||||||
Maiden Holdings Ltd. | 3,506 | 43,825 | ||||||
Montpelier Re Holdings Ltd. | 2,554 | 89,722 | ||||||
PartnerRe Ltd. | 2,727 | 311,969 | ||||||
Platinum Underwriters Holdings Ltd. | 1,614 | 119,162 | ||||||
Reinsurance Group of America, Inc. | 4,173 | 345,566 | ||||||
RenaissanceRe Holdings Ltd. | 2,473 | 236,493 | ||||||
Third Point Reinsurance Ltd. (a) | 3,542 | 46,861 | ||||||
Validus Holdings Ltd. | 5,294 | 209,907 | ||||||
|
| |||||||
2,646,926 | ||||||||
|
| |||||||
TOTAL INSURANCE |
| 38,074,292 | ||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) – 24.2% |
| |||||||
Diversified REIT’s – 1.8% |
| |||||||
American Realty Capital Properties, Inc. | 55,172 | 511,169 | ||||||
Cousins Properties, Inc. | 12,799 | 141,301 | ||||||
Duke Realty Corp. | 20,799 | 454,042 | ||||||
Empire State Realty Trust, Inc. Class A | 5,749 | 104,632 | ||||||
First Potomac Realty Trust | 3,603 | 46,118 | ||||||
Investors Real Estate Trust | 7,318 | 60,373 | ||||||
Lexington Realty Trust | 12,655 | 144,394 | ||||||
Liberty Property Trust | 9,049 | 364,675 | ||||||
One Liberty Properties, Inc. | 858 | 21,030 | ||||||
PS Business Parks, Inc. | 1,223 | 102,867 | ||||||
RAIT Financial Trust | 4,989 | 35,172 | ||||||
Select Income REIT | 2,427 | 60,359 | ||||||
Spirit Realty Capital, Inc. | 24,302 | 312,524 |
Shares | Value | |||||||
Vornado Realty Trust | 10,274 | $ | 1,134,661 | |||||
Washington Real Estate Investment Trust | 4,119 | 118,256 | ||||||
Winthrop Realty Trust | 2,134 | 34,144 | ||||||
WP Carey, Inc. | 5,473 | 393,016 | ||||||
|
| |||||||
4,038,733 | ||||||||
|
| |||||||
Health Care REIT’s – 0.2% |
| |||||||
CareTrust REIT Inc. | 1,724 | 23,239 | ||||||
Healthcare Trust of America, Inc. Class A | 7,296 | 214,940 | ||||||
New Senior Investment Group, Inc. | 4,555 | 75,340 | ||||||
Physicians Realty Trust | 3,969 | 70,013 | ||||||
|
| |||||||
383,532 | ||||||||
|
| |||||||
Hotel & Resort REIT’s – 0.0% |
| |||||||
Chatham Lodging Trust | 2,337 | 72,751 | ||||||
|
| |||||||
Industrial REIT’s – 0.9% |
| |||||||
DCT Industrial Trust, Inc. | 5,096 | 192,425 | ||||||
EastGroup Properties, Inc. | 1,959 | 126,630 | ||||||
First Industrial Realty Trust, Inc. | 6,770 | 147,112 | ||||||
Monmouth Real Estate Investment Corp. Class A | 3,312 | 39,115 | ||||||
Prologis, Inc. | 30,447 | 1,374,377 | ||||||
STAG Industrial, Inc. | 3,931 | 102,992 | ||||||
|
| |||||||
1,982,651 | ||||||||
|
| |||||||
Mortgage REIT’s – 1.6% |
| |||||||
AG Mortgage Investment Trust, Inc. | 1,766 | 32,477 | ||||||
Altisource Residential Corp. | 3,570 | 64,296 | ||||||
American Capital Agency Corp. | 21,472 | 462,722 | ||||||
American Capital Mortgage Investment Corp. | 3,133 | 58,399 | ||||||
Annaly Capital Management, Inc. | 57,638 | 608,657 | ||||||
Anworth Mortgage Asset Corp. | 7,628 | 39,589 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 3,018 | 49,888 | ||||||
Apollo Residential Mortgage, Inc. | 1,978 | 30,956 | ||||||
ARMOUR Residential REIT, Inc. | 21,937 | 72,611 | ||||||
Blackstone Mortgage Trust, Inc. Class A | 3,303 | 96,448 | ||||||
Capstead Mortgage Corp. | 5,880 | 70,678 | ||||||
Chimera Investment Corp. | 62,847 | 197,340 | ||||||
Colony Financial, Inc. | 6,780 | 169,839 | ||||||
CYS Investments, Inc. | 9,876 | 87,304 | ||||||
Dynex Capital, Inc. | 3,372 | 28,224 | ||||||
Hatteras Financial Corp. | 5,912 | 107,480 | ||||||
Invesco Mortgage Capital, Inc. | 7,648 | 117,320 | ||||||
iStar Financial, Inc. (a) | 4,932 | 64,313 | ||||||
MFA Financial, Inc. | 22,628 | 177,403 | ||||||
New Residential Investment Corp. | 8,707 | 111,014 | ||||||
New York Mortgage Trust, Inc. | 6,458 | 49,985 | ||||||
Newcastle Investment Corp. | 3,994 | 17,693 | ||||||
NorthStar Realty Finance Corp. | 13,478 | 254,869 | ||||||
PennyMac Mortgage Investment Trust | 1,036 | 23,320 | ||||||
Redwood Trust, Inc. | 5,139 | 102,420 | ||||||
Resource Capital Corp. | 7,999 | 38,635 | ||||||
Starwood Property Trust, Inc. | 13,624 | 326,022 |
See accompanying notes which are an integral part of the financial statements.
29 | Semiannual Report |
Table of Contents
Fidelity MSCI Financials Index ETF
Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued |
| |||||||
Mortgage REIT’s – continued |
| |||||||
Two Harbors Investment Corp. | 22,255 | $ | 229,672 | |||||
Western Asset Mortgage Capital Corp. | 2,576 | 34,776 | ||||||
|
| |||||||
3,724,350 | ||||||||
|
| |||||||
Office REIT’s – 2.6% |
| |||||||
Alexandria Real Estate Equities, Inc. | 4,361 | 425,285 | ||||||
BioMed Realty Trust, Inc. | 11,874 | 290,319 | ||||||
Boston Properties, Inc. | 9,311 | 1,292,367 | ||||||
Brandywine Realty Trust | 10,847 | 180,169 | ||||||
CoreSite Realty Corp. | 1,389 | 60,852 | ||||||
Corporate Office Properties Trust | 5,692 | 170,760 | ||||||
CyrusOne, Inc. | 2,298 | 64,459 | ||||||
Digital Realty Trust, Inc. | 8,255 | 602,120 | ||||||
Douglas Emmett, Inc. | 8,415 | 239,659 | ||||||
DuPont Fabros Technology, Inc. | 4,022 | 149,860 | ||||||
Equity Commonwealth (a) | 7,092 | 186,874 | ||||||
Franklin Street Properties Corp. | 5,485 | 70,647 | ||||||
Government Properties Income Trust | 3,458 | 78,842 | ||||||
Gramercy Property Trust, Inc. | 11,133 | 77,040 | ||||||
Highwoods Properties, Inc. | 5,500 | 258,500 | ||||||
Hudson Pacific Properties, Inc. | 4,320 | 139,752 | ||||||
Kilroy Realty Corp. | 5,068 | 375,792 | ||||||
Mack-Cali Realty Corp. | 5,220 | 101,842 | ||||||
New York REIT, Inc. | 9,981 | 104,102 | ||||||
Parkway Properties, Inc./MD | 4,725 | 86,468 | ||||||
Piedmont Office Realty Trust, Inc. Class A | 9,478 | 185,105 | ||||||
QTS Realty Trust, Inc. Class A | 804 | 30,560 | ||||||
SL Green Realty Corp. | 5,834 | 735,084 | ||||||
|
| |||||||
5,906,458 | ||||||||
|
| |||||||
Residential REIT’s – 3.2% |
| |||||||
American Campus Communities, Inc. | 6,436 | 282,926 | ||||||
American Homes 4 Rent Class A | 9,667 | 161,342 | ||||||
American Residential Properties, Inc. (a) | 1,986 | 34,775 | ||||||
Apartment Investment & Management Co. Class A | 9,407 | 374,963 | ||||||
Associated Estates Realty Corp. | 3,589 | 89,402 | ||||||
AvalonBay Communities, Inc. | 7,978 | 1,380,114 | ||||||
Camden Property Trust | 5,194 | 400,198 | ||||||
Campus Crest Communities, Inc. | 4,113 | 28,338 | ||||||
Education Realty Trust, Inc. | 1,306 | 45,188 | ||||||
Equity Lifestyle Properties, Inc. | 4,902 | 268,286 | ||||||
Equity Residential | 20,916 | 1,623,291 | ||||||
Essex Property Trust, Inc. | 3,859 | 872,327 | ||||||
Home Properties, Inc. | 3,496 | 246,468 | ||||||
Mid-America Apartment Communities, Inc. | 4,599 | 364,793 | ||||||
Post Properties, Inc. | 3,321 | 201,751 | ||||||
Silver Bay Realty Trust Corp. | 1,691 | 26,346 | ||||||
Starwood Waypoint Residential Trust | 2,480 | 60,115 | ||||||
Sun Communities, Inc. | 2,745 | 185,919 | ||||||
UDR, Inc. | 15,322 | 509,610 | ||||||
|
| |||||||
7,156,152 | ||||||||
|
|
Shares | Value | |||||||
Retail REIT’s – 5.1% |
| |||||||
Acadia Realty Trust | 4,184 | $ | 151,419 | |||||
Agree Realty Corp. | 1,084 | 37,550 | ||||||
Alexander’s, Inc. | 140 | 64,938 | ||||||
Brixmor Property Group, Inc. | 9,149 | 247,938 | ||||||
CBL & Associates Properties, Inc. | 10,454 | 215,561 | ||||||
Cedar Realty Trust, Inc. | 4,602 | 36,632 | ||||||
DDR Corp. | 18,560 | 363,776 | ||||||
Equity One, Inc. | 4,094 | 111,521 | ||||||
Excel Trust, Inc. | 3,737 | 52,467 | ||||||
Federal Realty Investment Trust | 4,113 | 591,326 | ||||||
General Growth Properties, Inc. | 32,216 | 972,279 | ||||||
Getty Realty Corp. | 1,675 | 31,038 | ||||||
Inland Real Estate Corp. | 5,532 | 62,954 | ||||||
Kimco Realty Corp. | 24,975 | 690,559 | ||||||
Kite Realty Group Trust | 5,141 | 157,109 | ||||||
National Retail Properties, Inc. | 7,598 | 325,498 | ||||||
Pennsylvania Real Estate Investment Trust | 4,222 | 101,032 | ||||||
Ramco-Gershenson Properties Trust | 4,760 | 93,153 | ||||||
Realty Income Corp. | 13,529 | 734,760 | ||||||
Regency Centers Corp. | 5,657 | 387,844 | ||||||
Retail Opportunity Investments Corp. | 5,517 | 97,485 | ||||||
Retail Properties of America, Inc. Class A | 14,387 | 254,506 | ||||||
Rouse Properties, Inc. | 2,108 | 39,188 | ||||||
Saul Centers, Inc. | 778 | 44,416 | ||||||
Simon Property Group, Inc. | 18,904 | 3,755,469 | ||||||
Tanger Factory Outlet Centers | 5,818 | 228,938 | ||||||
Taubman Centers, Inc. | 3,902 | 319,769 | ||||||
The Macerich Co. | 8,536 | 734,181 | ||||||
Urban Edge Properties (a) | 5,148 | 122,214 | ||||||
Urstadt Biddle Properties, Inc. Class A | 1,330 | 31,255 | ||||||
Weingarten Realty Investors | 7,093 | 265,846 | ||||||
WP GLIMCHER, Inc. | 11,253 | 198,953 | ||||||
|
| |||||||
11,521,574 | ||||||||
|
| |||||||
Specialized REIT’s – 8.8% |
| |||||||
American Tower Corp. | 24,096 | 2,336,107 | ||||||
Ashford Hospitality Prime, Inc. | 1,831 | 31,420 | ||||||
Ashford Hospitality Trust, Inc. | 5,236 | 55,083 | ||||||
Aviv REIT, Inc. | 1,669 | 65,642 | ||||||
CatchMark Timber Trust, Inc. Class A | 2,132 | 24,539 | ||||||
Chesapeake Lodging Trust | 3,345 | 122,828 | ||||||
Corrections Corp. of America | 7,108 | 279,486 | ||||||
Crown Castle International Corp. | 20,290 | 1,755,288 | ||||||
CubeSmart | 9,080 | 223,731 | ||||||
DiamondRock Hospitality Co. | 11,890 | 172,762 | ||||||
EPR Properties | 3,450 | 224,457 | ||||||
Extra Space Storage, Inc. | 6,683 | 441,078 | ||||||
FelCor Lodging Trust, Inc. | 7,061 | 70,681 | ||||||
Gaming and Leisure Properties, Inc. | 5,541 | 180,803 | ||||||
HCP, Inc. | 27,936 | 1,321,093 | ||||||
Health Care REIT, Inc. | 19,696 | 1,614,087 | ||||||
Healthcare Realty Trust, Inc. | 5,941 | 178,765 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 30 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued |
| |||||||
Specialized REIT’s – continued |
| |||||||
Hersha Hospitality Trust | 12,619 | $ | 84,295 | |||||
Hospitality Properties Trust | 9,242 | 301,197 | ||||||
Host Hotels & Resorts, Inc. | 45,958 | 1,051,979 | ||||||
Iron Mountain, Inc. | 10,055 | 400,591 | ||||||
Lamar Advertising Co. Class A | 5,108 | 286,150 | ||||||
LaSalle Hotel Properties | 6,818 | 275,856 | ||||||
LTC Properties, Inc. | 2,150 | 100,878 | ||||||
Medical Properties Trust, Inc. | 12,453 | 191,403 | ||||||
National Health Investors, Inc. | 2,027 | 151,538 | ||||||
Omega Healthcare Investors, Inc. | 7,748 | 339,827 | ||||||
Outfront Media, Inc. | 7,279 | 206,360 | ||||||
Pebblebrook Hotel Trust | 4,321 | 200,667 | ||||||
Plum Creek Timber Co., Inc. | 10,771 | 479,525 | ||||||
Potlatch Corp. | 2,473 | 98,574 | ||||||
Public Storage | 8,918 | 1,791,091 | ||||||
Rayonier, Inc. | 7,737 | 227,081 | ||||||
RLJ Lodging Trust | 8,066 | 274,809 | ||||||
Ryman Hospitality Properties, Inc. | 2,795 | 153,445 | ||||||
Sabra Health Care REIT, Inc. | 3,329 | 108,858 | ||||||
Senior Housing Properties Trust | 12,463 | 290,263 | ||||||
Sovran Self Storage, Inc. | 2,057 | 194,901 | ||||||
Strategic Hotels & Resorts, Inc. (a) | 15,461 | 207,487 | ||||||
Summit Hotel Properties, Inc. | 5,408 | 69,331 | ||||||
Sunstone Hotel Investors, Inc. | 12,643 | 215,562 | ||||||
The Geo Group, Inc. | 4,487 | 195,274 | ||||||
Universal Health Realty Income Trust | 294 | 15,797 | ||||||
Ventas, Inc. | 19,644 | 1,567,788 | ||||||
Weyerhaeuser Co. | 32,183 | 1,153,760 | ||||||
|
| |||||||
19,732,137 | ||||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS) |
| 54,518,338 | ||||||
|
| |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.0% |
| |||||||
Diversified Real Estate Activities – 0.1% |
| |||||||
Alexander & Baldwin, Inc. | 2,847 | 108,926 | ||||||
Tejon Ranch Co. (a) | 962 | 23,684 | ||||||
The St Joe Co. (a) | 2,259 | 36,506 | ||||||
|
| |||||||
169,116 | ||||||||
|
| |||||||
Real Estate Development – 0.1% |
| |||||||
Forestar Group, Inc. (a) | 2,269 | 30,110 | ||||||
The Howard Hughes Corp. (a) | 2,201 | 287,516 | ||||||
|
| |||||||
317,626 | ||||||||
|
| |||||||
Real Estate Operating Companies – 0.1% |
| |||||||
Forest City Enterprises, Inc. Class A (a) | 9,425 | 230,912 | ||||||
|
| |||||||
Real Estate Services – 0.7% |
| |||||||
Altisource Portfolio Solutions S.A. (a) | 218 | 4,421 | ||||||
CBRE Group, Inc. Class A (a) | 18,134 | 586,454 |
Shares | Value | |||||||
Jones Lang LaSalle, Inc. | 2,721 | $ | 400,205 | |||||
Kennedy-Wilson Holdings, Inc. | 4,434 | 117,900 | ||||||
Marcus & Millichap, Inc. (a) | 490 | 16,797 | ||||||
Realogy Holdings Corp. (a) | 8,884 | 413,106 | ||||||
|
| |||||||
1,538,883 | ||||||||
|
| |||||||
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |
| 2,256,537 | ||||||
|
| |||||||
THRIFTS & MORTGAGE FINANCE – 1.2% |
| |||||||
Thrifts & Mortgage Finance – 1.2% |
| |||||||
Astoria Financial Corp. | 5,570 | 68,121 | ||||||
Bank Mutual Corp. | 2,877 | 18,327 | ||||||
Beneficial Bancorp, Inc. (a) | 5,034 | 54,317 | ||||||
Berkshire Hills Bancorp, Inc. | 1,639 | 40,811 | ||||||
BofI Holding, Inc. (a) | 766 | 64,620 | ||||||
Brookline Bancorp, Inc. | 4,297 | 41,251 | ||||||
Capitol Federal Financial, Inc. | 8,198 | 102,147 | ||||||
Dime Community Bancshares, Inc. | 1,801 | 26,583 | ||||||
Essent Group Ltd. (a) | 3,430 | 80,228 | ||||||
EverBank Financial Corp. | 4,933 | 86,081 | ||||||
Federal Agricultural Mortgage Corp. Class C | 638 | 17,577 | ||||||
Flagstar Bancorp, Inc. (a) | 1,422 | 20,207 | ||||||
HomeStreet, Inc. (a) | 820 | 14,481 | ||||||
Hudson City Bancorp, Inc. | 29,160 | 261,565 | ||||||
Ladder Capital Corp. Class A (a) | 2,260 | 42,398 | ||||||
LendingTree, Inc. (a) | 428 | 17,625 | ||||||
MGIC Investment Corp. (a) | 19,824 | 168,900 | ||||||
Nationstar Mortgage Holdings, Inc. (a) | 1,500 | 38,565 | ||||||
New York Community Bancorp, Inc. | 26,981 | 416,856 | ||||||
Northfield Bancorp, Inc. | 3,277 | 47,189 | ||||||
Northwest Bancshares, Inc. | 5,607 | 66,163 | ||||||
Oritani Financial Corp. | 2,384 | 33,638 | ||||||
People’s United Financial, Inc. | 19,015 | 267,541 | ||||||
Provident Financial Services, Inc. | 3,714 | 64,475 | ||||||
Radian Group, Inc. | 11,637 | 183,399 | ||||||
TFS Financial Corp. | 5,725 | 80,265 | ||||||
TrustCo Bank Corp. | 5,766 | 37,075 | ||||||
United Financial Bancorp, Inc. | 3,078 | 38,290 | ||||||
Walker & Dunlop, Inc. (a) | 1,306 | 23,182 | ||||||
Washington Federal, Inc. | 6,048 | 120,113 | ||||||
Waterstone Financial, Inc. | 2,190 | 27,769 | ||||||
WSFS Financial Corp. | 548 | 40,475 | ||||||
|
| |||||||
TOTAL THRIFTS & MORTGAGE FINANCE |
| 2,610,234 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 225,515,161 | ||||||
|
| |||||||
See accompanying notes which are an integral part of the financial statements.
31 | Semiannual Report |
Table of Contents
Fidelity MSCI Financials Index ETF
Investments (Unaudited) – continued
Money Market Funds – 0.0% | ||||||||
Shares | Value | |||||||
SSgA US Treasury Money Market Fund, 0.00% (b) | 65,238 | $ | 65,238 | |||||
|
| |||||||
TOTAL INVESTMENT PORTFOLIO – 100.1% |
| 225,580,399 | ||||||
NET OTHER ASSETS (LIABILITIES) – (0.1%) |
| (208,531 | ) | |||||
|
| |||||||
NET ASSETS – 100% |
| $ | 225,371,868 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Other Information
The following is a summary of the inputs used, as of January 31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 225,515,161 | $ | 225,515,161 | $ | — | $ | — | ||||||||
Money Market Funds | 65,238 | 65,238 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 225,580,399 | $ | 225,580,399 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 32 |
Table of Contents
Fidelity MSCI Health Care Index ETF
Investments January 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | ||||||||
Shares | Value | |||||||
BIOTECHNOLOGY – 23.1% |
| |||||||
Biotechnology – 23.1% |
| |||||||
ACADIA Pharmaceuticals, Inc. (a) | 11,383 | $ | 346,385 | |||||
Acceleron Pharma, Inc. (a) | 2,127 | 83,953 | ||||||
Achillion Pharmaceuticals, Inc. (a) | 9,905 | 147,089 | ||||||
Acorda Therapeutics, Inc. (a) | 5,631 | 233,968 | ||||||
Aegerion Pharmaceuticals, Inc. (a) | 3,908 | 90,744 | ||||||
Agios Pharmaceuticals, Inc. (a) | 3,152 | 365,380 | ||||||
Akebia Therapeutics, Inc. (a) | 1,280 | 13,146 | ||||||
Alexion Pharmaceuticals, Inc. (a) | 28,209 | 5,169,017 | ||||||
Alkermes PLC (a) | 20,818 | 1,504,100 | ||||||
Alnylam Pharmaceuticals, Inc. (a) | 10,633 | 997,694 | ||||||
AMAG Pharmaceuticals, Inc. (a) | 1,532 | 67,699 | ||||||
Amgen, Inc. | 108,284 | 16,487,322 | ||||||
Amicus Therapeutics, Inc. (a) | 10,972 | 84,375 | ||||||
Anacor Pharmaceuticals, Inc. (a) | 5,088 | 191,309 | ||||||
Arena Pharmaceuticals, Inc. (a) | 31,774 | 136,946 | ||||||
Ariad Pharmaceuticals, Inc. (a) | 25,577 | 164,972 | ||||||
Array BioPharma, Inc. (a) | 17,072 | 122,235 | ||||||
Arrowhead Research Corp. (a) | 8,136 | 51,338 | ||||||
Auspex Pharmaceuticals, Inc. (a) | 2,659 | 163,395 | ||||||
Avalanche Biotechnologies, Inc. (a) | 1,383 | 54,877 | ||||||
BioCryst Pharmaceuticals, Inc. (a) | 8,206 | 83,537 | ||||||
Biogen Idec, Inc. (a) | 33,666 | 13,101,461 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 22,253 | 2,162,101 | ||||||
Bluebird Bio, Inc. (a) | 3,869 | 359,469 | ||||||
Celgene Corp. (a) | 113,976 | 13,581,380 | ||||||
Celldex Therapeutics, Inc. (a) | 12,825 | 274,711 | ||||||
Cepheid, Inc. (a) | 10,008 | 565,552 | ||||||
Chimerix, Inc. (a) | 4,334 | 173,837 | ||||||
Clovis Oncology, Inc. (a) | 3,151 | 205,414 | ||||||
CTI BioPharma Corp. (a) | 18,775 | 41,305 | ||||||
Dyax Corp. (a) | 19,392 | 293,013 | ||||||
Dynavax Technologies Corp. (a) | 3,793 | 64,860 | ||||||
Emergent Biosolutions, Inc. (a) | 4,601 | 128,966 | ||||||
Enanta Pharmaceuticals, Inc. (a) | 1,006 | 43,701 | ||||||
Epizyme, Inc. (a) | 1,541 | 29,495 | ||||||
Esperion Therapeutics, Inc. (a) | 1,473 | 67,611 | ||||||
Exact Sciences Corp. (a) | 11,897 | 323,717 | ||||||
Exelixis, Inc. (a) | 27,549 | 51,517 | ||||||
Foundation Medicine, Inc. (a) | 1,871 | 89,172 | ||||||
Genomic Health, Inc. (a) | 2,263 | 73,050 | ||||||
Geron Corp. (a) | 22,521 | 71,617 | ||||||
Gilead Sciences, Inc. (a) | 215,486 | 22,589,397 | ||||||
Halozyme Therapeutics, Inc. (a) | 15,209 | 217,184 | ||||||
Hyperion Therapeutics, Inc. (a) | 1,346 | 34,054 | ||||||
ImmunoGen, Inc. (a) | 12,571 | 95,917 | ||||||
Immunomedics, Inc. (a) | 12,802 | 68,491 | ||||||
Incyte Corp. Ltd. (a) | 21,633 | 1,724,366 | ||||||
Infinity Pharmaceuticals, Inc. (a) | 6,228 | 96,160 | ||||||
Inovio Pharmaceuticals, Inc. (a) | 8,546 | 71,274 | ||||||
Insmed, Inc. (a) | 6,712 | 103,767 | ||||||
Insys Therapeutics, Inc. (a) | 1,787 | 85,383 |
Shares | Value | |||||||
Intercept Pharmaceuticals, Inc. (a) | 1,086 | $ | 218,319 | |||||
Intrexon Corp. (a) | 5,798 | 166,461 | ||||||
Ironwood Pharmaceuticals, Inc. (a) | 16,360 | 254,889 | ||||||
Isis Pharmaceuticals, Inc. (a) | 16,812 | 1,151,790 | ||||||
Karyopharm Therapeutics, Inc. (a) | 150 | 3,979 | ||||||
Keryx Biopharmaceuticals, Inc. (a) | 14,674 | 178,436 | ||||||
Kite Pharma, Inc. (a) | 4,184 | 280,956 | ||||||
KYTHERA Biopharmaceuticals, Inc. (a) | 2,200 | 81,840 | ||||||
Lexicon Pharmaceuticals, Inc. (a) | 42,952 | 39,086 | ||||||
Ligand Pharmaceuticals, Inc. Class B (a) | 2,408 | 137,063 | ||||||
MacroGenics, Inc. (a) | 2,804 | 88,662 | ||||||
MannKind Corp. (a) | 31,655 | 201,009 | ||||||
Medivation, Inc. (a) | 10,964 | 1,193,102 | ||||||
Merrimack Pharmaceuticals, Inc. (a) | 13,561 | 127,880 | ||||||
MiMedx Group, Inc. (a) | 12,050 | 98,268 | ||||||
Momenta Pharmaceuticals, Inc. (a) | 6,862 | 73,904 | ||||||
Myriad Genetics, Inc. (a) | 10,533 | 394,145 | ||||||
Neurocrine Biosciences, Inc. (a) | 10,904 | 367,029 | ||||||
NewLink Genetics Corp. (a) | 2,661 | 97,366 | ||||||
Novavax, Inc. (a) | 33,979 | 265,376 | ||||||
NPS Pharmaceuticals, Inc. (a) | 14,410 | 660,843 | ||||||
OncoMed Pharmaceuticals, Inc. (a) | 1,328 | 30,358 | ||||||
Ophthotech Corp. (a) | 2,159 | 121,444 | ||||||
Opko Health, Inc. (a) | 33,675 | 408,478 | ||||||
Orexigen Therapeutics, Inc. (a) | 15,561 | 81,695 | ||||||
Organovo Holdings, Inc. (a) | 1,876 | 12,063 | ||||||
Osiris Therapeutics, Inc. (a) | 2,448 | 39,486 | ||||||
Otonomy, Inc. (a) | 1,415 | 41,318 | ||||||
PDL BioPharma, Inc. | 21,993 | 160,329 | ||||||
Pharmacyclics, Inc. (a) | 9,155 | 1,544,906 | ||||||
Portola Pharmaceuticals, Inc. (a) | 5,407 | 153,721 | ||||||
Prothena Corp. PLC (a) | 4,074 | 92,195 | ||||||
PTC Therapeutics, Inc. (a) | 3,062 | 168,134 | ||||||
Puma Biotechnology, Inc. (a) | 3,857 | 814,136 | ||||||
Radius Health, Inc. (a) | 2,159 | 104,042 | ||||||
Raptor Pharmaceutical Corp. (a) | 9,306 | 84,126 | ||||||
Receptos, Inc. (a) | 3,517 | 387,468 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 11,306 | 4,710,758 | ||||||
Repligen Corp. (a) | 4,551 | 110,544 | ||||||
Sage Therapeutics, Inc. (a) | 1,008 | 40,713 | ||||||
Sangamo Biosciences, Inc. (a) | 9,777 | 125,048 | ||||||
Sarepta Therapeutics, Inc. (a) | 5,711 | 68,532 | ||||||
Seattle Genetics, Inc. (a) | 14,959 | 466,122 | ||||||
Spectrum Pharmaceuticals, Inc. (a) | 9,502 | 66,514 | ||||||
Synageva BioPharma Corp. (a) | 3,659 | 421,590 | ||||||
Synergy Pharmaceuticals, Inc. (a) | 13,004 | 37,842 | ||||||
TESARO, Inc. (a) | 2,923 | 117,592 | ||||||
TG Therapeutics, Inc. (a) | 4,001 | 56,974 | ||||||
Theravance, Inc. | 12,401 | 139,759 | ||||||
Ultragenyx Pharmaceutical, Inc. (a) | 2,769 | 160,879 | ||||||
United Therapeutics Corp. (a) | 6,713 | 947,406 | ||||||
Vanda Pharmaceuticals, Inc. (a) | 5,677 | 63,185 | ||||||
Versartis, Inc. (a) | 2,551 | 45,229 |
See accompanying notes which are an integral part of the financial statements.
33 | Semiannual Report |
Table of Contents
Fidelity MSCI Health Care Index ETF
Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
BIOTECHNOLOGY – continued |
| |||||||
Biotechnology – continued |
| |||||||
Vertex Pharmaceuticals, Inc. (a) | 33,953 | $ | 3,739,583 | |||||
Vital Therapies, Inc. (a) | 2,342 | 46,231 | ||||||
XOMA Corp. (a) | 13,001 | 46,284 | ||||||
Zafgen, Inc. (a) | 2,143 | 81,455 | ||||||
ZIOPHARM Oncology, Inc. (a) | 11,728 | 104,966 | ||||||
|
| |||||||
TOTAL BIOTECHNOLOGY |
| 105,268,931 | ||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SUPPLIES – 15.8% |
| |||||||
Health Care Equipment – 14.6% |
| |||||||
Abaxis, Inc. | 3,039 | 186,838 | ||||||
Abbott Laboratories | 214,378 | 9,595,559 | ||||||
ABIOMED, Inc. (a) | 5,551 | 287,209 | ||||||
Accuray, Inc. (a) | 11,153 | 82,198 | ||||||
Analogic Corp. | 1,810 | 147,569 | ||||||
AngioDynamics, Inc. (a) | 3,808 | 73,285 | ||||||
AtriCure, Inc. (a) | 3,520 | 69,837 | ||||||
Baxter International, Inc. | 77,237 | 5,430,533 | ||||||
Becton Dickinson and Co. | 27,360 | 3,777,869 | ||||||
Boston Scientific Corp. (a) | 189,100 | 2,800,571 | ||||||
Cantel Medical Corp. | 5,092 | 206,582 | ||||||
Cardiovascular Systems, Inc. (a) | 4,118 | 140,383 | ||||||
CareFusion Corp. (a) | 28,997 | 1,719,522 | ||||||
CONMED Corp. | 3,883 | 184,986 | ||||||
CR Bard, Inc. | 10,660 | 1,823,180 | ||||||
Cyberonics, Inc. (a) | 3,840 | 213,389 | ||||||
Cynosure, Inc. Class A (a) | 2,780 | 84,012 | ||||||
DexCom, Inc. (a) | 10,851 | 648,673 | ||||||
Edwards Lifesciences Corp. (a) | 15,131 | 1,896,671 | ||||||
Exactech, Inc. (a) | 1,553 | 32,287 | ||||||
GenMark Diagnostics, Inc. (a) | 5,692 | 73,313 | ||||||
Globus Medical, Inc. Class A (a) | 6,521 | 153,765 | ||||||
Greatbatch, Inc. (a) | 3,604 | 175,010 | ||||||
HeartWare International, Inc. (a) | 2,288 | 191,117 | ||||||
Hill-Rom Holdings, Inc. | 8,143 | 388,910 | ||||||
Hologic, Inc. (a) | 31,809 | 965,880 | ||||||
IDEXX Laboratories, Inc. (a) | 7,163 | 1,134,762 | ||||||
Insulet Corp. (a) | 8,144 | 239,352 | ||||||
Integra LifeSciences Holdings Corp. (a) | 3,766 | 209,841 | ||||||
Intuitive Surgical, Inc. (a) | 5,129 | 2,536,188 | ||||||
Invacare Corp. | 4,152 | 60,827 | ||||||
K2M Group Holdings, Inc. (a) | 1,824 | 34,474 | ||||||
Masimo Corp. (a) | 7,372 | 188,133 | ||||||
Medtronic PLC | 201,908 | 14,416,258 | ||||||
Natus Medical, Inc. (a) | 4,659 | 175,178 | ||||||
NuVasive, Inc. (a) | 6,728 | 311,641 | ||||||
NxStage Medical, Inc. (a) | 8,463 | 151,403 | ||||||
Orthofix International N.V. (a) | 2,720 | 82,960 | ||||||
ResMed, Inc. | 20,019 | 1,250,587 | ||||||
Rockwell Medical, Inc. (a) | 6,977 | 75,282 | ||||||
Sirona Dental Systems, Inc. (a) | 8,299 | 748,736 |
Shares | Value | |||||||
St Jude Medical, Inc. | 40,610 | $ | 2,674,981 | |||||
STERIS Corp. | 8,529 | 556,261 | ||||||
Stryker Corp. | 48,590 | 4,424,119 | ||||||
SurModics, Inc. (a) | 2,125 | 48,705 | ||||||
Teleflex, Inc. | 5,892 | 645,527 | ||||||
Thoratec Corp. (a) | 8,173 | 293,329 | ||||||
Tornier N.V. (a) | 5,228 | 126,361 | ||||||
Varian Medical Systems, Inc. (a) | 14,733 | 1,363,686 | ||||||
Volcano Corp. (a) | 7,174 | 128,917 | ||||||
Wright Medical Group, Inc. (a) | 6,858 | 167,404 | ||||||
Zeltiq Aesthetics, Inc. (a) | 4,309 | 138,793 | ||||||
Zimmer Holdings, Inc. | 24,097 | 2,701,274 | ||||||
|
| |||||||
66,234,127 | ||||||||
|
| |||||||
Health Care Supplies – 1.2% |
| |||||||
Alere, Inc. (a) | 11,344 | 461,587 | ||||||
Align Technology, Inc. (a) | 9,876 | 523,922 | ||||||
Anika Therapeutics, Inc. (a) | 2,063 | 80,828 | ||||||
Antares Pharma, Inc. (a) | 17,420 | 40,763 | ||||||
Cerus Corp. (a) | 12,859 | 68,667 | ||||||
DENTSPLY International, Inc. | 20,243 | 1,012,656 | ||||||
Endologix, Inc. (a) | 9,684 | 134,898 | ||||||
Haemonetics Corp. (a) | 7,469 | �� | 295,772 | |||||
Halyard Health, Inc. (a) | 6,691 | 298,218 | ||||||
ICU Medical, Inc. (a) | 1,944 | 162,480 | ||||||
LDR Holding Corp. (a) | 1,633 | 54,657 | ||||||
Meridian Bioscience, Inc. | 5,903 | 102,122 | ||||||
Merit Medical Systems, Inc. (a) | 5,994 | 91,888 | ||||||
Neogen Corp. (a) | 5,224 | 240,826 | ||||||
OraSure Technologies, Inc. (a) | 8,360 | 76,828 | ||||||
Quidel Corp. (a) | 4,275 | 100,634 | ||||||
Spectranetics Corp. (a) | 6,132 | 200,578 | ||||||
Staar Surgical Co. (a) | 96 | 576 | ||||||
The Cooper Cos., Inc. | 6,894 | 1,086,839 | ||||||
Unilife Corp. (a) | 14,866 | 59,018 | ||||||
Vascular Solutions, Inc. (a) | 2,404 | 65,533 | ||||||
West Pharmaceutical Services, Inc. | 10,096 | 497,834 | ||||||
|
| |||||||
5,657,124 | ||||||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
| 71,891,251 | ||||||
|
| |||||||
HEALTH CARE PROVIDERS & SERVICES – 17.5% |
| |||||||
Health Care Services – 4.0% |
| |||||||
Adeptus Health, Inc. Class A (a) | 817 | 25,695 | ||||||
Air Methods Corp. (a) | 5,353 | 222,417 | ||||||
Amedisys, Inc. (a) | 4,005 | 112,861 | ||||||
AMN Healthcare Services, Inc. (a) | 6,791 | 127,807 | ||||||
Bio-Reference Labs, Inc. (a) | 3,536 | 118,562 | ||||||
BioScrip, Inc. (a) | 1,572 | 9,039 | ||||||
Chemed Corp. | 2,449 | 247,692 | ||||||
Corvel Corp. (a) | 1,662 | 54,746 | ||||||
DaVita HealthCare Partners, Inc. (a) | 24,520 | 1,840,471 | ||||||
Envision Healthcare Holdings, Inc. (a) | 19,566 | 672,679 | ||||||
ExamWorks Group, Inc. (a) | 5,363 | 198,216 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 34 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HEALTH CARE PROVIDERS & SERVICES – continued |
| |||||||
Health Care Services – continued |
| |||||||
Express Scripts Holding Co. (a) | 106,279 | $ | 8,577,778 | |||||
Gentiva Health Services, Inc. (a) | 4,100 | 79,622 | ||||||
Healthways, Inc. (a) | 4,615 | 95,161 | ||||||
IPC The Hospitalist Co., Inc. (a) | 2,438 | 98,398 | ||||||
Laboratory Corp. of America Holdings (a) | 12,085 | 1,387,116 | ||||||
Landauer, Inc. | 1,381 | 38,627 | ||||||
LHC Group, Inc. (a) | 1,876 | 55,755 | ||||||
MEDNAX, Inc. (a) | 14,318 | 972,049 | ||||||
Omnicare, Inc. | 13,974 | 1,047,771 | ||||||
Premier, Inc. (a) | 4,610 | 149,825 | ||||||
Quest Diagnostics, Inc. | 20,575 | 1,462,265 | ||||||
Team Health Holdings, Inc. (a) | 10,038 | 518,965 | ||||||
The Providence Service Corp. (a) | 1,868 | 72,852 | ||||||
|
| |||||||
18,186,369 | ||||||||
|
| |||||||
Health Care Distributors – 3.7% |
| |||||||
AmerisourceBergen Corp. | 32,006 | 3,042,170 | ||||||
Cardinal Health, Inc. | 48,012 | 3,994,118 | ||||||
Henry Schein, Inc. (a) | 12,125 | 1,674,099 | ||||||
McKesson Corp. | 33,020 | 7,021,703 | ||||||
MWI Veterinary Supply, Inc. (a) | 1,844 | 349,751 | ||||||
Owens & Minor, Inc. | 8,995 | 307,899 | ||||||
Patterson Cos., Inc. | 11,864 | 594,268 | ||||||
PharMerica Corp. (a) | 4,277 | 98,414 | ||||||
|
| |||||||
17,082,422 | ||||||||
|
| |||||||
Health Care Facilities – 2.2% |
| |||||||
Acadia Healthcare Co., Inc. (a) | 6,904 | 398,706 | ||||||
Amsurg Corp. (a) | 6,960 | 384,053 | ||||||
Brookdale Senior Living, Inc. (a) | 26,055 | 879,356 | ||||||
Capital Senior Living Corp. (a) | 4,047 | 96,602 | ||||||
Community Health Systems, Inc. (a) | 16,513 | 777,267 | ||||||
Hanger, Inc. (a) | 4,961 | 107,058 | ||||||
HCA Holdings, Inc. (a) | 43,173 | 3,056,648 | ||||||
HealthSouth Corp. | 12,596 | 555,484 | ||||||
Kindred Healthcare, Inc. | 9,837 | 181,591 | ||||||
LifePoint Hospitals, Inc. (a) | 6,420 | 418,841 | ||||||
Select Medical Holdings Corp. | 12,223 | 165,255 | ||||||
Surgical Care Affiliates, Inc. (a) | 1,904 | 61,404 | ||||||
Tenet Healthcare Corp. (a) | 13,921 | 588,580 | ||||||
The Ensign Group, Inc. | 2,934 | 121,761 | ||||||
Universal Health Services, Inc. Class B | 13,089 | 1,342,015 | ||||||
US Physical Therapy, Inc. | 1,839 | 71,335 | ||||||
VCA, Inc. (a) | 11,772 | 613,321 | ||||||
|
| |||||||
9,819,277 | ||||||||
|
| |||||||
Managed Health Care – 7.6% |
| |||||||
Aetna, Inc. | 50,544 | 4,640,950 | ||||||
Anthem, Inc. | 39,106 | 5,277,746 | ||||||
Centene Corp. (a) | 7,982 | 871,315 | ||||||
Cigna Corp. | 37,621 | 4,019,051 | ||||||
Health Net, Inc. (a) | 11,435 | 619,434 | ||||||
HealthEquity, Inc. (a) | 2,524 | 52,423 |
Shares | Value | |||||||
Humana, Inc. | 21,988 | $ | 3,219,923 | |||||
Magellan Health, Inc. (a) | 4,125 | 247,995 | ||||||
Molina Healthcare, Inc. (a) | 4,308 | 219,320 | ||||||
Triple-S Management Corp. Class B (a) | 3,239 | 77,995 | ||||||
UnitedHealth Group, Inc. | 138,509 | 14,716,581 | ||||||
Universal American Corp. (a) | 5,119 | 46,225 | ||||||
WellCare Health Plans, Inc. (a) | 6,230 | 453,856 | ||||||
|
| |||||||
34,462,814 | ||||||||
|
| |||||||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
| 79,550,882 | ||||||
|
| |||||||
HEALTH CARE TECHNOLOGY – 1.1% |
| |||||||
Health Care Technology – 1.1% |
| |||||||
Allscripts Healthcare Solutions, Inc. (a) | 24,827 | 295,690 | ||||||
athenahealth, Inc. (a) | 4,975 | 695,057 | ||||||
Castlight Health, Inc. Class B (a) | 54 | 479 | ||||||
Cerner Corp. (a) | 43,783 | 2,905,002 | ||||||
Computer Programs & Systems, Inc. | 1,587 | 78,176 | ||||||
HealthStream, Inc. (a) | 3,235 | 91,421 | ||||||
HMS Holdings Corp. (a) | 12,484 | 246,996 | ||||||
MedAssets, Inc. (a) | 8,715 | 161,315 | ||||||
Medidata Solutions, Inc. (a) | 7,320 | 314,687 | ||||||
Omnicell, Inc. (a) | 5,079 | 161,665 | ||||||
Quality Systems, Inc. | 6,564 | 106,927 | ||||||
Veeva Systems, Inc. Class A (a) | 5,496 | 158,065 | ||||||
Vocera Communications, Inc. (a) | 3,502 | 31,378 | ||||||
|
| |||||||
TOTAL HEALTH CARE TECHNOLOGY |
| 5,246,858 | ||||||
|
| |||||||
LIFE SCIENCES TOOLS & SERVICES – 4.5% |
| |||||||
Life Sciences Tools & Services – 4.5% |
| |||||||
Accelerate Diagnostics, Inc. (a) | 3,596 | 77,314 | ||||||
Affymetrix, Inc. (a) | 10,340 | 114,154 | ||||||
Agilent Technologies, Inc. | 47,571 | 1,796,757 | ||||||
Albany Molecular Research, Inc. (a) | 3,600 | 58,788 | ||||||
Bio-Rad Laboratories, Inc. Class A (a) | 2,900 | 331,963 | ||||||
Bio-Techne Corp. | 5,319 | 494,773 | ||||||
Bruker Corp. (a) | 16,809 | 317,018 | ||||||
Cambrex Corp. (a) | 4,352 | 97,615 | ||||||
Charles River Laboratories International, Inc. (a) | 6,716 | 465,754 | ||||||
Covance, Inc. (a) | 8,051 | 855,097 | ||||||
Fluidigm Corp. (a) | 4,073 | 156,933 | ||||||
Illumina, Inc. (a) | 19,880 | 3,880,377 | ||||||
Luminex Corp. (a) | 5,418 | 95,628 | ||||||
Mettler-Toledo International, Inc. (a) | 4,116 | 1,251,058 | ||||||
Pacific Biosciences of California, Inc. (a) | 8,503 | 68,364 | ||||||
PAREXEL International Corp. (a) | 7,783 | 474,452 | ||||||
PerkinElmer, Inc. | 16,072 | 734,651 | ||||||
Quintiles Transnational Holdings, Inc. (a) | 9,696 | 586,608 | ||||||
Sequenom, Inc. (a) | 17,465 | 64,271 | ||||||
Thermo Fisher Scientific, Inc. | 56,938 | 7,129,207 | ||||||
Waters Corp. (a) | 11,986 | 1,426,933 | ||||||
|
| |||||||
TOTAL LIFE SCIENCES TOOLS & SERVICES |
| 20,477,715 | ||||||
|
|
See accompanying notes which are an integral part of the financial statements.
35 | Semiannual Report |
Table of Contents
Fidelity MSCI Health Care Index ETF
Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
PERSONAL PRODUCTS – 0.1% |
| |||||||
Personal Products – 0.1% |
| |||||||
Prestige Brands Holdings, Inc. (a) | 7,375 | $ | 252,667 | |||||
|
| |||||||
PHARMACEUTICALS – 37.7% |
| |||||||
Pharmaceuticals – 37.7% | ||||||||
AbbVie, Inc. | 226,907 | 13,693,838 | ||||||
AcelRx Pharmaceuticals, Inc. (a) | 3,900 | 26,130 | ||||||
Actavis PLC (a) | 37,677 | 10,042,428 | ||||||
Aerie Pharmaceuticals, Inc. (a) | 2,163 | 60,478 | ||||||
Akorn, Inc. (a) | 11,142 | 474,426 | ||||||
Allergan, Inc. | 42,370 | 9,290,046 | ||||||
Aratana Therapeutics, Inc. (a) | 3,836 | 63,563 | ||||||
BioDelivery Sciences International, Inc. (a) | 6,608 | 86,565 | ||||||
Bristol-Myers Squibb Co. | 236,345 | 14,244,513 | ||||||
Catalent, Inc. (a) | 7,967 | 220,049 | ||||||
Cempra, Inc. (a) | 4,146 | 115,010 | ||||||
Depomed, Inc. (a) | 8,388 | 153,249 | ||||||
Eli Lilly & Co. | 143,360 | 10,321,920 | ||||||
Endo International PLC (a) | 23,134 | 1,841,698 | ||||||
Furiex Pharmaceuticals, Inc. | 373 | 3,644 | ||||||
Furiex Pharmaceuticals, Inc. rights (a) | 69 | — | ||||||
Horizon Pharma PLC (a) | 11,182 | 183,720 | ||||||
Hospira, Inc. (a) | 24,084 | 1,527,648 | ||||||
Impax Laboratories, Inc. (a) | 9,605 | 352,215 | ||||||
Intra-Cellular Therapies, Inc. (a) | 2,715 | 52,725 | ||||||
Jazz Pharmaceuticals PLC (a) | 8,580 | 1,452,937 | ||||||
Johnson & Johnson | 402,013 | 40,257,582 | ||||||
Lannett Co., Inc. (a) | 3,601 | 170,795 | ||||||
Mallinckrodt PLC (a) | 16,222 | 1,719,370 | ||||||
Merck & Co., Inc. | 411,198 | 24,787,016 | ||||||
Mylan, Inc. (a) | 53,353 | 2,835,712 | ||||||
Nektar Therapeutics (a) | 18,196 | 266,390 | ||||||
Omeros Corp. (a) | 4,737 | 105,351 | ||||||
Pacira Pharmaceuticals, Inc. (a) | 4,898 | 525,800 | ||||||
Perrigo Co. PLC | 19,087 | 2,896,261 |
Shares | Value | |||||||
Pfizer, Inc. | 903,864 | $ | 28,245,750 | |||||
Phibro Animal Health Corp. Class A | 2,087 | 57,038 | ||||||
Relypsa, Inc. (a) | 1,557 | 54,697 | ||||||
Revance Therapeutics, Inc. (a) | 2,151 | 34,631 | ||||||
Sagent Pharmaceuticals, Inc. (a) | 2,972 | 76,291 | ||||||
Salix Pharmaceuticals Ltd. (a) | 9,102 | 1,225,766 | ||||||
Sciclone Pharmaceuticals, Inc. (a) | 6,451 | 47,608 | ||||||
Sucampo Pharmaceuticals, Inc. Class A (a) | 2,521 | 37,966 | ||||||
Tetraphase Pharmaceuticals, Inc. (a) | 3,470 | 126,169 | ||||||
The Medicines Co. (a) | 9,245 | 265,054 | ||||||
Theravance Biopharma, Inc. (a) | 3,647 | 59,227 | ||||||
Vivus, Inc. (a) | 13,138 | 34,422 | ||||||
XenoPort, Inc. (a) | 9,326 | 77,686 | ||||||
Zoetis, Inc. | 71,486 | 3,054,597 | ||||||
ZS Pharma, Inc. (a) | 995 | 44,705 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS |
| 171,212,686 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 453,900,990 | ||||||
|
| |||||||
Money Market Funds – 0.1% | ||||||||
SSgA US Treasury Money Market Fund, 0.00% (b) | 331,874 | 331,874 | ||||||
|
| |||||||
TOTAL INVESTMENT PORTFOLIO – 99.9% |
| 454,232,864 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.1% |
| 276,469 | ||||||
|
| |||||||
NET ASSETS – 100% |
| $ | 454,509,333 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Other Information
The following is a summary of the inputs used, as of January 31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 453,900,990 | $ | 453,897,346 | $ | — | $ | 3,644 | ||||||||
Money Market Funds | 331,874 | 331,874 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 454,232,864 | $ | 454,229,220 | $ | — | $ | 3,644 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 36 |
Table of Contents
Fidelity MSCI Industrials Index ETF
Investments January 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.9% | ||||||||
Shares | Value | |||||||
AEROSPACE & DEFENSE – 23.8% |
| |||||||
Aerospace & Defense – 23.8% |
| |||||||
AAR Corp. | 2,670 | $ | 76,522 | |||||
Aerovironment, Inc. (a) | 1,450 | 37,106 | ||||||
Alliant Techsystems, Inc. | 2,091 | 272,478 | ||||||
American Science & Engineering, Inc. | 544 | 25,242 | ||||||
Astronics Corp. (a) | 1,090 | 60,702 | ||||||
B/E Aerospace, Inc. (a) | 6,907 | 402,885 | ||||||
Cubic Corp. | 1,524 | 79,690 | ||||||
Curtiss-Wright Corp. | 2,858 | 190,143 | ||||||
DigitalGlobe, Inc. (a) | 4,747 | 127,647 | ||||||
Engility Holdings, Inc. (a) | 1,094 | 43,651 | ||||||
Esterline Technologies Corp. (a) | 2,109 | 236,398 | ||||||
Exelis, Inc. | 12,411 | 212,352 | ||||||
GenCorp, Inc. (a) | 3,202 | 53,794 | ||||||
General Dynamics Corp. | 18,655 | 2,485,033 | ||||||
HEICO Corp. | 1,329 | 80,644 | ||||||
Hexcel Corp. | 6,323 | 279,666 | ||||||
Honeywell International, Inc. | 48,801 | 4,770,786 | ||||||
Huntington Ingalls Industries, Inc. | 3,184 | 371,254 | ||||||
KLX, Inc. (a) | 3,453 | 135,737 | ||||||
Kratos Defense & Security Solutions, | 2,970 | 14,434 | ||||||
L-3 Communications Holdings, Inc. | 5,662 | 697,105 | ||||||
Lockheed Martin Corp. | 17,710 | 3,336,033 | ||||||
Moog, Inc. Class A (a) | 2,586 | 181,796 | ||||||
National Presto Industries, Inc. | 320 | 20,160 | ||||||
Northrop Grumman Corp. | 12,970 | 2,035,641 | ||||||
Orbital Sciences Corp. (a) | 3,998 | 112,304 | ||||||
Precision Castparts Corp. | 9,421 | 1,885,142 | ||||||
Raytheon Co. | 20,398 | 2,040,820 | ||||||
Rockwell Collins, Inc. | 7,965 | 681,963 | ||||||
Spirit Aerosystems Holdings, Inc. Class A (a) | 9,274 | 417,701 | ||||||
Taser International, Inc. (a) | 3,427 | 92,563 | ||||||
Teledyne Technologies, Inc. (a) | 2,328 | 221,253 | ||||||
Textron, Inc. | 18,359 | 781,359 | ||||||
The Boeing Co. | 44,939 | 6,532,782 | ||||||
The KEYW Holding Corp. (a) | 2,011 | 17,878 | ||||||
TransDigm Group, Inc. | 3,294 | 677,016 | ||||||
Triumph Group, Inc. | 3,368 | 192,178 | ||||||
United Technologies Corp. | 57,050 | 6,548,199 | ||||||
|
| |||||||
TOTAL AEROSPACE & DEFENSE |
| 36,428,057 | ||||||
|
| |||||||
AIR FREIGHT & LOGISTICS – 6.1% | ||||||||
Air Freight & Logistics – 6.1% | ||||||||
Air Transport Services Group, Inc. (a) | 1,110 | 9,246 | ||||||
Atlas Air Worldwide Holdings, Inc. (a) | 444 | 20,069 | ||||||
CH Robinson Worldwide, Inc. | 9,668 | 688,555 | ||||||
Echo Global Logistics, Inc. (a) | 1,127 | 29,753 | ||||||
Expeditors International of Washington, Inc. | 12,829 | 560,371 | ||||||
FedEx Corp. | 17,709 | 2,994,769 | ||||||
Forward Air Corp. | 2,001 | 89,845 | ||||||
Hub Group, Inc. Class A (a) | 2,426 | 81,028 |
Shares | Value | |||||||
Park-Ohio Holdings Corp. | 537 | $ | 28,692 | |||||
United Parcel Service, Inc. Class B | 46,369 | 4,583,112 | ||||||
UTi Worldwide, Inc. (a) | 6,199 | 73,582 | ||||||
XPO Logistics, Inc. (a) | 3,428 | 126,116 | ||||||
|
| |||||||
TOTAL AIR FREIGHT & LOGISTICS |
| 9,285,138 | ||||||
|
| |||||||
AIRLINES – 1.6% | ||||||||
Airlines – 1.6% | ||||||||
Alaska Air Group, Inc. | 2,216 | 150,400 | ||||||
Allegiant Travel Co. | 296 | 53,656 | ||||||
American Airlines Group, Inc. | 11,837 | 580,960 | ||||||
Delta Air Lines, Inc. | 13,857 | 655,575 | ||||||
Hawaiian Holdings, Inc. (a) | 888 | 17,263 | ||||||
Republic Airways Holdings, Inc. (a) | 762 | 10,485 | ||||||
SkyWest, Inc. | 844 | 10,592 | ||||||
Southwest Airlines Co. | 11,229 | 507,326 | ||||||
Spirit Airlines, Inc. (a) | 1,201 | 89,042 | ||||||
United Continental Holdings, Inc. (a) | 6,146 | 426,348 | ||||||
|
| |||||||
TOTAL AIRLINES |
| 2,501,647 | ||||||
|
| |||||||
AUTO COMPONENTS – 0.2% |
| |||||||
Auto Parts & Equipment – 0.2% |
| |||||||
Allison Transmission Holdings, Inc. | 9,898 | 310,005 | ||||||
|
| |||||||
BUILDING PRODUCTS – 2.2% | ||||||||
Building Products – 2.2% | ||||||||
AAON, Inc. | 2,862 | 62,420 | ||||||
Advanced Drainage Systems, Inc. | 1,747 | 43,448 | ||||||
Allegion PLC | 6,304 | 340,479 | ||||||
American Woodmark Corp. (a) | 871 | 35,824 | ||||||
AO Smith Corp. | 5,076 | 301,565 | ||||||
Apogee Enterprises, Inc. | 1,957 | 84,660 | ||||||
Armstrong World Industries, Inc. (a) | 3,037 | 153,976 | ||||||
Builders FirstSource, Inc. (a) | 3,219 | 19,057 | ||||||
Continental Building Products, Inc. (a) | 1,406 | 23,536 | ||||||
Fortune Brands Home & Security, Inc. | 10,414 | 466,443 | ||||||
Gibraltar Industries, Inc. (a) | 1,864 | 28,221 | ||||||
Griffon Corp. | 2,447 | 35,946 | ||||||
Insteel Industries, Inc. | 1,099 | 22,442 | ||||||
Lennox International, Inc. | 3,024 | 297,290 | ||||||
Masco Corp. | 23,449 | 582,473 | ||||||
NCI Building Systems, Inc. (a) | 2,040 | 31,477 | ||||||
Owens Corning | 6,966 | 278,988 | ||||||
Patrick Industries, Inc. (a) | 552 | 23,736 | ||||||
PGT, Inc. (a) | 2,904 | 24,945 | ||||||
Ply Gem Holdings, Inc. (a) | 1,331 | 16,771 | ||||||
Quanex Building Products Corp. | 2,442 | 45,983 | ||||||
Simpson Manufacturing Co., Inc. | 2,760 | 90,086 | ||||||
Trex Co., Inc. (a) | 1,996 | 84,890 | ||||||
Universal Forest Products, Inc. | 1,313 | 65,729 | ||||||
USG Corp. (a) | 6,146 | 187,146 | ||||||
|
| |||||||
TOTAL BUILDING PRODUCTS |
| 3,347,531 | ||||||
|
|
See accompanying notes which are an integral part of the financial statements.
37 | Semiannual Report |
Table of Contents
Fidelity MSCI Industrials Index ETF
Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
COMMERCIAL SERVICES & SUPPLIES – 6.0% |
| |||||||
Commercial Printing – 0.4% | ||||||||
Deluxe Corp. | 3,292 | $ | 213,750 | |||||
Ennis, Inc. | 1,776 | 23,692 | ||||||
InnerWorkings, Inc. (a) | 2,550 | 13,081 | ||||||
Multi-Color Corp. | 885 | 51,525 | ||||||
Quad/Graphics, Inc. | 1,578 | 31,623 | ||||||
RR Donnelley & Sons Co. | 13,088 | 215,559 | ||||||
|
| |||||||
549,230 | ||||||||
|
| |||||||
Diversified Support Services – 1.1% | ||||||||
Cintas Corp. | 6,505 | 511,943 | ||||||
Civeo Corp. | 125 | 366 | ||||||
Copart, Inc. (a) | 7,424 | 271,718 | ||||||
G&K Services, Inc. Class A | 1,316 | 92,252 | ||||||
Healthcare Services Group, Inc. | 4,431 | 139,621 | ||||||
KAR Auction Services, Inc. | 9,217 | 314,392 | ||||||
McGrath RentCorp | 1,647 | 50,036 | ||||||
Mobile Mini, Inc. | 3,090 | 112,167 | ||||||
Performant Financial Corp. (a) | 2,134 | 10,585 | ||||||
UniFirst Corp. | 989 | 114,852 | ||||||
Viad Corp. | 1,348 | 36,369 | ||||||
|
| |||||||
1,654,301 | ||||||||
|
| |||||||
Environmental & Facilities Services – 2.7% |
| |||||||
ABM Industries, Inc. | 3,547 | 102,402 | ||||||
Ceco Environmental Corp. | 1,288 | 17,671 | ||||||
Clean Harbors, Inc. (a) | 3,770 | 178,396 | ||||||
Covanta Holding Corp. | 7,797 | 159,371 | ||||||
Republic Services, Inc. | 18,651 | 740,072 | ||||||
Rollins, Inc. | 4,325 | 142,941 | ||||||
SP Plus Corp. (a) | 1,355 | 30,244 | ||||||
Stericycle, Inc. (a) | 5,558 | 729,710 | ||||||
Team, Inc. (a) | 1,306 | 49,811 | ||||||
Tetra Tech, Inc. | 4,202 | 96,772 | ||||||
US Ecology, Inc. | 1,367 | 56,676 | ||||||
Waste Connections, Inc. | 7,732 | 334,177 | ||||||
Waste Management, Inc. | 29,099 | 1,496,561 | ||||||
|
| |||||||
4,134,804 | ||||||||
|
| |||||||
Office Services & Supplies – 0.7% | ||||||||
ACCO Brands Corp. (a) | 7,437 | 58,901 | ||||||
ARC Document Solutions, Inc. (a) | 2,530 | 23,200 | ||||||
Herman Miller, Inc. | 3,891 | 113,034 | ||||||
HNI Corp. | 2,972 | 146,371 | ||||||
Interface, Inc. | 4,329 | 68,009 | ||||||
Kimball International, Inc. Class B | 1,887 | 16,360 | ||||||
Knoll, Inc. | 3,113 | 63,785 | ||||||
MSA Safety, Inc. | 2,093 | 91,380 | ||||||
Pitney Bowes, Inc. | 13,383 | 320,924 | ||||||
Steelcase, Inc. Class A | 5,974 | 100,841 | ||||||
United Stationers, Inc. | 2,544 | 102,549 | ||||||
West Corp. | 1,662 | 54,348 | ||||||
|
| |||||||
1,159,702 | ||||||||
|
|
Shares | Value | |||||||
Security & Alarm Services – 1.1% |
| |||||||
The ADT Corp. | 11,420 | $ | 392,848 | |||||
The Brink’s Co. | 2,991 | 67,028 | ||||||
Tyco International PLC | 29,140 | 1,189,204 | ||||||
|
| |||||||
1,649,080 | ||||||||
|
| |||||||
TOTAL COMMERCIAL SERVICES & SUPPLIES |
| 9,147,117 | ||||||
|
| |||||||
CONSTRUCTION & ENGINEERING – 1.7% |
| |||||||
Construction & Engineering – 1.7% |
| |||||||
AECOM (a) | 9,306 | 236,558 | ||||||
Aegion Corp. (a) | 2,419 | 37,059 | ||||||
Ameresco, Inc. Class A (a) | 1,091 | 6,361 | ||||||
Argan, Inc. | 806 | 24,510 | ||||||
Chicago Bridge & Iron Co. N.V. | 5,260 | 181,523 | ||||||
Comfort Systems USA, Inc. | 2,442 | 40,659 | ||||||
Dycom Industries, Inc. (a) | 2,223 | 68,491 | ||||||
EMCOR Group, Inc. | 4,422 | 178,472 | ||||||
Fluor Corp. | 10,347 | 554,496 | ||||||
Furmanite Corp. (a) | 2,454 | 17,988 | ||||||
Granite Construction, Inc. | 2,450 | 83,496 | ||||||
Great Lakes Dredge & Dock Corp. (a) | 3,663 | 28,461 | ||||||
Jacobs Engineering Group, Inc. (a) | 8,731 | 332,651 | ||||||
KBR, Inc. | 9,624 | 159,085 | ||||||
MasTec, Inc. (a) | 4,265 | 78,988 | ||||||
MYR Group, Inc. (a) | 1,450 | 36,293 | ||||||
Northwest Pipe Co. (a) | 659 | 15,770 | ||||||
Orion Marine Group, Inc. (a) | 1,776 | 16,215 | ||||||
Primoris Services Corp. | 2,571 | 48,283 | ||||||
Quanta Services, Inc. (a) | 13,973 | 370,005 | ||||||
Tutor Perini Corp. (a) | 2,553 | 55,426 | ||||||
|
| |||||||
TOTAL CONSTRUCTION & ENGINEERING |
| 2,570,790 | ||||||
|
| |||||||
DIVERSIFIED CONSUMER SERVICES – 0.1% |
| |||||||
Specialized Consumer Services – 0.1% |
| |||||||
Hillenbrand, Inc. | 4,123 | 129,504 | ||||||
Matthews International Corp. Class A | 1,916 | 88,768 | ||||||
|
| |||||||
TOTAL DIVERSIFIED CONSUMER SERVICES |
| 218,272 | ||||||
|
| |||||||
ELECTRICAL EQUIPMENT – 6.7% |
| |||||||
Electrical Components & Equipment – 6.5% |
| |||||||
Acuity Brands, Inc. | 2,851 | 427,336 | ||||||
AMETEK, Inc. | 16,108 | 771,573 | ||||||
Brady Corp. Class A | 3,112 | 81,441 | ||||||
Eaton Corp. PLC | 31,241 | 1,970,995 | ||||||
Emerson Electric Co. | 45,829 | 2,609,503 | ||||||
Encore Wire Corp. | 1,316 | 40,309 | ||||||
EnerSys, Inc. | 3,084 | 180,044 | ||||||
Enphase Energy, Inc. (a) | 1,658 | 20,543 | ||||||
Franklin Electric Co., Inc. | 2,639 | 90,280 | ||||||
FuelCell Energy, Inc. (a) | 15,806 | 18,967 | ||||||
Generac Holdings, Inc. (a) | 4,507 | 197,136 | ||||||
General Cable Corp. | 3,186 | 36,448 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 38 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
ELECTRICAL EQUIPMENT – continued |
| |||||||
Electrical Components & Equipment – continued |
| |||||||
GrafTech International Ltd. (a) | 7,885 | $ | 28,622 | |||||
Hubbell, Inc. Class B | 3,417 | 362,339 | ||||||
Plug Power, Inc. (a) | 208 | 555 | ||||||
Polypore International, Inc. (a) | 2,987 | 133,579 | ||||||
Powell Industries, Inc. | 619 | 24,147 | ||||||
Preformed Line Products Co. | 204 | 9,753 | ||||||
Regal-Beloit Corp. | 2,961 | 203,865 | ||||||
Rockwell Automation, Inc. | 9,053 | 986,053 | ||||||
Roper Industries, Inc. | 6,576 | 1,014,940 | ||||||
Sensata Technologies Holding N.V. (a) | 10,524 | 519,044 | ||||||
SolarCity Corp. (a) | 3,643 | 177,086 | ||||||
Thermon Group Holdings, Inc. (a) | 2,137 | 43,702 | ||||||
Vicor Corp. (a) | 1,209 | 13,021 | ||||||
|
| |||||||
9,961,281 | ||||||||
|
| |||||||
Heavy Electrical Equipment – 0.2% | ||||||||
AZZ, Inc. | 1,665 | 70,246 | ||||||
Capstone Turbine Corp. (a) | 21,492 | 13,327 | ||||||
Power Solutions International, Inc. (a) | 316 | 13,974 | ||||||
The Babcock & Wilcox Co. | 7,064 | 192,353 | ||||||
|
| |||||||
289,900 | ||||||||
|
| |||||||
TOTAL ELECTRICAL EQUIPMENT |
| 10,251,181 | ||||||
|
| |||||||
INDUSTRIAL CONGLOMERATES – 17.1% | ||||||||
Industrial Conglomerates – 17.1% | ||||||||
3M Co. | 40,409 | 6,558,381 | ||||||
Carlisle Cos., Inc. | 4,227 | 379,077 | ||||||
Danaher Corp. | 41,397 | 3,410,285 | ||||||
General Electric Co. | 658,665 | 15,735,507 | ||||||
Raven Industries, Inc. | 2,433 | 52,163 | ||||||
|
| |||||||
TOTAL INDUSTRIAL CONGLOMERATES |
| 26,135,413 | ||||||
|
| |||||||
MACHINERY – 17.0% | ||||||||
Construction & Farm Machinery & Heavy Trucks – 7.3% |
| |||||||
AGCO Corp. | 5,855 | 253,756 | ||||||
Alamo Group, Inc. | 577 | 25,994 | ||||||
American Railcar Industries, Inc. | 647 | 32,479 | ||||||
Astec Industries, Inc. | 1,307 | 46,477 | ||||||
Caterpillar, Inc. | 39,154 | 3,131,145 | ||||||
Cummins, Inc. | 11,470 | 1,599,606 | ||||||
Deere & Co. | 22,353 | 1,904,252 | ||||||
Douglas Dynamics, Inc. | 1,443 | 29,134 | ||||||
Federal Signal Corp. | 4,107 | 62,714 | ||||||
FreightCar America, Inc. | 859 | 20,049 | ||||||
Greenbrier Cos., Inc. | 1,752 | 90,981 | ||||||
Joy Global, Inc. | 6,531 | 273,910 | ||||||
Lindsay Corp. | 862 | 74,494 | ||||||
Meritor, Inc. (a) | 6,238 | 79,846 | ||||||
Navistar International Corp. (a) | 3,193 | 93,938 | ||||||
Oshkosh Corp. | 5,618 | 240,731 |
Shares | Value | |||||||
PACCAR, Inc. | 23,289 | $ | 1,399,902 | |||||
Terex Corp. | 7,299 | 164,082 | ||||||
The Manitowoc Co., Inc. | 8,857 | 165,626 | ||||||
The Toro Co. | 3,654 | 237,181 | ||||||
Titan International, Inc. | 3,450 | 30,843 | ||||||
Trinity Industries, Inc. | 10,231 | 270,815 | ||||||
Twin Disc, Inc. | 555 | 8,936 | ||||||
Wabash National Corp. (a) | 4,651 | 57,998 | ||||||
WABCO Holdings, Inc. (a) | 3,733 | 355,270 | ||||||
Wabtec Corp. | 6,335 | 528,656 | ||||||
|
| |||||||
11,178,815 | ||||||||
|
| |||||||
Industrial Machinery – 9.7% | ||||||||
Actuant Corp. Class A | 4,293 | 99,211 | ||||||
Albany International Corp. Class A | 1,869 | 63,789 | ||||||
Altra Industrial Motion Corp. | 1,776 | 45,377 | ||||||
Barnes Group, Inc. | 3,079 | 105,764 | ||||||
Blount International, Inc. (a) | 2,872 | 44,516 | ||||||
Briggs & Stratton Corp. | 3,108 | 57,218 | ||||||
Chart Industries, Inc. (a) | 1,984 | 56,544 | ||||||
CIRCOR International, Inc. | 1,073 | 52,995 | ||||||
CLARCOR, Inc. | 3,309 | 206,912 | ||||||
Colfax Corp. (a) | 5,696 | 258,086 | ||||||
Columbus McKinnon Corp. | 1,221 | 30,586 | ||||||
Crane Co. | 3,088 | 188,214 | ||||||
Donaldson Co., Inc. | 8,919 | 326,079 | ||||||
Dover Corp. | 10,946 | 766,658 | ||||||
Dynamic Materials Corp. | 888 | 12,574 | ||||||
EnPro Industries, Inc. (a) | 1,564 | 92,792 | ||||||
ESCO Technologies, Inc. | 1,768 | 63,683 | ||||||
Flowserve Corp. | 8,959 | 488,176 | ||||||
Global Brass & Copper Holdings, Inc. | 1,535 | 20,155 | ||||||
Graco, Inc. | 3,962 | 282,253 | ||||||
Harsco Corp. | 5,350 | 78,966 | ||||||
Hyster-Yale Materials Handling, Inc. | 576 | 36,086 | ||||||
IDEX Corp. | 5,260 | 380,561 | ||||||
Illinois Tool Works, Inc. | 24,728 | 2,301,930 | ||||||
Ingersoll-Rand PLC | 17,580 | 1,167,312 | ||||||
ITT Corp. | 5,993 | 214,609 | ||||||
John Bean Technologies Corp. | 1,881 | 56,787 | ||||||
Kadant, Inc. | 757 | 30,083 | ||||||
Kennametal, Inc. | 5,172 | 162,504 | ||||||
LB Foster Co. Class A | 664 | 31,480 | ||||||
Lincoln Electric Holdings, Inc. | 4,963 | 337,037 | ||||||
Lydall, Inc. (a) | 1,096 | 30,195 | ||||||
Mueller Industries, Inc. | 3,773 | 118,434 | ||||||
Mueller Water Products, Inc. Class A | 10,673 | 109,185 | ||||||
NN, Inc. | 1,077 | 24,825 | ||||||
Nordson Corp. | 3,965 | 288,890 | ||||||
Pall Corp. | 7,187 | 695,414 | ||||||
Parker Hannifin Corp. | 9,779 | 1,138,862 | ||||||
Pentair PLC | 12,626 | 780,413 | ||||||
Proto Labs, Inc. (a) | 1,463 | 94,203 |
See accompanying notes which are an integral part of the financial statements.
39 | Semiannual Report |
Table of Contents
Fidelity MSCI Industrials Index ETF
Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
MACHINERY – continued | ||||||||
Industrial Machinery – continued | ||||||||
RBC Bearings, Inc. | 1,529 | $ | 88,743 | |||||
Rexnord Corp. (a) | 6,654 | 164,686 | ||||||
Snap-on, Inc. | 3,810 | 505,625 | ||||||
SPX Corp. | 2,373 | 198,312 | ||||||
Standex International Corp. | 859 | 60,207 | ||||||
Stanley Black & Decker, Inc. | 9,736 | 911,776 | ||||||
Sun Hydraulics Corp. | 1,525 | 55,266 | ||||||
Tennant Co. | 1,150 | 74,992 | ||||||
The ExOne Co. (a) | 676 | 9,701 | ||||||
The Middleby Corp. (a) | 3,749 | 356,230 | ||||||
Timken Co. | 4,792 | 182,144 | ||||||
Trimas Corp. (a) | 2,989 | 80,673 | ||||||
Valmont Industries, Inc. | 1,638 | 196,757 | ||||||
Watts Water Technologies, Inc. Class A | 1,776 | 104,127 | ||||||
Woodward, Inc. | 3,849 | 171,704 | ||||||
Xylem, Inc. | 11,960 | 407,836 | ||||||
|
| |||||||
14,908,137 | ||||||||
|
| |||||||
TOTAL MACHINERY |
| 26,086,952 | ||||||
|
| |||||||
MARINE – 0.2% | ||||||||
Marine – 0.2% | ||||||||
Kirby Corp. (a) | 3,360 | 243,566 | ||||||
Matson, Inc. | 666 | 23,144 | ||||||
|
| |||||||
TOTAL MARINE |
| 266,710 | ||||||
|
| |||||||
PROFESSIONAL SERVICES – 4.0% | ||||||||
Human Resource & Employment Services – 1.4% |
| |||||||
Barrett Business Services, Inc. | 459 | 14,068 | ||||||
CDI Corp. | 999 | 16,973 | ||||||
Heidrick & Struggles International, Inc. | 1,110 | 24,598 | ||||||
Insperity, Inc. | 1,554 | 65,175 | ||||||
Kelly Services, Inc. Class A | 1,892 | 31,975 | ||||||
Kforce, Inc. | 1,907 | 44,624 | ||||||
Korn/Ferry International (a) | 3,334 | 95,019 | ||||||
Manpowergroup, Inc. | 5,237 | 381,672 | ||||||
On Assignment, Inc. (a) | 3,196 | 112,275 | ||||||
Paylocity Holding Corp. (a) | 1,155 | 27,212 | ||||||
Robert Half International, Inc. | 8,977 | 521,205 | ||||||
Towers Watson & Co. Class A | 4,619 | 547,351 | ||||||
TriNet Group, Inc. (a) | 2,471 | 81,963 | ||||||
TrueBlue, Inc. (a) | 2,784 | 61,415 | ||||||
WageWorks, Inc. (a) | 2,199 | 121,033 | ||||||
|
| |||||||
2,146,558 | ||||||||
|
| |||||||
Research & Consulting Services – 2.6% |
| |||||||
Acacia Research Corp. | 3,400 | 42,568 | ||||||
CBIZ, Inc. (a) | 2,972 | 24,608 | ||||||
Equifax, Inc. | 8,004 | 676,018 | ||||||
Exponent, Inc. | 875 | 70,122 | ||||||
FTI Consulting, Inc. (a) | 2,664 | 108,345 | ||||||
Huron Consulting Group, Inc. (a) | 1,544 | 116,140 |
Shares | Value | |||||||
ICF International, Inc. (a) | 1,198 | $ | 44,757 | |||||
IHS, Inc. Class A (a) | 4,485 | 516,358 | ||||||
Mistras Group, Inc. (a) | 1,081 | 21,728 | ||||||
Navigant Consulting, Inc. (a) | 3,330 | 48,052 | ||||||
Nielsen N.V. | 22,485 | 979,447 | ||||||
Pendrell Corp. (a) | 7,418 | 9,643 | ||||||
Resources Connection, Inc. | 2,647 | 44,205 | ||||||
RPX Corp. (a) | 3,079 | 38,026 | ||||||
The Advisory Board Co. (a) | 2,770 | 129,858 | ||||||
The Corporate Executive Board Co. | 2,211 | 151,498 | ||||||
The Dun & Bradstreet Corp. | 2,394 | 275,573 | ||||||
Verisk Analytics, Inc. Class A (a) | 9,854 | 634,105 | ||||||
3,931,051 | ||||||||
|
| |||||||
TOTAL PROFESSIONAL SERVICES |
| 6,077,609 | ||||||
|
| |||||||
ROAD & RAIL – 10.1% | ||||||||
Railroads – 8.0% | ||||||||
CSX Corp. | 65,617 | 2,185,046 | ||||||
Genesee & Wyoming, Inc. Class A (a) | 3,455 | 284,865 | ||||||
Kansas City Southern | 7,252 | 798,373 | ||||||
Norfolk Southern Corp. | 20,319 | 2,071,928 | ||||||
Union Pacific Corp. | 58,911 | 6,904,958 | ||||||
|
| |||||||
12,245,170 | ||||||||
|
| |||||||
Trucking – 2.1% | ||||||||
AMERCO | 519 | 148,491 | ||||||
ArcBest Corp. | 1,640 | 61,106 | ||||||
Avis Budget Group, Inc. (a) | 6,840 | 392,000 | ||||||
Celadon Group, Inc. | 1,587 | 37,818 | ||||||
Con-way, Inc. | 3,809 | 156,055 | ||||||
Heartland Express, Inc. | 3,237 | 83,159 | ||||||
Hertz Global Holdings, Inc. (a) | 29,447 | 604,253 | ||||||
JB Hunt Transport Services, Inc. | 6,113 | 486,656 | ||||||
Knight Transportation, Inc. | 4,001 | 113,989 | ||||||
Landstar System, Inc. | 2,927 | 187,562 | ||||||
Marten Transport Ltd. | 1,665 | 34,049 | ||||||
Old Dominion Freight Line, Inc. (a) | 4,259 | 298,641 | ||||||
Quality Distribution, Inc. (a) | 1,888 | 15,746 | ||||||
Roadrunner Transportation Systems, Inc. (a) | 1,867 | 37,937 | ||||||
Ryder System, Inc. | 3,499 | 289,682 | ||||||
Saia, Inc. (a) | 1,655 | 69,692 | ||||||
Swift Transportation Co. (a) | 6,005 | 147,603 | ||||||
Universal Truckload Services, Inc. | 559 | 13,170 | ||||||
Werner Enterprises, Inc. | 3,084 | 87,987 | ||||||
YRC Worldwide, Inc. (a) | 1,136 | 18,017 | ||||||
�� |
|
| ||||||
3,283,613 | ||||||||
|
| |||||||
TOTAL ROAD & RAIL |
| 15,528,783 | ||||||
|
| |||||||
TRADING COMPANIES & DISTRIBUTORS – 2.9% |
| |||||||
Trading Companies & Distributors – 2.9% |
| |||||||
Aceto Corp. | 1,780 | 34,532 | ||||||
Air Lease Corp. | 6,421 | 224,350 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 40 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
TRADING COMPANIES & DISTRIBUTORS – continued |
| |||||||
Trading Companies & Distributors – continued |
| |||||||
Aircastle Ltd. | 4,223 | $ | 84,713 | |||||
Applied Industrial Technologies, Inc. | 2,631 | 106,371 | ||||||
Beacon Roofing Supply, Inc. (a) | 3,221 | 76,306 | ||||||
CAI International, Inc. (a) | 1,105 | 23,172 | ||||||
DXP Enterprises, Inc. (a) | 704 | 28,878 | ||||||
Fastenal Co. | 18,539 | 823,132 | ||||||
GATX Corp. | 2,794 | 159,677 | ||||||
H&E Equipment Services, Inc. | 2,095 | 36,746 | ||||||
HD Supply Holdings, Inc. (a) | 10,967 | 316,179 | ||||||
Kaman Corp. | 1,653 | 62,847 | ||||||
MRC Global, Inc. (a) | 3,642 | 39,370 | ||||||
MSC Industrial Direct Co., Inc. Class A | 3,233 | 242,701 | ||||||
NOW, Inc. (a) | 7,001 | 174,675 | ||||||
Rush Enterprises, Inc. Class A (a) | 1,971 | 55,188 | ||||||
Stock Building Supply Holdings, Inc. (a) | 1,077 | 16,780 | ||||||
TAL International Group, Inc. (a) | 2,103 | 85,487 | ||||||
Titan Machinery, Inc. (a) | 1,188 | 16,786 | ||||||
United Rentals, Inc. (a) | 6,304 | 522,286 | ||||||
Veritiv Corp. (a) | 539 | 27,419 | ||||||
Watsco, Inc. | 1,671 | 181,905 | ||||||
WESCO International, Inc. (a) | 2,927 | 195,407 | ||||||
WW Grainger, Inc. | 4,043 | 953,501 | ||||||
|
| |||||||
TOTAL TRADING COMPANIES & DISTRIBUTORS |
| 4,488,408 | ||||||
|
|
Shares | Value | |||||||
TRANSPORTATION INFRASTRUCTURE – 0.2% |
| |||||||
Airport Services – 0.2% | ||||||||
Macquarie Infrastructure Co. LLC | 4,357 | $ | 311,351 | |||||
Wesco Aircraft Holdings, Inc. (a) | 4,405 | 57,441 | ||||||
|
| |||||||
TOTAL TRANSPORTATION INFRASTRUCTURE |
| 368,792 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 153,012,405 | ||||||
|
| |||||||
Money Market Funds – 0.2% | ||||||||
SSgA US Treasury Money Market Fund, 0.00% (b) | 300,574 | 300,574 | ||||||
|
| |||||||
TOTAL INVESTMENT PORTFOLIO – 100.1% |
| 153,312,979 | ||||||
NET OTHER ASSETS (LIABILITIES) – (0.1%) |
| (133,183 | ) | |||||
|
| |||||||
NET ASSETS – 100% |
| $ | 153,179,796 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Other Information
The following is a summary of the inputs used, as of January 31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 153,012,405 | $ | 153,012,405 | $ | — | $ | — | ||||||||
Money Market Funds | 300,574 | 300,574 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 153,312,979 | $ | 153,312,979 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
41 | Semiannual Report |
Table of Contents
Fidelity MSCI Information Technology Index ETF
Investments January 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.9% | ||||||||
Shares | Value | |||||||
COMMERCIAL SERVICES & SUPPLIES – 0.0% |
| |||||||
Diversified Support Services – 0.0% |
| |||||||
EnerNOC, Inc. (a) | 2,132 | $ | 36,713 | |||||
|
| |||||||
COMMUNICATIONS EQUIPMENT – 7.9% |
| |||||||
Communications Equipment – 7.9% |
| |||||||
ADTRAN, Inc. | 4,595 | 101,595 | ||||||
ARRIS Group, Inc. (a) | 10,544 | 276,464 | ||||||
Aruba Networks, Inc. (a) | 8,774 | 145,473 | ||||||
Black Box Corp. | 1,386 | 29,120 | ||||||
Brocade Communications Systems, Inc. | 36,479 | 405,646 | ||||||
CalAmp Corp. (a) | 2,821 | 50,524 | ||||||
Calix, Inc. (a) | 3,641 | 34,954 | ||||||
Ciena Corp. (a) | 9,175 | 169,921 | ||||||
Cisco Systems, Inc. | 433,440 | 11,427,646 | ||||||
CommScope Holding Co., Inc. (a) | 7,224 | 203,031 | ||||||
Comtech Telecommunications Corp. | 1,386 | 45,793 | ||||||
EchoStar Corp. Class A (a) | 3,664 | 191,151 | ||||||
Emulex Corp. (a) | 6,027 | 37,729 | ||||||
Extreme Networks, Inc. (a) | 7,833 | 23,029 | ||||||
F5 Networks, Inc. (a) | 6,281 | 701,085 | ||||||
Finisar Corp. (a) | 8,610 | 156,185 | ||||||
Harmonic, Inc. (a) | 7,633 | 58,392 | ||||||
Harris Corp. | 8,922 | 598,934 | ||||||
Infinera Corp. (a) | 10,364 | 167,068 | ||||||
InterDigital, Inc. | 3,447 | 172,281 | ||||||
Ixia (a) | 4,646 | 47,110 | ||||||
JDS Uniphase Corp. (a) | 19,364 | 235,273 | ||||||
Juniper Networks, Inc. | 34,492 | 784,003 | ||||||
Motorola Solutions, Inc. | 19,139 | 1,194,465 | ||||||
NETGEAR, Inc. (a) | 3,023 | 102,087 | ||||||
Palo Alto Networks, Inc. (a) | 5,752 | 726,995 | ||||||
Plantronics, Inc. | 3,674 | 168,379 | ||||||
Polycom, Inc. (a) | 11,481 | 152,697 | ||||||
QUALCOMM, Inc. | 141,818 | 8,857,952 | ||||||
Riverbed Technology, Inc. (a) | 12,900 | 265,482 | ||||||
Ruckus Wireless, Inc. (a) | 5,574 | 59,029 | ||||||
ShoreTel, Inc. (a) | 5,509 | 39,004 | ||||||
Sonus Networks, Inc. (a) | 3,745 | 71,455 | ||||||
Ubiquiti Networks, Inc. | 1,847 | 48,567 | ||||||
ViaSat, Inc. (a) | 3,727 | 209,532 | ||||||
|
| |||||||
TOTAL COMMUNICATIONS EQUIPMENT |
| 27,958,051 | ||||||
|
| |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.3% |
| |||||||
Electronic Components – 1.6% |
| |||||||
Amphenol Corp. Class A | 26,654 | 1,431,586 | ||||||
AVX Corp. | 4,200 | 54,306 | ||||||
Belden, Inc. | 3,682 | 305,385 | ||||||
Corning, Inc. | 109,411 | 2,600,699 | ||||||
Dolby Laboratories, Inc. Class A | 4,230 | 164,124 | ||||||
DTS, Inc. (a) | 1,393 | 38,614 | ||||||
II-VI, Inc. (a) | 4,404 | 75,705 | ||||||
InvenSense, Inc. (a) | 6,650 | 98,220 |
Shares | Value | |||||||
Knowles Corp. (a) | 7,355 | $ | 156,000 | |||||
Littelfuse, Inc. | 1,887 | 186,322 | ||||||
Rogers Corp. (a) | 1,585 | 117,068 | ||||||
Universal Display Corp. (a) | 3,502 | 111,574 | ||||||
Vishay Intertechnology, Inc. | 11,346 | 154,533 | ||||||
|
| |||||||
5,494,136 | ||||||||
|
| |||||||
Electronic Equipment & Instruments – 0.7% |
| |||||||
Badger Meter, Inc. | 1,155 | 69,138 | ||||||
Checkpoint Systems, Inc. (a) | 3,465 | 44,906 | ||||||
Cognex Corp. (a) | 6,930 | 254,678 | ||||||
Coherent, Inc. (a) | 2,148 | 132,918 | ||||||
Control4 Corp. (a) | 973 | 14,770 | ||||||
Daktronics, Inc. | 3,004 | 37,190 | ||||||
FARO Technologies, Inc. (a) | 1,448 | 80,147 | ||||||
FEI Co. | 3,533 | 290,483 | ||||||
FLIR Systems, Inc. | 11,970 | 361,494 | ||||||
GSI Group, Inc. (a) | 2,541 | 33,592 | ||||||
Itron, Inc. (a) | 3,283 | 122,161 | ||||||
Keysight Technologies, Inc. (a) | 14,109 | 471,100 | ||||||
MTS Systems Corp. | 1,336 | 96,566 | ||||||
National Instruments Corp. | 8,742 | 262,959 | ||||||
Newport Corp. (a) | 3,620 | 67,042 | ||||||
OSI Systems, Inc. (a) | 1,617 | 113,158 | ||||||
RealD, Inc. (a) | 3,694 | 40,080 | ||||||
Rofin-Sinar Technologies, Inc. (a) | 2,358 | 63,477 | ||||||
Vishay Precision Group, Inc. (a) | 1,155 | 19,219 | ||||||
|
| |||||||
2,575,078 | ||||||||
|
| |||||||
Electronic Manufacturing Services – 1.3% |
| |||||||
Benchmark Electronics, Inc. (a) | 4,529 | 109,738 | ||||||
CTS Corp. | 2,541 | 40,656 | ||||||
Fabrinet (a) | 2,548 | 41,609 | ||||||
Flextronics International Ltd. (a) | 49,757 | 553,298 | ||||||
IPG Photonics Corp. (a) | 2,922 | 218,098 | ||||||
Jabil Circuit, Inc. | 15,181 | 312,880 | ||||||
Kimball Electronics, Inc. (a) | 1,827 | 18,599 | ||||||
Maxwell Technologies, Inc. (a) | 2,337 | 18,603 | ||||||
Mercury Systems, Inc. (a) | 2,772 | 43,742 | ||||||
Methode Electronics, Inc. | 3,172 | 114,731 | ||||||
Park Electrochemical Corp. | 1,626 | 35,300 | ||||||
Plexus Corp. (a) | 2,823 | 106,963 | ||||||
Sanmina Corp. (a) | 7,160 | 151,649 | ||||||
TE Connectivity Ltd. | 34,609 | 2,297,692 | ||||||
Trimble Navigation Ltd. (a) | 21,964 | 523,622 | ||||||
TTM Technologies, Inc. (a) | 4,620 | 32,109 | ||||||
|
| |||||||
4,619,289 | ||||||||
|
| |||||||
Technology Distributors – 0.7% |
| |||||||
Agilysys, Inc. (a) | 1,365 | 14,169 | ||||||
Anixter International, Inc. (a) | 2,344 | 176,644 | ||||||
Arrow Electronics, Inc. (a) | 8,388 | 461,676 | ||||||
Avnet, Inc. | 11,779 | 490,242 | ||||||
CDW Corp. | 10,199 | 349,418 | ||||||
Electro Rent Corp. | 1,411 | 18,188 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 42 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – continued |
| |||||||
Technology Distributors – continued |
| |||||||
Ingram Micro, Inc. Class A (a) | 13,119 | $ | 330,336 | |||||
Insight Enterprises, Inc. (a) | 3,478 | 82,324 | ||||||
PC Connection, Inc. | 918 | 21,802 | ||||||
ScanSource, Inc. (a) | 2,480 | 85,510 | ||||||
SYNNEX Corp. | 2,494 | 185,030 | ||||||
Tech Data Corp. (a) | 3,216 | 183,634 | ||||||
|
| |||||||
2,398,973 | ||||||||
|
| |||||||
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS |
| 15,087,476 | ||||||
|
| |||||||
INTERNET & CATALOG RETAIL – 0.1% |
| |||||||
Internet Retail – 0.1% |
| |||||||
HomeAway, Inc. (a) | 7,682 | 195,814 | ||||||
RetailMeNot, Inc. (a) | 2,510 | 38,981 | ||||||
|
| |||||||
TOTAL INTERNET & CATALOG RETAIL |
| 234,795 | ||||||
|
| |||||||
INTERNET SOFTWARE & SERVICES – 16.6% |
| |||||||
Internet Software & Services – 16.6% |
| |||||||
Actua Corp. (a) | 3,507 | 56,463 | ||||||
Akamai Technologies, Inc. (a) | 15,080 | 876,977 | ||||||
Angie’s List, Inc. (a) | 3,635 | 16,685 | ||||||
AOL, Inc. (a) | 6,643 | 287,310 | ||||||
Bankrate, Inc. (a) | 4,772 | 59,555 | ||||||
Bazaarvoice, Inc. (a) | 4,395 | 36,522 | ||||||
Benefitfocus, Inc. (a) | 895 | 21,650 | ||||||
Blucora, Inc. (a) | 3,264 | 44,129 | ||||||
Carbonite, Inc. (a) | 929 | 13,963 | ||||||
ChannelAdvisor Corp. (a) | 1,623 | 15,386 | ||||||
Cimpress N.V. (a) | 2,521 | 203,067 | ||||||
comScore, Inc. (a) | 2,605 | 108,264 | ||||||
Constant Contact, Inc. (a) | 2,718 | 102,795 | ||||||
Cornerstone OnDemand, Inc. (a) | 4,171 | 137,434 | ||||||
CoStar Group, Inc. (a) | 2,745 | 506,480 | ||||||
Coupons.com, Inc. (a) | 4,595 | 65,800 | ||||||
Cvent, Inc. (a) | 1,201 | 30,001 | ||||||
Dealertrack Technologies, Inc. (a) | 4,320 | 173,664 | ||||||
Demandware, Inc. (a) | 2,612 | 139,899 | ||||||
Dice Holdings, Inc. (a) | 3,465 | 28,656 | ||||||
Digital River, Inc. (a) | 2,296 | 58,617 | ||||||
EarthLink Holdings Corp. | 8,778 | 37,043 | ||||||
eBay, Inc. (a) | 94,534 | 5,010,302 | ||||||
Endurance International Group Holdings, Inc. (a) | 3,910 | 65,727 | ||||||
Envestnet, Inc. (a) | 2,492 | 128,263 | ||||||
Equinix, Inc. | 4,483 | 972,183 | ||||||
Facebook, Inc. Class A (a) | 166,990 | 12,676,211 | ||||||
Gogo, Inc. (a) | 4,357 | 63,329 | ||||||
Google, Inc. Class A (a) | 23,982 | 12,891,524 | ||||||
Google, Inc. Class C (a) | 24,318 | 12,998,457 | ||||||
GrubHub, Inc. (a) | 3,844 | 132,349 |
Shares | Value | |||||||
IAC/InterActiveCorp | 6,616 | $ | 403,245 | |||||
Internap Corp. (a) | 4,158 | 35,010 | ||||||
IntraLinks Holdings, Inc. (a) | 3,439 | 36,660 | ||||||
j2 Global, Inc. | 3,893 | 223,614 | ||||||
LinkedIn Corp. Class A (a) | 9,043 | 2,032,324 | ||||||
Liquidity Services, Inc. (a) | 2,106 | 16,300 | ||||||
LivePerson, Inc. (a) | 4,603 | 49,252 | ||||||
LogMeIn, Inc. (a) | 2,034 | 96,717 | ||||||
Marin Software, Inc. (a) | 2,267 | 15,008 | ||||||
Marketo, Inc. (a) | 1,570 | 54,055 | ||||||
MercadoLibre, Inc. | 2,813 | 348,643 | ||||||
Monster Worldwide, Inc. (a) | 6,875 | 28,394 | ||||||
NIC, Inc. | 5,324 | 87,420 | ||||||
OPOWER, Inc. (a) | 1,383 | 15,780 | ||||||
Pandora Media, Inc. (a) | 10,409 | 172,789 | ||||||
Perficient, Inc. (a) | 2,946 | 53,028 | ||||||
Q2 Holdings, Inc. (a) | 944 | 16,879 | ||||||
Rackspace Hosting, Inc. (a) | 10,312 | 463,627 | ||||||
RealNetworks, Inc. (a) | 2,079 | 14,615 | ||||||
Rocket Fuel, Inc. (a) | 989 | 12,669 | ||||||
SciQuest, Inc. (a) | 2,280 | 32,422 | ||||||
Shutterstock, Inc. (a) | 1,089 | 61,300 | ||||||
SPS Commerce, Inc. (a) | 1,367 | 81,063 | ||||||
Stamps.com, Inc. (a) | 1,196 | 54,502 | ||||||
Textura Corp. (a) | 1,664 | 41,500 | ||||||
TrueCar, Inc. (a) | 3,845 | 67,595 | ||||||
Trulia, Inc. (a) | 2,472 | 105,505 | ||||||
Twitter, Inc. (a) | 31,233 | 1,172,174 | ||||||
VeriSign, Inc. (a) | 10,112 | 550,902 | ||||||
Web.com Group, Inc. (a) | 4,403 | 66,529 | ||||||
WebMD Health Corp. (a) | 2,803 | 108,616 | ||||||
XO Group, Inc. (a) | 2,097 | 34,475 | ||||||
Xoom Corp. (a) | 1,908 | 28,143 | ||||||
Yahoo!, Inc. (a) | 79,994 | 3,518,936 | ||||||
Yelp, Inc. (a) | 5,246 | 275,258 | ||||||
Zillow, Inc. Class A (a) | 2,454 | 237,842 | ||||||
|
| |||||||
TOTAL INTERNET SOFTWARE & SERVICES |
| 58,571,496 | ||||||
|
| |||||||
IT SERVICES – 16.2% |
| |||||||
Data Processing & Outsourced Services – 9.8% |
| |||||||
Alliance Data Systems Corp. (a) | 5,411 | 1,562,859 | ||||||
Automatic Data Processing, Inc. | 40,720 | 3,360,622 | ||||||
Blackhawk Network Holdings, Inc. (a) | 1,178 | 39,298 | ||||||
Blackhawk Network Holdings, Inc. Class B (a) | 3,444 | 114,031 | ||||||
Broadridge Financial Solutions, Inc. | 10,163 | 487,722 | ||||||
Cardtronics, Inc. (a) | 3,873 | 130,172 | ||||||
Cass Information Systems, Inc. | 763 | 33,435 | ||||||
Computer Sciences Corp. | 12,292 | 745,879 | ||||||
Convergys Corp. | 8,541 | 163,646 | ||||||
CoreLogic, Inc. (a) | 7,359 | 244,319 | ||||||
CSG Systems International, Inc. | 2,983 | 73,143 |
See accompanying notes which are an integral part of the financial statements.
43 | Semiannual Report |
Table of Contents
Fidelity MSCI Information Technology Index ETF
Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
IT SERVICES – continued |
| |||||||
Data Processing & Outsourced Services – continued |
| |||||||
DST Systems, Inc. | 3,047 | $ | 294,645 | |||||
Euronet Worldwide, Inc. (a) | 4,194 | 190,366 | ||||||
EVERTEC, Inc. | 5,798 | 116,308 | ||||||
ExlService Holdings, Inc. (a) | 2,740 | 80,501 | ||||||
Fidelity National Information Services, Inc. | 24,165 | 1,508,621 | ||||||
Fiserv, Inc. (a) | 21,123 | 1,532,051 | ||||||
FleetCor Technologies, Inc. (a) | 6,611 | 928,845 | ||||||
Global Cash Access Holdings, Inc. (a) | 5,328 | 35,218 | ||||||
Global Payments, Inc. | 5,813 | 507,533 | ||||||
Heartland Payment Systems, Inc. | 3,020 | 150,305 | ||||||
Jack Henry & Associates, Inc. | 7,030 | 431,431 | ||||||
Mastercard, Inc. Class A | 84,857 | 6,960,820 | ||||||
MAXIMUS, Inc. | 5,745 | 320,111 | ||||||
MoneyGram International, Inc. (a) | 2,518 | 21,453 | ||||||
Paychex, Inc. | 27,698 | 1,253,611 | ||||||
Sabre Corp. | 4,400 | 89,892 | ||||||
Sykes Enterprises, Inc. (a) | 3,265 | 73,528 | ||||||
Syntel, Inc. (a) | 2,931 | 126,766 | ||||||
TeleTech Holdings, Inc. (a) | 1,630 | 35,958 | ||||||
The Western Union Co. | 45,005 | 765,085 | ||||||
Total System Services, Inc. | 14,263 | 504,482 | ||||||
Vantiv, Inc. Class A (a) | 12,453 | 428,259 | ||||||
VeriFone Systems, Inc. (a) | 9,424 | 295,819 | ||||||
Visa, Inc. Class A | 41,861 | 10,670,787 | ||||||
WEX, Inc. (a) | 3,299 | 303,673 | ||||||
|
| |||||||
34,581,194 | ||||||||
|
| |||||||
IT Consulting & Other Services – 6.4% |
| |||||||
Accenture PLC Class A | 53,421 | 4,488,967 | ||||||
Acxiom Corp. (a) | 6,649 | 121,012 | ||||||
Booz Allen Hamilton Holding Corp. | 5,520 | 160,687 | ||||||
CACI International, Inc. Class A (a) | 1,807 | 152,854 | ||||||
CIBER, Inc. (a) | 6,006 | 19,399 | ||||||
Cognizant Technology Solutions Corp. Class A (a) | 51,426 | 2,783,690 | ||||||
EPAM Systems, Inc. (a) | 3,295 | 161,224 | ||||||
Forrester Research, Inc. | 924 | 34,872 | ||||||
Gartner, Inc. (a) | 7,562 | 636,872 | ||||||
iGATE Corp. (a) | 2,996 | 106,059 | ||||||
International Business Machines Corp. | 80,187 | 12,293,469 | ||||||
Leidos Holdings, Inc. | 5,388 | 223,063 | ||||||
Lionbridge Technologies, Inc. (a) | 5,599 | 27,883 | ||||||
ManTech International Corp. Class A | 2,080 | 67,663 | ||||||
Sapient Corp. (a) | 9,126 | 226,872 | ||||||
Science Applications International Corp. | 3,708 | 180,876 | ||||||
ServiceSource International, Inc. (a) | 5,821 | 19,500 | ||||||
Teradata Corp. (a) | 13,196 | 588,014 | ||||||
Unisys Corp. (a) | 4,357 | 95,549 | ||||||
Virtusa Corp. (a) | 2,316 | 86,757 | ||||||
|
| |||||||
22,475,282 | ||||||||
|
| |||||||
TOTAL IT SERVICES |
| 57,056,476 | ||||||
|
|
Shares | Value | |||||||
OFFICE ELECTRONICS – 0.4% |
| |||||||
Office Electronics – 0.4% |
| |||||||
Xerox Corp. | 92,793 | $ | 1,222,084 | |||||
Zebra Technologies Corp. Class A (a) | 4,340 | 362,216 | ||||||
|
| |||||||
TOTAL OFFICE ELECTRONICS |
| 1,584,300 | ||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 13.1% |
| |||||||
Semiconductor Equipment – 1.8% |
| |||||||
Advanced Energy Industries, Inc. (a) | 3,204 | 76,896 | ||||||
Amkor Technology, Inc. (a) | 11,967 | 75,990 | ||||||
Applied Materials, Inc. | 103,031 | 2,353,228 | ||||||
Brooks Automation, Inc. | 5,544 | 71,573 | ||||||
Cabot Microelectronics Corp. (a) | 2,052 | 101,389 | ||||||
Cohu, Inc. | 2,079 | 23,555 | ||||||
Entegris, Inc. (a) | 12,050 | 156,650 | ||||||
FormFactor, Inc. (a) | 4,620 | 34,881 | ||||||
KLA-Tencor Corp. | 14,017 | 861,625 | ||||||
Kulicke & Soffa Industries, Inc. (a) | 6,663 | 101,078 | ||||||
Lam Research Corp. | 13,773 | 1,052,808 | ||||||
MKS Instruments, Inc. | 4,576 | 160,206 | ||||||
Nanometrics, Inc. (a) | 1,865 | 28,982 | ||||||
PDF Solutions, Inc. (a) | 2,463 | 40,935 | ||||||
Photronics, Inc. (a) | 5,078 | 42,655 | ||||||
Rudolph Technologies, Inc. (a) | 3,254 | 32,638 | ||||||
SunEdison, Inc. (a) | 21,768 | 407,715 | ||||||
Teradyne, Inc. | 17,524 | 317,184 | ||||||
Tessera Technologies, Inc. | 3,984 | 147,727 | ||||||
Ultratech, Inc. (a) | 2,571 | 40,982 | ||||||
Veeco Instruments, Inc. (a) | 3,423 | 99,849 | ||||||
Xcerra Corp. (a) | 4,841 | 37,179 | ||||||
|
| |||||||
6,265,725 | ||||||||
|
| |||||||
Semiconductors – 11.3% |
| |||||||
Advanced Micro Devices, Inc. (a) | 13,646 | 35,070 | ||||||
Altera Corp. | 26,188 | 862,240 | ||||||
Ambarella, Inc. (a) | 1,838 | 101,660 | ||||||
Analog Devices, Inc. | 26,579 | 1,384,899 | ||||||
Applied Micro Circuits Corp. (a) | 6,433 | 33,773 | ||||||
Atmel Corp. (a) | 35,805 | 298,256 | ||||||
Avago Technologies Ltd. | 21,314 | 2,192,784 | ||||||
Broadcom Corp. Class A | 45,740 | 1,940,977 | ||||||
Cavium, Inc. (a) | 4,569 | 268,703 | ||||||
Ceva, Inc. (a) | 1,848 | 33,837 | ||||||
Cirrus Logic, Inc. (a) | 5,313 | 140,795 | ||||||
Cree, Inc. (a) | 10,309 | 364,526 | ||||||
Cypress Semiconductor Corp. (a) | 13,103 | 193,007 | ||||||
Diodes, Inc. (a) | 3,389 | 89,571 | ||||||
Exar Corp. (a) | 3,666 | 33,067 | ||||||
Fairchild Semiconductor International, Inc. (a) | 10,132 | 155,526 | ||||||
First Solar, Inc. (a) | 3,872 | 163,863 | ||||||
Freescale Semiconductor Ltd. (a) | 8,946 | 287,077 | ||||||
Inphi Corp. (a) | 2,145 | 42,042 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 44 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – continued |
| |||||||
Semiconductors – continued |
| |||||||
Integrated Device Technology, Inc. (a) | 11,958 | $ | 218,712 | |||||
Integrated Silicon Solution, Inc. | 2,565 | 41,245 | ||||||
Intel Corp. | 418,905 | 13,840,621 | ||||||
Intersil Corp. Class A | 10,915 | 156,194 | ||||||
IXYS Corp. | 2,079 | 23,493 | ||||||
Lattice Semiconductor Corp. (a) | 10,618 | 75,706 | ||||||
Linear Technology Corp. | 20,189 | 907,294 | ||||||
M/A-COM Technology Solutions Holdings, Inc. (a) | 1,210 | 39,337 | ||||||
Magnachip Semiconductor Corp. (a) | 2,789 | 40,106 | ||||||
Marvell Technology Group Ltd. | 32,514 | 503,642 | ||||||
Maxim Integrated Products, Inc. | 24,012 | 794,557 | ||||||
MaxLinear, Inc. Class A (a) | 2,520 | 20,286 | ||||||
Mellanox Technologies Ltd. (a) | 3,284 | 144,562 | ||||||
Micrel, Inc. | 4,158 | 58,503 | ||||||
Microchip Technology, Inc. | 17,022 | 767,692 | ||||||
Micron Technology, Inc. (a) | 90,725 | 2,655,067 | ||||||
Microsemi Corp. (a) | 8,050 | 224,273 | ||||||
Monolithic Power Systems, Inc. | 3,195 | 151,731 | ||||||
NVE Corp. | 433 | 28,626 | ||||||
NVIDIA Corp. | 45,973 | 882,911 | ||||||
OmniVision Technologies, Inc. (a) | 5,017 | 135,660 | ||||||
ON Semiconductor Corp. (a) | 37,700 | 377,377 | ||||||
PMC—Sierra, Inc. (a) | 16,410 | 145,064 | ||||||
Power Integrations, Inc. | 2,576 | 132,870 | ||||||
Qorvo, Inc. (a) | 12,445 | 919,312 | ||||||
Rambus, Inc. (a) | 9,520 | 107,100 | ||||||
Semtech Corp. (a) | 5,770 | 146,904 | ||||||
Silicon Image, Inc. (a) | 6,468 | 46,958 | ||||||
Silicon Laboratories, Inc. (a) | 3,465 | 151,628 | ||||||
Skyworks Solutions, Inc. | 16,084 | 1,335,776 | ||||||
Spansion, Inc. Class A (a) | 4,787 | 169,747 | ||||||
SunEdison Semiconductor Ltd. (a) | 642 | 12,558 | ||||||
SunPower Corp. (a) | 3,876 | 93,489 | ||||||
Synaptics, Inc. (a) | 3,152 | 242,105 | ||||||
Texas Instruments, Inc. | 90,358 | 4,829,635 | ||||||
Xilinx, Inc. | 22,793 | 879,240 | ||||||
|
| |||||||
39,921,654 | ||||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
| 46,187,379 | ||||||
|
| |||||||
SOFTWARE – 19.5% |
| |||||||
Application Software – 5.6% |
| |||||||
ACI Worldwide, Inc. (a) | 9,699 | 179,141 | ||||||
Adobe Systems, Inc. (a) | 40,026 | 2,807,023 | ||||||
Advent Software, Inc. | 3,690 | 154,426 | ||||||
ANSYS, Inc. (a) | 7,822 | 631,001 | ||||||
Aspen Technology, Inc. (a) | 7,824 | 276,539 | ||||||
Autodesk, Inc. (a) | 19,166 | 1,035,060 |
Shares | Value | |||||||
Blackbaud, Inc. | 3,977 | $ | 173,835 | |||||
Bottomline Technologies de, Inc. (a) | 3,453 | 85,531 | ||||||
BroadSoft, Inc. (a) | 2,503 | 67,306 | ||||||
Cadence Design Systems, Inc. (a) | 24,552 | 441,690 | ||||||
Callidus Software, Inc. (a) | 3,885 | 58,081 | ||||||
CDK Global, Inc. | 13,617 | 614,944 | ||||||
Citrix Systems, Inc. (a) | 13,946 | 826,440 | ||||||
Comverse, Inc. (a) | 1,709 | 29,446 | ||||||
Ebix, Inc. | 2,547 | 58,199 | ||||||
Ellie Mae, Inc. (a) | 2,291 | 101,354 | ||||||
Epiq Systems, Inc. | 2,541 | 44,340 | ||||||
ePlus, Inc. (a) | 497 | 33,518 | ||||||
FactSet Research Systems, Inc. | 3,391 | 486,914 | ||||||
Fair Isaac Corp. | 2,721 | 194,143 | ||||||
Guidewire Software, Inc. (a) | 5,838 | 292,484 | ||||||
Informatica Corp. (a) | 9,411 | 392,298 | ||||||
Interactive Intelligence Group, Inc. (a) | 1,514 | 61,408 | ||||||
Intuit, Inc. | 22,820 | 1,981,232 | ||||||
Jive Software, Inc. (a) | 3,415 | 19,670 | ||||||
Manhattan Associates, Inc. (a) | 6,412 | 286,232 | ||||||
Mentor Graphics Corp. | 8,369 | 192,571 | ||||||
MicroStrategy, Inc. Class A (a) | 780 | 126,048 | ||||||
MobileIron, Inc. (a) | 1,160 | 10,173 | ||||||
Monotype Imaging Holdings, Inc. | 3,413 | 100,137 | ||||||
Net 1 UEPS Technologies, Inc. (a) | 3,662 | 43,541 | ||||||
Netscout Systems, Inc. (a) | 3,273 | 117,501 | ||||||
Nuance Communications, Inc. (a) | 21,554 | 296,260 | ||||||
Pegasystems, Inc. | 3,002 | 58,749 | ||||||
PROS Holdings, Inc. (a) | 2,083 | 50,596 | ||||||
PTC, Inc. (a) | 9,896 | 330,625 | ||||||
Qlik Technologies, Inc. (a) | 7,599 | 215,812 | ||||||
RealPage, Inc. (a) | 4,624 | 83,278 | ||||||
Salesforce.com, Inc. (a) | 49,824 | 2,812,565 | ||||||
Seachange International, Inc. (a) | 2,724 | 19,231 | ||||||
Silver Spring Networks, Inc. (a) | 1,805 | 12,815 | ||||||
SolarWinds, Inc. (a) | 5,749 | 276,814 | ||||||
Solera Holdings, Inc. | 5,741 | 296,236 | ||||||
Splunk, Inc. (a) | 9,541 | 492,793 | ||||||
SS&C Technologies Holdings, Inc. | 5,982 | 330,984 | ||||||
Synchronoss Technologies, Inc. (a) | 2,939 | 124,819 | ||||||
Synopsys, Inc. (a) | 13,167 | 566,049 | ||||||
Tangoe, Inc. (a) | 2,976 | 34,016 | ||||||
Telenav, Inc. (a) | 2,733 | 17,710 | ||||||
The Ultimate Software Group, Inc. (a) | 2,280 | 337,463 | ||||||
TiVo, Inc. (a) | 9,687 | 101,326 | ||||||
Tyler Technologies, Inc. (a) | 2,683 | 284,613 | ||||||
Verint Systems, Inc. (a) | 5,123 | 273,466 | ||||||
VirnetX Holding Corp. (a) | 3,630 | 19,747 | ||||||
Workday, Inc. Class A (a) | 8,037 | 638,620 | ||||||
Zendesk, Inc. (a) | 1,171 | 28,326 | ||||||
|
| |||||||
19,625,139 | ||||||||
|
|
See accompanying notes which are an integral part of the financial statements.
45 | Semiannual Report |
Table of Contents
Fidelity MSCI Information Technology Index ETF
Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
SOFTWARE – 19.5% |
| |||||||
Home Entertainment Software – 0.8% |
| |||||||
Activision Blizzard, Inc. | 42,670 | $ | 891,590 | |||||
Electronic Arts, Inc. (a) | 26,519 | 1,454,832 | ||||||
Glu Mobile, Inc. (a) | 8,735 | 30,660 | ||||||
Take-Two Interactive Software, Inc. (a) | 7,017 | 208,545 | ||||||
Zynga, Inc. Class A (a) | 58,886 | 150,748 | ||||||
|
| |||||||
2,736,375 | ||||||||
|
| |||||||
Systems Software – 13.1% |
| |||||||
CA, Inc. | 28,342 | 858,763 | ||||||
CommVault Systems, Inc. (a) | 3,640 | 158,631 | ||||||
FireEye, Inc. (a) | 7,023 | 237,448 | ||||||
Fleetmatics Group PLC (a) | 3,152 | 111,612 | ||||||
Fortinet, Inc. (a) | 11,744 | 351,087 | ||||||
Gigamon, Inc. (a) | 877 | 16,146 | ||||||
Imperva, Inc. (a) | 1,652 | 68,988 | ||||||
Infoblox, Inc. (a) | 4,528 | 84,538 | ||||||
Microsoft Corp. | 662,308 | 26,757,243 | ||||||
NetSuite, Inc. (a) | 2,929 | 288,301 | ||||||
Oracle Corp. | 301,544 | 12,631,678 | ||||||
Progress Software Corp. (a) | 3,899 | 97,670 | ||||||
Proofpoint, Inc. (a) | 2,597 | 129,850 | ||||||
Qualys, Inc. (a) | 1,584 | 60,224 | ||||||
Rally Software Development Corp. (a) | 1,374 | 16,254 | ||||||
Red Hat, Inc. (a) | 16,038 | 1,023,064 | ||||||
Rovi Corp. (a) | 8,167 | 188,739 | ||||||
ServiceNow, Inc. (a) | 11,126 | 811,085 | ||||||
Symantec Corp. | 58,469 | 1,448,277 | ||||||
Tableau Software, Inc. Class A (a) | 3,391 | 273,857 | ||||||
Varonis Systems, Inc. (a) | 700 | 23,079 | ||||||
VASCO Data Security International, Inc. (a) | 2,485 | 53,428 | ||||||
VMware, Inc. Class A (a) | 7,184 | 553,886 | ||||||
|
| |||||||
46,243,848 | ||||||||
|
| |||||||
TOTAL SOFTWARE |
| 68,605,362 | ||||||
|
| |||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 21.8% |
| |||||||
Computer Hardware – 18.7% |
| |||||||
3D Systems Corp. (a) | 8,800 | 255,904 | ||||||
Apple, Inc. | 506,620 | 59,355,599 | ||||||
Cray, Inc. (a) | 3,409 | 110,758 | ||||||
Diebold, Inc. | 5,241 | 163,519 |
Shares | Value | |||||||
Hewlett-Packard Co. | 158,366 | $ | 5,721,763 | |||||
NCR Corp. (a) | 14,344 | 364,338 | ||||||
Silicon Graphics International Corp. (a) | 2,690 | 25,367 | ||||||
Super Micro Computer, Inc. (a) | 3,026 | 110,661 | ||||||
|
| |||||||
66,107,909 | ||||||||
|
| |||||||
Computer Storage & Peripherals – 3.1% |
| |||||||
Electronics For Imaging, Inc. (a) | 3,927 | 151,778 | ||||||
EMC Corp. | 171,679 | 4,451,636 | ||||||
Immersion Corp. (a) | 2,316 | 21,794 | ||||||
Lexmark International, Inc. Class A | 5,015 | 200,149 | ||||||
NetApp, Inc. | 27,052 | 1,022,566 | ||||||
QLogic Corp. (a) | 7,392 | 98,757 | ||||||
Quantum Corp. (a) | 20,559 | 32,483 | ||||||
SanDisk Corp. | 18,954 | 1,438,798 | ||||||
Seagate Technology PLC | 27,702 | 1,563,501 | ||||||
Western Digital Corp. | 18,786 | 1,826,563 | ||||||
|
| |||||||
10,808,025 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 0.0% |
| |||||||
Nimble Storage, Inc. (a) | 2,747 | 61,615 | ||||||
Violin Memory, Inc. (a) | 5,997 | 23,029 | ||||||
|
| |||||||
84,644 | ||||||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS |
| 77,000,578 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 352,322,626 | ||||||
|
| |||||||
Money Market Funds – 0.1% | ||||||||
SSgA US Treasury Money Market Fund, 0.00% (b) | 375,118 | 375,118 | ||||||
|
| |||||||
TOTAL INVESTMENT PORTFOLIO – 100.0% |
| 352,697,744 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.0% |
| (80,727 | ) | |||||
|
| |||||||
NET ASSETS – 100% |
| $ | 352,617,017 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 46 |
Table of Contents
Other Information
The following is a summary of the inputs used, as of January 31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 352,322,626 | $ | 352,322,626 | $ | — | $ | — | ||||||||
Money Market Funds | 375,118 | 375,118 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 352,697,744 | $ | 352,697,744 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
47 | Semiannual Report |
Table of Contents
Fidelity MSCI Materials Index ETF
Investments January 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.9% | ||||||||
Shares | Value | |||||||
CHEMICALS – 69.0% | ||||||||
Commodity Chemicals – 5.9% | ||||||||
Axiall Corp. | 8,353 | $ | 369,620 | |||||
Cabot Corp. | 7,704 | 326,727 | ||||||
Calgon Carbon Corp. (a) | 5,794 | 114,316 | ||||||
Hawkins, Inc. | 1,146 | 44,132 | ||||||
Koppers Holdings, Inc. | 1,264 | 22,954 | ||||||
Kronos Worldwide, Inc. | 2,730 | 30,658 | ||||||
LyondellBasell Industries N.V. Class A | 51,757 | 4,093,461 | ||||||
Tredegar Corp. | 2,711 | 57,988 | ||||||
Trinseo S.A. (a) | 1,531 | 23,348 | ||||||
Tronox Ltd. Class A | 7,598 | 160,622 | ||||||
Westlake Chemical Corp. | 5,578 | 319,675 | ||||||
|
| |||||||
5,563,501 | ||||||||
|
| |||||||
Diversified Chemicals – 18.3% |
| |||||||
Eastman Chemical Co. | 17,742 | 1,257,730 | ||||||
EI du Pont de Nemours & Co. | 108,765 | 7,745,156 | ||||||
FMC Corp. | 15,867 | 912,353 | ||||||
Huntsman Corp. | 24,678 | 541,929 | ||||||
LSB Industries, Inc. (a) | 2,281 | 71,258 | ||||||
Olin Corp. | 9,413 | 235,984 | ||||||
The Dow Chemical Co. | 141,907 | 6,408,520 | ||||||
|
| |||||||
17,172,930 | ||||||||
|
| |||||||
Fertilizers & Agricultural Chemicals – 12.3% |
| |||||||
American Vanguard Corp. | 3,147 | 35,183 | ||||||
CF Industries Holdings, Inc. | 5,906 | 1,803,574 | ||||||
Intrepid Potash, Inc. (a) | 6,918 | 92,079 | ||||||
Monsanto Co. | 62,342 | 7,355,109 | ||||||
The Mosaic Co. | 38,434 | 1,871,352 | ||||||
The Scotts Miracle-Gro Co. Class A | 5,489 | 348,167 | ||||||
|
| |||||||
11,505,464 | ||||||||
|
| |||||||
Industrial Gases – 9.4% |
| |||||||
Air Products & Chemicals, Inc. | 25,318 | 3,686,554 | ||||||
Airgas, Inc. | 7,990 | 899,994 | ||||||
Praxair, Inc. | 34,708 | 4,185,438 | ||||||
|
| |||||||
8,771,986 | ||||||||
|
| |||||||
Specialty Chemicals – 23.1% |
| |||||||
A Schulman, Inc. | 3,528 | 122,951 | ||||||
Advanced Emissions Solutions, Inc. (a) | 2,470 | 26,194 | ||||||
Albemarle Corp. | 13,361 | 644,802 | ||||||
Ashland, Inc. | 8,827 | 1,046,176 | ||||||
Balchem Corp. | 3,663 | 194,029 | ||||||
Celanese Corp. | 18,482 | 993,592 | ||||||
Chemtura Corp. (a) | 8,828 | 192,362 | ||||||
Cytec Industries, Inc. | 8,118 | 389,583 | ||||||
Ecolab, Inc. | 32,052 | 3,326,036 | ||||||
Ferro Corp. (a) | 9,404 | 104,666 | ||||||
Flotek Industries, Inc. (a) | 6,148 | 99,413 | ||||||
FutureFuel Corp. | 2,883 | 31,684 | ||||||
HB Fuller Co. | 6,012 | 247,394 | ||||||
Innophos Holdings, Inc. | 2,616 | 155,757 | ||||||
Innospec, Inc. | 2,946 | 116,279 | ||||||
International Flavors & Fragrances, Inc. | 9,663 | 1,025,341 |
Shares | Value | |||||||
Kraton Performance Polymers, Inc. (a) | 4,002 | $ | 77,399 | |||||
Minerals Technologies, Inc. | 4,107 | 268,310 | ||||||
NewMarket Corp. | 1,203 | 540,953 | ||||||
OM Group, Inc. | 3,778 | 105,784 | ||||||
OMNOVA Solutions, Inc. (a) | 5,530 | 37,936 | ||||||
Platform Specialty Products Corp. (a) | 13,880 | 291,480 | ||||||
PolyOne Corp. | 10,991 | 391,170 | ||||||
PPG Industries, Inc. | 16,383 | 3,651,443 | ||||||
Quaker Chemical Corp. | 1,600 | 126,272 | ||||||
Rayonier Advanced Materials, Inc. | 3,692 | 63,207 | ||||||
RPM International, Inc. | 15,860 | 759,059 | ||||||
Sensient Technologies Corp. | 5,741 | 350,201 | ||||||
Sigma-Aldrich Corp. | 14,144 | 1,945,083 | ||||||
Stepan Co. | 2,422 | 93,005 | ||||||
The Sherwin-Williams Co. | 9,880 | 2,680,147 | ||||||
The Valspar Corp. | 9,453 | 788,664 | ||||||
WR Grace & Co. (a) | 8,445 | 732,013 | ||||||
Zep, Inc. | 2,337 | 37,439 | ||||||
|
| |||||||
21,655,824 | ||||||||
|
| |||||||
TOTAL CHEMICALS |
| 64,669,705 | ||||||
|
| |||||||
CONSTRUCTION MATERIALS – 2.6% |
| |||||||
Construction Materials – 2.6% |
| |||||||
Eagle Materials, Inc. | 5,692 | 405,384 | ||||||
Headwaters, Inc. (a) | 8,872 | 124,918 | ||||||
Martin Marietta Materials, Inc. | 6,757 | 727,999 | ||||||
United States Lime & Minerals, Inc. | 263 | 18,187 | ||||||
Vulcan Materials Co. | 15,581 | 1,098,616 | ||||||
|
| |||||||
TOTAL CONSTRUCTION MATERIALS |
| 2,375,104 | ||||||
|
| |||||||
CONTAINERS & PACKAGING – 10.4% |
| |||||||
Metal & Glass Containers – 3.8% | ||||||||
Aptargroup, Inc. | 7,751 | 489,166 | ||||||
Ball Corp. | 15,658 | 991,621 | ||||||
Berry Plastics Group, Inc. (a) | 14,002 | 473,548 | ||||||
Crown Holdings, Inc. (a) | 16,498 | 731,026 | ||||||
Greif, Inc. Class A | 3,080 | 117,656 | ||||||
Myers Industries, Inc. | 3,192 | 53,147 | ||||||
Owens-Illinois, Inc. (a) | 19,647 | 458,757 | ||||||
Silgan Holdings, Inc. | 5,295 | 272,216 | ||||||
|
| |||||||
3,587,137 | ||||||||
|
| |||||||
Paper Packaging – 6.6% |
| |||||||
Avery Dennison Corp. | 11,138 | 582,183 | ||||||
Bemis Co., Inc. | 11,871 | 525,885 | ||||||
Graphic Packaging Holding Co. (a) | 38,866 | 562,780 | ||||||
MeadWestvaco Corp. | 20,060 | 1,008,617 | ||||||
Packaging Corp. of America | 11,718 | 888,810 | ||||||
Rock Tenn Co. Class A | 17,085 | 1,108,816 | ||||||
Sealed Air Corp. | 23,983 | 971,312 | ||||||
Sonoco Products Co. | 12,113 | 535,395 | ||||||
|
| |||||||
6,183,798 | ||||||||
|
| |||||||
TOTAL CONTAINERS & PACKAGING |
| 9,770,935 | ||||||
|
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 48 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
METALS & MINING – 13.2% |
| |||||||
Aluminum – 2.7% |
| |||||||
Alcoa, Inc. | 139,834 | $ | 2,188,402 | |||||
Century Aluminum Co. (a) | 6,395 | 147,788 | ||||||
Kaiser Aluminum Corp. | 2,147 | 148,809 | ||||||
|
| |||||||
2,484,999 | ||||||||
|
| |||||||
Diversified Metals & Mining – 3.0% |
| |||||||
Compass Minerals International, Inc. | 4,007 | 350,212 | ||||||
Freeport-McMoRan, Inc. | 123,514 | 2,076,270 | ||||||
Globe Specialty Metals, Inc. | 7,128 | 109,914 | ||||||
Horsehead Holding Corp. (a) | 6,704 | 90,102 | ||||||
Materion Corp. | 2,393 | 78,849 | ||||||
Molycorp, Inc. (a) | 23,706 | 7,823 | ||||||
RTI International Metals, Inc. (a) | 3,466 | 77,292 | ||||||
|
| |||||||
2,790,462 | ||||||||
|
| |||||||
Gold – 2.2% |
| |||||||
Allied Nevada Gold Corp. (a) | 3,032 | 3,123 | ||||||
Gold Resource Corp. | 5,907 | 20,674 | ||||||
Newmont Mining Corp. | 59,318 | 1,491,848 | ||||||
Royal Gold, Inc. | 7,696 | 557,652 | ||||||
|
| |||||||
2,073,297 | ||||||||
|
| |||||||
Precious Metals & Minerals – 0.4% |
| |||||||
Coeur Mining, Inc. (a) | 12,331 | 77,686 | ||||||
Hecla Mining Co. | 41,937 | 137,973 | ||||||
McEwen Mining, Inc. (a) | 2,457 | 3,071 | ||||||
Stillwater Mining Co. (a) | 14,357 | 196,260 | ||||||
|
| |||||||
414,990 | ||||||||
|
| |||||||
Steel – 4.9% |
| |||||||
AK Steel Holding Corp. (a) | 20,358 | 77,157 | ||||||
Allegheny Technologies, Inc. | 12,937 | 369,093 | ||||||
Carpenter Technology Corp. | 6,316 | 239,629 | ||||||
Cliffs Natural Resources, Inc. | 17,599 | 112,986 | ||||||
Commercial Metals Co. | 13,401 | 179,841 | ||||||
Haynes International, Inc. | 1,470 | 57,227 | ||||||
Nucor Corp. | 37,907 | 1,654,640 | ||||||
Reliance Steel & Aluminum Co. | 9,286 | 486,308 | ||||||
Ryerson Holding Corp. (a) | 1,456 | 9,246 | ||||||
Schnitzer Steel Industries, Inc. Class A | 3,126 | 52,767 | ||||||
Steel Dynamics, Inc. | 28,530 | 486,151 | ||||||
SunCoke Energy, Inc. | 8,235 | 124,348 | ||||||
TimkenSteel Corp. | 4,366 | 117,882 |
Shares | Value | |||||||
United States Steel Corp. | 17,311 | $ | 423,081 | |||||
Worthington Industries, Inc. | 6,193 | 185,356 | ||||||
|
| |||||||
4,575,712 | ||||||||
|
| |||||||
TOTAL METALS & MINING |
| 12,339,460 | ||||||
|
| |||||||
PAPER & FOREST PRODUCTS – 4.7% |
| |||||||
Forest Products – 0.6% | ||||||||
Boise Cascade Co. (a) | 4,031 | 163,014 | ||||||
Deltic Timber Corp. | 1,376 | 86,000 | ||||||
Louisiana-Pacific Corp. (a) | 16,800 | 275,016 | ||||||
|
| |||||||
524,030 | ||||||||
|
| |||||||
Paper Products – 4.1% |
| |||||||
Clearwater Paper Corp. (a) | 2,373 | 175,649 | ||||||
Domtar Corp. | 7,717 | 295,561 | ||||||
International Paper Co. | 48,221 | 2,539,318 | ||||||
KapStone Paper and Packaging Corp. | 10,264 | 306,586 | ||||||
Neenah Paper, Inc. | 2,005 | 115,047 | ||||||
PH Glatfelter Co. | 5,180 | 118,466 | ||||||
Resolute Forest Products, Inc. (a) | 7,937 | 134,929 | ||||||
Schweitzer-Mauduit International, Inc. | 3,643 | 141,567 | ||||||
Wausau Paper Corp. | 5,069 | 51,501 | ||||||
|
| |||||||
3,878,624 | ||||||||
|
| |||||||
TOTAL PAPER & FOREST PRODUCTS |
| 4,402,654 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 93,557,858 | ||||||
|
| |||||||
Money Market Funds – 0.1% | ||||||||
SSgA US Treasury Money Market Fund, 0.00% (b) | 156,679 | 156,679 | ||||||
|
| |||||||
TOTAL INVESTMENT PORTFOLIO – 100.0% |
| 93,714,537 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.0% |
| (35,818 | ) | |||||
|
| |||||||
NET ASSETS – 100% |
| $ | 93,678,719 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes which are an integral part of the financial statements.
49 | Semiannual Report |
Table of Contents
Fidelity MSCI Materials Index ETF
Investments (Unaudited) – continued
Other Information
The following is a summary of the inputs used, as of January 31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 93,557,858 | $ | 93,557,858 | $ | — | $ | — | ||||||||
Money Market Funds | 156,679 | 156,679 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 93,714,537 | $ | 93,714,537 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 50 |
Table of Contents
Fidelity MSCI Telecommunication Services Index ETF
Investments January 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.9% | ||||||||
Shares | Value | |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 80.3% |
| |||||||
Alternative Carriers – 17.6% | ||||||||
8x8, Inc. (a) | 179,022 | $ | 1,380,260 | |||||
Cogent Communications Holdings, Inc. | 40,272 | 1,492,480 | ||||||
inContact, Inc. (a) | 155,894 | 1,336,012 | ||||||
Inteliquent, Inc. | 85,290 | 1,434,578 | ||||||
Iridium Communications, Inc. (a) | 168,820 | 1,436,658 | ||||||
Level 3 Communications, Inc. (a) | 79,896 | 3,974,027 | ||||||
Lumos Networks Corp. | 81,434 | 1,305,387 | ||||||
Premiere Global Services, Inc. (a) | 103,602 | 915,842 | ||||||
Vonage Holdings Corp. (a) | 360,012 | 1,512,050 | ||||||
|
| |||||||
14,787,294 | ||||||||
|
| |||||||
Integrated Telecommunication Services – 62.7% |
| |||||||
AT&T, Inc. | 554,017 | 18,238,240 | ||||||
Atlantic Tele-Network, Inc. | 23,254 | 1,544,763 | ||||||
CenturyLink, Inc. | 95,390 | 3,545,646 | ||||||
Cincinnati Bell, Inc. (a) | 339,416 | 994,489 | ||||||
Consolidated Communications Holdings, Inc. | 69,550 | 1,619,124 | ||||||
FairPoint Communications, Inc. (a) | 75,254 | 1,125,800 | ||||||
Frontier Communications Corp. | 382,641 | 2,569,434 | ||||||
General Communication, Inc. Class A (a) | 110,721 | 1,625,384 | ||||||
IDT Corp. Class B | 79,015 | 1,687,761 | ||||||
Verizon Communications, Inc. | 388,109 | 17,740,462 | ||||||
Windstream Holdings, Inc. | 227,941 | 1,812,131 | ||||||
|
| |||||||
52,503,234 | ||||||||
|
| |||||||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
| 67,290,528 | ||||||
|
|
Shares | Value | |||||||
WIRELESS TELECOMMUNICATION SERVICES – 19.6% |
| |||||||
Wireless Telecommunication Services – 19.6% |
| |||||||
Boingo Wireless, Inc. (a) | 178,966 | $ | 1,512,263 | |||||
Contra Leap Wireless (a) | 18,242 | 45,970 | ||||||
RingCentral, Inc. Class A (a) | 99,165 | 1,338,727 | ||||||
SBA Communications Corp. Class A (a) | 34,340 | 4,007,478 | ||||||
Shenandoah Telecommunications Co. | 50,818 | 1,509,803 | ||||||
Spok Holdings, Inc. | 86,682 | 1,483,996 | ||||||
Sprint Corp. (a) | 365,877 | 1,573,271 | ||||||
T-Mobile US, Inc. (a) | 82,924 | 2,502,646 | ||||||
Telephone & Data Systems, Inc. | 61,335 | 1,426,039 | ||||||
United States Cellular Corp. (a) | 30,435 | 1,058,834 | ||||||
|
| |||||||
TOTAL WIRELESS TELECOMMUNICATION SERVICES |
| 16,459,027 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 83,749,555 | ||||||
|
| |||||||
Money Market Funds – 0.1% | ||||||||
SSgA US Treasury Money Market Fund, 0.00% (b) | 49,345 | 49,345 | ||||||
|
| |||||||
TOTAL INVESTMENT PORTFOLIO – 100.0% |
| 83,798,900 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.0% |
| (18,529 | ) | |||||
|
| |||||||
NET ASSETS – 100% |
| $ | 83,780,371 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Other Information
The following is a summary of the inputs used, as of January 31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 83,749,555 | $ | 83,703,585 | $ | — | $ | 45,970 | ||||||||
Money Market Funds | 49,345 | 49,345 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 83,798,900 | $ | 83,752,930 | $ | — | $ | 45,970 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
51 | Semiannual Report |
Table of Contents
Fidelity MSCI Utilities Index ETF
Investments January 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 100.0% | ||||||||
Shares | Value | |||||||
ELECTRIC UTILITIES – 52.9% |
| |||||||
Electric Utilities – 52.9% |
| |||||||
ALLETE, Inc. | 14,531 | $ | 823,181 | |||||
American Electric Power Co., Inc. | 175,463 | 11,020,831 | ||||||
Cleco Corp. | 21,646 | 1,176,677 | ||||||
Duke Energy Corp. | 253,968 | 22,130,772 | ||||||
Edison International | 111,130 | 7,573,509 | ||||||
El Paso Electric Co. | 14,516 | 581,511 | ||||||
Empire District Electric Co. | 15,579 | 474,692 | ||||||
Entergy Corp. | 64,497 | 5,644,132 | ||||||
Exelon Corp. | 308,511 | 11,118,736 | ||||||
FirstEnergy Corp. | 150,923 | 6,086,725 | ||||||
Great Plains Energy, Inc. | 55,317 | 1,635,724 | ||||||
Hawaiian Electric Industries, Inc. | 36,825 | 1,263,098 | ||||||
IDACORP, Inc. | 18,063 | 1,226,658 | ||||||
ITC Holdings Corp. | 55,837 | 2,375,306 | ||||||
MGE Energy, Inc. | 12,458 | 571,822 | ||||||
NextEra Energy, Inc. | 156,695 | 17,117,362 | ||||||
Northeast Utilities | 113,615 | 6,314,722 | ||||||
NRG Yield, Inc. Class A | 12,467 | 659,255 | ||||||
OGE Energy Corp. | 71,559 | 2,517,446 | ||||||
Otter Tail Corp. | 11,785 | 364,392 | ||||||
Pepco Holdings, Inc. | 90,318 | 2,479,229 | ||||||
Pinnacle West Capital Corp. | 39,648 | 2,782,497 | ||||||
PNM Resources, Inc. | 28,660 | 874,130 | ||||||
Portland General Electric Co. | 28,048 | 1,113,506 | ||||||
PPL Corp. | 238,565 | 8,469,057 | ||||||
The Southern Co. | 321,626 | 16,312,871 | ||||||
UIL Holdings Corp. | 20,273 | 932,558 | ||||||
Unitil Corp. | 4,684 | 174,994 | ||||||
Westar Energy, Inc. | 46,527 | 1,987,633 | ||||||
Xcel Energy, Inc. | 181,466 | 6,810,419 | ||||||
|
| |||||||
TOTAL ELECTRIC UTILITIES |
| 142,613,445 | ||||||
|
| |||||||
GAS UTILITIES – 6.4% |
| |||||||
Gas Utilities – 6.4% |
| |||||||
AGL Resources, Inc. | 42,875 | 2,417,292 | ||||||
Atmos Energy Corp. | 36,044 | 2,051,264 | ||||||
Chesapeake Utilities Corp. | 5,207 | 253,893 | ||||||
National Fuel Gas Co. | 25,673 | 1,628,438 | ||||||
New Jersey Resources Corp. | 15,162 | 968,549 | ||||||
Northwest Natural Gas Co. | 9,716 | 484,926 | ||||||
ONE Gas, Inc. | 18,678 | 825,381 | ||||||
Piedmont Natural Gas Co., Inc. | 28,038 | 1,118,436 | ||||||
Questar Corp. | 62,986 | 1,634,487 | ||||||
South Jersey Industries, Inc. | 11,919 | 694,282 | ||||||
Southwest Gas Corp. | 16,737 | 1,028,656 | ||||||
The Laclede Group, Inc. | 15,505 | 833,549 | ||||||
UGI Corp. | 61,899 | 2,289,644 | ||||||
WGL Holdings, Inc. | 18,663 | 1,054,459 | ||||||
|
| |||||||
TOTAL GAS UTILITIES |
| 17,283,256 | ||||||
|
|
Shares | Value | |||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 3.8% |
| |||||||
Independent Power Producers & Energy Traders – 3.5% |
| |||||||
AES Corp. | 246,709 | $ | 3,014,784 | |||||
Calpine Corp. (a) | 122,851 | 2,565,129 | ||||||
Dynegy, Inc. (a) | 30,932 | 845,062 | ||||||
NRG Energy, Inc. | 121,261 | 2,990,296 | ||||||
Ormat Technologies, Inc. | 5,696 | 152,368 | ||||||
|
| |||||||
9,567,639 | ||||||||
|
| |||||||
Renewable Electricity – 0.3% |
| |||||||
NextEra Energy Partners LP | 6,768 | 271,329 | ||||||
TerraForm Power, Inc. Class A | 15,589 | 507,266 | ||||||
|
| |||||||
778,595 | ||||||||
|
| |||||||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS |
| 10,346,234 | ||||||
|
| |||||||
MULTI-UTILITIES – 34.2% |
| |||||||
Multi-Utilities – 34.2% |
| |||||||
Alliant Energy Corp. | 39,832 | 2,732,873 | ||||||
Ameren Corp. | 87,132 | 3,945,337 | ||||||
Avista Corp. | 23,202 | 861,490 | ||||||
Black Hills Corp. | 16,035 | 804,316 | ||||||
CenterPoint Energy, Inc. | 146,595 | 3,384,879 | ||||||
CMS Energy Corp. | 99,124 | 3,739,948 | ||||||
Consolidated Edison, Inc. | 105,170 | 7,286,178 | ||||||
Dominion Resources, Inc. | 209,215 | 16,086,541 | ||||||
DTE Energy Co. | 63,545 | 5,697,445 | ||||||
Integrys Energy Group, Inc. | 28,697 | 2,327,327 | ||||||
MDU Resources Group, Inc. | 66,136 | 1,495,335 | ||||||
NiSource, Inc. | 113,209 | 4,897,421 | ||||||
NorthWestern Corp. | 17,452 | 1,008,028 | ||||||
PG&E Corp. | 169,263 | 9,954,357 | ||||||
Public Service Enterprise Group, Inc. | 181,651 | 7,752,865 | ||||||
SCANA Corp. | 48,464 | 3,090,549 | ||||||
Sempra Energy | 83,884 | 9,388,297 | ||||||
TECO Energy, Inc. | 83,730 | 1,785,961 | ||||||
Vectren Corp. | 29,594 | 1,418,144 | ||||||
Wisconsin Energy Corp. | 80,974 | 4,515,920 | ||||||
|
| |||||||
TOTAL MULTI-UTILITIES |
| 92,173,211 | ||||||
|
| |||||||
WATER UTILITIES – 2.7% |
| |||||||
Water Utilities – 2.7% |
| |||||||
American States Water Co. | 13,879 | 550,164 | ||||||
American Water Works Co., Inc. | 64,329 | 3,611,430 | ||||||
Aqua America, Inc. | 63,663 | 1,722,084 | ||||||
California Water Service Group | 17,149 | 420,836 | ||||||
Connecticut Water Service, Inc. | 3,983 | 143,229 | ||||||
Middlesex Water Co. | 5,886 | 128,727 | ||||||
Pattern Energy Group Inc. | 13,480 | 393,886 | ||||||
SJW Corp. | 5,494 | 185,532 | ||||||
|
| |||||||
TOTAL WATER UTILITIES |
| 7,155,888 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 269,572,034 | ||||||
|
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 52 |
Table of Contents
Fidelity MSCI Utilities Index ETF
Investments (Unaudited) – continued
Money Market Funds – 0.0% | ||||||||
Shares | Value | |||||||
SSgA US Treasury Money Market Fund, 0.00% (b) | 38,216 | $ | 38,216 | |||||
|
| |||||||
TOTAL INVESTMENT PORTFOLIO – 100.0% |
| 269,610,250 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.0% |
| 103,414 | ||||||
|
| |||||||
NET ASSETS – 100% |
| $ | 269,713,664 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Other Information
The following is a summary of the inputs used, as of January 31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 269,572,034 | $ | 269,572,034 | $ | — | $ | — | ||||||||
Money Market Funds | 38,216 | 38,216 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 269,610,250 | $ | 269,610,250 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
53 | Semiannual Report |
Table of Contents
Statements of Assets and Liabilities | ||||||||||||||||||||
January 31, 2015 (Unaudited) | ||||||||||||||||||||
Fidelity MSCI Consumer Discretionary Index ETF | Fidelity MSCI Staples Index ETF | Fidelity MSCI Index ETF | Fidelity MSCI Index ETF | Fidelity MSCI Index ETF | ||||||||||||||||
Assets | ||||||||||||||||||||
Investments in securities, at value – See accompanying schedule | $ | 156,979,286 | $ | 209,292,109 | $ | 207,284,874 | $ | 225,580,399 | $ | 454,232,864 | ||||||||||
Cash | — | — | 14,805 | 3,168 | 70,803 | |||||||||||||||
Receivable for investments sold | 70,155 | 2,140,172 | — | 219,853 | — | |||||||||||||||
Receivable for fund shares sold | — | 10,481 | 33,365 | — | 10,193 | |||||||||||||||
Dividends receivable | 80,188 | 323,707 | 134,244 | 272,259 | 242,095 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets | 157,129,629 | 211,766,469 | 207,467,288 | 226,075,679 | 454,555,955 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities | ||||||||||||||||||||
Payable for investments purchased | — | 2,278,751 | 25,560 | 672,569 | — | |||||||||||||||
Accrued management fees | 21,777 | 20,723 | 19,573 | 31,242 | 46,622 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total liabilities | 21,777 | 2,299,474 | 45,133 | 703,811 | 46,622 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 157,107,852 | $ | 209,466,995 | $ | 207,422,155 | $ | 225,371,868 | $ | 454,509,333 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets consist of: | ||||||||||||||||||||
Paid in capital | $ | 159,740,393 | $ | 198,694,651 | $ | 241,221,802 | $ | 223,870,902 | $ | 407,722,062 | ||||||||||
Undistributed net investment income | 111,461 | 298,364 | 123,149 | 297,076 | 2,362,512 | |||||||||||||||
Accumulated undistributed net realized gain (loss) on investments | 5,951,522 | 2,858,978 | 212,340 | 9,171,299 | 9,536,745 | |||||||||||||||
Net unrealized appreciation (depreciation) on investments | (8,695,524 | ) | 7,615,002 | (34,135,136 | ) | (7,967,409 | ) | 34,888,014 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 157,107,852 | $ | 209,466,995 | $ | 207,422,155 | $ | 225,371,868 | $ | 454,509,333 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding | 5,550,000 | 7,200,000 | 9,550,000 | 8,200,000 | 13,600,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, offering price and redemption price per share | $ | 28.31 | $ | 29.09 | $ | 21.72 | $ | 27.48 | $ | 33.42 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Investments at cost | $ | 165,674,810 | $ | 201,677,107 | $ | 241,420,010 | $ | 233,547,808 | $ | 419,344,850 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 54 |
Table of Contents
Statements of Assets and Liabilities | ||||||||||||||||||||
January 31, 2015 (Unaudited) | ||||||||||||||||||||
Fidelity MSCI Index ETF | Fidelity MSCI Index ETF | Fidelity MSCI Index ETF | Fidelity MSCI Index ETF | Fidelity MSCI Index ETF | ||||||||||||||||
Assets | ||||||||||||||||||||
Investments in securities, at value – See accompanying schedule | $ | 153,312,979 | $ | 352,697,744 | $ | 93,714,537 | $ | 83,798,900 | $ | 269,610,250 | ||||||||||
Receivable for investments sold | — | — | 39,157 | — | — | |||||||||||||||
Dividends receivable | 88,631 | 60,044 | 82,239 | 496,923 | 128,033 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets | 153,401,610 | 352,757,788 | 93,835,933 | 84,295,823 | 269,738,283 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities | ||||||||||||||||||||
Payable for investments purchased | 205,400 | 104,798 | 146,756 | 506,217 | — | |||||||||||||||
Accrued management fees | 16,414 | 35,973 | 10,458 | 9,235 | 24,619 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total liabilities | 221,814 | 140,771 | 157,214 | 515,452 | 24,619 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 153,179,796 | $ | 352,617,017 | $ | 93,678,719 | $ | 83,780,371 | $ | 269,713,664 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets consist of: | ||||||||||||||||||||
Paid in capital | $ | 157,335,047 | $ | 333,905,288 | $ | 97,441,522 | $ | 84,604,031 | $ | 259,787,917 | ||||||||||
Undistributed net investment income | 64,338 | 133,519 | 65,888 | 550,736 | 95,672 | |||||||||||||||
Accumulated undistributed net realized gain (loss) on investments | 659,945 | 5,202,603 | 3,822,138 | (208,498 | ) | 1,350,141 | ||||||||||||||
Net unrealized appreciation (depreciation) on investments | (4,879,534 | ) | 13,375,607 | (7,650,829 | ) | (1,165,898 | ) | 8,479,934 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 153,179,796 | $ | 352,617,017 | $ | 93,678,719 | $ | 83,780,371 | $ | 269,713,664 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding | 5,550,000 | 11,550,000 | 3,500,000 | 3,200,000 | 8,650,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, offering price and redemption price per share | $ | 27.60 | $ | 30.53 | $ | 26.77 | $ | 26.18 | $ | 31.18 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Investments at cost | $ | 158,192,513 | $ | 339,322,137 | $ | 101,365,366 | $ | 84,964,798 | $ | 261,130,316 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
55 | Semiannual Report |
Table of Contents
Financial Statements – continued
Statements of Operations | ||||||||||||||||||||
For the six months ended January 31, 2015 (Unaudited) | ||||||||||||||||||||
Fidelity MSCI Consumer Discretionary Index ETF | Fidelity MSCI Consumer Staples Index ETF | Fidelity MSCI Index ETF | Fidelity MSCI Index ETF | Fidelity MSCI Health Care Index ETF | ||||||||||||||||
Investment Income | ||||||||||||||||||||
Dividends | $ | 825,159 | $ | 1,993,321 | $ | 1,709,929 | $ | 2,439,566 | $ | 1,856,871 | ||||||||||
Special dividends | — | — | — | — | 2,223,867 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total income | 825,159 | 1,993,321 | 1,709,929 | 2,439,566 | 4,080,738 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses | ||||||||||||||||||||
Management fees | 75,164 | 91,673 | 92,998 | 121,289 | 188,084 | |||||||||||||||
Independent trustees’ compensation | 927 | 1,209 | 1,305 | 1,544 | 2,410 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses | 76,091 | 92,882 | 94,303 | 122,833 | 190,494 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income (loss) | 749,068 | 1,900,439 | 1,615,626 | 2,316,733 | 3,890,244 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||
Net realized gain (loss) on investment securities | (427,629 | ) | (279,910 | ) | (1,859,573 | ) | (819,648 | ) | 32,003 | |||||||||||
Net realized gain (loss) on In-kind redemptions | 6,509,765 | 3,181,681 | 2,147,470 | 10,111,419 | 9,565,989 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total net realized gain (loss) | 6,082,136 | 2,901,771 | 287,897 | 9,291,771 | 9,597,992 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) on investment securities | (9,491,275 | ) | 10,924,273 | (36,616,115 | ) | (8,890,520 | ) | 26,931,304 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net gain (loss) | (3,409,139 | ) | 13,826,044 | (36,328,218 | ) | 401,251 | 36,529,296 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (2,660,071 | ) | $ | 15,726,483 | $ | (34,712,592 | ) | $ | 2,717,984 | $ | 40,419,540 | ||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 56 |
Table of Contents
Statements of Operations | ||||||||||||||||||||
For the six months ended January 31, 2015 (Unaudited) | ||||||||||||||||||||
Fidelity MSCI Industrials Index ETF | Fidelity MSCI Information Technology Index ETF | Fidelity MSCI Index ETF | Fidelity MSCI Index ETF | Fidelity MSCI Index ETF | ||||||||||||||||
Investment Income | ||||||||||||||||||||
Dividends | $ | 1,215,601 | $ | 1,940,888 | $ | 994,560 | $ | 1,350,068 | $ | 1,810,010 | ||||||||||
Special dividends | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total income | 1,215,601 | 1,940,888 | 994,560 | 1,350,068 | 1,810,010 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses | ||||||||||||||||||||
Management fees | 79,107 | 159,704 | 62,297 | 46,820 | 75,662 | |||||||||||||||
Independent trustees’ compensation | 1,151 | 2,126 | 919 | 664 | 938 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses | 80,258 | 161,830 | 63,216 | 47,484 | 76,600 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income (loss) | 1,135,343 | 1,779,058 | 931,344 | 1,302,584 | 1,733,410 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||
Net realized gain (loss) on investment securities | (640,032 | ) | (833,280 | ) | (583,915 | ) | (230,522 | ) | (164,618 | ) | ||||||||||
Net realized gain (loss) on In-kind redemptions | 1,380,945 | 6,152,416 | 4,472,609 | 155,433 | 1,536,243 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total net realized gain (loss) | 740,913 | 5,319,136 | 3,888,694 | (75,089 | ) | 1,371,625 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) on investment securities | (325,219 | ) | 3,747,046 | (8,790,593 | ) | (2,646,426 | ) | 12,334,406 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net gain (loss) | 415,694 | 9,066,182 | (4,901,899 | ) | (2,721,515 | ) | 13,706,031 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,551,037 | $ | 10,845,240 | $ | (3,970,555 | ) | $ | (1,418,931 | ) | $ | 15,439,441 | ||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
57 | Semiannual Report |
Table of Contents
Financial Statements – continued
Statements of Changes in Net Assets | ||||||||||||||||
Fidelity MSCI Consumer Discretionary Index ETF | Fidelity MSCI Consumer Staples Index ETF | |||||||||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 749,068 | $ | 402,193 | $ | 1,900,439 | $ | 756,825 | ||||||||
Net realized gain (loss) | 6,082,136 | (463 | ) | 2,901,771 | 2,282,470 | |||||||||||
Change in net unrealized appreciation (depreciation) | (9,491,275 | ) | 795,751 | 10,924,273 | (3,309,271 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (2,660,071 | ) | 1,197,481 | 15,726,483 | (269,976 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders from net investment income | (663,600 | ) | (376,200 | ) | (1,796,150 | ) | (562,750 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 269,622,009 | 81,215,834 | 154,280,393 | 111,358,389 | ||||||||||||
Cost of shares redeemed | (184,931,755 | ) | (6,295,846 | ) | (31,987,592 | ) | (37,281,802 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 84,690,254 | 74,919,988 | 122,292,801 | 74,076,587 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 81,366,583 | 75,741,269 | 136,223,134 | 73,243,861 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 75,741,269 | — | 73,243,861 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 157,107,852 | $ | 75,741,269 | $ | 209,466,995 | $ | 73,243,861 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of period | $ | 111,461 | $ | 25,993 | $ | 298,364 | $ | 194,075 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 9,450,000 | 3,100,000 | 5,500,000 | 4,200,000 | ||||||||||||
Redeemed | (6,750,000 | ) | (250,000 | ) | (1,100,000 | ) | (1,400,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 2,700,000 | 2,850,000 | 4,400,000 | 2,800,000 | ||||||||||||
|
|
|
|
|
|
|
|
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 58 |
Table of Contents
Statements of Changes in Net Assets | ||||||||||||||||
Fidelity MSCI Energy Index ETF | Fidelity MSCI Financials Index ETF | |||||||||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,615,626 | $ | 822,573 | $ | 2,316,733 | $ | 984,615 | ||||||||
Net realized gain (loss) | 287,897 | 3,148,013 | 9,291,771 | 1,440,226 | ||||||||||||
Change in net unrealized appreciation (depreciation) | (36,616,115 | ) | 2,480,979 | (8,890,520 | ) | 923,111 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (34,712,592 | ) | 6,451,565 | 2,717,984 | 3,347,952 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders from net investment income | (1,594,500 | ) | (720,550 | ) | (2,087,900 | ) | (916,500 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 199,140,529 | 158,350,208 | 233,575,146 | 148,751,276 | ||||||||||||
Cost of shares redeemed | (100,836,276 | ) | (18,656,229 | ) | (135,230,244 | ) | (24,785,846 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 98,304,253 | 139,693,979 | 98,344,902 | 123,965,430 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 61,997,161 | 145,424,994 | 98,974,986 | 126,396,882 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 145,424,994 | — | 126,396,882 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 207,422,155 | $ | 145,424,994 | $ | 225,371,868 | $ | 126,396,882 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of period | $ | 123,149 | $ | 102,023 | $ | 297,076 | $ | 68,243 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 8,550,000 | 5,850,000 | 8,300,000 | 5,700,000 | ||||||||||||
Redeemed | (4,200,000 | ) | (650,000 | ) | (4,850,000 | ) | (950,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 4,350,000 | 5,200,000 | 3,450,000 | 4,750,000 | ||||||||||||
|
|
|
|
|
|
|
|
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
See accompanying notes which are an integral part of the financial statements.
59 | Semiannual Report |
Table of Contents
Financial Statements – continued
Statements of Changes in Net Assets | ||||||||||||||||
Fidelity MSCI Health Care Index ETF | Fidelity MSCI Industrials Index ETF | |||||||||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 3,890,244 | $ | 987,518 | $ | 1,135,343 | $ | 803,745 | ||||||||
Net realized gain (loss) | 9,597,992 | 1,485,851 | 740,913 | 3,660,146 | ||||||||||||
Change in net unrealized appreciation (depreciation) | 26,931,304 | 7,956,710 | (325,219 | ) | (4,554,315 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 40,419,540 | 10,430,079 | 1,551,037 | (90,424 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders from net investment income | (1,741,900 | ) | (773,350 | ) | (1,090,400 | ) | (784,350 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 286,241,967 | 191,567,033 | 159,831,327 | 143,316,457 | ||||||||||||
Cost of shares redeemed | (57,792,272 | ) | (13,841,764 | ) | (107,817,980 | ) | (41,735,871 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 228,449,695 | 177,725,269 | 52,013,347 | 101,580,586 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 267,127,335 | 187,381,998 | 52,473,984 | 100,705,812 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 187,381,998 | — | 100,705,812 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 454,509,333 | $ | 187,381,998 | $ | 153,179,796 | $ | 100,705,812 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of period | $ | 2,362,512 | $ | 214,168 | $ | 64,338 | $ | 19,395 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 9,050,000 | 6,950,000 | 5,800,000 | 5,250,000 | ||||||||||||
Redeemed | (1,900,000 | ) | (500,000 | ) | (4,000,000 | ) | (1,500,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 7,150,000 | 6,450,000 | 1,800,000 | 3,750,000 | ||||||||||||
|
|
|
|
|
|
|
|
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 60 |
Table of Contents
Statements of Changes in Net Assets | ||||||||||||||||
Fidelity MSCI Information Technology Index ETF | Fidelity MSCI Materials Index ETF | |||||||||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,779,058 | $ | 789,911 | $ | 931,344 | $ | 574,594 | ||||||||
Net realized gain (loss) | 5,319,136 | 2,761,724 | 3,888,694 | 2,153,479 | ||||||||||||
Change in net unrealized appreciation (depreciation) | 3,747,046 | 9,628,561 | (8,790,593 | ) | 1,139,764 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 10,845,240 | 13,180,196 | (3,970,555 | ) | 3,867,837 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders from net investment income | (1,715,500 | ) | (719,950 | ) | (921,200 | ) | (518,850 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 193,181,415 | 190,371,557 | 123,059,015 | 111,416,040 | ||||||||||||
Cost of shares redeemed | (31,305,271 | ) | (21,220,670 | ) | (118,530,105 | ) | (20,723,463 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 161,876,144 | 169,150,887 | 4,528,910 | 90,692,577 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 171,005,884 | 181,611,133 | (362,845 | ) | 94,041,564 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 181,611,133 | — | 94,041,564 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 352,617,017 | $ | 181,611,133 | $ | 93,678,719 | $ | 94,041,564 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of period | $ | 133,519 | $ | 69,961 | $ | 65,888 | $ | 55,744 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 6,350,000 | 6,950,000 | 4,500,000 | 4,150,000 | ||||||||||||
Redeemed | (1,000,000 | ) | (750,000 | ) | (4,400,000 | ) | (750,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 5,350,000 | 6,200,000 | 100,000 | 3,400,000 | ||||||||||||
|
|
|
|
|
|
|
|
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
See accompanying notes which are an integral part of the financial statements.
61 | Semiannual Report |
Table of Contents
Financial Statements – continued
Statements of Changes in Net Assets | ||||||||||||||||
Fidelity MSCI Telecommunication Services Index ETF | Fidelity MSCI Utilities Index ETF | |||||||||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,302,584 | $ | 841,452 | $ | 1,733,410 | $ | 1,038,062 | ||||||||
Net realized gain (loss) | (75,089 | ) | (266,315 | ) | 1,371,625 | 1,015,733 | ||||||||||
Change in net unrealized appreciation (depreciation) | (2,646,426 | ) | 1,480,528 | 12,334,406 | (3,854,472 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (1,418,931 | ) | 2,055,665 | 15,439,441 | (1,800,677 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders from net investment income | (1,067,550 | ) | (525,750 | ) | (1,822,800 | ) | (853,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 20,135,059 | 73,177,842 | 212,211,369 | 134,515,263 | ||||||||||||
Cost of shares redeemed | (1,315,152 | ) | (7,260,812 | ) | (77,063,007 | ) | (10,912,925 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 18,819,907 | 65,917,030 | 135,148,362 | 123,602,338 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 16,333,426 | 67,446,945 | 148,765,003 | 120,948,661 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 67,446,945 | — | 120,948,661 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 83,780,371 | $ | 67,446,945 | $ | 269,713,664 | $ | 120,948,661 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of period | $ | 550,736 | $ | 315,702 | $ | 95,672 | $ | 185,062 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 750,000 | 2,800,000 | 6,950,000 | 4,900,000 | ||||||||||||
Redeemed | (50,000 | ) | (300,000 | ) | (2,800,000 | ) | (400,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 700,000 | 2,500,000 | 4,150,000 | 4,500,000 | ||||||||||||
|
|
|
|
|
|
|
|
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 62 |
Table of Contents
Financial Highlights | ||||||||
Fidelity MSCI Consumer Discretionary Index ETF | ||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 26.58 | $ | 25.17 | ||||
|
|
|
| |||||
Income from Investment Operations | ||||||||
Net investment income (loss)B | 0.17 | 0.25 | ||||||
Net realized and unrealized gain (loss) | 1.71 | C | 1.38 | |||||
|
|
|
| |||||
Total from investment operations | 1.88 | 1.63 | ||||||
|
|
|
| |||||
Distributions from net investment income | (0.15 | ) | (0.22 | ) | ||||
|
|
|
| |||||
Total distributions | (0.15 | ) | (0.22 | ) | ||||
|
|
|
| |||||
Net asset value, end of period | $ | 28.31 | $ | 26.58 | ||||
|
|
|
| |||||
Total ReturnD | 7.08 | % | 6.47 | % | ||||
Ratios to Average Net AssetsE,F | ||||||||
Expenses before reductions | .12 | % | .12 | % | ||||
Expenses net of fee waivers, if any | .12 | % | .12 | % | ||||
Expenses net of all reductions | .12 | % | .12 | % | ||||
Net investment income (loss) | 1.18 | % | 1.20 | % | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 157,108 | $ | 75,741 | ||||
Portfolio turnover rateG,H,I | 3 | % | 5 | % |
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
B | Calculated based on average shares outstanding during the period. |
C | The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund. |
D | Total returns for periods of less than one year are not annualized. |
E | Annualized. |
F | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
G | Amount does not include the portfolio activity of any underlying funds. |
H | Amount not annualized. |
I | Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
63 | Semiannual Report |
Table of Contents
Financial Statements – continued
Financial Highlights | ||||||||
Fidelity MSCI Consumer Staples Index ETF | ||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 26.16 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations | ||||||||
Net investment income (loss)B | 0.36 | 0.52 | ||||||
Net realized and unrealized gain (loss) | 2.90 | 1.09 | C | |||||
|
|
|
| |||||
Total from investment operations | 3.26 | 1.61 | ||||||
|
|
|
| |||||
Distributions from net investment income | (0.33 | ) | (0.45 | ) | ||||
|
|
|
| |||||
Total distributions | (0.33 | ) | (0.45 | ) | ||||
|
|
|
| |||||
Net asset value, end of period | $ | 29.09 | $ | 26.16 | ||||
|
|
|
| |||||
Total ReturnD | 12.49 | % | 6.42 | % | ||||
Ratios to Average Net AssetsE,F | ||||||||
Expenses before reductions | .12 | % | .12 | % | ||||
Expenses net of fee waivers, if any | .12 | % | .12 | % | ||||
Expenses net of all reductions | .12 | % | .12 | % | ||||
Net investment income (loss) | 2.48 | % | 2.51 | % | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 209,467 | $ | 73,244 | ||||
Portfolio turnover rateG,H,I | 4 | % | 3 | % |
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
B | Calculated based on average shares outstanding during the period. |
C | The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund. |
D | Total returns for periods of less than one year are not annualized. |
E | Annualized. |
F | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
G | Amount does not include the portfolio activity of any underlying funds. |
H | Amount not annualized. |
I | Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 64 |
Table of Contents
Financial Highlights | ||||||||
Fidelity MSCI Energy Index ETF | ||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 27.97 | $ | 24.98 | ||||
|
|
|
| |||||
Income from Investment Operations | ||||||||
Net investment income (loss)B | 0.26 | 0.38 | ||||||
Net realized and unrealized gain (loss) | (6.27 | ) | 2.89 | |||||
|
|
|
| |||||
Total from investment operations | (6.01 | ) | 3.27 | |||||
|
|
|
| |||||
Distributions from net investment income | (0.24 | ) | (0.28 | ) | ||||
|
|
|
| |||||
Total distributions | (0.24 | ) | (0.28 | ) | ||||
|
|
|
| |||||
Net asset value, end of period | $ | 21.72 | $ | 27.97 | ||||
|
|
|
| |||||
Total ReturnC | (21.62 | )% | 13.16 | % | ||||
Ratios to Average Net AssetsD,E | ||||||||
Expenses before reductions | .12 | % | .12 | % | ||||
Expenses net of fee waivers, if any | .12 | % | .12 | % | ||||
Expenses net of all reductions | .12 | % | .12 | % | ||||
Net investment income (loss) | 2.06 | % | 1.76 | % | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 207,422 | $ | 145,425 | ||||
Portfolio turnover rateF,G,H | 4 | % | 4 | % |
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
B | Calculated based on average shares outstanding during the period. |
C | Total returns for periods of less than one year are not annualized. |
D | Annualized. |
E | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
F | Amount does not include the portfolio activity of any underlying funds. |
G | Amount not annualized. |
H | Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
65 | Semiannual Report |
Table of Contents
Financial Statements – continued
Financial Highlights | ||||||||
Fidelity MSCI Financials Index ETF | ||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 26.61 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations | ||||||||
Net investment income (loss)B | 0.32 | 0.41 | ||||||
Net realized and unrealized gain (loss) | 0.82 | 1.56 | ||||||
|
|
|
| |||||
Total from investment operations | 1.14 | 1.97 | ||||||
|
|
|
| |||||
Distributions from net investment income | (0.27 | ) | (0.36 | ) | ||||
|
|
|
| |||||
Total distributions | (0.27 | ) | (0.36 | ) | ||||
|
|
|
| |||||
Net asset value, end of period | $ | 27.48 | $ | 26.61 | ||||
|
|
|
| |||||
Total ReturnC | 4.25 | % | 7.89 | % | ||||
Ratios to Average Net AssetsD,E | ||||||||
Expenses before reductions | .12 | % | .12 | % | ||||
Expenses net of fee waivers, if any | .12 | % | .12 | % | ||||
Expenses net of all reductions | .12 | % | .12 | % | ||||
Net investment income (loss) | 2.28 | % | 1.97 | % | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 225,372 | $ | 126,397 | ||||
Portfolio turnover rateF,G,H | 4 | % | 6 | % |
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
B | Calculated based on average shares outstanding during the period. |
C | Total returns for periods of less than one year are not annualized. |
D | Annualized. |
E | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
F | Amount does not include the portfolio activity of any underlying funds. |
G | Amount not annualized. |
H | Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 66 |
Table of Contents
Financial Highlights | ||||||||
Fidelity MSCI Health Care Index ETF | ||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 29.05 | $ | 24.97 | ||||
|
|
|
| |||||
Income from Investment Operations | ||||||||
Net investment income (loss)B | 0.40 | C | 0.30 | |||||
Net realized and unrealized gain (loss) | 4.15 | 3.99 | ||||||
|
|
|
| |||||
Total from investment operations | 4.55 | 4.29 | ||||||
|
|
|
| |||||
Distributions from net investment income | (0.18 | ) | (0.21 | ) | ||||
|
|
|
| |||||
Total distributions | (0.18 | ) | (0.21 | ) | ||||
|
|
|
| |||||
Net asset value, end of period | $ | 33.42 | $ | 29.05 | ||||
|
|
|
| |||||
Total ReturnD | 15.69 | % | 17.23 | % | ||||
Ratios to Average Net AssetsE,F | ||||||||
Expenses before reductions | .12 | % | .12 | % | ||||
Expenses net of fee waivers, if any | .12 | % | .12 | % | ||||
Expenses net of all reductions | .12 | % | .12 | % | ||||
Net investment income (loss) | 2.46 | %C | 1.36 | % | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 454,509 | $ | 187,382 | ||||
Portfolio turnover rateG,H,I | 3 | % | 4 | % |
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
B | Calculated based on average shares outstanding during the period. |
C | Investment income per share reflects a large, non-recurring dividend which amounted to $.23 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%. |
D | Total returns for periods of less than one year are not annualized. |
E | Annualized. |
F | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
G | Amount does not include the portfolio activity of any underlying funds. |
H | Amount not annualized. |
I | Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
67 | Semiannual Report |
Table of Contents
Financial Statements – continued
Financial Highlights | ||||||||
Fidelity MSCI Industrials Index ETF | ||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 26.85 | $ | 25.20 | ||||
|
|
|
| |||||
Income from Investment Operations | ||||||||
Net investment income (loss)B | 0.24 | 0.35 | ||||||
Net realized and unrealized gain (loss) | 0.73 | 1.61 | C | |||||
|
|
|
| |||||
Total from investment operations | 0.97 | 1.96 | ||||||
|
|
|
| |||||
Distributions from net investment income | (0.22 | ) | (0.31 | ) | ||||
|
|
|
| |||||
Total distributions | (0.22 | ) | (0.31 | ) | ||||
|
|
|
| |||||
Net asset value, end of period | $ | 27.60 | $ | 26.85 | ||||
|
|
|
| |||||
Total ReturnD | 3.59 | % | 7.75 | % | ||||
Ratios to Average Net AssetsE,F | ||||||||
Expenses before reductions | .12 | % | .12 | % | ||||
Expenses net of fee waivers, if any | .12 | % | .12 | % | ||||
Expenses net of all reductions | .12 | % | .12 | % | ||||
Net investment income (loss) | 1.70 | % | 1.65 | % | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 153,180 | $ | 100,706 | ||||
Portfolio turnover rateG,H,I | 2 | % | 4 | % |
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
B | Calculated based on average shares outstanding during the period. |
C | The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund. |
D | Total returns for periods of less than one year are not annualized. |
E | Annualized. |
F | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
G | Amount does not include the portfolio activity of any underlying funds. |
H | Amount not annualized. |
I | Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 68 |
Table of Contents
Financial Highlights | ||||||||
Fidelity MSCI Information Technology Index ETF | ||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 29.29 | $ | 25.18 | ||||
|
|
|
| |||||
Income from Investment Operations | ||||||||
Net investment income (loss)B | 0.21 | 0.25 | ||||||
Net realized and unrealized gain (loss) | 1.23 | 4.06 | ||||||
|
|
|
| |||||
Total from investment operations | 1.44 | 4.31 | ||||||
|
|
|
| |||||
Distributions from net investment income | (0.20 | ) | (0.20 | ) | ||||
|
|
|
| |||||
Total distributions | (0.20 | ) | (0.20 | ) | ||||
|
|
|
| |||||
Net asset value, end of period | $ | 30.53 | $ | 29.29 | ||||
|
|
|
| |||||
Total ReturnC | 4.90 | % | 17.14 | % | ||||
Ratios to Average Net AssetsD,E | ||||||||
Expenses before reductions | .12 | % | .12 | % | ||||
Expenses net of fee waivers, if any | .12 | % | .12 | % | ||||
Expenses net of all reductions | .12 | % | .12 | % | ||||
Net investment income (loss) | 1.33 | % | 1.14 | % | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 352,617 | $ | 181,611 | ||||
Portfolio turnover rateF,G,H | 3 | % | 4 | % |
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
B | Calculated based on average shares outstanding during the period. |
C | Total returns for periods of less than one year are not annualized. |
D | Annualized. |
E | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
F | Amount does not include the portfolio activity of any underlying funds. |
G | Amount not annualized. |
H | Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
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Financial Statements – continued
Financial Highlights | ||||||||
Fidelity MSCI Materials Index ETF | ||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 27.66 | $ | 24.95 | ||||
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| |||||
Income from Investment Operations | ||||||||
Net investment income (loss)B | 0.25 | 0.35 | ||||||
Net realized and unrealized gain (loss) | (0.90 | ) | 2.67 | |||||
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Total from investment operations | (0.65 | ) | 3.02 | |||||
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| |||||
Distributions from net investment income | (0.24 | ) | (0.31 | ) | ||||
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| |||||
Total distributions | (0.24 | ) | (0.31 | ) | ||||
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| |||||
Net asset value, end of period | $ | 26.77 | $ | 27.66 | ||||
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| |||||
Total ReturnC | (2.38 | )% | 12.15 | % | ||||
Ratios to Average Net AssetsD,E | ||||||||
Expenses before reductions | .12 | % | .12 | % | ||||
Expenses net of fee waivers, if any | .12 | % | .12 | % | ||||
Expenses net of all reductions | .12 | % | .12 | % | ||||
Net investment income (loss) | 1.76 | % | 1.64 | % | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 93,679 | $ | 94,042 | ||||
Portfolio turnover rateF,G,H | 3 | % | 5 | % |
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
B | Calculated based on average shares outstanding during the period. |
C | Total returns for periods of less than one year are not annualized. |
D | Annualized. |
E | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
F | Amount does not include the portfolio activity of any underlying funds. |
G | Amount not annualized. |
H | Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 70 |
Table of Contents
Financial Highlights | ||||||||
Fidelity MSCI Telecommunication Services Index ETF | ||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 26.98 | $ | 25.26 | ||||
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| |||||
Income from Investment Operations | ||||||||
Net investment income (loss)B | 0.44 | 0.72 | ||||||
Net realized and unrealized gain (loss) | (0.88 | ) | 1.42 | |||||
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Total from investment operations | (0.44 | ) | 2.14 | |||||
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| |||||
Distributions from net investment income | (0.36 | ) | (0.42 | ) | ||||
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| |||||
Total distributions | (0.36 | ) | (0.42 | ) | ||||
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| |||||
Net asset value, end of period | $ | 26.18 | $ | 26.98 | ||||
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| |||||
Total ReturnC | (1.67 | )% | 8.57 | % | ||||
Ratios to Average Net AssetsD,E | ||||||||
Expenses before reductions | .12 | % | .12 | % | ||||
Expenses net of fee waivers, if any | .12 | % | .12 | % | ||||
Expenses net of all reductions | .12 | % | .12 | % | ||||
Net investment income (loss) | 3.31 | % | 3.51 | % | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 83,780 | $ | 67,447 | ||||
Portfolio turnover rateF,G,H | 7 | % | 21 | % |
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
B | Calculated based on average shares outstanding during the period. |
C | Total returns for periods of less than one year are not annualized. |
D | Annualized. |
E | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
F | Amount does not include the portfolio activity of any underlying funds. |
G | Amount not annualized. |
H | Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
71 | Semiannual Report |
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Financial Statements – continued
Financial Highlights | ||||||||
Fidelity MSCI Utilities Index ETF | ||||||||
Six months ended January 31, 2015 (Unaudited) | Year ended July 31, 2014A | |||||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 26.88 | $ | 24.99 | ||||
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| |||||
Income from Investment Operations | ||||||||
Net investment income (loss)B | 0.41 | 0.67 | ||||||
Net realized and unrealized gain (loss) | 4.41 | 1.85 | C | |||||
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| |||||
Total from investment operations | 4.82 | 2.52 | ||||||
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| |||||
Distributions from net investment income | (0.52 | ) | (0.63 | ) | ||||
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| |||||
Total distributions | (0.52 | ) | (0.63 | ) | ||||
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| |||||
Net asset value, end of period | $ | 31.18 | $ | 26.88 | ||||
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| |||||
Total ReturnD | 18.10 | % | 10.13 | % | ||||
Ratios to Average Net AssetsE,F | ||||||||
Expenses before reductions | .12 | % | .12 | % | ||||
Expenses net of fee waivers, if any | .12 | % | .12 | % | ||||
Expenses net of all reductions | .12 | % | .12 | % | ||||
Net investment income (loss) | 2.73 | % | 3.15 | % | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 269,714 | $ | 120,949 | ||||
Portfolio turnover rateG,H,I | 2 | % | 6 | % |
A | For the period October 21, 2013 (commencement of operations) to July 31, 2014. |
B | Calculated based on average shares outstanding during the period. |
C | The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund. |
D | Total returns for periods of less than one year are not annualized. |
E | Annualized. |
F | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
G | Amount does not include the portfolio activity of any underlying funds. |
H | Amount not annualized. |
I | Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report | 72 |
Table of Contents
For the period ended January 31, 2015 (Unaudited)
1. Organization.
Fidelity MSCI Consumer Discretionary Index ETF, Fidelity MSCI Consumer Staples Index ETF, Fidelity MSCI Energy Index ETF, Fidelity MSCI Financials Index ETF, Fidelity MSCI Health Care Index ETF, Fidelity MSCI Industrials Index ETF, Fidelity MSCI Information Technology Index ETF, Fidelity MSCI Materials Index ETF, Fidelity MSCI Telecommunication Services Index ETF and Fidelity MSCI Utilities Index ETF (the Funds) are non-diversified exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund’s valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available)
Valuation techniques used to value each Fund’s investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds (Underlying Funds) are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated underlying fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of January 31, 2015, is included at the end of each Fund’s Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Funds’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of NYSE Arca, normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date a fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Large, non-recurring dividends recognized by the Funds are presented separately on the Statements of Operations as “Special dividends” and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned.
73 | Semiannual Report |
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Notes to Financial Statements – continued
2. Significant Accounting Policies – continued
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. As of January 31, 2015, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to passive foreign investment companies (PFIC), market discount, redemptions in kind, capital loss carryforwards, losses due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments | |||||||||||||
Fidelity MSCI Consumer Discretionary Index ETF | $ | 165,702,853 | $ | 1,451,350 | $ | (10,174,917 | ) | $ | (8,723,567 | ) | ||||||
Fidelity MSCI Consumer Staples Index ETF | 201,752,226 | 10,456,109 | (2,916,226 | ) | 7,539,883 | |||||||||||
Fidelity MSCI Energy Index ETF | 241,696,994 | 457,308 | (34,869,428 | ) | (34,412,120 | ) | ||||||||||
Fidelity MSCI Financials Index ETF | 233,624,411 | 4,825,755 | (12,869,767 | ) | (8,044,012 | ) | ||||||||||
Fidelity MSCI Health Care Index ETF | 419,462,149 | 38,455,649 | (3,684,934 | ) | 34,770,715 | |||||||||||
Fidelity MSCI Industrials Index ETF | 158,235,141 | 5,191,261 | (10,113,423 | ) | (4,922,162 | ) | ||||||||||
Fidelity MSCI Information Technology Index ETF | 339,456,954 | 23,789,894 | (10,549,104 | ) | 13,240,790 | |||||||||||
Fidelity MSCI Materials Index ETF | 101,438,065 | 2,012,361 | (9,735,889 | ) | (7,723,528 | ) | ||||||||||
Fidelity MSCI Telecommunication Services Index ETF | 85,202,865 | 4,047,997 | (5,451,962 | ) | (1,403,965 | ) | ||||||||||
Fidelity MSCI Utilities Index ETF | 261,159,750 | 11,274,320 | (2,823,820 | ) | 8,450,500 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
No-expiration Short-term | Total capital loss carryforward | |||||||
Fidelity MSCI Health Care Index ETF | $ | (6 | ) | $ | (6 | ) | ||
Fidelity MSCI Information Technology Index ETF | (861 | ) | (861 | ) |
Certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2013 to July 31, 2014. Loss deferrals were as follows:
Capital losses | ||||
Fidelity MSCI Consumer Discretionary Index ETF | $ | (109,040 | ) | |
Fidelity MSCI Consumer Staples Index ETF | (30,713 | ) | ||
Fidelity MSCI Energy Index ETF | (44,967 | ) | ||
Fidelity MSCI Financials Index ETF | (100,070 | ) | ||
Fidelity MSCI Health Care Index ETF | (20,722 | ) | ||
Fidelity MSCI Industrials Index ETF | (75,447 | ) | ||
Fidelity MSCI Information Technology Index ETF | (83,032 | ) | ||
Fidelity MSCI Materials Index ETF | (51,419 | ) | ||
Fidelity MSCI Telecommunication Services Index ETF | (92,436 | ) | ||
Fidelity MSCI Utilities Index ETF | (11,692 | ) |
Semiannual Report | 74 |
Table of Contents
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, were as follows:
Purchases | Sales | |||||||
Fidelity MSCI Consumer Discretionary Index ETF | $ | 3,604,272 | $ | 3,062,561 | ||||
Fidelity MSCI Consumer Staples Index ETF | 6,758,860 | 6,522,052 | ||||||
Fidelity MSCI Energy Index ETF | 7,620,932 | 6,326,768 | ||||||
Fidelity MSCI Financials Index ETF | 7,909,911 | 7,086,511 | ||||||
Fidelity MSCI Health Care Index ETF | 12,911,283 | 10,481,153 | ||||||
Fidelity MSCI Industrials Index ETF | 3,528,434 | 3,189,181 | ||||||
Fidelity MSCI Information Technology Index ETF | 8,522,137 | 8,011,288 | ||||||
Fidelity MSCI Materials Index ETF | 3,073,530 | 2,577,830 | ||||||
Fidelity MSCI Telecommunication Services Index ETF | 5,989,227 | 5,098,355 | ||||||
Fidelity MSCI Utilities Index ETF | 3,391,805 | 3,407,991 |
Securities received or delivered in-kind through subscriptions and redemptions were as follows:
In-kind Subscriptions | In-kind Redemptions | |||||||
Fidelity MSCI Consumer Discretionary Index ETF | $ | 268,743,393 | $ | 133,228,551 | ||||
Fidelity MSCI Consumer Staples Index ETF | 153,743,729 | 31,857,049 | ||||||
Fidelity MSCI Energy Index ETF | 197,502,801 | 100,525,935 | ||||||
Fidelity MSCI Financials Index ETF | 231,345,784 | 133,203,642 | ||||||
Fidelity MSCI Health Care Index ETF | 285,667,954 | 49,810,471 | ||||||
Fidelity MSCI Industrials Index ETF | 159,557,809 | 65,704,472 | ||||||
Fidelity MSCI Information Technology Index ETF | 192,775,469 | 31,216,987 | ||||||
Fidelity MSCI Materials Index ETF | 122,757,152 | 118,328,041 | ||||||
Fidelity MSCI Telecommunication Services Index ETF | 20,100,239 | 1,312,345 | ||||||
Fidelity MSCI Utilities Index ETF | 211,731,118 | 76,594,222 |
4. Fees and Other Transactions with Affiliates.
Management Fee. SelectCo provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .12% of each Fund’s average net assets. Under the management contract, SelectCo pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to SelectCo is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees.
Sub-Adviser. BlackRock Fund Advisors (BFA), serves as sub-adviser for the Funds. BFA provides discretionary investment advisory services to the Funds and is paid by SelectCo for providing these services.
5. Share Transactions.
The Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated stocks to a fund and redemption proceeds are paid with a basket of securities from a fund’s portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund’s shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units.
6. Other.
The Funds’ organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
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Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Sector ETFs
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity SelectCo, LLC (SelectCo), an affiliate of Fidelity Management & Research Company (FMR), and each fund’s sub-advisory and ETF services agreement with BlackRock Fund Advisors (BFA) (together, the Advisory Contracts). The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund’s Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) – Operations, Audit, Fair Valuation, and Governance and Nominating – each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund’s Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund’s Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board’s annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its January 2015 meeting, the Board, including the Independent Trustees, unanimously determined to renew each fund’s Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund’s management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from their respective relationships with each fund; (iv) the extent to which economies of scale exist and would be realized as each fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees’ counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board’s decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that each fund’s shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing of SelectCo and BFA (together with SelectCo, the Investment Advisers) as it relates to the funds, including the backgrounds of investment personnel of the Investment Advisers, and also considered the funds’ investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with representatives of BFA and senior management of Fidelity’s investment operations and investment groups. The Board considered the structure of the portfolio manager compensation programs of the Investment Advisers and whether these structures provide appropriate incentives to act in the best interests of each fund.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of the Investment Advisers’ investment staffs, including its size, education, experience, and resources, as well as Investment Advisers’ approach to recruiting, training, managing, and compensating investment personnel. The Board also noted that the Investment Advisers’ analysts have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered the Investment Advisers’ trading, risk management, and compliance capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates or agents under the Advisory Contracts and under separate agreements covering pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally State Street Bank and Trust Company, each fund’s transfer agent and custodian; and (iii) the resources devoted to, and the record of compliance with, each fund’s compliance policies and procedures. The Board also reviewed the allocation of fund brokerage and including allocations to brokers affiliated with the Investment Advisers.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
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Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity’s global research capabilities; (iii) launching new funds and making other enhancements to meet client needs for income-oriented solutions; (iv) reducing fund expenses for certain index funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching sector-based exchange-traded funds and establishing SelectCo to manage sector-based funds and products; (viii) continuing to develop, acquire, and implement systems and technology to improve security and services to the funds and to increase efficiency; (ix) modifying the eligibility criteria for certain share classes to increase their marketability to a portion of the defined contribution plan market; (x) waiving redemption fees for certain qualified fund-of-fund and wrap programs and certain retirement plan transactions; and (xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in money market fund offerings.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board also considered the extent to which each fund has tracked its benchmark index since it commenced operations.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund’s management fee and total expense ratio compared to “mapped groups” of competitive funds created for the purpose of facilitating the Trustees’ analysis of the competitiveness of management fees and total expenses. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board’s management fee and total expense ratio comparisons by broadening the competitive group used for comparison and making the competitive group more inclusive.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods (or shorter) ended June 30 shown. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group.” The Total Mapped Group comparison focuses on a fund’s standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund’s. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds’ actual TMG %s are in the charts below. The “Asset-Size Peer Group” (ASPG) comparison focuses on a fund’s standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund’s management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund’s management fee rate ranked, is also considered by the Board.
The Board noted that each fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2014.
Based on its review, the Board concluded that each fund’s management fee is fair and reasonable in light of the services that each fund receives and the other factors considered.
Total Expense Ratio. In its review of each fund’s total expense ratio, the Board considered each fund’s all-inclusive fee. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by SelectCo under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the funds. As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses.
The Board noted that each fund’s total expense ratio ranked below its competitive median for the 12-month period ended June 30, 2014.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund’s total expense ratio was reasonable in light of the services that each fund and its shareholders receive and the other factors considered.
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Board Approval of Investment Advisory Contracts and Management Fees – continued
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund’s shareholders. The Board also considered the level of Fidelity’s profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity’s audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year’s methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of the profitability analysis used by Fidelity. PwC’s engagement includes the review and assessment of Fidelity’s methodologies used in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC’s reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity’s profitability methodologies are reasonable in all material respects.
The Board also reviewed the Investment Advisers’ non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity’s and BFA’s affiliates may benefit from or be related to the funds’ business.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds’ Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity’s fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity’s compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity’s fee structures, including the group fee structure and definition of group assets, and the rationale for recommending different fees among different categories of funds and classes; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity’s transfer agent fee, expense, and service structures for different funds and classes, and the impact of the increased use of omnibus accounts; (viii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain funds and classes or to achieve further economies of scale; and (ix) matters relating to BFA’s sub-advisory and administrative services to the funds and the expenses associated with the initial organization and launch of the funds in October 2013.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that each fund’s Advisory Contracts should be renewed.
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Investment Adviser
Fidelity SelectCo, LLC
Denver, CO
Investment Sub-Advisers
BlackRock Fund Advisors
San Francisco, CA
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
State Street Bank and Trust Company
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
The Fidelity Telephone Connection
1-800-FIDELITY
EXT-SANN-0315 716415.1.0 1.9584798.101 | Corporate Headquarters 245 Summer St., Boston, MA 02210 www.fidelity.com |
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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.
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Item 6. | Investments |
(a) | Not applicable. |
(b) | Not applicable |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not applicable.
Item 9. | Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Covington Trust’s Board of Trustees.
Item 11. | Controls and Procedures |
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Covington Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12. | Exhibits |
(a) | (1) | Not applicable. | ||
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
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(a) | (3) | Not applicable. | ||
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Covington Trust | ||
By: | /s/ Adrien E. Deberghes | |
Adrien E. Deberghes | ||
President and Treasurer | ||
Date: | March 27, 2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Adrien E. Deberghes | |
Adrien E. Deberghes | ||
President and Treasurer | ||
Date: | March 27, 2015 | |
By: | /s/ Howard J. Galligan III | |
Howard J. Galligan III | ||
Chief Financial Officer | ||
Date: | March 27, 2015 |