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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-07319
Fidelity Covington Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, 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, 2020
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Item 1. | Reports to Stockholders |
Table of Contents
Fidelity® MSCI Communication Services Index ETF
Fidelity® MSCI Consumer Discretionary Index ETF
Fidelity® MSCI Consumer Staples Index ETF
Fidelity® MSCI Energy Index ETF
Fidelity® MSCI Financials Index ETF
Fidelity® MSCI Health Care Index ETF
Fidelity® MSCI Industrials Index ETF
Fidelity® MSCI Information Technology Index ETF
Fidelity® MSCI Materials Index ETF
Fidelity® MSCI Real Estate Index ETF
Fidelity® MSCI Utilities Index ETF
Semi-Annual Report
January 31, 2020
See the inside front cover for important information
about access to your fund’s shareholder reports.
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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity’s web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Account Type | Website | Phone Number | ||
Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 | ||
Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose ‘no’ under Required Disclosures to continue print) | 1-800-343-0860 |
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To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call1-800-FIDELITY to request a free copy of the proxy voting guidelines.
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.
© 2020 FMR LLC. All Rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-PORT. FormsN-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s FormsN-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
3 |
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Fidelity® MSCI Communication Services Index ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Facebook, Inc. Class A | 14.7 | |||
Alphabet, Inc. Class C | 12.2 | |||
Alphabet, Inc. Class A | 11.5 | |||
AT&T, Inc. | 7.3 | |||
Netflix, Inc. | 5.0 | |||
Verizon Communications, Inc. | 4.3 | |||
Comcast Corp. Class A | 4.1 | |||
The Walt Disney Co. | 4.1 | |||
Charter Communications, Inc. Class A | 3.1 | |||
Activision Blizzard, Inc. | 1.8 | |||
|
| |||
68.1 | ||||
|
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Industries as of January 31, 2020 |
4 |
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Fidelity® MSCI Consumer Discretionary Index ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Amazon.com, Inc. | 25.7 | |||
The Home Depot, Inc. | 7.6 | |||
McDonald’s Corp. | 5.0 | |||
NIKE, Inc. Class B | 3.7 | |||
Starbucks Corp. | 3.1 | |||
Lowe’s Cos., Inc. | 2.7 | |||
Tesla Motors, Inc. | 2.7 | |||
Booking Holdings, Inc. | 2.4 | |||
The TJX Cos., Inc. | 2.2 | |||
Target Corp. | 1.7 | |||
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56.8 | ||||
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Industries as of January 31, 2020 |
* | Includes short-term investments and net other assets. |
5 |
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Fidelity® MSCI Consumer Staples Index ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
The Procter & Gamble Co. | 15.2 | |||
The Coca-Cola Co. | 11.6 | |||
PepsiCo, Inc. | 9.7 | |||
Walmart, Inc. | 8.0 | |||
Costco Wholesale Corp. | 4.7 | |||
Philip Morris International, Inc. | 4.7 | |||
Altria Group, Inc. | 4.4 | |||
Mondelez International, Inc. Class A | 4.1 | |||
Colgate-Palmolive Co. | 3.0 | |||
Kimberly-Clark Corp. | 2.5 | |||
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67.9 | ||||
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Industries as of January 31, 2020 |
* | Includes short-term investments and net other assets. |
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Fidelity® MSCI Energy Index ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Exxon Mobil Corp. | 22.7 | |||
Chevron Corp. | 17.6 | |||
ConocoPhillips | 5.7 | |||
Schlumberger Ltd. | 4.0 | |||
Kinder Morgan, Inc. | 3.7 | |||
EOG Resources, Inc. | 3.7 | |||
Phillips 66 | 3.5 | |||
Marathon Petroleum Corp. | 3.1 | |||
Occidental Petroleum Corp. | 3.1 | |||
Valero Energy Corp. | 3.0 | |||
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70.1 | ||||
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Industries as of January 31, 2020 |
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Fidelity® MSCI Financials Index ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
JPMorgan Chase & Co. | 10.2 | |||
Berkshire Hathaway, Inc. Class B | 7.1 | |||
Bank of America Corp. | 7.0 | |||
Wells Fargo & Co. | 4.7 | |||
Citigroup, Inc. | 4.0 | |||
American Express Co. | 2.2 | |||
US Bancorp | 1.9 | |||
CME Group, Inc. | 1.9 | |||
The Goldman Sachs Group, Inc. | 1.8 | |||
S&P Global, Inc. | 1.7 | |||
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42.5 | ||||
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Industries as of January 31, 2020 |
* | Includes short-term investments and net other assets. |
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Fidelity® MSCI Health Care Index ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Johnson & Johnson | 9.0 | |||
UnitedHealth Group, Inc. | 5.9 | |||
Merck & Co., Inc. | 5.0 | |||
Pfizer, Inc. | 4.7 | |||
Medtronic PLC | 3.6 | |||
Abbott Laboratories | 3.6 | |||
Bristol-Myers Squibb Co. | 3.4 | |||
Amgen, Inc. | 3.0 | |||
Thermo Fisher Scientific, Inc. | 2.9 | |||
Eli Lilly & Co. | 2.8 | |||
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43.9 | ||||
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Industries as of January 31, 2020 |
* | Includes short-term investments and net other assets. |
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Fidelity® MSCI Industrials Index ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
The Boeing Co. | 5.6 | |||
Union Pacific Corp. | 4.1 | |||
Honeywell International, Inc. | 4.1 | |||
United Technologies Corp. | 4.0 | |||
Lockheed Martin Corp. | 3.6 | |||
General Electric Co. | 3.6 | |||
3M Co. | 3.0 | |||
Caterpillar, Inc. | 2.4 | |||
United Parcel Service, Inc. Class B | 2.4 | |||
Raytheon Co. | 2.0 | |||
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34.8 | ||||
|
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Industries as of January 31, 2020 |
* | Includes short-term investments and net other assets. |
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Fidelity® MSCI Information Technology Index ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Apple, Inc. | 18.8 | |||
Microsoft Corp. | 16.6 | |||
Visa, Inc. Class A | 4.6 | |||
Mastercard, Inc. Class A | 3.8 | |||
Intel Corp. | 3.8 | |||
Cisco Systems, Inc. | 2.7 | |||
Adobe, Inc. | 2.3 | |||
Salesforce.com, Inc. | 2.0 | |||
NVIDIA Corp. | 1.8 | |||
Accenture PLC Class A | 1.8 | |||
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| |||
58.2 | ||||
|
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Industries as of January 31, 2020 |
* | Includes short-term investments and net other assets. |
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Fidelity® MSCI Materials Index ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Linde PLC | 12.7 | |||
Air Products & Chemicals, Inc. | 6.1 | |||
Ecolab, Inc. | 5.9 | |||
The Sherwin-Williams Co. | 5.3 | |||
DuPont de Nemours, Inc. | 4.4 | |||
Newmont Corp. | 4.3 | |||
Dow, Inc. | 3.9 | |||
PPG Industries, Inc. | 3.3 | |||
Ball Corp. | 2.6 | |||
Corteva, Inc. | 2.5 | |||
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51.0 | ||||
|
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Industries as of January 31, 2020 |
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Fidelity® MSCI Real Estate Index ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
American Tower Corp. | 8.0 | |||
Crown Castle International Corp. | 4.8 | |||
Prologis, Inc. | 4.5 | |||
Equinix, Inc. | 3.9 | |||
Simon Property Group, Inc. | 3.2 | |||
Public Storage | 2.7 | |||
Welltower, Inc. | 2.7 | |||
Equity Residential | 2.4 | |||
AvalonBay Communities, Inc. | 2.3 | |||
SBA Communications Corp. | 2.2 | |||
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36.7 | ||||
|
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Industries as of January 31, 2020 |
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Fidelity® MSCI Utilities Index ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
NextEra Energy, Inc. | 11.9 | |||
The Southern Co. | 6.8 | |||
Duke Energy Corp. | 6.6 | |||
Dominion Energy, Inc. | 6.5 | |||
American Electric Power Co., Inc. | 4.7 | |||
Exelon Corp. | 4.3 | |||
Sempra Energy | 4.1 | |||
Xcel Energy, Inc. | 3.3 | |||
WEC Energy Group, Inc. | 2.9 | |||
Consolidated Edison, Inc. | 2.9 | |||
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54.0 | ||||
|
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Industries as of January 31, 2020 |
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Table of Contents
Fidelity®MSCI Communication Services Index ETF
Schedule of Investments January 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.9% | ||||||||
Shares | Value | |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 15.5% |
| |||||||
Alternative Carriers – 3.7% | ||||||||
Anterix, Inc. (a) | 8,177 | $ | 379,903 | |||||
Bandwidth, Inc. Class A (a) | 10,297 | 730,675 | ||||||
CenturyLink, Inc. | 320,639 | 4,379,929 | ||||||
Cogent Communications Holdings, Inc. | 28,274 | 2,005,475 | ||||||
GCI Liberty, Inc. Class A (a) | 34,466 | 2,522,222 | ||||||
Globalstar, Inc. (a) | 368,740 | 175,520 | ||||||
Iridium Communications, Inc. (a) | 70,145 | 1,792,205 | ||||||
ORBCOMM, Inc. (a) | 50,697 | 182,002 | ||||||
Vonage Holdings Corp. (a) | 146,524 | 1,299,668 | ||||||
Zayo Group Holdings, Inc. (a) | 135,623 | 4,712,899 | ||||||
|
| |||||||
18,180,498 | ||||||||
|
| |||||||
Integrated Telecommunication Services – 11.8% |
| |||||||
AT&T, Inc. | 949,279 | 35,711,876 | ||||||
ATN International, Inc. | 7,097 | 410,703 | ||||||
Consolidated Communications Holdings, Inc. | 46,173 | 223,016 | ||||||
Verizon Communications, Inc. | 355,341 | 21,121,469 | ||||||
|
| |||||||
57,467,064 | ||||||||
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TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
| 75,647,562 | ||||||
|
| |||||||
ENTERTAINMENT – 16.7% | ||||||||
Interactive Home Entertainment – 4.4% |
| |||||||
Activision Blizzard, Inc. | 149,791 | 8,759,778 | ||||||
Electronic Arts, Inc. (a) | 61,236 | 6,608,589 | ||||||
Glu Mobile, Inc. (a) | 76,418 | 450,866 | ||||||
Take-Two Interactive Software, Inc. (a) | 28,804 | 3,590,131 | ||||||
Zynga, Inc. Class A (a) | 337,395 | 2,031,118 | ||||||
|
| |||||||
21,440,482 | ||||||||
|
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Movies & Entertainment – 12.3% | ||||||||
AMC Entertainment Holdings, Inc. Class A | 33,432 | 217,977 | ||||||
Cinemark Holdings, Inc. | 48,060 | 1,514,371 | ||||||
IMAX Corp. (a) | 35,165 | 581,629 | ||||||
Liberty Media Corp-Liberty Braves Class A (a) | 5,588 | 163,449 | ||||||
Liberty Media Corp-Liberty Braves Class C (a) | 23,006 | 670,625 | ||||||
Liberty Media Corp-Liberty Formula One Class C (a) | 62,104 | 2,905,846 | ||||||
Lions Gate Entertainment Corp. Class A (a) | 37,056 | 367,966 | ||||||
Lions Gate Entertainment Corp. Class B (a) | 72,913 | 680,278 | ||||||
Live Nation Entertainment, Inc. (a) | 41,465 | 2,826,254 | ||||||
Netflix, Inc. (a) | 69,806 | 24,089,352 | ||||||
Roku, Inc. (a) | 21,385 | 2,586,516 | ||||||
The Madison Square Garden Co. Class A (a) | 6,579 | 1,948,634 |
Shares | Value | |||||||
The Marcus Corp. | 13,105 | $ | 382,011 | |||||
The Walt Disney Co. | 143,500 | 19,847,485 | ||||||
World Wrestling Entertainment, Inc. Class A | 23,736 | 1,160,216 | ||||||
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59,942,609 | ||||||||
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TOTAL ENTERTAINMENT | 81,383,091 | |||||||
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INTERACTIVE MEDIA & SERVICES – 43.7% |
| |||||||
Interactive Media & Services – 43.7% |
| |||||||
Alphabet, Inc. Class A (a) | 39,210 | 56,179,304 | ||||||
Alphabet, Inc. Class C (a) | 41,318 | 59,259,515 | ||||||
ANGI Homeservices, Inc. Class A (a) | 52,043 | 417,905 | ||||||
Care.com, Inc. (a) | 19,624 | 293,771 | ||||||
Cargurus, Inc. (a) | 48,295 | 1,721,717 | ||||||
Cars.com, Inc. (a) | 41,110 | 479,754 | ||||||
Eventbrite, Inc. Class A (a) | 27,679 | 585,411 | ||||||
EverQuote, Inc. Class A (a) | 5,060 | 185,652 | ||||||
Facebook, Inc. Class A (a) | 354,801 | 71,637,870 | ||||||
IAC/InterActiveCorp. (a) | 17,486 | 4,259,415 | ||||||
Liberty TripAdvisor Holdings, Inc. Class A (a) | 47,561 | 280,134 | ||||||
Match Group, Inc. (a) | 21,034 | 1,645,280 | ||||||
Pinterest, Inc. Class A (a) | 65,842 | 1,450,499 | ||||||
QuinStreet, Inc. (a) | 29,222 | 378,571 | ||||||
Snap, Inc. Class A (a) | 208,151 | 3,825,815 | ||||||
TripAdvisor, Inc. | 48,794 | 1,333,052 | ||||||
TrueCar, Inc. (a) | 56,024 | 207,289 | ||||||
Twitter, Inc. (a) | 148,888 | 4,835,882 | ||||||
Yelp, Inc. (a) | 45,782 | 1,492,493 | ||||||
Zillow Group, Inc. Class C (a) | 53,362 | 2,465,858 | ||||||
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TOTAL INTERACTIVE MEDIA & SERVICES |
| 212,935,187 | ||||||
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MEDIA – 21.2% | ||||||||
Advertising – 1.9% | ||||||||
Boston Omaha Corp. Class A (a) | 5,607 | 113,149 | ||||||
Cardlytics, Inc. (a) | 12,398 | 1,040,440 | ||||||
Clear Channel Outdoor Holdings, Inc. (a) | 237,325 | 647,897 | ||||||
Emerald Expositions Events, Inc. | 17,820 | 185,863 | ||||||
National CineMedia, Inc. | 39,885 | 294,351 | ||||||
Omnicom Group, Inc. | 50,940 | 3,836,292 | ||||||
TechTarget, Inc. (a) | 15,050 | 382,120 | ||||||
The Interpublic Group of Cos., Inc. | 120,033 | 2,724,749 | ||||||
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9,224,861 | ||||||||
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Broadcasting – 5.1% | ||||||||
AMC Networks, Inc. Class A (a) | 28,470 | 1,041,717 | ||||||
Discovery, Inc. Class A (a) | 66,054 | 1,932,740 | ||||||
Discovery, Inc. Class C (a) | 102,624 | 2,849,869 | ||||||
Entercom Communications Corp. Class A | 81,262 | 322,610 | ||||||
Fox Corp. Class A | 91,285 | 3,384,848 |
See accompanying notes which are an integral part of the financial statements.
15 |
Table of Contents
Fidelity®MSCI Communication Services Index ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
MEDIA – continued | ||||||||
Broadcasting – continued | ||||||||
Fox Corp. Class B | 61,837 | $ | 2,246,538 | |||||
Gray Television, Inc. (a) | 60,708 | 1,231,158 | ||||||
Hemisphere Media Group, Inc. (a) | 11,367 | 152,772 | ||||||
iHeartMedia, Inc. Class A (a) | 37,095 | 655,840 | ||||||
Nexstar Media Group, Inc. Class A | 19,746 | 2,392,228 | ||||||
Sinclair Broadcast Group, Inc. Class A | 36,615 | 1,095,521 | ||||||
TEGNA, Inc. | 115,732 | 1,955,871 | ||||||
The E.W. Scripps Co. Class A | 30,628 | 371,824 | ||||||
ViacomCBS, Inc. Class B | 152,661 | 5,210,320 | ||||||
|
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24,843,856 | ||||||||
|
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Cable & Satellite – 12.7% | ||||||||
Altice USA, Inc. Class A (a) | 89,946 | 2,460,923 | ||||||
Cable One, Inc. | 1,716 | 2,924,115 | ||||||
Charter Communications, Inc. Class A (a) | 29,347 | 15,185,899 | ||||||
Comcast Corp. Class A | 464,854 | 20,077,044 | ||||||
DISH Network Corp. Class A (a) | 80,134 | 2,945,726 | ||||||
Liberty Broadband Corp. Class C (a) | 28,650 | 3,808,444 | ||||||
Liberty Global PLC Class A (a) | 69,421 | 1,424,519 | ||||||
Liberty Global PLC Series C (a) | 112,386 | 2,189,279 | ||||||
Liberty Latin America Ltd. Class A (a) | 27,841 | 464,388 | ||||||
Liberty Latin America Ltd. Class C (a) | 76,119 | 1,282,605 | ||||||
Liberty Media Corp-Liberty SiriusXM Class A (a) | 43,075 | 2,092,153 | ||||||
Liberty Media Corp-Liberty SiriusXM Class C (a) | 56,373 | 2,763,404 | ||||||
Loral Space & Communications Ltd. (a) | 7,824 | 251,698 | ||||||
MSG Networks, Inc. Class A (a) | 28,620 | 435,310 | ||||||
Sirius XM Holdings, Inc. | 470,410 | 3,325,799 | ||||||
WideOpenWest, Inc. (a) | 16,393 | 110,653 | ||||||
|
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61,741,959 | ||||||||
|
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Publishing – 1.5% | ||||||||
Gannett Co., Inc. | 70,922 | 433,333 | ||||||
John Wiley & Sons, Inc. Class A | 29,106 | 1,269,604 | ||||||
Meredith Corp. | 25,528 | 767,116 | ||||||
News Corp. Class A | 157,710 | 2,148,010 |
Shares | Value | |||||||
Scholastic Corp. | 19,017 | $ | 626,610 | |||||
The New York Times Co. Class A | 63,943 | 2,046,816 | ||||||
Tribune Publishing Co. | 10,243 | 128,652 | ||||||
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7,420,141 | ||||||||
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TOTAL MEDIA | 103,230,817 | |||||||
|
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WIRELESS TELECOMMUNICATION SERVICES – 2.8% |
| |||||||
Wireless Telecommunication Services – 2.8% |
| |||||||
Boingo Wireless, Inc. (a) | 28,823 | 323,970 | ||||||
Gogo, Inc. (a) | 36,642 | 192,737 | ||||||
Shenandoah Telecommunications Co. | 30,473 | 1,229,586 | ||||||
Sprint Corp. (a) | 523,386 | 2,287,197 | ||||||
Telephone & Data Systems, Inc. | 65,265 | 1,480,210 | ||||||
T-Mobile US, Inc. (a) | 100,421 | 7,952,339 | ||||||
United States Cellular Corp. (a) | 8,911 | 285,330 | ||||||
|
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TOTAL WIRELESS TELECOMMUNICATION SERVICES |
| 13,751,369 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 486,948,026 | |||||||
|
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Money Market Fund – 0.2% | ||||||||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) | 967,000 | 967,000 | ||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 100.1% |
| 487,915,026 | ||||||
NET OTHER ASSETS (LIABILITIES) – (0.1%) |
| (477,883 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 487,437,143 | ||||||
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Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualizedseven-day yield of the fund at period end. |
Futures Contracts | ||||||||||||||||||||
Purchased | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized (Depreciation) | |||||||||||||||
Equity Index Contract | ||||||||||||||||||||
CMEE-mini S&P Communication Service Select Sector Index Future Contracts | 6 | March 2020 | $ | 423,900 | $ | (9,556 | ) | $ | (9,556 | ) | ||||||||||
|
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The notional amount of futures purchased as a percentage of Net Assets is 0.1%
See accompanying notes which are an integral part of the financial statements.
16 |
Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 486,948,026 | $ | 486,948,026 | $ | — | $ | — | ||||||||
Money Market Funds | 967,000 | 967,000 | �� | — | ||||||||||||
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|
|
|
| |||||||||
Total Investments in Securities: | $ | 487,915,026 | $ | 487,915,026 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (9,556 | ) | $ | (9,556 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (9,556 | ) | $ | (9,556 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | (9,556 | ) | $ | (9,556 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts(a) | $ | 0 | $ | (9,556 | ) | |||
|
|
|
| |||||
Total Equity Risk | 0 | (9,556 | ) | |||||
|
|
|
| |||||
Total Value of Derivatives | $ | 0 | $ | (9,556 | ) | |||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
17 |
Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | ||||||||
Shares | Value | |||||||
AUTO COMPONENTS – 2.4% | ||||||||
Auto Parts & Equipment – 2.2% |
| |||||||
Adient PLC (a) | 20,875 | $ | 536,696 | |||||
American Axle & Manufacturing | ||||||||
Holdings, Inc. (a) | 26,637 | 246,126 | ||||||
Aptiv PLC | 60,151 | 5,100,203 | ||||||
Autoliv, Inc. | 19,436 | 1,489,381 | ||||||
BorgWarner, Inc. | 48,452 | 1,661,419 | ||||||
Cooper-Standard Holding, Inc. (a) | 4,039 | 107,114 | ||||||
Dana, Inc. | 33,752 | 520,118 | ||||||
Delphi Technologies PLC (a) | 20,506 | 314,562 | ||||||
Dorman Products, Inc. (a) | 6,586 | 459,703 | ||||||
Fox Factory Holding Corp. (a) | 9,043 | 595,210 | ||||||
Garrett Motion, Inc. (a) | 17,877 | 150,524 | ||||||
Gentex Corp. | 59,945 | 1,784,563 | ||||||
Gentherm, Inc. (a) | 7,685 | 354,356 | ||||||
LCI Industries | 5,918 | 638,967 | ||||||
Lear Corp. | 13,639 | 1,680,052 | ||||||
Modine Manufacturing Co. (a) | 11,727 | 82,441 | ||||||
Motorcar Parts of America, Inc. (a) | 4,351 | 86,411 | ||||||
Standard Motor Products, Inc. | 4,678 | 227,257 | ||||||
Stoneridge, Inc. (a) | 6,444 | 179,530 | ||||||
Tenneco, Inc. Class A | 12,290 | 116,386 | ||||||
Veoneer, Inc. (a) | 24,899 | 324,434 | ||||||
Visteon Corp. (a) | 6,557 | 523,314 | ||||||
|
| |||||||
17,178,767 | ||||||||
|
| |||||||
Tires & Rubber – 0.2% | ||||||||
Cooper Tire & Rubber Co. | 11,854 | 314,012 | ||||||
The Goodyear Tire & Rubber Co. | 54,415 | 714,469 | ||||||
|
| |||||||
1,028,481 | ||||||||
|
| |||||||
TOTAL AUTO COMPONENTS | 18,207,248 | |||||||
|
| |||||||
AUTOMOBILES – 5.4% | ||||||||
Automobile Manufacturers – 5.2% |
| |||||||
Ford Motor Co. | 919,971 | 8,114,144 | ||||||
General Motors Co. | 301,644 | 10,071,893 | ||||||
Tesla Motors, Inc. (a) | 31,538 | 20,517,677 | ||||||
Thor Industries, Inc. | 12,917 | 1,040,077 | ||||||
Winnebago Industries, Inc. | 7,111 | 389,398 | ||||||
|
| |||||||
40,133,189 | ||||||||
|
| |||||||
Motorcycle Manufacturers – 0.2% |
| |||||||
Harley-Davidson, Inc. | 36,858 | 1,231,057 | ||||||
|
| |||||||
TOTAL AUTOMOBILES | 41,364,246 | |||||||
|
| |||||||
DISTRIBUTORS – 1.0% | ||||||||
Distributors – 1.0% | ||||||||
Core-Mark Holding Co., Inc. | 10,797 | 253,082 | ||||||
Funko, Inc. Class A (a) | 4,465 | 67,109 | ||||||
Genuine Parts Co. | 34,284 | 3,207,954 | ||||||
LKQ Corp. (a) | 72,263 | 2,361,916 |
Shares | Value | |||||||
Pool Corp. | 9,397 | $ | 2,060,762 | |||||
|
| |||||||
TOTAL DISTRIBUTORS | 7,950,823 | |||||||
|
| |||||||
DIVERSIFIED CONSUMER SERVICES – 1.7% |
| |||||||
Education Services – 0.9% |
| |||||||
Adtalem Global Education, Inc. (a) | 12,920 | 445,869 | ||||||
American Public Education, Inc. (a) | 3,804 | 90,649 | ||||||
Bright Horizons Family Solutions, Inc. (a) | 13,692 | 2,241,791 | ||||||
Chegg, Inc. (a) | 25,324 | 1,044,109 | ||||||
Graham Holdings Co. Class B | 1,021 | 560,754 | ||||||
Grand Canyon Education, Inc. (a) | 11,341 | 887,773 | ||||||
Houghton Mifflin Harcourt Co. (a) | 24,237 | 133,788 | ||||||
K12, Inc. (a) | 8,849 | 142,823 | ||||||
Laureate Education, Inc. Class A (a) | 25,151 | 524,147 | ||||||
Perdoceo Education Corp. (a) | 16,402 | 291,628 | ||||||
Strategic Education, Inc. | 5,172 | 839,364 | ||||||
|
| |||||||
7,202,695 | ||||||||
|
| |||||||
Specialized Consumer Services – 0.8% |
| |||||||
Carriage Services, Inc. | 3,899 | 92,289 | ||||||
frontdoor, Inc. (a) | 19,901 | 847,384 | ||||||
H&R Block, Inc. | 47,204 | 1,095,133 | ||||||
OneSpaWorld Holdings Ltd. | 10,780 | 161,808 | ||||||
Regis Corp. (a) | 5,930 | 92,033 | ||||||
Service Corp. International | 42,746 | 2,049,671 | ||||||
ServiceMaster Global Holdings, Inc. (a) | 31,901 | 1,150,031 | ||||||
WW International, Inc. (a) | 11,112 | 366,474 | ||||||
|
| |||||||
5,854,823 | ||||||||
|
| |||||||
TOTAL DIVERSIFIED CONSUMER SERVICES |
| 13,057,518 | ||||||
|
| |||||||
HOTELS, RESTAURANTS & LEISURE – 19.4% |
| |||||||
Casinos & Gaming – 2.4% |
| |||||||
Boyd Gaming Corp. | 19,660 | 586,851 | ||||||
Caesars Entertainment Corp. (a) | 127,494 | 1,742,843 | ||||||
Churchill Downs, Inc. | 8,463 | 1,221,888 | ||||||
Eldorado Resorts, Inc. (a) | 15,547 | 929,400 | ||||||
Everi Holdings, Inc. (a) | 17,052 | 213,150 | ||||||
Golden Entertainment, Inc. (a) | 4,429 | 76,002 | ||||||
Las Vegas Sands Corp. | 81,319 | 5,310,944 | ||||||
MGM Resorts International | 116,243 | 3,610,507 | ||||||
Monarch Casino & Resort, Inc. (a) | 2,906 | 155,994 | ||||||
Penn National Gaming, Inc. (a) | 25,809 | 769,882 | ||||||
PlayAGS, Inc. (a) | 6,543 | 67,262 | ||||||
Red Rock Resorts, Inc. Class A | 16,518 | 404,856 | ||||||
Scientific Games Corp. Class A (a) | 12,082 | 300,117 | ||||||
Twin River Worldwide Holdings, Inc. | 5,801 | 154,597 | ||||||
Wynn Resorts Ltd. | 22,733 | 2,867,995 | ||||||
|
| |||||||
18,412,288 | ||||||||
|
|
See accompanying notes which are an integral part of the financial statements.
18 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HOTELS, RESTAURANTS & LEISURE – continued |
| |||||||
Hotels, Resorts & Cruise Lines – 4.4% |
| |||||||
BBX Capital Corp. | 10,679 | $ | 41,434 | |||||
Carnival Corp. | 98,938 | 4,306,771 | ||||||
Choice Hotels International, Inc. | 8,528 | 854,506 | ||||||
Extended Stay America, Inc. | 44,163 | 570,586 | ||||||
Hilton Grand Vacations, Inc. (a) | 20,201 | 644,614 | ||||||
Hilton Worldwide Holdings, Inc. | 63,972 | 6,896,182 | ||||||
Lindblad Expeditions Holdings, Inc. (a) | 6,423 | 105,915 | ||||||
Marriott International, Inc. Class A | 65,726 | 9,205,583 | ||||||
Marriott Vacations Worldwide Corp. | 8,707 | 1,046,930 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) | 50,561 | 2,722,710 | ||||||
Playa Hotels & Resorts N.V. (a) | 13,600 | 95,472 | ||||||
Royal Caribbean Cruises Ltd. | 41,823 | 4,896,637 | ||||||
Wyndham Destinations, Inc. | 21,720 | 1,054,072 | ||||||
Wyndham Hotels & Resorts, Inc. | 22,683 | 1,296,787 | ||||||
|
| |||||||
33,738,199 | ||||||||
|
| |||||||
Leisure Facilities – 0.6% | ||||||||
Planet Fitness, Inc. Class A (a) | 19,716 | 1,592,856 | ||||||
SeaWorld Entertainment, Inc. (a) | 12,028 | 414,485 | ||||||
Six Flags Entertainment Corp. | 17,862 | 681,078 | ||||||
Vail Resorts, Inc. | 9,452 | 2,216,588 | ||||||
|
| |||||||
4,905,007 | ||||||||
|
| |||||||
Restaurants – 12.0% | ||||||||
Aramark | 57,890 | 2,555,265 | ||||||
BJ’s Restaurants, Inc. | 4,882 | 194,206 | ||||||
Bloomin’ Brands, Inc. | 19,403 | 403,000 | ||||||
Brinker International, Inc. | 8,846 | 377,636 | ||||||
Carrols Restaurant Group, Inc. (a) | 8,139 | 36,951 | ||||||
Chipotle Mexican Grill, Inc. (a) | 6,190 | 5,365,244 | ||||||
Chuys Holdings, Inc. (a) | 3,924 | 96,334 | ||||||
Cracker Barrel Old Country Store, Inc. | 4,827 | 738,193 | ||||||
Darden Restaurants, Inc. | 28,837 | 3,357,492 | ||||||
Dave & Buster’s Entertainment, Inc. | 8,493 | 375,051 | ||||||
Del Taco Restaurants, Inc. (a) | 7,436 | 56,067 | ||||||
Denny’s Corp. (a) | 13,846 | 283,428 | ||||||
Dine Brands Global, Inc. | 3,839 | 327,275 | ||||||
Domino’s Pizza, Inc. | 9,185 | 2,587,874 | ||||||
Dunkin’ Brands Group, Inc. | 19,378 | 1,513,228 | ||||||
El Pollo Loco Holdings, Inc. (a) | 5,430 | 74,825 | ||||||
Jack in the Box, Inc. | 5,461 | 446,437 | ||||||
McDonald’s Corp. | 178,287 | 38,148,069 | ||||||
Papa John’s International, Inc. | 4,845 | 313,859 | ||||||
Red Robin Gourmet Burgers, Inc. (a) | 2,999 | 98,577 | ||||||
Ruth’s Hospitality Group, Inc. | 6,780 | 138,990 | ||||||
Shake Shack, Inc. Class A (a) | 6,834 | 460,953 | ||||||
Starbucks Corp. | 280,990 | 23,836,382 | ||||||
Texas Roadhouse, Inc. | 15,545 | 971,563 | ||||||
The Cheesecake Factory, Inc. | 10,044 | 385,690 | ||||||
Wendy’s Co. | 43,405 | 940,586 |
Shares | Value | |||||||
Wingstop, Inc. | 6,949 | $ | 644,659 | |||||
Yum! Brands, Inc. | 71,439 | 7,556,103 | ||||||
|
| |||||||
92,283,937 | ||||||||
|
| |||||||
TOTAL HOTELS, RESTAURANTS & LEISURE |
| 149,339,431 | ||||||
|
| |||||||
HOUSEHOLD DURABLES – 4.8% | ||||||||
Consumer Electronics – 0.4% | ||||||||
Garmin Ltd. | 31,212 | 3,026,003 | ||||||
GoPro, Inc. Class A (a) | 30,266 | 119,248 | ||||||
Sonos, Inc. (a) | 5,136 | 70,466 | ||||||
Universal Electronics, Inc. (a) | 3,198 | 158,397 | ||||||
|
| |||||||
3,374,114 | ||||||||
|
| |||||||
Home Furnishings – 0.6% | ||||||||
Ethan Allen Interiors, Inc. | 5,849 | 94,461 | ||||||
Hooker Furniture Corp. | 2,730 | 67,267 | ||||||
La-Z-Boy, Inc. | 11,010 | 337,346 | ||||||
Leggett & Platt, Inc. | 30,918 | 1,471,388 | ||||||
Mohawk Industries, Inc. (a) | 14,436 | 1,900,933 | ||||||
Tempur Sealy International, Inc. (a) | 10,943 | 1,002,598 | ||||||
|
| |||||||
4,873,993 | ||||||||
|
| |||||||
Homebuilding – 3.0% | ||||||||
Beazer Homes U.S.A., Inc. (a) | 7,072 | 97,240 | ||||||
Cavco Industries, Inc. (a) | 2,037 | 456,329 | ||||||
Century Communities, Inc. (a) | 6,165 | 182,916 | ||||||
D.R. Horton, Inc. | 82,471 | 4,882,283 | ||||||
Green Brick Partners, Inc. (a) | 5,875 | 68,091 | ||||||
Installed Building Products, Inc. (a) | 5,315 | 394,001 | ||||||
KB Home | 18,673 | 701,171 | ||||||
Lennar Corp. Class A | 66,774 | 4,431,123 | ||||||
LGI Homes, Inc. (a) | 4,559 | 363,535 | ||||||
M.D.C. Holdings, Inc. | 11,734 | 494,471 | ||||||
M/I Homes, Inc. (a) | 6,580 | 292,086 | ||||||
Meritage Homes Corp. (a) | 8,603 | 610,469 | ||||||
NVR, Inc. (a) | 821 | 3,133,732 | ||||||
PulteGroup, Inc. | 61,256 | 2,735,080 | ||||||
Skyline Champion Corp. (a) | 12,064 | 346,840 | ||||||
Taylor Morrison Home Corp. (a) | 28,923 | 748,527 | ||||||
Toll Brothers, Inc. | 32,136 | 1,425,553 | ||||||
TopBuild Corp. (a) | 8,075 | 924,668 | ||||||
TRI Pointe Group, Inc. (a) | 33,418 | 543,377 | ||||||
|
| |||||||
22,831,492 | ||||||||
|
| |||||||
Household Appliances – 0.5% | ||||||||
Hamilton Beach Brands Holding Co. Class A | 1,607 | 25,391 | ||||||
Helen of Troy Ltd. (a) | 5,883 | 1,112,181 | ||||||
iRobot Corp. (a) | 6,546 | 307,989 | ||||||
Whirlpool Corp. | 14,942 | 2,184,072 | ||||||
|
| |||||||
3,629,633 | ||||||||
|
| |||||||
Housewares & Specialties – 0.3% |
| |||||||
Newell Brands, Inc. | 94,252 | 1,840,742 |
See accompanying notes which are an integral part of the financial statements.
19 |
Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HOUSEHOLD DURABLES – continued |
| |||||||
Housewares & Specialties – continued |
| |||||||
Tupperware Brands Corp. | 11,273 | $ | 70,569 | |||||
|
| |||||||
1,911,311 | ||||||||
|
| |||||||
TOTAL HOUSEHOLD DURABLES |
| 36,620,543 | ||||||
|
| |||||||
INTERNET & DIRECT MARKETING RETAIL – 31.1% |
| |||||||
Internet & Direct Marketing Retail – 31.1% |
| |||||||
1-800-FLOWERS.com, Inc. Class A (a) | 5,775 | �� | 87,722 | |||||
Amazon.com, Inc. (a) | 98,704 | 198,268,699 | ||||||
Booking Holdings, Inc. (a) | 9,988 | 18,283,533 | ||||||
Duluth Holdings, Inc. Class B (a) | 4,380 | 37,011 | ||||||
eBay, Inc. | 187,061 | 6,277,767 | ||||||
Etsy, Inc. (a) | 28,355 | 1,384,008 | ||||||
Expedia Group, Inc. | 32,888 | 3,566,704 | ||||||
Groupon, Inc. (a) | 107,066 | 308,350 | ||||||
GrubHub, Inc. (a) | 21,489 | 1,163,629 | ||||||
Lands’ End, Inc. (a) | 2,612 | 30,430 | ||||||
MercadoLibre, Inc. (a) | 10,506 | 6,965,478 | ||||||
Overstock.com, Inc. (a) | 6,585 | 53,470 | ||||||
PetMed Express, Inc. | 4,789 | 120,731 | ||||||
Quotient Technology, Inc. (a) | 17,729 | 178,531 | ||||||
Qurate Retail, Inc. Class A (a) | 91,361 | 779,309 | ||||||
Revolve Group, Inc. (a) | 3,182 | 56,608 | ||||||
Shutterstock, Inc. (a) | 4,625 | 200,401 | ||||||
Stamps.com, Inc. (a) | 3,838 | 285,893 | ||||||
Stitch Fix, Inc. Class A (a) | 11,128 | 254,831 | ||||||
The RealReal, Inc. (a) | 5,004 | 72,408 | ||||||
The Rubicon Project, Inc. (a) | 10,598 | 99,197 | ||||||
Wayfair, Inc. Class A (a) | 14,491 | 1,357,807 | ||||||
|
| |||||||
TOTAL INTERNET & DIRECT MARKETING RETAIL |
| 239,832,517 | ||||||
|
| |||||||
LEISURE PRODUCTS – 1.1% | ||||||||
Leisure Products – 1.1% | ||||||||
Acushnet Holdings Corp. | 8,092 | 250,609 | ||||||
American Outdoor Brands Corp. (a) | 12,633 | 119,003 | ||||||
Brunswick Corp. | 20,162 | 1,267,182 | ||||||
Callaway Golf Co. | 20,910 | 447,892 | ||||||
Hasbro, Inc. | 30,182 | 3,074,640 | ||||||
Johnson Outdoors, Inc. Class A | 1,531 | 120,337 | ||||||
Malibu Boats, Inc. Class A (a) | 4,999 | 218,906 | ||||||
Marine Products Corp. | 1,998 | 27,972 | ||||||
MasterCraft Boat Holdings, Inc. (a) | 4,307 | 75,674 | ||||||
Mattel, Inc. (a) | 80,868 | 1,183,099 | ||||||
Polaris, Inc. | 13,613 | 1,250,218 | ||||||
Sturm, Ruger & Co., Inc. | 4,045 | 200,308 | ||||||
Vista Outdoor, Inc. (a) | 13,340 | 99,116 | ||||||
YETI Holdings, Inc. (a) | 9,072 | 329,858 | ||||||
|
| |||||||
TOTAL LEISURE PRODUCTS | 8,664,814 | |||||||
|
|
Shares | Value | |||||||
MEDIA – 0.0% | ||||||||
Broadcasting – 0.0% | ||||||||
Media General, Inc. (a) | 7,026 | $ | 0 | |||||
|
| |||||||
MULTILINE RETAIL – 4.2% | ||||||||
Department Stores – 0.5% | ||||||||
Dillard’s, Inc. Class A | 2,610 | 158,479 | ||||||
J.C. Penney Co., Inc. (a) | 77,781 | 57,947 | ||||||
Kohl’s Corp. | 38,108 | 1,629,117 | ||||||
Macy’s, Inc. | 72,553 | 1,157,220 | ||||||
Nordstrom, Inc. | 25,454 | 938,235 | ||||||
|
| |||||||
3,940,998 | ||||||||
|
| |||||||
General Merchandise Stores – 3.7% |
| |||||||
Big Lots, Inc. | 9,277 | 251,036 | ||||||
Dollar General Corp. | 60,352 | 9,258,600 | ||||||
Dollar Tree, Inc. (a) | 55,551 | 4,836,825 | ||||||
Ollie’s Bargain Outlet Holdings, Inc. (a) | 13,442 | 712,964 | ||||||
Target Corp. | 119,947 | 13,282,931 | ||||||
|
| |||||||
28,342,356 | ||||||||
|
| |||||||
TOTAL MULTILINE RETAIL | 32,283,354 | |||||||
|
| |||||||
SPECIALTY RETAIL – 21.3% | ||||||||
Apparel Retail – 4.7% | ||||||||
Abercrombie & Fitch Co. Class A | 15,236 | 249,261 | ||||||
American Eagle Outfitters, Inc. | 38,584 | 555,610 | ||||||
Boot Barn Holdings, Inc. (a) | 6,699 | 281,157 | ||||||
Burlington Stores, Inc. (a) | 15,578 | 3,387,748 | ||||||
Caleres, Inc. | 9,932 | 174,307 | ||||||
Chico’s FAS, Inc. | 27,204 | 105,823 | ||||||
Designer Brands, Inc. Class A | 14,499 | 206,466 | ||||||
Foot Locker, Inc. | 25,804 | 979,778 | ||||||
Gap, Inc. | 53,010 | 922,904 | ||||||
Genesco, Inc. (a) | 3,885 | 152,758 | ||||||
Guess?, Inc. | 11,705 | 249,199 | ||||||
L Brands, Inc. | 55,008 | 1,273,985 | ||||||
Ross Stores, Inc. | 85,620 | 9,605,708 | ||||||
Shoe Carnival, Inc. | 2,860 | 102,560 | ||||||
The Buckle, Inc. | 7,078 | 172,774 | ||||||
The Cato Corp. Class A | 5,292 | 84,884 | ||||||
The Children’s Place Retail Stores, Inc. | 3,691 | 220,242 | ||||||
The TJX Cos., Inc. | 283,802 | 16,755,670 | ||||||
Urban Outfitters, Inc. (a) | 14,979 | 383,462 | ||||||
Zumiez, Inc. (a) | 4,731 | 147,465 | ||||||
|
| |||||||
36,011,761 | ||||||||
|
| |||||||
Automotive Retail – 3.1% | ||||||||
Advance Auto Parts, Inc. | 16,760 | 2,208,130 | ||||||
America’sCar-Mart, Inc. (a) | 1,466 | 160,937 | ||||||
Asbury Automotive Group, Inc. (a) | 4,541 | 437,979 | ||||||
AutoNation, Inc. (a) | 12,517 | 531,222 | ||||||
AutoZone, Inc. (a) | 5,761 | 6,094,908 |
See accompanying notes which are an integral part of the financial statements.
20 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
SPECIALTY RETAIL – continued |
| |||||||
Automotive Retail – continued | ||||||||
Camping World Holdings, Inc. Class A | 7,690 | $ | 119,733 | |||||
CarMax, Inc. (a) | 38,875 | 3,772,430 | ||||||
Carvana Co. (a) | 11,121 | 881,339 | ||||||
Group 1 Automotive, Inc. | 4,129 | 416,079 | ||||||
Lithia Motors, Inc. Class A | 5,261 | 713,602 | ||||||
Monro, Inc. | 7,765 | 486,866 | ||||||
Murphy USA, Inc. (a) | 7,116 | 727,042 | ||||||
O’Reilly Automotive, Inc. (a) | 17,961 | 7,293,962 | ||||||
Penske Automotive Group, Inc. | 8,693 | 408,310 | ||||||
Sonic Automotive, Inc. Class A | 5,371 | 169,885 | ||||||
|
| |||||||
24,422,424 | ||||||||
|
| |||||||
Computer & Electronics Retail – 0.7% |
| |||||||
Best Buy Co., Inc. | 56,420 | 4,778,210 | ||||||
Conn’s, Inc. (a) | 4,410 | 38,632 | ||||||
GameStop Corp. Class A | 19,472 | 74,772 | ||||||
Rent-A-Center, Inc. | 10,873 | 316,730 | ||||||
|
| |||||||
5,208,344 | ||||||||
|
| |||||||
Home Improvement Retail – 10.5% |
| |||||||
Floor & Decor Holdings, Inc. Class A (a) | 16,395 | 808,437 | ||||||
Lowe’s Cos., Inc. | 182,166 | 21,174,976 | ||||||
Lumber Liquidators Holdings, Inc. (a) | 6,578 | 50,059 | ||||||
The Home Depot, Inc. | 257,084 | 58,640,860 | ||||||
|
| |||||||
80,674,332 | ||||||||
|
| |||||||
Homefurnishing Retail – 0.5% | ||||||||
Aarons, Inc. | 15,885 | 942,934 | ||||||
At Home Group, Inc. (a) | 11,027 | 62,413 | ||||||
Bed Bath & Beyond, Inc. | 30,047 | 428,170 | ||||||
Haverty Furniture Companies, Inc. | 4,176 | 84,063 | ||||||
RH (a) | 3,940 | 822,475 | ||||||
Sleep Number Corp. (a) | 6,906 | 356,280 | ||||||
Williams-Sonoma, Inc. | 18,361 | 1,286,739 | ||||||
|
| |||||||
3,983,074 | ||||||||
|
| |||||||
Specialty Stores – 1.8% | ||||||||
Dick’s Sporting Goods, Inc. | 15,494 | 685,300 | ||||||
Five Below, Inc. (a) | 13,054 | 1,477,974 | ||||||
Hibbett Sports, Inc. (a) | 4,236 | 104,968 | ||||||
MarineMax, Inc. (a) | 5,290 | 105,430 | ||||||
National Vision Holdings, Inc. (a) | 18,198 | 620,916 | ||||||
Office Depot, Inc. | 129,679 | 287,887 | ||||||
Party City Holdings, Inc. (a) | 13,017 | 37,489 | ||||||
Sally Beauty Holdings, Inc. (a) | 28,397 | 435,894 | ||||||
Signet Jewelers Ltd. | 12,109 | 294,370 | ||||||
The Michaels Cos., Inc. (a) | 21,916 | 108,046 | ||||||
Tiffany & Co., Inc. | 25,515 | 3,419,520 | ||||||
Tractor Supply Co. | 27,970 | 2,599,811 | ||||||
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 13,122 | 3,515,515 |
Shares | Value | |||||||
Winmark Corp. | 636 | $ | 126,545 | |||||
|
| |||||||
13,819,665 | ||||||||
|
| |||||||
TOTAL SPECIALTY RETAIL | 164,119,600 | |||||||
|
| |||||||
TEXTILES, APPAREL & LUXURY GOODS – 7.4% |
| |||||||
Apparel, Accessories & Luxury Goods – 3.2% |
| |||||||
Capri Holdings Ltd. (a) | 35,645 | 1,067,924 | ||||||
Carter’s, Inc. | 10,524 | 1,116,281 | ||||||
Columbia Sportswear Co. | 7,180 | 674,345 | ||||||
Fossil Group, Inc. (a) | 10,875 | 73,189 | ||||||
G-III Apparel Group Ltd. (a) | 9,858 | 268,236 | ||||||
Hanesbrands, Inc. | 84,791 | 1,166,724 | ||||||
Kontoor Brands, Inc. (a) | 11,385 | 434,224 | ||||||
Levi Strauss & Co. Class A | 11,012 | 216,276 | ||||||
Lululemon Athletica, Inc. (a) | 26,001 | 6,224,379 | ||||||
Movado Group, Inc. | 3,822 | 65,815 | ||||||
Oxford Industries, Inc. | 4,022 | 279,127 | ||||||
PVH Corp. | 17,618 | 1,535,761 | ||||||
Ralph Lauren Corp. | 12,148 | 1,378,798 | ||||||
Tapestry, Inc. | 67,445 | 1,738,058 | ||||||
Under Armour, Inc. Class A (a) | 44,094 | 889,817 | ||||||
Under Armour, Inc. Class C (a) | 45,718 | 821,095 | ||||||
Vera Bradley, Inc. (a) | 5,622 | 53,859 | ||||||
VF Corp. | 79,452 | 6,592,132 | ||||||
|
| |||||||
24,596,040 | ||||||||
|
| |||||||
Footwear – 4.2% | ||||||||
Crocs, Inc. (a) | 14,741 | 558,832 | ||||||
Deckers Outdoor Corp. (a) | 6,798 | 1,297,806 | ||||||
NIKE, Inc. Class B | 293,880 | 28,300,644 | ||||||
Skechers U.S.A., Inc. Class A (a) | 31,375 | 1,173,111 | ||||||
Steven Madden Ltd. | 18,925 | 729,748 | ||||||
Wolverine World Wide, Inc. | 20,053 | 633,073 | ||||||
|
| |||||||
32,693,214 | ||||||||
|
| |||||||
Textiles – 0.0% | ||||||||
Unifi, Inc. (a) | 3,194 | 68,735 | ||||||
|
| |||||||
TOTAL TEXTILES, APPAREL & LUXURY GOODS |
| 57,357,989 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 768,798,083 | |||||||
|
|
See accompanying notes which are an integral part of the financial statements.
21 |
Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments (Unaudited) – continued
Money Market Fund – 0.2% | ||||||||
Shares | Value | |||||||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) | 1,211,000 | $ | 1,211,000 | |||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 100.0% |
| 770,009,083 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.0% |
| 373,301 | ||||||
|
| |||||||
NET ASSETS – 100.0% |
| $ | 770,382,384 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualizedseven-day yield of the fund at period end. |
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contracts | ||||||||||||||||||||
CMEE-mini Russell 2000 Index Future Contracts | 2 | March 2020 | $ | 161,470 | $ | (4,744 | ) | $ | (4,744 | ) | ||||||||||
CMEE-mini S&P Consumer Discretionary Select Sector Index Future Contracts | 10 | March 2020 | 1,265,000 | 23,207 | 23,207 | |||||||||||||||
|
| |||||||||||||||||||
Total Equity Index Contracts | $ | 18,463 | ||||||||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
See accompanying notes which are an integral part of the financial statements.
22 |
Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 768,798,083 | $ | 768,798,083 | $ | — | $ | — | ||||||||
Money Market Funds | 1,211,000 | 1,211,000 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 770,009,083 | $ | 770,009,083 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 23,207 | $ | 23,207 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 23,207 | $ | 23,207 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (4,744 | ) | $ | (4,744 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (4,744 | ) | $ | (4,744 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | 18,463 | $ | 18,463 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts (a) | $ | 23,207 | $ | (4,744 | ) | |||
|
|
|
| |||||
Total Equity Risk | 23,207 | (4,744 | ) | |||||
|
|
|
| |||||
Total Value of Derivatives | $ | 23,207 | $ | (4,744 | ) | |||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
23 |
Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Schedule of Investments January 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | ||||||||
Shares | Value | |||||||
BEVERAGES – 26.4% | ||||||||
Brewers – 0.8% | ||||||||
Molson Coors Brewing Co. Class B | 66,860 | $ | 3,716,079 | |||||
The Boston Beer Co., Inc. Class A (a) | 3,470 | 1,236,639 | ||||||
|
| |||||||
4,952,718 | ||||||||
|
| |||||||
Distillers & Vintners – 2.8% | ||||||||
Brown-Forman Corp. Class B | 104,325 | 7,056,543 | ||||||
Constellation Brands, Inc. Class A | 52,586 | 9,901,944 | ||||||
MGP Ingredients, Inc. | 6,924 | 235,831 | ||||||
|
| |||||||
17,194,318 | ||||||||
|
| |||||||
Soft Drinks – 22.8% | ||||||||
Coca-Cola Bottling Co. Consolidated | 1,703 | 461,189 | ||||||
Monster Beverage Corp. (a) | 124,122 | 8,266,525 | ||||||
National Beverage Corp. (a) | 3,437 | 147,482 | ||||||
PepsiCo, Inc. | 417,040 | 59,228,021 | ||||||
Primo Water Corp. (a) | 11,731 | 176,786 | ||||||
The Coca-Cola Co. | 1,211,517 | 70,752,593 | ||||||
|
| |||||||
139,032,596 | ||||||||
|
| |||||||
TOTAL BEVERAGES | 161,179,632 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING – 19.3% |
| |||||||
Drug Retail – 1.9% | ||||||||
Rite Aid Corp. (a) | 15,833 | 189,204 | ||||||
Walgreens Boots Alliance, Inc. | 227,604 | 11,573,664 | ||||||
|
| |||||||
11,762,868 | ||||||||
|
| |||||||
Food Distributors – 2.9% | ||||||||
Performance Food Group Co. (a) | 36,643 | 1,897,741 | ||||||
SpartanNash Co. | 10,598 | 129,084 | ||||||
Sysco Corp. | 149,692 | 12,295,701 | ||||||
The Andersons, Inc. | 9,063 | 205,005 | ||||||
The Chefs’ Warehouse, Inc. (a) | 10,145 | 369,278 | ||||||
United Natural Foods, Inc. (a) | 15,748 | 113,385 | ||||||
US Foods Holding Corp. (a) | 68,728 | 2,760,804 | ||||||
|
| |||||||
17,770,998 | ||||||||
|
| |||||||
Food Retail – 1.6% | ||||||||
Casey’s General Stores, Inc. | 12,123 | 1,950,106 | ||||||
Grocery Outlet Holding Corp. (a) | 9,814 | 321,310 | ||||||
Ingles Markets, Inc. Class A | 5,269 | 219,665 | ||||||
Sprouts Farmers Market, Inc. (a) | 34,685 | 542,127 | ||||||
The Kroger Co. | 238,955 | 6,418,331 | ||||||
Village Super Market, Inc. Class A | 2,475 | 55,093 | ||||||
Weis Markets, Inc. | 5,179 | 190,017 | ||||||
|
| |||||||
9,696,649 | ||||||||
|
| |||||||
Hypermarkets & Super Centers – 12.9% |
| |||||||
BJ’s Wholesale Club Holdings, Inc. (a) | 34,137 | 700,491 | ||||||
Costco Wholesale Corp. | 94,019 | 28,724,685 | ||||||
PriceSmart, Inc. | 7,037 | 431,087 | ||||||
Walmart, Inc. | 424,962 | 48,653,899 | ||||||
|
| |||||||
78,510,162 | ||||||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING |
| 117,740,677 | ||||||
|
|
Shares | Value | |||||||
FOOD PRODUCTS – 18.7% | ||||||||
Agricultural Products – 2.2% | ||||||||
Archer-Daniels-Midland Co. | 173,148 | $ | 7,750,105 | |||||
Bunge Ltd. | 42,672 | 2,237,293 | ||||||
Darling Ingredients, Inc. (a) | 54,280 | 1,472,616 | ||||||
Fresh Del Monte Produce, Inc. | 9,687 | 303,978 | ||||||
Ingredion, Inc. | 20,672 | 1,819,136 | ||||||
|
| |||||||
13,583,128 | ||||||||
|
| |||||||
Packaged Foods & Meats – 16.5% | ||||||||
B&G Foods, Inc. | 19,233 | 308,882 | ||||||
Beyond Meat, Inc. (a) | 4,836 | 533,991 | ||||||
Calavo Growers, Inc. | 4,890 | 374,623 | ||||||
Cal-Maine Foods, Inc. | 10,033 | 358,078 | ||||||
Campbell Soup Co. | 53,524 | 2,590,026 | ||||||
Conagra Brands, Inc. | 146,015 | 4,806,814 | ||||||
Farmer Bros Co. (a) | 3,197 | 38,300 | ||||||
Flowers Foods, Inc. | 71,843 | 1,546,780 | ||||||
Freshpet, Inc. (a) | 13,424 | 844,101 | ||||||
General Mills, Inc. | 185,616 | 9,692,867 | ||||||
Hormel Foods Corp. | 95,433 | 4,510,164 | ||||||
Hostess Brands, Inc. (a) | 47,349 | 635,424 | ||||||
J&J Snack Foods Corp. | 5,389 | 893,712 | ||||||
John B Sanfilippo & Son, Inc. | 3,148 | 265,376 | ||||||
Kellogg Co. | 80,062 | 5,461,029 | ||||||
Lamb Weston Holdings, Inc. | 45,706 | 4,173,415 | ||||||
Lancaster Colony Corp. | 6,283 | 971,666 | ||||||
Landec Corp. (a) | 8,569 | 95,973 | ||||||
McCormick & Co., Inc.(non-vtg.) | 38,348 | 6,264,913 | ||||||
Mondelez International, Inc. Class A | 438,801 | 25,178,401 | ||||||
Pilgrim’s Pride Corp. (a) | 20,936 | 545,383 | ||||||
Post Holdings, Inc. (a) | 22,087 | 2,309,638 | ||||||
Sanderson Farms, Inc. | 6,322 | 870,476 | ||||||
Seaboard Corp. | 133 | 512,796 | ||||||
The Hain Celestial Group, Inc. (a) | 31,286 | 757,434 | ||||||
The Hershey Co. | 47,261 | 7,333,489 | ||||||
The JM Smucker Co. | 35,744 | 3,703,436 | ||||||
The Kraft Heinz Co. | 198,679 | 5,801,427 | ||||||
The Simply Good Foods Co. (a) | 28,570 | 656,253 | ||||||
Tootsie Roll Industries, Inc. | 10,001 | 341,134 | ||||||
TreeHouse Foods, Inc. (a) | 16,515 | 736,569 | ||||||
Tyson Foods, Inc. Class A | 89,085 | 7,361,093 | ||||||
|
| |||||||
100,473,663 | ||||||||
|
| |||||||
TOTAL FOOD PRODUCTS | 114,056,791 | |||||||
|
| |||||||
HOUSEHOLD PRODUCTS – 23.2% | ||||||||
Household Products – 23.2% | ||||||||
Central Garden and Pet Co. (a) | 3,134 | 100,946 | ||||||
Central Garden and Pet Co. Class A (a) | 13,621 | 408,085 | ||||||
Church & Dwight Co., Inc. | 76,533 | 5,680,279 | ||||||
Colgate-Palmolive Co. | 248,807 | 18,356,980 |
See accompanying notes which are an integral part of the financial statements.
24 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HOUSEHOLD PRODUCTS – continued |
| |||||||
Household Products – continued | ||||||||
Energizer Holdings, Inc. | 21,622 | $ | 1,000,234 | |||||
Kimberly-Clark Corp. | 105,226 | 15,072,572 | ||||||
Spectrum Brands Holdings, Inc. | 13,558 | 832,597 | ||||||
The Clorox Co. | 39,573 | 6,225,229 | ||||||
The Procter & Gamble Co. | 744,204 | 92,742,703 | ||||||
WD-40 Co. | 4,781 | 893,186 | ||||||
|
| |||||||
TOTAL HOUSEHOLD PRODUCTS |
| 141,312,811 | ||||||
|
| |||||||
PERSONAL PRODUCTS – 2.8% | ||||||||
Personal Products – 2.8% | ||||||||
Coty, Inc. Class A | 92,562 | 949,686 | ||||||
Edgewell Personal Care Co. (a) | 15,883 | 410,099 | ||||||
elf Beauty, Inc. (a) | 9,643 | 151,202 | ||||||
Herbalife Nutrition Ltd. (a) | 31,017 | 1,205,011 | ||||||
Inter Parfums, Inc. | 6,088 | 420,742 | ||||||
Medifast, Inc. | 3,822 | 369,320 | ||||||
Nu Skin Enterprises, Inc. Class A | 16,328 | 532,130 | ||||||
The Estee Lauder Cos., Inc. Class A | 66,659 | 13,009,170 | ||||||
USANA Health Sciences, Inc. (a) | 3,919 | 241,802 | ||||||
|
| |||||||
TOTAL PERSONAL PRODUCTS | 17,289,162 | |||||||
|
| |||||||
TOBACCO – 9.4% | ||||||||
Tobacco – 9.4% | ||||||||
Altria Group, Inc. | 561,793 | 26,702,021 |
Shares | Value | |||||||
Philip Morris International, Inc. | 346,428 | $ | 28,649,596 | |||||
Turning Point Brands, Inc. | 5,647 | 128,977 | ||||||
Universal Corp. | 12,705 | 675,271 | ||||||
Vector Group Ltd. | 58,689 | 771,173 | ||||||
|
| |||||||
TOTAL TOBACCO | 56,927,038 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 608,506,111 | |||||||
|
| |||||||
Money Market Fund – 0.1% | ||||||||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) | 710,000 | 710,000 | ||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 99.9% |
| 609,216,111 | ||||||
|
| |||||||
NET OTHER ASSETS (LIABILITIES) – 0.1% |
| 480,935 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 609,697,046 | ||||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualizedseven-day yield of the fund at period end. |
Futures Contracts | ||||||||||||||||||||
Purchased | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||
Equity Index Contract | ||||||||||||||||||||
CMEE-mini S&P Consumer Staples Select Sector Index Future Contracts | 20 | March 2020 | $1,270,600 | $(1,395 | ) | $(1,395 | ) | |||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
See accompanying notes which are an integral part of the financial statements.
25 |
Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Schedule of Investments (Unaudited) – continued
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 608,506,111 | $ | 608,506,111 | $ | — | $ | — | ||||||||
Money Market Funds | 710,000 | 710,000 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 609,216,111 | $ | 609,216,111 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (1,395 | ) | $ | (1,395 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (1,395 | ) | $ | (1,395 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | (1,395 | ) | $ | (1,395 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts (a) | $ | 0 | $ | (1,395 | ) | |||
|
|
|
| |||||
Total Equity Risk | 0 | (1,395 | ) | |||||
|
|
|
| |||||
Total Value of Derivatives | $ | 0 | $ | (1,395 | ) | |||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
26 |
Table of Contents
Fidelity® MSCI Energy Index ETF
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | ||||||||
Shares | Value | |||||||
ENERGY EQUIPMENT & SERVICES – 10.6% |
| |||||||
Oil & Gas Drilling – 0.9% | ||||||||
Diamond Offshore Drilling, Inc. (a) | 23,195 | $ | 107,393 | |||||
Helmerich & Payne, Inc. | 37,082 | 1,503,675 | ||||||
Nabors Industries Ltd. | 116,701 | 241,571 | ||||||
Noble Corp. PLC (a) | 86,332 | 69,739 | ||||||
Patterson-UTI Energy, Inc. | 68,483 | 543,755 | ||||||
Transocean Ltd. (a) | 176,384 | 804,311 | ||||||
Valaris PLC | 66,427 | 339,442 | ||||||
|
| |||||||
3,609,886 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services – 9.7% |
| |||||||
Apergy Corp. (a) | 26,320 | 680,635 | ||||||
Archrock, Inc. | 43,662 | 364,578 | ||||||
Baker Hughes Co. | 213,885 | 4,632,749 | ||||||
Cactus, Inc. Class A | 15,923 | 458,901 | ||||||
Core Laboratories N.V. | 15,103 | 530,568 | ||||||
DMC Global, Inc. | 4,952 | 207,142 | ||||||
Dril-Quip, Inc. (a) | 12,234 | 500,371 | ||||||
Exterran Corp. (a) | 10,130 | 54,702 | ||||||
Frank’s International N.V. (a) | 30,463 | 106,621 | ||||||
Halliburton Co. | 296,734 | 6,471,769 | ||||||
Helix Energy Solutions Group, Inc. (a) | 47,757 | 398,293 | ||||||
Liberty Oilfield Services, Inc. Class A | 19,036 | 161,425 | ||||||
Matrix Service Co. (a) | 9,050 | 182,086 | ||||||
National Oilwell Varco, Inc. | 130,790 | 2,695,582 | ||||||
Newpark Resources, Inc. (a) | 30,439 | 152,195 | ||||||
NexTier Oilfield Solitions, Inc. (a) | 53,654 | 276,318 | ||||||
Oceaneering International, Inc. (a) | 33,424 | 414,792 | ||||||
Oil States International, Inc. (a) | 19,425 | 209,402 | ||||||
ProPetro Holding Corp. (a) | 28,845 | 280,950 | ||||||
RPC, Inc. | 21,681 | 98,215 | ||||||
Schlumberger Ltd. | 468,511 | 15,699,804 | ||||||
SEACOR Holdings, Inc. (a) | 6,447 | 242,343 | ||||||
Select Energy Services, Inc. Class A (a) | 20,331 | 141,504 | ||||||
Solaris Oilfield Infrastructure, Inc. | ||||||||
Class A | 10,670 | 123,025 | ||||||
TechnipFMC PLC | 143,799 | 2,374,121 | ||||||
Tidewater, Inc. (a) | 12,291 | 186,577 | ||||||
US Silica Holdings, Inc. | 23,465 | 120,610 | ||||||
|
| |||||||
37,765,278 | ||||||||
|
| |||||||
TOTAL ENERGY EQUIPMENT & SERVICES |
| 41,375,164 | ||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS – 89.2% |
| |||||||
Coal & Consumable Fuels – 0.1% |
| |||||||
Arch Coal, Inc. Class A | 5,210 | 268,472 | ||||||
CONSOL Energy, Inc. (a) | 9,225 | 74,999 | ||||||
Contura Energy, Inc. (a) | 6,632 | 38,399 | ||||||
NACCO Industries, Inc. Class A | 1,080 | 50,911 | ||||||
Peabody Energy Corp. | 24,502 | 165,634 | ||||||
|
| |||||||
598,415 | ||||||||
|
|
Shares | Value | |||||||
Integrated Oil & Gas – 43.4% |
| |||||||
Chevron Corp. | 643,113 | $ | 68,903,127 | |||||
Exxon Mobil Corp. | 1,433,339 | 89,039,018 | ||||||
Occidental Petroleum Corp. | 303,015 | 12,035,756 | ||||||
|
| |||||||
169,977,901 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production – 22.9% |
| |||||||
Antero Resources Corp. (a) | 88,819 | 164,315 | ||||||
Apache Corp. | 127,378 | 3,495,252 | ||||||
Berry Petroleum Corp. | 21,905 | 150,049 | ||||||
Bonanza Creek Energy, Inc. (a) | 5,218 | 94,915 | ||||||
Brigham Minerals, Inc. Class A | 9,899 | 168,382 | ||||||
Cabot Oil & Gas Corp. | 141,659 | 1,995,975 | ||||||
California Resources Corp. (a) | 15,648 | 114,856 | ||||||
Callon Petroleum Co. (a) | 134,049 | 402,147 | ||||||
Centennial Resource Development, Inc. Class A (a) | 62,560 | 203,946 | ||||||
Chesapeake Energy Corp. (a) | 385,361 | 197,228 | ||||||
Cimarex Energy Co. | 34,369 | 1,508,455 | ||||||
CNX Resources Corp. (a) | 63,377 | 458,216 | ||||||
Concho Resources, Inc. | 68,118 | 5,161,982 | ||||||
ConocoPhillips | 376,074 | 22,350,078 | ||||||
Continental Resources, Inc. | 31,752 | 864,289 | ||||||
Denbury Resources, Inc. (a) | 158,738 | 156,357 | ||||||
Devon Energy Corp. | 136,970 | 2,974,988 | ||||||
Diamondback Energy, Inc. | 52,476 | 3,904,214 | ||||||
EOG Resources, Inc. | 196,604 | 14,334,398 | ||||||
EQT Corp. | 86,955 | 526,078 | ||||||
Extraction Oil & Gas, Inc. (a) | 26,407 | 37,498 | ||||||
Gran Tierra Energy, Inc. (a) | 126,539 | 126,084 | ||||||
Gulfport Energy Corp. (a) | 51,165 | 79,306 | ||||||
Hess Corp. | 92,832 | 5,251,506 | ||||||
Kosmos Energy Ltd. | 95,640 | 488,720 | ||||||
Laredo Petroleum, Inc. (a) | 52,161 | 89,717 | ||||||
Magnolia Oil & Gas Corp. Class A (a) | 39,795 | 418,643 | ||||||
Marathon Oil Corp. | 272,442 | 3,097,666 | ||||||
Matador Resources Co. (a) | 37,461 | 549,553 | ||||||
Murphy Oil Corp. | 52,245 | 1,095,055 | ||||||
Noble Energy, Inc. | 162,040 | 3,203,531 | ||||||
Northern Oil and Gas, Inc. (a) | 74,089 | 122,988 | ||||||
Oasis Petroleum, Inc. (a) | 97,908 | 220,293 | ||||||
Parsley Energy, Inc. Class A | 102,165 | 1,700,026 | ||||||
PDC Energy, Inc. (a) | 34,367 | 741,984 | ||||||
Penn Virginia Corp. (a) | 3,562 | 76,120 | ||||||
Pioneer Natural Resources Co. | 56,621 | 7,643,835 | ||||||
QEP Resources, Inc. | 80,401 | 254,871 | ||||||
Range Resources Corp. | 72,200 | 216,600 | ||||||
SM Energy Co. | 36,223 | 332,527 | ||||||
Southwestern Energy Co. (a) | 182,936 | 287,210 | ||||||
Talos Energy, Inc. (a) | 7,320 | 160,601 | ||||||
Tellurian, Inc. (a) | 32,740 | 229,835 | ||||||
Texas Pacific Land Trust | 2,109 | 1,593,792 |
See accompanying notes which are an integral part of the financial statements.
27 |
Table of Contents
Fidelity® MSCI Energy Index ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
OIL, GAS & CONSUMABLE FUELS – continued |
| |||||||
Oil & Gas Exploration & Production – continued |
| |||||||
Viper Energy Partners LP | 21,161 | $ | 461,521 | |||||
W&T Offshore, Inc. (a) | 33,281 | 137,783 | ||||||
Whiting Petroleum Corp. (a) | 30,863 | 140,118 | ||||||
WPX Energy, Inc. (a) | 143,066 | 1,709,639 | ||||||
|
| |||||||
89,693,142 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing – 11.3% |
| |||||||
Clean Energy Fuels Corp. (a) | 48,106 | 110,644 | ||||||
CVR Energy, Inc. | 10,182 | 352,399 | ||||||
Delek US Holdings, Inc. | 25,599 | 702,948 | ||||||
Green Plains, Inc. | 12,256 | 152,832 | ||||||
HollyFrontier Corp. | 52,941 | 2,378,110 | ||||||
Marathon Petroleum Corp. | 223,015 | 12,154,317 | ||||||
Par Pacific Holdings, Inc. (a) | 11,131 | 223,956 | ||||||
PBF Energy, Inc. Class A | 38,640 | 1,054,872 | ||||||
Phillips 66 | 151,948 | 13,883,489 | ||||||
Renewable Energy Group, Inc. (a) | 13,173 | 346,186 | ||||||
REX American Resources Corp. (a) | 1,902 | 143,316 | ||||||
Valero Energy Corp. | 140,383 | 11,835,691 | ||||||
World Fuel Services Corp. | 22,198 | 868,386 | ||||||
|
| |||||||
44,207,146 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation – 11.5% |
| |||||||
Antero Midstream Corp. | 77,085 | 388,508 | ||||||
Cheniere Energy, Inc. (a) | 78,287 | 4,637,722 | ||||||
Diamond S Shipping, Inc. (a) | 7,448 | 82,524 | ||||||
EnLink Midstream LLC (a) | 90,554 | 455,487 | ||||||
Equitrans Midstream Corp. | 73,656 | 712,253 | ||||||
International Seaways, Inc. (a) | 6,910 | 153,817 | ||||||
Kinder Morgan, Inc. | 690,204 | 14,404,557 |
Shares | Value | |||||||
ONEOK, Inc. | 139,899 | $ | 10,474,238 | |||||
Plains GP Holdings LP Class A (a) | 58,661 | 976,706 | ||||||
Rattler Midstream LP | 14,778 | 223,000 | ||||||
Tallgrass Energy LP Class A | 54,709 | 1,220,558 | ||||||
Targa Resources Corp. | 78,878 | 2,879,047 | ||||||
The Williams Cos., Inc. | 410,586 | 8,495,024 | ||||||
|
| |||||||
45,103,441 | ||||||||
|
| |||||||
TOTAL OIL, GAS & CONSUMABLE FUELS |
| 349,580,045 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 390,955,209 | |||||||
|
| |||||||
Money Market Fund – 0.1% | ||||||||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) | 403,000 | 403,000 | ||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 99.9% |
| 391,358,209 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.1% |
| 518,256 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 391,876,465 | ||||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualizedseven-day yield of the fund at period end. |
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contract | ||||||||||||||||||||
CMEE-mini S&P Energy Select Sector Index Future Contracts | 10 | March 2020 | $ | 552,200 | $ | (42,823 | ) | $ | (42,823 | ) | ||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.1%
See accompanying notes which are an integral part of the financial statements.
28 |
Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 390,955,209 | $ | 390,955,209 | $ | — | $ | — | ||||||||
Money Market Funds | 403,000 | 403,000 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 391,358,209 | $ | 391,358,209 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (42,823 | ) | $ | (42,823 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (42,823 | ) | $ | (42,823 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | (42,823 | ) | $ | (42,823 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts (a) | $ | 0 | $ | (42,823 | ) | |||
|
|
|
| |||||
Total Equity Risk | 0 | (42,823 | ) | |||||
|
|
|
| |||||
Total Value of Derivatives | $ | 0 | $ | (42,823 | ) | |||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
29 |
Table of Contents
Fidelity® MSCI Financials Index ETF
Schedule of Investments January 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% | ||||||||
Shares | Value | |||||||
BANKS – 41.9% |
| |||||||
Diversified Banks – 27.8% |
| |||||||
Bank of America Corp. | 2,256,211 | $ | 74,071,407 | |||||
Citigroup, Inc. | 576,385 | 42,888,808 | ||||||
JPMorgan Chase & Co. | 815,819 | 107,981,803 | ||||||
US Bancorp | 381,960 | 20,327,911 | ||||||
Wells Fargo & Co. | 1,067,983 | 50,131,122 | ||||||
|
| |||||||
295,401,051 | ||||||||
|
| |||||||
Regional Banks – 14.1% | ||||||||
1st Source Corp. | 4,656 | 219,717 | ||||||
Allegiance Bancshares, Inc. (a) | 2,909 | 108,215 | ||||||
Amalgamated Bank Class A | 3,677 | 63,391 | ||||||
Ameris Bancorp | 16,877 | 678,287 | ||||||
Arrow Financial Corp. | 3,590 | 125,865 | ||||||
Associated Banc-Corp | 41,376 | 824,624 | ||||||
Atlantic Capital Bancshares, Inc. (a) | 5,813 | 109,691 | ||||||
Atlantic Union Bankshares Corp. | 19,076 | 642,670 | ||||||
Banc of California, Inc. | 11,302 | 180,380 | ||||||
Bancfirst Corp. | 4,605 | 266,169 | ||||||
BancorpSouth Bank | 26,078 | 745,048 | ||||||
Bank of Hawaii Corp. | 10,392 | 931,123 | ||||||
Bank of Marin Bancorp | 3,349 | 147,557 | ||||||
Bank OZK | 32,882 | 893,733 | ||||||
BankUnited, Inc. | 24,324 | 802,692 | ||||||
Banner Corp. | 8,719 | 449,464 | ||||||
Bar Harbor Bankshares | 4,194 | 92,268 | ||||||
Berkshire Hills Bancorp, Inc. | 11,343 | 319,305 | ||||||
BOK Financial Corp. | 8,186 | 645,875 | ||||||
Boston Private Financial Holdings, Inc. | 20,576 | 234,566 | ||||||
Bridge Bancorp, Inc. | 4,060 | 123,221 | ||||||
Brookline Bancorp, Inc. | 20,439 | 310,673 | ||||||
Bryn Mawr Bank Corp. | 5,139 | 192,815 | ||||||
Byline Bancorp, Inc. | 4,376 | 84,457 | ||||||
Cadence BanCorp | 32,106 | 501,817 | ||||||
Camden National Corp. | 4,065 | 192,112 | ||||||
Capital City Bank Group, Inc. | 3,216 | 91,720 | ||||||
Carolina Financial Corp. | 6,007 | 230,368 | ||||||
Carter Bank & Trust (a) | 6,061 | 119,947 | ||||||
Cathay General Bancorp | 19,615 | 707,317 | ||||||
CBTX, Inc. | 4,784 | 141,367 | ||||||
CenterState Banks, Inc. | 29,711 | 670,280 | ||||||
Central Pacific Financial Corp. | 7,335 | 203,400 | ||||||
Century Bancorp, Inc. Class A | 757 | 65,102 | ||||||
CIT Group, Inc. | 24,206 | 1,106,456 | ||||||
Citizens Financial Group, Inc. | 114,072 | 4,252,604 | ||||||
City Holding Co. | 4,223 | 319,597 | ||||||
CNB Financial Corp. | 3,697 | 109,283 | ||||||
Columbia Banking System, Inc. | 18,575 | 718,853 | ||||||
Comerica, Inc. | 38,108 | 2,330,685 | ||||||
Commerce Bancshares, Inc. | 26,534 | 1,795,290 | ||||||
Community Bank System, Inc. | 13,048 | 864,691 |
Shares | Value | |||||||
Community Trust Bancorp, Inc. | 4,179 | $ | 182,831 | |||||
ConnectOne Bancorp, Inc. | 8,613 | 203,353 | ||||||
Cullen/Frost Bankers, Inc. | 15,202 | 1,355,410 | ||||||
Customers Bancorp, Inc. (a) | 7,647 | 163,493 | ||||||
CVB Financial Corp. | 28,489 | 591,717 | ||||||
Dime Community Bancshares, Inc. | 7,695 | 149,360 | ||||||
Eagle Bancorp, Inc. | 8,117 | 354,713 | ||||||
East West Bancorp, Inc. | 37,135 | 1,702,268 | ||||||
Enterprise Financial Services Corp. | 6,652 | 289,429 | ||||||
Equity Bancshares, Inc. Class A (a) | 3,954 | 106,204 | ||||||
FB Financial Corp. | 4,452 | 158,714 | ||||||
Fifth Third Bancorp | 185,481 | 5,276,934 | ||||||
Financial Institutions, Inc. | 3,951 | 121,730 | ||||||
First BanCorp | 55,682 | 516,172 | ||||||
First BanCorp/NC | 7,588 | 269,222 | ||||||
First Busey Corp. | 12,611 | 321,581 | ||||||
First Citizens BancShares, Inc. Class A | 1,677 | 883,477 | ||||||
First Commonwealth Financial Corp. | 25,236 | 341,191 | ||||||
First Community Bancshares, Inc. | 4,232 | 124,040 | ||||||
First Financial Bancorp | 24,630 | 592,105 | ||||||
First Financial Bankshares, Inc. | 31,320 | 1,049,846 | ||||||
First Financial Corp. | 2,912 | 121,518 | ||||||
First Foundation, Inc. | 9,620 | 158,730 | ||||||
First Hawaiian, Inc. | 34,095 | 990,801 | ||||||
First Horizon National Corp. | 79,957 | 1,279,312 | ||||||
First Interstate Bancsystem, Inc. Class A | 10,574 | 407,099 | ||||||
First Merchants Corp. | 12,739 | 506,375 | ||||||
FirstMid-Illinois Bancshares, Inc. | 3,391 | 111,055 | ||||||
First Midwest Bancorp, Inc. | 27,859 | 555,508 | ||||||
First Republic Bank | 42,741 | 4,739,122 | ||||||
Flushing Financial Corp. | 7,119 | 141,455 | ||||||
FNB Corp. | 83,465 | 974,037 | ||||||
Franklin Financial Network, Inc. | 3,610 | 133,101 | ||||||
Fulton Financial Corp. | 42,538 | 700,601 | ||||||
German American Bancorp, Inc. | 6,634 | 226,816 | ||||||
Glacier Bancorp, Inc. | 21,937 | 929,471 | ||||||
Great Southern Bancorp, Inc. | 2,922 | 166,291 | ||||||
Great Western Bancorp, Inc. | 14,286 | 422,151 | ||||||
Hancock Whitney Corp. | 23,166 | 920,617 | ||||||
Hanmi Financial Corp. | 7,924 | 133,282 | ||||||
Harborone Bancorp, Inc. (a) | 7,327 | 79,938 | ||||||
Heartland Financial USA, Inc. | 8,490 | 415,246 | ||||||
Heritage Commerce Corp. | 14,346 | 166,414 | ||||||
Heritage Financial Corp. | 9,138 | 235,578 | ||||||
Hilltop Holdings, Inc. | 18,977 | 429,639 | ||||||
Home BancShares, Inc. | 40,780 | 779,714 | ||||||
HomeTrust Bancshares, Inc. | 4,508 | 119,552 | ||||||
Hope Bancorp, Inc. | 31,225 | 434,184 | ||||||
Horizon Bancorp, Inc. | 10,412 | 176,171 | ||||||
Huntington Bancshares, Inc. | 264,799 | 3,593,322 |
See accompanying notes which are an integral part of the financial statements.
30 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
BANKS – continued |
| |||||||
Regional Banks – continued |
| |||||||
Iberiabank Corp. | 13,456 | $ | 978,386 | |||||
Independent Bank Corp./MA | 8,667 | 625,757 | ||||||
Independent Bank Corp./MI | 5,417 | 115,815 | ||||||
Independent Bank Group, Inc. | 8,768 | 469,263 | ||||||
International Bancshares Corp. | 14,338 | 564,917 | ||||||
Investors Bancorp, Inc. | 60,565 | 731,928 | ||||||
KeyCorp | 255,976 | 4,789,311 | ||||||
Lakeland Bancorp, Inc. | 12,199 | 198,112 | ||||||
Lakeland Financial Corp. | 6,612 | 313,673 | ||||||
Live Oak Bancshares, Inc. | 6,370 | 111,348 | ||||||
M&T Bank Corp. | 32,399 | 5,459,880 | ||||||
Mercantile Bank Corp. | 3,864 | 126,623 | ||||||
Midland States Bancorp, Inc. | 5,667 | 149,722 | ||||||
MidWestOne Financial Group, Inc. | 3,737 | 120,855 | ||||||
National Bank Holdings Corp. Class A | 7,662 | 249,781 | ||||||
NBT Bancorp, Inc. | 11,211 | 423,664 | ||||||
Nicolet Bankshares, Inc. (a) | 2,373 | 167,652 | ||||||
OFG Bancorp | 13,351 | 263,148 | ||||||
Old National Bancorp | 39,089 | 700,084 | ||||||
Opus Bank | 7,087 | 188,762 | ||||||
Origin Bancorp, Inc. | 4,422 | 155,831 | ||||||
Pacific Premier Bancorp, Inc. | 13,699 | 408,230 | ||||||
PacWest Bancorp | 30,234 | 1,059,702 | ||||||
Park National Corp. | 3,834 | 364,115 | ||||||
Peapack Gladstone Financial Corp. | 4,374 | 127,852 | ||||||
Peoples Bancorp, Inc. | 5,058 | 164,587 | ||||||
People’s United Financial, Inc. | 113,221 | 1,745,868 | ||||||
People’s Utah Bancorp | 4,164 | 108,597 | ||||||
Pinnacle Financial Partners, Inc. | 18,792 | 1,109,856 | ||||||
Popular, Inc. | 24,754 | 1,385,234 | ||||||
Preferred Bank | 3,959 | 237,976 | ||||||
Prosperity Bancshares, Inc. | 24,173 | 1,696,945 | ||||||
QCR Holdings, Inc. | 4,013 | 164,934 | ||||||
Regions Financial Corp. | 254,576 | 3,963,748 | ||||||
Renasant Corp. | 11,973 | 382,298 | ||||||
Republic Bancorp, Inc. Class A | 2,788 | 116,817 | ||||||
Republic First Bancorp, Inc. (a) | 12,011 | 38,315 | ||||||
S&T Bancorp, Inc. | 9,647 | 362,631 | ||||||
Sandy Spring Bancorp, Inc. | 9,373 | 326,180 | ||||||
Seacoast Banking Corp. of Florida (a) | 13,038 | 353,982 | ||||||
ServisFirst Bancshares, Inc. | 11,669 | 428,836 | ||||||
Signature Bank | 14,087 | 1,998,804 | ||||||
Simmons First National Corp. Class A | 24,270 | 581,995 | ||||||
South State Corp. | 8,737 | 660,605 | ||||||
Southside Bancshares, Inc. | 8,011 | 281,026 | ||||||
Sterling Bancorp | 52,517 | 1,050,340 | ||||||
Stock Yards Bancorp, Inc. | 5,578 | 216,092 | ||||||
SVB Financial Group (a) | 13,171 | 3,165,386 | ||||||
Synovus Financial Corp. | 39,479 | 1,382,555 |
Shares | Value | |||||||
TCF Financial Corp. | 39,265 | $ | 1,660,124 | |||||
Texas Capital Bancshares, Inc. (a) | 12,901 | 709,039 | ||||||
The Bancorp, Inc. (a) | 13,032 | 154,169 | ||||||
The First Bancshares, Inc. | 4,188 | 144,151 | ||||||
The First of Long Island Corp. | 6,612 | 145,861 | ||||||
The PNC Financial Services Group, Inc. | 113,908 | 16,921,033 | ||||||
Tompkins Financial Corp. | 3,459 | 297,785 | ||||||
Towne Bank | 18,467 | 490,299 | ||||||
Trico Bancshares | 6,970 | 253,708 | ||||||
TriState Capital Holdings, Inc. (a) | 5,995 | 137,825 | ||||||
Triumph Bancorp, Inc. (a) | 6,501 | 253,409 | ||||||
Truist Financial Corp. | 342,165 | 17,645,449 | ||||||
Trustmark Corp. | 15,570 | 497,929 | ||||||
UMB Financial Corp. | 11,974 | 795,792 | ||||||
Umpqua Holdings Corp. | 56,215 | 950,034 | ||||||
United Bankshares, Inc. | 26,305 | 902,262 | ||||||
United Community Banks, Inc. | 20,250 | 565,380 | ||||||
Univest Financial Corp. | 7,763 | 192,833 | ||||||
Valley National Bancorp | 99,191 | 1,044,481 | ||||||
Veritex Holdings, Inc. | 10,948 | 310,047 | ||||||
Washington Trust Bancorp, Inc. | 4,012 | 189,888 | ||||||
Webster Financial Corp. | 23,614 | 1,059,324 | ||||||
WesBanco, Inc. | 16,547 | 548,037 | ||||||
Westamerica BanCorp. | 6,900 | 437,184 | ||||||
Western Alliance Bancorp | 25,184 | 1,390,912 | ||||||
Wintrust Financial Corp. | 14,541 | 920,155 | ||||||
Zions Bancorp NA | 45,151 | 2,053,919 | ||||||
|
| |||||||
149,872,632 | ||||||||
|
| |||||||
TOTAL BANKS |
| 445,273,683 | ||||||
|
| |||||||
CAPITAL MARKETS – 21.7% |
| |||||||
Asset Management & Custody Banks – 7.5% |
| |||||||
Affiliated Managers Group, Inc. | 12,923 | 1,031,902 | ||||||
Ameriprise Financial, Inc. | 33,398 | 5,524,363 | ||||||
Ares Management Corp. Class A | 20,623 | 743,665 | ||||||
Artisan Partners Asset Management, Inc. Class A | 13,657 | 456,144 | ||||||
Assetmark Financial Holdings, Inc. (a) | 3,708 | 108,756 | ||||||
Associated Capital Group, Inc. Class A | 1,077 | 44,986 | ||||||
BlackRock, Inc. | 29,579 | 15,598,486 | ||||||
Blucora, Inc. (a) | 12,724 | 286,926 | ||||||
Brihgtsphere Investment Group (a) | 19,879 | 183,086 | ||||||
Cohen & Steers, Inc. | 6,122 | 452,906 | ||||||
Diamond Hill Investment Group, Inc. | 887 | 124,863 | ||||||
Eaton Vance Corp. | 28,920 | 1,323,090 | ||||||
Federated Investors, Inc. Class B | 24,736 | 896,185 | ||||||
Focus Financial Partners, Inc. Class A (a) | 6,633 | 187,382 | ||||||
Franklin Resources, Inc. | 77,186 | 1,952,806 |
See accompanying notes which are an integral part of the financial statements.
31 |
Table of Contents
Fidelity® MSCI Financials Index ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
CAPITAL MARKETS – continued |
| |||||||
Asset Management & Custody Banks – continued |
| |||||||
GAMCO Investors, Inc. Class A | 1,388 | $ | 22,971 | |||||
Hamilton Lane, Inc. Class A | 5,068 | 329,167 | ||||||
Invesco Ltd. | 102,018 | 1,764,911 | ||||||
Janus Henderson Group PLC | 41,563 | 1,050,297 | ||||||
KKR & Co., Inc. Class A | 125,739 | 4,011,074 | ||||||
Legg Mason, Inc. | 22,229 | 870,265 | ||||||
Northern Trust Corp. | 52,087 | 5,094,630 | ||||||
Pzena Investment Management, Inc. Class A | 5,352 | 43,833 | ||||||
SEI Investments Co. | 32,847 | 2,143,595 | ||||||
State Street Corp. | 95,061 | 7,189,463 | ||||||
T Rowe Price Group, Inc. | 60,088 | 8,023,551 | ||||||
The Bank of New York Mellon Corp. | 216,463 | 9,693,213 | ||||||
The Blackstone Group, Inc. Class A | 168,793 | 10,308,189 | ||||||
Victory Capital Holdings, Inc. Class A | 3,862 | 80,561 | ||||||
Virtus Investment Partners, Inc. | 1,833 | 225,514 | ||||||
Waddell & Reed Financial, Inc. Class A | 18,694 | 298,730 | ||||||
Westwood Holdings Group, Inc. | 2,003 | 56,244 | ||||||
WisdomTree Investments, Inc. | 33,462 | 140,875 | ||||||
|
| |||||||
80,262,629 | ||||||||
|
| |||||||
Financial Exchanges & Data – 8.0% |
| |||||||
Cboe Global Markets, Inc | 28,560 | 3,519,163 | ||||||
CME Group, Inc. | 91,365 | 19,836,255 | ||||||
Donnelley Financial Solutions, Inc. (a) | 8,357 | 75,715 | ||||||
FactSet Research Systems, Inc. | 9,776 | 2,797,011 | ||||||
Intercontinental Exchange, Inc. | 142,987 | 14,261,523 | ||||||
MarketAxess Holdings, Inc. | 9,639 | 3,413,941 | ||||||
Moody’s Corp. | 43,452 | 11,158,039 | ||||||
Morningstar, Inc. | 4,964 | 778,802 | ||||||
MSCI, Inc. | 21,620 | 6,178,996 | ||||||
Nasdaq, Inc. | 29,390 | 3,422,760 | ||||||
S&P Global, Inc. | 62,842 | 18,458,581 | ||||||
Tradeweb Markets, Inc. Class A | 16,191 | 747,700 | ||||||
|
| |||||||
84,648,486 | ||||||||
|
| |||||||
Investment Banking & Brokerage – 6.2% |
| |||||||
B. Riley Financial, Inc. | 3,501 | 93,897 | ||||||
BGC Partners, Inc. Class A | 68,906 | 397,588 | ||||||
Cowen, Inc. Class A (a) | 6,939 | 111,510 | ||||||
E*TRADE Financial Corp. | 61,208 | 2,608,685 | ||||||
Evercore Partners, Inc. Class A | 10,202 | 781,677 | ||||||
Greenhill & Co., Inc. | 4,628 | 72,475 | ||||||
Houlihan Lokey, Inc. | 10,466 | 542,662 | ||||||
Interactive Brokers Group, Inc. Class A | 18,628 | 875,516 | ||||||
INTL. FCStone, Inc. (a) | 4,194 | 199,886 | ||||||
Ladenburg Thalmann Financial | ||||||||
Services, Inc. | 27,117 | 94,638 | ||||||
LPL Financial Holdings, Inc. | 21,057 | 1,939,981 | ||||||
Moelis & Co. Class A | 12,600 | 453,600 |
Shares | Value | |||||||
Morgan Stanley | 316,271 | $ | 16,528,323 | |||||
Piper Jaffray Cos. | 3,496 | 288,175 | ||||||
PJT Partners, Inc. Class A | 5,244 | 241,329 | ||||||
Raymond James Financial, Inc. | 31,966 | 2,922,651 | ||||||
Stifel Financial Corp. | 17,800 | 1,151,482 | ||||||
TD Ameritrade Holding Corp. | 70,027 | 3,324,882 | ||||||
The Charles Schwab Corp. | 300,169 | 13,672,698 | ||||||
The Goldman Sachs Group, Inc. | 82,567 | 19,630,304 | ||||||
Virtu Financial, Inc. Class A | 13,516 | 225,582 | ||||||
|
| |||||||
66,157,541 | ||||||||
|
| |||||||
TOTAL CAPITAL MARKETS |
| 231,068,656 | ||||||
|
| |||||||
CONSUMER FINANCE – 5.4% |
| |||||||
Consumer Finance – 5.4% |
| |||||||
Ally Financial, Inc. | 99,716 | 3,193,903 | ||||||
American Express Co. | 179,934 | 23,368,029 | ||||||
Capital One Financial Corp. | 120,003 | 11,976,299 | ||||||
Credit Acceptance Corp. (a) | 2,654 | 1,138,513 | ||||||
Curo Group Holdings Corp. (a) | 3,439 | 35,800 | ||||||
Discover Financial Services | 81,245 | 6,103,937 | ||||||
Encore Capital Group, Inc. (a) | 6,894 | 234,051 | ||||||
Enova International, Inc. (a) | 9,016 | 225,941 | ||||||
Ezcorp, Inc. Class A (a) | 13,401 | 83,354 | ||||||
FirstCash, Inc. | 10,951 | 952,408 | ||||||
Green Dot Corp. Class A (a) | 12,794 | 384,844 | ||||||
LendingClub Corp. (a) | 15,527 | 181,976 | ||||||
LendingTree, Inc. (a) | 1,996 | 621,155 | ||||||
Navient Corp. | 53,069 | 763,132 | ||||||
Nelnet, Inc. Class A | 5,145 | 294,603 | ||||||
OneMain Holdings, Inc. | 20,818 | 882,059 | ||||||
PRA Group, Inc. (a) | 11,710 | 414,066 | ||||||
SLM Corp. | 109,131 | 1,191,711 | ||||||
Synchrony Financial | 152,344 | 4,937,469 | ||||||
World Acceptance Corp. (a) | 1,772 | 153,225 | ||||||
|
| |||||||
TOTAL CONSUMER FINANCE |
| 57,136,475 | ||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES – 7.8% |
| |||||||
Multi-Sector Holdings – 7.3% |
| |||||||
Berkshire Hathaway, Inc. Class B (a) | 336,024 | 75,413,866 | ||||||
Cannae Holdings, Inc. (a) | 15,926 | 647,551 | ||||||
Jefferies Financial Group, Inc. | 65,237 | 1,411,729 | ||||||
|
| |||||||
77,473,146 | ||||||||
|
| |||||||
Other Diversified Financial Services – 0.5% |
| |||||||
Equitable Holdings, Inc. | 107,460 | 2,581,189 | ||||||
FGL Holdings | 42,351 | 408,687 | ||||||
Voya Financial, Inc. | 35,853 | 2,141,500 | ||||||
|
| |||||||
5,131,376 | ||||||||
|
| |||||||
Specialized Finance – 0.0% | ||||||||
NewStar Financial, Inc. (b) | 6,699 | 1,618 |
See accompanying notes which are an integral part of the financial statements.
32 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
DIVERSIFIED FINANCIAL SERVICES – continued |
| |||||||
Specialized Finance – continued | ||||||||
On Deck Capital, Inc. (a) | 13,497 | $ | 55,068 | |||||
|
| |||||||
56,686 | ||||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
| 82,661,208 | ||||||
|
| |||||||
INSURANCE – 19.8% |
| |||||||
Insurance Brokers – 4.0% |
| |||||||
Aon PLC | 60,196 | 13,258,169 | ||||||
Arthur J Gallagher & Co. | 47,634 | 4,885,819 | ||||||
Brown & Brown, Inc. | 61,001 | 2,738,945 | ||||||
Crawford & Co. Class A | 4,685 | 40,947 | ||||||
eHealth, Inc. (a) | 5,245 | 551,564 | ||||||
Goosehead Insurance, Inc. Class A | 3,304 | 172,403 | ||||||
Marsh & McLennan Cos., Inc. | 129,185 | 14,450,634 | ||||||
Willis Towers Watson PLC | 32,900 | 6,951,441 | ||||||
|
| |||||||
43,049,922 | ||||||||
|
| |||||||
Life & Health Insurance – 4.4% | ||||||||
Aflac, Inc. | 188,913 | 9,742,244 | ||||||
American Equity Investment Life Holding Co. | 22,906 | 604,948 | ||||||
Athene Holding Ltd. Class A (a) | 39,111 | 1,703,675 | ||||||
Brighthouse Financial, Inc. (a) | 28,472 | 1,107,561 | ||||||
Citizens, Inc. (a) | 13,019 | 78,895 | ||||||
CNO Financial Group, Inc. | 39,941 | 702,562 | ||||||
FBL Financial Group, Inc. Class A | 2,830 | 152,197 | ||||||
Genworth Financial, Inc. Class A (a) | 128,452 | 526,653 | ||||||
Globe Life Inc. | 26,515 | 2,764,454 | ||||||
Independence Holding Co. | 1,479 | 59,885 | ||||||
Lincoln National Corp. | 51,107 | 2,784,309 | ||||||
MetLife, Inc. | 203,089 | 10,095,554 | ||||||
National Western Life Group, Inc. Class A | 621 | 165,186 | ||||||
Primerica, Inc. | 10,715 | 1,270,371 | ||||||
Principal Financial Group, Inc. | 71,182 | 3,769,087 | ||||||
Prudential Financial, Inc. | 102,568 | 9,339,842 | ||||||
Trupanion, Inc. (a) | 7,464 | 238,251 | ||||||
Unum Group | 53,231 | 1,420,735 | ||||||
|
| |||||||
46,526,409 | ||||||||
|
| |||||||
Multi-line Insurance – 2.1% | ||||||||
American Financial Group, Inc. | 19,529 | 2,124,560 | ||||||
American International Group, Inc. | 221,952 | 11,155,308 | ||||||
American National Insurance Co. | 2,119 | 233,429 | ||||||
Assurant, Inc. | 15,640 | 2,041,958 | ||||||
Horace Mann Educators Corp. | 10,544 | 453,498 | ||||||
National General Holdings Corp. | 17,420 | 379,233 | ||||||
The Hartford Financial Services Group, Inc. | 92,183 | 5,464,608 | ||||||
Watford Holdings Ltd. (a) | 5,227 | 114,210 | ||||||
|
| |||||||
21,966,804 | ||||||||
|
|
Shares | Value | |||||||
Property & Casualty Insurance – 8.3% | ||||||||
Ambac Financial Group, Inc. (a) | 11,966 | $ | 256,431 | |||||
AMERISAFE, Inc. | 4,938 | 337,858 | ||||||
Arch Capital Group Ltd. (a) | 103,594 | 4,574,711 | ||||||
Argo Group International Holdings Ltd. | 8,863 | 581,413 | ||||||
Assured Guaranty Ltd. | 25,249 | 1,157,414 | ||||||
Axis Capital Holdings Ltd. | 21,462 | 1,378,934 | ||||||
Chubb Ltd. | 116,282 | 17,673,701 | ||||||
Cincinnati Financial Corp. | 39,760 | 4,172,812 | ||||||
Donegal Group, Inc. Class A | 3,733 | 52,075 | ||||||
Employers Holdings, Inc. | 7,955 | 339,281 | ||||||
Erie Indemnity Co. Class A | 6,483 | 1,079,420 | ||||||
Fidelity National Financial, Inc. | 70,202 | 3,422,347 | ||||||
First American Financial Corp. | 28,598 | 1,772,504 | ||||||
Global Indemnity Ltd. | 2,292 | 72,267 | ||||||
HCI Group, Inc. | 1,713 | 75,835 | ||||||
Heritage Insurance Holdings, Inc. | 6,935 | 83,636 | ||||||
James River Group Holdings Ltd. | 7,728 | 331,840 | ||||||
Kemper Corp. | 14,487 | 1,078,123 | ||||||
Kinsale Capital Group, Inc. | 5,132 | 586,177 | ||||||
Loews Corp. | 69,436 | 3,572,482 | ||||||
Markel Corp. (a) | 3,527 | 4,137,065 | ||||||
MBIA, Inc. (a) | 20,272 | 183,664 | ||||||
Mercury General Corp. | 7,052 | 346,183 | ||||||
Old Republic International Corp. | 73,850 | 1,665,317 | ||||||
Palomar Holdings, Inc. (a) | 2,895 | 154,738 | ||||||
ProAssurance Corp. | 13,418 | 407,505 | ||||||
ProSight Global, Inc. (a) | 2,753 | 39,836 | ||||||
RLI Corp. | 9,740 | 905,917 | ||||||
Safety Insurance Group, Inc. | 3,679 | 338,762 | ||||||
Selective Insurance Group, Inc. | 15,187 | 1,006,139 | ||||||
State Auto Financial Corp. | 4,512 | 135,856 | ||||||
Stewart Information Services Corp. | 6,072 | 253,506 | ||||||
The Allstate Corp. | 84,002 | 9,957,597 | ||||||
The Hanover Insurance Group, Inc. | 10,122 | 1,402,707 | ||||||
The Progressive Corp. | 149,169 | 12,036,447 | ||||||
The Travelers Cos., Inc. | 66,436 | 8,744,306 | ||||||
United Fire Group, Inc. | 5,633 | 249,317 | ||||||
United Insurance Holdings Corp. | 5,499 | 55,760 | ||||||
Universal Insurance Holdings, Inc. | 8,466 | 206,062 | ||||||
White Mountains Insurance Group Ltd. | 818 | 913,886 | ||||||
WR Berkley Corp. | 37,628 | 2,766,787 | ||||||
|
| |||||||
88,506,618 | ||||||||
|
| |||||||
Reinsurance – 1.0% | ||||||||
Alleghany Corp. (a) | 3,668 | 2,925,817 | ||||||
Enstar Group Ltd. (a) | 2,972 | 580,402 | ||||||
Everest Re Group Ltd. | 10,395 | 2,874,945 | ||||||
Greenlight Capital Re Ltd. Class A (a) | 7,302 | 67,982 | ||||||
Reinsurance Group of America, Inc. | 16,008 | 2,305,952 | ||||||
RenaissanceRe Holdings Ltd. | 11,267 | 2,134,420 |
See accompanying notes which are an integral part of the financial statements.
33 |
Table of Contents
Fidelity® MSCI Financials Index ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
INSURANCE – continued | ||||||||
Reinsurance – continued | ||||||||
Third Point Reinsurance Ltd. (a) | 19,194 | $ | 209,023 | |||||
|
| |||||||
11,098,541 | ||||||||
|
| |||||||
TOTAL INSURANCE |
| 211,148,294 | ||||||
|
| |||||||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 1.9% |
| |||||||
Mortgage REITs – 1.9% |
| |||||||
AG Mortgage Investment Trust, Inc. | 8,604 | 136,373 | ||||||
AGNC Investment Corp. | 140,142 | 2,605,240 | ||||||
Annaly Capital Management, Inc. | 372,549 | 3,636,078 | ||||||
Anworth Mortgage Asset Corp. | 26,263 | 94,022 | ||||||
Apollo Commercial Real Estate | ||||||||
Finance, Inc. | 37,427 | 684,166 | ||||||
Ares Commercial Real Estate Corp. | 6,644 | 108,563 | ||||||
ARMOUR Residential REIT, Inc. | 15,444 | 297,451 | ||||||
Blackstone Mortgage Trust, Inc. | ||||||||
Class A | 32,633 | 1,246,581 | ||||||
Capstead Mortgage Corp. | 24,119 | 198,258 | ||||||
Chimera Investment Corp. | 48,234 | 1,022,561 | ||||||
Colony Credit Real Estate, Inc. | 21,773 | 271,074 | ||||||
Dynex Capital, Inc. | 6,375 | 113,603 | ||||||
Ellington Financial, Inc. | 9,230 | 168,632 | ||||||
Exantas Capital Corp. | 8,235 | 99,479 | ||||||
Granite Point Mortgage Trust, Inc. | 13,835 | 253,042 | ||||||
Invesco Mortgage Capital, Inc. | 36,559 | 639,417 | ||||||
KKR Real Estate Finance Trust, Inc. | 6,790 | 142,929 | ||||||
Ladder Capital Corp. | 23,253 | 426,693 | ||||||
MFA Financial, Inc. | 116,378 | 907,748 | ||||||
New Residential Investment Corp. | 106,574 | 1,784,049 | ||||||
New York Mortgage Trust, Inc. | 81,797 | 519,411 | ||||||
PennyMac Mortgage Investment Trust | 22,051 | 512,686 | ||||||
Ready Capital Corp. | 9,798 | 159,903 | ||||||
Redwood Trust, Inc. | 28,099 | 495,385 | ||||||
Starwood Property Trust, Inc. | 71,926 | 1,845,621 | ||||||
TPG RE Finance Trust, Inc. | 11,216 | 229,592 | ||||||
Two Harbors Investment Corp. | 69,962 | 1,067,620 | ||||||
Western Asset Mortgage Capital Corp. | 14,409 | 152,879 | ||||||
|
| |||||||
TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) |
| 19,819,056 | ||||||
|
| |||||||
THRIFTS & MORTGAGE FINANCE – 1.2% |
| |||||||
Thrifts & Mortgage Finance – 1.2% |
| |||||||
Axos Financial, Inc. (a) | 13,975 | 393,676 | ||||||
Capitol Federal Financial, Inc. | 34,517 | 454,934 | ||||||
Columbia Financial, Inc. (a) | 14,795 | 248,112 | ||||||
Essent Group Ltd. | 24,004 | 1,190,838 | ||||||
Federal Agricultural Mortgage Corp. Class C | 2,336 | 178,237 |
Shares | Value | |||||||
First Defiance Financial Corp. | 5,342 | $ | 157,001 | |||||
Flagstar Bancorp, Inc. | 9,404 | 331,397 | ||||||
HomeStreet, Inc. (a) | 5,760 | 184,954 | ||||||
Kearny Financial Corp. | 21,327 | 263,388 | ||||||
Luther Burbank Corp. | 5,654 | 58,293 | ||||||
Merchants Bancorp | 2,346 | 46,169 | ||||||
Meridian Bancorp, Inc. | 13,216 | 237,756 | ||||||
Meta Financial Group, Inc. | 8,634 | 321,358 | ||||||
MGIC Investment Corp. | 90,605 | 1,249,443 | ||||||
Mr Cooper Group, Inc. (a) | 19,091 | 236,347 | ||||||
New York Community Bancorp, Inc. | 119,488 | 1,321,537 | ||||||
NMI Holdings, Inc. Class A (a) | 17,340 | 553,493 | ||||||
Northfield Bancorp, Inc. | 11,730 | 186,390 | ||||||
Northwest Bancshares, Inc. | 25,901 | 407,293 | ||||||
OceanFirst Financial Corp. | 14,686 | 341,596 | ||||||
Ocwen Financial Corp. (a) | 33,613 | 41,344 | ||||||
Provident Financial Services, Inc. | 16,061 | 366,351 | ||||||
Radian Group, Inc. | 52,005 | 1,273,602 | ||||||
Sterling Bancorp, Inc. | 4,554 | 33,381 | ||||||
TFS Financial Corp. | 14,492 | 296,072 | ||||||
TrustCo Bank Corp. | 24,807 | 196,720 | ||||||
United Community Financial Corp. | 13,113 | 143,325 | ||||||
Walker & Dunlop, Inc. | 7,490 | 497,111 | ||||||
Washington Federal, Inc. | 20,310 | 690,540 | ||||||
Waterstone Financial, Inc. | 6,717 | 117,480 | ||||||
WSFS Financial Corp. | 13,100 | 522,559 | ||||||
|
| |||||||
TOTAL THRIFTS & MORTGAGE FINANCE |
| 12,540,697 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 1,059,648,069 | ||||||
|
| |||||||
Money Market Fund – 0.2% | ||||||||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (c) | 2,447,000 | 2,447,000 | ||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 99.9% |
| 1,062,095,069 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.1% |
| 853,485 | ||||||
|
| |||||||
NET ASSETS – 100.0% |
| $ | 1,062,948,554 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | Level 3 security. |
(c) | The rate quoted is the annualizedseven-day yield of the fund at period end. |
See accompanying notes which are an integral part of the financial statements.
34 |
Table of Contents
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contracts |
| |||||||||||||||||||
CMEE-mini Russell 2000 Index Future Contracts | 4 | March 2020 | $ | 322,940 | $ | (7,193 | ) | $ | (7,193 | ) | ||||||||||
CMEE-mini S&P Financial Select Sector Index Future Contracts | 32 | March 2020 | 2,948,400 | (64,270 | ) | (64,270 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Equity Index Contracts | $ | (71,463 | ) | |||||||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 1,059,648,069 | $ | 1,059,646,451 | $ | — | $ | 1,618 | ||||||||
Money Market Funds | 2,447,000 | 2,447,000 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 1,062,095,069 | $ | 1,062,093,451 | $ | — | $ | 1,618 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (71,463 | ) | $ | (71,463 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (71,463 | ) | $ | (71,463 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | (71,463 | ) | $ | (71,463 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts (a) | $ | 0 | $ | (71,463 | ) | |||
|
|
|
| |||||
Total Equity Risk | 0 | (71,463 | ) | |||||
|
|
|
| |||||
Total Value of Derivatives | $ | 0 | $ | (71,463 | ) | |||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
35 |
Table of Contents
Fidelity® MSCI Health Care Index ETF
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% | ||||||||
Shares | Value | |||||||
BIOTECHNOLOGY – 16.8% |
| |||||||
Biotechnology – 16.8% |
| |||||||
AbbVie, Inc. | 588,431 | $ | 47,674,680 | |||||
ACADIA Pharmaceuticals, Inc. (a) | 43,133 | 1,722,732 | ||||||
Acceleron Pharma, Inc. (a) | 17,973 | 1,631,589 | ||||||
Adverum Biotechnologies, Inc. (a) | 21,691 | 214,090 | ||||||
Agenus, Inc. (a) | 45,405 | 169,815 | ||||||
Agios Pharmaceuticals, Inc. (a) | 24,132 | 1,175,952 | ||||||
Aimmune Therapeutics, Inc. (a) | 15,250 | 473,513 | ||||||
Akcea Therapeutics, Inc. (a) | 7,657 | 132,236 | ||||||
Akebia Therapeutics, Inc. (a) | 31,648 | 228,499 | ||||||
Alder Biopharmaceuticals, Inc. (a)(b) | 22,547 | 19,841 | ||||||
Alexion Pharmaceuticals, Inc. (a) | 89,287 | 8,874,235 | ||||||
Alkermes PLC (a) | 62,511 | 1,088,317 | ||||||
Allakos, Inc. (a) | 9,570 | 690,954 | ||||||
Allogene Therapeutics, Inc. (a) | 9,524 | 206,861 | ||||||
Alnylam Pharmaceuticals, Inc. (a) | 44,214 | 5,075,325 | ||||||
AMAG Pharmaceuticals, Inc. (a) | 12,165 | 107,782 | ||||||
Amgen, Inc. | 238,678 | 51,566,382 | ||||||
Amicus Therapeutics, Inc. (a) | 100,885 | 891,823 | ||||||
AnaptysBio, Inc. (a) | 9,521 | 138,245 | ||||||
Anika Therapeutics, Inc. (a) | 5,392 | 221,665 | ||||||
Apellis Pharmaceuticals, Inc. (a) | 23,256 | 956,054 | ||||||
Arcus Biosciences, Inc. (a) | 9,477 | 83,208 | ||||||
Arena Pharmaceuticals, Inc. (a) | 19,786 | 904,022 | ||||||
Arrowhead Pharmaceuticals, Inc. (a) | 33,977 | 1,423,976 | ||||||
Assembly Biosciences, Inc. (a) | 11,159 | 195,952 | ||||||
Atara Biotherapeutics, Inc. (a) | 18,686 | 247,216 | ||||||
Athenex, Inc. (a) | 18,083 | 242,131 | ||||||
Avrobio, Inc. (a) | 9,195 | 199,807 | ||||||
BioCryst Pharmaceuticals, Inc. (a) | 58,693 | 167,275 | ||||||
Biogen, Inc. (a) | 73,410 | 19,736,278 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 17,635 | 855,121 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 71,342 | 5,957,057 | ||||||
BioSpecifics Technologies Corp. (a) | 2,119 | 125,191 | ||||||
Bluebird Bio, Inc. (a) | 22,075 | 1,759,157 | ||||||
Blueprint Medicines Corp. (a) | 18,708 | 1,187,023 | ||||||
CareDx, Inc. (a) | 15,479 | 373,973 | ||||||
Catalyst Pharmaceuticals, Inc. (a) | 36,265 | 149,049 | ||||||
ChemoCentryx, Inc. (a) | 15,003 | 636,427 | ||||||
Coherus Biosciences, Inc. (a) | 20,707 | 373,554 | ||||||
Crinetics Pharmaceuticals, Inc. (a) | 3,776 | 81,108 | ||||||
CRISPR Therapeutics AG (a) | 10,822 | 562,203 | ||||||
Cyclerion Therapeutics, Inc. (a) | 5,544 | 18,184 | ||||||
Cytokinetics, Inc. (a) | 20,759 | 255,336 | ||||||
CytomX Therapeutics, Inc. (a) | 18,517 | 137,396 | ||||||
Deciphera Pharmaceuticals, Inc. (a) | 9,873 | 618,346 | ||||||
Denali Therapeutics, Inc. (a) | 25,133 | 582,080 | ||||||
Dicerna Pharmaceuticals, Inc. (a) | 20,183 | 398,513 | ||||||
Dynavax Technologies Corp. (a) | 32,803 | 165,655 |
Shares | Value | |||||||
Eagle Pharmaceuticals, Inc. (a) | 4,308 | $ | 231,857 | |||||
Editas Medicine, Inc. (a) | 17,523 | 463,133 | ||||||
Eidos Therapeutics, Inc. (a) | 2,882 | 153,553 | ||||||
Emergent BioSolutions, Inc. (a) | 17,407 | 958,952 | ||||||
Enanta Pharmaceuticals, Inc. (a) | 5,779 | 297,850 | ||||||
Epizyme, Inc. (a) | 29,144 | 609,984 | ||||||
Esperion Therapeutics, Inc. (a) | 9,610 | 519,709 | ||||||
Exact Sciences Corp. (a) | 58,131 | 5,422,460 | ||||||
Exelixis, Inc. (a) | 120,534 | 2,073,185 | ||||||
Fate Therapeutics, Inc. (a) | 23,829 | 604,303 | ||||||
FibroGen, Inc. (a) | 31,221 | 1,306,599 | ||||||
Flexion Therapeutics, Inc. (a) | 12,559 | 220,034 | ||||||
Forty Seven, Inc. (a) | 11,221 | 413,718 | ||||||
G1 Therapeutics, Inc. (a) | 10,204 | 197,549 | ||||||
Geron Corp. (a) | 76,971 | 100,832 | ||||||
Gilead Sciences, Inc. | 504,045 | 31,855,644 | ||||||
Global Blood Therapeutics, Inc. (a) | 24,013 | 1,567,088 | ||||||
Gossamer Bio, Inc. (a) | 7,752 | 102,947 | ||||||
Halozyme Therapeutics, Inc. (a) | 52,644 | 999,183 | ||||||
Heron Therapeutics, Inc. (a) | 33,415 | 697,037 | ||||||
Homology Medicines, Inc. (a) | 7,588 | 118,752 | ||||||
ImmunoGen, Inc. (a) | 68,140 | 321,962 | ||||||
Immunomedics, Inc. (a) | 60,834 | 1,129,687 | ||||||
Incyte Corp. (a) | 72,656 | 5,308,974 | ||||||
Insmed, Inc. (a) | 33,581 | 689,754 | ||||||
Intellia Therapeutics, Inc. (a) | 13,558 | 161,476 | ||||||
Intercept Pharmaceuticals, Inc. (a) | 10,465 | 967,071 | ||||||
Invitae Corp. (a) | 35,820 | 668,043 | ||||||
Ionis Pharmaceuticals, Inc. (a) | 53,036 | 3,093,060 | ||||||
Iovance Biotherapeutics, Inc. (a) | 41,847 | 909,754 | ||||||
Ironwood Pharmaceuticals, Inc. (a) | 62,103 | 750,204 | ||||||
Karyopharm Therapeutics, Inc. (a) | 19,985 | 322,758 | ||||||
Kodiak Sciences, Inc. (a) | 10,154 | 620,105 | ||||||
Krystal Biotech, Inc. (a) | 4,572 | 238,933 | ||||||
Kura Oncology, Inc. (a) | 14,024 | 164,642 | ||||||
Lexicon Pharmaceuticals, Inc. (a) | 19,319 | 59,696 | ||||||
Ligand Pharmaceuticals, Inc. (a) | 7,556 | 663,492 | ||||||
MacroGenics, Inc. (a) | 18,588 | 171,939 | ||||||
Madrigal Pharmaceuticals, Inc. (a) | 3,330 | 276,457 | ||||||
MeiraGTx Holdings PLC (a) | 6,210 | 112,463 | ||||||
Mirati Therapeutics, Inc. (a) | 10,113 | 878,112 | ||||||
Momenta Pharmaceuticals, Inc. (a) | 44,932 | 1,303,927 | ||||||
Myovant Sciences Ltd. (a) | 16,323 | 207,302 | ||||||
Myriad Genetics, Inc. (a) | 29,564 | 817,445 | ||||||
Natera, Inc. (a) | 19,525 | 683,570 | ||||||
Neurocrine Biosciences, Inc. (a) | 34,615 | 3,464,269 | ||||||
Opko Health, Inc. (a) | 130,501 | 189,226 | ||||||
PDL BioPharma, Inc. (a) | 47,301 | 155,620 | ||||||
Portola Pharmaceuticals, Inc. (a) | 29,012 | 371,063 | ||||||
Preciden, Inc. | 28,391 | 132,018 | ||||||
Principia Biopharma, Inc. (a) | 8,915 | 469,375 |
See accompanying notes which are an integral part of the financial statements.
36 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
BIOTECHNOLOGY – continued |
| |||||||
Biotechnology – continued |
| |||||||
Progenics Pharmaceuticals, Inc. (a) | 35,663 | $ | 159,057 | |||||
Prothena Corp. PLC (a) | 15,783 | 192,079 | ||||||
PTC Therapeutics, Inc. (a) | 21,143 | 1,088,865 | ||||||
Puma Biotechnology, Inc. (a) | 11,752 | 92,371 | ||||||
Ra Pharmaceuticals, Inc. (a) | 12,129 | 568,486 | ||||||
Radius Health, Inc. (a) | 17,647 | 309,881 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 32,232 | 10,892,482 | ||||||
REGENXBIO, Inc. (a) | 13,017 | 566,630 | ||||||
Retrophin, Inc. (a) | 15,142 | 234,095 | ||||||
Rhythm Pharmaceuticals, Inc. (a) | 11,648 | 204,306 | ||||||
Rigel Pharmaceuticals, Inc. (a) | 69,003 | 155,947 | ||||||
Rocket Pharmaceuticals, Inc. (a) | 12,960 | 265,421 | ||||||
Rubius Therapeutics, Inc. (a) | 12,531 | 97,742 | ||||||
Sage Therapeutics, Inc. (a) | 20,485 | 1,357,746 | ||||||
Sangamo Therapeutics, Inc. (a) | 45,701 | 334,988 | ||||||
Sarepta Therapeutics, Inc. (a) | 29,663 | 3,439,721 | ||||||
Scholar Rock Holding Corp. (a) | 7,429 | 91,302 | ||||||
Seattle Genetics, Inc. (a) | 47,011 | 5,095,522 | ||||||
Solid Biosciences, Inc. (a) | 10,084 | 33,781 | ||||||
Spectrum Pharmaceuticals, Inc. (a) | 41,274 | 104,423 | ||||||
Stemline Therapeutics, Inc. (a) | 17,190 | 113,970 | ||||||
Stoke Therapeutics, Inc. (a) | 3,264 | 91,261 | ||||||
TG Therapeutics, Inc. (a) | 34,375 | 488,469 | ||||||
Translate Bio, Inc. (a) | 8,340 | 59,798 | ||||||
Turning Point Therapeutics, Inc. (a) | 7,103 | 415,526 | ||||||
Twist Bioscience Corp. (a) | 4,364 | 108,402 | ||||||
Ultragenyx Pharmaceutical, Inc. (a) | 21,890 | 1,150,319 | ||||||
uniQure N.V. (a) | 13,766 | 792,371 | ||||||
United Therapeutics Corp. (a) | 17,392 | 1,698,677 | ||||||
Vanda Pharmaceuticals, Inc. (a) | 18,580 | 236,895 | ||||||
Veracyte, Inc. (a) | 18,261 | 479,351 | ||||||
Vericel Corp. (a) | 16,750 | 274,700 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 102,299 | 23,226,988 | ||||||
Viking Therapeutics, Inc. (a) | 26,315 | 165,258 | ||||||
Voyager Therapeutics, Inc. (a) | 10,832 | 119,477 | ||||||
Xencor, Inc. (a) | 20,153 | 683,993 | ||||||
Y-mAbs Therapeutics, Inc. (a) | 7,676 | 253,231 | ||||||
ZIOPHARM Oncology, Inc. (a) | 53,711 | 211,621 | ||||||
|
| |||||||
TOTAL BIOTECHNOLOGY | 290,767,746 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SUPPLIES – 25.6% |
| |||||||
Health Care Equipment – 23.6% |
| |||||||
Abbott Laboratories | 703,418 | 61,295,845 | ||||||
ABIOMED, Inc. (a) | 18,069 | 3,366,074 | ||||||
AngioDynamics, Inc. (a) | 14,409 | 198,412 | ||||||
AtriCure, Inc. (a) | 15,704 | 610,886 | ||||||
AxoGen, Inc. (a) | 13,743 | 169,863 | ||||||
Axonics Modulation Technologies, Inc. (a) | 6,553 | 190,234 |
Shares | Value | |||||||
Baxter International, Inc. | 193,039 | $ | 17,222,940 | |||||
Becton Dickinson and Co. | 107,440 | 29,565,339 | ||||||
Boston Scientific Corp. (a) | 554,397 | 23,212,602 | ||||||
Cantel Medical Corp. | 14,869 | 967,377 | ||||||
Cardiovascular Systems, Inc. (a) | 14,036 | 637,094 | ||||||
CONMED Corp. | 11,222 | 1,141,053 | ||||||
CryoLife, Inc. (a) | 15,210 | 452,345 | ||||||
CryoPort, Inc. (a) | 14,117 | 252,835 | ||||||
Cutera, Inc. (a) | 4,477 | 126,162 | ||||||
Danaher Corp. | 248,758 | 40,017,699 | ||||||
DexCom, Inc. (a) | 36,304 | 8,740,188 | ||||||
Edwards Lifesciences Corp. (a) | 82,771 | 18,198,032 | ||||||
Envista Holdings Corp. (a) | 47,211 | 1,396,973 | ||||||
GenMark Diagnostics, Inc. (a) | 20,958 | 112,964 | ||||||
Glaukos Corp. (a) | 15,455 | 869,344 | ||||||
Globus Medical, Inc. Class A (a) | 30,475 | 1,593,233 | ||||||
Heska Corp. (a) | 2,953 | 295,861 | ||||||
Hill-Rom Holdings, Inc. | 26,592 | 2,831,782 | ||||||
Hologic, Inc. (a) | 106,483 | 5,698,970 | ||||||
IDEXX Laboratories, Inc. (a) | 34,264 | 9,285,887 | ||||||
Inogen, Inc. (a) | 7,428 | 328,838 | ||||||
Insulet Corp. (a) | 23,985 | 4,654,049 | ||||||
Integer Holdings Corp. (a) | 12,966 | 1,107,296 | ||||||
Integra LifeSciences Holdings Corp. (a) | 28,819 | 1,586,198 | ||||||
Intuitive Surgical, Inc. (a) | 45,870 | 25,677,109 | ||||||
iRhythm Technologies, Inc. (a) | 9,952 | 852,190 | ||||||
LeMaitre Vascular, Inc. | 6,929 | 249,340 | ||||||
LivaNova PLC (a) | 19,168 | 1,302,849 | ||||||
Masimo Corp. (a) | 20,170 | 3,441,002 | ||||||
Medtronic PLC | 533,980 | 61,642,651 | ||||||
Mesa Laboratories, Inc. | 1,544 | 405,207 | ||||||
Natus Medical, Inc. (a) | 13,461 | 421,195 | ||||||
Nevro Corp. (a) | 12,232 | 1,625,755 | ||||||
Novocure Ltd. (a) | 31,348 | 2,553,608 | ||||||
NuVasive, Inc. (a) | 20,815 | 1,605,253 | ||||||
Orthofix Medical, Inc. (a) | 7,468 | 323,066 | ||||||
Penumbra, Inc. (a) | 12,458 | 2,185,881 | ||||||
ResMed, Inc. | 57,180 | 9,089,905 | ||||||
Shockwave Medical, Inc. (a) | 2,782 | 120,794 | ||||||
Steris PLC | 33,705 | 5,079,006 | ||||||
Stryker Corp. | 134,003 | 28,234,432 | ||||||
Surmodics, Inc. (a) | 5,326 | 209,791 | ||||||
Tactile Systems Technology, Inc. (a) | 6,882 | 386,700 | ||||||
Tandem Diabetes Care, Inc. (a) | 21,084 | 1,603,227 | ||||||
Teleflex, Inc. | 18,384 | 6,829,840 | ||||||
Varex Imaging Corp. (a) | 15,097 | 417,432 | ||||||
Varian Medical Systems, Inc. (a) | 36,278 | 5,099,598 | ||||||
ViewRay, Inc. (a) | 44,449 | 138,681 | ||||||
Wright Medical Group N.V. (a) | 48,070 | 1,448,830 | ||||||
Zimmer Biomet Holdings, Inc. | 81,714 | 12,085,501 | ||||||
|
| |||||||
409,155,218 | ||||||||
|
|
See accompanying notes which are an integral part of the financial statements.
37 |
Table of Contents
Fidelity® MSCI Health Care Index ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES – continued |
| |||||||
Health Care Supplies – 2.0% |
| |||||||
Align Technology, Inc. (a) | 30,214 | $ | 7,768,019 | |||||
Antares Pharma, Inc. (a) | 60,301 | 221,305 | ||||||
Atrion Corp. | 601 | 432,233 | ||||||
Avanos Medical, Inc. (a) | 19,135 | 526,978 | ||||||
Cerus Corp. (a) | 56,993 | 228,542 | ||||||
DENTSPLY SIRONA, Inc. | 89,141 | 4,991,896 | ||||||
Haemonetics Corp. (a) | 20,276 | 2,177,440 | ||||||
ICU Medical, Inc. (a) | 7,815 | 1,426,003 | ||||||
Lantheus Holdings, Inc. (a) | 15,322 | 268,288 | ||||||
Meridian Bioscience, Inc. | 16,681 | 164,141 | ||||||
Merit Medical Systems, Inc. (a) | 22,184 | 807,941 | ||||||
Neogen Corp. (a) | 20,883 | 1,404,799 | ||||||
OraSure Technologies, Inc. (a) | 23,847 | 168,121 | ||||||
OrthoPediatrics Corp. (a) | 4,248 | 195,111 | ||||||
Quidel Corp. (a) | 14,795 | 1,136,256 | ||||||
Quotient Ltd. (a) | 27,651 | 206,138 | ||||||
Silk Road Medical, Inc. (a) | 7,282 | 338,904 | ||||||
STAAR Surgical Co. (a) | 13,328 | 448,354 | ||||||
The Cooper Cos., Inc. | 19,714 | 6,838,590 | ||||||
West Pharmaceutical Services, Inc. | 29,339 | 4,575,417 | ||||||
|
| |||||||
34,324,476 | ||||||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
| 443,479,694 | ||||||
|
| |||||||
HEALTH CARE PROVIDERS & SERVICES – 18.5% |
| |||||||
Health Care Distributors – 1.6% |
| |||||||
AmerisourceBergen Corp. | 62,116 | 5,314,645 | ||||||
Cardinal Health, Inc. | 118,672 | 6,077,193 | ||||||
Covetrus, Inc. (a) | 40,415 | 497,105 | ||||||
Henry Schein, Inc. (a) | 59,015 | 4,068,494 | ||||||
McKesson Corp. | 73,591 | 10,494,813 | ||||||
Owens & Minor, Inc. | 24,951 | 156,193 | ||||||
Patterson Cos., Inc. | 34,205 | 752,852 | ||||||
PetIQ, Inc. (a) | 8,059 | 239,755 | ||||||
|
| |||||||
27,601,050 | ||||||||
|
| |||||||
Health Care Facilities – 1.7% |
| |||||||
Acadia Healthcare Co., Inc. (a) | 35,013 | 1,124,968 | ||||||
Brookdale Senior Living, Inc. (a) | 65,858 | 434,004 | ||||||
Community Health Systems, Inc. (a) | 37,025 | 158,837 | ||||||
Encompass Health Corp. | 39,375 | 3,033,056 | ||||||
Hanger, Inc. (a) | 13,135 | 320,888 | ||||||
HCA Healthcare, Inc. | 108,568 | 15,069,238 | ||||||
National HealthCare Corp. | 4,483 | 376,213 | ||||||
Select Medical Holdings Corp. (a) | 45,871 | 1,047,694 | ||||||
Surgery Partners, Inc. (a) | 7,673 | 129,444 | ||||||
Tenet Healthcare Corp. (a) | 34,779 | 1,100,408 | ||||||
The Ensign Group, Inc. | 20,034 | 905,537 | ||||||
The Pennant Group, Inc. (a) | 9,830 | 259,512 | ||||||
Universal Health Services, Inc. Class B | 32,304 | 4,429,201 |
Shares | Value | |||||||
US Physical Therapy, Inc. | 5,041 | $ | 590,503 | |||||
|
| |||||||
28,979,503 | ||||||||
|
| |||||||
Health Care Services – 5.5% |
| |||||||
Addus HomeCare Corp. (a) | 5,528 | 521,512 | ||||||
Amedisys, Inc. (a) | 12,800 | 2,259,072 | ||||||
AMN Healthcare Services, Inc. (a) | 18,669 | 1,257,917 | ||||||
Apollo Medical Holdings, Inc. (a) | 9,736 | 174,469 | ||||||
BioTelemetry, Inc. (a) | 13,513 | 661,056 | ||||||
Chemed Corp. | 6,323 | 2,953,094 | ||||||
Cigna Corp. (a) | 150,286 | 28,912,021 | ||||||
CorVel Corp. (a) | 3,965 | 363,075 | ||||||
Cross Country Healthcare, Inc. (a) | 14,119 | 139,778 | ||||||
CVS Health Corp. | 517,593 | 35,103,157 | ||||||
DaVita, Inc. (a) | 41,305 | 3,299,030 | ||||||
Diplomat Pharmacy, Inc. (a) | 23,369 | 93,009 | ||||||
Guardant Health, Inc. (a) | 14,779 | 1,123,795 | ||||||
Laboratory Corp. of America Holdings (a) | 38,902 | 6,823,411 | ||||||
LHC Group, Inc. (a) | 11,865 | 1,729,324 | ||||||
MEDNAX, Inc. (a) | 33,384 | 770,169 | ||||||
National Research Corp. Class A | 4,866 | 329,282 | ||||||
Option Care Health, Inc. (a) | 55,721 | 232,914 | ||||||
Premier, Inc. Class A (a) | 25,160 | 874,813 | ||||||
Quest Diagnostics, Inc. | 53,538 | 5,925,050 | ||||||
R1 RCM, Inc. (a) | 35,314 | 441,425 | ||||||
RadNet, Inc. (a) | 17,043 | 384,660 | ||||||
The Providence Service Corp. (a) | 4,612 | 299,088 | ||||||
Tivity Health, Inc. (a) | 19,339 | 418,593 | ||||||
|
| |||||||
95,089,714 | ||||||||
|
| |||||||
Managed Health Care – 9.7% |
| |||||||
Anthem, Inc. | 101,815 | 27,009,483 | ||||||
Centene Corp. (a) | 232,294 | 14,590,386 | ||||||
HealthEquity, Inc. (a) | 28,176 | 1,861,307 | ||||||
Humana, Inc. | 53,764 | 18,077,607 | ||||||
Magellan Health, Inc. (a) | 9,081 | 664,820 | ||||||
Molina Healthcare, Inc. (a) | 23,710 | 2,915,619 | ||||||
Triple-S Management Corp. Class B (a) | 9,885 | 174,174 | ||||||
UnitedHealth Group, Inc. | 377,173 | 102,760,784 | ||||||
|
| |||||||
168,054,180 | ||||||||
|
| |||||||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
| 319,724,447 | ||||||
|
| |||||||
HEALTH CARE TECHNOLOGY – 1.5% |
| |||||||
Health Care Technology – 1.5% |
| |||||||
Allscripts Healthcare Solutions, Inc. (a) | 66,934 | 574,294 | ||||||
Cerner Corp. | 126,719 | 9,102,226 | ||||||
Change Healthcare, Inc. (a) | 19,804 | 307,358 | ||||||
Computer Programs & Systems, Inc. | 5,567 | 144,742 | ||||||
Evolent Health, Inc. Class A (a) | 29,841 | 300,797 | ||||||
Health Catalyst, Inc. (a) | 3,612 | 117,932 | ||||||
HealthStream, Inc. (a) | 10,689 | 273,104 |
See accompanying notes which are an integral part of the financial statements.
38 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HEALTH CARE TECHNOLOGY – continued |
| |||||||
Health Care Technology – continued |
| |||||||
HMS Holdings Corp. (a) | 34,759 | $ | 949,616 | |||||
Inovalon Holdings, Inc. Class A (a) | 26,699 | 540,922 | ||||||
Inspire Medical Systems, Inc. (a) | 4,880 | 365,024 | ||||||
NextGen Healthcare, Inc. (a) | 19,235 | 266,597 | ||||||
Omnicell, Inc. (a) | 16,501 | 1,341,201 | ||||||
Phreesia, Inc. (a) | 7,083 | 219,573 | ||||||
Simulations Plus, Inc. | 4,872 | 158,730 | ||||||
Tabula Rasa HealthCare, Inc. (a) | 7,659 | 444,758 | ||||||
Teladoc Health, Inc. (a) | 27,319 | 2,778,615 | ||||||
Veeva Systems, Inc. Class A (a) | 51,776 | 7,590,879 | ||||||
Vocera Communications, Inc. (a) | 12,868 | 283,482 | ||||||
|
| |||||||
TOTAL HEALTH CARE TECHNOLOGY |
| 25,759,850 | ||||||
|
| |||||||
LIFE SCIENCES TOOLS & SERVICES – 7.3% |
| |||||||
Life Sciences Tools & Services – 7.3% |
| |||||||
Accelerate Diagnostics, Inc. (a) | 12,025 | 202,020 | ||||||
Agilent Technologies, Inc. | 123,168 | 10,168,750 | ||||||
Bio-Rad Laboratories, Inc. Class A (a) | 8,840 | 3,190,533 | ||||||
Bio-Techne Corp. | 15,160 | 3,183,145 | ||||||
Bruker Corp. | 43,239 | 2,139,033 | ||||||
Charles River Laboratories International, Inc. (a) | 19,414 | 3,001,016 | ||||||
Codexis, Inc. (a) | 21,981 | 344,662 | ||||||
Fluidigm Corp. (a) | 27,057 | 103,899 | ||||||
Illumina, Inc. (a) | 58,506 | 16,970,835 | ||||||
IQVIA Holdings, Inc. (a) | 66,608 | 10,340,892 | ||||||
Luminex Corp. | 16,141 | 366,159 | ||||||
Medpace Holdings, Inc. (a) | 11,419 | 976,895 | ||||||
Mettler-Toledo International, Inc. (a) | 9,790 | 7,412,792 | ||||||
NanoString Technologies, Inc. (a) | 13,364 | 363,100 | ||||||
NeoGenomics, Inc. (a) | 39,461 | 1,271,828 | ||||||
Pacific Biosciences of California, Inc. (a) | 50,308 | 234,938 | ||||||
PerkinElmer, Inc. | 44,293 | 4,096,217 | ||||||
PRA Health Sciences, Inc. (a) | 24,964 | 2,529,103 | ||||||
Quanterix Corp. (a) | 5,419 | 146,909 | ||||||
Repligen Corp. (a) | 18,391 | 1,846,273 | ||||||
Syneos Health, Inc. (a) | 24,767 | 1,519,703 | ||||||
Thermo Fisher Scientific, Inc. | 159,387 | 49,918,415 | ||||||
Waters Corp. (a) | 26,600 | 5,952,814 | ||||||
|
| |||||||
TOTAL LIFE SCIENCES TOOLS & SERVICES |
| 126,279,931 | ||||||
|
| |||||||
PHARMACEUTICALS – 30.0% |
| |||||||
Pharmaceuticals – 30.0% |
| |||||||
Aerie Pharmaceuticals, Inc. (a) | 17,679 | 362,066 | ||||||
Akorn, Inc. (a) | 36,519 | 55,874 | ||||||
Allergan PLC | 130,556 | 24,366,972 | ||||||
Amneal Pharmaceuticals, Inc. (a) | 41,504 | 186,353 | ||||||
Amphastar Pharmaceuticals, Inc. (a) | 14,106 | 266,744 |
Shares | Value | |||||||
ANI Pharmaceuticals, Inc. (a) | 3,729 | $ | 231,198 | |||||
Arvinas Holding Co. LLC (a) | 7,546 | 365,679 | ||||||
Axsome Therapeutics, Inc. (a) | 9,608 | 834,167 | ||||||
BioDelivery Sciences International, Inc. (a) | 31,942 | 167,696 | ||||||
Bristol-Myers Squibb Co. | 933,106 | 58,739,023 | ||||||
Cara Therapeutics, Inc. (a) | 16,602 | 267,292 | ||||||
Catalent, Inc. (a) | 58,008 | 3,544,289 | ||||||
Collegium Pharmaceutical, Inc. (a) | 10,454 | 210,282 | ||||||
Corcept Therapeutics, Inc. (a) | 41,109 | 520,851 | ||||||
Cymabay Therapeutics, Inc. (a) | 23,850 | 36,729 | ||||||
Dermira, Inc. (a) | 18,848 | 357,170 | ||||||
Elanco Animal Health, Inc. (a) | 157,485 | 4,866,286 | ||||||
Eli Lilly & Co. | 345,814 | 48,289,467 | ||||||
Endo International PLC (a) | 82,561 | 468,121 | ||||||
Evolus, Inc. (a) | 8,986 | 91,927 | ||||||
Horizon Therapeutics PLC (a) | 74,355 | 2,564,504 | ||||||
Innoviva, Inc. (a) | 27,735 | 382,882 | ||||||
Intersect ENT, Inc. (a) | 12,772 | 330,028 | ||||||
Intra-Cellular Therapies, Inc. (a) | 23,283 | 528,291 | ||||||
Jazz Pharmaceuticals PLC (a) | 22,555 | 3,233,259 | ||||||
Johnson & Johnson | 1,050,378 | 156,369,773 | ||||||
Lannett Co., Inc. (a) | 13,895 | 113,105 | ||||||
Merck & Co., Inc. | 1,019,020 | 87,065,069 | ||||||
Mylan N.V. (a) | 205,008 | 4,391,271 | ||||||
MyoKardia, Inc. (a) | 17,454 | 1,187,396 | ||||||
Nektar Therapeutics (a) | 69,833 | 1,388,978 | ||||||
Odonate Therapeutics, Inc. (a) | 5,553 | 162,148 | ||||||
Omeros Corp. (a) | 19,143 | 244,265 | ||||||
Optinose, Inc. (a) | 9,068 | 71,002 | ||||||
Pacira BioSciences, Inc. (a) | 14,918 | 644,756 | ||||||
Perrigo Co. PLC | 51,475 | 2,936,134 | ||||||
Pfizer, Inc. | 2,201,337 | 81,977,790 | ||||||
Phibro Animal Health Corp. Class A | 8,182 | 194,077 | ||||||
Prestige Consumer Healthcare, Inc. (a) | 19,915 | 807,752 | ||||||
Reata Pharmaceuticals, Inc. Class A (a) | 7,771 | 1,700,217 | ||||||
Revance Therapeutics, Inc. (a) | 18,443 | 412,570 | ||||||
SIGA Technologies, Inc. (a) | 20,864 | 107,450 | ||||||
Supernus Pharmaceuticals, Inc. (a) | 20,756 | 474,690 | ||||||
TherapeuticsMD, Inc. (a) | 94,434 | 212,476 | ||||||
Theravance Biopharma, Inc. (a) | 17,219 | 480,066 | ||||||
Tilray, Inc. Class 2 (a) | 9,034 | 158,456 | ||||||
Tricida, Inc. (a) | 8,015 | 282,609 | ||||||
WaVe Life Sciences Ltd. (a) | 7,730 | 54,883 | ||||||
Zoetis, Inc. | 190,066 | 25,508,758 | ||||||
Zogenix, Inc. (a) | 16,273 | 819,671 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS | 519,032,512 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,725,044,180 | |||||||
|
| |||||||
See accompanying notes which are an integral part of the financial statements.
39 |
Table of Contents
Fidelity® MSCI Health Care Index ETF
Schedule of Investments (Unaudited) – continued
Money Market Fund – 0.2% | ||||||||
Shares | Value | |||||||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (c) | 2,645,000 | $ | 2,645,000 | |||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 99.9% |
| 1,727,689,180 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.1% |
| 2,098,869 | ||||||
|
| |||||||
NET ASSETS – 100.0% |
| $ | 1,729,788,049 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | Level 3 security. |
(c) | The rate quoted is the annualizedseven-day yield of the fund at period end. |
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contracts | ||||||||||||||||||||
CMEE-mini Russell 2000 Index Future Contracts | 5 | March 2020 | $ | 403,675 | $ | (14,383 | ) | $ | (14,383 | ) | ||||||||||
CMEE-mini S&P Health Care Select Sector Index Future Contracts | 41 | March 2020 | 4,103,280 | (145,321 | ) | (145,321 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Equity Index Contracts | $ | (159,704 | ) | |||||||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 1,725,044,180 | $ | 1,725,024,339 | $ | — | $ | 19,841 | ||||||||
Money Market Funds | 2,645,000 | 2,645,000 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 1,727,689,180 | $ | 1,727,669,339 | $ | — | $ | 19,841 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (159,704 | ) | $ | (159,704 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (159,704 | ) | $ | (159,704 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | (159,704 | ) | $ | (159,704 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts (a) | $ | 0 | $ | (159,704 | ) | |||
|
|
|
| |||||
Total Equity Risk | 0 | (159,704 | ) | |||||
|
|
|
| |||||
Total Value of Derivatives | $ | 0 | $ | (159,704 | ) | |||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
40 |
Table of Contents
Fidelity® MSCI Industrials Index ETF
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% | ||||||||
Shares | Value | |||||||
AEROSPACE & DEFENSE – 24.8% |
| |||||||
Aerospace & Defense – 24.8% |
| |||||||
AAR Corp. | 5,046 | $ | 214,859 | |||||
Aerojet Rocketdyne Holdings, Inc. (a) | 10,721 | 558,242 | ||||||
Aerovironment, Inc. (a) | 3,302 | 219,946 | ||||||
Arconic, Inc. | 59,979 | 1,796,371 | ||||||
Astronics Corp. (a) | 3,776 | 95,155 | ||||||
Axon Enterprise, Inc. (a) | 8,928 | 685,760 | ||||||
BWX Technologies, Inc. | 14,371 | 913,852 | ||||||
Cubic Corp. | 4,523 | 295,307 | ||||||
Curtiss-Wright Corp. | 6,124 | 890,613 | ||||||
Ducommun, Inc. (a) | 1,633 | 66,839 | ||||||
General Dynamics Corp. | 37,157 | 6,518,824 | ||||||
HEICO Corp. | 6,539 | 800,570 | ||||||
HEICO Corp. Class A | 11,551 | 1,110,629 | ||||||
Hexcel Corp. | 12,837 | 952,762 | ||||||
Huntington Ingalls Industries, Inc. | 6,258 | 1,633,338 | ||||||
Kratos Defense & Security Solutions, Inc. (a) | 13,594 | 249,314 | ||||||
L3Harris Technologies, Inc. | 33,792 | 7,479,183 | ||||||
Lockheed Martin Corp. | 38,465 | 16,467,636 | ||||||
Maxar Technologies, Inc. | 9,025 | 144,039 | ||||||
Mercury Systems, Inc. (a) | 8,359 | 641,553 | ||||||
Moog, Inc. Class A | 4,897 | 438,820 | ||||||
National Presto Industries, Inc. | 716 | 61,712 | ||||||
Northrop Grumman Corp. | 24,326 | 9,111,790 | ||||||
Park Aerospace Corp. | 2,760 | 42,697 | ||||||
Parsons Corp. (a) | 3,763 | 153,907 | ||||||
Raytheon Co. | 42,154 | 9,313,505 | ||||||
Spirit AeroSystems Holdings, Inc. Class A | 15,626 | 1,020,690 | ||||||
Teledyne Technologies, Inc. (a) | 5,506 | 2,010,020 | ||||||
Textron, Inc. | 34,849 | 1,600,615 | ||||||
The Boeing Co. | 80,904 | 25,749,316 | ||||||
TransDigm Group, Inc. | 7,290 | 4,689,511 | ||||||
Triumph Group, Inc. | 7,551 | 154,267 | ||||||
United Technologies Corp. | 124,054 | 18,632,911 | ||||||
Vectrus, Inc. (a) | 1,742 | 97,116 | ||||||
|
| |||||||
TOTAL AEROSPACE & DEFENSE | 114,811,669 | |||||||
|
| |||||||
AIR FREIGHT & LOGISTICS – 4.7% |
| |||||||
Air Freight & Logistics – 4.7% |
| |||||||
Air Transport Services Group, Inc. (a) | 2,210 | 46,344 | ||||||
Atlas Air Worldwide Holdings, Inc. (a) | 931 | 20,808 | ||||||
CH Robinson Worldwide, Inc. | 20,501 | 1,480,582 | ||||||
Echo Global Logistics, Inc. (a) | 4,267 | 82,694 | ||||||
Expeditors International of Washington, Inc. | 25,837 | 1,887,135 | ||||||
FedEx Corp. | 37,506 | 5,424,868 | ||||||
Forward Air Corp. | 4,240 | 277,508 | ||||||
Hub Group, Inc. Class A (a) | 5,059 | 267,469 |
Shares | Value | |||||||
United Parcel Service, Inc. Class B | 105,688 | $ | 10,940,822 | |||||
XPO Logistics, Inc. (a) | 13,970 | 1,242,212 | ||||||
|
| |||||||
TOTAL AIR FREIGHT & LOGISTICS | 21,670,442 | |||||||
|
| |||||||
AIRLINES – 0.9% |
| |||||||
Airlines – 0.9% |
| |||||||
Allegiant Travel Co. | 611 | 102,672 | ||||||
American Airlines Group, Inc. | 16,853 | 452,335 | ||||||
Delta Air Lines, Inc. | 24,691 | 1,376,276 | ||||||
Hawaiian Holdings, Inc. | 1,734 | 48,344 | ||||||
SkyWest, Inc. | 1,925 | 106,202 | ||||||
Southwest Airlines Co. | 20,344 | 1,118,513 | ||||||
Spirit Airlines, Inc. (a) | 2,593 | 106,495 | ||||||
United Airlines Holdings, Inc. (a) | 9,725 | 727,430 | ||||||
|
| |||||||
TOTAL AIRLINES | 4,038,267 | |||||||
|
| |||||||
BUILDING PRODUCTS – 4.2% |
| |||||||
Building Products – 4.2% |
| |||||||
AAON, Inc. | 6,287 | 329,690 | ||||||
Advanced Drainage Systems, Inc. | 7,600 | 315,932 | ||||||
Allegion PLC | 14,132 | 1,827,550 | ||||||
American Woodmark Corp. (a) | 2,285 | 250,550 | ||||||
AO Smith Corp. | 20,945 | 894,142 | ||||||
Apogee Enterprises, Inc. | 3,763 | 119,739 | ||||||
Armstrong World Industries, Inc. | 6,973 | 699,601 | ||||||
Builders FirstSource, Inc. (a) | 17,364 | 430,540 | ||||||
Continental Building Products, Inc. (a) | 5,308 | 196,343 | ||||||
Cornerstone Building Brands, Inc. (a) | 10,176 | 87,310 | ||||||
CSW Industrials, Inc. | 2,246 | 170,426 | ||||||
Fortune Brands Home & Security, Inc. | 21,187 | 1,455,759 | ||||||
Gibraltar Industries, Inc. (a) | 4,882 | 266,167 | ||||||
Griffon Corp. | 5,620 | 116,840 | ||||||
Insteel Industries, Inc. | 2,846 | 63,665 | ||||||
JELD-WEN Holding, Inc. (a) | 9,829 | 234,717 | ||||||
Johnson Controls International PLC | 120,707 | 4,761,891 | ||||||
Lennox International, Inc. | 5,277 | 1,229,435 | ||||||
Masco Corp. | 43,807 | 2,081,709 | ||||||
Masonite International Corp. (a) | 3,767 | 282,939 | ||||||
Owens Corning | 16,473 | 996,452 | ||||||
Patrick Industries, Inc. | 3,434 | 178,156 | ||||||
PGT Innovations, Inc. (a) | 8,727 | 135,269 | ||||||
Quanex Building Products Corp. | 4,995 | 88,511 | ||||||
Resideo Technologies, Inc. (a) | 18,324 | 186,538 | ||||||
Simpson Manufacturing Co., Inc. | 6,061 | 501,063 | ||||||
Trex Co., Inc. (a) | 8,853 | 869,719 | ||||||
Universal Forest Products, Inc. | 9,095 | 435,651 | ||||||
|
| |||||||
TOTAL BUILDING PRODUCTS | 19,206,304 | |||||||
|
|
See accompanying notes which are an integral part of the financial statements.
41 |
Table of Contents
Fidelity® MSCI Industrials Index ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
COMMERCIAL SERVICES & SUPPLIES – 7.4% |
| |||||||
Commercial Printing – 0.3% | ||||||||
Brady Corp. Class A | 7,409 | $ | 410,236 | |||||
Cimpress PLC (a) | 3,199 | 382,696 | ||||||
Deluxe Corp. | 6,554 | 315,903 | ||||||
Ennis, Inc. | 3,967 | 82,752 | ||||||
Quad/Graphics, Inc. | 4,810 | 20,442 | ||||||
RR Donnelley & Sons Co. | 10,674 | 25,618 | ||||||
|
| |||||||
1,237,647 | ||||||||
|
| |||||||
Diversified Support Services – 2.1% | ||||||||
Cintas Corp. | 13,184 | 3,677,941 | ||||||
Copart, Inc. (a) | 31,207 | 3,166,262 | ||||||
Healthcare Services Group, Inc. | 11,256 | 288,154 | ||||||
IAA, Inc. (a) | 20,205 | 954,888 | ||||||
KAR Auction Services, Inc. | 20,345 | 427,652 | ||||||
Matthews International Corp. Class A | 4,788 | 178,688 | ||||||
McGrath RentCorp | 3,667 | 283,533 | ||||||
Mobile Mini, Inc. | 6,747 | 281,620 | ||||||
UniFirst Corp. | 2,323 | 473,729 | ||||||
Viad Corp. | 3,093 | 201,045 | ||||||
VSE Corp. | 1,385 | 43,087 | ||||||
|
| |||||||
9,976,599 | ||||||||
|
| |||||||
Environmental & Facilities Services – 4.3% |
| |||||||
ABM Industries, Inc. | 9,992 | 381,095 | ||||||
Advanced Disposal Services, Inc. (a) | 11,446 | 377,146 | ||||||
BrightView Holdings, Inc. (a) | 4,731 | 74,750 | ||||||
Casella Waste Systems, Inc. Class A (a) | 6,638 | 339,799 | ||||||
Clean Harbors, Inc. (a) | 8,055 | 662,282 | ||||||
Covanta Holding Corp. | 17,931 | 268,606 | ||||||
Harsco Corp. (a) | 12,049 | 179,530 | ||||||
Heritage-Crystal Clean, Inc. (a) | 2,343 | 66,424 | ||||||
Republic Services, Inc. | 33,981 | 3,229,894 | ||||||
Rollins, Inc. | 22,256 | 844,615 | ||||||
SP Plus Corp. (a) | 3,431 | 143,450 | ||||||
Stericycle, Inc. (a) | 13,743 | 861,411 | ||||||
Team, Inc. (a) | 4,444 | 60,439 | ||||||
Tetra Tech, Inc. | 8,285 | 709,196 | ||||||
US Ecology, Inc. | 3,764 | 203,294 | ||||||
Waste Connections, Inc. | 39,904 | 3,843,154 | ||||||
Waste Management, Inc. | 64,205 | 7,813,749 | ||||||
|
| |||||||
20,058,834 | ||||||||
|
| |||||||
Office Services & Supplies – 0.5% | ||||||||
ACCO Brands Corp. | 14,822 | 128,062 | ||||||
Herman Miller, Inc. | 8,877 | 343,096 | ||||||
HNI Corp. | 6,511 | 234,201 | ||||||
Interface, Inc. | 9,022 | 145,074 | ||||||
Kimball International, Inc. Class B | 5,641 | 105,938 | ||||||
Knoll, Inc. | 7,519 | 186,170 | ||||||
MSA Safety, Inc. | 5,587 | 757,597 | ||||||
Pitney Bowes, Inc. | 26,499 | 99,106 |
Shares | Value | |||||||
Steelcase, Inc. Class A | 13,475 | $ | 250,770 | |||||
|
| |||||||
2,250,014 | ||||||||
|
| |||||||
Security & Alarm Services – 0.2% | ||||||||
ADT, Inc. | 22,713 | 140,821 | ||||||
The Brink’s Co. | 7,581 | 638,244 | ||||||
|
| |||||||
779,065 | ||||||||
|
| |||||||
TOTAL COMMERCIAL SERVICES & SUPPLIES |
| 34,302,159 | ||||||
|
| |||||||
CONSTRUCTION & ENGINEERING – 1.7% |
| |||||||
Construction & Engineering – 1.7% | ||||||||
AECOM (a) | 23,878 | 1,151,636 | ||||||
Aegion Corp. (a) | 4,811 | 100,550 | ||||||
Ameresco, Inc. Class A (a) | 2,994 | 57,455 | ||||||
Arcosa, Inc. | 6,545 | 286,344 | ||||||
Argan, Inc. | 2,092 | 88,094 | ||||||
Comfort Systems USA, Inc. | 5,524 | 256,314 | ||||||
Construction Partners, Inc. Class A (a) | 2,703 | 45,356 | ||||||
Dycom Industries, Inc. (a) | 4,733 | 191,308 | ||||||
EMCOR Group, Inc. | 8,472 | 696,144 | ||||||
Fluor Corp. | 20,124 | 360,018 | ||||||
Granite Construction, Inc. | 7,025 | 190,588 | ||||||
Great Lakes Dredge & Dock Corp. (a) | 8,802 | 92,157 | ||||||
IES Holdings, Inc. (a) | 1,285 | 32,138 | ||||||
Jacobs Engineering Group, Inc. | 20,512 | 1,897,975 | ||||||
MasTec, Inc. (a) | 9,211 | 531,935 | ||||||
MYR Group, Inc. (a) | 2,549 | 73,207 | ||||||
NV5 Global, Inc. (a) | 1,495 | 92,855 | ||||||
Primoris Services Corp. | 6,474 | 138,090 | ||||||
Quanta Services, Inc. | 21,458 | 840,081 | ||||||
Sterling Construction Co., Inc. (a) | 4,195 | 55,269 | ||||||
Tutor Perini Corp. (a) | 6,181 | 69,598 | ||||||
Valmont Industries, Inc. | 3,261 | 463,258 | ||||||
Willscot Corp. (a) | 8,143 | 153,496 | ||||||
|
| |||||||
TOTAL CONSTRUCTION & ENGINEERING |
| 7,863,866 | ||||||
|
| |||||||
ELECTRICAL EQUIPMENT – 5.8% |
| |||||||
Electrical Components & Equipment – 5.7% |
| |||||||
Acuity Brands, Inc. | 6,026 | 710,285 | ||||||
AMETEK, Inc. | 34,558 | 3,357,310 | ||||||
Atkore International Group, Inc. (a) | 7,012 | 278,376 | ||||||
Eaton Corp. PLC | 63,564 | 6,004,891 | ||||||
Emerson Electric Co. | 93,091 | 6,668,108 | ||||||
Encore Wire Corp. | 3,129 | 169,936 | ||||||
EnerSys | 6,404 | 460,832 | ||||||
Generac Holdings, Inc. (a) | 9,455 | 979,443 | ||||||
GrafTech International Ltd. | 10,746 | 115,305 | ||||||
Hubbell, Inc. | 8,247 | 1,181,218 | ||||||
nVent Electric PLC | 23,041 | 573,721 | ||||||
Plug Power, Inc. (a) | 45,662 | 176,484 | ||||||
Powell Industries, Inc. | 1,384 | 57,118 |
See accompanying notes which are an integral part of the financial statements.
42 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
ELECTRICAL EQUIPMENT – continued |
| |||||||
Electrical Components & Equipment – continued |
| |||||||
Regal-Beloit Corp. | 6,349 | $ | 498,142 | |||||
Rockwell Automation, Inc. | 17,708 | 3,393,915 | ||||||
Sensata Technologies Holding PLC (a) | 24,449 | 1,155,704 | ||||||
Sunrun, Inc. (a) | 11,660 | 198,570 | ||||||
Thermon Group Holdings, Inc. (a) | 5,034 | 119,306 | ||||||
Vicor Corp. (a) | 2,766 | 138,438 | ||||||
Vivint Solar, Inc. (a) | 6,272 | 51,179 | ||||||
|
| |||||||
26,288,281 | ||||||||
|
| |||||||
Heavy Electrical Equipment – 0.1% |
| |||||||
AZZ, Inc. | 3,967 | 163,678 | ||||||
Bloom Energy Corp. Class A (a) | 9,536 | 75,144 | ||||||
TPI Composites, Inc. (a) | 4,142 | 85,947 | ||||||
|
| |||||||
324,769 | ||||||||
|
| |||||||
TOTAL ELECTRICAL EQUIPMENT | 26,613,050 | |||||||
|
| |||||||
INDUSTRIAL CONGLOMERATES – 12.3% |
| |||||||
Industrial Conglomerates – 12.3% | ||||||||
3M Co. | 87,064 | 13,813,574 | ||||||
Carlisle Cos., Inc. | �� | 8,570 | 1,338,891 | |||||
General Electric Co. | 1,320,777 | 16,443,674 | ||||||
Honeywell International, Inc. | 108,892 | 18,862,272 | ||||||
Raven Industries, Inc. | 5,453 | 171,006 | ||||||
Roper Technologies, Inc. | 15,740 | 6,007,329 | ||||||
|
| |||||||
TOTAL INDUSTRIAL CONGLOMERATES |
| 56,636,746 | ||||||
|
| |||||||
MACHINERY – 19.1% |
| |||||||
Agricultural & Farm Machinery – 2.0% |
| |||||||
AGCO Corp. | 9,747 | 683,654 | ||||||
Deere & Co. | 45,271 | 7,179,075 | ||||||
Lindsay Corp. | 1,655 | 165,550 | ||||||
The Toro Co. | 16,114 | 1,289,442 | ||||||
|
| |||||||
9,317,721 | ||||||||
|
| |||||||
Construction Machinery & Heavy Trucks – 5.6% |
| |||||||
Alamo Group, Inc. | 1,506 | 187,587 | ||||||
Allison Transmission Holdings, Inc. | 17,358 | 767,224 | ||||||
Astec Industries, Inc. | 3,248 | 133,948 | ||||||
Blue Bird Corp. (a) | 2,246 | 44,314 | ||||||
Caterpillar, Inc. | 85,143 | 11,183,533 | ||||||
Cummins, Inc. | 22,686 | 3,629,079 | ||||||
Douglas Dynamics, Inc. | 3,486 | 182,771 | ||||||
Federal Signal Corp. | 9,155 | 294,425 | ||||||
Meritor, Inc. (a) | 11,265 | 246,816 | ||||||
Navistar International Corp. (a) | 6,700 | 245,354 | ||||||
Oshkosh Corp. | 10,354 | 890,858 | ||||||
PACCAR, Inc. | 52,420 | 3,890,088 | ||||||
REV Group, Inc. | 4,231 | 42,310 | ||||||
Spartan Motors, Inc. | 4,957 | 84,269 | ||||||
Terex Corp. | 10,749 | 272,487 |
Shares | Value | |||||||
The Greenbrier Cos., Inc. | 4,843 | $ | 116,668 | |||||
The Manitowoc Co., Inc. (a) | 5,465 | 78,969 | ||||||
Trinity Industries, Inc. | 16,449 | 334,408 | ||||||
Wabash National Corp. | 8,281 | 96,060 | ||||||
WABCO Holdings, Inc. (a) | 7,738 | 1,049,660 | ||||||
Westinghouse Air Brake Technologies Corp. | 27,562 | 2,035,729 | ||||||
|
| |||||||
25,806,557 | ||||||||
|
| |||||||
Industrial Machinery – 11.5% | ||||||||
Albany International Corp. Class A | 4,650 | 324,431 | ||||||
Altra Industrial Motion Corp. | 9,789 | 325,582 | ||||||
Barnes Group, Inc. | 7,280 | 459,878 | ||||||
Briggs & Stratton Corp. | 6,494 | 23,833 | ||||||
Chart Industries, Inc. (a) | 5,146 | 329,241 | ||||||
CIRCOR International, Inc. (a) | 2,563 | 106,441 | ||||||
Colfax Corp. (a) | 13,400 | 471,144 | ||||||
Columbus McKinnon Corp. | 3,447 | 120,611 | ||||||
Crane Co. | 7,258 | 620,269 | ||||||
Donaldson Co., Inc. | 19,321 | 1,001,794 | ||||||
Dover Corp. | 22,011 | 2,505,952 | ||||||
Energy Recovery, Inc. (a) | 4,851 | 49,529 | ||||||
Enerpac Tool Group Corp. | 9,252 | 213,814 | ||||||
EnPro Industries, Inc. | 2,970 | 173,567 | ||||||
ESCO Technologies, Inc. | 3,941 | 378,178 | ||||||
Evoqua Water Technologies Corp. (a) | 12,229 | 244,213 | ||||||
Flowserve Corp. | 19,859 | 927,018 | ||||||
Fortive Corp. | 45,703 | 3,424,526 | ||||||
Franklin Electric Co., Inc. | 5,987 | 345,390 | ||||||
Gardner Denver Holdings, Inc. (a) | 20,084 | 709,166 | ||||||
Gates Industrial Corp. PLC (a) | 8,787 | 109,574 | ||||||
Graco, Inc. | 25,200 | 1,339,380 | ||||||
Helios Technologies, Inc. | 4,318 | 183,601 | ||||||
Hillenbrand, Inc. | 11,117 | 322,727 | ||||||
Hyster-Yale Materials Handling, Inc. | 955 | 51,560 | ||||||
IDEX Corp. | 11,479 | 1,880,834 | ||||||
Illinois Tool Works, Inc. | 48,956 | 8,566,321 | ||||||
Ingersoll-Rand PLC | 36,560 | 4,870,889 | ||||||
ITT, Inc. | 13,324 | 893,774 | ||||||
John Bean Technologies Corp. | 4,786 | 540,770 | ||||||
Kadant, Inc. | 1,716 | 182,926 | ||||||
Kennametal, Inc. | 12,416 | 388,497 | ||||||
Lincoln Electric Holdings, Inc. | 8,885 | 792,364 | ||||||
Luxfer Holdings PLC | 4,145 | 66,113 | ||||||
Lydall, Inc. (a) | 2,657 | 54,309 | ||||||
Mueller Industries, Inc. | 8,135 | 237,298 | ||||||
Mueller Water Products, Inc. Class A | 23,708 | 276,198 | ||||||
NN, Inc. | 6,296 | 54,334 | ||||||
Nordson Corp. | 7,811 | 1,318,965 | ||||||
Omega Flex, Inc. | 441 | 46,481 | ||||||
Parker Hannifin Corp. | 19,439 | 3,804,018 | ||||||
Park-Ohio Holdings Corp. | 1,248 | 36,691 |
See accompanying notes which are an integral part of the financial statements.
43 |
Table of Contents
Fidelity® MSCI Industrials Index ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
MACHINERY – continued | ||||||||
Industrial Machinery – continued | ||||||||
Pentair PLC | 24,168 | $ | 1,037,532 | |||||
Proto Labs, Inc. (a) | 3,853 | 398,786 | ||||||
RBC Bearings, Inc. (a) | 3,756 | 584,096 | ||||||
Rexnord Corp. (a) | 16,027 | 523,282 | ||||||
Snap-on, Inc. | 8,364 | 1,335,145 | ||||||
SPX Corp. (a) | 6,664 | 327,002 | ||||||
SPX FLOW, Inc. (a) | 6,470 | 282,998 | ||||||
Standex International Corp. | 1,904 | 139,163 | ||||||
Stanley Black & Decker, Inc. | 23,002 | 3,664,909 | ||||||
Tennant Co. | 2,635 | 203,475 | ||||||
The Gorman-Rupp Co. | 2,789 | 102,942 | ||||||
The Middleby Corp. (a) | 8,431 | 945,621 | ||||||
The Timken Co. | 10,343 | 543,318 | ||||||
Trimas Corp. (a) | 6,921 | 198,840 | ||||||
Watts Water Technologies, Inc. Class A | 4,192 | 417,984 | ||||||
Welbilt, Inc. (a) | 20,337 | 306,885 | ||||||
Woodward, Inc. | 8,425 | 979,912 | ||||||
Xylem, Inc. | 27,246 | 2,224,908 | ||||||
|
| |||||||
52,988,999 | ||||||||
|
| |||||||
TOTAL MACHINERY | 88,113,277 | |||||||
|
| |||||||
MARINE – 0.0% |
| |||||||
Marine – 0.0% |
| |||||||
Genco Shipping & Trading Ltd. | 2,467 | 19,415 | ||||||
Kirby Corp. (a) | 2,277 | 166,881 | ||||||
Matson, Inc. | 1,569 | 56,500 | ||||||
|
| |||||||
TOTAL MARINE | 242,796 | |||||||
|
| |||||||
PROFESSIONAL SERVICES – 5.4% | ||||||||
Human Resource & Employment Services – 0.9% |
| |||||||
ASGN, Inc. (a) | 7,990 | 540,843 | ||||||
Barrett Business Services, Inc. | 1,129 | 93,515 | ||||||
Heidrick & Struggles International, Inc. | 2,879 | 81,821 | ||||||
Insperity, Inc. | 5,917 | 516,968 | ||||||
Kelly Services, Inc. Class A | 4,787 | 85,017 | ||||||
Kforce, Inc. | 3,417 | 126,600 | ||||||
Korn Ferry | 8,637 | 353,944 | ||||||
ManpowerGroup, Inc. | 9,062 | 829,083 | ||||||
Robert Half International, Inc. | 17,757 | 1,032,925 | ||||||
TriNet Group, Inc. (a) | 6,889 | 393,086 | ||||||
TrueBlue, Inc. (a) | 6,059 | 132,753 | ||||||
Upwork, Inc. (a) | 8,422 | 77,314 | ||||||
|
| |||||||
4,263,869 | ||||||||
|
| |||||||
Research & Consulting Services – 4.5% |
| |||||||
CBIZ, Inc. (a) | 7,974 | 215,298 | ||||||
CoStar Group, Inc. (a) | 5,531 | 3,611,688 | ||||||
Equifax, Inc. | 18,295 | 2,742,420 |
Shares | Value | |||||||
Exponent, Inc. | 7,838 | $ | 570,371 | |||||
Forrester Research, Inc. | 1,649 | 68,219 | ||||||
Franklin Covey Co. (a) | 1,481 | 47,096 | ||||||
FTI Consulting, Inc. (a) | 5,685 | 682,541 | ||||||
Huron Consulting Group, Inc. (a) | 3,454 | 223,854 | ||||||
ICF International, Inc. | 2,871 | 251,471 | ||||||
IHS Markit Ltd. (a) | 57,668 | 4,547,698 | ||||||
Mistras Group, Inc. (a) | 2,781 | 30,786 | ||||||
Nielsen Holdings PLC | 53,772 | 1,096,949 | ||||||
Resources Connection, Inc. | 4,524 | 68,878 | ||||||
TransUnion | 28,423 | 2,606,389 | ||||||
Verisk Analytics, Inc. | 23,508 | 3,819,345 | ||||||
Willdan Group, Inc. (a) | 1,572 | 52,080 | ||||||
|
| |||||||
20,635,083 | ||||||||
|
| |||||||
TOTAL PROFESSIONAL SERVICES | 24,898,952 | |||||||
|
| |||||||
ROAD & RAIL – 10.2% | ||||||||
Railroads – 8.4% | ||||||||
CSX Corp. | 114,758 | 8,760,626 | ||||||
Kansas City Southern | 15,121 | 2,550,761 | ||||||
Norfolk Southern Corp. | 39,864 | 8,300,083 | ||||||
Union Pacific Corp. | 106,625 | 19,130,658 | ||||||
|
| |||||||
38,742,128 | ||||||||
|
| |||||||
Trucking – 1.8% | ||||||||
AMERCO | 1,342 | 498,244 | ||||||
ArcBest Corp. | 3,870 | 86,340 | ||||||
Avis Budget Group, Inc. (a) | 9,846 | 322,949 | ||||||
Covenant Transportation Group, Inc. Class A (a) | 1,892 | 24,000 | ||||||
Heartland Express, Inc. | 6,896 | 128,886 | ||||||
Hertz Global Holdings, Inc. (a) | 13,044 | 205,573 | ||||||
JB Hunt Transport Services, Inc. | 12,972 | 1,400,068 | ||||||
Knight-Swift Transportation Holdings, Inc. | 19,361 | 717,906 | ||||||
Landstar System, Inc. | 5,999 | 664,389 | ||||||
Marten Transport Ltd. | 6,158 | 127,840 | ||||||
Old Dominion Freight Line, Inc. | 9,689 | 1,901,273 | ||||||
Ryder System, Inc. | 8,080 | 385,578 | ||||||
Saia, Inc. (a) | 3,922 | 341,606 | ||||||
Schneider National, Inc. Class B | 7,816 | 174,062 | ||||||
Uber Technologies, Inc. (a) | 28,309 | 1,027,334 | ||||||
Universal Logistics Holdings, Inc | 1,304 | 22,038 | ||||||
Werner Enterprises, Inc. | 6,785 | 250,095 | ||||||
|
| |||||||
8,278,181 | ||||||||
|
| |||||||
TOTAL ROAD & RAIL | 47,020,309 | |||||||
|
| |||||||
TRADING COMPANIES & DISTRIBUTORS – 3.1% |
| |||||||
Trading Companies & Distributors – 3.1% |
| |||||||
Air Lease Corp. | 16,062 | 689,702 | ||||||
Aircastle Ltd. | 8,537 | 273,952 |
See accompanying notes which are an integral part of the financial statements.
44 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
TRADING COMPANIES & DISTRIBUTORS – continued |
| |||||||
Trading Companies & Distributors – continued |
| |||||||
Applied Industrial Technologies, Inc. | 5,853 | $ | 377,928 | |||||
Beacon Roofing Supply, Inc. (a) | 10,346 | 342,556 | ||||||
BMC Stock Holdings, Inc. (a) | 10,084 | 294,302 | ||||||
CAI International, Inc. (a) | 2,567 | 69,822 | ||||||
DXP Enterprises, Inc. (a) | 2,533 | 87,819 | ||||||
Fastenal Co. | 86,785 | 3,027,061 | ||||||
Foundation Building Materials, Inc. (a) | 3,242 | 57,805 | ||||||
GATX Corp. | 5,134 | 390,852 | ||||||
GMS, Inc. (a) | 6,314 | 168,710 | ||||||
H&E Equipment Services, Inc. | 4,812 | 130,453 | ||||||
HD Supply Holdings, Inc. (a) | 25,863 | 1,053,659 | ||||||
Herc Holdings, Inc. (a) | 3,217 | 129,066 | ||||||
Kaman Corp. | 3,770 | 232,684 | ||||||
MRC Global, Inc. (a) | 12,586 | 141,718 | ||||||
MSC Industrial Direct Co., Inc. Class A | 6,783 | 461,719 | ||||||
NOW, Inc. (a) | 16,429 | 164,454 | ||||||
Rush Enterprises, Inc. Class A | 4,240 | 182,320 | ||||||
Rush Enterprises, Inc. Class B | 550 | 24,398 | ||||||
SiteOne Landscape Supply, Inc. (a) | 5,905 | 570,128 | ||||||
Systemax, Inc. | 2,073 | 49,027 | ||||||
Titan Machinery, Inc. (a) | 2,860 | 34,921 | ||||||
Triton International Ltd. | 7,758 | 291,313 | ||||||
United Rentals, Inc. (a) | 11,680 | 1,584,859 | ||||||
Univar, Inc. (a) | 20,514 | 442,077 | ||||||
Watsco, Inc. | 4,937 | 858,643 | ||||||
WESCO International, Inc. (a) | 6,108 | 295,688 |
Shares | Value | |||||||
WW Grainger, Inc. | 7,020 | $ | 2,124,743 | |||||
|
| |||||||
TOTAL TRADING COMPANIES & DISTRIBUTORS |
| 14,552,379 | ||||||
|
| |||||||
TRANSPORTATION INFRASTRUCTURE – 0.1% |
| |||||||
Airport Services – 0.1% | ||||||||
Macquarie Infrastructure Corp. | 11,100 | 489,621 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 460,459,837 | |||||||
|
| |||||||
Money Market Fund – 0.2% | ||||||||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) | 1,183,000 | 1,183,000 | ||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 99.9% |
| 461,642,837 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.1% |
| 256,039 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 461,898,876 | ||||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualizedseven-day yield of the fund at period end. |
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contracts | ||||||||||||||||||||
CMEE-mini Russell 2000 Index Future Contracts | 2 | March 2020 | $ | 161,470 | $ | (5,517 | ) | $ | (5,517 | ) | ||||||||||
CMEE-mini S&P Industrial Select Sector Index Future Contracts | 14 | March 2020 | 1,139,600 | (12,236 | ) | (12,236 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Equity Index Contracts | $ | (17,753 | ) | |||||||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
See accompanying notes which are an integral part of the financial statements.
45 |
Table of Contents
Fidelity® MSCI Industrials Index ETF
Schedule of Investments (Unaudited) – continued
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 460,459,837 | $ | 460,459,837 | $ | — | $ | — | ||||||||
Money Market Funds | 1,183,000 | 1,183,000 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 461,642,837 | $ | 461,642,837 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (17,753 | ) | $ | (17,753 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (17,753 | ) | $ | (17,753 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | (17,753 | ) | $ | (17,753 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts (a) | $ | 0 | $ | (17,753 | ) | |||
|
|
|
| |||||
Total Equity Risk | 0 | (17,753 | ) | |||||
|
|
|
| |||||
Total Value of Derivatives | $ | 0 | $ | (17,753 | ) | |||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
46 |
Table of Contents
Fidelity® MSCI Information Technology Index ETF
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | ||||||||
Shares | Value | |||||||
COMMUNICATIONS EQUIPMENT – 3.9% |
| |||||||
Communications Equipment – 3.9% |
| |||||||
Acacia Communications, Inc. (a) | 15,041 | $ | 1,031,061 | |||||
ADTRAN, Inc. | 21,360 | 193,308 | ||||||
Arista Networks, Inc. (a) | 24,849 | 5,549,776 | ||||||
CalAmp Corp. (a) | 15,786 | 151,861 | ||||||
Casa Systems, Inc. (a) | 13,442 | 53,902 | ||||||
Ciena Corp. (a) | 71,811 | 2,920,553 | ||||||
Cisco Systems, Inc. | 1,976,673 | 90,867,658 | ||||||
CommScope Holding Co., Inc. (a) | 90,147 | 1,098,441 | ||||||
Comtech Telecommunications Corp. | 11,573 | 334,575 | ||||||
EchoStar Corp. Class A (a) | 23,216 | 926,435 | ||||||
Extreme Networks, Inc. (a) | 58,334 | 344,171 | ||||||
F5 Networks, Inc. (a) | 27,803 | 3,395,302 | ||||||
Harmonic, Inc. (a) | 42,765 | 300,852 | ||||||
Infinera Corp. (a) | 76,457 | 563,488 | ||||||
InterDigital, Inc. | 14,835 | 819,634 | ||||||
Juniper Networks, Inc. | 160,436 | 3,680,402 | ||||||
Lumentum Holdings, Inc. (a) | 35,530 | 2,692,108 | ||||||
Motorola Solutions, Inc. | 76,288 | 13,502,976 | ||||||
NETGEAR, Inc. (a) | 14,185 | 364,838 | ||||||
Netscout Systems, Inc. (a) | 36,151 | 929,442 | ||||||
Plantronics, Inc. | 15,663 | 449,841 | ||||||
Ribbon Communications, Inc. (a) | 23,206 | 65,441 | ||||||
ViaSat, Inc. (a) | 18,349 | 1,167,914 | ||||||
Viavi Solutions, Inc. (a) | 103,870 | 1,464,567 | ||||||
|
| |||||||
TOTAL COMMUNICATIONS EQUIPMENT |
| 132,868,546 | ||||||
|
| |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.5% |
| |||||||
Electronic Components – 1.0% | ||||||||
Amphenol Corp. Class A | 136,569 | 13,584,518 | ||||||
AVX Corp. | 24,148 | 489,480 | ||||||
Belden, Inc. | 21,036 | 1,036,444 | ||||||
Corning, Inc. | 361,670 | 9,652,972 | ||||||
Dolby Laboratories, Inc. Class A | 30,020 | 2,081,587 | ||||||
II-VI, Inc. (a) | 39,083 | 1,315,143 | ||||||
Knowles Corp. (a) | 41,817 | 825,049 | ||||||
Littelfuse, Inc. | 11,411 | 2,018,720 | ||||||
Rogers Corp. (a) | 8,578 | 1,010,060 | ||||||
Vishay Intertechnology, Inc. | 61,999 | 1,257,960 | ||||||
|
| |||||||
33,271,933 | ||||||||
|
| |||||||
Electronic Equipment & Instruments – 1.1% |
| |||||||
Arlo Technologies, Inc. (a) | 35,074 | 149,766 | ||||||
Badger Meter, Inc. | 13,458 | 794,830 | ||||||
Cognex Corp. | 79,019 | 4,027,598 | ||||||
Coherent, Inc. (a) | 11,072 | 1,565,913 | ||||||
Daktronics, Inc. | 18,702 | 110,342 | ||||||
FARO Technologies, Inc. (a) | 8,005 | 413,538 | ||||||
Fitbit, Inc. Class A (a) | 105,229 | 686,093 | ||||||
FLIR Systems, Inc. | 62,818 | 3,237,640 | ||||||
Itron, Inc. (a) | 16,646 | 1,360,811 |
Shares | Value | |||||||
Keysight Technologies, Inc. (a) | 86,935 | $ | 8,084,086 | |||||
MTS Systems Corp. | 8,931 | 452,712 | ||||||
Napco Security Technologies, Inc. (a) | 5,548 | 163,111 | ||||||
National Instruments Corp. | 58,038 | 2,590,236 | ||||||
nLight, Inc. (a) | 12,394 | 217,763 | ||||||
Novanta, Inc. (a) | 16,196 | 1,469,463 | ||||||
OSI Systems, Inc. (a) | 7,949 | 687,906 | ||||||
Trimble, Inc. (a) | 116,613 | 4,958,385 | ||||||
Vishay Precision Group, Inc. (a) | 4,760 | 164,410 | ||||||
Zebra Technologies Corp. Class A (a) | 25,023 | 5,980,997 | ||||||
|
| |||||||
37,115,600 | ||||||||
|
| |||||||
Electronic Manufacturing Services – 0.8% |
| |||||||
Benchmark Electronics, Inc. | 16,583 | 510,425 | ||||||
CTS Corp. | 14,044 | 411,630 | ||||||
Fabrinet (a) | 17,207 | 1,084,729 | ||||||
Flex Ltd. (a) | 237,707 | 3,125,847 | ||||||
IPG Photonics Corp. (a) | 17,299 | 2,208,563 | ||||||
Jabil, Inc. | 63,429 | 2,466,754 | ||||||
KEMET Corp. | 26,108 | 679,852 | ||||||
Kimball Electronics, Inc. (a) | 11,925 | 192,947 | ||||||
Methode Electronics, Inc. | 17,443 | 571,258 | ||||||
Plexus Corp. (a) | 13,847 | 984,799 | ||||||
Sanmina Corp. (a) | 32,263 | 1,027,254 | ||||||
TE Connectivity Ltd. | 154,541 | 14,245,589 | ||||||
TTM Technologies, Inc. (a) | 47,579 | 684,662 | ||||||
|
| |||||||
28,194,309 | ||||||||
|
| |||||||
Technology Distributors – 0.6% | ||||||||
Anixter International, Inc. (a) | 15,014 | 1,465,366 | ||||||
Arrow Electronics, Inc. (a) | 38,481 | 2,922,247 | ||||||
Avnet, Inc. | 47,935 | 1,749,148 | ||||||
CDW Corp. | 66,973 | 8,736,628 | ||||||
ePlus, Inc. (a) | 6,445 | 513,795 | ||||||
Insight Enterprises, Inc. (a) | 16,808 | 1,107,143 | ||||||
PC Connection, Inc. | 5,339 | 266,096 | ||||||
ScanSource, Inc. (a) | 12,321 | 429,880 | ||||||
SYNNEX Corp. | 19,980 | 2,752,445 | ||||||
Tech Data Corp. (a) | 16,927 | 2,436,472 | ||||||
|
| |||||||
22,379,220 | ||||||||
|
| |||||||
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS |
| 120,961,062 | ||||||
|
| |||||||
IT SERVICES – 22.8% | ||||||||
Data Processing & Outsourced Services – 16.5% |
| |||||||
Alliance Data Systems Corp. | 20,137 | 2,069,882 | ||||||
Automatic Data Processing, Inc. | 200,187 | 34,310,050 | ||||||
Black Knight, Inc. (a) | 69,491 | 4,650,338 | ||||||
Broadridge Financial Solutions, Inc. | 52,842 | 6,296,124 | ||||||
Cardtronics PLC Class A (a) | 16,762 | 754,290 | ||||||
Cass Information Systems, Inc. | 5,684 | 307,050 | ||||||
Conduent, Inc. (a) | 82,293 | 352,214 | ||||||
CoreLogic, Inc. | 37,511 | 1,744,262 |
See accompanying notes which are an integral part of the financial statements.
47 |
Table of Contents
Fidelity® MSCI Information Technology Index ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
IT SERVICES – continued | ||||||||
Data Processing & Outsourced Services – continued |
| |||||||
CSG Systems International, Inc. | 15,569 | $ | 775,648 | |||||
Euronet Worldwide, Inc. (a) | 25,179 | 3,969,218 | ||||||
EVERTEC, Inc. | 28,606 | 960,303 | ||||||
Evo Payments, Inc. Class A (a) | 16,677 | 462,120 | ||||||
ExlService Holdings, Inc. (a) | 15,794 | 1,154,699 | ||||||
Fidelity National Information Services, Inc. | 283,134 | 40,675,030 | ||||||
Fiserv, Inc. (a) | 266,790 | 31,643,962 | ||||||
FleetCor Technologies, Inc. (a) | 39,839 | 12,558,448 | ||||||
Global Payments, Inc. | 138,311 | 27,032,885 | ||||||
GreenSky, Inc. Class A (a) | 23,405 | 216,496 | ||||||
International Money Express, Inc. (a) | 10,499 | 111,079 | ||||||
Jack Henry & Associates, Inc. | 35,726 | 5,342,466 | ||||||
Mastercard, Inc. Class A | 417,282 | 131,836,075 | ||||||
MAXIMUS, Inc. | 29,448 | 2,112,894 | ||||||
NIC, Inc. | 31,530 | 622,087 | ||||||
Paychex, Inc. | 149,424 | 12,816,097 | ||||||
PayPal Holdings, Inc. (a) | 516,226 | 58,792,979 | ||||||
Paysign, Inc. (a) | 13,166 | 115,071 | ||||||
Repay Holding Corp. (a) | 14,474 | 244,755 | ||||||
Sabre Corp. | 126,817 | 2,731,638 | ||||||
Square, Inc. Class A (a) | 158,576 | 11,844,041 | ||||||
Sykes Enterprises, Inc. (a) | 18,941 | 636,228 | ||||||
The Western Union Co. | 196,189 | 5,277,484 | ||||||
TTEC Holdings, Inc. | 7,159 | 284,356 | ||||||
Verra Mobility Corp. (a) | 47,366 | 754,540 | ||||||
Visa, Inc. Class A | 798,346 | 158,846,904 | ||||||
WEX, Inc. (a) | 19,980 | 4,334,062 | ||||||
|
| |||||||
566,635,775 | ||||||||
|
| |||||||
Internet Services & Infrastructure – 1.2% |
| |||||||
Akamai Technologies, Inc. (a) | 76,335 | 7,125,872 | ||||||
Endurance International Group Holdings, Inc. (a) | 28,897 | 136,394 | ||||||
Fastly, Inc. Class A (a) | 3,897 | 87,721 | ||||||
GoDaddy, Inc. Class A (a) | 81,879 | 5,503,088 | ||||||
GTT Communications, Inc. (a) | 13,548 | 160,544 | ||||||
Limelight Networks, Inc. (a) | 57,876 | 288,801 | ||||||
MongoDB, Inc. (a) | 19,494 | 3,195,262 | ||||||
Okta, Inc. (a) | 49,273 | 6,309,408 | ||||||
Switch, Inc. Class A | 25,320 | 405,120 | ||||||
Tucows, Inc. Class A (a) | 4,365 | 262,991 | ||||||
Twilio, Inc. Class A (a) | 53,416 | 6,641,745 | ||||||
VeriSign, Inc. (a) | 48,961 | 10,190,743 | ||||||
|
| |||||||
40,307,689 | ||||||||
|
| |||||||
IT Consulting & Other Services – 5.1% |
| |||||||
Accenture PLC Class A | 294,114 | 60,355,134 | ||||||
Booz Allen Hamilton Holding Corp. | 64,780 | 5,055,431 | ||||||
CACI International, Inc. Class A (a) | 11,490 | 3,072,886 |
Shares | Value | |||||||
Cognizant Technology Solutions Corp. Class A | 255,200 | $ | 15,664,176 | |||||
DXC Technology Co. | 121,226 | 3,864,685 | ||||||
EPAM Systems, Inc. (a) | 25,335 | 5,779,927 | ||||||
Gartner, Inc. (a) | 41,680 | 6,701,310 | ||||||
International Business Machines Corp. | 409,025 | 58,789,163 | ||||||
KBR, Inc. | 65,594 | 1,784,157 | ||||||
Leidos Holdings, Inc. | 62,789 | 6,308,411 | ||||||
LiveRamp Holdings, Inc. (a) | 30,199 | 1,215,208 | ||||||
ManTech International Corp. Class A | 12,256 | 983,912 | ||||||
Perficient, Inc. (a) | 15,627 | 776,662 | ||||||
Perspecta, Inc. | 68,037 | 1,909,798 | ||||||
Science Applications International Corp. | 24,077 | 2,113,238 | ||||||
The Hackett Group, Inc. | 11,574 | 178,876 | ||||||
Unisys Corp. (a) | 28,828 | 279,920 | ||||||
Virtusa Corp. (a) | 13,161 | 548,024 | ||||||
|
| |||||||
175,380,918 | ||||||||
|
| |||||||
TOTAL IT SERVICES | 782,324,382 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 17.1% |
| |||||||
Semiconductor Equipment – 2.4% | ||||||||
Advanced Energy Industries, Inc. (a) | 17,974 | 1,257,102 | ||||||
Amkor Technology, Inc. (a) | 51,210 | 576,112 | ||||||
Applied Materials, Inc. | 425,985 | 24,702,870 | ||||||
Axcelis Technologies, Inc. (a) | 14,485 | 349,813 | ||||||
Brooks Automation, Inc. | 33,517 | 1,276,327 | ||||||
Cabot Microelectronics Corp. | 13,311 | 1,936,884 | ||||||
Cohu, Inc. | 19,721 | 441,159 | ||||||
Enphase Energy, Inc. (a) | 39,504 | 1,245,166 | ||||||
Entegris, Inc. | 62,722 | 3,246,491 | ||||||
FormFactor, Inc. (a) | 34,997 | 885,774 | ||||||
Ichor Holdings Ltd. (a) | 10,113 | 337,673 | ||||||
KLA Corp. | 73,382 | 12,162,333 | ||||||
Kulicke & Soffa Industries, Inc. | 30,294 | 784,312 | ||||||
Lam Research Corp. | 66,635 | 19,871,223 | ||||||
MKS Instruments, Inc. | 25,159 | 2,637,166 | ||||||
Onto Innovation, Inc. (a) | 23,526 | 892,576 | ||||||
PDF Solutions, Inc. (a) | 13,058 | 205,794 | ||||||
Photronics, Inc. (a) | 27,524 | 351,757 | ||||||
SolarEdge Technologies, Inc. (a) | 20,025 | 1,959,646 | ||||||
Teradyne, Inc. | 78,644 | 5,189,718 | ||||||
Ultra Clean Holdings, Inc. (a) | 18,765 | 431,783 | ||||||
Veeco Instruments, Inc. (a) | 21,759 | 277,427 | ||||||
Xperi Corp. | 23,467 | 377,584 | ||||||
|
| |||||||
81,396,690 | ||||||||
|
| |||||||
Semiconductors – 14.7% | ||||||||
Advanced Micro Devices, Inc. (a) | 476,229 | 22,382,763 | ||||||
Alpha & Omega Semiconductor Ltd. (a) | 8,704 | 106,102 | ||||||
Ambarella, Inc. (a) | 13,763 | 813,944 |
See accompanying notes which are an integral part of the financial statements.
48 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – continued |
| |||||||
Semiconductors – continued | ||||||||
Analog Devices, Inc. | 170,331 | $ | 18,693,827 | |||||
Broadcom, Inc. | 183,879 | 56,112,516 | ||||||
CEVA, Inc. (a) | 9,771 | 267,237 | ||||||
Cirrus Logic, Inc. (a) | 26,775 | 2,056,588 | ||||||
Cree, Inc. (a) | 49,509 | 2,301,673 | ||||||
Cypress Semiconductor Corp. | 170,965 | 3,988,614 | ||||||
Diodes, Inc. (a) | 19,913 | 1,028,307 | ||||||
First Solar, Inc. (a) | 36,757 | 1,822,412 | ||||||
Impinj, Inc. (a) | 7,641 | 245,887 | ||||||
Inphi Corp. (a) | 19,127 | 1,452,887 | ||||||
Intel Corp. | 2,046,766 | 130,849,750 | ||||||
Lattice Semiconductor Corp. (a) | 57,952 | 1,077,907 | ||||||
MACOM Technology Solutions Holdings, Inc. (a) | 21,940 | 623,535 | ||||||
Marvell Technology Group Ltd. | 290,699 | 6,988,404 | ||||||
Maxim Integrated Products, Inc. | 125,503 | 7,545,240 | ||||||
MaxLinear, Inc. Class A (a) | 31,880 | 621,341 | ||||||
Mellanox Technologies Ltd. (a) | 21,450 | 2,593,305 | ||||||
Microchip Technology, Inc. | 109,603 | 10,684,100 | ||||||
Micron Technology, Inc. (a) | 509,320 | 27,039,799 | ||||||
Monolithic Power Systems, Inc. | 18,959 | 3,245,212 | ||||||
NVE Corp. | 2,121 | 155,597 | ||||||
NVIDIA Corp. | 267,219 | 63,178,588 | ||||||
ON Semiconductor Corp. (a) | 189,863 | 4,395,329 | ||||||
Power Integrations, Inc. | 13,414 | 1,310,145 | ||||||
Qorvo, Inc. (a) | 54,480 | 5,767,253 | ||||||
QUALCOMM, Inc. | 561,635 | 47,913,082 | ||||||
Rambus, Inc. (a) | 50,623 | 803,387 | ||||||
Semtech Corp. (a) | 30,804 | 1,484,445 | ||||||
Silicon Laboratories, Inc. (a) | 19,928 | 1,959,122 | ||||||
Skyworks Solutions, Inc. | 79,101 | 8,950,278 | ||||||
SMART Global Holdings, Inc. (a) | 6,122 | 184,640 | ||||||
SunPower Corp. (a) | 41,816 | 356,272 | ||||||
Synaptics, Inc. (a) | 15,187 | 1,012,821 | ||||||
Texas Instruments, Inc. | 431,307 | 52,037,190 | ||||||
Universal Display Corp. | 19,678 | 3,466,673 | ||||||
Xilinx, Inc. | 116,478 | 9,840,061 | ||||||
|
| |||||||
505,356,233 | ||||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
| 586,752,923 | ||||||
|
| |||||||
SOFTWARE – 32.1% | ||||||||
Application Software – 11.6% | ||||||||
2U, Inc. (a) | 29,313 | 580,691 | ||||||
8x8, Inc. (a) | 46,011 | 856,725 | ||||||
ACI Worldwide, Inc. (a) | 54,020 | 1,860,989 | ||||||
Adobe, Inc. (a) | 224,152 | 78,708,733 | ||||||
Agilysys, Inc. (a) | 8,939 | 290,517 | ||||||
Alarm.com Holdings, Inc. (a) | 16,927 | 743,603 |
Shares | Value | |||||||
Altair Engineering, Inc. Class A (a) | 16,627 | $ | 614,368 | |||||
Alteryx, Inc. Class A (a) | 22,932 | 3,198,326 | ||||||
American Software, Inc. Class A | 13,588 | 202,869 | ||||||
Anaplan, Inc. (a) | 45,716 | 2,632,784 | ||||||
ANSYS, Inc. (a) | 38,890 | 10,668,694 | ||||||
Appfolio, Inc. Class A (a) | 6,857 | 901,284 | ||||||
Aspen Technology, Inc. (a) | 31,871 | 3,792,012 | ||||||
Autodesk, Inc. (a) | 101,266 | 19,934,212 | ||||||
Avaya Holdings Corp. (a) | 50,847 | 649,316 | ||||||
Benefitfocus, Inc. (a) | 11,553 | 213,730 | ||||||
Blackbaud, Inc. | 22,634 | 1,772,921 | ||||||
Blackline, Inc. (a) | 17,905 | 1,095,249 | ||||||
Bottomline Technologies de, Inc. (a) | 20,234 | 1,084,542 | ||||||
Box, Inc. Class A (a) | 65,536 | 985,006 | ||||||
Cadence Design Systems, Inc. (a) | 128,994 | 9,301,757 | ||||||
CDK Global, Inc. | 55,991 | 3,005,597 | ||||||
Cerence, Inc. (a) | 16,656 | 355,606 | ||||||
Ceridian HCM Holding, Inc. (a) | 19,923 | 1,460,157 | ||||||
ChannelAdvisor Corp. (a) | 13,272 | 124,226 | ||||||
Citrix Systems, Inc. | 60,616 | 7,347,872 | ||||||
Cloudera, Inc. (a) | 101,507 | 1,044,507 | ||||||
Cornerstone OnDemand, Inc. (a) | 23,903 | 1,405,496 | ||||||
Coupa Software, Inc. (a) | 27,113 | 4,369,260 | ||||||
Digimarc Corp. (a) | 5,390 | 168,761 | ||||||
Digital Turbine, Inc. (a) | 34,486 | 215,193 | ||||||
DocuSign, Inc. (a) | 48,254 | 3,788,422 | ||||||
Domo, Inc. Class B (a) | 4,809 | 116,474 | ||||||
Dropbox, Inc. Class A (a) | 110,668 | 1,883,569 | ||||||
Ebix, Inc. | 11,328 | 390,023 | ||||||
Elastic N.V. (a) | 12,358 | 801,787 | ||||||
Envestnet, Inc. (a) | 23,876 | 1,883,100 | ||||||
Everbridge, Inc. (a) | 14,749 | 1,336,849 | ||||||
Fair Isaac Corp. (a) | 13,260 | 5,335,559 | ||||||
Five9, Inc. (a) | 28,024 | 2,010,162 | ||||||
Guidewire Software, Inc. (a) | 38,104 | 4,286,700 | ||||||
HubSpot, Inc. (a) | 18,658 | 3,375,979 | ||||||
Instructure, Inc. (a) | 14,438 | 705,152 | ||||||
Intuit, Inc. | 120,043 | 33,657,656 | ||||||
j2 Global, Inc. | 21,604 | 2,070,959 | ||||||
LivePerson, Inc. (a) | 29,147 | 1,195,318 | ||||||
LogMeIn, Inc. | 22,716 | 1,952,895 | ||||||
Manhattan Associates, Inc. (a) | 29,943 | 2,558,929 | ||||||
Medallia, Inc. (a) | 11,733 | 331,105 | ||||||
MicroStrategy, Inc. Class A (a) | 3,742 | 568,896 | ||||||
Mimecast Ltd. (a) | 22,585 | 1,152,513 | ||||||
MobileIron, Inc. (a) | 31,252 | 149,072 | ||||||
Model N, Inc. (a) | 11,492 | 358,435 | ||||||
New Relic, Inc. (a) | 23,158 | 1,528,660 | ||||||
Nuance Communications, Inc. (a) | 133,472 | 2,525,290 | ||||||
Nutanix, Inc. Class A (a) | 72,809 | 2,364,108 | ||||||
PagerDuty, Inc. (a) | 7,002 | 163,287 |
See accompanying notes which are an integral part of the financial statements.
49 |
Table of Contents
Fidelity® MSCI Information Technology Index ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
SOFTWARE – continued | ||||||||
Application Software – continued | ||||||||
Paycom Software, Inc. (a) | 22,891 | $ | 7,283,001 | |||||
Paylocity Holding Corp. (a) | 15,875 | 2,252,504 | ||||||
Pegasystems, Inc. | 18,408 | 1,586,954 | ||||||
Pluralsight, Inc. Class A (a) | 35,114 | 680,860 | ||||||
PROS Holdings, Inc. (a) | 16,733 | 1,003,980 | ||||||
PTC, Inc. (a) | 50,714 | 4,215,348 | ||||||
Q2 Holdings, Inc. (a) | 19,791 | 1,725,577 | ||||||
QAD, Inc. Class A | 4,695 | 241,558 | ||||||
RealPage, Inc. (a) | 37,070 | 2,163,034 | ||||||
RingCentral, Inc. Class A (a) | 33,264 | 6,838,413 | ||||||
Rosetta Stone, Inc. (a) | 9,928 | 170,265 | ||||||
Salesforce.com, Inc. (a) | 384,660 | 70,127,365 | ||||||
Smartsheet, Inc. Class A (a) | 41,202 | 1,997,473 | ||||||
Splunk, Inc. (a) | 69,516 | 10,793,054 | ||||||
SPS Commerce, Inc. (a) | 16,631 | 945,140 | ||||||
SS&C Technologies Holdings, Inc. | 105,678 | 6,658,771 | ||||||
SVMK, Inc. (a) | 13,190 | 232,803 | ||||||
Synopsys, Inc. (a) | 69,564 | 10,261,386 | ||||||
The Trade Desk, Inc. Class A (a) | 17,118 | 4,607,823 | ||||||
Tyler Technologies, Inc. (a) | 17,867 | 5,783,191 | ||||||
Upland Software, Inc. (a) | 9,582 | 374,081 | ||||||
Verint Systems, Inc. (a) | 30,464 | 1,766,912 | ||||||
Workday, Inc. Class A (a) | 75,916 | 14,016,371 | ||||||
Workiva, Inc. (a) | 14,762 | 671,523 | ||||||
Yext, Inc. (a) | 28,060 | 419,216 | ||||||
Zendesk, Inc. (a) | 51,363 | 4,437,763 | ||||||
|
| |||||||
397,330,268 | ||||||||
|
| |||||||
Systems Software – 20.5% | ||||||||
A10 Networks, Inc. (a) | 24,358 | 165,878 | ||||||
Appian Corp. (a) | 10,729 | 547,608 | ||||||
CommVault Systems, Inc. (a) | 19,893 | 895,583 | ||||||
FireEye, Inc. (a) | 99,357 | 1,587,725 | ||||||
ForeScout Technologies, Inc. (a) | 16,528 | 471,213 | ||||||
Fortinet, Inc. (a) | 67,240 | 7,756,806 | ||||||
Microsoft Corp. | 3,351,564 | 570,536,740 | ||||||
NortonLifelock, Inc. | 286,331 | 8,137,527 | ||||||
OneSpan, Inc. (a) | 13,831 | 229,871 | ||||||
Oracle Corp. | 1,078,357 | 56,559,825 | ||||||
Palo Alto Networks, Inc. (a) | 44,401 | 10,424,467 | ||||||
Progress Software Corp. | 20,497 | 925,030 | ||||||
Proofpoint, Inc. (a) | 25,928 | 3,184,218 | ||||||
Qualys, Inc. (a) | 15,560 | 1,334,114 | ||||||
Rapid7, Inc. (a) | 19,405 | 1,152,269 | ||||||
SailPoint Technologies Holding, Inc. (a) | 37,131 | 931,617 | ||||||
SecureWorks Corp. Class A (a) | 3,453 | 54,316 | ||||||
ServiceNow, Inc. (a) | 86,464 | 29,244,719 |
Shares | Value | |||||||
Tenable Holdings, Inc. (a) | 13,032 | $ | 355,122 | |||||
Teradata Corp. (a) | 52,765 | 1,284,300 | ||||||
TiVo Corp. | 59,597 | 433,866 | ||||||
Varonis Systems, Inc. (a) | 13,970 | 1,168,730 | ||||||
VMware, Inc. Class A (a) | 37,883 | 5,608,957 | ||||||
Zscaler, Inc. (a) | 29,260 | 1,641,193 | ||||||
Zuora, Inc. Class A (a) | 37,130 | 547,667 | ||||||
|
| |||||||
705,179,361 | ||||||||
|
| |||||||
TOTAL SOFTWARE | 1,102,509,629 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 20.4% |
| |||||||
Technology Hardware, Storage & Peripherals – 20.4% |
| |||||||
3D Systems Corp. (a) | 55,174 | 600,845 | ||||||
Apple, Inc. | 2,088,124 | 646,295,259 | ||||||
Dell Technologies, Inc. Class C (a) | 72,960 | 3,558,259 | ||||||
Diebold Nixdorf, Inc. (a) | 32,938 | 379,116 | ||||||
Hewlett Packard Enterprise Co. | 604,414 | 8,419,487 | ||||||
HP, Inc. | 687,578 | 14,659,163 | ||||||
NCR Corp. (a) | 55,759 | 1,880,194 | ||||||
NetApp, Inc. | 110,107 | 5,879,714 | ||||||
Pure Storage, Inc. Class A (a) | 104,733 | 1,864,247 | ||||||
Seagate Technology PLC | 112,050 | 6,385,730 | ||||||
Western Digital Corp. | 136,963 | 8,971,077 | ||||||
Xerox Holdings Corp. | 92,134 | 3,277,206 | ||||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS |
| 702,170,297 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 3,427,586,839 | ||||||
|
| |||||||
Money Market Fund – 0.2% | ||||||||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) | 7,532,000 | 7,532,000 | ||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 100.0% |
| 3,435,118,839 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.0% |
| 1,209,186 | ||||||
|
| |||||||
NET ASSETS – 100.0% |
| $ | 3,436,328,025 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualizedseven-day yield of the fund at period end. |
See accompanying notes which are an integral part of the financial statements.
50 |
Table of Contents
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contracts | ||||||||||||||||||||
CMEE-mini Russell 2000 Index Future Contracts | 6 | March 2020 | $ | 484,410 | $ | (16,043 | ) | $ | (16,043 | ) | ||||||||||
CMEE-mini S&P Select Sector Technology Index Future Contracts | 81 | March 2020 | 7,763,040 | 262,572 | 262,572 | |||||||||||||||
|
| |||||||||||||||||||
Total Equity Index Contracts | $ | 246,529 | ||||||||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 3,427,586,839 | $ | 3,427,586,839 | $ | — | $ | — | ||||||||
Money Market Funds | 7,532,000 | 7,532,000 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 3,435,118,839 | $ | 3,435,118,839 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 262,572 | $ | 262,572 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 262,572 | $ | 262,572 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (16,043 | ) | $ | (16,043 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (16,043 | ) | $ | (16,043 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | 246,529 | $ | 246,529 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts (a) | $ | 262,572 | $ | (16,043 | ) | |||
|
|
|
| |||||
Total Equity Risk | 262,572 | (16,043 | ) | |||||
|
|
|
| |||||
Total Value of Derivatives | $ | 262,572 | $ | (16,043 | ) | |||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
51 |
Table of Contents
Fidelity® MSCI Materials Index ETF
Schedule of Investments January 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% | ||||||||
Shares | Value | |||||||
CHEMICALS – 65.1% | ||||||||
Commodity Chemicals – 8.1% | ||||||||
AdvanSix, Inc. (a) | 7,029 | $ | 131,583 | |||||
Cabot Corp. | 14,566 | 580,455 | ||||||
Dow, Inc. | 187,578 | 8,641,718 | ||||||
Hawkins, Inc. | 2,452 | 102,445 | ||||||
Koppers Holdings, Inc. (a) | 5,204 | 163,302 | ||||||
Kronos Worldwide, Inc. | 5,820 | 63,089 | ||||||
LyondellBasell Industries N.V. Class A | 67,697 | 5,270,888 | ||||||
Olin Corp. | 41,468 | 616,629 | ||||||
Tredegar Corp. | 6,750 | 137,363 | ||||||
Trinseo S.A. | 10,174 | 292,197 | ||||||
Tronox Holdings PLC Class A | 23,339 | 197,448 | ||||||
Valvoline, Inc. | 47,493 | 1,001,152 | ||||||
Westlake Chemical Corp. | 9,701 | 593,701 | ||||||
|
| |||||||
17,791,970 | ||||||||
|
| |||||||
Diversified Chemicals – 1.9% | ||||||||
Eastman Chemical Co. | 34,572 | 2,463,947 | ||||||
Huntsman Corp. | 52,120 | 1,071,587 | ||||||
The Chemours Co. | 41,254 | 572,193 | ||||||
|
| |||||||
4,107,727 | ||||||||
|
| |||||||
Fertilizers & Agricultural Chemicals – 6.5% |
| |||||||
American Vanguard Corp. | 6,930 | 129,453 | ||||||
CF Industries Holdings, Inc. | 55,101 | 2,219,468 | ||||||
Corteva, Inc. | 189,021 | 5,466,487 | ||||||
FMC Corp. | 32,919 | 3,146,727 | ||||||
Intrepid Potash, Inc. (a) | 24,698 | 58,781 | ||||||
The Mosaic Co. | 92,515 | 1,835,498 | ||||||
The Scotts Miracle-Gro Co. | 10,500 | 1,288,770 | ||||||
|
| |||||||
14,145,184 | ||||||||
|
| |||||||
Industrial Gases – 18.8% | ||||||||
Air Products & Chemicals, Inc. | 55,618 | 13,276,573 | ||||||
Linde PLC | 136,438 | 27,714,651 | ||||||
|
| |||||||
40,991,224 | ||||||||
|
| |||||||
Specialty Chemicals – 29.8% | ||||||||
A Schulman, Inc. Class A (b) | 8,906 | 3,856 | ||||||
Albemarle Corp. | 26,757 | 2,148,052 | ||||||
Amyris, Inc. (a) | 13,039 | 33,380 | ||||||
Ashland Global Holdings, Inc. | 15,269 | 1,129,601 | ||||||
Axalta Coating Systems Ltd. (a) | 52,995 | 1,526,786 | ||||||
Balchem Corp. | 8,162 | 881,659 | ||||||
Celanese Corp. | 31,239 | 3,233,236 | ||||||
Chase Corp. | 1,906 | 175,295 | ||||||
DuPont de Nemours, Inc. | 188,167 | 9,630,387 | ||||||
Ecolab, Inc. | 65,373 | 12,820,299 | ||||||
Element Solutions, Inc. (a) | 58,309 | 682,215 | ||||||
Ferro Corp. (a) | 19,601 | 268,142 | ||||||
FutureFuel Corp. | 6,720 | 73,651 | ||||||
GCP Applied Technologies, Inc. (a) | 16,494 | 366,497 | ||||||
HB Fuller Co. | 12,827 | 592,736 | ||||||
Ingevity Corp. (a) | 10,570 | 689,375 |
Shares | Value | |||||||
Innophos Holdings, Inc. | 4,982 | $ | 159,225 | |||||
Innospec, Inc. | 6,163 | 620,799 | ||||||
International Flavors & Fragrances, Inc. | 25,597 | 3,356,023 | ||||||
Kraton Corp. (a) | 7,988 | 131,403 | ||||||
Livent Corp. (a) | 36,815 | 346,429 | ||||||
Minerals Technologies, Inc. | 8,848 | 478,942 | ||||||
NewMarket Corp. | 2,267 | 996,618 | ||||||
OMNOVA Solutions, Inc. (a) | 11,237 | 113,606 | ||||||
PolyOne Corp. | 19,366 | 642,564 | ||||||
PPG Industries, Inc. | 59,649 | 7,148,336 | ||||||
PQ Group Holdings, Inc. (a) | 10,357 | 158,566 | ||||||
Quaker Chemical Corp. | 3,348 | 555,835 | ||||||
Rayonier Advanced Materials, Inc. | 15,999 | 49,277 | ||||||
RPM International, Inc. | 32,738 | 2,336,511 | ||||||
Sensient Technologies Corp. | 10,659 | 636,875 | ||||||
Stepan Co. | 5,127 | 505,779 | ||||||
The Sherwin-Williams Co. | 20,955 | 11,671,725 | ||||||
Venator Materials PLC (a) | 13,407 | 36,735 | ||||||
WR Grace & Co. | 15,144 | 1,020,100 | ||||||
|
| |||||||
65,220,515 | ||||||||
|
| |||||||
TOTAL CHEMICALS | 142,256,620 | |||||||
|
| |||||||
CONSTRUCTION MATERIALS – 4.9% | ||||||||
Construction Materials – 4.9% | ||||||||
Eagle Materials, Inc. | 10,605 | 966,858 | ||||||
Forterra, Inc. (a) | 4,162 | 53,898 | ||||||
Martin Marietta Materials, Inc. | 15,762 | 4,158,016 | ||||||
Summit Materials, Inc. Class A (a) | 28,263 | 620,938 | ||||||
United States Lime & Minerals, Inc. | 561 | 50,350 | ||||||
US Concrete, Inc. (a) | 3,989 | 141,968 | ||||||
Vulcan Materials Co. | 33,399 | 4,730,300 | ||||||
|
| |||||||
TOTAL CONSTRUCTION MATERIALS |
| 10,722,328 | ||||||
|
| |||||||
CONTAINERS & PACKAGING – 15.0% | ||||||||
Metal & Glass Containers – 6.0% | ||||||||
Aptargroup, Inc. | 16,167 | 1,867,450 | ||||||
Ball Corp. | 79,599 | 5,745,456 | ||||||
Berry Plastics Group, Inc. (a) | 33,338 | 1,417,532 | ||||||
Crown Holdings, Inc. (a) | 34,217 | 2,533,084 | ||||||
Greif, Inc. Class A | 6,623 | 267,702 | ||||||
Greif, Inc. Class B | 1,107 | 52,472 | ||||||
Myers Industries, Inc. | 8,075 | 130,653 | ||||||
O-I Glass, Inc. | 39,324 | 496,269 | ||||||
Silgan Holdings, Inc. | 19,607 | 605,072 | ||||||
|
| |||||||
13,115,690 | ||||||||
|
| |||||||
Paper Packaging – 9.0% | ||||||||
Amcor PLC | 409,772 | 4,339,485 | ||||||
Avery Dennison Corp. | 21,245 | 2,788,194 | ||||||
Graphic Packaging Holding Co. | 74,206 | 1,159,840 |
See accompanying notes which are an integral part of the financial statements.
52 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
CONTAINERS & PACKAGING – continued |
| |||||||
Paper Packaging – continued |
| |||||||
International Paper Co. | 94,201 | $ | 3,835,865 | |||||
Packaging Corp. of America | 23,899 | 2,288,329 | ||||||
Sealed Air Corp. | 39,006 | 1,384,713 | ||||||
Sonoco Products Co. | 25,265 | 1,443,642 | ||||||
Westrock Co. | 64,961 | 2,533,479 | ||||||
|
| |||||||
19,773,547 | ||||||||
|
| |||||||
TOTAL CONTAINERS & PACKAGING | 32,889,237 | |||||||
|
| |||||||
METALS & MINING – 13.3% | ||||||||
Aluminum – 0.5% | ||||||||
Alcoa Corp. (a) | 46,825 | 653,209 | ||||||
Century Aluminum Co. (a) | 13,608 | 71,986 | ||||||
Kaiser Aluminum Corp. | 4,043 | 404,907 | ||||||
|
| |||||||
1,130,102 | ||||||||
|
| |||||||
Copper – 1.9% | ||||||||
Freeport-McMoRan, Inc. | 366,207 | 4,064,898 | ||||||
|
| |||||||
Diversified Metals & Mining – 0.4% | ||||||||
Compass Minerals International, Inc. | 8,571 | 496,175 | ||||||
Materion Corp. | 5,137 | 278,939 | ||||||
|
| |||||||
775,114 | ||||||||
|
| |||||||
Gold – 5.3% | ||||||||
Coeur Mining, Inc. (a) | 56,197 | 338,868 | ||||||
McEwen Mining, Inc. (a) | 80,907 | 93,043 | ||||||
Newmont Corp. | 206,947 | 9,325,032 | ||||||
Royal Gold, Inc. | 16,554 | 1,909,007 | ||||||
|
| |||||||
11,665,950 | ||||||||
|
| |||||||
Silver – 0.2% | ||||||||
Hecla Mining Co. | 124,024 | 375,793 | ||||||
|
| |||||||
Steel – 5.0% | ||||||||
AK Steel Holding Corp. (a) | 80,010 | 220,827 | ||||||
Allegheny Technologies, Inc. (a) | 31,791 | 548,395 | ||||||
Carpenter Technology Corp. | 12,004 | 477,039 | ||||||
Cleveland-Cliffs, Inc. | 68,310 | 479,536 | ||||||
Commercial Metals Co. | 29,736 | 611,075 | ||||||
Haynes International, Inc. | 3,163 | 84,800 | ||||||
Nucor Corp. | 76,524 | 3,634,125 | ||||||
Reliance Steel & Aluminum Co. | 16,830 | 1,932,084 | ||||||
Ryerson Holding Corp. (a) | 4,223 | 43,286 | ||||||
Schnitzer Steel Industries, Inc. Class A | 6,701 | 107,752 | ||||||
Steel Dynamics, Inc. | 55,439 | 1,656,517 | ||||||
SunCoke Energy, Inc. | 23,080 | 135,710 | ||||||
TimkenSteel Corp. (a) | 9,531 | 60,808 |
Shares | Value | |||||||
United States Steel Corp. | 43,202 | $ | 391,842 | |||||
Warrior Met Coal, Inc. | 11,687 | 220,417 | ||||||
Worthington Industries, Inc. | 9,941 | 365,630 | ||||||
|
| |||||||
10,969,843 | ||||||||
|
| |||||||
TOTAL METALS & MINING | 28,981,700 | |||||||
|
| |||||||
PAPER & FOREST PRODUCTS – 1.4% | ||||||||
Forest Products – 0.6% | ||||||||
Boise Cascade Co. | 9,820 | 355,484 | ||||||
Louisiana-Pacific Corp. | 31,183 | 956,694 | ||||||
|
| |||||||
1,312,178 | ||||||||
|
| |||||||
Paper Products – 0.8% | ||||||||
Clearwater Paper Corp. (a) | 4,221 | 119,032 | ||||||
Domtar Corp. | 15,793 | 549,912 | ||||||
Mercer International, Inc. | 10,776 | 118,644 | ||||||
Neenah Paper, Inc. | 4,258 | 283,753 | ||||||
PH Glatfelter Co. | 11,156 | 186,305 | ||||||
Schweitzer-Mauduit International, Inc. | 7,784 | 272,674 | ||||||
Verso Corp. Class A (a) | 8,681 | 146,275 | ||||||
|
| |||||||
1,676,595 | ||||||||
|
| |||||||
TOTAL PAPER & FOREST PRODUCTS | 2,988,773 | |||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 217,838,658 | ||||||
|
| |||||||
Money Market Fund – 0.2% | ||||||||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (c) | 470,000 | 470,000 | ||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 99.9% |
| 218,308,658 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.1% |
| 109,281 | ||||||
|
| |||||||
NET ASSETS – 100.0% |
| $ | 218,417,939 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | Level 3 security. |
(c) | The rate quoted is the annualizedseven-day yield of the fund at period end. |
See accompanying notes which are an integral part of the financial statements.
53 |
Table of Contents
Fidelity® MSCI Materials Index ETF
Schedule of Investments (Unaudited) – continued
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contracts | ||||||||||||||||||||
CMEE-mini S&P Materials Select Sector Index Future Contracts | 8 | March 2020 | $ | 487,280 | $ | (24,139 | ) | $ | (24,139 | ) | ||||||||||
CMEE-mini Micro Russell 2000 Index Future Contracts | 9 | March 2020 | 72,662 | (1,298 | ) | (1,298 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Equity Index Contracts | $ | (25,437 | ) | |||||||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 217,838,658 | $ | 217,834,802 | $ | — | $ | 3,856 | ||||||||
Money Market Funds | 470,000 | 470,000 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 218,308,658 | $ | 218,304,802 | $ | — | $ | 3,856 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (25,437 | ) | $ | (25,437 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (25,437 | ) | $ | (25,437 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | (25,437 | ) | $ | (25,437 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts (a) | $ | 0 | $ | (25,437 | ) | |||
|
|
|
| |||||
Total Equity Risk | 0 | (25,437 | ) | |||||
|
|
|
| |||||
Total Value of Derivatives | $ | 0 | $ | (25,437 | ) | |||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
54 |
Table of Contents
Fidelity® MSCI Real Estate Index ETF
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | ||||||||
Shares | Value | |||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – 96.1% |
| |||||||
Diversified REITs – 4.9% |
| |||||||
Alexander & Baldwin, Inc. | 56,198 | $ | 1,228,488 | |||||
American Assets Trust, Inc. | 41,425 | 1,887,323 | ||||||
Armada Hoffler Properties, Inc. | 43,544 | 798,597 | ||||||
Colony Capital, Inc. | 377,528 | 1,763,056 | ||||||
Empire State Realty Trust, Inc. Class A | 123,373 | 1,672,938 | ||||||
Gladstone Commercial Corp. | 25,852 | 551,165 | ||||||
Global Net Lease, Inc. | 69,069 | 1,431,800 | ||||||
iStar, Inc. | 51,029 | 742,982 | ||||||
Lexington Realty Trust | 172,831 | 1,913,239 | ||||||
Liberty Property Trust | 127,712 | 8,001,157 | ||||||
One Liberty Properties, Inc. | 12,475 | 341,066 | ||||||
PS Business Parks, Inc. | 16,812 | 2,817,019 | ||||||
STORE Capital Corp. | 179,067 | 7,028,380 | ||||||
VEREIT, Inc. | 861,263 | 8,405,927 | ||||||
Washington Real Estate Investment Trust | 65,352 | 1,989,315 | ||||||
WP Carey, Inc. | 139,372 | 11,723,972 | ||||||
|
| |||||||
52,296,424 | ||||||||
|
| |||||||
Health Care REITs – 9.8% |
| |||||||
CareTrust REIT, Inc. | 78,222 | 1,734,964 | ||||||
Community Healthcare Trust, Inc. | 15,124 | 713,399 | ||||||
Diversified Healthcare Trust | 194,818 | 1,503,995 | ||||||
Global Medical REIT, Inc. | 33,273 | 485,786 | ||||||
Healthcare Realty Trust, Inc. | 105,473 | 3,803,356 | ||||||
Healthcare Trust of America, Inc. Class A | 167,424 | 5,362,591 | ||||||
Healthpeak Properties, Inc. | 400,779 | 14,424,036 | ||||||
LTC Properties, Inc. | 32,554 | 1,502,693 | ||||||
Medical Properties Trust, Inc. | 416,144 | 9,217,590 | ||||||
National Health Investors, Inc. | 35,433 | 2,989,837 | ||||||
New Senior Investment Group, Inc. | 68,975 | 525,589 | ||||||
Omega Healthcare Investors, Inc. | 178,139 | 7,472,931 | ||||||
Physicians Realty Trust | 151,444 | 2,930,441 | ||||||
Sabra Health Care REIT, Inc. | 154,749 | 3,327,103 | ||||||
Universal Health Realty Income Trust | 10,694 | 1,319,105 | ||||||
Ventas, Inc. | 304,052 | 17,592,449 | ||||||
Welltower, Inc. | 330,708 | 28,080,416 | ||||||
|
| |||||||
102,986,281 | ||||||||
|
| |||||||
Hotel & Resort REITs – 3.7% |
| |||||||
Apple Hospitality REIT, Inc. | 173,848 | 2,611,197 | ||||||
Ashford Hospitality Trust, Inc. | 83,146 | 204,539 | ||||||
Braemar Hotels & Resorts, Inc. | 23,250 | 185,535 | ||||||
Chatham Lodging Trust | 38,641 | 631,780 | ||||||
CorePoint Lodging, Inc. | 32,985 | 301,813 | ||||||
DiamondRock Hospitality Co. | 163,830 | 1,584,236 | ||||||
Hersha Hospitality Trust | 30,508 | 395,689 | ||||||
Host Hotels & Resorts, Inc. | 595,648 | 9,732,888 | ||||||
MGM Growth Properties LLC Class A | 92,982 | 2,969,845 | ||||||
Park Hotels & Resorts, Inc. | 195,681 | 4,293,241 |
Shares | Value | |||||||
Pebblebrook Hotel Trust | 106,796 | $ | 2,533,201 | |||||
RLJ Lodging Trust | 140,864 | 2,191,844 | ||||||
Ryman Hospitality Properties, Inc. | 39,895 | 3,392,272 | ||||||
Service Properties Trust | 136,189 | 2,938,959 | ||||||
Summit Hotel Properties, Inc. | 85,290 | 945,866 | ||||||
Sunstone Hotel Investors, Inc. | 183,963 | 2,332,651 | ||||||
Xenia Hotels & Resorts, Inc. | 92,372 | 1,726,433 | ||||||
|
| |||||||
38,971,989 | ||||||||
|
| |||||||
Industrial REITs – 8.3% |
| |||||||
Americold Realty Trust | 148,588 | 5,121,828 | ||||||
Duke Realty Corp. | 294,961 | 10,710,034 | ||||||
EastGroup Properties, Inc. | 30,651 | 4,170,682 | ||||||
First Industrial Realty Trust, Inc. | 103,222 | 4,407,579 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 53,771 | 1,833,053 | ||||||
Industrial Logistics Properties Trust | 53,902 | 1,233,817 | ||||||
Monmouth Real Estate Investment Corp. Class A | 74,296 | 1,086,950 | ||||||
Prologis, Inc. | 515,045 | 47,837,380 | ||||||
Rexford Industrial Realty, Inc. | 89,564 | 4,316,089 | ||||||
STAG Industrial, Inc. | 103,820 | 3,347,157 | ||||||
Terreno Realty Corp. | 53,560 | 3,066,846 | ||||||
|
| |||||||
87,131,415 | ||||||||
|
| |||||||
Office REITs – 9.4% |
| |||||||
Alexandria Real Estate Equities, Inc. | 92,579 | 15,108,893 | ||||||
Boston Properties, Inc. | 126,139 | 18,082,026 | ||||||
Brandywine Realty Trust | 144,265 | 2,253,419 | ||||||
City Office REIT, Inc. | 44,934 | 607,508 | ||||||
Columbia Property Trust, Inc. | 95,407 | 2,013,088 | ||||||
Corporate Office Properties Trust | 91,357 | 2,719,698 | ||||||
Cousins Properties, Inc. | 118,713 | 4,858,923 | ||||||
Douglas Emmett, Inc. | 135,867 | 5,638,481 | ||||||
Easterly Government Properties, Inc. | 58,321 | 1,411,951 | ||||||
Equity Commonwealth | 99,532 | 3,263,654 | ||||||
Franklin Street Properties Corp. | 88,784 | 674,758 | ||||||
Highwoods Properties, Inc. | 84,645 | 4,241,561 | ||||||
Hudson Pacific Properties, Inc. | 125,997 | 4,578,731 | ||||||
JBG SMITH Properties | 103,984 | 4,216,551 | ||||||
Kilroy Realty Corp. | 82,441 | 6,807,153 | ||||||
Mack-Cali Realty Corp. | 74,108 | 1,627,412 | ||||||
Office Properties Income Trust | 40,221 | 1,368,721 | ||||||
Paramount Group, Inc. | 153,437 | 2,157,324 | ||||||
Piedmont Office Realty Trust, Inc. Class A | 102,961 | 2,387,666 | ||||||
SL Green Realty Corp. | 67,258 | 6,190,426 | ||||||
Vornado Realty Trust | 140,195 | 9,220,625 | ||||||
|
| |||||||
99,428,569 | ||||||||
|
| |||||||
Real Estate Operating Companies – 0.2% |
| |||||||
Essential Properties Realty Trust, Inc. | 62,446 | 1,724,134 | ||||||
|
| |||||||
Residential REITs – 14.9% | ||||||||
American Campus Communities, Inc. | 112,130 | 5,143,403 |
See accompanying notes which are an integral part of the financial statements.
55 |
Table of Contents
Fidelity® MSCI Real Estate Index ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – continued |
| |||||||
Residential REITs – continued |
| |||||||
American Homes 4 Rent Class A | 220,217 | $ | 6,018,531 | |||||
Apartment Investment & Management Co. Class A | 121,498 | 6,404,160 | ||||||
AvalonBay Communities, Inc. | 113,968 | 24,695,726 | ||||||
Camden Property Trust | 79,018 | 8,883,994 | ||||||
Equity Lifestyle Properties, Inc. | 141,152 | 10,268,808 | ||||||
Equity Residential | 302,642 | 25,143,497 | ||||||
Essex Property Trust, Inc. | 53,650 | 16,618,624 | ||||||
Front Yard Residential Corp. | 42,329 | 454,190 | ||||||
Independence Realty Trust, Inc. | 74,274 | 1,089,600 | ||||||
Investors Real Estate Trust | 9,634 | 710,026 | ||||||
Invitation Homes, Inc. | 438,898 | 13,812,120 | ||||||
Mid-America Apartment Communities, Inc. | 93,092 | 12,773,153 | ||||||
NexPoint Residential Trust, Inc. | 15,788 | 770,454 | ||||||
Preferred Apartment Communities, Inc. Class A | 36,808 | 433,598 | ||||||
Sun Communities, Inc. | 73,994 | 11,999,607 | ||||||
UDR, Inc. | 238,977 | 11,449,388 | ||||||
UMH Properties, Inc. | 30,485 | 481,663 | ||||||
|
| |||||||
157,150,542 | ||||||||
|
| |||||||
Retail REITs – 11.4% |
| |||||||
Acadia Realty Trust | 69,089 | 1,714,789 | ||||||
Agree Realty Corp. | 34,249 | 2,600,527 | ||||||
Alexander’s, Inc. | 1,922 | 620,191 | ||||||
American Finance Trust, Inc. | 86,989 | 1,128,247 | ||||||
Brixmor Property Group, Inc. | 243,062 | 4,851,517 | ||||||
Cedar Realty Trust, Inc. | 76,600 | 199,160 | ||||||
Federal Realty Investment Trust | 61,169 | 7,647,348 | ||||||
Getty Realty Corp. | 28,637 | 902,638 | ||||||
Kimco Realty Corp. | 344,461 | 6,561,982 | ||||||
Kite Realty Group Trust | 68,765 | 1,182,758 | ||||||
National Retail Properties, Inc. | 133,436 | 7,472,416 | ||||||
Pennsylvania Real Estate Investment Trust | 60,147 | 236,979 | ||||||
Realty Income Corp. | 259,694 | 20,362,607 | ||||||
Regency Centers Corp. | 136,793 | 8,486,638 | ||||||
Retail Opportunity Investments Corp. | 93,543 | 1,550,007 | ||||||
Retail Properties of America, Inc. Class A | 174,937 | 2,125,485 | ||||||
Retail Value, Inc. | 13,250 | 435,527 | ||||||
RPT Realty | 65,863 | 918,789 | ||||||
Saul Centers, Inc. | 11,391 | 562,488 | ||||||
Seritage Growth Properties, Class A | 28,646 | 1,051,881 | ||||||
Simon Property Group, Inc. | 251,383 | 33,471,646 | ||||||
SITE Centers Corp. | 118,200 | 1,502,322 | ||||||
Spirit Realty Capital, Inc. | 73,537 | 3,881,283 | ||||||
Tanger Factory Outlet Centers, Inc. | 77,468 | 1,133,357 | ||||||
Taubman Centers, Inc. | 49,995 | 1,320,868 |
Shares | Value | |||||||
The Macerich Co. | 92,518 | $ | 2,064,077 | |||||
Urban Edge Properties | 99,392 | 1,827,819 | ||||||
Urstadt Biddle Properties, Inc. Class A | 24,808 | 562,397 | ||||||
Washington Prime Group, Inc. | 152,382 | 458,670 | ||||||
Weingarten Realty Investors | 99,871 | 2,906,246 | ||||||
Whitestone REIT | 29,838 | 390,878 | ||||||
|
| |||||||
120,131,537 | ||||||||
|
| |||||||
Specialized REITs – 33.5% |
| |||||||
American Tower Corp. | 361,275 | 83,721,868 | ||||||
CatchMark Timber Trust, Inc. Class A | 40,381 | 414,309 | ||||||
CoreCivic, Inc. | 97,473 | 1,554,694 | ||||||
CorEnergy Infrastructure Trust, Inc. | 11,134 | 507,710 | ||||||
CoreSite Realty Corp. | 30,116 | 3,537,124 | ||||||
Crown Castle International Corp. | 339,309 | 50,842,061 | ||||||
CubeSmart | 157,052 | 4,973,837 | ||||||
CyrusOne, Inc. | 92,425 | 5,624,061 | ||||||
Digital Realty Trust, Inc. | 170,048 | 20,914,204 | ||||||
EPR Properties | 63,293 | 4,517,221 | ||||||
Equinix, Inc. | 69,220 | 40,821,111 | ||||||
Extra Space Storage, Inc. | 104,909 | 11,611,328 | ||||||
Four Corners Property Trust, Inc. | 56,001 | 1,696,270 | ||||||
Gaming and Leisure Properties, Inc. | 166,438 | 7,865,028 | ||||||
Iron Mountain, Inc. | 234,297 | 7,406,128 | ||||||
Jernigan Capital, Inc. | 18,419 | 368,196 | ||||||
Lamar Advertising Co. Class A | 70,147 | 6,510,343 | ||||||
Life Storage, Inc. | 38,101 | 4,312,271 | ||||||
National Storage Affiliates Trust | 48,210 | 1,646,372 | ||||||
Outfront Media, Inc. | 117,021 | 3,480,205 | ||||||
PotlatchDeltic Corp. | 55,001 | 2,365,043 | ||||||
Public Storage | 128,249 | 28,696,996 | ||||||
QTS Realty Trust, Inc. Class A | 45,263 | 2,574,559 | ||||||
Rayonier, Inc. | 105,820 | 3,214,812 | ||||||
Safehold, Inc. | 8,364 | 376,045 | ||||||
SBA Communications Corp. | 92,300 | 23,034,388 | ||||||
The Geo Group, Inc. | 99,272 | 1,568,498 | ||||||
Uniti Group, Inc. | 158,308 | 1,002,090 | ||||||
VICI Properties, Inc. | 376,211 | 10,082,455 | ||||||
Weyerhaeuser Co. | 607,913 | 17,599,081 | ||||||
|
| |||||||
352,838,308 | ||||||||
|
| |||||||
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |
| 1,012,659,199 | ||||||
|
| |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.7% |
| |||||||
Diversified Real Estate Activities – 0.2% |
| |||||||
Five Point Holdings LLC Class A (a) | 43,558 | 353,255 | ||||||
Tejon Ranch Co. (a) | 18,425 | 296,642 | ||||||
The RMR Group, Inc. Class A | 12,522 | 576,889 | ||||||
The St Joe Co. (a) | 29,968 | 629,628 | ||||||
|
| |||||||
1,856,414 | ||||||||
|
| |||||||
Real Estate Development – 0.4% |
| |||||||
Forestar Group, Inc. (a) | 13,684 | 277,375 |
See accompanying notes which are an integral part of the financial statements.
56 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – continued |
| |||||||
Real Estate Development – continued |
| |||||||
The Howard Hughes Corp. (a) | 33,450 | $ | 4,070,196 | |||||
|
| |||||||
4,347,571 | ||||||||
|
| |||||||
Real Estate Operating Companies – 0.2% |
| |||||||
FRP Holdings, Inc. (a) | 5,726 | 271,069 | ||||||
Kennedy-Wilson Holdings, Inc. | 104,985 | 2,263,476 | ||||||
|
| |||||||
2,534,545 | ||||||||
|
| |||||||
Real Estate Services – 2.9% |
| |||||||
Altisource Portfolio Solutions S.A. (a) | 5,705 | 106,113 | ||||||
CBRE Group, Inc. Class A (a) | 260,750 | 15,918,788 | ||||||
Cushman & Wakefield PLC (a) | 79,940 | 1,536,447 | ||||||
eXp World Holdings, Inc. (a) | 18,784 | 207,375 | ||||||
Jones Lang LaSalle, Inc. | 42,064 | 7,143,309 | ||||||
Marcus & Millichap, Inc. (a) | 19,444 | 688,318 | ||||||
Newmark Group, Inc. Class A | 121,594 | 1,431,161 | ||||||
RE/MAX Holdings, Inc. Class A | 14,658 | 561,108 | ||||||
Realogy Holdings Corp. | 93,970 | 995,142 | ||||||
Redfin Corp. (a) | 60,082 | 1,461,795 | ||||||
|
| |||||||
30,049,556 | ||||||||
|
| |||||||
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |
| 38,788,086 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,051,447,285 | |||||||
|
|
Money Market Fund – 0.1% | ||||||||
Shares | Value | |||||||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) | 1,754,000 | $ | 1,754,000 | |||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 99.9% |
| 1,053,201,285 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.1% |
| 650,713 | ||||||
|
| |||||||
NET ASSETS – 100.0% |
| $ | 1,053,851,998 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualizedseven-day yield of the fund at period end. |
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contract | ||||||||||||||||||||
CME Dow Jones U.S. Real Estate Index Future Contracts | 59 | March 2020 | $ | 2,194,800 | $ | 21,201 | $ | 21,201 | ||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
See accompanying notes which are an integral part of the financial statements.
57 |
Table of Contents
Fidelity® MSCI Real Estate Index ETF
Schedule of Investments (Unaudited) – continued
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 1,051,447,285 | $ | 1,051,447,285 | $ | — | $ | — | ||||||||
Money Market Funds | 1,754,000 | 1,754,000 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 1,053,201,285 | $ | 1,053,201,285 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 21,201 | $ | 21,201 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 21,201 | $ | 21,201 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | 21,201 | $ | 21,201 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts (a) | $ | 21,201 | $ | 0 | ||||
|
|
|
| |||||
Total Equity Risk | 21,201 | 0 | ||||||
|
|
|
| |||||
Total Value of Derivatives | $ | 21,201 | $ | 0 | ||||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
58 |
Table of Contents
Fidelity® MSCI Utilities Index ETF
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.9% | ||||||||
Shares | Value | |||||||
ELECTRIC UTILITIES – 58.0% |
| |||||||
Electric Utilities – 58.0% |
| |||||||
ALLETE, Inc. | 48,631 | $ | 4,059,716 | |||||
Alliant Energy Corp. | 223,531 | 13,268,800 | ||||||
American Electric Power Co., Inc. | 464,713 | 48,432,389 | ||||||
Duke Energy Corp. | 685,689 | 66,943,817 | ||||||
Edison International | 336,999 | 25,797,273 | ||||||
El Paso Electric Co. | 38,445 | 2,617,720 | ||||||
Entergy Corp. | 187,119 | 24,609,891 | ||||||
Evergy, Inc. | 221,599 | 15,990,584 | ||||||
Eversource Energy | 304,544 | 28,152,047 | ||||||
Exelon Corp. | 914,362 | 43,514,488 | ||||||
FirstEnergy Corp. | 508,183 | 25,810,614 | ||||||
Hawaiian Electric Industries, Inc. | 102,555 | 5,015,965 | ||||||
IDACORP, Inc. | 47,428 | 5,320,947 | ||||||
MGE Energy, Inc. | 32,562 | 2,602,681 | ||||||
NextEra Energy, Inc. | 450,885 | 120,927,357 | ||||||
OGE Energy Corp. | 188,386 | 8,637,498 | ||||||
Otter Tail Corp. | 33,598 | 1,799,509 | ||||||
Pinnacle West Capital Corp. | 105,690 | 10,324,856 | ||||||
PNM Resources, Inc. | 74,990 | 4,066,708 | ||||||
Portland General Electric Co. | 84,108 | 5,172,642 | ||||||
PPL Corp. | 679,709 | 24,598,669 | ||||||
The Southern Co. | 983,672 | 69,250,509 | ||||||
Xcel Energy, Inc. | 484,679 | 33,534,940 | ||||||
|
| |||||||
TOTAL ELECTRIC UTILITIES | 590,449,620 | |||||||
|
| |||||||
GAS UTILITIES – 4.6% | ||||||||
Gas Utilities – 4.6% | ||||||||
Atmos Energy Corp. | 111,239 | 13,018,300 | ||||||
Chesapeake Utilities Corp. | 15,473 | 1,488,657 | ||||||
National Fuel Gas Co. | 73,191 | 3,161,119 | ||||||
New Jersey Resources Corp. | 84,728 | 3,500,961 | ||||||
Northwest Natural Holding Co. | 28,588 | 2,097,787 | ||||||
ONE Gas, Inc. | 49,628 | 4,689,846 | ||||||
South Jersey Industries, Inc. | 86,756 | 2,672,085 | ||||||
Southwest Gas Holdings, Inc. | 51,135 | 3,861,204 | ||||||
Spire, Inc. | 47,830 | 4,033,026 | ||||||
Star Group LP | 43,967 | 408,014 | ||||||
UGI Corp. | 196,508 | 8,172,768 | ||||||
|
| |||||||
TOTAL GAS UTILITIES | 47,103,767 | |||||||
|
| |||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 4.0% |
| |||||||
Independent Power Producers & Energy Traders – 3.1% |
| |||||||
AES Corp. | 624,751 | 12,407,555 | ||||||
Clearway Energy, Inc. Class A | 32,610 | 674,701 | ||||||
Clearway Energy, Inc. Class C | 69,139 | 1,463,673 | ||||||
NRG Energy, Inc. | 238,087 | 8,783,029 | ||||||
Vistra Energy Corp. | 347,041 | 7,815,363 | ||||||
|
| |||||||
31,144,321 | ||||||||
|
|
Shares | Value | |||||||
Renewable Electricity – 0.9% | ||||||||
NextEra Energy Partners LP | 52,907 | $ | 3,003,531 | |||||
Ormat Technologies, Inc. | 36,025 | 2,855,342 | ||||||
Pattern Energy Group, Inc. Class A | 83,029 | 2,234,310 | ||||||
TerraForm Power, Inc. Class A | 58,713 | 1,062,118 | ||||||
|
| |||||||
9,155,301 | ||||||||
|
| |||||||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS |
| 40,299,622 | ||||||
|
| |||||||
MULTI-UTILITIES – 29.1% | ||||||||
Multi-Utilities – 29.1% | ||||||||
Ameren Corp. | 231,327 | 18,980,381 | ||||||
Avista Corp. | 62,290 | 3,167,447 | ||||||
Black Hills Corp. | 57,468 | 4,771,568 | ||||||
CenterPoint Energy, Inc. | 472,640 | 12,515,507 | ||||||
CMS Energy Corp. | 267,073 | 18,297,171 | ||||||
Consolidated Edison, Inc. | 312,583 | 29,382,802 | ||||||
Dominion Energy, Inc. | 773,507 | 66,328,225 | ||||||
DTE Energy Co. | 172,506 | 22,876,021 | ||||||
MDU Resources Group, Inc. | 187,336 | 5,547,019 | ||||||
NiSource, Inc. | 351,359 | 10,298,332 | ||||||
NorthWestern Corp. | 47,495 | 3,655,690 | ||||||
Public Service Enterprise Group, Inc. | 475,856 | 28,170,675 | ||||||
Sempra Energy | 258,380 | 41,506,163 | ||||||
Unitil Corp. | 14,039 | 866,066 | ||||||
WEC Energy Group, Inc. | 296,858 | 29,653,146 | ||||||
|
| |||||||
TOTAL MULTI-UTILITIES | 296,016,213 | |||||||
|
| |||||||
WATER UTILITIES – 4.2% | ||||||||
Water Utilities – 4.2% | ||||||||
American States Water Co. | 34,694 | 3,072,501 | ||||||
American Water Works Co., Inc. | 170,012 | 23,155,634 | ||||||
AquaVenture Holdings Ltd. (a) | 18,028 | 486,756 | ||||||
California Water Service Group | 45,216 | 2,376,553 | ||||||
Essential Utilities, Inc. | 203,068 | 10,547,352 | ||||||
Middlesex Water Co. | 15,521 | 1,012,900 | ||||||
SJW Group | 22,702 | 1,665,192 | ||||||
The York Water Co. | 12,129 | 574,429 | ||||||
|
| |||||||
TOTAL WATER UTILITIES | 42,891,317 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,016,760,539 | |||||||
|
|
See accompanying notes which are an integral part of the financial statements.
59 |
Table of Contents
Fidelity® MSCI Utilities Index ETF
Schedule of Investments (Unaudited) – continued
Money Market Fund – 0.1% | ||||||||
Shares | Value | |||||||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.46% (b) | 1,065,000 | $ | 1,065,000 | |||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 100.0% |
| 1,017,825,539 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.0% |
| 343,857 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 1,018,169,396 | ||||||
|
|
Legend
(a) | Non-income producing. |
(b) | The rate quoted is the annualizedseven-day yield of the fund at period end. |
Futures Contracts | ||||||||||||||||||||
Purchased | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||
Equity Index Contract | ||||||||||||||||||||
CMEE-mini S&P Utilities Select Sector Index Future Contracts | 16 | March 2020 | $ | 1,111,840 | $ | 61,664 | $ | 61,664 | ||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.1%
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | $ | 1,016,760,539 | $ | 1,016,760,539 | $ | — | $ | — | ||||||||
Money Market Funds | 1,065,000 | 1,065,000 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 1,017,825,539 | $ | 1,017,825,539 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 61,664 | $ | 61,664 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 61,664 | $ | 61,664 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | 61,664 | $ | 61,664 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts (a) | $ | 61,664 | $ | 0 | ||||
|
|
|
| |||||
Total Equity Risk | 61,664 | 0 | ||||||
|
|
|
| |||||
Total Value of Derivatives | $ | 61,664 | $ | 0 | ||||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
60 |
Table of Contents
[THIS PAGE INTENTIONALLY LEFT BLANK]
61 |
Table of Contents
Statements of Assets and Liabilities | ||||||||||||||||
January 31, 2020 (Unaudited) | ||||||||||||||||
Fidelity MSCI Communication Services Index ETF | Fidelity MSCI Consumer Discretionary Index ETF | Fidelity MSCI Consumer Staples Index ETF | Fidelity MSCI Energy Index ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in securities, at value – See accompanying schedule | $ | 487,915,026 | $ | 770,009,083 | $ | 609,216,111 | $ | 391,358,209 | ||||||||
Segregated cash with brokers for derivative instruments | 21,000 | 56,400 | 33,000 | 32,000 | ||||||||||||
Cash | 57,968 | 190 | 16,572 | 5,517 | ||||||||||||
Receivable for investments sold | 1,033,771 | 185,104 | 19,780,940 | 37,891 | ||||||||||||
Receivable for fund shares sold | — | — | — | 8,348 | ||||||||||||
Dividends receivable | 694,620 | 327,126 | 851,626 | 478,919 | ||||||||||||
Interest receivable | 982 | 1,495 | 1,400 | 881 | ||||||||||||
Receivable for daily variation margin on futures contracts | — | 369 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 489,723,367 | 770,579,767 | 629,899,649 | 391,921,765 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable to custodian bank | — | — | — | — | ||||||||||||
Payable for investments purchased | 2,245,944 | 142,840 | 20,147,988 | — | ||||||||||||
Payable for fund shares redeemed | — | — | — | — | ||||||||||||
Accrued management fees | 34,693 | 54,543 | 42,489 | 28,990 | ||||||||||||
Payable for daily variation margin on futures contracts | 5,587 | — | 12,126 | 16,310 | ||||||||||||
Deferred dividend income | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 2,286,224 | 197,383 | 20,202,603 | 45,300 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 487,437,143 | $ | 770,382,384 | $ | 609,697,046 | $ | 391,876,465 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets consist of: | ||||||||||||||||
Paid in capital | 452,682,808 | 719,251,778 | 567,215,564 | 634,794,328 | ||||||||||||
Total accumulated earnings (loss) | 34,754,335 | 51,130,606 | 42,481,482 | (242,917,863 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 487,437,143 | $ | 770,382,384 | $ | 609,697,046 | $ | 391,876,465 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 13,550,000 | 15,750,000 | 16,200,000 | 27,700,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, offering price and redemption price per share | $ | 35.97 | $ | 48.91 | $ | 37.64 | $ | 14.15 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | $ | 436,788,581 | $ | 703,054,617 | $ | 564,297,517 | $ | 552,127,491 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
62 |
Table of Contents
Statements of Assets and Liabilities | ||||||||||||||||
January 31, 2020 (Unaudited) | ||||||||||||||||
Fidelity MSCI Financials Index ETF | Fidelity MSCI Health Care Index ETF | Fidelity MSCI Industrials Index ETF | Fidelity MSCI Information Technology Index ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in securities, at value – See accompanying schedule | $ | 1,062,095,069 | $ | 1,727,689,180 | $ | 461,642,837 | $ | 3,435,118,839 | ||||||||
Segregated cash with brokers for derivative instruments | 128,000 | 159,500 | 56,100 | 351,300 | ||||||||||||
Cash | 34,683 | — | 1,816 | 3,496,714 | ||||||||||||
Receivable for investments sold | — | 24,000 | — | 369,950 | ||||||||||||
Receivable for fund shares sold | — | — | — | — | ||||||||||||
Dividends receivable | 981,003 | 2,472,375 | 260,107 | 878,212 | ||||||||||||
Interest receivable | 2,452 | 3,434 | 1,178 | 7,426 | ||||||||||||
Receivable for daily variation margin on futures contracts | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 1,063,241,207 | 1,730,348,489 | 461,962,038 | 3,440,222,441 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable to custodian bank | — | 348,364 | — | — | ||||||||||||
Payable for investments purchased | — | — | — | — | ||||||||||||
Payable for fund shares redeemed | 145,042 | — | — | — | ||||||||||||
Accrued management fees | 76,223 | 123,195 | 33,056 | 235,877 | ||||||||||||
Payable for daily variation margin on futures contracts | 71,388 | 88,881 | 30,106 | 230,079 | ||||||||||||
Deferred dividend income | — | — | — | 3,428,460 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 292,653 | 560,440 | 63,162 | 3,894,416 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 1,062,948,554 | $ | 1,729,788,049 | $ | 461,898,876 | $ | 3,436,328,025 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets consist of: | ||||||||||||||||
Paid in capital | 972,751,335 | 1,518,246,565 | 447,119,418 | 2,499,230,405 | ||||||||||||
Total accumulated earnings (loss) | 90,197,219 | 211,541,484 | 14,779,458 | 937,097,620 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 1,062,948,554 | $ | 1,729,788,049 | $ | 461,898,876 | $ | 3,436,328,025 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 24,550,000 | 35,700,000 | 11,050,000 | 45,700,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, offering price and redemption price per share | $ | 43.30 | $ | 48.45 | $ | 41.80 | $ | 75.19 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | $ | 977,819,221 | $ | 1,521,510,949 | $ | 443,265,939 | $ | 2,488,733,549 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
63 |
Table of Contents
Financial Statements – continued
Statements of Assets and Liabilities | ||||||||||||
January 31, 2020 (Unaudited) | ||||||||||||
Fidelity MSCI Materials Index ETF | Fidelity MSCI Real Estate Index ETF | Fidelity MSCI Utilities Index ETF | ||||||||||
Assets | ||||||||||||
Investments in securities, at value – See accompanying schedule | $ | 218,308,658 | $ | 1,053,201,285 | $ | 1,017,825,539 | ||||||
Segregated cash with brokers for derivative instruments | 23,280 | 76,700 | 27,200 | |||||||||
Cash | 234 | 4,912 | 9,914 | |||||||||
Receivable for investments sold | — | — | — | |||||||||
Receivable for fund shares sold | — | 44,433 | 5,965 | |||||||||
Dividends receivable | 112,805 | 622,242 | 369,548 | |||||||||
Interest receivable | 489 | 2,142 | 2,903 | |||||||||
Receivable for daily variation margin on futures contracts | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Total assets | 218,445,466 | 1,053,951,714 | 1,018,241,069 | |||||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable to custodian bank | — | — | — | |||||||||
Payable for investments purchased | — | — | — | |||||||||
Payable for fund shares redeemed | — | — | — | |||||||||
Accrued management fees | 15,335 | 73,286 | 67,820 | |||||||||
Payable for daily variation margin on futures contracts | 12,192 | 26,430 | 3,853 | |||||||||
Deferred dividend income | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 27,527 | 99,716 | 71,673 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 218,417,939 | $ | 1,053,851,998 | $ | 1,018,169,396 | ||||||
|
|
|
|
|
| |||||||
Net Assets consist of: | ||||||||||||
Paid in capital | 243,775,453 | 975,166,321 | 859,020,317 | |||||||||
Total accumulated earnings (loss) | (25,357,514 | ) | 78,685,677 | 159,149,079 | ||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 218,417,939 | $ | 1,053,851,998 | $ | 1,018,169,396 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding | 6,800,000 | 37,400,000 | 22,700,000 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value, offering price and redemption price per share | $ | 32.12 | $ | 28.18 | $ | 44.85 | ||||||
|
|
|
|
|
| |||||||
Investments at cost | $ | 236,696,531 | $ | 967,564,619 | $ | 849,208,924 | ||||||
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
64 |
Table of Contents
Statements of Operations | ||||||||||||||||
For the six months ended January 31, 2020 (Unaudited) | ||||||||||||||||
Fidelity MSCI Communication Services Index ETF | Fidelity MSCI Consumer Discretionary Index ETF | Fidelity MSCI Consumer Staples Index ETF | Fidelity MSCI Energy Index ETF | |||||||||||||
Investment Income | ||||||||||||||||
Dividends | $ | 2,408,217 | $ | 4,767,345 | $ | 8,049,525 | $ | 8,164,115 | ||||||||
Interest | 3,649 | 5,954 | 4,757 | 4,254 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total income | 2,411,866 | 4,773,299 | 8,054,282 | 8,168,369 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Management fees | 189,411 | 310,237 | 248,835 | 174,205 | ||||||||||||
Independent trustees’ compensation | 1,270 | 2,247 | 1,773 | 1,378 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 190,681 | 312,484 | 250,608 | 175,583 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 2,221,185 | 4,460,815 | 7,803,674 | 7,992,786 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) on investment securities | (1,724,276 | ) | (1,898,961 | ) | (8,479,436 | ) | (16,427,065 | ) | ||||||||
Net realized gain (loss) onIn-kind redemptions | 12,157,976 | 9,795,913 | 18,387,843 | 1,030,468 | ||||||||||||
Net realized gain (loss) on futures contracts | 18,359 | 24,547 | 37,907 | 8,557 | ||||||||||||
Net realized gain (loss) on foreign currency transactions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net realized gain (loss) | 10,452,059 | 7,921,499 | 9,946,314 | (15,388,040 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on investment securities | 15,294,601 | 35,271,613 | 23,016,160 | (45,343,848 | ) | |||||||||||
Change in net unrealized appreciation (depreciation) on futures contracts | (9,556 | ) | 18,463 | (1,395 | ) | (42,823 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net unrealized appreciation (depreciation) | 15,285,045 | 35,290,076 | 23,014,765 | (45,386,671 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net gain (loss) | 25,737,104 | 43,211,575 | 32,961,079 | (60,774,711 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 27,958,289 | $ | 47,672,390 | $ | 40,764,753 | $ | (52,781,925 | ) | |||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
65 |
Table of Contents
Financial Statements – continued
Statements of Operations | ||||||||||||||||
For the six months ended January 31, 2020 (Unaudited) | ||||||||||||||||
Fidelity MSCI Financials Index ETF | Fidelity MSCI Health Care Index ETF | Fidelity MSCI Industrials Index ETF | Fidelity MSCI Information Technology Index ETF | |||||||||||||
Investment Income | ||||||||||||||||
Dividends | $ | 13,685,446 | $ | 12,797,516 | $ | 4,460,741 | $ | 17,370,218 | ||||||||
Interest | 8,139 | 19,354 | 3,634 | 22,129 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total income | 13,693,585 | 12,816,870 | 4,464,375 | 17,392,347 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Management fees | 434,535 | 652,151 | 186,926 | 1,174,266 | ||||||||||||
Independent trustees’ compensation | 3,348 | 4,799 | 1,381 | 8,035 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 437,883 | 656,950 | 188,307 | 1,182,301 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 13,255,702 | 12,159,920 | 4,276,068 | 16,210,046 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) on investment securities | (3,674,800 | ) | (591,759 | ) | (1,303,124 | ) | (3,194,085 | ) | ||||||||
Net realized gain (loss) onIn-kind redemptions | 20,955,863 | 31,414,380 | 5,028,742 | 24,003,135 | ||||||||||||
Net realized gain (loss) on futures contracts | 41,619 | 56,582 | 3,443 | 24,603 | ||||||||||||
Net realized gain (loss) on foreign currency transactions | — | — | (3 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net realized gain (loss) | 17,322,682 | 30,879,203 | 3,729,058 | 20,833,653 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on investment securities | 25,057,558 | 93,641,653 | 14,572,409 | 426,807,125 | ||||||||||||
Change in net unrealized appreciation (depreciation) on futures contracts | (71,463 | ) | (159,704 | ) | (17,753 | ) | 246,529 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net unrealized appreciation (depreciation) | 24,986,095 | 93,481,949 | 14,554,656 | 427,053,654 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net gain (loss) | 42,308,777 | 124,361,152 | 18,283,714 | 447,887,307 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 55,564,479 | $ | 136,521,072 | $ | 22,559,782 | $ | 464,097,353 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
66 |
Table of Contents
Statements of Operations | ||||||||||||
For the six months ended January 31, 2020 (Unaudited) | ||||||||||||
Fidelity MSCI Materials Index ETF | Fidelity MSCI Real Estate Index ETF | Fidelity MSCI Utilities Index ETF | ||||||||||
Investment Income | ||||||||||||
Dividends | $ | 1,918,396 | $ | 17,786,340 | $ | 13,240,881 | ||||||
Interest | 1,872 | 8,286 | 8,434 | |||||||||
|
|
|
|
|
| |||||||
Total income | 1,920,268 | 17,794,626 | 13,249,315 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Management fees | 82,357 | 406,657 | 369,073 | |||||||||
Independent trustees’ compensation | 606 | 2,798 | 2,506 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 82,963 | 409,455 | 371,579 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 1,837,305 | 17,385,171 | 12,877,736 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) on investment securities | (792,409 | ) | (3,585,941 | ) | (804,453 | ) | ||||||
Net realized gain (loss) onIn-kind redemptions | 1,947,691 | 10,332,645 | 9,611,636 | |||||||||
Net realized gain (loss) on futures contracts | 8,606 | 130,887 | 222,305 | |||||||||
Net realized gain (loss) on foreign currency transactions | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Total net realized gain (loss) | 1,163,888 | 6,877,591 | 9,029,488 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation (depreciation) on investment securities | (5,117,831 | ) | 43,636,161 | 108,501,721 | ||||||||
Change in net unrealized appreciation (depreciation) on futures contracts | (25,437 | ) | 21,201 | 61,664 | ||||||||
|
|
|
|
|
| |||||||
Total change in net unrealized appreciation (depreciation) | (5,143,268 | ) | 43,657,362 | 108,563,385 | ||||||||
|
|
|
|
|
| |||||||
Net gain (loss) | (3,979,380 | ) | 50,534,953 | 117,592,873 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | $ | (2,142,075 | ) | $ | 67,920,124 | $ | 130,470,609 | |||||
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
67 |
Table of Contents
Financial Statements – continued
Statements of Changes in Net Assets | ||||||||||||||||
Fidelity MSCI Communication Services Index ETF | Fidelity MSCI Consumer Discretionary Index ETF | |||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 2,221,185 | $ | 3,919,089 | $ | 4,460,815 | $ | 7,955,257 | ||||||||
Net realized gain (loss) | 10,452,059 | 6,708,389 | 7,921,499 | 63,352,867 | ||||||||||||
Change in net unrealized appreciation (depreciation) | 15,285,045 | 36,735,985 | 35,290,076 | (34,233,246 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 27,958,289 | 47,363,463 | 47,672,390 | 37,074,878 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders | (2,060,550 | ) | (3,314,700 | ) | (4,446,150 | ) | (8,215,200 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 141,399,185 | 333,949,778 | 46,577,018 | 550,589,148 | ||||||||||||
Cost of shares redeemed | (54,248,545 | ) | (128,714,106 | ) | (47,877,923 | ) | (479,120,713 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 87,150,640 | 205,235,672 | (1,300,905 | ) | 71,468,435 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 113,048,379 | 249,284,435 | 41,925,335 | 100,328,113 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 374,388,764 | 125,104,329 | 728,457,049 | 628,128,936 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 487,437,143 | $ | 374,388,764 | $ | 770,382,384 | $ | 728,457,049 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 4,150,000 | 10,700,000 | 1,000,000 | 12,900,000 | ||||||||||||
Redeemed | (1,500,000 | ) | (4,150,000 | ) | (1,000,000 | ) | (11,650,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 2,650,000 | 6,550,000 | — | 1,250,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
68 |
Table of Contents
Statements of Changes in Net Assets | ||||||||||||||||
Fidelity MSCI Consumer Staples Index ETF | Fidelity MSCI Energy Index ETF | |||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 7,803,674 | $ | 12,548,098 | $ | 7,992,786 | $ | 14,963,635 | ||||||||
Net realized gain (loss) | 9,946,314 | 10,498,459 | (15,388,040 | ) | (6,819,269 | ) | ||||||||||
Change in net unrealized appreciation (depreciation) | 23,014,765 | 23,359,605 | (45,386,671 | ) | (128,630,437 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 40,764,753 | 46,406,162 | (52,781,925 | ) | (120,486,071 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders | (7,762,600 | ) | (12,158,300 | ) | (19,517,350 | ) | (15,191,850 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 129,171,459 | 421,706,910 | 39,701,879 | 144,619,090 | ||||||||||||
Cost of shares redeemed | (100,546,510 | ) | (219,855,040 | ) | (43,154,254 | ) | (175,470,393 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 28,624,949 | 201,851,870 | (3,452,375 | ) | (30,851,303 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 61,627,102 | 236,099,732 | (75,751,650 | ) | (166,529,224 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 548,069,944 | 311,970,212 | 467,628,115 | 634,157,339 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 609,697,046 | $ | 548,069,944 | $ | 391,876,465 | $ | 467,628,115 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 3,550,000 | 12,600,000 | 2,600,000 | 8,000,000 | ||||||||||||
Redeemed | (2,750,000 | ) | (6,850,000 | ) | (2,750,000 | ) | (9,650,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 800,000 | 5,750,000 | (150,000 | ) | (1,650,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
69 |
Table of Contents
Financial Statements – continued
Statements of Changes in Net Assets | ||||||||||||||||
Fidelity MSCI Financials Index ETF | Fidelity MSCI Health Care Index ETF | |||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 13,255,702 | $ | 28,248,410 | $ | 12,159,920 | $ | 21,863,611 | ||||||||
Net realized gain (loss) | 17,322,682 | 79,721,304 | 30,879,203 | 90,474,894 | ||||||||||||
Change in net unrealized appreciation (depreciation) | 24,986,095 | (105,807,789 | ) | 93,481,949 | (73,666,611 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 55,564,479 | 2,161,925 | 136,521,072 | 38,671,894 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders | (12,028,500 | ) | (28,117,600 | ) | (8,748,700 | ) | (32,785,100 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 32,982,151 | 111,490,469 | 151,997,978 | 605,506,750 | ||||||||||||
Cost of shares redeemed | (157,428,044 | ) | (516,051,490 | ) | (107,234,764 | ) | (306,767,425 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | (124,445,893 | ) | (404,561,021 | ) | 44,763,214 | 298,739,325 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | (80,909,914 | ) | (430,516,696 | ) | 172,535,586 | 304,626,119 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 1,143,858,468 | 1,574,375,164 | 1,557,252,463 | 1,252,626,344 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,062,948,554 | $ | 1,143,858,468 | $ | 1,729,788,049 | $ | 1,557,252,463 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 750,000 | 2,900,000 | 3,100,000 | 13,600,000 | ||||||||||||
Redeemed | (3,950,000 | ) | (13,500,000 | ) | (2,450,000 | ) | (7,200,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (3,200,000 | ) | (10,600,000 | ) | 650,000 | 6,400,000 | ||||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
70 |
Table of Contents
Statements of Changes in Net Assets | ||||||||||||||||
Fidelity MSCI Industrials Index ETF | Fidelity MSCI Information Technology Index ETF | |||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 4,276,068 | $ | 8,095,623 | $ | 16,210,046 | $ | 27,104,670 | ||||||||
Net realized gain (loss) | 3,729,058 | 23,882,304 | 20,833,653 | 194,611,311 | ||||||||||||
Change in net unrealized appreciation (depreciation) | 14,554,656 | (26,405,832 | ) | 427,053,654 | 72,901,985 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 22,559,782 | 5,572,095 | 464,097,353 | 294,617,966 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders | (4,181,700 | ) | (7,967,250 | ) | (15,631,500 | ) | (26,778,650 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 10,558,025 | 99,681,511 | 467,454,670 | 731,389,567 | ||||||||||||
Cost of shares redeemed | (21,508,287 | ) | (142,639,469 | ) | (50,956,729 | ) | (651,118,489 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | (10,950,262 | ) | (42,957,958 | ) | 416,497,941 | 80,271,078 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 7,427,820 | (45,353,113 | ) | 864,963,794 | 348,110,394 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 454,471,056 | 499,824,169 | 2,571,364,231 | 2,223,253,837 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 461,898,876 | $ | 454,471,056 | $ | 3,436,328,025 | $ | 2,571,364,231 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 250,000 | 2,600,000 | 6,600,000 | 12,700,000 | ||||||||||||
Redeemed | (550,000 | ) | (3,900,000 | ) | (750,000 | ) | (12,300,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (300,000 | ) | (1,300,000 | ) | 5,850,000 | 400,000 | ||||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
71 |
Table of Contents
Financial Statements – continued
Statements of Changes in Net Assets | ||||||||||||||||
Fidelity MSCI Materials Index ETF | Fidelity MSCI Real Estate Index ETF | |||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,837,305 | $ | 4,165,365 | $ | 17,385,171 | $ | 28,928,287 | ||||||||
Net realized gain (loss) | 1,163,888 | (2,984,773 | ) | 6,877,591 | 11,060,069 | |||||||||||
Change in net unrealized appreciation (depreciation) | (5,143,268 | ) | (17,284,162 | ) | 43,657,362 | 43,048,682 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (2,142,075 | ) | (16,103,570 | ) | 67,920,124 | 83,037,038 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders | (1,938,000 | ) | (4,082,150 | ) | (14,969,050 | ) | (34,076,900 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 38,217,962 | 84,423,869 | 211,926,314 | 590,575,099 | ||||||||||||
Cost of shares redeemed | (14,763,159 | ) | (130,623,126 | ) | (55,028,273 | ) | (297,879,834 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 23,454,803 | (46,199,257 | ) | 156,898,041 | 292,695,265 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 19,374,728 | (66,384,977 | ) | 209,849,115 | 341,655,403 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 199,043,211 | 265,428,188 | 844,002,883 | 502,347,480 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 218,417,939 | $ | 199,043,211 | $ | 1,053,851,998 | $ | 844,002,883 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 1,150,000 | 2,650,000 | 7,650,000 | 23,800,000 | ||||||||||||
Redeemed | (450,000 | ) | (4,200,000 | ) | (2,000,000 | ) | (12,400,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 700,000 | (1,550,000 | ) | 5,650,000 | 11,400,000 | |||||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
72 |
Table of Contents
Statements of Changes in Net Assets | ||||||||
Fidelity MSCI Utilities Index ETF | ||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | |||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net investment income (loss) | $ | 12,877,736 | $ | 16,911,430 | ||||
Net realized gain (loss) | 9,029,488 | 8,631,826 | ||||||
Change in net unrealized appreciation (depreciation) | 108,563,385 | 54,722,931 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 130,470,609 | 80,266,187 | ||||||
|
|
|
| |||||
Distributions to shareholders | (12,733,300 | ) | (16,704,200 | ) | ||||
|
|
|
| |||||
Share transactions | ||||||||
Proceeds from sales of shares | 210,419,224 | 483,209,133 | ||||||
Cost of shares redeemed | (43,177,301 | ) | (149,853,958 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from share transactions | 167,241,923 | 333,355,175 | ||||||
|
|
|
| |||||
Total increase (decrease) in net assets | 284,979,232 | 396,917,162 | ||||||
Net Assets | ||||||||
Beginning of period | 733,190,164 | 336,273,002 | ||||||
|
|
|
| |||||
End of period | $ | 1,018,169,396 | $ | 733,190,164 | ||||
|
|
|
| |||||
Other Information | ||||||||
Shares | ||||||||
Sold | 5,050,000 | 13,100,000 | ||||||
Redeemed | (1,050,000 | ) | (4,050,000 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 4,000,000 | 9,050,000 | ||||||
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
73 |
Table of Contents
Financial Statements – continued
Financial Highlights | ||||||||||||||||||||||||
Fidelity MSCI Communication Services Index ETF | ||||||||||||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | Year ended July 31, 2015 | |||||||||||||||||||
SelectedPer-Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 34.35 | $ | 28.76 | $ | 32.62 | $ | 32.10 | $ | 26.86 | $ | 26.98 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from Investment Operations | ||||||||||||||||||||||||
Net investment income (loss)A | 0.17 | 0.49 | 0.85 | 0.80 | 0.78 | 0.78 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.60 | 5.59 | (2.43 | ) | 0.62 | 5.11 | (0.09 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.77 | 6.08 | (1.58 | ) | 1.42 | 5.89 | 0.69 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income | (0.15 | ) | (0.49 | ) | (1.00 | ) | (0.90 | ) | (0.65 | ) | (0.81 | ) | ||||||||||||
Distributions from net realized gain | — | — | (1.28 | ) | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.15 | ) | (0.49 | ) | (2.28 | ) | (0.90 | ) | (0.65 | ) | (0.81 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 35.97 | $ | 34.35 | $ | 28.76 | $ | 32.62 | $ | 32.10 | $ | 26.86 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total ReturnB | 5.19 | % | 21.33 | % | (5.14 | )% | 4.58 | % | 22.36 | % | 2.56 | % | ||||||||||||
Ratios to Average Net AssetsC | ||||||||||||||||||||||||
Expense before reductions | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of fee waivers, if any | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of all reductions | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Net investment income (loss) | .98 | %D | 1.53 | % | 2.81 | % | 2.55 | % | 2.74 | % | 2.89 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 487,437 | $ | 374,389 | $ | 125,104 | $ | 115,818 | $ | 174,940 | $ | 81,908 | ||||||||||||
Portfolio turnover rateE,F | 8 | %G | 82 | % | 38 | % | 27 | % | 26 | % | 23 | % |
A | Calculated based on average shares outstanding during the period. |
B | Total returns for periods of less than one year are not annualized. |
C | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
D | Annualized. |
E | Amount does not include the portfolio activity of any underlying funds. |
F | Portfolio turnover rate excludes securities received or deliveredin-kind. |
G | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
74 |
Table of Contents
Financial Highlights | ||||||||||||||||||||||||
Fidelity MSCI Consumer Discretionary Index ETF | ||||||||||||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | Year ended July 31, 2015 | |||||||||||||||||||
SelectedPer-Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 46.25 | $ | 43.32 | $ | 36.06 | $ | 31.99 | $ | 32.06 | $ | 26.58 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from Investment Operations | ||||||||||||||||||||||||
Net investment income (loss)A | 0.28 | 0.51 | 0.47 | 0.50 | 0.43 | 0.37 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 2.66 | 2.96 | 7.20 | 4.07 | (0.06 | ) | 5.43 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.94 | 3.47 | 7.67 | 4.57 | 0.37 | 5.80 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income | (0.28 | ) | (0.54 | ) | (0.41 | ) | (0.50 | ) | (0.44 | ) | (0.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.28 | ) | (0.54 | ) | (0.41 | ) | (0.50 | ) | (0.44 | ) | (0.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 48.91 | $ | 46.25 | $ | 43.32 | $ | 36.06 | $ | 31.99 | $ | 32.06 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total ReturnB | 6.38 | % | 8.15 | % | 21.36 | % | 14.41 | % | 1.25 | % | 21.93 | % | ||||||||||||
Ratios to Average Net AssetsC | ||||||||||||||||||||||||
Expense before reductions | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of fee waivers, if any | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of all reductions | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Net investment income (loss) | 1.20 | %D | 1.18 | % | 1.16 | % | 1.49 | % | 1.41 | % | 1.25 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 770,382 | $ | 728,457 | $ | 628,129 | $ | 293,913 | $ | 262,322 | $ | 299,794 | ||||||||||||
Portfolio turnover rateE,F | 2 | %G | 25 | % | 5 | % | 7 | % | 5 | % | 8 | % |
A | Calculated based on average shares outstanding during the period. |
B | Total returns for periods of less than one year are not annualized. |
C | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
D | Annualized. |
E | Amount does not include the portfolio activity of any underlying funds. |
F | Portfolio turnover rate excludes securities received or deliveredin-kind. |
G | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
75 |
Table of Contents
Financial Statements – continued
Financial Highlights | ||||||||||||||||||||||||
Fidelity MSCI Consumer Staples Index ETF | ||||||||||||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | Year ended July 31, 2015 | |||||||||||||||||||
SelectedPer-Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 35.59 | $ | 32.33 | $ | 33.23 | $ | 32.82 | $ | 30.31 | $ | 26.16 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from Investment Operations | ||||||||||||||||||||||||
Net investment income (loss)A | 0.48 | 0.94 | 0.86 | 0.83 | 0.75 | 0.77 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 2.05 | 3.23 | (0.88 | ) | 0.40 | 2.56 | 4.16 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.53 | 4.17 | (0.02 | ) | 1.23 | 3.31 | 4.93 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income | (0.48 | ) | (0.91 | ) | (0.88 | ) | (0.82 | ) | (0.80 | ) | (0.78 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.48 | ) | (0.91 | ) | (0.88 | ) | (0.82 | ) | (0.80 | ) | (0.78 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 37.64 | $ | 35.59 | $ | 32.33 | $ | 33.23 | $ | 32.82 | $ | 30.31 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total ReturnB | 7.15 | % | 13.16 | % | (0.06 | )% | 3.82 | % | 11.18 | % | 19.00 | % | ||||||||||||
Ratios to Average Net AssetsC | ||||||||||||||||||||||||
Expense before reductions | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of fee waivers, if any | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of all reductions | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Net investment income (loss) | 2.61 | %D | 2.83 | % | 2.65 | % | 2.56 | % | 2.45 | % | 2.63 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 609,697 | $ | 548,070 | $ | 311,970 | $ | 312,349 | $ | 285,504 | $ | 204,596 | ||||||||||||
Portfolio turnover rateE,F | 17 | %G | 30 | % | 24 | % | 11 | % | 10 | % | 10 | % |
A | Calculated based on average shares outstanding during the period. |
B | Total returns for periods of less than one year are not annualized. |
C | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
D | Annualized. |
E | Amount does not include the portfolio activity of any underlying funds. |
F | Portfolio turnover rate excludes securities received or deliveredin-kind. |
G | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
76 |
Table of Contents
Financial Highlights | ||||||||||||||||||||||||
Fidelity MSCI Energy Index ETF | ||||||||||||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | Year ended July 31, 2015 | |||||||||||||||||||
SelectedPer-Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.79 | $ | 21.50 | $ | 18.39 | $ | 19.03 | $ | 19.72 | $ | 27.97 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from Investment Operations | ||||||||||||||||||||||||
Net investment income | 0.30 | 0.54 | 0.47 | 0.57 | 0.50 | 0.57 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (2.20 | ) | (4.70 | ) | 3.22 | (0.73 | ) | (0.69 | ) | (8.31 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (1.90 | ) | (4.16 | ) | 3.69 | (0.16 | ) | (0.19 | ) | (7.74 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income | (0.74 | ) | (0.55 | ) | (0.58 | ) | (0.48 | ) | (0.50 | ) | (0.51 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.74 | ) | (0.55 | ) | (0.58 | ) | (0.48 | ) | (0.50 | ) | (0.51 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 14.15 | $ | 16.79 | $ | 21.50 | $ | 18.39 | $ | 19.03 | $ | 19.72 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total ReturnB | (11.81 | )% | (19.42 | )% | 20.52 | % | (0.96 | )% | (0.75 | )% | (27.95 | )% | ||||||||||||
Ratios to Average Net AssetsC | ||||||||||||||||||||||||
Expense before reductions | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of fee waivers, if any | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of all reductions | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Net investment income (loss) | 3.83 | %D | 2.92 | % | 2.40 | % | 2.91 | % | 2.74 | % | 2.47 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 391,876 | $ | 467,628 | $ | 634,157 | $ | 431,311 | $ | 430,039 | $ | 256,399 | ||||||||||||
Portfolio turnover rateE,F | 5 | %G | 6 | % | 5 | % | 10 | % | 19 | % | 8 | % |
A | Calculated based on average shares outstanding during the period. |
B | Total returns for periods of less than one year are not annualized. |
C | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
D | Annualized. |
E | Amount does not include the portfolio activity of any underlying funds. |
F | Portfolio turnover rate excludes securities received or deliveredin-kind. |
G | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
77 |
Table of Contents
Financial Statements – continued
Financial Highlights | ||||||||||||||||||||||||
Fidelity MSCI Financials Index ETF | ||||||||||||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | Year ended July 31, 2015 | |||||||||||||||||||
SelectedPer-Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 41.22 | $ | 41.05 | $ | 36.94 | $ | 28.61 | $ | 29.78 | $ | 26.61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from Investment Operations | ||||||||||||||||||||||||
Net investment income (loss)A | 0.53 | 0.89 | 0.75 | 0.61 | 0.63 | 0.58 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 2.05 | 0.18 | B | 4.11 | 8.28 | (1.11 | ) | 3.15 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.58 | 1.07 | 4.86 | 8.89 | (0.48 | ) | 3.73 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income | (0.50 | ) | (0.90 | ) | (0.75 | ) | (0.56 | ) | (0.69 | ) | (0.56 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.50 | ) | (0.90 | ) | (0.75 | ) | (0.56 | ) | (0.69 | ) | (0.56 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 43.30 | $ | 41.22 | $ | 41.05 | $ | 36.94 | $ | 28.61 | $ | 29.78 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total ReturnC | 6.27 | % | 2.80 | % | 13.23 | % | 31.31 | % | (1.49 | )% | 14.08 | % | ||||||||||||
Ratios to Average Net AssetsD | ||||||||||||||||||||||||
Expense before reductions | .08 | %E | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of fee waivers, if any | .08 | %E | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of all reductions | .08 | %E | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Net investment income (loss) | 2.54 | %E | 2.27 | % | 1.88 | % | 1.77 | % | 2.29 | % | 2.01 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,062,949 | $ | 1,143,858 | $ | 1,574,375 | $ | 921,679 | $ | 237,490 | $ | 344,012 | ||||||||||||
Portfolio turnover rateF,G | 3 | %H | 5 | % | 5 | % | 18 | % | 8 | % | 7 | % |
A | Calculated based on average shares outstanding during the period. |
B | 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. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying funds. |
G | Portfolio turnover rate excludes securities received or deliveredin-kind. |
H | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
78 |
Table of Contents
Financial Highlights | ||||||||||||||||||||||||
Fidelity MSCI Health Care Index ETF | ||||||||||||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | Year ended July 31, 2015 | |||||||||||||||||||
SelectedPer-Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 44.43 | $ | 43.72 | $ | 38.44 | $ | 35.67 | $ | 37.16 | $ | 29.05 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from Investment Operations | ||||||||||||||||||||||||
Net investment income (loss)A | 0.36 | 0.63 | 0.56 | 0.51 | 0.44 | 0.80 | B | |||||||||||||||||
Net realized and unrealized gain (loss) | 3.92 | 1.01 | 5.29 | 2.76 | (1.49 | ) | 7.99 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 4.28 | 1.64 | 5.85 | 3.27 | (1.05 | ) | 8.79 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income | (0.26 | ) | (0.93 | ) | (0.57 | ) | (0.50 | ) | (0.44 | ) | (0.68 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.26 | ) | (0.93 | ) | (0.57 | ) | (0.50 | ) | (0.44 | ) | (0.68 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 48.45 | $ | 44.43 | $ | 43.72 | $ | 38.44 | $ | 35.67 | $ | 37.16 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total ReturnC | 9.68 | % | 3.84 | % | 15.34 | % | 9.30 | % | (2.73 | )% | 30.40 | % | ||||||||||||
Ratios to Average Net AssetsD | ||||||||||||||||||||||||
Expense before reductions | .08 | %E | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of fee waivers, if any | .08 | %E | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of all reductions | .08 | %E | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Net investment income (loss) | 1.56 | %E | 1.43 | % | 1.39 | % | 1.45 | % | 1.30 | % | 2.31 | %B | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,729,788 | $ | 1,557,252 | $ | 1,252,626 | $ | 818,710 | $ | 642,124 | $ | 800,713 | ||||||||||||
Portfolio turnover rateF,G | 4 | %H | 5 | % | 8 | % | 4 | % | 9 | % | 10 | % |
A | Calculated based on average shares outstanding during the period. |
B | Investment income per share reflects a large,non-recurring dividend which amounted to $.17 per share. Excluding thisnon-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.83%. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying funds. |
G | Portfolio turnover rate excludes securities received or deliveredin-kind. |
H | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
79 |
Table of Contents
Financial Statements – continued
Financial Highlights | ||||||||||||||||||||||||
Fidelity MSCI Industrials Index ETF | ||||||||||||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | Year ended July 31, 2015 | |||||||||||||||||||
SelectedPer-Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 40.04 | $ | 39.51 | $ | 34.93 | $ | 30.10 | $ | 28.05 | $ | 26.85 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from Investment Operations | ||||||||||||||||||||||||
Net investment income (loss)A | 0.39 | 0.70 | 0.61 | 0.61 | 0.54 | 0.48 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.75 | 0.51 | B | 4.62 | 4.79 | 2.04 | 1.19 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.14 | 1.21 | 5.23 | 5.40 | 2.58 | 1.67 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income | (0.38 | ) | (0.68 | ) | (0.65 | ) | (0.57 | ) | (0.53 | ) | (0.47 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.38 | ) | (0.68 | ) | (0.65 | ) | (0.57 | ) | (0.53 | ) | (0.47 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 41.80 | $ | 40.04 | $ | 39.51 | $ | 34.93 | $ | 30.10 | $ | 28.05 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total ReturnC | 5.37 | % | 3.23 | % | 15.08 | % | 18.08 | % | 9.41 | % | 6.18 | % | ||||||||||||
Ratios to Average Net AssetsD | ||||||||||||||||||||||||
Expense before reductions | .08 | %E | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of fee waivers, if any | .08 | %E | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of all reductions | .08 | %E | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Net investment income (loss) | 1.91 | %E | 1.84 | % | 1.61 | % | 1.85 | % | 1.94 | % | 1.69 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 461,899 | $ | 454,471 | $ | 499,824 | $ | 354,586 | $ | 158,049 | $ | 143,034 | ||||||||||||
Portfolio turnover rateF,G | 2 | %H | 5 | % | 5 | % | 5 | % | 11 | % | 6 | % |
A | Calculated based on average shares outstanding during the period. |
B | 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. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying funds. |
G | Portfolio turnover rate excludes securities received or deliveredin-kind. |
H | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
80 |
Table of Contents
Financial Highlights | ||||||||||||||||||||||||
Fidelity MSCI Information Technology Index ETF | ||||||||||||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | Year ended July 31, 2015 | |||||||||||||||||||
SelectedPer-Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 64.53 | $ | 56.36 | $ | 44.50 | $ | 34.93 | $ | 32.69 | $ | 29.29 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from Investment Operations | ||||||||||||||||||||||||
Net investment income (loss)A | 0.39 | 0.70 | 0.53 | 0.48 | 0.46 | 0.39 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 10.65 | 8.17 | 11.85 | 9.54 | 2.24 | B | 3.40 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 11.04 | 8.87 | 12.38 | 10.02 | 2.70 | 3.79 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income | (0.38 | ) | (0.70 | ) | (0.52 | ) | (0.45 | ) | (0.46 | ) | (0.39 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.38 | ) | (0.70 | ) | (0.52 | ) | (0.45 | ) | (0.46 | ) | (0.39 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 75.19 | $ | 64.53 | $ | 56.36 | $ | 44.50 | $ | 34.93 | $ | 32.69 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total ReturnC | 17.18 | % | 15.94 | % | 27.92 | % | 28.86 | % | 8.41 | %B | 12.98 | % | ||||||||||||
Ratios to Average Net AssetsD | ||||||||||||||||||||||||
Expense before reductions | .08 | %E | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of fee waivers, if any | .08 | %E | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of all reductions | .08 | %E | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Net investment income (loss) | 1.15 | %E | 1.22 | % | 1.02 | % | 1.19 | % | 1.42 | % | 1.23 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 3,436,328 | $ | 2,571,364 | $ | 2,223,254 | $ | 1,010,043 | $ | 431,391 | $ | 423,372 | ||||||||||||
Portfolio turnover rateF,G | 2 | %H | 18 | % | 4 | % | 6 | % | 5 | % | 6 | % |
A | Calculated based on average shares outstanding during the period. |
B | Amount includes a reimbursement from the investment advisor for an operational error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 8.38%. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying funds. |
G | Portfolio turnover rate excludes securities received or deliveredin-kind. |
H | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
81 |
Table of Contents
Financial Statements – continued
Financial Highlights | ||||||||||||||||||||||||
Fidelity MSCI Materials Index ETF | ||||||||||||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | Year ended July 31, 2015 | |||||||||||||||||||
SelectedPer-Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 32.63 | $ | 34.70 | $ | 31.63 | $ | 27.71 | $ | 25.91 | $ | 27.66 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from Investment Operations | ||||||||||||||||||||||||
Net investment income (loss)A | 0.30 | 0.65 | 0.55 | 0.57 | 0.50 | 0.50 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (0.48 | ) | (2.08 | ) | 3.09 | 3.87 | 1.83 | (1.75 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (0.18 | ) | (1.43 | ) | 3.64 | 4.44 | 2.33 | (1.25 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income | (0.33 | ) | (0.64 | ) | (0.57 | ) | (0.52 | ) | (0.53 | ) | (0.50 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.33 | ) | (0.64 | ) | (0.57 | ) | (0.52 | ) | (0.53 | ) | (0.50 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 32.12 | $ | 32.63 | $ | 34.70 | $ | 31.63 | $ | 27.71 | $ | 25.91 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total ReturnB | (0.58 | )% | (4.02 | )% | 11.54 | % | 16.17 | % | 9.28 | % | (4.65 | )% | ||||||||||||
Ratios to Average Net AssetsC | ||||||||||||||||||||||||
Expense before reductions | .08 | %D | .08 | % | .08 | % | .08 | % | .11 | % | .12 | % | ||||||||||||
Expenses net of fee waivers, if any | .08 | %D | .08 | % | .08 | % | .08 | % | .11 | % | .12 | % | ||||||||||||
Expenses net of all reductions | .08 | %D | .08 | % | .08 | % | .08 | % | .11 | % | .12 | % | ||||||||||||
Net investment income (loss) | 1.86 | %D | 2.05 | % | 1.60 | % | 1.93 | % | 2.00 | % | 1.81 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 218,418 | $ | 199,043 | $ | 265,428 | $ | 211,931 | $ | 123,325 | $ | 123,052 | ||||||||||||
Portfolio turnover rateE,F | 1 | %G | 12 | % | 10 | % | 7 | % | 9 | % | 7 | % |
A | Calculated based on average shares outstanding during the period. |
B | Total returns for periods of less than one year are not annualized. |
C | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
D | Annualized. |
E | Amount does not include the portfolio activity of any underlying funds. |
F | Portfolio turnover rate excludes securities received or deliveredin-kind. |
G | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
82 |
Table of Contents
Financial Highlights | ||||||||||||||||||||||||
Fidelity MSCI Real Estate Index ETF | ||||||||||||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | Year ended July 31, 2015A | |||||||||||||||||||
SelectedPer-Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 26.58 | $ | 24.69 | $ | 24.53 | $ | 25.83 | $ | 22.55 | $ | 24.28 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from Investment Operations | ||||||||||||||||||||||||
Net investment income | 0.49 | 1.05 | 0.76 | 0.68 | 0.83 | 0.38 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.54 | 2.08 | 0.32 | (1.12 | ) | 3.37 | (1.70 | ) | ||||||||||||||||
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Total from investment operations | 2.03 | 3.13 | 1.08 | (0.44 | ) | 4.20 | (1.32 | ) | ||||||||||||||||
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Distributions from net investment income | (0.43 | ) | (1.24 | ) | (0.92 | ) | (0.86 | ) | (0.92 | ) | (0.38 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.03 | ) | |||||||||||||||||
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Total distributions | (0.43 | ) | (1.24 | ) | (0.92 | ) | (0.86 | ) | (0.92 | ) | (0.41 | ) | ||||||||||||
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Net asset value, end of period | $ | 28.18 | $ | 26.58 | $ | 24.69 | $ | 24.53 | $ | 25.83 | $ | 22.55 | ||||||||||||
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Total ReturnC | 7.65 | % | 13.19 | % | 4.53 | % | (1.53 | )% | 19.29 | % | (5.50 | )% | ||||||||||||
Ratios to Average Net AssetsD | ||||||||||||||||||||||||
Expense before reductions | .08 | %E | .08 | % | .08 | % | .08 | % | .11 | % | .12 | %E | ||||||||||||
Expenses net of fee waivers, if any | .08 | %E | .08 | % | .08 | % | .08 | % | .11 | % | .12 | %E | ||||||||||||
Expenses net of all reductions | .08 | %E | .08 | % | .08 | % | .08 | % | .11 | % | .12 | %E | ||||||||||||
Net investment income (loss) | 3.57 | %E | 4.20 | % | 3.15 | % | 2.85 | % | 3.55 | % | 3.33 | %E | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,053,852 | $ | 844,003 | $ | 502,347 | $ | 392,538 | $ | 183,394 | $ | 25,936 | ||||||||||||
Portfolio turnover rateF,G | 3 | %H | 10 | % | 8 | % | 17 | % | 10 | % | 10 | %H |
A | For the period from February 2, 2015 (commencement of operations) to July 31, 2015. |
B | Calculated based on average shares outstanding during the period. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying funds. |
G | Portfolio turnover rate excludes securities received or deliveredin-kind. |
H | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
83 |
Table of Contents
Financial Statements – continued
Financial Highlights | ||||||||||||||||||||||||
Fidelity MSCI Utilities Index ETF | ||||||||||||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | Year ended July 31, 2015 | |||||||||||||||||||
SelectedPer-Share Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 39.21 | $ | 34.85 | $ | 34.64 | $ | 33.57 | $ | 28.10 | $ | 26.88 | ||||||||||||
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Income from Investment Operations | ||||||||||||||||||||||||
Net investment income (loss)A | 0.61 | 1.16 | 1.10 | 1.06 | 0.98 | 0.98 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 5.63 | 4.32 | 0.20 | 1.09 | 5.48 | 1.47 | ||||||||||||||||||
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Total from investment operations | 6.24 | 5.48 | 1.30 | 2.15 | 6.46 | 2.45 | ||||||||||||||||||
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Distributions from net investment income | (0.60 | ) | (1.12 | ) | (1.09 | ) | (1.08 | ) | (0.99 | ) | (1.23 | ) | ||||||||||||
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Total distributions | (0.60 | ) | (1.12 | ) | (1.09 | ) | (1.08 | ) | (0.99 | ) | (1.23 | ) | ||||||||||||
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Net asset value, end of period | $ | 44.85 | $ | 39.21 | $ | 34.85 | $ | 34.64 | $ | 33.57 | $ | 28.10 | ||||||||||||
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Total ReturnB | 16.04 | % | 15.93 | % | 3.83 | % | 6.61 | % | 23.56 | % | 9.13 | % | ||||||||||||
Ratios to Average Net AssetsC | ||||||||||||||||||||||||
Expense before reductions | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of fee waivers, if any | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Expenses net of all reductions | .08 | %D | .08 | % | .08 | % | .08 | % | .12 | % | .12 | % | ||||||||||||
Net investment income (loss) | 2.91 | %D | 3.11 | % | 3.21 | % | 3.22 | % | 3.25 | % | 3.37 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,018,169 | $ | 733,190 | $ | 336,273 | $ | 277,149 | $ | 283,669 | $ | 108,176 | ||||||||||||
Portfolio turnover rateE,F | 2 | %G | 7 | % | 6 | % | 6 | % | 9 | % | 7 | % |
A | Calculated based on average shares outstanding during the period. |
B | Total returns for periods of less than one year are not annualized. |
C | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
D | Annualized. |
E | Amount does not include the portfolio activity of any underlying funds. |
F | Portfolio turnover rate excludes securities received or deliveredin-kind. |
G | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
84 |
Table of Contents
For the period ended January 31, 2020 (Unaudited)
1. Organization.
Fidelity MSCI Communication Services Index ETF, Fidelity MSCI Consumer Discretionary Index ETF, Fidelity MSCI Consumer Staples Index ETF, Fidelity MSCI Energy Index ETF, Fidelity MSCI Financials Index ETF, Fidelity MSCI Health Care Index ETF, Fidelity MSCI Industrials Index ETF, Fidelity MSCI Information Technology Index ETF, Fidelity MSCI Materials Index ETF, Fidelity MSCI Real Estate Index ETF and Fidelity MSCI Utilities Index ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Each Fund, with the exception of Fidelity MSCI Industrials Index ETF and Fidelity MSCI Real Estate Index ETF, arenon-diversified funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anopen-end management investment company organized as a Massachusetts business trust.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund’s investments to the FairValue Committee (the Committee) established by each Fund’s investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund’s investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available)
Valuation techniques used to value each Fund’s investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments inopen-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, 2020, is included at the end of each Fund’s Schedule of Investments.
Foreign Currency. The Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.
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Notes to Financial Statements – continued
2. Significant Accounting Policies – continued
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the 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 theex-dividend date, except for certain dividends from foreign securities where theex-dividend date may have passed, which are recorded as soon as the Funds are informed of theex-dividend date.Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Underlying Funds, if any, are recorded on theex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to theex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. For Fidelity MSCI Information Technology Index ETF a large,non-recurring dividend with a payable date of January 31, 2020 and anex-date of February 3, 2020 is presented in the Statement of Assets and Liabilities as “Deferred dividend income”. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
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 U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting fromin-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 theex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanentbook-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporarybook-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to passive foreign investment companies (PFIC), redemptions in kind, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments | |||||||||||||
Fidelity MSCI Communication Services Index ETF | $ | 438,467,733 | $ | 65,941,164 | $ | (16,503,427 | ) | $ | 49,437,737 | |||||||
Fidelity MSCI Consumer Discretionary Index ETF | 710,475,668 | 109,962,921 | (50,411,043 | ) | 59,551,878 | |||||||||||
Fidelity MSCI Consumer Staples Index ETF | 580,086,490 | 67,090,068 | (37,961,842 | ) | 29,128,226 | |||||||||||
Fidelity MSCI Energy Index ETF | 568,911,146 | 2,398,892 | (179,994,652 | ) | (177,595,760 | ) | ||||||||||
Fidelity MSCI Financials Index ETF | 981,220,143 | 132,967,154 | (52,163,691 | ) | 80,803,463 | |||||||||||
Fidelity MSCI Health Care Index ETF | 1,528,878,201 | 288,350,398 | (89,699,123 | ) | 198,651,275 | |||||||||||
Fidelity MSCI Industrials Index ETF | 445,660,719 | 64,267,511 | (48,303,146 | ) | 15,964,365 |
86 |
Table of Contents
2. Significant Accounting Policies – continued
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments | |||||||||||||
Fidelity MSCI Information Technology Index ETF | $ | 2,495,431,263 | $ | 980,623,697 | $ | (40,689,592 | ) | $ | 939,934,105 | |||||||
Fidelity MSCI Materials Index ETF | 238,025,420 | 18,517,011 | (38,259,210 | ) | (19,742,199 | ) | ||||||||||
Fidelity MSCI Real Estate Index ETF | 973,524,210 | 126,824,885 | (47,126,609 | ) | 79,698,276 | |||||||||||
Fidelity MSCI Utilities Index ETF | 851,050,247 | 173,804,788 | (6,967,832 | ) | 166,836,956 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
No-expiration Short-term | No-expiration Long-term | Total capital loss carryforward | ||||||||||
Fidelity MSCI Communication Services Index ETF | $ | (9,673,560 | ) | $ | (16,503,778 | ) | $ | (26,177,338 | ) | |||
Fidelity MSCI Consumer Discretionary Index ETF | (5,590,771 | ) | (11,146,380 | ) | (16,737,151 | ) | ||||||
Fidelity MSCI Consumer Staples Index ETF | — | (3,851,643 | ) | (3,851,643 | ) | |||||||
Fidelity MSCI Energy Index ETF | (6,791,923 | ) | (31,462,509 | ) | (38,254,432 | ) | ||||||
Fidelity MSCI Financials Index ETF | (6,579,782 | ) | (3,857,510 | ) | (10,437,292 | ) | ||||||
Fidelity MSCI Health Care Index ETF | (7,536,383 | ) | (7,503,506 | ) | (15,039,889 | ) | ||||||
Fidelity MSCI Industrials Index ETF | (1,740,905 | ) | (3,717,885 | ) | (5,458,790 | ) | ||||||
Fidelity MSCI Information Technology Index ETF | (25,043,225 | ) | (1,550,982 | ) | (26,594,207 | ) | ||||||
Fidelity MSCI Materials Index ETF | (3,147,221 | ) | (3,579,181 | ) | (6,726,402 | ) | ||||||
Fidelity MSCI Real Estate Index ETF | (6,482,003 | ) | (4,861,822 | ) | (11,343,825 | ) | ||||||
Fidelity MSCI Utilities Index ETF | (5,783,922 | ) | (11,700,906 | ) | (17,484,828 | ) |
3. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds’ investment objective allows the Funds to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange orover-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Funds used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.
The Funds’ use of derivatives increased or decreased their exposure to the following risk:
Equity risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statements of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds used futures contracts to manage their exposure to the stock market.
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Table of Contents
Notes to Financial Statements – continued
3. Derivative Instruments – continued
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts aremarked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statements of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statements of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption “Futures Contracts”. The notional amount at value reflects each contract’s exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statements of Assets and Liabilities.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities andin-kind transactions, are noted in the table below.
Purchases | Sales | |||||||
Fidelity MSCI Communication Services Index ETF | $ | 37,403,678 | $ | 36,848,518 | ||||
Fidelity MSCI Consumer Discretionary Index ETF | 15,716,269 | 16,356,116 | ||||||
Fidelity MSCI Consumer Staples Index ETF | 104,455,954 | 103,832,035 | ||||||
Fidelity MSCI Energy Index ETF | 21,545,410 | 23,541,408 | ||||||
Fidelity MSCI Financials Index ETF | 26,798,808 | 30,645,139 | ||||||
Fidelity MSCI Health Care Index ETF | 66,400,970 | 58,807,716 | ||||||
Fidelity MSCI Industrials Index ETF | 7,071,145 | 7,838,580 | ||||||
Fidelity MSCI Information Technology Index ETF | 45,704,221 | 48,594,917 | ||||||
Fidelity MSCI Materials Index ETF | 2,283,268 | 2,593,885 | ||||||
Fidelity MSCI Real Estate Index ETF | 32,692,954 | 30,585,495 | ||||||
Fidelity MSCI Utilities Index ETF | 20,405,594 | 20,052,460 |
Securities received and deliveredin-kind through subscriptions and redemptions are noted in the table below.
In-kind Subscriptions | In-kind Redemptions | |||||||
Fidelity MSCI Communication Services Index ETF | $ | 140,893,677 | $ | 53,971,307 | ||||
Fidelity MSCI Consumer Discretionary Index ETF | 46,274,239 | 47,529,853 | ||||||
Fidelity MSCI Consumer Staples Index ETF | 128,528,905 | 100,056,666 | ||||||
Fidelity MSCI Energy Index ETF | 39,503,073 | 42,940,591 | ||||||
Fidelity MSCI Financials Index ETF | 31,980,689 | 153,316,879 | ||||||
Fidelity MSCI Health Care Index ETF | 151,495,350 | 106,601,250 | ||||||
Fidelity MSCI Industrials Index ETF | 10,466,788 | 21,346,304 | ||||||
Fidelity MSCI Information Technology Index ETF | 464,820,900 | 50,675,958 | ||||||
Fidelity MSCI Materials Index ETF | 38,125,717 | 14,733,520 | ||||||
Fidelity MSCI Real Estate Index ETF | 210,161,366 | 54,438,002 | ||||||
Fidelity MSCI Utilities Index ETF | 209,818,690 | 43,061,880 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .084% of each Fund’s average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to the investment adviser is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees. Effective January 1, 2020, investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to “Fidelity Management & Research Company LLC”.
Sub-Adviser. BlackRock Fund Advisors (BFA), serves assub-adviser for the Funds. BFA provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
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5. Fees and Other Transactions with Affiliates – continued
Interfund Trades. The Funds may purchase from or sell securities to other funds affiliated with eachsub-adviser under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. 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.
7. Other.
The Funds’ organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the 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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As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2019 to January 31, 2020).
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 itspro-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 itspro-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, 2019 | Ending Account Value | Expenses Paid During PeriodB August 1, 2019 to January 31, 2020 | |||||||||||||
Fidelity MSCI Communication Services Index ETF | 0.08% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,051.90 | $ | 0.41 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.73 | $ | 0.41 | ||||||||||
Fidelity MSCI Consumer Discretionary Index ETF | 0.08% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,063.80 | $ | 0.42 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.73 | $ | 0.41 | ||||||||||
Fidelity MSCI Consumer Staples Index ETF | 0.08% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,071.50 | $ | 0.42 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.73 | $ | 0.41 | ||||||||||
Fidelity MSCI Energy Index ETF | 0.08% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 881.90 | $ | 0.38 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.73 | $ | 0.41 | ||||||||||
Fidelity MSCI Financials Index ETF | 0.08% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,062.70 | $ | 0.41 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.73 | $ | 0.41 | ||||||||||
Fidelity MSCI Health Care Index ETF | 0.08% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,096.80 | $ | 0.42 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.73 | $ | 0.41 | ||||||||||
Fidelity MSCI Industrials Index ETF | 0.08% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,053.70 | $ | 0.41 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.73 | $ | 0.41 |
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Annualized Expense RatioA | Beginning Account Value August 1, 2019 | Ending Account Value | Expenses Paid During PeriodB August 1, 2019 to January 31, 2020 | |||||||||||||
Fidelity MSCI Information Technology Index ETF | 0.08% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,171.80 | $ | 0.44 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.73 | $ | 0.41 | ||||||||||
Fidelity MSCI Materials Index ETF | 0.08% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 994.20 | $ | 0.40 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.73 | $ | 0.41 | ||||||||||
Fidelity MSCI Real Estate Index ETF | 0.08% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,076.50 | $ | 0.42 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.73 | $ | 0.41 | ||||||||||
Fidelity MSCI Utilities Index ETF | 0.08% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,160.40 | $ | 0.43 | ||||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,024.73 | $ | 0.41 |
A | Annualized expense ratio reflects expenses net of applicable fee waivers. |
B | Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect theone-half year period). |
C | 5% return per year before expenses. |
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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 Management & Research Company LLC (FMR) and thesub-advisory and ETF services agreement for each fund(Sub-Advisory Agreement) with BlackRock Fund Advisors (BFA) (together, the Advisory Contracts). FMR and BFA are referred to herein as the Investment Advisers. 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.
Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract andsub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity’s advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board noted that the Amended and Restated Contracts will reflect the replacement of FMRC with FMR and will take effect upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR’s new form of organization and domicile. The Board also noted Fidelity’s assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.
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 various standing committees (Committees), 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 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 review 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 joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its January 2020 meeting, the Board unanimously determined to renew each fund’s Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services 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 provided by and the profits realized by Fidelity and BFA from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees’ counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board’s decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that each fund’s shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and BFA, and also considered the funds’ investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups and with representatives of BFA. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity’s role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by BFA with respect to the funds and monitoring and overseeing the performance and investment capabilities of BFA. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of BFA.
The Board also considered the nature, extent and quality of services provided by BFA. The Trustees noted that under theSub-Advisory Agreement, subject to oversight by Fidelity, BFA is responsible for, among other things, identifying investments, arranging for execution of portfolio transactions to implement each fund’s investment strategy, and performing certainETF-related services. In addition, the Trustees noted that BFA is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity’s and BFA’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and BFA’s approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity’s and BFA’s investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over
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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 Fidelity’s and BFA’s trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates or agents under the Advisory Contracts and by FMR’s affiliates 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, including allocations to brokers affiliated with certain of 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 and convenience of the Fidelity funds as investment vehicles. These services include24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity’s investment research process, which includes meetings with management of issuers of securities in which the funds invest, 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 ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity’s product line to increase investors’ probability of success in achieving their investment goals, including retirement income goals.
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 took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund’s tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund’s performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to a fund’s benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund’s benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for whichone-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and its benchmark index for the most recentone-, three- and five-year periods ended June 30, 2019, as shown below.
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Board Approval of Investment Advisory Contracts and Management Fees – continued
Fidelity MSCI Communication Services Index ETF
Fidelity MSCI Consumer Discretionary Index ETF
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Fidelity MSCI Consumer Staples Index ETF
Fidelity MSCI Energy Index ETF
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Board Approval of Investment Advisory Contracts and Management Fees – continued
Fidelity MSCI Financials Index ETF
Fidelity MSCI Health Care Index ETF
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Fidelity MSCI Industrials Index ETF
Fidelity MSCI Information Technology Index ETF
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Board Approval of Investment Advisory Contracts and Management Fees – continued
Fidelity MSCI Materials Index ETF
Fidelity MSCI Real Estate Index ETF
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Fidelity MSCI Utilities Index ETF
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to 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’ competitive analysis of management fees and total expenses. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity ETFs are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board’s management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the12-month (or shorter) periods ended June 30 (December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group.” The Total Mapped Group comparison focuses on a fund’s standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund’s. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds’ actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The“Asset-Sized Peer Group” (ASPG) comparison focuses on a fund’s standing relative to a subset ofnon-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 included in the charts and was considered by the Board.
The Board considered that effective July 1, 2016, each fund’s management fee rate was reduced from 0.12% to 0.084%.
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Board Approval of Investment Advisory Contracts and Management Fees – continued
Fidelity MSCI Communication Services Index ETF
Fidelity MSCI Consumer Discretionary Index ETF
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Fidelity MSCI Consumer Staples Index ETF
Fidelity MSCI Energy Index ETF
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Board Approval of Investment Advisory Contracts and Management Fees – continued
Fidelity MSCI Financials Index ETF
Fidelity MSCI Health Care Index ETF
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Fidelity MSCI Industrials Index ETF
Fidelity MSCI Information Technology Index ETF
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Board Approval of Investment Advisory Contracts and Management Fees – continued
Fidelity MSCI Materials Index ETF
Fidelity MSCI Real Estate Index ETF
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Fidelity MSCI Utilities Index ETF
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 the12-month period ended June 30, 2019.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct anin-depth review of the “group fee” component of the management fee of funds with such management fee structures. The Committee’s focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that each fund’s management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each fund’s total expense ratio, the Board considered the fund’sall-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under theall-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses.
The Board noted that each fund’s total expense ratio ranked below the competitive median for the12-month period ended June 30, 2019.
Fees Charged to Other Clients. The Board also considered fee structures applicable to clients of Fidelity and BFA, such as other funds advised or subadvised by Fidelity or BFA, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity’s institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee’s review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of 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 the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund’s shareholders. The Board also considered the level of Fidelity’s profits in respect of all the Fidelity funds.
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Board Approval of Investment Advisory Contracts and Management Fees – continued
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships 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 and the full Board approves such changes.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of Fidelity’s profitability analysis. PwC’s engagement includes the review and assessment of the methodologies used by Fidelity 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 the fund profitability information 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 Fidelity’s and BFA’snon-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity’s mutual fund business (i.e.,fall-out benefits) as well as cases where Fidelity’s and BFA’s affiliates may benefit from the funds’ business. The Board noted that changes tofall-out benefits year-over-year reflect business developments at Fidelity’s various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potentialfall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potentialfall-out benefits; (ii) reviewed the Board’s responsibilities and approach to potentialfall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potentialfall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of BFA’s relationship with each fund and BFA’s representation that it did not realize anyfall-out benefits as a result of its relationship with each fund.
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 recognized that, due to each fund’s current contractual arrangements, its expense ratio will not decline if the fund’s operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes 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) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity’s long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity’snon-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity’s philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
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 andsub-advisory fee arrangements are fair and reasonable, and that each fund’s Amended and Restated Contracts should be approved and each fund’s Advisory Contracts should be renewed.
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EXT-SANN-0320 1.9584798.106 |
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Fidelity® Dividend ETF for Rising Rates
Fidelity® High Dividend ETF
Fidelity® Low Volatility Factor ETF
Fidelity® Momentum Factor ETF
Fidelity® Quality Factor ETF
Fidelity®Small-Mid Factor ETF
Fidelity® Stocks for Inflation ETF
Fidelity® Value Factor ETF
Semi-Annual Report
January 31, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity’s web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Account Type | Website | Phone Number | ||
Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 | ||
Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose ‘no’ under Required Disclosures to continue print) | 1-800-343-0860 |
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To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call1-800-FIDELITY to request a free copy of the proxy voting guidelines.
Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
© 2020 FMR LLC. All Rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-PORT. FormsN-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s FormsN-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED• MAY LOSE VALUE• NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
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Fidelity® Dividend ETF for Rising Rates
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Apple, Inc. | 6.1 | |||
Microsoft Corp. | 5.6 | |||
Johnson & Johnson | 2.6 | |||
JPMorgan Chase & Co. | 2.5 | |||
Merck & Co., Inc. | 2.0 | |||
Intel Corp. | 1.9 | |||
Bank of America Corp. | 1.9 | |||
Bristol-Myers Squibb Co. | 1.8 | |||
The Procter & Gamble Co. | 1.7 | |||
Amgen, Inc. | 1.7 | |||
|
| |||
27.8 | ||||
|
|
Top Market Sectors as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Information Technology | 25.0 | |||
Health Care | 13.7 | |||
Financials | 13.0 | |||
Consumer Discretionary | 10.3 | |||
Industrials | 9.4 | |||
Communication Services | 8.4 | |||
Consumer Staples | 6.4 | |||
Energy | 3.8 | |||
Utilities | 3.6 | |||
Real Estate | 3.2 | |||
Materials | 2.5 |
Asset Allocation as of January 31, 2020 |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
* | Foreign investments – 7.7% |
4 |
Table of Contents
Fidelity® High Dividend ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Apple, Inc. | 4.2 | |||
Microsoft Corp. | 3.9 | |||
JPMorgan Chase & Co. | 3.2 | |||
The Procter & Gamble Co. | 3.0 | |||
PepsiCo, Inc. | 2.6 | |||
Bank of America Corp. | 2.5 | |||
Exxon Mobil Corp. | 2.1 | |||
Chevron Corp. | 2.1 | |||
Philip Morris International, Inc. | 2.0 | |||
NextEra Energy, Inc. | 2.0 | |||
|
| |||
27.6 | ||||
|
|
Top Market Sectors as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Financials | 20.4 | |||
Information Technology | 17.2 | |||
Consumer Staples | 13.3 | |||
Utilities | 11.9 | |||
Real Estate | 9.9 | |||
Energy | 9.6 | |||
Health Care | 7.6 | |||
Consumer Discretionary | 3.7 | |||
Industrials | 3.1 | |||
Communication Services | 2.7 |
Asset Allocation as of January 31, 2020 |
* | Foreign investments – 7.9% |
5 |
Table of Contents
Fidelity® Low Volatility Factor ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Microsoft Corp. | 5.2 | |||
Alphabet, Inc. Class A | 3.1 | |||
Berkshire Hathaway, Inc. Class B | 2.2 | |||
Johnson & Johnson | 2.1 | |||
Visa, Inc. Class A | 1.9 | |||
Intel Corp. | 1.8 | |||
Facebook, Inc. Class A | 1.8 | |||
Mastercard, Inc. Class A | 1.7 | |||
UnitedHealth Group, Inc. | 1.5 | |||
The Home Depot, Inc. | 1.5 | |||
|
| |||
22.8 | ||||
|
|
Top Market Sectors as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Information Technology | 22.7 | |||
Health Care | 14.1 | |||
Financials | 13.2 | |||
Communication Services | 9.9 | |||
Consumer Discretionary | 9.9 | |||
Industrials | 9.6 | |||
Consumer Staples | 6.8 | |||
Real Estate | 3.9 | |||
Energy | 3.7 | |||
Utilities | 3.6 | |||
Materials | 2.4 |
Asset Allocation as of January 31, 2020 |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
* | Foreign investments – 6.9% |
6 |
Table of Contents
Fidelity® Momentum Factor ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Apple, Inc. | 5.1 | |||
Microsoft Corp. | 5.0 | |||
Amazon.com, Inc. | 3.2 | |||
Alphabet, Inc. Class A | 3.2 | |||
JPMorgan Chase & Co. | 2.1 | |||
Facebook, Inc. Class A | 1.9 | |||
Visa, Inc. Class A | 1.8 | |||
Mastercard, Inc. Class A | 1.6 | |||
Merck & Co., Inc. | 1.6 | |||
Abbott Laboratories | 1.5 | |||
|
| |||
27.0 | ||||
|
|
Top Market Sectors as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Information Technology | 24.7 | |||
Financials | 13.3 | |||
Health Care | 12.3 | |||
Consumer Discretionary | 9.9 | |||
Industrials | 9.9 | |||
Communication Services | 9.8 | |||
Consumer Staples | 6.5 | |||
Real Estate | 3.8 | |||
Utilities | 3.6 | |||
Energy | 3.4 | |||
Materials | 2.6 |
Asset Allocation as of January 31, 2020 |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
* | Foreign investments – 5.4% |
7 |
Table of Contents
Fidelity® Quality Factor ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Apple, Inc. | 5.1 | |||
Microsoft Corp. | 5.0 | |||
Alphabet, Inc. Class A | 3.2 | |||
Johnson & Johnson | 2.2 | |||
Facebook, Inc. Class A | 1.8 | |||
Visa, Inc. Class A | 1.7 | |||
Mastercard, Inc. Class A | 1.5 | |||
The Home Depot, Inc. | 1.5 | |||
The Procter & Gamble Co. | 1.5 | |||
Pfizer, Inc. | 1.4 | |||
|
| |||
24.9 | ||||
|
|
Top Market Sectors as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Information Technology | 23.6 | |||
Health Care | 13.5 | |||
Financials | 13.4 | |||
Communication Services | 10.1 | |||
Consumer Discretionary | 9.7 | |||
Industrials | 9.4 | |||
Consumer Staples | 6.7 | |||
Real Estate | 3.9 | |||
Energy | 3.6 | |||
Utilities | 3.5 | |||
Materials | 2.3 |
Asset Allocation as of January 31, 2020 |
* | Foreign investments – 2.6% |
8 |
Table of Contents
Fidelity®Small-Mid Factor ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Paycom Software, Inc. | 0.4 | |||
RingCentral, Inc. Class A | 0.4 | |||
Insulet Corp. | 0.4 | |||
MarketAxess Holdings, Inc. | 0.4 | |||
Teledyne Technologies, Inc. | 0.4 | |||
PulteGroup, Inc. | 0.4 | |||
Garmin Ltd. | 0.4 | |||
Tyler Technologies, Inc. | 0.4 | |||
Allegion PLC | 0.4 | |||
West Pharmaceutical Services, Inc. | 0.3 | |||
|
| |||
3.9 | ||||
|
|
Top Market Sectors as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Information Technology | 17.0 | |||
Industrials | 16.3 | |||
Financials | 15.9 | |||
Consumer Discretionary | 13.0 | |||
Health Care | 12.0 | |||
Real Estate | 9.7 | |||
Materials | 4.8 | |||
Communication Services | 3.6 | |||
Consumer Staples | 3.2 | |||
Utilities | 2.7 | |||
Energy | 1.9 |
Asset Allocation as of January 31, 2020 |
Short - Term Investments and Net Other Assets (Liabilities) are not included in the pie chart.
* | Foreign investments – 4.4% |
9 |
Table of Contents
Fidelity® Stocks for Inflation ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Microsoft Corp. | 4.1 | |||
Steel Dynamics, Inc. | 2.6 | |||
LyondellBasell Industries N.V. Class A | 2.6 | |||
Johnson & Johnson | 2.5 | |||
The Procter & Gamble Co. | 2.5 | |||
Exxon Mobil Corp. | 2.4 | |||
Nucor Corp. | 2.3 | |||
Chevron Corp. | 2.3 | |||
ConocoPhillips | 2.2 | |||
AES Corp. | 2.1 | |||
|
| |||
25.6 | ||||
|
|
Top Market Sectors as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Information Technology | 19.4 | |||
Health Care | 17.6 | |||
Consumer Staples | 11.6 | |||
Energy | 8.3 | |||
Financials | 8.2 | |||
Materials | 7.5 | |||
Real Estate | 6.2 | �� | ||
Industrials | 6.0 | |||
Utilities | 5.6 | |||
Consumer Discretionary | 5.3 | |||
Communication Services | 4.2 |
Asset Allocation as of January 31, 2020 |
* | Foreign investments – 6.1% |
10 |
Table of Contents
Fidelity® Value Factor ETF
Investment Summary (Unaudited)
Top Ten Stocks as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Apple, Inc. | 5.2 | |||
Microsoft Corp. | 5.0 | |||
Amazon.com, Inc. | 3.3 | |||
Alphabet, Inc. Class A | 3.3 | |||
Johnson & Johnson | 2.2 | |||
Berkshire Hathaway, Inc. Class B | 2.0 | |||
JPMorgan Chase & Co. | 2.0 | |||
Facebook, Inc. Class A | 1.9 | |||
Visa, Inc. Class A | 1.7 | |||
UnitedHealth Group, Inc. | 1.7 | |||
|
| |||
28.3 | ||||
|
|
Top Market Sectors as of January 31, 2020 | ||||
% of fund’s net assets | ||||
Information Technology | 24.2 | |||
Financials | 13.5 | |||
Health Care | 13.2 | |||
Consumer Discretionary | 9.9 | |||
Communication Services | 9.6 | |||
Industrials | 9.3 | |||
Consumer Staples | 6.7 | |||
Real Estate | 3.9 | |||
Energy | 3.7 | |||
Utilities | 3.6 | |||
Materials | 2.2 |
Asset Allocation as of January 31, 2020 |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
* | Foreign investments – 2.7% |
11 |
Table of Contents
Fidelity® Dividend ETF for Rising Rates
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.3% | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES – 8.4% |
| |||||||
Diversified Telecommunication Services – 2.7% |
| |||||||
AT&T, Inc. | 128,559 | $ | 4,836,390 | |||||
CenturyLink, Inc. (a) | 79,899 | 1,091,420 | ||||||
Verizon Communications, Inc. | 72,251 | 4,294,599 | ||||||
|
| |||||||
10,222,409 | ||||||||
|
| |||||||
Entertainment – 1.9% |
| |||||||
Activision Blizzard, Inc. | 31,827 | 1,861,243 | ||||||
Cinemark Holdings, Inc. | 26,689 | 840,970 | ||||||
The Walt Disney Co. | 28,542 | 3,947,644 | ||||||
World Wrestling Entertainment, Inc. Class A (a) | 13,141 | 642,332 | ||||||
|
| |||||||
7,292,189 | ||||||||
|
| |||||||
Media – 3.6% |
| |||||||
Cable One, Inc. | 1,238 | 2,109,589 | ||||||
Comcast Corp. Class A | 87,059 | 3,760,078 | ||||||
Nexstar Media Group, Inc. Class A | 13,027 | 1,578,221 | ||||||
Omnicom Group, Inc. | 16,191 | 1,219,344 | ||||||
Sirius XM Holdings, Inc. (a) | 194,329 | 1,373,906 | ||||||
The Interpublic Group of Cos., Inc. | 50,497 | 1,146,282 | ||||||
The New York Times Co. Class A | �� | 42,122 | 1,348,326 | |||||
ViacomCBS, Inc. Class B | 25,293 | 863,250 | ||||||
|
| |||||||
13,398,996 | ||||||||
|
| |||||||
Wireless Telecommunication Services – 0.2% |
| |||||||
Telephone & Data Systems, Inc. | 29,801 | 675,887 | ||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES |
| 31,589,481 | ||||||
|
| |||||||
CONSUMER DISCRETIONARY – 10.3% |
| |||||||
Automobiles – 1.1% | ||||||||
Ford Motor Co. | 238,767 | 2,105,925 | ||||||
General Motors Co. | 59,427 | 1,984,267 | ||||||
|
| |||||||
4,090,192 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure – 2.6% |
| |||||||
Las Vegas Sands Corp. | 33,139 | 2,164,308 | ||||||
McDonald’s Corp. | 19,221 | 4,112,718 | ||||||
Starbucks Corp. | 40,346 | 3,422,551 | ||||||
|
| |||||||
9,699,577 | ||||||||
|
| |||||||
Household Durables – 0.6% |
| |||||||
Persimmon PLC | 53,011 | 2,137,131 | ||||||
|
| |||||||
Multiline Retail – 1.1% |
| |||||||
Macy’s, Inc. | 66,815 | 1,065,699 | ||||||
Target Corp. | 29,407 | 3,256,531 | ||||||
|
| |||||||
4,322,230 | ||||||||
|
| |||||||
Specialty Retail – 3.4% |
| |||||||
L Brands, Inc. | 62,424 | 1,445,740 | ||||||
Lowe’s Cos., Inc. | 27,593 | 3,207,410 | ||||||
The Home Depot, Inc. | 23,609 | 5,385,213 | ||||||
The TJX Cos., Inc. | 49,289 | 2,910,023 | ||||||
|
| |||||||
12,948,386 | ||||||||
|
|
Shares | Value | |||||||
Textiles, Apparel & Luxury Goods – 1.5% |
| |||||||
NIKE, Inc. Class B | 36,679 | $ | 3,532,188 | |||||
Pandora A/S | 38,116 | 1,976,540 | ||||||
|
| |||||||
5,508,728 | ||||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY |
| 38,706,244 | ||||||
|
| |||||||
CONSUMER STAPLES – 6.4% |
| |||||||
Beverages – 1.4% | ||||||||
The Coca-Cola Co. | 89,706 | 5,238,831 | ||||||
|
| |||||||
Food Products – 0.4% | ||||||||
The Kraft Heinz Co. | 48,359 | 1,412,083 | ||||||
|
| |||||||
Household Products – 1.7% | ||||||||
The Procter & Gamble Co. | 52,265 | 6,513,264 | ||||||
|
| |||||||
Tobacco – 2.9% | ||||||||
Altria Group, Inc. | 63,548 | 3,020,436 | ||||||
British American Tobacco PLC | 54,802 | �� | 2,429,690 | |||||
Imperial Brands PLC | 58,350 | 1,503,114 | ||||||
Philip Morris International, Inc. | 45,329 | 3,748,708 | ||||||
|
| |||||||
10,701,948 | ||||||||
|
| |||||||
TOTAL CONSUMER STAPLES |
| 23,866,126 | ||||||
|
| |||||||
ENERGY – 3.8% |
| |||||||
Energy Equipment & Services – 0.4% |
| |||||||
Schlumberger Ltd. | 47,780 | 1,601,108 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels – 3.4% |
| |||||||
Chevron Corp. | 36,251 | 3,883,932 | ||||||
Exxon Mobil Corp. | 72,814 | 4,523,206 | ||||||
Kinder Morgan, Inc. | 97,539 | 2,035,639 | ||||||
Occidental Petroleum Corp. | 29,541 | 1,173,369 | ||||||
Targa Resources Corp. | 33,703 | 1,230,159 | ||||||
|
| |||||||
12,846,305 | ||||||||
|
| |||||||
TOTAL ENERGY |
| 14,447,413 | ||||||
|
| |||||||
FINANCIALS – 13.0% |
| |||||||
Banks – 5.8% | ||||||||
Bank of America Corp. | 216,477 | 7,106,940 | ||||||
JPMorgan Chase & Co. | 70,044 | 9,271,024 | ||||||
Wells Fargo & Co. | 112,084 | 5,261,223 | ||||||
|
| |||||||
21,639,187 | ||||||||
|
| |||||||
Capital Markets – 0.7% | ||||||||
Invesco Ltd. | 159,248 | 2,754,990 | ||||||
|
| |||||||
Insurance – 1.7% | ||||||||
Old Republic International Corp. | 142,822 | 3,220,636 | ||||||
Prudential Financial, Inc. | 35,779 | 3,258,036 | ||||||
|
| |||||||
6,478,672 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) – 4.8% |
| |||||||
AGNC Investment Corp. | 163,201 | 3,033,907 | ||||||
Annaly Capital Management, Inc. | 286,694 | 2,798,133 | ||||||
Chimera Investment Corp. | 149,700 | 3,173,640 |
See accompanying notes which are an integral part of the financial statements.
12 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
FINANCIALS – continued |
| |||||||
Mortgage Real Estate Investment Trusts (REITs) – continued |
| |||||||
MFA Financial, Inc. | 388,315 | $ | 3,028,857 | |||||
New Residential Investment Corp. | 169,900 | 2,844,126 | ||||||
Two Harbors Investment Corp. | 195,410 | 2,981,957 | ||||||
|
| |||||||
17,860,620 | ||||||||
|
| |||||||
TOTAL FINANCIALS |
| 48,733,469 | ||||||
|
| |||||||
HEALTH CARE – 13.7% |
| |||||||
Biotechnology – 4.5% |
| |||||||
AbbVie, Inc. | 70,382 | 5,702,350 | ||||||
Amgen, Inc. | 30,105 | 6,504,185 | ||||||
Gilead Sciences, Inc. | 75,163 | 4,750,302 | ||||||
|
| |||||||
16,956,837 | ||||||||
|
| |||||||
Health Care Providers & Services – 1.2% |
| |||||||
Cardinal Health, Inc. | 85,733 | 4,390,387 | ||||||
Five Star Senior Living, Inc. (b) | 3,055 | 13,839 | ||||||
|
| |||||||
4,404,226 | ||||||||
|
| |||||||
Pharmaceuticals – 8.0% |
| |||||||
Bristol-Myers Squibb Co. | 103,982 | 6,545,667 | ||||||
Johnson & Johnson | 65,401 | 9,736,247 | ||||||
Merck & Co., Inc. | 88,583 | 7,568,531 | ||||||
Pfizer, Inc. | 171,113 | 6,372,248 | ||||||
|
| |||||||
30,222,693 | ||||||||
|
| |||||||
TOTAL HEALTH CARE |
| 51,583,756 | ||||||
|
| |||||||
INDUSTRIALS – 9.4% |
| |||||||
Aerospace & Defense – 2.2% |
| |||||||
Lockheed Martin Corp. | 6,348 | 2,717,706 | ||||||
The Boeing Co. | 9,194 | 2,926,174 | ||||||
United Technologies Corp. | 18,218 | 2,736,344 | ||||||
|
| |||||||
8,380,224 | ||||||||
|
| |||||||
Air Freight & Logistics – 0.7% |
| |||||||
Royal Mail PLC | 258,086 | 675,470 | ||||||
United Parcel Service, Inc. Class B | 17,657 | 1,827,853 | ||||||
|
| |||||||
2,503,323 | ||||||||
|
| |||||||
Airlines – 0.4% |
| |||||||
Delta Air Lines, Inc. | 26,494 | 1,476,775 | ||||||
|
| |||||||
Building Products – 0.4% |
| |||||||
Johnson Controls International PLC | 38,924 | 1,535,552 | ||||||
|
| |||||||
Electrical Equipment – 0.9% |
| |||||||
Eaton Corp. PLC | 17,594 | 1,662,105 | ||||||
Emerson Electric Co. | 22,069 | 1,580,803 | ||||||
|
| |||||||
3,242,908 | ||||||||
|
| |||||||
Industrial Conglomerates – 1.6% |
| |||||||
3M Co. | 12,092 | 1,918,517 | ||||||
Honeywell International, Inc. | 15,930 | 2,759,394 | ||||||
Jardine Matheson Holdings Ltd. | 13,619 | 761,438 |
Shares | Value | |||||||
Jardine Strategic Holdings Ltd. | 23,907 | $ | 737,053 | |||||
|
| |||||||
6,176,402 | ||||||||
|
| |||||||
Machinery – 1.4% |
| |||||||
Caterpillar, Inc. | 14,505 | 1,905,232 | ||||||
Illinois Tool Works, Inc. | 10,602 | 1,855,138 | ||||||
PACCAR, Inc. | 18,425 | 1,367,319 | ||||||
|
| |||||||
5,127,689 | ||||||||
|
| |||||||
Professional Services – 0.3% |
| |||||||
Randstad N.V. | 18,950 | 1,092,017 | ||||||
|
| |||||||
Road & Rail – 1.2% |
| |||||||
Norfolk Southern Corp. | 8,965 | 1,866,603 | ||||||
Union Pacific Corp. | 15,281 | 2,741,717 | ||||||
|
| |||||||
4,608,320 | ||||||||
|
| |||||||
Transportation Infrastructure – 0.3% |
| |||||||
Macquarie Infrastructure Corp. | 22,113 | 975,404 | ||||||
|
| |||||||
TOTAL INDUSTRIALS |
| 35,118,614 | ||||||
|
| |||||||
INFORMATION TECHNOLOGY – 25.0% |
| |||||||
Communications Equipment – 1.4% |
| |||||||
Cisco Systems, Inc. | 111,562 | 5,128,505 | ||||||
|
| |||||||
IT Services – 1.2% |
| |||||||
International Business Machines Corp. | 30,561 | 4,392,533 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 7.0% |
| |||||||
Applied Materials, Inc. | 77,402 | 4,488,542 | ||||||
Broadcom, Inc. | 14,768 | 4,506,603 | ||||||
Intel Corp. | 112,686 | 7,204,016 | ||||||
QUALCOMM, Inc. | 66,757 | 5,695,040 | ||||||
Texas Instruments, Inc. | 37,527 | 4,527,632 | ||||||
|
| |||||||
26,421,833 | ||||||||
|
| |||||||
Software – 6.0% |
| |||||||
Micro Focus International PLC | 109,962 | 1,488,640 | ||||||
Microsoft Corp. | 124,071 | 21,120,606 | ||||||
|
| |||||||
22,609,246 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 9.4% |
| |||||||
Apple, Inc. | 73,445 | 22,731,962 | ||||||
Hewlett Packard Enterprise Co. | 180,750 | 2,517,847 | ||||||
HP, Inc. | 135,284 | 2,884,255 | ||||||
Seagate Technology PLC | 60,496 | 3,447,667 | ||||||
Western Digital Corp. | 59,948 | 3,926,594 | ||||||
|
| |||||||
35,508,325 | ||||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY |
| 94,060,442 | ||||||
|
| |||||||
MATERIALS – 2.5% |
| |||||||
Chemicals – 1.8% |
| |||||||
Air Products & Chemicals, Inc. | 6,863 | 1,638,267 | ||||||
Corteva, Inc. | 13,956 | 403,607 | ||||||
Dow, Inc. | 13,956 | 642,953 | ||||||
DuPont de Nemours, Inc. | 13,956 | 714,268 | ||||||
Linde PLC | 11,184 | 2,271,806 |
See accompanying notes which are an integral part of the financial statements.
13 |
Table of Contents
Fidelity® Dividend ETF for Rising Rates
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
MATERIALS – continued |
| |||||||
Chemicals – continued |
| |||||||
LyondellBasell Industries N.V. Class A | 11,649 | $ | 906,991 | |||||
|
| |||||||
6,577,892 | ||||||||
|
| |||||||
Containers & Packaging – 0.4% |
| |||||||
International Paper Co. | 19,146 | 779,625 | ||||||
Westrock Co. | 19,492 | 760,188 | ||||||
|
| |||||||
1,539,813 | ||||||||
|
| |||||||
Metals & Mining – 0.3% |
| |||||||
Alumina Ltd. | 372,035 | 542,908 | ||||||
Nucor Corp. | 14,831 | 704,324 | ||||||
|
| |||||||
1,247,232 | ||||||||
|
| |||||||
TOTAL MATERIALS |
| 9,364,937 | ||||||
|
| |||||||
REAL ESTATE – 3.2% |
| |||||||
Equity Real Estate Investment Trusts (REITs) – 3.1% |
| |||||||
American Tower Corp. | 9,049 | 2,097,015 | ||||||
Crown Castle International Corp. | 10,323 | 1,546,798 | ||||||
Diversified Healthcare Trust | 45,102 | 348,187 | ||||||
Iron Mountain, Inc. | 19,250 | 608,493 | ||||||
Kimco Realty Corp. | 39,450 | 751,522 | ||||||
Park Hotels & Resorts, Inc. | 21,840 | 479,170 | ||||||
Public Storage | 4,655 | 1,041,603 | ||||||
RLJ Lodging Trust | 33,442 | 520,358 | ||||||
Sabra Health Care REIT, Inc. | 30,474 | 655,191 | ||||||
Service Properties Trust | 23,820 | 514,036 | ||||||
Simon Property Group, Inc. | 7,167 | 954,286 | ||||||
Uniti Group, Inc. | 31,383 | 198,654 | ||||||
Welltower, Inc. | 12,314 | 1,045,582 | ||||||
Weyerhaeuser Co. | 31,713 | 918,091 | ||||||
|
| |||||||
11,678,986 | ||||||||
|
| |||||||
Real Estate Management & Development – 0.1% |
| |||||||
Hongkong Land Holdings Ltd. | 81,251 | 433,068 | ||||||
|
| |||||||
TOTAL REAL ESTATE |
| 12,112,054 | ||||||
|
| |||||||
UTILITIES – 3.6% |
| |||||||
Electric Utilities – 3.1% |
| |||||||
Duke Energy Corp. | 18,245 | 1,781,259 |
Shares | Value | |||||||
Edison International | 18,104 | $ | 1,385,861 | |||||
Exelon Corp. | 29,015 | 1,380,824 | ||||||
NextEra Energy, Inc. | 10,597 | 2,842,116 | ||||||
PPL Corp. | 34,509 | 1,248,881 | ||||||
SSE PLC | 51,235 | 1,020,588 | ||||||
The Southern Co. | 29,586 | 2,082,854 | ||||||
|
| |||||||
11,742,383 | ||||||||
|
| |||||||
Multi-Utilities – 0.5% |
| |||||||
Dominion Energy, Inc. | 21,147 | 1,813,355 | ||||||
|
| |||||||
TOTAL UTILITIES |
| 13,555,738 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 373,138,274 | ||||||
|
| |||||||
Money Market Funds – 1.0% | ||||||||
Fidelity Cash Central Fund, 1.58% (c) | 1,834,197 | 1,834,564 | ||||||
Fidelity Securities Lending Cash Central Fund, 1.59% (c)(d) | 2,011,248 | 2,011,449 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUNDS |
| 3,846,013 | ||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 100.3% |
| 376,984,287 | ||||||
NET OTHER ASSETS (LIABILITIES) – (0.3%) |
| (1,249,943 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% |
| $ | 375,734,344 | |||||
|
|
Legend
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualizedseven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contract | ||||||||||||||||||||
CMEE-mini S&P 500 Index Future Contracts | 16 | March 2020 | $ | 2,579,200 | $ | 28,937 | $ | 28,937 | ||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.7%
See accompanying notes which are an integral part of the financial statements.
14 |
Table of Contents
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned | |||
Fidelity Cash Central Fund | $ | 5,946 | ||
Fidelity Securities Lending Cash Central Fund | 4,343 | |||
|
| |||
Total | $ | 10,289 | ||
|
|
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Equities: | ||||||||||||||||
Communication Services | $ | 31,589,481 | $ | 31,589,481 | $ | — | $ | — | ||||||||
Consumer Discretionary | 38,706,244 | 38,706,244 | — | — | ||||||||||||
Consumer Staples | 23,866,126 | 23,866,126 | — | — | ||||||||||||
Energy | 14,447,413 | 14,447,413 | — | — | ||||||||||||
Financials | 48,733,469 | 48,733,469 | — | — | ||||||||||||
Health Care | 51,583,756 | 51,583,756 | — | — | ||||||||||||
Industrials | 35,118,614 | 35,118,614 | — | — | ||||||||||||
Information Technology | 94,060,442 | 94,060,442 | — | — | ||||||||||||
Materials | 9,364,937 | 9,364,937 | — | — | ||||||||||||
Real Estate | 12,112,054 | 12,112,054 | — | — | ||||||||||||
Utilities | 13,555,738 | 13,555,738 | — | — | ||||||||||||
Money Market Funds | 3,846,013 | 3,846,013 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 376,984,287 | $ | 376,984,287 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 28,937 | $ | 28,937 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 28,937 | $ | 28,937 | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | 28,937 | $ | 28,937 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts(a) | $ | 28,937 | $ | 0 | ||||
|
|
|
| |||||
Total Equity Risk | 28,937 | 0 | ||||||
|
|
|
| |||||
Total Value of Derivatives | $ | 28,937 | $ | 0 | ||||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
15 |
Table of Contents
Fidelity® High Dividend ETF
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.4% | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES – 2.7% |
| |||||||
Diversified Telecommunication Services – 0.9% |
| |||||||
AT&T, Inc. | 61,584 | $ | 2,316,790 | |||||
CenturyLink, Inc. (a) | 38,262 | 522,659 | ||||||
Verizon Communications, Inc. | 34,592 | 2,056,149 | ||||||
|
| |||||||
4,895,598 | ||||||||
|
| |||||||
Entertainment – 0.6% | ||||||||
Activision Blizzard, Inc. | 15,264 | 892,639 | ||||||
Cinemark Holdings, Inc. | 12,772 | 402,446 | ||||||
The Walt Disney Co. | 13,668 | 1,890,421 | ||||||
World Wrestling Entertainment, Inc. Class A (a) | 6,287 | 307,308 | ||||||
|
| |||||||
3,492,814 | ||||||||
|
| |||||||
Media – 1.2% | ||||||||
Cable One, Inc. | 590 | 1,005,378 | ||||||
Comcast Corp. Class A | 41,858 | 1,807,847 | ||||||
Nexstar Media Group, Inc. Class A | 6,247 | 756,824 | ||||||
Omnicom Group, Inc. | 7,815 | 588,548 | ||||||
Sirius XM Holdings, Inc. (a) | 92,997 | 657,489 | ||||||
The Interpublic Group of Cos., Inc. | 24,160 | 548,432 | ||||||
The New York Times Co. Class A | 20,157 | 645,225 | ||||||
ViacomCBS, Inc. Class B | 12,104 | 413,109 | ||||||
|
| |||||||
6,422,852 | ||||||||
|
| |||||||
Wireless Telecommunication Services – 0.0% |
| |||||||
Telephone & Data Systems, Inc. | 14,263 | 323,485 | ||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES |
| 15,134,749 | ||||||
|
| |||||||
CONSUMER DISCRETIONARY – 3.7% |
| |||||||
Automobiles – 0.4% | ||||||||
Ford Motor Co. | 124,482 | 1,097,931 | ||||||
General Motors Co. | 30,981 | 1,034,456 | ||||||
|
| |||||||
2,132,387 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure – 0.9% |
| |||||||
Las Vegas Sands Corp. | 17,275 | 1,128,230 | ||||||
McDonald’s Corp. | 10,011 | 2,142,054 | ||||||
Starbucks Corp. | 21,036 | 1,784,484 | ||||||
|
| |||||||
5,054,768 | ||||||||
|
| |||||||
Household Durables – 0.2% | ||||||||
Persimmon PLC | 27,713 | 1,117,245 | ||||||
|
| |||||||
Multiline Retail – 0.4% | ||||||||
Macy’s, Inc. (a) | 34,787 | 554,853 | ||||||
Target Corp. | 15,333 | 1,697,976 | ||||||
|
| |||||||
2,252,829 | ||||||||
|
| |||||||
Specialty Retail – 1.3% | ||||||||
L Brands, Inc. | 32,442 | 751,357 | ||||||
Lowe’s Cos., Inc. | 14,364 | 1,669,671 | ||||||
The Home Depot, Inc. | 12,310 | 2,807,911 | ||||||
The TJX Cos., Inc. | 25,668 | 1,515,439 | ||||||
|
| |||||||
6,744,378 | ||||||||
|
|
Shares | Value | |||||||
Textiles, Apparel & Luxury Goods – 0.5% |
| |||||||
NIKE, Inc. Class B | 19,109 | $ | 1,840,197 | |||||
Pandora A/S | 19,881 | 1,030,947 | ||||||
|
| |||||||
2,871,144 | ||||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY |
| 20,172,751 | ||||||
|
| |||||||
CONSUMER STAPLES – 13.3% | ||||||||
Beverages – 2.6% | ||||||||
PepsiCo, Inc. | 99,704 | 14,159,962 | ||||||
|
| |||||||
Food Products – 0.9% | ||||||||
The Kraft Heinz Co. | 181,573 | 5,301,932 | ||||||
|
| |||||||
Household Products – 3.0% | ||||||||
The Procter & Gamble Co. | 132,803 | 16,549,910 | ||||||
|
| |||||||
Tobacco – 6.8% | ||||||||
Altria Group, Inc. | 201,562 | 9,580,242 | ||||||
British American Tobacco PLC | 230,469 | 10,218,023 | ||||||
Imperial Brands PLC | 245,115 | 6,314,239 | ||||||
Philip Morris International, Inc. | 136,362 | 11,277,137 | ||||||
|
| |||||||
37,389,641 | ||||||||
|
| |||||||
TOTAL CONSUMER STAPLES |
| 73,401,445 | ||||||
|
| |||||||
ENERGY – 9.6% |
| |||||||
Energy Equipment & Services – 1.3% | ||||||||
Schlumberger Ltd. | 208,128 | 6,974,369 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels – 8.3% | ||||||||
Chevron Corp. | 107,017 | 11,465,801 | ||||||
Exxon Mobil Corp. | 191,604 | 11,902,441 | ||||||
Kinder Morgan, Inc. | 479,725 | 10,011,861 | ||||||
Occidental Petroleum Corp. | 134,702 | 5,350,363 | ||||||
Targa Resources Corp. (a) | 190,831 | 6,965,332 | ||||||
|
| |||||||
45,695,798 | ||||||||
|
| |||||||
TOTAL ENERGY |
| 52,670,167 | ||||||
|
| |||||||
FINANCIALS – 20.4% |
| |||||||
Banks – 7.7% |
| |||||||
Bank of America Corp. | 428,879 | 14,080,098 | ||||||
JPMorgan Chase & Co. | 133,781 | 17,707,253 | ||||||
Wells Fargo & Co. | 228,738 | 10,736,962 | ||||||
|
| |||||||
42,524,313 | ||||||||
|
| |||||||
Insurance – 4.5% | ||||||||
MetLife, Inc. | 176,042 | 8,751,048 | ||||||
Old Republic International Corp. | 360,972 | 8,139,918 | ||||||
Prudential Financial, Inc. | 85,778 | 7,810,945 | ||||||
|
| |||||||
24,701,911 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) – 8.2% |
| |||||||
AGNC Investment Corp. | 410,247 | 7,626,492 | ||||||
Annaly Capital Management, Inc. | 713,177 | 6,960,607 | ||||||
Chimera Investment Corp. | 380,098 | 8,058,078 | ||||||
MFA Financial, Inc. | 986,101 | 7,691,588 |
See accompanying notes which are an integral part of the financial statements.
16 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
FINANCIALS – continued | ||||||||
Mortgage Real Estate Investment Trusts (REITs) – continued |
| |||||||
New Residential Investment Corp. | 429,014 | $ | 7,181,694 | |||||
Two Harbors Investment Corp. | 495,842 | 7,566,549 | ||||||
|
| |||||||
45,085,008 | ||||||||
|
| |||||||
TOTAL FINANCIALS |
| 112,311,232 | ||||||
|
| |||||||
HEALTH CARE – 7.6% |
| |||||||
Biotechnology – 2.5% |
| |||||||
AbbVie, Inc. | 57,460 | 4,655,409 | ||||||
Amgen, Inc. | 24,578 | 5,310,077 | ||||||
Gilead Sciences, Inc. | 61,365 | 3,878,268 | ||||||
|
| |||||||
13,843,754 | ||||||||
|
| |||||||
Health Care Providers & Services – 0.6% |
| |||||||
Cardinal Health, Inc. | 70,014 | 3,585,417 | ||||||
Five Star Senior Living, Inc. (b) | 16,756 | 75,905 | ||||||
|
| |||||||
3,661,322 | ||||||||
|
| |||||||
Pharmaceuticals – 4.5% | ||||||||
Bristol-Myers Squibb Co. | 84,896 | 5,344,203 | ||||||
Johnson & Johnson | 53,397 | 7,949,212 | ||||||
Merck & Co., Inc. | 72,321 | 6,179,106 | ||||||
Pfizer, Inc. | 139,672 | 5,201,385 | ||||||
|
| |||||||
24,673,906 | ||||||||
|
| |||||||
TOTAL HEALTH CARE |
| 42,178,982 | ||||||
|
| |||||||
INDUSTRIALS – 3.1% |
| |||||||
Aerospace & Defense – 0.7% |
| |||||||
Lockheed Martin Corp. | 3,057 | 1,308,763 | ||||||
The Boeing Co. | 4,433 | 1,410,891 | ||||||
United Technologies Corp. | 8,799 | 1,321,609 | ||||||
|
| |||||||
4,041,263 | ||||||||
|
| |||||||
Air Freight & Logistics – 0.2% | ||||||||
Royal Mail PLC | 124,324 | 325,385 | ||||||
United Parcel Service, Inc. Class B | 8,518 | 881,783 | ||||||
|
| |||||||
1,207,168 | ||||||||
|
| |||||||
Airlines – 0.1% | ||||||||
Delta Air Lines, Inc. | 12,770 | 711,800 | ||||||
|
| |||||||
Building Products – 0.1% | ||||||||
Johnson Controls International PLC | 18,839 | 743,198 | ||||||
|
| |||||||
Electrical Equipment – 0.3% | ||||||||
Eaton Corp. PLC | 8,492 | 802,239 | ||||||
Emerson Electric Co. | 10,650 | 762,860 | ||||||
|
| |||||||
1,565,099 | ||||||||
|
| |||||||
Industrial Conglomerates – 0.6% |
| |||||||
3M Co. | 5,841 | 926,733 | ||||||
Honeywell International, Inc. | 7,699 | 1,333,621 | ||||||
Jardine Matheson Holdings Ltd. | 6,566 | 367,105 | ||||||
Jardine Strategic Holdings Ltd. | 11,400 | 351,462 | ||||||
|
| |||||||
2,978,921 | ||||||||
|
|
Shares | Value | |||||||
Machinery – 0.5% | ||||||||
Caterpillar, Inc. | 6,997 | $ | 919,056 | |||||
Illinois Tool Works, Inc. | 5,116 | 895,197 | ||||||
PACCAR, Inc. | 8,914 | 661,508 | ||||||
|
| |||||||
2,475,761 | ||||||||
|
| |||||||
Professional Services – 0.1% | ||||||||
Randstad N.V. | 9,073 | 522,843 | ||||||
|
| |||||||
Road & Rail – 0.4% | ||||||||
Norfolk Southern Corp. | 4,323 | 900,092 | ||||||
Union Pacific Corp. | 7,364 | 1,321,249 | ||||||
|
| |||||||
2,221,341 | ||||||||
|
| |||||||
Transportation Infrastructure – 0.1% | ||||||||
Macquarie Infrastructure Corp. | 10,663 | 470,345 | ||||||
|
| |||||||
TOTAL INDUSTRIALS |
| 16,937,739 | ||||||
|
| |||||||
INFORMATION TECHNOLOGY – 17.2% |
| |||||||
Communications Equipment – 0.9% |
| |||||||
Cisco Systems, Inc. | 112,778 | 5,184,405 | ||||||
|
| |||||||
IT Services – 0.8% | ||||||||
International Business Machines Corp. | 30,886 | 4,439,245 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 4.8% |
| |||||||
Applied Materials, Inc. | 78,252 | 4,537,833 | ||||||
Broadcom, Inc. | 14,922 | 4,553,598 | ||||||
Intel Corp. | 113,844 | 7,278,047 | ||||||
QUALCOMM, Inc. | 67,452 | 5,754,330 | ||||||
Texas Instruments, Inc. | 37,936 | 4,576,978 | ||||||
|
| |||||||
26,700,786 | ||||||||
|
| |||||||
Software – 4.2% | ||||||||
Micro Focus International PLC | 110,882 | 1,501,094 | ||||||
Microsoft Corp. | 125,391 | 21,345,310 | ||||||
|
| |||||||
22,846,404 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 6.5% |
| |||||||
Apple, Inc. | 74,219 | 22,971,523 | ||||||
Hewlett Packard Enterprise Co. | 182,478 | 2,541,919 | ||||||
HP, Inc. | 136,617 | 2,912,674 | ||||||
Seagate Technology PLC | 61,098 | 3,481,975 | ||||||
Western Digital Corp. | 60,569 | 3,967,269 | ||||||
|
| |||||||
35,875,360 | ||||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY |
| 95,046,200 | ||||||
|
| |||||||
REAL ESTATE – 9.9% |
| |||||||
Equity Real Estate Investment Trusts (REITs) – 9.5% |
| |||||||
American Tower Corp. | 27,242 | 6,313,061 | ||||||
Crown Castle International Corp. | 35,651 | 5,341,946 | ||||||
Diversified Healthcare Trust | 239,164 | 1,846,346 | ||||||
Iron Mountain, Inc. | 92,351 | 2,919,215 | ||||||
Kimco Realty Corp. | 198,143 | 3,774,624 | ||||||
Park Hotels & Resorts, Inc. | 111,296 | 2,441,834 | ||||||
Prologis, Inc. | 58,934 | 5,473,790 | ||||||
Public Storage | 18,102 | 4,050,504 |
See accompanying notes which are an integral part of the financial statements.
17 |
Table of Contents
Fidelity® High Dividend ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
REAL ESTATE – continued |
| |||||||
Equity Real Estate Investment Trusts (REITs) – continued |
| |||||||
Sabra Health Care REIT, Inc. | 160,665 | $ | 3,454,298 | |||||
Simon Property Group, Inc. | 23,729 | 3,159,516 | ||||||
Spirit Realty Capital, Inc. | 83,013 | 4,381,426 | ||||||
Uniti Group, Inc. | 165,768 | 1,049,311 | ||||||
Welltower, Inc. | 48,989 | 4,159,656 | ||||||
Weyerhaeuser Co. | 137,678 | 3,985,778 | ||||||
|
| |||||||
52,351,305 | ||||||||
|
| |||||||
Real Estate Management & Development – 0.4% |
| |||||||
Hongkong Land Holdings Ltd. | 450,487 | 2,401,096 | ||||||
|
| |||||||
TOTAL REAL ESTATE |
| 54,752,401 | ||||||
|
| |||||||
UTILITIES – 11.9% |
| |||||||
Electric Utilities – 10.4% |
| |||||||
Duke Energy Corp. | 78,866 | 7,699,688 | ||||||
Edison International | 106,517 | 8,153,877 | ||||||
Exelon Corp. | 138,295 | 6,581,459 | ||||||
NextEra Energy, Inc. | 41,166 | 11,040,721 | ||||||
PPL Corp. | 196,228 | 7,101,491 | ||||||
SSE PLC | 370,929 | 7,388,809 | ||||||
The Southern Co. | 137,418 | 9,674,227 | ||||||
|
| |||||||
57,640,272 | ||||||||
|
| |||||||
Multi-Utilities – 1.5% | ||||||||
Dominion Energy, Inc. | 96,077 | 8,238,603 | ||||||
|
| |||||||
TOTAL UTILITIES |
| 65,878,875 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 548,484,541 | ||||||
|
|
Money Market Funds – 1.2% | ||||||||
Shares | Value | |||||||
Fidelity Cash Central Fund, 1.58% (c) | 1,625,150 | $ | 1,625,475 | |||||
Fidelity Securities Lending Cash Central Fund, 1.59% (c)(d) | 4,788,730 | 4,789,208 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUNDS |
| 6,414,683 | ||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 100.6% |
| 554,899,224 | ||||||
NET OTHER ASSETS (LIABILITIES) – (0.6%) |
| (3,343,015 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% |
| $ | 551,556,209 | |||||
|
|
Legend
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualizedseven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contract | ||||||||||||||||||||
CMEE-mini S&P 500 Index Future Contracts | 18 | March 2020 | $ | 2,901,600 | $ | 35,203 | $ | 35,203 | ||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.5%
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned | |||
Fidelity Cash Central Fund | $ | 4,969 | ||
Fidelity Securities Lending Cash Central Fund | 3,312 | |||
|
| |||
Total | $ | 8,281 | ||
|
|
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.
See accompanying notes which are an integral part of the financial statements.
18 |
Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Equities: | ||||||||||||||||
Communication Services | $ | 15,134,749 | $ | 15,134,749 | $ | — | $ | — | ||||||||
Consumer Discretionary | 20,172,751 | 20,172,751 | — | — | ||||||||||||
Consumer Staples | 73,401,445 | 73,401,445 | — | — | ||||||||||||
Energy | 52,670,167 | 52,670,167 | — | — | ||||||||||||
Financials | 112,311,232 | 112,311,232 | — | — | ||||||||||||
Health Care | 42,178,982 | 42,178,982 | — | — | ||||||||||||
Industrials | 16,937,739 | 16,937,739 | — | — | ||||||||||||
Information Technology | 95,046,200 | 95,046,200 | — | — | ||||||||||||
Real Estate | 54,752,401 | 54,752,401 | — | — | ||||||||||||
Utilities | 65,878,875 | 65,878,875 | — | — | ||||||||||||
Money Market Funds | 6,414,683 | 6,414,683 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 554,899,224 | $ | 554,899,224 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 35,203 | $ | 35,203 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 35,203 | $ | 35,203 | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | 35,203 | $ | 35,203 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts(a) | $ | 35,203 | $ | 0 | ||||
|
|
|
| |||||
Total Equity Risk | 35,203 | 0 | ||||||
|
|
|
| |||||
Total Value of Derivatives | $ | 35,203 | $ | 0 | ||||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
19 |
Table of Contents
Fidelity® Low Volatility Factor ETF
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES – 9.9% |
| |||||||
Diversified Telecommunication Services – 2.2% |
| |||||||
AT&T, Inc. | 126,216 | $ | 4,748,246 | |||||
Verizon Communications, Inc. | 73,869 | 4,390,773 | ||||||
|
| |||||||
9,139,019 | ||||||||
|
| |||||||
Entertainment – 1.0% |
| |||||||
The Walt Disney Co. | 30,058 | 4,157,322 | ||||||
|
| |||||||
Interactive Media & Services – 4.9% |
| |||||||
Alphabet, Inc. Class A (a) | 8,808 | 12,619,926 | ||||||
Facebook, Inc. Class A (a) | 36,318 | 7,332,968 | ||||||
|
| |||||||
19,952,894 | ||||||||
|
| |||||||
Media – 1.5% |
| |||||||
Cable One, Inc. | 795 | 1,354,704 | ||||||
Comcast Corp. Class A | 82,166 | 3,548,750 | ||||||
Omnicom Group, Inc. | 14,117 | 1,063,151 | ||||||
|
| |||||||
5,966,605 | ||||||||
|
| |||||||
Wireless Telecommunication Services – 0.3% |
| |||||||
T-Mobile US, Inc. (a) | 15,375 | 1,217,546 | ||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES |
| 40,433,386 | ||||||
|
| |||||||
CONSUMER DISCRETIONARY – 9.9% |
| |||||||
Diversified Consumer Services – 0.7% |
| |||||||
Bright Horizons Family Solutions, Inc. (a) | 17,066 | 2,794,216 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure – 3.3% |
| |||||||
Darden Restaurants, Inc. | 21,849 | 2,543,879 | ||||||
McDonald’s Corp. | 22,186 | 4,747,138 | ||||||
Starbucks Corp. | 42,219 | 3,581,438 | ||||||
Yum! Brands, Inc. | 25,056 | 2,650,173 | ||||||
|
| |||||||
13,522,628 | ||||||||
|
| |||||||
Multiline Retail – 1.0% |
| |||||||
Target Corp. | 36,502 | 4,042,232 | ||||||
|
| |||||||
Specialty Retail – 3.8% | ||||||||
AutoZone, Inc. (a) | 2,540 | 2,687,218 | ||||||
O’Reilly Automotive, Inc. (a) | 7,564 | 3,071,741 | ||||||
The Home Depot, Inc. | 26,295 | 5,997,890 | ||||||
The TJX Cos., Inc. | 62,704 | 3,702,044 | ||||||
|
| |||||||
15,458,893 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods – 1.1% |
| |||||||
NIKE, Inc. Class B | 46,034 | 4,433,074 | ||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY |
| 40,251,043 | ||||||
|
| |||||||
CONSUMER STAPLES – 6.8% |
| |||||||
Beverages – 2.3% |
| |||||||
PepsiCo, Inc. | 30,729 | 4,364,132 | ||||||
The Coca-Cola Co. | 81,552 | 4,762,637 | ||||||
|
| |||||||
9,126,769 | ||||||||
|
| |||||||
Food & Staples Retailing – 0.9% |
| |||||||
Walmart, Inc. | 32,335 | 3,702,034 | ||||||
|
|
Shares | Value | |||||||
Food Products – 1.3% | ||||||||
Hormel Foods Corp. (b) | 39,319 | $ | 1,858,216 | |||||
McCormick & Co., Inc.(non-vtg.) | 10,976 | 1,793,149 | ||||||
The Hershey Co. | 11,568 | 1,795,007 | ||||||
|
| |||||||
5,446,372 | ||||||||
|
| |||||||
Household Products – 2.3% |
| |||||||
Church & Dwight Co., Inc. | 23,146 | 1,717,896 | ||||||
The Clorox Co. | 11,146 | 1,753,378 | ||||||
The Procter & Gamble Co. | 46,581 | 5,804,924 | ||||||
|
| |||||||
9,276,198 | ||||||||
|
| |||||||
TOTAL CONSUMER STAPLES |
| 27,551,373 | ||||||
|
| |||||||
ENERGY – 3.7% |
| |||||||
Oil, Gas & Consumable Fuels – 3.7% |
| |||||||
Chevron Corp. | 34,339 | 3,679,080 | ||||||
Exxon Mobil Corp. | 70,977 | 4,409,091 | ||||||
Kinder Morgan, Inc. | 73,053 | 1,524,616 | ||||||
ONEOK, Inc. | 19,281 | 1,443,569 | ||||||
Phillips 66 | 15,077 | 1,377,586 | ||||||
Pioneer Natural Resources Co. | 9,913 | 1,338,255 | ||||||
Valero Energy Corp. | 16,859 | 1,421,382 | ||||||
|
| |||||||
TOTAL ENERGY |
| 15,193,579 | ||||||
|
| |||||||
FINANCIALS – 13.2% |
| |||||||
Capital Markets – 2.6% |
| |||||||
Cboe Global Markets, Inc | 24,135 | 2,973,915 | ||||||
CME Group, Inc. | 17,994 | 3,906,677 | ||||||
Intercontinental Exchange, Inc. | 36,937 | 3,684,096 | ||||||
|
| |||||||
10,564,688 | ||||||||
|
| |||||||
Diversified Financial Services – 2.2% |
| |||||||
Berkshire Hathaway, Inc. Class B (a) | 39,484 | 8,861,394 | ||||||
|
| |||||||
Insurance – 6.3% | ||||||||
Aflac, Inc. | 59,913 | 3,089,713 | ||||||
Arch Capital Group Ltd. (a) | 72,917 | 3,220,015 | ||||||
Chubb Ltd. | 23,476 | 3,568,117 | ||||||
Everest Re Group Ltd. | 11,182 | 3,092,606 | ||||||
Loews Corp. | 52,735 | 2,713,216 | ||||||
Marsh & McLennan Cos., Inc. | 33,290 | 3,723,819 | ||||||
The Progressive Corp. | 40,305 | 3,252,211 | ||||||
WR Berkley Corp. | 39,758 | 2,923,406 | ||||||
|
| |||||||
25,583,103 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) – 2.1% |
| |||||||
Blackstone Mortgage Trust, Inc. Class A | 75,319 | 2,877,186 | ||||||
MFA Financial, Inc. | 371,562 | 2,898,184 | ||||||
Starwood Property Trust, Inc. | 116,222 | 2,982,256 | ||||||
|
| |||||||
8,757,626 | ||||||||
|
| |||||||
TOTAL FINANCIALS |
| 53,766,811 | ||||||
|
|
See accompanying notes which are an integral part of the financial statements.
20 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HEALTH CARE – 14.1% |
| |||||||
Health Care Equipment & Supplies – 3.8% |
| |||||||
Danaher Corp. | 25,976 | $ | 4,178,759 | |||||
Medtronic PLC | 42,148 | 4,865,565 | ||||||
ResMed, Inc. | 20,526 | 3,263,018 | ||||||
Stryker Corp. | 15,669 | 3,301,459 | ||||||
|
| |||||||
15,608,801 | ||||||||
|
| |||||||
Health Care Providers & Services – 3.2% |
| |||||||
Anthem, Inc. | 11,831 | 3,138,528 | ||||||
Cigna Corp. (a) | 19,640 | 3,778,343 | ||||||
UnitedHealth Group, Inc. | 22,902 | 6,239,650 | ||||||
|
| |||||||
13,156,521 | ||||||||
|
| |||||||
Pharmaceuticals – 7.1% |
| |||||||
Bristol-Myers Squibb Co. | 77,098 | 4,853,319 | ||||||
Eli Lilly & Co. | 34,037 | 4,752,927 | ||||||
Johnson & Johnson | 55,928 | 8,326,001 | ||||||
Merck & Co., Inc. | 65,033 | 5,556,419 | ||||||
Pfizer, Inc. | 139,083 | 5,179,451 | ||||||
28,668,117 | ||||||||
|
| |||||||
TOTAL HEALTH CARE | 57,433,439 | |||||||
|
| |||||||
INDUSTRIALS – 9.6% |
| |||||||
Aerospace & Defense – 2.7% |
| |||||||
Lockheed Martin Corp. | 9,410 | 4,028,609 | ||||||
Northrop Grumman Corp. | 8,685 | 3,253,141 | ||||||
Raytheon Co. | 16,063 | 3,548,959 | ||||||
|
| |||||||
10,830,709 | ||||||||
|
| |||||||
Air Freight & Logistics – 0.5% |
| |||||||
CH Robinson Worldwide, Inc. | 28,857 | 2,084,052 | ||||||
|
| |||||||
Commercial Services & Supplies – 2.0% |
| |||||||
Republic Services, Inc. | 27,712 | 2,634,026 | ||||||
Rollins, Inc. | 68,034 | 2,581,890 | ||||||
Waste Management, Inc. | 24,134 | 2,937,108 | ||||||
|
| |||||||
8,153,024 | ||||||||
|
| |||||||
Industrial Conglomerates – 1.8% |
| |||||||
3M Co. | 20,253 | 3,213,341 | ||||||
Honeywell International, Inc. | 22,609 | 3,916,331 | ||||||
|
| |||||||
7,129,672 | ||||||||
|
| |||||||
Machinery – 0.6% |
| |||||||
The Toro Co. | 31,629 | 2,530,953 | ||||||
|
| |||||||
Professional Services – 2.0% |
| |||||||
Exponent, Inc. | 32,777 | 2,385,182 | ||||||
IHS Markit Ltd. (a) | 39,025 | 3,077,512 | ||||||
Verisk Analytics, Inc. | 16,509 | 2,682,217 | ||||||
|
| |||||||
8,144,911 | ||||||||
|
| |||||||
TOTAL INDUSTRIALS | 38,873,321 | |||||||
|
|
Shares | Value | |||||||
INFORMATION TECHNOLOGY – 22.7% |
| |||||||
Electronic Equipment, Instruments & Components – 0.9% |
| |||||||
Amphenol Corp. Class A | 35,448 | $ | 3,526,013 | |||||
|
| |||||||
IT Services – 13.0% |
| |||||||
Accenture PLC Class A | 23,260 | 4,773,184 | ||||||
Amdocs Ltd. | 46,981 | 3,380,283 | ||||||
Automatic Data Processing, Inc. | 23,325 | 3,997,672 | ||||||
Broadridge Financial Solutions, Inc. | 23,783 | 2,833,744 | ||||||
Fidelity National Information Services, Inc. | 30,021 | 4,312,817 | ||||||
Fiserv, Inc. (a) | 34,975 | 4,148,385 | ||||||
Genpact Ltd. | 73,973 | 3,274,785 | ||||||
Jack Henry & Associates, Inc. | 21,380 | 3,197,165 | ||||||
Mastercard, Inc. Class A | 22,221 | 7,020,503 | ||||||
Paychex, Inc. | 38,392 | 3,292,882 | ||||||
PayPal Holdings, Inc. (a) | 41,193 | 4,691,471 | ||||||
Visa, Inc. Class A | 38,918 | 7,743,514 | ||||||
|
| |||||||
52,666,405 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 1.8% |
| |||||||
Intel Corp. | 117,259 | 7,496,368 | ||||||
|
| |||||||
Software – 7.0% |
| |||||||
Check Point Software Technologies Ltd. (a) | 27,491 | 3,142,496 | ||||||
Microsoft Corp. | 123,516 | 21,026,129 | ||||||
Oracle Corp. | 83,865 | 4,398,719 | ||||||
|
| |||||||
28,567,344 | ||||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | 92,256,130 | |||||||
|
| |||||||
MATERIALS – 2.4% |
| |||||||
Chemicals – 1.6% |
| |||||||
Air Products & Chemicals, Inc. | 5,855 | 1,397,647 | ||||||
Ecolab, Inc. | 6,648 | 1,303,740 | ||||||
International Flavors & Fragrances, Inc. | 5,920 | 776,171 | ||||||
Linde PLC | 11,002 | 2,234,836 | ||||||
NewMarket Corp. | 1,571 | 690,643 | ||||||
|
| |||||||
6,403,037 | ||||||||
|
| |||||||
Construction Materials – 0.2% |
| |||||||
Vulcan Materials Co. | 6,582 | 932,208 | ||||||
|
| |||||||
Containers & Packaging – 0.6% |
| |||||||
Aptargroup, Inc. | 6,378 | 736,723 | ||||||
Ball Corp. | 13,244 | 955,952 | ||||||
Sonoco Products Co. | 12,316 | 703,736 | ||||||
|
| |||||||
2,396,411 | ||||||||
|
| |||||||
TOTAL MATERIALS | 9,731,656 | |||||||
|
| |||||||
REAL ESTATE – 3.9% |
| |||||||
Equity Real Estate Investment Trusts (REITs) – 3.9% |
| |||||||
American Tower Corp. | 8,810 | 2,041,629 | ||||||
AvalonBay Communities, Inc. | 4,580 | 992,440 | ||||||
Camden Property Trust | 6,510 | 731,919 |
See accompanying notes which are an integral part of the financial statements.
21 |
Table of Contents
Fidelity® Low Volatility Factor ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
REAL ESTATE – continued | ||||||||
Equity Real Estate Investment Trusts (REITs) – continued |
| |||||||
Crown Castle International Corp. | 9,818 | $ | 1,471,129 | |||||
Equity Commonwealth | 17,507 | 574,055 | ||||||
Equity Lifestyle Properties, Inc. | 11,081 | 806,143 | ||||||
Essex Property Trust, Inc. | 2,651 | 821,174 | ||||||
Federal Realty Investment Trust | 5,138 | 642,353 | ||||||
Invitation Homes, Inc. | 25,393 | 799,118 | ||||||
Mid-America Apartment Communities, Inc. | 6,007 | 824,220 | ||||||
National Retail Properties, Inc. | 12,560 | 703,360 | ||||||
Public Storage | 4,276 | 956,798 | ||||||
Realty Income Corp. | 12,093 | 948,212 | ||||||
Simon Property Group, Inc. | 7,668 | 1,020,994 | ||||||
Sun Communities, Inc. | 5,275 | 855,447 | ||||||
UDR, Inc. | 15,490 | 742,126 | ||||||
WP Carey, Inc. | 8,470 | 712,496 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 15,643,613 | |||||||
|
| |||||||
UTILITIES – 3.6% |
| |||||||
Electric Utilities – 2.3% |
| |||||||
American Electric Power Co., Inc. | 15,304 | 1,594,983 | ||||||
Duke Energy Corp. | 18,729 | 1,828,512 | ||||||
NextEra Energy, Inc. | 10,212 | 2,738,859 | ||||||
The Southern Co. | 27,461 | 1,933,254 | ||||||
Xcel Energy, Inc. | 19,407 | 1,342,770 | ||||||
|
| |||||||
9,438,378 | ||||||||
|
| |||||||
Multi-Utilities – 1.3% |
| |||||||
CMS Energy Corp. | 16,665 | 1,141,719 | ||||||
Consolidated Edison, Inc. | 13,259 | 1,246,346 | ||||||
Dominion Energy, Inc. | 20,946 | 1,796,119 |
Shares | Value | |||||||
DTE Energy Co. | 8,332 | $ | 1,104,907 | |||||
|
| |||||||
5,289,091 | ||||||||
|
| |||||||
TOTAL UTILITIES |
| 14,727,469 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 405,861,820 | ||||||
|
| |||||||
|
| |||||||
Money Market Funds – 0.3% | ||||||||
Fidelity Cash Central Fund, 1.58% (c) | 693,355 | 693,493 | ||||||
Fidelity Securities Lending Cash | 592,537 | 592,597 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUNDS |
| 1,286,090 | ||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 100.1% |
| 407,147,910 | ||||||
NET OTHER ASSETS (LIABILITIES) – (0.1%) |
| (272,225 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% |
| $ | 406,875,685 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualizedseven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contracts | ||||||||||||||||||||
CMEE-mini S&P 500 Index Future Contracts | 4 | March 2020 | $ | 644,800 | $ | (857 | ) | $ | (857 | ) | ||||||||||
CME MicroE-mini S&P 500 Index Future Contracts | 11 | March 2020 | 177,320 | (1,263 | ) | (1,263 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Equity Index Contracts | $ | (2,120 | ) | |||||||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned | |||
Fidelity Cash Central Fund | $ | 2,656 | ||
Fidelity Securities Lending Cash Central Fund | 6,195 | |||
|
| |||
Total | $ | 8,851 | ||
|
|
See accompanying notes which are an integral part of the financial statements.
22 |
Table of Contents
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Equities: | ||||||||||||||||
Communication Services | $ | 40,433,386 | $ | 40,433,386 | $ | — | $ | — | ||||||||
Consumer Discretionary | 40,251,043 | 40,251,043 | — | — | ||||||||||||
Consumer Staples | 27,551,373 | 27,551,373 | — | — | ||||||||||||
Energy | 15,193,579 | 15,193,579 | — | — | ||||||||||||
Financials | 53,766,811 | 53,766,811 | — | — | ||||||||||||
Health Care | 57,433,439 | 57,433,439 | — | — | ||||||||||||
Industrials | 38,873,321 | 38,873,321 | — | — | ||||||||||||
Information Technology | 92,256,130 | 92,256,130 | — | — | ||||||||||||
Materials | 9,731,656 | 9,731,656 | — | — | ||||||||||||
Real Estate | 15,643,613 | 15,643,613 | — | — | ||||||||||||
Utilities | 14,727,469 | 14,727,469 | — | — | ||||||||||||
Money Market Funds | 1,286,090 | 1,286,090 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 407,147,910 | $ | 407,147,910 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (2,120 | ) | $ | (2,120 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (2,120 | ) | $ | (2,120 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | (2,120 | ) | $ | (2,120 | ) | $ | — | $ | — |
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts(a) | $ | 0 | $ | (2,120 | ) | |||
|
|
|
| |||||
Total Equity Risk | 0 | (2,120 | ) | |||||
|
|
|
| |||||
Total Value of Derivatives | $ | 0 | $ | (2,120 | ) | |||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
23 |
Table of Contents
Fidelity® Momentum Factor ETF
Schedule of Investments January 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES – 9.8% |
| |||||||
Diversified Telecommunication Services – 1.2% |
| |||||||
AT&T, Inc. | 32,797 | $ | 1,233,823 | |||||
|
| |||||||
Entertainment – 1.2% |
| |||||||
The Walt Disney Co. | 8,509 | 1,176,880 | ||||||
|
| |||||||
Interactive Media & Services – 5.5% |
| |||||||
Alphabet, Inc. Class A (a) | 2,264 | 3,243,814 | ||||||
Facebook, Inc. Class A (a) | 9,708 | 1,960,142 | ||||||
Snap, Inc. Class A (a) | 24,245 | 445,623 | ||||||
|
| |||||||
5,649,579 | ||||||||
|
| |||||||
Media – 1.9% |
| |||||||
Altice USA, Inc. Class A (a) | 11,622 | 317,978 | ||||||
Charter Communications, Inc. Class A (a) | 1,240 | 641,651 | ||||||
Comcast Corp. Class A | 22,381 | 966,635 | ||||||
|
| |||||||
1,926,264 | ||||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 9,986,546 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY – 9.9% |
| |||||||
Hotels, Restaurants & Leisure – 2.9% |
| |||||||
Chipotle Mexican Grill, Inc. (a) | 647 | 560,794 | ||||||
Hilton Worldwide Holdings, Inc. | 5,443 | 586,755 | ||||||
McDonald’s Corp. | 4,738 | 1,013,790 | ||||||
Starbucks Corp. | 9,126 | 774,159 | ||||||
|
| |||||||
2,935,498 | ||||||||
|
| |||||||
Household Durables – 1.0% |
| |||||||
NVR, Inc. (a) | 132 | 503,840 | ||||||
TopBuild Corp. (a) | 4,299 | 492,279 | ||||||
|
| |||||||
996,119 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail – 3.2% |
| |||||||
Amazon.com, Inc. (a) | 1,627 | 3,268,187 | ||||||
|
| |||||||
Multiline Retail – 1.1% |
| |||||||
Dollar General Corp. | 3,568 | 547,367 | ||||||
Target Corp. | 5,771 | 639,080 | ||||||
|
| |||||||
1,186,447 | ||||||||
|
| |||||||
Specialty Retail – 1.7% |
| |||||||
AutoZone, Inc. (a) | 463 | 489,835 | ||||||
The Home Depot, Inc. | 5,498 | 1,254,094 | ||||||
|
| |||||||
1,743,929 | ||||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 10,130,180 | |||||||
|
| |||||||
CONSUMER STAPLES – 6.5% |
| |||||||
Beverages – 1.0% |
| |||||||
PepsiCo, Inc. | 7,183 | 1,020,130 | ||||||
|
| |||||||
Food & Staples Retailing – 1.6% |
| |||||||
Costco Wholesale Corp. | 2,635 | 805,045 | ||||||
Walmart, Inc. | 7,695 | 881,001 | ||||||
|
| |||||||
1,686,046 | ||||||||
|
| |||||||
Food Products – 1.5% |
| |||||||
Mondelez International, Inc. Class A | 11,429 | 655,796 |
Shares | Value | |||||||
The Hershey Co. | 2,862 | $ | 444,096 | |||||
Tyson Foods, Inc. Class A | 5,179 | 427,941 | ||||||
|
| |||||||
1,527,833 | ||||||||
|
| |||||||
Household Products – 1.9% | ||||||||
Kimberly-Clark Corp. | 3,763 | 539,012 | ||||||
The Procter & Gamble Co. | 11,115 | 1,385,152 | ||||||
|
| |||||||
1,924,164 | ||||||||
|
| |||||||
Personal Products – 0.5% | ||||||||
The Estee Lauder Cos., Inc. Class A | 2,602 | 507,806 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 6,665,979 | |||||||
|
| |||||||
ENERGY – 3.4% |
| |||||||
Oil, Gas & Consumable Fuels – 3.4% |
| |||||||
Chevron Corp. | 8,586 | 919,904 | ||||||
Exxon Mobil Corp. | 17,975 | 1,116,607 | ||||||
Kinder Morgan, Inc. | 19,686 | 410,847 | ||||||
ONEOK, Inc. | 5,146 | 385,281 | ||||||
Phillips 66 | 3,747 | 342,363 | ||||||
The Williams Cos., Inc. | 15,833 | 327,585 | ||||||
|
| |||||||
TOTAL ENERGY | 3,502,587 | |||||||
|
| |||||||
FINANCIALS – 13.3% |
| |||||||
Banks – 2.1% |
| |||||||
JPMorgan Chase & Co. | 15,958 | 2,112,201 | ||||||
|
| |||||||
Capital Markets – 4.3% | ||||||||
MarketAxess Holdings, Inc. | 1,933 | 684,630 | ||||||
Moody’s Corp. | 3,559 | 913,915 | ||||||
MSCI, Inc. | 3,121 | 891,982 | ||||||
S&P Global, Inc. | 3,401 | 998,976 | ||||||
The Blackstone Group, Inc. Class A | 14,719 | 898,889 | ||||||
|
| |||||||
4,388,392 | ||||||||
|
| |||||||
Insurance – 6.9% | ||||||||
Aon PLC | 4,231 | 931,878 | ||||||
Arch Capital Group Ltd. (a) | 17,284 | 763,261 | ||||||
Chubb Ltd. | 5,884 | 894,309 | ||||||
Cincinnati Financial Corp. | 6,384 | 670,001 | ||||||
Fidelity National Financial, Inc. | 15,432 | 752,310 | ||||||
RenaissanceRe Holdings Ltd. | 3,704 | 701,686 | ||||||
The Hartford Financial Services Group, Inc. | 12,862 | 762,459 | ||||||
Willis Towers Watson PLC | 3,992 | 843,470 | ||||||
WR Berkley Corp. | 10,003 | 735,521 | ||||||
|
| |||||||
7,054,895 | ||||||||
|
| |||||||
TOTAL FINANCIALS | 13,555,488 | |||||||
|
| |||||||
HEALTH CARE – 12.3% |
| |||||||
Biotechnology – 1.0% |
| |||||||
Arrowhead Pharmaceuticals, Inc. (a) | 23,697 | 993,141 | ||||||
|
| |||||||
Health Care Equipment & Supplies – 7.5% |
| |||||||
Abbott Laboratories | 17,073 | 1,487,741 |
See accompanying notes which are an integral part of the financial statements.
24 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HEALTH CARE – continued |
| |||||||
Health Care Equipment & Supplies – continued |
| |||||||
Baxter International, Inc. | 13,905 | $ | 1,240,604 | |||||
Danaher Corp. | 8,916 | 1,434,317 | ||||||
Edwards Lifesciences Corp. (a) | 4,621 | 1,015,973 | ||||||
Insulet Corp. (a) | 6,643 | 1,289,008 | ||||||
Stryker Corp. | 5,399 | 1,137,569 | ||||||
|
| |||||||
7,605,212 | ||||||||
|
| |||||||
Health Care Technology – 1.0% | ||||||||
Veeva Systems, Inc. Class A (a) | 7,035 | 1,031,401 | ||||||
|
| |||||||
Pharmaceuticals – 2.8% | ||||||||
Merck & Co., Inc. | 19,317 | 1,650,445 | ||||||
Zoetis, Inc. | 8,909 | 1,195,677 | ||||||
|
| |||||||
2,846,122 | ||||||||
|
| |||||||
TOTAL HEALTH CARE | 12,475,876 | |||||||
|
| |||||||
INDUSTRIALS – 9.9% |
| |||||||
Aerospace & Defense – 3.9% |
| |||||||
L3Harris Technologies, Inc. | 3,528 | 780,852 | ||||||
Lockheed Martin Corp. | 2,353 | 1,007,367 | ||||||
Mercury Systems, Inc. (a) | 7,988 | 613,079 | ||||||
Northrop Grumman Corp. | 2,156 | 807,573 | ||||||
TransDigm Group, Inc. | 1,258 | 809,246 | ||||||
|
| |||||||
4,018,117 | ||||||||
|
| |||||||
Commercial Services & Supplies – 2.2% |
| |||||||
Cintas Corp. | 2,417 | 674,271 | ||||||
Copart, Inc. (a) | 7,624 | 773,531 | ||||||
Waste Management, Inc. | 6,420 | 781,314 | ||||||
|
| |||||||
2,229,116 | ||||||||
|
| |||||||
Industrial Conglomerates – 1.0% | ||||||||
Honeywell International, Inc. | 5,720 | 990,818 | ||||||
|
| |||||||
Professional Services – 2.8% | ||||||||
CoStar Group, Inc. (a) | 1,169 | 763,345 | ||||||
Equifax, Inc. | 4,606 | 690,439 | ||||||
FTI Consulting, Inc. (a) | 5,402 | 648,564 | ||||||
Verisk Analytics, Inc. | 4,516 | 733,715 | ||||||
|
| |||||||
2,836,063 | ||||||||
|
| |||||||
TOTAL INDUSTRIALS | 10,074,114 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY – 24.7% |
| |||||||
IT Services – 6.2% |
| |||||||
Fidelity National Information Services, Inc. | 6,845 | 983,353 | ||||||
Fiserv, Inc. (a) | 7,863 | 932,630 | ||||||
Global Payments, Inc. | 4,741 | 926,628 | ||||||
Mastercard, Inc. Class A | 5,255 | 1,660,265 | ||||||
Visa, Inc. Class A | 9,282 | 1,846,840 | ||||||
|
| |||||||
6,349,716 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 3.4% |
| |||||||
Applied Materials, Inc. | 14,738 | 854,657 |
Shares | Value | |||||||
KLA Corp. | 4,274 | $ | 708,373 | |||||
Lam Research Corp. | 2,816 | 839,759 | ||||||
Texas Instruments, Inc. | 8,470 | 1,021,905 | ||||||
|
| |||||||
3,424,694 | ||||||||
|
| |||||||
Software – 10.0% | ||||||||
Alteryx, Inc. Class A (a)(b) | 7,074 | 986,611 | ||||||
Atlassian Corp. PLC Class A (a) | 5,634 | 828,198 | ||||||
Coupa Software, Inc. (a) | 4,809 | 774,970 | ||||||
Manhattan Associates, Inc. (a) | 8,660 | 740,083 | ||||||
Microsoft Corp. | 29,800 | 5,072,854 | ||||||
Paycom Software, Inc. (a) | 3,157 | 1,004,431 | ||||||
Synopsys, Inc. (a) | 5,164 | 761,742 | ||||||
|
| |||||||
10,168,889 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 5.1% |
| |||||||
Apple, Inc. | 16,668 | 5,158,913 | ||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY |
| 25,102,212 | ||||||
|
| |||||||
MATERIALS – 2.6% |
| |||||||
Chemicals – 1.5% |
| |||||||
Air Products & Chemicals, Inc. | 1,457 | 347,800 | ||||||
Ecolab, Inc. | 1,633 | 320,248 | ||||||
Linde PLC | 2,575 | 523,060 | ||||||
The Sherwin-Williams Co. | 543 | 302,445 | ||||||
|
| |||||||
1,493,553 | ||||||||
|
| |||||||
Construction Materials – 0.4% | ||||||||
Martin Marietta Materials, Inc. | 796 | 209,985 | ||||||
Vulcan Materials Co. | 1,521 | 215,419 | ||||||
|
| |||||||
425,404 | ||||||||
|
| |||||||
Containers & Packaging – 0.4% | ||||||||
Ball Corp. | 3,311 | 238,988 | ||||||
Crown Holdings, Inc. (a) | 2,571 | 190,331 | ||||||
|
| |||||||
429,319 | ||||||||
|
| |||||||
Metals & Mining – 0.3% | ||||||||
Newmont Corp. | 6,614 | 298,027 | ||||||
|
| |||||||
TOTAL MATERIALS | 2,646,303 | |||||||
|
| |||||||
REAL ESTATE – 3.8% |
| |||||||
Equity Real Estate Investment Trusts (REITs) – 3.8% |
| |||||||
American Tower Corp. | 2,029 | 470,200 | ||||||
Crown Castle International Corp. | 2,257 | 338,189 | ||||||
Equinix, Inc. | 496 | 292,506 | ||||||
Equity Lifestyle Properties, Inc. | 2,348 | 170,817 | ||||||
Equity Residential | 2,536 | 210,691 | ||||||
Essex Property Trust, Inc. | 590 | 182,758 | ||||||
Extra Space Storage, Inc. | 1,512 | 167,348 | ||||||
Healthpeak Properties, Inc. | 4,870 | 175,271 | ||||||
Invitation Homes, Inc. | 5,548 | 174,596 | ||||||
Mid-America Apartment Communities, Inc. | 1,256 | 172,336 | ||||||
Prologis, Inc. | 3,479 | 323,130 |
See accompanying notes which are an integral part of the financial statements.
25 |
Table of Contents
Fidelity® Momentum Factor ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
REAL ESTATE – continued | ||||||||
Equity Real Estate Investment Trusts (REITs) – continued |
| |||||||
Public Storage | 1,047 | $ | 234,277 | |||||
SBA Communications Corp. | 883 | 220,361 | ||||||
Sun Communities, Inc. | 1,052 | 170,603 | ||||||
VEREIT, Inc. | 15,879 | 154,979 | ||||||
Welltower, Inc. | 2,694 | 228,748 | ||||||
WP Carey, Inc. | 1,890 | 158,987 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 3,845,797 | |||||||
|
| |||||||
UTILITIES – 3.6% |
| |||||||
Electric Utilities – 2.6% |
| |||||||
American Electric Power Co., Inc. | 3,936 | 410,210 | ||||||
Entergy Corp. | 2,443 | 321,303 | ||||||
FirstEnergy Corp. | 6,293 | 319,621 | ||||||
NextEra Energy, Inc. | 2,538 | 680,692 | ||||||
The Southern Co. | 6,940 | 488,576 | ||||||
Xcel Energy, Inc. | 5,151 | 356,398 | ||||||
|
| |||||||
2,576,800 | ||||||||
|
| |||||||
Multi-Utilities – 0.7% | ||||||||
Sempra Energy | 2,412 | 387,464 | ||||||
WEC Energy Group, Inc. | 3,350 | 334,631 | ||||||
|
| |||||||
722,095 | ||||||||
|
| |||||||
Water Utilities – 0.3% | ||||||||
American Water Works Co., Inc. | 2,358 | 321,160 | ||||||
|
| |||||||
TOTAL UTILITIES | 3,620,055 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 101,605,137 | |||||||
|
|
Money Market Funds – 1.1% | ||||||||
Shares | Value | |||||||
Fidelity Cash Central Fund, 1.58% (c) | 112,646 | $ | 112,668 | |||||
Fidelity Securities Lending Cash Central Fund, 1.59% (c)(d) | 1,025,374 | 1,025,477 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUNDS | 1,138,145 | |||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 100.9% |
| 102,743,282 | ||||||
NET OTHER ASSETS (LIABILITIES) – (0.9%) |
| (963,469 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 101,779,813 | ||||||
|
|
Legend
(a) | Non-income producing. |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualizedseven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contract | ||||||||||||||||||||
CMEE-mini S&P 500 Index Future Contracts | 1 | March 2020 | $ | 161,200 | $ | 1,398 | $ | 1,398 | ||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned | |||
Fidelity Cash Central Fund | $1,007 | |||
Fidelity Securities Lending Cash Central Fund | 497 | |||
|
| |||
Total | $1,504 | |||
|
|
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.
See accompanying notes which are an integral part of the financial statements.
26 |
Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Equities: | ||||||||||||||||
Communication Services | $ | 9,986,546 | $ | 9,986,546 | $ | — | $ | — | ||||||||
Consumer Discretionary | 10,130,180 | 10,130,180 | — | — | ||||||||||||
Consumer Staples | 6,665,979 | 6,665,979 | — | — | ||||||||||||
Energy | 3,502,587 | 3,502,587 | — | — | ||||||||||||
Financials | 13,555,488 | 13,555,488 | — | — | ||||||||||||
Health Care | 12,475,876 | 12,475,876 | — | — | ||||||||||||
Industrials | 10,074,114 | 10,074,114 | — | — | ||||||||||||
Information Technology | 25,102,212 | 25,102,212 | — | — | ||||||||||||
Materials | 2,646,303 | 2,646,303 | — | — | ||||||||||||
Real Estate | 3,845,797 | 3,845,797 | — | — | ||||||||||||
Utilities | 3,620,055 | 3,620,055 | — | — | ||||||||||||
Money Market Funds | 1,138,145 | 1,138,145 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 102,743,282 | $ | 102,743,282 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 1,398 | $ | 1,398 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 1,398 | $ | 1,398 | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | 1,398 | $ | 1,398 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type | Value | |||||||
Asset | Liabilities | |||||||
Equity Risk | ||||||||
Futures Contracts(a) | $ | 1,398 | $ | 0 | ||||
|
|
|
| |||||
Total Equity Risk | 1,398 | 0 | ||||||
|
|
|
| |||||
Total Value of Derivatives | $ | 1,398 | $ | 0 | ||||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
27 |
Table of Contents
Fidelity® Quality Factor ETF
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7%
| ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES – 10.1% |
| |||||||
Diversified Telecommunication Services – 2.3% |
| |||||||
AT&T, Inc. | 49,920 | $ | 1,877,991 | |||||
Verizon Communications, Inc. | 29,219 | 1,736,777 | ||||||
|
| |||||||
3,614,768 | ||||||||
|
| |||||||
Entertainment – 1.4% |
| |||||||
Electronic Arts, Inc. (a) | 5,256 | 567,228 | ||||||
The Walt Disney Co. | 11,892 | 1,644,782 | ||||||
|
| |||||||
2,212,010 | ||||||||
|
| |||||||
Interactive Media & Services – 5.2% |
| |||||||
Alphabet, Inc. Class A (a) | 3,479 | 4,984,641 | ||||||
Facebook, Inc. Class A (a) | 14,351 | 2,897,610 | ||||||
Match Group, Inc. (a)(b) | 4,953 | 387,424 | ||||||
|
| |||||||
8,269,675 | ||||||||
|
| |||||||
Media – 1.2% |
| |||||||
Comcast Corp. Class A | 32,515 | 1,404,323 | ||||||
Sirius XM Holdings, Inc. (b) | 64,756 | 457,825 | ||||||
|
| |||||||
1,862,148 | ||||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 15,958,601 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY – 9.7% | ||||||||
Hotels, Restaurants & Leisure – 4.1% |
| |||||||
Domino’s Pizza, Inc. | 4,111 | 1,158,274 | ||||||
McDonald’s Corp. | 8,730 | 1,867,958 | ||||||
Planet Fitness, Inc. Class A (a) | 12,693 | 1,025,468 | ||||||
Starbucks Corp. | 16,602 | 1,408,348 | ||||||
Yum! Brands, Inc. | 9,844 | 1,041,200 | ||||||
|
| |||||||
6,501,248 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail – 1.4% |
| |||||||
Booking Holdings, Inc. (a) | 736 | 1,347,285 | ||||||
eBay, Inc. | 27,550 | 924,578 | ||||||
|
| |||||||
2,271,863 | ||||||||
|
| |||||||
Specialty Retail – 3.1% |
| |||||||
O’Reilly Automotive, Inc. (a) | 2,971 | 1,206,523 | ||||||
Ross Stores, Inc. | 11,218 | 1,258,547 | ||||||
The Home Depot, Inc. | 10,348 | 2,360,379 | ||||||
|
| |||||||
4,825,449 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods – 1.1% |
| |||||||
NIKE, Inc. Class B | 18,101 | 1,743,126 | ||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 15,341,686 | |||||||
|
| |||||||
CONSUMER STAPLES – 6.7% | ||||||||
Beverages – 1.7% |
| |||||||
Monster Beverage Corp. (a) | 11,400 | 759,240 | ||||||
The Coca-Cola Co. | 32,530 | 1,899,752 | ||||||
|
| |||||||
2,658,992 | ||||||||
|
| |||||||
Food Products – 0.4% |
| |||||||
The Hershey Co. | 4,692 | 728,058 | ||||||
|
| |||||||
Household Products – 3.1% |
| |||||||
Colgate-Palmolive Co. | 12,958 | 956,041 |
| ||||||||
Shares | Value | |||||||
Kimberly-Clark Corp. | 6,290 | $ | 900,980 | |||||
The Clorox Co. | 4,522 | 711,356 | ||||||
The Procter & Gamble Co. | 18,537 | 2,310,081 | ||||||
|
| |||||||
4,878,458 | ||||||||
|
| |||||||
Tobacco – 1.5% |
| |||||||
Altria Group, Inc. | 22,539 | 1,071,278 | ||||||
Philip Morris International, Inc. | 15,607 | 1,290,699 | ||||||
|
| |||||||
2,361,977 | ||||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 10,627,485 | |||||||
|
| |||||||
ENERGY – 3.6% | ||||||||
Oil, Gas & Consumable Fuels – 3.6% |
| |||||||
Cabot Oil & Gas Corp. | 21,704 | 305,809 | ||||||
Chevron Corp. | 13,388 | 1,434,390 | ||||||
ConocoPhillips | 12,026 | 714,705 | ||||||
EOG Resources, Inc. | 7,647 | 557,543 | ||||||
Exxon Mobil Corp. | 27,741 | 1,723,271 | ||||||
Occidental Petroleum Corp. | 10,719 | 425,759 | ||||||
Valero Energy Corp. | 6,407 | 540,174 | ||||||
|
| |||||||
TOTAL ENERGY | 5,701,651 | |||||||
|
| |||||||
FINANCIALS – 13.4% | ||||||||
Banks – 2.7% |
| |||||||
SVB Financial Group (a) | 5,538 | 1,330,948 | ||||||
US Bancorp | 28,516 | 1,517,621 | ||||||
Western Alliance Bancorp | 25,239 | 1,393,950 | ||||||
|
| |||||||
4,242,519 | ||||||||
|
| |||||||
Capital Markets – 6.7% |
| |||||||
CME Group, Inc. | 7,720 | 1,676,089 | ||||||
FactSet Research Systems, Inc. | 4,318 | 1,235,423 | ||||||
Intercontinental Exchange, Inc. | 15,975 | 1,593,347 | ||||||
Moody’s Corp. | 6,174 | 1,585,422 | ||||||
MSCI, Inc. | 5,535 | 1,581,903 | ||||||
S&P Global, Inc. | 5,759 | 1,691,591 | ||||||
SEI Investments Co. | 20,340 | 1,327,388 | ||||||
|
| |||||||
10,691,163 | ||||||||
|
| |||||||
Consumer Finance – 2.4% |
| |||||||
Capital One Financial Corp. | 15,051 | 1,502,090 | ||||||
Discover Financial Services | 14,818 | 1,113,276 | ||||||
Synchrony Financial | 35,691 | 1,156,745 | ||||||
|
| |||||||
3,772,111 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance – 1.6% |
| |||||||
Essent Group Ltd. | 25,865 | 1,283,163 | ||||||
MGIC Investment Corp. | 92,850 | 1,280,401 | ||||||
|
| |||||||
2,563,564 | ||||||||
|
| |||||||
TOTAL FINANCIALS | 21,269,357 | |||||||
|
| |||||||
HEALTH CARE – 13.5% | ||||||||
Biotechnology – 3.6% |
| |||||||
AbbVie, Inc. | 25,949 | 2,102,388 |
See accompanying notes which are an integral part of the financial statements.
28 |
Table of Contents
Common Stocks – continued
| ||||||||
Shares | Value | |||||||
HEALTH CARE – continued |
| |||||||
Biotechnology – continued |
| |||||||
Amgen, Inc. | 9,604 | $ | 2,074,944 | |||||
Biogen, Inc. (a) | 5,869 | 1,577,881 | ||||||
|
| |||||||
5,755,213 | ||||||||
|
| |||||||
Health Care Equipment & Supplies – 0.8% |
| |||||||
IDEXX Laboratories, Inc. (a) | 4,839 | 1,311,417 | ||||||
|
| |||||||
Life Sciences Tools & Services – 1.6% |
| |||||||
Mettler-Toledo International, Inc. (a) | 1,669 | 1,263,733 | ||||||
Waters Corp. (a) | 5,917 | 1,324,166 | ||||||
|
| |||||||
2,587,899 | ||||||||
|
| |||||||
Pharmaceuticals – 7.5% | ||||||||
Bristol-Myers Squibb Co. | 35,059 | 2,206,964 | ||||||
Eli Lilly & Co. | 15,325 | 2,139,983 | ||||||
Johnson & Johnson | 23,674 | 3,524,349 | ||||||
Pfizer, Inc. | 60,355 | 2,247,620 | ||||||
Zoetis, Inc. | 12,724 | 1,707,688 | ||||||
|
| |||||||
11,826,604 | ||||||||
|
| |||||||
TOTAL HEALTH CARE |
| 21,481,133 | ||||||
|
| |||||||
INDUSTRIALS – 9.4% |
| |||||||
Aerospace & Defense – 2.0% |
| |||||||
Lockheed Martin Corp. | 3,451 | 1,477,442 | ||||||
The Boeing Co. | 5,156 | 1,641,000 | ||||||
|
| |||||||
3,118,442 | ||||||||
|
| |||||||
Electrical Equipment – 0.7% |
| |||||||
Rockwell Automation, Inc. | 5,553 | 1,064,288 | ||||||
|
| |||||||
Industrial Conglomerates – 1.6% |
| |||||||
3M Co. | 7,447 | 1,181,541 | ||||||
Honeywell International, Inc. | 8,363 | 1,448,639 | ||||||
|
| |||||||
2,630,180 | ||||||||
|
| |||||||
Machinery – 1.8% |
| |||||||
Allison Transmission Holdings, Inc. | 17,206 | 760,505 | ||||||
Graco, Inc. | 17,019 | 904,560 | ||||||
Illinois Tool Works, Inc. | 6,665 | 1,166,242 | ||||||
|
| |||||||
2,831,307 | ||||||||
|
| |||||||
Professional Services – 1.7% |
| |||||||
CoStar Group, Inc. (a) | 1,459 | 952,712 | ||||||
Robert Half International, Inc. | 13,597 | 790,938 | ||||||
Verisk Analytics, Inc. | 5,890 | 956,948 | ||||||
|
| |||||||
2,700,598 | ||||||||
|
| |||||||
Road & Rail – 1.6% |
| |||||||
CSX Corp. | 15,389 | 1,174,796 | ||||||
Union Pacific Corp. | 8,107 | 1,454,558 | ||||||
|
| |||||||
2,629,354 | ||||||||
|
| |||||||
TOTAL INDUSTRIALS |
| 14,974,169 | ||||||
|
|
| ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY – 23.6% |
| |||||||
Communications Equipment – 1.1% |
| |||||||
Cisco Systems, Inc. | 36,700 | $ | 1,687,099 | |||||
|
| |||||||
IT Services – 7.2% |
| |||||||
Accenture PLC Class A | 7,579 | 1,555,286 | ||||||
Automatic Data Processing, Inc. | 7,315 | 1,253,718 | ||||||
Mastercard, Inc. Class A | 7,634 | 2,411,886 | ||||||
Paychex, Inc. | 11,452 | 982,238 | ||||||
PayPal Holdings, Inc. (a) | 13,449 | 1,531,707 | ||||||
VeriSign, Inc. (a) | 4,383 | 912,278 | ||||||
Visa, Inc. Class A | 13,619 | 2,709,772 | ||||||
|
| |||||||
11,356,885 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 0.9% |
| |||||||
Texas Instruments, Inc. | 11,533 | 1,391,457 | ||||||
|
| |||||||
Software – 9.3% |
| |||||||
Adobe, Inc. (a) | 5,273 | 1,851,561 | ||||||
Aspen Technology, Inc. (a) | 6,483 | 771,347 | ||||||
Check Point Software Technologies Ltd. (a) | 8,036 | 918,595 | ||||||
Citrix Systems, Inc. | 9,349 | 1,133,286 | ||||||
Microsoft Corp. | 46,482 | 7,912,631 | ||||||
Oracle Corp. | 27,530 | 1,443,949 | ||||||
VMware, Inc. Class A (a) | 4,973 | 736,302 | ||||||
|
| |||||||
14,767,671 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 5.1% |
| |||||||
Apple, Inc. | 26,333 | 8,150,327 | ||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY |
| 37,353,439 | ||||||
|
| |||||||
MATERIALS – 2.3% |
| |||||||
Chemicals – 1.4% |
| |||||||
Air Products & Chemicals, Inc. | 2,554 | 609,665 | ||||||
Celanese Corp. | 3,536 | 365,976 | ||||||
Ecolab, Inc. | 2,900 | 568,719 | ||||||
LyondellBasell Industries N.V. Class A | 5,232 | 407,364 | ||||||
Valvoline, Inc. | 15,388 | 324,379 | ||||||
|
| |||||||
2,276,103 | ||||||||
|
| |||||||
Containers & Packaging – 0.5% |
| |||||||
International Paper Co. | 9,335 | 380,121 | ||||||
Packaging Corp. of America | 3,623 | 346,902 | ||||||
|
| |||||||
727,023 | ||||||||
|
| |||||||
Metals & Mining – 0.4% |
| |||||||
Nucor Corp. | 7,462 | 354,370 | ||||||
Royal Gold, Inc. | 2,980 | 343,654 | ||||||
|
| |||||||
698,024 | ||||||||
|
| |||||||
TOTAL MATERIALS |
| 3,701,150 | ||||||
|
| |||||||
REAL ESTATE – 3.9% |
| |||||||
Equity Real Estate Investment Trusts (REITs) – 3.9% |
| |||||||
American Tower Corp. | 3,454 | 800,430 | ||||||
AvalonBay Communities, Inc. | 1,780 | 385,708 |
See accompanying notes which are an integral part of the financial statements.
29 |
Table of Contents
Fidelity® Quality Factor ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued
| ||||||||
Shares | Value | |||||||
REAL ESTATE – continued | ||||||||
Equity Real Estate Investment Trusts (REITs) – continued |
| |||||||
Digital Realty Trust, Inc. | 2,942 | $ | 361,837 | |||||
Equity Residential | 4,613 | 383,248 | ||||||
Essex Property Trust, Inc. | 1,030 | 319,053 | ||||||
Extra Space Storage, Inc. | 2,526 | 279,578 | ||||||
Gaming and Leisure Properties, Inc. | 6,628 | 313,206 | ||||||
National Retail Properties, Inc. | 4,854 | 271,824 | ||||||
Omega Healthcare Investors, Inc. | 6,873 | 288,322 | ||||||
Prologis, Inc. | 5,966 | 554,122 | ||||||
PS Business Parks, Inc. | 1,298 | 217,493 | ||||||
Public Storage | 1,667 | 373,008 | ||||||
Realty Income Corp. | 4,693 | 367,978 | ||||||
Simon Property Group, Inc. | 2,998 | 399,184 | ||||||
STORE Capital Corp. | 7,179 | 281,776 | ||||||
UDR, Inc. | 6,005 | 287,699 | ||||||
WP Carey, Inc. | 3,284 | 276,250 | ||||||
|
| |||||||
TOTAL REAL ESTATE |
| 6,160,716 | ||||||
|
| |||||||
UTILITIES – 3.5% |
| |||||||
Electric Utilities – 1.8% |
| |||||||
FirstEnergy Corp. | 12,490 | 634,367 | ||||||
IDACORP, Inc. | 4,453 | 499,582 | ||||||
NextEra Energy, Inc. | 4,683 | 1,255,981 | ||||||
OGE Energy Corp. | 11,112 | 509,485 | ||||||
|
| |||||||
2,899,415 | ||||||||
|
| |||||||
Gas Utilities – 0.3% | ||||||||
UGI Corp. | 9,352 | 388,950 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers – 1.0% |
| |||||||
AES Corp. | 28,498 | 565,970 | ||||||
NRG Energy, Inc. | 14,071 | 519,079 | ||||||
Vistra Energy Corp. | 22,197 | 499,877 | ||||||
|
| |||||||
1,584,926 | ||||||||
|
|
| ||||||||
Shares | Value | |||||||
Multi-Utilities – 0.4% |
| |||||||
WEC Energy Group, Inc. | 6,708 | $ | 670,062 | |||||
|
| |||||||
TOTAL UTILITIES |
| 5,543,353 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 158,112,740 | ||||||
|
| |||||||
Money Market Funds – 0.7% | ||||||||
Fidelity Cash Central Fund, 1.58% (c) | 207,597 | 207,638 | ||||||
Fidelity Securities Lending Cash Central | 863,245 | 863,331 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUNDS |
| 1,070,969 | ||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 100.4% |
| 159,183,709 | ||||||
NET OTHER ASSETS (LIABILITIES) – (0.4%) |
| (698,574 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% |
| $ | 158,485,135 | |||||
|
|
Legend
(a) | Non-income producing. |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualizedseven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contract | ||||||||||||||||||||
CME MicroE-mini S&P 500 Index Future Contracts | 18 | March 2020 | $ | 290,160 | $ | 1,268 | $ | 1,268 | ||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned | |||
Fidelity Cash Central Fund | $ | 1,082 | ||
Fidelity Securities Lending Cash Central Fund | 5,409 | |||
|
| |||
Total | $ | 6,491 | ||
|
|
See accompanying notes which are an integral part of the financial statements.
30 |
Table of Contents
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Equities: | ||||||||||||||||
Communication Services | $ | 15,958,601 | $ | 15,958,601 | $ | — | $ | — | ||||||||
Consumer Discretionary | 15,341,686 | 15,341,686 | — | — | ||||||||||||
Consumer Staples | 10,627,485 | 10,627,485 | — | — | ||||||||||||
Energy | 5,701,651 | 5,701,651 | — | — | ||||||||||||
Financials | 21,269,357 | 21,269,357 | — | — | ||||||||||||
Health Care | 21,481,133 | 21,481,133 | — | — | ||||||||||||
Industrials | 14,974,169 | 14,974,169 | — | — | ||||||||||||
Information Technology | 37,353,439 | 37,353,439 | — | — | ||||||||||||
Materials | 3,701,150 | 3,701,150 | — | — | ||||||||||||
Real Estate | 6,160,716 | 6,160,716 | — | — | ||||||||||||
Utilities | 5,543,353 | 5,543,353 | — | — | ||||||||||||
Money Market Funds | 1,070,969 | 1,070,969 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 159,183,709 | $ | 159,183,709 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 1,268 | $ | 1,268 | $ | — | $ | — | ||||||||
Total Assets | $ | 1,268 | $ | 1,268 | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | 1,268 | $ | 1,268 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Value | ||||||||
Primary Risk/ Derivative Type | Asset | Liabilities | ||||||
Equity Risk | ||||||||
Futures Contracts(a) | $ | 1,268 | $0 | |||||
|
|
|
| |||||
Total Equity Risk | 1,268 | 0 | ||||||
|
|
|
| |||||
Total Value of Derivatives | $ | 1,268 | $0 | |||||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
31 |
Table of Contents
Fidelity®Small-Mid Factor ETF
Schedule of Investments January 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 100.1% | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES – 3.6% | ||||||||
Diversified Telecommunication Services – 0.2% |
| |||||||
Cogent Communications Holdings, Inc. | 237 | $ | 16,810 | |||||
|
| |||||||
Entertainment – 0.7% |
| |||||||
Cinemark Holdings, Inc. | 476 | 14,999 | ||||||
Live Nation Entertainment, Inc. (a) | 454 | 30,945 | ||||||
The Marcus Corp. | 310 | 9,036 | ||||||
Zynga, Inc. Class A (a) | 3,349 | 20,161 | ||||||
|
| |||||||
75,141 | ||||||||
|
| |||||||
Interactive Media & Services – 0.2% |
| |||||||
Match Group, Inc. (a) | 241 | 18,851 | ||||||
|
| |||||||
Media – 2.2% |
| |||||||
Altice USA, Inc. Class A (a) | 606 | 16,580 | ||||||
AMC Networks, Inc. Class A (a) | 273 | 9,989 | ||||||
Cable One, Inc. | 19 | 32,377 | ||||||
DISH Network Corp. Class A (a) | 881 | 32,386 | ||||||
Meredith Corp. | 258 | 7,753 | ||||||
MSG Networks, Inc. Class A (a) | 625 | 9,506 | ||||||
National CineMedia, Inc. | 1,388 | 10,243 | ||||||
Nexstar Media Group, Inc. Class A | 196 | 23,745 | ||||||
Scholastic Corp. | 314 | 10,346 | ||||||
Sinclair Broadcast Group, Inc. Class A | 342 | 10,233 | ||||||
Sirius XM Holdings, Inc. | 4,530 | 32,027 | ||||||
TEGNA, Inc. | 1,084 | 18,320 | ||||||
The New York Times Co. Class A | 581 | 18,598 | ||||||
|
| |||||||
232,103 | ||||||||
|
| |||||||
Wireless Telecommunication Services – 0.3% |
| |||||||
Shenandoah Telecommunications Co. | 340 | 13,719 | ||||||
Telephone & Data Systems, Inc. | 497 | 11,272 | ||||||
United States Cellular Corp. (a) | 223 | 7,140 | ||||||
|
| |||||||
32,131 | ||||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 375,036 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY – 13.0% | ||||||||
Auto Components – 0.6% |
| |||||||
Cooper Tire & Rubber Co. | 448 | 11,867 | ||||||
Dorman Products, Inc. (a) | 197 | 13,751 | ||||||
Fox Factory Holding Corp. (a) | 206 | 13,559 | ||||||
Gentex Corp. | 956 | 28,460 | ||||||
|
| |||||||
67,637 | ||||||||
|
| |||||||
Automobiles – 0.2% |
| |||||||
Harley-Davidson, Inc. | 641 | 21,410 | ||||||
|
| |||||||
Distributors – 0.6% |
| |||||||
LKQ Corp. (a) | 1,097 | 35,856 | ||||||
Pool Corp. | 143 | 31,360 | ||||||
|
| |||||||
67,216 | ||||||||
|
| |||||||
Diversified Consumer Services – 1.5% |
| |||||||
American Public Education, Inc. (a) | 301 | 7,173 | ||||||
Bright Horizons Family Solutions, Inc. (a) | 199 | 32,582 | ||||||
Carriage Services, Inc. | 426 | 10,083 |
Shares | Value | |||||||
Graham Holdings Co. Class B | 23 | $ | 12,632 | |||||
Grand Canyon Education, Inc. (a) | 192 | 15,030 | ||||||
H&R Block, Inc. | 809 | 18,769 | ||||||
K12, Inc. (a) | 384 | 6,198 | ||||||
Laureate Education, Inc. Class A (a) | 693 | 14,442 | ||||||
Service Corp. International | 624 | 29,921 | ||||||
Strategic Education, Inc. | 101 | 16,391 | ||||||
|
| |||||||
163,221 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure – 3.5% |
| |||||||
BJ’s Restaurants, Inc. | 270 | 10,741 | ||||||
Bloomin’ Brands, Inc. | 724 | 15,037 | ||||||
Brinker International, Inc. | 310 | 13,234 | ||||||
Choice Hotels International, Inc. | 184 | 18,437 | ||||||
Churchill Downs, Inc. | 156 | 22,523 | ||||||
Cracker Barrel Old Country Store, Inc. | 108 | 16,516 | ||||||
Denny’s Corp. (a) | 542 | 11,095 | ||||||
Dine Brands Global, Inc. | 146 | 12,446 | ||||||
Dunkin’ Brands Group, Inc. | 309 | 24,130 | ||||||
Extended Stay America, Inc. | 994 | 12,842 | ||||||
Hyatt Hotels Corp. Class A | 216 | 18,261 | ||||||
Jack in the Box, Inc. | 182 | 14,878 | ||||||
Planet Fitness, Inc. Class A (a) | 324 | 26,176 | ||||||
Ruth’s Hospitality Group, Inc. | 462 | 9,471 | ||||||
SeaWorld Entertainment, Inc. (a) | 452 | 15,576 | ||||||
Six Flags Entertainment Corp. | 336 | 12,812 | ||||||
Texas Roadhouse, Inc. | 316 | 19,750 | ||||||
The Cheesecake Factory, Inc. | 297 | 11,405 | ||||||
Vail Resorts, Inc. | 133 | 31,190 | ||||||
Wendy’s Co. | 928 | 20,110 | ||||||
Wingstop, Inc. | 169 | 15,678 | ||||||
Wyndham Destinations, Inc. | 434 | 21,062 | ||||||
|
| |||||||
373,370 | ||||||||
|
| |||||||
Household Durables – 2.8% |
| |||||||
Ethan Allen Interiors, Inc. | 525 | 8,479 | ||||||
Garmin Ltd. | 405 | 39,265 | ||||||
Helen of Troy Ltd. (a) | 124 | 23,442 | ||||||
La-Z-Boy, Inc. | 384 | 11,766 | ||||||
Leggett & Platt, Inc. | 536 | 25,508 | ||||||
M.D.C. Holdings, Inc. | 358 | 15,086 | ||||||
M/I Homes, Inc. (a) | 309 | 13,717 | ||||||
Meritage Homes Corp. (a) | 227 | 16,108 | ||||||
Mohawk Industries, Inc. (a) | 224 | 29,496 | ||||||
PulteGroup, Inc. | 896 | 40,006 | ||||||
Taylor Morrison Home Corp. (a) | 668 | 17,288 | ||||||
Toll Brothers, Inc. | 566 | 25,108 | ||||||
TopBuild Corp. (a) | 187 | 21,413 | ||||||
Tupperware Brands Corp. | 689 | 4,313 | ||||||
|
| |||||||
290,995 | ||||||||
|
| |||||||
Leisure Products – 0.4% |
| |||||||
Malibu Boats, Inc. Class A (a) | 358 | 15,677 | ||||||
MasterCraft Boat Holdings, Inc. (a) | 608 | 10,682 |
See accompanying notes which are an integral part of the financial statements.
32 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
CONSUMER DISCRETIONARY – continued | ||||||||
Leisure Products – continued |
| |||||||
Sturm, Ruger & Co., Inc. | 232 | $ | 11,489 | |||||
|
| |||||||
37,848 | ||||||||
|
| |||||||
Specialty Retail – 2.0% |
| |||||||
Aarons, Inc. | 304 | 18,045 | ||||||
Asbury Automotive Group, Inc. (a) | 143 | 13,792 | ||||||
Bed Bath & Beyond, Inc. | 1,298 | 18,496 | ||||||
Dick’s Sporting Goods, Inc. | 425 | 18,798 | ||||||
Foot Locker, Inc. | 499 | 18,947 | ||||||
Hibbett Sports, Inc. (a) | 542 | 13,431 | ||||||
Lithia Motors, Inc. Class A | 121 | 16,412 | ||||||
Monro, Inc. | 185 | 11,600 | ||||||
Murphy USA, Inc. (a) | 174 | 17,778 | ||||||
Rent-A-Center, Inc. | 430 | 12,526 | ||||||
Sally Beauty Holdings, Inc. (a) | 925 | 14,199 | ||||||
The Buckle, Inc. | 522 | 12,742 | ||||||
Williams-Sonoma, Inc. | 329 | 23,056 | ||||||
|
| |||||||
209,822 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods – 1.4% |
| |||||||
Carter’s, Inc. | 209 | 22,169 | ||||||
Columbia Sportswear Co. | 157 | 14,745 | ||||||
Deckers Outdoor Corp. (a) | 128 | 24,436 | ||||||
Hanesbrands, Inc. | 1,440 | 19,814 | ||||||
Ralph Lauren Corp. | 220 | 24,970 | ||||||
Skechers U.S.A., Inc. Class A (a) | 568 | 21,238 | ||||||
Steven Madden Ltd. | 471 | 18,162 | ||||||
|
| |||||||
145,534 | ||||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 1,377,053 | |||||||
|
| |||||||
CONSUMER STAPLES – 3.2% | ||||||||
Beverages – 0.5% |
| |||||||
Brown-Forman Corp. Class B | 549 | 37,134 | ||||||
The Boston Beer Co., Inc. Class A (a) | 42 | 14,968 | ||||||
|
| |||||||
52,102 | ||||||||
|
| |||||||
Food & Staples Retailing – 0.5% |
| |||||||
Casey’s General Stores, Inc. | 138 | 22,199 | ||||||
US Foods Holding Corp. (a) | 756 | 30,368 | ||||||
|
| |||||||
52,567 | ||||||||
|
| |||||||
Food Products – 1.5% |
| |||||||
Campbell Soup Co. | 656 | 31,744 | ||||||
Flowers Foods, Inc. | 781 | 16,815 | ||||||
Ingredion, Inc. | 274 | 24,112 | ||||||
J&J Snack Foods Corp. | 81 | 13,433 | ||||||
Lancaster Colony Corp. | 100 | 15,465 | ||||||
Pilgrim’s Pride Corp. (a) | 405 | 10,550 | ||||||
Post Holdings, Inc. (a) | 237 | 24,783 | ||||||
The Simply Good Foods Co. (a) | 426 | 9,785 | ||||||
Tootsie Roll Industries, Inc. | 268 | 9,142 | ||||||
|
| |||||||
155,829 | ||||||||
|
|
Shares | Value | |||||||
Household Products – 0.1% |
| |||||||
WD-40 Co. | 78 | $ | 14,572 | |||||
|
| |||||||
Personal Products – 0.5% |
| |||||||
Herbalife Nutrition Ltd. (a) | 450 | 17,483 | ||||||
Medifast, Inc. | 102 | 9,856 | ||||||
Nu Skin Enterprises, Inc. Class A | 342 | 11,146 | ||||||
USANA Health Sciences, Inc. (a) | 152 | 9,378 | ||||||
|
| |||||||
47,863 | ||||||||
|
| |||||||
Tobacco – 0.1% |
| |||||||
Universal Corp. | 197 | 10,471 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 333,404 | |||||||
|
| |||||||
ENERGY – 1.9% | ||||||||
Energy Equipment & Services – 0.6% |
| |||||||
Cactus, Inc. Class A | 588 | 16,946 | ||||||
DMC Global, Inc. | 329 | 13,762 | ||||||
FTS International, Inc. (a) | 4,554 | 2,787 | ||||||
Liberty Oilfield Services, Inc. Class A | 1,176 | 9,973 | ||||||
ProPetro Holding Corp. (a) | 1,049 | 10,217 | ||||||
Solaris Oilfield Infrastructure, Inc. Class A | 1,157 | 13,340 | ||||||
|
| |||||||
67,025 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels – 1.3% |
| |||||||
Arch Coal, Inc. Class A | 230 | 11,852 | ||||||
CONSOL Energy, Inc. (a) | 778 | 6,325 | ||||||
CVR Energy, Inc. | 357 | 12,356 | ||||||
Delek US Holdings, Inc. | 526 | 14,444 | ||||||
Magnolia Oil & Gas Corp. Class A (a) | 1,609 | 16,927 | ||||||
Peabody Energy Corp. | 966 | 6,530 | ||||||
REX American Resources Corp. (a) | 208 | 15,673 | ||||||
Teekay Tankers Ltd. Class A (a) | 1,657 | 26,993 | ||||||
World Fuel Services Corp. | 546 | 21,359 | ||||||
|
| |||||||
132,459 | ||||||||
|
| |||||||
TOTAL ENERGY | 199,484 | |||||||
|
| |||||||
FINANCIALS – 15.9% | ||||||||
Banks – 5.0% |
| |||||||
Amalgamated Bank Class A | 584 | 10,068 | ||||||
Bank of Hawaii Corp. | 213 | 19,085 | ||||||
Bank OZK | 624 | 16,960 | ||||||
Cathay General Bancorp | 446 | 16,083 | ||||||
Central Pacific Financial Corp. | 393 | 10,898 | ||||||
CIT Group, Inc. | 453 | 20,707 | ||||||
City Holding Co. | 164 | 12,412 | ||||||
Commerce Bancshares, Inc. | 421 | 28,485 | ||||||
Community Trust Bancorp, Inc. | 268 | 11,725 | ||||||
ConnectOne Bancorp, Inc. | 508 | 11,994 | ||||||
Eagle Bancorp, Inc. | 322 | 14,071 | ||||||
First BanCorp | 1,445 | 13,395 | ||||||
First Citizens BancShares, Inc. Class A | 43 | 22,653 |
See accompanying notes which are an integral part of the financial statements.
33 |
Table of Contents
Fidelity®Small-Mid Factor ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
FINANCIALS – continued | ||||||||
Banks – continued |
| |||||||
First Foundation, Inc. | 745 | $ | 12,293 | |||||
First Horizon National Corp. | 1,374 | 21,984 | ||||||
Fulton Financial Corp. | 1,026 | 16,898 | ||||||
Great Southern Bancorp, Inc. | 196 | 11,154 | ||||||
Hanmi Financial Corp. | 542 | 9,116 | ||||||
Hilltop Holdings, Inc. | 601 | 13,607 | ||||||
Independent Bank Corp./MI | 504 | 10,776 | ||||||
Lakeland Financial Corp. | 273 | 12,951 | ||||||
OFG Bancorp | 541 | 10,663 | ||||||
Peapack Gladstone Financial Corp. | 378 | 11,049 | ||||||
Popular, Inc. | 413 | 23,112 | ||||||
Preferred Bank | 218 | 13,104 | ||||||
Signature Bank | 205 | 29,087 | ||||||
Sterling Bancorp | 1,006 | 20,120 | ||||||
Stock Yards Bancorp, Inc. | 302 | 11,699 | ||||||
Synovus Financial Corp. | 665 | 23,288 | ||||||
The Bancorp, Inc. (a) | 1,112 | 13,155 | ||||||
Trico Bancshares | 324 | 11,794 | ||||||
Univest Financial Corp. | 420 | 10,433 | ||||||
WesBanco, Inc. | 400 | 13,248 | ||||||
Western Alliance Bancorp | 440 | 24,301 | ||||||
|
| |||||||
532,368 | ||||||||
|
| |||||||
Capital Markets – 2.3% |
| |||||||
Artisan Partners Asset Management, Inc. Class A | 454 | 15,164 | ||||||
Cohen & Steers, Inc. | 237 | 17,533 | ||||||
FactSet Research Systems, Inc. | 126 | 36,050 | ||||||
Federated Investors, Inc. Class B | 506 | 18,332 | ||||||
Hamilton Lane, Inc. Class A | 205 | 13,315 | ||||||
LPL Financial Holdings, Inc. | 328 | 30,219 | ||||||
MarketAxess Holdings, Inc. | 119 | 42,148 | ||||||
Morningstar, Inc. | 107 | 16,787 | ||||||
SEI Investments Co. | 478 | 31,194 | ||||||
Victory Capital Holdings, Inc. Class A | 562 | 11,723 | ||||||
Waddell & Reed Financial, Inc. Class A | 738 | 11,793 | ||||||
|
| |||||||
244,258 | ||||||||
|
| |||||||
Consumer Finance – 0.5% |
| |||||||
Credit Acceptance Corp. (a) | 50 | 21,449 | ||||||
FirstCash, Inc. | 200 | 17,394 | ||||||
Regional Management Corp. (a) | 385 | 10,607 | ||||||
|
| |||||||
49,450 | ||||||||
|
| |||||||
Diversified Financial Services – 0.5% |
| |||||||
FGL Holdings | 1,648 | 15,903 | ||||||
Voya Financial, Inc. | 550 | 32,852 | ||||||
|
| |||||||
48,755 | ||||||||
|
| |||||||
Insurance – 4.9% |
| |||||||
American Financial Group, Inc. | 267 | 29,047 | ||||||
American National Insurance Co. | 100 | 11,016 | ||||||
AMERISAFE, Inc. | 192 | 13,137 |
Shares | Value | |||||||
Argo Group International Holdings Ltd. | 221 | $ | 14,498 | |||||
Assured Guaranty Ltd. | 474 | 21,728 | ||||||
Athene Holding Ltd. Class A (a) | 548 | 23,871 | ||||||
Brighthouse Financial, Inc. (a) | 549 | 21,356 | ||||||
Brown & Brown, Inc. | 828 | 37,177 | ||||||
Employers Holdings, Inc. | 301 | 12,838 | ||||||
Erie Indemnity Co. Class A | 91 | 15,151 | ||||||
First American Financial Corp. | 436 | 27,023 | ||||||
Heritage Insurance Holdings, Inc. | 760 | 9,166 | ||||||
James River Group Holdings Ltd. | 273 | 11,723 | ||||||
Kemper Corp. | 256 | 19,051 | ||||||
Kinsale Capital Group, Inc. | 152 | 17,361 | ||||||
Mercury General Corp. | 232 | 11,389 | ||||||
National Western Life Group, Inc. Class A | 42 | 11,172 | ||||||
Old Republic International Corp. | 1,108 | 24,985 | ||||||
Primerica, Inc. | 186 | 22,052 | ||||||
RenaissanceRe Holdings Ltd. | 149 | 28,226 | ||||||
RLI Corp. | 201 | 18,695 | ||||||
Safety Insurance Group, Inc. | 133 | 12,247 | ||||||
Selective Insurance Group, Inc. | 264 | 17,490 | ||||||
The Hanover Insurance Group, Inc. | 176 | 24,390 | ||||||
Unum Group | 842 | 22,473 | ||||||
WR Berkley Corp. | 486 | 35,736 | ||||||
|
| |||||||
512,998 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) – 1.8% |
| |||||||
Apollo Commercial Real Estate Finance, Inc. | 780 | 14,258 | ||||||
Arbor Realty Trust, Inc. | 933 | 13,780 | ||||||
Ares Commercial Real Estate Corp. | 696 | 11,373 | ||||||
Arlington Asset Investment Corp. Class A | 1,566 | 8,895 | ||||||
Blackstone Mortgage Trust, Inc. Class A | 559 | 21,354 | ||||||
Capstead Mortgage Corp. | 1,370 | 11,261 | ||||||
Chimera Investment Corp. | 946 | 20,055 | ||||||
Granite Point Mortgage Trust, Inc. | 602 | 11,011 | ||||||
KKR Real Estate Finance Trust, Inc. | 538 | 11,325 | ||||||
MFA Financial, Inc. | 2,420 | 18,876 | ||||||
New York Mortgage Trust, Inc. | 1,958 | 12,433 | ||||||
Starwood Property Trust, Inc. | 1,074 | 27,559 | ||||||
TPG RE Finance Trust, Inc. | 576 | 11,791 | ||||||
|
| |||||||
193,971 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance – 0.9% |
| |||||||
Essent Group Ltd. | 448 | 22,225 | ||||||
Meridian Bancorp, Inc. | 657 | 11,819 | ||||||
MGIC Investment Corp. | 1,616 | 22,285 | ||||||
NMI Holdings, Inc. Class A (a) | 532 | 16,981 | ||||||
Radian Group, Inc. | 936 | 22,923 | ||||||
|
| |||||||
96,233 | ||||||||
|
| |||||||
TOTAL FINANCIALS | 1,678,033 | |||||||
|
|
See accompanying notes which are an integral part of the financial statements.
34 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HEALTH CARE – 12.0% | ||||||||
Biotechnology – 1.5% |
| |||||||
Anika Therapeutics, Inc. (a) | 208 | $ | 8,551 | |||||
Arena Pharmaceuticals, Inc. (a) | 270 | 12,336 | ||||||
Arrowhead Pharmaceuticals, Inc. (a) | 534 | 22,380 | ||||||
BioSpecifics Technologies Corp. (a) | 178 | 10,516 | ||||||
Enanta Pharmaceuticals, Inc. (a) | 164 | 8,453 | ||||||
Ionis Pharmaceuticals, Inc. (a) | 478 | 27,877 | ||||||
Myriad Genetics, Inc. (a) | 393 | 10,866 | ||||||
PDL BioPharma, Inc. (a) | 3,702 | 12,180 | ||||||
United Therapeutics Corp. (a) | 220 | 21,487 | ||||||
Vanda Pharmaceuticals, Inc. (a) | 730 | 9,308 | ||||||
Veracyte, Inc. (a) | 425 | 11,156 | ||||||
|
| |||||||
155,110 | ||||||||
|
| |||||||
Health Care Equipment & Supplies – 3.7% |
| |||||||
Atrion Corp. | 16 | 11,507 | ||||||
CONMED Corp. | 164 | 16,675 | ||||||
CryoLife, Inc. (a) | 414 | 12,312 | ||||||
Globus Medical, Inc. Class A (a) | 389 | 20,337 | ||||||
Haemonetics Corp. (a) | 204 | 21,908 | ||||||
Hill-Rom Holdings, Inc. | 253 | 26,942 | ||||||
ICU Medical, Inc. (a) | 77 | 14,050 | ||||||
Insulet Corp. (a) | 220 | 42,689 | ||||||
Integer Holdings Corp. (a) | 180 | 15,372 | ||||||
Integra LifeSciences Holdings Corp. (a) | 320 | 17,613 | ||||||
Lantheus Holdings, Inc. (a) | 517 | 9,053 | ||||||
LeMaitre Vascular, Inc. | 332 | 11,947 | ||||||
Masimo Corp. (a) | 180 | 30,708 | ||||||
Meridian Bioscience, Inc. | 897 | 8,826 | ||||||
Merit Medical Systems, Inc. (a) | 366 | 13,330 | ||||||
Mesa Laboratories, Inc. | 46 | 12,072 | ||||||
Neogen Corp. (a) | 260 | 17,490 | ||||||
NuVasive, Inc. (a) | 264 | 20,360 | ||||||
Varex Imaging Corp. (a) | 394 | 10,894 | ||||||
West Pharmaceutical Services, Inc. | 248 | 38,676 | ||||||
Wright Medical Group N.V. (a) | 616 | 18,566 | ||||||
|
| |||||||
391,327 | ||||||||
|
| |||||||
Health Care Providers & Services – 2.6% |
| |||||||
Addus HomeCare Corp. (a) | 142 | 13,396 | ||||||
Amedisys, Inc. (a) | 140 | 24,709 | ||||||
AMN Healthcare Services, Inc. (a) | 296 | 19,944 | ||||||
Chemed Corp. | 62 | 28,957 | ||||||
CorVel Corp. (a) | 134 | 12,270 | ||||||
Encompass Health Corp. | 391 | 30,119 | ||||||
HealthEquity, Inc. (a) | 249 | 16,449 | ||||||
LHC Group, Inc. (a) | 148 | 21,571 | ||||||
Magellan Health, Inc. (a) | 194 | 14,203 | ||||||
MEDNAX, Inc. (a) | 641 | 14,788 | ||||||
Molina Healthcare, Inc. (a) | 224 | 27,545 | ||||||
National HealthCare Corp. | 134 | 11,245 | ||||||
Patterson Cos., Inc. | 686 | 15,099 |
Shares | Value | |||||||
The Ensign Group, Inc. | 282 | $ | 12,746 | |||||
The Pennant Group, Inc. (a) | 138 | 3,643 | ||||||
US Physical Therapy, Inc. | 105 | 12,300 | ||||||
|
| |||||||
278,984 | ||||||||
|
| |||||||
Health Care Technology – 0.8% |
| |||||||
Computer Programs & Systems, Inc. | 401 | 10,426 | ||||||
HealthStream, Inc. (a) | 396 | 10,118 | ||||||
HMS Holdings Corp. (a) | 473 | 12,922 | ||||||
Inovalon Holdings, Inc. Class A (a) | 736 | 14,911 | ||||||
NextGen Healthcare, Inc. (a) | 689 | 9,550 | ||||||
Omnicell, Inc. (a) | 224 | 18,207 | ||||||
Vocera Communications, Inc. (a) | 430 | 9,473 | ||||||
|
| |||||||
85,607 | ||||||||
|
| |||||||
Life Sciences Tools & Services – 2.0% |
| |||||||
Bio-Rad Laboratories, Inc. Class A (a) | 80 | 28,874 | ||||||
Bio-Techne Corp. | 136 | 28,556 | ||||||
Bruker Corp. | 444 | 21,965 | ||||||
Charles River Laboratories International, Inc. (a) | 188 | 29,061 | ||||||
Codexis, Inc. (a) | 641 | 10,051 | ||||||
Medpace Holdings, Inc. (a) | 184 | 15,741 | ||||||
NanoString Technologies, Inc. (a) | 397 | 10,786 | ||||||
NeoGenomics, Inc. (a) | 596 | 19,209 | ||||||
PRA Health Sciences, Inc. (a) | 242 | 24,517 | ||||||
Repligen Corp. (a) | 193 | 19,375 | ||||||
|
| |||||||
208,135 | ||||||||
|
| |||||||
Pharmaceuticals – 1.4% |
| |||||||
ANI Pharmaceuticals, Inc. (a) | 132 | 8,184 | ||||||
BioDelivery Sciences International, Inc. (a) | 2,562 | 13,450 | ||||||
Catalent, Inc. (a) | 522 | 31,894 | ||||||
Horizon Therapeutics PLC (a) | 785 | 27,075 | ||||||
Innoviva, Inc. (a) | 966 | 13,336 | ||||||
Jazz Pharmaceuticals PLC (a) | 213 | 30,534 | ||||||
Phibro Animal Health Corp. Class A | 348 | 8,255 | ||||||
Prestige Consumer Healthcare, Inc. (a) | 406 | 16,467 | ||||||
|
| |||||||
149,195 | ||||||||
|
| |||||||
TOTAL HEALTH CARE | 1,268,358 | |||||||
|
| |||||||
INDUSTRIALS – 16.3% | ||||||||
Aerospace & Defense – 1.7% |
| |||||||
Aerojet Rocketdyne Holdings, Inc. (a) | 324 | 16,871 | ||||||
Curtiss-Wright Corp. | 167 | 24,287 | ||||||
HEICO Corp. Class A | 370 | 35,575 | ||||||
Hexcel Corp. | 300 | 22,266 | ||||||
Mercury Systems, Inc. (a) | 209 | 16,041 | ||||||
Moog, Inc. Class A | 172 | 15,413 | ||||||
National Presto Industries, Inc. | 92 | 7,929 | ||||||
Teledyne Technologies, Inc. (a) | 113 | 41,252 | ||||||
|
| |||||||
179,634 | ||||||||
|
|
See accompanying notes which are an integral part of the financial statements.
35 |
Table of Contents
Fidelity® Small-Mid Factor ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS – continued | ||||||||
Airlines – 0.6% | ||||||||
Alaska Air Group, Inc. | 418 | $ | 26,999 | |||||
JetBlue Airways Corp. (a) | 1,126 | 22,328 | ||||||
Mesa Air Group, Inc. (a) | 769 | 6,567 | ||||||
Spirit Airlines, Inc. (a) | 340 | 13,964 | ||||||
|
| |||||||
69,858 | ||||||||
|
| |||||||
Building Products – 2.4% | ||||||||
AAON, Inc. | 242 | 12,690 | ||||||
Advanced Drainage Systems, Inc. | 319 | 13,261 | ||||||
Allegion PLC | 301 | 38,925 | ||||||
AO Smith Corp. | 516 | 22,028 | ||||||
Armstrong World Industries, Inc. | 197 | 19,765 | ||||||
Continental Building Products, Inc. (a) | 398 | 14,722 | ||||||
CSW Industrials, Inc. | 142 | 10,775 | ||||||
Fortune Brands Home & Security, Inc. | 483 | 33,187 | ||||||
Lennox International, Inc. | 116 | 27,026 | ||||||
Owens Corning | 393 | 23,773 | ||||||
Simpson Manufacturing Co., Inc. | 221 | 18,270 | ||||||
Universal Forest Products, Inc. | 337 | 16,142 | ||||||
|
| |||||||
250,564 | ||||||||
|
| |||||||
Commercial Services & Supplies – 1.9% | ||||||||
ABM Industries, Inc. | 340 | 12,968 | �� | |||||
Brady Corp. Class A | 262 | 14,507 | ||||||
Deluxe Corp. | 278 | 13,400 | ||||||
Ennis, Inc. | 420 | 8,761 | ||||||
Herman Miller, Inc. | 310 | 11,981 | ||||||
KAR Auction Services, Inc. | 604 | 12,696 | ||||||
Kimball International, Inc. Class B | 521 | 9,784 | ||||||
McGrath RentCorp | 166 | 12,835 | ||||||
MSA Safety, Inc. | 156 | 21,154 | ||||||
Rollins, Inc. | 578 | 21,935 | ||||||
Steelcase, Inc. Class A | 648 | 12,059 | ||||||
Tetra Tech, Inc. | 232 | 19,859 | ||||||
UniFirst Corp. | 75 | 15,295 | ||||||
Viad Corp. | 157 | 10,205 | ||||||
|
| |||||||
197,439 | ||||||||
|
| |||||||
Construction & Engineering – 1.1% | ||||||||
Comfort Systems USA, Inc. | 268 | 12,435 | ||||||
EMCOR Group, Inc. | 226 | 18,570 | ||||||
Great Lakes Dredge & Dock Corp. (a) | 844 | 8,837 | ||||||
Jacobs Engineering Group, Inc. | 380 | 35,161 | ||||||
MasTec, Inc. (a) | 300 | 17,325 | ||||||
MYR Group, Inc. (a) | 269 | 7,726 | ||||||
Quanta Services, Inc. | 557 | 21,807 | ||||||
|
| |||||||
121,861 | ||||||||
|
| |||||||
Electrical Equipment – 1.2% | ||||||||
Acuity Brands, Inc. | 154 | 18,152 | ||||||
Encore Wire Corp. | 187 | 10,156 | ||||||
Generac Holdings, Inc. (a) | 254 | 26,312 | ||||||
GrafTech International Ltd. | 824 | 8,841 |
Shares | Value | |||||||
Hubbell, Inc. | 190 | $ | 27,214 | |||||
Regal-Beloit Corp. | 198 | 15,535 | ||||||
Sensata Technologies Holding PLC (a) | 552 | 26,093 | ||||||
|
| |||||||
132,303 | ||||||||
|
| |||||||
Industrial Conglomerates – 0.3% | ||||||||
Carlisle Cos., Inc. | 196 | 30,621 | ||||||
|
| |||||||
Machinery – 4.3% | ||||||||
AGCO Corp. | 257 | 18,026 | ||||||
Alamo Group, Inc. | 90 | 11,210 | ||||||
Allison Transmission Holdings, Inc. | 445 | 19,669 | ||||||
Crane Co. | 210 | 17,947 | ||||||
Donaldson Co., Inc. | 460 | 23,851 | ||||||
ESCO Technologies, Inc. | 153 | 14,682 | ||||||
Federal Signal Corp. | 384 | 12,349 | ||||||
Graco, Inc. | 558 | 29,658 | ||||||
Hillenbrand, Inc. | 382 | 11,089 | ||||||
ITT, Inc. | 334 | 22,405 | ||||||
Lincoln Electric Holdings, Inc. | 245 | 21,849 | ||||||
Meritor, Inc. (a) | 537 | 11,766 | ||||||
Mueller Industries, Inc. | 392 | 11,435 | ||||||
Nordson Corp. | 181 | 30,564 | ||||||
Oshkosh Corp. | 270 | 23,231 | ||||||
RBC Bearings, Inc. (a) | 107 | 16,640 | ||||||
Rexnord Corp. (a) | 516 | 16,847 | ||||||
The Middleby Corp. (a) | 192 | 21,535 | ||||||
The Timken Co. | 336 | 17,650 | ||||||
The Toro Co. | 354 | 28,327 | ||||||
Trimas Corp. (a) | 358 | 10,285 | ||||||
WABCO Holdings, Inc. (a) | 182 | 24,688 | ||||||
Watts Water Technologies, Inc. Class A | 148 | 14,757 | ||||||
Woodward, Inc. | 200 | 23,262 | ||||||
|
| |||||||
453,722 | ||||||||
|
| |||||||
Professional Services – 1.6% | ||||||||
Barrett Business Services, Inc. | 100 | 8,283 | ||||||
Exponent, Inc. | 233 | 16,955 | ||||||
Forrester Research, Inc. | 200 | 8,274 | ||||||
FTI Consulting, Inc. (a) | 164 | 19,690 | ||||||
Heidrick & Struggles International, Inc. | 294 | 8,356 | ||||||
Insperity, Inc. | 162 | 14,154 | ||||||
Kforce, Inc. | 273 | 10,115 | ||||||
Korn Ferry | 330 | 13,523 | ||||||
ManpowerGroup, Inc. | 232 | 21,226 | ||||||
Robert Half International, Inc. | 417 | 24,257 | ||||||
TriNet Group, Inc. (a) | 206 | 11,754 | ||||||
TrueBlue, Inc. (a) | 478 | 10,473 | ||||||
|
| |||||||
167,060 | ||||||||
|
| |||||||
Road & Rail – 0.2% | ||||||||
Landstar System, Inc. | 169 | 18,717 | ||||||
|
| |||||||
Trading Companies & Distributors – 1.0% |
| |||||||
BMC Stock Holdings, Inc. (a) | 511 | 14,914 |
See accompanying notes which are an integral part of the financial statements.
36 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS – continued | ||||||||
Trading Companies & Distributors – continued |
| |||||||
HD Supply Holdings, Inc. (a) | 639 | $ | 26,033 | |||||
Kaman Corp. | 189 | 11,665 | ||||||
MSC Industrial Direct Co., Inc. Class A | 216 | 14,703 | ||||||
Watsco, Inc. | 124 | 21,566 | ||||||
WESCO International, Inc. (a) | 272 | 13,167 | ||||||
|
| |||||||
102,048 | ||||||||
|
| |||||||
TOTAL INDUSTRIALS | 1,723,827 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY – 17.0% | ||||||||
Communications Equipment – 0.4% |
| |||||||
Ciena Corp. (a) | 492 | 20,010 | ||||||
EchoStar Corp. Class A (a) | 268 | 10,694 | ||||||
Ubiquiti, Inc. | 100 | 16,342 | ||||||
|
| |||||||
47,046 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components – 3.1% |
| |||||||
Arrow Electronics, Inc. (a) | 308 | 23,389 | ||||||
Avnet, Inc. | 423 | 15,435 | ||||||
AVX Corp. | 558 | 11,311 | ||||||
Badger Meter, Inc. | 194 | 11,458 | ||||||
Benchmark Electronics, Inc. | 356 | 10,958 | ||||||
Dolby Laboratories, Inc. Class A | 252 | 17,474 | ||||||
Fabrinet (a) | 217 | 13,680 | ||||||
FLIR Systems, Inc. | 468 | 24,121 | ||||||
Insight Enterprises, Inc. (a) | 210 | 13,833 | ||||||
Jabil, Inc. | 573 | 22,284 | ||||||
Littelfuse, Inc. | 101 | 17,868 | ||||||
MTS Systems Corp. | 161 | 8,161 | ||||||
National Instruments Corp. | 432 | 19,280 | ||||||
Novanta, Inc. (a) | 161 | 14,607 | ||||||
OSI Systems, Inc. (a) | 101 | 8,740 | ||||||
PC Connection, Inc. | 234 | 11,662 | ||||||
Plexus Corp. (a) | 188 | 13,370 | ||||||
Sanmina Corp. (a) | 377 | 12,004 | ||||||
SYNNEX Corp. | 170 | 23,419 | ||||||
Tech Data Corp. (a) | 157 | 22,599 | ||||||
Vishay Intertechnology, Inc. | 713 | 14,467 | ||||||
|
| |||||||
330,120 | ||||||||
|
| |||||||
IT Services – 4.9% |
| |||||||
Alliance Data Systems Corp. | 156 | 16,035 | ||||||
Amdocs Ltd. | 450 | 32,377 | ||||||
Black Knight, Inc. (a) | 449 | 30,047 | ||||||
Booz Allen Hamilton Holding Corp. | 441 | 34,416 | ||||||
CACI International, Inc. Class A (a) | 91 | 24,337 | ||||||
Cass Information Systems, Inc. | 162 | 8,751 | ||||||
CoreLogic, Inc. | 341 | 15,856 | ||||||
CSG Systems International, Inc. | 215 | 10,711 | ||||||
EPAM Systems, Inc. (a) | 158 | 36,046 | ||||||
Euronet Worldwide, Inc. (a) | 166 | 26,168 |
Shares | Value | |||||||
EVERTEC, Inc. | 332 | $ | 11,145 | |||||
Evo Payments, Inc. Class A (a) | 269 | 7,454 | ||||||
ExlService Holdings, Inc. (a) | 182 | 13,306 | ||||||
Genpact Ltd. | 502 | 22,224 | ||||||
GreenSky, Inc. Class A (a) | 694 | 6,420 | ||||||
I3 Verticals, Inc. Class A (a) | 257 | 8,299 | ||||||
KBR, Inc. | 609 | 16,565 | ||||||
ManTech International Corp. Class A | 159 | 12,765 | ||||||
MAXIMUS, Inc. | 245 | 17,579 | ||||||
NIC, Inc. | 458 | 9,036 | ||||||
Perficient, Inc. (a) | 258 | 12,823 | ||||||
Perspecta, Inc. | 625 | 17,544 | ||||||
Sabre Corp. | 934 | 20,118 | ||||||
Science Applications International Corp. | 201 | 17,642 | ||||||
Sykes Enterprises, Inc. (a) | 337 | 11,320 | ||||||
The Hackett Group, Inc. | 468 | 7,233 | ||||||
The Western Union Co. | 1,385 | 37,256 | ||||||
TTEC Holdings, Inc. | 174 | 6,911 | ||||||
WEX, Inc. (a) | 137 | 29,718 | ||||||
|
| |||||||
520,102 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 2.8% |
| |||||||
Advanced Energy Industries, Inc. (a) | 212 | 14,827 | ||||||
Cabot Microelectronics Corp. | 125 | 18,189 | ||||||
Cirrus Logic, Inc. (a) | 261 | 20,047 | ||||||
Diodes, Inc. (a) | 255 | 13,168 | ||||||
Entegris, Inc. | 498 | 25,777 | ||||||
Kulicke & Soffa Industries, Inc. | 468 | 12,117 | ||||||
MKS Instruments, Inc. | 212 | 22,222 | ||||||
Monolithic Power Systems, Inc. | 140 | 23,964 | ||||||
ON Semiconductor Corp. (a) | 1,345 | 31,137 | ||||||
Photronics, Inc. (a) | 872 | 11,144 | ||||||
Power Integrations, Inc. | 145 | 14,162 | ||||||
SolarEdge Technologies, Inc. (a) | 204 | 19,963 | ||||||
Teradyne, Inc. | 558 | 36,822 | ||||||
Universal Display Corp. | 134 | 23,607 | ||||||
Xperi Corp. | 432 | 6,951 | ||||||
|
| |||||||
294,097 | ||||||||
|
| |||||||
Software – 5.3% |
| |||||||
ACI Worldwide, Inc. (a) | 481 | 16,571 | ||||||
Alteryx, Inc. Class A (a) | 124 | 17,294 | ||||||
American Software, Inc. Class A | 564 | 8,421 | ||||||
Aspen Technology, Inc. (a) | 221 | 26,295 | ||||||
Blackbaud, Inc. | 193 | 15,118 | ||||||
CDK Global, Inc. | 442 | 23,727 | ||||||
Cerence, Inc. (a) | 134 | 2,861 | ||||||
Coupa Software, Inc. (a) | 174 | 28,040 | ||||||
Everbridge, Inc. (a) | 136 | 12,327 | ||||||
Fair Isaac Corp. (a) | 89 | 35,812 | ||||||
Five9, Inc. (a) | 258 | 18,506 | ||||||
Guidewire Software, Inc. (a) | 260 | 29,250 | ||||||
HubSpot, Inc. (a) | 126 | 22,798 |
See accompanying notes which are an integral part of the financial statements.
37 |
Table of Contents
Fidelity® Small-Mid Factor ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY – continued | ||||||||
Software – continued | ||||||||
j2 Global, Inc. | 190 | $ | 18,213 | |||||
LogMeIn, Inc. | 213 | 18,312 | ||||||
Manhattan Associates, Inc. (a) | 237 | 20,254 | ||||||
MicroStrategy, Inc. Class A (a) | 72 | 10,946 | ||||||
Nuance Communications, Inc. (a) | 1,107 | 20,944 | ||||||
Paycom Software, Inc. (a) | 145 | 46,133 | ||||||
Paylocity Holding Corp. (a) | 142 | 20,148 | ||||||
Progress Software Corp. | 264 | 11,914 | ||||||
Qualys, Inc. (a) | 160 | 13,718 | ||||||
RingCentral, Inc. Class A (a) | 213 | 43,789 | ||||||
Rosetta Stone, Inc. (a) | 430 | 7,375 | ||||||
SPS Commerce, Inc. (a) | 205 | 11,650 | ||||||
Tyler Technologies, Inc. (a) | 121 | 39,165 | ||||||
Verint Systems, Inc. (a) | 274 | 15,892 | ||||||
|
| |||||||
555,473 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 0.5% |
| |||||||
Dell Technologies, Inc. Class C (a) | 478 | 23,312 | ||||||
Xerox Holdings Corp. | 714 | 25,397 | ||||||
|
| |||||||
48,709 | ||||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | 1,795,547 | |||||||
|
| |||||||
MATERIALS – 4.8% | ||||||||
Chemicals – 1.5% | ||||||||
Balchem Corp. | 167 | 18,039 | ||||||
Chase Corp. | 96 | 8,829 | ||||||
Hawkins, Inc. | 204 | 8,523 | ||||||
Innospec, Inc. | 146 | 14,707 | ||||||
NewMarket Corp. | 40 | 17,585 | ||||||
Quaker Chemical Corp. | 76 | 12,618 | ||||||
Sensient Technologies Corp. | 222 | 13,265 | ||||||
Stepan Co. | 133 | 13,120 | ||||||
The Scotts Miracle-Gro Co. | 168 | 20,620 | ||||||
Valvoline, Inc. | 822 | 17,328 | ||||||
WR Grace & Co. | 278 | 18,726 | ||||||
|
| |||||||
163,360 | ||||||||
|
| |||||||
Construction Materials – 0.2% | ||||||||
Eagle Materials, Inc. | 213 | 19,419 | ||||||
|
| |||||||
Containers & Packaging – 1.6% | ||||||||
Amcor PLC | 1,880 | 19,909 | ||||||
Aptargroup, Inc. | 220 | 25,412 | ||||||
Berry Plastics Group, Inc. (a) | 498 | 21,175 | ||||||
Crown Holdings, Inc. (a) | 451 | 33,388 | ||||||
O-I Glass, Inc. | 1,013 | 12,784 | ||||||
Sealed Air Corp. | 578 | 20,519 | ||||||
Silgan Holdings, Inc. | 456 | 14,072 | ||||||
Sonoco Products Co. | 377 | 21,542 | ||||||
|
| |||||||
168,801 | ||||||||
|
|
Shares | Value | |||||||
Metals & Mining – 1.0% | ||||||||
Coronado Global Resources, Inc. (b) | 4,208 | $ | 5,718 | |||||
Reliance Steel & Aluminum Co. | 252 | 28,930 | ||||||
Royal Gold, Inc. | 225 | 25,947 | ||||||
Steel Dynamics, Inc. | 816 | 24,382 | ||||||
Warrior Met Coal, Inc. | 480 | 9,053 | ||||||
Worthington Industries, Inc. | 304 | 11,181 | ||||||
|
| |||||||
105,211 | ||||||||
|
| |||||||
Paper & Forest Products – 0.5% | ||||||||
Domtar Corp. | 366 | 12,744 | ||||||
Louisiana-Pacific Corp. | 656 | 20,126 | ||||||
Mercer International, Inc. | 766 | 8,434 | ||||||
Schweitzer-Mauduit International, Inc. | 316 | 11,069 | ||||||
|
| |||||||
52,373 | ||||||||
|
| |||||||
TOTAL MATERIALS | 509,164 | |||||||
|
| |||||||
REAL ESTATE – 9.7% | ||||||||
Equity Real Estate Investment Trusts (REITs) – 9.5% |
| |||||||
Agree Realty Corp. | 188 | 14,275 | ||||||
American Assets Trust, Inc. | 244 | 11,117 | ||||||
American Campus Communities, Inc. | 484 | 22,201 | ||||||
American Homes 4 Rent Class A | 910 | 24,870 | ||||||
Apartment Investment & Management Co. Class A | 508 | 26,777 | ||||||
Apple Hospitality REIT, Inc. | 985 | 14,795 | ||||||
Brixmor Property Group, Inc. | 1,101 | 21,976 | ||||||
CareTrust REIT, Inc. | 510 | 11,312 | ||||||
CoreSite Realty Corp. | 154 | 18,087 | ||||||
CubeSmart | 656 | 20,776 | ||||||
Douglas Emmett, Inc. | 565 | 23,448 | ||||||
EastGroup Properties, Inc. | 145 | 19,730 | ||||||
EPR Properties | 273 | 19,484 | ||||||
Equity Commonwealth | 498 | 16,329 | ||||||
Essential Properties Realty Trust, Inc. | 425 | 11,734 | ||||||
First Industrial Realty Trust, Inc. | 489 | 20,880 | ||||||
Four Corners Property Trust, Inc. | 428 | 12,964 | ||||||
Gaming and Leisure Properties, Inc. | 670 | 31,661 | ||||||
Getty Realty Corp. | 319 | 10,055 | ||||||
Healthcare Realty Trust, Inc. | 523 | 18,859 | ||||||
Healthcare Trust of America, Inc. Class A | 764 | 24,471 | ||||||
Highwoods Properties, Inc. | 408 | 20,445 | ||||||
Industrial Logistics Properties Trust | 485 | 11,102 | ||||||
Invitation Homes, Inc. | 972 | 30,589 | ||||||
Kilroy Realty Corp. | 332 | 27,413 | ||||||
Kimco Realty Corp. | 1,392 | 26,518 | ||||||
Lamar Advertising Co. Class A | 293 | 27,193 | ||||||
Lexington Realty Trust | 1,236 | 13,683 | ||||||
Liberty Property Trust | 491 | 30,761 | ||||||
Life Storage, Inc. | 184 | 20,825 | ||||||
LTC Properties, Inc. | 248 | 11,448 | ||||||
Mack-Cali Realty Corp. | 518 | 11,375 |
See accompanying notes which are an integral part of the financial statements.
38 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
REAL ESTATE – continued | ||||||||
Equity Real Estate Investment Trusts (REITs) – continued |
| |||||||
Medical Properties Trust, Inc. | 1,273 | $ | 28,197 | |||||
National Health Investors, Inc. | 190 | 16,032 | ||||||
National Retail Properties, Inc. | 517 | 28,952 | ||||||
National Storage Affiliates Trust | 369 | 12,601 | ||||||
Omega Healthcare Investors, Inc. | 677 | 28,400 | ||||||
Physicians Realty Trust | 856 | 16,564 | ||||||
Piedmont Office Realty Trust, Inc. Class A | 656 | 15,213 | ||||||
Preferred Apartment Communities, Inc. Class A | 570 | 6,715 | ||||||
PS Business Parks, Inc. | 88 | 14,745 | ||||||
Retail Properties of America, Inc. Class A | 1,113 | 13,523 | ||||||
Rexford Industrial Realty, Inc. | 392 | 18,890 | ||||||
Service Properties Trust | 680 | 14,674 | ||||||
Spirit Realty Capital, Inc. | 365 | 19,265 | ||||||
STORE Capital Corp. | 663 | 26,023 | ||||||
Sunstone Hotel Investors, Inc. | 1,102 | 13,973 | ||||||
Terreno Realty Corp. | 282 | 16,147 | ||||||
Urstadt Biddle Properties, Inc. Class A | 394 | 8,932 | ||||||
VEREIT, Inc. | 3,116 | 30,412 | ||||||
VICI Properties, Inc. | 1,208 | 32,374 | ||||||
Weingarten Realty Investors | 546 | 15,889 | ||||||
|
| |||||||
1,004,674 | ||||||||
|
| |||||||
Real Estate Management & Development – 0.2% |
| |||||||
RE/MAX Holdings, Inc. Class A | 288 | 11,024 | ||||||
The RMR Group, Inc. Class A | 158 | 7,279 | ||||||
|
| |||||||
18,303 | ||||||||
|
| |||||||
TOTAL REAL ESTATE | 1,022,977 | |||||||
|
| |||||||
UTILITIES – 2.7% | ||||||||
Electric Utilities – 1.6% | ||||||||
ALLETE, Inc. | 218 | 18,199 | ||||||
Avangrid, Inc. | 292 | 15,552 | ||||||
Hawaiian Electric Industries, Inc. | 445 | 21,765 | ||||||
IDACORP, Inc. | 200 | 22,438 |
Shares | Value | |||||||
OGE Energy Corp. | 668 | $ | 30,628 | |||||
Otter Tail Corp. | 248 | 13,283 | ||||||
PNM Resources, Inc. | 353 | 19,143 | ||||||
Portland General Electric Co. | 361 | 22,201 | ||||||
Spark Energy, Inc. Class A | 762 | 7,231 | ||||||
|
| |||||||
170,440 | ||||||||
|
| |||||||
Gas Utilities – 0.4% | ||||||||
ONE Gas, Inc. | 214 | 20,223 | ||||||
Spire, Inc. | 222 | 18,719 | ||||||
|
| |||||||
38,942 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity |
| |||||||
Clearway Energy, Inc. Class C | 708 | 14,989 | ||||||
|
| |||||||
Multi-Utilities – 0.4% | ||||||||
Black Hills Corp. | 230 | 19,097 | ||||||
NorthWestern Corp. | 236 | 18,165 | ||||||
Unitil Corp. | 177 | 10,919 | ||||||
|
| |||||||
48,181 | ||||||||
|
| |||||||
Water Utilities – 0.2% | ||||||||
American States Water Co. | 193 | 17,092 | ||||||
|
| |||||||
TOTAL UTILITIES | 289,644 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 10,572,527 | |||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 100.1% |
| 10,572,527 | ||||||
NET OTHER ASSETS (LIABILITIES) – (0.1%) |
| (10,218 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 10,562,309 |
Legend
(a) | Non-income producing. |
(b) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,718 or of net assets. |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
39 |
Table of Contents
Fidelity® Stocks for Inflation ETF
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.9% | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES – 4.2% | ||||||||
Diversified Telecommunication Services – 0.7% |
| |||||||
Verizon Communications, Inc. | 324 | $ | 19,259 | |||||
Interactive Media & Services – 1.5% | ||||||||
Facebook, Inc. Class A (a) | 151 | 30,489 | ||||||
Match Group, Inc. (a) | 96 | 7,509 | ||||||
|
| |||||||
37,998 | ||||||||
|
| |||||||
Media – 2.0% | ||||||||
Comcast Corp. Class A | 386 | 16,671 | ||||||
Discovery, Inc. Class A (a) | 305 | 8,924 | ||||||
Nexstar Media Group, Inc. Class A | 86 | 10,419 | ||||||
Sinclair Broadcast Group, Inc. Class A | 181 | 5,416 | ||||||
TEGNA, Inc. | 537 | 9,075 | ||||||
|
| |||||||
50,505 | ||||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 107,762 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY – 5.3% | ||||||||
Hotels, Restaurants & Leisure – 2.5% | ||||||||
Las Vegas Sands Corp. | 197 | 12,866 | ||||||
McDonald’s Corp. | 78 | 16,690 | ||||||
Planet Fitness, Inc. Class A (a) | 139 | 11,230 | ||||||
Starbucks Corp. | 153 | 12,979 | ||||||
Yum! Brands, Inc. | 95 | 10,048 | ||||||
|
| |||||||
63,813 | ||||||||
|
| |||||||
Household Durables – 0.5% | ||||||||
PulteGroup, Inc. | 306 | 13,663 | ||||||
|
| |||||||
Internet & Direct Marketing Retail – 0.5% | ||||||||
Booking Holdings, Inc. (a) | 7 | 12,814 | ||||||
|
| |||||||
Specialty Retail – 1.3% | ||||||||
AutoZone, Inc. (a) | 10 | 10,580 | ||||||
The Home Depot, Inc. | 96 | 21,897 | ||||||
|
| |||||||
32,477 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods – 0.5% | ||||||||
Deckers Outdoor Corp. (a) | 71 | 13,554 | ||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 136,321 | |||||||
|
| |||||||
CONSUMER STAPLES – 11.6% | ||||||||
Food Products – 2.7% | ||||||||
The Hershey Co. | 230 | 35,689 | ||||||
Tyson Foods, Inc. Class A | 407 | 33,630 | ||||||
|
| |||||||
69,319 | ||||||||
|
| |||||||
Household Products – 5.5% | ||||||||
Colgate-Palmolive Co. | 541 | 39,915 | ||||||
Kimberly-Clark Corp. | 268 | 38,388 | ||||||
The Procter & Gamble Co. | 507 | 63,183 | ||||||
|
| |||||||
141,486 | ||||||||
|
| |||||||
Tobacco – 3.4% | ||||||||
Altria Group, Inc. | 890 | 42,302 |
Shares | Value | |||||||
Philip Morris International, Inc. | 533 | $ | 44,079 | |||||
|
| |||||||
86,381 | ||||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 297,186 | |||||||
|
| |||||||
ENERGY – 8.3% | ||||||||
Oil, Gas & Consumable Fuels – 8.3% | ||||||||
Cabot Oil & Gas Corp. | 2,615 | 36,845 | ||||||
Chevron Corp. | 538 | 57,641 | ||||||
ConocoPhillips | 929 | 55,211 | ||||||
Exxon Mobil Corp. | 1,006 | 62,493 | ||||||
|
| |||||||
TOTAL ENERGY | 212,190 | |||||||
|
| |||||||
FINANCIALS – 8.2% | ||||||||
Banks – 0.6% | ||||||||
Popular, Inc. | 274 | 15,333 | ||||||
|
| |||||||
Capital Markets – 0.6% | ||||||||
Federated Investors, Inc. Class B | 441 | 15,977 | ||||||
|
| |||||||
Consumer Finance – 1.9% | ||||||||
Capital One Financial Corp. | 189 | 18,862 | ||||||
Discover Financial Services | 192 | 14,425 | ||||||
Synchrony Financial | 454 | 14,714 | ||||||
|
| |||||||
48,001 | ||||||||
|
| |||||||
Insurance – 3.3% | ||||||||
Aflac, Inc. | 307 | 15,832 | ||||||
MetLife, Inc. | 360 | 17,896 | ||||||
Prudential Financial, Inc. | 193 | 17,575 | ||||||
RenaissanceRe Holdings Ltd. | 76 | 14,397 | ||||||
The Progressive Corp. | 213 | 17,187 | ||||||
|
| |||||||
82,887 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance – 1.8% | ||||||||
Essent Group Ltd. | 301 | 14,933 | ||||||
MGIC Investment Corp. | 1,146 | 15,803 | ||||||
Radian Group, Inc. | 626 | 15,331 | ||||||
|
| |||||||
46,067 | ||||||||
|
| |||||||
TOTAL FINANCIALS | 208,265 | |||||||
|
| |||||||
HEALTH CARE – 17.6% | ||||||||
Biotechnology – 4.9% | ||||||||
Amgen, Inc. | 180 | 38,889 | ||||||
Biogen, Inc. (a) | 128 | 34,413 | ||||||
Exelixis, Inc. (a) | 1,201 | 20,657 | ||||||
Gilead Sciences, Inc. | 517 | 32,674 | ||||||
|
| |||||||
126,633 | ||||||||
|
| |||||||
Health Care Equipment & Supplies – 1.5% | ||||||||
Danaher Corp. | 238 | 38,287 | ||||||
|
| |||||||
Health Care Providers & Services – 3.0% | ||||||||
McKesson Corp. | 192 | 27,381 | ||||||
Molina Healthcare, Inc. (a) | 192 | 23,610 |
See accompanying notes which are an integral part of the financial statements.
40 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
HEALTH CARE – continued | ||||||||
Health Care Providers & Services – continued |
| |||||||
Universal Health Services, Inc. Class B | 180 | $ | 24,680 | |||||
|
| |||||||
75,671 | ||||||||
|
| |||||||
Health Care Technology – 1.0% | ||||||||
Veeva Systems, Inc. Class A (a) | 170 | 24,924 | ||||||
|
| |||||||
Life Sciences Tools & Services – 1.2% | ||||||||
Mettler-Toledo International, Inc. (a) | 41 | 31,044 | ||||||
|
| |||||||
Pharmaceuticals – 6.0% | ||||||||
Eli Lilly & Co. | 308 | 43,009 | ||||||
Johnson & Johnson | 433 | 64,461 | ||||||
Merck & Co., Inc. | 531 | 45,369 | ||||||
|
| |||||||
152,839 | ||||||||
|
| |||||||
TOTAL HEALTH CARE | 449,398 | |||||||
|
| |||||||
INDUSTRIALS – 6.0% | ||||||||
Aerospace & Defense – 0.4% | ||||||||
The Boeing Co. | 34 | 10,821 | ||||||
|
| |||||||
Commercial Services & Supplies – 0.3% | ||||||||
Waste Management, Inc. | 62 | 7,546 | ||||||
|
| |||||||
Machinery – 1.2% | ||||||||
Allison Transmission Holdings, Inc. | 145 | 6,409 | ||||||
Cummins, Inc. | 45 | 7,199 | ||||||
Oshkosh Corp. | 91 | 7,829 | ||||||
PACCAR, Inc. | 105 | 7,792 | ||||||
|
| |||||||
29,229 | ||||||||
|
| |||||||
Professional Services – 0.6% | ||||||||
ManpowerGroup, Inc. | 74 | 6,770 | ||||||
Verisk Analytics, Inc. | 44 | 7,149 | ||||||
|
| |||||||
13,919 | ||||||||
|
| |||||||
Road & Rail – 3.5% | ||||||||
CSX Corp. | 571 | 43,590 | ||||||
Union Pacific Corp. | 261 | 46,829 | ||||||
|
| |||||||
90,419 | ||||||||
|
| |||||||
TOTAL INDUSTRIALS | 151,934 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY – 19.4% | ||||||||
Electronic Equipment, Instruments & Components – 0.7% |
| |||||||
Tech Data Corp. (a) | 122 | 17,561 | ||||||
|
| |||||||
IT Services – 7.2% | ||||||||
Accenture PLC Class A | 100 | 20,521 | ||||||
Automatic Data Processing, Inc. | 95 | 16,282 | ||||||
Euronet Worldwide, Inc. (a) | 75 | 11,823 | ||||||
International Business Machines Corp. | 142 | 20,410 | ||||||
Mastercard, Inc. Class A | 102 | 32,226 | ||||||
Paychex, Inc. | 154 | 13,209 | ||||||
PayPal Holdings, Inc. (a) | 183 | 20,842 | ||||||
VeriSign, Inc. (a) | 60 | 12,488 |
Shares | Value | |||||||
Visa, Inc. Class A | 182 | $ | 36,212 | |||||
|
| |||||||
184,013 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 3.6% |
| |||||||
Broadcom, Inc. | 67 | 20,446 | ||||||
Intel Corp. | 549 | 35,098 | ||||||
Lam Research Corp. | 63 | 18,787 | ||||||
Micron Technology, Inc. (a) | 323 | 17,148 | ||||||
|
| |||||||
91,479 | ||||||||
|
| |||||||
Software – 7.4% | ||||||||
Cadence Design Systems, Inc. (a) | 174 | 12,547 | ||||||
Check Point Software Technologies Ltd. (a) | 108 | 12,345 | ||||||
CyberArk Software Ltd. (a) | 96 | 13,270 | ||||||
Microsoft Corp. | 616 | 104,862 | ||||||
Oracle Corp. | 370 | 19,406 | ||||||
Paycom Software, Inc. (a) | 48 | 15,272 | ||||||
VMware, Inc. Class A (a) | 80 | 11,845 | ||||||
|
| |||||||
189,547 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 0.5% |
| |||||||
Xerox Holdings Corp. | 390 | 13,872 | ||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | 496,472 | |||||||
|
| |||||||
MATERIALS – 7.5% | ||||||||
Chemicals – 2.5% | ||||||||
LyondellBasell Industries N.V. Class A | 837 | 65,169 | ||||||
|
| |||||||
Metals & Mining – 5.0% | ||||||||
Nucor Corp. | 1,261 | 59,885 | ||||||
Steel Dynamics, Inc. | 2,229 | 66,602 | ||||||
|
| |||||||
126,487 | ||||||||
|
| |||||||
TOTAL MATERIALS | 191,656 | |||||||
|
| |||||||
REAL ESTATE – 6.2% | ||||||||
Equity Real Estate Investment Trusts (REITs) – 6.2% |
| |||||||
Apartment Investment & Management Co. Class A | 749 | 39,480 | ||||||
Medical Properties Trust, Inc. | 2,101 | 46,537 | ||||||
PS Business Parks, Inc. | 213 | 35,690 | ||||||
Public Storage | 158 | 35,354 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 157,061 | |||||||
|
| |||||||
UTILITIES – 5.6% | ||||||||
Electric Utilities – 3.5% | ||||||||
Exelon Corp. | 974 | 46,352 | ||||||
OGE Energy Corp. | 941 | 43,145 | ||||||
|
| |||||||
89,497 | ||||||||
|
|
See accompanying notes which are an integral part of the financial statements.
41 |
Table of Contents
Fidelity® Stocks for Inflation ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
UTILITIES – continued | ||||||||
Independent Power and Renewable Electricity Producers – 2.1% |
| |||||||
AES Corp. | 2,688 | $ | 53,384 | |||||
|
| |||||||
TOTAL UTILITIES | 142,881 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,551,126 | |||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 99.9% |
| 2,551,126 | ||||||
NET OTHER ASSETS (LIABILITIES) – 0.1% |
| 2,872 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 2,553,998 | ||||||
|
|
Legend
(a) | Non-income producing. |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
42 |
Table of Contents
Fidelity® Value Factor ETF
Schedule of Investments January 31, 2020(Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES – 9.6% |
| |||||||
Diversified Telecommunication Services – 2.8% |
| |||||||
AT&T, Inc. | 68,014 | $ | 2,558,687 | |||||
CenturyLink, Inc. (a) | 57,949 | 791,583 | ||||||
Verizon Communications, Inc. | 39,975 | 2,376,114 | ||||||
|
| |||||||
5,726,384 | ||||||||
|
| |||||||
Interactive Media & Services – 5.2% |
| |||||||
Alphabet, Inc. Class A (b) | 4,523 | 6,480,464 | ||||||
Facebook, Inc. Class A (b) | 18,978 | 3,831,848 | ||||||
|
| |||||||
10,312,312 | ||||||||
|
| |||||||
Media – 1.6% |
| |||||||
Comcast Corp. Class A | 45,052 | 1,945,796 | ||||||
Discovery, Inc. Class A (a)(b) | 24,040 | 703,410 | ||||||
ViacomCBS, Inc. Class B | 14,598 | 498,230 | ||||||
|
| |||||||
3,147,436 | ||||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 19,186,132 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY – 9.9% | ||||||||
Automobiles – 0.6% |
| |||||||
Ford Motor Co. | 133,140 | 1,174,295 | ||||||
|
| |||||||
Diversified Consumer Services – 0.4% |
| |||||||
H&R Block, Inc. | 37,360 | 866,752 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure – 2.0% |
| |||||||
Norwegian Cruise Line Holdings Ltd. (b) | 21,757 | 1,171,615 | ||||||
Royal Caribbean Cruises Ltd. | 9,787 | 1,145,862 | ||||||
Starbucks Corp. | 18,645 | 1,581,655 | ||||||
|
| |||||||
3,899,132 | ||||||||
|
| |||||||
Household Durables – 1.4% |
| |||||||
PulteGroup, Inc. | 32,751 | 1,462,332 | ||||||
Toll Brothers, Inc. | 27,950 | 1,239,862 | ||||||
|
| |||||||
2,702,194 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail – 3.3% |
| |||||||
Amazon.com, Inc. (b) | 3,266 | 6,560,480 | ||||||
|
| |||||||
Multiline Retail – 0.8% |
| |||||||
Kohl’s Corp. | 21,020 | 898,605 | ||||||
Macy’s, Inc. (a) | 48,697 | 776,717 | ||||||
|
| |||||||
1,675,322 | ||||||||
|
| |||||||
Specialty Retail – 1.4% |
| |||||||
The Home Depot, Inc. | 12,013 | 2,740,165 | ||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 19,618,340 | |||||||
|
| |||||||
CONSUMER STAPLES – 6.7% | ||||||||
Beverages – 0.6% |
| |||||||
Molson Coors Brewing Co. Class B | 23,342 | 1,297,348 | ||||||
|
| |||||||
Food & Staples Retailing – 1.5% |
| |||||||
The Kroger Co. | 59,606 | 1,601,017 | ||||||
Walgreens Boots Alliance, Inc. | 26,613 | 1,353,271 | ||||||
|
| |||||||
2,954,288 | ||||||||
|
|
Shares | Value | |||||||
Food Products – 2.1% |
| |||||||
Archer-Daniels-Midland Co. | 31,736 | $ | 1,420,503 | |||||
Ingredion, Inc. | 14,774 | 1,300,112 | ||||||
Tyson Foods, Inc. Class A | 16,550 | 1,367,527 | ||||||
|
| |||||||
4,088,142 | ||||||||
|
| |||||||
Personal Products – 0.6% |
| |||||||
Herbalife Nutrition Ltd. (b) | 29,086 | 1,129,991 | ||||||
|
| |||||||
Tobacco – 1.9% | ||||||||
Altria Group, Inc. | 36,899 | 1,753,809 | ||||||
Philip Morris International, Inc. | 24,595 | 2,034,007 | ||||||
|
| |||||||
3,787,816 | ||||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 13,257,585 | |||||||
|
| |||||||
ENERGY – 3.7% | ||||||||
Oil, Gas & Consumable Fuels – 3.7% |
| |||||||
Chevron Corp. | 16,922 | 1,813,023 | ||||||
ConocoPhillips | 15,306 | 909,636 | ||||||
Exxon Mobil Corp. | 35,035 | 2,176,374 | ||||||
HollyFrontier Corp. | 10,008 | 449,559 | ||||||
Marathon Petroleum Corp. | 12,708 | 692,586 | ||||||
Phillips 66 | 7,332 | 669,925 | ||||||
Valero Energy Corp. | 8,180 | 689,656 | ||||||
|
| |||||||
TOTAL ENERGY | 7,400,759 | |||||||
|
| |||||||
FINANCIALS – 13.5% | ||||||||
Banks – 5.6% |
| |||||||
Bank of America Corp. | 88,998 | 2,921,804 | ||||||
Citigroup, Inc. | 28,473 | 2,118,676 | ||||||
JPMorgan Chase & Co. | 29,836 | 3,949,093 | ||||||
Wells Fargo & Co. | 46,662 | 2,190,314 | ||||||
|
| |||||||
11,179,887 | ||||||||
|
| |||||||
Capital Markets – 2.1% |
| |||||||
Ameriprise Financial, Inc. | 7,241 | 1,197,734 | ||||||
Morgan Stanley | 29,269 | 1,529,598 | ||||||
The Charles Schwab Corp. | 29,487 | 1,343,133 | ||||||
|
| |||||||
4,070,465 | ||||||||
|
| |||||||
Consumer Finance – 1.6% |
| |||||||
Capital One Financial Corp. | 12,917 | 1,289,116 | ||||||
Discover Financial Services | 12,374 | 929,659 | ||||||
Synchrony Financial | 29,449 | 954,442 | ||||||
|
| |||||||
3,173,217 | ||||||||
|
| |||||||
Diversified Financial Services – 2.5% |
| |||||||
Berkshire Hathaway, Inc. Class B (b) | 17,666 | 3,964,780 | ||||||
Voya Financial, Inc. | 17,613 | 1,052,025 | ||||||
|
| |||||||
5,016,805 | ||||||||
|
| |||||||
Insurance – 1.7% |
| |||||||
MetLife, Inc. | 24,784 | 1,232,013 | ||||||
Principal Financial Group, Inc. | 17,841 | 944,681 |
See accompanying notes which are an integral part of the financial statements.
43 |
Table of Contents
Fidelity® Value Factor ETF
Schedule of Investments (Unaudited) – continued
Common Stocks – continued | ||||||||
Shares | Value | |||||||
FINANCIALS – continued | ||||||||
Insurance – continued | ||||||||
Prudential Financial, Inc. | 12,505 | $ | 1,138,705 | |||||
|
| |||||||
3,315,399 | ||||||||
|
| |||||||
TOTAL FINANCIALS | 26,755,773 | |||||||
|
| |||||||
HEALTH CARE – 13.2% | ||||||||
Biotechnology – 3.2% | ||||||||
AbbVie, Inc. | 31,476 | 2,550,186 | ||||||
Biogen, Inc. (b) | 7,065 | 1,899,425 | ||||||
Gilead Sciences, Inc. | 29,950 | 1,892,840 | ||||||
|
| |||||||
6,342,451 | ||||||||
|
| |||||||
Health Care Providers & Services – 5.1% |
| |||||||
Anthem, Inc. | 6,507 | 1,726,177 | ||||||
Cardinal Health, Inc. | 32,012 | 1,639,335 | ||||||
Centene Corp. (b) | 29,989 | 1,883,609 | ||||||
McKesson Corp. | 10,728 | 1,529,920 | ||||||
UnitedHealth Group, Inc. | 12,118 | 3,301,549 | ||||||
|
| |||||||
10,080,590 | ||||||||
|
| |||||||
Pharmaceuticals – 4.9% | ||||||||
Bristol-Myers Squibb Co. | 42,401 | 2,669,143 | ||||||
Johnson & Johnson | 29,198 | 4,346,706 | ||||||
Pfizer, Inc. | 73,939 | 2,753,488 | ||||||
|
| |||||||
9,769,337 | ||||||||
|
| |||||||
TOTAL HEALTH CARE | 26,192,378 | |||||||
|
| |||||||
INDUSTRIALS – 9.3% | ||||||||
Aerospace & Defense – 0.6% | ||||||||
Spirit AeroSystems Holdings, Inc. Class A | 17,074 | 1,115,274 | ||||||
|
| |||||||
Airlines – 2.7% | ||||||||
Delta Air Lines, Inc. | 24,474 | 1,364,181 | ||||||
JetBlue Airways Corp. (b) | 66,729 | 1,323,236 | ||||||
Southwest Airlines Co. | 27,558 | 1,515,139 | ||||||
United Airlines Holdings, Inc. (b) | 15,122 | 1,131,125 | ||||||
| �� | |||||||
5,333,681 | ||||||||
|
| |||||||
Construction & Engineering – 0.7% | ||||||||
MasTec, Inc. (b) | 25,187 | 1,454,549 | ||||||
|
| |||||||
Electrical Equipment – 0.9% | ||||||||
Eaton Corp. PLC | 18,307 | 1,729,462 | ||||||
|
| |||||||
Machinery – 3.1% | ||||||||
Caterpillar, Inc. | 13,573 | 1,782,814 | ||||||
Cummins, Inc. | 8,697 | 1,391,259 | ||||||
Oshkosh Corp. | 16,743 | 1,440,568 | ||||||
PACCAR, Inc. | 20,424 | 1,515,665 | ||||||
|
| |||||||
6,130,306 | ||||||||
|
| |||||||
Professional Services – 0.6% | ||||||||
ManpowerGroup, Inc. | 14,190 | 1,298,243 | ||||||
|
|
Shares | Value | |||||||
Trading Companies & Distributors – 0.7% |
| |||||||
United Rentals, Inc. (b) | 10,749 | $ | 1,458,532 | |||||
|
| |||||||
TOTAL INDUSTRIALS | 18,520,047 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY – 24.2% | ||||||||
Electronic Equipment, Instruments & Components – 0.8% |
| |||||||
Tech Data Corp. (b) | 11,152 | 1,605,219 | ||||||
|
| |||||||
IT Services – 7.6% | ||||||||
Accenture PLC Class A | 9,824 | 2,015,983 | ||||||
Alliance Data Systems Corp. | 7,262 | 746,461 | ||||||
Cognizant Technology Solutions Corp. Class A | 20,044 | 1,230,301 | ||||||
DXC Technology Co. | 21,429 | 683,156 | ||||||
International Business Machines Corp. | 13,001 | 1,868,634 | ||||||
Mastercard, Inc. Class A | 9,814 | 3,100,635 | ||||||
PayPal Holdings, Inc. (b) | 17,449 | 1,987,267 | ||||||
Visa, Inc. Class A | 17,463 | 3,474,613 | ||||||
|
| |||||||
15,107,050 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 4.1% |
| |||||||
Intel Corp. | 51,497 | 3,292,203 | ||||||
Lam Research Corp. | 6,256 | 1,865,602 | ||||||
Micron Technology, Inc. (b) | 32,319 | 1,715,816 | ||||||
ON Semiconductor Corp. (b) | 55,495 | 1,284,709 | ||||||
|
| |||||||
8,158,330 | ||||||||
|
| |||||||
Software – 6.5% | ||||||||
Microsoft Corp. | 58,927 | 10,031,143 | ||||||
Oracle Corp. | 35,680 | 1,871,416 | ||||||
VMware, Inc. Class A (b) | 6,583 | 974,679 | ||||||
|
| |||||||
12,877,238 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 5.2% |
| |||||||
Apple, Inc. | 33,424 | 10,345,062 | ||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | 48,092,899 | |||||||
|
| |||||||
MATERIALS – 2.2% | ||||||||
Chemicals – 1.2% | ||||||||
Celanese Corp. | 4,709 | 487,381 | ||||||
DuPont de Nemours, Inc. | 10,656 | 545,374 | ||||||
Huntsman Corp. | 22,485 | 462,292 | ||||||
LyondellBasell Industries N.V. Class A | 6,924 | 539,103 | ||||||
The Mosaic Co. | 19,074 | 378,428 | ||||||
|
| |||||||
2,412,578 | ||||||||
|
| |||||||
Containers & Packaging – 0.3% | ||||||||
International Paper Co. | 12,398 | 504,847 | ||||||
|
| |||||||
Metals & Mining – 0.7% | ||||||||
Freeport-McMoRan, Inc. | 48,728 | 540,881 | ||||||
Nucor Corp. | 9,915 | 470,863 | ||||||
Steel Dynamics, Inc. | 15,284 | 456,686 | ||||||
|
| |||||||
1,468,430 | ||||||||
|
| |||||||
TOTAL MATERIALS | 4,385,855 | |||||||
|
|
See accompanying notes which are an integral part of the financial statements.
44 |
Table of Contents
Common Stocks – continued | ||||||||
Shares | Value | |||||||
REAL ESTATE – 3.9% | ||||||||
Equity Real Estate Investment Trusts (REITs) – 3.4% |
| |||||||
Apple Hospitality REIT, Inc. | 23,172 | $ | 348,043 | |||||
AvalonBay Communities, Inc. | 2,581 | 559,277 | ||||||
Brixmor Property Group, Inc. | 19,521 | 389,639 | ||||||
Gaming and Leisure Properties, Inc. | 10,204 | 482,190 | ||||||
Host Hotels & Resorts, Inc. | 24,385 | 398,451 | ||||||
Kimco Realty Corp. | 20,284 | 386,410 | ||||||
Medical Properties Trust, Inc. | 21,457 | 475,273 | ||||||
Park Hotels & Resorts, Inc. | 14,260 | 312,864 | ||||||
Prologis, Inc. | 8,363 | 776,755 | ||||||
Service Properties Trust | 14,586 | 314,766 | ||||||
Simon Property Group, Inc. | 4,203 | 559,629 | ||||||
Sunstone Hotel Investors, Inc. | 27,263 | 345,695 | ||||||
VICI Properties, Inc. | 18,561 | 497,435 | ||||||
Vornado Realty Trust | 6,358 | 418,166 | ||||||
Welltower, Inc. | 6,792 | 576,709 | ||||||
|
| |||||||
6,841,302 | ||||||||
|
| |||||||
Real Estate Management & Development – 0.5% |
| |||||||
CBRE Group, Inc. Class A (b) | 8,073 | 492,857 | ||||||
Jones Lang LaSalle, Inc. | 2,583 | 438,645 | ||||||
|
| |||||||
931,502 | ||||||||
|
| |||||||
TOTAL REAL ESTATE | 7,772,804 | |||||||
|
| |||||||
UTILITIES – 3.6% | ||||||||
Electric Utilities – 2.4% |
| |||||||
Duke Energy Corp. | 9,853 | 961,948 | ||||||
Exelon Corp. | 16,223 | 772,053 | ||||||
NextEra Energy, Inc. | 5,297 | 1,420,655 | ||||||
PPL Corp. | 19,047 | 689,311 | ||||||
The Southern Co. | 14,502 | 1,020,941 | ||||||
|
| |||||||
4,864,908 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers – 0.5% |
| |||||||
AES Corp. | 28,665 | 569,267 |
Shares | Value | |||||||
Vistra Energy Corp. | 22,157 | $ | 498,976 | |||||
|
| |||||||
1,068,243 | ||||||||
|
| |||||||
Multi-Utilities – 0.7% |
| |||||||
Consolidated Edison, Inc. | 7,177 | 674,638 | ||||||
Public Service Enterprise Group, Inc. | 10,771 | 637,643 | ||||||
|
| |||||||
1,312,281 | ||||||||
|
| |||||||
TOTAL UTILITIES | 7,245,432 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 198,428,004 | |||||||
|
| |||||||
Money Market Funds – 1.1% | ||||||||
Fidelity Cash Central Fund, 1.58% (c) | 297,472 | 297,532 | ||||||
Fidelity Securities Lending Cash Central Fund, 1.59% (c)(d) | 1,945,669 | 1,945,864 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUNDS | 2,243,396 | |||||||
|
| |||||||
TOTAL INVESTMENT IN SECURITIES – 100.9% |
| 200,671,400 | ||||||
NET OTHER ASSETS (LIABILITIES) – (0.9%) |
| (1,761,919 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 198,909,481 | ||||||
|
|
Legend
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualizedseven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund’s financial statements are available on the SEC’s website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Futures Contracts | ||||||||||||||||||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased | ||||||||||||||||||||
Equity Index Contract | ||||||||||||||||||||
CME MicroE-mini S&P 500 Index Future Contracts | 21 | March 2020 | $ | 338,520 | $ | 3,440 | $ | 3,440 | ||||||||||||
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
See accompanying notes which are an integral part of the financial statements.
45 |
Table of Contents
Fidelity® Value Factor ETF
Schedule of Investments (Unaudited) – continued
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned | |||
Fidelity Cash Central Fund | $ | 1,175 | ||
Fidelity Securities Lending Cash Central Fund | 1,611 | |||
|
| |||
Total | $ | 2,786 | ||
|
|
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2020, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investments in Securities: | ||||||||||||||||
Equities: | ||||||||||||||||
Communication Services | $ | 19,186,132 | $ | 19,186,132 | $ | — | $ | — | ||||||||
Consumer Discretionary | 19,618,340 | 19,618,340 | — | — | ||||||||||||
Consumer Staples | 13,257,585 | 13,257,585 | — | — | ||||||||||||
Energy | 7,400,759 | 7,400,759 | — | — | ||||||||||||
Financials | 26,755,773 | 26,755,773 | — | — | ||||||||||||
Health Care | 26,192,378 | 26,192,378 | — | — | ||||||||||||
Industrials | 18,520,047 | 18,520,047 | — | — | ||||||||||||
Information Technology | 48,092,899 | 48,092,899 | — | — | ||||||||||||
Materials | 4,385,855 | 4,385,855 | — | — | ||||||||||||
Real Estate | 7,772,804 | 7,772,804 | — | — | ||||||||||||
Utilities | 7,245,432 | 7,245,432 | — | — | ||||||||||||
Money Market Funds | 2,243,396 | 2,243,396 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities: | $ | 200,671,400 | $ | 200,671,400 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Instruments: | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 3,440 | $ | 3,440 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 3,440 | $ | 3,440 | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Instruments: | $ | 3,440 | $ | 3,440 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Value | ||||||||
Primary Risk/ Derivative Type | Asset | Liabilities | ||||||
Equity Risk | ||||||||
Futures Contracts(a) | $ | 3,440 | $ | 0 | ||||
|
|
|
| |||||
Total Equity Risk | 3,440 | 0 | ||||||
|
|
|
| |||||
Total Value of Derivatives | $ | 3,440 | $ | 0 | ||||
|
|
|
|
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
See accompanying notes which are an integral part of the financial statements.
46 |
Table of Contents
[THIS PAGE INTENTIONALLY LEFT BLANK]
47 |
Table of Contents
Statements of Assets and Liabilities | ||||||||||||||
January 31, 2020 (Unaudited) |
Fidelity Dividend ETF For Rising Rates | Fidelity High Dividend ETF | Fidelity Low Volatility Factor ETF | Fidelity Momentum Factor ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in securities, at value (including securities loaned of $1,769,826, $4,506,072, $571,468 and $976,290, respectively) – See accompanying schedule: | ||||||||||||||||
Unaffiliated issuers | $ | 373,138,274 | $ | 548,484,541 | $ | 405,861,820 | $ | 101,605,137 | ||||||||
Fidelity Central Funds | 3,846,013 | 6,414,683 | 1,286,090 | 1,138,145 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 376,984,287 | $ | 554,899,224 | $ | 407,147,910 | $ | 102,743,282 | ||||||||
Segregated cash with brokers for derivative instruments | 105,600 | 118,800 | 33,660 | 6,600 | ||||||||||||
Cash | — | — | — | 28,467 | ||||||||||||
Foreign currency held at value (cost $352,417, $783,025, $— and $—, respectively) | 364,236 | 803,743 | — | — | ||||||||||||
Receivable for fund shares sold | — | 4,903,117 | 3,980,714 | — | ||||||||||||
Dividends receivable | 620,654 | 1,010,683 | 370,107 | 57,345 | ||||||||||||
Distributions receivable from Fidelity Central Funds | 2,154 | 1,098 | 610 | 210 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 378,076,931 | 561,736,665 | 411,533,001 | 102,835,904 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable to custodian bank | — | — | — | — | ||||||||||||
Payable for investments purchased | 180,721 | 5,196,287 | 3,950,700 | — | ||||||||||||
Accrued management fees | 97,881 | 135,883 | 97,354 | 27,306 | ||||||||||||
Payable for daily variation margin on futures contracts | 52,560 | 59,130 | 16,754 | 3,285 | ||||||||||||
Collateral on securities loaned, at value | 2,011,425 | 4,789,156 | 592,508 | 1,025,500 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 2,342,587 | 10,180,456 | 4,657,316 | 1,056,091 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 375,734,344 | $ | 551,556,209 | $ | 406,875,685 | $ | 101,779,813 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets consist of: | ||||||||||||||||
Paid in capital | 348,411,001 | 524,298,409 | 361,782,238 | 91,857,155 | ||||||||||||
Total accumulated earnings (loss) | 27,323,343 | 27,257,800 | 45,093,447 | 9,922,658 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 375,734,344 | $ | 551,556,209 | $ | 406,875,685 | $ | 101,779,813 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 10,800,000 | 17,150,000 | 10,400,000 | 2,700,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, offering price and redemption price per share | $ | 34.79 | $ | 32.16 | $ | 39.12 | $ | 37.70 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost – Unaffiliated issuers | $ | 337,247,584 | $ | 511,084,778 | $ | 365,913,819 | $ | 91,083,846 | ||||||||
Investments at cost – Fidelity Central Funds | 3,846,014 | 6,414,684 | 1,286,090 | 1,138,145 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | $ | 341,093,598 | $ | 517,499,462 | $ | 367,199,909 | $ | 92,221,991 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
48 |
Table of Contents
Statements of Assets and Liabilities | ||||||||||||||
January 31, 2020 (Unaudited) |
Fidelity Quality Factor ETF | Fidelity Small-Mid Factor ETF | Fidelity Stocks For Inflation ETF | Fidelity Value Factor ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in securities, at value (including securities loaned of $814,868, $—, $— and $1,840,142, respectively) – See accompanying schedule: | ||||||||||||||||
Unaffiliated issuers | $ | 158,112,740 | $ | 10,572,527 | $ | 2,551,126 | $ | 198,428,004 | ||||||||
Fidelity Central Funds | 1,070,969 | — | — | 2,243,396 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 159,183,709 | $ | 10,572,527 | $ | 2,551,126 | $ | 200,671,400 | ||||||||
Segregated cash with brokers for derivative instruments | 11,880 | — | — | 13,860 | ||||||||||||
Cash | 5,762 | 6,569 | 1,335 | — | ||||||||||||
Foreign currency held at value (cost $—, $80, $— and $—, respectively) | — | 80 | — | — | ||||||||||||
Receivable for fund shares sold | — | — | — | — | ||||||||||||
Dividends receivable | 192,882 | 5,112 | 2,181 | 226,442 | ||||||||||||
Distributions receivable from Fidelity Central Funds | 1,226 | — | — | 481 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 159,395,459 | 10,584,288 | 2,554,642 | 200,912,183 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable to custodian bank | — | — | — | 437 | ||||||||||||
Payable for investments purchased | — | 19,698 | — | — | ||||||||||||
Accrued management fees | 41,076 | 2,281 | 644 | 49,459 | ||||||||||||
Payable for daily variation margin on futures contracts | 5,913 | — | — | 6,899 | ||||||||||||
Collateral on securities loaned, at value | 863,335 | — | — | 1,945,907 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 910,324 | 21,979 | 644 | 2,002,702 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 158,485,135 | $ | 10,562,309 | $ | 2,553,998 | $ | 198,909,481 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets consist of: | ||||||||||||||||
Paid in capital | 141,415,534 | 10,193,574 | 2,493,802 | 183,331,273 | ||||||||||||
Total accumulated earnings (loss) | 17,069,601 | 368,735 | 60,196 | 15,578,208 | ||||||||||||
Net Assets | $ | 158,485,135 | $ | 10,562,309 | $ | 2,553,998 | $ | 198,909,481 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 4,200,000 | 400,000 | 100,000 | 5,350,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, offering price and redemption price per share | $ | 37.73 | $ | 26.41 | $ | 25.54 | $ | 37.18 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost – Unaffiliated issuers | $ | 141,401,427 | $ | 9,982,639 | $ | 2,493,950 | $ | 181,186,614 | ||||||||
Investments at cost – Fidelity Central Funds | 1,070,971 | — | — | 2,243,404 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | $ | 142,472,398 | $ | 9,982,639 | $ | 2,493,950 | $ | 183,430,018 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
49 |
Table of Contents
Financial Statements – continued
Statements of Operations | ||||||||||||||
For the six months ended January 31, 2020 (Unaudited) |
Fidelity Dividend ETF For Rising Rates | Fidelity High Dividend ETF | Fidelity Low Volatility Factor ETF | Fidelity Momentum Factor ETF | |||||||||||||
Investment Income | ||||||||||||||||
Dividends | $ | 6,664,728 | $ | 9,999,617 | $ | 3,323,713 | $ | 953,289 | ||||||||
Interest | 418 | 591 | 138 | 53 | ||||||||||||
Income from Fidelity Central Funds (including $4,343, $3,312, $6,195 and $497, from security lending, respectively) | 10,289 | 8,281 | 8,851 | 1,504 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total income | 6,675,435 | 10,008,489 | 3,332,702 | 954,846 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Management fees | 520,508 | 639,001 | 467,416 | 169,177 | ||||||||||||
Independent trustees’ compensation | 1,113 | 1,200 | 837 | 367 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses before reductions | 521,621 | 640,201 | 468,253 | 169,544 | ||||||||||||
Expense reductions | (82 | ) | (82 | ) | (290 | ) | (312 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 521,539 | 640,119 | 467,963 | 169,232 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 6,153,896 | 9,368,370 | 2,864,739 | 785,614 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) on investment securities | (492,089 | ) | (742,938 | ) | (1,825,085 | ) | (3,996,018 | ) | ||||||||
Net realized gain (loss) onIn-kind redemptions | 1,534,415 | — | 8,754,604 | 10,286,514 | ||||||||||||
Net realized gain (loss) on futures contracts | 116,713 | 145,069 | 45,202 | 14,225 | ||||||||||||
Net realized gain (loss) on foreign currency transactions | 2,715 | 14,483 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net realized gain (loss) | 1,161,754 | (583,386 | ) | 6,974,721 | 6,304,721 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on investment securities | 22,262,185 | 28,128,118 | 17,165,551 | (1,427,353 | ) | |||||||||||
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds | (1 | ) | (1 | ) | 4 | 3 | ||||||||||
Change in net unrealized appreciation (depreciation) on futures contracts | 34,345 | 44,595 | (1,550 | ) | 1,683 | |||||||||||
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies | 17,279 | 35,198 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net unrealized appreciation (depreciation) | 22,313,808 | 28,207,910 | 17,164,005 | (1,425,667 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net gain (loss) | 23,475,562 | 27,624,524 | 24,138,726 | 4,879,054 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 29,629,458 | $ | 36,992,894 | $ | 27,003,465 | $ | 5,664,668 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
50 |
Table of Contents
Statements of Operations | ||||||||||||||
For the six months ended January 31, 2020 (Unaudited) |
Fidelity Quality Factor ETF | Fidelity Small-Mid Factor ETF | Fidelity | Fidelity Value Factor ETF | |||||||||||||
Investment Income | ||||||||||||||||
Dividends | $ | 1,540,279 | $ | 72,732 | $ | 15,075 | $ | 1,960,404 | ||||||||
Interest | 65 | — | — | 77 | ||||||||||||
Income from Fidelity Central Funds (including $5,409, $—, $— and $1,611, from security lending, respectively) | 6,491 | — | — | 2,786 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total income | 1,546,835 | 72,732 | 15,075 | 1,963,267 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Management fees | 227,957 | 11,520 | 1,816 | 240,721 | ||||||||||||
Independent trustees’ compensation | 480 | 22 | 2 | 462 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses before reductions | 228,437 | 11,542 | 1,818 | 241,183 | ||||||||||||
Expense reductions | (290 | ) | (73 | ) | — | (285 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 228,147 | 11,469 | 1,818 | 240,898 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 1,318,688 | 61,263 | 13,257 | 1,722,369 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) on investment securities | (3,973,349 | ) | (228,147 | ) | 1,063 | (3,373,265 | ) | |||||||||
Net realized gain (loss) onIn-kind redemptions | 6,666,224 | — | — | 4,896,078 | ||||||||||||
Net realized gain (loss) on futures contracts | 18,186 | — | — | 21,266 | ||||||||||||
Net realized gain (loss) on foreign currency transactions | — | 26 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net realized gain (loss) | 2,711,061 | (228,121 | ) | 1,063 | 1,544,079 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on investment securities | 7,627,925 | 403,193 | 57,176 | 10,963,266 | ||||||||||||
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds | (2 | ) | — | — | (8 | ) | ||||||||||
Change in net unrealized appreciation (depreciation) on futures contracts | 1,555 | — | — | 3,727 | ||||||||||||
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net unrealized appreciation (depreciation) | 7,629,478 | 403,193 | 57,176 | 10,966,985 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net gain (loss) | 10,340,539 | 175,072 | 58,239 | 12,511,064 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 11,659,227 | $ | 236,335 | $ | 71,496 | $ | 14,233,433 | ||||||||
|
|
|
|
|
|
|
|
A | For the period November 5, 2019 (commencement of operations) to January 31, 2020. |
See accompanying notes which are an integral part of the financial statements.
51 |
Table of Contents
Financial Statements – continued
Statements of Changes in Net Assets |
Fidelity Dividend ETF For Rising Rates | Fidelity High Dividend ETF | |||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 6,153,896 | $ | 12,759,384 | $ | 9,368,370 | $ | 11,245,000 | ||||||||
Net realized gain (loss) | 1,161,754 | 11,439,676 | (583,386 | ) | 1,282,852 | |||||||||||
Change in net unrealized appreciation (depreciation) | 22,313,808 | (5,728,216 | ) | 28,207,910 | 1,510,543 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 29,629,458 | 18,470,844 | 36,992,894 | 14,038,395 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders | (4,144,500 | ) | (12,908,350 | ) | (8,164,950 | ) | (11,425,400 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 8,878,245 | 161,232,208 | 159,776,330 | 270,497,158 | ||||||||||||
Cost of shares redeemed | (18,858,306 | ) | (153,460,832 | ) | — | (81,992,873 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | (9,980,061 | ) | 7,771,376 | 159,776,330 | 188,504,285 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 15,504,897 | 13,333,870 | 188,604,274 | 191,117,280 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 360,229,447 | 346,895,577 | 362,951,935 | 171,834,655 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 375,734,344 | $ | 360,229,447 | $ | 551,556,209 | $ | 362,951,935 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 250,000 | 5,150,000 | 5,100,000 | 9,100,000 | ||||||||||||
Redeemed | (600,000 | ) | (5,000,000 | ) | — | (2,750,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (350,000 | ) | 150,000 | 5,100,000 | 6,350,000 | |||||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
52 |
Table of Contents
Statements of Changes in Net Assets |
Fidelity Low Volatility Factor ETF | Fidelity Momentum Factor ETF | |||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 2,864,739 | $ | 2,437,306 | $ | 785,614 | $ | 1,245,159 | ||||||||
Net realized gain (loss) | 6,974,721 | 5,117,146 | 6,304,721 | 3,746,816 | ||||||||||||
Change in net unrealized appreciation (depreciation) | 17,164,005 | 17,614,800 | (1,425,667 | ) | 4,073,860 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 27,003,465 | 25,169,252 | 5,664,668 | 9,065,835 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders | (2,610,300 | ) | (2,299,750 | ) | (791,850 | ) | (1,240,750 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 189,861,393 | 204,495,786 | 65,235,879 | 79,088,780 | ||||||||||||
Cost of shares redeemed | (52,881,193 | ) | (48,283,271 | ) | (90,065,195 | ) | (60,879,132 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 136,980,200 | 156,212,515 | (24,829,316 | ) | 18,209,648 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 161,373,365 | 179,082,017 | (19,956,498 | ) | 26,034,733 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 245,502,320 | 66,420,303 | 121,736,311 | 95,701,578 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 406,875,685 | $ | 245,502,320 | $ | 101,779,813 | $ | 121,736,311 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 5,100,000 | 6,150,000 | 1,850,000 | 2,350,000 | ||||||||||||
Redeemed | (1,450,000 | ) | (1,450,000 | ) | (2,550,000 | ) | (1,800,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 3,650,000 | 4,700,000 | (700,000 | ) | 550,000 | |||||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
53 |
Table of Contents
Financial Statements – continued
Statements of Changes in Net Assets |
Fidelity Quality Factor ETF | FidelitySmall-Mid Factor ETF | |||||||||||||||
Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019A | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,318,688 | $ | 2,195,811 | $ | 61,263 | $ | 47,978 | ||||||||
Net realized gain (loss) | 2,711,061 | 2,633,206 | (228,121 | ) | 527 | |||||||||||
Change in net unrealized appreciation (depreciation) | 7,629,478 | 3,995,214 | 403,193 | 186,695 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 11,659,227 | 8,824,231 | 236,335 | 235,200 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders | (1,218,600 | ) | (2,135,800 | ) | (57,600 | ) | (45,200 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions | ||||||||||||||||
Proceeds from sales of shares | 28,279,971 | 130,468,237 | 2,733,344 | 7,460,230 | ||||||||||||
Cost of shares redeemed | (42,516,993 | ) | (40,134,110 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | (14,237,022 | ) | 90,334,127 | 2,733,344 | 7,460,230 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | (3,796,395 | ) | 97,022,558 | 2,912,079 | 7,650,230 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 162,281,530 | 65,258,972 | 7,650,230 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 158,485,135 | $ | 162,281,530 | $ | 10,562,309 | $ | 7,650,230 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Information | ||||||||||||||||
Shares | ||||||||||||||||
Sold | 800,000 | 3,900,000 | 100,000 | 300,000 | ||||||||||||
Redeemed | (1,200,000 | ) | (1,250,000 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (400,000 | ) | 2,650,000 | 100,000 | 300,000 | |||||||||||
|
|
|
|
|
|
|
|
A | For the period February 26, 2019 (commencement of operations) to July 31, 2019. |
See accompanying notes which are an integral part of the financial statements.
54 |
Table of Contents
Statements of Changes in Net Assets |
Fidelity Stocks For Inflation ETF | Fidelity Value Factor ETF | |||||||||||
Six months ended January 31, 2020B (Unaudited) | Six months ended January 31, 2020 (Unaudited) | Year ended July 31, 2019 | ||||||||||
Increase (Decrease) in Net Assets | ||||||||||||
Operations | ||||||||||||
Net investment income (loss) | $ | 13,257 | $ | 1,722,369 | $ | 2,391,590 | ||||||
Net realized gain (loss) | 1,063 | 1,544,079 | 4,049,327 | |||||||||
Change in net unrealized appreciation (depreciation) | 57,176 | 10,966,985 | 584,930 | |||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 71,496 | 14,233,433 | 7,025,847 | |||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders | (11,300 | ) | (1,603,700 | ) | (2,294,300 | ) | ||||||
|
|
|
|
|
| |||||||
Share transactions | ||||||||||||
Proceeds from sales of shares | 2,493,802 | 88,564,803 | 85,584,698 | |||||||||
Cost of shares redeemed | — | (38,688,271 | ) | (40,363,131 | ) | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from share transactions | 2,493,802 | 49,876,532 | 45,221,567 | |||||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | 2,553,998 | 62,506,265 | 49,953,114 | |||||||||
Net Assets | ||||||||||||
Beginning of period | — | 136,403,216 | 86,450,102 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 2,553,998 | $ | 198,909,481 | $ | 136,403,216 | ||||||
|
|
|
|
|
| |||||||
Other Information | ||||||||||||
Shares | ||||||||||||
Sold | 100,000 | 2,550,000 | 2,600,000 | |||||||||
Redeemed | — | (1,150,000 | ) | (1,200,000 | ) | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) | 100,000 | 1,400,000 | 1,400,000 | |||||||||
|
|
|
|
|
|
B | For the period November 5, 2019 (commencement of operations) to January 31, 2020. |
See accompanying notes which are an integral part of the financial statements.
55 |
Table of Contents
Financial Statements – continued
Financial Highlights | ||||||||||||||||
Fidelity Dividend ETF For Rising Rates | ||||||||||||||||
Six months ended January 31, 2020 | Year ended July 31, | Year ended July 31, | Year ended July 31, | |||||||||||||
(Unaudited) | 2019 | 2018 | 2017A | |||||||||||||
SelectedPer-Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 32.31 | $ | 31.54 | $ | 28.50 | $ | 25.34 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from Investment Operations | ||||||||||||||||
Net investment income (loss)B | 0.58 | 1.07 | 0.93 | 0.76 | ||||||||||||
Net realized and unrealized gain (loss) | 2.29 | 0.79 | 3.03 | 2.98 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 2.87 | 1.86 | 3.96 | 3.74 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions from net investment income | (0.39 | ) | (1.09 | ) | (0.92 | ) | (0.58 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.39 | ) | (1.09 | ) | (0.92 | ) | (0.58 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 34.79 | $ | 32.31 | $ | 31.54 | $ | 28.50 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total ReturnC,D | 8.96 | % | 6.09 | % | 14.04 | % | 14.85 | % | ||||||||
Ratios to Average Net AssetsE,F | ||||||||||||||||
Expense before reductions | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Expenses net of fee waivers, if any | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Expenses net of all reductions | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Net investment income (loss) | 3.46 | %G | 3.42 | % | 3.08 | % | 3.09 | %G | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000 omitted) | $ | 375,734 | $ | 360,229 | $ | 346,896 | $ | 152,492 | ||||||||
Portfolio turnover rateH,I | 2 | %J | 35 | % | 38 | % | 52 | %J |
A | For the period September 12, 2016 (commencement of operations) to July 31, 2017. |
B | Calculated based on average shares outstanding during the period. |
C | Total returns for periods of less than one year are not annualized. |
D | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
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 the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
F | Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds. |
G | Annualized. |
H | Amount does not include the portfolio activity of any underlying funds. |
I | Portfolio turnover rate excludes securities received or deliveredin-kind. |
J | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
56 |
Table of Contents
Financial Highlights | ||||||||||||||||
Fidelity High Dividend ETF | ||||||||||||||||
Six months ended January 31, 2020 | Year ended July 31, | Year ended July 31, | Year ended July 31, | |||||||||||||
(Unaudited) | 2019 | 2018 | 2017A | |||||||||||||
SelectedPer-Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 30.12 | $ | 30.15 | $ | 26.98 | $ | 25.32 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from Investment Operations | ||||||||||||||||
Net investment income (loss)B | 0.67 | 1.23 | 1.09 | 0.85 | ||||||||||||
Net realized and unrealized gain (loss) | 1.95 | (0.03 | )C | 3.21 | 1.57 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 2.62 | 1.20 | 4.30 | 2.42 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions from net investment income | (0.58 | ) | (1.23 | ) | (1.12 | ) | (0.76 | ) | ||||||||
Distributions from net realized gain | — | — | (0.01 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.58 | ) | (1.23 | ) | (1.13 | ) | (0.76 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 32.16 | $ | 30.12 | $ | 30.15 | $ | 26.98 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total ReturnD,E | 8.78 | % | 4.16 | % | 16.23 | % | 9.61 | % | ||||||||
Ratios to Average Net AssetsF,G | ||||||||||||||||
Expense before reductions | .29 | %H | .29 | % | .30 | % | .29 | %H | ||||||||
Expenses net of fee waivers, if any | .29 | %H | .29 | % | .30 | % | .29 | %H | ||||||||
Expenses net of all reductions | .29 | %H | .29 | % | .30 | % | .29 | %H | ||||||||
Net investment income (loss) | 4.30 | %H | 4.15 | % | 3.80 | % | 3.61 | %H | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000 omitted) | $ | 551,556 | $ | 362,952 | $ | 171,835 | $ | 59,350 | ||||||||
Portfolio turnover rateI,J | 2 | %K | 50 | % | 53 | % | 57 | %K |
A | For the period September 12, 2016 (commencement of operations) to July 31, 2017. |
B | Calculated based on average shares outstanding during the period. |
C | The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund. |
D | Total returns for periods of less than one year are not annualized. |
E | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
F | Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
G | Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds. |
H | Annualized. |
I | Amount does not include the portfolio activity of any underlying funds. |
J | Portfolio turnover rate excludes securities received or deliveredin-kind. |
K | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
57 |
Table of Contents
Financial Statements – continued
Financial Highlights | ||||||||||||||||
Fidelity Low Volatility Factor ETF | ||||||||||||||||
Six months ended January 31, 2020 | Year ended July 31, | Year ended July 31, | Year ended July 31, | |||||||||||||
(Unaudited) | 2019 | 2018 | 2017A | |||||||||||||
SelectedPer-Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 36.37 | $ | 32.40 | $ | 28.19 | $ | 25.31 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from Investment Operations | ||||||||||||||||
Net investment income (loss)B | 0.34 | 0.62 | 0.53 | 0.45 | ||||||||||||
Net realized and unrealized gain (loss) | 2.71 | 3.92 | 4.20 | 2.81 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 3.05 | 4.54 | 4.73 | 3.26 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions from net investment income | (0.30 | ) | (0.57 | ) | (0.52 | ) | (0.38 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.30 | ) | (0.57 | ) | (0.52 | ) | (0.38 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 39.12 | $ | 36.37 | $ | 32.40 | $ | 28.19 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total ReturnC,D | 8.43 | % | 14.20 | % | 16.89 | % | 12.94 | % | ||||||||
Ratios to Average Net AssetsE,F | ||||||||||||||||
Expense before reductions | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Expenses net of fee waivers, if any | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Expenses net of all reductions | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Net investment income (loss) | 1.79 | %G | 1.83 | % | 1.73 | % | 1.87 | %G | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000 omitted) | $ | 406,876 | $ | 245,502 | $ | 66,420 | $ | 33,833 | ||||||||
Portfolio turnover rateH,I | 13 | %J | 36 | % | 31 | % | 33 | %J |
A | For the period September 12, 2016 (commencement of operations) to July 31, 2017. |
B | Calculated based on average shares outstanding during the period. |
C | Total returns for periods of less than one year are not annualized. |
D | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
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 the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
F | Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds. |
G | Annualized. |
H | Amount does not include the portfolio activity of any underlying funds. |
I | Portfolio turnover rate excludes securities received or deliveredin-kind. |
J | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
58 |
Table of Contents
Financial Highlights | ||||||||||||||||
Fidelity Momentum Factor ETF | ||||||||||||||||
Six months ended January 31, 2020 | Year ended July 31, | Year ended July 31, | Year ended July 31, | |||||||||||||
(Unaudited) | 2019 | 2018 | 2017A | |||||||||||||
SelectedPer-Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 35.80 | $ | 33.58 | $ | 28.60 | $ | 25.34 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from Investment Operations | ||||||||||||||||
Net investment income (loss)B | 0.24 | 0.40 | 0.36 | 0.36 | ||||||||||||
Net realized and unrealized gain (loss) | 1.90 | 2.22 | 4.97 | 3.19 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 2.14 | 2.62 | 5.33 | 3.55 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions from net investment income | (0.24 | ) | (0.40 | ) | (0.35 | ) | (0.29 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.24 | ) | (0.40 | ) | (0.35 | ) | (0.29 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 37.70 | $ | 35.80 | $ | 33.58 | $ | 28.60 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total ReturnC,D | 5.97 | % | 7.91 | % | 18.72 | % | 14.11 | % | ||||||||
Ratios to Average Net AssetsE,F | ||||||||||||||||
Expense before reductions | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Expenses net of fee waivers, if any | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Expenses net of all reductions | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Net investment income (loss) | 1.36 | %G | 1.18 | % | 1.14 | % | 1.50 | %G | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000 omitted) | $ | 101,780 | $ | 121,736 | $ | 95,702 | $ | 35,745 | ||||||||
Portfolio turnover rateH,I | 64 | %J | 133 | % | 125 | % | 106 | %J |
A | For the period September 12, 2016 (commencement of operations) to July 31, 2017. |
B | Calculated based on average shares outstanding during the period. |
C | Total returns for periods of less than one year are not annualized. |
D | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
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 the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
F | Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds. |
G | Annualized. |
H | Amount does not include the portfolio activity of any underlying funds. |
I | Portfolio turnover rate excludes securities received or deliveredin-kind. |
J | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
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Financial Statements – continued
Financial Highlights | ||||||||||||||||
Fidelity Quality Factor ETF | ||||||||||||||||
Six months ended January 31, 2020 | Year ended July 31, | Year ended July 31, | Year ended July 31, | |||||||||||||
(Unaudited) | 2019 | 2018 | 2017A | |||||||||||||
SelectedPer-Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 35.28 | $ | 33.47 | $ | 29.11 | $ | 25.37 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from Investment Operations | ||||||||||||||||
Net investment income (loss)B | 0.30 | 0.58 | 0.53 | 0.45 | ||||||||||||
Net realized and unrealized gain (loss) | 2.44 | 1.77 | 4.38 | 3.62 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 2.74 | 2.35 | 4.91 | 4.07 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions from net investment income | (0.29 | ) | (0.54 | ) | (0.55 | ) | (0.33 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.29 | ) | (0.54 | ) | (0.55 | ) | (0.33 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 37.73 | $ | 35.28 | $ | 33.47 | $ | 29.11 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total ReturnC,D | 7.82 | % | 7.14 | % | 16.95 | % | 16.10 | % | ||||||||
Ratios to Average Net AssetsE,F | ||||||||||||||||
Expense before reductions | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Expenses net of fee waivers, if any | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Expenses net of all reductions | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Net investment income (loss) | 1.69 | %G | 1.72 | % | 1.66 | % | 1.84 | %G | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000 omitted) | $ | 158,485 | $ | 162,282 | $ | 65,259 | $ | 30,569 | ||||||||
Portfolio turnover rateH,I | 21 | %J | 29 | % | 30 | % | 35 | %J |
A | For the period September 12, 2016 (commencement of operations) to July 31, 2017. |
B | Calculated based on average shares outstanding during the period. |
C | Total returns for periods of less than one year are not annualized. |
D | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
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 the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
F | Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds. |
G | Annualized. |
H | Amount does not include the portfolio activity of any underlying funds. |
I | Portfolio turnover rate excludes securities received or deliveredin-kind. |
J | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
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Financial Highlights | ||||||||
FidelitySmall-Mid Factor ETF | ||||||||
Six months ended January 31, 2020 | Year ended July 31, | |||||||
(Unaudited) | 2019A | |||||||
SelectedPer-Share Data | ||||||||
Net asset value, beginning of period | $ | 25.50 | $ | 24.85 | ||||
|
|
|
| |||||
Income from Investment Operations | ||||||||
Net investment income (loss)B | 0.20 | 0.18 | ||||||
Net realized and unrealized gain (loss) | 0.90 | 0.64 | ||||||
|
|
|
| |||||
Total from investment operations | 1.10 | 0.82 | ||||||
|
|
|
| |||||
Distributions from net investment income | (0.19 | ) | (0.17 | ) | ||||
|
|
|
| |||||
Total distributions | (0.19 | ) | (0.17 | ) | ||||
|
|
|
| |||||
Net asset value, end of period | $ | 26.41 | $ | 25.50 | ||||
|
|
|
| |||||
Total ReturnC,D | 4.32 | % | 3.35 | % | ||||
Ratios to Average Net AssetsE,F,G | ||||||||
Expense before reductions | .29 | % | .29 | % | ||||
Expenses net of fee waivers, if any | .29 | % | .29 | % | ||||
Expenses net of all reductions | .29 | % | .29 | % | ||||
Net investment income (loss) | 1.55 | % | 1.70 | % | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 10,562 | $ | 7,650 | ||||
Portfolio turnover rateH,I,J | 25 | % | 2 | % |
A | For the period February 26, 2019 (commencement of operations) to July 31, 2019. |
B | Calculated based on average shares outstanding during the period. |
C | Total returns for periods of less than one year are not annualized. |
D | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
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 the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
G | Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds. |
H | Amount does not include the portfolio activity of any underlying funds. |
I | Amount not annualized. |
J | Portfolio turnover rate excludes securities received or deliveredin-kind. |
See accompanying notes which are an integral part of the financial statements.
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Financial Statements – continued
Financial Highlights | ||||
Fidelity Stocks For Inflation ETF | ||||
Six months ended January 31, 2020A | ||||
(Unaudited) | ||||
SelectedPer-Share Data | ||||
Net asset value, beginning of period | $ | 24.94 | ||
|
| |||
Income from Investment Operations | ||||
Net investment income (loss)B | 0.13 | |||
Net realized and unrealized gain (loss) | 0.58 | |||
|
| |||
Total from investment operations | 0.71 | |||
|
| |||
Distributions from net investment income | (0.11 | ) | ||
|
| |||
Total distributions | (0.11 | ) | ||
|
| |||
Net asset value, end of period | $ | 25.54 | ||
|
| |||
Total ReturnC | 2.86 | % | ||
Ratios to Average Net AssetsD,E | ||||
Expense before reductions | .29 | % | ||
Expenses net of fee waivers, if any | .29 | % | ||
Expenses net of all reductions | .29 | % | ||
Net investment income (loss) | 2.13 | % | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 2,554 | ||
Portfolio turnover rateF,G | 2 | % |
A | For the period November 5, 2019 (commencement of operations) to January 31, 2020. |
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 the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
F | Amount not annualized. |
G | Portfolio turnover rate excludes securities received or deliveredin-kind. |
See accompanying notes which are an integral part of the financial statements.
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Financial Highlights | ||||||||||||||||
Fidelity Value Factor ETF | ||||||||||||||||
Six months ended January 31, 2020 | Year ended July 31, | Year ended July 31, | Year ended July 31, | |||||||||||||
(Unaudited) | 2019 | 2018 | 2017A | |||||||||||||
SelectedPer-Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 34.53 | $ | 33.90 | $ | 29.72 | $ | 25.37 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from Investment Operations | ||||||||||||||||
Net investment income (loss)B | 0.38 | 0.70 | 0.58 | 0.49 | ||||||||||||
Net realized and unrealized gain (loss) | 2.61 | 0.59 | 4.18 | 4.23 | ||||||||||||
|
|
|
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|
|
|
| |||||||||
Total from investment operations | 2.99 | 1.29 | 4.76 | 4.72 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions from net investment income | (0.34 | ) | (0.66 | ) | (0.58 | ) | (0.37 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.34 | ) | (0.66 | ) | (0.58 | ) | (0.37 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 37.18 | $ | 34.53 | $ | 33.90 | $ | 29.72 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total ReturnC,D | 8.68 | % | 3.95 | % | 16.11 | % | 18.65 | % | ||||||||
Ratios to Average Net AssetsE,F | ||||||||||||||||
Expense before reductions | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Expenses net of fee waivers, if any | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Expenses net of all reductions | .29 | %G | .29 | % | .30 | % | .29 | %G | ||||||||
Net investment income (loss) | 2.10 | %G | 2.09 | % | 1.79 | % | 1.92 | %G | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000 omitted) | $ | 198,909 | $ | 136,403 | $ | 86,450 | $ | 38,639 | ||||||||
Portfolio turnover rateH,I | 19 | %J | 31 | % | 38 | % | 42 | %J |
A | For the period September 12, 2016 (commencement of operations) to July 31, 2017. |
B | Calculated based on average shares outstanding during the period. |
C | Total returns for periods of less than one year are not annualized. |
D | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
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 the reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests. |
F | Fees and expenses of any underlying Fidelity Central Funds are not included in the Funds’ expense ratio. Each Fund indirectly bears its proportionate share of expenses of any underlying Fidelity Central Funds. |
G | Annualized. |
H | Amount does not include the portfolio activity of any underlying funds. |
I | Portfolio turnover rate excludes securities received or deliveredin-kind. |
J | Amount not annualized. |
See accompanying notes which are an integral part of the financial statements.
63 |
Table of Contents
For the period ended January 31, 2020 (Unaudited)
1. Organization.
Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, FidelitySmall-Mid Factor ETF, Fidelity Stocks for Inflation ETF and Fidelity Value Factor ETF (the Funds) are 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 anopen-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Funds invest in Fidelity Central Funds, which areopen-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds’ Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to 0.01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund’s investments to the FairValue Committee (the Committee) established by each Fund’s investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund’s investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available)
Valuation techniques used to value each Fund’s investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments inopen-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
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Table of Contents
3. Significant Accounting Policies – continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of January 31, 2020, is included at the end of each applicable Fund’s Schedule of Investments.
Foreign Currency. The Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the 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 NYSEArca for Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, FidelitySmall-Mid Factor ETF and Fidelity Value Factor ETF and of Cboe BZX Exchange, Inc. (CboeBZX) for Fidelity Stocks for Inflation ETF, 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 theex-dividend date, except for certain dividends from foreign securities where theex-dividend date may have passed, which are recorded as soon as the Funds are informed of theex-dividend date.Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on theex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to theex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting fromin-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 theex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanentbook-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporarybook-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to redemptions in kind, partnerships, foreign currency transactions, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments | |||||||||||||
Fidelity Dividend ETF for Rising Rates | $ | 341,823,308 | $ | 57,885,690 | $ | (22,695,774 | ) | $ | 35,189,916 | |||||||
Fidelity High Dividend ETF | 518,668,782 | 59,142,057 | (22,876,412 | ) | 36,265,645 |
65 |
Table of Contents
Notes to Financial Statements – continued
3. Significant Accounting Policies – continued
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments | |||||||||||||
Fidelity Low Volatility Factor ETF | $ | 367,361,884 | $ | 42,724,223 | $ | (2,940,317 | ) | $ | 39,783,906 | |||||||
Fidelity Momentum Factor ETF | 92,255,561 | 11,555,574 | (1,066,455 | ) | 10,489,119 | |||||||||||
Fidelity Quality Factor ETF | 142,579,009 | 21,016,892 | (4,410,924 | ) | 16,605,968 | |||||||||||
FidelitySmall-Mid Factor ETF | 9,985,299 | 980,812 | (393,584 | ) | 587,228 | |||||||||||
Fidelity Stocks for Inflation ETF | 2,494,039 | 141,034 | (83,947 | ) | 57,087 | |||||||||||
Fidelity Value Factor ETF | 183,660,062 | 22,930,356 | (5,915,578 | ) | 17,014,778 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
No-expiration Short-term | No-expiration Long-term | Total capital loss carryforward | ||||||||||
Fidelity Dividend ETF for Rising Rates | $ | (10,147,107 | ) | $ | (978,157 | ) | $ | (11,125,264 | ) | |||
Fidelity High Dividend ETF | (8,400,022 | ) | (1,760,774 | ) | (10,160,796 | ) | ||||||
Fidelity Low Volatility Factor ETF | (1,861,196 | ) | (266,769 | ) | (2,127,965 | ) | ||||||
Fidelity Momentum Factor ETF | (6,947,825 | ) | — | (6,947,825 | ) | |||||||
Fidelity Quality Factor ETF | (1,964,586 | ) | (443,213 | ) | (2,407,799 | ) | ||||||
FidelitySmall-Mid Factor ETF | — | — | — | |||||||||
Fidelity Stocks for Inflation ETF | — | — | — | |||||||||
Fidelity Value Factor ETF | (2,755,459 | ) | (543,616 | ) | (3,299,075 | ) |
Certain of the Funds elected to defer to the next specified fiscal year ordinary losses recognized during the period November 1, 2018 to July 31, 2019. Loss deferrals were as follows:
Ordinary Losses | ||||
Fidelity Dividend ETF for Rising Rates | $ | (19,193 | ) |
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund’s Schedule of Investments.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds’ investment objective allows the Funds to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange orover-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Funds used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.
The Funds’ use of derivatives increased or decreased their exposure to the following risk:
Equity risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
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Table of Contents
4. Derivative Instruments – continued
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statements of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds used futures contracts to manage their exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts aremarked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statements of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statements of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption “Futures Contracts”. The notional amount at value reflects each contract’s exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statements of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities andin-kind transactions, are noted in the table below.
Purchases | Sales | |||||||
Fidelity Dividend ETF for Rising Rates | $ | 5,981,870 | $ | 5,400,367 | ||||
Fidelity High Dividend ETF | 14,621,818 | 8,351,379 | ||||||
Fidelity Low Volatility Factor ETF | 43,466,399 | 43,305,415 | ||||||
Fidelity Momentum Factor ETF | 73,366,110 | 73,856,602 | ||||||
Fidelity Quality Factor ETF | 32,591,592 | 32,655,280 | ||||||
FidelitySmall-Mid Factor ETF | 2,074,190 | 2,031,130 | ||||||
Fidelity Stocks for Inflation ETF | 66,647 | 53,223 | ||||||
Fidelity Value Factor ETF | 32,049,074 | 32,250,286 |
Securities received and deliveredin-kind through subscriptions and redemptions are noted in the table below.
In-kind Subscriptions | In-kind Redemptions | |||||||
Fidelity Dividend ETF for Rising Rates | $ | 8,582,165 | $ | 18,385,711 | ||||
Fidelity High Dividend ETF | 153,551,624 | — | ||||||
Fidelity Low Volatility Factor ETF | 188,460,008 | 51,835,194 | ||||||
Fidelity Momentum Factor ETF | 64,739,835 | 89,028,084 | ||||||
Fidelity Quality Factor ETF | 28,077,410 | 42,203,048 | ||||||
FidelitySmall-Mid Factor ETF | 2,713,368 | — | ||||||
Fidelity Stocks for Inflation ETF | 2,479,462 | — | ||||||
Fidelity Value Factor ETF | 83,093,181 | 33,184,173 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .29% of each Fund’s average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. For each Fund, with the exception of FidelitySmall-Mid Factor ETF and Fidelity Stocks for Inflation ETF, the management fee paid to the investment adviser is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees. Effective January 1, 2020, investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to “Fidelity Management & Research Company LLC”.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves assub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
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Notes to Financial Statements – continued
6. Fees and Other Transactions with Affiliates – continued
Interfund Trades. The Funds may purchase from or sell securities to other funds affiliated with eachsub-adviser under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Security Lending.
Certain Funds lend portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Funds. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Funds may lend securities to certain qualified borrowers. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end is disclosed on each applicable Fund’s Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented on each applicable Fund’s Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity was as follows:
Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | |||||||
Fidelity Dividend ETF for Rising Rates | $ | 448 | $ | — | ||||
Fidelity High Dividend ETF | 333 | — | ||||||
Fidelity Low Volatility Factor ETF | 412 | — | ||||||
Fidelity Momentum Factor ETF | 48 | — | ||||||
Fidelity Quality Factor ETF | 574 | — | ||||||
Fidelity Value Factor ETF | 160 | 6 |
8. Expense Reductions.
Through arrangements with each applicable Fund’s custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund’s expenses by the following amounts:
Amount | ||||
Fidelity Dividend ETF for Rising Rates | $ | 82 | ||
Fidelity High Dividend ETF | 82 | |||
Fidelity Low Volatility Factor ETF | 290 | |||
Fidelity Momentum Factor ETF | 312 | |||
Fidelity Quality Factor ETF | 290 | |||
FidelitySmall-Mid Factor ETF | 73 | |||
Fidelity Value Factor ETF | 285 |
9. 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.
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10. Other.
The Funds’ organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the 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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Shareholder Expense Example (Unaudited)
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2019 to January 31, 2020) for Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, FidelitySmall-Mid Factor ETF and Fidelity Value Factor ETF and for the period (November 5, 2019 to January 31, 2020) for Fidelity Stocks for Inflation ETF. The hypothetical expense Example is based on an investment of $1,000 invested for theone-half year period (August 1, 2019 to January 31, 2020).
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 Fidelity Central Funds, will indirectly bear itspro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in 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 Fidelity Central Funds, will indirectly bear itspro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in 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 | Ending Account Value January 31, 2020 | Expenses Paid During Period | |||||||||||||
Fidelity Dividend ETF For Rising Rates | 0.29% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,089.60 | $ | 1.52 | B | |||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,023.68 | $ | 1.48 | D | |||||||||
Fidelity High Dividend ETF | 0.29% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,087.80 | $ | 1.52 | B | |||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,023.68 | $ | 1.48 | D | |||||||||
Fidelity Low Volatility Factor ETF | 0.29% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,084.30 | $ | 1.52 | B | |||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,023.68 | $ | 1.48 | D | |||||||||
Fidelity Momentum Factor ETF | 0.29% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,059.70 | $ | 1.50 | B | |||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,023.68 | $ | 1.48 | D | |||||||||
Fidelity Quality Factor ETF | 0.29% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,078.20 | $ | 1.51 | B | |||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,023.68 | $ | 1.48 | D | |||||||||
FidelitySmall-Mid Factor ETF | 0.29% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,043.20 | $ | 1.49 | B | |||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,023.68 | $ | 1.48 | D |
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Annualized Expense RatioA | Beginning Account Value | Ending Account Value January 31, 2020 | Expenses Paid During Period | |||||||||||||
Fidelity Stocks For Inflation ETF | 0.29% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,028.60 | $ | 0.71 | B | |||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,011.33 | $ | 0.70 | D | |||||||||
Fidelity Value Factor ETF | 0.29% | |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,086.80 | $ | 1.52 | B | |||||||||
HypotheticalC | $ | 1,000.00 | $ | 1,023.68 | $ | 1.48 | D |
A | Annualized expense ratio reflects expenses net of applicable fee waivers. |
B | Actual expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect theone-half year period) for Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, FidelitySmall-Mid Factor ETF and Fidelity Value Factor ETF and multiplied by 88/366 (to reflect the period November 5, 2019 to January 31, 2020) for Fidelity Stocks for Inflation ETF. |
C | 5% return per year before expenses. |
D | Hypothetical expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect theone-half year period). |
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Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Stocks for Inflation ETF
At its September 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with FMR Co., Inc. (FMRC) and thesub-advisory agreement with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts) for the fund. FMRC and Geode are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund’s investment objective, strategies, and related investment philosophy. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity’s and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted tonon-U.S. offices, including expansion of Fidelity’s global investment organization. Additionally,in its deliberations, the Board considered Fidelity’s and Geode’s trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers, and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment Performance. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund’s Advisory Contracts. The Board considered Geode’s experience in managing certain existing Fidelity factor-based ETFs, equity index and enhanced index mutual funds.
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. In reviewing the Advisory Contracts, the Board considered the fund’sall-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMRC under theall-inclusive arrangement. The Board noted that the fund’s proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of the fund is below the median of those funds and classes used by the Board for management fee comparisons.
Based on its review, the Board concluded that the fund’s management fee and projected total expense ratio were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund’s Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund’s shareholders.
Economies of Scale. The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory andsub-advisory fee arrangements are fair and reasonable, and that the fund’s Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Stocks for Inflation ETF
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Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and thesub-advisory agreement(Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. 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.
Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract andsub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity’s advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board noted that the Amended and Restated Contracts will reflect the replacement of FMRC with FMR and will take effect upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR’s new form of organization and domicile. The Board also noted Fidelity’s assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.
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 the fund’s Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), 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 Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund’s Advisory Contracts. The Board also meets as needed to review 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 joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its January 2020 meeting, the Board unanimously determined to renew the 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 provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund’s management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the 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 the 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 the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that the 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 this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund’s investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers’ investments, if any, in the funds that they manage.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity’s role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under theSub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund’s investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity’s and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and Geode’s approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity’s and Geode’s investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results
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Board Approval of Investment Advisory Contracts and Management Fees – continued
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 Fidelity’s and Geode’s trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR’s affiliates under separate agreements covering pricing and bookkeeping and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally State Street Bank and Trust Company, the fund’s transfer agent and custodian; and (iii) the resources devoted to, and the record of compliance with, the fund’s compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, 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 and convenience of the Fidelity funds as investment vehicles. These services include24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity’s investment research process, which includes meetings with management of issuers of securities in which the funds invest, 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 ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity’s product line to increase investors’ probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund’s management fee and total expense ratio. The Board further considered that it received and reviewed information regarding the fund’s management fee rate and total expense ratio compared to “mapped groups” of competitive funds in connection with the approval of the management contract andsub-advisory agreement in July 2019. The Board noted that, because the fund did not commence operations until November 2019, no new competitive management fee and expense information was considered by the Board.
Based on its review, the Board concluded that the fund’s management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the Fidelity funds and servicing the Fidelity funds’ shareholders.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the Fidelity funds. Fidelity calculates profitability information for each Fidelity 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 and the full Board approves such changes.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of Fidelity’s profitability analysis. PwC’s engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed-upon procedures in
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respect of the mathematical accuracy of the Fidelity fund profitability information 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 Fidelity’s and Geode’snon-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity’s mutual fund business (i.e.,fall-out benefits) as well as cases where Fidelity’s and Geode’s affiliates may benefit from the Fidelity funds’ business. The Board noted that changes tofall-out benefits year-over-year reflect business developments at Fidelity’s various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potentialfall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potentialfall-out benefits; (ii) reviewed the Board’s responsibilities and approach to potentialfall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potentialfall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the Fidelity funds, including the conclusions of the PFOB Committee, 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 the 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 the 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 recognized that, due to the fund’s current contractual arrangements, its expense ratio will not decline if the fund’s operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes 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) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity’s long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity’snon-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity’s philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
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 andsub-advisory fee arrangements are fair and reasonable, and that the fund’s Amended and Restated Contracts should be approved and the fund’s Advisory Contracts should be renewed.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Factor-Based ETFs
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and thesub-advisory agreement(Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. 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.
Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract andsub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity’s advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board noted that the Amended and Restated Contracts will reflect the replacement of FMRC with FMR and will take effect upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR’s new form of organization and domicile. The Board also noted Fidelity’s assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.
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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 various standing committees (Committees), 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 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 review 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 joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its January 2020 meeting, the Board unanimously determined to renew each fund’s Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services 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 provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees’ counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board’s decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that each fund’s shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds’ investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers’ investments, if any, in the funds that they manage.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity’s role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under theSub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund’s investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity’s and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and Geode’s approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity’s and Geode’s investment professionals 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 Fidelity’s and Geode’s trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services.The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR’s affiliates under separate agreements covering pricing and bookkeeping and securities lending 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, 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 and convenience of the Fidelity funds as investment vehicles. These services include24-hour access to account information and market information over the Internet and through telephone representatives, 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 Fidelity’s investment research process, which includes meetings with management of issuers of securities in which the funds invest, 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 ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity’s product line to increase investors’ probability of success in achieving their investment goals, including retirement income goals.
Investment Performance (for each fund except FidelitySmall-Mid Factor ETF). 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 took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund’s tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund’s performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to a fund’s benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund’s benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for whichone-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for each fund and its benchmark index for the most recentone-year period ended June 30, 2019, as shown below. Peer groups are not shown below because each fund does not generally utilize a peer group for performance comparison purposes.
Fidelity Dividend ETF for Rising Rates
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Fidelity High Dividend ETF
Fidelity Low Volatility Factor ETF
Fidelity Momentum Factor ETF
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Fidelity Quality Factor ETF
Fidelity Value Factor ETF
Investment Performance (for FidelitySmall-Mid Factor ETF). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to 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’ competitive analysis 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.
Management Fee. The Board considered two proprietary management fee comparisons for the12-month (or shorter) periods ended June 30 (December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group.” The Total Mapped Group comparison focuses on a fund’s standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, 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
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arrangements (e.g., flat rate charged for advisory services,all-inclusive fee rate, etc.). “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund’s. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds’ actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The“Asset-Sized Peer Group” (ASPG) comparison focuses on a fund’s standing relative to a subset ofnon-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 included in the charts and was considered by the Board.
Fidelity Dividend ETF for Rising Rates
Fidelity High Dividend ETF
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Fidelity Low Volatility Factor ETF
Fidelity Momentum Factor ETF
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Fidelity Quality Factor ETF
FidelitySmall-Mid Factor ETF
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Fidelity Value Factor ETF
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 period ended June 30, 2019.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct anin-depth review of the “group fee” component of the management fee of funds with such management fee structures. The Committee’s focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that each fund’s management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each fund’s total expense ratio, the Board considered the fund’sall-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under theall-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and, for each fund except FidelitySmall-Mid Factor ETF, historical total expense ratios of each fund compared to competitive fund median expenses.
The Board noted that each fund’s total expense ratio ranked below the competitive median for the period ended June 30, 2019.
Fees Charged to Other Clients. The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity’s institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee’s review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of 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 the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund’s shareholders. The Board also considered the level of Fidelity’s profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships 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 and the full Board approves such changes.
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PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of Fidelity’s profitability analysis. PwC’s engagement includes the review and assessment of the methodologies used by Fidelity 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 the fund profitability information 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 Fidelity’s and Geode’snon-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity’s mutual fund business (i.e.,fall-out benefits) as well as cases where Fidelity’s and Geode’s affiliates may benefit from the funds’ business. The Board noted that changes tofall-out benefits year-over-year reflect business developments at Fidelity’s and Geode’s various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potentialfall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potentialfall-out benefits; (ii) reviewed the Board’s responsibilities and approach to potentialfall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potentialfall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode’s relationship with each fund except FidelitySmall-Mid Factor ETF.
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 recognized that, due to each fund’s current contractual arrangements, its expense ratio will not decline if the fund’s operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes 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) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity’s long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity’snon-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity’s philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
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 andsub-advisory fee arrangements are fair and reasonable, and that each fund’s Amended and Restated Contracts should be approved and each fund’s Advisory Contracts should be renewed.
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CPF-SANN-0320 1.9881295.103 |
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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.
Item 6. | Investments |
(a) | Not applicable. |
(b) | Not applicable |
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies |
Not applicable.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies |
Not applicable.
Item 9. | Purchase of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Covington Trust’s Board of Trustees.
Item 11. | Controls and Procedures |
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Covington Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
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(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities forClosed-End Management Investment Companies |
Not applicable.
Item 13. | Exhibits |
(a) | (1) | Not applicable. | ||
(a) | (2) | Certification pursuant to Rule30a-2(a) under the Investment Company Act of 1940 (17 CFR270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | ||
(a) | (3) | Not applicable. | ||
(b) | Certification pursuant to Rule30a-2(b) under the Investment Company Act of 1940 (17 CFR270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
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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/ Stacie M. Smith | |
Stacie M. Smith | ||
President and Treasurer | ||
Date: | March 25, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Stacie M. Smith | |
Stacie M. Smith | ||
President and Treasurer | ||
Date: | March 25, 2020 |
By: | /s/ John J. Burke III | |
John J. Burke III | ||
Chief Financial Officer | ||
Date: | March 25, 2020 |