UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07319
Fidelity Covington Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, 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: October 31
Date of reporting period: April 30, 2021
Item 1. | Reports to Stockholders |
Semi-Annual Report | 3 |
4 | Semi-Annual Report |
% of fund's net assets | |
Tencent Holdings Ltd. | 5.8 |
Samsung Electronics Co. Ltd. | 4.2 |
Alibaba Group Holding Ltd. ADR | 4.1 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.0 |
Vale S.A. | 1.4 |
Hindustan Unilever Ltd. | 1.2 |
Petronas Gas Bhd | 1.2 |
China Medical System Holdings Ltd. | 1.2 |
Manila Electric Co. | 1.2 |
Cia Paranaense de Energia | 1.2 |
25.5 |
% of fund's net assets | ||
Information Technology | 17.2 | |
Communication Services | 15.3 | |
Consumer Discretionary | 14.8 | |
Financials | 14.4 | |
Materials | 13.0 | |
Health Care | 9.8 | |
Consumer Staples | 8.8 | |
Utilities | 5.8 | |
Energy | 0.3 | |
Industrials | 0.3 |
% of funds's net assets | ||
Stocks | 99.7% | |
Net Other Assets (Liabilities) | 0.3% |
Semi-Annual Report | 5 |
% of fund's net assets | |
Klepierre S.A. | 4.1 |
BP PLC | 3.4 |
Hongkong Land Holdings Ltd. | 3.3 |
Enbridge, Inc. | 3.2 |
Daito Trust Construction Co. Ltd. | 3.2 |
TOTAL S.A. | 3.2 |
Vodafone Group PLC | 2.7 |
Telefonica S.A. | 2.5 |
KDDI Corp. | 2.5 |
National Grid PLC | 2.5 |
30.6 |
% of fund's net assets | ||
Financials | 27.4 | |
Communication Services | 12.1 | |
Energy | 11.8 | |
Utilities | 11.4 | |
Real Estate | 10.7 | |
Industrials | 9.3 | |
Consumer Discretionary | 4.8 | |
Health Care | 4.5 | |
Information Technology | 2.9 | |
Consumer Staples | 2.6 | |
Materials | 1.7 |
% of funds's net assets | ||
Stocks and Equity Futures | 100.0% |
6 | Semi-Annual Report |
% of fund's net assets | |
Nestle S.A. | 2.3 |
Roche Holding AG | 1.7 |
Novartis AG | 1.5 |
Enel SpA | 1.5 |
Unilever PLC | 1.4 |
Osaka Gas Co. Ltd. | 1.3 |
Snam SpA | 1.2 |
Advance Residence Investment Corp. | 1.2 |
TAG Immobilien AG | 1.2 |
PSP Swiss Property AG | 1.1 |
14.4 |
% of fund's net assets | ||
Health Care | 15.6 | |
Financials | 14.5 | |
Consumer Staples | 13.6 | |
Industrials | 11.8 | |
Consumer Discretionary | 9.1 | |
Communication Services | 8.9 | |
Utilities | 8.2 | |
Real Estate | 7.5 | |
Information Technology | 5.5 | |
Materials | 4.3 |
% of funds's net assets | ||
Stocks and Equity Futures | 99.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.2% |
Semi-Annual Report | 7 |
% of fund's net assets | |
Nestle S.A. | 2.2 |
Roche Holding AG | 1.6 |
SAP SE | 1.5 |
Toyota Motor Corp. | 1.5 |
Novartis AG | 1.4 |
Rio Tinto Ltd. | 1.3 |
AP Moller - Maersk A/S Class B | 1.3 |
Manulife Financial Corp. | 1.3 |
Aviva PLC | 1.3 |
Allianz SE | 1.3 |
14.7 |
% of fund's net assets | ||
Financials | 18.9 | |
Industrials | 16.1 | |
Consumer Discretionary | 11.5 | |
Health Care | 10.8 | |
Information Technology | 9.4 | |
Consumer Staples | 8.9 | |
Materials | 8.7 | |
Communication Services | 4.9 | |
Energy | 4.0 | |
Utilities | 3.4 | |
Real Estate | 2.5 |
% of funds's net assets | ||
Stocks and Equity Futures | 99.9% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.1% |
8 | Semi-Annual Report |
Common Stocks – 98.1% | ||
Shares | Value | |
BRAZIL – 3.4% | ||
Ambev S.A. | 69,900 | $ 192,490 |
B3 S.A. - Brasil Bolsa Balcao | 9,800 | 93,028 |
BB Seguridade Participacoes S.A. | 13,400 | 55,154 |
Cosan S.A. | 900 | 14,940 |
Lojas Renner S.A. | 11,170 | 83,179 |
Vale S.A. | 15,400 | 309,462 |
WEG S.A. | 1,000 | 6,453 |
TOTAL BRAZIL | 754,706 | |
CAYMAN ISLANDS – 20.1% | ||
Alibaba Group Holding Ltd. ADR (a) | 3,930 | 907,633 |
ANTA Sports Products Ltd. | 6,000 | 107,766 |
Autohome, Inc. ADR | 1,054 | 97,737 |
Baozun, Inc. ADR (a) | 118 | 4,096 |
China Medical System Holdings Ltd. | 116,000 | 268,835 |
China Meidong Auto Holdings Ltd. | 22,000 | 110,045 |
Fu Shou Yuan International Group Ltd. | 82,000 | 88,685 |
GSX Techedu, Inc. (a) | 213 | 6,805 |
Hengan International Group Co. Ltd. | 32,500 | 210,687 |
Huazhu Group Ltd. ADR (a) | 305 | 17,983 |
JD.com, Inc. ADR (a) | 1,915 | 148,144 |
Kingboard Laminates Holdings Ltd. | 44,500 | 111,266 |
Kingdee International Software Group Co. Ltd. | 21,000 | 69,488 |
NetEase, Inc. ADR | 1,987 | 222,663 |
New Oriental Education & Technology Group, Inc. ADR (a) | 3,160 | 48,222 |
NIO, Inc. ADR (a) | 2,737 | 109,042 |
Parade Technologies Ltd. | 1,000 | 49,583 |
Pinduoduo, Inc. ADR (a) | 746 | 99,912 |
TAL Education Group ADR (a) | 846 | 48,180 |
Tencent Holdings Ltd. | 16,100 | 1,291,424 |
Topsports International Holdings Ltd. (b) | 51,000 | 68,947 |
Trip.com Group Ltd. ADR (a) | 966 | 37,751 |
Vipshop Holdings Ltd. ADR (a) | 821 | 25,262 |
Want Want China Holdings Ltd. | 315,000 | 228,336 |
XD, Inc. (a) | 5,200 | 45,092 |
Yadea Group Holdings Ltd. (b) | 32,000 | 70,041 |
TOTAL CAYMAN ISLANDS | 4,493,625 | |
CHILE – 0.0% | ||
Falabella S.A. | 1,597 | 7,178 |
TOTAL CHILE | 7,178 | |
CHINA – 11.1% | ||
360 DigiTech, Inc. (a) | 3,504 | 89,737 |
Agricultural Bank of China Ltd. Class H | 217,000 | 84,377 |
A-Living Smart City Services Co. Ltd. (b) | 2,000 | 9,219 |
Anhui Conch Cement Co. Ltd. Class H | 32,000 | 191,377 |
| ||
Shares | Value | |
Bank of China Ltd. Class H | 307,000 | $ 122,138 |
Bank of Communications Co. Ltd. Class H | 133,000 | 85,107 |
China Cinda Asset Management Co. Ltd. | 242,000 | 47,672 |
China Construction Bank Corp. Class H | 264,000 | 209,042 |
China Pacific Insurance Group Co. Ltd. Class H | 16,800 | 60,781 |
China Shenhua Energy Co. Ltd. Class H | 5,500 | 11,472 |
Ever Sunshine Lifestyle Services Group Ltd. | 4,000 | 9,898 |
GF Securities Co. Ltd. Class H | 33,800 | 49,002 |
Industrial & Commercial Bank of China Ltd. Class H | 245,000 | 159,614 |
Jiumaojiu International Holdings Ltd. (a)(b) | 20,000 | 83,689 |
Li Auto, Inc. ADR (a) | 321 | 6,337 |
Li Ning Co. Ltd. | 16,500 | 134,688 |
Microport Scientific Corp. | 29,000 | 209,467 |
Niu Technologies ADR (a) | 57 | 2,130 |
Shanghai Pharmaceuticals Holding Co. Ltd. | 110,000 | 250,398 |
Sinopharm Group Co. Ltd. | 81,200 | 251,958 |
Tencent Music Entertainment Group (a) | 5,355 | 93,284 |
The People's Insurance Co. Group of China Ltd. Class H | 156,000 | 53,427 |
Tianneng Power International Ltd. | 42,000 | 77,112 |
TravelSky Technology Ltd. Class H | 32,000 | 70,288 |
Yangzijiang Shipbuilding Holdings Ltd. | 10,600 | 11,394 |
Zhongsheng Group Holdings Ltd. | 13,000 | 98,502 |
TOTAL CHINA | 2,472,110 | |
EGYPT – 0.3% | ||
Commercial International Bank Egypt SAE | 17,569 | 65,362 |
TOTAL EGYPT | 65,362 | |
HONG KONG – 1.9% | ||
Far East Horizon Ltd. | 44,000 | 50,419 |
Guangdong Investment Ltd. | 170,000 | 261,779 |
Kingboard Holdings Ltd. | 17,500 | 103,646 |
TOTAL HONG KONG | 415,844 | |
HUNGARY – 0.9% | ||
Richter Gedeon Nyrt | 6,685 | 191,493 |
TOTAL HUNGARY | 191,493 | |
INDIA – 7.9% | ||
Asian Paints Ltd. | 5,159 | 176,655 |
Bajaj Auto Ltd. | 818 | 42,337 |
Bharat Electronics Ltd. | 4,148 | 7,378 |
Semi-Annual Report | 9 |
Common Stocks – continued | ||
Shares | Value | |
INDIA – continued | ||
Coal India Ltd. | 4,757 | $ 8,545 |
Coromandel International Ltd. | 12,631 | 126,510 |
Divi's Laboratories Ltd. (a) | 4,174 | 228,914 |
Eicher Motors Ltd. | 1,276 | 41,716 |
HCL Technologies Ltd. | 3,410 | 41,384 |
HDFC Life Insurance Co. Ltd. (a)(b) | 9,897 | 88,866 |
Hero MotoCorp Ltd. | 1,116 | 42,474 |
Hindustan Unilever Ltd. | 8,526 | 270,925 |
ICICI Prudential Life Insurance Co. Ltd. (a)(b) | 12,688 | 89,406 |
Infosys Ltd. | 8,745 | 159,895 |
Kotak Mahindra Bank Ltd. (a) | 5,315 | 125,483 |
Max Financial Services Ltd. (a) | 8,412 | 101,742 |
Muthoot Finance Ltd. | 5,078 | 79,345 |
Tata Consultancy Services Ltd. | 2,604 | 106,718 |
Wipro Ltd. | 5,576 | 37,093 |
TOTAL INDIA | 1,775,386 | |
INDONESIA – 2.0% | ||
Adaro Energy Tbk PT | 99,700 | 8,593 |
Bank Central Asia Tbk PT | 43,500 | 96,441 |
Bank Rakyat Indonesia Persero Tbk PT | 271,900 | 76,234 |
Kalbe Farma Tbk PT | 1,794,700 | 178,911 |
Telkom Indonesia Persero Tbk PT | 355,200 | 78,687 |
United Tractors Tbk PT | 5,300 | 7,769 |
TOTAL INDONESIA | 446,635 | |
JERSEY – 1.1% | ||
Polymetal International PLC | 5,547 | 114,856 |
WNS Holdings Ltd. ADR (a) | 1,735 | 125,666 |
TOTAL JERSEY | 240,522 | |
MALAYSIA – 4.7% | ||
DiGi.Com Bhd | 63,800 | 65,258 |
Genting Bhd | 54,500 | 66,256 |
Malayan Banking Bhd | 38,923 | 78,199 |
Nestle Malaysia Bhd | 5,700 | 188,822 |
Petronas Chemicals Group Bhd | 65,900 | 131,916 |
Petronas Dagangan Bhd | 1,700 | 8,366 |
Petronas Gas Bhd | 70,000 | 268,968 |
PPB Group Bhd | 42,700 | 192,840 |
Telekom Malaysia Bhd | 38,100 | 53,108 |
TOTAL MALAYSIA | 1,053,733 | |
MAURITIUS – 0.0% | ||
MakeMyTrip Ltd. (a) | 101 | 2,769 |
TOTAL MAURITIUS | 2,769 |
| ||
Shares | Value | |
MEXICO – 2.5% | ||
Grupo Aeroportuario del Sureste SAB de CV Class B (a) | 370 | $ 6,284 |
Grupo Mexico S.A.B. de C.V. | 31,500 | 142,975 |
Kimberly-Clark de Mexico SAB de CV Class A | 97,700 | 169,496 |
Megacable Holdings SAB de CV | 30,500 | 112,040 |
Orbia Advance Corp. SAB de CV | 48,500 | 135,827 |
TOTAL MEXICO | 566,622 | |
PHILIPPINES – 1.7% | ||
Globe Telecom, Inc. | 1,325 | 50,441 |
Manila Electric Co. | 46,900 | 265,718 |
PLDT, Inc. | 2,025 | 53,663 |
TOTAL PHILIPPINES | 369,822 | |
POLAND – 0.1% | ||
Asseco Poland S.A. | 826 | 15,358 |
TOTAL POLAND | 15,358 | |
RUSSIA – 3.5% | ||
Inter RAO UES PJSC (a) | 3,556,800 | 232,449 |
LUKOIL PJSC | 149 | 11,504 |
MMC Norilsk Nickel PJSC | 486 | 166,108 |
Mobile TeleSystems PJSC | 13,238 | 112,126 |
Novatek PJSC | 494 | 8,936 |
Sberbank of Russia PJSC | 41,480 | 164,492 |
Surgutneftegas PJSC | 14,700 | 6,669 |
VTB Bank PJSC | 131,600,000 | 90,133 |
TOTAL RUSSIA | 792,417 | |
SAUDI ARABIA – 3.2% | ||
Al Rajhi Bank | 5,019 | 132,364 |
Jarir Marketing Co. | 2,072 | 109,951 |
Mouwasat Medical Services Co. | 4,845 | 229,195 |
Southern Province Cement Co. | 8,431 | 189,524 |
The Co. for Cooperative Insurance (a) | 2,366 | 48,959 |
TOTAL SAUDI ARABIA | 709,993 | |
SOUTH AFRICA – 3.9% | ||
African Rainbow Minerals Ltd. | 8,239 | 153,967 |
AVI Ltd. | 32,025 | 156,577 |
Capitec Bank Holdings Ltd. (a) | 835 | 85,552 |
Kumba Iron Ore Ltd. | 3,745 | 169,943 |
Mr Price Group Ltd. | 8,229 | 103,155 |
Rand Merchant Investment Holdings Ltd. | 30,674 | 62,331 |
Vodacom Group Ltd. | 15,561 | 134,860 |
TOTAL SOUTH AFRICA | 866,385 |
10 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
SOUTH KOREA – 14.5% | ||
Cheil Worldwide, Inc. | 3,048 | $ 60,146 |
Chong Kun Dang Pharmaceutical Corp. | 1,279 | 159,825 |
Com2uSCorp | 374 | 49,593 |
DB HiTek Co. Ltd. | 82 | 4,077 |
DB Insurance Co. Ltd. | 2,143 | 94,305 |
Douzone Bizon Co. Ltd. | 36 | 2,728 |
GS Engineering & Construction Corp. | 225 | 8,930 |
Hankook Tire & Technology Co. Ltd. | 2,234 | 96,602 |
Iljin Materials Co. Ltd. | 56 | 3,479 |
Kangwon Land, Inc. (a) | 4,205 | 95,641 |
KMW Co. Ltd. (a) | 50 | 2,580 |
KT&G Corp. | 2,959 | 219,195 |
Kumho Petrochemical Co. Ltd. | 888 | 207,561 |
L&F Co. Ltd. | 42 | 3,428 |
LEENO Industrial, Inc. | 18 | 2,638 |
LG Display Co. Ltd. (a) | 477 | 10,420 |
LG Innotek Co. Ltd. | 29 | 5,240 |
Lotte Chemical Corp. | 793 | 216,723 |
NAVER Corp. | 549 | 177,431 |
NCSoft Corp. | 102 | 76,109 |
Pearl Abyss Corp. (a) | 950 | 48,168 |
S-1 Corp. | 112 | 8,206 |
Samsung Electro-Mechanics Co. Ltd. | 126 | 20,276 |
Samsung Electronics Co. Ltd. | 12,685 | 929,409 |
Samsung SDI Co. Ltd. | 121 | 71,141 |
Samsung SDS Co. Ltd. | 84 | 13,819 |
Seegene, Inc. | 2,786 | 234,431 |
SK Hynix, Inc. | 1,158 | 133,253 |
SK Telecom Co. Ltd. | 347 | 94,678 |
WONIK IPS Co. Ltd. | 65 | 2,969 |
Woongjin Coway Co. Ltd. | 1,432 | 86,125 |
Woori Financial Group, Inc. | 9,525 | 91,624 |
TOTAL SOUTH KOREA | 3,230,750 | |
TAIWAN – 11.9% | ||
ASMedia Technology, Inc. | 1,000 | 42,244 |
Asustek Computer, Inc. | 4,000 | 53,843 |
Catcher Technology Co. Ltd. | 5,000 | 35,352 |
Cathay Financial Holding Co. Ltd. | 68,000 | 127,319 |
Chailease Holding Co. Ltd. | 15,000 | 108,474 |
Chicony Electronics Co. Ltd. | 10,000 | 30,251 |
Chipbond Technology Corp. | 12,000 | 33,251 |
Chunghwa Telecom Co. Ltd. | 24,000 | 97,949 |
Elan Microelectronics Corp. | 5,000 | 38,396 |
eMemory Technology, Inc. | 1,000 | 36,874 |
Far EasTone Telecommunications Co. Ltd. | 29,000 | 67,587 |
Formosa Plastics Corp. | 44,000 | 166,971 |
International Games System Co. Ltd. | 2,000 | 55,347 |
Lite-On Technology Corp. | 18,000 | 41,177 |
| ||
Shares | Value | |
MediaTek, Inc. | 4,000 | $ 169,692 |
Novatek Microelectronics Corp. | 3,000 | 67,018 |
Pegatron Corp. | 14,000 | 36,888 |
Pou Chen Corp. | 63,000 | 80,292 |
Radiant Opto-Electronics Corp. | 8,000 | 36,802 |
Simplo Technology Co. Ltd. | 2,000 | 26,850 |
Sinbon Electronics Co. Ltd. | 3,000 | 27,924 |
Taiwan Cement Corp. | 84,800 | 158,167 |
Taiwan Cooperative Financial Holding Co. Ltd. | 122,202 | 93,621 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 42,000 | 902,159 |
Tripod Technology Corp. | 7,000 | 34,833 |
United Microelectronics Corp. | 39,000 | 79,164 |
TOTAL TAIWAN | 2,648,445 | |
THAILAND – 1.2% | ||
Advanced Info Service PCL | 2,400 | 13,180 |
Advanced Info Service PCL | 9,600 | 52,721 |
Intouch Holdings PCL | 27,400 | 56,098 |
Intouch Holdings PCL | 1,100 | 2,252 |
Intouch Holdings PCL Class F | 3,300 | 6,756 |
The Siam Cement PCL | 8,100 | 120,183 |
The Siam Cement PCL | 1,300 | 19,289 |
TOTAL THAILAND | 270,479 | |
TURKEY – 1.1% | ||
Akbank T.A.S. | 68,232 | 40,156 |
Arcelik AS | 18,952 | 78,578 |
BIM Birlesik Magazalar AS | 16,952 | 132,885 |
Enka Insaat ve Sanayi AS | 4,709 | 4,458 |
TOTAL TURKEY | 256,077 | |
UNITED ARAB EMIRATES – 0.9% | ||
Dubai Islamic Bank PJSC | 46,397 | 56,209 |
Emirates Telecommunications Group Co. PJSC | 26,285 | 151,564 |
TOTAL UNITED ARAB EMIRATES | 207,773 | |
UNITED STATES OF AMERICA – 0.2% | ||
Yum China Holdings, Inc. | 889 | 55,936 |
TOTAL UNITED STATES OF AMERICA | 55,936 | |
TOTAL COMMON STOCKS (Cost $20,334,893) | 21,909,420 | |
Preferred Stock – 1.6% | ||
BRAZIL – 1.6% | ||
Cia Paranaense de Energia | 237,100 | 273,581 |
Semi-Annual Report | 11 |
Preferred Stock – continued | ||
Shares | Value | |
BRAZIL – continued | ||
Itausa - Investimentos Itau S.A. | 40,700 | $ 75,470 |
TOTAL BRAZIL | 349,051 | |
RUSSIA – 0.0% | ||
Transneft PJSC | 3 | 5,666 |
TOTAL RUSSIA | 5,666 | |
TOTAL PREFERRED STOCKS (Cost $378,399) | 354,717 | |
TOTAL INVESTMENT IN SECURITIES – 99.7% (Cost $20,713,292) | 22,264,137 | |
NET OTHER ASSETS (LIABILITIES) – 0.3% | 66,826 | |
NET ASSETS – 100.0% | $ 22,330,963 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. | ||
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 $410,168 or 1.8% of net assets. |
Fund | Income earned |
Fidelity Cash Central Fund | $12 |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 3,419,962 | $ 3,419,962 | $ — | $ — | ||||
Consumer Discretionary | 3,293,161 | 3,293,161 | — | — | ||||
Consumer Staples | 1,962,253 | 1,962,253 | — | — | ||||
Energy | 86,794 | 86,794 | — | — | ||||
Financials | 3,156,115 | 3,156,115 | — | — | ||||
Health Care | 2,203,427 | 2,203,427 | — | — | ||||
Industrials | 72,220 | 72,220 | — | — | ||||
Information Technology | 3,788,560 | 3,788,560 | — | — | ||||
Materials | 2,898,014 | 2,898,014 | — | — | ||||
Utilities | 1,028,914 | 1,028,914 | — | — | ||||
Preferred Stock | 354,717 | 354,717 | — | — | ||||
Total Investments in Securities: | $ 22,264,137 | $ 22,264,137 | $ — | $ — |
12 | Semi-Annual Report |
Common Stocks – 99.2% | ||
Shares | Value | |
AUSTRALIA – 6.6% | ||
Coles Group Ltd. | 12,291 | $ 154,945 |
Commonwealth Bank of Australia | 18,416 | 1,266,633 |
Computershare Ltd. | 14,671 | 160,017 |
Fortescue Metals Group Ltd. | 11,178 | 195,052 |
QBE Insurance Group Ltd. | 128,662 | 979,936 |
Sonic Healthcare Ltd. | 11,803 | 327,126 |
Wesfarmers Ltd. | 6,544 | 273,522 |
Woodside Petroleum Ltd. | 84,554 | 1,493,072 |
TOTAL AUSTRALIA | 4,850,303 | |
BERMUDA – 3.8% | ||
Hongkong Land Holdings Ltd. | 498,325 | 2,466,709 |
Jardine Matheson Holdings Ltd. | 4,582 | 308,093 |
TOTAL BERMUDA | 2,774,802 | |
CANADA – 11.2% | ||
Emera Inc. | 32,274 | 1,465,736 |
Enbridge, Inc. | 62,174 | 2,396,089 |
Finning International Inc. | 21,247 | 552,505 |
Great-West Lifeco, Inc. | 42,002 | 1,216,836 |
Manulife Financial Corp. | 58,617 | 1,278,882 |
Nutrien Ltd. | 3,113 | 171,693 |
Power Corp. of Canada | 42,625 | 1,240,428 |
TOTAL CANADA | 8,322,169 | |
DENMARK – 0.8% | ||
Novo Nordisk A/S Class B | 4,028 | 295,401 |
Pandora A/S | 2,917 | 331,475 |
TOTAL DENMARK | 626,876 | |
FINLAND – 0.5% | ||
Nokian Renkaat Oyj | 7,358 | 274,407 |
Orion Oyj Class B | 2,323 | 102,993 |
TOTAL FINLAND | 377,400 | |
FRANCE – 9.9% | ||
Bouygues S.A. | 7,998 | 343,142 |
Cie Generale des Etablissements Michelin SCA | 1,954 | 283,090 |
Danone S.A. | 2,430 | 171,506 |
Kering S.A. | 477 | 382,713 |
Klepierre S.A. | 113,343 | 3,009,916 |
Sanofi | 2,850 | 299,408 |
Schneider Electric SE | 3,195 | 511,614 |
TOTAL S.A. | 52,821 | 2,341,551 |
TOTAL FRANCE | 7,342,940 | |
GERMANY – 3.8% | ||
Allianz SE | 4,769 | 1,242,335 |
| ||
Shares | Value | |
BASF SE | 1,899 | $ 153,346 |
Bayer AG | 3,115 | 201,816 |
Bayerische Motoren Werke AG | 3,740 | 375,485 |
SAP SE | 2,152 | 302,476 |
Siemens AG | 3,169 | 529,576 |
TOTAL GERMANY | 2,805,034 | |
HONG KONG – 3.9% | ||
BOC Hong Kong Holdings Ltd. | 315,000 | 1,111,261 |
Power Assets Holdings Ltd. | 288,500 | 1,773,676 |
TOTAL HONG KONG | 2,884,937 | |
ITALY – 3.7% | ||
Assicurazioni Generali SpA (a) | 46,090 | 925,736 |
Enel SpA | 179,599 | 1,787,335 |
TOTAL ITALY | 2,713,071 | |
JAPAN – 18.3% | ||
Astellas Pharma, Inc. | 15,000 | 225,127 |
Bridgestone Corp. | 6,700 | 268,294 |
Canon, Inc. | 9,600 | 228,615 |
Daito Trust Construction Co. Ltd. | 22,400 | 2,381,300 |
Eisai Co. Ltd. | 3,200 | 208,708 |
Honda Motor Co. Ltd. | 10,700 | 316,384 |
Japan Tobacco, Inc. | 8,900 | 166,430 |
KDDI Corp. | 61,900 | 1,872,205 |
Keyence Corp. | 500 | 240,245 |
Kirin Holdings Co. Ltd. | 8,300 | 155,703 |
Kyocera Corp. | 3,200 | 194,304 |
Mitsubishi Corp. | 17,800 | 491,798 |
Mitsubishi Heavy Industries Ltd. | 13,400 | 398,059 |
Mitsubishi UFJ Financial Group, Inc. | 210,700 | 1,114,172 |
Mitsui & Co. Ltd. | 23,500 | 495,240 |
Otsuka Holdings Co. Ltd. | 5,600 | 215,229 |
Shimizu Corp. | 53,800 | 440,520 |
Showa Denko KK | 7,900 | 239,230 |
SoftBank Corp. | 132,600 | 1,709,892 |
Subaru Corp. | 11,900 | 220,733 |
Sumitomo Corp. | 29,800 | 405,676 |
Sumitomo Mitsui Financial Group, Inc. | 29,104 | 1,012,336 |
Toyota Motor Corp. | 6,967 | 518,008 |
TOTAL JAPAN | 13,518,208 | |
NETHERLANDS – 0.8% | ||
ASML Holding N.V. | 708 | 461,259 |
Koninklijke Ahold Delhaize N.V. | 5,052 | 136,167 |
TOTAL NETHERLANDS | 597,426 |
Semi-Annual Report | 13 |
Common Stocks – continued | ||
Shares | Value | |
NORWAY – 0.2% | ||
Mowi ASA | 5,259 | $ 130,143 |
TOTAL NORWAY | 130,143 | |
SINGAPORE – 3.9% | ||
Oversea-Chinese Banking Corp. Ltd. | 130,000 | 1,192,122 |
Singapore Telecommunications Ltd. | 817,900 | 1,536,944 |
Venture Corp. Ltd. | 10,600 | 160,546 |
TOTAL SINGAPORE | 2,889,612 | |
SPAIN – 8.2% | ||
ACS Actividades de Construccion y Servicios S.A. | 13,640 | 445,470 |
Banco Bilbao Vizcaya Argentaria S.A. | 179,636 | 1,009,976 |
Banco Santander S.A. | 305,765 | 1,183,377 |
Enagas S.A. | 71,015 | 1,549,039 |
Telefonica S.A. | 406,051 | 1,883,606 |
TOTAL SPAIN | 6,071,468 | |
SWEDEN – 2.2% | ||
Securitas AB Class B | 32,197 | 550,023 |
Svenska Handelsbanken AB | 90,549 | 1,051,368 |
TOTAL SWEDEN | 1,601,391 | |
SWITZERLAND – 5.4% | ||
ABB Ltd. | 17,760 | 577,363 |
Clariant AG (a) | 4,544 | 95,235 |
Nestle S.A. | 4,188 | 499,961 |
Novartis AG | 4,997 | 427,132 |
Roche Holding AG | 1,449 | 472,806 |
UBS Group AG | 64,405 | 983,323 |
Zurich Insurance Group AG | 2,355 | 967,511 |
TOTAL SWITZERLAND | 4,023,331 | |
UNITED KINGDOM – 16.0% | ||
Anglo American PLC | 3,835 | 163,009 |
| ||
Shares | Value | |
AstraZeneca PLC | 3,076 | $ 328,572 |
Avast PLC (b) | 18,100 | 119,713 |
BAE Systems PLC | 46,996 | 329,376 |
Berkeley Group Holdings PLC | 5,106 | 327,107 |
BHP Group PLC | 5,018 | 151,772 |
BP PLC | 595,260 | 2,497,228 |
British American Tobacco PLC | 4,811 | 178,650 |
GlaxoSmithKline PLC | 13,454 | 249,537 |
HSBC Holdings PLC | 238,927 | 1,497,892 |
Imperial Brands PLC | 5,237 | 109,307 |
Legal & General Group PLC | 271,696 | 1,024,706 |
National Grid PLC | 144,484 | 1,821,614 |
RELX PLC | 14,439 | 375,741 |
Rio Tinto PLC | 2,064 | 173,635 |
Spectris PLC | 2,853 | 128,537 |
The Sage Group PLC | 15,706 | 138,738 |
Unilever PLC | 4,339 | 254,210 |
Vodafone Group PLC | 1,040,816 | 1,971,373 |
TOTAL UNITED KINGDOM | 11,840,717 | |
TOTAL COMMON STOCKS (Cost $69,053,251) | 73,369,828 | |
TOTAL INVESTMENT IN SECURITIES – 99.2% (Cost $69,053,251) | 73,369,828 | |
NET OTHER ASSETS (LIABILITIES) – 0.8% | 610,227 | |
NET ASSETS – 100.0% | $ 73,980,055 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. | ||
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 $119,713 or 0.2% of net assets. |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contract | |||||
ICE MSCI EAFE Index Future Contracts (United States) | 5 | June 2021 | $564,325 | $8,593 | $8,593 |
14 | Semi-Annual Report |
Fund | Income earned |
Fidelity Cash Central Fund | $ 24 |
Fidelity Securities Lending Cash Central Fund | 1,666 |
Total | $1,690 |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 8,974,020 | $ 8,974,020 | $ — | $ — | ||||
Consumer Discretionary | 3,571,218 | 3,571,218 | — | — | ||||
Consumer Staples | 1,957,022 | 1,957,022 | — | — | ||||
Energy | 8,727,940 | 8,727,940 | — | — | ||||
Financials | 20,298,830 | 20,298,830 | — | — | ||||
Health Care | 3,353,855 | 3,353,855 | — | — | ||||
Industrials | 6,754,196 | 6,754,196 | — | — | ||||
Information Technology | 2,134,450 | 2,134,450 | — | — | ||||
Materials | 1,342,972 | 1,342,972 | — | — | ||||
Real Estate | 7,857,925 | 7,857,925 | — | — | ||||
Utilities | 8,397,400 | 8,397,400 | — | — | ||||
Total Investments in Securities: | $ 73,369,828 | $ 73,369,828 | $ — | $ — |
Derivative Instruments: | ||||||||
Assets | ||||||||
Futures Contracts | $ 8,593 | $ 8,593 | $ — | $ — | ||||
Total Assets | $ 8,593 | $ 8,593 | — | $ — | ||||
Total Derivative Instruments: | $ 8,593 | $ 8,593 | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $8,593 | $0 | |
Total Equity Risk | 8,593 | 0 | |
Total Value of Derivatives | $8,593 | $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). |
Semi-Annual Report | 15 |
Common Stocks – 99.0% | ||
Shares | Value | |
AUSTRALIA – 4.4% | ||
ASX Ltd. | 679 | $ 38,277 |
BHP Group Ltd. | 1,455 | 53,611 |
Coles Group Ltd. | 7,058 | 88,976 |
Commonwealth Bank of Australia | 1,503 | 103,375 |
Fortescue Metals Group Ltd. | 1,268 | 22,126 |
JB Hi-Fi Ltd. | 790 | 28,242 |
Macquarie Group Ltd. | 504 | 62,481 |
Medibank Pvt Ltd. | 15,355 | 36,532 |
Rio Tinto Ltd. | 269 | 25,174 |
Sonic Healthcare Ltd. | 3,880 | 107,536 |
Wesfarmers Ltd. | 1,232 | 51,494 |
TOTAL AUSTRALIA | 617,824 | |
BELGIUM – 1.2% | ||
Etablissements Franz Colruyt N.V. | 1,025 | 60,868 |
Sofina S.A. | 112 | 42,632 |
UCB S.A. | 677 | 62,802 |
TOTAL BELGIUM | 166,302 | |
BERMUDA – 0.3% | ||
Jardine Matheson Holdings Ltd. | 677 | 45,521 |
TOTAL BERMUDA | 45,521 | |
CANADA – 8.0% | ||
Barrick Gold Corp. | 1,459 | 31,061 |
Canadian Imperial Bank of Commerce | 580 | 60,244 |
Canadian National Railway Co. | 655 | 70,457 |
Canadian Pacific Railway Ltd. | 152 | 56,677 |
CGI, Inc. (a) | 493 | 43,581 |
Constellation Software, Inc. | 34 | 49,857 |
Element Fleet Management Corp. | 3,128 | 38,267 |
FirstService Corp. | 728 | 118,154 |
Kirkland Lake Gold Ltd. | 553 | 20,530 |
National Bank of Canada | 685 | 49,757 |
Northland Power, Inc. | 3,832 | 131,887 |
Open Text Corp. | 782 | 36,792 |
Quebecor Inc. | 5,781 | 155,310 |
Royal Bank of Canada | 1,169 | 111,474 |
The Toronto-Dominion Bank | 1,545 | 106,123 |
TMX Group Ltd. | 311 | 34,242 |
Wheaton Precious Metals Corp. | 596 | 24,703 |
TOTAL CANADA | 1,139,116 | |
CHILE – 0.3% | ||
Antofagasta PLC | 1,477 | 38,149 |
TOTAL CHILE | 38,149 | |
DENMARK – 3.2% | ||
Coloplast A/S Class B | 465 | 77,040 |
| ||
Shares | Value | |
GN Store Nord A/S | 867 | $ 78,369 |
Novo Nordisk A/S Class B | 2,092 | 153,421 |
Novozymes A/S Class B | 513 | 36,563 |
Pandora A/S | 412 | 46,818 |
SimCorp A/S | 236 | 31,234 |
Tryg A/S | 1,566 | 35,882 |
TOTAL DENMARK | 459,327 | |
FINLAND – 0.8% | ||
Kone Oyj Class B | 705 | 55,453 |
Orion Oyj Class B | 1,407 | 62,380 |
TOTAL FINLAND | 117,833 | |
FRANCE – 7.1% | ||
BioMerieux | 421 | 50,133 |
Bureau Veritas S.A. (a) | 1,374 | 41,135 |
Dassault Systemes SE | 206 | 47,848 |
Edenred | 649 | 36,837 |
Hermes International | 34 | 42,730 |
La Francaise des Jeux SAEM (b) | 483 | 24,781 |
Legrand S.A. | 502 | 48,949 |
L'Oreal S.A. | 351 | 144,359 |
LVMH Moet Hennessy Louis Vuitton SE | 158 | 119,103 |
Remy Cointreau S.A. | 343 | 68,624 |
Sanofi | 1,516 | 159,264 |
Sartorius Stedim Biotech | 151 | 69,438 |
Schneider Electric SE | 521 | 83,427 |
SEB S.A. | 120 | 21,885 |
Teleperformance | 129 | 49,864 |
TOTAL FRANCE | 1,008,377 | |
GERMANY – 7.9% | ||
Allianz SE | 399 | 103,940 |
Beiersdorf AG | 622 | 70,309 |
Deutsche Boerse AG | 328 | 56,582 |
Deutsche Post AG | 1,206 | 71,072 |
Knorr-Bremse AG | 289 | 35,486 |
Merck KGaA | 452 | 79,523 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 212 | 61,415 |
ProSiebenSat.1 Media SE (a) | 6,953 | 151,037 |
Rational AG | 36 | 30,058 |
Scout24 AG (b) | 1,674 | 139,328 |
TAG Immobilien AG | 5,431 | 168,088 |
Uniper SE | 4,400 | 160,702 |
TOTAL GERMANY | 1,127,540 | |
HONG KONG – 1.9% | ||
BOC Hong Kong Holdings Ltd. | 13,500 | 47,625 |
Hong Kong Exchanges & Clearing Ltd. | 1,200 | 72,616 |
16 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
HONG KONG – continued | ||
Sino Land Co. Ltd. | 100,993 | $ 150,056 |
TOTAL HONG KONG | 270,297 | |
IRELAND – 0.4% | ||
Flutter Entertainment PLC (a) | 259 | 52,957 |
TOTAL IRELAND | 52,957 | |
ISRAEL – 0.2% | ||
Nice Ltd. (a) | 137 | 33,150 |
TOTAL ISRAEL | 33,150 | |
ITALY – 4.1% | ||
DiaSorin SpA | 300 | 51,011 |
Enel SpA | 21,094 | 209,924 |
FinecoBank Banca Fineco SpA (a) | 2,553 | 44,010 |
Moncler SpA (a) | 725 | 44,528 |
Recordati Industria Chimica e Farmaceutica SpA | 1,220 | 67,322 |
Snam SpA | 30,601 | 172,399 |
TOTAL ITALY | 589,194 | |
JAPAN – 23.5% | ||
Advance Residence Investment Corp. | 54 | 172,170 |
Astellas Pharma, Inc. | 6,100 | 91,552 |
Azbil Corp. | 700 | 28,306 |
Bandai Namco Holdings, Inc. | 500 | 36,714 |
Capcom Co. Ltd. | 4,000 | 129,912 |
Central Japan Railway Co. | 400 | 58,497 |
Dai Nippon Printing Co. Ltd. | 2,300 | 45,682 |
Daito Trust Construction Co. Ltd. | 1,500 | 159,462 |
Daiwa Securities Group, Inc. | 10,700 | 56,983 |
FUJIFILM Holdings Corp. | 700 | 45,386 |
Hikari Tsushin, Inc. | 200 | 40,218 |
Hisamitsu Pharmaceutical Co., Inc. | 1,300 | 75,642 |
Hoya Corp. | 900 | 102,388 |
ITOCHU Corp. | 2,200 | 68,593 |
Japan Exchange Group, Inc. | 2,200 | 51,556 |
Kajima Corp. | 3,100 | 42,825 |
Kao Corp. | 1,700 | 108,979 |
KDDI Corp. | 5,300 | 160,302 |
Kobayashi Pharmaceutical Co. Ltd. | 1,100 | 98,120 |
M3, Inc. | 1,300 | 90,116 |
Mitsui & Co. Ltd. | 3,000 | 63,222 |
Nexon Co. Ltd. | 4,300 | 142,606 |
Nippon Telegraph & Telephone Corp. | 5,800 | 146,187 |
Nissan Chemical Corp. | 600 | 30,849 |
Nitori Holdings Co. Ltd. | 200 | 35,881 |
NOF Corp. | 600 | 31,728 |
Nomura Research Institute Ltd. | 1,100 | 33,864 |
| ||
Shares | Value | |
Obayashi Corp. | 5,000 | $ 45,606 |
Obic Co. Ltd. | 200 | 38,662 |
Oji Holdings Corp. | 5,200 | 32,778 |
Oracle Corp. Japan | 300 | 28,132 |
Osaka Gas Co. Ltd. | 9,900 | 190,926 |
Otsuka Corp. | 700 | 35,287 |
Pan Pacific International Holdings Corp. | 1,700 | 36,627 |
Rinnai Corp. | 300 | 30,136 |
Secom Co. Ltd. | 600 | 49,820 |
Sekisui House Ltd. | 1,900 | 38,398 |
SG Holdings Co. Ltd. | 1,900 | 43,178 |
Shimano, Inc. | 200 | 45,808 |
Shionogi & Co. Ltd. | 1,600 | 84,124 |
Sohgo Security Services Co. Ltd. | 900 | 39,440 |
Sony Corp. | 900 | 89,749 |
Sumitomo Mitsui Trust Holdings, Inc. | 1,700 | 57,856 |
Taisei Corp. | 1,300 | 47,930 |
The Shizuoka Bank Ltd. | 6,600 | 50,539 |
Toppan Printing Co. Ltd. | 2,900 | 49,428 |
Toyo Suisan Kaisha Ltd. | 2,300 | 93,742 |
Trend Micro, Inc. (a) | 700 | 33,301 |
USS Co. Ltd. | 1,700 | 30,810 |
TOTAL JAPAN | 3,340,017 | |
JERSEY – 0.4% | ||
Experian PLC | 1,624 | 62,778 |
TOTAL JERSEY | 62,778 | |
NETHERLANDS – 2.8% | ||
Adyen N.V. (a)(b) | 27 | 66,354 |
ASM International N.V. | 130 | 39,577 |
Euronext N.V. (b) | 356 | 35,870 |
Euronext N.V. rights 5/10/21 | 356 | 4,178 |
Koninklijke Ahold Delhaize N.V. | 2,956 | 79,673 |
NN Group N.V. | 1,049 | 52,494 |
QIAGEN N.V. (a) | 1,274 | 62,159 |
Wolters Kluwer N.V. | 602 | 54,540 |
TOTAL NETHERLANDS | 394,845 | |
NEW ZEALAND – 0.8% | ||
Fisher & Paykel Healthcare Corp. Ltd. | 4,409 | 113,726 |
Fletcher Building Ltd. | 312 | 1,628 |
TOTAL NEW ZEALAND | 115,354 | |
NORWAY – 0.5% | ||
Orkla ASA | 6,788 | 69,414 |
TOTAL NORWAY | 69,414 | |
SINGAPORE – 1.7% | ||
Mapletree Industrial Trust | 66,500 | 141,458 |
Semi-Annual Report | 17 |
Common Stocks – continued | ||
Shares | Value | |
SINGAPORE – continued | ||
Oversea-Chinese Banking Corp. Ltd. | 6,495 | $ 59,560 |
Singapore Exchange Ltd. | 4,900 | 38,488 |
TOTAL SINGAPORE | 239,506 | |
SPAIN – 2.7% | ||
Enagas S.A. | 7,288 | 158,972 |
Industria de Diseno Textil S.A. | 1,744 | 62,185 |
Red Electrica Corp. S.A. | 8,565 | 157,494 |
TOTAL SPAIN | 378,651 | |
SWEDEN – 3.7% | ||
Atlas Copco AB Class A | 1,055 | 64,006 |
Epiroc AB Class A | 1,953 | 42,383 |
Essity AB Class B | 2,316 | 75,678 |
Evolution Gaming Group AB (b) | 420 | 83,049 |
Holmen AB Class B | 615 | 29,020 |
Industrivarden AB Class A (a) | 1,400 | 53,776 |
L E Lundbergforetagen AB Class B (a) | 813 | 46,516 |
Securitas AB Class B | 1,992 | 34,029 |
Svenska Cellulosa AB SCA Class B (a) | 1,715 | 30,119 |
Swedish Match AB | 883 | 72,513 |
TOTAL SWEDEN | 531,089 | |
SWITZERLAND – 11.7% | ||
EMS-Chemie Holding AG | 30 | 28,041 |
Geberit AG | 82 | 53,980 |
Givaudan S.A. | 10 | 41,928 |
Kuehne + Nagel International AG | 195 | 58,369 |
Logitech International S.A. | 350 | 39,296 |
Nestle S.A. | 2,704 | 322,802 |
Novartis AG | 2,540 | 217,114 |
Partners Group Holding AG | 41 | 58,440 |
PSP Swiss Property AG | 1,304 | 160,989 |
Roche Holding AG | 728 | 237,545 |
Schindler Holding AG | 176 | 50,134 |
Swisscom AG | 251 | 136,309 |
Tecan Group AG | 133 | 64,863 |
The Swatch Group AG | 141 | 43,225 |
UBS Group AG | 4,665 | 71,224 |
Zurich Insurance Group AG | 174 | 71,485 |
TOTAL SWITZERLAND | 1,655,744 | |
UNITED KINGDOM – 11.4% | ||
Admiral Group PLC | 1,161 | 50,298 |
Auto Trader Group PLC (b) | 16,469 | 130,018 |
Avast PLC (b) | 4,728 | 31,271 |
| ||
Shares | Value | |
Aviva PLC | 10,656 | $ 59,059 |
BHP Group PLC | 1,772 | 53,595 |
Croda International PLC | 353 | 33,059 |
Direct Line Insurance Group PLC | 10,695 | 42,217 |
Halma PLC | 1,042 | 37,337 |
Hikma Pharmaceuticals PLC | 1,995 | 67,397 |
IG Group Holdings PLC | 4,051 | 51,377 |
Imperial Brands PLC | 4,736 | 98,850 |
J Sainsbury PLC | 25,945 | 85,387 |
London Stock Exchange Group PLC | 505 | 51,741 |
Next PLC (a) | 434 | 46,882 |
Persimmon PLC | 1,240 | 53,772 |
RELX PLC | 2,715 | 70,651 |
Rightmove PLC (a) | 15,564 | 132,312 |
Rio Tinto PLC | 762 | 64,103 |
Royal Mail PLC (a) | 7,745 | 53,188 |
Tate & Lyle PLC | 8,564 | 94,858 |
The Sage Group PLC | 4,166 | 36,800 |
Unilever PLC | 3,335 | 195,389 |
Wm Morrison Supermarkets PLC | 34,501 | 83,045 |
TOTAL UNITED KINGDOM | 1,622,606 | |
TOTAL COMMON STOCKS (Cost $12,889,622) | 14,075,591 | |
Money Market Fund – 0.1% | ||
Fidelity Cash Central Fund, 0.04% (c) (Cost $8,735) | 8,733 | 8,735 |
TOTAL INVESTMENT IN SECURITIES – 99.1% (Cost $12,898,357) | 14,084,326 | |
NET OTHER ASSETS (LIABILITIES) – 0.9% | 129,394 | |
NET ASSETS – 100.0% | $ 14,213,720 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. | ||
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 $510,671 or 3.6% of net assets. | |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
18 | Semi-Annual Report |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contract | |||||
ICE MSCI EAFE Index Future Contracts (United States) | 1 | June 2021 | $112,865 | $2,868 | $2,868 |
Fund | Income earned |
Fidelity Cash Central Fund | $23 |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 1,423,321 | $ 1,423,321 | $ — | $ — | ||||
Consumer Discretionary | 1,105,992 | 1,105,992 | — | — | ||||
Consumer Staples | 1,911,586 | 1,911,586 | — | — | ||||
Financials | 2,069,131 | 2,069,131 | — | — | ||||
Health Care | 2,224,865 | 2,224,865 | — | — | ||||
Industrials | 1,686,378 | 1,686,378 | — | — | ||||
Information Technology | 772,872 | 772,872 | — | — | ||||
Materials | 628,765 | 628,765 | — | — | ||||
Real Estate | 1,070,377 | 1,070,377 | — | — | ||||
Utilities | 1,182,304 | 1,182,304 | — | — | ||||
Money Market Fund | 8,735 | 8,735 | — | — | ||||
Total Investments in Securities: | $ 14,084,326 | $ 14,084,326 | $ — | $ — |
Derivative Instruments: | ||||||||
Assets | ||||||||
Futures Contracts | $ 2,868 | $ 2,868 | $ — | $ — | ||||
Total Assets | $ 2,868 | $ 2,868 | — | $ — | ||||
Total Derivative Instruments: | $ 2,868 | $ 2,868 | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $2,868 | $0 | |
Total Equity Risk | 2,868 | 0 | |
Total Value of Derivatives | $2,868 | $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). |
Semi-Annual Report | 19 |
Common Stocks – 99.1% | ||
Shares | Value | |
AUSTRALIA – 4.6% | ||
ASX Ltd. | 4,735 | $ 266,928 |
CSL Ltd. | 1,394 | 291,984 |
Macquarie Group Ltd. | 2,900 | 359,515 |
Rio Tinto Ltd. | 4,105 | 384,155 |
TOTAL AUSTRALIA | 1,302,582 | |
AUSTRIA – 0.5% | ||
ams AG (a) | 8,619 | 149,596 |
TOTAL AUSTRIA | 149,596 | |
BERMUDA – 0.7% | ||
Jardine Matheson Holdings Ltd. | 3,075 | 206,763 |
TOTAL BERMUDA | 206,763 | |
CANADA – 10.4% | ||
Alimentation Couche-Tard, Inc. Class B | 7,096 | 240,245 |
Canadian National Railway Co. | 3,077 | 330,986 |
CGI, Inc. (a) | 2,580 | 228,073 |
Enbridge, Inc. | 8,975 | 345,883 |
FirstService Corp. | 53 | 8,602 |
Fortis, Inc. | 2,235 | 99,614 |
iA Financial Corp., Inc. | 5,801 | 326,406 |
Kinross Gold Corp. | 41,276 | 290,227 |
Manulife Financial Corp. | 16,707 | 364,506 |
Onex Corp. | 4,678 | 312,919 |
Open Text Corp. | 4,205 | 197,842 |
Shaw Communications, Inc. | 8,020 | 232,086 |
TOTAL CANADA | 2,977,389 | |
CAYMAN ISLANDS – 0.8% | ||
CK Asset Holdings Ltd. | 36,000 | 225,960 |
TOTAL CAYMAN ISLANDS | 225,960 | |
DENMARK – 2.3% | ||
AP Moller - Maersk A/S Class B | 153 | 380,664 |
Novo Nordisk A/S Class B | 3,878 | 284,401 |
TOTAL DENMARK | 665,065 | |
FRANCE – 10.9% | ||
Atos SE (a) | 2,701 | 184,098 |
BNP Paribas S.A. (a) | 5,312 | 341,407 |
Bouygues S.A. | 6,355 | 272,651 |
Capgemini SE | 1,596 | 292,801 |
Cie de Saint-Gobain (a) | 5,509 | 348,166 |
Cie Generale des Etablissements Michelin SCA | 2,014 | 291,783 |
Engie S.A. (a) | 12,044 | 179,347 |
Faurecia SE (a) | 5,058 | 273,388 |
L'Oreal S.A. | 688 | 282,959 |
| ||
Shares | Value | |
Sanofi | 2,826 | $ 296,887 |
TOTAL S.A. | 7,974 | 353,487 |
TOTAL FRANCE | 3,116,974 | |
GERMANY – 7.9% | ||
Allianz SE | 1,395 | 363,401 |
Bayer AG | 3,180 | 206,027 |
Daimler AG | 3,892 | 346,938 |
Deutsche Lufthansa AG (a) | 26,176 | 338,361 |
Fresenius Medical Care AG & Co. KGaA | 1,863 | 148,376 |
Fresenius SE & Co. KGaA | 3,180 | 156,492 |
SAP SE | 3,142 | 441,626 |
Vonovia SE | 4,001 | 263,168 |
TOTAL GERMANY | 2,264,389 | |
HONG KONG – 1.0% | ||
BOC Hong Kong Holdings Ltd. | 82,500 | 291,045 |
TOTAL HONG KONG | 291,045 | |
ITALY – 1.7% | ||
Enel SpA | 25,904 | 257,791 |
UniCredit SpA | 22,004 | 226,794 |
TOTAL ITALY | 484,585 | |
JAPAN – 23.3% | ||
Central Japan Railway Co. | 1,900 | 277,860 |
Chubu Electric Power Co., Inc. | 14,200 | 171,548 |
Daiwa House Industry Co. Ltd. | 8,100 | 239,728 |
Fujitsu Ltd. | 1,900 | 302,543 |
Hitachi Ltd. | 7,300 | 359,373 |
Honda Motor Co. Ltd. | 8,400 | 248,377 |
Inpex Corp. | 17,100 | 116,707 |
ITOCHU Corp. | 10,800 | 336,731 |
Japan Tobacco, Inc. | 11,000 | 205,700 |
Kao Corp. | 3,200 | 205,136 |
KDDI Corp. | 9,800 | 296,407 |
Medipal Holdings Corp. | 9,900 | 181,869 |
Mitsubishi UFJ Financial Group, Inc. | 57,400 | 303,529 |
Mitsui & Co. Ltd. | 15,600 | 328,755 |
NEC Corp. | 4,600 | 267,655 |
Nippon Telegraph & Telephone Corp. | 10,600 | 267,170 |
Obayashi Corp. | 29,700 | 270,902 |
Otsuka Holdings Co. Ltd. | 5,500 | 211,386 |
Sekisui House Ltd. | 9,100 | 183,907 |
Shin-Etsu Chemical Co. Ltd. | 2,100 | 354,467 |
Shionogi & Co. Ltd. | 4,100 | 215,568 |
Sony Corp. | 3,400 | 339,051 |
Sumitomo Mitsui Financial Group, Inc. | 7,600 | 264,354 |
Taisei Corp. | 7,600 | 280,207 |
20 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
JAPAN – continued | ||
Toyota Motor Corp. | 5,900 | $ 438,674 |
TOTAL JAPAN | 6,667,604 | |
JERSEY – 1.0% | ||
Glencore PLC | 68,175 | 278,644 |
TOTAL JERSEY | 278,644 | |
LUXEMBOURG – 0.9% | ||
ArcelorMittal S.A. (a) | 9,180 | 267,984 |
TOTAL LUXEMBOURG | 267,984 | |
NETHERLANDS – 2.3% | ||
Koninklijke Ahold Delhaize N.V. | 5,847 | 157,595 |
NN Group N.V. | 4,779 | 239,150 |
Stellantis N.V. | 16,560 | 275,580 |
TOTAL NETHERLANDS | 672,325 | |
NEW ZEALAND – 0.0% | ||
Fletcher Building Ltd. | 1,197 | 6,244 |
TOTAL NEW ZEALAND | 6,244 | |
SINGAPORE – 2.0% | ||
Genting Singapore Ltd. | 393,800 | 256,041 |
Oversea-Chinese Banking Corp. Ltd. | 35,200 | 322,790 |
TOTAL SINGAPORE | 578,831 | |
SPAIN – 3.0% | ||
Iberdrola S.A. | 19,492 | 263,623 |
Industria de Diseno Textil S.A. | 8,512 | 303,509 |
Telefonica S.A. | 62,939 | 291,964 |
TOTAL SPAIN | 859,096 | |
SWEDEN – 2.6% | ||
Essity AB Class B | 4,581 | 149,689 |
Investor AB | 3,053 | 259,563 |
Volvo AB Class B (a) | 13,407 | 327,971 |
TOTAL SWEDEN | 737,223 | |
SWITZERLAND – 8.0% | ||
Adecco Group AG | 5,088 | 344,983 |
Credit Suisse Group AG | 17,031 | 178,256 |
Credit Suisse Group AG rights 5/6/21 | 17,031 | 0 |
Nestle S.A. | 5,238 | 625,310 |
| ||
Shares | Value | |
Novartis AG | 4,772 | $ 407,900 |
Roche Holding AG | 1,370 | 447,028 |
UBS Group AG | 17,872 | 272,866 |
TOTAL SWITZERLAND | 2,276,343 | |
UNITED KINGDOM – 15.2% | ||
Anglo American PLC | 7,296 | 310,122 |
Aviva PLC | 65,680 | 364,022 |
BHP Group PLC | 9,458 | 286,062 |
BP PLC | 80,950 | 339,600 |
British American Tobacco PLC | 6,246 | 231,937 |
Dialog Semiconductor PLC (a) | 3,282 | 257,360 |
GlaxoSmithKline PLC | 13,335 | 247,330 |
Imperial Brands PLC | 6,813 | 142,202 |
M&G PLC | 118,137 | 355,430 |
RELX PLC | 10,226 | 266,107 |
Rio Tinto PLC | 3,879 | 326,322 |
Royal Mail PLC (a) | 34,266 | 235,317 |
Taylor Wimpey PLC | 130,671 | 324,933 |
Unilever PLC | 5,626 | 329,612 |
Vodafone Group PLC | 173,809 | 329,206 |
TOTAL UNITED KINGDOM | 4,345,562 | |
TOTAL COMMON STOCKS (Cost $25,551,590) | 28,374,204 | |
Money Market Fund – 0.1% | ||
Fidelity Cash Central Fund, 0.04% (b) (Cost $10,450) | 10,448 | 10,450 |
TOTAL INVESTMENT IN SECURITIES – 99.2% (Cost $25,562,040) | 28,384,654 | |
NET OTHER ASSETS (LIABILITIES) – 0.8% | 237,137 | |
NET ASSETS – 100.0% | $ 28,621,791 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. | ||
Legend | ||
(a) | Non-income producing. | |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Semi-Annual Report | 21 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contract | |||||
ICE MSCI EAFE Index Future Contracts (United States) | 2 | June 2021 | $225,730 | $5,681 | $5,681 |
Fund | Income earned |
Fidelity Cash Central Fund | $ 6 |
Fidelity Securities Lending Cash Central Fund | 805 |
Total | $811 |
22 | Semi-Annual Report |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 1,416,833 | $ 1,416,833 | $ — | $ — | ||||
Consumer Discretionary | 3,282,181 | 3,282,181 | — | — | ||||
Consumer Staples | 2,570,385 | 2,570,385 | — | — | ||||
Energy | 1,155,677 | 1,155,677 | — | — | ||||
Financials | 5,412,881 | 5,412,881 | — | — | ||||
Health Care | 3,095,248 | 3,095,248 | — | — | ||||
Industrials | 4,546,424 | 4,546,424 | — | — | ||||
Information Technology | 2,680,967 | 2,680,967 | — | — | ||||
Materials | 2,504,227 | 2,504,227 | — | — | ||||
Real Estate | 737,458 | 737,458 | — | — | ||||
Utilities | 971,923 | 971,923 | — | — | ||||
Money Market Fund | 10,450 | 10,450 | — | — | ||||
Total Investments in Securities: | $ 28,384,654 | $ 28,384,654 | $ — | $ — |
Derivative Instruments: | ||||||||
Assets | ||||||||
Futures Contracts | $ 5,681 | $ 5,681 | $ — | $ — | ||||
Total Assets | $ 5,681 | $ 5,681 | — | $ — | ||||
Total Derivative Instruments: | $ 5,681 | $ 5,681 | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $5,681 | $0 | |
Total Equity Risk | 5,681 | 0 | |
Total Value of Derivatives | $5,681 | $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). |
Semi-Annual Report | 23 |
Fidelity Emerging Markets Multifactor ETF | Fidelity International High Dividend ETF | Fidelity International Multifactor ETF | Fidelity International Value Factor ETF | ||||
Assets | |||||||
Investments in securities, at value – See accompanying schedule: | |||||||
Unaffiliated issuers | $22,264,137 | $73,369,828 | $14,075,591 | $28,374,204 | |||
Fidelity Central Funds | — | — | 8,735 | 10,450 | |||
Total Investments in Securities | $22,264,137 | $73,369,828 | $14,084,326 | $28,384,654 | |||
Segregated cash with brokers for derivative instruments | — | 35,640 | 7,128 | 14,256 | |||
Cash | 3,811 | 7,012 | 45,167 | 2,354 | |||
Foreign currency held at value (cost $64,945, $90,038, $20,191 and $60,078, respectively) | 65,105 | 89,851 | 20,184 | 60,010 | |||
Dividends receivable | 26,586 | 508,866 | 63,008 | 171,945 | |||
Distributions receivable from Fidelity Central Funds | — | — | — | 664 | |||
Total assets | 22,359,639 | 74,011,197 | 14,219,813 | 28,633,883 | |||
Liabilities | |||||||
Accrued management fees | 8,279 | 23,617 | 4,588 | 9,082 | |||
Payable for daily variation margin on futures contracts | — | 7,525 | 1,505 | 3,010 | |||
Other payables and accrued expenses | 20,397 | — | — | — | |||
Total liabilities | 28,676 | 31,142 | 6,093 | 12,092 | |||
Net Assets | $22,330,963 | $73,980,055 | $14,213,720 | $28,621,791 | |||
Net Assets consist of: | |||||||
Paid in capital | 21,031,053 | 75,619,091 | 13,099,186 | 27,458,398 | |||
Total accumulated earnings (loss) | 1,299,910 | (1,639,036) | 1,114,534 | 1,163,393 | |||
Net Assets | $22,330,963 | $73,980,055 | $14,213,720 | $28,621,791 | |||
Shares outstanding | 800,000 | 3,600,000 | 500,000 | 1,200,000 | |||
Net Asset Value per share | $ 27.91 | $ 20.55 | $ 28.43 | $ 23.85 | |||
Investments at cost – Unaffiliated issuers | $20,713,292 | $69,053,251 | $12,889,622 | $25,551,590 | |||
Investments at cost – Fidelity Central Funds | — | — | 8,735 | 10,450 | |||
Investments at cost | $20,713,292 | $69,053,251 | $12,898,357 | $25,562,040 |
Semi-Annual Report | 25 |
Fidelity Emerging Markets Multifactor ETF | Fidelity International High Dividend ETF | Fidelity International Multifactor ETF | Fidelity International Value Factor ETF | ||||
Investment Income | |||||||
Dividends | $ 218,367 | $ 1,245,074 | $ 165,926 | $ 512,119 | |||
Interest | — | 10 | — | — | |||
Income from Fidelity Central Funds (including $—, $1,666, $— and $805, from security lending, respectively) | 12 | 1,690 | 23 | 811 | |||
Income before foreign taxes withheld | 218,379 | 1,246,774 | 165,949 | 512,930 | |||
Less foreign taxes withheld | (23,567) | (100,491) | (17,926) | (35,831) | |||
Total income | 194,812 | 1,146,283 | 148,023 | 477,099 | |||
Expenses | |||||||
Management fees | 36,290 | 122,652 | 21,799 | 42,329 | |||
Independent trustees' fees and expenses | 29 | 118 | 23 | 41 | |||
Total expenses before reductions | 36,319 | 122,770 | 21,822 | 42,370 | |||
Expense reductions | (3) | (4) | (14) | (5) | |||
Total expenses | 36,316 | 122,766 | 21,808 | 42,365 | |||
Net investment income (loss) | 158,496 | 1,023,517 | 126,215 | 434,734 | |||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) on investment securities (net of foreign taxes of $19,068, $-, $-, $-, respectively.) | 274,600 | 2,564,738 | 239,773 | 1,093,875 | |||
Net realized gain (loss) on futures contracts | (1,729) | 49,660 | 17,252 | 16,399 | |||
Net realized gain (loss) on foreign currency transactions | (1,206) | 2,676 | 952 | 1,264 | |||
Total net realized gain (loss) | 271,665 | 2,617,074 | 257,977 | 1,111,538 | |||
Change in net unrealized appreciation (depreciation) on investment securities (net of decrease in deferred foreign taxes of $(2,245), $-, $- and $-, respectively.) | 1,740,746 | 14,385,605 | 1,305,251 | 3,908,967 | |||
Change in net unrealized appreciation (depreciation) on futures contracts | — | 23,556 | 6,665 | 11,417 | |||
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies | 210 | 2,639 | 398 | 981 | |||
Total change in net unrealized appreciation (depreciation) | 1,740,956 | 14,411,800 | 1,312,314 | 3,921,365 | |||
Net gain (loss) | 2,012,621 | 17,028,874 | 1,570,291 | 5,032,903 | |||
Net increase (decrease) in net assets resulting from operations | $2,171,117 | $18,052,391 | $1,696,506 | $5,467,637 |
26 | Semi-Annual Report |
Fidelity Emerging Markets Multifactor ETF | Fidelity International High Dividend ETF | ||||||
Six months ended April 30, 2021 (Unaudited) | Year ended October 31, 2020 | Six months ended April 30, 2021 (Unaudited) | Year ended October 31, 2020 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $ 158,496 | $ 219,877 | $ 1,023,517 | $ 1,357,745 | |||
Net realized gain (loss) | 271,665 | (298,421) | 2,617,074 | (4,552,063) | |||
Change in net unrealized appreciation (depreciation) | 1,740,956 | (330,032) | 14,411,800 | (9,559,810) | |||
Net increase (decrease) in net assets resulting from operations | 2,171,117 | (408,576) | 18,052,391 | (12,754,128) | |||
Distributions to shareholders | (111,200) | (214,800) | (903,800) | (1,450,300) | |||
Share transactions | |||||||
Proceeds from sales of shares | 11,022,150 | — | 11,541,102 | 34,025,327 | |||
Cost of shares redeemed | — | — | — | (18,552,856) | |||
Net increase (decrease) in net assets resulting from share transactions | 11,022,150 | — | 11,541,102 | 15,472,471 | |||
Total increase (decrease) in net assets | 13,082,067 | (623,376) | 28,689,693 | 1,268,043 | |||
Net Assets | |||||||
Beginning of period | 9,248,896 | 9,872,272 | 45,290,362 | 44,022,319 | |||
End of period | $22,330,963 | $9,248,896 | $73,980,055 | $ 45,290,362 | |||
Other Information | |||||||
Shares | |||||||
Sold | 400,000 | — | 600,000 | 1,800,000 | |||
Redeemed | — | — | — | (900,000) | |||
Net increase (decrease) | 400,000 | — | 600,000 | 900,000 |
Semi-Annual Report | 27 |
Fidelity International Multifactor ETF | Fidelity International Value Factor ETF | ||||||
Six months ended April 30, 2021 (Unaudited) | Year ended October 31, 2020 | Six months ended April 30, 2021 (Unaudited) | Year ended October 31, 2020 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $ 126,215 | $ 225,085 | $ 434,734 | $ 359,739 | |||
Net realized gain (loss) | 257,977 | (6,230) | 1,111,538 | (1,404,104) | |||
Change in net unrealized appreciation (depreciation) | 1,312,314 | (704,458) | 3,921,365 | (779,454) | |||
Net increase (decrease) in net assets resulting from operations | 1,696,506 | (485,603) | 5,467,637 | (1,823,819) | |||
Distributions to shareholders | (80,800) | (266,800) | (341,200) | (346,400) | |||
Share transactions | |||||||
Proceeds from sales of shares | 5,396,335 | — | 9,241,803 | 3,288,407 | |||
Cost of shares redeemed | — | (2,519,075) | — | — | |||
Net increase (decrease) in net assets resulting from share transactions | 5,396,335 | (2,519,075) | 9,241,803 | 3,288,407 | |||
Total increase (decrease) in net assets | 7,012,041 | (3,271,478) | 14,368,240 | 1,118,188 | |||
Net Assets | |||||||
Beginning of period | 7,201,679 | 10,473,157 | 14,253,551 | 13,135,363 | |||
End of period | $14,213,720 | $ 7,201,679 | $28,621,791 | $14,253,551 | |||
Other Information | |||||||
Shares | |||||||
Sold | 200,000 | — | 400,000 | 200,000 | |||
Redeemed | — | (100,000) | — | — | |||
Net increase (decrease) | 200,000 | (100,000) | 400,000 | 200,000 |
28 | Semi-Annual Report |
Fidelity Emerging Markets Multifactor ETF | |||||
Six months ended April 30, 2021 (Unaudited) | Year ended October 31, 2020 | Year ended October 31, 2019A | |||
Selected Per-Share Data | |||||
Net asset value, beginning of period | $ 23.12 | $24.68 | $25.00 | ||
Income from Investment Operations | |||||
Net investment income (loss)B | 0.27 | 0.55 | 0.50 | ||
Net realized and unrealized gain (loss) | 4.71 | (1.57) | (0.34) | ||
Total from investment operations | 4.98 | (1.02) | 0.16 | ||
Distributions from net investment income | (0.19) | (0.54) | (0.48) | ||
Total distributions | (0.19) | (0.54) | (0.48) | ||
Net asset value, end of period | $ 27.91 | $23.12 | $24.68 | ||
Total ReturnC,D,E | 21.57% | (4.03)% | 0.66% | ||
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .45% H | .45% | .45% H | ||
Expenses net of fee waivers, if any | .45% H | .45% | .45% H | ||
Expenses net of all reductions | .45% H | �� | .45% | .45% H | |
Net investment income (loss) | 1.96% H | 2.39% | 3.05% H | ||
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $22,331 | $9,249 | $9,872 | ||
Portfolio turnover rateI | 38% J,K | 66% | 34% J,K |
A | For the period February 26, 2019 (commencement of operations) to October 31, 2019. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
G | Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. |
H | Annualized. |
I | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
J | Amount not annualized. |
K | Portfolio turnover rate excludes securities received or delivered in-kind. |
Semi-Annual Report | 29 |
Fidelity International High Dividend ETF | |||||||
Six months ended April 30, 2021 (Unaudited) | Year ended October 31, 2020 | Year ended October 31, 2019 | Year ended October 31, 2018A | ||||
Selected Per-Share Data | |||||||
Net asset value, beginning of period | $ 15.10 | $ 20.96 | $ 20.56 | $ 25.08 | |||
Income from Investment Operations | |||||||
Net investment income (loss)B | 0.31 | 0.60 | 1.04 | 0.82 | |||
Net realized and unrealized gain (loss) | 5.41 | (5.81) | 0.31 | (4.63) | |||
Total from investment operations | 5.72 | (5.21) | 1.35 | (3.81) | |||
Distributions from net investment income | (0.27) | (0.65) | (0.95) | (0.71) | |||
Total distributions | (0.27) | (0.65) | (0.95) | (0.71) | |||
Net asset value, end of period | $ 20.55 | $ 15.10 | $ 20.96 | $ 20.56 | |||
Total ReturnC,D,E | 38.01% | (24.98)% | 6.84% | (15.44)% | |||
Ratios to Average Net AssetsF,G | |||||||
Expenses before reductions | .39% H | .39% | .39% | .39% H | |||
Expenses net of fee waivers, if any | .39% H | .39% | .39% | .39% H | |||
Expenses net of all reductions | .39% H | .39% | .39% | .39% H | |||
Net investment income (loss) | 3.25% H | 3.38% | 5.07% | 4.59% H | |||
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $73,980 | $45,290 | $44,022 | $18,500 | |||
Portfolio turnover rateI,J | 77% K | 82% | 47% | 42% K |
A | For the period January 16, 2018 (commencement of operations) to October 31, 2018. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
G | Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. |
H | Annualized. |
I | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
J | Portfolio turnover rate excludes securities received or delivered in-kind. |
K | Amount not annualized. |
30 | Semi-Annual Report |
Fidelity International Multifactor ETF | |||||
Six months ended April 30, 2021 (Unaudited) | Year ended October 31, 2020 | Year ended October 31, 2019A | |||
Selected Per-Share Data | |||||
Net asset value, beginning of period | $ 24.01 | $26.18 | $ 25.05 | ||
Income from Investment Operations | |||||
Net investment income (loss)B | 0.31 | 0.57 | 0.55 | ||
Net realized and unrealized gain (loss) | 4.31 | (2.07) | 1.12 | ||
Total from investment operations | 4.62 | (1.50) | 1.67 | ||
Distributions from net investment income | (0.20) | (0.67) | (0.54) | ||
Total distributions | (0.20) | (0.67) | (0.54) | ||
Net asset value, end of period | $ 28.43 | $24.01 | $ 26.18 | ||
Total ReturnC,D,E | 19.29% | (5.73)% | 6.72% | ||
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .39% H | .39% | .39% H | ||
Expenses net of fee waivers, if any | .39% H | .39% | .39% H | ||
Expenses net of all reductions | .39% H | .39% | .39% H | ||
Net investment income (loss) | 2.25% H | 2.29% | 3.18% H | ||
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $14,214 | $7,202 | $10,473 | ||
Portfolio turnover rateI,J | 40% K | 69% | 35% K |
A | For the period February 26, 2019 (commencement of operations) to October 31, 2019. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
G | Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. |
H | Annualized. |
I | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
J | Portfolio turnover rate excludes securities received or delivered in-kind. |
K | Amount not annualized. |
Semi-Annual Report | 31 |
Fidelity International Value Factor ETF | |||||||
Six months ended April 30, 2021 (Unaudited) | Year ended October 31, 2020 | Year ended October 31, 2019 | Year ended October 31, 2018A | ||||
Selected Per-Share Data | |||||||
Net asset value, beginning of period | $ 17.82 | $ 21.89 | $ 20.89 | $ 25.00 | |||
Income from Investment Operations | |||||||
Net investment income (loss)B | 0.45 | 0.51 | 0.80 | 0.62 | |||
Net realized and unrealized gain (loss) | 5.91 | (4.09) | 1.05 | (4.18) | |||
Total from investment operations | 6.36 | (3.58) | 1.85 | (3.56) | |||
Distributions from net investment income | (0.33) | (0.49) | (0.85) | (0.55) | |||
Total distributions | (0.33) | (0.49) | (0.85) | (0.55) | |||
Net asset value, end of period | $ 23.85 | $ 17.82 | $ 21.89 | $ 20.89 | |||
Total ReturnC,D,E | 35.81% | (16.32)% | 9.04% | (14.46)% | |||
Ratios to Average Net AssetsF,G | |||||||
Expenses before reductions | .39% H | .39% | .39% | .39% H | |||
Expenses net of fee waivers, if any | .39% H | .39% | .39% | .39% H | |||
Expenses net of all reductions | .39% H | .39% | .39% | .39% H | |||
Net investment income (loss) | 3.98% H | 2.60% | 3.74% | 3.38% H | |||
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $28,622 | $14,254 | $13,135 | $12,532 | |||
Portfolio turnover rateI | 44% J,K | 76% K | 56% | 65% J,K |
A | For the period January 16, 2018 (commencement of operations) to October 31, 2018. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
G | Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. |
H | Annualized. |
I | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
J | Amount not annualized. |
K | Portfolio turnover rate excludes securities received or delivered in-kind. |
32 | Semi-Annual Report |
For the period ended April 30, 2021 (Unaudited)
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% to .01% |
Semi-Annual Report | 33 |
Valuation techniques used to value each Fund’s investments by major category are as follows:
34 | Semi-Annual Report |
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Emerging Markets Multifactor ETF | $ 20,768,345 | $ 2,445,781 | $ (949,989) | $ 1,495,792 |
Fidelity International High Dividend ETF | 69,351,134 | 4,925,846 | (898,559) | 4,027,287 |
Fidelity International Multifactor ETF | 12,944,946 | 1,388,296 | (246,048) | 1,142,248 |
Fidelity International Value Factor ETF | 25,646,496 | 3,237,061 | (493,222) | 2,743,839 |
No-expiration Short-term | No-expiration Long-term | Total capital loss carryforward | |
Fidelity Emerging Markets Multifactor ETF | $ (451,257) | $ (99,673) | $ (550,930) |
Fidelity International High Dividend ETF | (4,434,825) | (3,806,299) | (8,241,124) |
Fidelity International Multifactor ETF | (268,778) | (72,142) | (340,920) |
Fidelity International Value Factor ETF | (912,557) | (1,933,106) | (2,845,663) |
Semi-Annual Report | 35 |
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.
Purchases ($) | Sales ($) | |
Fidelity Emerging Markets Multifactor ETF | 12,538,241 | 5,348,476 |
Fidelity International High Dividend ETF | 45,248,164 | 45,000,518 |
Fidelity International Multifactor ETF | 4,403,747 | 4,255,986 |
Fidelity International Value Factor ETF | 8,995,711 | 8,733,114 |
In-kind Subscriptions ($) | In-kind Redemptions ($) | |
Fidelity Emerging Markets Multifactor ETF | 3,809,329 | — |
Fidelity International High Dividend ETF | 9,020,595 | — |
Fidelity International Multifactor ETF | 5,066,770 | — |
Fidelity International Value Factor ETF | 6,467,217 | — |
36 | Semi-Annual Report |
to a fund on the next business day. A fund 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. 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 in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity International High Dividend ETF | $ — | $ — | $ — |
Fidelity International Value Factor ETF | 75 | — | — |
Amount | |
Fidelity Emerging Markets Multifactor ETF | $ 3 |
Fidelity International High Dividend ETF | 4 |
Fidelity International Multifactor ETF | 14 |
Fidelity International Value Factor ETF | 5 |
Semi-Annual Report | 37 |
Annualized Expense RatioA | Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Expenses Paid During PeriodB November 1, 2020 to April 30, 2021 | |
Fidelity Emerging Markets Multifactor ETF | 0.45% | |||
Actual | $ 1,000.00 | $ 1,215.70 | $ 2.47 | |
Hypothetical C | $ 1,000.00 | $ 1,022.56 | $ 2.26 | |
Fidelity International High Dividend ETF | 0.39% | |||
Actual | $ 1,000.00 | $ 1,380.10 | $ 2.30 | |
Hypothetical C | $ 1,000.00 | $ 1,022.86 | $ 1.96 | |
Fidelity International Multifactor ETF | 0.39% | |||
Actual | $ 1,000.00 | $ 1,192.90 | $ 2.12 | |
Hypothetical C | $ 1,000.00 | $ 1,022.86 | $ 1.96 | |
Fidelity International Value Factor ETF | 0.39% | |||
Actual | $ 1,000.00 | $ 1,358.10 | $ 2.28 | |
Hypothetical C | $ 1,000.00 | $ 1,022.86 | $ 1.96 |
A | Annualized expense ratio reflects expenses net of applicable fee waivers. |
B | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio. |
C | 5% return per year before expenses. |
38 | Semi-Annual Report |
Semi-Annual Report | 39 |
40 | Semi-Annual Report |
Item 2. | Code of Ethics |
Not applicable.
Item 3. | Audit Committee Financial Expert |
Not applicable.
Item 4. | Principal Accountant Fees and Services |
Not applicable.
Item 5. | Audit Committee of Listed Registrants |
Not applicable.
Item 6. | Investments |
(a) Not applicable.
(b) Not applicable
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not applicable.
Item 9. | Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Covington Trust’s Board of Trustees.
Item 11. | Controls and Procedures |
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Covington Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not applicable.
Item 13. | Exhibits |
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: June 18, 2021
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: June 18, 2021
By: | /s/John J. Burke III | |
John J. Burke III | ||
Chief Financial Officer |
Date: June 18, 2021