Quarterly Holdings Report
for
Fidelity® MSCI Health Care Index ETF
April 30, 2023
T05-NPRT3-0623
1.9584810.109
Schedule of Investments April 30, 2023 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% | |||
Shares | Value | ||
BIOTECHNOLOGY – 18.8% | |||
Biotechnology – 18.8% | |||
2seventy bio, Inc. (a) | 23,352 | $ 222,078 | |
4D Molecular Therapeutics, Inc. (a) | 9,475 | 170,645 | |
AbbVie, Inc. | 940,154 | 142,076,072 | |
ACADIA Pharmaceuticals, Inc. (a) | 63,903 | 1,363,051 | |
Adicet Bio, Inc. (a) | 9,441 | 55,135 | |
ADMA Biologics Inc. (a) | 103,859 | 347,928 | |
Aerovate Therapeutics Inc. (a) | 4,541 | 95,225 | |
Agenus, Inc. (a) | 142,228 | 214,764 | |
Agios Pharmaceuticals, Inc. (a) | 25,748 | 588,857 | |
Akero Therapeutics, Inc. (a) | 16,226 | 725,951 | |
Akouos, Inc. (a) | 11,863 | 9,372 | |
Alector, Inc. (a) | 29,140 | 192,324 | |
Alkermes PLC (a) | 87,868 | 2,508,631 | |
Allakos, Inc. (a) | 20,396 | 86,683 | |
Allogene Therapeutics, Inc. (a) | 46,278 | 251,290 | |
Allovir, Inc. (a) | 24,490 | 84,246 | |
Alnylam Pharmaceuticals, Inc. (a) | 65,460 | 13,039,632 | |
Altimmune Inc. (a) | 26,031 | 131,457 | |
ALX Oncology Holdings, Inc. (a) | 9,630 | 57,202 | |
Amgen, Inc. | 283,659 | 68,004,409 | |
Amicus Therapeutics, Inc. (a) | 113,130 | 1,305,520 | |
AnaptysBio, Inc. (a) | 9,401 | 195,729 | |
Anavex Life Sciences Corp. (a) | 41,321 | 336,353 | |
Anika Therapeutics, Inc. (a) | 7,400 | 189,884 | |
Apellis Pharmaceuticals, Inc. (a) | 47,122 | 3,931,388 | |
Arcellx Inc. (a) | 8,147 | 347,714 | |
Arcturus Therapeutics Holdings, Inc. (a) | 12,967 | 345,182 | |
Arcus Biosciences, Inc. (a) | 22,784 | 406,694 | |
Arcutis Biotherapeutics, Inc. (a) | 23,628 | 327,012 | |
Ardelyx, Inc. (a) | 90,580 | 403,987 | |
Arrowhead Pharmaceuticals, Inc. (a) | 53,247 | 1,885,476 | |
Atara Biotherapeutics, Inc. (a) | 40,896 | 110,828 | |
Aurinia Pharmaceuticals, Inc. (a) | 63,710 | 716,737 | |
Avid Bioservices, Inc. (a) | 33,461 | 603,971 | |
Avidity Biosciences, Inc. (a) | 28,148 | 349,035 | |
Beam Therapeutics, Inc. (a) | 29,755 | 913,776 | |
BioCryst Pharmaceuticals, Inc. (a) | 97,738 | 743,786 | |
Biogen, Inc. (a) | 76,552 | 23,289,415 | |
Biohaven Ltd. | 32,638 | 426,905 | |
BioMarin Pharmaceutical, Inc. (a) | 98,852 | 9,493,746 | |
Bioxcel Therapeutics, Inc. (a) | 10,044 | 207,107 | |
Bluebird Bio, Inc. (a) | 54,608 | 237,545 | |
Blueprint Medicines Corp. (a) | 31,538 | 1,610,015 | |
Bridgebio Pharma, Inc. (a) | 35,413 | 514,197 | |
C4 Therapeutics, Inc. (a) | 17,886 | 54,016 | |
CareDx, Inc. (a) | 28,244 | 228,494 | |
Caribou Biosciences, Inc. (a) | 25,468 | 109,512 | |
Catalyst Pharmaceuticals, Inc. (a) | 53,405 | 850,208 |
| |||
Shares | Value | ||
Celldex Therapeutics, Inc. (a) | 19,907 | $ 625,876 | |
Cerevel Therapeutics Holdings, Inc. (a) | 33,588 | 975,395 | |
Chinook Therapeutics, Inc. (a) | 21,496 | 430,135 | |
Cogent Biosciences Inc. (a) | 19,821 | 213,274 | |
Coherus Biosciences, Inc. (a) | 32,284 | 233,413 | |
Compass Therapeutics, Inc. (a) | 40,281 | 121,246 | |
Crinetics Pharmaceuticals, Inc. (a) | 20,080 | 392,363 | |
CRISPR Therapeutics AG (a) | 39,493 | 1,932,787 | |
CTI BioPharma Corp. (a) | 54,059 | 262,727 | |
Cullinan Oncology, Inc. (a) | 8,273 | 80,496 | |
Cytokinetics, Inc. (a) | 47,450 | 1,774,630 | |
Deciphera Pharmaceuticals, Inc. (a) | 27,652 | 392,935 | |
Denali Therapeutics, Inc. (a) | 50,573 | 1,256,233 | |
Dynavax Technologies Corp. (a) | 63,508 | 661,118 | |
Dyne Therapeutics, Inc. (a) | 14,552 | 150,759 | |
Eagle Pharmaceuticals, Inc. (a) | 6,538 | 183,587 | |
Editas Medicine, Inc. (a) | 35,816 | 292,259 | |
Emergent BioSolutions, Inc. (a) | 24,665 | 217,792 | |
Enanta Pharmaceuticals, Inc. (a) | 10,526 | 374,199 | |
Entrada Therapeutics Inc. (a) | 5,830 | 68,269 | |
EQRx, Inc. (a) | 76,807 | 129,036 | |
Erasca, Inc. (a) | 36,508 | 100,762 | |
Exact Sciences Corp. (a) | 94,541 | 6,057,242 | |
Exelixis, Inc. (a) | 172,089 | 3,149,229 | |
Fate Therapeutics, Inc. (a) | 41,466 | 251,699 | |
FibroGen, Inc. (a) | 47,682 | 816,316 | |
G1 Therapeutics, Inc. (a) | 22,774 | 65,361 | |
Geron Corp. (a) | 195,584 | 481,137 | |
Gilead Sciences, Inc. | 666,776 | 54,815,655 | |
Halozyme Therapeutics, Inc. (a) | 71,928 | 2,311,047 | |
Heron Therapeutics, Inc. (a) | 62,429 | 149,205 | |
HilleVax Inc. (a) | 4,551 | 63,714 | |
Horizon Therapeutics PLC (a) | 114,562 | 12,734,712 | |
Ideaya Biosciences, Inc. (a) | 20,302 | 370,715 | |
IGM Biosciences, Inc. (a) | 5,631 | 60,984 | |
ImmunityBio, Inc. (a) | 62,630 | 175,364 | |
ImmunoGen, Inc. (a) | 105,221 | 567,141 | |
Immunovant, Inc. (a) | 21,302 | 343,814 | |
Incyte Corp. (a) | 100,383 | 7,469,499 | |
Inhibrx, Inc. (a) | 14,176 | 297,696 | |
Inovio Pharmaceuticals, Inc. (a) | 142,619 | 110,173 | |
Insmed, Inc. (a) | 72,081 | 1,405,579 | |
Intellia Therapeutics, Inc. (a) | 37,669 | 1,422,005 | |
Intercept Pharmaceuticals, Inc. (a) | 19,183 | 332,250 | |
Ionis Pharmaceuticals, Inc. (a) | 67,646 | 2,392,639 | |
Iovance Biotherapeutics, Inc. (a) | 62,077 | 350,114 | |
Ironwood Pharmaceuticals, Inc. (a) | 72,542 | 755,162 | |
iTeos Therapeutics, Inc. (a) | 10,156 | 139,543 | |
IVERIC bio, Inc. (a) | 60,511 | 1,990,207 | |
Janux Therapeutics, Inc. | 6,647 | 101,832 | |
Karuna Therapeutics, Inc. (a) | 14,624 | 2,901,987 |
Quarterly Report | 2 |
Common Stocks – continued | |||
Shares | Value | ||
BIOTECHNOLOGY – continued | |||
Biotechnology – continued | |||
Karyopharm Therapeutics, Inc. (a) | 57,037 | $ 204,192 | |
Keros Therapeutics, Inc. (a) | 8,622 | 382,429 | |
Kezar Life Sciences, Inc. (a) | 25,260 | 61,382 | |
Kiniksa Pharmaceuticals Ltd. Class A (a) | 16,233 | 174,505 | |
Kodiak Sciences, Inc. (a) | 19,386 | 84,911 | |
Krystal Biotech, Inc. (a) | 9,558 | 802,872 | |
Kura Oncology, Inc. (a) | 31,134 | 303,245 | |
Kymera Therapeutics, Inc. (a) | 18,975 | 598,471 | |
Lexicon Pharmaceuticals, Inc. (a) | 40,208 | 96,097 | |
Madrigal Pharmaceuticals, Inc. (a) | 6,335 | 1,976,520 | |
MannKind Corp. (a) | 134,072 | 516,177 | |
Mersana Therapeutics, Inc. (a) | 45,435 | 199,005 | |
Merus N.V. (a) | 16,018 | 307,225 | |
MiMedx Group, Inc. (a) | 38,440 | 147,225 | |
MiNK Therapeutics, Inc. | 2,082 | 3,727 | |
Mirati Therapeutics, Inc. (a) | 21,454 | 950,627 | |
Mirum Pharmaceuticals, Inc. (a) | 10,508 | 282,140 | |
Moderna, Inc. (a) | 173,601 | 23,069,837 | |
Monte Rosa Therapeutics, Inc. (a) | 11,513 | 52,269 | |
Morphic Holding, Inc. (a) | 11,229 | 530,683 | |
Myriad Genetics, Inc. (a) | 43,204 | 919,813 | |
Natera, Inc. (a) | 55,265 | 2,803,041 | |
Neurocrine Biosciences, Inc. (a) | 51,145 | 5,167,691 | |
Novavax, Inc. (a) | 41,554 | 318,719 | |
Nurix Therapeutics, Inc. (a) | 20,144 | 193,987 | |
Nuvalent, Inc. Class A (a) | 12,206 | 431,970 | |
Organogenesis Holdings, Inc. (a) | 30,378 | 62,275 | |
PMV Pharmaceuticals, Inc. (a) | 10,720 | 49,419 | |
Point Biopharma Global, Inc. (a) | 36,007 | 278,694 | |
Poseida Therapeutics, Inc. | 25,146 | 66,385 | |
Precigen, Inc. (a) | 79,768 | 96,519 | |
Prime Medicine, Inc. | 10,339 | 142,368 | |
ProKidney Corp. (a) | 16,338 | 154,231 | |
Prometheus Biosciences, Inc. (a) | 12,336 | 2,392,567 | |
Protagonist Therapeutics, Inc. (a) | 23,896 | 540,050 | |
Prothena Corp. PLC (a) | 18,019 | 948,160 | |
PTC Therapeutics, Inc. (a) | 34,129 | 1,881,873 | |
Radius Health, Inc. (a) | 20,244 | 1,620 | |
Rapt Therapeutics, Inc. (a) | 15,586 | 283,665 | |
Recursion Pharmaceuticals, Inc. Class A (a) | 29,184 | 139,208 | |
Regeneron Pharmaceuticals, Inc. (a) | 56,929 | 45,645,103 | |
REGENXBIO, Inc. (a) | 19,110 | 369,970 | |
Relay Therapeutics, Inc. (a) | 41,224 | 468,717 | |
Repare Therapeutics, Inc. (a) | 10,607 | 95,039 | |
Replimune Group, Inc. (a) | 18,871 | 315,712 | |
REVOLUTION Medicines, Inc. (a) | 41,539 | 975,751 | |
Rhythm Pharmaceuticals, Inc. (a) | 23,977 | 483,616 | |
Rocket Pharmaceuticals, Inc. (a) | 31,413 | 562,921 |
| |||
Shares | Value | ||
Roivant Sciences Ltd. (a) | 155,010 | $ 1,325,335 | |
Sage Therapeutics, Inc. (a) | 28,297 | 1,382,308 | |
Sana Biotechnology, Inc. (a) | 44,622 | 236,050 | |
Sangamo Therapeutics, Inc. (a) | 69,311 | 101,887 | |
Sarepta Therapeutics, Inc. (a) | 41,894 | 5,143,326 | |
Scholar Rock Holding Corp. (a) | 20,415 | 130,656 | |
Seagen, Inc. (a) | 74,070 | 14,814,000 | |
Seres Therapeutics, Inc. (a) | 52,032 | 253,656 | |
SpringWorks Therapeutics, Inc. (a) | 18,250 | 426,685 | |
Stoke Therapeutics, Inc. (a) | 9,032 | 80,294 | |
Syndax Pharmaceuticals, Inc. (a) | 28,481 | 585,285 | |
Tango Therapeutics, Inc. (a) | 25,725 | 87,465 | |
TG Therapeutics, Inc. (a) | 73,960 | 1,836,427 | |
Travere Therapeutics, Inc. (a) | 34,676 | 747,961 | |
Twist Bioscience Corp. (a) | 28,667 | 357,764 | |
Ultragenyx Pharmaceutical, Inc. (a) | 35,549 | 1,552,425 | |
uniQure N.V. (a) | 21,809 | 423,313 | |
United Therapeutics Corp. (a) | 24,245 | 5,579,502 | |
Vanda Pharmaceuticals, Inc. (a) | 28,969 | 177,870 | |
Vaxcyte, Inc. (a) | 36,372 | 1,557,813 | |
Veracyte, Inc. (a) | 37,563 | 850,426 | |
Vericel Corp. (a) | 22,505 | 709,133 | |
Vertex Pharmaceuticals, Inc. (a) | 136,461 | 46,496,357 | |
Verve Therapeutics, Inc. (a) | 18,536 | 295,278 | |
Viking Therapeutics, Inc. (a) | 45,699 | 973,846 | |
Vir Biotechnology, Inc. (a) | 39,235 | 986,760 | |
Viridian Therapeutics, Inc. (a) | 15,633 | 438,193 | |
Xencor, Inc. (a) | 30,555 | 807,874 | |
Xenon Pharmaceuticals, Inc. (a) | 24,905 | 1,003,173 | |
Zentalis Pharmaceuticals, Inc. (a) | 24,038 | 529,557 | |
Zymeworks, Inc. | 31,837 | 267,431 | |
TOTAL BIOTECHNOLOGY | 580,001,169 | ||
HEALTH CARE EQUIPMENT & SUPPLIES – 20.7% | |||
Health Care Equipment – 19.3% | |||
Abbott Laboratories | 926,911 | 102,395,858 | |
Alphatec Holdings, Inc. (a) | 39,717 | 573,513 | |
AngioDynamics, Inc. (a) | 20,750 | 172,640 | |
Artivion, Inc. (a) | 20,746 | 287,747 | |
AtriCure, Inc. (a) | 23,365 | 1,027,826 | |
AxoGen, Inc. (a) | 21,330 | 192,397 | |
Axonics, Inc. (a) | 21,277 | 1,222,576 | |
Baxter International, Inc. | 268,226 | 12,789,016 | |
Becton Dickinson and Co. | 150,646 | 39,817,244 | |
Boston Scientific Corp. (a) | 761,440 | 39,686,253 | |
Butterfly Network, Inc. (a) | 57,261 | 123,684 | |
CONMED Corp. | 16,129 | 2,025,319 | |
Cutera, Inc. (a) | 8,902 | 202,966 | |
DexCom, Inc. (a) | 205,340 | 24,915,956 | |
Edwards Lifesciences Corp. (a) | 328,678 | 28,917,090 | |
Enovis Corp. (a) | 26,008 | 1,514,966 | |
Envista Holdings Corp. (a) | 86,413 | 3,326,036 |
3 | Quarterly Report |
Schedule of Investments (Unaudited)–continued
Common Stocks – continued | |||
Shares | Value | ||
HEALTH CARE EQUIPMENT & SUPPLIES – continued | |||
Health Care Equipment – continued | |||
GE Healthcare Inc. (a) | 193,478 | $ 15,737,501 | |
Glaukos Corp. (a) | 25,564 | 1,214,546 | |
Globus Medical, Inc. Class A (a) | 41,407 | 2,407,403 | |
Heska Corp. (a) | 5,436 | 636,882 | |
Hologic, Inc. (a) | 130,496 | 11,223,961 | |
IDEXX Laboratories, Inc. (a) | 44,027 | 21,668,328 | |
Inari Medical, Inc. (a) | 22,694 | 1,507,335 | |
Inogen, Inc. (a) | 11,833 | 157,497 | |
Inspire Medical Systems, Inc. (a) | 15,398 | 4,120,967 | |
Insulet Corp. (a) | 36,963 | 11,755,713 | |
Integer Holdings Corp. (a) | 17,537 | 1,444,172 | |
Integra LifeSciences Holdings Corp. (a) | 39,970 | 2,211,140 | |
Intuitive Surgical, Inc. (a) | 187,864 | 56,588,394 | |
iRhythm Technologies, Inc. (a) | 16,059 | 2,110,153 | |
LeMaitre Vascular, Inc. | 10,698 | 577,692 | |
LivaNova PLC (a) | 28,358 | 1,358,348 | |
Masimo Corp. (a) | 26,502 | 5,012,588 | |
Medtronic PLC | 707,129 | 64,313,383 | |
Mesa Laboratories, Inc. | 2,826 | 470,557 | |
Nevro Corp. (a) | 17,634 | 516,147 | |
Novocure Ltd. (a) | 50,167 | 3,306,005 | |
NuVasive, Inc. (a) | 27,504 | 1,183,772 | |
Omnicell, Inc. (a) | 24,002 | 1,458,602 | |
Orthofix Medical, Inc. (a) | 17,889 | 336,850 | |
Outset Medical, Inc. (a) | 22,168 | 398,802 | |
Paragon 28, Inc. (a) | 14,021 | 258,267 | |
Penumbra, Inc. (a) | 19,199 | 5,454,820 | |
PROCEPT BioRobotics Corp. (a) | 5,778 | 175,593 | |
Pulmonx Corp. (a) | 14,511 | 170,504 | |
QuidelOrtho Corp. (a) | 26,261 | 2,362,177 | |
ResMed, Inc. | 77,897 | 18,770,061 | |
Senseonics Holdings, Inc. (a) | 234,807 | 139,734 | |
Shockwave Medical, Inc. (a) | 19,224 | 5,578,036 | |
SI-BONE, Inc. (a) | 16,318 | 360,628 | |
Sight Sciences, Inc. (a) | 16,651 | 161,015 | |
Silk Road Medical, Inc. (a) | 20,278 | 892,638 | |
Steris PLC | 53,138 | 10,019,170 | |
Stryker Corp. | 181,061 | 54,254,929 | |
Surmodics, Inc. (a) | 7,153 | 164,805 | |
Tandem Diabetes Care, Inc. (a) | 34,045 | 1,347,501 | |
Teleflex, Inc. | 24,893 | 6,783,840 | |
TransMedics Group, Inc. (a) | 16,130 | 1,275,883 | |
Treace Medical Concepts, Inc. (a) | 8,364 | 204,834 | |
Varex Imaging Corp. (a) | 20,578 | 365,054 | |
ViewRay, Inc. (a) | 70,517 | 83,210 | |
Zimmer Biomet Holdings, Inc. | 111,632 | 15,454,334 | |
Zynex, Inc. | 11,957 | 136,788 | |
595,321,646 |
| |||
Shares | Value | ||
Health Care Supplies – 1.4% | |||
Align Technology, Inc. (a) | 39,479 | $ 12,842,519 | |
Atrion Corp. | 751 | 462,090 | |
Avanos Medical, Inc. (a) | 25,203 | 744,497 | |
Cerus Corp. (a) | 90,889 | 209,954 | |
DENTSPLY SIRONA, Inc. | 114,082 | 4,783,458 | |
Embecta Corp. | 30,769 | 853,840 | |
Establishment Labs Holdings, Inc. (a) | 10,424 | 726,449 | |
Figs, Inc. Class A (a) | 37,686 | 271,339 | |
Haemonetics Corp. (a) | 26,919 | 2,253,390 | |
ICU Medical, Inc. (a) | 10,860 | 2,054,060 | |
Lantheus Holdings, Inc. (a) | 36,721 | 3,137,809 | |
Merit Medical Systems, Inc. (a) | 30,104 | 2,447,154 | |
Neogen Corp. (a) | 114,457 | 1,970,950 | |
OraSure Technologies, Inc. (a) | 36,744 | 249,859 | |
OrthoPediatrics Corp. (a) | 8,522 | 429,850 | |
STAAR Surgical Co. (a) | 21,707 | 1,529,692 | |
The Cooper Cos., Inc. | 26,194 | 9,991,701 | |
UFP Technologies, Inc. (a) | 3,816 | 525,997 | |
45,484,608 | |||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 640,806,254 | ||
HEALTH CARE PROVIDERS & SERVICES – 20.6% | |||
Health Care Distributors – 2.0% | |||
AdaptHealth Corp. (a) | 35,940 | 426,967 | |
AmerisourceBergen Corp. | 81,882 | 13,662,012 | |
Cardinal Health, Inc. | 139,417 | 11,446,136 | |
Henry Schein, Inc. (a) | 71,906 | 5,810,724 | |
McKesson Corp. | 75,381 | 27,456,775 | |
Owens & Minor, Inc. (a) | 38,575 | 599,455 | |
Patterson Cos., Inc. | 46,638 | 1,264,356 | |
60,666,425 | |||
Health Care Facilities – 1.8% | |||
Acadia Healthcare Co., Inc. (a) | 48,466 | 3,503,607 | |
Brookdale Senior Living, Inc. (a) | 92,568 | 397,117 | |
Cano Health, Inc. (a) | 95,044 | 110,251 | |
Community Health Systems, Inc. (a) | 66,243 | 419,981 | |
Encompass Health Corp. | 53,118 | 3,407,520 | |
HCA Healthcare, Inc. | 112,721 | 32,388,125 | |
National HealthCare Corp. | 7,711 | 446,544 | |
Select Medical Holdings Corp. | 57,643 | 1,758,111 | |
Surgery Partners, Inc. (a) | 35,801 | 1,419,868 | |
Tenet Healthcare Corp. (a) | 54,739 | 4,013,463 | |
The Ensign Group, Inc. | 28,063 | 2,724,637 | |
The Pennant Group, Inc. (a) | 13,799 | 191,392 | |
Universal Health Services, Inc. Class B | 34,130 | 5,131,445 | |
US Physical Therapy, Inc. | 6,886 | 733,084 | |
56,645,145 | |||
Health Care Services – 4.7% | |||
23andMe Holding Co. Class A (a) | 144,907 | 285,467 |
Quarterly Report | 4 |
Common Stocks – continued | |||
Shares | Value | ||
HEALTH CARE PROVIDERS & SERVICES – continued | |||
Health Care Services – continued | |||
Accolade, Inc. (a) | 33,531 | $ 453,674 | |
Addus HomeCare Corp. (a) | 8,593 | 702,392 | |
Agiliti, Inc. (a) | 17,171 | 287,099 | |
agilon health, Inc. (a) | 109,902 | 2,667,322 | |
Amedisys, Inc. (a) | 17,183 | 1,379,795 | |
AMN Healthcare Services, Inc. (a) | 22,975 | 1,983,891 | |
Apollo Medical Holdings, Inc. (a) | 21,441 | 760,941 | |
CareMax, Inc. (a) | 35,399 | 89,205 | |
Castle Biosciences, Inc. (a) | 12,077 | 273,303 | |
Chemed Corp. | 7,921 | 4,366,451 | |
CorVel Corp. (a) | 5,107 | 1,031,767 | |
Cross Country Healthcare, Inc. (a) | 18,935 | 416,191 | |
CVS Health Corp. | 698,527 | 51,209,014 | |
DaVita, Inc. (a) | 28,697 | 2,593,061 | |
DocGo, Inc. (a) | 42,059 | 357,501 | |
Enhabit, Inc. (a) | 26,270 | 321,807 | |
Fulgent Genetics, Inc. (a) | 10,341 | 305,783 | |
Guardant Health, Inc. (a) | 51,769 | 1,167,909 | |
Hims & Hers Health, Inc. (a) | 64,978 | 753,095 | |
Invitae Corp. (a) | 119,030 | 161,881 | |
Laboratory Corp. of America Holdings | 47,003 | 10,656,050 | |
ModivCare, Inc. (a) | 6,701 | 426,184 | |
National Research Corp. | 7,556 | 328,913 | |
NeoGenomics, Inc. (a) | 62,977 | 920,724 | |
Nutex Health Inc. (a) | 172,523 | 98,028 | |
Oak Street Health, Inc. (a) | 58,148 | 2,266,028 | |
Opko Health, Inc. (a) | 267,532 | 393,272 | |
Option Care Health, Inc. (a) | 77,070 | 2,477,800 | |
Pediatrix Medical Group, Inc. (a) | 41,852 | 599,739 | |
Premier, Inc. Class A | 63,417 | 2,113,689 | |
Privia Health Group, Inc. (a) | 42,533 | 1,175,187 | |
Quest Diagnostics, Inc. | 60,586 | 8,409,943 | |
R1 RCM, Inc. (a) | 78,415 | 1,222,490 | |
RadNet, Inc. (a) | 26,828 | 742,062 | |
The Cigna Group | 162,535 | 41,168,490 | |
144,566,148 | |||
Managed Health Care – 12.1% | |||
Alignment Healthcare, Inc. (a) | 44,169 | 277,823 | |
Centene Corp. (a) | 301,043 | 20,750,894 | |
Clover Health Investments Corp. (a) | 173,457 | 128,115 | |
Elevance Health, Inc. | 126,965 | 59,502,147 | |
HealthEquity, Inc. (a) | 45,103 | 2,410,755 | |
Humana, Inc. | 67,303 | 35,703,569 | |
Molina Healthcare, Inc. (a) | 31,060 | 9,252,464 | |
Progyny, Inc. (a) | 39,035 | 1,297,523 | |
UnitedHealth Group, Inc. | 496,716 | 244,428,977 | |
373,752,267 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 635,629,985 |
| |||
Shares | Value | ||
HEALTH CARE TECHNOLOGY – 0.8% | |||
Health Care Technology – 0.8% | |||
Allscripts Healthcare Solutions, Inc. (a) | 57,813 | $ 722,084 | |
American Well Corp. Class A (a) | 105,042 | 230,042 | |
Certara, Inc. (a) | 55,760 | 1,347,719 | |
Computer Programs & Systems, Inc. (a) | 7,504 | 194,204 | |
Definitive Healthcare Corp. (a) | 20,369 | 217,948 | |
Doximity, Inc. Class A (a) | 51,640 | 1,897,770 | |
Evolent Health, Inc. Class A (a) | 45,756 | 1,665,976 | |
GoodRx Holdings, Inc. Class A (a) | 38,584 | 180,187 | |
Health Catalyst, Inc. (a) | 26,115 | 329,049 | |
HealthStream, Inc. (a) | 13,335 | 328,574 | |
Multiplan Corp. (a) | 100,557 | 98,375 | |
NextGen Healthcare, Inc. (a) | 30,795 | 515,508 | |
Phreesia, Inc. (a) | 26,415 | 835,771 | |
Schrodinger, Inc. (a) | 30,811 | 909,541 | |
Simulations Plus, Inc. | 8,440 | 352,370 | |
Teladoc Health, Inc. (a) | 85,916 | 2,279,352 | |
Veeva Systems, Inc. Class A (a) | 74,590 | 13,357,577 | |
TOTAL HEALTH CARE TECHNOLOGY | 25,462,047 | ||
LIFE SCIENCES TOOLS & SERVICES – 11.6% | |||
Life Sciences Tools & Services – 11.6% | |||
10X Genomics, Inc. Class A (a) | 40,393 | 2,117,805 | |
Adaptive Biotechnologies Corp. (a) | 53,630 | 382,918 | |
Agilent Technologies, Inc. | 156,826 | 21,238,945 | |
Avantor, Inc. (a) | 357,536 | 6,964,801 | |
Azenta, Inc. (a) | 39,566 | 1,720,725 | |
BioLife Solutions, Inc. (a) | 17,719 | 311,146 | |
Bionano Genomics, Inc. (a) | 157,281 | 108,194 | |
Bio-Rad Laboratories, Inc. Class A (a) | 11,851 | 5,342,312 | |
Bio-Techne Corp. | 83,560 | 6,674,773 | |
Bruker Corp. | 54,772 | 4,334,108 | |
Charles River Laboratories International, Inc. (a) | 27,076 | 5,147,689 | |
Codexis, Inc. (a) | 30,896 | 121,112 | |
CryoPort, Inc. (a) | 26,222 | 551,711 | |
Cytek Biosciences, Inc. (a) | 35,226 | 404,395 | |
Danaher Corp. | 367,647 | 87,099,251 | |
Illumina, Inc. (a) | 83,637 | 17,192,422 | |
IQVIA Holdings, Inc. (a) | 98,753 | 18,588,277 | |
Maravai LifeSciences Holdings, Inc. Class A (a) | 58,748 | 810,135 | |
MaxCyte, Inc. (a) | 39,699 | 198,495 | |
Medpace Holdings, Inc. (a) | 13,310 | 2,663,863 | |
Mettler-Toledo International, Inc. (a) | 11,855 | 17,681,733 | |
NanoString Technologies, Inc. (a) | 23,999 | 235,190 | |
OmniAb Inc. (a) | 43,184 | 150,280 | |
OmniAb Inc. (a)(b) | 3,335 | 0 |
5 | Quarterly Report |
Schedule of Investments (Unaudited)–continued
Common Stocks – continued | |||
Shares | Value | ||
LIFE SCIENCES TOOLS & SERVICES – continued | |||
Life Sciences Tools & Services – continued | |||
OmniAb Inc. (a)(b) | 3,335 | $ 0 | |
Pacific Biosciences of California, Inc. (a) | 115,010 | 1,219,106 | |
PerkinElmer, Inc. | 67,052 | 8,749,616 | |
Quanterix Corp. (a) | 18,292 | 231,211 | |
Repligen Corp. (a) | 28,112 | 4,262,623 | |
Seer, Inc. (a) | 20,191 | 67,438 | |
SomaLogic, Inc. (a) | 71,726 | 200,833 | |
Sotera Health Co. (a) | 51,960 | 871,369 | |
Syneos Health, Inc. (a) | 55,052 | 2,161,342 | |
Thermo Fisher Scientific, Inc. | 208,497 | 115,694,985 | |
Waters Corp. (a) | 31,536 | 9,472,153 | |
West Pharmaceutical Services, Inc. | 39,385 | 14,227,437 | |
TOTAL LIFE SCIENCES TOOLS & SERVICES | 357,198,393 | ||
PHARMACEUTICALS – 27.2% | |||
Pharmaceuticals – 27.2% | |||
Aclaris Therapeutics, Inc. (a) | 24,901 | 221,370 | |
Amneal Pharmaceuticals, Inc. (a) | 50,385 | 97,243 | |
Amphastar Pharmaceuticals, Inc. (a) | 20,535 | 734,537 | |
ANI Pharmaceuticals, Inc. (a) | 7,065 | 266,492 | |
Arvinas, Inc. (a) | 24,245 | 635,461 | |
ATAI Life Sciences N.V. (a) | 63,278 | 120,861 | |
Atea Pharmaceuticals, Inc. (a) | 39,245 | 128,331 | |
Axsome Therapeutics, Inc. (a) | 17,324 | 1,239,186 | |
Bristol-Myers Squibb Co. | 1,130,302 | 75,470,265 | |
Cara Therapeutics, Inc. (a) | 23,785 | 99,897 | |
Cassava Sciences, Inc. (a) | 21,246 | 493,332 | |
Catalent, Inc. (a) | 91,222 | 4,572,047 | |
Collegium Pharmaceutical, Inc. (a) | 17,169 | 399,523 | |
Corcept Therapeutics, Inc. (a) | 51,121 | 1,151,756 | |
Cymabay Therapeutics, Inc. (a) | 45,050 | 484,738 | |
DICE Therapeutics, Inc. (a) | 15,953 | 518,472 | |
Elanco Animal Health, Inc. (a) | 227,216 | 2,151,735 | |
Eli Lilly & Co. | 429,362 | 169,967,241 | |
Esperion Therapeutics, Inc. (a) | 34,830 | 45,976 | |
Evolus, Inc. (a) | 18,973 | 165,824 | |
Fulcrum Therapeutics, Inc. (a) | 22,326 | 55,815 | |
Harmony Biosciences Holdings, Inc. (a) | 12,274 | 395,714 | |
Innoviva, Inc. (a) | 32,900 | 385,917 | |
Intra-Cellular Therapies, Inc. (a) | 45,558 | 2,831,430 | |
Jazz Pharmaceuticals PLC (a) | 33,500 | 4,705,745 | |
Johnson & Johnson | 1,389,901 | 227,526,794 | |
Ligand Pharmaceuticals, Inc. (a) | 8,840 | 674,934 | |
Merck & Co., Inc. | 1,347,859 | 155,637,279 | |
Nektar Therapeutics (a) | 99,172 | 74,607 |
| |||
Shares | Value | ||
NGM Biopharmaceuticals, Inc. (a) | 13,926 | $ 62,806 | |
Nuvation Bio, Inc. (a) | 64,216 | 103,388 | |
Organon & Co. | 135,068 | 3,326,725 | |
Pacira BioSciences, Inc. (a) | 24,177 | 1,095,460 | |
Perrigo Co. PLC | 71,378 | 2,654,548 | |
Pfizer, Inc. | 2,984,128 | 116,052,738 | |
Phathom Pharmaceuticals, Inc. (a) | 10,551 | 112,896 | |
Phibro Animal Health Corp. Class A | 11,104 | 172,778 | |
Pliant Therapeutics, Inc. (a) | 22,653 | 639,947 | |
Prestige Consumer Healthcare, Inc. (a) | 26,167 | 1,610,055 | |
Reata Pharmaceuticals, Inc. Class A (a) | 14,429 | 1,426,451 | |
Revance Therapeutics, Inc. (a) | 43,766 | 1,393,072 | |
Royalty Pharma PLC Class A | 187,720 | 6,598,358 | |
Scilex Holding Co. (a) | 34,921 | 227,545 | |
SIGA Technologies, Inc. | 24,216 | 141,179 | |
Supernus Pharmaceuticals, Inc. (a) | 29,062 | 1,071,225 | |
Tarsus Pharmaceuticals Inc. (a) | 9,206 | 137,354 | |
Theravance Biopharma, Inc. (a) | 26,874 | 291,045 | |
Tilray Brands, Inc. (a) | 328,252 | 771,392 | |
Ventyx Biosciences Inc. (a) | 9,007 | 338,663 | |
Viatris, Inc. | 645,597 | 6,023,420 | |
Zoetis, Inc. | 247,772 | 43,553,362 | |
TOTAL PHARMACEUTICALS | 839,056,929 | ||
TOTAL COMMON STOCKS (Cost $2,479,181,651) | 3,078,154,777 | ||
Money Market Fund – 0.1% | |||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.69% (c) (Cost $4,614,000) | 4,614,000 | 4,614,000 | |
TOTAL INVESTMENT IN SECURITIES – 99.8% (Cost $2,483,795,651) | 3,082,768,777 | ||
NET OTHER ASSETS (LIABILITIES) (d) – 0.2% | 4,865,489 | ||
NET ASSETS – 100.0% | $3,087,634,266 |
Legend | ||
(a) | Non-income producing. | |
(b) | Level 3 security. | |
(c) | The rate quoted is the annualized seven-day yield of the fund at period end. | |
(d) | Includes $349,600 of cash collateral to cover margin requirements for futures contracts. |
Quarterly Report | 6 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Health Care Select Sector Index Contracts (United States) | 50 | June 2023 | 6,774,500 | $ 207,664 | $ 207,664 |
CME E-mini Russell 2000 Index Contracts (United States) | 8 | June 2023 | 709,920 | (6,117) | (6,117) |
Total Equity Index Contracts | $ 201,547 |
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund’s investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the 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 event. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the 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 the Fund’s investments and ratifies the fair value determinations of the Committee.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 – unadjusted quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value 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 any 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 in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
7 | Quarterly Report |
Schedule of Investments (Unaudited)–continued
For additional information on the Fund’s significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. 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 specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the stock market.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
For additional information on the Fund’s significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.
Quarterly Report | 8 |
The fund’s schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund’s shareholders. For more information regarding the fund and its holdings, please see the fund’s most recent prospectus and annual report.
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9 | Quarterly Report |