Quarterly Holdings Report
for
Fidelity® MSCI Financials Index ETF
October 31, 2023
T04-NPRT1-1223
1.9584809.109
Schedule of Investments October 31, 2023 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% | |||
Shares | Value | ||
BANKS – 25.1% | |||
Diversified Banks – 18.4% | |||
Bank of America Corp. | 1,752,299 | $ 46,155,556 | |
Citigroup, Inc. | 476,142 | 18,802,848 | |
Comerica, Inc. | 32,029 | 1,261,943 | |
Fifth Third Bancorp | 167,089 | 3,961,680 | |
First Citizens BancShares, Inc. Class A | 2,645 | 3,652,057 | |
JPMorgan Chase & Co. | 714,825 | 99,403,564 | |
KeyCorp | 230,451 | 2,355,209 | |
PNC Financial Services Group, Inc. | 97,575 | 11,169,410 | |
U.S. Bancorp | 373,642 | 11,911,707 | |
Wells Fargo & Co. | 896,257 | 35,644,141 | |
234,318,115 | |||
Regional Banks – 6.7% | |||
1st Source Corp. | 4,614 | 210,491 | |
Amalgamated Financial Corp. | 4,193 | 76,480 | |
Amerant Bancorp, Inc. | 5,951 | 108,487 | |
Ameris Bancorp | 15,865 | 591,764 | |
Arrow Financial Corp. | 4,967 | 105,847 | |
Associated Banc-Corp. | 38,596 | 625,641 | |
Atlantic Union Bankshares Corp. | 18,652 | 537,364 | |
Axos Financial, Inc. (a) | 12,771 | 460,139 | |
Banc of California, Inc. | 12,883 | 144,419 | |
Bancfirst Corp. | 5,162 | 418,690 | |
Bancorp, Inc. (a) | 12,805 | 456,498 | |
Bank First Corp. | 2,072 | 163,626 | |
Bank of Hawaii Corp. | 9,579 | 473,107 | |
Bank of Marin Bancorp | 4,085 | 68,628 | |
Bank OZK | 26,537 | 950,290 | |
BankUnited, Inc. | 17,947 | 391,424 | |
Banner Corp. | 8,650 | 365,116 | |
Bar Harbor Bankshares | 4,065 | 101,706 | |
Berkshire Hills Bancorp, Inc. | 10,580 | 207,474 | |
BOK Financial Corp. | 7,346 | 481,310 | |
Brookline Bancorp, Inc. | 21,251 | 172,983 | |
Business First Bancshares, Inc. | 6,001 | 117,260 | |
Byline Bancorp, Inc. | 6,197 | 117,557 | |
Cadence Bank | 44,115 | 934,356 | |
Cambridge Bancorp | 1,973 | 105,970 | |
Camden National Corp. | 3,971 | 115,794 | |
Capital City Bank Group, Inc. | 3,213 | 91,795 | |
Capitol Federal Financial, Inc. | 33,321 | 173,269 | |
Cathay General Bancorp | 18,048 | 612,008 | |
Central Pacific Financial Corp. | 5,914 | 93,323 | |
Citizens Financial Group, Inc. | 118,972 | 2,787,514 | |
City Holding Co. | 3,499 | 317,639 | |
Coastal Financial Corp. (a) | 2,355 | 87,535 | |
Columbia Banking System, Inc. | 51,515 | 1,013,300 | |
Columbia Financial, Inc. (a) | 7,119 | 114,616 | |
Commerce Bancshares, Inc. | 28,698 | 1,258,694 | |
Community Bank System, Inc. | 13,007 | 519,630 |
| |||
Shares | Value | ||
Community Trust Bancorp, Inc. | 4,239 | $ 159,217 | |
ConnectOne Bancorp, Inc. | 9,018 | 146,903 | |
CrossFirst Bankshares, Inc. (a) | 10,632 | 112,487 | |
Cullen/Frost Bankers, Inc. | 14,919 | 1,357,480 | |
Customers Bancorp, Inc. (a) | 7,234 | 290,879 | |
CVB Financial Corp. | 34,497 | 538,843 | |
Dime Community Bancshares, Inc. | 8,857 | 162,880 | |
Eagle Bancorp, Inc. | 7,653 | 149,080 | |
East West Bancorp, Inc. | 34,608 | 1,855,681 | |
Eastern Bankshares, Inc. | 39,291 | 432,594 | |
Enterprise Financial Services Corp. | 9,132 | 317,520 | |
Equity Bancshares, Inc. Class A | 3,673 | 88,887 | |
Farmers National Banc Corp. | 9,903 | 111,805 | |
FB Financial Corp. | 8,000 | 234,960 | |
First Bancorp | 9,847 | 285,760 | |
First BanCorp | 43,484 | 580,511 | |
First Bancshares, Inc. | 6,618 | 160,288 | |
First Busey Corp. | 13,614 | 270,374 | |
First Commonwealth Financial Corp. | 25,003 | 304,537 | |
First Community Bankshares, Inc. | 4,143 | 135,269 | |
First Financial Bancorp | 23,355 | 432,067 | |
First Financial Bankshares, Inc. | 32,580 | 783,549 | |
First Financial Corp. | 3,862 | 132,891 | |
First Foundation, Inc. | 12,784 | 58,039 | |
First Hawaiian, Inc. | 31,983 | 573,455 | |
First Horizon Corp. | 129,414 | 1,391,200 | |
First Interstate Bancsystem, Inc. Class A | 21,851 | 504,103 | |
First Merchants Corp. | 14,787 | 403,833 | |
First Mid Bancshares, Inc. | 5,316 | 145,233 | |
Five Star Bancorp | 2,924 | 56,930 | |
Flushing Financial Corp. | 7,332 | 90,477 | |
FNB Corp. | 89,791 | 959,866 | |
Fulton Financial Corp. | 42,130 | 547,269 | |
German American Bancorp, Inc. | 7,858 | 214,759 | |
Glacier Bancorp, Inc. | 26,908 | 812,353 | |
Great Southern Bancorp, Inc. | 2,512 | 124,897 | |
Greene County Bancorp, Inc. | 1,422 | 33,701 | |
Hancock Whitney Corp. | 20,582 | 708,638 | |
Hanmi Financial Corp. | 5,332 | 78,274 | |
Harborone Bancorp, Inc. | 11,480 | 112,963 | |
HBT Financial, Inc. | 3,640 | 65,520 | |
Heartland Financial USA, Inc. | 9,590 | 262,766 | |
Heritage Commerce Corp. | 17,088 | 139,780 | |
Heritage Financial Corp. | 8,887 | 144,591 | |
Hilltop Holdings, Inc. | 12,034 | 332,379 | |
Hingham Institution For Savings The | 400 | 59,432 | |
Home BancShares, Inc. | 47,174 | 964,708 | |
Hope Bancorp, Inc. | 32,600 | 285,576 | |
Horizon Bancorp, Inc. | 11,523 | 109,353 | |
Huntington Bancshares, Inc. | 353,638 | 3,412,607 |
2 | Quarterly Report |
Schedule of Investments (Unaudited)–continued
Common Stocks – continued | |||
Shares | Value | ||
BANKS – continued | |||
Regional Banks – continued | |||
Independent Bank Corp. | 11,102 | $ 541,778 | |
Independent Bank Corp. | 6,009 | 119,880 | |
Independent Bank Group, Inc. | 8,665 | 306,308 | |
International Bancshares Corp. | 13,794 | 604,591 | |
Kearny Financial Corp. | 16,360 | 113,538 | |
Lakeland Bancorp, Inc. | 14,703 | 165,850 | |
Lakeland Financial Corp. | 6,265 | 308,551 | |
Live Oak Bancshares, Inc. | 7,954 | 229,473 | |
Luther Burbank Corp. | 7,145 | 58,160 | |
M&T Bank Corp. | 40,533 | 4,570,096 | |
Mercantile Bank Corp. | 4,157 | 136,932 | |
Metrocity Bankshares, Inc. | 5,234 | 104,889 | |
Metropolitan Bank Holding Corp. (a) | 2,347 | 76,066 | |
Mid Penn Bancorp, Inc. | 3,673 | 70,007 | |
Midland States Bancorp, Inc. | 6,619 | 144,427 | |
MidWestOne Financial Group, Inc. | 4,168 | 83,027 | |
National Bank Holdings Corp. Class A | 7,042 | 219,570 | |
NBT Bancorp, Inc. | 10,587 | 354,347 | |
New York Community Bancorp, Inc. | 178,028 | 1,687,705 | |
Nicolet Bankshares, Inc. | 3,080 | 224,286 | |
Northfield Bancorp, Inc. | 10,600 | 91,160 | |
Northwest Bancshares, Inc. | 31,074 | 323,791 | |
OceanFirst Financial Corp. | 14,638 | 185,317 | |
OFG Bancorp | 11,405 | 337,816 | |
Old National Bancorp | 71,834 | 984,126 | |
Old Second Bancorp, Inc. | 9,963 | 135,098 | |
Origin Bancorp, Inc. | 7,383 | 218,463 | |
Pacific Premier Bancorp, Inc. | 24,712 | 469,528 | |
PacWest Bancorp | 28,780 | 203,762 | |
Park National Corp. | 3,947 | 400,186 | |
Pathward Financial, Inc. | 6,297 | 285,191 | |
Peapack-Gladstone Financial Corp. | 3,758 | 87,824 | |
Peoples Bancorp, Inc. | 8,397 | 231,589 | |
Pinnacle Financial Partners, Inc. | 18,587 | 1,159,085 | |
Popular, Inc. | 17,797 | 1,157,517 | |
Preferred Bank | 2,171 | 129,326 | |
Premier Financial Corp. | 8,890 | 154,242 | |
Prosperity Bancshares, Inc. | 23,238 | 1,267,401 | |
Provident Financial Services, Inc. | 18,218 | 255,963 | |
QCR Holdings, Inc. | 3,997 | 189,658 | |
Regions Financial Corp. | 228,131 | 3,314,743 | |
Renasant Corp. | 13,653 | 332,997 | |
Republic Bancorp, Inc. Class A | 2,154 | 95,185 | |
S&T Bancorp, Inc. | 9,434 | 243,020 | |
Sandy Spring Bancorp, Inc. | 11,424 | 233,621 | |
Seacoast Banking Corp. of Florida | 20,294 | 410,142 | |
ServisFirst Bancshares, Inc. | 12,390 | 584,312 |
| |||
Shares | Value | ||
Simmons First National Corp. Class A | 32,061 | $ 455,587 | |
SmartFinancial, Inc. | 3,902 | 81,357 | |
South Plains Financial, Inc. | 3,196 | 85,717 | |
Southern Missouri Bancorp, Inc. | 2,548 | 103,067 | |
Southside Bancshares, Inc. | 7,327 | 195,631 | |
SouthState Corp. | 18,363 | 1,213,794 | |
Stellar Bancorp, Inc. | 10,239 | 222,596 | |
Stock Yards Bancorp, Inc. | 6,457 | 252,533 | |
Synovus Financial Corp. | 35,713 | 931,038 | |
Texas Capital Bancshares, Inc. (a) | 11,540 | 635,392 | |
Tompkins Financial Corp. | 3,149 | 157,702 | |
Towne Bank | 17,983 | 430,513 | |
Trico Bancshares | 7,743 | 250,486 | |
Triumph Financial, Inc. (a) | 5,165 | 321,521 | |
Truist Financial Corp. | 325,180 | 9,222,105 | |
TrustCo Bank Corp. | 4,098 | 104,622 | |
Trustmark Corp. | 13,852 | 278,564 | |
UMB Financial Corp. | 11,210 | 703,091 | |
United Bankshares, Inc. | 32,724 | 930,671 | |
United Community Banks, Inc. | 28,145 | 621,723 | |
Univest Financial Corp. | 8,081 | 134,629 | |
Valley National Bancorp | 106,870 | 831,449 | |
Veritex Holdings, Inc. | 12,848 | 221,243 | |
WaFd, Inc. | 16,339 | 403,247 | |
Washington Trust Bancorp, Inc. | 4,483 | 103,961 | |
Webster Financial Corp. | 42,501 | 1,613,763 | |
WesBanco, Inc. | 14,925 | 364,021 | |
Westamerica BanCorp | 7,079 | 334,412 | |
Western Alliance Bancorp | 25,455 | 1,046,200 | |
Wintrust Financial Corp. | 14,668 | 1,095,553 | |
WSFS Financial Corp. | 14,639 | 518,221 | |
Zions Bancorp NA | 36,054 | 1,112,266 | |
85,786,127 | |||
TOTAL BANKS | 320,104,242 | ||
CAPITAL MARKETS – 22.3% | |||
Asset Management & Custody Banks – 7.3% | |||
Affiliated Managers Group, Inc. | 9,003 | 1,105,208 | |
Alti Global, Inc. (a) | 4,952 | 31,049 | |
Ameriprise Financial, Inc. | 25,429 | 7,999,201 | |
Ares Management Corp. Class A | 39,300 | 3,874,587 | |
Artisan Partners Asset Management, Inc. Class A | 17,170 | 566,610 | |
Assetmark Financial Holdings, Inc. (a) | 5,835 | 139,515 | |
Avantax, Inc. (a) | 8,945 | 230,870 | |
Bank of New York Mellon Corp. | 190,809 | 8,109,383 | |
BlackRock, Inc. | 36,536 | 22,370,262 | |
Blackstone, Inc. | 172,794 | 15,957,526 | |
Blue Owl Capital, Inc. | 86,116 | 1,061,810 | |
Brightsphere Investment Group, Inc. | 8,534 | 133,642 |
Quarterly Report | 3 |
Common Stocks – continued | |||
Shares | Value | ||
CAPITAL MARKETS – continued | |||
Asset Management & Custody Banks – continued | |||
Carlyle Group, Inc. | 53,482 | $ 1,472,894 | |
Cohen & Steers, Inc. | 6,881 | 359,463 | |
Diamond Hill Investment Group, Inc. | 850 | 133,535 | |
Federated Hermes, Inc. | 21,077 | 668,141 | |
Franklin Resources, Inc. | 73,457 | 1,674,085 | |
Hamilton Lane, Inc. Class A | 7,836 | 659,164 | |
Invesco Ltd. | 84,578 | 1,096,977 | |
Janus Henderson Group PLC | 33,448 | 771,645 | |
KKR & Co., Inc. | 147,785 | 8,187,289 | |
Northern Trust Corp. | 50,937 | 3,357,258 | |
P10, Inc. Class A | 1,118 | 10,532 | |
SEI Investments Co. | 27,813 | 1,492,446 | |
State Street Corp. | 81,721 | 5,281,628 | |
StepStone Group, Inc. Class A | 13,198 | 373,503 | |
T Rowe Price Group, Inc. | 54,945 | 4,972,523 | |
TPG, Inc. | 13,531 | 373,997 | |
Victory Capital Holdings, Inc. Class A | 6,714 | 197,794 | |
Virtus Investment Partners, Inc. | 1,835 | 338,062 | |
WisdomTree, Inc. | 26,875 | 166,625 | |
93,167,224 | |||
Financial Exchanges & Data – 8.3% | |||
Cboe Global Markets, Inc. | 25,802 | 4,228,690 | |
CME Group, Inc. | 87,960 | 18,775,942 | |
Coinbase Global, Inc. Class A (a) | 41,035 | 3,164,619 | |
Donnelley Financial Solutions, Inc. (a) | 6,465 | 351,890 | |
FactSet Research Systems, Inc. | 9,314 | 4,022,623 | |
Intercontinental Exchange, Inc. | 139,549 | 14,993,145 | |
MarketAxess Holdings, Inc. | 9,162 | 1,958,378 | |
Moody's Corp. | 40,361 | 12,431,188 | |
Morningstar, Inc. | 6,353 | 1,608,834 | |
MSCI, Inc. | 19,573 | 9,229,648 | |
Nasdaq, Inc. | 84,002 | 4,166,499 | |
Open Lending Corp. (a) | 19,215 | 115,098 | |
S&P Global, Inc. | 80,269 | 28,038,764 | |
Tradeweb Markets, Inc. Class A | 26,535 | 2,388,415 | |
105,473,733 | |||
Investment Banking & Brokerage – 6.7% | |||
B Riley Financial, Inc. | 4,028 | 145,854 | |
BGC Group, Inc. Class A | 78,244 | 459,292 | |
Charles Schwab Corp. | 367,824 | 19,141,561 | |
Evercore, Inc. Class A | 8,944 | 1,164,330 | |
Freedom Holding Corp. (a) | 4,354 | 357,202 | |
Goldman Sachs Group, Inc. | 81,222 | 24,659,812 | |
Houlihan Lokey, Inc. | 12,341 | 1,240,517 | |
Interactive Brokers Group, Inc. Class A | 25,044 | 2,005,273 | |
Jefferies Financial Group, Inc. | 41,677 | 1,341,166 | |
LPL Financial Holdings, Inc. | 18,994 | 4,264,533 |
| |||
Shares | Value | ||
Moelis & Co. Class A | 15,775 | $ 656,871 | |
Morgan Stanley | 306,328 | 21,694,149 | |
Perella Weinberg Partners | 8,562 | 83,993 | |
Piper Sandler Cos. | 4,341 | 607,089 | |
PJT Partners, Inc. Class A | 5,792 | 453,861 | |
Raymond James Financial, Inc. | 49,200 | 4,695,648 | |
Robinhood Markets, Inc. Class A (a) | 105,402 | 963,374 | |
Stifel Financial Corp. | 26,328 | 1,500,696 | |
StoneX Group, Inc. (a) | 4,531 | 431,895 | |
Virtu Financial, Inc. Class A | 22,871 | 422,885 | |
86,290,001 | |||
TOTAL CAPITAL MARKETS | 284,930,958 | ||
CONSUMER FINANCE – 3.9% | |||
Consumer Finance – 3.9% | |||
Ally Financial, Inc. | 67,683 | 1,637,252 | |
American Express Co. | 154,534 | 22,566,600 | |
Atlanticus Holdings Corp. (a) | 1,174 | 34,351 | |
Bread Financial Holdings, Inc. | 3,086 | 83,415 | |
Capital One Financial Corp. | 93,159 | 9,436,075 | |
Credit Acceptance Corp. (a) | 1,582 | 636,644 | |
Discover Financial Services | 62,008 | 5,089,617 | |
Encore Capital Group, Inc. (a) | 5,929 | 223,405 | |
Enova International, Inc. (a) | 7,385 | 294,514 | |
Ezcorp, Inc. Class A (a) | 12,637 | 103,623 | |
FirstCash Holdings, Inc. | 9,588 | 1,044,325 | |
Green Dot Corp. Class A (a) | 11,604 | 129,733 | |
LendingClub Corp. (a) | 25,186 | 130,715 | |
Navient Corp. | 24,167 | 384,497 | |
Nelnet, Inc. Class A | 3,875 | 328,639 | |
NerdWallet, Inc. Class A (a) | 7,093 | 76,462 | |
OneMain Holdings, Inc. | 28,484 | 1,023,430 | |
PRA Group, Inc. (a) | 9,383 | 115,505 | |
PROG Holdings, Inc. (a) | 11,484 | 314,547 | |
SLM Corp. | 53,847 | 700,011 | |
SoFi Technologies, Inc. (a) | 218,657 | 1,650,860 | |
Synchrony Financial | 105,015 | 2,945,671 | |
Upstart Holdings, Inc. (a) | 17,341 | 416,704 | |
World Acceptance Corp. (a) | 847 | 83,531 | |
TOTAL CONSUMER FINANCE | 49,450,126 | ||
FINANCIAL SERVICES – 28.6% | |||
Commercial & Residential Mortgage Finance – 0.6% | |||
Enact Holdings, Inc. | 8,281 | 228,224 | |
Essent Group Ltd. | 25,949 | 1,225,831 | |
Federal Agricultural Mortgage Corp. Class C | 2,236 | 332,180 | |
Merchants Bancorp | 3,951 | 118,095 | |
MGIC Investment Corp. | 70,803 | 1,192,323 | |
Mr Cooper Group, Inc. (a) | 15,734 | 889,443 | |
NMI Holdings, Inc. Class A (a) | 18,713 | 511,801 | |
PennyMac Financial Services, Inc. | 10,156 | 682,483 | |
Radian Group, Inc. | 39,036 | 989,172 |
4 | Quarterly Report |
Schedule of Investments (Unaudited)–continued
Common Stocks – continued | |||
Shares | Value | ||
FINANCIAL SERVICES – continued | |||
Commercial & Residential Mortgage Finance – continued | |||
Rocket Cos., Inc. Class A (a) | 26,412 | $ 195,185 | |
TFS Financial Corp. | 14,253 | 169,041 | |
UWM Holdings Corp. | 21,453 | 104,047 | |
Walker & Dunlop, Inc. | 7,740 | 501,552 | |
7,139,377 | |||
Data Processing & Outsourced Services – 0.0% | |||
Cantaloupe, Inc. (a) | 15,410 | 101,398 | |
Diversified Financial Services – 0.9% | |||
Apollo Global Management, Inc. | 97,233 | 7,529,724 | |
Equitable Holdings, Inc. | 87,857 | 2,334,360 | |
Jackson Financial, Inc. Class A | 18,706 | 686,697 | |
Voya Financial, Inc. | 24,096 | 1,608,890 | |
12,159,671 | |||
Multi-Sector Holdings – 8.5% | |||
Berkshire Hathaway, Inc. Class B (a) | 317,090 | 108,232,330 | |
Cannae Holdings, Inc. (a) | 17,727 | 289,836 | |
Compass Diversified Holdings | 16,139 | 277,268 | |
108,799,434 | |||
Specialized Finance – 0.0% | |||
A-Mark Precious Metals, Inc. | 4,842 | 131,121 | |
Transaction & Payment Processing Services – 18.6% | |||
Affirm Holdings, Inc. (a) | 49,376 | 869,511 | |
AvidXchange Holdings, Inc. (a) | 37,747 | 326,134 | |
Block, Inc. (a) | 133,215 | 5,361,904 | |
Cass Information Systems, Inc. | 4,889 | 184,853 | |
Euronet Worldwide, Inc. (a) | 11,823 | 908,479 | |
EVERTEC, Inc. | 17,004 | 540,387 | |
Fidelity National Information Services, Inc. | 145,270 | 7,134,210 | |
Fiserv, Inc. (a) | 151,533 | 17,236,879 | |
FleetCor Technologies, Inc. (a) | 17,466 | 3,932,819 | |
Flywire Corp. (a) | 21,792 | 585,987 | |
Global Payments, Inc. | 64,294 | 6,829,309 | |
I3 Verticals, Inc. Class A (a) | 6,743 | 126,431 | |
International Money Express, Inc. (a) | 9,487 | 151,412 | |
Jack Henry & Associates, Inc. | 18,225 | 2,569,543 | |
Marqeta, Inc. Class A (a) | 97,132 | 502,172 | |
Mastercard, Inc. Class A | 207,198 | 77,978,967 | |
NCR Atleos Corp. (a) | 15,468 | 341,224 | |
Paymentus Holdings, Inc. Class A (a) | 4,785 | 69,670 | |
Payoneer Global, Inc. (a) | 67,190 | 389,030 | |
PayPal Holdings, Inc. (a) | 259,410 | 13,437,438 | |
Remitly Global, Inc. (a) | 30,775 | 828,771 | |
Repay Holdings Corp. (a) | 20,323 | 121,735 | |
Shift4 Payments, Inc. Class A (a) | 12,878 | 573,329 | |
Toast, Inc. Class A (a) | 76,071 | 1,216,375 | |
Visa, Inc. Class A | 396,119 | 93,127,577 | |
Western Union Co. | 44,097 | 497,855 |
| |||
Shares | Value | ||
WEX, Inc. (a) | 10,539 | $ 1,754,533 | |
237,596,534 | |||
TOTAL FINANCIAL SERVICES | 365,927,535 | ||
INSURANCE – 18.9% | |||
Insurance Brokers – 4.9% | |||
Aon PLC Class A | 49,849 | 15,423,281 | |
Arthur J Gallagher & Co. | 52,279 | 12,311,182 | |
Brown & Brown, Inc. | 58,827 | 4,083,770 | |
BRP Group, Inc. Class A (a) | 15,127 | 316,608 | |
Goosehead Insurance, Inc. Class A (a) | 5,266 | 341,606 | |
Hagerty, Inc. Class A (a) | 5,815 | 44,892 | |
Hippo Holdings, Inc. (a) | 2,875 | 20,700 | |
Marsh & McLennan Cos., Inc. | 120,839 | 22,917,116 | |
Ryan Specialty Holdings, Inc. (a) | 23,836 | 1,029,715 | |
Willis Towers Watson PLC | 26,351 | 6,215,937 | |
62,704,807 | |||
Life & Health Insurance – 3.4% | |||
Aflac, Inc. | 140,337 | 10,961,723 | |
American Equity Investment Life Holding Co. (a) | 15,296 | 810,076 | |
Brighthouse Financial, Inc. (a) | 15,656 | 709,217 | |
CNO Financial Group, Inc. | 28,869 | 669,183 | |
F&G Annuities & Life, Inc. | 4,203 | 128,990 | |
Genworth Financial, Inc. Class A (a) | 117,682 | 704,915 | |
Globe Life, Inc. | 22,013 | 2,561,433 | |
Lincoln National Corp. | 41,406 | 901,409 | |
MetLife, Inc. | 158,850 | 9,532,589 | |
National Western Life Group, Inc. Class A | 544 | 260,522 | |
Oscar Health, Inc. Class A (a) | 30,526 | 156,293 | |
Primerica, Inc. | 8,775 | 1,677,429 | |
Principal Financial Group, Inc. | 59,761 | 4,044,624 | |
Prudential Financial, Inc. | 89,643 | 8,196,956 | |
Unum Group | 48,246 | 2,359,229 | |
43,674,588 | |||
Multi-line Insurance – 1.5% | |||
American International Group, Inc. | 176,974 | 10,850,276 | |
Assurant, Inc. | 12,943 | 1,927,212 | |
Hartford Financial Services Group, Inc. | 75,764 | 5,564,866 | |
Horace Mann Educators Corp. | 10,908 | 346,111 | |
18,688,465 | |||
Property & Casualty Insurance – 8.3% | |||
Allstate Corp. | 64,171 | 8,222,230 | |
Ambac Financial Group, Inc. (a) | 12,179 | 147,731 | |
American Financial Group, Inc. | 17,851 | 1,952,185 | |
AMERISAFE, Inc. | 4,983 | 253,984 | |
Arch Capital Group Ltd. (a) | 90,875 | 7,877,045 | |
Argo Group International Holdings Ltd. | 8,200 | 244,688 |
Quarterly Report | 5 |
Common Stocks – continued | |||
Shares | Value | ||
INSURANCE – continued | |||
Property & Casualty Insurance – continued | |||
Assured Guaranty Ltd. | 14,070 | $ 877,968 | |
Axis Capital Holdings Ltd. | 20,601 | 1,176,317 | |
Chubb Ltd. | 101,139 | 21,706,452 | |
Cincinnati Financial Corp. | 38,419 | 3,829,222 | |
Donegal Group, Inc. Class A | 5,776 | 81,557 | |
Employers Holdings, Inc. | 6,039 | 229,482 | |
Erie Indemnity Co. Class A | 6,192 | 1,710,168 | |
Fidelity National Financial, Inc. | 64,630 | 2,526,387 | |
First American Financial Corp. | 25,083 | 1,290,270 | |
Hanover Insurance Group, Inc. | 9,101 | 1,066,728 | |
HCI Group, Inc. | 1,414 | 83,384 | |
James River Group Holdings Ltd. | 9,076 | 124,795 | |
Kemper Corp. | 15,745 | 627,911 | |
Kinsale Capital Group, Inc. | 5,359 | 1,789,424 | |
Lemonade, Inc. (a) | 12,797 | 139,999 | |
Loews Corp. | 47,975 | 3,070,880 | |
Markel Group, Inc. (a) | 3,067 | 4,510,085 | |
MBIA, Inc. (a) | 11,507 | 79,168 | |
Mercury General Corp. | 6,944 | 214,431 | |
Old Republic International Corp. | 69,380 | 1,899,624 | |
Palomar Holdings, Inc. (a) | 6,030 | 301,982 | |
ProAssurance Corp. | 12,972 | 220,524 | |
Progressive Corp. | 143,065 | 22,617,146 | |
RLI Corp. | 10,034 | 1,336,930 | |
Safety Insurance Group, Inc. | 3,885 | 292,035 | |
Selective Insurance Group, Inc. | 14,768 | 1,537,496 | |
Skyward Specialty Insurance Group, Inc. (a) | 3,218 | 90,587 | |
Stewart Information Services Corp. | 7,011 | 306,170 | |
Tiptree, Inc. | 5,781 | 87,351 | |
Travelers Cos., Inc. | 56,440 | 9,450,314 | |
Trupanion, Inc. (a) | 8,868 | 182,681 | |
United Fire Group, Inc. | 5,379 | 108,333 | |
Universal Insurance Holdings, Inc. | 6,325 | 99,050 | |
W R Berkley Corp. | 51,210 | 3,452,578 | |
White Mountains Insurance Group Ltd. | 628 | 898,511 | |
106,713,803 | |||
Reinsurance – 0.8% | |||
Enstar Group Ltd. (a) | 2,694 | 638,397 | |
Everest Group Ltd. | 10,482 | 4,146,889 | |
Reinsurance Group of America, Inc. | 16,431 | 2,455,942 | |
RenaissanceRe Holdings Ltd. | 12,430 | 2,729,504 | |
SiriusPoint Ltd. (a) | 20,623 | 203,136 | |
10,173,868 | |||
TOTAL INSURANCE | 241,955,531 | ||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.9% | |||
Mortgage REITs – 0.9% | |||
AGNC Investment Corp. | 142,941 | 1,054,904 |
| |||
Shares | Value | ||
Annaly Capital Management, Inc. | 123,169 | $ 1,922,668 | |
Apollo Commercial Real Estate Finance, Inc. | 33,459 | 333,252 | |
Arbor Realty Trust, Inc. | 42,371 | 534,298 | |
Ares Commercial Real Estate Corp. | 13,282 | 121,796 | |
Blackstone Mortgage Trust, Inc. Class A | 41,301 | 823,955 | |
BrightSpire Capital, Inc. | 32,988 | 186,712 | |
Chimera Investment Corp. | 56,277 | 270,130 | |
Claros Mortgage Trust, Inc. | 27,755 | 289,485 | |
Dynex Capital, Inc. | 13,697 | 137,518 | |
Ellington Financial, Inc. | 14,303 | 172,065 | |
Franklin BSP Realty Trust, Inc. | 19,895 | 250,876 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 26,183 | 448,777 | |
Invesco Mortgage Capital, Inc. | 9,916 | 67,726 | |
KKR Real Estate Finance Trust, Inc. | 15,927 | 166,278 | |
Ladder Capital Corp. | 28,534 | 288,479 | |
MFA Financial, Inc. | 24,666 | 219,281 | |
New York Mortgage Trust, Inc. | 21,609 | 168,334 | |
PennyMac Mortgage Investment Trust | 20,422 | 258,338 | |
Ready Capital Corp. | 41,400 | 390,402 | |
Redwood Trust, Inc. | 27,123 | 170,332 | |
Rithm Capital Corp. | 118,473 | 1,105,353 | |
Starwood Property Trust, Inc. | 77,338 | 1,372,749 | |
TPG RE Finance Trust, Inc. | 14,776 | 81,416 | |
Two Harbors Investment Corp. | 25,219 | 292,793 | |
11,127,917 | |||
Unknown G4 – 0.0% | |||
ARMOUR Residential REIT, Inc. | 9,388 | 136,783 | |
TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) | 11,264,700 | ||
TOTAL COMMON STOCKS (Cost $1,271,770,023) | 1,273,633,092 | ||
Money Market Fund – 0.2% | |||
State Street Institutional Treasury Plus Money Market Fund 5.25% (b) (Cost $2,049,000) | 2,049,000 | 2,049,000 | |
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $1,273,819,023) | 1,275,682,092 | ||
NET OTHER ASSETS (LIABILITIES) (c) – 0.1% | 1,367,107 | ||
NET ASSETS – 100.0% | $ 1,277,049,199 |
6 | Quarterly Report |
Schedule of Investments (Unaudited)–continued
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. | |
(c) | Includes $186,250 of cash collateral to cover margin requirements for futures contracts. |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Financial Select Sector Index Contracts (United States) | 27 | December 2023 | 2,702,363 | (100,806) | (100,806) |
CME E-mini Russell 2000 Index Contracts (United States) | 5 | December 2023 | 417,100 | (26,399) | (26,399) |
Total Equity Index Contracts | $(127,205) |
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 designated the Fund’s investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund’s fair valuation practices and maintains the fair valuation policies and procedures. The Fund’s investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The 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 service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For 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.
Quarterly Report | 7 |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
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.
8 | Quarterly Report |
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Report | 9 |