Quarterly Holdings Report
for
Fidelity® MSCI Utilities Index ETF
April 30, 2024
T11-NPRT3-0624
1.9584800.110
Schedule of Investments April 30, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% | |||
Shares | Value | ||
ELECTRIC UTILITIES – 62.1% | |||
Electric Utilities – 62.1% | |||
ALLETE, Inc. | 58,714 | $ 3,477,043 | |
Alliant Energy Corp. | 260,561 | 12,975,938 | |
American Electric Power Co., Inc. | 536,959 | 46,194,583 | |
Constellation Energy Corp. | 326,112 | 60,637,265 | |
Duke Energy Corp. | 786,959 | 77,326,591 | |
Edison International | 391,655 | 27,831,004 | |
Entergy Corp. | 215,928 | 23,033,040 | |
Evergy, Inc. | 234,564 | 12,302,882 | |
Eversource Energy | 356,688 | 21,622,427 | |
Exelon Corp. | 1,016,416 | 38,196,913 | |
FirstEnergy Corp. | 556,616 | 21,340,657 | |
Genie Energy Ltd. Class B | 19,828 | 303,170 | |
Hawaiian Electric Industries, Inc. | 112,755 | 1,110,637 | |
IDACORP, Inc. | 51,653 | 4,895,671 | |
MGE Energy, Inc. | 36,818 | 2,883,586 | |
NextEra Energy, Inc. | 2,094,956 | 140,299,203 | |
NRG Energy, Inc. | 230,527 | 16,752,397 | |
OGE Energy Corp. | 204,584 | 7,088,836 | |
Otter Tail Corp. | 38,348 | 3,273,385 | |
PG&E Corp. | 2,069,554 | 35,410,069 | |
Pinnacle West Capital Corp. | 115,795 | 8,528,302 | |
PNM Resources, Inc. | 83,324 | 3,087,987 | |
Portland General Electric Co. | 103,225 | 4,462,417 | |
PPL Corp. | 752,663 | 20,668,126 | |
Southern Co. | 1,113,608 | 81,850,188 | |
Xcel Energy, Inc. | 563,449 | 30,274,115 | |
TOTAL ELECTRIC UTILITIES | 705,826,432 | ||
GAS UTILITIES – 4.2% | |||
Gas Utilities – 4.2% | |||
Atmos Energy Corp. | 154,015 | 18,158,368 | |
Chesapeake Utilities Corp. | 22,047 | 2,334,116 | |
National Fuel Gas Co. | 89,028 | 4,727,387 | |
New Jersey Resources Corp. | 99,827 | 4,361,442 | |
Northwest Natural Holding Co. | 37,655 | 1,436,538 | |
ONE Gas, Inc. | 56,643 | 3,654,606 | |
Southwest Gas Holdings, Inc. | 58,401 | 4,357,883 | |
Spire, Inc. | 54,383 | 3,360,326 | |
Star Group LP | 30,953 | 355,959 | |
UGI Corp. | 213,747 | 5,463,373 | |
TOTAL GAS UTILITIES | 48,209,998 | ||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 4.3% | |||
Independent Power Producers & Energy Traders – 3.4% | |||
AES Corp. | 683,747 | 12,239,072 | |
Vistra Corp. | 346,836 | 26,304,042 | |
38,543,114 | |||
Renewable Electricity – 0.9% | |||
Altus Power, Inc. (a) | 65,599 | 240,749 | |
Clearway Energy, Inc. Class A | 33,591 | 729,261 | |
Clearway Energy, Inc. Class C | 86,103 | 2,013,088 |
| |||
Shares | Value | ||
Montauk Renewables, Inc. (a) | 51,837 | $ 186,613 | |
NextEra Energy Partners LP | 95,123 | 2,697,688 | |
Ormat Technologies, Inc. | 55,304 | 3,530,054 | |
Sunnova Energy International, Inc. (a) | 111,392 | 468,960 | |
9,866,413 | |||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 48,409,527 | ||
MULTI-UTILITIES – 25.4% | |||
Multi-Utilities – 25.4% | |||
Ameren Corp. | 268,492 | 19,833,504 | |
Avista Corp. | 81,313 | 2,925,642 | |
Black Hills Corp. | 69,430 | 3,811,707 | |
CenterPoint Energy, Inc. | 644,529 | 18,781,575 | |
CMS Energy Corp. | 297,916 | 18,056,689 | |
Consolidated Edison, Inc. | 352,495 | 33,275,528 | |
Dominion Energy, Inc. | 854,438 | 43,559,249 | |
DTE Energy Co. | 210,603 | 23,233,723 | |
NiSource, Inc. | 456,733 | 12,724,581 | |
Northwestern Energy Group, Inc. | 62,359 | 3,145,388 | |
Public Service Enterprise Group, Inc. | 508,819 | 35,149,217 | |
Sempra | 642,596 | 46,029,152 | |
Unitil Corp. | 16,342 | 832,461 | |
WEC Energy Group, Inc. | 322,085 | 26,617,104 | |
TOTAL MULTI-UTILITIES | 287,975,520 | ||
WATER UTILITIES – 3.8% | |||
Water Utilities – 3.8% | |||
American States Water Co. | 37,660 | 2,667,834 | |
American Water Works Co., Inc. | 198,811 | 24,318,562 | |
Artesian Resources Corp. Class A | 9,740 | 340,705 | |
California Water Service Group | 58,759 | 2,886,242 | |
Essential Utilities, Inc. | 265,108 | 9,697,651 | |
Middlesex Water Co. | 18,180 | 922,090 | |
SJW Group | 30,852 | 1,679,891 | |
York Water Co. | 14,525 | 515,783 | |
TOTAL WATER UTILITIES | 43,028,758 | ||
TOTAL COMMON STOCKS (Cost $1,239,134,787) | 1,133,450,235 |
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Schedule of Investments (Unaudited)–continued
Money Market Fund – 0.1% | |||
Shares | Value | ||
State Street Institutional Treasury Plus Money Market Fund 5.24% (b) (Cost $1,854,000) | 1,854,000 | $ 1,854,000 | |
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $1,240,988,787) | 1,135,304,235 | ||
NET OTHER ASSETS (LIABILITIES) (c) – 0.1% | 642,600 | ||
NET ASSETS – 100.0% | $1,135,946,835 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. | |
(c) | Includes $112,200 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 Contract | |||||
CME E-mini S&P Utilities Select Sector Index Contracts (United States) | 33 | June 2024 | $2,230,470 | $79,764 | $79,764 |
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 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.
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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.
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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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