Quarterly Holdings Report
for
Fidelity® Fundamental Large Cap Value ETF
April 30, 2024
CVE-NPRT3-0624
1.9911034.100
Common Stocks - 99.8% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 4.5% | |||
Diversified Telecommunication Services - 0.8% | |||
Cellnex Telecom SA (a) | 388 | 12,857 | |
Entertainment - 0.8% | |||
The Walt Disney Co. | 109 | 12,110 | |
Media - 2.9% | |||
Comcast Corp. Class A | 895 | 34,108 | |
Interpublic Group of Companies, Inc. | 211 | 6,423 | |
Nexstar Media Group, Inc. Class A | 19 | 3,041 | |
43,572 | |||
TOTAL COMMUNICATION SERVICES | 68,539 | ||
CONSUMER DISCRETIONARY - 4.1% | |||
Automobiles - 0.3% | |||
Harley-Davidson, Inc. | 130 | 4,471 | |
Diversified Consumer Services - 0.2% | |||
H&R Block, Inc. | 76 | 3,589 | |
Household Durables - 0.6% | |||
Tempur Sealy International, Inc. | 174 | 8,710 | |
Leisure Products - 1.0% | |||
BRP, Inc. | 82 | 5,517 | |
Brunswick Corp. | 115 | 9,274 | |
14,791 | |||
Specialty Retail - 1.8% | |||
Advance Auto Parts, Inc. | 41 | 2,992 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 25 | 6,360 | |
Signet Jewelers Ltd. | 21 | 2,059 | |
Upbound Group, Inc. | 109 | 3,380 | |
Williams-Sonoma, Inc. | 47 | 13,479 | |
28,270 | |||
Textiles, Apparel & Luxury Goods - 0.2% | |||
Tapestry, Inc. | 67 | 2,675 | |
TOTAL CONSUMER DISCRETIONARY | 62,506 | ||
CONSUMER STAPLES - 6.9% | |||
Consumer Staples Distribution & Retail - 1.4% | |||
U.S. Foods Holding Corp. (b) | 438 | 22,010 | |
Food Products - 3.4% | |||
Bunge Global SA | 28 | 2,849 | |
Darling Ingredients, Inc. (b) | 125 | 5,296 | |
Mondelez International, Inc. | 53 | 3,813 | |
The J.M. Smucker Co. | 162 | 18,606 | |
Tyson Foods, Inc. Class A | 336 | 20,378 | |
50,942 | |||
Personal Care Products - 2.1% | |||
Kenvue, Inc. | 1,691 | 31,825 | |
TOTAL CONSUMER STAPLES | 104,777 | ||
ENERGY - 11.2% | |||
Energy Equipment & Services - 0.2% | |||
Valaris Ltd. (b) | 41 | 2,667 | |
Oil, Gas & Consumable Fuels - 11.0% | |||
Antero Resources Corp. (b) | 110 | 3,741 | |
Canadian Natural Resources Ltd. | 444 | 33,646 | |
Cenovus Energy, Inc. (Canada) | 335 | 6,882 | |
Exxon Mobil Corp. | 613 | 72,491 | |
Parkland Corp. | 152 | 4,683 | |
Shell PLC ADR | 469 | 33,609 | |
Targa Resources Corp. | 99 | 11,292 | |
166,344 | |||
TOTAL ENERGY | 169,011 | ||
FINANCIALS - 21.5% | |||
Banks - 8.5% | |||
Bank of America Corp. | 242 | 8,956 | |
East West Bancorp, Inc. | 24 | 1,788 | |
First Citizens Bancshares, Inc. Class B | 3 | 4,545 | |
JPMorgan Chase & Co. | 290 | 55,605 | |
KeyCorp | 519 | 7,520 | |
Webster Financial Corp. | 36 | 1,578 | |
Wells Fargo & Co. | 834 | 49,473 | |
129,465 | |||
Capital Markets - 1.7% | |||
Carlyle Group LP | 180 | 8,064 | |
Raymond James Financial, Inc. | 140 | 17,080 | |
25,144 | |||
Consumer Finance - 1.0% | |||
Ally Financial, Inc. | 193 | 7,402 | |
OneMain Holdings, Inc. | 74 | 3,856 | |
SLM Corp. | 196 | 4,153 | |
15,411 | |||
Financial Services - 3.0% | |||
Apollo Global Management, Inc. | 149 | 16,149 | |
Berkshire Hathaway, Inc. Class B (b) | 38 | 15,076 | |
Global Payments, Inc. | 109 | 13,382 | |
44,607 | |||
Insurance - 7.3% | |||
American Financial Group, Inc. | 106 | 13,542 | |
Chubb Ltd. | 44 | 10,940 | |
First American Financial Corp. | 100 | 5,357 | |
Hartford Financial Services Group, Inc. | 376 | 36,431 | |
Old Republic International Corp. | 348 | 10,391 | |
The Travelers Companies, Inc. | 163 | 34,582 | |
111,243 | |||
TOTAL FINANCIALS | 325,870 | ||
HEALTH CARE - 15.7% | |||
Health Care Providers & Services - 9.5% | |||
Cencora, Inc. | 59 | 14,104 | |
Centene Corp. (b) | 199 | 14,539 | |
Cigna Group | 66 | 23,565 | |
CVS Health Corp. | 320 | 21,667 | |
Elevance Health, Inc. | 54 | 28,543 | |
Humana, Inc. | 17 | 5,136 | |
Molina Healthcare, Inc. (b) | 6 | 2,053 | |
UnitedHealth Group, Inc. | 71 | 34,343 | |
143,950 | |||
Pharmaceuticals - 6.2% | |||
AstraZeneca PLC sponsored ADR | 96 | 7,284 | |
Bristol-Myers Squibb Co. | 625 | 27,463 | |
Johnson & Johnson | 209 | 30,219 | |
Merck & Co., Inc. | 125 | 16,153 | |
Roche Holding AG (participation certificate) | 34 | 8,159 | |
Sanofi SA sponsored ADR | 106 | 5,218 | |
94,496 | |||
TOTAL HEALTH CARE | 238,446 | ||
INDUSTRIALS - 12.8% | |||
Aerospace & Defense - 1.3% | |||
Lockheed Martin Corp. | 20 | 9,299 | |
Northrop Grumman Corp. | 20 | 9,701 | |
19,000 | |||
Air Freight & Logistics - 1.4% | |||
FedEx Corp. | 82 | 21,466 | |
Building Products - 1.8% | |||
Johnson Controls International PLC | 411 | 26,744 | |
Commercial Services & Supplies - 0.5% | |||
The Brink's Co. | 87 | 7,609 | |
Construction & Engineering - 1.0% | |||
Fluor Corp. (b) | 196 | 7,905 | |
Willscot Mobile Mini Holdings (b) | 177 | 6,542 | |
14,447 | |||
Electrical Equipment - 0.6% | |||
Regal Rexnord Corp. | 59 | 9,521 | |
Ground Transportation - 1.7% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 49 | 2,265 | |
U-Haul Holding Co. (b) | 168 | 10,623 | |
XPO, Inc. (b) | 125 | 13,433 | |
26,321 | |||
Machinery - 2.7% | |||
Allison Transmission Holdings, Inc. | 231 | 16,990 | |
Atmus Filtration Technologies, Inc. | 165 | 4,998 | |
Gates Industrial Corp. PLC (b) | 236 | 4,158 | |
Timken Co. | 165 | 14,721 | |
40,867 | |||
Professional Services - 0.7% | |||
Concentrix Corp. | 130 | 7,107 | |
Genpact Ltd. | 122 | 3,750 | |
10,857 | |||
Trading Companies & Distributors - 1.1% | |||
GMS, Inc. (b) | 60 | 5,551 | |
Herc Holdings, Inc. | 20 | 2,861 | |
WESCO International, Inc. | 53 | 8,096 | |
16,508 | |||
TOTAL INDUSTRIALS | 193,340 | ||
INFORMATION TECHNOLOGY - 8.8% | |||
Communications Equipment - 3.8% | |||
Ciena Corp. (b) | 68 | 3,144 | |
Cisco Systems, Inc. | 1,150 | 54,027 | |
57,171 | |||
Electronic Equipment, Instruments & Components - 1.1% | |||
TD SYNNEX Corp. | 109 | 12,845 | |
Vontier Corp. | 85 | 3,454 | |
16,299 | |||
IT Services - 1.1% | |||
Amdocs Ltd. | 154 | 12,934 | |
Capgemini SA | 19 | 4,013 | |
16,947 | |||
Semiconductors & Semiconductor Equipment - 2.1% | |||
Microchip Technology, Inc. | 212 | 19,500 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 90 | 12,361 | |
31,861 | |||
Software - 0.7% | |||
Gen Digital, Inc. | 513 | 10,332 | |
TOTAL INFORMATION TECHNOLOGY | 132,610 | ||
MATERIALS - 3.9% | |||
Chemicals - 2.2% | |||
Celanese Corp. Class A | 38 | 5,837 | |
Olin Corp. | 115 | 6,012 | |
The Chemours Co. LLC | 203 | 5,430 | |
Westlake Corp. | 109 | 16,062 | |
33,341 | |||
Containers & Packaging - 1.4% | |||
Graphic Packaging Holding Co. | 435 | 11,245 | |
O-I Glass, Inc. (b) | 149 | 2,229 | |
WestRock Co. | 168 | 8,057 | |
21,531 | |||
Paper & Forest Products - 0.3% | |||
Louisiana-Pacific Corp. | 59 | 4,318 | |
TOTAL MATERIALS | 59,190 | ||
REAL ESTATE - 3.7% | |||
Equity Real Estate Investment Trusts (REITs) - 3.6% | |||
Camden Property Trust (SBI) | 41 | 4,087 | |
Prologis, Inc. | 211 | 21,533 | |
Public Storage | 35 | 9,081 | |
Sun Communities, Inc. | 15 | 1,670 | |
Welltower, Inc. | 190 | 18,103 | |
54,474 | |||
Real Estate Management & Development - 0.1% | |||
Compass, Inc. (b) | 744 | 2,344 | |
TOTAL REAL ESTATE | 56,818 | ||
UTILITIES - 6.7% | |||
Electric Utilities - 6.1% | |||
Constellation Energy Corp. | 124 | 23,057 | |
Edison International | 317 | 22,526 | |
FirstEnergy Corp. | 556 | 21,317 | |
NextEra Energy, Inc. | 62 | 4,152 | |
PG&E Corp. | 1,311 | 22,431 | |
93,483 | |||
Independent Power and Renewable Electricity Producers - 0.6% | |||
The AES Corp. | 482 | 8,628 | |
TOTAL UTILITIES | 102,111 | ||
TOTAL COMMON STOCKS (Cost $1,504,346) | 1,513,218 | ||
Money Market Funds - 0.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) (Cost $916) | 916 | 916 | |
TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $1,505,262) | 1,514,134 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 1,583 |
NET ASSETS - 100.0% | 1,515,717 |
Legend
(a) | Security 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 $12,857 or 0.8% of net assets. |
(b) | Non-income producing |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | - | 53,844 | 52,928 | 10 | - | - | 916 | 0.0% |
Total | - | 53,844 | 52,928 | 10 | - | - | 916 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
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.
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.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
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.
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.