Quarterly Holdings Report
for
Fidelity® International Multifactor ETF
July 31, 2024
IES-NPRT3-0924
1.9892242.105
| Common Stocks - 99.4% | |||
| Shares | Value ($) | ||
| Australia - 5.1% | |||
| BHP Group Ltd. | 11,119 | 307,128 | |
| Brambles Ltd. | 16,831 | 171,014 | |
| Fortescue Ltd. | 5,657 | 69,706 | |
| Insurance Australia Group Ltd. | 84,222 | 406,978 | |
| JB Hi-Fi Ltd. | 2,282 | 103,789 | |
| Medibank Private Ltd. | 130,367 | 338,816 | |
| Rio Tinto Ltd. | 1,249 | 95,816 | |
| Rio Tinto PLC | 3,200 | 206,581 | |
| Sonic Healthcare Ltd. | 35,724 | 645,246 | |
| Suncorp Group Ltd. | 36,748 | 427,377 | |
| Telstra Group Ltd. | 323,911 | 833,365 | |
| Washington H. Soul Pattinson & Co. Ltd. | 14,613 | 338,751 | |
| Wesfarmers Ltd. | 4,851 | 233,301 | |
TOTAL AUSTRALIA | 4,177,868 | ||
| Austria - 0.1% | |||
| Mondi PLC | 5,124 | 100,072 | |
| Brazil - 0.2% | |||
| Yara International ASA | 5,187 | 147,529 | |
| Canada - 9.2% | |||
| ARC Resources Ltd. | 5,124 | 88,612 | |
| B2Gold Corp. | 65,385 | 195,949 | |
| Boyd Group Services, Inc. | 1,083 | 181,471 | |
| Canadian Apartment Properties (REIT) unit | 19,858 | 689,988 | |
| Canadian National Railway Co. | 3,583 | 414,543 | |
| Canadian Natural Resources Ltd. | 4,488 | 159,254 | |
| CGI, Inc. Class A (sub. vtg.) (a) | 1,909 | 217,550 | |
| Constellation Software, Inc. | 103 | 324,802 | |
| Constellation Software, Inc. warrants 3/31/40 (a)(b) | 40 | 0 | |
| Dollarama, Inc. | 2,483 | 232,636 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 314 | 370,092 | |
| Great-West Lifeco, Inc. | 8,479 | 254,533 | |
| iA Financial Corp., Inc. | 4,079 | 275,664 | |
| Imperial Oil Ltd. | 1,386 | 99,236 | |
| Intact Financial Corp. | 2,182 | 396,297 | |
| Loblaw Companies Ltd. | 5,150 | 634,686 | |
| Manulife Financial Corp. | 17,442 | 464,379 | |
| Metro, Inc. | 9,625 | 572,853 | |
| Northland Power, Inc. | 48,252 | 806,499 | |
| Parkland Corp. | 2,180 | 61,118 | |
| Power Corp. of Canada (sub. vtg.) | 10,460 | 302,567 | |
| Stantec, Inc. | 3,097 | 272,340 | |
| Stella-Jones, Inc. | 3,121 | 209,859 | |
| TMX Group Ltd. | 11,012 | 334,477 | |
TOTAL CANADA | 7,559,405 | ||
| China - 0.4% | |||
| BOC Hong Kong (Holdings) Ltd. | 106,500 | 310,148 | |
| Denmark - 4.0% | |||
| A.P. Moller - Maersk A/S Series B | 147 | 243,653 | |
| Carlsberg A/S Series B | 4,297 | 519,311 | |
| Demant A/S (a) | 6,147 | 235,329 | |
| Novo Nordisk A/S Series B | 15,474 | 2,046,478 | |
| Pandora A/S | 1,263 | 197,988 | |
| Svitzer A/S | 295 | 11,304 | |
TOTAL DENMARK | 3,254,063 | ||
| Finland - 0.7% | |||
| Kone OYJ (B Shares) | 5,749 | 293,382 | |
| Orion Oyj (B Shares) | 6,216 | 285,667 | |
TOTAL FINLAND | 579,049 | ||
| France - 6.7% | |||
| bioMerieux SA | 2,606 | 275,509 | |
| Compagnie de St.-Gobain | 4,685 | 402,732 | |
| Dassault Aviation SA | 1,225 | 246,689 | |
| Dassault Systemes SA | 3,662 | 138,851 | |
| Edenred SA | 5,585 | 232,736 | |
| Eiffage SA | 2,350 | 234,204 | |
| Gaztransport et Technigaz SA | 228 | 33,652 | |
| Hermes International SCA | 157 | 343,687 | |
| Ipsen SA | 2,481 | 279,208 | |
| L'Oreal SA | 1,973 | 855,381 | |
| La Francaise des Jeux SAEM (c) | 3,978 | 154,535 | |
| Publicis Groupe SA | 8,873 | 927,694 | |
| SCOR SE | 9,795 | 209,970 | |
| Sodexo SA | 2,101 | 199,044 | |
| Sopra Steria Group | 476 | 88,388 | |
| Thales SA | 1,796 | 285,590 | |
| TotalEnergies SE | 2,815 | 190,321 | |
| VINCI SA | 3,325 | 379,947 | |
TOTAL FRANCE | 5,478,138 | ||
| Germany - 4.7% | |||
| Allianz SE | 2,162 | 610,142 | |
| Bayerische Motoren Werke AG (BMW) | 2,334 | 216,749 | |
| Beiersdorf AG | 3,813 | 553,716 | |
| Deutsche Borse AG | 1,744 | 357,432 | |
| DHL Group | 4,761 | 212,515 | |
| Fresenius Medical Care AG & Co. KGaA | 7,681 | 298,221 | |
| Fresenius SE & Co. KGaA (a) | 11,146 | 400,307 | |
| Hannover Reuck SE | 1,146 | 284,848 | |
| Knorr-Bremse AG | 1,616 | 130,189 | |
| Siemens AG | 2,816 | 516,256 | |
| Talanx AG | 3,382 | 257,091 | |
TOTAL GERMANY | 3,837,466 | ||
| Hong Kong - 1.1% | |||
| Jardine Matheson Holdings Ltd. | 2,677 | 94,230 | |
| Sino Land Ltd. | 773,295 | 799,824 | |
TOTAL HONG KONG | 894,054 | ||
| Ireland - 0.7% | |||
| Glanbia PLC | 28,645 | 573,130 | |
| Israel - 1.9% | |||
| Bank Hapoalim BM (Reg.) | 31,279 | 288,902 | |
| Bank Leumi le-Israel BM | 35,241 | 305,820 | |
| Icl Group Ltd. | 37,214 | 157,019 | |
| Israel Discount Bank Ltd. (Class A) | 51,546 | 264,908 | |
| Mizrahi Tefahot Bank Ltd. | 6,763 | 245,617 | |
| NICE Ltd. (a) | 635 | 115,815 | |
| Nova Ltd. (a) | 773 | 156,234 | |
TOTAL ISRAEL | 1,534,315 | ||
| Italy - 3.2% | |||
| BPER Banca | 67,683 | 395,641 | |
| Buzzi SpA | 5,033 | 197,480 | |
| Eni SpA | 4,382 | 70,169 | |
| Ferrari NV (Italy) | 720 | 296,374 | |
| Generali | 14,025 | 363,173 | |
| Recordati SpA | 5,228 | 284,841 | |
| Snam SpA | 222,300 | 1,062,513 | |
TOTAL ITALY | 2,670,191 | ||
| Japan - 23.6% | |||
| Advance Residence Investment Corp. | 429 | 898,146 | |
| Dai Nippon Printing Co. Ltd. | 7,900 | 260,953 | |
| Daito Trust Construction Co. Ltd. | 8,100 | 976,296 | |
| Daiwa Securities Group, Inc. | 37,700 | 315,085 | |
| Honda Motor Co. Ltd. | 30,700 | 336,055 | |
| INPEX Corp. | 7,700 | 119,036 | |
| Itochu Corp. | 8,900 | 460,380 | |
| Japan Exchange Group, Inc. | 11,800 | 278,334 | |
| Japan Tobacco, Inc. | 23,900 | 704,324 | |
| Kajima Corp. | 12,800 | 248,412 | |
| KDDI Corp. | 27,900 | 838,150 | |
| Kyushu Financial Group, Inc. | 36,200 | 224,788 | |
| McDonald's Holdings Co. (Japan) Ltd. | 4,600 | 189,858 | |
| Medipal Holdings Corp. | 29,700 | 538,295 | |
| Mitsubishi Corp. | 24,900 | 520,308 | |
| Mitsubishi HC Capital, Inc. | 35,200 | 255,122 | |
| Mitsui & Co. Ltd. | 19,200 | 450,459 | |
| NEC Corp. | 3,600 | 311,046 | |
| Nexon Co. Ltd. | 48,200 | 1,049,149 | |
| Nippon Telegraph & Telephone Corp. | 693,600 | 739,422 | |
| NOF Corp. | 9,500 | 136,287 | |
| Obayashi Corp. | 24,100 | 318,028 | |
| OBIC Co. Ltd. | 1,400 | 212,149 | |
| Ono Pharmaceutical Co. Ltd. | 28,900 | 429,774 | |
| Otsuka Corp. | 9,900 | 219,174 | |
| Otsuka Holdings Co. Ltd. | 14,100 | 727,491 | |
| Sanwa Holdings Corp. | 13,900 | 300,246 | |
| SCSK Corp. | 11,000 | 215,928 | |
| Secom Co. Ltd. | 3,400 | 217,432 | |
| Sekisui Chemical Co. Ltd. | 15,100 | 228,166 | |
| Sekisui House Ltd. | 10,500 | 263,791 | |
| SHIMANO, Inc. | 1,600 | 284,248 | |
| Shin-Etsu Chemical Co. Ltd. | 7,300 | 327,399 | |
| Shionogi & Co. Ltd. | 10,600 | 464,763 | |
| Sojitz Corp. | 9,200 | 220,186 | |
| Sompo Holdings, Inc. | 16,500 | 380,204 | |
| Subaru Corp. | 11,600 | 230,250 | |
| Sumitomo Corp. | 12,600 | 316,382 | |
| Sumitomo Forestry Co. Ltd. | 7,200 | 307,457 | |
| Suntory Beverage & Food Ltd. | 16,100 | 580,182 | |
| TIS, Inc. | 9,400 | 201,795 | |
| Tokio Marine Holdings, Inc. | 15,100 | 604,361 | |
| Tokyo Gas Co. Ltd. | 47,700 | 1,046,826 | |
| Toppan Holdings, Inc. | 8,400 | 238,668 | |
| Toyo Suisan Kaisha Ltd. | 9,700 | 660,485 | |
| Trend Micro, Inc. | 3,800 | 183,080 | |
| USS Co. Ltd. | 22,200 | 200,074 | |
| Zensho Holdings Co. Ltd. | 4,300 | 174,532 | |
TOTAL JAPAN | 19,402,976 | ||
| Jordan - 0.3% | |||
| Hikma Pharmaceuticals PLC | 11,666 | 285,303 | |
| Netherlands - 3.9% | |||
| ASML Holding NV (Netherlands) | 1,000 | 920,326 | |
| EXOR NV | 2,610 | 267,177 | |
| Koninklijke Ahold Delhaize NV | 21,975 | 708,143 | |
| Koninklijke KPN NV | 239,904 | 943,906 | |
| Wolters Kluwer NV | 2,281 | 382,829 | |
TOTAL NETHERLANDS | 3,222,381 | ||
| Norway - 0.7% | |||
| Equinor ASA | 2,065 | 54,767 | |
| Orkla ASA | 67,185 | 565,891 | |
TOTAL NORWAY | 620,658 | ||
| Portugal - 0.5% | |||
| Galp Energia SGPS SA | 2,341 | 49,283 | |
| Jeronimo Martins SGPS SA | 22,860 | 399,499 | |
TOTAL PORTUGAL | 448,782 | ||
| Singapore - 1.8% | |||
| CapitaLand Integrated Commercial Trust | 549,600 | 854,641 | |
| Oversea-Chinese Banking Corp. Ltd. | 36,081 | 400,570 | |
| Singapore Exchange Ltd. | 34,900 | 257,001 | |
TOTAL SINGAPORE | 1,512,212 | ||
| Spain - 3.1% | |||
| Endesa SA | 54,681 | 1,059,149 | |
| Industria de Diseno Textil SA | 6,429 | 312,083 | |
| Redeia Corp. SA | 64,839 | 1,148,557 | |
TOTAL SPAIN | 2,519,789 | ||
| Sweden - 3.1% | |||
| Atlas Copco AB (A Shares) | 22,735 | 404,315 | |
| Epiroc AB (A Shares) | 12,519 | 233,616 | |
| Essity AB (B Shares) | 24,130 | 678,358 | |
| Evolution AB (c) | 1,716 | 166,115 | |
| H&M Hennes & Mauritz AB (B Shares) | 12,628 | 195,884 | |
| Holmen AB (B Shares) | 4,408 | 173,069 | |
| Securitas AB (B Shares) | 19,296 | 207,226 | |
| Swedish Orphan Biovitrum AB (a) | 10,921 | 285,110 | |
| Telefonaktiebolaget LM Ericsson (B Shares) | 25,589 | 174,913 | |
TOTAL SWEDEN | 2,518,606 | ||
| Switzerland - 6.8% | |||
| Banque Cantonale Vaudoise | 1,875 | 198,949 | |
| BKW AG | 6,580 | 1,187,054 | |
| Galenica AG (c) | 3,230 | 280,527 | |
| Geberit AG (Reg.) | 466 | 296,673 | |
| Kuehne & Nagel International AG | 796 | 246,419 | |
| Logitech International SA (Reg.) | 1,576 | 141,764 | |
| Novartis AG | 10,968 | 1,228,316 | |
| Partners Group Holding AG | 238 | 320,262 | |
| PSP Swiss Property AG | 8,498 | 1,133,388 | |
| UBS Group AG | 17,664 | 534,987 | |
TOTAL SWITZERLAND | 5,568,339 | ||
| United Kingdom - 12.9% | |||
| 3i Group PLC | 11,608 | 466,382 | |
| Admiral Group PLC | 8,807 | 311,537 | |
| AstraZeneca PLC (United Kingdom) | 8,320 | 1,321,722 | |
| Auto Trader Group PLC (c) | 89,575 | 938,385 | |
| BAE Systems PLC | 16,865 | 280,959 | |
| British American Tobacco PLC (United Kingdom) | 22,086 | 778,712 | |
| CK Hutchison Holdings Ltd. | 25,000 | 131,208 | |
| Compass Group PLC | 11,238 | 345,854 | |
| Computacenter PLC | 2,950 | 102,003 | |
| IG Group Holdings PLC | 29,595 | 356,375 | |
| Imperial Brands PLC | 19,836 | 546,256 | |
| InterContinental Hotel Group PLC | 2,353 | 236,949 | |
| J Sainsbury PLC | 120,896 | 427,655 | |
| Man Group PLC | 88,454 | 277,674 | |
| Marks & Spencer Group PLC | 133,688 | 563,742 | |
| RELX PLC (London Stock Exchange) | 8,632 | 407,239 | |
| Rightmove PLC | 113,833 | 842,478 | |
| Rolls-Royce Holdings PLC (a) | 55,149 | 318,479 | |
| Sage Group PLC | 9,143 | 127,537 | |
| Smith & Nephew PLC | 22,690 | 327,289 | |
| Standard Chartered PLC (United Kingdom) | 40,452 | 398,626 | |
| Unilever PLC | 18,123 | 1,111,761 | |
TOTAL UNITED KINGDOM | 10,618,822 | ||
| United States of America - 4.7% | |||
| CRH PLC | 2,473 | 210,662 | |
| Experian PLC | 5,472 | 258,087 | |
| GSK PLC | 29,900 | 580,684 | |
| Holcim AG | 3,176 | 296,727 | |
| Roche Holding AG (participation certificate) | 3,956 | 1,284,436 | |
| Sanofi SA | 7,274 | 750,361 | |
| Shell PLC (London) | 7,878 | 287,377 | |
| Stellantis NV (Italy) | 12,437 | 207,308 | |
TOTAL UNITED STATES OF AMERICA | 3,875,642 | ||
| TOTAL COMMON STOCKS (Cost $74,641,280) | 81,708,938 | ||
| Money Market Funds - 0.3% | |||
| Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (d) (Cost $261,710) | 261,658 | 261,710 | |
| TOTAL INVESTMENT IN SECURITIES - 99.7% (Cost $74,902,990) | 81,970,648 |
NET OTHER ASSETS (LIABILITIES) - 0.3% (e) | 274,450 |
| NET ASSETS - 100.0% | 82,245,098 |
| Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
| Purchased | |||||
| Equity Index Contracts | |||||
| ICE MSCI EAFE Index Contracts (United States) | 4 | Sep 2024 | 477,940 | 9,091 | 9,091 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.6% | |||||
Legend
| (a) | Non-income producing |
| (b) | Level 3 security |
| (c) | 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 $1,539,562 or 1.9% of net assets. |
| (d) | 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. |
| (e) | Includes $27,069 of cash collateral to cover margin requirements for futures contracts. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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% | 208,816 | 4,344,520 | 4,291,617 | 7,317 | (9) | - | 261,710 | 0.0% |
| Total | 208,816 | 4,344,520 | 4,291,617 | 7,317 | (9) | - | 261,710 | |
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.
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.
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.
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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