# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001193125-26-123072
**Filing Date:** 2026-3
**Character Count:** 701091
**Document Hash:** 6023e113ad02f131a269aaf44c70c1fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-123072.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001193125-26-123072

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**EFFECTIVENESS DATE**: 20260325

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COVINGTON TRUST
- **CENTRAL INDEX KEY:** 0000945908

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 26789147

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity MSCI Consumer Discretionary Index ETF (Series ID: S000042570)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000131662 | Fidelity MSCI Consumer Discretionary Index ETF | FDIS            |

### Fidelity MSCI Utilities Index ETF (Series ID: S000042571)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000131663 | Fidelity MSCI Utilities Index ETF | FUTY            |

### Fidelity MSCI Consumer Staples Index ETF (Series ID: S000042572)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000131664 | Fidelity MSCI Consumer Staples Index ETF | FSTA            |

### Fidelity MSCI Energy Index ETF (Series ID: S000042573)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000131665 | Fidelity MSCI Energy Index ETF | FENY            |

### Fidelity MSCI Financials Index ETF (Series ID: S000042574)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000131666 | Fidelity MSCI Financials Index ETF | FNCL            |

### Fidelity MSCI Health Care Index ETF (Series ID: S000042575)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000131667 | Fidelity MSCI Health Care Index ETF | FHLC            |

### Fidelity MSCI Industrials Index ETF (Series ID: S000042576)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000131668 | Fidelity MSCI Industrials Index ETF | FIDU            |

### Fidelity MSCI Information Technology Index ETF (Series ID: S000042577)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000131669 | Fidelity MSCI Information Technology Index ETF | FTEC            |

### Fidelity MSCI Materials Index ETF (Series ID: S000042578)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000131670 | Fidelity MSCI Materials Index ETF | FMAT            |

### Fidelity MSCI Communication Services Index ETF (Series ID: S000042579)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000131671 | Fidelity MSCI Communication Services Index ETF | FCOM            |

### Fidelity MSCI Real Estate Index ETF (Series ID: S000047984)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000151119 | Fidelity MSCI Real Estate Index ETF | FREL            |

?xml version='1.0' encoding='ASCII'? N-CSRS

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-07319

## Fidelity Covington Trust

#### (Exact name of registrant as specified in charter)

#### 245 Summer St., Boston, MA 02210

#### (Address of principal executive offices) (Zip code)

#### Nicole Macarchuk, Secretary

#### 245 Summer St.

#### Boston, Massachusetts 02210

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: 617-563-7000

#### Date of fiscal year end: July 31

#### Date of reporting period: January 31, 2026

------

Item 1. <u>Reports to Stockholders</u>

**SEMI-ANNUAL SHAREHOLDER REPORT** \| AS OF JANUARY 31, 2026

Fidelity<sup>®</sup> MSCI Communication Services Index ETF

#### Fidelity<sup>®</sup> MSCI Communication Services Index ETF : FCOM

#### Principal Listing Exchange: NYSE Arca
This semi-annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Communication Services Index ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Communication Services Index ETF | $43 | 0.80% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g97090g28y48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 99.6 |
| Belgium - | 0.2 |
| Canada - | 0.1 |
| Bermuda - | 0.1 |
| Israel - | 0.0<sup>Footnote Reference\*</sup> |
| Singapore - | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Amount rounds to less than 0.1%. |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g97090g18f67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks - | 98.5 |
| Short-Term Investments and Net Other Assets (Liabilities) - | 1.5 |

---

# Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **Value** |
| Fund Size | $1822249254 |
| Number of Holdings | 96 |
| Portfolio Turnover | 19% |

---

# TOP INDUSTRIES

# (% of Fund's Net Assets)

---

| | |
|:---|:---|
| Interactive Media & Services | 52.4 |
| Entertainment | 20.4 |
| Diversified Telecommunication Services | 13.8 |
| Media | 9.0 |
| Wireless Telecommunication Services | 2.9 |
| All Others | 1.5 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Meta Platforms, Inc., Class A | 24.5 |
| Alphabet, Inc., Class A | 14.3 |
| Alphabet, Inc., Class C | 9.7 |
| Walt Disney Co. | 4.2 |
| Verizon Communications, Inc. | 4.1 |
| AT&T, Inc. | 4.0 |
| Netflix, Inc. | 3.1 |
| Warner Bros Discovery, Inc. | 3.1 |
| Comcast Corp., Class A | 2.9 |
| T-Mobile U.S., Inc. | 2.6 |
| Total | 72.5 |

---

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://fundresearch.fidelity.com/prospectus/sec](g97090g04g27.jpg)

1.9915327.101 2574-TSRS-0426

![Image](g97090g65d37.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT** \| AS OF JANUARY 31, 2026

Fidelity<sup>®</sup> MSCI Consumer Discretionary Index ETF

#### Fidelity<sup>®</sup> MSCI Consumer Discretionary Index ETF : FDIS

#### Principal Listing Exchange: NYSE Arca
This semi-annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Consumer Discretionary Index ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Consumer Discretionary Index ETF | $42 | 0.80% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g97090g78s59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 96.3 |
| Brazil - | 1.4 |
| Switzerland - | 0.6 |
| United Kingdom - | 0.5 |
| Bermuda - | 0.3 |
| Jersey - | 0.3 |
| Sweden - | 0.2 |
| Bahamas - | 0.1 |
| Ireland - | 0.1 |
| Israel - | 0.1 |
| Hong Kong - | 0.1 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g97090g95l35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks - | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) - | 0.1 |

---

# Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **Value** |
| Fund Size | $1842577772 |
| Number of Holdings | 249 |
| Portfolio Turnover | 7% |

---

# TOP INDUSTRIES

# (% of Fund's Net Assets)

---

| | |
|:---|:---|
| Broadline Retail | 25.7 |
| Hotels, Restaurants & Leisure | 20.8 |
| Automobiles | 19.7 |
| Specialty Retail | 19.5 |
| Household Durables | 4.8 |
| All Others | 9.5 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Amazon.com, Inc. | 23.1 |
| Tesla, Inc. | 17.1 |
| Home Depot, Inc. | 5.0 |
| McDonald's Corp. | 3.3 |
| TJX Cos., Inc. | 2.4 |
| Booking Holdings, Inc. | 2.4 |
| Lowe's Cos., Inc. | 2.2 |
| Starbucks Corp. | 1.5 |
| MercadoLibre, Inc. | 1.4 |
| Royal Caribbean Cruises Ltd. | 1.3 |
| Total | 59.7 |

---

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://fundresearch.fidelity.com/prospectus/sec](g97090g04g27.jpg)

1.9915319.101 2566-TSRS-0426

![Image](g97090g65d37.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT** \| AS OF JANUARY 31, 2026

Fidelity<sup>®</sup> MSCI Consumer Staples Index ETF

#### Fidelity<sup>®</sup> MSCI Consumer Staples Index ETF : FSTA

#### Principal Listing Exchange: NYSE Arca
This semi-annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Consumer Staples Index ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Consumer Staples Index ETF | $42 | 0.80% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g97090g37x93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 99.8 |
| Cayman Islands - | 0.2 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g97090g50x24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks - | 99.6 |
| Short-Term Investments and Net Other Assets (Liabilities) - | 0.4 |

---

# Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **Value** |
| Fund Size | $1394915603 |
| Number of Holdings | 97 |
| Portfolio Turnover | 6% |

---

# TOP INDUSTRIES

# (% of Fund's Net Assets)

---

| | |
|:---|:---|
| Consumer Staples Distribution & Retail | 38.3 |
| Beverages | 19.3 |
| Household Products | 15.8 |
| Food Products | 14.1 |
| Tobacco | 8.6 |
| All Others | 3.9 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Walmart, Inc. | 15.0 |
| Costco Wholesale Corp. | 11.8 |
| Procter & Gamble Co. | 9.8 |
| Coca-Cola Co. | 8.2 |
| Philip Morris International, Inc. | 4.8 |
| PepsiCo, Inc. | 4.6 |
| Altria Group, Inc. | 3.4 |
| Mondelez International, Inc., Class A | 2.5 |
| Colgate-Palmolive Co. | 2.3 |
| Monster Beverage Corp. | 2.0 |
| Total | 64.4 |

---

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://fundresearch.fidelity.com/prospectus/sec](g97090g04g27.jpg)

1.9915320.101 2567-TSRS-0426

![Image](g97090g65d37.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT** \| AS OF JANUARY 31, 2026

Fidelity<sup>®</sup> MSCI Energy Index ETF

#### Fidelity<sup>®</sup> MSCI Energy Index ETF : FENY

#### Principal Listing Exchange: NYSE Arca
This semi-annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Energy Index ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Energy Index ETF | $44 | 0.80% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g97090g39h07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 98.1 |
| United Kingdom - | 1.1 |
| Ireland - | 0.3 |
| Switzerland - | 0.3 |
| Norway - | 0.1 |
| Thailand - | 0.1 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g97090g18d62.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks - | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) - | 0.3 |

---

# Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **Value** |
| Fund Size | $1508244482 |
| Number of Holdings | 99 |
| Portfolio Turnover | 4% |

---

# TOP INDUSTRIES

# (% of Fund's Net Assets)

---

| | |
|:---|:---|
| Oil, Gas & Consumable Fuels | 87.5 |
| Energy Equipment & Services | 12.2 |
| All Others | 0.3 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 23.7 |
| Chevron Corp. | 15.6 |
| ConocoPhillips | 5.9 |
| Williams Cos., Inc. | 3.7 |
| SLB Ltd. | 3.3 |
| EOG Resources, Inc. | 2.8 |
| Kinder Morgan, Inc. | 2.8 |
| Phillips 66 | 2.7 |
| Valero Energy Corp. | 2.6 |
| Baker Hughes Co. | 2.5 |
| Total | 65.6 |

---

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://fundresearch.fidelity.com/prospectus/sec](g97090g04g27.jpg)

1.9915321.101 2568-TSRS-0426

![Image](g97090g65d37.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT** \| AS OF JANUARY 31, 2026

Fidelity<sup>®</sup> MSCI Financials Index ETF

#### Fidelity<sup>®</sup> MSCI Financials Index ETF : FNCL

#### Principal Listing Exchange: NYSE Arca
This semi-annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Financials Index ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Financials Index ETF | $41 | 0.80% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g97090g69q09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 98.9 |
| Bermuda - | 0.4 |
| Ireland - | 0.4 |
| Puerto Rico - | 0.2 |
| United Kingdom - | 0.1 |
| Kazakhstan - | 0.0<sup>Footnote Reference\*</sup> |
| Cayman Islands - | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Amount rounds to less than 0.1%. |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g97090g18d62.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks - | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) - | 0.3 |

---

# Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **Value** |
| Fund Size | $2409073414 |
| Number of Holdings | 388 |
| Portfolio Turnover | 2% |

---

# TOP INDUSTRIES

# (% of Fund's Net Assets)

---

| | |
|:---|:---|
| Banks | 29.7 |
| Capital Markets | 26.2 |
| Financial Services | 23.7 |
| Insurance | 14.3 |
| Consumer Finance | 5.1 |
| All Others | 1 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 9.7 |
| Berkshire Hathaway, Inc., Class B | 7.6 |
| Visa, Inc., Class A | 6.3 |
| Mastercard, Inc., Class A | 5.3 |
| Bank of America Corp. | 4.3 |
| Wells Fargo & Co. | 3.3 |
| Goldman Sachs Group, Inc. | 3.3 |
| Morgan Stanley | 2.5 |
| Citigroup, Inc. | 2.4 |
| American Express Co. | 2.3 |
| Total | 47.0 |

---

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://fundresearch.fidelity.com/prospectus/sec](g97090g04g27.jpg)

1.9915322.101 2569-TSRS-0426

![Image](g97090g65d37.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT** \| AS OF JANUARY 31, 2026

Fidelity<sup>®</sup> MSCI Health Care Index ETF

#### Fidelity<sup>®</sup> MSCI Health Care Index ETF : FHLC

#### Principal Listing Exchange: NYSE Arca
This semi-annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Health Care Index ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Health Care Index ETF | $44 | 0.80% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g97090g86t09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 99.1 |
| Ireland - | 0.6 |
| Canada - | 0.1 |
| Switzerland - | 0.1 |
| United Kingdom - | 0.1 |
| Netherlands - | 0.0<sup>Footnote Reference\*</sup> |
| Jersey - | 0.0<sup>Footnote Reference\*</sup> |
| Costa Rica - | 0.0<sup>Footnote Reference\*</sup> |
| Germany - | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Amount rounds to less than 0.1%. |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g97090g18d62.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks - | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) - | 0.3 |

---

# Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **Value** |
| Fund Size | $2827517318 |
| Number of Holdings | 331 |
| Portfolio Turnover | 2% |

---

# TOP INDUSTRIES

# (% of Fund's Net Assets)

---

| | |
|:---|:---|
| Pharmaceuticals | 31.9 |
| Biotechnology | 22.3 |
| Health Care Equipment & Supplies | 19.4 |
| Health Care Providers & Services | 16 |
| Life Sciences Tools & Services | 9.4 |
| All Others | 1 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Eli Lilly & Co. | 12.7 |
| Johnson & Johnson | 8.3 |
| AbbVie, Inc. | 6.0 |
| Merck & Co., Inc. | 4.2 |
| UnitedHealth Group, Inc. | 4.0 |
| Thermo Fisher Scientific, Inc. | 3.3 |
| Abbott Laboratories | 2.9 |
| Amgen, Inc. | 2.8 |
| Intuitive Surgical, Inc. | 2.8 |
| Gilead Sciences, Inc. | 2.7 |
| Total | 49.7 |

---

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://fundresearch.fidelity.com/prospectus/sec](g97090g04g27.jpg)

1.9915323.101 2570-TSRS-0426

![Image](g97090g65d37.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT** \| AS OF JANUARY 31, 2026

Fidelity<sup>®</sup> MSCI Industrials Index ETF

#### Fidelity<sup>®</sup> MSCI Industrials Index ETF : FIDU

#### Principal Listing Exchange: NYSE Arca
This semi-annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Industrials Index ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Industrials Index ETF | $43 | 0.80% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g97090g95c72.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 98.7 |
| Canada - | 0.7 |
| Ireland - | 0.3 |
| United Kingdom - | 0.3 |
| Norway - | 0.0<sup>Footnote Reference\*</sup> |
| Switzerland - | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Amount rounds to less than 0.1%. |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g97090g90p99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks - | 99.8 |
| Short-Term Investments and Net Other Assets (Liabilities) - | 0.2 |

---

# Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **Value** |
| Fund Size | $1813762023 |
| Number of Holdings | 362 |
| Portfolio Turnover | 1% |

---

# TOP INDUSTRIES

# (% of Fund's Net Assets)

---

| | |
|:---|:---|
| Aerospace & Defense | 24.7 |
| Machinery | 20.2 |
| Electrical Equipment | 11.5 |
| Ground Transportation | 8.4 |
| Professional Services | 6.5 |
| All Others | 28.7 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| General Electric Co. | 4.9 |
| Caterpillar, Inc. | 4.7 |
| RTX Corp. | 4.1 |
| GE Vernova, Inc. | 3.0 |
| Boeing Co. | 2.8 |
| Uber Technologies, Inc. | 2.4 |
| Honeywell International, Inc. | 2.2 |
| Union Pacific Corp. | 2.1 |
| Eaton Corp. PLC | 2.1 |
| Deere & Co. | 2.1 |
| Total | 30.4 |

---

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://fundresearch.fidelity.com/prospectus/sec](g97090g04g27.jpg)

1.9915324.101 2571-TSRS-0426

![Image](g97090g65d37.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT** \| AS OF JANUARY 31, 2026

Fidelity<sup>®</sup> MSCI Information Technology Index ETF

#### Fidelity<sup>®</sup> MSCI Information Technology Index ETF : FTEC

#### Principal Listing Exchange: NYSE Arca
This semi-annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Information Technology Index ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Information Technology Index ETF | $42 | 0.80% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g97090g25a48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 98.3 |
| Switzerland - | 0.4 |
| China - | 0.4 |
| Singapore - | 0.3 |
| Canada - | 0.2 |
| Thailand - | 0.2 |
| United Kingdom - | 0.1 |
| Israel - | 0.1 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g97090g90p99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks - | 99.8 |
| Short-Term Investments and Net Other Assets (Liabilities) - | 0.2 |

---

# Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **Value** |
| Fund Size | $16148953589 |
| Number of Holdings | 289 |
| Portfolio Turnover | 4% |

---

# TOP INDUSTRIES

# (% of Fund's Net Assets)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 39.9 |
| Software | 27.6 |
| Technology Hardware, Storage & Peripherals | 17.3 |
| Electronic Equipment, Instruments & Components | 6.0 |
| IT Services | 5.0 |
| All Others | 4.2 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 18.1 |
| Apple, Inc. | 14.4 |
| Microsoft Corp. | 10.9 |
| Broadcom, Inc. | 4.3 |
| Micron Technology, Inc. | 2.4 |
| Advanced Micro Devices, Inc. | 1.9 |
| Palantir Technologies, Inc., Class A | 1.6 |
| Cisco Systems, Inc. | 1.6 |
| Lam Research Corp. | 1.5 |
| International Business Machines Corp. | 1.4 |
| Total | 58.1 |

---

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://fundresearch.fidelity.com/prospectus/sec](g97090g04g27.jpg)

1.9915325.101 2572-TSRS-0426

![Image](g97090g65d37.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT** \| AS OF JANUARY 31, 2026

Fidelity<sup>®</sup> MSCI Materials Index ETF

#### Fidelity<sup>®</sup> MSCI Materials Index ETF : FMAT

#### Principal Listing Exchange: NYSE Arca
This semi-annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Materials Index ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Materials Index ETF | $44 | 0.80% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g97090g78v04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 99.7 |
| Canada - | 0.3 |
| United Kingdom - | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Amount rounds to less than 0.1%. |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g97090g95l35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks - | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) - | 0.1 |

---

# Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **Value** |
| Fund Size | $507302300 |
| Number of Holdings | 107 |
| Portfolio Turnover | 6% |

---

# TOP INDUSTRIES

# (% of Fund's Net Assets)

---

| | |
|:---|:---|
| Chemicals | 48.4 |
| Metals & Mining | 27.4 |
| Construction Materials | 13.2 |
| Containers & Packaging | 10.4 |
| Paper & Forest Products | 0.5 |
| All Others | 0.1 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Linde PLC | 14.2 |
| Newmont Corp. | 8.2 |
| Freeport-McMoRan, Inc. | 5.7 |
| Sherwin-Williams Co. | 5.6 |
| CRH PLC | 5.4 |
| Ecolab, Inc. | 4.8 |
| Air Products & Chemicals, Inc. | 4.0 |
| Corteva, Inc. | 3.3 |
| Nucor Corp. | 2.7 |
| Vulcan Materials Co. | 2.6 |
| Total | 56.5 |

---

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://fundresearch.fidelity.com/prospectus/sec](g97090g04g27.jpg)

1.9915326.101 2573-TSRS-0426

![Image](g97090g65d37.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT** \| AS OF JANUARY 31, 2026

Fidelity<sup>®</sup> MSCI Real Estate Index ETF

#### Fidelity<sup>®</sup> MSCI Real Estate Index ETF : FREL

#### Principal Listing Exchange: NYSE Arca
This semi-annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Real Estate Index ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Real Estate Index ETF | $41 | 0.80% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g97090g67j01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 100.0 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g97090g18d62.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks - | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) - | 0.3 |

---

# Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **Value** |
| Fund Size | $1374234564 |
| Number of Holdings | 132 |
| Portfolio Turnover | 3% |

---

# TOP INDUSTRIES

# (% of Fund's Net Assets)

---

| | |
|:---|:---|
| Specialized REITs | 32.0 |
| Health Care REITs | 14.9 |
| Retail REITs | 14.2 |
| Residential REITs | 11.4 |
| Industrial REITs | 11.3 |
| All Others | 16.2 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Prologis, Inc. | 8.2 |
| Welltower, Inc. | 7.9 |
| American Tower Corp. | 5.7 |
| Equinix, Inc. | 4.5 |
| Simon Property Group, Inc. | 4.2 |
| Digital Realty Trust, Inc. | 3.7 |
| Realty Income Corp. | 3.7 |
| CBRE Group, Inc., Class A | 3.5 |
| Public Storage | 3.0 |
| Crown Castle, Inc. | 2.6 |
| Total | 47.0 |

---

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://fundresearch.fidelity.com/prospectus/sec](g97090g04g27.jpg)

1.9915330.101 2735-TSRS-0426

![Image](g97090g65d37.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT** \| AS OF JANUARY 31, 2026

Fidelity<sup>®</sup> MSCI Utilities Index ETF

#### Fidelity<sup>®</sup> MSCI Utilities Index ETF : FUTY

#### Principal Listing Exchange: NYSE Arca
This semi-annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Utilities Index ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Utilities Index ETF | $41 | 0.80% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g97090g67j01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 100.0 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g97090g18d62.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks - | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) - | 0.3 |

---

# Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **Value** |
| Fund Size | $2223529869 |
| Number of Holdings | 65 |
| Portfolio Turnover | 2% |

---

# TOP INDUSTRIES

# (% of Fund's Net Assets)

---

| | |
|:---|:---|
| Electric Utilities | 61.6 |
| Multi-Utilities | 24.3 |
| Independent Power and Renewable Electricity Producers | 6.1 |
| Gas Utilities | 4.8 |
| Water Utilities | 2.9 |
| All Others | 0.3 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 12.2 |
| Southern Co. | 6.6 |
| Duke Energy Corp. | 6.4 |
| Constellation Energy Corp. | 5.9 |
| American Electric Power Co., Inc. | 4.3 |
| Sempra | 3.8 |
| Vistra Corp. | 3.6 |
| Dominion Energy, Inc. | 3.5 |
| Exelon Corp. | 3.0 |
| Xcel Energy, Inc. | 3.0 |
| Total | 52.3 |

---

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://fundresearch.fidelity.com/prospectus/sec](g97090g04g27.jpg)

1.9915328.101 2575-TSRS-0426

![Image](g97090g65d37.jpg)

------

Item 2. <u>Code of Ethics</u>

Not applicable.

Item 3. <u>Audit Committee Financial Expert</u>

Not applicable.

Item 4. <u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5. <u>Audit Committee of Listed Registrants</u>

Not applicable.

------

Item 6. <u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7. <u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

------

![](g97090img775fe45a1.gif)

### Fidelity<sup>®</sup> MSCI Communication Services Index ETF

### Fidelity<sup>®</sup> MSCI Consumer Discretionary Index ETF

### Fidelity<sup>®</sup> MSCI Consumer Staples Index ETF

### Fidelity<sup>®</sup> MSCI Energy Index ETF

### Fidelity<sup>®</sup> MSCI Financials Index ETF

### Fidelity<sup>®</sup> MSCI Health Care Index ETF

### Fidelity<sup>®</sup> MSCI Industrials Index ETF

### Fidelity<sup>®</sup> MSCI Information Technology Index ETF

### Fidelity<sup>®</sup> MSCI Materials Index ETF

### Fidelity<sup>®</sup> MSCI Real Estate Index ETF

### Fidelity<sup>®</sup> MSCI Utilities Index ETF

### Semi-Annual Report

#### January 31, 2026
![](g97090imgcdc193cf2.jpg)

![](g97090imgcdc193cf2.jpg)

------

Contents

---

| | | |
|:---|:---|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_1)** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**[Fidelity](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_1)<sup>®</sup>[MSCI Communication Services Index ETF](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_1)** |
|  | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**[Fidelity® MSCI Consumer Discretionary Index ETF](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_4)** |
|  | &nbsp;&nbsp;**12** | &nbsp;&nbsp;**[Fidelity® MSCI Consumer Staples Index ETF](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_9)** |
|  | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**[Fidelity® MSCI Energy Index ETF](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_12)** |
|  | &nbsp;&nbsp;**18** | &nbsp;&nbsp;**[Fidelity® MSCI Financials Index ETF](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_15)** |
|  | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**[Fidelity® MSCI Health Care Index ETF](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_21)** |
|  | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**[Fidelity® MSCI Industrials Index ETF](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_26)** |
|  | &nbsp;&nbsp;**35** | &nbsp;&nbsp;**[Fidelity® MSCI Information Technology Index ETF](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_32)** |
|  | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**[Fidelity® MSCI Materials Index ETF](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_37)** |
|  | &nbsp;&nbsp;**43** | &nbsp;&nbsp;**[Fidelity® MSCI Real Estate Index ETF](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_40)** |
|  | &nbsp;&nbsp;**46** | &nbsp;&nbsp;**[Fidelity® MSCI Utilities Index ETF](#xx_b5fd3975-e0b2-41d2-b61f-a44c3ad22755_43)** |
|  | &nbsp;&nbsp;**48** | &nbsp;&nbsp;**[Financial Statements](#xx_561ea506-0d85-4a42-b8e6-3e24b50704d8_1)** |
|  | &nbsp;&nbsp;**71** | &nbsp;&nbsp;**[Notes to Financial Statements](#xx_7dd4a2f5-04ed-466e-9a95-50c0a5473a55_1)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_0f6357b8-a337-443a-9c63-9e0b868534e1_1)** | &nbsp;&nbsp;**76** |  |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#xx_311a47c1-96fc-4333-9f8c-75c84d6e8a9d_1)** | &nbsp;&nbsp;**77** |  |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#xx_f628732b-e85d-4ad8-bbd5-4da71622c031_1)** | &nbsp;&nbsp;**78** |  |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_0fa69a31-0af9-4f78-a5d1-811df9b88486_1)** | &nbsp;&nbsp;**79** |  |

---

To view a fund's proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at <u>http://www.sec.gov</u>.

You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All Rights reserved.&nbsp;&nbsp;&nbsp;&nbsp;

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.*

**2** 

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Contents

#### NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
*Neither the funds nor Fidelity Distributors Corporation is a bank.*

---

| | |
|:---|:---|
| **3** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity<sup>®</sup> MSCI Communication Services Index ETF

### Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 98.5%** | &nbsp;&nbsp;**Common Stocks – 98.5%** | &nbsp;&nbsp;**Common Stocks – 98.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **DIVERSIFIED CONSUMER SERVICES – 0.0%** | **DIVERSIFIED CONSUMER SERVICES – 0.0%** | **DIVERSIFIED CONSUMER SERVICES – 0.0%** |
| **Specialized Consumer Services – 0.0%** | **Specialized Consumer Services – 0.0%** | **Specialized Consumer Services – 0.0%** |
| Liberty Live Holdings, Inc. Class C (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8826 | &nbsp;&nbsp;$728851 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES – 13.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES – 13.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES – 13.8%** |
| **Alternative Carriers – 2.5%** | **Alternative Carriers – 2.5%** | **Alternative Carriers – 2.5%** |
| AST SpaceMobile, Inc. (a) | &nbsp;&nbsp;&nbsp;229997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25577966 |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269845 |
| Globalstar, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;53644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305543 |
| Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;100900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009928 |
| Liberty Global Ltd. Class C (a) | &nbsp;&nbsp;&nbsp;146268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620650 |
| Liberty Global Ltd. Class A (a) | &nbsp;&nbsp;&nbsp;175103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941892 |
| Liberty Latin America Ltd. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;31875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246075 |
| Liberty Latin America Ltd. Class C (a) | &nbsp;&nbsp;&nbsp;141261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099011 |
| Lumen Technologies, Inc. (a) | 1030073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9085244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46156154 |
| **Integrated Telecommunication Services – 11.3%** | **Integrated Telecommunication Services – 11.3%** | **Integrated Telecommunication Services – 11.3%** |
| AT&T, Inc. | 2806807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73566412 |
| Comcast Corp. Class A | 1788256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53200616 |
| GCI Liberty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;40953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| GCI Liberty, Inc. Class C (a) | &nbsp;&nbsp;&nbsp;&nbsp;34407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272715 |
| IDT Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;22303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084595 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;48876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580158 |
| Uniti Group, Inc. | &nbsp;&nbsp;&nbsp;162708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353731 |
| Verizon Communications, Inc. | 1688318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75163917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206222144 |
| TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252378298 |
| **ENTERTAINMENT – 20.4%** | **ENTERTAINMENT – 20.4%** | **ENTERTAINMENT – 20.4%** |
| **Interactive Home Entertainment – 5.0%** | **Interactive Home Entertainment – 5.0%** | **Interactive Home Entertainment – 5.0%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;172076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35089738 |
| ROBLOX Corp. Class A (a) | &nbsp;&nbsp;&nbsp;368540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24235190 |
| Take-Two Interactive Software, Inc. (a) | &nbsp;&nbsp;&nbsp;140419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30934306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90259234 |
| **Movies & Entertainment – 15.4%** | **Movies & Entertainment – 15.4%** | **Movies & Entertainment – 15.4%** |
| AMC Entertainment Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;537217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746732 |
| Atlanta Braves Holdings, Inc. Class C (a) | &nbsp;&nbsp;&nbsp;&nbsp;48959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954933 |
| Atlanta Braves Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320113 |
| Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;109143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584506 |
| IMAX Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;48397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689539 |
| Liberty Media Corp.-Liberty Formula One Class C (a) | &nbsp;&nbsp;&nbsp;224484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19534598 |
| Lionsgate Studios Corp. (a) | &nbsp;&nbsp;&nbsp;214088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020991 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Live Nation Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;171264 | &nbsp;&nbsp;$24910349 |
| Madison Square Garden Entertainment Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;40692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517614 |
| Madison Square Garden Sports Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673188 |
| Netflix, Inc. (a) | &nbsp;&nbsp;&nbsp;680540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56818285 |
| Roku, Inc. (a) | &nbsp;&nbsp;&nbsp;137632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13102566 |
| Sphere Entertainment Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;27056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584119 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14944934 |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;676054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76258891 |
| Warner Bros Discovery, Inc. (a) | 2032162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55965741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280627099 |
| TOTAL ENTERTAINMENT | TOTAL ENTERTAINMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370886333 |
| **INTERACTIVE MEDIA & SERVICES – 52.4%** | **INTERACTIVE MEDIA & SERVICES – 52.4%** | **INTERACTIVE MEDIA & SERVICES – 52.4%** |
| **Interactive Media & Services – 52.4%** | **Interactive Media & Services – 52.4%** | **Interactive Media & Services – 52.4%** |
| Alphabet, Inc. Class C | &nbsp;&nbsp;&nbsp;523217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177124651 |
| Alphabet, Inc. Class A | &nbsp;&nbsp;&nbsp;772441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261085058 |
| Angi, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;39323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510413 |
| Bumble, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;96401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322943 |
| Cargurus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;90131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920244 |
| Cars.com, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;61120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694323 |
| EverQuote, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;31027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704313 |
| fuboTV, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;358617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799716 |
| Grindr, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;40173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454758 |
| IAC, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;74895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767370 |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;241544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7524096 |
| MediaAlpha, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;30173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308670 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;622082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445721753 |
| Nextdoor Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;232503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455706 |
| Pinterest, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;633977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14029911 |
| QuinStreet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;57167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759749 |
| Reddit, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;106774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19248149 |
| Rumble, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;78889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448878 |
| Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516120 |
| Snap, Inc. Class A (a) | 1137777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7884795 |
| Taboola.com Ltd. (a) | &nbsp;&nbsp;&nbsp;152464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609856 |
| TripAdvisor, Inc. (a) | &nbsp;&nbsp;&nbsp;104751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392141 |
| Trump Media & Technology Group Corp. (a) | &nbsp;&nbsp;&nbsp;175330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240717 |
| Yelp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;63358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734742 |
| Ziff Davis, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;43385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658175 |
| ZoomInfo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;285641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299410 |
| TOTAL INTERACTIVE MEDIA & SERVICES | TOTAL INTERACTIVE MEDIA & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954216657 |
| **MEDIA – 9.0%** | **MEDIA – 9.0%** | **MEDIA – 9.0%** |
| **Advertising – 2.6%** | **Advertising – 2.6%** | **Advertising – 2.6%** |
| Clear Channel Outdoor Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;264811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553455 |
| DoubleVerify Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;147315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593948 |
| Ibotta, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;15869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327854 |

---

See accompanying notes which are an integral part of the financial statements.

 ***Semi-Annual Report*** <sub>4</sub>

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MEDIA – continued** | **MEDIA – continued** | **MEDIA – continued** |
| **Advertising – continued** | **Advertising – continued** | **Advertising – continued** |
| Magnite, Inc. (a) | 150362 | &nbsp;&nbsp;$2175738 |
| NIQ Global Intelligence PLC (a) | &nbsp;&nbsp;61789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049795 |
| Omnicom Group, Inc. | 337835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26026809 |
| Stagwell, Inc. (a) | 121938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732847 |
| Trade Desk, Inc. Class A (a) | 470921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14283034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46743480 |
| **Broadcasting – 2.2%** | **Broadcasting – 2.2%** | **Broadcasting – 2.2%** |
| Fox Corp. Class A | 221852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16146388 |
| Fox Corp. Class B | 161805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10609554 |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;30432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6463148 |
| Paramount Skydance Corp. Class B | 336379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770809 |
| Sinclair, Inc. | &nbsp;&nbsp;38418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557445 |
| TEGNA, Inc. | 169618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40797225 |
| **Cable & Satellite – 2.8%** | **Cable & Satellite – 2.8%** | **Cable & Satellite – 2.8%** |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406894 |
| Charter Communications, Inc. Class A (a) | &nbsp;&nbsp;93841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19342507 |
| EchoStar Corp. Class A (a) | 148706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16836493 |
| Liberty Broadband Corp. Class A (a) | &nbsp;&nbsp;17193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825608 |
| Liberty Broadband Corp. Class C (a) | 125326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6029434 |
| Optimum Communications, Inc. Class A (a) | 252008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385572 |
| Sirius XM Holdings, Inc. | 195038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3969023 |
| Versant Media Group, Inc. (a) | &nbsp;&nbsp;74972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50238119 |
| **Publishing – 1.4%** | **Publishing – 1.4%** | **Publishing – 1.4%** |
| John Wiley & Sons, Inc. Class A | &nbsp;&nbsp;44750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397543 |
| New York Times Co. Class A | 162659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11924531 |
| News Corp. Class A | 397336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10739992 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21635 | &nbsp;&nbsp;$756576 |
| USA TODAY Co., Inc. (a) | &nbsp;&nbsp;&nbsp;145876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25682228 |
| TOTAL MEDIA | TOTAL MEDIA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163461052 |
| **WIRELESS TELECOMMUNICATION SERVICES – 2.9%** | **WIRELESS TELECOMMUNICATION SERVICES – 2.9%** | **WIRELESS TELECOMMUNICATION SERVICES – 2.9%** |
| **Wireless Telecommunication Services – 2.9%** | **Wireless Telecommunication Services – 2.9%** | **Wireless Telecommunication Services – 2.9%** |
| Array Digital Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807664 |
| Gogo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;77020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353522 |
| Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;108446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4894168 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;240777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47483632 |
| TOTAL WIRELESS TELECOMMUNICATION SERVICES | TOTAL WIRELESS TELECOMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53538986 |
| **TOTAL COMMON STOCKS<br> (Cost $1,312,310,004)** | **TOTAL COMMON STOCKS<br> (Cost $1,312,310,004)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1795210177** |
| &nbsp;&nbsp;**Money Market Fund – 0.1%** | &nbsp;&nbsp;**Money Market Fund – 0.1%** | &nbsp;&nbsp;**Money Market Fund – 0.1%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.59% (b)<br> (Cost $1,520,000) | 1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520000 |
| **TOTAL INVESTMENT IN SECURITIES – 98.6%<br> (Cost $1,313,830,004)** | **TOTAL INVESTMENT IN SECURITIES – 98.6%<br> (Cost $1,313,830,004)** | &nbsp;&nbsp;**1796730177** |
| **NET OTHER ASSETS (LIABILITIES) – 1.4%** | **NET OTHER ASSETS (LIABILITIES) – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25519077** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1822249254** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contract** |  |  |  |  |  |
| CME E-mini Communication Service Select Sector Index Contracts (United States) | 174 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;$27411525 | &nbsp;&nbsp;$213377 | &nbsp;&nbsp;$213377 |

---

The notional amount of futures purchased as a percentage of Net Assets is 1.5%

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **5** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity<sup>®</sup> MSCI Communication Services Index ETF

#### Schedule of Investments (Unaudited) – continued

#### Investment Valuation
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

#### Valuation Inputs at Reporting Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;$1795210177 | &nbsp;&nbsp;&nbsp;$1795210177 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments in Securities: | &nbsp;&nbsp;&nbsp;$1796730177 | &nbsp;&nbsp;&nbsp;$1796730177 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$213377 | &nbsp;&nbsp;&nbsp;$213377 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$213377 | &nbsp;&nbsp;&nbsp;$213377 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$213377 | &nbsp;&nbsp;&nbsp;$213377 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

#### Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk/ Derivative Type** | &nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**Asset** | &nbsp;&nbsp;&nbsp;**Liabilities** |
| Equity Risk |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$213377 | &nbsp;&nbsp;&nbsp;$0 |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;213377 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$213377 | &nbsp;&nbsp;&nbsp;$0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.

 ***Semi-Annual Report*** <sub>6</sub>

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Consumer Discretionary Index ETF

### Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.9%** | &nbsp;&nbsp;**Common Stocks – 99.9%** | &nbsp;&nbsp;**Common Stocks – 99.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **AUTOMOBILE COMPONENTS – 2.2%** | **AUTOMOBILE COMPONENTS – 2.2%** | **AUTOMOBILE COMPONENTS – 2.2%** |
| **Automotive Parts & Equipment – 2.1%** | **Automotive Parts & Equipment – 2.1%** | **Automotive Parts & Equipment – 2.1%** |
| Adient PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;64085 | &nbsp;&nbsp;$1332968 |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;69531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5266973 |
| Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215648 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632033 |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920232 |
| Dorman Products, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680178 |
| Fox Factory Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;43688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803859 |
| Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590172 |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219729 |
| Gentherm, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;31892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019268 |
| LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;13022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910197 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547293 |
| Mobileye Global, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;116672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047715 |
| Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957275 |
| Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692209 |
| QuantumScape Corp. (a) | &nbsp;&nbsp;&nbsp;199445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765088 |
| Solid Power, Inc. (a) | &nbsp;&nbsp;&nbsp;169725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760368 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826990 |
| Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436860 |
| XPEL, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;24056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37864180 |
| **Tires & Rubber – 0.1%** | **Tires & Rubber – 0.1%** | **Tires & Rubber – 0.1%** |
| Goodyear Tire & Rubber Co. (a) | &nbsp;&nbsp;&nbsp;173561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633209 |
| TOTAL AUTOMOBILE COMPONENTS | TOTAL AUTOMOBILE COMPONENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39497389 |
| **AUTOMOBILES – 19.7%** | **AUTOMOBILES – 19.7%** | **AUTOMOBILES – 19.7%** |
| **Automobile Manufacturers – 19.6%** | **Automobile Manufacturers – 19.6%** | **Automobile Manufacturers – 19.6%** |
| Ford Motor Co. | 1093992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15184609 |
| General Motors Co. | &nbsp;&nbsp;&nbsp;264127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22186668 |
| Lucid Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;92049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018982 |
| Rivian Automotive, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;261641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3859205 |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;732318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315196990 |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385628 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361080375 |
| **Motorcycle Manufacturers – 0.1%** | **Motorcycle Manufacturers – 0.1%** | **Motorcycle Manufacturers – 0.1%** |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327254 |
| TOTAL AUTOMOBILES | TOTAL AUTOMOBILES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362407629 |
| **BROADLINE RETAIL – 25.7%** | **BROADLINE RETAIL – 25.7%** | **BROADLINE RETAIL – 25.7%** |
| **Broadline Retail – 25.7%** | **Broadline Retail – 25.7%** | **Broadline Retail – 25.7%** |
| Amazon.com, Inc. (a) | 1775757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424938650 |
| Dillard's, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375516 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;131196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11967699 |
| Etsy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;38987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064751 |
| Groupon, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;28160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398464 |
| Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392307 |
| Macy's, Inc. | &nbsp;&nbsp;&nbsp;113930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280879 |
| MercadoLibre, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26621857 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ollie's Bargain Outlet Holdings, Inc. (a) | &nbsp;&nbsp;23262 | &nbsp;&nbsp;$2566031 |
| Savers Value Village, Inc. (a) | &nbsp;&nbsp;40625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420875 |
| TOTAL BROADLINE RETAIL | TOTAL BROADLINE RETAIL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474027029 |
| **DISTRIBUTORS – 0.8%** | **DISTRIBUTORS – 0.8%** | **DISTRIBUTORS – 0.8%** |
| **Distributors – 0.8%** | **Distributors – 0.8%** | **Distributors – 0.8%** |
| Genuine Parts Co. | &nbsp;&nbsp;43654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067470 |
| GigaCloud Technology, Inc. Class A (a) | &nbsp;&nbsp;26211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046605 |
| Gold.com, Inc. | &nbsp;&nbsp;19538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013045 |
| LKQ Corp. | &nbsp;&nbsp;95985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153107 |
| Pool Corp. | &nbsp;&nbsp;12381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145888 |
| TOTAL DISTRIBUTORS | TOTAL DISTRIBUTORS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14426115 |
| **DIVERSIFIED CONSUMER SERVICES – 1.8%** | **DIVERSIFIED CONSUMER SERVICES – 1.8%** | **DIVERSIFIED CONSUMER SERVICES – 1.8%** |
| **Education Services – 1.1%** | **Education Services – 1.1%** | **Education Services – 1.1%** |
| Adtalem Global Education, Inc. (a) | &nbsp;&nbsp;17331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794625 |
| Bright Horizons Family Solutions, Inc. (a) | &nbsp;&nbsp;24169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238774 |
| Coursera, Inc. (a) | 144424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875209 |
| Duolingo, Inc. (a) | &nbsp;&nbsp;14413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932207 |
| Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;1658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934273 |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;12552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182040 |
| KinderCare Learning Cos., Inc. (a) | &nbsp;&nbsp;37029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172925 |
| Laureate Education, Inc. (a) | &nbsp;&nbsp;59364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036185 |
| Perdoceo Education Corp. | &nbsp;&nbsp;45850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468576 |
| Strategic Education, Inc. | &nbsp;&nbsp;17194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461834 |
| Stride, Inc. (a) | &nbsp;&nbsp;24675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087505 |
| Udemy, Inc. (a) | &nbsp;&nbsp;85660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412025 |
| Universal Technical Institute, Inc. (a) | &nbsp;&nbsp;45222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19854706 |
| **Specialized Consumer Services – 0.7%** | **Specialized Consumer Services – 0.7%** | **Specialized Consumer Services – 0.7%** |
| ADT, Inc. | 253785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030280 |
| Driven Brands Holdings, Inc. (a) | &nbsp;&nbsp;69579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081953 |
| Frontdoor, Inc. (a) | &nbsp;&nbsp;34921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064180 |
| H&R Block, Inc. | &nbsp;&nbsp;53655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116690 |
| Liberty Live Holdings, Inc. Class C (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39721 |
| Liberty Live Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39255 |
| Matthews International Corp. Class A | &nbsp;&nbsp;30832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810573 |
| Mister Car Wash, Inc. (a) | 102050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566378 |
| OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;70073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376934 |
| Service Corp. International | &nbsp;&nbsp;48256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14007194 |
| TOTAL DIVERSIFIED CONSUMER SERVICES | TOTAL DIVERSIFIED CONSUMER SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33861900 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **7** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Consumer Discretionary Index ETF

#### Schedule of Investments (Unaudited) – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **HOTELS, RESTAURANTS & LEISURE – 20.8%** | **HOTELS, RESTAURANTS & LEISURE – 20.8%** | **HOTELS, RESTAURANTS & LEISURE – 20.8%** |
| **Casinos & Gaming – 2.0%** | **Casinos & Gaming – 2.0%** | **Casinos & Gaming – 2.0%** |
| Accel Entertainment, Inc. (a) | &nbsp;&nbsp;62020 | &nbsp;&nbsp;$701446 |
| Boyd Gaming Corp. | &nbsp;&nbsp;25498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155601 |
| Caesars Entertainment, Inc. (a) | &nbsp;&nbsp;92239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909347 |
| Churchill Downs, Inc. | &nbsp;&nbsp;25478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506016 |
| DraftKings, Inc. Class A (a) | 146176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021302 |
| Flutter Entertainment PLC (a) | &nbsp;&nbsp;48953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8084588 |
| Golden Entertainment, Inc. | &nbsp;&nbsp;19485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524536 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;97460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5139066 |
| MGM Resorts International (a) | &nbsp;&nbsp;80877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712615 |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp;13040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193551 |
| Penn Entertainment, Inc. (a) | &nbsp;&nbsp;97011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245621 |
| Red Rock Resorts, Inc. Class A | &nbsp;&nbsp;28221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781592 |
| Rush Street Interactive, Inc. (a) | &nbsp;&nbsp;73622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300901 |
| Sharplink Gaming, Inc. (a) | &nbsp;&nbsp;29755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264224 |
| Wynn Resorts Ltd. | &nbsp;&nbsp;30234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36789049 |
| **Hotels, Resorts & Cruise Lines – 8.6%** | **Hotels, Resorts & Cruise Lines – 8.6%** | **Hotels, Resorts & Cruise Lines – 8.6%** |
| Airbnb, Inc. Class A (a) | 120343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15568774 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43881142 |
| Carnival Corp. (a) | 308908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9273418 |
| Choice Hotels International, Inc. | &nbsp;&nbsp;16108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655902 |
| Expedia Group, Inc. | &nbsp;&nbsp;34681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9184916 |
| Global Business Travel Group I (a) | 110711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758370 |
| Hilton Grand Vacations, Inc. (a) | &nbsp;&nbsp;36648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653191 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;65493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19550315 |
| Hyatt Hotels Corp. Class A | &nbsp;&nbsp;16853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635304 |
| Lindblad Expeditions Holdings, Inc. (a) | &nbsp;&nbsp;40104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668534 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;64072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20201902 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;23605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281988 |
| Norwegian Cruise Line Holdings Ltd. (a) | 164466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611673 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;71123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23090082 |
| Sabre Corp. (a) | 397255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516432 |
| Target Hospitality Corp. (a) | &nbsp;&nbsp;37688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259670 |
| Travel & Leisure Co. | &nbsp;&nbsp;30237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102681 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;31972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158221536 |
| **Leisure Facilities – 0.6%** | **Leisure Facilities – 0.6%** | **Leisure Facilities – 0.6%** |
| Dave & Buster's Entertainment, Inc. (a) | &nbsp;&nbsp;28952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543429 |
| Life Time Group Holdings, Inc. (a) | &nbsp;&nbsp;71895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097177 |
| Planet Fitness, Inc. Class A (a) | &nbsp;&nbsp;30869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810314 |
| Pursuit Attractions & Hospitality, Inc. (a) | &nbsp;&nbsp;22177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770207 |
| Six Flags Entertainment Corp. (a) | &nbsp;&nbsp;81176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461980 |
| United Parks & Resorts, Inc. (a) | &nbsp;&nbsp;28746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082287 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Vail Resorts, Inc. | &nbsp;&nbsp;15553 | &nbsp;&nbsp;$2069638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10835032 |
| **Restaurants – 9.6%** | **Restaurants – 9.6%** | **Restaurants – 9.6%** |
| Aramark | &nbsp;&nbsp;92745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569755 |
| BJ's Restaurants, Inc. (a) | &nbsp;&nbsp;18548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775677 |
| Bloomin' Brands, Inc. | &nbsp;&nbsp;80154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480924 |
| Brinker International, Inc. (a) | &nbsp;&nbsp;17480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756946 |
| Cava Group, Inc. (a) | &nbsp;&nbsp;37781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290284 |
| Cheesecake Factory, Inc. | &nbsp;&nbsp;28333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642181 |
| Chipotle Mexican Grill, Inc. (a) | 378818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14724656 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;22100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665652 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;35195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7016123 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;10694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4388069 |
| DoorDash, Inc. Class A (a) | 104842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21452770 |
| Dutch Bros, Inc. Class A (a) | &nbsp;&nbsp;48466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636066 |
| First Watch Restaurant Group, Inc. (a) | &nbsp;&nbsp;57399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917810 |
| Krispy Kreme, Inc. | &nbsp;&nbsp;98372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309872 |
| Kura Sushi USA, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;7008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468204 |
| McDonald's Corp. | 191825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60424875 |
| Papa John's International, Inc. | &nbsp;&nbsp;31328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101806 |
| Serve Robotics, Inc. (a) | &nbsp;&nbsp;59097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616382 |
| Shake Shack, Inc. Class A (a) | &nbsp;&nbsp;19485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725786 |
| Starbucks Corp. | 308395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28356920 |
| Sweetgreen, Inc. Class A (a) | 111170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682584 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;22293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009619 |
| Wendy's Co. | 148639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157898 |
| Wingstop, Inc. | &nbsp;&nbsp;10773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859477 |
| Yum! Brands, Inc. | &nbsp;&nbsp;78871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12264441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177294777 |
| TOTAL HOTELS, RESTAURANTS & LEISURE | TOTAL HOTELS, RESTAURANTS & LEISURE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383140394 |
| **HOUSEHOLD DURABLES – 4.8%** | **HOUSEHOLD DURABLES – 4.8%** | **HOUSEHOLD DURABLES – 4.8%** |
| **Consumer Electronics – 0.6%** | **Consumer Electronics – 0.6%** | **Consumer Electronics – 0.6%** |
| Garmin Ltd. | &nbsp;&nbsp;47585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9595039 |
| Sonos, Inc. (a) | &nbsp;&nbsp;82803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10783262 |
| **Home Furnishings – 0.6%** | **Home Furnishings – 0.6%** | **Home Furnishings – 0.6%** |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;25283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579739 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;34704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263573 |
| Leggett & Platt, Inc. | 110945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294728 |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;21599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556890 |
| Somnigroup International, Inc. | &nbsp;&nbsp;62247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11163329 |
| **Homebuilding – 3.4%** | **Homebuilding – 3.4%** | **Homebuilding – 3.4%** |
| Beazer Homes USA, Inc. (a) | &nbsp;&nbsp;29370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633511 |
| Cavco Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687137 |
| Century Communities, Inc. | &nbsp;&nbsp;20823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311433 |
| Champion Homes, Inc. (a) | &nbsp;&nbsp;23905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873674 |
| DR Horton, Inc. | &nbsp;&nbsp;77079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11472438 |

---

See accompanying notes which are an integral part of the financial statements.

 ***Semi-Annual Report*** <sub>8</sub>

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **HOUSEHOLD DURABLES – continued** | **HOUSEHOLD DURABLES – continued** | **HOUSEHOLD DURABLES – continued** |
| **Homebuilding – continued** | **Homebuilding – continued** | **Homebuilding – continued** |
| Dream Finders Homes, Inc. Class A (a) | &nbsp;&nbsp;29951 | &nbsp;&nbsp;$550799 |
| Green Brick Partners, Inc. (a) | &nbsp;&nbsp;21541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494730 |
| Hovnanian Enterprises, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;4789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539481 |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648295 |
| KB Home | &nbsp;&nbsp;32084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846113 |
| Legacy Housing Corp. (a) | &nbsp;&nbsp;12672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262944 |
| Lennar Corp. Class A | &nbsp;&nbsp;64275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7028471 |
| LGI Homes, Inc. (a) | &nbsp;&nbsp;21694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087086 |
| M/I Homes, Inc. (a) | &nbsp;&nbsp;13762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839979 |
| Meritage Homes Corp. | &nbsp;&nbsp;31060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158981 |
| NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6444556 |
| PulteGroup, Inc. | &nbsp;&nbsp;59486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7441104 |
| Taylor Morrison Home Corp. (a) | &nbsp;&nbsp;40635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476703 |
| Toll Brothers, Inc. | &nbsp;&nbsp;31856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4602874 |
| TopBuild Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374863 |
| Tri Pointe Homes, Inc. (a) | &nbsp;&nbsp;49626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63430199 |
| **Household Appliances – 0.1%** | **Household Appliances – 0.1%** | **Household Appliances – 0.1%** |
| Cricut, Inc. Class A | &nbsp;&nbsp;51472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230080 |
| Whirlpool Corp. | &nbsp;&nbsp;25391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261106 |
| **Housewares & Specialties – 0.1%** | **Housewares & Specialties – 0.1%** | **Housewares & Specialties – 0.1%** |
| Newell Brands, Inc. | 326864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389172 |
| TOTAL HOUSEHOLD DURABLES | TOTAL HOUSEHOLD DURABLES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89027068 |
| **LEISURE PRODUCTS – 1.0%** | **LEISURE PRODUCTS – 1.0%** | **LEISURE PRODUCTS – 1.0%** |
| **Leisure Products – 1.0%** | **Leisure Products – 1.0%** | **Leisure Products – 1.0%** |
| Acushnet Holdings Corp. | &nbsp;&nbsp;17831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728537 |
| Brunswick Corp. | &nbsp;&nbsp;28029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248486 |
| Callaway Golf Co. (a) | &nbsp;&nbsp;98546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414135 |
| Hasbro, Inc. | &nbsp;&nbsp;45998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108081 |
| Latham Group, Inc. (a) | &nbsp;&nbsp;48754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306663 |
| Malibu Boats, Inc. Class A (a) | &nbsp;&nbsp;20096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653120 |
| Mattel, Inc. (a) | 129467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704566 |
| Peloton Interactive, Inc. Class A (a) | 227015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269014 |
| Polaris, Inc. | &nbsp;&nbsp;27485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754642 |
| Sturm Ruger & Co., Inc. | &nbsp;&nbsp;15247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559413 |
| YETI Holdings, Inc. (a) | &nbsp;&nbsp;40404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846867 |
| TOTAL LEISURE PRODUCTS | TOTAL LEISURE PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18593524 |
| **SPECIALTY RETAIL – 19.5%** | **SPECIALTY RETAIL – 19.5%** | **SPECIALTY RETAIL – 19.5%** |
| **Apparel Retail – 4.6%** | **Apparel Retail – 4.6%** | **Apparel Retail – 4.6%** |
| Abercrombie & Fitch Co. Class A (a) | &nbsp;&nbsp;21523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101290 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;78355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826455 |
| Boot Barn Holdings, Inc. (a) | &nbsp;&nbsp;12763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277940 |
| Buckle, Inc. | &nbsp;&nbsp;24514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159512 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Burlington Stores, Inc. (a) | &nbsp;&nbsp;19681 | &nbsp;&nbsp;$5822821 |
| Gap, Inc. | &nbsp;&nbsp;98624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759500 |
| RealReal, Inc. (a) | &nbsp;&nbsp;82909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216275 |
| Revolve Group, Inc. (a) | &nbsp;&nbsp;41687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152646 |
| Ross Stores, Inc. | &nbsp;&nbsp;91020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17170923 |
| Shoe Carnival, Inc. | &nbsp;&nbsp;18631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355107 |
| ThredUp, Inc. Class A (a) | 101476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515498 |
| TJX Cos., Inc. | 300880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45074833 |
| Urban Outfitters, Inc. (a) | &nbsp;&nbsp;28413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013061 |
| Victoria's Secret & Co. (a) | &nbsp;&nbsp;33781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85287263 |
| **Automotive Retail – 4.2%** | **Automotive Retail – 4.2%** | **Automotive Retail – 4.2%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;33880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626579 |
| Asbury Automotive Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033436 |
| AutoNation, Inc. (a) | &nbsp;&nbsp;11727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403801 |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17150863 |
| Camping World Holdings, Inc. Class A | &nbsp;&nbsp;62234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820866 |
| CarMax, Inc. (a) | &nbsp;&nbsp;58121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588709 |
| Carvana Co. (a) | &nbsp;&nbsp;36835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14774887 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018219 |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099849 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944050 |
| O'Reilly Automotive, Inc. (a) | 234503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23077440 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;10804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693959 |
| Sonic Automotive, Inc. Class A | &nbsp;&nbsp;15031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901259 |
| Valvoline, Inc. (a) | &nbsp;&nbsp;60554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77115244 |
| **Computer & Electronics Retail – 0.4%** | **Computer & Electronics Retail – 0.4%** | **Computer & Electronics Retail – 0.4%** |
| Best Buy Co., Inc. | &nbsp;&nbsp;64138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175384 |
| GameStop Corp. Class A (a) | 154752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7870862 |
| **Home Improvement Retail – 7.4%** | **Home Improvement Retail – 7.4%** | **Home Improvement Retail – 7.4%** |
| Floor & Decor Holdings, Inc. Class A (a) | &nbsp;&nbsp;41127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712737 |
| Home Depot, Inc. | 246987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92518860 |
| Lowe's Cos., Inc. | 152070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40611814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135843411 |
| **Homefurnishing Retail – 0.7%** | **Homefurnishing Retail – 0.7%** | **Homefurnishing Retail – 0.7%** |
| Arhaus, Inc. (a) | &nbsp;&nbsp;52884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538359 |
| RH (a) | &nbsp;&nbsp;&nbsp;&nbsp;8125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615494 |
| Wayfair, Inc. Class A (a) | &nbsp;&nbsp;34875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3609213 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;36709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7512497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13275563 |
| **Other Specialty Retail – 2.2%** | **Other Specialty Retail – 2.2%** | **Other Specialty Retail – 2.2%** |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;33847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861923 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;95348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078586 |
| Chewy, Inc. Class A (a) | &nbsp;&nbsp;86771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525904 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;21911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4426022 |
| Five Below, Inc. (a) | &nbsp;&nbsp;19381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714175 |
| MarineMax, Inc. (a) | &nbsp;&nbsp;20273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547979 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **9** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Consumer Discretionary Index ETF

#### Schedule of Investments (Unaudited) – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SPECIALTY RETAIL – continued** | **SPECIALTY RETAIL – continued** | **SPECIALTY RETAIL – continued** |
| **Other Specialty Retail – continued** | **Other Specialty Retail – continued** | **Other Specialty Retail – continued** |
| National Vision Holdings, Inc. (a) | &nbsp;&nbsp;53436 | &nbsp;&nbsp;$1408039 |
| Petco Health & Wellness Co., Inc. (a) | 104532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281191 |
| Sally Beauty Holdings, Inc. (a) | &nbsp;&nbsp;82953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262545 |
| Signet Jewelers Ltd. | &nbsp;&nbsp;19296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780442 |
| Tractor Supply Co. | 155576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7915707 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;13235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8567809 |
| Upbound Group, Inc. | &nbsp;&nbsp;54462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029332 |
| Warby Parker, Inc. Class A (a) | &nbsp;&nbsp;57701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471952 |
| Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40171847 |
| TOTAL SPECIALTY RETAIL | TOTAL SPECIALTY RETAIL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359564190 |
| **TEXTILES, APPAREL & LUXURY GOODS – 3.6%** | **TEXTILES, APPAREL & LUXURY GOODS – 3.6%** | **TEXTILES, APPAREL & LUXURY GOODS – 3.6%** |
| **Apparel, Accessories & Luxury Goods – 1.9%** | **Apparel, Accessories & Luxury Goods – 1.9%** | **Apparel, Accessories & Luxury Goods – 1.9%** |
| Capri Holdings Ltd. (a) | &nbsp;&nbsp;68807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552974 |
| Carter's, Inc. | &nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228655 |
| Columbia Sportswear Co. | &nbsp;&nbsp;24663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363371 |
| Figs, Inc. Class A (a) | &nbsp;&nbsp;97373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052602 |
| G-III Apparel Group Ltd. | &nbsp;&nbsp;39729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166046 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;26570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587026 |
| Levi Strauss & Co. Class A | &nbsp;&nbsp;68310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358003 |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;33393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827078 |
| Oxford Industries, Inc. | &nbsp;&nbsp;14791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545048 |
| PVH Corp. | &nbsp;&nbsp;24212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509860 |
| Ralph Lauren Corp. | &nbsp;&nbsp;12786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518700 |
| Tapestry, Inc. | &nbsp;&nbsp;62481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7929464 |
| Under Armour, Inc. Class A (a) | 197480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218452 |
| Under Armour, Inc. Class C (a) | 129071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783461 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| VF Corp. | &nbsp;&nbsp;&nbsp;136847 | &nbsp;&nbsp;$2680833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34321573 |
| **Footwear – 1.7%** | **Footwear – 1.7%** | **Footwear – 1.7%** |
| Crocs, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;25548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143988 |
| Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;48622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5802550 |
| NIKE, Inc. Class B | &nbsp;&nbsp;&nbsp;325903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20144064 |
| Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;39698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741948 |
| Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31087853 |
| TOTAL TEXTILES, APPAREL & LUXURY GOODS | TOTAL TEXTILES, APPAREL & LUXURY GOODS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65409426 |
| **TOTAL COMMON STOCKS<br> (Cost $1,443,939,299)** | **TOTAL COMMON STOCKS<br> (Cost $1,443,939,299)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1839954664** |
| &nbsp;&nbsp;**Money Market Fund – 0.1%** | &nbsp;&nbsp;**Money Market Fund – 0.1%** | &nbsp;&nbsp;**Money Market Fund – 0.1%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.59% (b)<br> (Cost $2,070,000) | 2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,446,009,299)** | **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,446,009,299)** | &nbsp;&nbsp;**1842024664** |
| **NET OTHER ASSETS (LIABILITIES) – 0.0%** | **NET OTHER ASSETS (LIABILITIES) – 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**553108** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1842577772** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contracts** |  |  |  |  |  |
| CME E-mini Consumer Discretionary Select Sector Index Contracts (United States) | 9 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;2213460 | &nbsp;&nbsp;$(7551) | &nbsp;&nbsp;$(7551) |
| CME E-mini Russell 2000 Index Contracts (United States) | 2 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;262460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;$(6444) |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.1%

See accompanying notes which are an integral part of the financial statements.

 ***Semi-Annual Report*** <sub>10</sub>

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Investment Valuation
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

#### Valuation Inputs at Reporting Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;$1839954664 | &nbsp;&nbsp;&nbsp;$1839954664 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments in Securities: | &nbsp;&nbsp;&nbsp;$1842024664 | &nbsp;&nbsp;&nbsp;$1842024664 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$1107 | &nbsp;&nbsp;&nbsp;$1107 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$1107 | &nbsp;&nbsp;&nbsp;$1107 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(7551) | &nbsp;&nbsp;&nbsp;$(7551) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;$(7551) | &nbsp;&nbsp;&nbsp;$(7551) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$(6444) | &nbsp;&nbsp;&nbsp;$(6444) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

#### Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk/ Derivative Type** | &nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**Asset** | &nbsp;&nbsp;&nbsp;**Liabilities** |
| Equity Risk |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1107 | &nbsp;&nbsp;&nbsp;$(7551) |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;1107 | &nbsp;&nbsp;&nbsp;&nbsp;(7551) |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$1107 | &nbsp;&nbsp;&nbsp;$(7551) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **11** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Consumer Staples Index ETF

### Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.6%** | &nbsp;&nbsp;**Common Stocks – 99.6%** | &nbsp;&nbsp;**Common Stocks – 99.6%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **BEVERAGES – 19.3%** | **BEVERAGES – 19.3%** | **BEVERAGES – 19.3%** |
| **Brewers – 0.6%** | **Brewers – 0.6%** | **Brewers – 0.6%** |
| Boston Beer Co., Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;12791 | &nbsp;&nbsp;$2732413 |
| Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;116022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5573697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8306110 |
| **Distillers & Vintners – 1.2%** | **Distillers & Vintners – 1.2%** | **Distillers & Vintners – 1.2%** |
| Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;148589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066881 |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;79336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12431951 |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17153442 |
| **Soft Drinks & Non-alcoholic Beverages – 17.5%** | **Soft Drinks & Non-alcoholic Beverages – 17.5%** | **Soft Drinks & Non-alcoholic Beverages – 17.5%** |
| Celsius Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;108855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5712710 |
| Coca-Cola Co. | 1526944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114230681 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249111 |
| Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;&nbsp;634327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17405933 |
| Monster Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;347452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28060224 |
| National Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;49465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685767 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;418389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64277102 |
| Primo Brands Corp. | &nbsp;&nbsp;&nbsp;221071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187085 |
| Vita Coco Co., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;63650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244204340 |
| TOTAL BEVERAGES | TOTAL BEVERAGES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269663892 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL – 38.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL – 38.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL – 38.3%** |
| **Consumer Staples Merchandise Retail – 31.2%** | **Consumer Staples Merchandise Retail – 31.2%** | **Consumer Staples Merchandise Retail – 31.2%** |
| BJ's Wholesale Club Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;78016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7211799 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;174503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164076446 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;114168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16375117 |
| Dollar Tree, Inc. (a) | &nbsp;&nbsp;&nbsp;102419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12043450 |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861286 |
| Target Corp. | &nbsp;&nbsp;&nbsp;219296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23129149 |
| Walmart, Inc. | 1754487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209029581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435726828 |
| **Food Distributors – 3.4%** | **Food Distributors – 3.4%** | **Food Distributors – 3.4%** |
| Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496856 |
| Chefs' Warehouse, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;45968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891387 |
| Performance Food Group Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;88318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8429953 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;234753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19684039 |
| U.S. Foods Holding Corp. (a) | &nbsp;&nbsp;&nbsp;123970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10366372 |
| United Natural Foods, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;81587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037484 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47906091 |
| **Food Retail – 3.7%** | **Food Retail – 3.7%** | **Food Retail – 3.7%** |
| Albertsons Cos., Inc. Class A | &nbsp;&nbsp;&nbsp;268503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470575 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11990505 |
| Grocery Outlet Holding Corp. (a) | &nbsp;&nbsp;&nbsp;172787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646660 |
| Ingles Markets, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;25442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904588 |
| Kroger Co. | &nbsp;&nbsp;&nbsp;305448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19197407 |
| Maplebear, Inc. (a) | &nbsp;&nbsp;&nbsp;123525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590189 |
| Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448376 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Sprouts Farmers Market, Inc. (a) | &nbsp;&nbsp;68574 | &nbsp;&nbsp;$4862582 |
| Weis Markets, Inc. | &nbsp;&nbsp;23848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50807667 |
| TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534440586 |
| **FOOD PRODUCTS – 14.1%** | **FOOD PRODUCTS – 14.1%** | **FOOD PRODUCTS – 14.1%** |
| **Agricultural Products & Services – 2.8%** | **Agricultural Products & Services – 2.8%** | **Agricultural Products & Services – 2.8%** |
| Archer-Daniels-Midland Co. | 242556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16326444 |
| Bunge Global SA | &nbsp;&nbsp;80517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9169276 |
| Darling Ingredients, Inc. (a) | 122700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5602482 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;68143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702551 |
| Ingredion, Inc. | &nbsp;&nbsp;45057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39121985 |
| **Packaged Foods & Meats – 11.3%** | **Packaged Foods & Meats – 11.3%** | **Packaged Foods & Meats – 11.3%** |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;43248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612505 |
| Campbell's Co. | 155390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347812 |
| Conagra Brands, Inc. | 318494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895324 |
| Flowers Foods, Inc. | 257207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939876 |
| Freshpet, Inc. (a) | &nbsp;&nbsp;54323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786313 |
| General Mills, Inc. | 275777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12757444 |
| Hershey Co. | &nbsp;&nbsp;75270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14658832 |
| Hormel Foods Corp. | 215365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300133 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;27273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590935 |
| J.M. Smucker Co. | &nbsp;&nbsp;64855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800695 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;15792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277573 |
| Kraft Heinz Co. | 467632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11101584 |
| Lamb Weston Holdings, Inc. | 100924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635439 |
| Marzetti Co. | &nbsp;&nbsp;20101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448729 |
| McCormick & Co., Inc. | 138951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8591340 |
| Mission Produce, Inc. (a) | &nbsp;&nbsp;81045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090866 |
| Mondelez International, Inc. Class A | 599786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35069487 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp;69105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997084 |
| Post Holdings, Inc. (a) | &nbsp;&nbsp;38060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3893919 |
| Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571634 |
| Seneca Foods Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;7969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950941 |
| Simply Good Foods Co. (a) | 135535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543992 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp;33136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255192 |
| TreeHouse Foods, Inc. (a) | &nbsp;&nbsp;80047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972358 |
| Tyson Foods, Inc. Class A | 159310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10407722 |
| Utz Brands, Inc. | 129055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360240 |
| Vital Farms, Inc. (a) | &nbsp;&nbsp;62562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157637858 |
| TOTAL FOOD PRODUCTS | TOTAL FOOD PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196759843 |
| **HOUSEHOLD PRODUCTS – 15.8%** | **HOUSEHOLD PRODUCTS – 15.8%** | **HOUSEHOLD PRODUCTS – 15.8%** |
| **Household Products – 15.8%** | **Household Products – 15.8%** | **Household Products – 15.8%** |
| Central Garden & Pet Co. Class A (a) | &nbsp;&nbsp;87375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679791 |
| Central Garden & Pet Co. (a) | &nbsp;&nbsp;15137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512085 |
| Church & Dwight Co., Inc. | 128361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12354746 |

---

See accompanying notes which are an integral part of the financial statements.

 ***Semi-Annual Report*** <sub>12</sub>

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **HOUSEHOLD PRODUCTS – continued** | **HOUSEHOLD PRODUCTS – continued** | **HOUSEHOLD PRODUCTS – continued** |
| **Household Products – continued** | **Household Products – continued** | **Household Products – continued** |
| Clorox Co. | &nbsp;&nbsp;70968 | &nbsp;&nbsp;$8004481 |
| Colgate-Palmolive Co. | 360167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32519478 |
| Energizer Holdings, Inc. | 107659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350196 |
| Kimberly-Clark Corp. | 163798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16378162 |
| Oil-Dri Corp. of America | &nbsp;&nbsp;16546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001860 |
| Procter & Gamble Co. | 896431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136051333 |
| Reynolds Consumer Products, Inc. | 105075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434588 |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;40283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566430 |
| WD-40 Co. | &nbsp;&nbsp;15052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480474 |
| TOTAL HOUSEHOLD PRODUCTS | TOTAL HOUSEHOLD PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220333624 |
| **LIFE SCIENCES TOOLS & SERVICES – 0.0%** | **LIFE SCIENCES TOOLS & SERVICES – 0.0%** | **LIFE SCIENCES TOOLS & SERVICES – 0.0%** |
| **Life Sciences Tools & Services – 0.0%** | **Life Sciences Tools & Services – 0.0%** | **Life Sciences Tools & Services – 0.0%** |
| Niagen Bioscience, Inc. (a) | &nbsp;&nbsp;97471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583851 |
| **PERSONAL CARE PRODUCTS – 3.5%** | **PERSONAL CARE PRODUCTS – 3.5%** | **PERSONAL CARE PRODUCTS – 3.5%** |
| **Personal Care Products – 3.5%** | **Personal Care Products – 3.5%** | **Personal Care Products – 3.5%** |
| BellRing Brands, Inc. (a) | 125001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108775 |
| Coty, Inc. Class A (a) | 689035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184241 |
| Edgewell Personal Care Co. | &nbsp;&nbsp;77760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513210 |
| elf Beauty, Inc. (a) | &nbsp;&nbsp;48582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4128984 |
| Estee Lauder Cos., Inc. Class A | 122975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14176558 |
| Herbalife Ltd. (a) | 180613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113768 |
| Interparfums, Inc. | &nbsp;&nbsp;29135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842702 |
| Kenvue, Inc. | 951919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16563390 |
| Olaplex Holdings, Inc. (a) | 290636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459205 |
| TOTAL PERSONAL CARE PRODUCTS | TOTAL PERSONAL CARE PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48090833 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **TOBACCO – 8.6%** | **TOBACCO – 8.6%** | **TOBACCO – 8.6%** |
| **Tobacco – 8.6%** | **Tobacco – 8.6%** | **Tobacco – 8.6%** |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;768804 | &nbsp;&nbsp;$47658160 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;369605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66321921 |
| Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172313 |
| Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465400 |
| TOTAL TOBACCO | TOTAL TOBACCO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119617794 |
| **TOTAL COMMON STOCKS<br> (Cost $1,173,464,132)** | **TOTAL COMMON STOCKS<br> (Cost $1,173,464,132)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1389490423** |
| &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.59% (b)<br> (Cost $3,150,000) | 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.8%<br> (Cost $1,176,614,132)** | **TOTAL INVESTMENT IN SECURITIES – 99.8%<br> (Cost $1,176,614,132)** | &nbsp;&nbsp;**1392640423** |
| **NET OTHER ASSETS (LIABILITIES) – 0.2%** | **NET OTHER ASSETS (LIABILITIES) – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2275180** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1394915603** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contracts** |  |  |  |  |  |
| CME E-mini Consumer Staples Select Sector Index Contracts (United States) | 61 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;5156940 | &nbsp;&nbsp;$214628 | &nbsp;&nbsp;$214628 |
| CME E-mini Russell 2000 Index Contracts (United States) | 1 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;131230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4324) |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;$210304 |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.4%

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **13** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Consumer Staples Index ETF

#### Schedule of Investments (Unaudited) – continued

#### Investment Valuation
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

#### Valuation Inputs at Reporting Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;$1389490423 | &nbsp;&nbsp;&nbsp;$1389490423 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments in Securities: | &nbsp;&nbsp;&nbsp;$1392640423 | &nbsp;&nbsp;&nbsp;$1392640423 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$214628 | &nbsp;&nbsp;&nbsp;$214628 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$214628 | &nbsp;&nbsp;&nbsp;$214628 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(4324) | &nbsp;&nbsp;&nbsp;$(4324) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;$(4324) | &nbsp;&nbsp;&nbsp;$(4324) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$210304 | &nbsp;&nbsp;&nbsp;$210304 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

#### Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk/ Derivative Type** | &nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**Asset** | &nbsp;&nbsp;&nbsp;**Liabilities** |
| Equity Risk |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$214628 | &nbsp;&nbsp;&nbsp;$(4324) |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;214628 | &nbsp;&nbsp;&nbsp;&nbsp;(4324) |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$214628 | &nbsp;&nbsp;&nbsp;$(4324) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.

 ***Semi-Annual Report*** <sub>14</sub>

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Energy Index ETF

### Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;**Common Stocks – 99.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **ENERGY EQUIPMENT & SERVICES – 12.2%** | **ENERGY EQUIPMENT & SERVICES – 12.2%** | **ENERGY EQUIPMENT & SERVICES – 12.2%** |
| **Oil & Gas Drilling – 1.3%** | **Oil & Gas Drilling – 1.3%** | **Oil & Gas Drilling – 1.3%** |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84117 | &nbsp;&nbsp;$2849884 |
| Nabors Industries Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;15787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055203 |
| Noble Corp. PLC | &nbsp;&nbsp;&nbsp;100063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564244 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;311972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349149 |
| Seadrill Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;53590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062143 |
| Transocean Ltd. (a) | &nbsp;&nbsp;&nbsp;774432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848927 |
| Valaris Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;50708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18656923 |
| **Oil & Gas Equipment & Services – 10.9%** | **Oil & Gas Equipment & Services – 10.9%** | **Oil & Gas Equipment & Services – 10.9%** |
| Archrock, Inc. | &nbsp;&nbsp;&nbsp;130213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3853003 |
| Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793922 |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;680277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38122723 |
| Bristow Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;15080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662917 |
| Cactus, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;55992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3148430 |
| Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165092 |
| Expro Group Holdings NV (a) | &nbsp;&nbsp;&nbsp;&nbsp;97179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555836 |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;599086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20081363 |
| Helix Energy Solutions Group, Inc. (a) | &nbsp;&nbsp;&nbsp;159250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264445 |
| Innovex International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;45753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136962 |
| Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037659 |
| Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;128825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175536 |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;283181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5196371 |
| Oceaneering International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;85506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573731 |
| ProPetro Holding Corp. (a) | &nbsp;&nbsp;&nbsp;111811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284708 |
| RPC, Inc. | &nbsp;&nbsp;&nbsp;140028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931186 |
| Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;101001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221102 |
| SLB Ltd. | 1029402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49802469 |
| Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907642 |
| TechnipFMC PLC | &nbsp;&nbsp;&nbsp;294880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16430714 |
| TETRA Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;115172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312961 |
| Tidewater, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023586 |
| Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;54973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164854218 |
| TOTAL ENERGY EQUIPMENT & SERVICES | TOTAL ENERGY EQUIPMENT & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183511141 |
| **OIL, GAS & CONSUMABLE FUELS – 87.5%** | **OIL, GAS & CONSUMABLE FUELS – 87.5%** | **OIL, GAS & CONSUMABLE FUELS – 87.5%** |
| **Coal & Consumable Fuels – 1.1%** | **Coal & Consumable Fuels – 1.1%** | **Coal & Consumable Fuels – 1.1%** |
| Centrus Energy Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;12714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538052 |
| Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896750 |
| Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438167 |
| Uranium Energy Corp. (a) | &nbsp;&nbsp;&nbsp;346889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16853335 |
| **Integrated Oil & Gas – 40.9%** | **Integrated Oil & Gas – 40.9%** | **Integrated Oil & Gas – 40.9%** |
| Chevron Corp. | 1331773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235590644 |
| Exxon Mobil Corp. | 2528439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357521274 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;510584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23175408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616287326 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Oil & Gas Exploration & Production – 21.8%** | **Oil & Gas Exploration & Production – 21.8%** | **Oil & Gas Exploration & Production – 21.8%** |
| Antero Resources Corp. (a) | 212817 | &nbsp;&nbsp;$7740154 |
| APA Corp. | 262810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6940812 |
| BKV Corp. (a) | &nbsp;&nbsp;28878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859120 |
| California Resources Corp. | &nbsp;&nbsp;54977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941269 |
| Chord Energy Corp. | &nbsp;&nbsp;43972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407753 |
| CNX Resources Corp. (a) | 111048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308662 |
| Comstock Resources, Inc. (a) | &nbsp;&nbsp;82353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005296 |
| ConocoPhillips | 860646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89705133 |
| Coterra Energy, Inc. | 534905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15432009 |
| Crescent Energy Co. Class A | 267352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612029 |
| Devon Energy Corp. | 427202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17177792 |
| Diamondback Energy, Inc. | 131605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21576640 |
| EOG Resources, Inc. | 374327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41973287 |
| EQT Corp. | 428219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24721083 |
| Expand Energy Corp. | 163893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18423212 |
| Granite Ridge Resources, Inc. | 118861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596682 |
| Gulfport Energy Corp. (a) | &nbsp;&nbsp;13056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665644 |
| Kimbell Royalty Partners LP | &nbsp;&nbsp;91255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225555 |
| Kosmos Energy Ltd. (a) | 589774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931843 |
| Magnolia Oil & Gas Corp. Class A | 138224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526094 |
| Matador Resources Co. | &nbsp;&nbsp;90920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113221 |
| Murphy Oil Corp. | 106731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211536 |
| Northern Oil & Gas, Inc. | &nbsp;&nbsp;82132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053300 |
| Ovintiv, Inc. | 187176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8136541 |
| Permian Resources Corp. | 497582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8025998 |
| Range Resources Corp. | 173616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6571366 |
| Riley Exploration Permian, Inc. | &nbsp;&nbsp;22488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630788 |
| Sable Offshore Corp. (a) | 126310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222681 |
| SM Energy Co. | 195809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812401 |
| Talos Energy, Inc. (a) | 132746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582332 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;41050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300178 |
| Viper Energy, Inc. Class A | 126249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5345383 |
| Vitesse Energy, Inc. | &nbsp;&nbsp;38697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329586883 |
| **Oil & Gas Refining & Marketing – 8.9%** | **Oil & Gas Refining & Marketing – 8.9%** | **Oil & Gas Refining & Marketing – 8.9%** |
| Calumet, Inc. (a) | &nbsp;&nbsp;69282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552610 |
| CVR Energy, Inc. (a) | &nbsp;&nbsp;36071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820255 |
| Delek U.S. Holdings, Inc. | &nbsp;&nbsp;52734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556180 |
| HF Sinclair Corp. | 116294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046125 |
| Marathon Petroleum Corp. | 210558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37098214 |
| Par Pacific Holdings, Inc. (a) | &nbsp;&nbsp;45929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733360 |
| PBF Energy, Inc. Class A | &nbsp;&nbsp;71614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396204 |
| Phillips 66 | 279475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40121431 |
| REX American Resources Corp. (a) | &nbsp;&nbsp;34081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152279 |
| Sunococorp LLC (a) | &nbsp;&nbsp;32572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746511 |
| Valero Energy Corp. | 214929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38994568 |
| World Kinect Corp. | &nbsp;&nbsp;54457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134683175 |
| **Oil & Gas Storage & Transportation – 14.8%** | **Oil & Gas Storage & Transportation – 14.8%** | **Oil & Gas Storage & Transportation – 14.8%** |
| Antero Midstream Corp. | 267006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025053 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **15** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Energy Index ETF

#### Schedule of Investments (Unaudited) – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **OIL, GAS & CONSUMABLE FUELS – continued** | **OIL, GAS & CONSUMABLE FUELS – continued** | **OIL, GAS & CONSUMABLE FUELS – continued** |
| **Oil & Gas Storage & Transportation – continued** | **Oil & Gas Storage & Transportation – continued** | **Oil & Gas Storage & Transportation – continued** |
| Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;152380 | &nbsp;&nbsp;$32231417 |
| Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232523 |
| DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9159133 |
| Excelerate Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;32626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218581 |
| Hess Midstream LP Class A | &nbsp;&nbsp;&nbsp;&nbsp;96480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422146 |
| International Seaways, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188857 |
| Kinder Morgan, Inc. | 1371941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41830481 |
| Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710529 |
| New Fortress Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;333120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443050 |
| NextDecade Corp. (a) | &nbsp;&nbsp;&nbsp;149831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792606 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;431797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34194004 |
| Plains GP Holdings LP Class A (a) | &nbsp;&nbsp;&nbsp;157220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219866 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;149761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30098966 |
| Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;835214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56176494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222943706 |
| TOTAL OIL, GAS & CONSUMABLE FUELS | TOTAL OIL, GAS & CONSUMABLE FUELS | &nbsp;&nbsp;&nbsp;&nbsp;1320354425 |
| **TOTAL COMMON STOCKS<br> (Cost $1,214,875,762)** | **TOTAL COMMON STOCKS<br> (Cost $1,214,875,762)** | &nbsp;&nbsp;&nbsp;&nbsp;**1503865566** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Fund – 0.3%** | &nbsp;&nbsp;**Money Market Fund – 0.3%** | &nbsp;&nbsp;**Money Market Fund – 0.3%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.59% (b)<br> (Cost $3,750,000) | 3750000 | &nbsp;&nbsp;$3750000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,218,625,762)** | **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,218,625,762)** | &nbsp;&nbsp;**1507615566** |
| **NET OTHER ASSETS (LIABILITIES) – 0.0%** | **NET OTHER ASSETS (LIABILITIES) – 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**628916** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1508244482** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contract** |  |  |  |  |  |
| CME E-mini Energy Select Sector Index Contracts (United States) | 37 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;$3968250 | &nbsp;&nbsp;$393581 | &nbsp;&nbsp;$393581 |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **16** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Investment Valuation
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

#### Valuation Inputs at Reporting Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;$1503865566 | &nbsp;&nbsp;&nbsp;$1503865566 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments in Securities: | &nbsp;&nbsp;&nbsp;$1507615566 | &nbsp;&nbsp;&nbsp;$1507615566 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$393581 | &nbsp;&nbsp;&nbsp;$393581 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$393581 | &nbsp;&nbsp;&nbsp;$393581 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$393581 | &nbsp;&nbsp;&nbsp;$393581 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

#### Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk/ Derivative Type** | &nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**Asset** | &nbsp;&nbsp;&nbsp;**Liabilities** |
| Equity Risk |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$393581 | &nbsp;&nbsp;&nbsp;$0 |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;393581 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$393581 | &nbsp;&nbsp;&nbsp;$0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **17** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Financials Index ETF

### Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;**Common Stocks – 99.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **BANKS – 29.7%** | **BANKS – 29.7%** | **BANKS – 29.7%** |
| **Diversified Banks – 22.7%** | **Diversified Banks – 22.7%** | **Diversified Banks – 22.7%** |
| Bank of America Corp. | 1945735 | &nbsp;&nbsp;$103513102 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;509245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58924739 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3162150 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;186033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9342577 |
| First Citizens BancShares, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115977 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;760445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232612521 |
| KeyCorp | &nbsp;&nbsp;&nbsp;258047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553171 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;108947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24327865 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;432288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24255680 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;885893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80164458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546972240 |
| **Regional Banks – 7.0%** | **Regional Banks – 7.0%** | **Regional Banks – 7.0%** |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345740 |
| Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236341 |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216588 |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;18206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467768 |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251752 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517906 |
| Axos Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458321 |
| Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650689 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618689 |
| Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706147 |
| Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352199 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794463 |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;31023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475454 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963831 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579008 |
| Beacon Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656388 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796272 |
| Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235270 |
| Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244459 |
| Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266264 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;43307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823658 |
| Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226623 |
| Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158479 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235239 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;18215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932244 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218968 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;122099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7689795 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456172 |
| Coastal Financial Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359079 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449084 |
| Columbia Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106438 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927887 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898937 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267593 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351437 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;16949 | &nbsp;&nbsp;$2335911 |
| Customers Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718134 |
| CVB Financial Corp. | &nbsp;&nbsp;37796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744959 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;12228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415997 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226871 |
| East West Bancorp, Inc. | &nbsp;&nbsp;38426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4397471 |
| Eastern Bankshares, Inc. | &nbsp;&nbsp;58747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203432 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;10588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607222 |
| Equity Bancshares, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185264 |
| Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200038 |
| Farmers National Banc Corp. | &nbsp;&nbsp;12652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164223 |
| FB Financial Corp. | &nbsp;&nbsp;11403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656015 |
| First BanCorp | &nbsp;&nbsp;42840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947621 |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;11046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639895 |
| First Busey Corp. | &nbsp;&nbsp;24554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605256 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;28338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510934 |
| First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144440 |
| First Financial Bancorp | &nbsp;&nbsp;28874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829839 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;32057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020054 |
| First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229233 |
| First Hawaiian, Inc. | &nbsp;&nbsp;36383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965969 |
| First Horizon Corp. | 142159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481474 |
| First Interstate BancSystem, Inc. Class A | &nbsp;&nbsp;26320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933570 |
| First Merchants Corp. | &nbsp;&nbsp;17259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686218 |
| First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251463 |
| Firstsun Capital Bancorp (a) | &nbsp;&nbsp;&nbsp;&nbsp;3997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157802 |
| Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;4499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178250 |
| Flagstar Bank NA | &nbsp;&nbsp;85290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127534 |
| FNB Corp. | 101034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773147 |
| Fulton Financial Corp. | &nbsp;&nbsp;49136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014658 |
| German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378504 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;36535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851594 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143936 |
| Hancock Whitney Corp. | &nbsp;&nbsp;24585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691448 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222178 |
| HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106787 |
| Heritage Commerce Corp. | &nbsp;&nbsp;16472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209689 |
| Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241582 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501830 |
| Home BancShares, Inc. | &nbsp;&nbsp;49719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436879 |
| Hope Bancorp, Inc. | &nbsp;&nbsp;39591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474300 |
| Horizon Bancorp, Inc. | &nbsp;&nbsp;15162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267154 |
| Huntington Bancshares, Inc. | 450906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7881837 |
| Independent Bank Corp. | &nbsp;&nbsp;13878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121065 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222992 |
| International Bancshares Corp. | &nbsp;&nbsp;15422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073988 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421014 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;11165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446153 |
| M&T Bank Corp. | &nbsp;&nbsp;43450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627216 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **18** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **BANKS – continued** | **BANKS – continued** | **BANKS – continued** |
| **Regional Banks – continued** | **Regional Banks – continued** | **Regional Banks – continued** |
| Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4693 | &nbsp;&nbsp;$243942 |
| Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193810 |
| Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247705 |
| National Bank Holdings Corp. Class A | &nbsp;&nbsp;10048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403729 |
| NB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195958 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;13906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617844 |
| Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531221 |
| Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267218 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;43614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561748 |
| OceanFirst Financial Corp. | &nbsp;&nbsp;18154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340387 |
| OFG Bancorp | &nbsp;&nbsp;12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492627 |
| Old National Bancorp | &nbsp;&nbsp;96820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365313 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;13430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266451 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360157 |
| Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166592 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649316 |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570452 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146959 |
| Peoples Bancorp, Inc. | &nbsp;&nbsp;11207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364452 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;41981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3991973 |
| Popular, Inc. | &nbsp;&nbsp;19074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546951 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;1971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169053 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;26555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832561 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;29627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655942 |
| QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388118 |
| Regions Financial Corp. | 249259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7103881 |
| Renasant Corp. | &nbsp;&nbsp;26048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982270 |
| Republic Bancorp, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187116 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;10086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430067 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;22780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761763 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;14595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194601 |
| Simmons First National Corp. Class A | &nbsp;&nbsp;39362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800229 |
| South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150143 |
| Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142534 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260127 |
| Southstate Bank Corp. | &nbsp;&nbsp;28484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914768 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;12477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463396 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502395 |
| Texas Capital Bancshares, Inc. (a) | &nbsp;&nbsp;12472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261792 |
| TFS Financial Corp. | &nbsp;&nbsp;12028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169294 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290675 |
| Towne Bank | &nbsp;&nbsp;22561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789635 |
| TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;8512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424068 |
| Triumph Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406300 |
| Truist Financial Corp. | 356187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18315136 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206020 |
| Trustmark Corp. | &nbsp;&nbsp;15495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658847 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| UMB Financial Corp. | &nbsp;&nbsp;20883 | &nbsp;&nbsp;$2655065 |
| United Bankshares, Inc. | &nbsp;&nbsp;39548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674067 |
| United Community Banks, Inc. | &nbsp;&nbsp;33271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145521 |
| Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263165 |
| Valley National Bancorp | 141733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765993 |
| WaFd, Inc. | &nbsp;&nbsp;21146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689782 |
| Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171953 |
| Webster Financial Corp. | &nbsp;&nbsp;46932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086718 |
| WesBanco, Inc. | &nbsp;&nbsp;26904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949442 |
| Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;7445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376568 |
| Western Alliance Bancorp | &nbsp;&nbsp;29315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613432 |
| Wintrust Financial Corp. | &nbsp;&nbsp;18477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725173 |
| WSFS Financial Corp. | &nbsp;&nbsp;15169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981889 |
| Zions Bancorp NA | &nbsp;&nbsp;41261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167164472 |
| TOTAL BANKS | TOTAL BANKS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714136712 |
| **CAPITAL MARKETS – 26.2%** | **CAPITAL MARKETS – 26.2%** | **CAPITAL MARKETS – 26.2%** |
| **Asset Management & Custody Banks – 8.1%** | **Asset Management & Custody Banks – 8.1%** | **Asset Management & Custody Banks – 8.1%** |
| Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427898 |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510982 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;26069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13743316 |
| ARES Management Corp. Class A | &nbsp;&nbsp;59733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8940238 |
| Artisan Partners Asset Management, Inc. Class A | &nbsp;&nbsp;20160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897523 |
| Bank of New York Mellon Corp. | 195350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23426372 |
| Blackrock, Inc. | &nbsp;&nbsp;40690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45529669 |
| Blackstone, Inc. | 203928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29043426 |
| Blue Owl Capital, Inc. | 173146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361711 |
| Carlyle Group, Inc. | &nbsp;&nbsp;65750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864785 |
| Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509068 |
| DigitalBridge Group, Inc. | &nbsp;&nbsp;50997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784844 |
| Federated Hermes, Inc. | &nbsp;&nbsp;20794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107904 |
| Franklin Resources, Inc. | &nbsp;&nbsp;80570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144773 |
| Galaxy Digital, Inc. Class A (a) | &nbsp;&nbsp;49619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402233 |
| Hamilton Lane, Inc. Class A | &nbsp;&nbsp;11651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645587 |
| Invesco Ltd. | 100292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736969 |
| Janus Henderson Group PLC | &nbsp;&nbsp;35320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699952 |
| KKR & Co., Inc. | 172557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19716363 |
| Northern Trust Corp. | &nbsp;&nbsp;53322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7967906 |
| P10, Inc. Class A | &nbsp;&nbsp;12021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129586 |
| SEI Investments Co. | &nbsp;&nbsp;28435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498015 |
| State Street Corp. | &nbsp;&nbsp;79074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10347624 |
| StepStone Group, Inc. Class A | &nbsp;&nbsp;19285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363257 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;61174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6464868 |
| TPG, Inc. | &nbsp;&nbsp;38581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272807 |
| Victory Capital Holdings, Inc. Class A | &nbsp;&nbsp;11653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821886 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375638 |
| WisdomTree, Inc. | &nbsp;&nbsp;36335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588627 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195323827 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **19** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Financials Index ETF

#### Schedule of Investments (Unaudited) – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CAPITAL MARKETS – continued** | **CAPITAL MARKETS – continued** | **CAPITAL MARKETS – continued** |
| **Financial Exchanges & Data – 7.4%** | **Financial Exchanges & Data – 7.4%** | **Financial Exchanges & Data – 7.4%** |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;28744 | &nbsp;&nbsp;$7618885 |
| CME Group, Inc. | &nbsp;&nbsp;99496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28760314 |
| Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;56676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11037084 |
| Donnelley Financial Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384865 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;10472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663658 |
| Intercontinental Exchange, Inc. | 158108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27476008 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;10109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710746 |
| Miami International Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185698 |
| Moody's Corp. | &nbsp;&nbsp;44545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22965620 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438477 |
| MSCI, Inc. | &nbsp;&nbsp;21317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12986743 |
| Nasdaq, Inc. | 126461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12252806 |
| S&P Global, Inc. | &nbsp;&nbsp;86321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45559360 |
| Tradeweb Markets, Inc. Class A | &nbsp;&nbsp;31743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178312015 |
| **Investment Banking & Brokerage – 10.7%** | **Investment Banking & Brokerage – 10.7%** | **Investment Banking & Brokerage – 10.7%** |
| BGC Group, Inc. Class A | 101629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925840 |
| Charles Schwab Corp. | 477016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49571503 |
| Evercore, Inc. Class A | &nbsp;&nbsp;10690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776456 |
| Freedom Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626293 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;83807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78393906 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;14717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477166 |
| Interactive Brokers Group, Inc. Class A | 123355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9236822 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;43307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649522 |
| Lazard, Inc. | &nbsp;&nbsp;27013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451138 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;22144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8071488 |
| Moelis & Co. Class A | &nbsp;&nbsp;15775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130594 |
| Morgan Stanley | 331617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60619588 |
| Perella Weinberg Partners | &nbsp;&nbsp;18347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409322 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;4904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698500 |
| PJT Partners, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124176 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;52411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8692889 |
| Robinhood Markets, Inc. Class A (a) | 203557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20249850 |
| Stifel Financial Corp. | &nbsp;&nbsp;28564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521941 |
| StoneX Group, Inc. (a) | &nbsp;&nbsp;12253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375522 |
| Virtu Financial, Inc. Class A | &nbsp;&nbsp;22119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256920676 |
| TOTAL CAPITAL MARKETS | TOTAL CAPITAL MARKETS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630556518 |
| **CONSUMER FINANCE – 5.1%** | **CONSUMER FINANCE – 5.1%** | **CONSUMER FINANCE – 5.1%** |
| **Consumer Finance – 5.1%** | **Consumer Finance – 5.1%** | **Consumer Finance – 5.1%** |
| Ally Financial, Inc. | &nbsp;&nbsp;77489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276235 |
| American Express Co. | 153925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54207767 |
| Atlanticus Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100162 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209350 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Capital One Financial Corp. | 176903 | &nbsp;&nbsp;$38729374 |
| Credit Acceptance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774763 |
| Dave, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505311 |
| Encore Capital Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348754 |
| Enova International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146445 |
| EZCORP, Inc. Class A (a) | &nbsp;&nbsp;16370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351137 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;10929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863394 |
| LendingClub Corp. (a) | &nbsp;&nbsp;33565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567584 |
| LendingTree, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178536 |
| Navient Corp. | &nbsp;&nbsp;23641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231918 |
| Nelnet, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501484 |
| NerdWallet, Inc. Class A (a) | &nbsp;&nbsp;10893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131370 |
| OneMain Holdings, Inc. | &nbsp;&nbsp;33916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222855 |
| PRA Group, Inc. (a) | &nbsp;&nbsp;11657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149093 |
| PROG Holdings, Inc. | &nbsp;&nbsp;12762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413999 |
| SLM Corp. | &nbsp;&nbsp;54543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480842 |
| SoFi Technologies, Inc. (a) | 331611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7564047 |
| Synchrony Financial | 104825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7613440 |
| Upstart Holdings, Inc. (a) | &nbsp;&nbsp;24218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950556 |
| World Acceptance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127434 |
| TOTAL CONSUMER FINANCE | TOTAL CONSUMER FINANCE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123645850 |
| **FINANCIAL SERVICES – 23.7%** | **FINANCIAL SERVICES – 23.7%** | **FINANCIAL SERVICES – 23.7%** |
| **Commercial & Residential Mortgage Finance – 0.5%** | **Commercial & Residential Mortgage Finance – 0.5%** | **Commercial & Residential Mortgage Finance – 0.5%** |
| Better Home & Finance Holding Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33765 |
| Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353555 |
| Essent Group Ltd. | &nbsp;&nbsp;27440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726525 |
| Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470654 |
| Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;6457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267707 |
| MGIC Investment Corp. | &nbsp;&nbsp;64071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724791 |
| NMI Holdings, Inc. (a) | &nbsp;&nbsp;22183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858926 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855815 |
| Radian Group, Inc. | &nbsp;&nbsp;37741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241679 |
| Rocket Cos., Inc. Class A | 254620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4565337 |
| UWM Holdings Corp. | &nbsp;&nbsp;57037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280052 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12966450 |
| **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** |
| Apollo Global Management, Inc. | 120625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16228887 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;78223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629547 |
| Jackson Financial, Inc. Class A | &nbsp;&nbsp;16106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915326 |
| Voya Financial, Inc. | &nbsp;&nbsp;27462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23878997 |
| **Multi-Sector Holdings – 7.6%** | **Multi-Sector Holdings – 7.6%** | **Multi-Sector Holdings – 7.6%** |
| Berkshire Hathaway, Inc. Class B (a) | 381318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183234738 |
| Cannae Holdings, Inc. | &nbsp;&nbsp;12343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177863 |
| Compass Diversified Holdings | &nbsp;&nbsp;18758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183535841 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **20** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **FINANCIAL SERVICES – continued** | **FINANCIAL SERVICES – continued** | **FINANCIAL SERVICES – continued** |
| **Specialized Finance – 0.1%** | **Specialized Finance – 0.1%** | **Specialized Finance – 0.1%** |
| Burford Capital Ltd. | &nbsp;&nbsp;55611 | &nbsp;&nbsp;$538871 |
| HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;35202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750172 |
| **Transaction & Payment Processing Services – 14.5%** | **Transaction & Payment Processing Services – 14.5%** | **Transaction & Payment Processing Services – 14.5%** |
| Affirm Holdings, Inc. (a) | &nbsp;&nbsp;75087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4527746 |
| Block, Inc. (a) | 152705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9227963 |
| Cantaloupe, Inc. (a) | &nbsp;&nbsp;15815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169853 |
| Corpay, Inc. (a) | &nbsp;&nbsp;18659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5870681 |
| Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;11934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864738 |
| EVERTEC, Inc. | &nbsp;&nbsp;18796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564068 |
| Fidelity National Information Services, Inc. | 145661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8047770 |
| Fiserv, Inc. (a) | 150720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9605386 |
| Flywire Corp. (a) | &nbsp;&nbsp;31023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390890 |
| Global Payments, Inc. | &nbsp;&nbsp;68314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900846 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;20212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622193 |
| Marqeta, Inc. Class A (a) | 105284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434823 |
| Mastercard, Inc. Class A | 235687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126985799 |
| NCR Atleos Corp. (a) | &nbsp;&nbsp;21068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785836 |
| Paymentus Holdings, Inc. Class A (a) | &nbsp;&nbsp;11317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302503 |
| Payoneer Global, Inc. (a) | &nbsp;&nbsp;80507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514440 |
| PayPal Holdings, Inc. | 252771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13318504 |
| Remitly Global, Inc. (a) | &nbsp;&nbsp;48454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640562 |
| Sezzle, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331947 |
| Shift4 Payments, Inc. Class A (a) | &nbsp;&nbsp;17268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019503 |
| Toast, Inc. Class A (a) | 127647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971098 |
| Visa, Inc. Class A | 469793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151193481 |
| Western Union Co. | &nbsp;&nbsp;76039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712485 |
| WEX, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349435308 |
| TOTAL FINANCIAL SERVICES | TOTAL FINANCIAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571566768 |
| **INSURANCE – 14.3%** | **INSURANCE – 14.3%** | **INSURANCE – 14.3%** |
| **Insurance Brokers – 3.3%** | **Insurance Brokers – 3.3%** | **Insurance Brokers – 3.3%** |
| Abacus Global Management, Inc. | &nbsp;&nbsp;13281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98944 |
| Accelerant Holdings Class A (a) | &nbsp;&nbsp;11055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151011 |
| Aon PLC Class A | &nbsp;&nbsp;56492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19751863 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;70811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17658139 |
| Baldwin Insurance Group, Inc. (a) | &nbsp;&nbsp;20207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442937 |
| Brown & Brown, Inc. | &nbsp;&nbsp;79767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751201 |
| Goosehead Insurance, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426696 |
| Hagerty, Inc. Class A (a) | &nbsp;&nbsp;11938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150538 |
| Hippo Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130196 |
| Marsh & McLennan Cos., Inc. | 135996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25593087 |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;30088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452649 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Willis Towers Watson PLC | &nbsp;&nbsp;26975 | &nbsp;&nbsp;$8563753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80171014 |
| **Life & Health Insurance – 2.5%** | **Life & Health Insurance – 2.5%** | **Life & Health Insurance – 2.5%** |
| Aflac, Inc. | 142216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15778866 |
| Brighthouse Financial, Inc. (a) | &nbsp;&nbsp;15985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023999 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;30501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282567 |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp;14183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418257 |
| Genworth Financial, Inc. (a) | 112692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939851 |
| Globe Life, Inc. | &nbsp;&nbsp;23710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324616 |
| Lincoln National Corp. | &nbsp;&nbsp;40682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692778 |
| MetLife, Inc. | 158667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12515653 |
| Oscar Health, Inc. Class A (a) | &nbsp;&nbsp;57271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821839 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528077 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;63284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5994261 |
| Prudential Financial, Inc. | &nbsp;&nbsp;98690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10965446 |
| Unum Group | &nbsp;&nbsp;46173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60793973 |
| **Multi-line Insurance – 0.0%** | **Multi-line Insurance – 0.0%** | **Multi-line Insurance – 0.0%** |
| Horace Mann Educators Corp. | &nbsp;&nbsp;10865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486861 |
| **Property & Casualty Insurance – 8.0%** | **Property & Casualty Insurance – 8.0%** | **Property & Casualty Insurance – 8.0%** |
| Allstate Corp. | &nbsp;&nbsp;73102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14546567 |
| American Financial Group, Inc. | &nbsp;&nbsp;18817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451291 |
| American International Group, Inc. | 154100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11539008 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234686 |
| Arch Capital Group Ltd. (a) | 103565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9946383 |
| Assurant, Inc. | &nbsp;&nbsp;14158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371445 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;13173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117729 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;22881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360862 |
| Bowhead Specialty Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135129 |
| Chubb Ltd. | 104808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32444364 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;43647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7022366 |
| Donegal Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111740 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284184 |
| Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960410 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;71986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915319 |
| First American Financial Corp. | &nbsp;&nbsp;28346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790900 |
| Hamilton Insurance Group Ltd. Class B (a) | &nbsp;&nbsp;13219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366827 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;10019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744709 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;79141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10688783 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533449 |
| Heritage Insurance Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209342 |
| Kemper Corp. | &nbsp;&nbsp;17227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678916 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408930 |
| Lemonade, Inc. (a) | &nbsp;&nbsp;17399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509015 |
| Loews Corp. | &nbsp;&nbsp;49025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175569 |
| Markel Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7172850 |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689508 |
| Old Republic International Corp. | &nbsp;&nbsp;66395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600692 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **21** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Financials Index ETF

#### Schedule of Investments (Unaudited) – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **INSURANCE – continued** | **INSURANCE – continued** | **INSURANCE – continued** |
| **Property & Casualty Insurance – continued** | **Property & Casualty Insurance – continued** | **Property & Casualty Insurance – continued** |
| Palomar Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7337 | &nbsp;&nbsp;$906780 |
| ProAssurance Corp. (a) | &nbsp;&nbsp;12707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307764 |
| Progressive Corp. | 162134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33723872 |
| RLI Corp. | &nbsp;&nbsp;22305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303281 |
| Root, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;3093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192168 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335262 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;17290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453743 |
| Skyward Specialty Insurance Group, Inc. (a) | &nbsp;&nbsp;10038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447896 |
| Slide Insurance Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119628 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541867 |
| Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118938 |
| Travelers Cos., Inc. | &nbsp;&nbsp;62412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17756838 |
| Trupanion, Inc. (a) | &nbsp;&nbsp;10332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330521 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222576 |
| Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258003 |
| W.R. Berkley Corp. | &nbsp;&nbsp;83808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5747553 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192225473 |
| **Reinsurance – 0.5%** | **Reinsurance – 0.5%** | **Reinsurance – 0.5%** |
| Everest Group Ltd. | &nbsp;&nbsp;11875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933950 |
| Reinsurance Group of America, Inc. Class A | &nbsp;&nbsp;18455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741751 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;13148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703792 |
| SiriusPoint Ltd. (a) | &nbsp;&nbsp;20450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11796877 |
| TOTAL INSURANCE | TOTAL INSURANCE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345474198 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7%** |
| **Mortgage REITs – 0.7%** | **Mortgage REITs – 0.7%** | **Mortgage REITs – 0.7%** |
| Adamas Trust, Inc. | &nbsp;&nbsp;19594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156752 |
| AGNC Investment Corp. | 284933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248236 |
| Annaly Capital Management, Inc. | 177348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080778 |
| Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;31996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345877 |
| Arbor Realty Trust, Inc. | &nbsp;&nbsp;42371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326257 |
| ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;28309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492577 |
| Blackstone Mortgage Trust, Inc. Class A | &nbsp;&nbsp;43008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827904 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33157 | &nbsp;&nbsp;$198279 |
| Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304193 |
| Dynex Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460649 |
| Ellington Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316097 |
| Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259701 |
| KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120441 |
| Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376940 |
| MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305877 |
| Orchid Island Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300487 |
| PennyMac Mortgage Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;23083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273072 |
| Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93194 |
| Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236944 |
| Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;158739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736605 |
| Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775464 |
| TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201035 |
| Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383958 |
| TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) | TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16821317 |
| **TOTAL COMMON STOCKS<br> (Cost $1,623,096,414)** | **TOTAL COMMON STOCKS<br> (Cost $1,623,096,414)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2402201363** |
| &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.59% (b)<br> (Cost $4,549,000) | 4549000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,627,645,414)** | **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,627,645,414)** | &nbsp;&nbsp;**2406750363** |
| **NET OTHER ASSETS (LIABILITIES) – 0.1%** | **NET OTHER ASSETS (LIABILITIES) – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2323051** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2409073414** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **22** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contracts** |  |  |  |  |  |
| CME E-mini Financial Select Sector Index Contracts (United States) | 37 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;6105648 | &nbsp;&nbsp;(195460) | &nbsp;&nbsp;&nbsp;&nbsp;(195460) |
| CME E-mini Russell 2000 Index Contracts (United States) | 4 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;524920 | &nbsp;&nbsp;&nbsp;&nbsp;16821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16821 |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;$(178639) |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

#### Investment Valuation
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

#### Valuation Inputs at Reporting Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;$2402201363 | &nbsp;&nbsp;&nbsp;$2402201363 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments in Securities: | &nbsp;&nbsp;&nbsp;$2406750363 | &nbsp;&nbsp;&nbsp;$2406750363 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$16821 | &nbsp;&nbsp;&nbsp;$16821 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$16821 | &nbsp;&nbsp;&nbsp;$16821 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(195460) | &nbsp;&nbsp;&nbsp;$(195460) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;$(195460) | &nbsp;&nbsp;&nbsp;$(195460) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$(178639) | &nbsp;&nbsp;&nbsp;$(178639) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

#### Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk/ Derivative Type** | &nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**Asset** | &nbsp;&nbsp;&nbsp;**Liabilities** |
| Equity Risk |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$16821 | &nbsp;&nbsp;&nbsp;$(195460) |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;16821 | &nbsp;&nbsp;&nbsp;&nbsp;(195460) |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$16821 | &nbsp;&nbsp;&nbsp;$(195460) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **23** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Health Care Index ETF

### Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;**Common Stocks – 99.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **BIOTECHNOLOGY – 22.3%** | **BIOTECHNOLOGY – 22.3%** | **BIOTECHNOLOGY – 22.3%** |
| **Biotechnology – 22.3%** | **Biotechnology – 22.3%** | **Biotechnology – 22.3%** |
| AbbVie, Inc. | 761649 | &nbsp;&nbsp;$169855343 |
| ACADIA Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;50557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270497 |
| ADMA Biologics, Inc. (a) | 102658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775983 |
| Agios Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;23743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651508 |
| Akebia Therapeutics, Inc. (a) | 113352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159826 |
| Akero Therapeutics, Inc. (a) | &nbsp;&nbsp;22341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Akouos, Inc. (a) | &nbsp;&nbsp;11863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254 |
| Alkermes PLC (a) | &nbsp;&nbsp;67452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285948 |
| Alnylam Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;56457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19085853 |
| Amgen, Inc. | 232114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79355134 |
| Amicus Therapeutics, Inc. (a) | 119572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708684 |
| AnaptysBio, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286072 |
| Anavex Life Sciences Corp. (a) | &nbsp;&nbsp;36388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171024 |
| Apellis Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;32417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731976 |
| Apogee Therapeutics, Inc. (a) | &nbsp;&nbsp;13830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906003 |
| Arbutus Biopharma Corp. (a) | &nbsp;&nbsp;60645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250464 |
| Arcellx, Inc. (a) | &nbsp;&nbsp;11897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812684 |
| Arcus Biosciences, Inc. (a) | &nbsp;&nbsp;36728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772757 |
| Arcutis Biotherapeutics, Inc. (a) | &nbsp;&nbsp;46313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174961 |
| Ardelyx, Inc. (a) | 104510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803682 |
| ArriVent Biopharma, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208977 |
| Arrowhead Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;53631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3718237 |
| ARS Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;23429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234056 |
| Aurinia Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;48953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711287 |
| Avidity Biosciences, Inc. (a) | &nbsp;&nbsp;47166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422837 |
| Beam Therapeutics, Inc. (a) | &nbsp;&nbsp;39670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095685 |
| Bicara Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118625 |
| BioCryst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;86299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567847 |
| Biogen, Inc. (a) | &nbsp;&nbsp;63149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11359874 |
| Biohaven Ltd. (a) | &nbsp;&nbsp;50115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592860 |
| BioMarin Pharmaceutical, Inc. (a) | &nbsp;&nbsp;78623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445344 |
| Bridgebio Pharma, Inc. (a) | &nbsp;&nbsp;61892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4782395 |
| CareDx, Inc. (a) | &nbsp;&nbsp;22675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465971 |
| Catalyst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;49907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212740 |
| Celcuity, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600169 |
| Celldex Therapeutics, Inc. (a) | &nbsp;&nbsp;25550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628530 |
| CG oncology, Inc. (a) | &nbsp;&nbsp;18553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965684 |
| Chinook Therapeutics, Inc. (a) | &nbsp;&nbsp;24218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Cogent Biosciences, Inc. (a) | &nbsp;&nbsp;36095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296171 |
| CRISPR Therapeutics AG (a) | &nbsp;&nbsp;35469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772031 |
| Cullinan Therapeutics, Inc. (a) | &nbsp;&nbsp;13920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166483 |
| Cytokinetics, Inc. (a) | &nbsp;&nbsp;49032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098332 |
| Day One Biopharmaceuticals, Inc. (a) | &nbsp;&nbsp;31885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355837 |
| Denali Therapeutics, Inc. (a) | &nbsp;&nbsp;59561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294856 |
| Dianthus Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366522 |
| Disc Medicine, Inc. (a) | &nbsp;&nbsp;10490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811087 |
| Dynavax Technologies Corp. (a) | &nbsp;&nbsp;39589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613036 |
| Dyne Therapeutics, Inc. (a) | &nbsp;&nbsp;48758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872281 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Exact Sciences Corp. (a) | &nbsp;&nbsp;81688 | &nbsp;&nbsp;$8359950 |
| Exelixis, Inc. (a) | 110227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4558989 |
| Geron Corp. (a) | 199492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273304 |
| Gilead Sciences, Inc. | 534972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75939275 |
| GRAIL, Inc. (a) | &nbsp;&nbsp;15752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540861 |
| Halozyme Therapeutics, Inc. (a) | &nbsp;&nbsp;50414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615188 |
| Ideaya Biosciences, Inc. (a) | &nbsp;&nbsp;33805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088183 |
| ImmunityBio, Inc. (a) | 142598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891238 |
| Immunome, Inc. (a) | &nbsp;&nbsp;40435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995510 |
| Immunovant, Inc. (a) | &nbsp;&nbsp;34581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899106 |
| Incyte Corp. (a) | &nbsp;&nbsp;71492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7154204 |
| Insmed, Inc. (a) | &nbsp;&nbsp;91040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14281445 |
| Intellia Therapeutics, Inc. (a) | &nbsp;&nbsp;45552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599009 |
| Ionis Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;65403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5406866 |
| Iovance Biotherapeutics, Inc. (a) | 132571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338056 |
| Janux Therapeutics, Inc. (a) | &nbsp;&nbsp;16604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227641 |
| KalVista Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;12491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194985 |
| Kiniksa Pharmaceuticals International PLC (a) | &nbsp;&nbsp;14582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640441 |
| Krystal Biotech, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624856 |
| Kura Oncology, Inc. (a) | &nbsp;&nbsp;32405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263129 |
| Kymera Therapeutics, Inc. (a) | &nbsp;&nbsp;20614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498432 |
| Madrigal Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054762 |
| MannKind Corp. (a) | 127672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737944 |
| MiMedx Group, Inc. (a) | &nbsp;&nbsp;49412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252495 |
| Mineralys Therapeutics, Inc. (a) | &nbsp;&nbsp;19730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609460 |
| Mirum Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;16450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697969 |
| Moderna, Inc. (a) | 151514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6677222 |
| MoonLake Immunotherapeutics (a) | &nbsp;&nbsp;13704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214742 |
| Myriad Genetics, Inc. (a) | &nbsp;&nbsp;38824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218191 |
| Natera, Inc. (a) | &nbsp;&nbsp;56159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12980591 |
| Neurocrine Biosciences, Inc. (a) | &nbsp;&nbsp;42799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5823232 |
| Newamsterdam Pharma Co. NV (a) | &nbsp;&nbsp;19921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619942 |
| Novavax, Inc. (a) | &nbsp;&nbsp;61608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544923 |
| Nurix Therapeutics, Inc. (a) | &nbsp;&nbsp;32525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537313 |
| Nuvalent, Inc. Class A (a) | &nbsp;&nbsp;17361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786273 |
| ORIC Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;18839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193288 |
| Oruka Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321180 |
| Palvella Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237586 |
| Praxis Precision Medicines, Inc. (a) | &nbsp;&nbsp;10154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188356 |
| Precigen, Inc. (a) | &nbsp;&nbsp;76304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342605 |
| Prime Medicine, Inc. (a) | &nbsp;&nbsp;37175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141637 |
| Protagonist Therapeutics, Inc. (a) | &nbsp;&nbsp;21499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758618 |
| PTC Therapeutics, Inc. (a) | &nbsp;&nbsp;30973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339391 |
| Recursion Pharmaceuticals, Inc. Class A (a) | 157429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659628 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;44868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33267379 |
| Relay Therapeutics, Inc. (a) | &nbsp;&nbsp;53460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409504 |
| Revolution Medicines, Inc. (a) | &nbsp;&nbsp;60495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864990 |
| Rhythm Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;24334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494722 |
| Roivant Sciences Ltd. (a) | 161883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499910 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **24** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **BIOTECHNOLOGY – continued** | **BIOTECHNOLOGY – continued** | **BIOTECHNOLOGY – continued** |
| **Biotechnology – continued** | **Biotechnology – continued** | **Biotechnology – continued** |
| Sana Biotechnology, Inc. (a) | &nbsp;&nbsp;73418 | &nbsp;&nbsp;$325242 |
| Sarepta Therapeutics, Inc. (a) | &nbsp;&nbsp;42859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871752 |
| Scholar Rock Holding Corp. (a) | &nbsp;&nbsp;27240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207822 |
| Soleno Therapeutics, Inc. (a) | &nbsp;&nbsp;19472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750840 |
| Spyre Therapeutics, Inc. (a) | &nbsp;&nbsp;21073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673915 |
| Stoke Therapeutics, Inc. (a) | &nbsp;&nbsp;16499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500580 |
| Syndax Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;35275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716435 |
| Tango Therapeutics, Inc. (a) | &nbsp;&nbsp;19181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222691 |
| Taysha Gene Therapies, Inc. (a) | &nbsp;&nbsp;58789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265138 |
| TG Therapeutics, Inc. (a) | &nbsp;&nbsp;65512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928018 |
| Travere Therapeutics, Inc. (a) | &nbsp;&nbsp;36584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137397 |
| Twist Bioscience Corp. (a) | &nbsp;&nbsp;25961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066218 |
| Ultragenyx Pharmaceutical, Inc. (a) | &nbsp;&nbsp;37384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899833 |
| uniQure NV (a) | &nbsp;&nbsp;16952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385149 |
| United Therapeutics Corp. (a) | &nbsp;&nbsp;18492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8681809 |
| Upstream Bio, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180606 |
| Vaxcyte, Inc. (a) | &nbsp;&nbsp;50499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705231 |
| Vera Therapeutics, Inc. (a) | &nbsp;&nbsp;16507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714093 |
| Veracyte, Inc. (a) | &nbsp;&nbsp;34028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295786 |
| Vericel Corp. (a) | &nbsp;&nbsp;21530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774649 |
| Vertex Pharmaceuticals, Inc. (a) | 110542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51943686 |
| Viking Therapeutics, Inc. (a) | &nbsp;&nbsp;45949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334359 |
| Vir Biotechnology, Inc. (a) | &nbsp;&nbsp;39284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292273 |
| Viridian Therapeutics, Inc. (a) | &nbsp;&nbsp;28352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935616 |
| Xencor, Inc. (a) | &nbsp;&nbsp;27013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326587 |
| Xenon Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;24927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022256 |
| Zenas Biopharma, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126882 |
| Zymeworks, Inc. (a) | &nbsp;&nbsp;15786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355659 |
| TOTAL BIOTECHNOLOGY | TOTAL BIOTECHNOLOGY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631343450 |
| **HEALTH CARE EQUIPMENT & SUPPLIES – 19.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES – 19.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES – 19.4%** |
| **Health Care Equipment – 18.4%** | **Health Care Equipment – 18.4%** | **Health Care Equipment – 18.4%** |
| Abbott Laboratories | 750396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82018283 |
| Alphatec Holdings, Inc. (a) | &nbsp;&nbsp;50917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755099 |
| Artivion, Inc. (a) | &nbsp;&nbsp;17288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704832 |
| AtriCure, Inc. (a) | &nbsp;&nbsp;21738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802784 |
| Axogen, Inc. (a) | &nbsp;&nbsp;20261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706096 |
| Baxter International, Inc. | 220893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4433322 |
| Becton Dickinson & Co. | 123593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25148704 |
| Boston Scientific Corp. (a) | 638855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59752108 |
| CONMED Corp. | &nbsp;&nbsp;13505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518457 |
| Dexcom, Inc. (a) | 169196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12358076 |
| Edwards Lifesciences Corp. (a) | 253212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20601328 |
| Enovis Corp. (a) | &nbsp;&nbsp;24685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544057 |
| Envista Holdings Corp. (a) | &nbsp;&nbsp;71628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681109 |
| GE HealthCare Technologies, Inc. | 196645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15529056 |
| Glaukos Corp. (a) | &nbsp;&nbsp;24655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943314 |
| Globus Medical, Inc. Class A (a) | &nbsp;&nbsp;48416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4390363 |
| Hologic, Inc. (a) | &nbsp;&nbsp;95799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7178219 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;34499 | &nbsp;&nbsp;$23130200 |
| Inspire Medical Systems, Inc. (a) | &nbsp;&nbsp;12095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916559 |
| Insulet Corp. (a) | &nbsp;&nbsp;30394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7775089 |
| Integer Holdings Corp. (a) | &nbsp;&nbsp;15062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308285 |
| Integra LifeSciences Holdings Corp. (a) | &nbsp;&nbsp;28126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313324 |
| Intuitive Surgical, Inc. (a) | 154557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77930731 |
| iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353445 |
| IRhythm Holdings, Inc. (a) | &nbsp;&nbsp;13768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127294 |
| Kestra Medical Technologies Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218872 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786907 |
| LivaNova PLC (a) | &nbsp;&nbsp;23647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553844 |
| Masimo Corp. (a) | &nbsp;&nbsp;19981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743991 |
| Medtronic PLC | 553028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56939763 |
| Novocure Ltd. (a) | &nbsp;&nbsp;45203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560517 |
| Omnicell, Inc. (a) | &nbsp;&nbsp;19927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966459 |
| Penumbra, Inc. (a) | &nbsp;&nbsp;15969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5719617 |
| PROCEPT BioRobotics Corp. (a) | &nbsp;&nbsp;23874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691391 |
| Pulse Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120556 |
| QuidelOrtho Corp. (a) | &nbsp;&nbsp;28784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782061 |
| ResMed, Inc. | &nbsp;&nbsp;62967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16265006 |
| SI-BONE, Inc. (a) | &nbsp;&nbsp;17714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293698 |
| STERIS PLC | &nbsp;&nbsp;42422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11140017 |
| Stryker Corp. | 148348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54823487 |
| Tandem Diabetes Care, Inc. (a) | &nbsp;&nbsp;29639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589520 |
| Teleflex, Inc. | &nbsp;&nbsp;19022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985326 |
| TransMedics Group, Inc. (a) | &nbsp;&nbsp;13998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875382 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;85500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7444485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519421033 |
| **Health Care Supplies – 1.0%** | **Health Care Supplies – 1.0%** | **Health Care Supplies – 1.0%** |
| Align Technology, Inc. (a) | &nbsp;&nbsp;29719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845088 |
| Avanos Medical, Inc. (a) | &nbsp;&nbsp;19691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262284 |
| Cooper Cos., Inc. (a) | &nbsp;&nbsp;85628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968407 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;86410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077533 |
| Embecta Corp. | &nbsp;&nbsp;24024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254895 |
| Establishment Labs Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510512 |
| Haemonetics Corp. (a) | &nbsp;&nbsp;20729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381795 |
| ICU Medical, Inc. (a) | &nbsp;&nbsp;10078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510692 |
| Lantheus Holdings, Inc. (a) | &nbsp;&nbsp;29305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961090 |
| Merit Medical Systems, Inc. (a) | &nbsp;&nbsp;25444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063254 |
| Neogen Corp. (a) | &nbsp;&nbsp;87840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897725 |
| Solventum Corp. (a) | &nbsp;&nbsp;67066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5162070 |
| STAAR Surgical Co. (a) | &nbsp;&nbsp;13827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262022 |
| UFP Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27950467 |
| TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547371500 |
| **HEALTH CARE PROVIDERS & SERVICES – 16.0%** | **HEALTH CARE PROVIDERS & SERVICES – 16.0%** | **HEALTH CARE PROVIDERS & SERVICES – 16.0%** |
| **Health Care Distributors – 3.5%** | **Health Care Distributors – 3.5%** | **Health Care Distributors – 3.5%** |
| AdaptHealth Corp. (a) | &nbsp;&nbsp;40761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409648 |
| Cardinal Health, Inc. | 102462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22017034 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **25** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Health Care Index ETF

#### Schedule of Investments (Unaudited) – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **HEALTH CARE PROVIDERS & SERVICES – continued** | **HEALTH CARE PROVIDERS & SERVICES – continued** | **HEALTH CARE PROVIDERS & SERVICES – continued** |
| **Health Care Distributors – continued** | **Health Care Distributors – continued** | **Health Care Distributors – continued** |
| Cencora, Inc. | &nbsp;&nbsp;79411 | &nbsp;&nbsp;$28526019 |
| Henry Schein, Inc. (a) | &nbsp;&nbsp;47043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550806 |
| McKesson Corp. | &nbsp;&nbsp;53628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44576130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99079637 |
| **Health Care Facilities – 2.2%** | **Health Care Facilities – 2.2%** | **Health Care Facilities – 2.2%** |
| Acadia Healthcare Co., Inc. (a) | &nbsp;&nbsp;37772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507656 |
| Ardent Health, Inc. (a) | &nbsp;&nbsp;12344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100850 |
| Brookdale Senior Living, Inc. (a) | &nbsp;&nbsp;97243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458645 |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;49092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088861 |
| Encompass Health Corp. | &nbsp;&nbsp;43388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101468 |
| Ensign Group, Inc. | &nbsp;&nbsp;24897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273819 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;70620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34481627 |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808285 |
| Nutex Health, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238659 |
| PACS Group, Inc. (a) | &nbsp;&nbsp;19913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672263 |
| Select Medical Holdings Corp. | &nbsp;&nbsp;48066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723393 |
| Surgery Partners, Inc. (a) | &nbsp;&nbsp;32981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490098 |
| Tenet Healthcare Corp. (a) | &nbsp;&nbsp;38054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7202861 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542891 |
| Universal Health Services, Inc. Class B | &nbsp;&nbsp;24305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61583000 |
| **Health Care Services – 4.1%** | **Health Care Services – 4.1%** | **Health Care Services – 4.1%** |
| Addus HomeCare Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824943 |
| AMN Healthcare Services, Inc. (a) | &nbsp;&nbsp;16129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343548 |
| Astrana Health, Inc. (a) | &nbsp;&nbsp;19635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446500 |
| Aveanna Healthcare Holdings, Inc. (a) | &nbsp;&nbsp;22511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189092 |
| BrightSpring Health Services, Inc. (a) | &nbsp;&nbsp;41871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644274 |
| Castle Biosciences, Inc. (a) | &nbsp;&nbsp;12715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500844 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689273 |
| Cigna Group | 115086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31546223 |
| CorVel Corp. (a) | &nbsp;&nbsp;13276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924408 |
| CVS Health Corp. | 546837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40750293 |
| DaVita, Inc. (a) | &nbsp;&nbsp;16949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853204 |
| Fulgent Genetics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215495 |
| GeneDx Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834189 |
| Guardant Health, Inc. (a) | &nbsp;&nbsp;48457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526036 |
| Guardian Pharmacy Services, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;8322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251324 |
| Hims & Hers Health, Inc. (a) | &nbsp;&nbsp;84544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290297 |
| Hinge Health, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;6938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242136 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;35898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9747025 |
| LifeStance Health Group, Inc. (a) | &nbsp;&nbsp;75438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533347 |
| NeoGenomics, Inc. (a) | &nbsp;&nbsp;56931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686588 |
| OPKO Health, Inc. (a) | 188246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237190 |
| Option Care Health, Inc. (a) | &nbsp;&nbsp;69893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376362 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Pediatrix Medical Group, Inc. (a) | &nbsp;&nbsp;37086 | &nbsp;&nbsp;$792899 |
| Pennant Group, Inc. (a) | &nbsp;&nbsp;14473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399744 |
| Privia Health Group, Inc. (a) | &nbsp;&nbsp;42470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986153 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;48249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9024011 |
| RadNet, Inc. (a) | &nbsp;&nbsp;28206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117832639 |
| **Managed Health Care – 6.2%** | **Managed Health Care – 6.2%** | **Managed Health Care – 6.2%** |
| Alignment Healthcare, Inc. (a) | &nbsp;&nbsp;72551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634574 |
| Centene Corp. (a) | 211534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9163653 |
| Clover Health Investments Corp. (a) | 179773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402692 |
| Elevance Health, Inc. | &nbsp;&nbsp;97085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33566168 |
| HealthEquity, Inc. (a) | &nbsp;&nbsp;37008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170475 |
| Humana, Inc. | &nbsp;&nbsp;51948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10140250 |
| Molina Healthcare, Inc. (a) | &nbsp;&nbsp;23396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201688 |
| Progyny, Inc. (a) | &nbsp;&nbsp;35143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838863 |
| UnitedHealth Group, Inc. | 390480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112040426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175158789 |
| TOTAL HEALTH CARE PROVIDERS & SERVICES | TOTAL HEALTH CARE PROVIDERS & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453654065 |
| **HEALTH CARE TECHNOLOGY – 0.7%** | **HEALTH CARE TECHNOLOGY – 0.7%** | **HEALTH CARE TECHNOLOGY – 0.7%** |
| **Health Care Technology – 0.7%** | **Health Care Technology – 0.7%** | **Health Care Technology – 0.7%** |
| Certara, Inc. (a) | &nbsp;&nbsp;52514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461598 |
| Claritev Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67465 |
| Doximity, Inc. Class A (a) | &nbsp;&nbsp;53181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992692 |
| Evolent Health, Inc. Class A (a) | &nbsp;&nbsp;42336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135899 |
| GoodRx Holdings, Inc. Class A (a) | &nbsp;&nbsp;39348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89320 |
| HealthStream, Inc. | &nbsp;&nbsp;10367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231080 |
| HeartFlow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268442 |
| Phreesia, Inc. (a) | &nbsp;&nbsp;25686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344963 |
| Schrodinger, Inc. (a) | &nbsp;&nbsp;27925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390112 |
| Teladoc Health, Inc. (a) | &nbsp;&nbsp;76258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415606 |
| Veeva Systems, Inc. Class A (a) | &nbsp;&nbsp;67067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13676303 |
| Waystar Holding Corp. (a) | &nbsp;&nbsp;49364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311108 |
| TOTAL HEALTH CARE TECHNOLOGY | TOTAL HEALTH CARE TECHNOLOGY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19384588 |
| **LIFE SCIENCES TOOLS & SERVICES – 9.4%** | **LIFE SCIENCES TOOLS & SERVICES – 9.4%** | **LIFE SCIENCES TOOLS & SERVICES – 9.4%** |
| **Life Sciences Tools & Services – 9.4%** | **Life Sciences Tools & Services – 9.4%** | **Life Sciences Tools & Services – 9.4%** |
| 10X Genomics, Inc. Class A (a) | &nbsp;&nbsp;44844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905849 |
| Adaptive Biotechnologies Corp. (a) | &nbsp;&nbsp;49226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910681 |
| Agilent Technologies, Inc. | 122316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16371997 |
| Avantor, Inc. (a) | 294113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211714 |
| Azenta, Inc. (a) | &nbsp;&nbsp;17654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686388 |
| BioLife Solutions, Inc. (a) | &nbsp;&nbsp;17548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382546 |
| Bio-Rad Laboratories, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;8035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359879 |
| Bio-Techne Corp. | &nbsp;&nbsp;67106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300824 |
| Bruker Corp. | &nbsp;&nbsp;45951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035170 |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;21157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4453125 |
| Danaher Corp. | 277852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60819024 |
| Fortrea Holdings, Inc. (a) | &nbsp;&nbsp;39135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657859 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **26** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **LIFE SCIENCES TOOLS & SERVICES – continued** | **LIFE SCIENCES TOOLS & SERVICES – continued** | **LIFE SCIENCES TOOLS & SERVICES – continued** |
| **Life Sciences Tools & Services – continued** | **Life Sciences Tools & Services – continued** | **Life Sciences Tools & Services – continued** |
| Ginkgo Bioworks Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12918 | &nbsp;&nbsp;$115874 |
| Illumina, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;66200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9586422 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;73338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16878741 |
| Medpace Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5638989 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12186132 |
| OmniAb, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567 |
| OmniAb, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 |
| Repligen Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;23020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438497 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443373 |
| Sotera Health Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;91756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662619 |
| Standard BioTools, Inc. (a) | &nbsp;&nbsp;&nbsp;111480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156072 |
| Tempus AI, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;39857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384246 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;162807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94201758 |
| Waters Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;25698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9526763 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7169342 |
| TOTAL LIFE SCIENCES TOOLS & SERVICES | TOTAL LIFE SCIENCES TOOLS & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265486652 |
| **PHARMACEUTICALS – 31.9%** | **PHARMACEUTICALS – 31.9%** | **PHARMACEUTICALS – 31.9%** |
| **Pharmaceuticals – 31.9%** | **Pharmaceuticals – 31.9%** | **Pharmaceuticals – 31.9%** |
| Amneal Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;67494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923318 |
| Amphastar Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437191 |
| Amylyx Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;35329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504851 |
| ANI Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630900 |
| Aquestive Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;44320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130744 |
| Arvinas, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;27404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366666 |
| AtaiBeckley, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;71247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267889 |
| Avadel Pharmaceuticals PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;37033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798061 |
| Axsome Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;15117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785307 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;877575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48310504 |
| Collegium Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634568 |
| Corcept Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;40727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623786 |
| CorMedix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;31988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248227 |
| Crinetics Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;38735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934426 |
| Definium Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;34946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589888 |
| Edgewise Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;22704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639118 |
| Elanco Animal Health, Inc. (a) | &nbsp;&nbsp;&nbsp;214816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5172769 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;346854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359739626 |
| Enliven Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368713 |
| Harmony Biosciences Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;18359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670471 |
| Harrow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565504 |
| Indivior Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;37643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331809 |
| Innoviva, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;25683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513660 |
| Jazz Pharmaceuticals PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;23531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870614 |
| Johnson & Johnson | 1038352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235965492 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| LENZ Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5039 | &nbsp;&nbsp;$79717 |
| Ligand Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611335 |
| Liquidia Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;25975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101080 |
| Merck & Co., Inc. | 1076915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118751417 |
| Nektar Therapeutics (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260078 |
| Nuvation Bio, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;95610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500996 |
| Ocular Therapeutix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;68399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625167 |
| Organon & Co. | &nbsp;&nbsp;&nbsp;111291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950425 |
| Pacira BioSciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;18387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377669 |
| Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;59048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839072 |
| Pfizer, Inc. | 2451317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64812821 |
| Phathom Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;18347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250804 |
| Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351875 |
| Prestige Consumer Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368892 |
| Rapport Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317377 |
| Royalty Pharma PLC Class A | &nbsp;&nbsp;&nbsp;176883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7372483 |
| SIGA Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128607 |
| Supernus Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;23908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151409 |
| Tarsus Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877873 |
| Tilray Brands, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;48395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361027 |
| Trevi Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;35991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376826 |
| Viatris, Inc. | &nbsp;&nbsp;&nbsp;502512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577882 |
| WaVe Life Sciences Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;48151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623074 |
| Xeris Biopharma Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;69124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508753 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;191114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23854849 |
| TOTAL PHARMACEUTICALS | TOTAL PHARMACEUTICALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903055610 |
| **TOTAL COMMON STOCKS<br> (Cost $2,145,747,848)** | **TOTAL COMMON STOCKS<br> (Cost $2,145,747,848)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2820295865** |
| &nbsp;&nbsp;**Money Market Fund – 0.1%** | &nbsp;&nbsp;**Money Market Fund – 0.1%** | &nbsp;&nbsp;**Money Market Fund – 0.1%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.59% (b)<br> (Cost $2,844,000) | 2844000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.8%<br> (Cost $2,148,591,848)** | **TOTAL INVESTMENT IN SECURITIES – 99.8%<br> (Cost $2,148,591,848)** | &nbsp;&nbsp;**2823139865** |
| **NET OTHER ASSETS (LIABILITIES) – 0.2%** | **NET OTHER ASSETS (LIABILITIES) – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4377453** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2827517318** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **27** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Health Care Index ETF

#### Schedule of Investments (Unaudited) – continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contracts** |  |  |  |  |  |
| CME E-mini Health Care Select Sector Index Contracts (United States) | 39 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;6115980 | &nbsp;&nbsp;$(65204) | &nbsp;&nbsp;$(65204) |
| CME E-mini Russell 2000 Index Contracts (United States) | 4 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;524920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4697 |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;$(60507) |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

#### Investment Valuation
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

#### Valuation Inputs at Reporting Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;$2820295865 | &nbsp;&nbsp;&nbsp;$2820295865 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments in Securities: | &nbsp;&nbsp;&nbsp;$2823139865 | &nbsp;&nbsp;&nbsp;$2823139865 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$4697 | &nbsp;&nbsp;&nbsp;$4697 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$4697 | &nbsp;&nbsp;&nbsp;$4697 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(65204) | &nbsp;&nbsp;&nbsp;$(65204) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;$(65204) | &nbsp;&nbsp;&nbsp;$(65204) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$(60507) | &nbsp;&nbsp;&nbsp;$(60507) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

#### Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk/ Derivative Type** | &nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**Asset** | &nbsp;&nbsp;&nbsp;**Liabilities** |
| Equity Risk |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$4697 | &nbsp;&nbsp;&nbsp;$(65204) |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;4697 | &nbsp;&nbsp;&nbsp;&nbsp;(65204) |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$4697 | &nbsp;&nbsp;&nbsp;$(65204) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **28** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Industrials Index ETF

### Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **AEROSPACE & DEFENSE – 24.7%** | **AEROSPACE & DEFENSE – 24.7%** | **AEROSPACE & DEFENSE – 24.7%** |
| **Aerospace & Defense – 24.7%** | **Aerospace & Defense – 24.7%** | **Aerospace & Defense – 24.7%** |
| AAR Corp. (a) | &nbsp;&nbsp;10893 | &nbsp;&nbsp;$1153678 |
| AeroVironment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485744 |
| Archer Aviation, Inc. Class A (a) | 169296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217238 |
| Astronics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557974 |
| ATI, Inc. (a) | &nbsp;&nbsp;37899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559250 |
| Axon Enterprise, Inc. (a) | &nbsp;&nbsp;20482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9904686 |
| Boeing Co. (a) | 213995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50014911 |
| BWX Technologies, Inc. | &nbsp;&nbsp;25095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155266 |
| Cadre Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334404 |
| Carpenter Technology Corp. | &nbsp;&nbsp;13677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346961 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;10327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6781638 |
| Ducommun, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435944 |
| Eve Holding, Inc. (a) | &nbsp;&nbsp;20342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80147 |
| General Dynamics Corp. | &nbsp;&nbsp;62822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22056176 |
| General Electric Co. | 291271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89359030 |
| HEICO Corp. | &nbsp;&nbsp;12122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011291 |
| HEICO Corp. Class A | &nbsp;&nbsp;20820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300564 |
| Hexcel Corp. | &nbsp;&nbsp;21844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808902 |
| Howmet Aerospace, Inc. | 105185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21886895 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;10751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520903 |
| Intuitive Machines, Inc. (a) | &nbsp;&nbsp;28543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542032 |
| Karman Holdings, Inc. (a) | &nbsp;&nbsp;14482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503232 |
| Kratos Defense & Security Solutions, Inc. (a) | &nbsp;&nbsp;46396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4779252 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;51405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17624204 |
| Leonardo DRS, Inc. | &nbsp;&nbsp;21653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889072 |
| Loar Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615368 |
| Lockheed Martin Corp. | &nbsp;&nbsp;57710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36600836 |
| Mercury Systems, Inc. (a) | &nbsp;&nbsp;14831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392334 |
| Moog, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391807 |
| National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198871 |
| Northrop Grumman Corp. | &nbsp;&nbsp;37349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25855219 |
| Red Cat Holdings, Inc. (a) | &nbsp;&nbsp;29154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393579 |
| Redwire Corp. (a) | &nbsp;&nbsp;20428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240029 |
| Rocket Lab Corp. (a) | 120178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9622652 |
| RTX Corp. | 367669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73875732 |
| StandardAero, Inc. (a) | &nbsp;&nbsp;54092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670902 |
| Textron, Inc. | &nbsp;&nbsp;48989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313971 |
| TransDigm Group, Inc. | &nbsp;&nbsp;15439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22039790 |
| V2X, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447464 |
| Voyager Technologies, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;4401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134363 |
| VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317321 |
| Woodward, Inc. | &nbsp;&nbsp;16466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5233553 |
| TOTAL AEROSPACE & DEFENSE | TOTAL AEROSPACE & DEFENSE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447653185 |
| **AIR FREIGHT & LOGISTICS – 3.1%** | **AIR FREIGHT & LOGISTICS – 3.1%** | **AIR FREIGHT & LOGISTICS – 3.1%** |
| **Air Freight & Logistics – 3.1%** | **Air Freight & Logistics – 3.1%** | **Air Freight & Logistics – 3.1%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;32425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6321254 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;37290 | &nbsp;&nbsp;$5986537 |
| FedEx Corp. | &nbsp;&nbsp;61590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19847377 |
| Forward Air Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161732 |
| GXO Logistics, Inc. (a) | &nbsp;&nbsp;31405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777209 |
| Hub Group, Inc. Class A | &nbsp;&nbsp;16843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801390 |
| United Parcel Service, Inc. Class B | 202161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21473541 |
| TOTAL AIR FREIGHT & LOGISTICS | TOTAL AIR FREIGHT & LOGISTICS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56369040 |
| **BUILDING PRODUCTS – 6.1%** | **BUILDING PRODUCTS – 6.1%** | **BUILDING PRODUCTS – 6.1%** |
| **Building Products – 6.1%** | **Building Products – 6.1%** | **Building Products – 6.1%** |
| A.O. Smith Corp. | &nbsp;&nbsp;31413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308541 |
| AAON, Inc. | &nbsp;&nbsp;19148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743617 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;20335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091733 |
| Allegion PLC | &nbsp;&nbsp;23601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3903369 |
| American Woodmark Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235066 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224451 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;11898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186139 |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976795 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;30308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467235 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;11763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009889 |
| Carrier Global Corp. | 210365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12533547 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239748 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;32952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782703 |
| Gibraltar Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411515 |
| Griffon Corp. | &nbsp;&nbsp;10233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833478 |
| Hayward Holdings, Inc. (a) | &nbsp;&nbsp;59345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957828 |
| Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176769 |
| Janus International Group, Inc. (a) | &nbsp;&nbsp;38500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264110 |
| Johnson Controls International PLC | 179725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21434004 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295314 |
| Masco Corp. | &nbsp;&nbsp;57555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803810 |
| Masterbrand, Inc. (a) | &nbsp;&nbsp;34745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421109 |
| Modine Manufacturing Co. (a) | &nbsp;&nbsp;13729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535197 |
| Owens Corning | &nbsp;&nbsp;22974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753204 |
| Quanex Building Products Corp. | &nbsp;&nbsp;11697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218968 |
| Resideo Technologies, Inc. (a) | &nbsp;&nbsp;36798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260700 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;11456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025192 |
| Trane Technologies PLC | &nbsp;&nbsp;61102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25698279 |
| Trex Co., Inc. (a) | &nbsp;&nbsp;29513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222428 |
| UFP Industries, Inc. | &nbsp;&nbsp;16078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660536 |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;41627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919421 |
| TOTAL BUILDING PRODUCTS | TOTAL BUILDING PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109594695 |
| **COMMERCIAL SERVICES & SUPPLIES – 6.1%** | **COMMERCIAL SERVICES & SUPPLIES – 6.1%** | **COMMERCIAL SERVICES & SUPPLIES – 6.1%** |
| **Commercial Printing – 0.1%** | **Commercial Printing – 0.1%** | **Commercial Printing – 0.1%** |
| Brady Corp. Class A | &nbsp;&nbsp;11995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037208 |
| Cimpress PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;4540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359069 |
| Deluxe Corp. | &nbsp;&nbsp;12338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722000 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **29** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Industrials Index ETF

#### Schedule of Investments (Unaudited) – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMERCIAL SERVICES & SUPPLIES – continued** | **COMMERCIAL SERVICES & SUPPLIES – continued** | **COMMERCIAL SERVICES & SUPPLIES – continued** |
| **Diversified Support Services – 1.8%** | **Diversified Support Services – 1.8%** | **Diversified Support Services – 1.8%** |
| ACV Auctions, Inc. Class A (a) | &nbsp;&nbsp;46948 | &nbsp;&nbsp;$366664 |
| Cintas Corp. | &nbsp;&nbsp;99349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19014405 |
| Copart, Inc. (a) | 252766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10257244 |
| Healthcare Services Group, Inc. (a) | &nbsp;&nbsp;20075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377812 |
| Liquidity Services, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226464 |
| OPENLANE, Inc. (a) | &nbsp;&nbsp;29818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895733 |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892680 |
| Vestis Corp. | &nbsp;&nbsp;28993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32220326 |
| **Environmental & Facilities Services – 3.9%** | **Environmental & Facilities Services – 3.9%** | **Environmental & Facilities Services – 3.9%** |
| ABM Industries, Inc. | &nbsp;&nbsp;17125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788435 |
| BrightView Holdings, Inc. (a) | &nbsp;&nbsp;19646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262471 |
| Casella Waste Systems, Inc. Class A (a) | &nbsp;&nbsp;17262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741390 |
| Clean Harbors, Inc. (a) | &nbsp;&nbsp;14025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645238 |
| Enviri Corp. (a) | &nbsp;&nbsp;19893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376375 |
| Montrose Environmental Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212417 |
| Republic Services, Inc. | &nbsp;&nbsp;60040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12914004 |
| Rollins, Inc. | &nbsp;&nbsp;80046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070114 |
| Tetra Tech, Inc. | &nbsp;&nbsp;68659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585698 |
| Veralto Corp. | &nbsp;&nbsp;68214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6751822 |
| Waste Connections, Inc. | &nbsp;&nbsp;70724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11853342 |
| Waste Management, Inc. | 110667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24594634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70795940 |
| **Office Services & Supplies – 0.2%** | **Office Services & Supplies – 0.2%** | **Office Services & Supplies – 0.2%** |
| HNI Corp. | &nbsp;&nbsp;18514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884784 |
| Interface, Inc. | &nbsp;&nbsp;16314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513402 |
| MillerKnoll, Inc. | &nbsp;&nbsp;18879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379090 |
| MSA Safety, Inc. | &nbsp;&nbsp;10221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810650 |
| Pitney Bowes, Inc. | &nbsp;&nbsp;17140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766696 |
| **Security & Alarm Services – 0.1%** | **Security & Alarm Services – 0.1%** | **Security & Alarm Services – 0.1%** |
| Brink's Co. | &nbsp;&nbsp;11514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462739 |
| CoreCivic, Inc. (a) | &nbsp;&nbsp;30246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560458 |
| GEO Group, Inc. (a) | &nbsp;&nbsp;39144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648718 |
| TOTAL COMMERCIAL SERVICES & SUPPLIES | TOTAL COMMERCIAL SERVICES & SUPPLIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111153680 |
| **CONSTRUCTION & ENGINEERING – 4.2%** | **CONSTRUCTION & ENGINEERING – 4.2%** | **CONSTRUCTION & ENGINEERING – 4.2%** |
| **Construction & Engineering – 4.2%** | **Construction & Engineering – 4.2%** | **Construction & Engineering – 4.2%** |
| AECOM | &nbsp;&nbsp;36401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510148 |
| Ameresco, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;8955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280650 |
| API Group Corp. (a) | &nbsp;&nbsp;97177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039648 |
| Arcosa, Inc. | &nbsp;&nbsp;13535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549351 |
| Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307216 |
| Centuri Holdings, Inc. (a) | &nbsp;&nbsp;24620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679512 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11082938 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Construction Partners, Inc. Class A (a) | &nbsp;&nbsp;13119 | &nbsp;&nbsp;$1441516 |
| Dycom Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884876 |
| EMCOR Group, Inc. | &nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8864979 |
| Everus Construction Group, Inc. (a) | &nbsp;&nbsp;13236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171254 |
| Fluor Corp. (a) | &nbsp;&nbsp;44449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053099 |
| Granite Construction, Inc. | &nbsp;&nbsp;12095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460350 |
| Great Lakes Dredge & Dock Corp. (a) | &nbsp;&nbsp;18741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280740 |
| IES Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929429 |
| Limbach Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259316 |
| MasTec, Inc. (a) | &nbsp;&nbsp;17296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4159342 |
| MYR Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061420 |
| Primoris Services Corp. | &nbsp;&nbsp;14856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202402 |
| Quanta Services, Inc. | &nbsp;&nbsp;40925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19424233 |
| Sterling Infrastructure, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990696 |
| Tutor Perini Corp. | &nbsp;&nbsp;12235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965219 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411371 |
| WillScot Holdings Corp. | &nbsp;&nbsp;50417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009852 |
| TOTAL CONSTRUCTION & ENGINEERING | TOTAL CONSTRUCTION & ENGINEERING | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76019557 |
| **ELECTRICAL EQUIPMENT – 11.5%** | **ELECTRICAL EQUIPMENT – 11.5%** | **ELECTRICAL EQUIPMENT – 11.5%** |
| **Electrical Components & Equipment – 7.9%** | **Electrical Components & Equipment – 7.9%** | **Electrical Components & Equipment – 7.9%** |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617717 |
| Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227018 |
| American Superconductor Corp. (a) | &nbsp;&nbsp;12450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372504 |
| AMETEK, Inc. | &nbsp;&nbsp;63433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14207723 |
| Amprius Technologies, Inc. (a) | &nbsp;&nbsp;30955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385080 |
| Array Technologies, Inc. (a) | &nbsp;&nbsp;41316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467904 |
| Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641301 |
| Eaton Corp. PLC | 106914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37571718 |
| Emerson Electric Co. | 154590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22718546 |
| EnerSys | &nbsp;&nbsp;10288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853795 |
| Enovix Corp. (a) | &nbsp;&nbsp;49346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326670 |
| Eos Energy Enterprises, Inc. (a) | &nbsp;&nbsp;89083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304175 |
| Fluence Energy, Inc. (a) | &nbsp;&nbsp;18002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553922 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;16075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701243 |
| Hubbell, Inc. | &nbsp;&nbsp;14609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7128315 |
| LSI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168412 |
| Nextpower, Inc. Class A (a) | &nbsp;&nbsp;40768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4773525 |
| nVent Electric PLC | &nbsp;&nbsp;44226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4964811 |
| Plug Power, Inc. (a) | 308913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653351 |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196362 |
| Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192471 |
| Regal Rexnord Corp. | &nbsp;&nbsp;17282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791043 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;30904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13030672 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;40137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388339 |
| SES AI Corp. (a) | &nbsp;&nbsp;57317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116353 |
| Shoals Technologies Group, Inc. Class A (a) | &nbsp;&nbsp;46272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436808 |
| Sunrun, Inc. (a) | &nbsp;&nbsp;63411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204809 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **30** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **ELECTRICAL EQUIPMENT – continued** | **ELECTRICAL EQUIPMENT – continued** | **ELECTRICAL EQUIPMENT – continued** |
| **Electrical Components & Equipment – continued** | **Electrical Components & Equipment – continued** | **Electrical Components & Equipment – continued** |
| T1 Energy, Inc. (a) | &nbsp;&nbsp;30139 | &nbsp;&nbsp;$251058 |
| Thermon Group Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427477 |
| Vertiv Holdings Co. Class A | &nbsp;&nbsp;99661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18554885 |
| Vicor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144243244 |
| **Heavy Electrical Equipment – 3.6%** | **Heavy Electrical Equipment – 3.6%** | **Heavy Electrical Equipment – 3.6%** |
| Bloom Energy Corp. Class A (a) | &nbsp;&nbsp;61076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9245074 |
| GE Vernova, Inc. | &nbsp;&nbsp;74781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54318675 |
| NANO Nuclear Energy, Inc. (a) | &nbsp;&nbsp;10955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322022 |
| NuScale Power Corp. (a) | &nbsp;&nbsp;38872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679483 |
| Power Solutions International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64745981 |
| TOTAL ELECTRICAL EQUIPMENT | TOTAL ELECTRICAL EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208989225 |
| **GROUND TRANSPORTATION – 8.4%** | **GROUND TRANSPORTATION – 8.4%** | **GROUND TRANSPORTATION – 8.4%** |
| **Cargo Ground Transportation – 1.7%** | **Cargo Ground Transportation – 1.7%** | **Cargo Ground Transportation – 1.7%** |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561259 |
| Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106739 |
| Heartland Express, Inc. | &nbsp;&nbsp;13798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139222 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;21251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308003 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;44489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451344 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425342 |
| Marten Transport Ltd. | &nbsp;&nbsp;17489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215115 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;51954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8998433 |
| RXO, Inc. (a) | &nbsp;&nbsp;28935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421872 |
| Ryder System, Inc. | &nbsp;&nbsp;11190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140423 |
| Saia, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445556 |
| Schneider National, Inc. Class B | &nbsp;&nbsp;15227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408693 |
| U-Haul Holding Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121130 |
| U-Haul Holding Co. | &nbsp;&nbsp;29092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492710 |
| Werner Enterprises, Inc. | &nbsp;&nbsp;16390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561357 |
| XPO, Inc. (a) | &nbsp;&nbsp;32389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4797135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30594333 |
| **Passenger Ground Transportation – 2.5%** | **Passenger Ground Transportation – 2.5%** | **Passenger Ground Transportation – 2.5%** |
| Avis Budget Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554022 |
| Hertz Global Holdings, Inc. (a) | &nbsp;&nbsp;33529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164292 |
| Lyft, Inc. Class A (a) | 106096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789839 |
| Uber Technologies, Inc. (a) | 544197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43562970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46071123 |
| **Rail Transportation – 4.2%** | **Rail Transportation – 4.2%** | **Rail Transportation – 4.2%** |
| CSX Corp. | 512074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19335914 |
| FTAI Infrastructure, Inc. | &nbsp;&nbsp;30281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176236 |
| Norfolk Southern Corp. | &nbsp;&nbsp;61647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17954072 |
| Union Pacific Corp. | 162904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38298731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75764953 |
| TOTAL GROUND TRANSPORTATION | TOTAL GROUND TRANSPORTATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152430409 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **INDUSTRIAL CONGLOMERATES – 3.4%** | **INDUSTRIAL CONGLOMERATES – 3.4%** | **INDUSTRIAL CONGLOMERATES – 3.4%** |
| **Industrial Conglomerates – 3.4%** | **Industrial Conglomerates – 3.4%** | **Industrial Conglomerates – 3.4%** |
| 3M Co. | 146313 | &nbsp;&nbsp;$22409299 |
| Honeywell International, Inc. | 174376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39674028 |
| TOTAL INDUSTRIAL CONGLOMERATES | TOTAL INDUSTRIAL CONGLOMERATES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62083327 |
| **MACHINERY – 20.2%** | **MACHINERY – 20.2%** | **MACHINERY – 20.2%** |
| **Agricultural & Farm Machinery – 2.5%** | **Agricultural & Farm Machinery – 2.5%** | **Agricultural & Farm Machinery – 2.5%** |
| AGCO Corp. | &nbsp;&nbsp;17473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981613 |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550969 |
| CNH Industrial NV | 239947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581830 |
| Deere & Co. | &nbsp;&nbsp;70522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37235616 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368294 |
| Toro Co. | &nbsp;&nbsp;26886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45178391 |
| **Construction Machinery & Heavy Transportation Equipment – 8.1%** | **Construction Machinery & Heavy Transportation Equipment – 8.1%** | **Construction Machinery & Heavy Transportation Equipment – 8.1%** |
| Aebi Schmidt Holding AG | &nbsp;&nbsp;10561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154613 |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;22943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493904 |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273660 |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;22522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305600 |
| Blue Bird Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443734 |
| Caterpillar, Inc. | 128696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84599603 |
| Cummins, Inc. | &nbsp;&nbsp;37866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21917598 |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231808 |
| Federal Signal Corp. | &nbsp;&nbsp;16780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813750 |
| Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432906 |
| Microvast Holdings, Inc. (a) | &nbsp;&nbsp;58032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152044 |
| Oshkosh Corp. | &nbsp;&nbsp;17616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533533 |
| PACCAR, Inc. | 144248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17729522 |
| REV Group, Inc. | &nbsp;&nbsp;13501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862714 |
| Terex Corp. | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026000 |
| Trinity Industries, Inc. | &nbsp;&nbsp;22488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646305 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;46965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10808525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147425819 |
| **Industrial Machinery & Supplies & Components – 9.6%** | **Industrial Machinery & Supplies & Components – 9.6%** | **Industrial Machinery & Supplies & Components – 9.6%** |
| Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446195 |
| CECO Environmental Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554409 |
| Chart Industries, Inc. (a) | &nbsp;&nbsp;12308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551941 |
| Crane Co. | &nbsp;&nbsp;13395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446463 |
| Donaldson Co., Inc. | &nbsp;&nbsp;31802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241896 |
| Dover Corp. | &nbsp;&nbsp;37663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7588718 |
| Energy Recovery, Inc. (a) | &nbsp;&nbsp;14332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209104 |
| Enerpac Tool Group Corp. | &nbsp;&nbsp;14679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592444 |
| Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385879 |
| Esab Corp. | &nbsp;&nbsp;15933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929486 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610652 |
| Flowserve Corp. | &nbsp;&nbsp;36011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814260 |
| Fortive Corp. | &nbsp;&nbsp;92964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4909429 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;10372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033259 |
| Gates Industrial Corp. PLC (a) | &nbsp;&nbsp;70870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631427 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **31** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Industrials Index ETF

#### Schedule of Investments (Unaudited) – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MACHINERY – continued** | **MACHINERY – continued** | **MACHINERY – continued** |
| **Industrial Machinery & Supplies & Components – continued** | **Industrial Machinery & Supplies & Components – continued** | **Industrial Machinery & Supplies & Components – continued** |
| Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;5768 | &nbsp;&nbsp;$314298 |
| Graco, Inc. | &nbsp;&nbsp;45521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975349 |
| Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600381 |
| Hillenbrand, Inc. | &nbsp;&nbsp;19225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613470 |
| Hillman Solutions Corp. (a) | &nbsp;&nbsp;53697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503141 |
| Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78975 |
| IDEX Corp. | &nbsp;&nbsp;20707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111375 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;76066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19873003 |
| Ingersoll Rand, Inc. | 109175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9398876 |
| ITT, Inc. | &nbsp;&nbsp;23639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4309390 |
| JBT Marel Corp. | &nbsp;&nbsp;14244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240724 |
| Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036638 |
| Kennametal, Inc. | &nbsp;&nbsp;19959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686390 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;15163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023502 |
| Middleby Corp. (a) | &nbsp;&nbsp;13215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944851 |
| Mueller Industries, Inc. | &nbsp;&nbsp;28863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929409 |
| Mueller Water Products, Inc. Class A | &nbsp;&nbsp;42911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161601 |
| Nordson Corp. | &nbsp;&nbsp;14667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4026531 |
| Otis Worldwide Corp. | 107821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9210070 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;34759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32528862 |
| Pentair PLC | &nbsp;&nbsp;44953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736698 |
| Proto Labs, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350965 |
| RBC Bearings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114283 |
| Richtech Robotics, Inc. Class B (a) | &nbsp;&nbsp;43512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155773 |
| Snap-on, Inc. | &nbsp;&nbsp;14329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245990 |
| SPX Technologies, Inc. (a) | &nbsp;&nbsp;13566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827290 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796080 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;42585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349736 |
| Symbotic, Inc. (a) | &nbsp;&nbsp;13882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754764 |
| Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;4897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372613 |
| Timken Co. | &nbsp;&nbsp;18125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689069 |
| Watts Water Technologies, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243628 |
| Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495129 |
| Xylem, Inc. | &nbsp;&nbsp;66840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9215231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173859647 |
| TOTAL MACHINERY | TOTAL MACHINERY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366463857 |
| **MARINE TRANSPORTATION – 0.1%** | **MARINE TRANSPORTATION – 0.1%** | **MARINE TRANSPORTATION – 0.1%** |
| **Marine Transportation – 0.1%** | **Marine Transportation – 0.1%** | **Marine Transportation – 0.1%** |
| Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185425 |
| Kirby Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464874 |
| Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347851 |
| TOTAL MARINE TRANSPORTATION | TOTAL MARINE TRANSPORTATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998150 |
| **PASSENGER AIRLINES – 0.4%** | **PASSENGER AIRLINES – 0.4%** | **PASSENGER AIRLINES – 0.4%** |
| **Passenger Airlines – 0.4%** | **Passenger Airlines – 0.4%** | **Passenger Airlines – 0.4%** |
| Alaska Air Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401760 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Allegiant Travel Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1262 | &nbsp;&nbsp;$111851 |
| American Airlines Group, Inc. (a) | &nbsp;&nbsp;45955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611201 |
| Delta Air Lines, Inc. | &nbsp;&nbsp;44694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944888 |
| Frontier Group Holdings, Inc. (a) | &nbsp;&nbsp;15395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71433 |
| JetBlue Airways Corp. (a) | &nbsp;&nbsp;23826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116033 |
| Joby Aviation, Inc. (a) | &nbsp;&nbsp;61283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647761 |
| SkyWest, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270352 |
| United Airlines Holdings, Inc. (a) | &nbsp;&nbsp;22224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273960 |
| TOTAL PASSENGER AIRLINES | TOTAL PASSENGER AIRLINES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7449239 |
| **PROFESSIONAL SERVICES – 6.5%** | **PROFESSIONAL SERVICES – 6.5%** | **PROFESSIONAL SERVICES – 6.5%** |
| **Data Processing & Outsourced Services – 1.0%** | **Data Processing & Outsourced Services – 1.0%** | **Data Processing & Outsourced Services – 1.0%** |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;32029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6313236 |
| Concentrix Corp. | &nbsp;&nbsp;10482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391503 |
| CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626675 |
| ExlService Holdings, Inc. (a) | &nbsp;&nbsp;44412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738730 |
| Genpact Ltd. | &nbsp;&nbsp;45487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005977 |
| Maximus, Inc. | &nbsp;&nbsp;15509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464670 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;60423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948039 |
| TaskUS, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;3788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40910 |
| Verra Mobility Corp. (a) | &nbsp;&nbsp;43682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18372803 |
| **Human Resource & Employment Services – 2.6%** | **Human Resource & Employment Services – 2.6%** | **Human Resource & Employment Services – 2.6%** |
| Alight, Inc. Class A | 117925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180425 |
| Automatic Data Processing, Inc. | 111267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27462921 |
| Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269762 |
| Dayforce, Inc. (a) | &nbsp;&nbsp;36899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555994 |
| First Advantage Corp. (a) | &nbsp;&nbsp;22009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297122 |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424907 |
| Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190323 |
| Korn Ferry | &nbsp;&nbsp;14434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002730 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;12796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464879 |
| Paychex, Inc. | &nbsp;&nbsp;88989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9177436 |
| Paycom Software, Inc. | &nbsp;&nbsp;13914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874911 |
| Paylocity Holding Corp. (a) | &nbsp;&nbsp;12136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638117 |
| Robert Half, Inc. | &nbsp;&nbsp;28088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972126 |
| TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527521 |
| Upwork, Inc. (a) | &nbsp;&nbsp;34307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47726343 |
| **Research & Consulting Services – 2.9%** | **Research & Consulting Services – 2.9%** | **Research & Consulting Services – 2.9%** |
| Amentum Holdings, Inc. (a) | &nbsp;&nbsp;43322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550061 |
| BlackSky Technology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172433 |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;33853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993282 |
| CACI International, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;6043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750165 |
| CBIZ, Inc. (a) | &nbsp;&nbsp;13439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528825 |
| Clarivate PLC (a) | &nbsp;&nbsp;86150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228297 |
| CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336880 |
| Equifax, Inc. | &nbsp;&nbsp;33987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6844982 |
| Exponent, Inc. | &nbsp;&nbsp;13834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994250 |
| FTI Consulting, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555611 |
| Huron Consulting Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802412 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **32** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **PROFESSIONAL SERVICES – continued** | **PROFESSIONAL SERVICES – continued** | **PROFESSIONAL SERVICES – continued** |
| **Research & Consulting Services – continued** | **Research & Consulting Services – continued** | **Research & Consulting Services – continued** |
| ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4989 | &nbsp;&nbsp;$465224 |
| Innodata, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477172 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;32780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4433823 |
| KBR, Inc. | &nbsp;&nbsp;35538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521382 |
| Legalzoom.com, Inc. (a) | &nbsp;&nbsp;32315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287280 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;33457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6299284 |
| Parsons Corp. (a) | &nbsp;&nbsp;16120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129367 |
| Planet Labs PBC (a) | &nbsp;&nbsp;67001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673015 |
| Science Applications International Corp. | &nbsp;&nbsp;12652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287467 |
| TIC Solutions, Inc. (a) | &nbsp;&nbsp;39313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397061 |
| TransUnion | &nbsp;&nbsp;53529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4229862 |
| UL Solutions, Inc. Class A | &nbsp;&nbsp;20697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453550 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;38378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8345680 |
| Willdan Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52266961 |
| TOTAL PROFESSIONAL SERVICES | TOTAL PROFESSIONAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118366107 |
| **TRADING COMPANIES & DISTRIBUTORS – 5.1%** | **TRADING COMPANIES & DISTRIBUTORS – 5.1%** | **TRADING COMPANIES & DISTRIBUTORS – 5.1%** |
| **Trading Companies & Distributors – 5.1%** | **Trading Companies & Distributors – 5.1%** | **Trading Companies & Distributors – 5.1%** |
| Air Lease Corp. | &nbsp;&nbsp;29291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893077 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;10357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697066 |
| BlueLinx Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152615 |
| Boise Cascade Co. | &nbsp;&nbsp;10279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830646 |
| Core & Main, Inc. Class A (a) | &nbsp;&nbsp;52186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784645 |
| Custom Truck One Source, Inc. (a) | &nbsp;&nbsp;17193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108660 |
| Distribution Solutions Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72111 |
| DNOW, Inc. (a) | &nbsp;&nbsp;51365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780234 |
| DXP Enterprises, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478974 |
| Fastenal Co. | 315241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13668850 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;53847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13594214 |
| FTAI Aviation Ltd. | &nbsp;&nbsp;28131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7660634 |
| GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691581 |
| Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;5223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159615 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8687 | &nbsp;&nbsp;$1245195 |
| McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760274 |
| MSC Industrial Direct Co., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035779 |
| NPK International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;22521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311015 |
| QXO, Inc. (a) | &nbsp;&nbsp;&nbsp;166586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694877 |
| Rush Enterprises, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;16790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077750 |
| Rush Enterprises, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125455 |
| SiteOne Landscape Supply, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766547 |
| Transcat, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150896 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13814308 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692916 |
| WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877783 |
| Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154756 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13501410 |
| Xometry, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;12294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702356 |
| TOTAL TRADING COMPANIES & DISTRIBUTORS | TOTAL TRADING COMPANIES & DISTRIBUTORS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92484239 |
| **TOTAL COMMON STOCKS<br> (Cost $1,307,005,005)** | **TOTAL COMMON STOCKS<br> (Cost $1,307,005,005)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1810054710** |
| &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.59% (b)<br> (Cost $3,330,000) | 3330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,310,335,005)** | **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,310,335,005)** | &nbsp;&nbsp;**1813384710** |
| **NET OTHER ASSETS (LIABILITIES) – 0.0%** | **NET OTHER ASSETS (LIABILITIES) – 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**377313** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1813762023** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contracts** |  |  |  |  |  |
| CME E-mini Industrial Select Sector Index Contracts (United States) | 18 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;3012660 | &nbsp;&nbsp;$115022 | &nbsp;&nbsp;$115022 |
| CME E-mini Russell 2000 Index Contracts (United States) | 3 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;393690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563 |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;$118585 |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **33** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Industrials Index ETF

#### Schedule of Investments (Unaudited) – continued

#### Investment Valuation
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

#### Valuation Inputs at Reporting Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;$1810054710 | &nbsp;&nbsp;&nbsp;$1810054710 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments in Securities: | &nbsp;&nbsp;&nbsp;$1813384710 | &nbsp;&nbsp;&nbsp;$1813384710 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$118585 | &nbsp;&nbsp;&nbsp;$118585 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$118585 | &nbsp;&nbsp;&nbsp;$118585 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$118585 | &nbsp;&nbsp;&nbsp;$118585 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

#### Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk/ Derivative Type** | &nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**Asset** | &nbsp;&nbsp;&nbsp;**Liabilities** |
| Equity Risk |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$118585 | &nbsp;&nbsp;&nbsp;$0 |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;118585 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$118585 | &nbsp;&nbsp;&nbsp;$0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **34** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Information Technology Index ETF

### Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMUNICATIONS EQUIPMENT – 4.0%** | **COMMUNICATIONS EQUIPMENT – 4.0%** | **COMMUNICATIONS EQUIPMENT – 4.0%** |
| **Communications Equipment – 4.0%** | **Communications Equipment – 4.0%** | **Communications Equipment – 4.0%** |
| ADTRAN Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;224435 | &nbsp;&nbsp;$2069291 |
| Applied Optoelectronics, Inc. (a) | &nbsp;&nbsp;&nbsp;162341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7079691 |
| Arista Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;920625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130489388 |
| Calix, Inc. (a) | &nbsp;&nbsp;&nbsp;187460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8373838 |
| Ciena Corp. (a) | &nbsp;&nbsp;&nbsp;183557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46221488 |
| Cisco Systems, Inc. | 3237088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253528732 |
| Digi International, Inc. (a) | &nbsp;&nbsp;&nbsp;112609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850070 |
| Extreme Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;406630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5928665 |
| F5, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;82298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22682152 |
| Harmonic, Inc. (a) | &nbsp;&nbsp;&nbsp;344256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3346168 |
| Lumentum Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;116700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45727728 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;153665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61856309 |
| NETGEAR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;85215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781846 |
| NetScout Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;215732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5999507 |
| Ondas, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;32754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339331 |
| Ribbon Communications, Inc. (a) | &nbsp;&nbsp;&nbsp;313087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820288 |
| Viasat, Inc. (a) | &nbsp;&nbsp;&nbsp;316737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14307010 |
| Viavi Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;679546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16621695 |
| Vistance Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;626362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11274516 |
| TOTAL COMMUNICATIONS EQUIPMENT | TOTAL COMMUNICATIONS EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643297713 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 6.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 6.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 6.0%** |
| **Electronic Components – 2.1%** | **Electronic Components – 2.1%** | **Electronic Components – 2.1%** |
| Amphenol Corp. Class A | 1045057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150571813 |
| Bel Fuse, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;32548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6548332 |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;120047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14106723 |
| Coherent Corp. (a) | &nbsp;&nbsp;&nbsp;220385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46761289 |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;800493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82650902 |
| Knowles Corp. (a) | &nbsp;&nbsp;&nbsp;264735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6417177 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21609361 |
| Rogers Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;47088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4578837 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;338212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6814972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340059406 |
| **Electronic Equipment & Instruments – 1.7%** | **Electronic Equipment & Instruments – 1.7%** | **Electronic Equipment & Instruments – 1.7%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;103431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26412140 |
| Aeva Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;50232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641463 |
| Arlo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;310944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945879 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12707607 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;410163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15889715 |
| Crane NXT Co. | &nbsp;&nbsp;&nbsp;157127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938056 |
| Daktronics, Inc. (a) | &nbsp;&nbsp;&nbsp;119577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768208 |
| Evolv Technologies Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;319430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977272 |
| Itron, Inc. (a) | &nbsp;&nbsp;&nbsp;132646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13142566 |
| Keysight Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;205679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44494538 |
| Mirion Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;652250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16201890 |
| Napco Security Technologies, Inc. | &nbsp;&nbsp;&nbsp;108546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4004262 |
| nLight, Inc. (a) | &nbsp;&nbsp;&nbsp;142966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6520679 |
| Novanta, Inc. (a) | &nbsp;&nbsp;&nbsp;109458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14726479 |
| OSI Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;48517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12136042 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ouster, Inc. (a) | 155564 | &nbsp;&nbsp;$3240398 |
| Powerfleet, Inc. NJ (a) | 371899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900404 |
| Ralliant Corp. | 345230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18286833 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;58345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36191403 |
| Vontier Corp. | 397824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14918400 |
| Zebra Technologies Corp. Class A (a) | &nbsp;&nbsp;76201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17905711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275949945 |
| **Electronic Manufacturing Services – 1.6%** | **Electronic Manufacturing Services – 1.6%** | **Electronic Manufacturing Services – 1.6%** |
| Benchmark Electronics, Inc. | 109883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5729300 |
| CTS Corp. | &nbsp;&nbsp;86273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4435295 |
| Fabrinet (a) | &nbsp;&nbsp;62804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30738790 |
| Flex Ltd. (a) | 538090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33921194 |
| IPG Photonics Corp. (a) | &nbsp;&nbsp;77692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7179518 |
| Jabil, Inc. | 147929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35087279 |
| Plexus Corp. (a) | &nbsp;&nbsp;82233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16391504 |
| Sanmina Corp. (a) | 134155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19007080 |
| TE Connectivity PLC | 290348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64683727 |
| TTM Technologies, Inc. (a) | 304279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29880198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247053885 |
| **Technology Distributors – 0.6%** | **Technology Distributors – 0.6%** | **Technology Distributors – 0.6%** |
| Arrow Electronics, Inc. (a) | 137070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18160404 |
| Avnet, Inc. | 248702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15516518 |
| CDW Corp. | 174203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22017517 |
| ePlus, Inc. | &nbsp;&nbsp;80754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929501 |
| Insight Enterprises, Inc. (a) | &nbsp;&nbsp;87471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7349313 |
| PC Connection, Inc. | &nbsp;&nbsp;34792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046117 |
| ScanSource, Inc. (a) | &nbsp;&nbsp;65347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809268 |
| TD SYNNEX Corp. | 137931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21885512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96714150 |
| TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959777386 |
| **IT SERVICES – 5.0%** | **IT SERVICES – 5.0%** | **IT SERVICES – 5.0%** |
| **Internet Services & Infrastructure – 1.9%** | **Internet Services & Infrastructure – 1.9%** | **Internet Services & Infrastructure – 1.9%** |
| Akamai Technologies, Inc. (a) | 276720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26883348 |
| Applied Digital Corp. (a) | 614312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20812891 |
| Cloudflare, Inc. Class A (a) | 300819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53350250 |
| CoreWeave, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205950 |
| DigitalOcean Holdings, Inc. (a) | 207798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11480839 |
| Fastly, Inc. Class A (a) | 421000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894250 |
| GoDaddy, Inc. Class A (a) | 193995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500377 |
| MongoDB, Inc. (a) | 105618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39219132 |
| Okta, Inc. (a) | 265859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22459768 |
| Snowflake, Inc. (a) | 303570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58497939 |
| Twilio, Inc. Class A (a) | 238050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28675503 |
| VeriSign, Inc. | 112204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27403583 |
| Whitefiber, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312556767 |
| **IT Consulting & Other Services – 3.1%** | **IT Consulting & Other Services – 3.1%** | **IT Consulting & Other Services – 3.1%** |
| Accenture PLC Class A | 523223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137942512 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **35** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Information Technology Index ETF

#### Schedule of Investments (Unaudited) – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **IT SERVICES – continued** | **IT SERVICES – continued** | **IT SERVICES – continued** |
| **IT Consulting & Other Services – continued** | **IT Consulting & Other Services – continued** | **IT Consulting & Other Services – continued** |
| ASGN, Inc. (a) | &nbsp;&nbsp;&nbsp;133337 | &nbsp;&nbsp;$6945524 |
| BigBear.ai Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;898594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4528914 |
| Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;552294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45321246 |
| DXC Technology Co. (a) | &nbsp;&nbsp;&nbsp;540806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7803831 |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;120252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25084567 |
| Gartner, Inc. (a) | &nbsp;&nbsp;&nbsp;109128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22874320 |
| Grid Dynamics Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;209171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729844 |
| Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408553 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;760885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233363429 |
| Kyndryl Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;584447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13442281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500445021 |
| TOTAL IT SERVICES | TOTAL IT SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813001788 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 39.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 39.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 39.9%** |
| **Semiconductor Materials & Equipment – 5.5%** | **Semiconductor Materials & Equipment – 5.5%** | **Semiconductor Materials & Equipment – 5.5%** |
| ACM Research, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;162872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9466121 |
| Aehr Test Systems (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204069 |
| Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;376012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18172660 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;678530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218703790 |
| Axcelis Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;94812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8350093 |
| Cohu, Inc. (a) | &nbsp;&nbsp;&nbsp;139460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980188 |
| Enphase Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;399353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14768074 |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;271024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31999804 |
| FormFactor, Inc. (a) | &nbsp;&nbsp;&nbsp;234639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16539703 |
| Ichor Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;106664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3236186 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;114128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162967936 |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;160642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9209606 |
| Lam Research Corp. | 1063533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248292414 |
| MKS, Inc. | &nbsp;&nbsp;&nbsp;154933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36472777 |
| Onto Innovation, Inc. (a) | &nbsp;&nbsp;&nbsp;148149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29933505 |
| PDF Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;92375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942144 |
| Photronics, Inc. (a) | &nbsp;&nbsp;&nbsp;183111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6330147 |
| Qnity Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220252 |
| SolarEdge Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;179347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550790 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;210111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50647257 |
| Ultra Clean Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;140532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6138438 |
| Veeco Instruments, Inc. (a) | &nbsp;&nbsp;&nbsp;182924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5712716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889838670 |
| **Semiconductors – 34.4%** | **Semiconductors – 34.4%** | **Semiconductors – 34.4%** |
| Advanced Micro Devices, Inc. (a) | 1302281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308288981 |
| Allegro MicroSystems, Inc. (a) | &nbsp;&nbsp;&nbsp;394039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14543980 |
| Alpha & Omega Semiconductor Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;76932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700197 |
| Ambarella, Inc. (a) | &nbsp;&nbsp;&nbsp;122661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7855211 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;429444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133505551 |
| Astera Labs, Inc. (a) | &nbsp;&nbsp;&nbsp;189691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28571258 |
| Broadcom, Inc. | 2099632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695608082 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| CEVA, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82191 | &nbsp;&nbsp;$1733408 |
| Cirrus Logic, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;148572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19364875 |
| Credo Technology Group Holding Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;217757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27280597 |
| Diodes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;141220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358812 |
| First Solar, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;137185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30937961 |
| Impinj, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11006846 |
| indie Semiconductor, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;593198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432112 |
| Intel Corp. (a) | &nbsp;&nbsp;3744587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174010958 |
| Lattice Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;297981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23993430 |
| MACOM Technology Solutions Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;144162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31580128 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;811496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64043264 |
| MaxLinear, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;248291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4307849 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;596896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45316344 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;923028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382945857 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57234973 |
| Navitas Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;437786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3756204 |
| NVIDIA Corp. | 15270632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918675894 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;245336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55480283 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;556046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33301595 |
| Penguin Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;151509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910488 |
| Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7872278 |
| Qorvo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;202671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15830632 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;910458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138016328 |
| Rambus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;237421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27025632 |
| Rigetti Computing, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;686241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12468999 |
| Semtech Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;263715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21031271 |
| Silicon Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14123490 |
| SiTime Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24174048 |
| SkyWater Technology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359531 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15461690 |
| Synaptics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;117341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9681806 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;757022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163176092 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;119939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13771396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551738331 |
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp;6441577001 |
| **SOFTWARE – 27.6%** | **SOFTWARE – 27.6%** | **SOFTWARE – 27.6%** |
| **Application Software – 11.9%** | **Application Software – 11.9%** | **Application Software – 11.9%** |
| ACI Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;315573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13683245 |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;361402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105981136 |
| Agilysys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7029092 |
| Alarm.com Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;143830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7016027 |
| Alkami Technology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;218938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639296 |
| Amplitude, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;270656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481916 |
| Appfolio, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11953516 |
| AppLovin Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;203208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96139737 |
| Asana, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;260794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673139 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **36** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SOFTWARE – continued** | **SOFTWARE – continued** | **SOFTWARE – continued** |
| **Application Software – continued** | **Application Software – continued** | **Application Software – continued** |
| Atlassian Corp. Class A (a) | &nbsp;&nbsp;&nbsp;201431 | &nbsp;&nbsp;$23805116 |
| Aurora Innovation, Inc. (a) | 2628827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11041073 |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;206184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52137748 |
| AvePoint, Inc. (a) | &nbsp;&nbsp;&nbsp;371189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316928 |
| Bentley Systems, Inc. Class B | &nbsp;&nbsp;&nbsp;359744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12634209 |
| Bill Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;264193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11405212 |
| Bit Digital, Inc. (a) | &nbsp;&nbsp;&nbsp;972690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974561 |
| Blackbaud, Inc. (a) | &nbsp;&nbsp;&nbsp;118125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6343313 |
| BlackLine, Inc. (a) | &nbsp;&nbsp;&nbsp;161259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7493706 |
| Blend Labs, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;620465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476707 |
| Box, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;440798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11174229 |
| Braze, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;223029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643464 |
| C3.ai, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;382012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4205952 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;242907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71987919 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 1504455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11403769 |
| Cipher Mining, Inc. (a) | &nbsp;&nbsp;&nbsp;789214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12595855 |
| Cleanspark, Inc. (a) | &nbsp;&nbsp;&nbsp;855185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10125390 |
| Clear Secure, Inc. Class A | &nbsp;&nbsp;&nbsp;238748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7787960 |
| Clearwater Analytics Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;782728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18855918 |
| Confluent, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;827894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25283883 |
| Core Scientific, Inc. (a) | &nbsp;&nbsp;&nbsp;751970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13527940 |
| Daily Journal Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283325 |
| Datadog, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;317561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41066989 |
| Docusign, Inc. (a) | &nbsp;&nbsp;&nbsp;331869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17436397 |
| Dropbox, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;566976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14446548 |
| D-Wave Quantum, Inc. (a) | &nbsp;&nbsp;&nbsp;741699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15738853 |
| Dynatrace, Inc. (a) | &nbsp;&nbsp;&nbsp;488747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18616373 |
| Elastic NV (a) | &nbsp;&nbsp;&nbsp;229058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15101794 |
| Fair Isaac Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;27274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39906499 |
| Five9, Inc. (a) | &nbsp;&nbsp;&nbsp;211869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741607 |
| Freshworks, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;579935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6251699 |
| Guidewire Software, Inc. (a) | &nbsp;&nbsp;&nbsp;119665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16844045 |
| HubSpot, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;66712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18679360 |
| Hut 8 Corp. (a) | &nbsp;&nbsp;&nbsp;300880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16798130 |
| I3 Verticals, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;69421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541840 |
| Intapp, Inc. (a) | &nbsp;&nbsp;&nbsp;172502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5856443 |
| InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21034814 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;232240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115869181 |
| Jamf Holding Corp. (a) | &nbsp;&nbsp;&nbsp;220752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880814 |
| Klaviyo, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;311997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929453 |
| Life360, Inc. (a) | &nbsp;&nbsp;&nbsp;199313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11418642 |
| LiveRamp Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;200086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4872094 |
| Manhattan Associates, Inc. (a) | &nbsp;&nbsp;&nbsp;103308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600541 |
| MARA Holdings, Inc. (a) | 1047296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9949312 |
| nCino, Inc. (a) | &nbsp;&nbsp;&nbsp;317657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6781977 |
| NCR Voyix Corp. (a) | &nbsp;&nbsp;&nbsp;398381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951940 |
| NextNav, Inc. (a) | &nbsp;&nbsp;&nbsp;225305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235380 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Nutanix, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;372888 | &nbsp;&nbsp;$14665685 |
| Pagaya Technologies Ltd. Class A (a) | &nbsp;&nbsp;&nbsp;143955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791287 |
| PagerDuty, Inc. (a) | &nbsp;&nbsp;&nbsp;269107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852534 |
| Palantir Technologies, Inc. Class A (a) | 1789621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262340542 |
| PAR Technology Corp. (a) | &nbsp;&nbsp;&nbsp;123283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3231247 |
| Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;286498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12517098 |
| Pivotal Software, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;33514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Porch Group, Inc. (a) | &nbsp;&nbsp;&nbsp;204237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611430 |
| Procore Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;275179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15544862 |
| PTC, Inc. (a) | &nbsp;&nbsp;&nbsp;150365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23476487 |
| Q2 Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;189643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11615634 |
| RingCentral, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;219509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5680893 |
| Riot Platforms, Inc. (a) | 1024453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15848288 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;105244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39069730 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;779828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165549686 |
| Samsara, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;597108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16748879 |
| SEMrush Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;137664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636825 |
| ServiceTitan, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212301 |
| SoundHound AI, Inc. Class A (a) | 1112065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9408070 |
| Sprinklr, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;369189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355426 |
| Sprout Social, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;158254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432199 |
| SPS Commerce, Inc. (a) | &nbsp;&nbsp;&nbsp;115601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10318545 |
| Strategy, Inc. (a) | &nbsp;&nbsp;&nbsp;231642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34679124 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;167850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78069553 |
| Terawulf, Inc. (a) | &nbsp;&nbsp;&nbsp;933000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12474210 |
| Trimble, Inc. (a) | &nbsp;&nbsp;&nbsp;328469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22204504 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;54255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20041797 |
| Unity Software, Inc. (a) | &nbsp;&nbsp;&nbsp;638428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18578255 |
| Vertex, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;222891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134628 |
| Weave Communications, Inc. (a) | &nbsp;&nbsp;&nbsp;186862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214603 |
| Workday, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;219723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38589950 |
| Workiva, Inc. (a) | &nbsp;&nbsp;&nbsp;150025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11554926 |
| Yext, Inc. (a) | &nbsp;&nbsp;&nbsp;316679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267422 |
| Zeta Global Holdings Corp. Class A (a) | &nbsp;&nbsp;&nbsp;547108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10165267 |
| Zoom Communications, Inc. (a) | &nbsp;&nbsp;&nbsp;359238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33085820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918619713 |
| **Systems Software – 15.7%** | **Systems Software – 15.7%** | **Systems Software – 15.7%** |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;219394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826231 |
| Adeia, Inc. | &nbsp;&nbsp;&nbsp;330298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975091 |
| Appian Corp. Class A (a) | &nbsp;&nbsp;&nbsp;100554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805457 |
| Commvault Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;100907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8647730 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;218277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96348559 |
| Dolby Laboratories, Inc. Class A | &nbsp;&nbsp;&nbsp;186914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11998010 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;&nbsp;654191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53159561 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;791198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18980840 |
| Gitlab, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;398253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13930890 |
| JFrog Ltd. (a) | &nbsp;&nbsp;&nbsp;296401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16242775 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **37** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Information Technology Index ETF

#### Schedule of Investments (Unaudited) – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SOFTWARE – continued** | **SOFTWARE – continued** | **SOFTWARE – continued** |
| **Systems Software – continued** | **Systems Software – continued** | **Systems Software – continued** |
| Microsoft Corp. | 4108927 | &nbsp;&nbsp;$1768030199 |
| N-able, Inc. (a) | &nbsp;&nbsp;&nbsp;235118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427166 |
| OneSpan, Inc. | &nbsp;&nbsp;&nbsp;106849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258681 |
| Onestream, Inc. (a) | &nbsp;&nbsp;&nbsp;206543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4876480 |
| Oracle Corp. | 1347922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221841003 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;577423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102186548 |
| Progress Software Corp. (a) | &nbsp;&nbsp;&nbsp;130704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5348408 |
| Qualys, Inc. (a) | &nbsp;&nbsp;&nbsp;110570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14584183 |
| Rapid7, Inc. (a) | &nbsp;&nbsp;&nbsp;179595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140772 |
| Rubrik, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;234280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13107966 |
| SentinelOne, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;920320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12866074 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;859295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100546108 |
| Tenable Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;371857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8203165 |
| Teradata Corp. (a) | &nbsp;&nbsp;&nbsp;261926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7470129 |
| UiPath, Inc. Class A (a) | 1241420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15629478 |
| Varonis Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;300902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8978916 |
| Zscaler, Inc. (a) | &nbsp;&nbsp;&nbsp;122354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24472023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544882443 |
| TOTAL SOFTWARE | TOTAL SOFTWARE | &nbsp;&nbsp;&nbsp;&nbsp;4463502156 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 17.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 17.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 17.3%** |
| **Technology Hardware, Storage & Peripherals – 17.3%** | **Technology Hardware, Storage & Peripherals – 17.3%** | **Technology Hardware, Storage & Peripherals – 17.3%** |
| Apple, Inc. | 8933593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318088712 |
| Corsair Gaming, Inc. (a) | &nbsp;&nbsp;&nbsp;137157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699501 |
| Dell Technologies, Inc. Class C | &nbsp;&nbsp;&nbsp;334734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38306959 |
| Diebold Nixdorf, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;44567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075569 |
| GPGI, Inc. (a) | &nbsp;&nbsp;&nbsp;473440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11158981 |
| Hewlett Packard Enterprise Co. | 1574937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33892644 |
| HP, Inc. | 1171069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22765581 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| IonQ, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;483391 | &nbsp;&nbsp;$19325972 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;264613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25495463 |
| Pure Storage, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;414558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28828363 |
| Quantum Computing, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;613241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684744 |
| Sandisk Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;162916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93880345 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;218838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89218064 |
| Super Micro Computer, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;656168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19101050 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;360753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90271223 |
| TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS | TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2799793171 |
| **TOTAL COMMON STOCKS<br> (Cost $8,578,044,251)** | **TOTAL COMMON STOCKS<br> (Cost $8,578,044,251)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16120949215** |
| &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.59% (b)<br> (Cost $25,724,000) | 25724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25724000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $8,603,768,251)** | **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $8,603,768,251)** | &nbsp;&nbsp;**16146673215** |
| **NET OTHER ASSETS (LIABILITIES) – 0.0%** | **NET OTHER ASSETS (LIABILITIES) – 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2280374** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$16148953589** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contracts** |  |  |  |  |  |
| CME E-mini Russell 2000 Index Contracts (United States) | 11 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;1443530 | &nbsp;&nbsp;$11728 | &nbsp;&nbsp;$11728 |
| CME E-mini Technology Select Sector Index Contracts (United States) | 87 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;25337880 | &nbsp;&nbsp;&nbsp;&nbsp;(427411) | &nbsp;&nbsp;&nbsp;&nbsp;(427411) |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;$(415683) |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **38** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Investment Valuation
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

#### Valuation Inputs at Reporting Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;16120949215 | &nbsp;&nbsp;&nbsp;&nbsp;16120949215 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments in Securities: | &nbsp;&nbsp;&nbsp;$16146673215 | &nbsp;&nbsp;&nbsp;$16146673215 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$11728 | &nbsp;&nbsp;&nbsp;$11728 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$11728 | &nbsp;&nbsp;&nbsp;$11728 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(427411) | &nbsp;&nbsp;&nbsp;$(427411) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;$(427411) | &nbsp;&nbsp;&nbsp;$(427411) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$(415683) | &nbsp;&nbsp;&nbsp;$(415683) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

#### Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk/ Derivative Type** | &nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**Asset** | &nbsp;&nbsp;&nbsp;**Liabilities** |
| Equity Risk |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$11728 | &nbsp;&nbsp;&nbsp;$(427411) |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;11728 | &nbsp;&nbsp;&nbsp;&nbsp;(427411) |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$11728 | &nbsp;&nbsp;&nbsp;$(427411) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **39** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Materials Index ETF

### Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.9%** | &nbsp;&nbsp;**Common Stocks – 99.9%** | &nbsp;&nbsp;**Common Stocks – 99.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CHEMICALS – 48.4%** | **CHEMICALS – 48.4%** | **CHEMICALS – 48.4%** |
| **Commodity Chemicals – 3.1%** | **Commodity Chemicals – 3.1%** | **Commodity Chemicals – 3.1%** |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8872 | &nbsp;&nbsp;$140532 |
| Cabot Corp. | &nbsp;&nbsp;17864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289602 |
| Dow, Inc. | 237721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6549214 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868246 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194672 |
| LyondellBasell Industries NV Class A | &nbsp;&nbsp;86305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4228945 |
| Olin Corp. | &nbsp;&nbsp;38487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800914 |
| PureCycle Technologies, Inc. (a) | &nbsp;&nbsp;45343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433479 |
| Tronox Holdings PLC | &nbsp;&nbsp;39826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241346 |
| Westlake Corp. | &nbsp;&nbsp;12908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15770813 |
| **Diversified Chemicals – 0.2%** | **Diversified Chemicals – 0.2%** | **Diversified Chemicals – 0.2%** |
| Chemours Co. | &nbsp;&nbsp;50256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753337 |
| Huntsman Corp. | &nbsp;&nbsp;55407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352841 |
| **Fertilizers & Agricultural Chemicals – 5.2%** | **Fertilizers & Agricultural Chemicals – 5.2%** | **Fertilizers & Agricultural Chemicals – 5.2%** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;54320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064254 |
| Corteva, Inc. | 227746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16579909 |
| FMC Corp. | &nbsp;&nbsp;41929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662478 |
| Mosaic Co. | 106504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928860 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;15504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26231168 |
| **Industrial Gases – 18.2%** | **Industrial Gases – 18.2%** | **Industrial Gases – 18.2%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;74637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20338583 |
| Linde PLC | 157256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71861274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92199857 |
| **Specialty Chemicals – 21.7%** | **Specialty Chemicals – 21.7%** | **Specialty Chemicals – 21.7%** |
| Albemarle Corp. | &nbsp;&nbsp;39467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6734254 |
| Ashland, Inc. | &nbsp;&nbsp;15341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938256 |
| ASP Isotopes, Inc. (a) | &nbsp;&nbsp;35614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225793 |
| Aspen Aerogels, Inc. (a) | &nbsp;&nbsp;23489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79158 |
| Avient Corp. | &nbsp;&nbsp;30731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110926 |
| Axalta Coating Systems Ltd. (a) | &nbsp;&nbsp;72548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436162 |
| Balchem Corp. | &nbsp;&nbsp;10869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849578 |
| Celanese Corp. | &nbsp;&nbsp;36679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630015 |
| DuPont de Nemours, Inc. | 140423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6167378 |
| Eastman Chemical Co. | &nbsp;&nbsp;38471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666810 |
| Ecolab, Inc. | &nbsp;&nbsp;85606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24140036 |
| Ecovyst, Inc. (a) | &nbsp;&nbsp;38410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407530 |
| Element Solutions, Inc. | &nbsp;&nbsp;76893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237586 |
| HB Fuller Co. | &nbsp;&nbsp;18167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091837 |
| Ingevity Corp. (a) | &nbsp;&nbsp;12245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805599 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681054 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;85950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000169 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;10535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692782 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793692 |
| Perimeter Solutions, Inc. (a) | &nbsp;&nbsp;46537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216942 |
| PPG Industries, Inc. | &nbsp;&nbsp;75692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8752266 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4677 | &nbsp;&nbsp;$719042 |
| RPM International, Inc. | &nbsp;&nbsp;43001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4599387 |
| Sensient Technologies Corp. | &nbsp;&nbsp;12126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146149 |
| Sherwin-Williams Co. | &nbsp;&nbsp;79437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28171538 |
| Solstice Advanced Materials, Inc. (a) | &nbsp;&nbsp;53907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329835 |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;7217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110039545 |
| TOTAL CHEMICALS | TOTAL CHEMICALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245594224 |
| **CONSTRUCTION MATERIALS – 13.2%** | **CONSTRUCTION MATERIALS – 13.2%** | **CONSTRUCTION MATERIALS – 13.2%** |
| **Construction Materials – 13.2%** | **Construction Materials – 13.2%** | **Construction Materials – 13.2%** |
| Amrize Ltd. (a) | 166936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8784172 |
| CRH PLC | 225586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27613982 |
| Eagle Materials, Inc. | &nbsp;&nbsp;10872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215822 |
| Knife River Corp. (a) | &nbsp;&nbsp;19035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278581 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;20224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13185037 |
| U.S. Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461751 |
| Vulcan Materials Co. | &nbsp;&nbsp;44310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13316927 |
| TOTAL CONSTRUCTION MATERIALS | TOTAL CONSTRUCTION MATERIALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66856272 |
| **CONTAINERS & PACKAGING – 10.4%** | **CONTAINERS & PACKAGING – 10.4%** | **CONTAINERS & PACKAGING – 10.4%** |
| **Metal, Glass & Plastic Containers – 3.0%** | **Metal, Glass & Plastic Containers – 3.0%** | **Metal, Glass & Plastic Containers – 3.0%** |
| AptarGroup, Inc. | &nbsp;&nbsp;22108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762395 |
| Ball Corp. | &nbsp;&nbsp;86706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930970 |
| Crown Holdings, Inc. | &nbsp;&nbsp;39039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086602 |
| Greif, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589041 |
| Greif, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;1464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121776 |
| O-I Glass, Inc. (a) | &nbsp;&nbsp;51724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790343 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;30524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317111 |
| TriMas Corp. | &nbsp;&nbsp;10848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14975423 |
| **Paper & Plastic Packaging Products & Materials – 7.4%** | **Paper & Plastic Packaging Products & Materials – 7.4%** | **Paper & Plastic Packaging Products & Materials – 7.4%** |
| Amcor PLC | 154828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6851139 |
| Avery Dennison Corp. | &nbsp;&nbsp;26152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851458 |
| Eightco Holdings, Inc. (a) | &nbsp;&nbsp;27075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39259 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;99165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452767 |
| International Paper Co. | 168213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6782348 |
| Packaging Corp. of America | &nbsp;&nbsp;30176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715669 |
| Sealed Air Corp. | &nbsp;&nbsp;49330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065940 |
| Smurfit WestRock PLC | 175102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7289496 |
| Sonoco Products Co. | &nbsp;&nbsp;33043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37634140 |
| TOTAL CONTAINERS & PACKAGING | TOTAL CONTAINERS & PACKAGING | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52609563 |
| **METALS & MINING – 27.4%** | **METALS & MINING – 27.4%** | **METALS & MINING – 27.4%** |
| **Aluminum – 1.5%** | **Aluminum – 1.5%** | **Aluminum – 1.5%** |
| Alcoa Corp. | &nbsp;&nbsp;86831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4932869 |
| Century Aluminum Co. (a) | &nbsp;&nbsp;18801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852250 |
| Constellium SE (a) | &nbsp;&nbsp;42173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947627 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **40** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **METALS & MINING – continued** | **METALS & MINING – continued** | **METALS & MINING – continued** |
| **Aluminum – continued** | **Aluminum – continued** | **Aluminum – continued** |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5431 | &nbsp;&nbsp;$665949 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7398695 |
| **Copper – 5.7%** | **Copper – 5.7%** | **Copper – 5.7%** |
| Freeport-McMoRan, Inc. | 481508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29001227 |
| **Diversified Metals & Mining – 1.2%** | **Diversified Metals & Mining – 1.2%** | **Diversified Metals & Mining – 1.2%** |
| American Battery Technology Co. (a) | &nbsp;&nbsp;39009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157596 |
| Compass Minerals International, Inc. (a) | &nbsp;&nbsp;11757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293690 |
| Ivanhoe Electric, Inc. (a) | &nbsp;&nbsp;31180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532866 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961876 |
| MP Materials Corp. (a) | &nbsp;&nbsp;47464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789459 |
| NioCorp Developments Ltd. (a) | &nbsp;&nbsp;37941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223852 |
| TMC the metals Co., Inc. (a) | &nbsp;&nbsp;68523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453622 |
| Trilogy Metals, Inc. (a) | &nbsp;&nbsp;35659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179722 |
| U.S. Antimony Corp. (a) | &nbsp;&nbsp;39970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292980 |
| USA Rare Earth, Inc. (a) | &nbsp;&nbsp;15174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6225864 |
| **Gold – 10.7%** | **Gold – 10.7%** | **Gold – 10.7%** |
| Coeur Mining, Inc. (a) | 215544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405719 |
| McEwen, Inc. (a) | &nbsp;&nbsp;15720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379638 |
| Newmont Corp. | 368381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41387605 |
| Perpetua Resources Corp. (a) | &nbsp;&nbsp;25280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672954 |
| Royal Gold, Inc. | &nbsp;&nbsp;28222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54277051 |
| **Silver – 1.0%** | **Silver – 1.0%** | **Silver – 1.0%** |
| Hecla Mining Co. | 224689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059996 |
| **Steel – 7.3%** | **Steel – 7.3%** | **Steel – 7.3%** |
| Alpha Metallurgical Resources, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781295 |
| Cleveland-Cliffs, Inc. (a) | 190840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625958 |
| Commercial Metals Co. | &nbsp;&nbsp;37562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887391 |
| Metallus, Inc. (a) | &nbsp;&nbsp;12596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251290 |
| Nucor Corp. | &nbsp;&nbsp;76978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13680530 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ramaco Resources, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;12947 | &nbsp;&nbsp;$252596 |
| Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5811721 |
| Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257733 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8421654 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222391 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575877 |
| Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37214426 |
| TOTAL METALS & MINING | TOTAL METALS & MINING | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139177259 |
| **PAPER & FOREST PRODUCTS – 0.5%** | **PAPER & FOREST PRODUCTS – 0.5%** | **PAPER & FOREST PRODUCTS – 0.5%** |
| **Forest Products – 0.4%** | **Forest Products – 0.4%** | **Forest Products – 0.4%** |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757033 |
| **Paper Products – 0.1%** | **Paper Products – 0.1%** | **Paper Products – 0.1%** |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563593 |
| TOTAL PAPER & FOREST PRODUCTS | TOTAL PAPER & FOREST PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320626 |
| **TOTAL COMMON STOCKS<br> (Cost $442,479,946)** | **TOTAL COMMON STOCKS<br> (Cost $442,479,946)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**506557944** |
| &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.59% (b)<br> (Cost $1,019,000) | 1019000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.1%<br> (Cost $443,498,946)** | **TOTAL INVESTMENT IN SECURITIES – 100.1%<br> (Cost $443,498,946)** | &nbsp;&nbsp;&nbsp;&nbsp;**507576944** |
| **NET OTHER ASSETS (LIABILITIES) – (0.1%)** | **NET OTHER ASSETS (LIABILITIES) – (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(274644)** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$507302300** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contract** |  |  |  |  |  |
| CME E-mini Materials Select Sector Index Contracts (United States) | 6 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;$629400 | &nbsp;&nbsp;$49879 | &nbsp;&nbsp;$49879 |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.1%

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **41** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Materials Index ETF

#### Schedule of Investments (Unaudited) – continued

#### Investment Valuation
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

#### Valuation Inputs at Reporting Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;$506557944 | &nbsp;&nbsp;&nbsp;$506557944 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments in Securities: | &nbsp;&nbsp;&nbsp;$507576944 | &nbsp;&nbsp;&nbsp;$507576944 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$49879 | &nbsp;&nbsp;&nbsp;$49879 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$49879 | &nbsp;&nbsp;&nbsp;$49879 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$49879 | &nbsp;&nbsp;&nbsp;$49879 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

#### Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk/ Derivative Type** | &nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**Asset** | &nbsp;&nbsp;&nbsp;**Liabilities** |
| Equity Risk |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$49879 | &nbsp;&nbsp;&nbsp;$0 |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;49879 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$49879 | &nbsp;&nbsp;&nbsp;$0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **42** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Real Estate Index ETF

### Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;**Common Stocks – 99.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **DIVERSIFIED REITS – 2.1%** | **DIVERSIFIED REITS – 2.1%** | **DIVERSIFIED REITS – 2.1%** |
| **Diversified REITs – 2.1%** | **Diversified REITs – 2.1%** | **Diversified REITs – 2.1%** |
| Alexander & Baldwin, Inc. | &nbsp;&nbsp;74065 | &nbsp;&nbsp;$1536108 |
| American Assets Trust, Inc. | &nbsp;&nbsp;53693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969695 |
| Armada Hoffler Properties, Inc. | &nbsp;&nbsp;91512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637839 |
| Broadstone Net Lease, Inc. | 183390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394549 |
| Essential Properties Realty Trust, Inc. | 165483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024064 |
| Gladstone Commercial Corp. | &nbsp;&nbsp;47168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549507 |
| Global Net Lease, Inc. | 193544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830926 |
| WP Carey, Inc. | 208073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14513092 |
| TOTAL DIVERSIFIED REITS | TOTAL DIVERSIFIED REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28455780 |
| **HEALTH CARE REITS – 14.9%** | **HEALTH CARE REITS – 14.9%** | **HEALTH CARE REITS – 14.9%** |
| **Health Care REITs – 14.9%** | **Health Care REITs – 14.9%** | **Health Care REITs – 14.9%** |
| Alexandria Real Estate Equities, Inc. | 150766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8237854 |
| American Healthcare REIT, Inc. | 145596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6829908 |
| CareTrust REIT, Inc. | 208723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7793717 |
| Diversified Healthcare Trust | 198201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151548 |
| Healthcare Realty Trust, Inc. | 353659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5937935 |
| Healthpeak Properties, Inc. | 675158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11639724 |
| LTC Properties, Inc. | &nbsp;&nbsp;44572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625541 |
| Medical Properties Trust, Inc. | 569986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861330 |
| National Health Investors, Inc. | &nbsp;&nbsp;44010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614101 |
| Omega Healthcare Investors, Inc. | 254196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11154120 |
| Sabra Health Care REIT, Inc. | 224187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199023 |
| Sila Realty Trust, Inc. | &nbsp;&nbsp;54955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338154 |
| Ventas, Inc. | 392969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30521902 |
| Welltower, Inc. | 573939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108107150 |
| TOTAL HEALTH CARE REITS | TOTAL HEALTH CARE REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205012007 |
| **HOTEL & RESORT REITS – 2.2%** | **HOTEL & RESORT REITS – 2.2%** | **HOTEL & RESORT REITS – 2.2%** |
| **Hotel & Resort REITs – 2.2%** | **Hotel & Resort REITs – 2.2%** | **Hotel & Resort REITs – 2.2%** |
| Apple Hospitality REIT, Inc. | 225771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627974 |
| DiamondRock Hospitality Co. | 203189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865275 |
| Host Hotels & Resorts, Inc. | 673654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12482809 |
| Park Hotels & Resorts, Inc. | 208135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274916 |
| Pebblebrook Hotel Trust | 125103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428676 |
| RLJ Lodging Trust | 162503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207397 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;53896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103951 |
| Summit Hotel Properties, Inc. | 120367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532022 |
| Sunstone Hotel Investors, Inc. | 195785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717035 |
| Xenia Hotels & Resorts, Inc. | 106463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570329 |
| TOTAL HOTEL & RESORT REITS | TOTAL HOTEL & RESORT REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30810384 |
| **INDUSTRIAL REITS – 11.3%** | **INDUSTRIAL REITS – 11.3%** | **INDUSTRIAL REITS – 11.3%** |
| **Industrial REITs – 11.3%** | **Industrial REITs – 11.3%** | **Industrial REITs – 11.3%** |
| Americold Realty Trust, Inc. | 256201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179454 |
| EastGroup Properties, Inc. | &nbsp;&nbsp;46633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8470418 |
| First Industrial Realty Trust, Inc. | 125559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7286189 |
| Lineage, Inc. | &nbsp;&nbsp;12033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429699 |
| LXP Industrial Trust | &nbsp;&nbsp;58317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889607 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Prologis, Inc. | 861410 | &nbsp;&nbsp;$112465690 |
| Rexford Industrial Realty, Inc. | 211506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8572338 |
| STAG Industrial, Inc. | 172509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6470813 |
| Terreno Realty Corp. | &nbsp;&nbsp;94019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785929 |
| TOTAL INDUSTRIAL REITS | TOTAL INDUSTRIAL REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155550137 |
| **OFFICE REITS – 2.7%** | **OFFICE REITS – 2.7%** | **OFFICE REITS – 2.7%** |
| **Office REITs – 2.7%** | **Office REITs – 2.7%** | **Office REITs – 2.7%** |
| Brandywine Realty Trust | 179605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508282 |
| BXP, Inc. | 143237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9263137 |
| COPT Defense Properties | 108448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341283 |
| Cousins Properties, Inc. | 159338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021691 |
| Douglas Emmett, Inc. | 114773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212003 |
| Easterly Government Properties, Inc. | &nbsp;&nbsp;43435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015944 |
| Empire State Realty Trust, Inc. Class A | 153022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014536 |
| Highwoods Properties, Inc. | 104971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713500 |
| Hudson Pacific Properties, Inc. (a) | &nbsp;&nbsp;25598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220655 |
| JBG SMITH Properties | &nbsp;&nbsp;82582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390681 |
| Kilroy Realty Corp. | 109202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765285 |
| Piedmont Realty Trust, Inc. | 126686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066696 |
| SL Green Realty Corp. | &nbsp;&nbsp;70005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134824 |
| Vornado Realty Trust | 156669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994608 |
| TOTAL OFFICE REITS | TOTAL OFFICE REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37663125 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT – 8.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT – 8.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT – 8.9%** |
| **Diversified Real Estate Activities – 0.2%** | **Diversified Real Estate Activities – 0.2%** | **Diversified Real Estate Activities – 0.2%** |
| St. Joe Co. | &nbsp;&nbsp;40135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656536 |
| **Real Estate Development – 0.2%** | **Real Estate Development – 0.2%** | **Real Estate Development – 0.2%** |
| Forestar Group, Inc. (a) | &nbsp;&nbsp;25499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663484 |
| Howard Hughes Holdings, Inc. (a) | &nbsp;&nbsp;32437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312289 |
| **Real Estate Operating Companies – 0.2%** | **Real Estate Operating Companies – 0.2%** | **Real Estate Operating Companies – 0.2%** |
| Kennedy-Wilson Holdings, Inc. | 112674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109839 |
| Landbridge Co. LLC Class A | &nbsp;&nbsp;15833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019603 |
| **Real Estate Services – 8.3%** | **Real Estate Services – 8.3%** | **Real Estate Services – 8.3%** |
| CBRE Group, Inc. Class A (a) | 279343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47580493 |
| Compass, Inc. Class A (a) | 474232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5937385 |
| CoStar Group, Inc. (a) | 397593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24451970 |
| Cushman & Wakefield Ltd. (a) | 118274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944425 |
| eXp World Holdings, Inc. | &nbsp;&nbsp;88575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800718 |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;45317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16219407 |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;28637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778926 |
| Newmark Group, Inc. Class A | 143417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557125 |
| Opendoor Technologies, Inc. (a) | 846541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359686 |
| Zillow Group, Inc. Class C (a) | 151341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9539023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114169158 |
| TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122157586 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **43** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Real Estate Index ETF

#### Schedule of Investments (Unaudited) – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **RESIDENTIAL REITS – 11.4%** | **RESIDENTIAL REITS – 11.4%** | **RESIDENTIAL REITS – 11.4%** |
| **Multi-Family Residential REITs – 7.6%** | **Multi-Family Residential REITs – 7.6%** | **Multi-Family Residential REITs – 7.6%** |
| Apartment Investment & Management Co. Class A | 136571 | &nbsp;&nbsp;$803038 |
| AvalonBay Communities, Inc. | 134987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23983140 |
| Camden Property Trust | 101784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11099545 |
| Centerspace | &nbsp;&nbsp;16906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086549 |
| Equity Residential | 324289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20209691 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;61091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15386990 |
| Independence Realty Trust, Inc. | 219507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665767 |
| Mid-America Apartment Communities, Inc. | 111058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14915089 |
| NexPoint Residential Trust, Inc. | &nbsp;&nbsp;23596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713071 |
| UDR, Inc. | 296772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11025080 |
| Veris Residential, Inc. | &nbsp;&nbsp;82649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104143398 |
| **Single-Family Residential REITs – 3.8%** | **Single-Family Residential REITs – 3.8%** | **Single-Family Residential REITs – 3.8%** |
| American Homes 4 Rent Class A | 313006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9803348 |
| Equity LifeStyle Properties, Inc. | 170659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10780529 |
| Invitation Homes, Inc. | 561727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15014963 |
| Sun Communities, Inc. | 119577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15237697 |
| UMH Properties, Inc. | &nbsp;&nbsp;74792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52005536 |
| TOTAL RESIDENTIAL REITS | TOTAL RESIDENTIAL REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156148934 |
| **RETAIL REITS – 14.2%** | **RETAIL REITS – 14.2%** | **RETAIL REITS – 14.2%** |
| **Retail REITs – 14.2%** | **Retail REITs – 14.2%** | **Retail REITs – 14.2%** |
| Acadia Realty Trust | 115200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305152 |
| Agree Realty Corp. | &nbsp;&nbsp;97734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7059327 |
| Alexander's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661230 |
| Brixmor Property Group, Inc. | 286695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7680559 |
| CBL & Associates Properties, Inc. | &nbsp;&nbsp;16096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576237 |
| Curbline Properties Corp. | &nbsp;&nbsp;91511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219142 |
| Federal Realty Investment Trust | &nbsp;&nbsp;71886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7271988 |
| Getty Realty Corp. | &nbsp;&nbsp;50958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521606 |
| InvenTrust Properties Corp. | &nbsp;&nbsp;77710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283897 |
| Kimco Realty Corp. | 641461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13521998 |
| Kite Realty Group Trust | 208245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891675 |
| Macerich Co. | 241634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4574132 |
| NETSTREIT Corp. | &nbsp;&nbsp;81488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535234 |
| NNN REIT, Inc. | 176321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7347296 |
| Phillips Edison & Co., Inc. | 116405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217353 |
| Realty Income Corp. | 822288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50291134 |
| Regency Centers Corp. | 167022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12170893 |
| Saul Centers, Inc. | &nbsp;&nbsp;14761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468366 |
| Simon Property Group, Inc. | 304814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58313966 |
| Tanger, Inc. | 105479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451273 |
| Urban Edge Properties | 119852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328724 |
| Whitestone REIT | &nbsp;&nbsp;45698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650739 |
| TOTAL RETAIL REITS | TOTAL RETAIL REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195341921 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SPECIALIZED REITS – 32.0%** | **SPECIALIZED REITS – 32.0%** | **SPECIALIZED REITS – 32.0%** |
| **Data Center REITs – 8.3%** | **Data Center REITs – 8.3%** | **Data Center REITs – 8.3%** |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;310326 | &nbsp;&nbsp;$51498600 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62172312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113670912 |
| **Other Specialized REITs – 6.5%** | **Other Specialized REITs – 6.5%** | **Other Specialized REITs – 6.5%** |
| EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;72680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942163 |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307265 |
| Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;258891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11585372 |
| Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;278655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25672485 |
| Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;83398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700797 |
| Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp;115274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435165 |
| Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;135280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290010 |
| Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729854 |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;991895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27852412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89515523 |
| **Self-Storage REITs – 5.8%** | **Self-Storage REITs – 5.8%** | **Self-Storage REITs – 5.8%** |
| CubeSmart | &nbsp;&nbsp;&nbsp;213203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001509 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;201015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27734039 |
| National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;71576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276833 |
| Public Storage | &nbsp;&nbsp;&nbsp;148095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40902358 |
| Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79262371 |
| **Telecom Tower REITs – 9.6%** | **Telecom Tower REITs – 9.6%** | **Telecom Tower REITs – 9.6%** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;434699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77932837 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;408508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35462579 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;102488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18869066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132264482 |
| **Timber REITs – 1.8%** | **Timber REITs – 1.8%** | **Timber REITs – 1.8%** |
| PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154997 |
| Rayonier, Inc. | &nbsp;&nbsp;&nbsp;147168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3346600 |
| Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;693347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17874486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24376083 |
| TOTAL SPECIALIZED REITS | TOTAL SPECIALIZED REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439089371 |
| **TOTAL COMMON STOCKS<br> (Cost $1,411,186,624)** | **TOTAL COMMON STOCKS<br> (Cost $1,411,186,624)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1370229245** |
| &nbsp;&nbsp;**Money Market Fund – 0.3%** | &nbsp;&nbsp;**Money Market Fund – 0.3%** | &nbsp;&nbsp;**Money Market Fund – 0.3%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.59% (b)<br> (Cost $3,960,000) | 3960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,415,146,624)** | **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,415,146,624)** | &nbsp;&nbsp;**1374189245** |
| **NET OTHER ASSETS (LIABILITIES) – 0.0%** | **NET OTHER ASSETS (LIABILITIES) – 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45319** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1374234564** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **44** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contract** |  |  |  |  |  |
| CME Dow Jones U.S. Real Estate Index Contracts (United States) | 105 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;$3839850 | &nbsp;&nbsp;$62016 | &nbsp;&nbsp;$62016 |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

#### Investment Valuation
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

#### Valuation Inputs at Reporting Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;$1370229245 | &nbsp;&nbsp;&nbsp;$1370229245 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments in Securities: | &nbsp;&nbsp;&nbsp;$1374189245 | &nbsp;&nbsp;&nbsp;$1374189245 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$62016 | &nbsp;&nbsp;&nbsp;$62016 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$62016 | &nbsp;&nbsp;&nbsp;$62016 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$62016 | &nbsp;&nbsp;&nbsp;$62016 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

#### Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk/ Derivative Type** | &nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**Asset** | &nbsp;&nbsp;&nbsp;**Liabilities** |
| Equity Risk |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$62016 | &nbsp;&nbsp;&nbsp;$0 |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;62016 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$62016 | &nbsp;&nbsp;&nbsp;$0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **45** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### Fidelity® MSCI Utilities Index ETF

### Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;**Common Stocks – 99.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **ELECTRIC UTILITIES – 61.6%** | **ELECTRIC UTILITIES – 61.6%** | **ELECTRIC UTILITIES – 61.6%** |
| **Electric Utilities – 61.6%** | **Electric Utilities – 61.6%** | **Electric Utilities – 61.6%** |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;384682 | &nbsp;&nbsp;$25354391 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;800589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95890547 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;467672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131266177 |
| Duke Energy Corp. | 1164103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141263899 |
| Edison International | &nbsp;&nbsp;&nbsp;576094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35879134 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;668275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64080890 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;344540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26436554 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;555561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38405932 |
| Exelon Corp. | 1511952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67705211 |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;821157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38873572 |
| Hawaiian Electric Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;258387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3958489 |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10742445 |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358892 |
| NextEra Energy, Inc. | 3082758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270974428 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;289565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44196306 |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp;301488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13168996 |
| Oklo, Inc. (a) | &nbsp;&nbsp;&nbsp;165728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13195263 |
| Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043870 |
| PG&E Corp. | 3290161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50734283 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;178781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16726750 |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;164134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8247734 |
| PPL Corp. | 1107054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40130708 |
| Southern Co. | 1646772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147073207 |
| TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;141991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8366110 |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;885363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67340710 |
| TOTAL ELECTRIC UTILITIES | TOTAL ELECTRIC UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp;1369414498 |
| **GAS UTILITIES – 4.8%** | **GAS UTILITIES – 4.8%** | **GAS UTILITIES – 4.8%** |
| **Gas Utilities – 4.8%** | **Gas Utilities – 4.8%** | **Gas Utilities – 4.8%** |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;240304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39972167 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524260 |
| MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;290832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964964 |
| National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;128534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10764722 |
| New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;150544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7448917 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;61139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846632 |
| ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7154194 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7589708 |
| Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7464692 |
| UGI Corp. | &nbsp;&nbsp;&nbsp;321742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12905072 |
| TOTAL GAS UTILITIES | TOTAL GAS UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106635328 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 6.1%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 6.1%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 6.1%** |
| **Independent Power Producers & Energy Traders – 5.3%** | **Independent Power Producers & Energy Traders – 5.3%** | **Independent Power Producers & Energy Traders – 5.3%** |
| AES Corp. | 1065937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15615977 |
| Hallador Energy Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;47916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885967 |
| Talen Energy Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;58131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20250515 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;507215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80317495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117069954 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Renewable Electricity – 0.8%** | **Renewable Electricity – 0.8%** | **Renewable Electricity – 0.8%** |
| Clearway Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;51704 | &nbsp;&nbsp;$1746044 |
| Clearway Energy, Inc. Class C | &nbsp;&nbsp;&nbsp;124310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493806 |
| Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10791443 |
| XPLR Infrastructure LP (a) | &nbsp;&nbsp;&nbsp;133697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18333502 |
| TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135403456 |
| **MULTI-UTILITIES – 24.3%** | **MULTI-UTILITIES – 24.3%** | **MULTI-UTILITIES – 24.3%** |
| **Multi-Utilities – 24.3%** | **Multi-Utilities – 24.3%** | **Multi-Utilities – 24.3%** |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;404802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41807951 |
| Avista Corp. | &nbsp;&nbsp;&nbsp;121162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002779 |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp;109160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7966497 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;977336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38790466 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;448105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32035026 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;539896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57569111 |
| Dominion Energy, Inc. | 1276939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76833420 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;310759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41759794 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;704870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31218692 |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6242509 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;747121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61532886 |
| Sempra | &nbsp;&nbsp;&nbsp;976752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84987192 |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343871 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;481835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53324679 |
| TOTAL MULTI-UTILITIES | TOTAL MULTI-UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540414873 |
| **WATER UTILITIES – 2.9%** | **WATER UTILITIES – 2.9%** | **WATER UTILITIES – 2.9%** |
| **Water Utilities – 2.9%** | **Water Utilities – 2.9%** | **Water Utilities – 2.9%** |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;57735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212346 |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;292061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37713837 |
| California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;88930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975171 |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;419860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16286369 |
| H2O America | &nbsp;&nbsp;&nbsp;&nbsp;50058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605018 |
| Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;27147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421960 |
| TOTAL WATER UTILITIES | TOTAL WATER UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66214701 |
| **TOTAL COMMON STOCKS<br> (Cost $1,953,994,048)** | **TOTAL COMMON STOCKS<br> (Cost $1,953,994,048)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2218082856** |
| &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.59% (b)<br> (Cost $4,274,000) | 4274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4274000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,958,268,048)** | **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,958,268,048)** | &nbsp;&nbsp;**2222356856** |
| **NET OTHER ASSETS (LIABILITIES) – 0.1%** | **NET OTHER ASSETS (LIABILITIES) – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1173013** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2223529869** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **46** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contract** |  |  |  |  |  |
| CME E-mini S&P Utilities Select Sector Index Contracts (United States) | 59 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;$5165450 | &nbsp;&nbsp;$24111 | &nbsp;&nbsp;$24111 |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

#### Investment Valuation
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

#### Valuation Inputs at Reporting Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;$2218082856 | &nbsp;&nbsp;&nbsp;$2218082856 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments in Securities: | &nbsp;&nbsp;&nbsp;$2222356856 | &nbsp;&nbsp;&nbsp;$2222356856 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$24111 | &nbsp;&nbsp;&nbsp;$24111 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$24111 | &nbsp;&nbsp;&nbsp;$24111 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$24111 | &nbsp;&nbsp;&nbsp;$24111 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

#### Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk/ Derivative Type** | &nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**Asset** | &nbsp;&nbsp;&nbsp;**Liabilities** |
| Equity Risk |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$24111 | &nbsp;&nbsp;&nbsp;$0 |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;24111 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$24111 | &nbsp;&nbsp;&nbsp;$0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **47** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Financial Statements

#### <sup>Statements of Assets and Liabilities</sup>

#### January 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity MSCI<br> Communication<br> Services<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Consumer<br> Discretionary<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Consumer<br> Staples<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Energy<br> Index ETF**  |
| **Assets** |  |  |  |  |
| Investments in securities, at value – See accompanying schedule | $1796730177 | &nbsp;&nbsp;$1842024664 | &nbsp;&nbsp;$1392640423 | &nbsp;&nbsp;$1507615566 |
| Segregated cash with brokers for derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297699 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46450 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25228183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25818994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65762 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284229 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9452 |
| Receivable for daily variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38813 |
| Other receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826707723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868697898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400600896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508357971 |
| **Liabilities** |  |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25981081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16116 |
| Accrued management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97373 |
| Payable for daily variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4458469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26120126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113489 |
| **Net Assets** | $1822249254 | &nbsp;&nbsp;$1842577772 | &nbsp;&nbsp;$1394915603 | &nbsp;&nbsp;$1508244482 |
| Net Assets consist of: |  |  |  |  |
| Paid in capital | $1192861268 | &nbsp;&nbsp;$1458970193 | &nbsp;&nbsp;$1226063969 | &nbsp;&nbsp;$1297587592 |
| Total accumulated earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629387986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383607579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168851634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210656890 |
| **Net Assets** | $1822249254 | &nbsp;&nbsp;$1842577772 | &nbsp;&nbsp;$1394915603 | &nbsp;&nbsp;$1508244482 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53350000 |
| Net Asset Value per share | $75.46 | &nbsp;&nbsp;$103.52 | &nbsp;&nbsp;$52.84 | &nbsp;&nbsp;$28.27 |
| Investments at cost | $1313830004 | &nbsp;&nbsp;$1446009299 | &nbsp;&nbsp;$1176614132 | &nbsp;&nbsp;$1218625762 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **48** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### <sup>Statements of Assets and Liabilities</sup>

#### January 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity MSCI<br> Financials<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Health<br> Care<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Industrials<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Information<br> Technology<br> Index ETF**  |
| **Assets** |  |  |  |  |
| Investments in securities, at value – See accompanying schedule | $2406750363 | &nbsp;&nbsp;$2823139865 | &nbsp;&nbsp;$1813384710 | &nbsp;&nbsp;$16146673215 |
| Segregated cash with brokers for derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926486 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8414 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978017 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85150 |
| Receivable for daily variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409511173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827727561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814312300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16150671282 |
| **Liabilities** |  |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accrued management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174321 |
| Payable for daily variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543372 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717693 |
| **Net Assets** | $2409073414 | &nbsp;&nbsp;$2827517318 | &nbsp;&nbsp;$1813762023 | &nbsp;&nbsp;$16148953589 |
| Net Assets consist of: |  |  |  |  |
| Paid in capital | $1766558088 | &nbsp;&nbsp;$2266333446 | &nbsp;&nbsp;$1301954676 | &nbsp;&nbsp;$8111679480 |
| Total accumulated earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642515326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561183872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511807347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8037274109 |
| **Net Assets** | $2409073414 | &nbsp;&nbsp;$2827517318 | &nbsp;&nbsp;$1813762023 | &nbsp;&nbsp;$16148953589 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72400000 |
| Net Asset Value per share | $76.24 | &nbsp;&nbsp;$74.12 | &nbsp;&nbsp;$88.69 | &nbsp;&nbsp;$223.05 |
| Investments at cost | $1627645414 | &nbsp;&nbsp;$2148591848 | &nbsp;&nbsp;$1310335005 | &nbsp;&nbsp;$8603768251 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **49** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Financial Statements – continued

#### <sup>Statements of Assets and Liabilities</sup>

#### January 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity MSCI<br> Materials<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Real Estate<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Utilities<br> Index ETF**  |
| **Assets** |  |  |  |
| Investments in securities, at value – See accompanying schedule | $507576944 | &nbsp;&nbsp;$1374189245 | &nbsp;&nbsp;$2222356856 |
| Segregated cash with brokers for derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347518 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8391 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984823 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15381 |
| Receivable for daily variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507903225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376022886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223719973 |
| **Liabilities** |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accrued management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153829 |
| Payable for daily variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36275 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190104 |
| **Net Assets** | $507302300 | &nbsp;&nbsp;$1374234564 | &nbsp;&nbsp;$2223529869 |
| Net Assets consist of: |  |  |  |
| Paid in capital | $471539605 | &nbsp;&nbsp;$1523020365 | &nbsp;&nbsp;$2001460545 |
| Total accumulated earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;35762695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148785801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222069324 |
| **Net Assets** | $507302300 | &nbsp;&nbsp;$1374234564 | &nbsp;&nbsp;$2223529869 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39650000 |
| Net Asset Value per share | $57.65 | &nbsp;&nbsp;$27.60 | &nbsp;&nbsp;$56.08 |
| Investments at cost | $443498946 | &nbsp;&nbsp;$1415146624 | &nbsp;&nbsp;$1958268048 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **50** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### <sup>Statements of Operations</sup>

#### For the six months ended January 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity MSCI<br> Communication<br> Services<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Consumer<br> Discretionary<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Consumer<br> Staples<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Energy<br> Index ETF**  |
| **Investment Income** |  |  |  |  |
| Dividends | $9721967 | &nbsp;&nbsp;$7496960 | &nbsp;&nbsp;$16306139 | &nbsp;&nbsp;$21741046 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65952 |
| &nbsp;&nbsp;&nbsp;**Total income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9772841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7584855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16363735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21806998 |
| **Expenses** |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567645 |
| Independent trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569222 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9006041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6779411 | &nbsp;&nbsp;&nbsp;&nbsp;15807014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21237776 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) on investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2748672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7701862) | &nbsp;&nbsp;&nbsp;&nbsp;(19884436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7071653) |
| Net realized gain (loss) on In-kind redemptions | &nbsp;&nbsp;&nbsp;219151174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96100914 | &nbsp;&nbsp;&nbsp;&nbsp;19061857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93135733 |
| Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(930586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350400 |
| Net realized gain (loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total net realized gain (loss)** | &nbsp;&nbsp;&nbsp;215471916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89038339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(831670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86414480 |
| Change in net unrealized appreciation (depreciation) on investment securities | &nbsp;&nbsp;&nbsp;&nbsp;25596527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55760733 | &nbsp;&nbsp;&nbsp;&nbsp;63770013 | &nbsp;&nbsp;&nbsp;&nbsp;136051752 |
| Change in net unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411803 |
| &nbsp;&nbsp;&nbsp;**Total change in net unrealized appreciation (depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25805880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55678038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64042835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136463555 |
| **Net gain (loss)** | &nbsp;&nbsp;&nbsp;241277796 | &nbsp;&nbsp;&nbsp;&nbsp;144716377 | &nbsp;&nbsp;&nbsp;&nbsp;63211165 | &nbsp;&nbsp;&nbsp;&nbsp;222878035 |
| **Net increase (decrease) in net assets resulting from operations** | $250283837 | &nbsp;&nbsp;$151495788 | &nbsp;&nbsp;$79018179 | &nbsp;&nbsp;$244115811 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **51** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Financial Statements – continued

#### <sup>Statements of Operations</sup>

#### For the six months ended January 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity MSCI<br> Financials<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Health<br> Care<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Industrials<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Information<br> Technology<br> Index ETF**  |
| **Investment Income** |  |  |  |  |
| Dividends | $21535417 | &nbsp;&nbsp;$20260957 | &nbsp;&nbsp;$10001794 | &nbsp;&nbsp;$39687250 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742696 |
| &nbsp;&nbsp;&nbsp;**Total income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21630131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20345918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10044930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40429946 |
| **Expenses** |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6805661 |
| Independent trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18370 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6824031 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;20633661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19232998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9407197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33605915 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) on investment securities | &nbsp;&nbsp;&nbsp;&nbsp;(2732161) | &nbsp;&nbsp;&nbsp;&nbsp;(11502321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2885757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70070261 |
| Net realized gain (loss) on In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;16747476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38208009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50454350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496667021 |
| Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234304 |
| Net realized gain (loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total net realized gain (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;14429782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27450222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47826394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570971586 |
| Change in net unrealized appreciation (depreciation) on investment securities | &nbsp;&nbsp;&nbsp;&nbsp;40552855 | &nbsp;&nbsp;&nbsp;&nbsp;422934550 | &nbsp;&nbsp;&nbsp;&nbsp;105619342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722798401 |
| Change in net unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(743409) |
| &nbsp;&nbsp;&nbsp;**Total change in net unrealized appreciation (depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40301451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423048797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105655307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722054992 |
| **Net gain (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;54731233 | &nbsp;&nbsp;&nbsp;&nbsp;450499019 | &nbsp;&nbsp;&nbsp;&nbsp;153481701 | &nbsp;&nbsp;&nbsp;&nbsp;1293026578 |
| **Net increase (decrease) in net assets resulting from operations** | $75364894 | &nbsp;&nbsp;$469732017 | &nbsp;&nbsp;$162888898 | &nbsp;&nbsp;$1326632493 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **52** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

#### <sup>Statements of Operations</sup>

#### For the six months ended January 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity MSCI<br> Materials<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Real Estate<br> Index ETF**  | &nbsp;&nbsp;**Fidelity MSCI<br> Utilities<br> Index ETF**  |
| **Investment Income** |  |  |  |
| Dividends | $3671046 | &nbsp;&nbsp;$20400368 | &nbsp;&nbsp;$29005282 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103168 |
| &nbsp;&nbsp;&nbsp;**Total income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20459517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29108450 |
| **Expenses** |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882742 |
| Independent trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885123 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;3501127 | &nbsp;&nbsp;&nbsp;&nbsp;20000840 | &nbsp;&nbsp;&nbsp;&nbsp;28223327 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |
| Net realized gain (loss) on investment securities | &nbsp;&nbsp;&nbsp;&nbsp;(2484403) | &nbsp;&nbsp;&nbsp;&nbsp;(11506724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4070065) |
| Net realized gain (loss) on In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;2681172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798552 | &nbsp;&nbsp;&nbsp;&nbsp;12153515 |
| Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122660) |
| Net realized gain (loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total net realized gain (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8771301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7960790 |
| Change in net unrealized appreciation (depreciation) on investment securities | &nbsp;&nbsp;&nbsp;65935665 | &nbsp;&nbsp;&nbsp;&nbsp;25018058 | &nbsp;&nbsp;&nbsp;&nbsp;19355483 |
| Change in net unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171805) |
| &nbsp;&nbsp;&nbsp;**Total change in net unrealized appreciation (depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66002662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25090958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19183678 |
| **Net gain (loss)** | &nbsp;&nbsp;&nbsp;66237974 | &nbsp;&nbsp;&nbsp;&nbsp;16319657 | &nbsp;&nbsp;&nbsp;&nbsp;27144468 |
| **Net increase (decrease) in net assets resulting from operations** | $69739101 | &nbsp;&nbsp;$36320497 | &nbsp;&nbsp;$55367795 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **53** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Financial Statements – continued

<sup>Statements of Changes in Net Assets</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity MSCI Communication Services Index ETF** | **Fidelity MSCI Communication Services Index ETF** | **Fidelity MSCI Consumer Discretionary Index ETF** | **Fidelity MSCI Consumer Discretionary Index ETF** |
|  | **Six months ended<br> January 31, 2026 (Unaudited)**  | **Year ended<br> July 31, 2025**  | **Six months ended<br> January 31, 2026 (Unaudited)**  | **Year ended<br> July 31, 2025**  |
| **Increase (Decrease) in Net Assets** |  |  |  |  |
| Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$9006041 | &nbsp;&nbsp;&nbsp;&nbsp;$14468742 | &nbsp;&nbsp;&nbsp;&nbsp;$6779411 | &nbsp;&nbsp;&nbsp;&nbsp;$14838504 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215471916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45250667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89038339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100612915 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25805880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294299822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55678038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124961008 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;250283837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354019231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151495788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240412427 |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9091400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13712250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6777150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14864000) |
| Share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248569097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286631005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91999923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216205428 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360806342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103413989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216084521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286259668) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(112237245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183217016 | &nbsp;&nbsp;&nbsp;&nbsp;(124084598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70054240) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128955192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523523997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20634040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155494187 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1693294062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169770065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821943732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666449545 |
| &nbsp;&nbsp;&nbsp;End of period | $1822249254 | $1693294062 | $1842577772 | $1821943732 |
| **Other Information** |  |  |  |  |
| Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 |
| &nbsp;&nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1850000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3300000) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(950000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **54** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

<sup>Statements of Changes in Net Assets</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity MSCI Consumer Staples Index ETF** | **Fidelity MSCI Consumer Staples Index ETF** | **Fidelity MSCI Energy Index ETF** | **Fidelity MSCI Energy Index ETF** |
|  | **Six months ended<br> January 31, 2026 (Unaudited)**  | **Year ended<br> July 31, 2025**  | **Six months ended<br> January 31, 2026 (Unaudited)**  | **Year ended<br> July 31, 2025**  |
| **Increase (Decrease) in Net Assets** |  |  |  |  |
| Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$15807014 | &nbsp;&nbsp;&nbsp;&nbsp;$28018989 | &nbsp;&nbsp;&nbsp;&nbsp;$21237776 | &nbsp;&nbsp;&nbsp;&nbsp;$46975036 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(831670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18085279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86414480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218819412 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64042835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27010807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136463555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342224028) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79018179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73115075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244115811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76429580) |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15210500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27772200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20714250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47081900) |
| Share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60374122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261301422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200405500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222088906 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55827972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80973089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293091115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600992036) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180328333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92685615) | &nbsp;&nbsp;&nbsp;&nbsp;(378903130) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68353829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225671208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130715946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502414610) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1326561774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100890566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377528536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879943146 |
| &nbsp;&nbsp;&nbsp;End of period | $1394915603 | $1326561774 | $1508244482 | $1377528536 |
| **Other Information** |  |  |  |  |
| Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250000 |
| &nbsp;&nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1600000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11850000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25250000) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3850000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16000000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **55** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Financial Statements – continued

<sup>Statements of Changes in Net Assets</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity MSCI Financials Index ETF** | **Fidelity MSCI Financials Index ETF** | **Fidelity MSCI Health Care Index ETF** | **Fidelity MSCI Health Care Index ETF** |
|  | **Six months ended<br> January 31, 2026 (Unaudited)**  | **Year ended<br> July 31, 2025**  | **Six months ended<br> January 31, 2026 (Unaudited)**  | **Year ended<br> July 31, 2025**  |
| **Increase (Decrease) in Net Assets** |  |  |  |  |
| Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$20633661 | &nbsp;&nbsp;&nbsp;&nbsp;$33159274 | &nbsp;&nbsp;&nbsp;&nbsp;$19232998 | &nbsp;&nbsp;&nbsp;&nbsp;$39444327 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14429782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43883219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27450222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151811256 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40301451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306083691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423048797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486853882) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75364894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383126184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469732017 | &nbsp;&nbsp;&nbsp;&nbsp;(295598299) |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17191200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33290450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19872000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40468150) |
| Share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95765233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343539496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119271797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70968942 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36831468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111036322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88621214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442611969) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58933765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232503174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30650583 | &nbsp;&nbsp;&nbsp;&nbsp;(371643027) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117107459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582338908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480510600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707709476) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;2291965955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709627047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347006718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054716194 |
| &nbsp;&nbsp;&nbsp;End of period | $2409073414 | $2291965955 | $2827517318 | $2347006718 |
| **Other Information** |  |  |  |  |
| Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 |
| &nbsp;&nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1600000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6450000) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5400000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **56** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

<sup>Statements of Changes in Net Assets</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity MSCI Industrials Index ETF** | **Fidelity MSCI Industrials Index ETF** | **Fidelity MSCI Information Technology Index ETF** | **Fidelity MSCI Information Technology Index ETF** |
|  | **Six months ended<br> January 31, 2026 (Unaudited)**  | **Year ended<br> July 31, 2025**  | **Six months ended<br> January 31, 2026 (Unaudited)**  | **Year ended<br> July 31, 2025**  |
| **Increase (Decrease) in Net Assets** |  |  |  |  |
| Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$9407197 | &nbsp;&nbsp;&nbsp;&nbsp;$15690800 | &nbsp;&nbsp;&nbsp;&nbsp;$33605915 | &nbsp;&nbsp;&nbsp;&nbsp;$65042691 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47826394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69795333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570971586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507154456 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105655307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127350471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722054992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031738033 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;162888898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212836604 | &nbsp;&nbsp;&nbsp;&nbsp;1326632493 | &nbsp;&nbsp;&nbsp;&nbsp;2603935180 |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7853200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17757300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36121800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63554650) |
| Share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276224126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223810129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745150322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334937612 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99485404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179127644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(641429205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(591764667) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;176738722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44682485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103721117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743172945 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331774420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239761789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394231810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283553475 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1481987603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242225814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14754721779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11471168304 |
| &nbsp;&nbsp;&nbsp;End of period | $1813762023 | $1481987603 | $16148953589 | $14754721779 |
| **Other Information** |  |  |  |  |
| Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350000 |
| &nbsp;&nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2600000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2850000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3450000) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **57** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Financial Statements – continued

<sup>Statements of Changes in Net Assets</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity MSCI Materials Index ETF** | **Fidelity MSCI Materials Index ETF** | **Fidelity MSCI Real Estate Index ETF** | **Fidelity MSCI Real Estate Index ETF** |
|  | **Six months ended<br> January 31, 2026 (Unaudited)**  | **Year ended<br> July 31, 2025**  | **Six months ended<br> January 31, 2026 (Unaudited)**  | **Year ended<br> July 31, 2025**  |
| **Increase (Decrease) in Net Assets** |  |  |  |  |
| Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$3501127 | &nbsp;&nbsp;&nbsp;&nbsp;$8597977 | &nbsp;&nbsp;&nbsp;&nbsp;$20000840 | &nbsp;&nbsp;&nbsp;&nbsp;$28774999 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20485097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8771301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240436) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66002662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50937818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25090958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3774290) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;69739101 | &nbsp;&nbsp;&nbsp;&nbsp;(21854744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36320497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24760273 |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(3524400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8645500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17318400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36075950) |
| Share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39847115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51205088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357205734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104726714 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10473104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147225283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15019586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72877074) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;29374011 | &nbsp;&nbsp;&nbsp;&nbsp;(96020195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342186148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31849640 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95588712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126520439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361188245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20533963 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;411713588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538234027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013046319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992512356 |
| &nbsp;&nbsp;&nbsp;End of period | $507302300 | $411713588 | $1374234564 | $1013046319 |
| **Other Information** |  |  |  |  |
| Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800000 |
| &nbsp;&nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3050000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2700000) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2050000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **58** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

<sup>Statements of Changes in Net Assets</sup>

---

| | | |
|:---|:---|:---|
|  | **Fidelity MSCI Utilities Index ETF** | **Fidelity MSCI Utilities Index ETF** |
|  | **Six months ended<br> January 31, 2026 (Unaudited)**  | **Year ended<br> July 31, 2025**  |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$28223327 | &nbsp;&nbsp;&nbsp;&nbsp;$46901958 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7960790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11352817 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19183678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243732207 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55367795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301986982 |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27176750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46999650) |
| Share transactions |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299218159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565646898 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44817609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124777430) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;254400550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440869468 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282591595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695856800 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1940938274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245081474 |
| &nbsp;&nbsp;&nbsp;End of period | $2223529869 | $1940938274 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;&nbsp;Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200000 |
| &nbsp;&nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2500000) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700000 |

---

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **59** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Financial Statements – continued

<sup>Financial Highlights</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Communication Services Index ETF** |
|  | &nbsp;&nbsp;**Six months ended January 31, 2026<br> (Unaudited)**  | &nbsp;&nbsp;**Year ended July 31, 2025**  | &nbsp;&nbsp;**Year ended July 31, 2024**  | &nbsp;&nbsp;**Year ended July 31, 2023**  | &nbsp;&nbsp;**Year ended July 31, 2022**  | &nbsp;&nbsp;**Year ended July 31, 2021**  |
| **Selected Per-Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$66.27 | &nbsp;&nbsp;$51.65 | &nbsp;&nbsp;$42.61 | &nbsp;&nbsp;$36.92 | &nbsp;&nbsp;$54.87 | &nbsp;&nbsp;$37.88 |
| Income from Investment Operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>A,B</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.96 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.30 |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Net asset value, end of period | &nbsp;&nbsp;$75.46 | &nbsp;&nbsp;$66.27 | &nbsp;&nbsp;$51.65 | &nbsp;&nbsp;$42.61 | &nbsp;&nbsp;$36.92 | &nbsp;&nbsp;$54.87 |
| **Total Return<sup>C,D</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32.06)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.81% |
| **Ratios to Average Net Assets<sup>A,E</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of fee waivers, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of all reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.99%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.72% |
| **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$1822249 | &nbsp;&nbsp;&nbsp;&nbsp;$1693294 | &nbsp;&nbsp;&nbsp;&nbsp;$1169770 | &nbsp;&nbsp;&nbsp;&nbsp;$798855 | &nbsp;&nbsp;&nbsp;&nbsp;$561246 | &nbsp;&nbsp;&nbsp;&nbsp;$916375 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>G,H</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19%<sup>I</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>A</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

<sup>B</sup> Calculated based on average shares outstanding during the period.

<sup>C</sup> Based on net asset value.

<sup>D</sup> Total returns for periods of less than one year are not annualized.

<sup>E</sup> Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

<sup>F</sup> Annualized.

<sup>G</sup> Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

<sup>H</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

<sup>I</sup> Amount not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **60** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

<sup>Financial Highlights</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Consumer Discretionary Index ETF** |
|  | &nbsp;&nbsp;**Six months ended January 31, 2026<br> (Unaudited)**  | &nbsp;&nbsp;**Year ended July 31, 2025**  | &nbsp;&nbsp;**Year ended July 31, 2024**  | &nbsp;&nbsp;**Year ended July 31, 2023**  | &nbsp;&nbsp;**Year ended July 31, 2022**  | &nbsp;&nbsp;**Year ended July 31, 2021**  |
| **Selected Per-Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$95.89 | &nbsp;&nbsp;$83.53 | &nbsp;&nbsp;$75.80 | &nbsp;&nbsp;$69.53 | &nbsp;&nbsp;$81.37 | &nbsp;&nbsp;$57.25 |
| Income from Investment Operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>A,B</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.10 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.52 |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| Net asset value, end of period | &nbsp;&nbsp;$103.52 | &nbsp;&nbsp;$95.89 | &nbsp;&nbsp;$83.53 | &nbsp;&nbsp;$75.80 | &nbsp;&nbsp;$69.53 | &nbsp;&nbsp;$81.37 |
| **Total Return<sup>C,D</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.89)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.95% |
| **Ratios to Average Net Assets<sup>A,E</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of fee waivers, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of all reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58% |
| **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$1842578 | &nbsp;&nbsp;&nbsp;&nbsp;$1821944 | &nbsp;&nbsp;&nbsp;&nbsp;$1666450 | &nbsp;&nbsp;&nbsp;&nbsp;$1296142 | &nbsp;&nbsp;&nbsp;&nbsp;$1175016 | &nbsp;&nbsp;&nbsp;&nbsp;$1631531 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>G,H</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7%<sup>I</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>A</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

<sup>B</sup> Calculated based on average shares outstanding during the period.

<sup>C</sup> Based on net asset value.

<sup>D</sup> Total returns for periods of less than one year are not annualized.

<sup>E</sup> Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

<sup>F</sup> Annualized.

<sup>G</sup> Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

<sup>H</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

<sup>I</sup> Amount not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **61** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Financial Statements – continued

<sup>Financial Highlights</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Consumer Staples Index ETF** |
|  | &nbsp;&nbsp;**Six months ended January 31, 2026<br> (Unaudited)**  | &nbsp;&nbsp;**Year ended July 31, 2025**  | &nbsp;&nbsp;**Year ended July 31, 2024**  | &nbsp;&nbsp;**Year ended July 31, 2023**  | &nbsp;&nbsp;**Year ended July 31, 2022**  | &nbsp;&nbsp;**Year ended July 31, 2021**  |
| **Selected Per-Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$50.44 | &nbsp;&nbsp;$48.39 | &nbsp;&nbsp;$46.42 | &nbsp;&nbsp;$44.75 | &nbsp;&nbsp;$43.30 | &nbsp;&nbsp;$37.29 |
| Income from Investment Operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>A,B</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21<sup>C</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) |
| Net asset value, end of period | &nbsp;&nbsp;$52.84 | &nbsp;&nbsp;$50.44 | &nbsp;&nbsp;$48.39 | &nbsp;&nbsp;$46.42 | &nbsp;&nbsp;$44.75 | &nbsp;&nbsp;$43.30 |
| **Total Return<sup>D,E</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.09% |
| **Ratios to Average Net Assets<sup>A,F</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>G</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of fee waivers, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>G</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of all reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>G</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%<sup>G</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%<sup>C</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% |
| **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$1394916 | &nbsp;&nbsp;&nbsp;&nbsp;$1326562 | &nbsp;&nbsp;&nbsp;&nbsp;$1100891 | &nbsp;&nbsp;&nbsp;&nbsp;$1239319 | &nbsp;&nbsp;&nbsp;&nbsp;$1058359 | &nbsp;&nbsp;&nbsp;&nbsp;$818283 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>H,I</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%<sup>J</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>A</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

<sup>B</sup> Calculated based on average shares outstanding during the period.

<sup>C</sup> Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.12%.

<sup>D</sup> Based on net asset value.

<sup>E</sup> Total returns for periods of less than one year are not annualized.

<sup>F</sup> Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

<sup>G</sup> Annualized.

<sup>H</sup> Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

<sup>I</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

<sup>J</sup> Amount not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **62** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

<sup>Financial Highlights</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Energy Index ETF** |
|  | &nbsp;&nbsp;**Six months ended January 31, 2026<br> (Unaudited)**  | &nbsp;&nbsp;**Year ended July 31, 2025**  | &nbsp;&nbsp;**Year ended July 31, 2024**  | &nbsp;&nbsp;**Year ended July 31, 2023**  | &nbsp;&nbsp;**Year ended July 31, 2022**  | &nbsp;&nbsp;**Year ended July 31, 2021**  |
| **Selected Per-Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$24.08 | &nbsp;&nbsp;$25.68 | &nbsp;&nbsp;$24.00 | &nbsp;&nbsp;$21.47 | &nbsp;&nbsp;$13.47 | &nbsp;&nbsp;$9.47 |
| Income from Investment Operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>A,B</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) |
| Net asset value, end of period | &nbsp;&nbsp;$28.27 | &nbsp;&nbsp;$24.08 | &nbsp;&nbsp;$25.68 | &nbsp;&nbsp;$24.00 | &nbsp;&nbsp;$21.47 | &nbsp;&nbsp;$13.47 |
| **Total Return<sup>C,D</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.19)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.79% |
| **Ratios to Average Net Assets<sup>A,E</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of fee waivers, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of all reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11% |
| **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$1508244 | &nbsp;&nbsp;&nbsp;&nbsp;$1377529 | &nbsp;&nbsp;&nbsp;&nbsp;$1879943 | &nbsp;&nbsp;&nbsp;&nbsp;$1607042 | &nbsp;&nbsp;&nbsp;&nbsp;$1487577 | &nbsp;&nbsp;&nbsp;&nbsp;$894058 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>G,H</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4%<sup>I</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>A</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

<sup>B</sup> Calculated based on average shares outstanding during the period.

<sup>C</sup> Based on net asset value.

<sup>D</sup> Total returns for periods of less than one year are not annualized.

<sup>E</sup> Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

<sup>F</sup> Annualized.

<sup>G</sup> Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

<sup>H</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

<sup>I</sup> Amount not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **63** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Financial Statements – continued

<sup>Financial Highlights</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Financials Index ETF** |
|  | &nbsp;&nbsp;**Six months ended January 31, 2026<br> (Unaudited)**  | &nbsp;&nbsp;**Year ended July 31, 2025**  | &nbsp;&nbsp;**Year ended July 31, 2024**  | &nbsp;&nbsp;**Year ended July 31, 2023**  | &nbsp;&nbsp;**Year ended July 31, 2022**  | &nbsp;&nbsp;**Year ended July 31, 2021**  |
| **Selected Per-Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$74.29 | &nbsp;&nbsp;$62.06 | &nbsp;&nbsp;$49.86 | &nbsp;&nbsp;$47.97 | &nbsp;&nbsp;$52.19 | &nbsp;&nbsp;$34.12 |
| Income from Investment Operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>A,B</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.96 |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) |
| Net asset value, end of period | &nbsp;&nbsp;$76.24 | &nbsp;&nbsp;$74.29 | &nbsp;&nbsp;$62.06 | &nbsp;&nbsp;$49.86 | &nbsp;&nbsp;$47.97 | &nbsp;&nbsp;$52.19 |
| **Total Return<sup>C,D</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.15% |
| **Ratios to Average Net Assets<sup>A,E</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of fee waivers, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of all reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% |
| **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$2409073 | &nbsp;&nbsp;&nbsp;&nbsp;$2291966 | &nbsp;&nbsp;&nbsp;&nbsp;$1709627 | &nbsp;&nbsp;&nbsp;&nbsp;$1431064 | &nbsp;&nbsp;&nbsp;&nbsp;$1549499 | &nbsp;&nbsp;&nbsp;&nbsp;$1716935 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>G,H</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2%<sup>I</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>A</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

<sup>B</sup> Calculated based on average shares outstanding during the period.

<sup>C</sup> Based on net asset value.

<sup>D</sup> Total returns for periods of less than one year are not annualized.

<sup>E</sup> Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

<sup>F</sup> Annualized.

<sup>G</sup> Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

<sup>H</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

<sup>I</sup> Amount not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **64** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

<sup>Financial Highlights</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Health Care Index ETF** |
|  | &nbsp;&nbsp;**Six months ended January 31, 2026<br> (Unaudited)**  | &nbsp;&nbsp;**Year ended July 31, 2025**  | &nbsp;&nbsp;**Year ended July 31, 2024**  | &nbsp;&nbsp;**Year ended July 31, 2023**  | &nbsp;&nbsp;**Year ended July 31, 2022**  | &nbsp;&nbsp;**Year ended July 31, 2021**  |
| **Selected Per-Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$62.17 | &nbsp;&nbsp;$70.79 | &nbsp;&nbsp;$63.78 | &nbsp;&nbsp;$63.02 | &nbsp;&nbsp;$66.04 | &nbsp;&nbsp;$52.34 |
| Income from Investment Operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>A,B</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.74 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.49 |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| Net asset value, end of period | &nbsp;&nbsp;$74.12 | &nbsp;&nbsp;$62.17 | &nbsp;&nbsp;$70.79 | &nbsp;&nbsp;$63.78 | &nbsp;&nbsp;$63.02 | &nbsp;&nbsp;$66.04 |
| **Total Return<sup>C,D</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.84)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.91% |
| **Ratios to Average Net Assets<sup>A,E</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of fee waivers, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of all reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$2827517 | &nbsp;&nbsp;&nbsp;&nbsp;$2347007 | &nbsp;&nbsp;&nbsp;&nbsp;$3054716 | &nbsp;&nbsp;&nbsp;&nbsp;$3083754 | &nbsp;&nbsp;&nbsp;&nbsp;$2968359 | &nbsp;&nbsp;&nbsp;&nbsp;$2846239 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>G,H</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2%<sup>I</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>A</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

<sup>B</sup> Calculated based on average shares outstanding during the period.

<sup>C</sup> Based on net asset value.

<sup>D</sup> Total returns for periods of less than one year are not annualized.

<sup>E</sup> Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

<sup>F</sup> Annualized.

<sup>G</sup> Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

<sup>H</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

<sup>I</sup> Amount not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **65** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Financial Statements – continued

<sup>Financial Highlights</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Industrials Index ETF** |
|  | &nbsp;&nbsp;**Six months ended January 31, 2026<br> (Unaudited)**  | &nbsp;&nbsp;**Year ended July 31, 2025**  | &nbsp;&nbsp;**Year ended July 31, 2024**  | &nbsp;&nbsp;**Year ended July 31, 2023**  | &nbsp;&nbsp;**Year ended July 31, 2022**  | &nbsp;&nbsp;**Year ended July 31, 2021**  |
| **Selected Per-Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$80.32 | &nbsp;&nbsp;$69.01 | &nbsp;&nbsp;$58.69 | &nbsp;&nbsp;$50.02 | &nbsp;&nbsp;$54.57 | &nbsp;&nbsp;$37.55 |
| Income from Investment Operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>A,B</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.61 |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| Net asset value, end of period | &nbsp;&nbsp;$88.69 | &nbsp;&nbsp;$80.32 | &nbsp;&nbsp;$69.01 | &nbsp;&nbsp;$58.69 | &nbsp;&nbsp;$50.02 | &nbsp;&nbsp;$54.57 |
| **Total Return<sup>C,D</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.10)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.17% |
| **Ratios to Average Net Assets<sup>A,E</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of fee waivers, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of all reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$1813762 | &nbsp;&nbsp;&nbsp;&nbsp;$1481988 | &nbsp;&nbsp;&nbsp;&nbsp;$1242226 | &nbsp;&nbsp;&nbsp;&nbsp;$801106 | &nbsp;&nbsp;&nbsp;&nbsp;$705295 | &nbsp;&nbsp;&nbsp;&nbsp;$862271 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>G,H</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1%<sup>I</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>A</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

<sup>B</sup> Calculated based on average shares outstanding during the period.

<sup>C</sup> Based on net asset value.

<sup>D</sup> Total returns for periods of less than one year are not annualized.

<sup>E</sup> Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

<sup>F</sup> Annualized.

<sup>G</sup> Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

<sup>H</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

<sup>I</sup> Amount not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **66** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

<sup>Financial Highlights</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Information Technology Index ETF** |
|  | &nbsp;&nbsp;**Six months ended January 31, 2026<br> (Unaudited)**  | &nbsp;&nbsp;**Year ended July 31, 2025**  | &nbsp;&nbsp;**Year ended July 31, 2024**  | &nbsp;&nbsp;**Year ended July 31, 2023**  | &nbsp;&nbsp;**Year ended July 31, 2022**  | &nbsp;&nbsp;**Year ended July 31, 2021**  |
| **Selected Per-Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$205.35 | &nbsp;&nbsp;$168.82 | &nbsp;&nbsp;$134.38 | &nbsp;&nbsp;$109.42 | &nbsp;&nbsp;$121.70 | &nbsp;&nbsp;$87.25 |
| Income from Investment Operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>A,B</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.45 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.24 |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| Net asset value, end of period | &nbsp;&nbsp;$223.05 | &nbsp;&nbsp;$205.35 | &nbsp;&nbsp;$168.82 | &nbsp;&nbsp;$134.38 | &nbsp;&nbsp;$109.42 | &nbsp;&nbsp;$121.70 |
| **Total Return<sup>C,D</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.57% |
| **Ratios to Average Net Assets<sup>A,E</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of fee waivers, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of all reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76% |
| **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$16148954 | &nbsp;&nbsp;&nbsp;&nbsp;$14754722 | &nbsp;&nbsp;&nbsp;&nbsp;$11471168 | &nbsp;&nbsp;&nbsp;&nbsp;$7512015 | &nbsp;&nbsp;&nbsp;&nbsp;$5739064 | &nbsp;&nbsp;&nbsp;&nbsp;$6206889 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>G,H</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4%<sup>I</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>A</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

<sup>B</sup> Calculated based on average shares outstanding during the period.

<sup>C</sup> Based on net asset value.

<sup>D</sup> Total returns for periods of less than one year are not annualized.

<sup>E</sup> Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

<sup>F</sup> Annualized.

<sup>G</sup> Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

<sup>H</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

<sup>I</sup> Amount not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **67** | ***Semi-Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Financial Statements – continued

<sup>Financial Highlights</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Materials Index ETF** |
|  | &nbsp;&nbsp;**Six months ended January 31, 2026<br> (Unaudited)**  | &nbsp;&nbsp;**Year ended July 31, 2025**  | &nbsp;&nbsp;**Year ended July 31, 2024**  | &nbsp;&nbsp;**Year ended July 31, 2023**  | &nbsp;&nbsp;**Year ended July 31, 2022**  | &nbsp;&nbsp;**Year ended July 31, 2021**  |
| **Selected Per-Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$49.90 | &nbsp;&nbsp;$52.26 | &nbsp;&nbsp;$48.41 | &nbsp;&nbsp;$43.88 | &nbsp;&nbsp;$46.91 | &nbsp;&nbsp;$32.90 |
| Income from Investment Operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>A,B</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.69 |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) |
| Net asset value, end of period | &nbsp;&nbsp;$57.65 | &nbsp;&nbsp;$49.90 | &nbsp;&nbsp;$52.26 | &nbsp;&nbsp;$48.41 | &nbsp;&nbsp;$43.88 | &nbsp;&nbsp;$46.91 |
| **Total Return<sup>C,D</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.01% |
| **Ratios to Average Net Assets<sup>A,E</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of fee waivers, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of all reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$507302 | &nbsp;&nbsp;&nbsp;&nbsp;$411714 | &nbsp;&nbsp;&nbsp;&nbsp;$538234 | &nbsp;&nbsp;&nbsp;&nbsp;$484102 | &nbsp;&nbsp;&nbsp;&nbsp;$449817 | &nbsp;&nbsp;&nbsp;&nbsp;$544137 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>G,H</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%<sup>I</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>A</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

<sup>B</sup> Calculated based on average shares outstanding during the period.

<sup>C</sup> Based on net asset value.

<sup>D</sup> Total returns for periods of less than one year are not annualized.

<sup>E</sup> Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

<sup>F</sup> Annualized.

<sup>G</sup> Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

<sup>H</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

<sup>I</sup> Amount not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **68** |

---

------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

<sup>Financial Highlights</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Real Estate Index ETF** |
|  | &nbsp;&nbsp;**Six months ended January 31, 2026<br> (Unaudited)**  | &nbsp;&nbsp;**Year ended July 31, 2025**  | &nbsp;&nbsp;**Year ended July 31, 2024**  | &nbsp;&nbsp;**Year ended July 31, 2023**  | &nbsp;&nbsp;**Year ended July 31, 2022**  | &nbsp;&nbsp;**Year ended July 31, 2021**  |
| **Selected Per-Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$27.05 | &nbsp;&nbsp;$27.30 | &nbsp;&nbsp;$25.61 | &nbsp;&nbsp;$29.52 | &nbsp;&nbsp;$31.75 | &nbsp;&nbsp;$24.23 |
| Income from Investment Operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>A,B</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.83 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.41 |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) |
| Net asset value, end of period | &nbsp;&nbsp;$27.60 | &nbsp;&nbsp;$27.05 | &nbsp;&nbsp;$27.30 | &nbsp;&nbsp;$25.61 | &nbsp;&nbsp;$29.52 | &nbsp;&nbsp;$31.75 |
| **Total Return<sup>C,D</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.85)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.25)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.58% |
| **Ratios to Average Net Assets<sup>A,E</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of fee waivers, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of all reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% |
| **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$1374235 | &nbsp;&nbsp;&nbsp;&nbsp;$1013046 | &nbsp;&nbsp;&nbsp;&nbsp;$992512 | &nbsp;&nbsp;&nbsp;&nbsp;$1029539 | &nbsp;&nbsp;&nbsp;&nbsp;$1772587 | &nbsp;&nbsp;&nbsp;&nbsp;$1784615 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>G,H</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3%<sup>I</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>A</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

<sup>B</sup> Calculated based on average shares outstanding during the period.

<sup>C</sup> Based on net asset value.

<sup>D</sup> Total returns for periods of less than one year are not annualized.

<sup>E</sup> Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

<sup>F</sup> Annualized.

<sup>G</sup> Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

<sup>H</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

<sup>I</sup> Amount not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **69** | ***Semi-Annual Report*** |

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------

[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Financial Statements – continued

<sup>Financial Highlights</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;**Fidelity MSCI Utilities Index ETF** |
|  | &nbsp;&nbsp;**Six months ended January 31, 2026<br> (Unaudited)**  | &nbsp;&nbsp;**Year ended July 31, 2025**  | &nbsp;&nbsp;**Year ended July 31, 2024**  | &nbsp;&nbsp;**Year ended July 31, 2023**  | &nbsp;&nbsp;**Year ended July 31, 2022**  | &nbsp;&nbsp;**Year ended July 31, 2021**  |
| **Selected Per-Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$55.22 | &nbsp;&nbsp;$47.07 | &nbsp;&nbsp;$43.27 | &nbsp;&nbsp;$47.72 | &nbsp;&nbsp;$42.63 | &nbsp;&nbsp;$39.11 |
| Income from Investment Operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>A,B</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) |
| Net asset value, end of period | &nbsp;&nbsp;$56.08 | &nbsp;&nbsp;$55.22 | &nbsp;&nbsp;$47.07 | &nbsp;&nbsp;$43.27 | &nbsp;&nbsp;$47.72 | &nbsp;&nbsp;$42.63 |
| **Total Return<sup>C,D</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.46% |
| **Ratios to Average Net Assets<sup>A,E</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of fee waivers, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Expenses net of all reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68%<sup>F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96% |
| **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$2223530 | &nbsp;&nbsp;&nbsp;&nbsp;$1940938 | &nbsp;&nbsp;&nbsp;&nbsp;$1245081 | &nbsp;&nbsp;&nbsp;&nbsp;$1901696 | &nbsp;&nbsp;&nbsp;&nbsp;$2195072 | &nbsp;&nbsp;&nbsp;&nbsp;$1076292 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>G,H</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2%<sup>I</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>A</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

<sup>B</sup> Calculated based on average shares outstanding during the period.

<sup>C</sup> Based on net asset value.

<sup>D</sup> Total returns for periods of less than one year are not annualized.

<sup>E</sup> Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

<sup>F</sup> Annualized.

<sup>G</sup> Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

<sup>H</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

<sup>I</sup> Amount not annualized.

See accompanying notes which are an integral part of the financial statements.

---

| | |
|:---|:---|
|  ***Semi-Annual Report*** | **70** |

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[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Notes to Financial Statements

For the period ended January 31, 2026 (Unaudited)

1. Organization.

Fidelity MSCI Communication Services Index ETF, Fidelity MSCI Consumer Discretionary Index ETF, Fidelity MSCI Consumer Staples Index ETF, Fidelity MSCI Energy Index ETF, Fidelity MSCI Financials Index ETF, Fidelity MSCI Health Care Index ETF, Fidelity MSCI Industrials Index ETF, Fidelity MSCI Information Technology Index ETF, Fidelity MSCI Materials Index ETF, Fidelity MSCI Real Estate Index ETF and Fidelity MSCI Utilities Index ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Each Fund, with the exception of Fidelity MSCI Industrials Index ETF and Fidelity MSCI Real Estate Index ETF, are non-diversified funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each 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, each 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 each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.**

Each Fund categorizes the inputs to valuation techniques used to value its investments 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 each Fund's 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 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 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. The aggregate value of investments by input level as of January 31, 2026 is included at the end of each Fund's Schedule of Investments.

---

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|:---|:---|
| **71** | ***Semi-Annual Report*** |

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[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

&nbsp;&nbsp;&nbsp;&nbsp;

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.**

**Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.**

**Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.**

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to certain deemed distributions, futures transactions, passive foreign investment companies (PFIC), redemptions in kind, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost** | **Gross unrealized<br> appreciation** | **Gross unrealized<br> depreciation** | **Net unrealized<br> appreciation<br> (depreciation)** |
| **Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;$1331371369 | $572840420 | $(107481612) | $465358808 |
| **Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;&nbsp;1463575690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504239461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125790487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378448974 |

---

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| | |
|:---|:---|
|  ***Semi-Annual Report*** | **72** |

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[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

2. Significant Accounting Policies – continued

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost** | **Gross unrealized<br> appreciation** | **Gross unrealized<br> depreciation** | **Net unrealized<br> appreciation<br> (depreciation)** |
| **Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;$1192769636 | $308491304 | $(108620517) | $199870787 |
| **Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;&nbsp;1244182649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320915717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57482800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263432917 |
| **Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;&nbsp;1650478543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814619338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58347518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756271820 |
| **Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;&nbsp;2182643772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917567891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277071798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640496093 |
| **Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;&nbsp;1318844526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542834401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48294217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494540184 |
| **Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;&nbsp;8639663391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7921779102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414769278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7507009824 |
| **Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448760260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114882671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56065987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58816684 |
| **Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;&nbsp;1443746987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121358611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190916353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69557742) |
| **Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;&nbsp;1967642870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319509974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64795988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254713986 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-term** | &nbsp;&nbsp;**Long-term** | &nbsp;&nbsp;**Total capital loss<br> carryforward** |
| **Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(60675638) | &nbsp;&nbsp;$(60675638) |
| **Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28736377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52849060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81585437) |
| **Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1844871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31113021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32957892) |
| **Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14818193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122338002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137156195) |
| **Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19189194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113810541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132999735) |
| **Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8551437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92727711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101279148) |
| **Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7430602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25330661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32761263) |
| **Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13292926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31439586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44732512) |
| **Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5360838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20908602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26269440) |
| **Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28560935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48061126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76622061) |
| **Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14528964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28851685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43380649) |

---

3. Derivative Instruments.

**Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures 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.**

Derivatives were used to increase returns and 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

Equity Risk&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

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 and amounts recognized in the Statements of Assets and Liabilities. 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 fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.**

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| **73** | ***Semi-Annual Report*** |

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[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Notes to Financial Statements – continued

3. Derivative Instruments – continued

&nbsp;&nbsp;&nbsp;&nbsp;

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statements of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statements of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;343510134 | &nbsp;&nbsp;&nbsp;&nbsp;361927742 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;130227136 | &nbsp;&nbsp;&nbsp;&nbsp;129067019 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;81919922 | &nbsp;&nbsp;&nbsp;&nbsp;82682178 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;59081937 | &nbsp;&nbsp;&nbsp;&nbsp;56669542 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;43045481 | &nbsp;&nbsp;&nbsp;&nbsp;38870010 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;45288147 | &nbsp;&nbsp;&nbsp;&nbsp;45281645 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;23756094 | &nbsp;&nbsp;&nbsp;&nbsp;21205434 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;666258625 | &nbsp;&nbsp;&nbsp;&nbsp;659514845 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;28142279 | &nbsp;&nbsp;&nbsp;&nbsp;27772413 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;34092583 | &nbsp;&nbsp;&nbsp;&nbsp;29549184 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;36414962 | &nbsp;&nbsp;&nbsp;&nbsp;35424743 |

---

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions<br> ($)** | **In-Kind Redemptions<br> ($)** |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Communication Services Index ETF** | 247949083 | &nbsp;&nbsp;&nbsp;&nbsp;368192368 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Consumer Discretionary Index ETF** | 91177173 | &nbsp;&nbsp;&nbsp;&nbsp;214514672 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Consumer Staples Index ETF** | 60159287 | &nbsp;&nbsp;&nbsp;&nbsp;55649871 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Energy Index ETF** | 199587436 | &nbsp;&nbsp;&nbsp;&nbsp;291934126 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Financials Index ETF** | 93813115 | &nbsp;&nbsp;&nbsp;&nbsp;36142415 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Health Care Index ETF** | 118970322 | &nbsp;&nbsp;&nbsp;&nbsp;87967661 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Industrials Index ETF** | 275629201 | &nbsp;&nbsp;&nbsp;&nbsp;99364782 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Information Technology Index ETF** | 743147767 | &nbsp;&nbsp;&nbsp;&nbsp;639635681 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Materials Index ETF** | 39619502 | &nbsp;&nbsp;&nbsp;&nbsp;10405098 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Real Estate Index ETF** | 354394983 | &nbsp;&nbsp;&nbsp;&nbsp;14909964 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Utilities Index ETF** | 298044226 | &nbsp;&nbsp;&nbsp;&nbsp;44669162 |

---

5. Fees and Other Transactions with Affiliates.

**Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of each Fund's average net assets as noted in the table below. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to the investment adviser is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees.**

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|:---|:---|
|  ***Semi-Annual Report*** | **74** |

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[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

5. Fees and Other Transactions with Affiliates – continued

&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**Fee Rate** |
| Fidelity MSCI Communication Services Index ETF | &nbsp;&nbsp;.084% |
| Fidelity MSCI Consumer Discretionary Index ETF | &nbsp;&nbsp;.084% |
| Fidelity MSCI Consumer Staples Index ETF | &nbsp;&nbsp;.084% |
| Fidelity MSCI Energy Index ETF | &nbsp;&nbsp;.084% |
| Fidelity MSCI Financials Index ETF | &nbsp;&nbsp;.084% |
| Fidelity MSCI Health Care Index ETF | &nbsp;&nbsp;.084% |
| Fidelity MSCI Industrials Index ETF | &nbsp;&nbsp;.084% |
| Fidelity MSCI Information Technology Index ETF | &nbsp;&nbsp;.084% |
| Fidelity MSCI Materials Index ETF | &nbsp;&nbsp;.084% |
| Fidelity MSCI Real Estate Index ETF | &nbsp;&nbsp;.084% |
| Fidelity MSCI Utilities Index ETF | &nbsp;&nbsp;.084% |

---

**Sub-Adviser. BlackRock Fund Advisors (BFA), serves as sub-adviser for the Funds. BFA provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.**

**Interfund Trades. Funds may purchase from or sell securities to other funds affiliated with each sub-adviser under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.** 

6. Share Transactions.

Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities and/or cash to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.

7. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

8. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

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|:---|:---|
|  ***Semi-Annual Report*** | **76** |

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[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

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| **77** | ***Semi-Annual Report*** |

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[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

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|:---|:---|
|  ***Semi-Annual Report*** | **78** |

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[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

#### Board Approval of Investment Advisory Contracts and Management Fees

#### Fidelity MSCI Communication Services Index ETF

#### Fidelity MSCI Consumer Discretionary Index ETF

#### Fidelity MSCI Consumer Staples Index ETF

#### Fidelity MSCI Energy Index ETF

#### Fidelity MSCI Financials Index ETF

#### Fidelity MSCI Health Care Index ETF

#### Fidelity MSCI Industrials Index ETF

#### Fidelity MSCI Information Technology Index ETF

#### Fidelity MSCI Materials Index ETF

#### Fidelity MSCI Real Estate Index ETF

#### Fidelity MSCI Utilities Index ETF
At its October 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to ratify an amended and restated sub-advisory and ETF services agreement with BlackRock Fund Advisors (BFA) for each fund (Amended Contract) to amend the fee schedule resulting in lower sub-advisory fees at all asset levels paid by Fidelity Management & Research Company LLC (FMR), each fund's investment adviser, to BFA on behalf of each fund, effective September 1, 2025. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

**Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and BFA to each fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of each fund in connection with the annual renewal of each fund's current management contract and sub-advisory agreement (each, a Current Advisory Contract). At its May 2025 meeting, the Board concluded that the nature, extent and quality of the services provided to each fund under its Current Advisory Contract should continue to benefit each fund's shareholders. In connection with its approval of the Amended Contract at its October 2025 meeting, the Board noted that such approval would not change each fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to each fund under the Amended Contract will continue to benefit each fund's shareholders.**

**Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the Amended Contract would result in no change in each fund's management fee and total expense ratio and considered that it received and reviewed information regarding each fund's current management fee rate and total expense ratio compared to "peer groups" of competitive funds and classes in connection with the annual renewal of the Current Advisory Contracts.**

Based on its review, the Board concluded at its October 2025 meeting that each fund's current management fee is fair and reasonable in light of the services that the fund receives and the other factors considered and that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by Fidelity in providing services to each fund and the level of Fidelity's profitability. At its May 2025 meeting, the Board concluded that it was satisfied that the profitability of Fidelity in connection with the operation of each fund was not excessive. At the October 2025 meeting, the Board concluded that it continued to believe that the profitability of Fidelity in connection with each fund, even considering the Amended Contract, remained not excessive.**

**Economies of Scale. The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of each fund and of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2025 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. At the October 2025 meeting, the Board concluded that the Amended Contract would not have a meaningful effect on potential economies of scale. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.**

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[**Table of Contents**](#JOB_Patri_7baf638f-5eba-44d4-9723-33c79d7a936e_TOC)

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract – continued

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Amended Contract should be approved through May 31, 2026.

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|  ***Semi-Annual Report*** | **80** |

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![](g97090imgcdc193cf2.jpg)

<sub>EXT-SANN-0426</sub>

<sub>1.9584798.112</sub>

------

Item 8. <u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9. <u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10. <u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11. <u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12. <u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13. <u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14. <u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

### Item 15. <u>Submission of Matters to a Vote of Security Holders</u> 
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Covington Trust's Board of Trustees.

------

Item 16. <u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Covington Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 17. <u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18. <u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19. <u>Exhibits</u>

---

| | | |
|:---|:---|:---|
| (a) | (1) | Not applicable. |
| (a) | (2) | [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](d97090dex99cert.htm) |
| (a) | (3) | Not applicable. |
| (b) |  | [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](d97090dex99906cert.htm) |

---

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Covington Trust

---

| | |
|:---|:---|
| By: | /s/ Stacie M. Smith |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | March 25, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Stacie M. Smith |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | March 25, 2026 |
| By: | /s/ Stephanie Caron |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | March 25, 2026 |

---

## Ex-99.Cert

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Covington Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 25, 2026

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| |
|:---|
| /s/ Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

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I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Covington Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 25, 2026

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| |
|:---|
| /s/ Stephanie Caron |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

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## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u> 

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)** 

In connection with the attached Report of Fidelity Covington Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: March 25, 2026

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| |
|:---|
| /s/ Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

Dated: March 25, 2026

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| |
|:---|
| /s/ Stephanie Caron |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.