# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001193125-25-210702
**Filing Date:** 2025-9
**Character Count:** 792072
**Document Hash:** c286d276893eb4a3d7f3d55aabfab661
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-210702.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001193125-25-210702

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 251329249

**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'? FIDELITY COVINGTON TRUST

### 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, Massachusetts 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: July 31, 2025

------

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

This report on Form N-CSR relates solely to the Registrant's 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"):

**ANNUAL SHAREHOLDER REPORT** \| AS OF JULY 31, 2025

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

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

#### Principal Listing Exchange: NYSE Arca

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

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
| **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 | $10 | 0.08% |

---

This annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Communication Services Index ETF for the period of August 1, 2024 to July 31, 2025. 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 affected the Fund's performance this period?
• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, interactive media & services gained 32% and contributed most to the fund's performance for the fiscal year. Movies & entertainment stocks also helped, gaining about 47%. The interactive home entertainment subindustry rose 78%. Integrated telecommunication services (+29%) also contributed. Other contributors included the wireless telecommunication services (+37%), broadcasting (+26%) and alternative carriers (+16%) subindustries.

• In contrast, cable & satellite returned -16% and detracted most. Advertising (-13%) and publishing (-1%) also hurt.

• Turning to individual stocks, the top contributor was Meta Platforms (+63%), from the interactive media & services subindustry. Within the same subindustry, Alphabet gained 12% and boosted the fund. In movies & entertainment, Netflix (+84%) lifted the fund. Roblox (+230%), from the interactive home entertainment subindustry, contributed. Lastly, in integrated telecommunication services, AT&T (+49%) also lifted the fund.

• Conversely, the biggest detractor was Comcast (-17%), from the cable & satellite subindustry. Within the same subindustry, Charter Communications returned -29% and hurt the fund's performance. In interactive media & services, Snap (-30%) hindered the fund. Lastly, Omnicom (-24%) and Interpublic (-20%), within the advertising subindustry, also hindered the fund.

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# How did the Fund perform over the past 10 years?

# **CUMULATIVE PERFORMANCE** 

# July 31, 2015 through July 31, 2025.

# Initial investment of $10,000.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

![Growth of 10K Chart](g79234i1c1918aa853e561c746d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **$30,013 Fidelity<sup>®</sup> MSCI Communication Services Index ETF** | **$30,343 MSCI USA IMI Communication Services 25/50 Index<sup>Footnote ReferenceSM</sup>** | **$35,989 S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12236 | $12254 | $10561 |
| **2017** | $12798 | $12846 | $12256 |
| **2018** | $12139 | $12184 | $14246 |
| **2019** | $14729 | $14804 | $15384 |
| **2020** | $16408 | $16512 | $17223 |
| **2021** | $23925 | $24098 | $23500 |
| **2022** | $16254 | $16386 | $22410 |
| **2023** | $18927 | $19099 | $25327 |
| **2024** | $23156 | $23390 | $30936 |
| **2025** | $30013 | $30343 | $35989 |

---

# AVERAGE ANNUAL TOTAL RETURNS:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Fidelity<sup>®</sup> MSCI Communication Services Index ETF - NAV | 29.61% | 12.84% | 11.62% |
| MSCI USA IMI Communication Services 25/50 Index<sup>Footnote ReferenceSM</sup> | 29.73% | 12.94% | 11.74% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

Visit**www.fidelity.com** for more recent performance information.

*The Fund's past performance is not a good predictor of the Fund's future performance.*

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# Key Fund Statistics

#### (as of July 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Fund Size | $1693294062 |
| Number of Holdings | 104 |
| Portfolio Turnover | 13% |
| Total Advisory Fee | $1155844 |

---

# What did the Fund invest in?

#### (as of July 31, 2025)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g79234icba5d8b6f874ed5a07be.jpg)

---

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

---

---

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

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Meta Platforms, Inc., Class A | 24.7 |
| Alphabet, Inc., Class A | 13.3 |
| Alphabet, Inc., Class C | 10.4 |
| Walt Disney Co. | 4.3 |
| AT&T, Inc. | 4.0 |
| Netflix, Inc. | 4.0 |
| Verizon Communications, Inc. | 3.9 |
| Comcast Corp., Class A | 2.9 |
| T-Mobile U.S., Inc. | 2.7 |
| ROBLOX Corp., Class A | 2.5 |
| Total | 72.7 |

---

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# What did the Fund invest in?

#### (as of July 31, 2025)

# TOP INDUSTRIES

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Interactive Media & Services | 53.3 |
| Entertainment | 20.5 |
| Media | 12.4 |
| Diversified Telecommunication Services | 10.6 |
| Wireless Telecommunication Services | 3.1 |
| All Others | 0.1 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g79234i3f01100e0507df54dfc7.jpg)

---

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

---

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.© 2025 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](g79234i96c3e65369885c10d2ca.jpg)

1.9913526.101 2574-TSRA-0925

![Image](g79234i79d6a96f86aa8b97494d.jpg)

**ANNUAL SHAREHOLDER REPORT** \| AS OF JULY 31, 2025

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

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

#### Principal Listing Exchange: NYSE Arca

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

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
| **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 | $9 | 0.08% |

---

This annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Consumer Discretionary Index ETF for the period of August 1, 2024 to July 31, 2025. 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 affected the Fund's performance this period?
• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, broadline retail gained about 26% and contributed most to the fund's performance for the fiscal year. Automobile manufacturers, which gained roughly 28%, also helped, as did hotels, resorts & cruise lines, which advanced 36%. The restaurants subindustry rose roughly 17%, while automotive retail gained 22%, and education services advanced 29%. Other contributors included the casinos & gaming (+10%) and consumer electronics (+23%) subindustries.

• In contrast, homebuilding returned roughly -22% and detracted most, followed by footwear, which returned approximately -7%. The distributors subindustry returned about -16%. Computer & electronics retail (-14%) also hurt. Home improvement retail (-1%) and automotive parts & equipment (-3%) hampered the fund's result. Other detractors included the leisure products (-5%) and household appliances (-26%) subindustries.

• Turning to individual stocks, the top contributor was Amazon.com (+25%), from the broadline retail subindustry. In automobile manufacturers, Tesla (+33%) helped. The Booking Holdings (+49%) and Royal Caribbean Cruises (+105%), within the hotels, resorts & cruise lines subindustry, boosted the fund. Lastly, DoorDash (+125%), from the restaurants subindustry, also contributed.

• Conversely, the biggest detractor was Chipotle Mexican Grill (-21%), from the restaurants subindustry. In homebuilding, Lennar (-30%) and D.R. Horton (-20%) detracted. In home improvement retail, Lowes (-7%) hindered the fund. Lastly, in footwear, Deckers Outdoor (-31%) also hurt the fund's performance.

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# How did the Fund perform over the past 10 years?

# **CUMULATIVE PERFORMANCE** 

# July 31, 2015 through July 31, 2025.

# Initial investment of $10,000.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

![Growth of 10K Chart](g79234i47a396586531366a40df.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **$33,173 Fidelity<sup>®</sup> MSCI Consumer Discretionary Index ETF** | **$33,256 Fidelity MSCI Consumer Discretionary Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup>** | **$35,989 S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10124 | $10134 | $10561 |
| **2017** | $11584 | $11608 | $12256 |
| **2018** | $14058 | $14102 | $14246 |
| **2019** | $15204 | $15259 | $15384 |
| **2020** | $19045 | $19104 | $17223 |
| **2021** | $27224 | $27187 | $23500 |
| **2022** | $23443 | $23435 | $22410 |
| **2023** | $25797 | $25813 | $25327 |
| **2024** | $28660 | $28704 | $30936 |
| **2025** | $33173 | $33256 | $35989 |

---

# AVERAGE ANNUAL TOTAL RETURNS:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Fidelity<sup>®</sup> MSCI Consumer Discretionary Index ETF - NAV | 15.75% | 11.74% | 12.74% |
| Fidelity MSCI Consumer Discretionary Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup> | 15.86% | 11.72% | 12.77% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

Visit**www.fidelity.com** for more recent performance information.

*The Fund's past performance is not a good predictor of the Fund's future performance.*

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# Key Fund Statistics

#### (as of July 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Fund Size | $1821943732 |
| Number of Holdings | 255 |
| Portfolio Turnover | 5% |
| Total Advisory Fee | $1534737 |

---

# What did the Fund invest in?

#### (as of July 31, 2025)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g79234i244d3b8ae61f6dfdf4c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 95.7 |
| Brazil - | 1.7 |
| United Kingdom - | 0.9 |
| Switzerland - | 0.6 |
| Bermuda - | 0.3 |
| Jersey - | 0.3 |
| Sweden - | 0.2 |
| Bahamas - | 0.1 |
| Israel - | 0.1 |
| Ireland - | 0.1 |
| Hong Kong - | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Amazon.com, Inc. | 25.0 |
| Tesla, Inc. | 13.8 |
| Home Depot, Inc. | 5.7 |
| McDonald's Corp. | 3.4 |
| Booking Holdings, Inc. | 2.9 |
| TJX Cos., Inc. | 2.2 |
| Lowe's Cos., Inc. | 2.0 |
| MercadoLibre, Inc. | 1.7 |
| Starbucks Corp. | 1.6 |
| NIKE, Inc., Class B | 1.4 |
| Total | 59.7 |

---

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# What did the Fund invest in?

#### (as of July 31, 2025)

# TOP INDUSTRIES

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Broadline Retail | 28.0 |
| Hotels, Restaurants & Leisure | 22.7 |
| Specialty Retail | 19.3 |
| Automobiles | 15.9 |
| Household Durables | 4.7 |
| All Others | 9.4 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g79234i361b826f5a3d25c61a8b.jpg)

---

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

---

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.© 2025 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](g79234i96c3e65369885c10d2ca.jpg)

1.9913518.101 2566-TSRA-0925

![Image](g79234i79d6a96f86aa8b97494d.jpg)

**ANNUAL SHAREHOLDER REPORT** \| AS OF JULY 31, 2025

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

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

#### Principal Listing Exchange: NYSE Arca

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

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
| **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 | $9 | 0.08% |

---

This annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Consumer Staples Index ETF for the period of August 1, 2024 to July 31, 2025. 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 affected the Fund's performance this period?
• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, consumer staples merchandise retail gained roughly 20% and contributed most to the fund's performance for the fiscal year. Tobacco stocks also helped, gaining 45%. The food retail subindustry rose approximately 26%. Other contributors included the food distributors (+25%) and drug retail (+4%) subindustries.

• In contrast, packaged foods & meats returned roughly -9% and detracted most, followed by household products, which returned -6%. The distillers & vintners subindustry returned -32%, and soft drinks & non-alcoholic beverages (-2%) also hurt. Other detractors included the agricultural products & services (-8%), personal care products (-3%) and brewers (-11%) subindustries.

• Turning to individual stocks, the top contributor was Walmart (+44%), from the consumer staples merchandise retail subindustry. Within the same subindustry, Costco Wholesale (+15%) lifted the fund. Philip Morris International (+48%) and Altria (+36%), within the tobacco subindustry, boosted the fund. Lastly, Kroger (+31%), from the food retail subindustry, also helped.

• Conversely, the biggest detractor was PepsiCo (-17%), from the soft drinks & non-alcoholic beverages subindustry. In consumer staples merchandise retail, Target (-31%) hurt the fund. Procter & Gamble (-4%) and Colgate-Palmolive (-14%), within the household products subindustry, hindered the fund. Lastly, Constellation Brands (-30%), a stock in the distillers & vintners subindustry, also hindered the fund.

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# How did the Fund perform over the past 10 years?

# **CUMULATIVE PERFORMANCE** 

# July 31, 2015 through July 31, 2025.

# Initial investment of $10,000.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

![Growth of 10K Chart](g79234i922e54cf0745277d5610.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **$21,473 Fidelity<sup>®</sup> MSCI Consumer Staples Index ETF** | **$21,732 Fidelity MSCI Consumer Staples Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup>** | **$35,989 S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11117 | $11140 | $10561 |
| **2017** | $11543 | $11578 | $12256 |
| **2018** | $11535 | $11589 | $14246 |
| **2019** | $13053 | $13124 | $15384 |
| **2020** | $14064 | $14167 | $17223 |
| **2021** | $16748 | $16888 | $23500 |
| **2022** | $17718 | $17883 | $22410 |
| **2023** | $18816 | $19009 | $25327 |
| **2024** | $20148 | $20374 | $30936 |
| **2025** | $21473 | $21732 | $35989 |

---

# AVERAGE ANNUAL TOTAL RETURNS:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Fidelity<sup>®</sup> MSCI Consumer Staples Index ETF - NAV | 6.58% | 8.83% | 7.94% |
| Fidelity MSCI Consumer Staples Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup> | 6.67% | 8.93% | 8.07% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

Visit**www.fidelity.com** for more recent performance information.

*The Fund's past performance is not a good predictor of the Fund's future performance.*

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# Key Fund Statistics

#### (as of July 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Fund Size | $1326561774 |
| Number of Holdings | 102 |
| Portfolio Turnover | 13% |
| Total Advisory Fee | $1050878 |

---

# What did the Fund invest in?

#### (as of July 31, 2025)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g79234i513cdfbdfe17302710da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 99.9 |
| Cayman Islands - | 0.1 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Walmart, Inc. | 12.9 |
| Costco Wholesale Corp. | 12.5 |
| Procter & Gamble Co. | 10.4 |
| Coca-Cola Co. | 7.9 |
| PepsiCo, Inc. | 4.9 |
| Philip Morris International, Inc. | 4.4 |
| Altria Group, Inc. | 3.5 |
| Mondelez International, Inc., Class A | 2.8 |
| Colgate-Palmolive Co. | 2.2 |
| Target Corp. | 1.6 |
| Total | 63.1 |

---

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# What did the Fund invest in?

#### (as of July 31, 2025)

# TOP INDUSTRIES

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Consumer Staples Distribution & Retail | 37.4 |
| Beverages | 19.0 |
| Household Products | 16.4 |
| Food Products | 15.0 |
| Tobacco | 8.2 |
| All Others | 4.0 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g79234iebe9b2185070a4c868c7.jpg)

---

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

---

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.© 2025 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](g79234i96c3e65369885c10d2ca.jpg)

1.9913519.101 2567-TSRA-0925

![Image](g79234i79d6a96f86aa8b97494d.jpg)

**ANNUAL SHAREHOLDER REPORT** \| AS OF JULY 31, 2025

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

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

#### Principal Listing Exchange: NYSE Arca

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

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Energy Index ETF | $8 | 0.08% |

---

This annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Energy Index ETF for the period of August 1, 2024 to July 31, 2025. 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 affected the Fund's performance this period?
• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, oil & gas equipment & services returned -19% and detracted most from the fund's performance for the fiscal year. Oil & gas exploration & production (-7%) and integrated oil & gas (-3%) also hurt. Other detractors included the oil & gas refining & marketing (-9%), oil & gas drilling (-45%) and trading companies & distributors (-2%) subindustries.

• In contrast, oil & gas storage & transportation gained 26% and contributed most. Coal & consumable fuels stocks also helped (+24%).

• Turning to individual stocks, the biggest detractor was Schlumberger (-28%), from the oil & gas equipment & services subindustry. Within the same subindustry, Halliburton (-34%) hindered the fund as well. ConocoPhillips, within the oil & gas exploration & production subindustry, returned -12% and detracted. Lastly, in integrated oil & gas, Exxon Mobil (-3%) and Occidental Petroleum (-26%) also hindered the fund.

• Conversely, the top contributor was Williams Companies (+44%), from the oil & gas storage & transportation subindustry. Within the same subindustry, Kinder Morgan (+38%), Cheniere Energy (+30%) and Targa Resources (+25%) contributed. Lastly, EQT (+58%), a stock in the oil & gas exploration & production subindustry, also lifted the fund.

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# How did the Fund perform over the past 10 years?

# **CUMULATIVE PERFORMANCE** 

# July 31, 2015 through July 31, 2025.

# Initial investment of $10,000.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

![Growth of 10K Chart](g79234i3e2f821767aad70b05db.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **$17,706 Fidelity<sup>®</sup> MSCI Energy Index ETF** | **$17,874 Fidelity MSCI Energy Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup>** | **$35,989 S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9920 | $9938 | $10561 |
| **2017** | $9829 | $9859 | $12256 |
| **2018** | $11846 | $11896 | $14246 |
| **2019** | $9546 | $9589 | $15384 |
| **2020** | $5796 | $5821 | $17223 |
| **2021** | $8624 | $8671 | $23500 |
| **2022** | $14289 | $14386 | $22410 |
| **2023** | $16590 | $16718 | $25327 |
| **2024** | $18290 | $18446 | $30936 |
| **2025** | $17706 | $17874 | $35989 |

---

# AVERAGE ANNUAL TOTAL RETURNS:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Fidelity<sup>®</sup> MSCI Energy Index ETF - NAV | (3.19%) | 25.03% | 5.88% |
| Fidelity MSCI Energy Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup> | (3.10%) | 25.16% | 5.98% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

Visit**www.fidelity.com** for more recent performance information.

*The Fund's past performance is not a good predictor of the Fund's future performance.*

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# Key Fund Statistics

#### (as of July 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Fund Size | $1377528536 |
| Number of Holdings | 101 |
| Portfolio Turnover | 7% |
| Total Advisory Fee | $1265841 |

---

# What did the Fund invest in?

#### (as of July 31, 2025)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g79234i1280bac473b986236584.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 98.7 |
| United Kingdom - | 0.9 |
| Ireland - | 0.2 |
| Switzerland - | 0.1 |
| Norway - | 0.1 |
| Thailand - | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 22.6 |
| Chevron Corp. | 16.0 |
| ConocoPhillips | 6.5 |
| Williams Cos., Inc. | 3.9 |
| EOG Resources, Inc. | 3.5 |
| Kinder Morgan, Inc. | 3.0 |
| Marathon Petroleum Corp. | 2.9 |
| Cheniere Energy, Inc. | 2.8 |
| Schlumberger NV | 2.8 |
| ONEOK, Inc. | 2.7 |
| Total | 66.7 |

---

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# What did the Fund invest in?

#### (as of July 31, 2025)

# TOP INDUSTRIES

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Oil, Gas & Consumable Fuels | 89.7 |
| Energy Equipment & Services | 9.9 |
| All Others | 0.4 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g79234i87bfec9da8a23a29f91e.jpg)

---

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

---

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.© 2025 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](g79234i96c3e65369885c10d2ca.jpg)

1.9913520.101 2568-TSRA-0925

![Image](g79234i79d6a96f86aa8b97494d.jpg)

**ANNUAL SHAREHOLDER REPORT** \| AS OF JULY 31, 2025

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

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

#### Principal Listing Exchange: NYSE Arca

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

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Financials Index ETF | $9 | 0.08% |

---

This annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Financials Index ETF for the period of August 1, 2024 to July 31, 2025. 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 affected the Fund's performance this period?
• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, diversified banks gained roughly 33% and contributed most to the fund's performance for the fiscal year. Investment banking & brokerage, which advanced 55%, also helped, as did transaction & payment processing services firms, which were up roughly 21%. The asset management & custody banks subindustry rose about 26%, while financial exchanges & data gained approximately 25%, and consumer finance increased 33%. Other noteworthy contributors included the property & casualty insurance (+9%), regional banks (+6%), diversified financial services (+15%), life & health insurance (+3%) and mortgage REITs (+4%) groups.

• In contrast, insurance brokers returned about -1% and detracted most. Reinsurance (-6%) and specialized finance (-17%) stocks also hurt.

• Turning to individual holdings, the top contributor was JPMorgan Chase (+42%), from the diversified banks subindustry. Within the same segment, Wells Fargo gained 39% and helped as well. Visa (+31%) and Mastercard (+23%), within the transaction & payment processing services subindustry, added further value. Lastly, in investment banking & brokerage, Goldman Sachs (+45%) also bolstered performance.

• Conversely, the biggest detractor was Fiserv (-15%), from the transaction & payment processing services subindustry. In the same category, Global Payments (-20%) also hurt, as did Marsh & McLennan (-9%) and Brown & Brown (-8%), within the insurance brokers subindustry. Lastly, life & health insurance stock Prudential Financial returned roughly -13% and pressured the fund.

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# How did the Fund perform over the past 10 years?

# **CUMULATIVE PERFORMANCE** 

# July 31, 2015 through July 31, 2025.

# Initial investment of $10,000.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

![Growth of 10K Chart](g79234i0fce2d087cf7ae03bfd1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **$30,875 Fidelity<sup>®</sup> MSCI Financials Index ETF** | **$31,173 Fidelity MSCI Financials Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup>** | **$35,989 S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9851 | $9859 | $10561 |
| **2017** | $12933 | $12967 | $12256 |
| **2018** | $14644 | $14695 | $14246 |
| **2019** | $15054 | $15116 | $15384 |
| **2020** | $12829 | $12900 | $17223 |
| **2021** | $20033 | $20157 | $23500 |
| **2022** | $18809 | $18940 | $22410 |
| **2023** | $20020 | $20176 | $25327 |
| **2024** | $25372 | $25594 | $30936 |
| **2025** | $30875 | $31173 | $35989 |

---

# AVERAGE ANNUAL TOTAL RETURNS:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Fidelity<sup>®</sup> MSCI Financials Index ETF - NAV | 21.69% | 19.20% | 11.93% |
| Fidelity MSCI Financials Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup> | 21.80% | 19.30% | 12.04% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

Visit**www.fidelity.com** for more recent performance information.

*The Fund's past performance is not a good predictor of the Fund's future performance.*

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# Key Fund Statistics

#### (as of July 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Fund Size | $2291965955 |
| Number of Holdings | 392 |
| Portfolio Turnover | 4% |
| Total Advisory Fee | $1720938 |

---

# What did the Fund invest in?

#### (as of July 31, 2025)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g79234iba7365c4b9b8a57efe21.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> |

---

---

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

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 9.7 |
| Berkshire Hathaway, Inc., Class B | 7.4 |
| Visa, Inc., Class A | 7.0 |
| Mastercard, Inc., Class A | 5.4 |
| Bank of America Corp. | 4.0 |
| Wells Fargo & Co. | 3.1 |
| Goldman Sachs Group, Inc. | 2.6 |
| Citigroup, Inc. | 2.1 |
| S&P Global, Inc. | 2.0 |
| Morgan Stanley | 2.0 |
| Total | 45.3 |

---

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# What did the Fund invest in?

#### (as of July 31, 2025)

# TOP INDUSTRIES

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Banks | 27.7 |
| Capital Markets | 26.2 |
| Financial Services | 25.7 |
| Insurance | 14.6 |
| Consumer Finance | 4.8 |
| All Others | 1 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g79234i66a56d01ab8296d47e3c.jpg)

---

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

---

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.© 2025 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](g79234i96c3e65369885c10d2ca.jpg)

1.9913521.101 2569-TSRA-0925

![Image](g79234i79d6a96f86aa8b97494d.jpg)

**ANNUAL SHAREHOLDER REPORT** \| AS OF JULY 31, 2025

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

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

#### Principal Listing Exchange: NYSE Arca

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

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
| **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 | $8 | 0.08% |

---

This annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Health Care Index ETF for the period of August 1, 2024 to July 31, 2025. 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 affected the Fund's performance this period?
• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, managed health care returned -52% and detracted most from the fund's performance for the fiscal year, followed by life sciences tools & services, which returned -25%. The pharmaceuticals subindustry returned about -8%, and biotechnology (-6%) also hurt. Other detractors included the health care supplies (-27%), health care services (-3%) and health care facilities (-6%) subindustries.

• In contrast, health care equipment gained roughly 12% and contributed most. Health care distributors stocks also helped, gaining about 21%. The health care technology subindustry rose roughly 32%.

• Turning to individual stocks, the biggest detractor was UnitedHealth Group (-56%), from the managed health care subindustry. From the same subindustry, Elevance Health (-46%) hurt the fund's performance. Merck, within the pharmaceuticals subindustry, returned roughly -29% and hurt the fund. Regeneron Pharmaceuticals, within the biotechnology subindustry, returned -49% and hindered the fund. Lastly, Thermo Fisher Scientific (-23%), from the life sciences tools & services subindustry, also hurt.

• Conversely, the biggest contributor was Gilead Sciences (+52%), from the biotechnology subindustry. Boston Scientific (+42%), Abbott Laboratories (+21%) and Stryker (+21%), within the health care equipment subindustry, boosted the fund. Lastly, in pharmaceuticals, Johnson & Johnson (+8%) also contributed.

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# How did the Fund perform over the past 10 years?

# **CUMULATIVE PERFORMANCE** 

# July 31, 2015 through July 31, 2025.

# Initial investment of $10,000.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

![Growth of 10K Chart](g79234i6f496990d82cd1ecbb56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **$19,419 Fidelity<sup>®</sup> MSCI Health Care Index ETF** | **$19,585 Fidelity MSCI Health Care Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup>** | **$35,989 S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9729 | $9735 | $10561 |
| **2017** | $10632 | $10649 | $12256 |
| **2018** | $12262 | $12297 | $14246 |
| **2019** | $12734 | $12780 | $15384 |
| **2020** | $15241 | $15311 | $17223 |
| **2021** | $19495 | $19602 | $23500 |
| **2022** | $18848 | $18965 | $22410 |
| **2023** | $19348 | $19482 | $25327 |
| **2024** | $21780 | $21949 | $30936 |
| **2025** | $19419 | $19585 | $35989 |

---

# AVERAGE ANNUAL TOTAL RETURNS:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Fidelity<sup>®</sup> MSCI Health Care Index ETF - NAV | (10.84%) | 4.96% | 6.86% |
| Fidelity MSCI Health Care Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup> | (10.77%) | 5.05% | 6.95% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

Visit**www.fidelity.com** for more recent performance information.

*The Fund's past performance is not a good predictor of the Fund's future performance.*

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# Key Fund Statistics

#### (as of July 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Fund Size | $2347006718 |
| Number of Holdings | 323 |
| Portfolio Turnover | 3% |
| Total Advisory Fee | $2273957 |

---

# What did the Fund invest in?

#### (as of July 31, 2025)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g79234ibc4816c7773b7aad0198.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 98.9 |
| Ireland - | 0.7 |
| Netherlands - | 0.1 |
| Switzerland - | 0.1 |
| United Kingdom - | 0.1 |
| Canada - | 0.1 |
| Jersey - | 0.0<sup>Footnote Reference\*</sup> |
| Costa Rica - | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Eli Lilly & Co. | 10.8 |
| Johnson & Johnson | 7.2 |
| AbbVie, Inc. | 6.1 |
| UnitedHealth Group, Inc. | 4.1 |
| Abbott Laboratories | 4.0 |
| Merck & Co., Inc. | 3.6 |
| Thermo Fisher Scientific, Inc. | 3.2 |
| Intuitive Surgical, Inc. | 3.1 |
| Amgen, Inc. | 2.9 |
| Boston Scientific Corp. | 2.8 |
| Total | 47.8 |

---

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# What did the Fund invest in?

#### (as of July 31, 2025)

# TOP INDUSTRIES

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Pharmaceuticals | 28.3 |
| Health Care Equipment & Supplies | 22.9 |
| Biotechnology | 21.3 |
| Health Care Providers & Services | 16.7 |
| Life Sciences Tools & Services | 9.5 |
| All Others | 1.3 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g79234i5765a3a564d1ccf33560.jpg)

---

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

---

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.© 2025 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](g79234i96c3e65369885c10d2ca.jpg)

1.9913522.101 2570-TSRA-0925

![Image](g79234i79d6a96f86aa8b97494d.jpg)

**ANNUAL SHAREHOLDER REPORT** \| AS OF JULY 31, 2025

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

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

#### Principal Listing Exchange: NYSE Arca

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

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Industrials Index ETF | $9 | 0.08% |

---

This annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Industrials Index ETF for the period of August 1, 2024 to July 31, 2025. 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 affected the Fund's performance this period?
• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, aerospace & defense gained 34% and contributed most to the fund's performance for the fiscal year. Heavy electrical equipment, which gained 269%, also helped, as did electrical components & equipment, which advanced about 23%. The construction & engineering subindustry rose about 52%, while construction machinery & heavy transportation equipment gained roughly 21%, and passenger ground transportation advanced 36%. Other contributors included the agricultural & farm machinery (+35%) and trading companies & distributors (+14%) subindustries.

• Conversely, air freight & logistics returned about -22% and detracted most, followed by cargo ground transportation, which returned -20%. The research & consulting services subindustry returned -4%. Rail transportation (-1%) also hurt. Office services & supplies (-7%) and commercial printing (-15%) hampered the fund's result. Lastly. the marine transportation (-19%) subindustry also hurt.

• Turning to individual stocks, the top contributor was GE Vernova (+271%), from the heavy electrical equipment subindustry. GE Aerospace (+61%) and RTX (+37%), within the aerospace & defense subindustry, boosted the fund. Caterpillar (+29%), from the construction machinery & heavy transportation equipment subindustry, lifted the fund. Lastly, Uber Technologies, within the passenger ground transportation subindustry, gained 36% and also contributed.

• In contrast, the biggest detractor was United Parcel Service (-30%), from the air freight & logistics subindustry. Within the same subindustry, FedEx (-24%) hurt the fund. Another notable detractor was Lockheed Martin (-20%), a stock in the aerospace & defense subindustry. Another notable detractor was Union Pacific (-8%), a stock in the rail transportation subindustry. Lastly, Old Dominion Freight Lines (-28%), from the cargo ground transportation subindustry, also detracted.

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# How did the Fund perform over the past 10 years?

# **CUMULATIVE PERFORMANCE** 

# July 31, 2015 through July 31, 2025.

# Initial investment of $10,000.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

![Growth of 10K Chart](g79234i33c3484dd909b6d72a26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **$33,693 Fidelity<sup>®</sup> MSCI Industrials Index ETF** | **$34,023 Fidelity MSCI Industrials Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup>** | **$35,989 S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10945 | $10958 | $10561 |
| **2017** | $12923 | $12952 | $12256 |
| **2018** | $14872 | $14922 | $14246 |
| **2019** | $15353 | $15414 | $15384 |
| **2020** | $14687 | $14761 | $17223 |
| **2021** | $21614 | $21745 | $23500 |
| **2022** | $20079 | $20215 | $22410 |
| **2023** | $23927 | $24111 | $25327 |
| **2024** | $28535 | $28788 | $30936 |
| **2025** | $33693 | $34023 | $35989 |

---

# AVERAGE ANNUAL TOTAL RETURNS:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Fidelity<sup>®</sup> MSCI Industrials Index ETF - NAV | 18.07% | 18.07% | 12.92% |
| Fidelity MSCI Industrials Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup> | 18.19% | 18.18% | 13.03% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

Visit**www.fidelity.com** for more recent performance information.

*The Fund's past performance is not a good predictor of the Fund's future performance.*

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# Key Fund Statistics

#### (as of July 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Fund Size | $1481987603 |
| Number of Holdings | 360 |
| Portfolio Turnover | 3% |
| Total Advisory Fee | $1059719 |

---

# What did the Fund invest in?

#### (as of July 31, 2025)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g79234ib354e82dce2a252700e4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 98.6 |
| Canada - | 0.8 |
| Ireland - | 0.3 |
| United Kingdom - | 0.2 |
| India - | 0.1 |
| Virgin Islands - | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| General Electric Co. | 4.8 |
| RTX Corp. | 3.5 |
| Caterpillar, Inc. | 3.5 |
| GE Vernova, Inc. | 3.0 |
| Boeing Co. | 2.8 |
| Uber Technologies, Inc. | 2.8 |
| Eaton Corp. PLC | 2.5 |
| Honeywell International, Inc. | 2.4 |
| Deere & Co. | 2.3 |
| Union Pacific Corp. | 2.2 |
| Total | 29.8 |

---

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# What did the Fund invest in?

#### (as of July 31, 2025)

# TOP INDUSTRIES

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Aerospace & Defense | 22.9 |
| Machinery | 18.6 |
| Electrical Equipment | 11.2 |
| Ground Transportation | 8.9 |
| Professional Services | 8.4 |
| All Others | 30.0 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g79234i37edfef49de4ed28b9ca.jpg)

---

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

---

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.© 2025 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](g79234i96c3e65369885c10d2ca.jpg)

1.9913523.101 2571-TSRA-0925

![Image](g79234i79d6a96f86aa8b97494d.jpg)

**ANNUAL SHAREHOLDER REPORT** \| AS OF JULY 31, 2025

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

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

#### Principal Listing Exchange: NYSE Arca

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

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
| **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 | $9 | 0.08% |

---

This annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Information Technology Index ETF for the period of August 1, 2024 to July 31, 2025. 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 affected the Fund's performance this period?
• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, semiconductors gained roughly 37% and contributed most to the fund's performance for the fiscal year. Systems software, which gained approximately 31%, also helped, as did application software, which advanced 25%. The communications equipment subindustry rose 38%, while internet services & infrastructure gained 48%, and electronic components advanced about 45%. Other contributors included the electronic manufacturing services (+44%) and the electronic equipment & instruments (+13%) subindustries.

• Conversely, technology hardware, storage & peripherals returned -4% and detracted most. Semiconductor materials & equipment (-15%) and technology distributors (-14%) also hurt. Other detractors included the advertising (-35%) and trading companies & distributors (-25%) subindustries.

• Turning to individual stocks, the top contributor was Nvidia (+52%), from the semiconductors subindustry. Within the same subindustry, Broadcom (+85%) helped. Microsoft (+28%) and Oracle (+84%), from the systems software subindustry, contributed. Lastly, in application software, Palantir Technologies gained roughly 488% and notably contributed.

• In contrast, the biggest detractor was Apple (-6%), from the technology hardware, storage & peripherals subindustry. Adobe (-35%), from the application software subindustry, hindered the fund. In semiconductors, Intel (-35%) and Qualcomm (-17%) hurt the fund. Lastly, Accenture (-18%), a stock in the IT consulting & other services subindustry, also detracted.

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# How did the Fund perform over the past 10 years?

# **CUMULATIVE PERFORMANCE** 

# July 31, 2015 through July 31, 2025.

# Initial investment of $10,000.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

![Growth of 10K Chart](g79234i61665b258edd146ccbfc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **$69,274 Fidelity<sup>®</sup> MSCI Information Technology Index ETF** | **$69,843 Fidelity MSCI Information Technology Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup>** | **$35,989 S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10840 | $10848 | $10561 |
| **2017** | $13967 | $13993 | $12256 |
| **2018** | $17867 | $17923 | $14246 |
| **2019** | $20715 | $20797 | $15384 |
| **2020** | $28376 | $28519 | $17223 |
| **2021** | $39890 | $40126 | $23500 |
| **2022** | $36136 | $36376 | $22410 |
| **2023** | $44758 | $45097 | $25327 |
| **2024** | $56661 | $57077 | $30936 |
| **2025** | $69274 | $69843 | $35989 |

---

# AVERAGE ANNUAL TOTAL RETURNS:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Fidelity<sup>®</sup> MSCI Information Technology Index ETF - NAV | 22.26% | 19.54% | 21.35% |
| Fidelity MSCI Information Technology Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup> | 22.37% | 19.62% | 21.45% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

Visit**www.fidelity.com** for more recent performance information.

*The Fund's past performance is not a good predictor of the Fund's future performance.*

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# Key Fund Statistics

#### (as of July 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Fund Size | $14754721779 |
| Number of Holdings | 281 |
| Portfolio Turnover | 9% |
| Total Advisory Fee | $10567090 |

---

# What did the Fund invest in?

#### (as of July 31, 2025)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g79234i4dc18f64db15c89ea9f7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 98.5 |
| Switzerland - | 0.4 |
| China - | 0.3 |
| Singapore - | 0.3 |
| United Kingdom - | 0.2 |
| Canada - | 0.1 |
| Thailand - | 0.1 |
| Israel - | 0.1 |

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 18.3 |
| Microsoft Corp. | 15.5 |
| Apple, Inc. | 12.7 |
| Broadcom, Inc. | 4.7 |
| Oracle Corp. | 2.3 |
| Palantir Technologies, Inc., Class A | 1.8 |
| Advanced Micro Devices, Inc. | 1.6 |
| Cisco Systems, Inc. | 1.5 |
| Salesforce, Inc. | 1.3 |
| International Business Machines Corp. | 1.3 |
| Total | 61.0 |

---

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# What did the Fund invest in?

#### (as of July 31, 2025)

# TOP INDUSTRIES

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Software | 36.7 |
| Semiconductors & Semiconductor Equipment | 34.7 |
| Technology Hardware, Storage & Peripherals | 14.7 |
| Electronic Equipment, Instruments & Components | 5.3 |
| IT Services | 4.9 |
| All Others | 3.7 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g79234idaab7d8a3534efcc7cb9.jpg)

---

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

---

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.© 2025 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](g79234i96c3e65369885c10d2ca.jpg)

1.9913524.101 2572-TSRA-0925

![Image](g79234i79d6a96f86aa8b97494d.jpg)

**ANNUAL SHAREHOLDER REPORT** \| AS OF JULY 31, 2025

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

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

#### Principal Listing Exchange: NYSE Arca

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

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Materials Index ETF | $8 | 0.08% |

---

This annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Materials Index ETF for the period of August 1, 2024 to July 31, 2025. 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 affected the Fund's performance this period?
• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, commodity chemicals returned -44% and detracted most from the fund's performance for the fiscal year, followed by specialty chemicals, which returned -10%. The paper & plastic packaging products & materials subindustry returned approximately -8%. Copper (-10%) also hurt. Steel (-3%) and diversified chemicals (-50%) hampered the fund's result. Other detractors included the aerospace & defense (-20%) and paper products (-39%) subindustries. Lastly, aluminum (-3%), forest products (-7%) and life sciences tools & services (-14%) also hurt.

• In contrast, gold gained 27% and contributed most. Fertilizers & agricultural chemicals stocks also helped, gaining 20%. The industrial gases subindustry rose about 5%. Construction materials (+4%) also contributed. Other contributors included the diversified metals & mining (+95%), metal, glass & plastic containers (+3%) and silver (+2%) subindustries.

• Turning to individual stocks, the biggest detractor was Dow (-54%), from the commodity chemicals subindustry. Within the same subindustry, LyondellBasell (-38%) detracted. In specialty chemicals, Celanese (-63%) and International Flavors & Fragrance (-27%) hurt the fund's performance. Lastly, Freeport-McMoRan, within the copper subindustry, returned about -10% and also hindered the fund.

• Conversely, the top contributor was Newmont (+29%), from the gold subindustry. In fertilizers & agricultural chemicals, Corteva gained 30% and contributed. Ecolab (+15%), a stock in the specialty chemicals subindustry, helped. In construction materials, CRH (+13%) boosted the fund. Lastly, Air Products & Chemicals, within the industrial gases subindustry, gained approximately 12% and also contributed.

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# How did the Fund perform over the past 10 years?

# **CUMULATIVE PERFORMANCE** 

# July 31, 2015 through July 31, 2025.

# Initial investment of $10,000.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

![Growth of 10K Chart](g79234ifecc5c6f5f2e4456540d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **$23,267 Fidelity<sup>®</sup> MSCI Materials Index ETF** | **$23,416 Fidelity MSCI Materials Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup>** | **$35,989 S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10931 | $10944 | $10561 |
| **2017** | $12697 | $12724 | $12256 |
| **2018** | $14163 | $14186 | $14246 |
| **2019** | $13593 | $13635 | $15384 |
| **2020** | $14039 | $14096 | $17223 |
| **2021** | $20357 | $20414 | $23500 |
| **2022** | $19404 | $19475 | $22410 |
| **2023** | $21813 | $21913 | $25327 |
| **2024** | $23945 | $24077 | $30936 |
| **2025** | $23267 | $23416 | $35989 |

---

# AVERAGE ANNUAL TOTAL RETURNS:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Fidelity<sup>®</sup> MSCI Materials Index ETF - NAV | (2.83%) | 10.63% | 8.81% |
| Fidelity MSCI Materials Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup> | (2.75%) | 10.68% | 8.88% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

Visit**www.fidelity.com** for more recent performance information.

*The Fund's past performance is not a good predictor of the Fund's future performance.*

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# Key Fund Statistics

#### (as of July 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Fund Size | $411713588 |
| Number of Holdings | 99 |
| Portfolio Turnover | 6% |
| Total Advisory Fee | $419467 |

---

# What did the Fund invest in?

#### (as of July 31, 2025)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g79234ie719dd3ff0ff6b268207.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States of America - | 98.2 |
| Jersey - | 1.6 |
| Canada - | 0.2 |
| Luxembourg - | 0.0<sup>Footnote Reference\*</sup> |
| United Kingdom - | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Linde PLC | 16.7 |
| Sherwin-Williams Co. | 6.1 |
| Newmont Corp. | 5.4 |
| Ecolab, Inc. | 5.1 |
| CRH PLC | 5.0 |
| Air Products & Chemicals, Inc. | 4.9 |
| Freeport-McMoRan, Inc. | 4.4 |
| Corteva, Inc. | 3.8 |
| Vulcan Materials Co. | 2.8 |
| Martin Marietta Materials, Inc. | 2.7 |
| Total | 56.9 |

---

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# What did the Fund invest in?

#### (as of July 31, 2025)

# TOP INDUSTRIES

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Chemicals | 54.8 |
| Metals & Mining | 20.7 |
| Containers & Packaging | 12.3 |
| Construction Materials | 11.4 |
| Paper & Forest Products | 0.6 |
| All Others | 0.2 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g79234iedcaa030dd977a50491a.jpg)

---

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

---

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.© 2025 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](g79234i96c3e65369885c10d2ca.jpg)

1.9913525.101 2573-TSRA-0925

![Image](g79234i79d6a96f86aa8b97494d.jpg)

**ANNUAL SHAREHOLDER REPORT** \| AS OF JULY 31, 2025

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

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

#### Principal Listing Exchange: NYSE Arca

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

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
| **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 | $9 | 0.08% |

---

This annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Real Estate Index ETF for the period of August 1, 2024 to July 31, 2025. 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 affected the Fund's performance this period?
• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, health care REITs gained approximately 21% and contributed most to the fund's performance for the fiscal year. Real estate services stocks also helped (+28%). Data centers rose approximately 10%, retail gained roughly 5%, and other specialized REITs advanced approximately 5%. Other contributors included the diversified (+6%) and asset management & custody banks (+0%) subindustries.

• Conversely, industrial REITs returned -15% and detracted most, followed by self-storage, which returned -9%. The timber subindustry returned about -17%. Hotel & resort (-10%) also hurt. Multi-family residential (-3%) and single-family residential (-5%) hampered the fund's result as well. Other detractors included the telecom tower (-1%) group and real estate operating companies (-21%). Lastly, the diversified real estate activities (-18%), real estate development (-8%) and office (-1%) categories also hurt.

• Turning to individual stocks, the top contributor was Welltower (+51%), from the health care subindustry. In real estate services, CBRE (+38%) and CoStar Group (+22%) boosted the fund. Digital Realty Trust (+21%), from the data center subindustry, helped as well. Lastly, in retail, Simon Property Group (+12%) also contributed.

• In contrast, the biggest detractor was Prologis (-12%), from the industrial subindustry. Within the same segment, Americold Realty Trust returned -44% and detracted. Alexandria Real Estate Equities (-31%), a stock in the health care subindustry, hurt the fund. Weyerhaeuser (-19%), from the timber subindustry, also pressured the fund's performance. Lastly, Extra Space Storage (-12%), a stock in the self-storage subindustry, further detracted.

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# How did the Fund perform over the past 10 years?

# **CUMULATIVE PERFORMANCE** 

# July 31, 2015 through July 31, 2025.

# Initial investment of $10,000.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

![Growth of 10K Chart](g79234i7e35b6e65aab30b3a8ef.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **$17,481 Fidelity<sup>®</sup> MSCI Real Estate Index ETF** | **$17,670 Fidelity MSCI Real Estate Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup>** | **$35,989 S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11927 | $11954 | $10561 |
| **2017** | $11746 | $11778 | $12256 |
| **2018** | $12278 | $12321 | $14246 |
| **2019** | $13897 | $13949 | $15384 |
| **2020** | $13164 | $13251 | $17223 |
| **2021** | $17849 | $18007 | $23500 |
| **2022** | $17089 | $17233 | $22410 |
| **2023** | $15405 | $15552 | $25327 |
| **2024** | $17037 | $17231 | $30936 |
| **2025** | $17481 | $17670 | $35989 |

---

# AVERAGE ANNUAL TOTAL RETURNS:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Fidelity<sup>®</sup> MSCI Real Estate Index ETF - NAV | 2.61% | 5.84% | 5.74% |
| Fidelity MSCI Real Estate Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup> | 2.55% | 5.92% | 5.86% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

Visit**www.fidelity.com** for more recent performance information.

*The Fund's past performance is not a good predictor of the Fund's future performance.*

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# Key Fund Statistics

#### (as of July 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Fund Size | $1013046319 |
| Number of Holdings | 139 |
| Portfolio Turnover | 7% |
| Total Advisory Fee | $865125 |

---

# What did the Fund invest in?

#### (as of July 31, 2025)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g79234i87c0f6db7c37068132e6.jpg)

---

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

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Prologis, Inc. | 6.9 |
| American Tower Corp. | 6.8 |
| Welltower, Inc. | 6.7 |
| Digital Realty Trust, Inc. | 4.1 |
| Equinix, Inc. | 4.0 |
| Simon Property Group, Inc. | 3.8 |
| Realty Income Corp. | 3.4 |
| CBRE Group, Inc., Class A | 3.3 |
| Crown Castle, Inc. | 3.2 |
| Public Storage | 3.0 |
| Total | 45.2 |

---

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# What did the Fund invest in?

#### (as of July 31, 2025)

# TOP INDUSTRIES

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Specialized REITs | 34.3 |
| Health Care REITs | 13.4 |
| Retail REITs | 13.4 |
| Residential REITs | 12.2 |
| Industrial REITs | 9.8 |
| All Others | 16.9 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g79234if7c65f1d2992dda051b8.jpg)

---

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

---

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.© 2025 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](g79234i96c3e65369885c10d2ca.jpg)

1.9913529.101 2735-TSRA-0925

![Image](g79234i79d6a96f86aa8b97494d.jpg)

**ANNUAL SHAREHOLDER REPORT** \| AS OF JULY 31, 2025

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

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

#### Principal Listing Exchange: NYSE Arca

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

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fidelity<sup>®</sup> MSCI Utilities Index ETF | $9 | 0.08% |

---

This annual shareholder report contains important information about Fidelity<sup>®</sup> MSCI Utilities Index ETF for the period of August 1, 2024 to July 31, 2025. 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 affected the Fund's performance this period?
• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, electric utilities gained roughly 18% and contributed most to the fund's performance for the fiscal year. Multi-utilities stocks also helped, gaining 18%. The independent power producers & energy traders subindustry rose 115%. Gas utilities (+23%) also contributed.

• Conversely, water utilities returned -4% and detracted most. Renewable electricity (-3%) also hurt.

• Turning to individual stocks, the biggest contributor was Constellation Energy (+84%), from the electric utilities subindustry. From the same subindustry, NRG Energy (+126%), Southern (+17%) and Entergy (+61%) contributed. Lastly, in independent power producers & energy traders, Vistra gained approximately 164% and also lifted the fund.

• In contrast, the biggest detractor was Edison International (-31%), from the electric utilities subindustry. From the same subindustry, PG&E (-23%) and NextEra Energy (-4%) hurt. AES (-22%), a stock in the independent power producers & energy traders subindustry, detracted as well. Lastly, in renewable electricity, XPLR Infrastructure (-59%) also detracted.

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# How did the Fund perform over the past 10 years?

# **CUMULATIVE PERFORMANCE** 

# July 31, 2015 through July 31, 2025.

# Initial investment of $10,000.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

![Growth of 10K Chart](g79234i1f68ea6d8243df8a137d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **$26,849 Fidelity<sup>®</sup> MSCI Utilities Index ETF** | **$27,145 Fidelity MSCI Utilities Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup>** | **$35,989 S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12357 | $12377 | $10561 |
| **2017** | $13175 | $13214 | $12256 |
| **2018** | $13680 | $13740 | $14246 |
| **2019** | $15858 | $15948 | $15384 |
| **2020** | $16355 | $16469 | $17223 |
| **2021** | $18393 | $18538 | $23500 |
| **2022** | $21170 | $21350 | $22410 |
| **2023** | $19767 | $19951 | $25327 |
| **2024** | $22241 | $22469 | $30936 |
| **2025** | $26849 | $27145 | $35989 |

---

# AVERAGE ANNUAL TOTAL RETURNS:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Fidelity<sup>®</sup> MSCI Utilities Index ETF - NAV | 20.72% | 10.42% | 10.38% |
| Fidelity MSCI Utilities Index ETF Capped Linked Index<sup>Footnote ReferenceSM</sup> | 20.81% | 10.51% | 10.50% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>SM</sup> | &nbsp;&nbsp;Service Mark |

---

Visit**www.fidelity.com** for more recent performance information.

*The Fund's past performance is not a good predictor of the Fund's future performance.*

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# Key Fund Statistics

#### (as of July 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Fund Size | $1940938274 |
| Number of Holdings | 65 |
| Portfolio Turnover | 4% |
| Total Advisory Fee | $1386740 |

---

# What did the Fund invest in?

#### (as of July 31, 2025)

# GEOGRAPHIC DIVERSIFICATION

# (% of Fund's net assets)
![Group By Country Chart](g79234iecdcc3249d3ec5fc9ada.jpg)

---

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

---

# TOP HOLDINGS

# (% of Fund's net assets)

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 10.0 |
| Constellation Energy Corp. | 7.5 |
| Southern Co. | 7.1 |
| Duke Energy Corp. | 6.5 |
| Vistra Corp. | 4.9 |
| American Electric Power Co., Inc. | 4.1 |
| Sempra | 3.7 |
| Dominion Energy, Inc. | 3.4 |
| Exelon Corp. | 3.1 |
| Public Service Enterprise Group, Inc. | 3.1 |
| Total | 53.4 |

---

![Image](g79234i79d6a96f86aa8b97494d.jpg)

# What did the Fund invest in?

#### (as of July 31, 2025)

# TOP INDUSTRIES

# (% of Fund's net assets)

---

| | |
|:---|:---|
| Electric Utilities | 60.7 |
| Multi-Utilities | 24.3 |
| Independent Power and Renewable Electricity Producers | 7.2 |
| Gas Utilities | 4.5 |
| Water Utilities | 3.1 |
| All Others | 0.2 |

---

# ASSET ALLOCATION

# (% of Fund's net assets)
![Group By Asset Type Chart](g79234i99327624d16ac2ae47c8.jpg)

---

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

---

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.© 2025 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](g79234i96c3e65369885c10d2ca.jpg)

1.9913527.101 2575-TSRA-0925

![Image](g79234i79d6a96f86aa8b97494d.jpg)

------

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

As of the end of the period, July 31, 2025, Fidelity Covington Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

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

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

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

<u>Fees and Services</u> 

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to 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"):

#### Services Billed by Deloitte Entities

#### July 31, 2025 Fees <sup>A</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-<br>Related Fees** | **Tax Fees** | **All Other<br>Fees** |
|  Fidelity MSCI Communication Services Index ETF | $13900 | $– $| 3900 | $300 |
|  Fidelity MSCI Consumer Discretionary Index ETF | $13900 | $– $| 3900 | $300 |
|  Fidelity MSCI Consumer Staples Index ETF | $13900 | $– $| 3900 | $300 |
|  Fidelity MSCI Energy Index ETF | $13900 | $– $| 3900 | $300 |
|  Fidelity MSCI Financials Index ETF | $13900 | $– $| 3900 | $300 |
|  Fidelity MSCI Health Care Index ETF | $14000 | $– $| 3900 | $300 |
|  Fidelity MSCI Industrials Index ETF | $13900 | $– $| 3900 | $300 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  Fidelity MSCI Information Technology Index ETF | $14100.0 | $3900 | $300.0 |
|  Fidelity MSCI Materials Index ETF | $13900.0 | $3900.0 | $300.0 |
|  Fidelity MSCI Real Estate Index ETF | $13900.0 | $3900.0 | $300.0 |
|  Fidelity MSCI Utilities Index ETF | $13900.0 | $3900.0 | $300.0 |

---

#### July 31, 2024 Fees <sup>A</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-<br>Related Fees** | **Tax Fees** | **All Other<br>Fees** |
|  Fidelity MSCI Communication Services Index ETF | $12900 | $– $| 5100 | $400 |
|  Fidelity MSCI Consumer Discretionary Index ETF | $12900 | $– $| 5100 | $400 |
|  Fidelity MSCI Consumer Staples Index ETF | $12900 | $– $| 5100 | $400 |
|  Fidelity MSCI Energy Index ETF | $13000 | $– $| 5100 | $400 |
|  Fidelity MSCI Financials Index ETF | $13000 | $– $| 5100 | $400 |
|  Fidelity MSCI Health Care Index ETF | $13000 | $– $| 5100 | $400 |
|  Fidelity MSCI Industrials Index ETF | $12900 | $– $| 5100 | $400 |
|  Fidelity MSCI Information Technology Index ETF | $13200 | $– $| 5100 | $400 |
|  Fidelity MSCI Materials Index ETF | $12900 | $– $| 5100 | $400 |
|  Fidelity MSCI Real Estate Index ETF | $12900 | $– $| 5100 | $400 |
|  Fidelity MSCI Utilities Index ETF | $13000 | $– $| 5100 | $400 |

---

<sup>A</sup> Amounts may reflect rounding. 

------

The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

#### Services Billed by Deloitte Entities

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025<sup>A</sup>** | **July 31, 2024<sup>A</sup>** |
|  Audit-Related Fees | $125000 | $200000 |
|  Tax Fees | $— | $— |
|  All Other Fees | $2970400 | $1929500 |

---

<sup>A</sup> Amounts may reflect rounding. 

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

------

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| **Billed By** | **July 31, 2025<sup>A</sup>** | **July 31, 2024<sup>A</sup>** |
|  Deloitte Entities | $3478400 | $5009000 |

---

<sup>A</sup> Amounts may reflect rounding. 

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u> 

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

------

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u> 

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

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

The Audit Committee is a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of July 31, 2025, the members of the Audit Committee were Donald F. Donahue, Vijay C. Advani, Thomas Kennedy, Karen B. Peetz and Susan Tomasky.

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>

------

![](g79234imge1da69951.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

### Annual Report

#### July 31, 2025
![](g79234img2f109bbd2.jpg)

![](g79234img2f109bbd2.jpg)

------

Contents

---

| | | |
|:---|:---|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#xx_a691f294-a374-4822-b10a-828250896df4_1)** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**[Fidelity](#xx_a691f294-a374-4822-b10a-828250896df4_1)<sup>®</sup>[MSCI Communication Services Index ETF](#xx_a691f294-a374-4822-b10a-828250896df4_1)** |
|  | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**[Fidelity® MSCI Consumer Discretionary Index ETF](#xx_a691f294-a374-4822-b10a-828250896df4_4)** |
|  | &nbsp;&nbsp;**12** | &nbsp;&nbsp;**[Fidelity® MSCI Consumer Staples Index ETF](#xx_a691f294-a374-4822-b10a-828250896df4_9)** |
|  | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**[Fidelity® MSCI Energy Index ETF](#xx_a691f294-a374-4822-b10a-828250896df4_12)** |
|  | &nbsp;&nbsp;**18** | &nbsp;&nbsp;**[Fidelity® MSCI Financials Index ETF](#xx_a691f294-a374-4822-b10a-828250896df4_15)** |
|  | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**[Fidelity® MSCI Health Care Index ETF](#xx_a691f294-a374-4822-b10a-828250896df4_21)** |
|  | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**[Fidelity® MSCI Industrials Index ETF](#xx_a691f294-a374-4822-b10a-828250896df4_26)** |
|  | &nbsp;&nbsp;**35** | &nbsp;&nbsp;**[Fidelity® MSCI Information Technology Index ETF](#xx_a691f294-a374-4822-b10a-828250896df4_32)** |
|  | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**[Fidelity® MSCI Materials Index ETF](#xx_a691f294-a374-4822-b10a-828250896df4_37)** |
|  | &nbsp;&nbsp;**43** | &nbsp;&nbsp;**[Fidelity® MSCI Real Estate Index ETF](#xx_a691f294-a374-4822-b10a-828250896df4_40)** |
|  | &nbsp;&nbsp;**47** | &nbsp;&nbsp;**[Fidelity® MSCI Utilities Index ETF](#xx_a691f294-a374-4822-b10a-828250896df4_44)** |
|  | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**[Financial Statements](#xx_06dc32f9-4fba-4b07-8087-5f47212f77dc_2)** |
|  | &nbsp;&nbsp;**73** | &nbsp;&nbsp;**[Notes to Financial Statements](#xx_0a5d498b-d08e-47e7-9c05-6516a3641e20_1)** |
|  | &nbsp;&nbsp;**79** | &nbsp;&nbsp;**[Report of Independent Registered Public Accounting Firm](#xx_588fc1c3-4c2d-48cc-8168-5df9323eece2_1)** |
|  | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**[Distributions](#xx_0cf22bbc-d04b-4634-b8cc-ddcad252ecc5_1)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_e2d63b90-58eb-44a6-b4a0-802069451e48_1)** | &nbsp;&nbsp;**81** |  |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#xx_50c7eb72-a4c1-4f6f-b078-04b33bdc5b3d_1)** | &nbsp;&nbsp;**82** |  |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#xx_575fd715-f7b7-4d23-b278-8480e16bd74d_1)** | &nbsp;&nbsp;**83** |  |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_65d4460d-78fb-46ad-9237-cfaff7dce500_1)** | &nbsp;&nbsp;**84** |  |

---

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.© 2025 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.*

**2** 

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

Contents

*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.*

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

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

### Schedule of Investments July 31, 2025
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** |
| **DIVERSIFIED TELECOMMUNICATION SERVICES – 10.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES – 10.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES – 10.6%** |
| **Alternative Carriers – 1.6%** | **Alternative Carriers – 1.6%** | **Alternative Carriers – 1.6%** |
| Anterix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12343 | &nbsp;&nbsp;$274138 |
| AST SpaceMobile, Inc. (a) | &nbsp;&nbsp;&nbsp;193825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10305675 |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568997 |
| Globalstar, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;61525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445222 |
| Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;119003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910813 |
| Liberty Global Ltd. Class C (a) | &nbsp;&nbsp;&nbsp;175625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796644 |
| Liberty Global Ltd. Class A (a) | &nbsp;&nbsp;&nbsp;200906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013078 |
| Liberty Latin America Ltd. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;37897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267174 |
| Liberty Latin America Ltd. Class C (a) | &nbsp;&nbsp;&nbsp;161135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150504 |
| Lumen Technologies, Inc. (a) | 1169242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5203127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27935372 |
| **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** |
| EchoStar Corp. Class A (a) | &nbsp;&nbsp;&nbsp;168992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5507449 |
| **Integrated Telecommunication Services – 8.7%** | **Integrated Telecommunication Services – 8.7%** | **Integrated Telecommunication Services – 8.7%** |
| AT&T, Inc. | 2476081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67869380 |
| Frontier Communications Parent, Inc. (a) | &nbsp;&nbsp;&nbsp;256364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9418814 |
| GCI Liberty, Inc. Class C (a) | &nbsp;&nbsp;&nbsp;&nbsp;28159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936287 |
| IDT Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;25945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528420 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;56393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827849 |
| Verizon Communications, Inc. | 1542608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65961918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146542668 |
| TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179985489 |
| **ENTERTAINMENT – 20.5%** | **ENTERTAINMENT – 20.5%** | **ENTERTAINMENT – 20.5%** |
| **Interactive Home Entertainment – 5.3%** | **Interactive Home Entertainment – 5.3%** | **Interactive Home Entertainment – 5.3%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;155404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23697556 |
| ROBLOX Corp. Class A (a) | &nbsp;&nbsp;&nbsp;311755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42956721 |
| Take-Two Interactive Software, Inc. (a) | &nbsp;&nbsp;&nbsp;104911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23366827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90021104 |
| **Movies & Entertainment – 15.2%** | **Movies & Entertainment – 15.2%** | **Movies & Entertainment – 15.2%** |
| AMC Entertainment Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;525263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523263 |
| Atlanta Braves Holdings, Inc. Class C (a) | &nbsp;&nbsp;&nbsp;&nbsp;56113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500395 |
| Atlanta Braves Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384148 |
| Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;129176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470959 |
| IMAX Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;54334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401274 |
| Liberty Media Corp.-Liberty Formula One Class C (a) | &nbsp;&nbsp;&nbsp;187563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18821947 |
| Liberty Media Corp.-Liberty Live Class C (a) | &nbsp;&nbsp;&nbsp;&nbsp;54235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4568214 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Liberty Media Corp.-Liberty Live Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;23327 | &nbsp;&nbsp;$1908149 |
| Lionsgate Studios Corp. (a) | &nbsp;&nbsp;&nbsp;260385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541479 |
| Live Nation Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;132419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19558286 |
| Madison Square Garden Entertainment Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;47342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789054 |
| Madison Square Garden Sports Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;18851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809787 |
| Marcus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474141 |
| Netflix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;57706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66904336 |
| Roku, Inc. (a) | &nbsp;&nbsp;&nbsp;154041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14504501 |
| Sphere Entertainment Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;31588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359863 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14154507 |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;612190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72917951 |
| Warner Bros Discovery, Inc. (a) | 1988430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26187623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257779877 |
| TOTAL ENTERTAINMENT | TOTAL ENTERTAINMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347800981 |
| **INTERACTIVE MEDIA & SERVICES – 53.3%** | **INTERACTIVE MEDIA & SERVICES – 53.3%** | **INTERACTIVE MEDIA & SERVICES – 53.3%** |
| **Interactive Media & Services – 53.3%** | **Interactive Media & Services – 53.3%** | **Interactive Media & Services – 53.3%** |
| Alphabet, Inc. Class C | &nbsp;&nbsp;&nbsp;912816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176045694 |
| Alphabet, Inc. Class A | 1177092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225883955 |
| Angi, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;51201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830480 |
| Bumble, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;96254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748856 |
| Cargurus, Inc. (a) | &nbsp;&nbsp;&nbsp;101259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323320 |
| Cars.com, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;74149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954298 |
| EverQuote, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;33200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816388 |
| fuboTV, Inc. (a) | &nbsp;&nbsp;&nbsp;413619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646204 |
| Grindr, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;38173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667264 |
| IAC, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;85888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375398 |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;288908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900877 |
| MediaAlpha, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;37382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374568 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;539830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417526115 |
| Nextdoor Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;258719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452758 |
| Pinterest, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;460420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17772212 |
| QuinStreet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;64748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062515 |
| Reddit, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;78987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12684522 |
| Rumble, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;91430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771669 |
| Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562710 |
| Snap, Inc. Class A (a) | 1292682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12189991 |
| Taboola.com Ltd. (a) | &nbsp;&nbsp;&nbsp;198621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637573 |
| TripAdvisor, Inc. (a) | &nbsp;&nbsp;&nbsp;139624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442024 |
| Trump Media & Technology Group Corp. (a) | &nbsp;&nbsp;&nbsp;170601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000872 |
| Vimeo, Inc. (a) | &nbsp;&nbsp;&nbsp;180824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685323 |
| Yelp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;75128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586657 |
| Ziff Davis, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;52017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618769 |
| ZipRecruiter, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;88616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372187 |
| ZoomInfo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;311802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376816 |
| TOTAL INTERACTIVE MEDIA & SERVICES | TOTAL INTERACTIVE MEDIA & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902310015 |

---

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

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

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MEDIA – 12.4%** | **MEDIA – 12.4%** | **MEDIA – 12.4%** |
| **Advertising – 3.5%** | **Advertising – 3.5%** | **Advertising – 3.5%** |
| Boston Omaha Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;27902 | &nbsp;&nbsp;$375282 |
| Clear Channel Outdoor Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;294834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312524 |
| DoubleVerify Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;167942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572871 |
| Ibotta, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;16034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582836 |
| Integral Ad Science Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;99971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819762 |
| Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;451010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11094846 |
| Magnite, Inc. (a) | &nbsp;&nbsp;&nbsp;170696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927715 |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;191787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13818253 |
| PubMatic, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;46110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553781 |
| Stagwell, Inc. (a) | &nbsp;&nbsp;&nbsp;112283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643382 |
| TechTarget, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;34450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249418 |
| Thryv Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;50103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659356 |
| Trade Desk, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;274092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23835040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59445066 |
| **Broadcasting – 2.5%** | **Broadcasting – 2.5%** | **Broadcasting – 2.5%** |
| Fox Corp. Class A | &nbsp;&nbsp;&nbsp;264864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14768817 |
| Fox Corp. Class B | &nbsp;&nbsp;&nbsp;171208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8755577 |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593756 |
| Paramount Global Class B | &nbsp;&nbsp;&nbsp;720606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058017 |
| Sinclair, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599714 |
| TEGNA, Inc. | &nbsp;&nbsp;&nbsp;195038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43033016 |
| **Cable & Satellite – 4.8%** | **Cable & Satellite – 4.8%** | **Cable & Satellite – 4.8%** |
| Altice USA, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;288358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749731 |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743564 |
| Charter Communications, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;56808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15301803 |
| Comcast Corp. Class A | 1459496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48499052 |
| Liberty Broadband Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;19906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216854 |
| Liberty Broadband Corp. Class C (a) | &nbsp;&nbsp;&nbsp;140988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8645384 |
| Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp;246779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80368360 |
| **Publishing – 1.6%** | **Publishing – 1.6%** | **Publishing – 1.6%** |
| Gannett Co., Inc. (a) | &nbsp;&nbsp;&nbsp;159955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609429 |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| John Wiley & Sons, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;51944 | &nbsp;&nbsp;$2005038 |
| New York Times Co. Class A | &nbsp;&nbsp;&nbsp;187753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9742503 |
| News Corp. Class A | &nbsp;&nbsp;&nbsp;458675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13448351 |
| Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26464578 |
| TOTAL MEDIA | TOTAL MEDIA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209311020 |
| **WIRELESS TELECOMMUNICATION SERVICES – 3.1%** | **WIRELESS TELECOMMUNICATION SERVICES – 3.1%** | **WIRELESS TELECOMMUNICATION SERVICES – 3.1%** |
| **Wireless Telecommunication Services – 3.1%** | **Wireless Telecommunication Services – 3.1%** | **Wireless Telecommunication Services – 3.1%** |
| GCI Liberty, Inc. (a)(b) | &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;&nbsp;&nbsp;0 |
| Gogo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;79859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266564 |
| Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;122133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768072 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;189255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45120285 |
| U.S. Cellular Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;18843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374220 |
| TOTAL WIRELESS TELECOMMUNICATION SERVICES | TOTAL WIRELESS TELECOMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52529141 |
| **TOTAL COMMON STOCKS<br> (Cost $1,234,633,000)** | **TOTAL COMMON STOCKS<br> (Cost $1,234,633,000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1691936646** |
| &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, 4.18% (c)<br> (Cost $1,260,000) | 1260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,235,893,000)** | **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,235,893,000)** | &nbsp;&nbsp;**1693196646** |
| **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;**97416** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1693294062** |

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

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | Level 3 security. |
| (c) | The rate quoted is the annualized seven-day yield of the fund at period end. |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 8 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;$1128000 | &nbsp;&nbsp;$4024 | &nbsp;&nbsp;$4024 |

---

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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

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

#### Schedule of Investments – continued

#### Investment Valuation
The following is a summary of the inputs used, as of July 31, 2025, 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;$1691936646 | &nbsp;&nbsp;&nbsp;$1691936646 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$1693196646 | &nbsp;&nbsp;&nbsp;$1693196646 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$4024 | &nbsp;&nbsp;&nbsp;$4024 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$4024 | &nbsp;&nbsp;&nbsp;$4024 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$4024 | &nbsp;&nbsp;&nbsp;$4024 | &nbsp;&nbsp;&nbsp;$— | &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 July 31, 2025. 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;$4024 | &nbsp;&nbsp;&nbsp;$0 |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;4024 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$4024 | &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.

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

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Consumer Discretionary Index ETF

### Schedule of Investments July 31, 2025
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** |
| **AUTOMOBILE COMPONENTS – 2.0%** | **AUTOMOBILE COMPONENTS – 2.0%** | **AUTOMOBILE COMPONENTS – 2.0%** |
| **Automotive Parts & Equipment – 1.9%** | **Automotive Parts & Equipment – 1.9%** | **Automotive Parts & Equipment – 1.9%** |
| Adient PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;50542 | &nbsp;&nbsp;$1083621 |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;79089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5428669 |
| Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945701 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939326 |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177746 |
| Dorman Products, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580122 |
| Fox Factory Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;29744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903325 |
| Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044647 |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188712 |
| Gentherm, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;23103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740220 |
| LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;11887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129265 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912296 |
| Mobileye Global, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;78745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121329 |
| Modine Manufacturing Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;19580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634685 |
| Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554284 |
| Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281544 |
| QuantumScape Corp. (a) | &nbsp;&nbsp;&nbsp;211664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820310 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685407 |
| Visteon Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463512 |
| XPEL, Inc. (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;21174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34326899 |
| **Tires & Rubber – 0.1%** | **Tires & Rubber – 0.1%** | **Tires & Rubber – 0.1%** |
| Goodyear Tire & Rubber Co. (a) | &nbsp;&nbsp;&nbsp;122556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259876 |
| TOTAL AUTOMOBILE COMPONENTS | TOTAL AUTOMOBILE COMPONENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35586775 |
| **AUTOMOBILES – 15.9%** | **AUTOMOBILES – 15.9%** | **AUTOMOBILES – 15.9%** |
| **Automobile Manufacturers – 15.8%** | **Automobile Manufacturers – 15.8%** | **Automobile Manufacturers – 15.8%** |
| Ford Motor Co. | 1160856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12850676 |
| General Motors Co. | &nbsp;&nbsp;&nbsp;324343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300455 |
| Lucid Group, Inc. (a) | &nbsp;&nbsp;&nbsp;578777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423791 |
| Rivian Automotive, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;259026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333665 |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;815995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251546779 |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786680 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288810144 |
| **Motorcycle Manufacturers – 0.1%** | **Motorcycle Manufacturers – 0.1%** | **Motorcycle Manufacturers – 0.1%** |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259418 |
| TOTAL AUTOMOBILES | TOTAL AUTOMOBILES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290069562 |
| **BROADLINE RETAIL – 28.0%** | **BROADLINE RETAIL – 28.0%** | **BROADLINE RETAIL – 28.0%** |
| **Broadline Retail – 28.0%** | **Broadline Retail – 28.0%** | **Broadline Retail – 28.0%** |
| Amazon.com, Inc. (a) | 1948763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456224906 |
| Dillard's, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041254 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;144857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13290630 |
| Etsy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;41932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443378 |
| Groupon, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;22002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678542 |
| Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;78604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852067 |
| Macy's, Inc. | &nbsp;&nbsp;&nbsp;111058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402663 |
| MercadoLibre, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31259383 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ollie's Bargain Outlet Holdings, Inc. (a) | &nbsp;&nbsp;23234 | &nbsp;&nbsp;$3174461 |
| Savers Value Village, Inc. (a) | &nbsp;&nbsp;35888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373594 |
| TOTAL BROADLINE RETAIL | TOTAL BROADLINE RETAIL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510740878 |
| **DISTRIBUTORS – 0.7%** | **DISTRIBUTORS – 0.7%** | **DISTRIBUTORS – 0.7%** |
| **Distributors – 0.7%** | **Distributors – 0.7%** | **Distributors – 0.7%** |
| A-Mark Precious Metals, Inc. | &nbsp;&nbsp;20834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443348 |
| Genuine Parts Co. | &nbsp;&nbsp;43261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575478 |
| GigaCloud Technology, Inc. Class A (a) | &nbsp;&nbsp;31137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693421 |
| LKQ Corp. | &nbsp;&nbsp;87594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581395 |
| Pool Corp. | &nbsp;&nbsp;12352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806145 |
| TOTAL DISTRIBUTORS | TOTAL DISTRIBUTORS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13099787 |
| **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;16885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929449 |
| Bright Horizons Family Solutions, Inc. (a) | &nbsp;&nbsp;20133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277042 |
| Coursera, Inc. (a) | 100403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269094 |
| Duolingo, Inc. (a) | &nbsp;&nbsp;11666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042852 |
| Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569626 |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;12080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037051 |
| KinderCare Learning Cos., Inc. (a) | &nbsp;&nbsp;33030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317418 |
| Laureate Education, Inc. (a) | &nbsp;&nbsp;69857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578768 |
| Perdoceo Education Corp. | &nbsp;&nbsp;41122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183491 |
| Strategic Education, Inc. | &nbsp;&nbsp;11142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826124 |
| Stride, Inc. (a) | &nbsp;&nbsp;17208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206582 |
| Udemy, Inc. (a) | &nbsp;&nbsp;79644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606091 |
| Universal Technical Institute, Inc. (a) | &nbsp;&nbsp;36805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21029445 |
| **Specialized Consumer Services – 0.7%** | **Specialized Consumer Services – 0.7%** | **Specialized Consumer Services – 0.7%** |
| ADT, Inc. | 158650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324728 |
| Frontdoor, Inc. (a) | &nbsp;&nbsp;36762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150577 |
| H&R Block, Inc. | &nbsp;&nbsp;49247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676082 |
| Matthews International Corp. Class A | &nbsp;&nbsp;27156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637894 |
| Mister Car Wash, Inc. (a) | 100634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581161 |
| OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;59460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315255 |
| Service Corp. International | &nbsp;&nbsp;49087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12431526 |
| TOTAL DIVERSIFIED CONSUMER SERVICES | TOTAL DIVERSIFIED CONSUMER SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33460971 |
| **HOTELS, RESTAURANTS & LEISURE – 22.7%** | **HOTELS, RESTAURANTS & LEISURE – 22.7%** | **HOTELS, RESTAURANTS & LEISURE – 22.7%** |
| **Casinos & Gaming – 2.8%** | **Casinos & Gaming – 2.8%** | **Casinos & Gaming – 2.8%** |
| Accel Entertainment, Inc. (a) | &nbsp;&nbsp;55434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712881 |
| Boyd Gaming Corp. | &nbsp;&nbsp;27783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358777 |
| Caesars Entertainment, Inc. (a) | &nbsp;&nbsp;76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040300 |
| Churchill Downs, Inc. | &nbsp;&nbsp;22747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434839 |
| DraftKings, Inc. Class A (a) | 137237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181154 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Consumer Discretionary Index ETF

#### Schedule of Investments – 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 – continued** | **HOTELS, RESTAURANTS & LEISURE – continued** | **HOTELS, RESTAURANTS & LEISURE – continued** |
| **Casinos & Gaming – continued** | **Casinos & Gaming – continued** | **Casinos & Gaming – continued** |
| Flutter Entertainment PLC (a) | &nbsp;&nbsp;51423 | &nbsp;&nbsp;$15543116 |
| Golden Entertainment, Inc. | &nbsp;&nbsp;20781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584362 |
| Las Vegas Sands Corp. | 117379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150659 |
| Light & Wonder, Inc. (a) | &nbsp;&nbsp;31012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987076 |
| MGM Resorts International (a) | &nbsp;&nbsp;85215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3106087 |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp;11663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200822 |
| Penn Entertainment, Inc. (a) | &nbsp;&nbsp;70447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272273 |
| Red Rock Resorts, Inc. Class A | &nbsp;&nbsp;24405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497247 |
| Rush Street Interactive, Inc. (a) | &nbsp;&nbsp;57669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162607 |
| Wynn Resorts Ltd. | &nbsp;&nbsp;34028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710073 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50942273 |
| **Hotels, Resorts & Cruise Lines – 9.0%** | **Hotels, Resorts & Cruise Lines – 9.0%** | **Hotels, Resorts & Cruise Lines – 9.0%** |
| Airbnb, Inc. Class A (a) | 127846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16928089 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52090424 |
| Carnival Corp. (a) | 320364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9537236 |
| Choice Hotels International, Inc. | &nbsp;&nbsp;13334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702885 |
| Expedia Group, Inc. | &nbsp;&nbsp;39001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7028760 |
| Global Business Travel Group I (a) | &nbsp;&nbsp;90774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583677 |
| Hilton Grand Vacations, Inc. (a) | &nbsp;&nbsp;33165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486455 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;71845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19260208 |
| Hyatt Hotels Corp. Class A | &nbsp;&nbsp;16323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301053 |
| Lindblad Expeditions Holdings, Inc. (a) | &nbsp;&nbsp;42792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511364 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;69568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18354125 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;14950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113327 |
| Norwegian Cruise Line Holdings Ltd. (a) | 152249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891484 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;73417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23337062 |
| Sabre Corp. (a) | 272703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826290 |
| Soho House & Co., Inc. (a) | &nbsp;&nbsp;32733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207855 |
| Target Hospitality Corp. (a) | &nbsp;&nbsp;38010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288496 |
| Travel & Leisure Co. | &nbsp;&nbsp;31680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877040 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;30132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163917182 |
| **Leisure Facilities – 0.6%** | **Leisure Facilities – 0.6%** | **Leisure Facilities – 0.6%** |
| Dave & Buster's Entertainment, Inc. (a) | &nbsp;&nbsp;27377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800503 |
| Life Time Group Holdings, Inc. (a) | &nbsp;&nbsp;48782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401019 |
| Planet Fitness, Inc. Class A (a) | &nbsp;&nbsp;30835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366874 |
| Pursuit Attractions & Hospitality, Inc. (a) | &nbsp;&nbsp;19670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594821 |
| Six Flags Entertainment Corp. (a) | &nbsp;&nbsp;43452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301822 |
| United Parks & Resorts, Inc. (a) | &nbsp;&nbsp;20717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980536 |
| Vail Resorts, Inc. | &nbsp;&nbsp;13420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10462064 |
| **Restaurants – 10.3%** | **Restaurants – 10.3%** | **Restaurants – 10.3%** |
| Aramark | &nbsp;&nbsp;86919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699273 |
| BJ's Restaurants, Inc. (a) | &nbsp;&nbsp;20389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722382 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Bloomin' Brands, Inc. | &nbsp;&nbsp;70260 | &nbsp;&nbsp;$640069 |
| Brinker International, Inc. (a) | &nbsp;&nbsp;16880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660288 |
| Cava Group, Inc. (a) | &nbsp;&nbsp;30365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672424 |
| Cheesecake Factory, Inc. | &nbsp;&nbsp;27507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757972 |
| Chipotle Mexican Grill, Inc. (a) | 397532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17046172 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;16618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030316 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;36314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7323444 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;10954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5074002 |
| DoorDash, Inc. Class A (a) | 102515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25654379 |
| Dutch Bros, Inc. Class A (a) | &nbsp;&nbsp;43547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581031 |
| First Watch Restaurant Group, Inc. (a) | &nbsp;&nbsp;44504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769474 |
| Jack in the Box, Inc. | &nbsp;&nbsp;21059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414862 |
| Krispy Kreme, Inc. | &nbsp;&nbsp;95337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345120 |
| Kura Sushi USA, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;7464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654891 |
| McDonald's Corp. | 203873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61176171 |
| Papa John's International, Inc. | &nbsp;&nbsp;19805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839930 |
| Portillo's, Inc. Class A (a) | &nbsp;&nbsp;69523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692449 |
| Shake Shack, Inc. Class A (a) | &nbsp;&nbsp;15836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905704 |
| Starbucks Corp. | 327390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29190093 |
| Sweetgreen, Inc. Class A (a) | &nbsp;&nbsp;56912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733027 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;22105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092299 |
| Wendy's Co. | &nbsp;&nbsp;81644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804193 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674537 |
| Yum! Brands, Inc. | &nbsp;&nbsp;83320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12010578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188165080 |
| TOTAL HOTELS, RESTAURANTS & LEISURE | TOTAL HOTELS, RESTAURANTS & LEISURE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413486599 |
| **HOUSEHOLD DURABLES – 4.7%** | **HOUSEHOLD DURABLES – 4.7%** | **HOUSEHOLD DURABLES – 4.7%** |
| **Consumer Electronics – 0.6%** | **Consumer Electronics – 0.6%** | **Consumer Electronics – 0.6%** |
| Garmin Ltd. | &nbsp;&nbsp;46748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10226592 |
| Sonos, Inc. (a) | &nbsp;&nbsp;70301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10986546 |
| **Home Furnishings – 0.5%** | **Home Furnishings – 0.5%** | **Home Furnishings – 0.5%** |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;24136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718529 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;26489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952809 |
| Leggett & Platt, Inc. | &nbsp;&nbsp;84181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803929 |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;19785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265580 |
| Somnigroup International, Inc. | &nbsp;&nbsp;59343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9036093 |
| **Homebuilding – 3.4%** | **Homebuilding – 3.4%** | **Homebuilding – 3.4%** |
| Beazer Homes USA, Inc. (a) | &nbsp;&nbsp;27785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652948 |
| Cavco Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435854 |
| Century Communities, Inc. | &nbsp;&nbsp;15013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845082 |
| Champion Homes, Inc. (a) | &nbsp;&nbsp;22267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356060 |
| DR Horton, Inc. | &nbsp;&nbsp;86756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12392227 |
| Dream Finders Homes, Inc. Class A (a) | &nbsp;&nbsp;29453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745750 |
| Green Brick Partners, Inc. (a) | &nbsp;&nbsp;18061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118698 |

---

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

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

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
| Hovnanian Enterprises, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;5374 | &nbsp;&nbsp;$642032 |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912045 |
| KB Home | &nbsp;&nbsp;28945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599501 |
| Legacy Housing Corp. (a) | &nbsp;&nbsp;13512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302399 |
| Lennar Corp. Class A | &nbsp;&nbsp;72980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8186896 |
| LGI Homes, Inc. (a) | &nbsp;&nbsp;12987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691818 |
| M/I Homes, Inc. (a) | &nbsp;&nbsp;11942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435309 |
| Meritage Homes Corp. | &nbsp;&nbsp;26669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795891 |
| NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7217312 |
| PulteGroup, Inc. | &nbsp;&nbsp;64760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7312699 |
| Taylor Morrison Home Corp. (a) | &nbsp;&nbsp;39104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318085 |
| Toll Brothers, Inc. | &nbsp;&nbsp;33730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992283 |
| TopBuild Corp. (a) | &nbsp;&nbsp;10370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3841359 |
| Tri Pointe Homes, Inc. (a) | &nbsp;&nbsp;41199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61063177 |
| **Household Appliances – 0.1%** | **Household Appliances – 0.1%** | **Household Appliances – 0.1%** |
| Cricut, Inc. Class A | &nbsp;&nbsp;54928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269147 |
| Helen of Troy Ltd. (a) | &nbsp;&nbsp;18974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417049 |
| Whirlpool Corp. | &nbsp;&nbsp;21302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455114 |
| **Housewares & Specialties – 0.1%** | **Housewares & Specialties – 0.1%** | **Housewares & Specialties – 0.1%** |
| Newell Brands, Inc. | 188623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058175 |
| TOTAL HOUSEHOLD DURABLES | TOTAL HOUSEHOLD DURABLES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84599105 |
| **LEISURE PRODUCTS – 0.9%** | **LEISURE PRODUCTS – 0.9%** | **LEISURE PRODUCTS – 0.9%** |
| **Leisure Products – 0.9%** | **Leisure Products – 0.9%** | **Leisure Products – 0.9%** |
| Acushnet Holdings Corp. | &nbsp;&nbsp;17183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368111 |
| Brunswick Corp. | &nbsp;&nbsp;26113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522127 |
| Hasbro, Inc. | &nbsp;&nbsp;45993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456834 |
| Latham Group, Inc. (a) | &nbsp;&nbsp;45409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307873 |
| Malibu Boats, Inc. Class A (a) | &nbsp;&nbsp;20666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688384 |
| Mattel, Inc. (a) | 129085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195736 |
| Peloton Interactive, Inc. Class A (a) | 216525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545989 |
| Polaris, Inc. | &nbsp;&nbsp;25087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327353 |
| Smith & Wesson Brands, Inc. | &nbsp;&nbsp;49391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392658 |
| Sturm Ruger & Co., Inc. | &nbsp;&nbsp;18170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620687 |
| Topgolf Callaway Brands Corp. (a) | 101819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941826 |
| YETI Holdings, Inc. (a) | &nbsp;&nbsp;37649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383224 |
| TOTAL LEISURE PRODUCTS | TOTAL LEISURE PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15750802 |
| **SPECIALTY RETAIL – 19.3%** | **SPECIALTY RETAIL – 19.3%** | **SPECIALTY RETAIL – 19.3%** |
| **Apparel Retail – 4.1%** | **Apparel Retail – 4.1%** | **Apparel Retail – 4.1%** |
| Abercrombie & Fitch Co. Class A (a) | &nbsp;&nbsp;19091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833118 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;83220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898776 |
| Boot Barn Holdings, Inc. (a) | &nbsp;&nbsp;13178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265298 |
| Buckle, Inc. | &nbsp;&nbsp;22257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098828 |
| Burlington Stores, Inc. (a) | &nbsp;&nbsp;20886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701042 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Caleres, Inc. | &nbsp;&nbsp;37706 | &nbsp;&nbsp;$517703 |
| Foot Locker, Inc. (a) | &nbsp;&nbsp;48046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203072 |
| Gap, Inc. | &nbsp;&nbsp;88792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727892 |
| Guess?, Inc. | &nbsp;&nbsp;34634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450242 |
| RealReal, Inc. (a) | &nbsp;&nbsp;96747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508889 |
| Revolve Group, Inc. (a) | &nbsp;&nbsp;35301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732496 |
| Ross Stores, Inc. | &nbsp;&nbsp;97624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13329581 |
| Shoe Carnival, Inc. | &nbsp;&nbsp;21282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435430 |
| TJX Cos., Inc. | 321694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40060554 |
| Urban Outfitters, Inc. (a) | &nbsp;&nbsp;29738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238677 |
| Victoria's Secret & Co. (a) | &nbsp;&nbsp;44870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73845154 |
| **Automotive Retail – 4.3%** | **Automotive Retail – 4.3%** | **Automotive Retail – 4.3%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;28389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506604 |
| Arko Corp. | &nbsp;&nbsp;64824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270316 |
| Asbury Automotive Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640356 |
| AutoNation, Inc. (a) | &nbsp;&nbsp;10769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074540 |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18506514 |
| Camping World Holdings, Inc. Class A | &nbsp;&nbsp;50162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694242 |
| CarMax, Inc. (a) | &nbsp;&nbsp;52158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952664 |
| Carvana Co. (a) | &nbsp;&nbsp;35248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13752712 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254461 |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823840 |
| Monro, Inc. | &nbsp;&nbsp;33739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475551 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444203 |
| O'Reilly Automotive, Inc. (a) | 250995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24677829 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512215 |
| Sonic Automotive, Inc. Class A | &nbsp;&nbsp;13348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965728 |
| Valvoline, Inc. (a) | &nbsp;&nbsp;47656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78231649 |
| **Computer & Electronics Retail – 0.4%** | **Computer & Electronics Retail – 0.4%** | **Computer & Electronics Retail – 0.4%** |
| Best Buy Co., Inc. | &nbsp;&nbsp;62350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056491 |
| GameStop Corp. Class A (a) | 136449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7119771 |
| **Home Improvement Retail – 7.8%** | **Home Improvement Retail – 7.8%** | **Home Improvement Retail – 7.8%** |
| Floor & Decor Holdings, Inc. Class A (a) | &nbsp;&nbsp;35223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699491 |
| Home Depot, Inc. | 281505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103455903 |
| Lowe's Cos., Inc. | 162006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36219681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142375075 |
| **Homefurnishing Retail – 0.6%** | **Homefurnishing Retail – 0.6%** | **Homefurnishing Retail – 0.6%** |
| Arhaus, Inc. (a) | &nbsp;&nbsp;56575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495597 |
| RH (a) | &nbsp;&nbsp;&nbsp;&nbsp;6177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270115 |
| Wayfair, Inc. Class A (a) | &nbsp;&nbsp;37611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468786 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;39465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11616426 |
| **Other Specialty Retail – 2.1%** | **Other Specialty Retail – 2.1%** | **Other Specialty Retail – 2.1%** |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;30856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567176 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;70990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055870 |
| Chewy, Inc. Class A (a) | &nbsp;&nbsp;80701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961727 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Consumer Discretionary Index ETF

#### Schedule of Investments – 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** |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;19664 | &nbsp;&nbsp;$4159133 |
| Five Below, Inc. (a) | &nbsp;&nbsp;20436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789923 |
| MarineMax, Inc. (a) | &nbsp;&nbsp;22962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520778 |
| National Vision Holdings, Inc. (a) | &nbsp;&nbsp;60627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470811 |
| ODP Corp. (a) | &nbsp;&nbsp;31812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567526 |
| Petco Health & Wellness Co., Inc. (a) | 105978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318994 |
| Sally Beauty Holdings, Inc. (a) | &nbsp;&nbsp;79526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774583 |
| Signet Jewelers Ltd. | &nbsp;&nbsp;20626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631517 |
| Tractor Supply Co. | 163490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9310755 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;14925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7686524 |
| Upbound Group, Inc. | &nbsp;&nbsp;30453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628398 |
| Warby Parker, Inc. Class A (a) | &nbsp;&nbsp;54209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298305 |
| Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38597254 |
| TOTAL SPECIALTY RETAIL | TOTAL SPECIALTY RETAIL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351785329 |
| **TEXTILES, APPAREL & LUXURY GOODS – 3.8%** | **TEXTILES, APPAREL & LUXURY GOODS – 3.8%** | **TEXTILES, APPAREL & LUXURY GOODS – 3.8%** |
| **Apparel, Accessories & Luxury Goods – 1.7%** | **Apparel, Accessories & Luxury Goods – 1.7%** | **Apparel, Accessories & Luxury Goods – 1.7%** |
| Capri Holdings Ltd. (a) | &nbsp;&nbsp;55984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018349 |
| Carter's, Inc. | &nbsp;&nbsp;20872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505937 |
| Columbia Sportswear Co. | &nbsp;&nbsp;16194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916095 |
| Figs, Inc. Class A (a) | 103925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675513 |
| G-III Apparel Group Ltd. (a) | &nbsp;&nbsp;30297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715009 |
| Hanesbrands, Inc. (a) | 203196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831072 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;21353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188508 |
| Levi Strauss & Co. Class A | &nbsp;&nbsp;52500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033725 |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;33848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6787539 |
| Oxford Industries, Inc. | &nbsp;&nbsp;11218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428303 |
| PVH Corp. | &nbsp;&nbsp;21535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581100 |
| Ralph Lauren Corp. | &nbsp;&nbsp;14210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245238 |
| Tapestry, Inc. | &nbsp;&nbsp;76097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220759 |
| Under Armour, Inc. Class A (a) | 128757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854946 |
| Under Armour, Inc. Class C (a) | 119814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754828 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| VF Corp. | &nbsp;&nbsp;&nbsp;135631 | &nbsp;&nbsp;$1589595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31346516 |
| **Footwear – 2.1%** | **Footwear – 2.1%** | **Footwear – 2.1%** |
| Crocs, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;20860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080368 |
| Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;47483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5041270 |
| NIKE, Inc. Class B | &nbsp;&nbsp;&nbsp;344576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25736381 |
| Skechers USA, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;46157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2919430 |
| Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845360 |
| Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38059823 |
| TOTAL TEXTILES, APPAREL & LUXURY GOODS | TOTAL TEXTILES, APPAREL & LUXURY GOODS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69406339 |
| **TOTAL COMMON STOCKS<br> (Cost $1,477,731,515)** | **TOTAL COMMON STOCKS<br> (Cost $1,477,731,515)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1817986147** |
| &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, 4.18% (c)<br> (Cost $3,500,000) | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,481,231,515)** | **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,481,231,515)** | &nbsp;&nbsp;**1821486147** |
| **NET OTHER ASSETS (LIABILITIES) – 0.0%** | **NET OTHER ASSETS (LIABILITIES) – 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**457585** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1821943732** |

---

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

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $692,178 or 0.0% of net assets. |
| (c) | 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) | 14 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;3150280 | &nbsp;&nbsp;$72450 | &nbsp;&nbsp;$72450 |
| CME E-mini Russell 2000 Index Contracts (United States) | 4 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;444040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801 |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;$76251 |

---

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.

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

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Investment Valuation
The following is a summary of the inputs used, as of July 31, 2025, 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;$1817986147 | &nbsp;&nbsp;&nbsp;$1817986147 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$1821486147 | &nbsp;&nbsp;&nbsp;$1821486147 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$76251 | &nbsp;&nbsp;&nbsp;$76251 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$76251 | &nbsp;&nbsp;&nbsp;$76251 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$76251 | &nbsp;&nbsp;&nbsp;$76251 | &nbsp;&nbsp;&nbsp;$— | &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 July 31, 2025. 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;$76251 | &nbsp;&nbsp;&nbsp;$0 |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;76251 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$76251 | &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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Consumer Staples Index ETF

### Schedule of Investments July 31, 2025
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** |
| **BEVERAGES – 19.0%** | **BEVERAGES – 19.0%** | **BEVERAGES – 19.0%** |
| **Brewers – 0.6%** | **Brewers – 0.6%** | **Brewers – 0.6%** |
| Boston Beer Co., Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;10508 | &nbsp;&nbsp;$2175996 |
| Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;105169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123834 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7299830 |
| **Distillers & Vintners – 1.3%** | **Distillers & Vintners – 1.3%** | **Distillers & Vintners – 1.3%** |
| Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;124862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3602269 |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;78640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13136025 |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17464553 |
| **Soft Drinks & Non-alcoholic Beverages – 17.1%** | **Soft Drinks & Non-alcoholic Beverages – 17.1%** | **Soft Drinks & Non-alcoholic Beverages – 17.1%** |
| Celsius Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;109626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4970443 |
| Coca-Cola Co. | 1546482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104990663 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960196 |
| Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;&nbsp;603012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19688342 |
| Monster Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;340083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19979876 |
| National Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;40048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834999 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;467167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64431673 |
| Primo Brands Corp. | &nbsp;&nbsp;&nbsp;163939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4526356 |
| Vita Coco Co., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;60257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226507210 |
| TOTAL BEVERAGES | TOTAL BEVERAGES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251271593 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL – 37.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL – 37.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL – 37.4%** |
| **Consumer Staples Merchandise Retail – 29.5%** | **Consumer Staples Merchandise Retail – 29.5%** | **Consumer Staples Merchandise Retail – 29.5%** |
| BJ's Wholesale Club Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;70360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7451124 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;176199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165563628 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;110691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11611486 |
| Dollar Tree, Inc. (a) | &nbsp;&nbsp;&nbsp;106023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12038912 |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858210 |
| Target Corp. | &nbsp;&nbsp;&nbsp;209686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21073443 |
| Walmart, Inc. | 1741292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170611790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391208593 |
| **Drug Retail – 0.4%** | **Drug Retail – 0.4%** | **Drug Retail – 0.4%** |
| Guardian Pharmacy Services, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79065 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;462329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381509 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460574 |
| **Food Distributors – 3.4%** | **Food Distributors – 3.4%** | **Food Distributors – 3.4%** |
| Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986053 |
| Chefs' Warehouse, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;41078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816308 |
| Performance Food Group Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;85873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8621649 |
| SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;57982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538842 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;232752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18527059 |
| U.S. Foods Holding Corp. (a) | &nbsp;&nbsp;&nbsp;120276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10022599 |
| United Natural Foods, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;79287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45704003 |
| **Food Retail – 4.1%** | **Food Retail – 4.1%** | **Food Retail – 4.1%** |
| Albertsons Cos., Inc. Class A | &nbsp;&nbsp;&nbsp;236672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4548836 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10167501 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Grocery Outlet Holding Corp. (a) | 146836 | &nbsp;&nbsp;$1933830 |
| Ingles Markets, Inc. Class A | &nbsp;&nbsp;23605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485463 |
| Kroger Co. | 293749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20591805 |
| Maplebear, Inc. (a) | &nbsp;&nbsp;94313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524195 |
| Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;15811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599079 |
| Sprouts Farmers Market, Inc. (a) | &nbsp;&nbsp;52032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7884929 |
| Weis Markets, Inc. | &nbsp;&nbsp;29373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53862537 |
| TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496235707 |
| **FOOD PRODUCTS – 15.0%** | **FOOD PRODUCTS – 15.0%** | **FOOD PRODUCTS – 15.0%** |
| **Agricultural Products & Services – 2.3%** | **Agricultural Products & Services – 2.3%** | **Agricultural Products & Services – 2.3%** |
| Archer-Daniels-Midland Co. | 239302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12965382 |
| Bunge Global SA | &nbsp;&nbsp;78006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6221759 |
| Darling Ingredients, Inc. (a) | 108797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522847 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;65930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478309 |
| Ingredion, Inc. | &nbsp;&nbsp;39308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30358871 |
| **Packaged Foods & Meats – 12.7%** | **Packaged Foods & Meats – 12.7%** | **Packaged Foods & Meats – 12.7%** |
| B&G Foods, Inc. | 135932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557321 |
| Calavo Growers, Inc. | &nbsp;&nbsp;28868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759228 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;35839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983146 |
| Campbell's Co. | 127621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073662 |
| Conagra Brands, Inc. | 275472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030119 |
| Flowers Foods, Inc. | 177664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815974 |
| Freshpet, Inc. (a) | &nbsp;&nbsp;32579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225797 |
| General Mills, Inc. | 265524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13005366 |
| Hershey Co. | &nbsp;&nbsp;73799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13736208 |
| Hormel Foods Corp. | 184573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5184656 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;20311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292909 |
| J.M. Smucker Co. | &nbsp;&nbsp;60039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6444586 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;15541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983901 |
| Kellanova | 138678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11070665 |
| Kraft Heinz Co. | 444413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12203581 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;87500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4993625 |
| Marzetti Co. | &nbsp;&nbsp;17225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3061916 |
| McCormick & Co., Inc. | 130514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9218204 |
| Mission Produce, Inc. (a) | &nbsp;&nbsp;79464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980586 |
| Mondelez International, Inc. Class A | 582326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37670669 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp;52254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476317 |
| Post Holdings, Inc. (a) | &nbsp;&nbsp;34261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625156 |
| Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580423 |
| Seneca Foods Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848313 |
| Simply Good Foods Co. (a) | &nbsp;&nbsp;86573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637014 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp;25458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965622 |
| TreeHouse Foods, Inc. (a) | &nbsp;&nbsp;75801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456895 |
| Tyson Foods, Inc. Class A | 151978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948449 |
| Utz Brands, Inc. | 119927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562649 |
| Vital Farms, Inc. (a) | &nbsp;&nbsp;56220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091384 |

---

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

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

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **FOOD PRODUCTS – continued** | **FOOD PRODUCTS – continued** | **FOOD PRODUCTS – continued** |
| **Packaged Foods & Meats – continued** | **Packaged Foods & Meats – continued** | **Packaged Foods & Meats – continued** |
| Westrock Coffee Co. (a) | &nbsp;&nbsp;64936 | &nbsp;&nbsp;$431824 |
| WK Kellogg Co. | 111478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168485733 |
| TOTAL FOOD PRODUCTS | TOTAL FOOD PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198844604 |
| **HOUSEHOLD PRODUCTS – 16.4%** | **HOUSEHOLD PRODUCTS – 16.4%** | **HOUSEHOLD PRODUCTS – 16.4%** |
| **Household Products – 16.4%** | **Household Products – 16.4%** | **Household Products – 16.4%** |
| Central Garden & Pet Co. Class A (a) | &nbsp;&nbsp;73479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609974 |
| Central Garden & Pet Co. (a) | &nbsp;&nbsp;16642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649371 |
| Church & Dwight Co., Inc. | 121463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11389586 |
| Clorox Co. | &nbsp;&nbsp;64587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8109544 |
| Colgate-Palmolive Co. | 349364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29294171 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;81772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841505 |
| Kimberly-Clark Corp. | 154281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19226498 |
| Procter & Gamble Co. | 916884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137963535 |
| Reynolds Consumer Products, Inc. | &nbsp;&nbsp;97985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203683 |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;33496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792371 |
| WD-40 Co. | &nbsp;&nbsp;12447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668637 |
| TOTAL HOUSEHOLD PRODUCTS | TOTAL HOUSEHOLD PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217748875 |
| **PERSONAL CARE PRODUCTS – 3.7%** | **PERSONAL CARE PRODUCTS – 3.7%** | **PERSONAL CARE PRODUCTS – 3.7%** |
| **Personal Care Products – 3.7%** | **Personal Care Products – 3.7%** | **Personal Care Products – 3.7%** |
| BellRing Brands, Inc. (a) | &nbsp;&nbsp;77265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217124 |
| Coty, Inc. Class A (a) | 467166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265755 |
| Edgewell Personal Care Co. | &nbsp;&nbsp;76134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920861 |
| elf Beauty, Inc. (a) | &nbsp;&nbsp;44399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5380715 |
| Estee Lauder Cos., Inc. Class A | 123655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11541958 |
| Herbalife Ltd. (a) | 173539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596559 |
| Interparfums, Inc. | &nbsp;&nbsp;20799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508359 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Kenvue, Inc. | &nbsp;&nbsp;&nbsp;893529 | &nbsp;&nbsp;$19157262 |
| Olaplex Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;228444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317537 |
| USANA Health Sciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;19373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569372 |
| TOTAL PERSONAL CARE PRODUCTS | TOTAL PERSONAL CARE PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49475502 |
| **TOBACCO – 8.2%** | **TOBACCO – 8.2%** | **TOBACCO – 8.2%** |
| **Tobacco – 8.2%** | **Tobacco – 8.2%** | **Tobacco – 8.2%** |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;752954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46637971 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;353621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58011525 |
| Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475759 |
| Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108642 |
| TOTAL TOBACCO | TOTAL TOBACCO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109233897 |
| **TOTAL COMMON STOCKS<br> (Cost $1,170,553,900)** | **TOTAL COMMON STOCKS<br> (Cost $1,170,553,900)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1322810178** |
| &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, 4.18% (b)<br> (Cost $2,020,000) | 2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,172,573,900)** | **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,172,573,900)** | &nbsp;&nbsp;**1324830178** |
| **NET OTHER ASSETS (LIABILITIES) – 0.1%** | **NET OTHER ASSETS (LIABILITIES) – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1731596** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1326561774** |

---

&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) | 40 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;3230000 | &nbsp;&nbsp;$(60977) | &nbsp;&nbsp;$(60977) |
| CME E-mini Russell 2000 Index Contracts (United States) | 1 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;111010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1541) |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;$(62518) |

---

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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Consumer Staples Index ETF

#### Schedule of Investments – continued

#### Investment Valuation
The following is a summary of the inputs used, as of July 31, 2025, 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;$1322810178 | &nbsp;&nbsp;&nbsp;$1322810178 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$1324830178 | &nbsp;&nbsp;&nbsp;$1324830178 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(62518) | &nbsp;&nbsp;&nbsp;$(62518) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;$(62518) | &nbsp;&nbsp;&nbsp;$(62518) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$(62518) | &nbsp;&nbsp;&nbsp;$(62518) | &nbsp;&nbsp;&nbsp;$— | &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 July 31, 2025. 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;$0 | &nbsp;&nbsp;&nbsp;$(62518) |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;(62518) |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;$(62518) |

---

&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.

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

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Energy Index ETF

### Schedule of Investments July 31, 2025
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** |
| **ENERGY EQUIPMENT & SERVICES – 9.9%** | **ENERGY EQUIPMENT & SERVICES – 9.9%** | **ENERGY EQUIPMENT & SERVICES – 9.9%** |
| **Oil & Gas Drilling – 0.9%** | **Oil & Gas Drilling – 0.9%** | **Oil & Gas Drilling – 0.9%** |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87319 | &nbsp;&nbsp;$1415441 |
| Nabors Industries Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;17166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597033 |
| Noble Corp. PLC | &nbsp;&nbsp;&nbsp;104867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811484 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;309599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829730 |
| Seadrill Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;53073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547609 |
| Transocean Ltd. (a) | &nbsp;&nbsp;&nbsp;640952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871580 |
| Valaris Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;53385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12668990 |
| **Oil & Gas Equipment & Services – 9.0%** | **Oil & Gas Equipment & Services – 9.0%** | **Oil & Gas Equipment & Services – 9.0%** |
| Archrock, Inc. | &nbsp;&nbsp;&nbsp;130598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050769 |
| Aris Water Solutions, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;31732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674940 |
| Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712634 |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;724853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32654628 |
| Bristow Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;15034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519725 |
| Cactus, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;55311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340208 |
| Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613078 |
| Expro Group Holdings NV (a) | &nbsp;&nbsp;&nbsp;101712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096455 |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;642037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14381629 |
| Helix Energy Solutions Group, Inc. (a) | &nbsp;&nbsp;&nbsp;145316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861724 |
| Innovex International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;46277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759868 |
| Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459215 |
| Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;133360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645662 |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;303188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814105 |
| Oceaneering International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;86915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886056 |
| ProPetro Holding Corp. (a) | &nbsp;&nbsp;&nbsp;104144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558212 |
| RPC, Inc. | &nbsp;&nbsp;&nbsp;119958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557805 |
| Schlumberger NV | 1132230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38269374 |
| Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939984 |
| Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128618 |
| TechnipFMC PLC | &nbsp;&nbsp;&nbsp;317806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11558604 |
| Tidewater, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;15019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751100 |
| Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;58064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123517912 |
| TOTAL ENERGY EQUIPMENT & SERVICES | TOTAL ENERGY EQUIPMENT & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136186902 |
| **OIL, GAS & CONSUMABLE FUELS – 89.7%** | **OIL, GAS & CONSUMABLE FUELS – 89.7%** | **OIL, GAS & CONSUMABLE FUELS – 89.7%** |
| **Coal & Consumable Fuels – 0.8%** | **Coal & Consumable Fuels – 0.8%** | **Coal & Consumable Fuels – 0.8%** |
| Centrus Energy Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;14591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142901 |
| Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180104 |
| Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;107957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743506 |
| Uranium Energy Corp. (a) | &nbsp;&nbsp;&nbsp;362535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11209689 |
| **Integrated Oil & Gas – 40.2%** | **Integrated Oil & Gas – 40.2%** | **Integrated Oil & Gas – 40.2%** |
| Chevron Corp. | 1451383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220087718 |
| Exxon Mobil Corp. | 2792473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311751686 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;516722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22704765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554544169 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Oil & Gas Exploration & Production – 23.4%** | **Oil & Gas Exploration & Production – 23.4%** | **Oil & Gas Exploration & Production – 23.4%** |
| Antero Resources Corp. (a) | 221902 | &nbsp;&nbsp;$7751037 |
| APA Corp. | 278833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378689 |
| BKV Corp. (a) | &nbsp;&nbsp;23515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485350 |
| California Resources Corp. | &nbsp;&nbsp;52725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540290 |
| Chord Energy Corp. | &nbsp;&nbsp;47196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5207135 |
| Civitas Resources, Inc. | &nbsp;&nbsp;65965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002697 |
| CNX Resources Corp. (a) | 119267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614983 |
| Comstock Resources, Inc. (a) | &nbsp;&nbsp;82172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468414 |
| ConocoPhillips | 934702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89114489 |
| Coterra Energy, Inc. | 563998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13755911 |
| Crescent Energy Co. Class A | 166122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534967 |
| Devon Energy Corp. | 458483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15230805 |
| Diamondback Energy, Inc. | 140425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20875580 |
| EOG Resources, Inc. | 405836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48708437 |
| EQT Corp. | 416041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22362204 |
| Expand Energy Corp. | 154055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16141883 |
| Granite Ridge Resources, Inc. | &nbsp;&nbsp;94783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491924 |
| Gulfport Energy Corp. (a) | &nbsp;&nbsp;12581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190729 |
| HighPeak Energy, Inc. | &nbsp;&nbsp;44272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441392 |
| Kimbell Royalty Partners LP | &nbsp;&nbsp;80184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192336 |
| Kosmos Energy Ltd. (a) | 494225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062584 |
| Magnolia Oil & Gas Corp. Class A | 140909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3356452 |
| Matador Resources Co. | &nbsp;&nbsp;91913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584620 |
| Murphy Oil Corp. | 112576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793011 |
| Northern Oil & Gas, Inc. | &nbsp;&nbsp;76980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167757 |
| Ovintiv, Inc. | 195806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8063291 |
| Permian Resources Corp. | 456215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6460004 |
| Range Resources Corp. | 182973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6718769 |
| Riley Exploration Permian, Inc. | &nbsp;&nbsp;17202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451380 |
| Sable Offshore Corp. (a) | &nbsp;&nbsp;53481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640262 |
| Sitio Royalties Corp. Class A | &nbsp;&nbsp;75207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366511 |
| SM Energy Co. | &nbsp;&nbsp;93423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577541 |
| Talos Energy, Inc. (a) | 136233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164792 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;14385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13926550 |
| Viper Energy, Inc. | 101150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809309 |
| Vital Energy, Inc. (a) | &nbsp;&nbsp;37081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693044 |
| Vitesse Energy, Inc. | &nbsp;&nbsp;35812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322182110 |
| **Oil & Gas Refining & Marketing – 9.0%** | **Oil & Gas Refining & Marketing – 9.0%** | **Oil & Gas Refining & Marketing – 9.0%** |
| Calumet, Inc. (a) | &nbsp;&nbsp;67984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083665 |
| CVR Energy, Inc. | &nbsp;&nbsp;41976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124117 |
| Delek U.S. Holdings, Inc. | &nbsp;&nbsp;65571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466823 |
| HF Sinclair Corp. | 123889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443683 |
| Marathon Petroleum Corp. | 233563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39750087 |
| Par Pacific Holdings, Inc. (a) | &nbsp;&nbsp;59881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879066 |
| PBF Energy, Inc. Class A | &nbsp;&nbsp;77355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748223 |
| Phillips 66 | 299989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37072641 |
| REX American Resources Corp. (a) | &nbsp;&nbsp;19562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022701 |
| Valero Energy Corp. | 230439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31641579 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Energy Index ETF

#### Schedule of Investments – 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 Refining & Marketing – continued** | **Oil & Gas Refining & Marketing – continued** | **Oil & Gas Refining & Marketing – continued** |
| World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54961 | &nbsp;&nbsp;$1498787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123731372 |
| **Oil & Gas Storage & Transportation – 16.3%** | **Oil & Gas Storage & Transportation – 16.3%** | **Oil & Gas Storage & Transportation – 16.3%** |
| Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;281329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5162387 |
| Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;163186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38492314 |
| Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157185 |
| DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7806350 |
| Excelerate Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858045 |
| Hess Midstream LP Class A | &nbsp;&nbsp;&nbsp;&nbsp;98082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4269509 |
| International Seaways, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472669 |
| Kinder Morgan, Inc. | 1459100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40942346 |
| Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669045 |
| New Fortress Energy, Inc. | &nbsp;&nbsp;&nbsp;160059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436161 |
| NextDecade Corp. (a) | &nbsp;&nbsp;&nbsp;146675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666228 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;455967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37439450 |
| Plains GP Holdings LP Class A (a) | &nbsp;&nbsp;&nbsp;159068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117733 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;159295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26508281 |
| Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;889507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53325945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224323648 |
| TOTAL OIL, GAS & CONSUMABLE FUELS | TOTAL OIL, GAS & CONSUMABLE FUELS | &nbsp;&nbsp;&nbsp;&nbsp;1235990988 |
| **TOTAL COMMON STOCKS<br> (Cost $1,219,239,838)** | **TOTAL COMMON STOCKS<br> (Cost $1,219,239,838)** | &nbsp;&nbsp;&nbsp;&nbsp;**1372177890** |

---

---

| | | |
|:---|:---|:---|
| &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, 4.18% (b)<br> (Cost $4,010,000) | 4010000 | &nbsp;&nbsp;$4010000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,223,249,838)** | **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,223,249,838)** | &nbsp;&nbsp;**1376187890** |
| **NET OTHER ASSETS (LIABILITIES) – 0.1%** | **NET OTHER ASSETS (LIABILITIES) – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1340646** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1377528536** |

---

&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) | 56 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;$5138000 | &nbsp;&nbsp;$(18222) | &nbsp;&nbsp;$(18222) |

---

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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Investment Valuation
The following is a summary of the inputs used, as of July 31, 2025, 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;$1372177890 | &nbsp;&nbsp;&nbsp;$1372177890 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$1376187890 | &nbsp;&nbsp;&nbsp;$1376187890 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(18222) | &nbsp;&nbsp;&nbsp;$(18222) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;$(18222) | &nbsp;&nbsp;&nbsp;$(18222) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$(18222) | &nbsp;&nbsp;&nbsp;$(18222) | &nbsp;&nbsp;&nbsp;$— | &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 July 31, 2025. 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;$0 | &nbsp;&nbsp;&nbsp;$(18222) |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;(18222) |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;$(18222) |

---

&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** | ***Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Financials Index ETF

### Schedule of Investments July 31, 2025
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 – 27.7%** | **BANKS – 27.7%** | **BANKS – 27.7%** |
| **Diversified Banks – 21.5%** | **Diversified Banks – 21.5%** | **Diversified Banks – 21.5%** |
| Bank of America Corp. | 1947380 | &nbsp;&nbsp;$92052653 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;507677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47569335 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432520 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;181441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7542502 |
| First Citizens BancShares, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5076664 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;754072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223386306 |
| KeyCorp | &nbsp;&nbsp;&nbsp;251927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514532 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;106560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20275171 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;421239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18938905 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;879503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70914327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492702915 |
| **Regional Banks – 6.2%** | **Regional Banks – 6.2%** | **Regional Banks – 6.2%** |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299997 |
| Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173911 |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163143 |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;17771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214648 |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108946 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155085 |
| Axos Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257601 |
| Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522372 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683864 |
| Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775794 |
| Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270910 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668056 |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;29457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452230 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740487 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574690 |
| Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166777 |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290333 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627455 |
| Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253119 |
| Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203139 |
| Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199951 |
| Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214187 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;43307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509249 |
| Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197336 |
| Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168099 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189919 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;16893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763901 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157667 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;120083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730361 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441514 |
| Coastal Financial Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331505 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390229 |
| Columbia Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91981 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057544 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739803 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4232 | &nbsp;&nbsp;$228443 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;12887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296788 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;16230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067864 |
| Customers Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517969 |
| CVB Financial Corp. | &nbsp;&nbsp;38092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711939 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;11943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330941 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133273 |
| East West Bancorp, Inc. | &nbsp;&nbsp;37511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760478 |
| Eastern Bankshares, Inc. | &nbsp;&nbsp;51824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800681 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;10245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565422 |
| Equity Bancshares, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196468 |
| Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150244 |
| Farmers National Banc Corp. | &nbsp;&nbsp;11730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158824 |
| FB Financial Corp. | &nbsp;&nbsp;10854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529241 |
| First BanCorp | &nbsp;&nbsp;41245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859133 |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;10791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540521 |
| First Busey Corp. | &nbsp;&nbsp;22997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513293 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;27663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456716 |
| First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143080 |
| First Financial Bancorp | &nbsp;&nbsp;25802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625440 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;31403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087172 |
| First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183569 |
| First Hawaiian, Inc. | &nbsp;&nbsp;36088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875134 |
| First Horizon Corp. | 139828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3049649 |
| First Interstate BancSystem, Inc. Class A | &nbsp;&nbsp;24993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719548 |
| First Merchants Corp. | &nbsp;&nbsp;16801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640454 |
| First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221669 |
| Firstsun Capital Bancorp (a) | &nbsp;&nbsp;&nbsp;&nbsp;3199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113724 |
| Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;5810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174823 |
| Flagstar Financial, Inc. | &nbsp;&nbsp;83265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940062 |
| FNB Corp. | 100058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532889 |
| Fulton Financial Corp. | &nbsp;&nbsp;42736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767111 |
| German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337597 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;30384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331731 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151460 |
| Hancock Whitney Corp. | &nbsp;&nbsp;24389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456511 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190737 |
| HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96197 |
| Heritage Commerce Corp. | &nbsp;&nbsp;19315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178664 |
| Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205903 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;13085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387316 |
| Home BancShares, Inc. | &nbsp;&nbsp;50322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417068 |
| Hope Bancorp, Inc. | &nbsp;&nbsp;33132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330989 |
| Horizon Bancorp, Inc. | &nbsp;&nbsp;13301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206032 |
| Huntington Bancshares, Inc. | 394569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482769 |
| Independent Bank Corp. | &nbsp;&nbsp;13002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826277 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215072 |
| International Bancshares Corp. | &nbsp;&nbsp;15062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026927 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412158 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;10802 | &nbsp;&nbsp;$341451 |
| M&T Bank Corp. | &nbsp;&nbsp;43786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8262418 |
| Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209626 |
| Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160466 |
| Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206682 |
| National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369414 |
| NB Bancorp, Inc. (a) | &nbsp;&nbsp;10004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172369 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;13576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561775 |
| Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459369 |
| Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;2295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227595 |
| Northfield Bancorp, Inc. | &nbsp;&nbsp;11169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118950 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;34650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405405 |
| OceanFirst Financial Corp. | &nbsp;&nbsp;17719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297325 |
| OFG Bancorp | &nbsp;&nbsp;11241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479091 |
| Old National Bancorp | &nbsp;&nbsp;85387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802520 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;13115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222562 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278036 |
| Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148527 |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;25777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558588 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630484 |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453523 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108010 |
| Peoples Bancorp, Inc. | &nbsp;&nbsp;11719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335632 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;20719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820993 |
| Popular, Inc. | &nbsp;&nbsp;18624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133938 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;1971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179006 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;25851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722194 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;29627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539804 |
| QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343995 |
| Regions Financial Corp. | 248144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285488 |
| Renasant Corp. | &nbsp;&nbsp;25670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940549 |
| Republic Bancorp, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173321 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;10432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382228 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;22240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626946 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;13819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086864 |
| Simmons First National Corp. Class A | &nbsp;&nbsp;33817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648272 |
| South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130405 |
| Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164380 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232164 |
| SouthState Corp. | &nbsp;&nbsp;27106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552572 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;12917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381439 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541412 |
| Synovus Financial Corp. | &nbsp;&nbsp;39059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845147 |
| Texas Capital Bancshares, Inc. (a) | &nbsp;&nbsp;12173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022167 |
| TFS Financial Corp. | &nbsp;&nbsp;11681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153138 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228773 |
| Towne Bank | &nbsp;&nbsp;18780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657863 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;9332 | &nbsp;&nbsp;$383732 |
| Triumph Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356769 |
| Truist Financial Corp. | 353301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15442787 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171424 |
| Trustmark Corp. | &nbsp;&nbsp;15120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563220 |
| UMB Financial Corp. | &nbsp;&nbsp;19680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164603 |
| United Bankshares, Inc. | &nbsp;&nbsp;39414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399985 |
| United Community Banks, Inc. | &nbsp;&nbsp;32398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988139 |
| Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244823 |
| Valley National Bancorp | 137691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276396 |
| Veritex Holdings, Inc. | &nbsp;&nbsp;14718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466855 |
| WaFd, Inc. | &nbsp;&nbsp;22165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645112 |
| Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132760 |
| Webster Financial Corp. | &nbsp;&nbsp;46804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698251 |
| WesBanco, Inc. | &nbsp;&nbsp;26259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791184 |
| Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;7265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347993 |
| Western Alliance Bancorp | &nbsp;&nbsp;28845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237218 |
| Wintrust Financial Corp. | &nbsp;&nbsp;18042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309015 |
| WSFS Financial Corp. | &nbsp;&nbsp;14758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809329 |
| Zions Bancorp NA | &nbsp;&nbsp;40286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143124379 |
| TOTAL BANKS | TOTAL BANKS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635827294 |
| **CAPITAL MARKETS – 26.2%** | **CAPITAL MARKETS – 26.2%** | **CAPITAL MARKETS – 26.2%** |
| **Asset Management & Custody Banks – 8.5%** | **Asset Management & Custody Banks – 8.5%** | **Asset Management & Custody Banks – 8.5%** |
| Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321950 |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635937 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;25637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13284837 |
| ARES Management Corp. Class A | &nbsp;&nbsp;54881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10182072 |
| Artisan Partners Asset Management, Inc. Class A | &nbsp;&nbsp;19177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867759 |
| Bank of New York Mellon Corp. | 193887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19669836 |
| Blackrock, Inc. | &nbsp;&nbsp;39722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43932929 |
| Blackstone, Inc. | 196827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34043198 |
| Blue Owl Capital, Inc. | 160596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3107533 |
| Carlyle Group, Inc. | &nbsp;&nbsp;63735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866165 |
| Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567515 |
| DigitalBridge Group, Inc. | &nbsp;&nbsp;48456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520417 |
| Federated Hermes, Inc. | &nbsp;&nbsp;21219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051826 |
| Franklin Resources, Inc. | &nbsp;&nbsp;77789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866936 |
| Hamilton Lane, Inc. Class A | &nbsp;&nbsp;11226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709720 |
| Invesco Ltd. | &nbsp;&nbsp;97001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037991 |
| Janus Henderson Group PLC | &nbsp;&nbsp;35996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558627 |
| KKR & Co., Inc. | 167919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24613567 |
| Northern Trust Corp. | &nbsp;&nbsp;52939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6882070 |
| P10, Inc. Class A | &nbsp;&nbsp;11736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144353 |
| SEI Investments Co. | &nbsp;&nbsp;28347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497938 |
| State Street Corp. | &nbsp;&nbsp;78401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8761312 |
| StepStone Group, Inc. Class A | &nbsp;&nbsp;18243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082904 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;60779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6166030 |
| TPG, Inc. | &nbsp;&nbsp;35650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034546 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Financials Index ETF

#### Schedule of Investments – 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** |
| **Asset Management & Custody Banks – continued** | **Asset Management & Custody Banks – continued** | **Asset Management & Custody Banks – continued** |
| Victory Capital Holdings, Inc. Class A | &nbsp;&nbsp;12155 | &nbsp;&nbsp;$837601 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424895 |
| WisdomTree, Inc. | &nbsp;&nbsp;33778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194118698 |
| **Financial Exchanges & Data – 8.2%** | **Financial Exchanges & Data – 8.2%** | **Financial Exchanges & Data – 8.2%** |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;28105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6774429 |
| CME Group, Inc. | &nbsp;&nbsp;97095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27019597 |
| Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;53883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20354842 |
| Donnelley Financial Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384331 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;10135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083392 |
| Intercontinental Exchange, Inc. | 154762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28604660 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;10063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067947 |
| Moody's Corp. | &nbsp;&nbsp;43559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22464683 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049674 |
| MSCI, Inc. | &nbsp;&nbsp;20864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11712215 |
| Nasdaq, Inc. | 115816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11143816 |
| S&P Global, Inc. | &nbsp;&nbsp;84544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46592198 |
| Tradeweb Markets, Inc. Class A | &nbsp;&nbsp;31197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4322344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187574128 |
| **Investment Banking & Brokerage – 9.5%** | **Investment Banking & Brokerage – 9.5%** | **Investment Banking & Brokerage – 9.5%** |
| BGC Group, Inc. Class A | &nbsp;&nbsp;95900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888993 |
| Charles Schwab Corp. | 464689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45414056 |
| Evercore, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938825 |
| Freedom Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918484 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;83938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60736697 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;14368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739403 |
| Interactive Brokers Group, Inc. Class A | 117807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723427 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;42362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442593 |
| Lazard, Inc. | &nbsp;&nbsp;24598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278604 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;21538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8523233 |
| Moelis & Co. Class A | &nbsp;&nbsp;15775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106459 |
| Morgan Stanley | 326496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46512620 |
| Perella Weinberg Partners | &nbsp;&nbsp;15197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303028 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;4864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533716 |
| PJT Partners, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080294 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;52732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8813099 |
| Robinhood Markets, Inc. Class A (a) | 197635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20366287 |
| Stifel Financial Corp. | &nbsp;&nbsp;28526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255387 |
| StoneX Group, Inc. (a) | &nbsp;&nbsp;11716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139264 |
| Virtu Financial, Inc. Class A | &nbsp;&nbsp;22460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218705853 |
| TOTAL CAPITAL MARKETS | TOTAL CAPITAL MARKETS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600398679 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CONSUMER FINANCE – 4.8%** | **CONSUMER FINANCE – 4.8%** | **CONSUMER FINANCE – 4.8%** |
| **Consumer Finance – 4.8%** | **Consumer Finance – 4.8%** | **Consumer Finance – 4.8%** |
| Ally Financial, Inc. | &nbsp;&nbsp;74788 | &nbsp;&nbsp;$2830726 |
| American Express Co. | 151279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45279317 |
| Atlanticus Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74296 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176912 |
| Capital One Financial Corp. | 172543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37096745 |
| Credit Acceptance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863383 |
| Dave, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578889 |
| Encore Capital Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227476 |
| Enova International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736730 |
| EZCORP, Inc. Class A (a) | &nbsp;&nbsp;13983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200237 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;10676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423004 |
| LendingClub Corp. (a) | &nbsp;&nbsp;31535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491631 |
| LendingTree, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142467 |
| Navient Corp. | &nbsp;&nbsp;23086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298733 |
| Nelnet, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463146 |
| NerdWallet, Inc. Class A (a) | &nbsp;&nbsp;10638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112656 |
| OneMain Holdings, Inc. | &nbsp;&nbsp;32891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900771 |
| PRA Group, Inc. (a) | &nbsp;&nbsp;10032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152486 |
| PROG Holdings, Inc. | &nbsp;&nbsp;11587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368930 |
| SLM Corp. | &nbsp;&nbsp;54656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738061 |
| SoFi Technologies, Inc. (a) | 281982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367153 |
| Synchrony Financial | 106188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7398118 |
| Upstart Holdings, Inc. (a) | &nbsp;&nbsp;23155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892690 |
| World Acceptance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165186 |
| TOTAL CONSUMER FINANCE | TOTAL CONSUMER FINANCE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110979743 |
| **FINANCIAL SERVICES – 25.7%** | **FINANCIAL SERVICES – 25.7%** | **FINANCIAL SERVICES – 25.7%** |
| **Commercial & Residential Mortgage Finance – 0.5%** | **Commercial & Residential Mortgage Finance – 0.5%** | **Commercial & Residential Mortgage Finance – 0.5%** |
| Enact Holdings, Inc. | &nbsp;&nbsp;10089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350694 |
| Essent Group Ltd. | &nbsp;&nbsp;28131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575055 |
| Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;2693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463923 |
| Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;6307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184795 |
| MGIC Investment Corp. | &nbsp;&nbsp;66275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716522 |
| Mr. Cooper Group, Inc. (a) | &nbsp;&nbsp;17075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658919 |
| NMI Holdings, Inc. (a) | &nbsp;&nbsp;21673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808836 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772410 |
| Radian Group, Inc. | &nbsp;&nbsp;38396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252094 |
| Rocket Cos., Inc. Class A | &nbsp;&nbsp;61166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903422 |
| UWM Holdings Corp. | &nbsp;&nbsp;46048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185113 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11563300 |
| **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** |
| Apollo Global Management, Inc. | 108024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15698048 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;80423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129721 |
| Jackson Financial, Inc. Class A | &nbsp;&nbsp;16706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462777 |
| Voya Financial, Inc. | &nbsp;&nbsp;26499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23145476 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
| **Mortgage REITs – 0.0%** | **Mortgage REITs – 0.0%** | **Mortgage REITs – 0.0%** |
| HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;32797 | &nbsp;&nbsp;$851738 |
| **Multi-Sector Holdings – 7.5%** | **Multi-Sector Holdings – 7.5%** | **Multi-Sector Holdings – 7.5%** |
| Berkshire Hathaway, Inc. Class B (a) | 361414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170544039 |
| Cannae Holdings, Inc. | &nbsp;&nbsp;14956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319759 |
| Compass Diversified Holdings | &nbsp;&nbsp;18308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170980786 |
| **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** |
| Burford Capital Ltd. | &nbsp;&nbsp;54291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697640 |
| **Transaction & Payment Processing Services – 16.7%** | **Transaction & Payment Processing Services – 16.7%** | **Transaction & Payment Processing Services – 16.7%** |
| Affirm Holdings, Inc. (a) | &nbsp;&nbsp;68100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668936 |
| AvidXchange Holdings, Inc. (a) | &nbsp;&nbsp;48723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480409 |
| Block, Inc. (a) | 150813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11651812 |
| Cantaloupe, Inc. (a) | &nbsp;&nbsp;15439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170910 |
| Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207812 |
| Corpay, Inc. (a) | &nbsp;&nbsp;18099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846882 |
| Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;11410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108824 |
| EVERTEC, Inc. | &nbsp;&nbsp;18222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658725 |
| Fidelity National Information Services, Inc. | 143056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11360077 |
| Fiserv, Inc. (a) | 150743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20944232 |
| Flywire Corp. (a) | &nbsp;&nbsp;30440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331492 |
| Global Payments, Inc. | &nbsp;&nbsp;66741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335943 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;19775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358092 |
| Marqeta, Inc. Class A (a) | 114002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649811 |
| Mastercard, Inc. Class A | 219622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124409274 |
| NCR Atleos Corp. (a) | &nbsp;&nbsp;20615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630819 |
| Paymentus Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;7576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211219 |
| Payoneer Global, Inc. (a) | &nbsp;&nbsp;84585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555723 |
| PayPal Holdings, Inc. (a) | 253859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17455345 |
| Remitly Global, Inc. (a) | &nbsp;&nbsp;41359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682424 |
| Sezzle, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717219 |
| Shift4 Payments, Inc. Class A (a) | &nbsp;&nbsp;16710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721130 |
| Toast, Inc. Class A (a) | 120575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5888883 |
| Visa, Inc. Class A | 464947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160625240 |
| Western Union Co. | &nbsp;&nbsp;77739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625799 |
| WEX, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471295 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381768327 |
| TOTAL FINANCIAL SERVICES | TOTAL FINANCIAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589007267 |
| **INSURANCE – 14.6%** | **INSURANCE – 14.6%** | **INSURANCE – 14.6%** |
| **Insurance Brokers – 3.7%** | **Insurance Brokers – 3.7%** | **Insurance Brokers – 3.7%** |
| Abacus Global Management, Inc. (a) | &nbsp;&nbsp;12966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70146 |
| Aon PLC Class A | &nbsp;&nbsp;52439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18653077 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;69009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19822835 |
| Baldwin Insurance Group, Inc. (a) | &nbsp;&nbsp;18277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673325 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Brown & Brown, Inc. | &nbsp;&nbsp;79109 | &nbsp;&nbsp;$7228189 |
| Crawford & Co. Class A | &nbsp;&nbsp;10527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100743 |
| Goosehead Insurance, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612279 |
| Hagerty, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;9940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100990 |
| Marsh & McLennan Cos., Inc. | 132639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26421689 |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;28904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768636 |
| Selectquote, Inc. (a) | &nbsp;&nbsp;42597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74971 |
| Willis Towers Watson PLC | &nbsp;&nbsp;26761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8451391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83978271 |
| **Life & Health Insurance – 2.4%** | **Life & Health Insurance – 2.4%** | **Life & Health Insurance – 2.4%** |
| Aflac, Inc. | 141206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14030228 |
| Brighthouse Financial, Inc. (a) | &nbsp;&nbsp;16787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803258 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;30902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138430 |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197587 |
| Genworth Financial, Inc. (a) | 111753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878379 |
| Globe Life, Inc. | &nbsp;&nbsp;23171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254830 |
| Lincoln National Corp. | &nbsp;&nbsp;40682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550391 |
| MetLife, Inc. | 157994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11999644 |
| Oscar Health, Inc. Class A (a) | &nbsp;&nbsp;47517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667614 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511000 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;62615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4873326 |
| Prudential Financial, Inc. | &nbsp;&nbsp;96998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047053 |
| Unum Group | &nbsp;&nbsp;46936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55322214 |
| **Multi-line Insurance – 0.0%** | **Multi-line Insurance – 0.0%** | **Multi-line Insurance – 0.0%** |
| Horace Mann Educators Corp. | &nbsp;&nbsp;10262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436443 |
| **Property & Casualty Insurance – 8.0%** | **Property & Casualty Insurance – 8.0%** | **Property & Casualty Insurance – 8.0%** |
| Allstate Corp. | &nbsp;&nbsp;71474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14527090 |
| American Financial Group, Inc. | &nbsp;&nbsp;18272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282173 |
| American International Group, Inc. | 158363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12293720 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245350 |
| Arch Capital Group Ltd. | 101629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8746192 |
| Assurant, Inc. | &nbsp;&nbsp;14460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708358 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;13327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127198 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;22881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147153 |
| Bowhead Specialty Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110468 |
| Chubb Ltd. | 102700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27322308 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;42609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285254 |
| Donegal Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97395 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242685 |
| Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415663 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;70657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3987175 |
| First American Financial Corp. | &nbsp;&nbsp;28024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682841 |
| Hamilton Insurance Group Ltd. Class B (a) | &nbsp;&nbsp;13879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298260 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654513 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;78132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9718839 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329934 |
| Kemper Corp. | &nbsp;&nbsp;16822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036067 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624750 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Financials Index ETF

#### Schedule of Investments – 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** |
| Lemonade, Inc. (a) | &nbsp;&nbsp;14483 | &nbsp;&nbsp;$545719 |
| Loews Corp. | &nbsp;&nbsp;48412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4383222 |
| Markel Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6928600 |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532671 |
| Old Republic International Corp. | &nbsp;&nbsp;65601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372788 |
| Palomar Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948231 |
| ProAssurance Corp. (a) | &nbsp;&nbsp;12407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294790 |
| Progressive Corp. | 158040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38252002 |
| RLI Corp. | &nbsp;&nbsp;21781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437328 |
| Root, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296281 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288435 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;16442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281983 |
| Skyward Specialty Insurance Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495684 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513142 |
| Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134800 |
| Travelers Cos., Inc. | &nbsp;&nbsp;61099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900404 |
| Trupanion, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426643 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156618 |
| Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192122 |
| W.R. Berkley Corp. | &nbsp;&nbsp;81958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5639530 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184137961 |
| **Reinsurance – 0.5%** | **Reinsurance – 0.5%** | **Reinsurance – 0.5%** |
| Everest Group Ltd. | &nbsp;&nbsp;11570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885206 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;17897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3444278 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;13422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271478 |
| SiriusPoint Ltd. (a) | &nbsp;&nbsp;20450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11001986 |
| TOTAL INSURANCE | TOTAL INSURANCE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334876875 |
| **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%** |
| AGNC Investment Corp. | 243982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300750 |
| Annaly Capital Management, Inc. | 160222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257313 |
| Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;33588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323117 |
| Arbor Realty Trust, Inc. | &nbsp;&nbsp;42371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472860 |
| ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;20290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330930 |
| Blackstone Mortgage Trust, Inc. Class A | &nbsp;&nbsp;42830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791498 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36220 | &nbsp;&nbsp;$187620 |
| Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294167 |
| Dynex Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285075 |
| Ellington Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304738 |
| Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230846 |
| Invesco Mortgage Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191702 |
| KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128377 |
| Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388665 |
| MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258983 |
| New York Mortgage Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120694 |
| Orchid Island Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173889 |
| PennyMac Mortgage Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;23980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282724 |
| Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179843 |
| Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230510 |
| Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;150582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811501 |
| Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673054 |
| TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184040 |
| Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318630 |
| 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;14721526 |
| **TOTAL COMMON STOCKS<br> (Cost $1,547,259,290)** | **TOTAL COMMON STOCKS<br> (Cost $1,547,259,290)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2285811384** |
| &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, 4.18% (b)<br> (Cost $4,789,000) | 4789000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,552,048,290)** | **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,552,048,290)** | &nbsp;&nbsp;**2290600384** |
| **NET OTHER ASSETS (LIABILITIES) – 0.1%** | **NET OTHER ASSETS (LIABILITIES) – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1365571** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2291965955** |

---

&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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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) | 31 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;5026960 | &nbsp;&nbsp;$72406 | &nbsp;&nbsp;$72406 |
| CME E-mini Russell 2000 Index Contracts (United States) | 7 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;777070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;$72765 |

---

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 July 31, 2025, 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;$2285811384 | &nbsp;&nbsp;&nbsp;$2285811384 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$2290600384 | &nbsp;&nbsp;&nbsp;$2290600384 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$72765 | &nbsp;&nbsp;&nbsp;$72765 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$72765 | &nbsp;&nbsp;&nbsp;$72765 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$72765 | &nbsp;&nbsp;&nbsp;$72765 | &nbsp;&nbsp;&nbsp;$— | &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 July 31, 2025. 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;$72765 | &nbsp;&nbsp;&nbsp;$0 |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;72765 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$72765 | &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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Health Care Index ETF

### Schedule of Investments July 31, 2025
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** |
| **BIOTECHNOLOGY – 21.3%** | **BIOTECHNOLOGY – 21.3%** | **BIOTECHNOLOGY – 21.3%** |
| **Biotechnology – 21.3%** | **Biotechnology – 21.3%** | **Biotechnology – 21.3%** |
| 89bio, Inc. (a) | &nbsp;&nbsp;44782 | &nbsp;&nbsp;$425429 |
| AbbVie, Inc. | 754455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142607084 |
| ACADIA Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;46295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103210 |
| ADMA Biologics, Inc. (a) | 101579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899527 |
| Agios Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;24425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909099 |
| Akero Therapeutics, Inc. (a) | &nbsp;&nbsp;23761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160725 |
| Akouos, Inc. (a)(b) | &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;66748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768155 |
| Alnylam Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;55482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21762260 |
| Amgen, Inc. | 229303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67667315 |
| Amicus Therapeutics, Inc. (a) | 102324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612921 |
| AnaptysBio, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144329 |
| Anavex Life Sciences Corp. (a) | &nbsp;&nbsp;36004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406845 |
| Apellis Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;32091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716913 |
| Apogee Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363508 |
| Arbutus Biopharma Corp. (a) | &nbsp;&nbsp;60013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196843 |
| Arcellx, Inc. (a) | &nbsp;&nbsp;13924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994034 |
| Arcus Biosciences, Inc. (a) | &nbsp;&nbsp;26260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239754 |
| Arcutis Biotherapeutics, Inc. (a) | &nbsp;&nbsp;45825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668129 |
| Ardelyx, Inc. (a) | 103414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438475 |
| ArriVent Biopharma, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110388 |
| Arrowhead Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;47331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747830 |
| ARS Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;18946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334965 |
| Aurinia Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;48441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447837 |
| Avidity Biosciences, Inc. (a) | &nbsp;&nbsp;38426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410619 |
| Beam Therapeutics, Inc. (a) | &nbsp;&nbsp;37823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745491 |
| BioCryst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;85395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695115 |
| Biogen, Inc. (a) | &nbsp;&nbsp;62380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7984640 |
| Biohaven Ltd. (a) | &nbsp;&nbsp;36519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551437 |
| BioMarin Pharmaceutical, Inc. (a) | &nbsp;&nbsp;81732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4728196 |
| Bridgebio Pharma, Inc. (a) | &nbsp;&nbsp;56745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682336 |
| Capricor Therapeutics, Inc. (a) | &nbsp;&nbsp;17379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142160 |
| CareDx, Inc. (a) | &nbsp;&nbsp;22435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275614 |
| Catalyst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;49387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053425 |
| Celldex Therapeutics, Inc. (a) | &nbsp;&nbsp;25288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555830 |
| CG oncology, Inc. (a) | &nbsp;&nbsp;18345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489628 |
| Chinook Therapeutics, Inc. (a)(b) | &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;38722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442205 |
| Crinetics Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;37674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077100 |
| CRISPR Therapeutics AG (a) | &nbsp;&nbsp;35112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975401 |
| Cullinan Therapeutics, Inc. (a) | &nbsp;&nbsp;10638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82657 |
| Cytokinetics, Inc. (a) | &nbsp;&nbsp;48520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826293 |
| Day One Biopharmaceuticals, Inc. (a) | &nbsp;&nbsp;28251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189564 |
| Denali Therapeutics, Inc. (a) | &nbsp;&nbsp;56182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776997 |
| Disc Medicine, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572083 |
| Dynavax Technologies Corp. (a) | &nbsp;&nbsp;41743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458338 |
| Dyne Therapeutics, Inc. (a) | &nbsp;&nbsp;38004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374339 |
| Exact Sciences Corp. (a) | &nbsp;&nbsp;79169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716985 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Exelixis, Inc. (a) | 107336 | &nbsp;&nbsp;$3887710 |
| Geron Corp. (a) | 216834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249359 |
| Gilead Sciences, Inc. | 531680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59702347 |
| GRAIL, Inc. (a) | &nbsp;&nbsp;13539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463169 |
| Halozyme Therapeutics, Inc. (a) | &nbsp;&nbsp;52648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157301 |
| Ideaya Biosciences, Inc. (a) | &nbsp;&nbsp;33453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814581 |
| ImmunityBio, Inc. (a) | &nbsp;&nbsp;97917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240876 |
| Immunome, Inc. (a) | &nbsp;&nbsp;30378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319577 |
| Immunovant, Inc. (a) | &nbsp;&nbsp;28566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459341 |
| Incyte Corp. (a) | &nbsp;&nbsp;70149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253459 |
| Insmed, Inc. (a) | &nbsp;&nbsp;77544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8318920 |
| Intellia Therapeutics, Inc. (a) | &nbsp;&nbsp;42909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499461 |
| Ionis Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;64369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766580 |
| Iovance Biotherapeutics, Inc. (a) | 111797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287318 |
| Janux Therapeutics, Inc. (a) | &nbsp;&nbsp;17941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430853 |
| Kiniksa Pharmaceuticals International PLC (a) | &nbsp;&nbsp;14430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436652 |
| Krystal Biotech, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431607 |
| Kura Oncology, Inc. (a) | &nbsp;&nbsp;25824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156235 |
| Kymera Therapeutics, Inc. (a) | &nbsp;&nbsp;16383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716756 |
| Madrigal Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851059 |
| MannKind Corp. (a) | 125407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474038 |
| Merus NV (a) | &nbsp;&nbsp;20638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367061 |
| Metsera, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295360 |
| MiMedx Group, Inc. (a) | &nbsp;&nbsp;48892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351534 |
| Mineralys Therapeutics, Inc. (a) | &nbsp;&nbsp;13830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195695 |
| Mirum Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;15473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799645 |
| Moderna, Inc. (a) | 148311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384073 |
| MoonLake Immunotherapeutics (a) | &nbsp;&nbsp;&nbsp;&nbsp;9360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472118 |
| Myriad Genetics, Inc. (a) | &nbsp;&nbsp;38416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147517 |
| Natera, Inc. (a) | &nbsp;&nbsp;54772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7320826 |
| Neurocrine Biosciences, Inc. (a) | &nbsp;&nbsp;42167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407074 |
| Newamsterdam Pharma Co. NV (a) | &nbsp;&nbsp;18719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408261 |
| Novavax, Inc. (a) | &nbsp;&nbsp;60960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405384 |
| Nurix Therapeutics, Inc. (a) | &nbsp;&nbsp;29240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329242 |
| Nuvalent, Inc. Class A (a) | &nbsp;&nbsp;16925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326074 |
| Praxis Precision Medicines, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372871 |
| Protagonist Therapeutics, Inc. (a) | &nbsp;&nbsp;20926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127074 |
| Prothena Corp. PLC (a) | &nbsp;&nbsp;14393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98880 |
| PTC Therapeutics, Inc. (a) | &nbsp;&nbsp;30255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576588 |
| Recursion Pharmaceuticals, Inc. Class A (a) | 126319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751598 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;45615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24881158 |
| Relay Therapeutics, Inc. (a) | &nbsp;&nbsp;49270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173430 |
| Replimune Group, Inc. (a) | &nbsp;&nbsp;16409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115355 |
| Revolution Medicines, Inc. (a) | &nbsp;&nbsp;59425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214770 |
| Rhythm Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;20207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722243 |
| Rocket Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;33054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100815 |
| Roivant Sciences Ltd. (a) | 151684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723130 |
| Sarepta Therapeutics, Inc. (a) | &nbsp;&nbsp;37225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611235 |
| Savara, Inc. (a) | &nbsp;&nbsp;30070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77881 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
| Scholar Rock Holding Corp. (a) | &nbsp;&nbsp;28524 | &nbsp;&nbsp;$1056814 |
| Soleno Therapeutics, Inc. (a) | &nbsp;&nbsp;13915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203230 |
| Spyre Therapeutics, Inc. (a) | &nbsp;&nbsp;14753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250358 |
| Stoke Therapeutics, Inc. (a) | &nbsp;&nbsp;14491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186209 |
| Syndax Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;36667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363737 |
| TG Therapeutics, Inc. (a) | &nbsp;&nbsp;63859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266995 |
| Tourmaline Bio, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124127 |
| Travere Therapeutics, Inc. (a) | &nbsp;&nbsp;36200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559290 |
| Twist Bioscience Corp. (a) | &nbsp;&nbsp;25689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862380 |
| Ultragenyx Pharmaceutical, Inc. (a) | &nbsp;&nbsp;36015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983930 |
| uniQure NV (a) | &nbsp;&nbsp;17285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240607 |
| United Therapeutics Corp. (a) | &nbsp;&nbsp;18186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995694 |
| Vaxcyte, Inc. (a) | &nbsp;&nbsp;49398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677062 |
| Vera Therapeutics, Inc. (a) | &nbsp;&nbsp;19436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404074 |
| Veracyte, Inc. (a) | &nbsp;&nbsp;33669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791558 |
| Vericel Corp. (a) | &nbsp;&nbsp;21306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744432 |
| Vertex Pharmaceuticals, Inc. (a) | 109643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50092597 |
| Viking Therapeutics, Inc. (a) | &nbsp;&nbsp;45469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480925 |
| Vir Biotechnology, Inc. (a) | &nbsp;&nbsp;38878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197111 |
| Viridian Therapeutics, Inc. (a) | &nbsp;&nbsp;24651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431886 |
| Xencor, Inc. (a) | &nbsp;&nbsp;25040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208333 |
| Xenon Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;27721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846599 |
| Zymeworks, Inc. (a) | &nbsp;&nbsp;15618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196162 |
| TOTAL BIOTECHNOLOGY | TOTAL BIOTECHNOLOGY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499372483 |
| **HEALTH CARE EQUIPMENT & SUPPLIES – 22.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES – 22.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES – 22.9%** |
| **Health Care Equipment – 21.8%** | **Health Care Equipment – 21.8%** | **Health Care Equipment – 21.8%** |
| Abbott Laboratories | 739673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93339336 |
| Alphatec Holdings, Inc. (a) | &nbsp;&nbsp;49152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520028 |
| Artivion, Inc. (a) | &nbsp;&nbsp;15251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471408 |
| AtriCure, Inc. (a) | &nbsp;&nbsp;21507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754896 |
| Axogen, Inc. (a) | &nbsp;&nbsp;17738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232190 |
| Baxter International, Inc. | 218594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4756605 |
| Becton Dickinson & Co. | 122461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21828673 |
| Boston Scientific Corp. (a) | 630809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66184480 |
| Butterfly Network, Inc. (a) | &nbsp;&nbsp;73815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126224 |
| Ceribell, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76709 |
| CONMED Corp. | &nbsp;&nbsp;13361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683415 |
| Dexcom, Inc. (a) | 167275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13510802 |
| Edwards Lifesciences Corp. (a) | 249819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19813145 |
| Enovis Corp. (a) | &nbsp;&nbsp;24429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654697 |
| Envista Holdings Corp. (a) | &nbsp;&nbsp;73914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396235 |
| GE HealthCare Technologies, Inc. | 195265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13926300 |
| Glaukos Corp. (a) | &nbsp;&nbsp;24109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075544 |
| Globus Medical, Inc. Class A (a) | &nbsp;&nbsp;49062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582133 |
| Hologic, Inc. (a) | &nbsp;&nbsp;95636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6390398 |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;34562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18466822 |
| Inspire Medical Systems, Inc. (a) | &nbsp;&nbsp;12703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582032 |
| Insulet Corp. (a) | &nbsp;&nbsp;29950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8637580 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Integer Holdings Corp. (a) | &nbsp;&nbsp;14250 | &nbsp;&nbsp;$1546267 |
| Integra LifeSciences Holdings Corp. (a) | &nbsp;&nbsp;29495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387564 |
| Intuitive Surgical, Inc. (a) | 152802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73511514 |
| iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208332 |
| iRhythm Technologies, Inc. (a) | &nbsp;&nbsp;13376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875048 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705001 |
| LivaNova PLC (a) | &nbsp;&nbsp;22950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968261 |
| Masimo Corp. (a) | &nbsp;&nbsp;19575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010439 |
| Medtronic PLC | 546995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49360829 |
| Novocure Ltd. (a) | &nbsp;&nbsp;44731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517538 |
| Omnicell, Inc. (a) | &nbsp;&nbsp;19719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611486 |
| Orthofix Medical, Inc. (a) | &nbsp;&nbsp;14057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155189 |
| Penumbra, Inc. (a) | &nbsp;&nbsp;15660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950548 |
| PROCEPT BioRobotics Corp. (a) | &nbsp;&nbsp;22231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078426 |
| Pulse Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107663 |
| QuidelOrtho Corp. (a) | &nbsp;&nbsp;28436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654597 |
| ResMed, Inc. | &nbsp;&nbsp;62637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17033506 |
| SI-BONE, Inc. (a) | &nbsp;&nbsp;16065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273587 |
| STERIS PLC | &nbsp;&nbsp;41898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9489478 |
| Stryker Corp. | 146508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57538087 |
| Tandem Diabetes Care, Inc. (a) | &nbsp;&nbsp;27995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436162 |
| Teleflex, Inc. | &nbsp;&nbsp;19046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275997 |
| TransMedics Group, Inc. (a) | &nbsp;&nbsp;13631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621680 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;84377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7733152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513060003 |
| **Health Care Supplies – 1.1%** | **Health Care Supplies – 1.1%** | **Health Care Supplies – 1.1%** |
| Align Technology, Inc. (a) | &nbsp;&nbsp;29633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3822953 |
| Avanos Medical, Inc. (a) | &nbsp;&nbsp;19483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217625 |
| Bioventus, Inc. Class A (a) | &nbsp;&nbsp;15177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98954 |
| Cooper Cos., Inc. (a) | &nbsp;&nbsp;85222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6024343 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;85506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223591 |
| Embecta Corp. | &nbsp;&nbsp;23778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241585 |
| Establishment Labs Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364883 |
| Haemonetics Corp. (a) | &nbsp;&nbsp;21606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599708 |
| ICU Medical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280761 |
| Lantheus Holdings, Inc. (a) | &nbsp;&nbsp;29182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077467 |
| Merit Medical Systems, Inc. (a) | &nbsp;&nbsp;25180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136775 |
| Neogen Corp. (a) | &nbsp;&nbsp;86920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404178 |
| OrthoPediatrics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148521 |
| RxSight, Inc. (a) | &nbsp;&nbsp;14898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115906 |
| Solventum Corp. (a) | &nbsp;&nbsp;62841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484334 |
| STAAR Surgical Co. (a) | &nbsp;&nbsp;14718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263673 |
| UFP Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25244194 |
| TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538304197 |
| **HEALTH CARE PROVIDERS & SERVICES – 16.7%** | **HEALTH CARE PROVIDERS & SERVICES – 16.7%** | **HEALTH CARE PROVIDERS & SERVICES – 16.7%** |
| **Health Care Distributors – 3.4%** | **Health Care Distributors – 3.4%** | **Health Care Distributors – 3.4%** |
| AdaptHealth Corp. (a) | &nbsp;&nbsp;36640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328661 |
| Cardinal Health, Inc. | 103028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992006 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Health Care Index ETF

#### Schedule of Investments – 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;78569 | &nbsp;&nbsp;$22477019 |
| Henry Schein, Inc. (a) | &nbsp;&nbsp;46998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179415 |
| McKesson Corp. | &nbsp;&nbsp;53450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37069713 |
| Owens & Minor, Inc. (a) | &nbsp;&nbsp;33069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79275982 |
| **Health Care Facilities – 2.2%** | **Health Care Facilities – 2.2%** | **Health Care Facilities – 2.2%** |
| Acadia Healthcare Co., Inc. (a) | &nbsp;&nbsp;39282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855169 |
| Brookdale Senior Living, Inc. (a) | &nbsp;&nbsp;76787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595099 |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;48693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972399 |
| Encompass Health Corp. | &nbsp;&nbsp;43148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751026 |
| Ensign Group, Inc. | &nbsp;&nbsp;24496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674400 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;78754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27878129 |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537000 |
| PACS Group, Inc. (a) | &nbsp;&nbsp;19705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217937 |
| Select Medical Holdings Corp. | &nbsp;&nbsp;49462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731543 |
| Surgery Partners, Inc. (a) | &nbsp;&nbsp;32637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716382 |
| Tenet Healthcare Corp. (a) | &nbsp;&nbsp;40250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6491520 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468819 |
| Universal Health Services, Inc. Class B | &nbsp;&nbsp;24696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000072 |
| **Health Care Services – 4.6%** | **Health Care Services – 4.6%** | **Health Care Services – 4.6%** |
| Addus HomeCare Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820391 |
| agilon health, Inc. (a) | 134495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240746 |
| Amedisys, Inc. (a) | &nbsp;&nbsp;14087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388978 |
| AMN Healthcare Services, Inc. (a) | &nbsp;&nbsp;15961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292725 |
| Astrana Health, Inc. (a) | &nbsp;&nbsp;19427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463528 |
| Aveanna Healthcare Holdings, Inc. (a) | &nbsp;&nbsp;20446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81171 |
| BrightSpring Health Services, Inc. (a) | &nbsp;&nbsp;29820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615783 |
| Castle Biosciences, Inc. (a) | &nbsp;&nbsp;12897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195389 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569453 |
| Cigna Group | 115626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30916080 |
| CorVel Corp. (a) | &nbsp;&nbsp;13140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164204 |
| Cross Country Healthcare, Inc. (a) | &nbsp;&nbsp;13392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180122 |
| CVS Health Corp. | 539712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33516115 |
| DaVita, Inc. (a) | &nbsp;&nbsp;18751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632078 |
| Fulgent Genetics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139794 |
| GeneDx Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853831 |
| Guardant Health, Inc. (a) | &nbsp;&nbsp;47339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939952 |
| Hims & Hers Health, Inc. (a) | &nbsp;&nbsp;77446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125376 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;35685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9280955 |
| LifeStance Health Group, Inc. (a) | &nbsp;&nbsp;56699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225662 |
| NeoGenomics, Inc. (a) | &nbsp;&nbsp;53978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261253 |
| Nutex Health, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119752 |
| OPKO Health, Inc. (a) | 128795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164858 |
| Option Care Health, Inc. (a) | &nbsp;&nbsp;69999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054471 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Pediatrix Medical Group, Inc. (a) | &nbsp;&nbsp;36695 | &nbsp;&nbsp;$449514 |
| Pennant Group, Inc. (a) | &nbsp;&nbsp;15166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336230 |
| Premier, Inc. Class A | &nbsp;&nbsp;38910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835787 |
| Privia Health Group, Inc. (a) | &nbsp;&nbsp;40959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799520 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;47602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7969051 |
| RadNet, Inc. (a) | &nbsp;&nbsp;26857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107102653 |
| **Managed Health Care – 6.5%** | **Managed Health Care – 6.5%** | **Managed Health Care – 6.5%** |
| Alignment Healthcare, Inc. (a) | &nbsp;&nbsp;44963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619590 |
| Centene Corp. (a) | 211696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5518915 |
| Clover Health Investments Corp. (a) | 166254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480474 |
| Elevance Health, Inc. | &nbsp;&nbsp;96551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27331657 |
| HealthEquity, Inc. (a) | &nbsp;&nbsp;36909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580173 |
| Humana, Inc. | &nbsp;&nbsp;51475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12862058 |
| Molina Healthcare, Inc. (a) | &nbsp;&nbsp;23341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684844 |
| Progyny, Inc. (a) | &nbsp;&nbsp;30723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722298 |
| UnitedHealth Group, Inc. | 390116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97357349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152157358 |
| TOTAL HEALTH CARE PROVIDERS & SERVICES | TOTAL HEALTH CARE PROVIDERS & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390536065 |
| **HEALTH CARE TECHNOLOGY – 1.1%** | **HEALTH CARE TECHNOLOGY – 1.1%** | **HEALTH CARE TECHNOLOGY – 1.1%** |
| **Health Care Technology – 1.1%** | **Health Care Technology – 1.1%** | **Health Care Technology – 1.1%** |
| Certara, Inc. (a) | &nbsp;&nbsp;54714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538386 |
| Doximity, Inc. Class A (a) | &nbsp;&nbsp;51208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008470 |
| Evolent Health, Inc. Class A (a) | &nbsp;&nbsp;41898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421075 |
| GoodRx Holdings, Inc. Class A (a) | &nbsp;&nbsp;38933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186489 |
| HealthStream, Inc. | &nbsp;&nbsp;10255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268271 |
| Phreesia, Inc. (a) | &nbsp;&nbsp;23408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631080 |
| Schrodinger, Inc. (a) | &nbsp;&nbsp;27630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561718 |
| Simulations Plus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92611 |
| Teladoc Health, Inc. (a) | &nbsp;&nbsp;75458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544052 |
| Veeva Systems, Inc. Class A (a) | &nbsp;&nbsp;65920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18734464 |
| Waystar Holding Corp. (a) | &nbsp;&nbsp;29218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080481 |
| TOTAL HEALTH CARE TECHNOLOGY | TOTAL HEALTH CARE TECHNOLOGY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26067097 |
| **LIFE SCIENCES TOOLS & SERVICES – 9.5%** | **LIFE SCIENCES TOOLS & SERVICES – 9.5%** | **LIFE SCIENCES TOOLS & SERVICES – 9.5%** |
| **Life Sciences Tools & Services – 9.5%** | **Life Sciences Tools & Services – 9.5%** | **Life Sciences Tools & Services – 9.5%** |
| 10X Genomics, Inc. Class A (a) | &nbsp;&nbsp;42802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575687 |
| Adaptive Biotechnologies Corp. (a) | &nbsp;&nbsp;43677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447252 |
| Agilent Technologies, Inc. | 121622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13963422 |
| Avantor, Inc. (a) | 291034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3911497 |
| Azenta, Inc. (a) | &nbsp;&nbsp;17470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571269 |
| BioLife Solutions, Inc. (a) | &nbsp;&nbsp;15969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339501 |
| Bio-Rad Laboratories, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;8294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006733 |
| Bio-Techne Corp. | &nbsp;&nbsp;67556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697340 |
| Bruker Corp. | &nbsp;&nbsp;45471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747451 |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;20930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550565 |
| Cytek Biosciences, Inc. (a) | &nbsp;&nbsp;48858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175889 |
| Danaher Corp. | 274619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54143882 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
| Fortrea Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;$211806 |
| Illumina, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;67533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6936314 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;75261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13988009 |
| Medpace Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4674850 |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180875 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10953845 |
| OmniAb, Inc. (a)(b) | &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;1334 |
| OmniAb, Inc. (a)(b) | &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;1067 |
| Repligen Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;22815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670952 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501007 |
| Sotera Health Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;65933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757570 |
| Standard BioTools, Inc. (a) | &nbsp;&nbsp;&nbsp;110312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146715 |
| Tempus AI, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;32215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823047 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;160998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75295545 |
| Waters Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;25373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7326708 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378778 |
| TOTAL LIFE SCIENCES TOOLS & SERVICES | TOTAL LIFE SCIENCES TOOLS & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221978910 |
| **PHARMACEUTICALS – 28.3%** | **PHARMACEUTICALS – 28.3%** | **PHARMACEUTICALS – 28.3%** |
| **Pharmaceuticals – 28.3%** | **Pharmaceuticals – 28.3%** | **Pharmaceuticals – 28.3%** |
| Amneal Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;66790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522298 |
| Amphastar Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342072 |
| ANI Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460998 |
| Arvinas, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;20156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149961 |
| Avadel Pharmaceuticals PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;36642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385107 |
| Axsome Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475383 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;867810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37584851 |
| Collegium Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408335 |
| Corcept Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;40616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728177 |
| CorMedix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;31652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369379 |
| Edgewise Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;20003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285243 |
| Elanco Animal Health, Inc. (a) | &nbsp;&nbsp;&nbsp;211339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891117 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;343663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254334676 |
| Enliven Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259503 |
| Evolus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;19932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177793 |
| Harmony Biosciences Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;18167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639115 |
| Harrow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433048 |
| Indivior PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;41720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842744 |
| Innoviva, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;25411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461718 |
| Jazz Pharmaceuticals PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;24613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821388 |
| Johnson & Johnson | 1027781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169316642 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| LENZ Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347 | &nbsp;&nbsp;$129410 |
| Ligand Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092246 |
| Liquidia Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;27268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509639 |
| Merck & Co., Inc. | 1073222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83840103 |
| Mind Medicine MindMed, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;26309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239149 |
| Nuvation Bio, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;91790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216624 |
| Ocular Therapeutix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;44060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510215 |
| Organon & Co. | &nbsp;&nbsp;&nbsp;110124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068203 |
| Pacira BioSciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;19271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406425 |
| Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;58432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558381 |
| Pfizer, Inc. | 2418827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56334481 |
| Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230179 |
| Prestige Consumer Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553616 |
| Royalty Pharma PLC Class A | &nbsp;&nbsp;&nbsp;157029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5778667 |
| SIGA Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125557 |
| Supernus Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;24162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848086 |
| Tarsus Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550623 |
| Tilray Brands, Inc. (a) | &nbsp;&nbsp;&nbsp;462069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268416 |
| Viatris, Inc. | &nbsp;&nbsp;&nbsp;508615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445295 |
| WaVe Life Sciences Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;45958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372260 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;190241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27735235 |
| TOTAL PHARMACEUTICALS | TOTAL PHARMACEUTICALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664702358 |
| **TOTAL COMMON STOCKS<br> (Cost $2,089,347,643)** | **TOTAL COMMON STOCKS<br> (Cost $2,089,347,643)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2340961110** |
| &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, 4.18% (c)<br> (Cost $2,674,000) | 2674000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $2,092,021,643)** | **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $2,092,021,643)** | &nbsp;&nbsp;**2343635110** |
| **NET OTHER ASSETS (LIABILITIES) – 0.1%** | **NET OTHER ASSETS (LIABILITIES) – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3371608** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2347006718** |

---

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

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | Level 3 security. |
| (c) | 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** | ***Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Health Care Index ETF

#### Schedule of Investments – 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) | 38 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;5023980 | &nbsp;&nbsp;(171228) | &nbsp;&nbsp;&nbsp;&nbsp;(171228) |
| CME E-mini Russell 2000 Index Contracts (United States) | 4 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;444040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3526) |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;$(174754) |

---

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 July 31, 2025, 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;$2340961110 | &nbsp;&nbsp;&nbsp;$2340956455 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$4655 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$2343635110 | &nbsp;&nbsp;&nbsp;$2343630455 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$4655 |
| **Derivative Instruments:** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(174754) | &nbsp;&nbsp;&nbsp;$(174754) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;$(174754) | &nbsp;&nbsp;&nbsp;$(174754) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$(174754) | &nbsp;&nbsp;&nbsp;$(174754) | &nbsp;&nbsp;&nbsp;$— | &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 July 31, 2025. 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;$0 | &nbsp;&nbsp;&nbsp;$(174754) |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;(174754) |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;$(174754) |

---

&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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Industrials Index ETF

### Schedule of Investments July 31, 2025
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** |
| **AEROSPACE & DEFENSE – 22.9%** | **AEROSPACE & DEFENSE – 22.9%** | **AEROSPACE & DEFENSE – 22.9%** |
| **Aerospace & Defense – 22.9%** | **Aerospace & Defense – 22.9%** | **Aerospace & Defense – 22.9%** |
| AAR Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8911 | &nbsp;&nbsp;$665741 |
| AeroVironment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113821 |
| Archer Aviation, Inc. Class A (a) | 134613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350168 |
| Astronics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240054 |
| ATI, Inc. (a) | &nbsp;&nbsp;34858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681974 |
| Axon Enterprise, Inc. (a) | &nbsp;&nbsp;18016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13610908 |
| Boeing Co. (a) | 186215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41309936 |
| BWX Technologies, Inc. | &nbsp;&nbsp;22655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441974 |
| Cadre Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231523 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573753 |
| Ducommun, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317156 |
| Eve Holding, Inc. (a) | &nbsp;&nbsp;14663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95309 |
| General Dynamics Corp. | &nbsp;&nbsp;56459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17593189 |
| General Electric Co. | 263967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71556174 |
| HEICO Corp. | &nbsp;&nbsp;10922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569310 |
| HEICO Corp. Class A | &nbsp;&nbsp;18725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4832735 |
| Hexcel Corp. | &nbsp;&nbsp;19947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195025 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;95227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17118958 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708009 |
| Intuitive Machines, Inc. (a) | &nbsp;&nbsp;25743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287292 |
| Karman Holdings, Inc. (a) | &nbsp;&nbsp;13082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676339 |
| Kratos Defense & Security Solutions, Inc. (a) | &nbsp;&nbsp;37887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223967 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;46458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12767588 |
| Leonardo DRS, Inc. | &nbsp;&nbsp;19533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812573 |
| Loar Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598154 |
| Lockheed Martin Corp. | &nbsp;&nbsp;52250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21996205 |
| Mercury Systems, Inc. (a) | &nbsp;&nbsp;12505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657638 |
| Moog, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356415 |
| National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135126 |
| Northrop Grumman Corp. | &nbsp;&nbsp;33890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19541313 |
| Redwire Corp. (a) | &nbsp;&nbsp;12297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175724 |
| Rocket Lab Corp. (a) | &nbsp;&nbsp;95275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375028 |
| RTX Corp. | 330421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52064437 |
| Spirit AeroSystems Holdings, Inc. Class A (a) | &nbsp;&nbsp;29141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148155 |
| StandardAero, Inc. (a) | &nbsp;&nbsp;28725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820099 |
| Textron, Inc. | &nbsp;&nbsp;44890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491095 |
| TransDigm Group, Inc. | &nbsp;&nbsp;13882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22328642 |
| V2X, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202739 |
| Woodward, Inc. | &nbsp;&nbsp;14680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773934 |
| TOTAL AEROSPACE & DEFENSE | TOTAL AEROSPACE & DEFENSE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338638180 |
| **AIR FREIGHT & LOGISTICS – 2.5%** | **AIR FREIGHT & LOGISTICS – 2.5%** | **AIR FREIGHT & LOGISTICS – 2.5%** |
| **Air Freight & Logistics – 2.5%** | **Air Freight & Logistics – 2.5%** | **Air Freight & Logistics – 2.5%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;29259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374148 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;34043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957158 |
| FedEx Corp. | &nbsp;&nbsp;56335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12590309 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Forward Air Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5241 | &nbsp;&nbsp;$159274 |
| GXO Logistics, Inc. (a) | &nbsp;&nbsp;29756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479171 |
| Hub Group, Inc. Class A | &nbsp;&nbsp;15203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532409 |
| United Parcel Service, Inc. Class B | 181530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15640625 |
| TOTAL AIR FREIGHT & LOGISTICS | TOTAL AIR FREIGHT & LOGISTICS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37733094 |
| **BUILDING PRODUCTS – 6.7%** | **BUILDING PRODUCTS – 6.7%** | **BUILDING PRODUCTS – 6.7%** |
| **Building Products – 6.7%** | **Building Products – 6.7%** | **Building Products – 6.7%** |
| A.O. Smith Corp. | &nbsp;&nbsp;29080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058573 |
| AAON, Inc. | &nbsp;&nbsp;17081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426263 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;18230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091892 |
| Allegion PLC | &nbsp;&nbsp;21366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545047 |
| American Woodmark Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198813 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228636 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;10738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020569 |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777340 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;28109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573497 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;10915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3871660 |
| Carrier Global Corp. | 192448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13205782 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077361 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;29959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633964 |
| Gibraltar Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493970 |
| Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766051 |
| Hayward Holdings, Inc. (a) | &nbsp;&nbsp;50762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780720 |
| Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173785 |
| Janus International Group, Inc. (a) | &nbsp;&nbsp;34740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297722 |
| JELD-WEN Holding, Inc. (a) | &nbsp;&nbsp;21327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95972 |
| Johnson Controls International PLC | 163379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17154795 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810491 |
| Masco Corp. | &nbsp;&nbsp;52311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563948 |
| Masterbrand, Inc. (a) | &nbsp;&nbsp;31345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345735 |
| Owens Corning | &nbsp;&nbsp;21229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959959 |
| Quanex Building Products Corp. | &nbsp;&nbsp;10537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205261 |
| Resideo Technologies, Inc. (a) | &nbsp;&nbsp;36686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001528 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;10418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869302 |
| Trane Technologies PLC | &nbsp;&nbsp;55509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24317383 |
| Trex Co., Inc. (a) | &nbsp;&nbsp;26633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710904 |
| UFP Industries, Inc. | &nbsp;&nbsp;15099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479702 |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;37547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661455 |
| TOTAL BUILDING PRODUCTS | TOTAL BUILDING PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99398080 |
| **COMMERCIAL SERVICES & SUPPLIES – 7.2%** | **COMMERCIAL SERVICES & SUPPLIES – 7.2%** | **COMMERCIAL SERVICES & SUPPLIES – 7.2%** |
| **Commercial Printing – 0.1%** | **Commercial Printing – 0.1%** | **Commercial Printing – 0.1%** |
| Brady Corp. Class A | &nbsp;&nbsp;11052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779940 |
| Cimpress PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226771 |
| Deluxe Corp. | &nbsp;&nbsp;11138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179322 |
| Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304527 |
| **Diversified Support Services – 2.3%** | **Diversified Support Services – 2.3%** | **Diversified Support Services – 2.3%** |
| ACV Auctions, Inc. Class A (a) | &nbsp;&nbsp;40028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568798 |
| Cintas Corp. | &nbsp;&nbsp;89941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20016369 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Industrials Index ETF

#### Schedule of Investments – 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 – continued** | **Diversified Support Services – continued** | **Diversified Support Services – continued** |
| Copart, Inc. (a) | 227145 | &nbsp;&nbsp;$10296483 |
| Driven Brands Holdings, Inc. (a) | &nbsp;&nbsp;16768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283379 |
| Healthcare Services Group, Inc. (a) | &nbsp;&nbsp;18115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235676 |
| Liquidity Services, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152760 |
| OPENLANE, Inc. (a) | &nbsp;&nbsp;26898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662767 |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641705 |
| Vestis Corp. | &nbsp;&nbsp;29368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177970 |
| VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33799979 |
| **Environmental & Facilities Services – 4.5%** | **Environmental & Facilities Services – 4.5%** | **Environmental & Facilities Services – 4.5%** |
| ABM Industries, Inc. | &nbsp;&nbsp;15445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712478 |
| BrightView Holdings, Inc. (a) | &nbsp;&nbsp;17726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282730 |
| Casella Waste Systems, Inc. Class A (a) | &nbsp;&nbsp;15426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677269 |
| CECO Environmental Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349756 |
| Clean Harbors, Inc. (a) | &nbsp;&nbsp;12688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991957 |
| Enviri Corp. (a) | &nbsp;&nbsp;19767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177903 |
| Montrose Environmental Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182155 |
| Republic Services, Inc. | &nbsp;&nbsp;54134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12486007 |
| Rollins, Inc. | &nbsp;&nbsp;72085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4128308 |
| Tetra Tech, Inc. | &nbsp;&nbsp;63243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323548 |
| Veralto Corp. | &nbsp;&nbsp;61389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435409 |
| Waste Connections, Inc. | &nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11946880 |
| Waste Management, Inc. | &nbsp;&nbsp;99574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22818378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66512778 |
| **Office Services & Supplies – 0.2%** | **Office Services & Supplies – 0.2%** | **Office Services & Supplies – 0.2%** |
| HNI Corp. | &nbsp;&nbsp;11586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595984 |
| Interface, Inc. | &nbsp;&nbsp;14714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303403 |
| MillerKnoll, Inc. | &nbsp;&nbsp;17039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323400 |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642096 |
| Pitney Bowes, Inc. | &nbsp;&nbsp;18240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207206 |
| Steelcase, Inc. Class A | &nbsp;&nbsp;21490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294081 |
| **Security & Alarm Services – 0.1%** | **Security & Alarm Services – 0.1%** | **Security & Alarm Services – 0.1%** |
| Brink's Co. | &nbsp;&nbsp;10721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936372 |
| CoreCivic, Inc. (a) | &nbsp;&nbsp;27286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546811 |
| GEO Group, Inc. (a) | &nbsp;&nbsp;35304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398263 |
| TOTAL COMMERCIAL SERVICES & SUPPLIES | TOTAL COMMERCIAL SERVICES & SUPPLIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107309628 |
| **CONSTRUCTION & ENGINEERING – 3.8%** | **CONSTRUCTION & ENGINEERING – 3.8%** | **CONSTRUCTION & ENGINEERING – 3.8%** |
| **Construction & Engineering – 3.8%** | **Construction & Engineering – 3.8%** | **Construction & Engineering – 3.8%** |
| AECOM | &nbsp;&nbsp;32795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697308 |
| Ameresco, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;8075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136629 |
| API Group Corp. (a) | &nbsp;&nbsp;76912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774216 |
| Arcosa, Inc. | &nbsp;&nbsp;12079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037345 |
| Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817988 |
| Centuri Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190750 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8748 | &nbsp;&nbsp;$6152468 |
| Construction Partners, Inc. Class A (a) | &nbsp;&nbsp;11698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179743 |
| Dycom Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936776 |
| EMCOR Group, Inc. | &nbsp;&nbsp;11264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7068047 |
| Everus Construction Group, Inc. (a) | &nbsp;&nbsp;11956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887853 |
| Fluor Corp. (a) | &nbsp;&nbsp;41529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357601 |
| Granite Construction, Inc. | &nbsp;&nbsp;10761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016592 |
| Great Lakes Dredge & Dock Corp. (a) | &nbsp;&nbsp;16901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187263 |
| IES Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792995 |
| Limbach Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342089 |
| MasTec, Inc. (a) | &nbsp;&nbsp;15693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969273 |
| MYR Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778451 |
| Primoris Services Corp. | &nbsp;&nbsp;13287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251237 |
| Quanta Services, Inc. | &nbsp;&nbsp;36677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14895630 |
| Sterling Infrastructure, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008263 |
| Tutor Perini Corp. (a) | &nbsp;&nbsp;11266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542458 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803736 |
| WillScot Holdings Corp. | &nbsp;&nbsp;45497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335337 |
| TOTAL CONSTRUCTION & ENGINEERING | TOTAL CONSTRUCTION & ENGINEERING | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56160048 |
| **ELECTRICAL EQUIPMENT – 11.2%** | **ELECTRICAL EQUIPMENT – 11.2%** | **ELECTRICAL EQUIPMENT – 11.2%** |
| **Electrical Components & Equipment – 7.9%** | **Electrical Components & Equipment – 7.9%** | **Electrical Components & Equipment – 7.9%** |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383073 |
| American Superconductor Corp. (a) | &nbsp;&nbsp;10781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612900 |
| AMETEK, Inc. | &nbsp;&nbsp;57108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10556414 |
| Array Technologies, Inc. (a) | &nbsp;&nbsp;37276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242294 |
| Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658444 |
| Eaton Corp. PLC | &nbsp;&nbsp;96960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37302451 |
| Emerson Electric Co. | 139559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20307230 |
| EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;9794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904672 |
| Enovix Corp. (a) | &nbsp;&nbsp;40997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549360 |
| Eos Energy Enterprises, Inc. (a) | &nbsp;&nbsp;56005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319229 |
| Fluence Energy, Inc. (a) | &nbsp;&nbsp;19282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156570 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;14754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872456 |
| Hubbell, Inc. | &nbsp;&nbsp;13259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800547 |
| LSI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125483 |
| NEXTracker, Inc. Class A (a) | &nbsp;&nbsp;35485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067356 |
| nVent Electric PLC | &nbsp;&nbsp;40784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198281 |
| Plug Power, Inc. (a) | 213621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320432 |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573071 |
| Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94604 |
| Regal Rexnord Corp. | &nbsp;&nbsp;16389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505550 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;27985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9842604 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;37278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146671 |
| Shoals Technologies Group, Inc. Class A (a) | &nbsp;&nbsp;41752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225043 |
| Sunrun, Inc. (a) | &nbsp;&nbsp;54718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561407 |
| Thermon Group Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241144 |
| Vertiv Holdings Co. Class A | &nbsp;&nbsp;89528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13035277 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
| Vicor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6201 | &nbsp;&nbsp;$275572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116878135 |
| **Heavy Electrical Equipment – 3.3%** | **Heavy Electrical Equipment – 3.3%** | **Heavy Electrical Equipment – 3.3%** |
| Bloom Energy Corp. Class A (a) | &nbsp;&nbsp;51272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917060 |
| GE Vernova, Inc. | &nbsp;&nbsp;67650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44668618 |
| NANO Nuclear Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253537 |
| NuScale Power Corp. (a) | &nbsp;&nbsp;29584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48324628 |
| TOTAL ELECTRICAL EQUIPMENT | TOTAL ELECTRICAL EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165202763 |
| **GROUND TRANSPORTATION – 8.9%** | **GROUND TRANSPORTATION – 8.9%** | **GROUND TRANSPORTATION – 8.9%** |
| **Cargo Ground Transportation – 1.6%** | **Cargo Ground Transportation – 1.6%** | **Cargo Ground Transportation – 1.6%** |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426348 |
| Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94161 |
| Heartland Express, Inc. | &nbsp;&nbsp;12438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97265 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;19846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858816 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;40116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704930 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150050 |
| Marten Transport Ltd. | &nbsp;&nbsp;15769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191751 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;47342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7065794 |
| RXO, Inc. (a) | &nbsp;&nbsp;26968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416656 |
| Ryder System, Inc. | &nbsp;&nbsp;10317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833434 |
| Saia, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989948 |
| Schneider National, Inc. Class B | &nbsp;&nbsp;13747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336114 |
| U-Haul Holding Co. | &nbsp;&nbsp;23944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245088 |
| Universal Logistics Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47094 |
| Werner Enterprises, Inc. | &nbsp;&nbsp;15279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423534 |
| XPO, Inc. (a) | &nbsp;&nbsp;29111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23382745 |
| **Passenger Ground Transportation – 2.9%** | **Passenger Ground Transportation – 2.9%** | **Passenger Ground Transportation – 2.9%** |
| Avis Budget Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738501 |
| Hertz Global Holdings, Inc. (a) | &nbsp;&nbsp;30249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193896 |
| Lyft, Inc. Class A (a) | 101779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431013 |
| Uber Technologies, Inc. (a) | 465809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40874740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43238150 |
| **Rail Transportation – 4.4%** | **Rail Transportation – 4.4%** | **Rail Transportation – 4.4%** |
| CSX Corp. | 468901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16664741 |
| FTAI Infrastructure, Inc. | &nbsp;&nbsp;27321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171303 |
| Norfolk Southern Corp. | &nbsp;&nbsp;55992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15565776 |
| Union Pacific Corp. | 148326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32923922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65325742 |
| TOTAL GROUND TRANSPORTATION | TOTAL GROUND TRANSPORTATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131946637 |
| **HOUSEHOLD DURABLES – 0.0%** | **HOUSEHOLD DURABLES – 0.0%** | **HOUSEHOLD DURABLES – 0.0%** |
| **Household Appliances – 0.0%** | **Household Appliances – 0.0%** | **Household Appliances – 0.0%** |
| Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497619 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **INDUSTRIAL CONGLOMERATES – 3.8%** | **INDUSTRIAL CONGLOMERATES – 3.8%** | **INDUSTRIAL CONGLOMERATES – 3.8%** |
| **Industrial Conglomerates – 3.8%** | **Industrial Conglomerates – 3.8%** | **Industrial Conglomerates – 3.8%** |
| 3M Co. | 133477 | &nbsp;&nbsp;$19917438 |
| Honeywell International, Inc. | 160564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35701405 |
| TOTAL INDUSTRIAL CONGLOMERATES | TOTAL INDUSTRIAL CONGLOMERATES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55618843 |
| **MACHINERY – 18.6%** | **MACHINERY – 18.6%** | **MACHINERY – 18.6%** |
| **Agricultural & Farm Machinery – 2.8%** | **Agricultural & Farm Machinery – 2.8%** | **Agricultural & Farm Machinery – 2.8%** |
| AGCO Corp. | &nbsp;&nbsp;15753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858381 |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565576 |
| CNH Industrial NV | 216467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805412 |
| Deere & Co. | &nbsp;&nbsp;63814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33462147 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363117 |
| Titan International, Inc. (a) | &nbsp;&nbsp;12845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108669 |
| Toro Co. | &nbsp;&nbsp;24671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40995124 |
| **Construction Machinery & Heavy Transportation Equipment – 6.4%** | **Construction Machinery & Heavy Transportation Equipment – 6.4%** | **Construction Machinery & Heavy Transportation Equipment – 6.4%** |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;21133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903449 |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200561 |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;20318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790573 |
| Blue Bird Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355633 |
| Caterpillar, Inc. | 118285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51811196 |
| Cummins, Inc. | &nbsp;&nbsp;34089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12531798 |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158787 |
| Federal Signal Corp. | &nbsp;&nbsp;15140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916270 |
| Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352443 |
| Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115974 |
| Oshkosh Corp. | &nbsp;&nbsp;16008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025492 |
| PACCAR, Inc. | 129916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12830504 |
| REV Group, Inc. | &nbsp;&nbsp;12181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603569 |
| Terex Corp. | &nbsp;&nbsp;16557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842089 |
| Trinity Industries, Inc. | &nbsp;&nbsp;20288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472710 |
| Wabash National Corp. | &nbsp;&nbsp;11197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111522 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;42311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8125828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95148398 |
| **Industrial Machinery & Supplies & Components – 9.4%** | **Industrial Machinery & Supplies & Components – 9.4%** | **Industrial Machinery & Supplies & Components – 9.4%** |
| Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408484 |
| Chart Industries, Inc. (a) | &nbsp;&nbsp;11105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208007 |
| Crane Co. | &nbsp;&nbsp;12078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364510 |
| Donaldson Co., Inc. | &nbsp;&nbsp;29612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131176 |
| Dover Corp. | &nbsp;&nbsp;33922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6144631 |
| Energy Recovery, Inc. (a) | &nbsp;&nbsp;13990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188166 |
| Enerpac Tool Group Corp. | &nbsp;&nbsp;13588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523274 |
| Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113878 |
| Esab Corp. | &nbsp;&nbsp;14240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910581 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235612 |
| Flowserve Corp. | &nbsp;&nbsp;32539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823486 |
| Fortive Corp. | &nbsp;&nbsp;84218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036569 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902296 |
| Gates Industrial Corp. PLC (a) | &nbsp;&nbsp;63371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571601 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Industrials Index ETF

#### Schedule of Investments – 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;4728 | &nbsp;&nbsp;$194605 |
| Graco, Inc. | 41639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496843 |
| Helios Technologies, Inc. | &nbsp;&nbsp;8348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306288 |
| Hillenbrand, Inc. | 17345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359215 |
| Hillman Solutions Corp. (a) | 48457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382326 |
| Hyster-Yale, Inc. | &nbsp;&nbsp;2121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89103 |
| IDEX Corp. | 18669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052568 |
| Illinois Tool Works, Inc. | 68996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17660906 |
| Ingersoll Rand, Inc. | 99758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8442520 |
| ITT, Inc. | 20042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406338 |
| JBT Marel Corp. | 12845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770041 |
| Kadant, Inc. | &nbsp;&nbsp;2909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968028 |
| Kennametal, Inc. | 17999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445655 |
| Lincoln Electric Holdings, Inc. | 13897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383920 |
| Middleby Corp. (a) | 13246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923319 |
| Mueller Industries, Inc. | 26633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273659 |
| Mueller Water Products, Inc. Class A | 38711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958484 |
| Nordson Corp. | 13384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866987 |
| Otis Worldwide Corp. | 97914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8390251 |
| Parker-Hannifin Corp. | 31867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23323457 |
| Pentair PLC | 40830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4172826 |
| Proto Labs, Inc. (a) | &nbsp;&nbsp;6026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259841 |
| RBC Bearings, Inc. (a) | &nbsp;&nbsp;7386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860893 |
| Snap-on, Inc. | 12974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4167119 |
| SPX Technologies, Inc. (a) | 11558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108064 |
| Standex International Corp. | &nbsp;&nbsp;2922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481370 |
| Stanley Black & Decker, Inc. | 38197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584027 |
| Symbotic, Inc. (a) | 11974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645997 |
| Tennant Co. | &nbsp;&nbsp;4417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364579 |
| Timken Co. | 16544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258833 |
| Watts Water Technologies, Inc. Class A | &nbsp;&nbsp;6776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777480 |
| Xylem, Inc. | 60226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8709884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139647697 |
| TOTAL MACHINERY | TOTAL MACHINERY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275791219 |
| **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. | 10301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164095 |
| Kirby Corp. (a) | &nbsp;&nbsp;3551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338446 |
| Matson, Inc. | &nbsp;&nbsp;2108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225092 |
| TOTAL MARINE TRANSPORTATION | TOTAL MARINE TRANSPORTATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727633 |
| **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;7728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409275 |
| Allegiant Travel Co. (a) | &nbsp;&nbsp;1142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58973 |
| American Airlines Group, Inc. (a) | 40321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463288 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Delta Air Lines, Inc. | &nbsp;&nbsp;40340 | &nbsp;&nbsp;$2146491 |
| Frontier Group Holdings, Inc. (a) | &nbsp;&nbsp;13875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60773 |
| JetBlue Airways Corp. (a) | &nbsp;&nbsp;21506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95487 |
| Joby Aviation, Inc. (a) | &nbsp;&nbsp;48677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810959 |
| SkyWest, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292335 |
| United Airlines Holdings, Inc. (a) | &nbsp;&nbsp;20249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788189 |
| TOTAL PASSENGER AIRLINES | TOTAL PASSENGER AIRLINES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6125770 |
| **PROFESSIONAL SERVICES – 8.4%** | **PROFESSIONAL SERVICES – 8.4%** | **PROFESSIONAL SERVICES – 8.4%** |
| **Data Processing & Outsourced Services – 1.3%** | **Data Processing & Outsourced Services – 1.3%** | **Data Processing & Outsourced Services – 1.3%** |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;28960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7167890 |
| Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490701 |
| CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442716 |
| ExlService Holdings, Inc. (a) | &nbsp;&nbsp;40115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742194 |
| Genpact Ltd. | &nbsp;&nbsp;41055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808473 |
| Maximus, Inc. | &nbsp;&nbsp;13989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033228 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;54907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4693450 |
| TaskUS, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;4413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75374 |
| Verra Mobility Corp. (a) | &nbsp;&nbsp;39402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995295 |
| WNS Holdings Ltd. (a) | &nbsp;&nbsp;10285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19218536 |
| **Human Resource & Employment Services – 3.8%** | **Human Resource & Employment Services – 3.8%** | **Human Resource & Employment Services – 3.8%** |
| Alight, Inc. Class A | 106405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570331 |
| Automatic Data Processing, Inc. | 100697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31165722 |
| Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295081 |
| Dayforce, Inc. (a) | &nbsp;&nbsp;39114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255704 |
| First Advantage Corp. (a) | &nbsp;&nbsp;19849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343189 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225144 |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519061 |
| Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169615 |
| Korn Ferry | &nbsp;&nbsp;12810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907845 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;11556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476685 |
| Paychex, Inc. | &nbsp;&nbsp;80228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11579307 |
| Paycom Software, Inc. | &nbsp;&nbsp;12869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979688 |
| Paylocity Holding Corp. (a) | &nbsp;&nbsp;11082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048840 |
| Robert Half, Inc. | &nbsp;&nbsp;25328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934857 |
| TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527155 |
| Upwork, Inc. (a) | &nbsp;&nbsp;31968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55380561 |
| **Research & Consulting Services – 3.3%** | **Research & Consulting Services – 3.3%** | **Research & Consulting Services – 3.3%** |
| Acuren Corp. (a) | &nbsp;&nbsp;13513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149859 |
| Amentum Holdings, Inc. (a) | &nbsp;&nbsp;39082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975878 |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;31301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359536 |
| CACI International, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;5556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558927 |
| CBIZ, Inc. (a) | &nbsp;&nbsp;12689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775552 |
| Clarivate PLC (a) | &nbsp;&nbsp;77710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299184 |
| CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299792 |
| Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;76110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692601 |
| Equifax, Inc. | &nbsp;&nbsp;30887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7419984 |
| Exponent, Inc. | &nbsp;&nbsp;12690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875102 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
| FTI Consulting, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8920 | &nbsp;&nbsp;$1483842 |
| Huron Consulting Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587228 |
| ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378260 |
| Innodata, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426408 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;30285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296533 |
| KBR, Inc. | &nbsp;&nbsp;32064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498671 |
| Legalzoom.com, Inc. (a) | &nbsp;&nbsp;25534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229551 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;30146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4812809 |
| NV5 Global, Inc. (a) | &nbsp;&nbsp;14736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330823 |
| Parsons Corp. (a) | &nbsp;&nbsp;12005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890771 |
| Planet Labs PBC (a) | &nbsp;&nbsp;51929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324556 |
| Science Applications International Corp. | &nbsp;&nbsp;11798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315241 |
| TransUnion | &nbsp;&nbsp;48296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4597296 |
| UL Solutions, Inc. Class A | &nbsp;&nbsp;15295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118370 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;34635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9653121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49349895 |
| TOTAL PROFESSIONAL SERVICES | TOTAL PROFESSIONAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123948992 |
| **TRADING COMPANIES & DISTRIBUTORS – 5.4%** | **TRADING COMPANIES & DISTRIBUTORS – 5.4%** | **TRADING COMPANIES & DISTRIBUTORS – 5.4%** |
| **Trading Companies & Distributors – 5.4%** | **Trading Companies & Distributors – 5.4%** | **Trading Companies & Distributors – 5.4%** |
| Air Lease Corp. | &nbsp;&nbsp;26178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450261 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587667 |
| BlueLinx Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146100 |
| Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;9461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792926 |
| Core & Main, Inc. Class A (a) | &nbsp;&nbsp;47066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995280 |
| Custom Truck One Source, Inc. (a) | &nbsp;&nbsp;18145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112318 |
| Distribution Solutions Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86284 |
| DNOW, Inc. (a) | &nbsp;&nbsp;26896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418502 |
| DXP Enterprises, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376363 |
| Fastenal Co. | 283847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13093862 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;49176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10982476 |
| FTAI Aviation Ltd. | &nbsp;&nbsp;25381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492679 |
| GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279390 |
| Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;4703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160184 |
| GMS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040922 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7847 | &nbsp;&nbsp;$916608 |
| McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764588 |
| MRC Global, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315429 |
| MSC Industrial Direct Co., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;11081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959836 |
| NPK International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;20321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183295 |
| QXO, Inc. (a) | &nbsp;&nbsp;&nbsp;133021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668401 |
| Rush Enterprises, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834081 |
| Rush Enterprises, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104601 |
| SiteOne Landscape Supply, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530878 |
| Transcat, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172885 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14277140 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877117 |
| WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499663 |
| Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92452 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11774870 |
| Xometry, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;10788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348884 |
| TOTAL TRADING COMPANIES & DISTRIBUTORS | TOTAL TRADING COMPANIES & DISTRIBUTORS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80335942 |
| **TOTAL COMMON STOCKS<br> (Cost $1,082,004,085)** | **TOTAL COMMON STOCKS<br> (Cost $1,082,004,085)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1479434448** |
| &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, 4.18% (b)<br> (Cost $1,830,000) | 1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,083,834,085)** | **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,083,834,085)** | &nbsp;&nbsp;**1481264448** |
| **NET OTHER ASSETS (LIABILITIES) – 0.0%** | **NET OTHER ASSETS (LIABILITIES) – 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**723155** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1481987603** |

---

&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) | 14 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;2156000 | &nbsp;&nbsp;$84144 | &nbsp;&nbsp;$84144 |
| CME E-mini Russell 2000 Index Contracts (United States) | 2 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;222020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1524) |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;$82620 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Industrials Index ETF

#### Schedule of Investments – continued
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 July 31, 2025, 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;$1479434448 | &nbsp;&nbsp;&nbsp;$1479434448 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$1481264448 | &nbsp;&nbsp;&nbsp;$1481264448 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$84144 | &nbsp;&nbsp;&nbsp;$84144 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$84144 | &nbsp;&nbsp;&nbsp;$84144 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(1524) | &nbsp;&nbsp;&nbsp;$(1524) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;$(1524) | &nbsp;&nbsp;&nbsp;$(1524) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$82620 | &nbsp;&nbsp;&nbsp;$82620 | &nbsp;&nbsp;&nbsp;$— | &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 July 31, 2025. 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;$84144 | &nbsp;&nbsp;&nbsp;$(1524) |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;84144 | &nbsp;&nbsp;&nbsp;&nbsp;(1524) |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$84144 | &nbsp;&nbsp;&nbsp;$(1524) |

---

&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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Information Technology Index ETF

### Schedule of Investments July 31, 2025
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 – 3.5%** | **COMMUNICATIONS EQUIPMENT – 3.5%** | **COMMUNICATIONS EQUIPMENT – 3.5%** |
| **Communications Equipment – 3.5%** | **Communications Equipment – 3.5%** | **Communications Equipment – 3.5%** |
| ADTRAN Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;220737 | &nbsp;&nbsp;$2050647 |
| Applied Optoelectronics, Inc. (a) | &nbsp;&nbsp;&nbsp;146431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348877 |
| Arista Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;917235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113021697 |
| Calix, Inc. (a) | &nbsp;&nbsp;&nbsp;191590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10861237 |
| Ciena Corp. (a) | &nbsp;&nbsp;&nbsp;224062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20801916 |
| Cisco Systems, Inc. | 3251248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221344964 |
| CommScope Holding Co., Inc. (a) | &nbsp;&nbsp;&nbsp;631087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5174913 |
| Digi International, Inc. (a) | &nbsp;&nbsp;&nbsp;110759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611851 |
| Extreme Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;399989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7063806 |
| F5, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;78585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24630111 |
| Harmonic, Inc. (a) | &nbsp;&nbsp;&nbsp;359069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055677 |
| Lumentum Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;160335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17649677 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;148271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65088003 |
| NETGEAR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;83821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948838 |
| NetScout Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;218441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679006 |
| Ribbon Communications, Inc. (a) | &nbsp;&nbsp;&nbsp;307947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157881 |
| Viasat, Inc. (a) | &nbsp;&nbsp;&nbsp;316841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5205698 |
| Viavi Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;693805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6972740 |
| TOTAL COMMUNICATIONS EQUIPMENT | TOTAL COMMUNICATIONS EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517667539 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 5.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 5.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 5.3%** |
| **Electronic Components – 1.6%** | **Electronic Components – 1.6%** | **Electronic Components – 1.6%** |
| Amphenol Corp. Class A | 1051370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111981419 |
| Bel Fuse, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;32020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4163881 |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;108650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13434572 |
| Coherent Corp. (a) | &nbsp;&nbsp;&nbsp;212090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22820884 |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;824759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52157759 |
| Knowles Corp. (a) | &nbsp;&nbsp;&nbsp;268329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5449762 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13914605 |
| Rogers Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;51484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376321 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;346675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232981206 |
| **Electronic Equipment & Instruments – 1.8%** | **Electronic Equipment & Instruments – 1.8%** | **Electronic Equipment & Instruments – 1.8%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;103586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14390167 |
| Arlo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;314243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5090737 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11760503 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;387459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15796703 |
| Crane NXT Co. | &nbsp;&nbsp;&nbsp;149472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869668 |
| Daktronics, Inc. (a) | &nbsp;&nbsp;&nbsp;128246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080150 |
| Evolv Technologies Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;314207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059627 |
| Itron, Inc. (a) | &nbsp;&nbsp;&nbsp;112955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14067416 |
| Keysight Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;189397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31044062 |
| Mirion Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;591064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13210280 |
| Napco Security Technologies, Inc. | &nbsp;&nbsp;&nbsp;115066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512965 |
| Novanta, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;90692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11156930 |
| OSI Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;48445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10706829 |
| PAR Technology Corp. (a) | &nbsp;&nbsp;&nbsp;124097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7542616 |
| Powerfleet, Inc. NJ (a) | &nbsp;&nbsp;&nbsp;365812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485197 |
| Ralliant Corp. (a) | &nbsp;&nbsp;&nbsp;254601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11640358 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;55484 | &nbsp;&nbsp;$30572794 |
| Trimble, Inc. (a) | 318312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26703194 |
| Vontier Corp. | 351660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14583340 |
| Zebra Technologies Corp. Class A (a) | &nbsp;&nbsp;65253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22122072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258395608 |
| **Electronic Manufacturing Services – 1.3%** | **Electronic Manufacturing Services – 1.3%** | **Electronic Manufacturing Services – 1.3%** |
| Benchmark Electronics, Inc. | 113227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359240 |
| CTS Corp. | &nbsp;&nbsp;88769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3478857 |
| Fabrinet (a) | &nbsp;&nbsp;57815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18716450 |
| Flex Ltd. (a) | 539883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26923965 |
| IPG Photonics Corp. (a) | &nbsp;&nbsp;78426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5873323 |
| Jabil, Inc. | 146612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32719400 |
| Plexus Corp. (a) | &nbsp;&nbsp;80887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10313093 |
| Sanmina Corp. (a) | 153469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17808543 |
| TE Connectivity PLC | 290162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59700831 |
| TTM Technologies, Inc. (a) | 313290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14802952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194696654 |
| **Technology Distributors – 0.6%** | **Technology Distributors – 0.6%** | **Technology Distributors – 0.6%** |
| Arrow Electronics, Inc. (a) | 103140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11964240 |
| Avnet, Inc. | 216990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11487451 |
| CDW Corp. | 145273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25332706 |
| ePlus, Inc. (a) | &nbsp;&nbsp;82979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375380 |
| Insight Enterprises, Inc. (a) | &nbsp;&nbsp;79776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9459838 |
| PC Connection, Inc. | &nbsp;&nbsp;40562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498213 |
| ScanSource, Inc. (a) | &nbsp;&nbsp;68394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656423 |
| TD SYNNEX Corp. | 127161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18360777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87135028 |
| TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773208496 |
| **FINANCIAL SERVICES – 0.0%** | **FINANCIAL SERVICES – 0.0%** | **FINANCIAL SERVICES – 0.0%** |
| **Transaction & Payment Processing Services – 0.0%** | **Transaction & Payment Processing Services – 0.0%** | **Transaction & Payment Processing Services – 0.0%** |
| I3 Verticals, Inc. Class A (a) | &nbsp;&nbsp;68269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910167 |
| **IT SERVICES – 4.9%** | **IT SERVICES – 4.9%** | **IT SERVICES – 4.9%** |
| **Human Resource & Employment Services – 0.0%** | **Human Resource & Employment Services – 0.0%** | **Human Resource & Employment Services – 0.0%** |
| ASGN, Inc. (a) | 134704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6754059 |
| **Internet Services & Infrastructure – 1.9%** | **Internet Services & Infrastructure – 1.9%** | **Internet Services & Infrastructure – 1.9%** |
| Akamai Technologies, Inc. (a) | 211451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16135826 |
| Applied Digital Corp. (a) | 551457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7246145 |
| Cloudflare, Inc. Class A (a) | 297938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61875764 |
| Couchbase, Inc. (a) | 114041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766635 |
| DigitalOcean Holdings, Inc. (a) | 197699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5507894 |
| Fastly, Inc. Class A (a) | 400184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717249 |
| GoDaddy, Inc. Class A (a) | 158135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25551453 |
| MongoDB, Inc. (a) | 100401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23884394 |
| Okta, Inc. (a) | 207913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20333891 |
| Snowflake, Inc. Class A (a) | 283721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63411644 |
| Twilio, Inc. Class A (a) | 194183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25049607 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Information Technology Index ETF

#### Schedule of Investments – 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** |
| **Internet Services & Infrastructure – continued** | **Internet Services & Infrastructure – continued** | **Internet Services & Infrastructure – continued** |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;111537 | &nbsp;&nbsp;$29988953 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284469455 |
| **IT Consulting & Other Services – 3.0%** | **IT Consulting & Other Services – 3.0%** | **IT Consulting & Other Services – 3.0%** |
| Accenture PLC Class A | &nbsp;&nbsp;&nbsp;509607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136116030 |
| BigBear.ai Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;886525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5629434 |
| Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;492098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35312952 |
| DXC Technology Co. (a) | &nbsp;&nbsp;&nbsp;554940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7552733 |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;89131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14056850 |
| Gartner, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;78386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26545419 |
| Grid Dynamics Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;205737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952444 |
| Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775512 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;755320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191209258 |
| Kyndryl Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;424056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16016595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436167227 |
| TOTAL IT SERVICES | TOTAL IT SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727390741 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 34.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 34.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 34.7%** |
| **Semiconductor Materials & Equipment – 3.1%** | **Semiconductor Materials & Equipment – 3.1%** | **Semiconductor Materials & Equipment – 3.1%** |
| ACM Research, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;160429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870625 |
| Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;378891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8547781 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;690279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124291637 |
| Axcelis Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;98719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6682289 |
| Cohu, Inc. (a) | &nbsp;&nbsp;&nbsp;144357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578216 |
| Enphase Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;308636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9987461 |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;212234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16651880 |
| FormFactor, Inc. (a) | &nbsp;&nbsp;&nbsp;236410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6716408 |
| Ichor Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;104910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076169 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;117546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103326460 |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;167733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494933 |
| Lam Research Corp. | 1119202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106145118 |
| MKS, Inc. | &nbsp;&nbsp;&nbsp;132002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12563950 |
| Onto Innovation, Inc. (a) | &nbsp;&nbsp;&nbsp;119169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11291263 |
| PDF Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;97183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160378 |
| Photronics, Inc. (a) | &nbsp;&nbsp;&nbsp;198234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036044 |
| SolarEdge Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;176393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4526244 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;211373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22707801 |
| Ultra Clean Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;138226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112850 |
| Veeco Instruments, Inc. (a) | &nbsp;&nbsp;&nbsp;174326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461390001 |
| **Semiconductors – 31.6%** | **Semiconductors – 31.6%** | **Semiconductors – 31.6%** |
| Advanced Micro Devices, Inc. (a) | 1321665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233022756 |
| Allegro MicroSystems, Inc. (a) | &nbsp;&nbsp;&nbsp;375067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11780854 |
| Alpha & Omega Semiconductor Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;75660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927060 |
| Ambarella, Inc. (a) | &nbsp;&nbsp;&nbsp;123641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8171434 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;423011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95020961 |
| Astera Labs, Inc. (a) | &nbsp;&nbsp;&nbsp;187691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25662990 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Broadcom, Inc. | &nbsp;&nbsp;2367043 | &nbsp;&nbsp;$695200529 |
| CEVA, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600057 |
| Cirrus Logic, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;114439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11525152 |
| Credo Technology Group Holding Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;245418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27376378 |
| Diodes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;141985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7009799 |
| First Solar, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;129805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22680828 |
| Impinj, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12121854 |
| Intel Corp. | &nbsp;&nbsp;3693386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73129043 |
| Lattice Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;261431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13027107 |
| MACOM Technology Solutions Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;118064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16191297 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;775722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62344777 |
| MaxLinear, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;244209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863386 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;525040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35487454 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;934712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102014468 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33949619 |
| NVIDIA Corp. | 15139666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692892391 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;230350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49241920 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;478021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26941264 |
| Penguin Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;156791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695564 |
| Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8433019 |
| Qorvo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;163765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13690754 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;921860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135292174 |
| Rambus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;229323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16953849 |
| Rigetti Computing, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;872276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12648002 |
| Semtech Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;244574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12497731 |
| Silicon Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11936385 |
| SiTime Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11559813 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15368382 |
| Synaptics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;121602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7624445 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;751411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136050476 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12322518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660256490 |
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp;5121646491 |
| **SOFTWARE – 36.7%** | **SOFTWARE – 36.7%** | **SOFTWARE – 36.7%** |
| **Application Software – 14.7%** | **Application Software – 14.7%** | **Application Software – 14.7%** |
| ACI Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;256209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10904255 |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;358768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128327726 |
| Agilysys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9293299 |
| Alarm.com Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;143956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7864316 |
| Alkami Technology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;221153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929500 |
| Amplitude, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;251140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071442 |
| Appfolio, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14077824 |
| AppLovin Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;200941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78507649 |
| Asana, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;267406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925520 |
| Atlassian Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;165256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31692796 |
| Aurora Innovation, Inc. (a) | &nbsp;&nbsp;2259120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13125487 |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;196729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59630527 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
| AvePoint, Inc. (a) | &nbsp;&nbsp;&nbsp;342273 | &nbsp;&nbsp;$6530569 |
| Bentley Systems, Inc. Class B | &nbsp;&nbsp;&nbsp;283724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16450318 |
| Bill Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;251313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10768762 |
| Blackbaud, Inc. (a) | &nbsp;&nbsp;&nbsp;120852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8147842 |
| BlackLine, Inc. (a) | &nbsp;&nbsp;&nbsp;164358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8839173 |
| Blend Labs, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;667245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208581 |
| Box, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;383490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12310029 |
| Braze, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;224839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6266263 |
| C3.ai, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;376029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8859243 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;239361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87263840 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 1243842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12027952 |
| Cipher Mining, Inc. (a) | &nbsp;&nbsp;&nbsp;776281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238494 |
| Cleanspark, Inc. (a) | &nbsp;&nbsp;&nbsp;860939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9788876 |
| Clear Secure, Inc. Class A | &nbsp;&nbsp;&nbsp;269200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7917172 |
| Clearwater Analytics Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;543934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11020103 |
| Confluent, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;534606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475891 |
| Core Scientific, Inc. (a) | &nbsp;&nbsp;&nbsp;851778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11533074 |
| Daily Journal Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656659 |
| Datadog, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;284579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39835368 |
| Docusign, Inc. (a) | &nbsp;&nbsp;&nbsp;271741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20554489 |
| Dropbox, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;476250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12939713 |
| D-Wave Quantum, Inc. (a) | &nbsp;&nbsp;&nbsp;780148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13410744 |
| Dynatrace, Inc. (a) | &nbsp;&nbsp;&nbsp;380904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20039359 |
| E2open Parent Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;474010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564233 |
| Elastic NV (a) | &nbsp;&nbsp;&nbsp;165862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13882649 |
| Fair Isaac Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;23070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33145130 |
| Five9, Inc. (a) | &nbsp;&nbsp;&nbsp;222234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740304 |
| Freshworks, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;570436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7409964 |
| Guidewire Software, Inc. (a) | &nbsp;&nbsp;&nbsp;108902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24635811 |
| HubSpot, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;52438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27249407 |
| Hut 8 Corp. (a) | &nbsp;&nbsp;&nbsp;302268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6417150 |
| Informatica, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;356863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8814516 |
| Intapp, Inc. (a) | &nbsp;&nbsp;&nbsp;169668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795203 |
| InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17031905 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;230508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180978746 |
| Jamf Holding Corp. (a) | &nbsp;&nbsp;&nbsp;197728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569960 |
| Klaviyo, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;290222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9025904 |
| Life360, Inc. (a) | &nbsp;&nbsp;&nbsp;186734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14301957 |
| LiveRamp Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;202056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6631478 |
| Manhattan Associates, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;87845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19296033 |
| MARA Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;794435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12774515 |
| Meridianlink, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;94005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502200 |
| MicroStrategy, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;209762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84294957 |
| nCino, Inc. (a) | &nbsp;&nbsp;&nbsp;321347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8973615 |
| NCR Voyix Corp. (a) | &nbsp;&nbsp;&nbsp;404813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5513553 |
| NextNav, Inc. (a) | &nbsp;&nbsp;&nbsp;222936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297223 |
| Nutanix, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;327756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24637419 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Olo, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;337195 | &nbsp;&nbsp;$3533804 |
| Pagaya Technologies Ltd. Class A (a) | &nbsp;&nbsp;&nbsp;124899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753215 |
| PagerDuty, Inc. (a) | &nbsp;&nbsp;&nbsp;264724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4267351 |
| Palantir Technologies, Inc. Class A (a) | 1720179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272390345 |
| Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;262208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15394232 |
| Pivotal Software, Inc. (a)(b) | &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 |
| Procore Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;203510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14577421 |
| PROS Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;125917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975638 |
| PTC, Inc. (a) | &nbsp;&nbsp;&nbsp;138987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29855798 |
| Q2 Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;136832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11110758 |
| RingCentral, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;223181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5688884 |
| Riot Platforms, Inc. (a) | 1016151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13626585 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53745459 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;768316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198479072 |
| Samsara, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;422947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16084674 |
| SEMrush Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;135406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213238 |
| SoundHound AI, Inc. Class A (a) | 1107247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11437862 |
| Sprinklr, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;337176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037956 |
| Sprout Social, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;155660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669569 |
| SPS Commerce, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;88513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9635968 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;166386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105400539 |
| Terawulf, Inc. (a) | &nbsp;&nbsp;&nbsp;882577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554097 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;46745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27325257 |
| Unity Software, Inc. (a) | &nbsp;&nbsp;&nbsp;679422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22665518 |
| Verint Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;189960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042349 |
| Vertex, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;209450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6947457 |
| Weave Communications, Inc. (a) | &nbsp;&nbsp;&nbsp;183788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341652 |
| Workday, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;199089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45667035 |
| Workiva, Inc. (a) | &nbsp;&nbsp;&nbsp;150485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9605458 |
| Yext, Inc. (a) | &nbsp;&nbsp;&nbsp;343920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792630 |
| Zeta Global Holdings Corp. Class A (a) | &nbsp;&nbsp;&nbsp;556938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8716080 |
| Zoom Communications, Inc. (a) | &nbsp;&nbsp;&nbsp;303032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22439520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166892108 |
| **Systems Software – 22.0%** | **Systems Software – 22.0%** | **Systems Software – 22.0%** |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;231467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4263622 |
| Adeia, Inc. | &nbsp;&nbsp;&nbsp;339977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4402702 |
| Appian Corp. Class A (a) | &nbsp;&nbsp;&nbsp;100026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761718 |
| Commvault Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;86901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16506845 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;207392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94274181 |
| Dolby Laboratories, Inc. Class A | &nbsp;&nbsp;&nbsp;156244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11771423 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;&nbsp;596300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59570370 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;736905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21731328 |
| Gitlab, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;280389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12283842 |
| JFrog Ltd. (a) | &nbsp;&nbsp;&nbsp;287223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12468350 |
| Microsoft Corp. | 4274070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280216345 |
| N-able, Inc. (a) | &nbsp;&nbsp;&nbsp;231252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868516 |
| OneSpan, Inc. | &nbsp;&nbsp;&nbsp;105095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550151 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Information Technology Index ETF

#### Schedule of Investments – 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** |
| Onestream, Inc. (a) | &nbsp;&nbsp;&nbsp;219019 | &nbsp;&nbsp;$5223603 |
| Oracle Corp. | 1337969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339536393 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;546214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94822750 |
| Progress Software Corp. | &nbsp;&nbsp;&nbsp;131697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6331992 |
| Qualys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;90964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12104580 |
| Rapid7, Inc. (a) | &nbsp;&nbsp;&nbsp;176641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730658 |
| Rubrik, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;164473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15616711 |
| SentinelOne, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;676684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12410385 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;168619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159027951 |
| Tenable Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;328848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10296231 |
| Teradata Corp. (a) | &nbsp;&nbsp;&nbsp;265192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550469 |
| UiPath, Inc. Class A (a) | 1002210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11775968 |
| Varonis Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;244342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13641614 |
| Zscaler, Inc. (a) | &nbsp;&nbsp;&nbsp;110901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31668890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245407588 |
| TOTAL SOFTWARE | TOTAL SOFTWARE | &nbsp;&nbsp;&nbsp;&nbsp;5412299696 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 14.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 14.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 14.7%** |
| **Technology Hardware, Storage & Peripherals – 14.7%** | **Technology Hardware, Storage & Peripherals – 14.7%** | **Technology Hardware, Storage & Peripherals – 14.7%** |
| Apple, Inc. | 9050332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878577413 |
| CompoSecure, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;125516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783582 |
| Corsair Gaming, Inc. (a) | &nbsp;&nbsp;&nbsp;151447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372110 |
| Dell Technologies, Inc. Class C | &nbsp;&nbsp;&nbsp;313556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41605746 |
| Diebold Nixdorf, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;46167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598740 |
| Hewlett Packard Enterprise Co. | 1436923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29729937 |
| HP, Inc. | 1043608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25881478 |
| IonQ, Inc. (a) | &nbsp;&nbsp;&nbsp;450789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17972957 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;233091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24271766 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Pure Storage, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;381080 | &nbsp;&nbsp;$22681882 |
| Quantum Computing, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;403997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5995315 |
| Sandisk Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;304118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13052745 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;231760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36388638 |
| Super Micro Computer, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;555547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32760607 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31480485 |
| Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;369144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495033 |
| TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS | TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167648434 |
| **TOTAL COMMON STOCKS<br> (Cost $7,901,665,001)** | **TOTAL COMMON STOCKS<br> (Cost $7,901,665,001)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14721771564** |
| &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, 4.18% (c)<br> (Cost $29,624,000) | 29624000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29624000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $7,931,289,001)** | **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $7,931,289,001)** | &nbsp;&nbsp;**14751395564** |
| **NET OTHER ASSETS (LIABILITIES) – 0.0%** | **NET OTHER ASSETS (LIABILITIES) – 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3326215** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$14754721779** |

---

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

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | Level 3 security. |
| (c) | 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) | 9 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;$999090 | &nbsp;&nbsp;$(15442) | &nbsp;&nbsp;$(15442) |
| CME E-mini Technology Select Sector Index Contracts (United States) | 110 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;29266600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343168 |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;$327726 |

---

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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Investment Valuation
The following is a summary of the inputs used, as of July 31, 2025, 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;14721771564 | &nbsp;&nbsp;&nbsp;&nbsp;14721771564 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29624000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29624000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$14751395564 | &nbsp;&nbsp;&nbsp;$14751395564 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$343168 | &nbsp;&nbsp;&nbsp;$343168 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$343168 | &nbsp;&nbsp;&nbsp;$343168 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(15442) | &nbsp;&nbsp;&nbsp;$(15442) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;$(15442) | &nbsp;&nbsp;&nbsp;$(15442) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$327726 | &nbsp;&nbsp;&nbsp;$327726 | &nbsp;&nbsp;&nbsp;$— | &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 July 31, 2025. 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;$343168 | &nbsp;&nbsp;&nbsp;$(15442) |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;343168 | &nbsp;&nbsp;&nbsp;&nbsp;(15442) |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$343168 | &nbsp;&nbsp;&nbsp;$(15442) |

---

&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** | ***Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Materials Index ETF

### Schedule of Investments July 31, 2025
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** |
| **CHEMICALS – 54.8%** | **CHEMICALS – 54.8%** | **CHEMICALS – 54.8%** |
| **Commodity Chemicals – 3.4%** | **Commodity Chemicals – 3.4%** | **Commodity Chemicals – 3.4%** |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8377 | &nbsp;&nbsp;$168545 |
| Cabot Corp. | &nbsp;&nbsp;17079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232762 |
| Dow, Inc. | 221946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5169123 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022296 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214510 |
| Kronos Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41077 |
| LyondellBasell Industries NV Class A | &nbsp;&nbsp;81443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4717993 |
| Olin Corp. | &nbsp;&nbsp;36239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686367 |
| Orion SA | &nbsp;&nbsp;17708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171768 |
| PureCycle Technologies, Inc. (a) | &nbsp;&nbsp;42375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568249 |
| Tronox Holdings PLC | &nbsp;&nbsp;37301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14111680 |
| **Diversified Chemicals – 0.3%** | **Diversified Chemicals – 0.3%** | **Diversified Chemicals – 0.3%** |
| Chemours Co. | &nbsp;&nbsp;47062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563803 |
| Huntsman Corp. | &nbsp;&nbsp;51982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068028 |
| **Fertilizers & Agricultural Chemicals – 6.4%** | **Fertilizers & Agricultural Chemicals – 6.4%** | **Fertilizers & Agricultural Chemicals – 6.4%** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;52494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4873018 |
| Corteva, Inc. | 215381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15535432 |
| FMC Corp. | &nbsp;&nbsp;39436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539581 |
| Mosaic Co. | &nbsp;&nbsp;99943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598947 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;14478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26454170 |
| **Industrial Gases – 21.6%** | **Industrial Gases – 21.6%** | **Industrial Gases – 21.6%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;70155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20196222 |
| Linde PLC | 149128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68637653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88833875 |
| **Specialty Chemicals – 23.1%** | **Specialty Chemicals – 23.1%** | **Specialty Chemicals – 23.1%** |
| Albemarle Corp. | &nbsp;&nbsp;37108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517778 |
| Ashland, Inc. | &nbsp;&nbsp;14859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766130 |
| Aspen Aerogels, Inc. (a) | &nbsp;&nbsp;22026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168719 |
| Avient Corp. | &nbsp;&nbsp;28824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909974 |
| Axalta Coating Systems Ltd. (a) | &nbsp;&nbsp;68840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949549 |
| Balchem Corp. | &nbsp;&nbsp;10272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566172 |
| Celanese Corp. | &nbsp;&nbsp;33506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750018 |
| DuPont de Nemours, Inc. | 131969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9488571 |
| Eastman Chemical Co. | &nbsp;&nbsp;36417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644238 |
| Ecolab, Inc. | &nbsp;&nbsp;80496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21070633 |
| Ecovyst, Inc. (a) | &nbsp;&nbsp;35116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302349 |
| Element Solutions, Inc. | &nbsp;&nbsp;72706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715862 |
| HB Fuller Co. | &nbsp;&nbsp;17067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959165 |
| Ingevity Corp. (a) | &nbsp;&nbsp;11483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479875 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632089 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;80643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5728072 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;10019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582605 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745667 |
| Perimeter Solutions, Inc. (a) | &nbsp;&nbsp;44778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722269 |
| PPG Industries, Inc. | &nbsp;&nbsp;71574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7551057 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4456 | &nbsp;&nbsp;$509855 |
| RPM International, Inc. | &nbsp;&nbsp;40497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4754753 |
| Sensient Technologies Corp. | &nbsp;&nbsp;11359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275502 |
| Sherwin-Williams Co. | &nbsp;&nbsp;75346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24930484 |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;6770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95065099 |
| TOTAL CHEMICALS | TOTAL CHEMICALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225532852 |
| **CONSTRUCTION MATERIALS – 11.4%** | **CONSTRUCTION MATERIALS – 11.4%** | **CONSTRUCTION MATERIALS – 11.4%** |
| **Construction Materials – 11.4%** | **Construction Materials – 11.4%** | **Construction Materials – 11.4%** |
| CRH PLC | 213738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20401292 |
| Eagle Materials, Inc. | &nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355045 |
| Knife River Corp. (a) | &nbsp;&nbsp;17842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471608 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;19228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11053793 |
| U.S. Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361177 |
| Vulcan Materials Co. | &nbsp;&nbsp;41657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11441928 |
| TOTAL CONSTRUCTION MATERIALS | TOTAL CONSTRUCTION MATERIALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47084843 |
| **CONTAINERS & PACKAGING – 12.3%** | **CONTAINERS & PACKAGING – 12.3%** | **CONTAINERS & PACKAGING – 12.3%** |
| **Metal, Glass & Plastic Containers – 3.6%** | **Metal, Glass & Plastic Containers – 3.6%** | **Metal, Glass & Plastic Containers – 3.6%** |
| AptarGroup, Inc. | &nbsp;&nbsp;20774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264427 |
| Ball Corp. | &nbsp;&nbsp;84593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843795 |
| Crown Holdings, Inc. | &nbsp;&nbsp;36883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664695 |
| Greif, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495706 |
| Greif, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;1379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90531 |
| O-I Glass, Inc. (a) | &nbsp;&nbsp;48710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633717 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;28638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332526 |
| TriMas Corp. | &nbsp;&nbsp;10929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14715890 |
| **Paper & Plastic Packaging Products & Materials – 8.7%** | **Paper & Plastic Packaging Products & Materials – 8.7%** | **Paper & Plastic Packaging Products & Materials – 8.7%** |
| Amcor PLC | 720233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6734179 |
| Avery Dennison Corp. | &nbsp;&nbsp;24901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177641 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;95028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124826 |
| International Paper Co. | 158137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7391323 |
| Packaging Corp. of America | &nbsp;&nbsp;28358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494363 |
| Sealed Air Corp. | &nbsp;&nbsp;46787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369455 |
| Smurfit WestRock PLC | 164600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7304948 |
| Sonoco Products Co. | &nbsp;&nbsp;31060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35996609 |
| TOTAL CONTAINERS & PACKAGING | TOTAL CONTAINERS & PACKAGING | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50712499 |
| **METALS & MINING – 20.7%** | **METALS & MINING – 20.7%** | **METALS & MINING – 20.7%** |
| **Aluminum – 0.9%** | **Aluminum – 0.9%** | **Aluminum – 0.9%** |
| Alcoa Corp. | &nbsp;&nbsp;81675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2447800 |
| Century Aluminum Co. (a) | &nbsp;&nbsp;17437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369315 |
| Constellium SE (a) | &nbsp;&nbsp;40504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555310 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764232 |
| **Copper – 4.4%** | **Copper – 4.4%** | **Copper – 4.4%** |
| Freeport-McMoRan, Inc. | 453166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18235400 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
| **Diversified Metals & Mining – 1.0%** | **Diversified Metals & Mining – 1.0%** | **Diversified Metals & Mining – 1.0%** |
| Compass Minerals International, Inc. (a) | &nbsp;&nbsp;11025 | &nbsp;&nbsp;$219728 |
| Ivanhoe Electric, Inc. (a) | &nbsp;&nbsp;27431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262240 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690031 |
| MP Materials Corp. (a) | &nbsp;&nbsp;38675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378513 |
| TMC the metals Co., Inc. (a) | &nbsp;&nbsp;73458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986853 |
| **Gold – 6.6%** | **Gold – 6.6%** | **Gold – 6.6%** |
| Coeur Mining, Inc. (a) | 201042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747055 |
| Newmont Corp. | 355469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22074625 |
| Perpetua Resources Corp. (a) | &nbsp;&nbsp;22807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344386 |
| Royal Gold, Inc. | &nbsp;&nbsp;20751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27308182 |
| **Silver – 0.3%** | **Silver – 0.3%** | **Silver – 0.3%** |
| Hecla Mining Co. | 189175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085864 |
| **Steel – 7.5%** | **Steel – 7.5%** | **Steel – 7.5%** |
| Alpha Metallurgical Resources, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412655 |
| Carpenter Technology Corp. | &nbsp;&nbsp;15751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3928142 |
| Cleveland-Cliffs, Inc. (a) | 155722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638195 |
| Commercial Metals Co. | &nbsp;&nbsp;35584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845386 |
| Metallus, Inc. (a) | &nbsp;&nbsp;12034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190137 |
| Nucor Corp. | &nbsp;&nbsp;72763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10410202 |
| Ramaco Resources, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187301 |
| Reliance, Inc. | &nbsp;&nbsp;16678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838788 |
| Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175945 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;44905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5728082 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;26456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195510 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;16554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850545 |
| Worthington Steel, Inc. | &nbsp;&nbsp;10452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318995 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30719883 |
| TOTAL METALS & MINING | TOTAL METALS & MINING | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85100414 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **PAPER & FOREST PRODUCTS – 0.6%** | **PAPER & FOREST PRODUCTS – 0.6%** | **PAPER & FOREST PRODUCTS – 0.6%** |
| **Forest Products – 0.4%** | **Forest Products – 0.4%** | **Forest Products – 0.4%** |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;19736 | &nbsp;&nbsp;$1784332 |
| **Paper Products – 0.2%** | **Paper Products – 0.2%** | **Paper Products – 0.2%** |
| Magnera Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124325 |
| Sylvamo Corp. | &nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626488 |
| TOTAL PAPER & FOREST PRODUCTS | TOTAL PAPER & FOREST PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410820 |
| **TOTAL COMMON STOCKS<br> (Cost $412,699,095)** | **TOTAL COMMON STOCKS<br> (Cost $412,699,095)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**410841428** |
| &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, 4.18% (b)<br> (Cost $479,000) | 479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $413,178,095)** | **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $413,178,095)** | &nbsp;&nbsp;&nbsp;&nbsp;**411320428** |
| **NET OTHER ASSETS (LIABILITIES) – 0.1%** | **NET OTHER ASSETS (LIABILITIES) – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**393160** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$411713588** |

---

&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) | 8 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;$747920 | &nbsp;&nbsp;$(17118) | &nbsp;&nbsp;$(17118) |

---

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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Materials Index ETF

#### Schedule of Investments – continued

#### Investment Valuation
The following is a summary of the inputs used, as of July 31, 2025, 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;$410841428 | &nbsp;&nbsp;&nbsp;$410841428 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$411320428 | &nbsp;&nbsp;&nbsp;$411320428 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(17118) | &nbsp;&nbsp;&nbsp;$(17118) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;$(17118) | &nbsp;&nbsp;&nbsp;$(17118) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$(17118) | &nbsp;&nbsp;&nbsp;$(17118) | &nbsp;&nbsp;&nbsp;$— | &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 July 31, 2025. 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;$0 | &nbsp;&nbsp;&nbsp;$(17118) |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;(17118) |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;$(17118) |

---

&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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Real Estate Index ETF

### Schedule of Investments July 31, 2025
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 – 2.0%** | **DIVERSIFIED REITS – 2.0%** | **DIVERSIFIED REITS – 2.0%** |
| **Diversified REITs – 2.0%** | **Diversified REITs – 2.0%** | **Diversified REITs – 2.0%** |
| Alexander & Baldwin, Inc. | &nbsp;&nbsp;56009 | &nbsp;&nbsp;$1007042 |
| American Assets Trust, Inc. | &nbsp;&nbsp;36899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702188 |
| Armada Hoffler Properties, Inc. | &nbsp;&nbsp;68020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464576 |
| Broadstone Net Lease, Inc. | 137370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230889 |
| Essential Properties Realty Trust, Inc. | 125169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3816403 |
| Gladstone Commercial Corp. | &nbsp;&nbsp;34774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457278 |
| Global Net Lease, Inc. | 145676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018275 |
| One Liberty Properties, Inc. | &nbsp;&nbsp;14835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332007 |
| WP Carey, Inc. | 156124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10016916 |
| TOTAL DIVERSIFIED REITS | TOTAL DIVERSIFIED REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20045574 |
| **HEALTH CARE REITS – 13.4%** | **HEALTH CARE REITS – 13.4%** | **HEALTH CARE REITS – 13.4%** |
| **Health Care REITs – 12.6%** | **Health Care REITs – 12.6%** | **Health Care REITs – 12.6%** |
| American Healthcare REIT, Inc. | 109104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215778 |
| CareTrust REIT, Inc. | 133571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4247558 |
| Community Healthcare Trust, Inc. | &nbsp;&nbsp;25083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385526 |
| Diversified Healthcare Trust | 146299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478398 |
| Global Medical REIT, Inc. | &nbsp;&nbsp;56002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374093 |
| Healthcare Realty Trust, Inc. | 272138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4180040 |
| Healthpeak Properties, Inc. | 506606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8581905 |
| LTC Properties, Inc. | &nbsp;&nbsp;34224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164985 |
| Medical Properties Trust, Inc. | 429176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768205 |
| National Health Investors, Inc. | &nbsp;&nbsp;33193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318863 |
| Omega Healthcare Investors, Inc. | 190750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7420175 |
| Sabra Health Care REIT, Inc. | 169365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053651 |
| Sila Realty Trust, Inc. | &nbsp;&nbsp;40947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000745 |
| Universal Health Realty Income Trust | &nbsp;&nbsp;10659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413462 |
| Ventas, Inc. | 294849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19807956 |
| Welltower, Inc. | 412682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68121418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127532758 |
| **Office REITs – 0.8%** | **Office REITs – 0.8%** | **Office REITs – 0.8%** |
| Alexandria Real Estate Equities, Inc. | 112418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8592108 |
| TOTAL HEALTH CARE REITS | TOTAL HEALTH CARE REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136124866 |
| **HOTEL & RESORT REITS – 2.1%** | **HOTEL & RESORT REITS – 2.1%** | **HOTEL & RESORT REITS – 2.1%** |
| **Hotel & Resort REITs – 2.1%** | **Hotel & Resort REITs – 2.1%** | **Hotel & Resort REITs – 2.1%** |
| Apple Hospitality REIT, Inc. | 164781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936177 |
| DiamondRock Hospitality Co. | 153497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184997 |
| Host Hotels & Resorts, Inc. | 502357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7897052 |
| Park Hotels & Resorts, Inc. | 151092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610641 |
| Pebblebrook Hotel Trust | &nbsp;&nbsp;88626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888919 |
| RLJ Lodging Trust | 113757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841802 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;40545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854207 |
| Summit Hotel Properties, Inc. | &nbsp;&nbsp;85520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446414 |
| Sunstone Hotel Investors, Inc. | 142844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249885 |
| Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;76025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966278 |
| TOTAL HOTEL & RESORT REITS | TOTAL HOTEL & RESORT REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20876372 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **HOUSEHOLD DURABLES – 0.2%** | **HOUSEHOLD DURABLES – 0.2%** | **HOUSEHOLD DURABLES – 0.2%** |
| **Other Specialized REITs – 0.2%** | **Other Specialized REITs – 0.2%** | **Other Specialized REITs – 0.2%** |
| Millrose Properties, Inc. | &nbsp;&nbsp;84673 | &nbsp;&nbsp;$2539343 |
| **INDUSTRIAL REITS – 9.8%** | **INDUSTRIAL REITS – 9.8%** | **INDUSTRIAL REITS – 9.8%** |
| **Industrial REITs – 9.8%** | **Industrial REITs – 9.8%** | **Industrial REITs – 9.8%** |
| Americold Realty Trust, Inc. | 193344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108972 |
| EastGroup Properties, Inc. | &nbsp;&nbsp;35022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716991 |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp;94656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611640 |
| LXP Industrial Trust | 214930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667857 |
| Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;32341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469591 |
| Prologis, Inc. | 653779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69810522 |
| Rexford Industrial Realty, Inc. | 157296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5746023 |
| STAG Industrial, Inc. | 130006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463106 |
| Terreno Realty Corp. | &nbsp;&nbsp;70792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3928248 |
| TOTAL INDUSTRIAL REITS | TOTAL INDUSTRIAL REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99522950 |
| **OFFICE REITS – 3.1%** | **OFFICE REITS – 3.1%** | **OFFICE REITS – 3.1%** |
| **Office REITs – 3.1%** | **Office REITs – 3.1%** | **Office REITs – 3.1%** |
| Brandywine Realty Trust | 132599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530396 |
| BXP, Inc. | 106583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6973726 |
| COPT Defense Properties | &nbsp;&nbsp;81167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214236 |
| Cousins Properties, Inc. | 119438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3236770 |
| Douglas Emmett, Inc. | 114773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739959 |
| Easterly Government Properties, Inc. | &nbsp;&nbsp;31184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686048 |
| Empire State Realty Trust, Inc. Class A | 105308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762430 |
| Highwoods Properties, Inc. | &nbsp;&nbsp;76362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215261 |
| JBG SMITH Properties | &nbsp;&nbsp;62226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317947 |
| Kilroy Realty Corp. | &nbsp;&nbsp;80417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964170 |
| Paramount Group, Inc. (a) | 135898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831696 |
| Piedmont Realty Trust, Inc. | &nbsp;&nbsp;95334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720725 |
| SL Green Realty Corp. | &nbsp;&nbsp;51235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933204 |
| Vornado Realty Trust | 115841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450611 |
| TOTAL OFFICE REITS | TOTAL OFFICE REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31577179 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT – 9.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT – 9.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT – 9.2%** |
| **Diversified Real Estate Activities – 0.1%** | **Diversified Real Estate Activities – 0.1%** | **Diversified Real Estate Activities – 0.1%** |
| St. Joe Co. | &nbsp;&nbsp;30454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537927 |
| **Real Estate Development – 0.2%** | **Real Estate Development – 0.2%** | **Real Estate Development – 0.2%** |
| Forestar Group, Inc. (a) | &nbsp;&nbsp;16903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419195 |
| Howard Hughes Holdings, Inc. (a) | &nbsp;&nbsp;23632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043422 |
| **Real Estate Operating Companies – 0.2%** | **Real Estate Operating Companies – 0.2%** | **Real Estate Operating Companies – 0.2%** |
| FRP Holdings, Inc. (a) | &nbsp;&nbsp;11495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303468 |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;85991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629454 |
| Landbridge Co. LLC Class A | &nbsp;&nbsp;11498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584629 |
| **Real Estate Services – 8.7%** | **Real Estate Services – 8.7%** | **Real Estate Services – 8.7%** |
| CBRE Group, Inc. Class A (a) | 216858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33773465 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Real Estate Index ETF

#### Schedule of Investments – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT – continued** | **REAL ESTATE MANAGEMENT & DEVELOPMENT – continued** | **REAL ESTATE MANAGEMENT & DEVELOPMENT – continued** |
| **Real Estate Services – continued** | **Real Estate Services – continued** | **Real Estate Services – continued** |
| Compass, Inc. Class A (a) | 325233 | &nbsp;&nbsp;$2582350 |
| CoStar Group, Inc. (a) | 299744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28532631 |
| Cushman & Wakefield PLC (a) | 118274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441760 |
| eXp World Holdings, Inc. | &nbsp;&nbsp;59359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639890 |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;33872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9157634 |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;19126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595966 |
| Newmark Group, Inc. Class A | 103578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571278 |
| Opendoor Technologies, Inc. (a) | 459995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846391 |
| Zillow Group, Inc. Class C (a) | 112676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8963376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88104741 |
| TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93270719 |
| **RESIDENTIAL REITS – 12.2%** | **RESIDENTIAL REITS – 12.2%** | **RESIDENTIAL REITS – 12.2%** |
| **Multi-Family Residential REITs – 8.1%** | **Multi-Family Residential REITs – 8.1%** | **Multi-Family Residential REITs – 8.1%** |
| Apartment Investment & Management Co. Class A | 101388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852673 |
| AvalonBay Communities, Inc. | 101400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18888792 |
| Camden Property Trust | &nbsp;&nbsp;76371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8339713 |
| Centerspace | &nbsp;&nbsp;12526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681790 |
| Elme Communities | &nbsp;&nbsp;65010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980351 |
| Equity Residential | 243492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15388694 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;45839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11926391 |
| Independence Realty Trust, Inc. | 165120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769062 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;83330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11868692 |
| NexPoint Residential Trust, Inc. | &nbsp;&nbsp;17670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550951 |
| UDR, Inc. | 223301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773496 |
| Veris Residential, Inc. | &nbsp;&nbsp;62133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81895438 |
| **Single-Family Residential REITs – 4.1%** | **Single-Family Residential REITs – 4.1%** | **Single-Family Residential REITs – 4.1%** |
| American Homes 4 Rent Class A | 234857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8147190 |
| Equity LifeStyle Properties, Inc. | 128059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7673295 |
| Invitation Homes, Inc. | 436428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13376518 |
| Sun Communities, Inc. | &nbsp;&nbsp;89721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11128096 |
| UMH Properties, Inc. | &nbsp;&nbsp;56215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41240279 |
| TOTAL RESIDENTIAL REITS | TOTAL RESIDENTIAL REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123135717 |
| **RETAIL REITS – 13.4%** | **RETAIL REITS – 13.4%** | **RETAIL REITS – 13.4%** |
| **Retail REITs – 13.4%** | **Retail REITs – 13.4%** | **Retail REITs – 13.4%** |
| Acadia Realty Trust | &nbsp;&nbsp;86312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615761 |
| Agree Realty Corp. | &nbsp;&nbsp;73379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5261274 |
| Alexander's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480527 |
| Brixmor Property Group, Inc. | 215340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626834 |
| CBL & Associates Properties, Inc. | &nbsp;&nbsp;10833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293141 |
| Curbline Properties Corp. | &nbsp;&nbsp;68803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520546 |
| Federal Realty Investment Trust | &nbsp;&nbsp;54162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4991570 |
| Getty Realty Corp. | &nbsp;&nbsp;38514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070304 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| InvenTrust Properties Corp. | &nbsp;&nbsp;56214 | &nbsp;&nbsp;$1549820 |
| Kimco Realty Corp. | 481306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10218126 |
| Kite Realty Group Trust | 157079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452597 |
| Macerich Co. | 178168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977187 |
| NETSTREIT Corp. | &nbsp;&nbsp;61227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116168 |
| NNN REIT, Inc. | 132855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5481597 |
| Phillips Edison & Co., Inc. | &nbsp;&nbsp;87829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967742 |
| Realty Income Corp. | 616972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34630638 |
| Regency Centers Corp. | 125325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8948205 |
| Saul Centers, Inc. | &nbsp;&nbsp;11050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356031 |
| Simon Property Group, Inc. | 232659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38107218 |
| SITE Centers Corp. | &nbsp;&nbsp;38266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412125 |
| Tanger, Inc. | &nbsp;&nbsp;79310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380886 |
| Urban Edge Properties | &nbsp;&nbsp;90187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778488 |
| Whitestone REIT | &nbsp;&nbsp;34316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418312 |
| TOTAL RETAIL REITS | TOTAL RETAIL REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135655097 |
| **SPECIALIZED REITS – 34.3%** | **SPECIALIZED REITS – 34.3%** | **SPECIALIZED REITS – 34.3%** |
| **Data Center REITs – 8.1%** | **Data Center REITs – 8.1%** | **Data Center REITs – 8.1%** |
| Digital Realty Trust, Inc. | 232821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41078937 |
| Equinix, Inc. | &nbsp;&nbsp;52249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41024347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82103284 |
| **Other Specialized REITs – 6.9%** | **Other Specialized REITs – 6.9%** | **Other Specialized REITs – 6.9%** |
| EPR Properties | &nbsp;&nbsp;54454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997148 |
| Farmland Partners, Inc. | &nbsp;&nbsp;37397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391547 |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp;69984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766396 |
| Gaming & Leisure Properties, Inc. | 194819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8879850 |
| Iron Mountain, Inc. | 209258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20373359 |
| Lamar Advertising Co. Class A | &nbsp;&nbsp;62580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650405 |
| Outfront Media, Inc. | &nbsp;&nbsp;99811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749687 |
| Safehold, Inc. | &nbsp;&nbsp;38443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537817 |
| Uniti Group, Inc. (a) | 185100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984732 |
| VICI Properties, Inc. | 744431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24268451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69599392 |
| **Self-Storage REITs – 5.8%** | **Self-Storage REITs – 5.8%** | **Self-Storage REITs – 5.8%** |
| CubeSmart | 160656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6251125 |
| Extra Space Storage, Inc. | 151055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20295750 |
| National Storage Affiliates Trust | &nbsp;&nbsp;54120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594375 |
| Public Storage | 112885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30697947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58839197 |
| **Telecom Tower REITs – 11.7%** | **Telecom Tower REITs – 11.7%** | **Telecom Tower REITs – 11.7%** |
| American Tower Corp. | 330152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68800375 |
| Crown Castle, Inc. | 310226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32601651 |
| SBA Communications Corp. | &nbsp;&nbsp;77185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17345013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118747039 |
| **Timber REITs – 1.8%** | **Timber REITs – 1.8%** | **Timber REITs – 1.8%** |
| PotlatchDeltic Corp. | &nbsp;&nbsp;57074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333756 |
| Rayonier, Inc. | 106275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477270 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SPECIALIZED REITS – continued** | **SPECIALIZED REITS – continued** | **SPECIALIZED REITS – continued** |
| **Timber REITs – continued** | **Timber REITs – continued** | **Timber REITs – continued** |
| Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;520852 | &nbsp;&nbsp;$13047343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17858369 |
| TOTAL SPECIALIZED REITS | TOTAL SPECIALIZED REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347147281 |
| **TOTAL COMMON STOCKS<br> (Cost $1,075,870,535)** | **TOTAL COMMON STOCKS<br> (Cost $1,075,870,535)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1009895098** |
| &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, 4.18% (b)<br> (Cost $2,640,000) | 2640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,078,510,535)** | **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,078,510,535)** | &nbsp;&nbsp;**1012535098** |
| **NET OTHER ASSETS (LIABILITIES) – 0.1%** | **NET OTHER ASSETS (LIABILITIES) – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**511221** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1013046319** |

---

&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 Dow Jones U.S. Real Estate Index Contracts (United States) | 80 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;$2895200 | &nbsp;&nbsp;$(10884) | &nbsp;&nbsp;$(10884) |

---

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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Real Estate Index ETF

#### Schedule of Investments – continued

#### Investment Valuation
The following is a summary of the inputs used, as of July 31, 2025, 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;$1009895098 | &nbsp;&nbsp;&nbsp;$1009895098 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$1012535098 | &nbsp;&nbsp;&nbsp;$1012535098 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(10884) | &nbsp;&nbsp;&nbsp;$(10884) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;$(10884) | &nbsp;&nbsp;&nbsp;$(10884) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$(10884) | &nbsp;&nbsp;&nbsp;$(10884) | &nbsp;&nbsp;&nbsp;$— | &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 July 31, 2025. 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;$0 | &nbsp;&nbsp;&nbsp;$(10884) |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;(10884) |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;$(10884) |

---

&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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Utilities Index ETF

### Schedule of Investments July 31, 2025
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** |
| **ELECTRIC UTILITIES – 60.7%** | **ELECTRIC UTILITIES – 60.7%** | **ELECTRIC UTILITIES – 60.7%** |
| **Electric Utilities – 60.7%** | **Electric Utilities – 60.7%** | **Electric Utilities – 60.7%** |
| ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77293 | &nbsp;&nbsp;$5095927 |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;341845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22223343 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;710628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80400452 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;416951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145032236 |
| Duke Energy Corp. | 1034058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125782815 |
| Edison International | &nbsp;&nbsp;&nbsp;512388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26705662 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;576234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52108841 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;306100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21671880 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;488511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32290577 |
| Exelon Corp. | 1343485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60376216 |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;729635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31162711 |
| Hawaiian Electric Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;229047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455384 |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9014987 |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121968 |
| NextEra Energy, Inc. | 2739550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194672423 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;271040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45317888 |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp;267926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12169199 |
| Oklo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;83251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376194 |
| Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864094 |
| PG&E Corp. | 2924666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41003817 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;158651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14376954 |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;145941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6001094 |
| PPL Corp. | &nbsp;&nbsp;&nbsp;983527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35102079 |
| Southern Co. | 1459619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137904803 |
| TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;123440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7010158 |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;766552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56295579 |
| TOTAL ELECTRIC UTILITIES | TOTAL ELECTRIC UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp;1178537281 |
| **GAS UTILITIES – 4.5%** | **GAS UTILITIES – 4.5%** | **GAS UTILITIES – 4.5%** |
| **Gas Utilities – 4.5%** | **Gas Utilities – 4.5%** | **Gas Utilities – 4.5%** |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;211234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32935605 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673603 |
| MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;257905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448861 |
| National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;114521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9939278 |
| New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;133654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136055 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;53691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143345 |
| ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5788447 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5986227 |
| Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5772765 |
| UGI Corp. | &nbsp;&nbsp;&nbsp;285928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10344875 |
| TOTAL GAS UTILITIES | TOTAL GAS UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87169061 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 7.2%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 7.2%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 7.2%** |
| **Independent Power Producers & Energy Traders – 6.5%** | **Independent Power Producers & Energy Traders – 6.5%** | **Independent Power Producers & Energy Traders – 6.5%** |
| AES Corp. | &nbsp;&nbsp;&nbsp;947404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12458362 |
| Talen Energy Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;48452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18294022 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;452680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94401887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125154271 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Renewable Electricity – 0.7%** | **Renewable Electricity – 0.7%** | **Renewable Electricity – 0.7%** |
| Clearway Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;45854 | &nbsp;&nbsp;$1411386 |
| Clearway Energy, Inc. Class C | &nbsp;&nbsp;&nbsp;110276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598306 |
| Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6858909 |
| XPLR Infrastructure LP | &nbsp;&nbsp;&nbsp;123718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179033 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13047634 |
| TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138201905 |
| **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;359524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36358662 |
| Avista Corp. | &nbsp;&nbsp;&nbsp;106676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979015 |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5552773 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;867319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33669324 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;398060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29376828 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;479353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49613035 |
| Dominion Energy, Inc. | 1134124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66289548 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;276164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38223859 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;626279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26585543 |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375906 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;663483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59574139 |
| Sempra | &nbsp;&nbsp;&nbsp;867563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70862546 |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120937 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;424642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46319949 |
| TOTAL MULTI-UTILITIES | TOTAL MULTI-UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471902064 |
| **WATER UTILITIES – 3.1%** | **WATER UTILITIES – 3.1%** | **WATER UTILITIES – 3.1%** |
| **Water Utilities – 3.1%** | **Water Utilities – 3.1%** | **Water Utilities – 3.1%** |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;51164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765159 |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;259520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36395085 |
| California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;79035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593721 |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;348332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12818618 |
| H2O America | &nbsp;&nbsp;&nbsp;&nbsp;43187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085500 |
| Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;23665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221114 |
| York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;19469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589132 |
| TOTAL WATER UTILITIES | TOTAL WATER UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60468329 |
| **TOTAL COMMON STOCKS<br> (Cost $1,691,545,315)** | **TOTAL COMMON STOCKS<br> (Cost $1,691,545,315)** | &nbsp;&nbsp;&nbsp;&nbsp;**1936278640** |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

#### Fidelity® MSCI Utilities Index ETF

#### Schedule of Investments – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.18% (b)<br> (Cost $4,074,000) | 4074000 | &nbsp;&nbsp;$4074000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,695,619,315)** | **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,695,619,315)** | &nbsp;&nbsp;**1940352640** |
| **NET OTHER ASSETS (LIABILITIES) – 0.0%** | **NET OTHER ASSETS (LIABILITIES) – 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**585634** |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1940938274** |

---

&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 S&P Utilities Select Sector Index Contracts (United States) | 47 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;$4081010 | &nbsp;&nbsp;$195916 | &nbsp;&nbsp;$195916 |

---

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 July 31, 2025, 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;$1936278640 | &nbsp;&nbsp;&nbsp;$1936278640 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$1940352640 | &nbsp;&nbsp;&nbsp;$1940352640 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Derivative Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$195916 | &nbsp;&nbsp;&nbsp;$195916 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Assets | &nbsp;&nbsp;&nbsp;$195916 | &nbsp;&nbsp;&nbsp;$195916 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Total Derivative Instruments: | &nbsp;&nbsp;&nbsp;$195916 | &nbsp;&nbsp;&nbsp;$195916 | &nbsp;&nbsp;&nbsp;$— | &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 July 31, 2025. 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;$195916 | &nbsp;&nbsp;&nbsp;$0 |
| Total Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp;195916 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Value of Derivatives | &nbsp;&nbsp;&nbsp;$195916 | &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.

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

**49** 

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

Financial Statements

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

#### July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $1693196646 | &nbsp;&nbsp;$1821486147 | &nbsp;&nbsp;$1324830178 | &nbsp;&nbsp;$1376187890 |
| Segregated cash with brokers for derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436878 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60552 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6952 | &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;1691882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037301 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12161 |
| Receivable for daily variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695169669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822098408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326686637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377737923 |
| **Liabilities** |  |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;8297 |
| Accrued management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96825 |
| 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;27020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104265 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209387 |
| **Net Assets** | $1693294062 | &nbsp;&nbsp;$1821943732 | &nbsp;&nbsp;$1326561774 | &nbsp;&nbsp;$1377528536 |
| Net Assets consist of: |  |  |  |  |
| Paid in capital | $1305098513 | &nbsp;&nbsp;$1583054791 | &nbsp;&nbsp;$1221517819 | &nbsp;&nbsp;$1390273207 |
| Total accumulated earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388195549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238888941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105043955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12744671) |
| **Net Assets** | $1693294062 | &nbsp;&nbsp;$1821943732 | &nbsp;&nbsp;$1326561774 | &nbsp;&nbsp;$1377528536 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57200000 |
| Net Asset Value per share | $66.27 | &nbsp;&nbsp;$95.89 | &nbsp;&nbsp;$50.44 | &nbsp;&nbsp;$24.08 |
| Investments at cost | $1235893000 | &nbsp;&nbsp;$1481231515 | &nbsp;&nbsp;$1172573900 | &nbsp;&nbsp;$1223249838 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

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

#### July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $2290600384 | &nbsp;&nbsp;$2343635110 | &nbsp;&nbsp;$1481264448 | &nbsp;&nbsp;$14751395564 |
| Segregated cash with brokers for derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319131 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63911 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;83407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99118 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3727281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948996 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102708 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &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;2292198846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347715850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482089731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14755929428 |
| **Liabilities** |  |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;107438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;160708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008353 |
| Payable for daily variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199296 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207649 |
| **Net Assets** | $2291965955 | &nbsp;&nbsp;$2347006718 | &nbsp;&nbsp;$1481987603 | &nbsp;&nbsp;$14754721779 |
| Net Assets consist of: |  |  |  |  |
| Paid in capital | $1707624323 | &nbsp;&nbsp;$2235682863 | &nbsp;&nbsp;$1125215954 | &nbsp;&nbsp;$8007958363 |
| Total accumulated earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584341632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111323855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356771649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6746763416 |
| **Net Assets** | $2291965955 | &nbsp;&nbsp;$2347006718 | &nbsp;&nbsp;$1481987603 | &nbsp;&nbsp;$14754721779 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71850000 |
| Net Asset Value per share | $74.29 | &nbsp;&nbsp;$62.17 | &nbsp;&nbsp;$80.32 | &nbsp;&nbsp;$205.35 |
| Investments at cost | $1552048290 | &nbsp;&nbsp;$2092021643 | &nbsp;&nbsp;$1083834085 | &nbsp;&nbsp;$7931289001 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

Financial Statements – continued

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

#### July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $411320428 | &nbsp;&nbsp;$1012535098 | &nbsp;&nbsp;$1940352640 |
| Segregated cash with brokers for derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263946 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31825 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;6682 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374620 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14176 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25618 |
| 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;109641 | &nbsp;&nbsp;&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;411757998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013169244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941069507 |
| **Liabilities** |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;— |
| Accrued management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131233 |
| Payable for daily variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50965 | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;44410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131233 |
| **Net Assets** | $411713588 | &nbsp;&nbsp;$1013046319 | &nbsp;&nbsp;$1940938274 |
| Net Assets consist of: |  |  |  |
| Paid in capital | $442165594 | &nbsp;&nbsp;$1180834217 | &nbsp;&nbsp;$1747059995 |
| Total accumulated earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(30452006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167787898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193878279 |
| **Net Assets** | $411713588 | &nbsp;&nbsp;$1013046319 | &nbsp;&nbsp;$1940938274 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35150000 |
| Net Asset Value per share | $49.90 | &nbsp;&nbsp;$27.05 | &nbsp;&nbsp;$55.22 |
| Investments at cost | $413178095 | &nbsp;&nbsp;$1078510535 | &nbsp;&nbsp;$1695619315 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

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

#### For the year ended July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $14521236 | &nbsp;&nbsp;$16225375 | &nbsp;&nbsp;$28962091 | &nbsp;&nbsp;$48132156 |
| Non-Cash dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114647 |
| &nbsp;&nbsp;&nbsp;**Total income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15629401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16379753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29074351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48246803 |
| **Expenses** |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265841 |
| Independent trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5926 |
| Legal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271767 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;14468742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14838504 | &nbsp;&nbsp;&nbsp;&nbsp;28018989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46975036 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) on investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1598513) | &nbsp;&nbsp;&nbsp;&nbsp;(14584214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8317890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17245635) |
| Net realized gain (loss) on In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;46242439 | &nbsp;&nbsp;&nbsp;&nbsp;115059482 | &nbsp;&nbsp;&nbsp;&nbsp;26554949 | &nbsp;&nbsp;&nbsp;&nbsp;236668725 |
| Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603678) |
| 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;&nbsp;45250667 | &nbsp;&nbsp;&nbsp;&nbsp;100612915 | &nbsp;&nbsp;&nbsp;&nbsp;18085279 | &nbsp;&nbsp;&nbsp;&nbsp;218819412 |
| Change in net unrealized appreciation (depreciation) on investment securities | &nbsp;&nbsp;&nbsp;294252304 | &nbsp;&nbsp;&nbsp;&nbsp;124973736 | &nbsp;&nbsp;&nbsp;&nbsp;27093651 | &nbsp;&nbsp;&nbsp;&nbsp;(342066501) |
| Change in net unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157527) |
| &nbsp;&nbsp;&nbsp;**Total change in net unrealized appreciation (depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294299822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124961008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27010807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342224028) |
| **Net gain (loss)** | &nbsp;&nbsp;&nbsp;339550489 | &nbsp;&nbsp;&nbsp;&nbsp;225573923 | &nbsp;&nbsp;&nbsp;&nbsp;45096086 | &nbsp;&nbsp;&nbsp;&nbsp;(123404616) |
| **Net increase (decrease) in net assets resulting from operations** | $354019231 | &nbsp;&nbsp;$240412427 | &nbsp;&nbsp;$73115075 | &nbsp;&nbsp;$(76429580) |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

Financial Statements – continued

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

#### For the year ended July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $34674639 | &nbsp;&nbsp;$41449531 | &nbsp;&nbsp;$16637816 | &nbsp;&nbsp;$74741394 |
| Non-Cash dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913159 |
| &nbsp;&nbsp;&nbsp;**Total income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34887376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41728742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16755067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75654553 |
| **Expenses** |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10567090 |
| Independent trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44772 |
| Legal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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 expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10611862 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;33159274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39444327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15690800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65042691 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) on investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4902436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32998545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8485430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88942136 |
| Net realized gain (loss) on In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;47638670 | &nbsp;&nbsp;&nbsp;&nbsp;186093183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77892352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414307741 |
| Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1283382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904579 |
| 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;(7) | &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;43883219 | &nbsp;&nbsp;&nbsp;&nbsp;151811256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69795333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507154456 |
| Change in net unrealized appreciation (depreciation) on investment securities | &nbsp;&nbsp;&nbsp;306311504 | &nbsp;&nbsp;&nbsp;&nbsp;(486538581) | &nbsp;&nbsp;&nbsp;&nbsp;127375200 | &nbsp;&nbsp;&nbsp;&nbsp;2030941253 |
| Change in net unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796780 |
| &nbsp;&nbsp;&nbsp;**Total change in net unrealized appreciation (depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306083691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486853882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127350471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031738033 |
| **Net gain (loss)** | &nbsp;&nbsp;&nbsp;349966910 | &nbsp;&nbsp;&nbsp;&nbsp;(335042626) | &nbsp;&nbsp;&nbsp;&nbsp;197145804 | &nbsp;&nbsp;&nbsp;&nbsp;2538892489 |
| **Net increase (decrease) in net assets resulting from operations** | $383126184 | &nbsp;&nbsp;$(295598299) | &nbsp;&nbsp;$212836604 | &nbsp;&nbsp;$2603935180 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

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

#### For the year ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $8970430 | &nbsp;&nbsp;$29554722 | &nbsp;&nbsp;$48133094 |
| Non-Cash dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161337 |
| &nbsp;&nbsp;&nbsp;**Total income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9019355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29643902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48294431 |
| **Expenses** |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386740 |
| Independent trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5733 |
| Legal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392473 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8597977 | &nbsp;&nbsp;&nbsp;&nbsp;28774999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46901958 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |
| Net realized gain (loss) on investment securities | &nbsp;&nbsp;&nbsp;&nbsp;(4138452) | &nbsp;&nbsp;&nbsp;&nbsp;(11937756) | &nbsp;&nbsp;&nbsp;&nbsp;(10752616) |
| Net realized gain (loss) on In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;24858949 | &nbsp;&nbsp;&nbsp;&nbsp;11860088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21732112 |
| Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373321 |
| 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;— |
| **Total net realized gain (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;20485097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11352817 |
| Change in net unrealized appreciation (depreciation) on investment securities | &nbsp;&nbsp;&nbsp;(50878919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3641042) | &nbsp;&nbsp;&nbsp;&nbsp;243636816 |
| Change in net unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95391 |
| &nbsp;&nbsp;&nbsp;**Total change in net unrealized appreciation (depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50937818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3774290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243732207 |
| **Net gain (loss)** | &nbsp;&nbsp;&nbsp;(30452721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4014726) | &nbsp;&nbsp;&nbsp;&nbsp;255085024 |
| **Net increase (decrease) in net assets resulting from operations** | $(21854744) | &nbsp;&nbsp;$24760273 | &nbsp;&nbsp;$301986982 |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
|  | **Year ended<br> July 31, 2025**  | **Year ended<br> July 31, 2024**  | **Year ended<br> July 31, 2025**  | **Year ended<br> July 31, 2024**  |
| **Increase (Decrease) in Net Assets** |  |  |  |  |
| Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$14468742 | &nbsp;&nbsp;&nbsp;&nbsp;$9486284 | &nbsp;&nbsp;&nbsp;&nbsp;$14838504 | &nbsp;&nbsp;&nbsp;&nbsp;$10973134 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45250667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25691276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100612915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34958944 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294299822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158496070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124961008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108867975 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;354019231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193673630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240412427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154800053 |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13712250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8498250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14864000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11022600) |
| Share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286631005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267615897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216205428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345008976 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103413989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81876706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286259668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118479329) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;183217016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185739191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70054240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226529647 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523523997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370914571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155494187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370307100 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1169770065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798855494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666449545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296142445 |
| &nbsp;&nbsp;&nbsp;End of year | $1693294062 | $1169770065 | $1821943732 | $1666449545 |
| **Other Information** |  |  |  |  |
| Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | &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;5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400000 |
| &nbsp;&nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1850000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1550000) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(950000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850000 |

---

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

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
|  | **Year ended<br> July 31, 2025**  | **Year ended<br> July 31, 2024**  | **Year ended<br> July 31, 2025**  | **Year ended<br> July 31, 2024**  |
| **Increase (Decrease) in Net Assets** |  |  |  |  |
| Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$28018989 | &nbsp;&nbsp;&nbsp;&nbsp;$29012048 | &nbsp;&nbsp;&nbsp;&nbsp;$46975036 | &nbsp;&nbsp;&nbsp;&nbsp;$49456853 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18085279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44332014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218819412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95921345 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27010807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5822822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342224028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22528800 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73115075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67521240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76429580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167906998 |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27772200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28982300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47081900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49988000) |
| Share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261301422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50885555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222088906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369811731 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80973089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227852517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600992036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214829102) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;180328333 | &nbsp;&nbsp;&nbsp;&nbsp;(176966962) | &nbsp;&nbsp;&nbsp;&nbsp;(378903130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154982629 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225671208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138428022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502414610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272901627 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1100890566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239318588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879943146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607041519 |
| &nbsp;&nbsp;&nbsp;End of year | $1326561774 | $1100890566 | $1377528536 | $1879943146 |
| **Other Information** |  |  |  |  |
| Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | &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;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500000 |
| &nbsp;&nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1600000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5050000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25250000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9250000) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3950000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250000 |

---

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

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
|  | **Year ended<br> July 31, 2025**  | **Year ended<br> July 31, 2024**  | **Year ended<br> July 31, 2025**  | **Year ended<br> July 31, 2024**  |
| **Increase (Decrease) in Net Assets** |  |  |  |  |
| Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$33159274 | &nbsp;&nbsp;&nbsp;&nbsp;$28311461 | &nbsp;&nbsp;&nbsp;&nbsp;$39444327 | &nbsp;&nbsp;&nbsp;&nbsp;$43469822 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43883219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42880735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151811256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173521539 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306083691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290081752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486853882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142878098 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;383126184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361273948 | &nbsp;&nbsp;&nbsp;&nbsp;(295598299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359869459 |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33290450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27402850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40468150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42950000) |
| Share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343539496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120153671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70968942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96010392 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111036322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175461745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442611969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441968145) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;232503174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55308074) | &nbsp;&nbsp;&nbsp;&nbsp;(371643027) | &nbsp;&nbsp;&nbsp;&nbsp;(345957753) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582338908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278563024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707709476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29038294) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1709627047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431064023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054716194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083754488 |
| &nbsp;&nbsp;&nbsp;End of year | $2291965955 | $1709627047 | $2347006718 | $3054716194 |
| **Other Information** |  |  |  |  |
| Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | &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;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 |
| &nbsp;&nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1600000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3350000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6450000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6700000) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1150000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5200000) |

---

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

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
|  | **Year ended<br> July 31, 2025**  | **Year ended<br> July 31, 2024**  | **Year ended<br> July 31, 2025**  | **Year ended<br> July 31, 2024**  |
| **Increase (Decrease) in Net Assets** |  |  |  |  |
| Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$15690800 | &nbsp;&nbsp;&nbsp;&nbsp;$13445570 | &nbsp;&nbsp;&nbsp;&nbsp;$65042691 | &nbsp;&nbsp;&nbsp;&nbsp;$55416805 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69795333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6708420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507154456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295441929 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127350471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157699305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031738033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771678381 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;212836604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177853295 | &nbsp;&nbsp;&nbsp;&nbsp;2603935180 | &nbsp;&nbsp;&nbsp;&nbsp;2122537115 |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17757300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13367050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63554650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66013700) |
| Share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223810129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307162235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334937612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303107360 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179127644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30528292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(591764667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400477754) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44682485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276633943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743172945 | &nbsp;&nbsp;&nbsp;&nbsp;1902629606 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239761789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441120188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283553475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959153021 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1242225814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801105626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11471168304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7512015283 |
| &nbsp;&nbsp;&nbsp;End of year | $1481987603 | $1242225814 | $14754721779 | $11471168304 |
| **Other Information** |  |  |  |  |
| Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | &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;4850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750000 |
| &nbsp;&nbsp;&nbsp;Redeemed | &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;&nbsp;(500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3450000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2700000) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12050000 |

---

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

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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** |
|  | **Year ended<br> July 31, 2025**  | **Year ended<br> July 31, 2024**  | **Year ended<br> July 31, 2025**  | **Year ended<br> July 31, 2024**  |
| **Increase (Decrease) in Net Assets** |  |  |  |  |
| Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$8597977 | &nbsp;&nbsp;&nbsp;&nbsp;$8314665 | &nbsp;&nbsp;&nbsp;&nbsp;$28774999 | &nbsp;&nbsp;&nbsp;&nbsp;$26618628 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20485097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6484825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14651227) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50937818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44720780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3774290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78850440 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;(21854744) | &nbsp;&nbsp;&nbsp;&nbsp;46550620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24760273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90817841 |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8645500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8217200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36075950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35142900) |
| Share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51205088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38397895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104726714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15270470 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(147225283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22599404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72877074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107971632) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(96020195) | &nbsp;&nbsp;&nbsp;&nbsp;15798491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31849640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92701162) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(126520439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54131911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20533963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37026221) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538234027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484102116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992512356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029538577 |
| &nbsp;&nbsp;&nbsp;End of year | $411713588 | $538234027 | $1013046319 | $992512356 |
| **Other Information** |  |  |  |  |
| Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &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;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 |
| &nbsp;&nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3050000) | &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;(2700000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4450000) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2050000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3850000) |

---

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

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

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

---

| | | |
|:---|:---|:---|
|  | **Fidelity MSCI Utilities Index ETF** | **Fidelity MSCI Utilities Index ETF** |
|  | **Year ended<br> July 31, 2025**  | **Year ended<br> July 31, 2024**  |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$46901958 | &nbsp;&nbsp;&nbsp;&nbsp;$43595366 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11352817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60176582) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243732207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86094734 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;301986982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69513518 |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46999650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46104250) |
| Share transactions |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565646898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65087442 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124777430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(745110934) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;440869468 | &nbsp;&nbsp;&nbsp;&nbsp;(680023492) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695856800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(656614224) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1245081474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901695698 |
| &nbsp;&nbsp;&nbsp;End of year | $1940938274 | $1245081474 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;&nbsp;Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 |
| &nbsp;&nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19000000) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17500000) |

---

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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;**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;$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;0.61 | &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;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;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;(0.58) | &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;(0.58) | &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;$66.27 | &nbsp;&nbsp;$51.65 | &nbsp;&nbsp;$42.61 | &nbsp;&nbsp;$36.92 | &nbsp;&nbsp;$54.87 |
| **Total Return<sup>C</sup>** | &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,D</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% | &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% | &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% | &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;1.05% | &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;$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>E,F</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> 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>E</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>F</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

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

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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;**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;$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;0.74 | &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;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;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;(0.74) | &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;(0.74) | &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;$95.89 | &nbsp;&nbsp;$83.53 | &nbsp;&nbsp;$75.80 | &nbsp;&nbsp;$69.53 | &nbsp;&nbsp;$81.37 |
| **Total Return<sup>C</sup>** | &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,D</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% | &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% | &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% | &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;.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;$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>E,F</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> 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>E</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>F</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

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

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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;**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;$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;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;2.04 | &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;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;(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;(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;$50.44 | &nbsp;&nbsp;$48.39 | &nbsp;&nbsp;$46.42 | &nbsp;&nbsp;$44.75 | &nbsp;&nbsp;$43.30 |
| **Total Return<sup>D</sup>** | &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,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% | &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% | &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% | &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;2.23% | &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;$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>F,G</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> 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> 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>G</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

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

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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;**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;$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;0.75 | &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;(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;(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;(0.78) | &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;(0.78) | &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;$24.08 | &nbsp;&nbsp;$25.68 | &nbsp;&nbsp;$24.00 | &nbsp;&nbsp;$21.47 | &nbsp;&nbsp;$13.47 |
| **Total Return<sup>C</sup>** | &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,D</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% | &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% | &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% | &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;3.10% | &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;$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>E,F</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> 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>E</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>F</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

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

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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;**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;$62.06 | &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;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;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;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;(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;(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;$74.29 | &nbsp;&nbsp;$62.06 | &nbsp;&nbsp;$49.86 | &nbsp;&nbsp;$47.97 | &nbsp;&nbsp;$52.19 |
| **Total Return<sup>C</sup>** | &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,D</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% | &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% | &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% | &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;1.61% | &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;$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>E,F</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> 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>E</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>F</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

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

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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;**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;$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;0.99 | &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;&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;(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;(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;(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;$62.17 | &nbsp;&nbsp;$70.79 | &nbsp;&nbsp;$63.78 | &nbsp;&nbsp;$63.02 | &nbsp;&nbsp;$66.04 |
| **Total Return<sup>C</sup>** | &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,D</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% | &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% | &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% | &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% | &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;$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>E,F</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> 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>E</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>F</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

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

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

---

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

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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;**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;$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;0.90 | &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;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;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;(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;(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;$80.32 | &nbsp;&nbsp;$69.01 | &nbsp;&nbsp;$58.69 | &nbsp;&nbsp;$50.02 | &nbsp;&nbsp;$54.57 |
| **Total Return<sup>C</sup>** | &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,D</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% | &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% | &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% | &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% | &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;$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>E,F</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> 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>E</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>F</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

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

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

---

| | |
|:---|:---|
|  ***Annual Report*** | **68** |

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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;**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;$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;0.92 | &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;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;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;(0.90) | &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;(0.90) | &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;$205.35 | &nbsp;&nbsp;$168.82 | &nbsp;&nbsp;$134.38 | &nbsp;&nbsp;$109.42 | &nbsp;&nbsp;$121.70 |
| **Total Return<sup>C</sup>** | &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,D</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% | &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% | &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% | &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;.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;$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>E,F</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> 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>E</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>F</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

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

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

---

| | |
|:---|:---|
| **69** | ***Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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;**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;$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;0.87 | &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;(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;(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;(0.86) | &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;(0.86) | &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;$49.90 | &nbsp;&nbsp;$52.26 | &nbsp;&nbsp;$48.41 | &nbsp;&nbsp;$43.88 | &nbsp;&nbsp;$46.91 |
| **Total Return<sup>C</sup>** | &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,D</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &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% | &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% | &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;1.72% | &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;$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>E,F</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> 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>E</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>F</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

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

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

---

| | |
|:---|:---|
|  ***Annual Report*** | **70** |

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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;**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;$27.30 | &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;0.77 | &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;(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;0.72 | &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;(0.97) | &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;(0.97) | &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;$27.05 | &nbsp;&nbsp;$27.30 | &nbsp;&nbsp;$25.61 | &nbsp;&nbsp;$29.52 | &nbsp;&nbsp;$31.75 |
| **Total Return<sup>C</sup>** | &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,D</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% | &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% | &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% | &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;2.78% | &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;$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>E,F</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> 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>E</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>F</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

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

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

---

| | |
|:---|:---|
| **71** | ***Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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;**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;$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;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;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;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;(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;(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;$55.22 | &nbsp;&nbsp;$47.07 | &nbsp;&nbsp;$43.27 | &nbsp;&nbsp;$47.72 | &nbsp;&nbsp;$42.63 |
| **Total Return<sup>C</sup>** | &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,D</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% | &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% | &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% | &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;2.83% | &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;$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>E,F</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> 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>E</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>F</sup> Portfolio turnover rate excludes securities received or delivered in-kind.

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

---

| | |
|:---|:---|
|  ***Annual Report*** | **72** |

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

Notes to Financial Statements

For the period ended July 31, 2025

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 July 31, 2025 is included at the end of each Fund's Schedule of Investments.

---

| | |
|:---|:---|
| **73** | ***Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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. As of July 31, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.

---

| | |
|:---|:---|
|  ***Annual Report*** | **74** |

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

2. Significant Accounting Policies – continued

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

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;$1247257160 | $543957597 | $(98018111) | $445939486 |
| **Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;&nbsp;1501361737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433624441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113500031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320124410 |
| **Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;&nbsp;1188648080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245287582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109105484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136182098 |
| **Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;&nbsp;1251776367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201621606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77210083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124411523 |
| **Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;&nbsp;1574691502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751600446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35691564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715908882 |
| **Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;&nbsp;2134370813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570609109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361344812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209264297 |
| **Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;&nbsp;1091850818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438751746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49338116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389413630 |
| **Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;&nbsp;7965637571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7092539129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306781136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6785757993 |
| **Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415741972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57616983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62038527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4421544) |
| **Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;&nbsp;1103700934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76782206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167948042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91165836) |
| **Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;&nbsp;1703093711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338125062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100866133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237258929 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Undistributed<br> ordinary income** | &nbsp;&nbsp;**Undistributed capital gains** | &nbsp;&nbsp;**Capital loss<br> carryforward** | &nbsp;&nbsp;**Net unrealized<br> appreciation<br> (depreciation)** |
| **Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;$2931701 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(60675638) | &nbsp;&nbsp;$445939486 |
| **Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81585437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320124410 |
| **Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32957892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136182098 |
| **Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137156195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124411524 |
| **Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132999735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715908882 |
| **Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101279148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209264297 |
| **Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32761263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389413630 |
| **Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44732512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6785757991 |
| **Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26269440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4421543) |
| **Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76622061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91165837) |
| **Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43380649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237258928 |

---

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) |

---

The tax character of distributions paid was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 31, 2025** |  |  |  |  |
|  | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gain** | &nbsp;&nbsp;**Tax Return<br> Of Capital** | &nbsp;&nbsp;**Total** |
| **Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;$13712250 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13712250 |

---

---

| | |
|:---|:---|
| **75** | ***Annual Report*** |

---

------

[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 31, 2025** |  |  |  |  |
|  | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gain** | &nbsp;&nbsp;**Tax Return<br> Of Capital** | &nbsp;&nbsp;**Total** |
| **Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;$14864000 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14864000 |
| **Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;27772200 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;27772200 |
| **Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;47081900 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;47081900 |
| **Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;33290450 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;33290450 |
| **Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;40468150 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;40468150 |
| **Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;17757300 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;17757300 |
| **Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;63554650 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;63554650 |
| **Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;8645500 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;8645500 |
| **Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;36075950 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;36075950 |
| **Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;46999650 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;46999650 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 31, 2024** |  |  |  |
| **Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;$8498250 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$8498250 |
| **Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11022600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11022600 |
| **Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28982300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28982300 |
| **Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49988000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49988000 |
| **Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27402850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27402850 |
| **Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42950000 |
| **Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13367050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13367050 |
| **Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66013700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66013700 |
| **Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8217200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8217200 |
| **Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35142900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35142900 |
| **Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46104250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46104250 |

---

**Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.**

**New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

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.

---

| | |
|:---|:---|
|  ***Annual Report*** | **76** |

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[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

3. Derivative Instruments – continued

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

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.**

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;180659319 | &nbsp;&nbsp;&nbsp;&nbsp;177557651 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;87658111 | &nbsp;&nbsp;&nbsp;&nbsp;87937816 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;165806921 | &nbsp;&nbsp;&nbsp;&nbsp;162456859 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;105874534 | &nbsp;&nbsp;&nbsp;&nbsp;107470124 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;88340264 | &nbsp;&nbsp;&nbsp;&nbsp;80257955 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;88835122 | &nbsp;&nbsp;&nbsp;&nbsp;91302235 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;44224851 | &nbsp;&nbsp;&nbsp;&nbsp;44446950 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;1178214941 | &nbsp;&nbsp;&nbsp;&nbsp;1166655180 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;29860924 | &nbsp;&nbsp;&nbsp;&nbsp;30545633 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;78738591 | &nbsp;&nbsp;&nbsp;&nbsp;75092804 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;68530033 | &nbsp;&nbsp;&nbsp;&nbsp;67071081 |

---

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** | 285730915 | &nbsp;&nbsp;&nbsp;&nbsp;103111463 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Consumer Discretionary Index ETF** | 214539329 | &nbsp;&nbsp;&nbsp;&nbsp;283940270 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Consumer Staples Index ETF** | 260459010 | &nbsp;&nbsp;&nbsp;&nbsp;80722165 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Energy Index ETF** | 221356656 | &nbsp;&nbsp;&nbsp;&nbsp;598354281 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Financials Index ETF** | 333950041 | &nbsp;&nbsp;&nbsp;&nbsp;108491241 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Health Care Index ETF** | 70390088 | &nbsp;&nbsp;&nbsp;&nbsp;440097986 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Industrials Index ETF** | 223077491 | &nbsp;&nbsp;&nbsp;&nbsp;178520298 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Information Technology Index ETF** | 1332202331 | &nbsp;&nbsp;&nbsp;&nbsp;589990415 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Materials Index ETF** | 50788409 | &nbsp;&nbsp;&nbsp;&nbsp;146180907 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Real Estate Index ETF** | 103188810 | &nbsp;&nbsp;&nbsp;&nbsp;72097863 |
| &nbsp;&nbsp;&nbsp;**Fidelity MSCI Utilities Index ETF** | 563249201 | &nbsp;&nbsp;&nbsp;&nbsp;124199382 |

---

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| | |
|:---|:---|
| **77** | ***Annual Report*** |

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[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

Notes to Financial Statements – continued

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.**

---

| | |
|:---|:---|
|  | &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.

---

| | |
|:---|:---|
|  ***Annual Report*** | **78** |

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[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Covington Trust and the Shareholders of 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:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of 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"), each a fund of Fidelity Covington Trust, including the schedules of investments, as of July 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 12, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

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|:---|:---|
| **79** | ***Annual Report*** |

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[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividend-received deduction for corporate shareholders:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**September 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**March 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**June 2025** |
| **Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;97% | &nbsp;&nbsp;&nbsp;&nbsp;97% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;80% |
| **Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;0% |
| **Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**September 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**March 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**June 2025** |
| **Fidelity MSCI Communication Services Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Consumer Discretionary Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Consumer Staples Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Energy Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;98.67% | &nbsp;&nbsp;&nbsp;&nbsp;98.67% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Health Care Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Industrials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;89.93% | &nbsp;&nbsp;&nbsp;&nbsp;89.93% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Information Technology Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Materials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| **Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| **Fidelity MSCI Utilities Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;100% |

---

A percentage of the dividends distributed during the fiscal year 2025 for the following funds qualify as a section 199A dividend:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**September 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**March 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**June 2025** |
| **Fidelity MSCI Financials Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| **Fidelity MSCI Real Estate Index ETF** | &nbsp;&nbsp;&nbsp;&nbsp;71.72% | &nbsp;&nbsp;&nbsp;&nbsp;71.72% | &nbsp;&nbsp;&nbsp;&nbsp;57.16% | &nbsp;&nbsp;&nbsp;&nbsp;57.16% |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

---

| | |
|:---|:---|
|  ***Annual Report*** | **80** |

---

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[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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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| | |
|:---|:---|
| **81** | ***Annual Report*** |

---

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[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

---

| | |
|:---|:---|
|  ***Annual Report*** | **82** |

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[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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.

---

| | |
|:---|:---|
| **83** | ***Annual Report*** |

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[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_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
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory and ETF services agreement for each fund (Sub-Advisory Agreement) with BlackRock Fund Advisors (BFA) (together, the Advisory Contracts). FMR and BFA are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) and BFA from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable, in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the funds' investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of BFA. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund.**

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by BFA with respect to the funds and monitoring and overseeing the performance and investment capabilities of BFA. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of BFA.

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| | |
|:---|:---|
|  ***Annual Report*** | **84** |

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[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

The Board also considered the nature, extent and quality of services provided by BFA. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, BFA is responsible for, among other things, identifying investments, arranging for execution of portfolio transactions to implement each fund's investment strategy, and performing certain ETF-related services. In addition, the Trustees noted that BFA is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and BFA's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and BFA's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and BFA's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and BFA's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under a separate agreement covering pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally State Street Bank and Trust Company, each fund's transfer agent and custodian; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending, under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considered each fund's tracking error versus its benchmark index. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The Board also considered information on each fund's bid-ask spread and premium/discount.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on net performance (after fees and expenses) of the fund compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered each fund's all-inclusive fee rate and also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under each fund's all-inclusive arrangement. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.**

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund

---

| | |
|:---|:---|
| **85** | ***Annual Report*** |

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[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract – continued

(referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that each fund's total expense ratio ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded 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 the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.**

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of BFA's relationship with each fund and BFA's representation that it did not realize any fall-out benefits as a result of its relationship with each fund.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

---

| | |
|:---|:---|
|  ***Annual Report*** | **86** |

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[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

**Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.**

**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 advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through May 31, 2026.**

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| | |
|:---|:---|
| **87** | ***Annual Report*** |

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[**Table of Contents**](#JOB_Patri_005bf30d-a90d-4ac6-a12c-ab5c28990672_TOC)

![](g79234img2f109bbd2.jpg)

<sub>EXT-ANN-0925</sub>

<sub>1.9584796.111</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>Purchase 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 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 trust's 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>

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| | | |
|:---|:---|:---|
| (a) | (1) | [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](d79234dex99codeeth.htm) |
| (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.](d79234dex99cert.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.](d79234dex99906cert.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

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| | |
|:---|:---|
| By: | /s/ Stacie M. Smith |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | September 22, 2025 |

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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.

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| | |
|:---|:---|
| By: | /s/ Stacie M. Smith |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | September 22, 2025 |

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| | |
|:---|:---|
| By: | /s/ Stephanie Caron |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | September 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## 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

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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: September 22, 2025

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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

------

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: September 22, 2025

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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: September 22, 2025

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| |
|:---|
| /s/ Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

Dated: September 22, 2025

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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.