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
Semi-Annual Report
January 31, 2022
 
 

Contents
Note to Shareholders 3  
Investment Summary 4  
Schedule of Investments 15  
Financial Statements 64  
Notes to Financial Statements 87  
Shareholder Expense Example 92  
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 http://www.sec.gov. 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.
© 2022 FMR LLC. All Rights reserved.    
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
 Semi-Annual Report 2

Table of Contents
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
3 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Communication Services Index ETF
Investment Summary (Unaudited)    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Facebook, Inc. Class A 17.4
Alphabet, Inc. Class A 11.6
Alphabet, Inc. Class C 10.9
The Walt Disney Co. 5.7
Verizon Communications, Inc. 4.9
AT&T, Inc. 4.8
Comcast Corp. Class A 4.7
Netflix, Inc. 3.1
Charter Communications, Inc. Class A 2.2
T-Mobile US, Inc. 2.0
  67.3
 
Industries as of January 31, 2022
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 4

Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Amazon.com, Inc. 21.0
Tesla, Inc. 13.5
The Home Depot, Inc. 7.0
McDonald's Corp. 3.5
NIKE, Inc. Class B 3.4
Lowe's Cos., Inc. 3.0
Starbucks Corp. 2.1
Target Corp. 2.0
Booking Holdings, Inc. 1.9
The TJX Cos., Inc. 1.6
  59.0
 
Industries as of January 31, 2022
* Includes short-term investments and net other assets.
 
5 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
The Procter & Gamble Co. 13.9
The Coca-Cola Co. 8.4
PepsiCo, Inc. 8.1
Costco Wholesale Corp. 7.5
Walmart, Inc. 7.2
Philip Morris International, Inc. 4.8
Mondelez International, Inc. Class A 3.8
Altria Group, Inc. 3.7
The Estee Lauder Cos., Inc. Class A 2.9
Colgate-Palmolive Co. 2.7
  63.0
 
Industries as of January 31, 2022
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 6

Table of Contents
Fidelity® MSCI Energy Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Exxon Mobil Corp. 21.3
Chevron Corp. 16.8
ConocoPhillips 7.9
EOG Resources, Inc. 4.3
Schlumberger N.V. 3.6
Pioneer Natural Resources Co. 3.4
Marathon Petroleum Corp. 3.0
Phillips 66 2.5
The Williams Cos., Inc. 2.4
Kinder Morgan, Inc. 2.4
  67.6
 
Industries as of January 31, 2022
* Includes short-term investments and net other assets.
 
7 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Financials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
JPMorgan Chase & Co. 8.4
Berkshire Hathaway, Inc. Class B 7.8
Bank of America Corp. 6.6
Wells Fargo & Co. 4.1
Morgan Stanley 2.6
Citigroup, Inc. 2.5
The Charles Schwab Corp. 2.4
BlackRock, Inc. 2.3
American Express Co. 2.3
Goldman Sachs Group, Inc. 2.3
  41.3
 
Industries as of January 31, 2022
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 8

Table of Contents
Fidelity® MSCI Health Care Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Johnson & Johnson 7.8
UnitedHealth Group, Inc. 7.6
Pfizer, Inc. 5.1
AbbVie, Inc. 4.1
Thermo Fisher Scientific, Inc. 3.9
Abbott Laboratories 3.9
Merck & Co., Inc. 3.5
Eli Lilly & Co. 3.4
Danaher Corp. 3.1
Bristol-Myers Squibb Co. 2.5
  44.9
 
Industries as of January 31, 2022
* Includes short-term investments and net other assets.
 
9 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Industrials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Union Pacific Corp. 4.1
United Parcel Service, Inc. Class B 3.8
Honeywell International, Inc. 3.6
Raytheon Technologies Corp. 3.5
The Boeing Co. 2.8
Deere & Co. 2.8
Caterpillar, Inc. 2.8
General Electric Co. 2.6
Lockheed Martin Corp. 2.5
3M Co. 2.4
  30.9
 
Industries as of January 31, 2022
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 10

Table of Contents
Fidelity® MSCI Information Technology Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Apple, Inc. 23.0
Microsoft Corp. 17.6
NVIDIA Corp. 4.9
Visa, Inc. Class A 3.0
Mastercard, Inc. Class A 2.7
Adobe, Inc. 2.0
Broadcom, Inc. 1.9
Cisco Systems, Inc. 1.9
Salesforce.com, Inc. 1.8
Accenture PLC Class A 1.8
  60.6
 
Industries as of January 31, 2022
* Includes short-term investments and net other assets.
 
11 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Materials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Linde PLC 13.1
The Sherwin-Williams Co. 5.7
Air Products & Chemicals, Inc. 5.0
Freeport-McMoRan, Inc. 4.4
Newmont Corp. 3.9
Ecolab, Inc. 3.9
Dow, Inc. 3.5
DuPont de Nemours, Inc. 3.2
PPG Industries, Inc. 3.0
Corteva, Inc. 2.8
  48.5
 
Industries as of January 31, 2022
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 12

Table of Contents
Fidelity® MSCI Real Estate Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Prologis, Inc. 7.3
American Tower Corp. 7.3
Crown Castle International Corp. 5.0
Equinix, Inc. 4.1
Public Storage 3.6
Simon Property Group, Inc. 3.1
Digital Realty Trust, Inc. 2.7
Realty Income Corp. 2.4
Welltower, Inc. 2.3
SBA Communications Corp. 2.3
  40.1
 
Industries as of January 31, 2022
* Includes short-term investments and net other assets.
 
13 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Utilities Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
NextEra Energy, Inc. 13.6
Duke Energy Corp. 7.2
The Southern Co. 6.5
Dominion Energy, Inc. 5.8
Exelon Corp. 5.0
American Electric Power Co., Inc. 4.0
Sempra Energy 3.9
Xcel Energy, Inc. 3.3
Public Service Enterprise Group, Inc. 3.0
Eversource Energy 2.7
  55.0
 
Industries as of January 31, 2022
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 14

Table of Contents
Fidelity® MSCI Communication Services Index ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.9% 
    Shares Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 13.3% 
Alternative Carriers – 3.0%
Anterix, Inc. (a) 9,806 $ 502,656
Bandwidth, Inc. Class A (a) 16,748 1,048,592
Cogent Communications Holdings, Inc. 33,437 2,126,928
EchoStar Corp. Class A (a) 31,847 754,455
Globalstar, Inc. (a) 540,114 577,922
Iridium Communications, Inc. (a) 91,492 3,282,733
Liberty Global PLC Class A (a) 122,448 3,320,790
Liberty Global PLC Class C (a) 171,869 4,647,338
Liberty Latin America Ltd. Class A (a) 41,796 457,248
Liberty Latin America Ltd. Class C (a) 123,401 1,333,965
Lumen Technologies, Inc. 431,012 5,327,308
      23,379,935
Integrated Telecommunication Services – 10.3%
AT&T, Inc. 1,480,506 37,752,903
ATN International, Inc. 10,099 400,728
Consolidated Communications Holdings, Inc. (a) 62,189 447,139
Frontier Communications Parent, Inc. (a) 122,051 3,253,879
IDT Corp. Class B (a) 16,539 620,709
Radius Global Infrastructure, Inc. (a) 49,346 679,001
Verizon Communications, Inc. 721,174 38,388,092
      81,542,451
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 104,922,386
ENTERTAINMENT – 17.5% 
Interactive Home Entertainment – 4.8%
Activision Blizzard, Inc. 193,645 15,299,891
Electronic Arts, Inc. 76,770 10,184,308
Skillz, Inc. (a) 64,092 308,282
Take-Two Interactive Software, Inc. (a) 39,231 6,407,992
Zynga, Inc. Class A (a) 609,624 5,529,290
      37,729,763
Movies & Entertainment – 12.7%
AMC Entertainment Holdings, Inc. Class A (a) 167,886 2,696,249
Cinemark Holdings, Inc. (a) 74,918 1,131,262
CuriosityStream, Inc. (a) 12,836 56,863
IMAX Corp. (a) 37,290 643,253
Liberty Media Corp-Liberty Braves Class A (a) 7,660 214,863
Liberty Media Corp-Liberty Braves Class C (a) 31,037 837,999
Liberty Media Corp-Liberty Formula One Class C (a) 90,714 5,463,704
   
    Shares Value
Lions Gate Entertainment Corp. Class A (a) 43,711 $ 685,388
Lions Gate Entertainment Corp. Class B (a) 90,616 1,321,181
Live Nation Entertainment, Inc. (a) 59,672 6,534,681
Madison Square Garden Entertainment Corp. (a) 18,183 1,287,902
Madison Square Garden Sports Corp. Class A (a) 11,496 1,909,141
Netflix, Inc. (a) 57,741 24,663,491
Roku, Inc. (a) 33,817 5,547,679
The Marcus Corp. (a) 15,124 254,839
The Walt Disney Co. (a) 317,444 45,384,969
World Wrestling Entertainment, Inc. Class A 35,202 1,757,988
      100,391,452
TOTAL ENTERTAINMENT 138,121,215
INTERACTIVE MEDIA & SERVICES – 46.8% 
Interactive Media & Services – 46.8%
Alphabet, Inc. Class A (a) 33,872 91,660,003
Alphabet, Inc. Class C (a) 31,566 85,669,177
Angi, Inc. (a) 51,458 441,510
Bumble, Inc. Class A (a) 52,976 1,563,322
Cargurus, Inc. (a) 60,779 1,938,850
Cars.com, Inc. (a) 52,160 812,653
Eventbrite, Inc. Class A (a) 52,325 749,817
EverQuote, Inc. Class A (a) 12,466 205,190
Facebook, Inc. Class A (a) 436,961 136,882,403
fuboTV, Inc. (a) 32,603 350,156
IAC/InterActive Corp. (a) 37,367 5,102,090
j2 Global, Inc. (a) 32,872 3,453,532
Match Group, Inc. (a) 69,971 7,885,732
MediaAlpha, Inc. Class A (a) 9,897 146,971
Pinterest, Inc. Class A (a) 169,915 5,022,688
QuinStreet, Inc. (a) 37,812 608,395
Snap, Inc. Class A (a) 252,613 8,220,027
TripAdvisor, Inc. (a) 75,068 2,038,096
TrueCar, Inc. (a) 67,219 231,233
Twitter, Inc. (a) 209,136 7,844,692
Vimeo, Inc. (a) 109,031 1,597,304
Yelp, Inc. (a) 56,104 1,937,832
ZipRecruiter, Inc. (a) 16,558 359,143
ZoomInfo Technologies, Inc. Class A (a) 78,942 4,172,874
TOTAL INTERACTIVE MEDIA & SERVICES 368,893,690
MEDIA – 19.9% 
Advertising – 2.5%
Advantage Solutions, Inc. (a) 46,476 338,345
Boston Omaha Corp. Class A (a) 12,281 324,096
 
See accompanying notes which are an integral part of the financial statements.
15 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Communication Services Index ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
    Shares Value
MEDIA – continued
Advertising – continued
Cardlytics, Inc. (a) 24,199 $ 1,623,753
Clear Channel Outdoor Holdings, Inc. (a) 238,020 728,341
Loyalty Ventures, Inc. (a) 14,449 423,500
Magnite, Inc. (a) 90,804 1,232,210
Omnicom Group, Inc. 85,963 6,478,172
PubMatic, Inc. (a) 5,112 125,500
Stagwell, Inc. (a) 44,382 331,534
TechTarget, Inc. (a) 18,993 1,575,279
The Interpublic Group of Cos., Inc. 160,671 5,710,247
Thryv Holdings, Inc. (a) 13,517 438,356
      19,329,333
Broadcasting – 4.9%
AMC Networks, Inc. Class A (a) 20,631 879,500
Discovery, Inc. Class A (a) 126,552 3,532,066
Discovery, Inc. Class C (a) 181,859 4,973,844
Entercom Communications Corp. (a) 81,780 197,908
Fox Corp. Class A 136,186 5,530,513
Fox Corp. Class B 108,595 4,037,562
Gray Television, Inc. 61,007 1,271,996
Hemisphere Media Group, Inc. (a) 12,622 81,917
iHeartMedia, Inc. Class A (a) 88,083 1,774,872
Nexstar Media Group, Inc. Class A 26,684 4,413,000
Sinclair Broadcast Group, Inc. Class A 37,235 1,023,218
TEGNA, Inc. 161,893 3,134,248
The E.W. Scripps Co. Class A 40,121 822,481
ViacomCBS, Inc. Class B 197,829 6,617,380
      38,290,505
Cable & Satellite – 11.1%
Altice USA, Inc. Class A (a) 168,423 2,428,660
Cable One, Inc. 2,805 4,332,968
Charter Communications, Inc. Class A (a) 29,584 17,553,370
Comcast Corp. Class A 745,195 37,252,298
DISH Network Corp. Class A (a) 130,987 4,112,992
Liberty Broadband Corp. Class A (a) 19,466 2,848,849
Liberty Broadband Corp. Class C (a) 47,258 7,013,560
Liberty Media Corp-Liberty SiriusXM Class A (a) 63,937 2,957,086
Liberty Media Corp-Liberty SiriusXM Class C (a) 92,423 4,300,442
   
    Shares Value
Sirius XM Holdings, Inc. 668,388 $ 4,250,948
WideOpenWest, Inc. (a) 39,337 732,061
      87,783,234
Publishing – 1.4%
Gannett Co., Inc. (a) 94,735 460,412
John Wiley & Sons, Inc. Class A 34,652 1,758,589
News Corp. Class A 206,335 4,588,891
Scholastic Corp. 20,818 853,954
The New York Times Co. Class A 92,874 3,717,746
      11,379,592
TOTAL MEDIA 156,782,664
WIRELESS TELECOMMUNICATION SERVICES – 2.4% 
Wireless Telecommunication Services – 2.4%
Gogo, Inc. (a) 37,448 466,228
Shenandoah Telecommunications Co. 39,168 891,855
Telephone & Data Systems, Inc. 76,722 1,519,096
T-Mobile US, Inc. (a) 143,862 15,561,552
United States Cellular Corp. (a) 12,600 385,812
TOTAL WIRELESS TELECOMMUNICATION SERVICES 18,824,543
TOTAL COMMON STOCKS
(Cost $693,898,585) 		787,544,498
Money Market Fund – 0.1% 
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $1,088,000) 		1,088,000 1,088,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $694,986,585) 		788,632,498
NET OTHER ASSETS (LIABILITIES) – 0.0% 2,367
NET ASSETS – 100.0% $ 788,634,865
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 16

Table of Contents
Futures Contracts
  Number of
contracts 		Expiration
Date 		Notional
Amount 		Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
CME E-mini S&P Communication Services Select Sector Index Contracts (United States) 11 March 2022 $1,062,600 $(35,355) $(35,355)
The notional amount of futures purchased as a percentage of Net Assets is 0.1%
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2022, 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   Total   Level 1   Level 2 Level 3  
Investments in Securities:                
Common Stocks   $ 787,544,498   $ 787,544,498   $ — $ —  
Money Market Funds   1,088,000   1,088,000   — —  
Total Investments in Securities:   $ 788,632,498   $ 788,632,498   $ — $ —  
Derivative Instruments:                
Liabilities                
Futures Contracts   $ (35,355)   $ (35,355)   $ — $ —  
Total Liabilities   $ (35,355)   $ (35,355)   $ — $ —  
Total Derivative Instruments:   $ (35,355)   $ (35,355)   $ — $ —  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type Value
  Asset   Liabilities
Equity Risk      
Futures Contracts(a) $0   $(35,355)
Total Equity Risk 0   (35,355)
Total Value of Derivatives $0   $(35,355)
    
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
17 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.9% 
    Shares Value
AUTO COMPONENTS – 2.5% 
Auto Parts & Equipment – 2.4%
Adient PLC (a) 36,345 $ 1,525,400
American Axle & Manufacturing Holdings, Inc. (a) 74,467 606,161
Aptiv PLC (a) 81,582 11,142,470
Autoliv, Inc. 28,916 2,863,841
BorgWarner, Inc. 81,492 3,573,424
Dana, Inc. 59,725 1,293,644
Dorman Products, Inc. (a) 12,159 1,138,447
Fox Factory Holding Corp. (a) 15,312 2,037,568
Gentex Corp. 84,057 2,639,390
Gentherm, Inc. (a) 15,316 1,338,465
Holley, Inc. (a) 3,963 46,922
LCI Industries 10,617 1,307,696
Lear Corp. 19,383 3,243,164
Luminar Technologies, Inc. (a) 6,844 100,196
Modine Manufacturing Co. (a) 4,847 44,350
Patrick Industries, Inc. 1,093 70,389
Standard Motor Products, Inc. 15,328 733,751
Stoneridge, Inc. (a) 20,990 396,081
Tenneco, Inc. Class A (a) 54,524 572,502
Veoneer, Inc. (a) 44,445 1,564,909
Visteon Corp. (a) 11,087 1,125,441
XPEL, Inc. (a) 1,798 112,123
      37,476,334
Tires & Rubber – 0.1%
The Goodyear Tire & Rubber Co. (a) 114,795 2,379,700
TOTAL AUTO COMPONENTS 39,856,034
AUTOMOBILES – 16.6% 
Automobile Manufacturers – 16.5%
Canoo, Inc. (a) 17,096 104,628
Electric Last Mile Solutions, Inc. (a) 12,023 62,640
Faraday Future Intelligent Electric, Inc. (a) 10,665 45,646
Fisker, Inc. (a) 6,284 74,214
Ford Motor Co. 1,155,709 23,460,893
General Motors Co. (a) 383,845 20,240,147
Lucid Group, Inc. (a) 1,116 32,799
Rivian Automotive, Inc. (a) 1,794 117,938
Tesla, Inc. (a) 226,932 212,571,743
Thor Industries, Inc. 19,765 1,869,571
Winnebago Industries, Inc. 15,166 978,510
      259,558,729
Motorcycle Manufacturers – 0.1%
Harley-Davidson, Inc. 55,244 1,909,785
TOTAL AUTOMOBILES 261,468,514
   
    Shares Value
DISTRIBUTORS – 1.1% 
Distributors – 1.1%
Funko, Inc. Class A (a) 3,237 $ 55,936
Genuine Parts Co. 46,300 6,168,549
LKQ Corp. 93,979 5,158,507
Pool Corp. 12,744 6,069,330
      17,452,322
Internet Retail – 0.0%
ThredUp, Inc. (a) 6,728 62,368
TOTAL DISTRIBUTORS 17,514,690
DIVERSIFIED CONSUMER SERVICES – 1.3% 
Education Services – 0.6%
Adtalem Global Education, Inc. (a) 25,671 755,241
American Public Education, Inc. (a) 18,531 396,378
Bright Horizons Family Solutions, Inc. (a) 20,193 2,592,983
Coursera, Inc. (a) 6,571 133,457
Duolingo, Inc. (a) 1,005 100,510
Graham Holdings Co. Class B 1,885 1,121,801
Grand Canyon Education, Inc. (a) 17,647 1,476,701
Houghton Mifflin Harcourt Co. (a) 5,897 106,205
Laureate Education, Inc. Class A 56,581 715,749
Perdoceo Education Corp. (a) 47,354 521,841
PowerSchool Holdings, Inc. (a) 4,734 77,543
Strategic Education, Inc. 10,242 611,038
Stride, Inc. (a) 26,469 928,268
      9,537,715
Specialized Consumer Services – 0.7%
Carriage Services, Inc. 16,381 824,292
European Wax Center, Inc. (a) 4,050 98,982
Frontdoor, Inc. (a) 32,318 1,173,143
H&R Block, Inc. 75,003 1,714,569
Mister Car Wash, Inc. (a) 7,598 130,686
OneSpaWorld Holdings Ltd. (a) 69,417 716,383
Rover Group, Inc. (a) 12,557 81,997
Service Corp. International 57,448 3,545,691
Terminix Global Holdings, Inc. (a) 47,090 2,031,463
The Beachbody Co., Inc. (a) 27,693 50,401
WW International, Inc. (a) 32,495 409,437
      10,777,044
TOTAL DIVERSIFIED CONSUMER SERVICES 20,314,759
HOTELS, RESTAURANTS & LEISURE – 17.3% 
Casinos & Gaming – 2.0%
Accel Entertainment, Inc. (a) 51,436 648,608
Bally's Corp. (a) 18,921 676,237
Boyd Gaming Corp. (a) 31,724 1,886,309
Caesars Entertainment, Inc. (a) 59,480 4,528,807
Churchill Downs, Inc. 12,416 2,611,085
Everi Holdings, Inc. (a) 52,764 1,043,144
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 18

Table of Contents
Common Stocks – continued 
    Shares Value
HOTELS, RESTAURANTS & LEISURE – continued
Casinos & Gaming – continued
Golden Entertainment, Inc. (a) 1,358 $ 61,083
Golden Nugget Online Gaming, Inc. (a) 11,932 95,933
Las Vegas Sands Corp. (a) 108,762 4,763,776
MGM Resorts International 128,282 5,480,207
Monarch Casino & Resort, Inc. (a) 10,436 645,988
Penn National Gaming, Inc. (a) 55,280 2,521,321
Red Rock Resorts, Inc. Class A 31,902 1,420,277
Rush Street Interactive, Inc. (a) 8,955 90,804
Scientific Games Corp. Class A (a) 25,610 1,477,697
Wynn Resorts Ltd. (a) 33,829 2,890,688
      30,841,964
Hotels, Resorts & Cruise Lines – 5.7%
Airbnb, Inc. Class A (a) 12,499 1,924,471
Booking Holdings, Inc. (a) 11,986 29,439,174
Carnival Corp. (a) 224,109 4,439,599
Choice Hotels International, Inc. 14,323 2,053,918
Expedia Group, Inc. (a) 42,954 7,873,039
Hilton Grand Vacations, Inc. (a) 34,311 1,676,436
Hilton Worldwide Holdings, Inc. (a) 84,979 12,331,303
Hyatt Hotels Corp. Class A (a) 1,323 121,200
Lindblad Expeditions Holdings, Inc. (a) 29,630 499,858
Marriott International, Inc. Class A (a) 84,064 13,544,392
Marriott Vacations Worldwide Corp. 14,720 2,390,234
Membership Collective Group, Inc. (a) 5,858 51,960
Norwegian Cruise Line Holdings Ltd. (a) 135,768 2,828,047
Playa Hotels & Resorts N.V. (a) 91,307 696,672
Royal Caribbean Cruises Ltd. (a) 71,720 5,580,533
Travel + Leisure Co. 32,837 1,865,142
Wyndham Hotels & Resorts, Inc. 33,745 2,832,893
      90,148,871
Leisure Facilities – 0.6%
F45 Training Holdings, Inc. (a) 5,095 63,739
Planet Fitness, Inc. Class A (a) 28,966 2,567,546
SeaWorld Entertainment, Inc. (a) 23,440 1,396,555
Six Flags Entertainment Corp. (a) 31,974 1,262,653
Vail Resorts, Inc. 13,231 3,666,310
      8,956,803
Restaurants – 9.0%
Aramark 78,273 2,683,981
BJ's Restaurants, Inc. (a) 14,809 445,603
Bloomin' Brands, Inc. (a) 37,585 764,103
Brinker International, Inc. (a) 21,072 699,801
Chipotle Mexican Grill, Inc. (a) 8,066 11,982,688
Chuys Holdings, Inc. (a) 1,859 46,865
   
    Shares Value
Cracker Barrel Old Country Store, Inc. 9,276 $ 1,105,143
Darden Restaurants, Inc. 41,677 5,829,362
Dave & Buster's Entertainment, Inc. (a) 22,576 807,995
Denny's Corp. (a) 43,205 669,677
Dine Brands Global, Inc. 9,718 659,366
Domino's Pizza, Inc. 12,204 5,548,548
El Pollo Loco Holdings, Inc. (a) 22,496 300,097
Jack in the Box, Inc. 10,095 919,150
Krispy Kreme, Inc. 3,839 57,547
McDonald's Corp. 214,241 55,584,827
Papa John's International, Inc. 12,667 1,563,741
Ruth's Hospitality Group, Inc. (a) 27,936 559,558
Shake Shack, Inc. Class A (a) 15,197 1,004,066
Starbucks Corp. 340,847 33,512,077
Texas Roadhouse, Inc. 24,212 2,067,463
The Cheesecake Factory, Inc. (a) 20,588 734,580
The Wendy's Co. 73,968 1,703,483
Wingstop, Inc. 11,191 1,715,021
Yum! Brands, Inc. 90,016 11,267,303
      142,232,045
TOTAL HOTELS, RESTAURANTS & LEISURE 272,179,683
HOUSEHOLD DURABLES – 4.8% 
Consumer Electronics – 0.5%
Garmin Ltd. 45,488 5,659,617
GoPro, Inc. Class A (a) 74,291 658,218
Snap One Holdings Corp. (a) 2,323 43,696
Sonos, Inc. (a) 38,712 976,317
Universal Electronics, Inc. (a) 11,091 393,619
      7,731,467
Home Furnishings – 0.6%
Ethan Allen Interiors, Inc. 22,328 562,889
La-Z-Boy, Inc. 23,269 854,205
Leggett & Platt, Inc. 48,536 1,934,160
Mohawk Industries, Inc. (a) 19,984 3,154,874
Tempur Sealy International, Inc. 68,451 2,725,034
The Lovesac Co. (a) 3,390 182,552
      9,413,714
Homebuilding – 3.0%
Cavco Industries, Inc. (a) 4,305 1,159,939
Century Communities, Inc. 15,373 1,012,312
D.R. Horton, Inc. 104,719 9,343,029
Dream Finders Homes, Inc. (a) 2,971 55,379
Green Brick Partners, Inc. (a) 27,108 641,918
Hovnanian Enterprises, Inc. (a) 644 62,391
Installed Building Products, Inc. 10,290 1,140,029
KB Home 33,437 1,412,713
Lennar Corp. Class A 84,897 8,159,451
LGI Homes, Inc. (a) 8,978 1,117,851
See accompanying notes which are an integral part of the financial statements.
19 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
    Shares Value
HOUSEHOLD DURABLES – continued
Homebuilding – continued
M.D.C. Holdings, Inc. 25,008 $ 1,267,656
M/I Homes, Inc. (a) 15,988 847,204
Meritage Homes Corp. (a) 15,613 1,592,994
NVR, Inc. (a) 1,104 5,881,251
PulteGroup, Inc. 87,284 4,598,994
Skyline Champion Corp. (a) 24,415 1,644,106
Taylor Morrison Home Corp. (a) 50,575 1,552,147
Toll Brothers, Inc. 42,823 2,525,272
TopBuild Corp. (a) 11,680 2,717,352
Tri Pointe Homes, Inc. (a) 57,277 1,363,765
      48,095,753
Household Appliances – 0.5%
Cricut, Inc. (a) 2,188 43,279
Helen of Troy Ltd. (a) 9,260 1,938,396
iRobot Corp. (a) 12,134 795,020
Traeger, Inc. (a) 10,037 102,277
Weber, Inc. 13,935 151,055
Whirlpool Corp. 20,482 4,305,111
      7,335,138
Housewares & Specialties – 0.2%
Newell Brands, Inc. 131,853 3,060,308
Tupperware Brands Corp. (a) 4,681 72,181
      3,132,489
TOTAL HOUSEHOLD DURABLES 75,708,561
INTERNET & DIRECT MARKETING RETAIL – 23.7% 
Internet & Direct Marketing Retail – 23.7%
1-800-FLOWERS.com, Inc. Class A (a) 20,324 346,118
Amazon.com, Inc. (a) 110,398 330,252,305
CarParts.com, Inc. (a) 8,435 77,602
Chewy, Inc. Class A (a) 2,864 136,355
ContextLogic, Inc. Class A (a) 36,927 97,857
DoorDash, Inc. Class A (a) 1,089 123,591
Duluth Holdings, Inc. Class B (a) 6,078 91,656
eBay, Inc. 196,321 11,793,002
Etsy, Inc. (a) 37,765 5,932,126
Groupon, Inc. (a) 17,293 528,128
Lands' End, Inc. (a) 15,079 276,398
MercadoLibre, Inc. (a) 13,279 15,032,625
Overstock.com, Inc. (a) 15,834 759,082
PetMed Express, Inc. 16,588 428,468
Porch Group, Inc. (a) 9,397 99,138
Quotient Technology, Inc. (a) 51,549 366,513
Qurate Retail, Inc. Class A 145,394 1,022,120
Revolve Group, Inc. (a) 16,896 833,311
Shutterstock, Inc. 10,446 1,012,949
Stitch Fix, Inc. Class A (a) 23,543 386,812
The Original BARK Co. (a) 28,808 108,606
   
    Shares Value
The RealReal, Inc. (a) 24,763 $ 234,010
Wayfair, Inc. Class A (a) 21,247 3,312,832
      373,251,604
Internet Retail – 0.0%
Xometry, Inc. (a) 1,477 76,213
TOTAL INTERNET & DIRECT MARKETING RETAIL 373,327,817
INTERNET SOFTWARE & SERVICES – 0.0% 
Internet Software & Services – 0.0%
Liquidity Services, Inc. (a) 1,992 37,908
LEISURE PRODUCTS – 1.2% 
Leisure Products – 1.2%
Acushnet Holdings Corp. 19,805 924,893
AMMO, Inc. (a) 13,503 62,654
Brunswick Corp. 27,631 2,508,618
Callaway Golf Co. (a) 46,110 1,100,185
Clarus Corp. 1,689 38,053
Hasbro, Inc. 42,907 3,968,039
Hayward Holdings, Inc. (a) 1,931 38,021
Johnson Outdoors, Inc. Class A 4,740 427,643
Latham Group, Inc. (a) 2,398 39,999
Malibu Boats, Inc. Class A (a) 11,874 779,647
Mattel, Inc. (a) 124,978 2,614,540
Polaris, Inc. 20,566 2,315,526
Smith & Wesson Brands, Inc. 38,434 656,453
Sturm Ruger & Co., Inc. 10,947 735,967
Vinco Ventures, Inc. (a) 22,197 73,028
Vista Outdoor, Inc. (a) 28,404 1,095,826
YETI Holdings, Inc. (a) 29,520 1,935,922
TOTAL LEISURE PRODUCTS 19,315,014
MEDIA – 0.0% 
Broadcasting – 0.0%
Media General, Inc. (a)(b) 7,026 0
MULTILINE RETAIL – 4.2% 
Department Stores – 0.6%
Dillard's, Inc. Class A 4,383 1,112,055
Kohl's Corp. 54,787 3,271,332
Macy's, Inc. 114,356 2,927,514
Nordstrom, Inc. (a) 43,705 983,362
      8,294,263
General Merchandise Stores – 3.6%
Big Lots, Inc. 17,653 739,837
Dollar General Corp. 70,153 14,625,498
Dollar Tree, Inc. (a) 70,687 9,275,548
Franchise Group, Inc. 2,462 123,272
Ollie's Bargain Outlet Holdings, Inc. (a) 22,219 1,065,179
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 20

Table of Contents
Common Stocks – continued 
    Shares Value
MULTILINE RETAIL – continued
General Merchandise Stores – continued
Target Corp. 141,377 $ 31,163,732
      56,993,066
TOTAL MULTILINE RETAIL 65,287,329
SPECIALTY RETAIL – 20.5% 
Apparel Retail – 3.5%
Abercrombie & Fitch Co. Class A (a) 29,954 1,168,206
American Eagle Outfitters, Inc. 59,317 1,354,207
Boot Barn Holdings, Inc. (a) 15,091 1,387,919
Burlington Stores, Inc. (a) 20,819 4,932,646
Caleres, Inc. 2,068 49,591
Citi Trends, Inc. (a) 556 27,088
Designer Brands, Inc. Class A (a) 44,423 585,051
Foot Locker, Inc. 36,242 1,619,293
Genesco, Inc. (a) 13,049 839,442
Guess?, Inc. 27,212 626,420
Ross Stores, Inc. 107,167 10,475,574
Shoe Carnival, Inc. 19,992 682,927
The Buckle, Inc. 19,108 719,225
The Children's Place, Inc. (a) 9,789 692,572
The Gap, Inc. 80,802 1,460,092
The TJX Cos., Inc. 352,213 25,348,770
Urban Outfitters, Inc. (a) 31,144 894,456
Victoria's Secret & Co. (a) 28,780 1,606,787
Zumiez, Inc. (a) 14,651 658,562
      55,128,828
Automotive Retail – 3.5%
Advance Auto Parts, Inc. 21,603 5,001,311
America's Car-Mart, Inc. (a) 4,775 453,243
Arko Corp. (a) 8,759 71,999
Asbury Automotive Group, Inc. (a) 8,780 1,413,317
AutoNation, Inc. (a) 20,138 2,195,042
AutoZone, Inc. (a) 6,567 13,044,360
Camping World Holdings, Inc. Class A 21,884 726,549
CarMax, Inc. (a) 51,610 5,737,484
Carvana Co. (a) 20,486 3,319,961
Group 1 Automotive, Inc. 7,762 1,318,065
Lithia Motors, Inc. 9,862 2,880,986
Monro, Inc. 16,067 799,012
Murphy USA, Inc. 11,047 2,172,503
O'Reilly Automotive, Inc. (a) 20,952 13,655,466
Penske Automotive Group, Inc. 14,623 1,486,135
Sonic Automotive, Inc. Class A 15,608 796,164
TravelCenters of America, Inc. (a) 927 42,253
      55,113,850
Computer & Electronics Retail – 0.6%
Best Buy Co., Inc. 70,129 6,962,407
   
    Shares Value
GameStop Corp. Class A (a) 19,516 $ 2,125,878
Rent-A-Center, Inc. 22,118 932,274
      10,020,559
Home Improvement Retail – 10.2%
Floor & Decor Holdings, Inc. Class A (a) 28,981 3,150,814
GrowGeneration Corp. (a) 11,987 101,170
Lowe's Cos., Inc. 199,017 47,236,685
Lumber Liquidators Holdings, Inc. (a) 3,603 52,027
The Home Depot, Inc. 299,669 109,972,530
      160,513,226
Homefurnishing Retail – 0.6%
Bed Bath & Beyond, Inc. (a) 51,637 838,585
Haverty Furniture Companies, Inc. 15,799 466,386
RH (a) 5,572 2,244,513
Sleep Number Corp. (a) 11,671 834,476
The Aaron's Co., Inc. 13,515 286,113
Williams-Sonoma, Inc. 25,455 4,086,546
      8,756,619
Specialty Stores – 2.1%
Academy Sports & Outdoors, Inc. (a) 2,156 83,868
Bath & Body Works, Inc. 85,019 4,767,015
Dick's Sporting Goods, Inc. 24,354 2,810,452
Five Below, Inc. (a) 18,628 3,054,992
Hibbett, Inc. 11,069 682,404
Leslie's, Inc. (a) 4,199 87,465
MarineMax, Inc. (a) 15,398 724,630
National Vision Holdings, Inc. (a) 34,167 1,396,747
Party City Holdings, Inc. (a) 7,691 36,378
Petco Health & Wellness Co., Inc. (a) 2,181 40,894
Sally Beauty Holdings, Inc. (a) 55,771 957,588
Signet Jewelers Ltd. 23,236 2,001,317
Sportsman's Warehouse Holdings, Inc. (a) 5,004 54,844
The Container Store Group, Inc. (a) 4,205 42,891
The ODP Corp. (a) 24,658 1,090,623
Tractor Supply Co. 36,126 7,886,667
Ulta Beauty, Inc. (a) 16,573 6,028,263
Winmark Corp. 3,032 653,154
      32,400,192
TOTAL SPECIALTY RETAIL 321,933,274
TEXTILES, APPAREL & LUXURY GOODS – 6.7% 
Apparel, Accessories & Luxury Goods – 2.6%
Capri Holdings Ltd. (a) 52,164 3,133,491
Carter's, Inc. 17,101 1,592,445
Columbia Sportswear Co. 12,780 1,186,879
G-III Apparel Group Ltd. (a) 26,501 720,032
See accompanying notes which are an integral part of the financial statements.
21 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
    Shares Value
TEXTILES, APPAREL & LUXURY GOODS – continued
Apparel, Accessories & Luxury Goods – continued
Hanesbrands, Inc. 125,100 $ 2,014,110
Kontoor Brands, Inc. 21,585 1,063,925
Levi Strauss & Co. Class A 33,697 738,975
Lululemon Athletica, Inc. (a) 35,848 11,964,629
Movado Group, Inc. 1,731 64,168
Oxford Industries, Inc. 10,078 830,326
PVH Corp. 25,236 2,397,672
Ralph Lauren Corp. 17,951 1,989,689
Tapestry, Inc. 92,521 3,511,172
Under Armour, Inc. Class A (a) 73,555 1,385,041
Under Armour, Inc. Class C (a) 83,133 1,329,297
VF Corp. 102,756 6,700,719
      40,622,570
Footwear – 4.1%
Crocs, Inc. (a) 23,233 2,384,170
Deckers Outdoor Corp. (a) 9,597 3,073,247
NIKE, Inc. Class B 365,738 54,154,826
Skechers U.S.A., Inc. Class A (a) 50,163 2,106,846
Steven Madden Ltd. 34,437 1,416,738
Wolverine World Wide, Inc. 35,510 940,660
      64,076,487
TOTAL TEXTILES, APPAREL & LUXURY GOODS 104,699,057
TOTAL COMMON STOCKS
(Cost $1,316,246,341) 		1,571,642,640
Money Market Fund – 0.1% 
    Shares Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (c)
(Cost $1,810,000) 		1,810,000 $ 1,810,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $1,318,056,341) 		1,573,452,640
NET OTHER ASSETS (LIABILITIES) – 0.0% 661,265
NET ASSETS – 100.0% $1,574,113,905
    
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.
 
Futures Contracts
  Number of
contracts 		Expiration
Date 		Notional
Amount 		Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contracts          
CME E-mini Russell 2000 Index Contracts (United States) 4 March 2022 $ 404,880 $ (22,414) $ (22,414)
CME E-mini S&P Consumer Discretionary Select Sector Index Contracts (United States) 10 March 2022 1,866,400 (114,692) (114,692)
Total Equity Index Contracts         $ (137,106)
The notional amount of futures purchased as a percentage of Net Assets is 0.1%
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 22

Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2022, 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   Total   Level 1   Level 2 Level 3  
Investments in Securities:                
Common Stocks   $ 1,571,642,640   $ 1,571,642,640   $ — $ —  
Money Market Funds   1,810,000   1,810,000   — —  
Total Investments in Securities:   $ 1,573,452,640   $ 1,573,452,640   $ — $ —  
Derivative Instruments:                
Liabilities                
Futures Contracts   $ (137,106)   $ (137,106)   $ — $ —  
Total Liabilities   $ (137,106)   $ (137,106)   $ — $ —  
Total Derivative Instruments:   $ (137,106)   $ (137,106)   $ — $ —  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type Value
  Asset   Liabilities
Equity Risk      
Futures Contracts(a) $0   $(137,106)
Total Equity Risk 0   (137,106)
Total Value of Derivatives $0   $(137,106)
    
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
23 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% 
    Shares Value
BEVERAGES – 22.8% 
Brewers – 0.6%
Molson Coors Beverage Co. Class B 84,919 $4,047,239
The Boston Beer Co., Inc. Class A (a) 4,508 1,897,102
      5,944,341
Distillers & Vintners – 2.7%
Brown-Forman Corp. Class B 125,682 8,474,737
Constellation Brands, Inc. Class A 66,673 15,851,506
MGP Ingredients, Inc. 15,865 1,200,346
The Duckhorn Portfolio, Inc. (a) 30,431 607,403
      26,133,992
Soft Drinks – 19.5%
Celsius Holdings, Inc. (a) 22,242 1,061,611
Coca-Cola Bottling Co. Consolidated 3,540 2,028,420
Keurig Dr Pepper, Inc. 283,809 10,770,551
Monster Beverage Corp. (a) 159,607 13,841,119
National Beverage Corp. 26,533 1,185,229
PepsiCo, Inc. 448,708 77,859,812
The Coca-Cola Co. 1,333,804 81,375,382
      188,122,124
TOTAL BEVERAGES 220,200,457
FOOD & STAPLES RETAILING – 22.1% 
Drug Retail – 1.6%
Rite Aid Corp. (a) 71,231 755,761
Walgreens Boots Alliance, Inc. 293,764 14,617,697
      15,373,458
Food Distributors – 2.9%
Performance Food Group Co. (a) 75,191 3,172,308
SpartanNash Co. 47,023 1,155,355
Sysco Corp. 199,916 15,623,435
The Andersons, Inc. 34,067 1,297,953
The Chefs' Warehouse, Inc. (a) 36,859 1,099,873
United Natural Foods, Inc. (a) 48,999 1,900,181
US Foods Holding Corp. (a) 99,862 3,521,134
      27,770,239
Food Retail – 2.3%
Casey's General Stores, Inc. 17,168 3,224,322
Grocery Outlet Holding Corp. (a) 57,868 1,468,690
Ingles Markets, Inc. Class A 18,189 1,399,280
Sprouts Farmers Market, Inc. (a) 71,269 1,934,241
The Kroger Co. 298,177 12,997,535
Weis Markets, Inc. 18,393 1,107,994
      22,132,062
Hypermarkets & Super Centers – 15.3%
BJ's Wholesale Club Holdings, Inc. (a) 64,852 3,986,452
Costco Wholesale Corp. 143,521 72,496,763
PriceSmart, Inc. 17,553 1,253,460
   
    Shares Value
Walmart, Inc. 498,504 $ 69,695,844
      147,432,519
TOTAL FOOD & STAPLES RETAILING 212,708,278
FOOD PRODUCTS – 20.1% 
Agricultural Products – 3.3%
AppHarvest, Inc. (a) 82,536 246,782
Archer-Daniels-Midland Co. 224,394 16,829,550
Bunge Ltd. 62,152 6,144,347
Darling Ingredients, Inc. (a) 74,187 4,730,905
Fresh Del Monte Produce, Inc. 34,763 967,454
Ingredion, Inc. 32,804 3,106,539
      32,025,577
Packaged Foods & Meats – 16.8%
B&G Foods, Inc. 46,726 1,453,179
Beyond Meat, Inc. (a) 26,972 1,756,686
Calavo Growers, Inc. 19,961 826,585
Cal-Maine Foods, Inc. 32,249 1,257,711
Campbell Soup Co. 88,965 3,925,136
Conagra Brands, Inc. 200,056 6,953,947
Flowers Foods, Inc. 102,012 2,869,598
Freshpet, Inc. (a) 22,055 2,051,777
General Mills, Inc. 238,916 16,408,751
Hormel Foods Corp. 125,303 5,948,133
Hostess Brands, Inc. (a) 90,843 1,864,098
J&J Snack Foods Corp. 9,817 1,489,141
John B Sanfilippo & Son, Inc. 11,037 873,027
Kellogg Co. 106,099 6,684,237
Lamb Weston Holdings, Inc. 64,703 4,154,580
Lancaster Colony Corp. 10,779 1,711,382
McCormick & Co., Inc. (non-vtg.) 100,608 10,091,988
Mission Produce, Inc. (a) 21,115 301,311
Mondelez International, Inc. Class A 546,219 36,613,060
Pilgrim's Pride Corp. (a) 42,725 1,195,018
Post Holdings, Inc. (a) 28,516 3,017,563
Sanderson Farms, Inc. 11,095 2,041,480
Seaboard Corp. 284 1,084,877
Tattooed Chef, Inc. (a) 56,606 718,896
The Hain Celestial Group, Inc. (a) 60,800 2,221,024
The Hershey Co. 59,695 11,764,094
The JM Smucker Co. 46,800 6,579,144
The Kraft Heinz Co. 270,362 9,678,960
The Simply Good Foods Co. (a) 56,069 1,975,311
Tootsie Roll Industries, Inc. 23,691 804,309
TreeHouse Foods, Inc. (a) 39,298 1,522,011
Tyson Foods, Inc. Class A 118,424 10,763,557
Utz Brands, Inc. 60,395 972,963
Vital Farms, Inc. (a) 23,936 395,662
      161,969,196
TOTAL FOOD PRODUCTS 193,994,773
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 24

Table of Contents
Common Stocks – continued 
    Shares Value
HOUSEHOLD PRODUCTS – 21.4% 
Household Products – 21.4%
Central Garden and Pet Co. (a) 14,352 $ 665,789
Central Garden and Pet Co. Class A (a) 31,720 1,374,428
Church & Dwight Co., Inc. 103,281 10,601,795
Colgate-Palmolive Co. 314,641 25,942,150
Energizer Holdings, Inc. 40,017 1,505,039
Kimberly-Clark Corp. 134,507 18,514,889
Reynolds Consumer Products, Inc. 46,348 1,402,954
Spectrum Brands Holdings, Inc. 25,924 2,317,087
The Clorox Co. 51,767 8,689,609
The Procter & Gamble Co. 833,503 133,735,556
WD-40 Co. 8,694 1,932,328
TOTAL HOUSEHOLD PRODUCTS 206,681,624
PERSONAL PRODUCTS – 4.4% 
Personal Products – 4.4%
BellRing Brands, Inc. Class A (a) 35,695 869,530
Coty, Inc. Class A (a) 188,274 1,596,564
Edgewell Personal Care Co. 34,500 1,580,100
elf Beauty, Inc. (a) 40,383 1,193,722
Herbalife Nutrition Ltd. (a) 56,160 2,387,362
Inter Parfums, Inc. 15,732 1,556,996
Medifast, Inc. 7,437 1,477,806
Nu Skin Enterprises, Inc. Class A 31,791 1,532,008
The Beauty Health Co. (a) 46,591 661,592
The Estee Lauder Cos., Inc. Class A 88,658 27,642,678
The Honest Co., Inc. (a) 40,670 263,948
USANA Health Sciences, Inc. (a) 11,561 1,105,000
Veru, Inc. (a) 95,397 496,065
TOTAL PERSONAL PRODUCTS 42,363,371
   
    Shares Value
TOBACCO – 8.9% 
Tobacco – 8.9%
Altria Group, Inc. 705,122 $ 35,876,608
Philip Morris International, Inc. 455,712 46,869,979
Turning Point Brands, Inc. 21,339 751,773
Universal Corp. 22,933 1,248,243
Vector Group Ltd. 95,408 1,059,983
TOTAL TOBACCO 85,806,586
TOTAL COMMON STOCKS
(Cost $817,375,313) 		961,755,089
Money Market Fund – 0.2% 
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $1,650,000) 		1,650,000 1,650,000
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $819,025,313) 		963,405,089
NET OTHER ASSETS (LIABILITIES) – 0.1% 1,262,459
NET ASSETS – 100.0% $ 964,667,548
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Futures Contracts
  Number of
contracts 		Expiration
Date 		Notional
Amount 		Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contracts          
CME E-mini Russell 2000 Index Contracts (United States) 1 March 2022 $ 101,220