Fidelity® Blue Chip Growth ETF
Fidelity® Blue Chip Value ETF
Fidelity® Growth Opportunities ETF
Fidelity® Magellan ETF
Fidelity® New Millennium ETF
Fidelity® Real Estate Investment ETF
Fidelity® Small-Mid Cap Opportunities ETF
Fidelity® Sustainable U.S. Equity ETF
(formerly Fidelity® Sustainability U.S. Equity ETF)
Fidelity® Women's Leadership ETF
Semi-Annual Report
January 31, 2022


Contents
Note to Shareholders 3  
Investment Summary 4  
Schedule of Investments 13  
Financial Statements 46  
Notes to Financial Statements 66  
Shareholder Expense Example 71  
Board Approval of Investment Advisory Contracts and Management Fees 74  
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.
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® Blue Chip Growth ETF
Investment Summary (Unaudited)    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Apple, Inc. 11.2
Microsoft Corp. 7.7
Alphabet, Inc. Class A 7.1
Amazon.com, Inc. 7.0
NVIDIA Corp. 5.9
Facebook, Inc. Class A 4.6
Tesla, Inc. 3.9
Marvell Technology, Inc. 3.4
Lowe's Cos., Inc. 1.8
Salesforce.com, Inc. 1.7
  54.3
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 41.3
Consumer Discretionary 27.3
Communication Services 15.0
Health Care 5.9
Industrials 4.8
 
Asset Allocation as of January 31, 2022
* Foreign investments – 5.2%
 Semi-Annual Report 4


Table of Contents
Fidelity® Blue Chip Value ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Berkshire Hathaway, Inc. Class B 4.9
Exxon Mobil Corp. 3.5
Comcast Corp. Class A 3.1
Bank of America Corp. 3.1
UnitedHealth Group, Inc. 3.0
The Procter & Gamble Co. 2.9
Centene Corp. 2.6
Alphabet, Inc. Class A 2.6
Cigna Corp. 2.6
JPMorgan Chase & Co. 2.6
  30.9
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Financials 22.0
Health Care 19.3
Utilities 11.4
Communication Services 10.0
Industrials 8.6
 
Asset Allocation as of January 31, 2022
* Foreign investments – 11.6%
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Table of Contents
Fidelity® Growth Opportunities ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Microsoft Corp. 8.9
Amazon.com, Inc. 7.1
Alphabet, Inc. Class C 6.4
NVIDIA Corp. 4.0
Facebook, Inc. Class A 3.1
Carvana Co. 3.0
Alphabet, Inc. Class A 3.0
Apple, Inc. 2.5
Roku, Inc. 2.4
T-Mobile US, Inc. 2.3
  42.7
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 43.2
Communication Services 22.5
Consumer Discretionary 16.2
Health Care 8.5
Industrials 3.3
 
Asset Allocation as of January 31, 2022
* Foreign investments – 10.0%
 Semi-Annual Report 6


Table of Contents
Fidelity® Magellan ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Apple, Inc. 8.3
Microsoft Corp. 7.4
Amazon.com, Inc. 4.6
Facebook, Inc. Class A 3.1
Alphabet, Inc. Class A 2.7
Alphabet, Inc. Class C 2.6
NVIDIA Corp. 2.6
UnitedHealth Group, Inc. 2.3
Mastercard, Inc. Class A 2.1
The Home Depot, Inc. 2.0
  37.7
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 42.6
Health Care 12.6
Consumer Discretionary 10.3
Communication Services 8.5
Industrials 8.5
 
Asset Allocation as of January 31, 2022
* Foreign investments – 4.2%
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Table of Contents
Fidelity® New Millennium ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Wells Fargo & Co. 4.4
General Electric Co. 4.4
Exxon Mobil Corp. 3.3
Bristol-Myers Squibb Co. 2.6
Bank of America Corp. 2.5
Comcast Corp. Class A 2.2
American International Group, Inc. 2.2
Hess Corp. 2.0
The PNC Financial Services Group, Inc. 1.9
UnitedHealth Group, Inc. 1.8
  27.3
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Financials 19.8
Health Care 14.9
Energy 12.9
Industrials 12.4
Consumer Discretionary 8.0
 
Asset Allocation as of January 31, 2022
* Foreign investments – 9.7%
 Semi-Annual Report 8


Table of Contents
Fidelity® Real Estate Investment ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Crown Castle International Corp. 9.8
Prologis, Inc. 7.6
SBA Communications Corp. 7.1
Digital Realty Trust, Inc. 5.9
Welltower, Inc. 5.6
Duke Realty Corp. 4.9
UDR, Inc. 3.4
Ventas, Inc. 3.3
Mid-America Apartment Communities, Inc. 3.1
CBRE Group, Inc. Class A 3.0
  53.7
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Real Estate 99.5
Information Technology 0.2
 
Asset Allocation as of January 31, 2022
9 Semi-Annual Report 


Table of Contents
Fidelity® Small-Mid Cap Opportunities ETF
Investment Summary (Unaudited)    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Signature Bank 1.7
Builders FirstSource, Inc. 1.6
Molina Healthcare, Inc. 1.4
Jones Lang LaSalle, Inc. 1.4
Comerica, Inc. 1.4
Charles River Laboratories International, Inc. 1.3
Tapestry, Inc. 1.2
TFI International, Inc. 1.2
Williams-Sonoma, Inc. 1.1
CubeSmart 1.1
  13.4
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Industrials 16.9
Financials 16.9
Information Technology 14.9
Consumer Discretionary 12.4
Health Care 11.8
 
Asset Allocation as of January 31, 2022
* Foreign investments – 10.8%
 Semi-Annual Report 10


Table of Contents
Fidelity® Sustainable U.S. Equity ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Microsoft Corp. 6.2
Prologis, Inc. 2.8
Danaher Corp. 2.5
Salesforce.com, Inc. 2.4
Apple, Inc. 2.2
NVIDIA Corp. 2.1
Bank of America Corp. 2.0
The Travelers Cos., Inc. 2.0
ON Semiconductor Corp. 2.0
Merck & Co., Inc. 2.0
  26.2
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 25.6
Financials 13.6
Consumer Discretionary 12.1
Health Care 11.9
Industrials 9.8
 
Asset Allocation as of January 31, 2022
* Foreign investments – 6.4%
11 Semi-Annual Report 


Table of Contents
Fidelity® Women’s Leadership ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Microsoft Corp. 4.0
Anthem, Inc. 2.7
Bank of America Corp. 2.3
Accenture PLC Class A 2.0
CDW Corp. 2.0
Apple, Inc. 1.9
Morningstar, Inc. 1.8
The Progressive Corp. 1.8
Salesforce.com, Inc. 1.7
AMETEK, Inc. 1.7
  21.9
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 27.5
Financials 14.7
Consumer Discretionary 13.5
Health Care 12.6
Industrials 10.9
 
Asset Allocation as of January 31, 2022
* Foreign investments – 5.7%
 Semi-Annual Report 12


Table of Contents
Fidelity® Blue Chip Growth ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.3%
  Shares Value
COMMUNICATION SERVICES – 15.0%
Entertainment – 2.3%
Endeavor Group Holdings, Inc. (a) 23,632 $ 741,336
Netflix, Inc. (a) 12,203 5,212,389
ROBLOX Corp. (a) 9,416 620,138
Roku, Inc. (a) 3,187 522,827
Sea Ltd. ADR (a) 19,415 2,918,269
    10,014,959
Interactive Media & Services – 12.5%
Alphabet, Inc. Class A (a) 11,349 30,711,188
Bumble, Inc. Class A (a) 5,444 160,652
Facebook, Inc. Class A (a) 62,794 19,670,849
Snap, Inc. Class A (a) 99,491 3,237,437
ZipRecruiter, Inc. (a) 7,041 152,719
ZoomInfo Technologies, Inc. Class A (a) 10 529
    53,933,374
Media – 0.2%
Criteo S.A. ADR (a) 7,735 261,443
DISH Network Corp. Class A (a) 16,077 504,818
    766,261
TOTAL COMMUNICATION SERVICES 64,714,594
CONSUMER DISCRETIONARY – 27.3%
Automobiles – 5.0%
Ford Motor Co. 21,532 437,099
General Motors Co. (a) 13,142 692,978
NIO, Inc. ADR (a) 11 270
Rivian Automotive, Inc. (a) 34,086 2,240,814
Tesla, Inc. (a) 17,939 16,803,820
XPeng, Inc. ADR (a) 37,470 1,314,822
    21,489,803
Diversified Consumer Services – 0.0%
Mister Car Wash, Inc. (a) 8,216 141,315
Hotels, Restaurants & Leisure – 4.6%
Airbnb, Inc. Class A (a) 31,169 4,799,091
Booking Holdings, Inc. (a) 199 488,770
Caesars Entertainment, Inc. (a) 27,056 2,060,044
Chipotle Mexican Grill, Inc. (a) 1,249 1,855,489
Churchill Downs, Inc. 3,828 805,028
Dutch Bros, Inc. (a) 3,560 185,654
Expedia Group, Inc. (a) 6,705 1,228,959
Hilton Worldwide Holdings, Inc. (a) 9,341 1,355,473
Marriott International, Inc. Class A (a) 11,741 1,891,710
MGM Resorts International 12,393 529,429
Penn National Gaming, Inc. (a) 64,862 2,958,356
Sweetgreen, Inc. (a) 42,772 1,293,853
Vail Resorts, Inc. 1,317 364,941
    19,816,797
Household Durables – 0.2%
Lennar Corp. Class A 3,415 328,215

  Shares Value
Sonos, Inc. (a) 17 $ 429
Tempur Sealy International, Inc. 10,749 427,918
Toll Brothers, Inc. 1,776 104,731
Tri Pointe Homes, Inc. (a) 1,992 47,429
Tupperware Brands Corp. (a) 21 324
    909,046
Internet & Direct Marketing Retail – 7.8%
Amazon.com, Inc. (a) 10,028 29,998,461
Chewy, Inc. Class A (a) 13,660 650,353
DoorDash, Inc. Class A (a) 3,686 418,324
eBay, Inc. 46 2,763
Etsy, Inc. (a) 4,936 775,347
Global-e Online Ltd. (a) 6,756 241,257
JD.com, Inc. ADR (a) 2,318 173,572
Overstock.com, Inc. (a) 5,879 281,839
Pinduoduo, Inc. ADR (a) 3,435 205,550
The Original BARK Co. (a) 42,737 161,119
Wayfair, Inc. Class A (a) 2,561 399,311
    33,307,896
Leisure Products – 0.0%
Peloton Interactive, Inc. Class A (a) 5,835 159,470
Multiline Retail – 0.4%
Dollar Tree, Inc. (a) 11,462 1,504,044
Ollie's Bargain Outlet Holdings, Inc. (a) 6,018 288,503
Target Corp. 5 1,102
    1,793,649
Specialty Retail – 5.8%
American Eagle Outfitters, Inc. 53,021 1,210,469
Aritzia, Inc. (a) 11,496 533,312
Bath & Body Works, Inc. 5,477 307,095
Burlington Stores, Inc. (a) 6,187 1,465,886
Carvana Co. (a) 16,200 2,625,372
Citi Trends, Inc. (a) 2,086 101,630
Dick's Sporting Goods, Inc. 10,366 1,196,236
Five Below, Inc. (a) 9,021 1,479,444
Floor & Decor Holdings, Inc. Class A (a) 13,421 1,459,131
Foot Locker, Inc. 8,242 368,253
Lowe's Cos., Inc. 32,091 7,616,799
RH (a) 5,928 2,387,917
Signet Jewelers Ltd. 5,263 453,302
The Children's Place, Inc. (a) 2,292 162,159
The TJX Cos., Inc. 16,609 1,195,350
Victoria's Secret & Co. (a) 26,859 1,499,538
Warby Parker, Inc. (a) 19,692 731,952
    24,793,845
Textiles, Apparel & Luxury Goods – 3.5%
Capri Holdings Ltd. (a) 43,165 2,592,922
Crocs, Inc. (a) 17,981 1,845,210
Deckers Outdoor Corp. (a) 3,256 1,042,669
Lululemon Athletica, Inc. (a) 4,094 1,366,414
 
See accompanying notes which are an integral part of the financial statements.
13 Semi-Annual Report 


Table of Contents
Fidelity® Blue Chip Growth ETF
Schedule of Investments (Unaudited)continued
Common Stocks – continued
  Shares Value
CONSUMER DISCRETIONARY – continued
Textiles, Apparel & Luxury Goods – continued
NIKE, Inc. Class B 39,059 $ 5,783,466
On Holding AG (a) 951 25,078
PVH Corp. 14,533 1,380,780
Tapestry, Inc. 24,592 933,266
Under Armour, Inc. Class A (a) 24 452
    14,970,257
TOTAL CONSUMER DISCRETIONARY 117,382,078
CONSUMER STAPLES – 0.6%
Beverages – 0.5%
Celsius Holdings, Inc. (a) 28,315 1,351,475
The Boston Beer Co., Inc. Class A (a) 1,621 682,165
    2,033,640
Household Products – 0.0%
The Procter & Gamble Co. 1,031 165,424
Personal Products – 0.1%
Olaplex Holdings, Inc. (a) 9,447 206,323
TOTAL CONSUMER STAPLES 2,405,387
ENERGY – 1.8%
Energy Equipment & Services – 0.0%
Halliburton Co. 5,816 178,784
Oil, Gas & Consumable Fuels – 1.8%
Cenovus Energy, Inc. 16,141 234,785
Cheniere Energy, Inc. 2,033 227,493
Denbury, Inc. (a) 7,118 534,847
Devon Energy Corp. 13,096 662,265
Diamondback Energy, Inc. 8,388 1,058,230
EOG Resources, Inc. 11,194 1,247,907
Hess Corp. 16,384 1,512,079
Phillips 66 7,148 606,079
Pioneer Natural Resources Co. 3,289 719,929
Range Resources Corp. (a) 6,847 131,805
Valero Energy Corp. 7,484 620,947
    7,556,366
TOTAL ENERGY 7,735,150
FINANCIALS – 1.3%
Banks – 0.6%
Bank of America Corp. 10,050 463,707
Silvergate Capital Corp. (a) 3 323
Wells Fargo & Co. 35,901 1,931,474
    2,395,504
Capital Markets – 0.4%
Coinbase Global, Inc. Class A (a) 4 761
Goldman Sachs Group, Inc. 1,994 707,232
Morgan Stanley 8,475 869,026

  Shares Value
The Charles Schwab Corp. 1,668 $ 146,283
    1,723,302
Consumer Finance – 0.3%
American Express Co. 3,925 705,794
LendingClub Corp. (a) 32,428 608,349
    1,314,143
TOTAL FINANCIALS 5,432,949
HEALTH CARE – 5.9%
Biotechnology – 1.0%
ADC Therapeutics S.A. (a) 489 7,770
Alnylam Pharmaceuticals, Inc. (a) 6,027 829,315
Arcutis Biotherapeutics, Inc. (a) 1,709 25,823
Argenx SE ADR (a) 1,003 270,068
Ascendis Pharma A/S ADR (a) 1,855 225,642
Avidity Biosciences, Inc. (a) 668 11,102
Cerevel Therapeutics Holdings, Inc. (a) 8,044 209,466
Day One Biopharmaceuticals, Inc. (a) 7,250 106,938
Generation Bio Co. (a) 865 5,623
Horizon Therapeutics PLC (a) 14,385 1,342,552
Instil Bio, Inc. (a) 4,576 53,127
Moderna, Inc. (a) 6 1,016
Recursion Pharmaceuticals, Inc. (a) 6,125 72,520
Regeneron Pharmaceuticals, Inc. (a) 550 334,725
Relay Therapeutics, Inc. (a) 3,462 76,614
REVOLUTION Medicines, Inc. (a) 3,589 77,235
TG Therapeutics, Inc. (a) 1,181 13,664
Turning Point Therapeutics, Inc. (a) 4,695 174,795
Twist Bioscience Corp. (a) 196 11,646
Verve Therapeutics, Inc. (a) 4,517 130,180
Xencor, Inc. (a) 4,127 141,845
    4,121,666
Health Care Equipment & Supplies – 2.3%
Axonics, Inc. (a) 7,776 368,816
Boston Scientific Corp. (a) 7,678 329,386
Danaher Corp. 5,253 1,501,255
DexCom, Inc. (a) 5,593 2,407,675
Edwards Lifesciences Corp. (a) 1,428 155,938
Figs, Inc. Class A (a) 4,926 110,736
Inmode Ltd. (a) 4,187 201,939
Insulet Corp. (a) 2,602 645,296
Intuitive Surgical, Inc. (a) 8,115 2,306,121
Outset Medical, Inc. (a) 372 13,835
Shockwave Medical, Inc. (a) 7,751 1,123,662
Tandem Diabetes Care, Inc. (a) 6,377 753,187
    9,917,846
Health Care Providers & Services – 0.5%
agilon health, Inc. (a) 7,858 130,285
Alignment Healthcare, Inc. (a) 6,628 50,373
Centene Corp. (a) 2,242 174,338
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 14


Table of Contents
Common Stocks – continued
  Shares Value
HEALTH CARE – continued
Health Care Providers & Services – continued
Guardant Health, Inc. (a) 8,148 $ 566,693
Humana, Inc. 2 785
LifeStance Health Group, Inc. (a) 21,198 161,741
Surgery Partners, Inc. (a) 3,928 167,608
UnitedHealth Group, Inc. 2,424 1,145,510
    2,397,333
Health Care Technology – 0.1%
Certara, Inc. (a) 3,055 81,660
Doximity, Inc. Class A (a) 8,763 399,330
    480,990
Life Sciences Tools & Services – 0.4%
10X Genomics, Inc. Class A (a) 3,103 298,726
Avantor, Inc. (a) 13,901 518,924
Bio-Rad Laboratories, Inc. Class A (a) 313 187,715
ICON PLC (a) 644 171,124
Maravai LifeSciences Holdings, Inc. Class A (a) 7,740 223,841
NanoString Technologies, Inc. (a) 2,839 98,570
Olink Holding AB ADR (a) 6,842 110,704
Seer, Inc. (a) 635 9,989
Thermo Fisher Scientific, Inc. 318 184,853
    1,804,446
Pharmaceuticals – 1.6%
Arvinas, Inc. (a) 3 214
Eli Lilly & Co. 11,774 2,889,222
Intra-Cellular Therapies, Inc. (a) 7,228 343,258
Nuvation Bio, Inc. (a) 23,102 140,922
Zoetis, Inc. 16,922 3,380,846
    6,754,462
TOTAL HEALTH CARE 25,476,743
INDUSTRIALS – 4.8%
Aerospace & Defense – 0.2%
Axon Enterprise, Inc. (a) 4 560
Howmet Aerospace, Inc. 11,129 346,001
The Boeing Co. (a) 2,689 538,445
    885,006
Airlines – 0.0%
Ryanair Holdings PLC ADR (a) 1,830 204,264
Building Products – 0.1%
Builders FirstSource, Inc. (a) 2,622 178,270
The AZEK Co., Inc. (a) 3,792 125,249
    303,519
Commercial Services & Supplies – 0.1%
ACV Auctions, Inc. Class A (a) 26,413 350,236
Li-Cycle Holdings Corp. (a) 15,232 115,459
    465,695

  Shares Value
Electrical Equipment – 0.4%
Acuity Brands, Inc. 6,259 $ 1,198,786
Array Technologies, Inc. (a) 20,828 219,527
Sunrun, Inc. (a) 9,747 252,740
    1,671,053
Industrial Conglomerates – 0.3%
General Electric Co. 15,518 1,466,141
Machinery – 0.2%
Deere & Co. 1,758 661,711
Proterra, Inc. (a) 49 388
    662,099
Professional Services – 0.0%
KBR, Inc. 4,477 194,302
Upwork, Inc. (a) 26 707
    195,009
Road & Rail – 3.5%
Avis Budget Group, Inc. (a) 4,161 733,085
Bird Global, Inc. (a) 103,534 365,475
Hertz Global Holdings, Inc. (a) 20,154 388,166
Lyft, Inc. Class A (a) 167,659 6,458,225
TuSimple Holdings, Inc. (a) 22 413
Uber Technologies, Inc. (a) 189,803 7,098,632
    15,043,996
TOTAL INDUSTRIALS 20,896,782
INFORMATION TECHNOLOGY – 41.3%
Communications Equipment – 0.2%
Arista Networks, Inc. (a) 7,397 919,521
IT Services – 3.4%
Affirm Holdings, Inc. (a) 4 256
DigitalOcean Holdings, Inc. (a) 19,694 1,129,254
Endava PLC ADR (a) 2,491 302,955
Flywire Corp. (a) 11,436 322,381
Globant S.A. (a) 743 189,599
Mastercard, Inc. Class A 2,473 955,518
MongoDB, Inc. (a) 1,905 771,735
Okta, Inc. (a) 3,304 653,829
PayPal Holdings, Inc. (a) 23,220 3,992,447
Shift4 Payments, Inc. (a) 7,014 369,778
Shopify, Inc. Class A (a) 1,821 1,757,681
Snowflake, Inc. Class A (a) 486 134,087
Square, Inc. Class A (a) 11,808 1,444,000
TaskUS, Inc. Class A (a) 6,478 207,296
TDCX, Inc. (a) 5,673 92,980
Thoughtworks Holding, Inc. (a) 1,698 36,371
Twilio, Inc. Class A (a) 8,590 1,770,571
Visa, Inc. Class A 956 216,218
    14,346,956
Semiconductors & Semiconductor Equipment – 12.7%
Advanced Micro Devices, Inc. (a) 4,649 531,148
See accompanying notes which are an integral part of the financial statements.
15 Semi-Annual Report 


Table of Contents
Fidelity® Blue Chip Growth ETF
Schedule of Investments (Unaudited)continued
Common Stocks – continued
  Shares Value
INFORMATION TECHNOLOGY – continued
Semiconductors & Semiconductor Equipment – continued
ASML Holding N.V. 870 $ 589,164
Cirrus Logic, Inc. (a) 6,736 602,468
Enphase Energy, Inc. (a) 1 140
GLOBALFOUNDRIES, Inc. (a) 20,827 1,027,604
Lam Research Corp. 419 247,177
Marvell Technology, Inc. 204,460 14,598,444
Microchip Technology, Inc. 3,047 236,082
NVIDIA Corp. 103,911 25,443,647
NXP Semiconductors N.V. 31,230 6,415,891
ON Semiconductor Corp. (a) 14,843 875,737
QUALCOMM, Inc. 5,696 1,001,129
Synaptics, Inc. (a) 1,451 305,218
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 6,089 746,694
Teradyne, Inc. 11,046 1,297,132
Wolfspeed, Inc. (a) 2,103 198,187
Xilinx, Inc. 2,696 521,811
    54,637,673
Software – 13.8%
Adobe, Inc. (a) 9,613 5,136,226
Amplitude, Inc. (a) 7,814 307,168
AppLovin Corp. (a) 7,744 498,869
Atlassian Corp. PLC Class A (a) 2,253 730,738
Bill.com Holdings, Inc. (a) 2 376
Cadence Design Systems, Inc. (a) 3,681 560,027
Confluent, Inc. Class A (a) 3,461 226,315
Coupa Software, Inc. (a) 3,901 523,787
Crowdstrike Holdings, Inc. Class A (a) 3,123 564,139
Datadog, Inc. Class A (a) 1,171 171,095
DocuSign, Inc. (a) 14 1,761
DoubleVerify Holdings, Inc. (a) 25,473 704,583
EngageSmart, Inc. (a) 16,246 355,138
Expensify, Inc. (a) 5,719 167,281
Freshworks, Inc. (a) 6,448 140,244
Gitlab, Inc. (a) 2,766 177,052
HashiCorp, Inc. (a) 637 42,290
HubSpot, Inc. (a) 3,383 1,653,610
Intuit, Inc. 3,213 1,783,954
Microsoft Corp. 106,178 33,019,234
Qualtrics International, Inc. (a) 12,109 354,430
Riskified Ltd. (a) 11,992 83,584
Salesforce.com, Inc. (a) 31,238 7,266,896
Samsara, Inc. (a) 2,965 53,667
SentinelOne, Inc. Class A (a) 5,457 244,201
ServiceNow, Inc. (a) 1,816 1,063,777
The Trade Desk, Inc. Class A (a) 7,544 524,610
UiPath, Inc. (a) 14,778 539,840
Workday, Inc. Class A (a) 2,984 754,982

  Shares Value
Zoom Video Communications, Inc. Class A (a) 11,525 $ 1,778,077
    59,427,951
Technology Hardware, Storage & Peripherals – 11.2%
Apple, Inc. 276,305 48,292,588
TOTAL INFORMATION TECHNOLOGY 177,624,689
MATERIALS – 1.0%
Chemicals – 0.6%
CF Industries Holdings, Inc. 7,523 518,109
Corteva, Inc. 3,931 189,002
Nutrien Ltd. 15,842 1,106,441
Olin Corp. 7 355
The Chemours Co. 18 589
The Mosaic Co. 23,621 943,659
    2,758,155
Metals & Mining – 0.4%
Freeport-McMoRan, Inc. 43,132 1,605,373
Gatos Silver, Inc. (a) 29 90
    1,605,463
TOTAL MATERIALS 4,363,618
REAL ESTATE – 0.3%
Equity Real Estate Investment Trusts (REITs) – 0.1%
Simon Property Group, Inc. 3,578 526,681
Real Estate Management & Development – 0.2%
Opendoor Technologies, Inc. (a) 28 278
WeWork, Inc. (a) 89,758 666,902
    667,180
TOTAL REAL ESTATE 1,193,861
UTILITIES – 0.0%
Independent Power and Renewable Electricity Producers – 0.0%
Brookfield Renewable Corp. 8 274
TOTAL COMMON STOCKS
(Cost $409,091,364)
427,226,125
Money Market Fund – 0.7%
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $2,856,955)
2,856,955 2,856,955
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $411,948,319)
430,083,080
NET OTHER ASSETS (LIABILITIES) – (0.0%) (5,277)
NET ASSETS – 100.0% $ 430,077,803
    
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 16


Table of Contents
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
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:                
Equities:                
Communication Services   $ 64,714,594   $ 64,714,594   $   $
Consumer Discretionary   117,382,078   117,382,078    
Consumer Staples   2,405,387   2,405,387    
Energy   7,735,150   7,735,150    
Financials   5,432,949   5,432,949    
Health Care   25,476,743   25,476,743    
Industrials   20,896,782   20,896,782    
Information Technology   177,624,689   177,624,689    
Materials   4,363,618   4,363,618    
Real Estate   1,193,861   1,193,861    
Utilities   274   274    
Money Market Fund   2,856,955   2,856,955    
Total Investments in Securities:   $ 430,083,080   $ 430,083,080   $   $
See accompanying notes which are an integral part of the financial statements.
17 Semi-Annual Report 


Table of Contents
Fidelity® Blue Chip Value ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 98.6%
  Shares Value
COMMUNICATION SERVICES – 10.0%
Diversified Telecommunication Services – 1.7%
Verizon Communications, Inc. 34,224 $ 1,821,743
Interactive Media & Services – 3.1%
Alphabet, Inc. Class A (a) 1,025 2,773,722
Facebook, Inc. Class A (a) 1,600 501,216
    3,274,938
Media – 5.2%
Comcast Corp. Class A 67,100 3,354,329
The Interpublic Group of Cos., Inc. 42,156 1,498,224
WPP PLC ADR 9,252 720,824
    5,573,377
TOTAL COMMUNICATION SERVICES 10,670,058
CONSUMER DISCRETIONARY – 3.9%
Household Durables – 0.8%
Whirlpool Corp. 4,238 890,785
Internet & Direct Marketing Retail – 0.7%
eBay, Inc. 11,447 687,621
Multiline Retail – 1.3%
Dollar General Corp. 6,760 1,409,325
Textiles, Apparel & Luxury Goods – 1.1%
PVH Corp. 5,004 475,430
Tapestry, Inc. 18,223 691,563
    1,166,993
TOTAL CONSUMER DISCRETIONARY 4,154,724
CONSUMER STAPLES – 7.7%
Food & Staples Retailing – 0.8%
US Foods Holding Corp. (a) 22,697 800,296
Food Products – 2.8%
Mondelez International, Inc. Class A 32,412 2,172,576
Tyson Foods, Inc. Class A 9,010 818,919
    2,991,495
Household Products – 3.9%
Spectrum Brands Holdings, Inc. 6,190 553,262
The Clorox Co. 3,333 559,478
The Procter & Gamble Co. 18,943 3,039,404
    4,152,144
Personal Products – 0.2%
Unilever PLC ADR 5,114 262,809
TOTAL CONSUMER STAPLES 8,206,744
ENERGY – 3.5%
Oil, Gas & Consumable Fuels – 3.5%
Exxon Mobil Corp. 48,459 3,680,946

  Shares Value
FINANCIALS – 22.0%
Banks – 10.0%
Bank of America Corp. 72,164 $ 3,329,647
Cullen/Frost Bankers, Inc. 2,669 376,356
JPMorgan Chase & Co. 18,347 2,726,364
M&T Bank Corp. 8,441 1,429,737
The PNC Financial Services Group, Inc. 8,385 1,727,226
Wells Fargo & Co. 20,633 1,110,055
    10,699,385
Capital Markets – 2.6%
Affiliated Managers Group, Inc. 5,328 779,007
BlackRock, Inc. 995 818,825
Invesco Ltd. 13,481 305,480
Northern Trust Corp. 7,635 890,546
    2,793,858
Diversified Financial Services – 4.9%
Berkshire Hathaway, Inc. Class B (a) 16,621 5,202,705
Insurance – 4.5%
Chubb Ltd. 7,976 1,573,505
The Travelers Cos., Inc. 10,953 1,820,170
Willis Towers Watson PLC 6,070 1,420,137
    4,813,812
TOTAL FINANCIALS 23,509,760
HEALTH CARE – 19.3%
Biotechnology – 2.3%
Regeneron Pharmaceuticals, Inc. (a) 2,065 1,256,738
Vertex Pharmaceuticals, Inc. (a) 5,136 1,248,305
    2,505,043
Health Care Providers & Services – 12.1%
Anthem, Inc. 3,630 1,600,794
Centene Corp. (a) 35,873 2,789,484
Cigna Corp. 11,969 2,758,376
CVS Health Corp. 11,410 1,215,279
Humana, Inc. 3,194 1,253,645
UnitedHealth Group, Inc. 6,851 3,237,577
    12,855,155
Pharmaceuticals – 4.9%
AstraZeneca PLC ADR 24,622 1,433,247
Bristol-Myers Squibb Co. 23,241 1,508,108
Sanofi ADR 44,273 2,302,196
    5,243,551
TOTAL HEALTH CARE 20,603,749
INDUSTRIALS – 8.6%
Aerospace & Defense – 3.4%
L3Harris Technologies, Inc. 4,637 970,478
Lockheed Martin Corp. 2,376 924,573
Northrop Grumman Corp. 4,566 1,688,963
    3,584,014
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 18


Table of Contents
Common Stocks – continued
  Shares Value
INDUSTRIALS – continued
Electrical Equipment – 0.8%
Regal Rexnord Corp. 5,046 $ 799,690
Machinery – 4.4%
ITT, Inc. 10,101 928,484
Oshkosh Corp. 12,605 1,434,575
Otis Worldwide Corp. 9,680 826,962
Pentair PLC 15,028 957,284
Stanley Black & Decker, Inc. 3,402 594,159
    4,741,464
TOTAL INDUSTRIALS 9,125,168
INFORMATION TECHNOLOGY – 8.1%
Communications Equipment – 1.9%
Cisco Systems, Inc. 36,256 2,018,372
Electronic Equipment, Instruments & Components – 1.5%
TE Connectivity Ltd. 11,151 1,594,704
IT Services – 3.1%
Amdocs Ltd. 12,555 952,799
Cognizant Technology Solutions Corp. Class A 15,483 1,322,558
Fiserv, Inc. (a) 7,366 778,586
Maximus, Inc. 3,154 243,867
    3,297,810
Semiconductors & Semiconductor Equipment – 0.7%
NXP Semiconductors N.V. 3,797 780,056
Software – 0.9%
NortonLifelock, Inc. 35,654 927,361
TOTAL INFORMATION TECHNOLOGY 8,618,303
MATERIALS – 3.1%
Chemicals – 2.0%
DuPont de Nemours, Inc. 18,662 1,429,509
International Flavors & Fragrances, Inc. 5,397 711,972
    2,141,481
Metals & Mining – 1.1%
Newmont Corp. 19,340 1,183,028
TOTAL MATERIALS 3,324,509

  Shares Value
REAL ESTATE – 1.0%
Real Estate Management & Development – 1.0%
CBRE Group, Inc. Class A (a) 10,785 $ 1,092,952
UTILITIES – 11.4%
Electric Utilities – 9.7%
Duke Energy Corp. 12,337 1,296,125
Entergy Corp. 4,557 509,336
Evergy, Inc. 18,866 1,225,535
Exelon Corp. 36,228 2,099,413
PG&E Corp. (a) 131,365 1,680,158
Portland General Electric Co. 13,917 731,199
PPL Corp. 30,111 893,695
The Southern Co. 27,607 1,918,410
    10,353,871
Multi-Utilities – 1.7%
Dominion Energy, Inc. 21,916 1,767,745
TOTAL UTILITIES 12,121,616
TOTAL COMMON STOCKS
(Cost $91,998,291)
105,108,529
Money Market Fund – 1.4%
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $1,499,000)
1,499,000 1,499,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $93,497,291)
106,607,529
NET OTHER ASSETS (LIABILITIES) – 0.0% 2,758
NET ASSETS – 100.0% $ 106,610,287
    
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.
19 Semi-Annual Report 


Table of Contents
Fidelity® Blue Chip Value ETF
Schedule of Investments (Unaudited)continued
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:                
Equities:                
Communication Services   $ 10,670,058   $ 10,670,058   $   $
Consumer Discretionary   4,154,724   4,154,724    
Consumer Staples   8,206,744   8,206,744    
Energy   3,680,946   3,680,946    
Financials   23,509,760   23,509,760    
Health Care   20,603,749   20,603,749    
Industrials   9,125,168   9,125,168    
Information Technology   8,618,303   8,618,303    
Materials   3,324,509   3,324,509    
Real Estate   1,092,952   1,092,952    
Utilities   12,121,616   12,121,616    
Money Market Fund   1,499,000   1,499,000    
Total Investments in Securities:   $ 106,607,529   $ 106,607,529   $   $
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America 88.4%
Switzerland 3.0%
United Kingdom 2.3%
Ireland 2.2%
France 2.2%
Others (Individually Less Than 1%) 1.9%
  100.0%
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 20


Table of Contents
Fidelity® Growth Opportunities ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8%
  Shares Value
COMMUNICATION SERVICES – 22.5%
Entertainment – 5.1%
Netflix, Inc. (a) 524 $ 223,821
Roku, Inc. (a) 8,169 1,340,125
Sea Ltd. ADR (a) 8,503 1,278,086
    2,842,032
Interactive Media & Services – 14.2%
Alphabet, Inc. Class A (a) 615 1,664,233
Alphabet, Inc. Class C (a) 1,317 3,574,299
Facebook, Inc. Class A (a) 5,647 1,768,979
NerdWallet, Inc. (a) 834 12,618
Snap, Inc. Class A (a) 10,349 336,757
ZoomInfo Technologies, Inc. Class A (a) 11,199 591,979
    7,948,865
Media – 0.9%
Magnite, Inc. (a) 21,413 290,574
TechTarget, Inc. (a) 2,825 234,306
    524,880
Wireless Telecommunication Services – 2.3%
T-Mobile US, Inc. (a) 12,137 1,312,859
TOTAL COMMUNICATION SERVICES 12,628,636
CONSUMER DISCRETIONARY – 16.2%
Automobiles – 2.3%
Rivian Automotive, Inc. (a) 4,743 311,805
Tesla, Inc. (a) 1,065 997,607
    1,309,412
Hotels, Restaurants & Leisure – 0.7%
Airbnb, Inc. Class A (a) 2,128 327,648
Sweetgreen, Inc. (a) 1,992 60,258
    387,906
Household Durables – 0.1%
Purple Innovation, Inc. (a) 4,699 39,096
Internet & Direct Marketing Retail – 8.9%
Amazon.com, Inc. (a) 1,325 3,963,698
Cazoo Group Ltd. (a) 12,266 58,141
Chewy, Inc. Class A (a) 6,891 328,080
DoorDash, Inc. Class A (a) 1,184 134,372
Global-e Online Ltd. (a) 13,693 488,977
Porch Group, Inc. (a) 4,630 48,846
The Original BARK Co. (a) 1,997 7,529
    5,029,643
Leisure Products – 0.1%
Peloton Interactive, Inc. Class A (a) 2,696 73,682
Specialty Retail – 3.7%
Academy Sports & Outdoors, Inc. (a) 1,555 60,489
American Eagle Outfitters, Inc. 284 6,484
Carvana Co. (a) 10,501 1,701,792
Dick's Sporting Goods, Inc. 2,792 322,197

  Shares Value
Shift Technologies, Inc. (a) 67 $ 153
    2,091,115
Textiles, Apparel & Luxury Goods – 0.4%
Capri Holdings Ltd. (a) 1,233 74,066
Lululemon Athletica, Inc. (a) 95 31,707
Tapestry, Inc. 2,504 95,027
    200,800
TOTAL CONSUMER DISCRETIONARY 9,131,654
CONSUMER STAPLES – 0.6%
Beverages – 0.1%
The Boston Beer Co., Inc. Class A (a) 134 56,391
Food & Staples Retailing – 0.4%
BJ's Wholesale Club Holdings, Inc. (a) 3,908 240,225
Food Products – 0.1%
Local Bounti Corp. (a) 5,205 24,568
TOTAL CONSUMER STAPLES 321,184
ENERGY – 1.4%
Oil, Gas & Consumable Fuels – 1.4%
Canadian Natural Resources Ltd. 7,470 379,979
Cenovus Energy, Inc. 6,262 91,086
Hess Corp. 3,532 325,968
TOTAL ENERGY 797,033
FINANCIALS – 2.0%
Banks – 1.0%
Wells Fargo & Co. 10,806 581,363
Capital Markets – 0.5%
Coinbase Global, Inc. Class A (a) 1,341 254,991
Consumer Finance – 0.5%
Capital One Financial Corp. 1,072 157,294
LendingTree, Inc. (a) 996 121,353
    278,647
TOTAL FINANCIALS 1,115,001
HEALTH CARE – 8.5%
Biotechnology – 2.2%
Agios Pharmaceuticals, Inc. (a) 3,074 94,956
Alnylam Pharmaceuticals, Inc. (a) 1,632 224,563
ALX Oncology Holdings, Inc. (a) 1,542 24,672
Argenx SE ADR (a) 377 101,511
Ascendis Pharma A/S ADR (a) 80 9,731
Aurinia Pharmaceuticals, Inc. (a) 4,151 69,156
Celldex Therapeutics, Inc. (a) 1,663 51,570
Cytokinetics, Inc. (a) 1,676 55,626
Erasca, Inc. (a) 4,246 50,315
Exelixis, Inc. (a) 3,546 64,183
Icosavax, Inc. (a) 861 13,139
 
See accompanying notes which are an integral part of the financial statements.
21 Semi-Annual Report 


Table of Contents
Fidelity® Growth Opportunities ETF
Schedule of Investments (Unaudited)continued
Common Stocks – continued
  Shares Value
HEALTH CARE – continued
Biotechnology – continued
Imago Biosciences, Inc. (a) 2,053 $ 41,512
Instil Bio, Inc. (a) 3,243 37,651
Keros Therapeutics, Inc. (a) 949 44,005
Mirati Therapeutics, Inc. (a) 595 70,983
Monte Rosa Therapeutics, Inc. (a) 461 5,836
Nuvalent, Inc. (a) 1,168 15,756
Prelude Therapeutics, Inc. (a) 1,055 10,476
Protagonist Therapeutics, Inc. (a) 1,831 53,630
Relay Therapeutics, Inc. (a) 2,250 49,793
Tenaya Therapeutics, Inc. (a) 1,688 20,121
TG Therapeutics, Inc. (a) 2,390 27,652
Vaxcyte, Inc. (a) 1,575 29,988
Zentalis Pharmaceuticals, Inc. (a) 1,300 74,204
    1,241,029
Health Care Equipment & Supplies – 2.0%
Boston Scientific Corp. (a) 13,424 575,890
Danaher Corp. 638 182,334
DexCom, Inc. (a) 363 156,264
Figs, Inc. Class A (a) 1,274 28,640
Insulet Corp. (a) 277 68,696
Penumbra, Inc. (a) 411 92,890
TransMedics Group, Inc. (a) 2,714 43,071
    1,147,785
Health Care Providers & Services – 4.0%
agilon health, Inc. (a) 18,370 304,575
Alignment Healthcare, Inc. (a) 1,407 10,693
Cano Health, Inc. (a) 3,150 18,207
CareMax, Inc. (a) 5,087 31,539
Centene Corp. (a) 5,795 450,619
Humana, Inc. 1,280 502,400
LifeStance Health Group, Inc. (a) 39,942 304,758
Oak Street Health, Inc. (a) 19,917 346,158
Surgery Partners, Inc. (a) 814 34,733
UnitedHealth Group, Inc. 465 219,745
    2,223,427
Health Care Technology – 0.1%
GoodRx Holdings, Inc. Class A (a) 1,643 39,448
Life Sciences Tools & Services – 0.0%
Olink Holding AB ADR (a) 777 12,572
Pharmaceuticals – 0.2%
Arvinas, Inc. (a) 930 66,486
IMARA, Inc. (a) 2,873 3,993
Terns Pharmaceuticals, Inc. (a) 2,595 16,271
    86,750
TOTAL HEALTH CARE 4,751,011

  Shares Value
INDUSTRIALS – 3.3%
Building Products – 0.2%
The AZEK Co., Inc. (a) 2,758 $ 91,097
Electrical Equipment – 0.0%
FREYR Battery S.A. (a) 3,350 30,418
Marine – 0.1%
Golden Ocean Group Ltd. 7,871 71,232
Road & Rail – 3.0%
Lyft, Inc. Class A (a) 12,496 481,346
Uber Technologies, Inc. (a) 31,807 1,189,582
    1,670,928
TOTAL INDUSTRIALS 1,863,675
INFORMATION TECHNOLOGY – 43.2%
Electronic Equipment, Instruments & Components – 1.1%
Flex Ltd. (a) 18,653 301,806
Jabil, Inc. 4,669 287,097
TE Connectivity Ltd. 214 30,604
    619,507
IT Services – 9.7%
Cognizant Technology Solutions Corp. Class A 2,083 177,930
Dlocal Ltd. (a) 8,905 266,438
EPAM Systems, Inc. (a) 171 81,420
Flywire Corp. (a) 2,369 66,782
Global Payments, Inc. 2,323 348,171
GoDaddy, Inc. Class A (a) 8,286 627,333
Marqeta, Inc. Class A (a) 4,426 52,227
Mastercard, Inc. Class A 1,487 574,547
MongoDB, Inc. (a) 845 342,318
Nuvei Corp. (a)(b) 2,225 135,602
Nuvei Corp. (a)(b) 5,993 365,573
Payoneer Global, Inc. (a) 2,964 15,472
Repay Holding Corp. (a) 9,446 168,989
Shift4 Payments, Inc. (a) 3,136 165,330
Snowflake, Inc. Class A (a) 268 73,941
Square, Inc. Class A (a) 2,595 317,342
TaskUS, Inc. Class A (a) 2,406 76,992
TDCX, Inc. (a) 5,213 85,441
Thoughtworks Holding, Inc. (a) 2,778 59,505
Twilio, Inc. Class A (a) 1,528 314,951
Visa, Inc. Class A 1,986 449,174
Wix.com Ltd. (a) 5,135 674,585
    5,440,063
Semiconductors & Semiconductor Equipment – 10.6%
Applied Materials, Inc. 3,942 544,706
Cirrus Logic, Inc. (a) 63 5,635
GLOBALFOUNDRIES, Inc. (a) 9,968 491,821
Lam Research Corp. 684 403,505
Marvell Technology, Inc. 6,055 432,327
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 22


Table of Contents
Common Stocks – continued
  Shares Value
INFORMATION TECHNOLOGY – continued
Semiconductors & Semiconductor Equipment – continued
Micron Technology, Inc. 7,177 $ 590,452
NVIDIA Corp. 9,193 2,250,998
NXP Semiconductors N.V. 3,257 669,118
ON Semiconductor Corp. (a) 8,106 478,254
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 788 96,632
    5,963,448
Software – 19.3%
Adobe, Inc. (a) 803 429,043
Alkami Technology, Inc. (a) 2,505 38,427
Anaplan, Inc. (a) 5,623 271,478
BTRS Holdings, Inc. (a) 7,428 47,539
Ceridian HCM Holding, Inc. (a) 2,472 187,427
Confluent, Inc. Class A (a) 2,171 141,962
DoubleVerify Holdings, Inc. (a) 9,889 273,530
Dynatrace, Inc. (a) 11,162 612,347
Elastic N.V. (a) 1,184 110,408
EngageSmart, Inc. (a) 3,387 74,040
Freshworks, Inc. (a) 297 6,460
Gitlab, Inc. (a) 736 47,111
HashiCorp, Inc. (a) 2,148 142,606
HubSpot, Inc. (a) 794 388,107
Intapp, Inc. (a) 8,888 178,826
Intuit, Inc. 825 458,065
Lightspeed Commerce, Inc. (a) 6,460 209,684
Microsoft Corp. 16,166 5,027,303
Monday.com Ltd. (a) 428 89,589
Riskified Ltd. (a) 3,746 26,110
Salesforce.com, Inc. (a) 4,732 1,100,805
Samsara, Inc. (a) 3,076 55,675
SentinelOne, Inc. Class A (a) 479 21,435
ServiceNow, Inc. (a) 560 328,037
Synopsys, Inc. (a) 118 36,639
The Trade Desk, Inc. Class A (a) 3,978 276,630
UiPath, Inc. (a) 3,177 116,056

  Shares Value
Viant Technology, Inc. Class A (a) 3,302 $ 26,383
Workday, Inc. Class A (a)