Fidelity® Dividend ETF for Rising Rates
Fidelity® High Dividend ETF
Fidelity® Low Volatility Factor ETF
Fidelity® Momentum Factor ETF
Fidelity® Quality Factor ETF
Fidelity® Small-Mid Multifactor ETF
Fidelity® Stocks for Inflation ETF
Fidelity® U.S. Multifactor ETF
Fidelity® Value Factor ETF
Semi-Annual Report
January 31, 2022


Contents
Note to Shareholders 3  
Investment Summary 4  
Schedule of Investments 13  
Financial Statements 54  
Notes to Financial Statements 74  
Shareholder Expense Example 80  
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 Fidelity Product Services LLC (FPS), and FPS 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 relationship between FPS 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® Dividend ETF for Rising Rates
Investment Summary (Unaudited)    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Apple, Inc. 7.5
Microsoft Corp. 6.5
UnitedHealth Group, Inc. 2.5
Pfizer, Inc. 2.3
Johnson & Johnson 2.2
AbbVie, Inc. 1.9
The Home Depot, Inc. 1.8
Visa, Inc. Class A 1.8
Mastercard, Inc. Class A 1.8
JPMorgan Chase & Co. 1.7
  30.0
 
Top Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 28.9
Health Care 14.3
Consumer Discretionary 11.4
Financials 11.4
Communication Services 9.0
Industrials 8.0
Consumer Staples 5.8
Real Estate 2.9
Energy 2.9
Utilities 2.4
Materials 2.4
 
Asset Allocation as of January 31, 2022
Percentages shown as 0.0% may reflect amounts less than 0.05%.
* Foreign investments – 6.0%
 Semi-Annual Report 4


Table of Contents
Fidelity® High Dividend ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Apple, Inc. 5.5
Microsoft Corp. 4.7
Exxon Mobil Corp. 2.9
Chevron Corp. 2.6
The Procter & Gamble Co. 2.4
Bank of America Corp. 2.4
Wells Fargo & Co. 2.3
Blackstone, Inc. Class A 2.2
JPMorgan Chase & Co. 2.2
PepsiCo, Inc. 2.1
  29.3
 
Top Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 21.7
Financials 19.1
Consumer Staples 12.7
Energy 11.1
Real Estate 9.6
Materials 8.5
Health Care 6.7
Consumer Discretionary 5.2
Communication Services 3.2
Industrials 1.8
 
Asset Allocation as of January 31, 2022
Short - Term Investments and Net Other Assets (Liabilities) are not included in the pie chart.
* Foreign investments – 10.2%
5 Semi-Annual Report 


Table of Contents
Fidelity® Low Volatility Factor ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Microsoft Corp. 6.7
Alphabet, Inc. Class A 4.3
Amazon.com, Inc. 3.4
Visa, Inc. Class A 2.0
UnitedHealth Group, Inc. 1.8
Accenture PLC Class A 1.8
Johnson & Johnson 1.7
Intel Corp. 1.5
The Home Depot, Inc. 1.5
Texas Instruments, Inc. 1.4
  26.1
 
Top Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 27.7
Health Care 13.5
Financials 12.0
Consumer Discretionary 11.2
Communication Services 10.1
Industrials 8.4
Consumer Staples 5.7
Real Estate 3.1
Energy 3.0
Materials 2.7
Utilities 2.4
 
Asset Allocation as of January 31, 2022
* Foreign investments – 6.6%
 Semi-Annual Report 6


Table of Contents
Fidelity® Momentum Factor ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Apple, Inc. 7.4
Microsoft Corp. 6.3
Alphabet, Inc. Class A 4.2
Amazon.com, Inc. 3.6
Facebook, Inc. Class A 2.2
Tesla, Inc. 2.2
NVIDIA Corp. 2.1
Johnson & Johnson 1.9
UnitedHealth Group, Inc. 1.8
JPMorgan Chase & Co. 1.6
  33.3
 
Top Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 28.7
Health Care 12.4
Financials 11.7
Consumer Discretionary 11.7
Communication Services 9.5
Industrials 8.4
Consumer Staples 5.7
Real Estate 3.4
Energy 3.3
Materials 2.6
Utilities 2.4
 
Asset Allocation as of January 31, 2022
Percentages shown as 0.0% may reflect amounts less than 0.05%.
* Foreign investments – 3.6%
7 Semi-Annual Report 


Table of Contents
Fidelity® Quality Factor ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Apple, Inc. 7.0
Microsoft Corp. 6.0
Alphabet, Inc. Class A 4.0
NVIDIA Corp. 2.1
Berkshire Hathaway, Inc. Class B 2.1
Facebook, Inc. Class A 2.0
UnitedHealth Group, Inc. 1.8
The Home Depot, Inc. 1.7
Johnson & Johnson 1.7
Visa, Inc. Class A 1.5
  29.9
 
Top Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 29.0
Health Care 13.0
Consumer Discretionary 11.7
Financials 11.1
Communication Services 9.7
Industrials 8.5
Consumer Staples 5.6
Real Estate 3.3
Energy 2.9
Materials 2.6
Utilities 2.4
 
Asset Allocation as of January 31, 2022
Percentages shown as 0.0% may reflect amounts less than 0.05%.
* Foreign investments – 2.5%
 Semi-Annual Report 8


Table of Contents
Fidelity® Small-Mid Multifactor ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Devon Energy Corp. 0.7
Marathon Oil Corp. 0.4
Molina Healthcare, Inc. 0.4
Brown & Brown, Inc. 0.4
Targa Resources Corp. 0.4
CF Industries Holdings, Inc. 0.4
JB Hunt Transport Services, Inc. 0.4
Bunge Ltd. 0.3
Advance Auto Parts, Inc. 0.3
LKQ Corp. 0.3
  4.0
 
Top Market Sectors as of January 31, 2022
  % of fund's
net assets
Industrials 16.9
Financials 16.8
Consumer Discretionary 13.6
Information Technology 12.6
Health Care 11.3
Real Estate 9.0
Materials 5.6
Energy 4.0
Communication Services 3.6
Consumer Staples 3.3
Utilities 3.1
 
Asset Allocation as of January 31, 2022
* Foreign investments – 5.7%
9 Semi-Annual Report 


Table of Contents
Fidelity® Stocks for Inflation ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
EOG Resources, Inc. 5.5
Apple, Inc. 5.3
Ovintiv, Inc. 5.2
Microsoft Corp. 4.5
Louisiana-Pacific Corp. 2.8
Olin Corp. 2.6
Freeport-McMoRan, Inc. 2.5
The Coca-Cola Co. 2.4
Bunge Ltd. 2.3
Tyson Foods, Inc. Class A 2.3
  35.4
 
Top Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 22.4
Health Care 16.1
Consumer Staples 11.1
Energy 10.7
Materials 8.0
Consumer Discretionary 6.5
Communication Services 6.1
Real Estate 5.6
Financials 5.4
Industrials 4.7
Utilities 3.3
 
Asset Allocation as of January 31, 2022
* Foreign investments – 3.0%
 Semi-Annual Report 10


Table of Contents
Fidelity® U.S. Multifactor ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Apple, Inc. 6.8
Microsoft Corp. 5.8
Alphabet, Inc. Class A 4.0
Facebook, Inc. Class A 2.0
EOG Resources, Inc. 1.8
The Home Depot, Inc. 1.8
Johnson & Johnson 1.7
The Procter & Gamble Co. 1.6
Union Pacific Corp. 1.4
Ford Motor Co. 1.4
  28.3
 
Top Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 27.8
Health Care 12.5
Consumer Discretionary 12.1
Financials 10.9
Communication Services 10.3
Industrials 8.8
Consumer Staples 5.6
Real Estate 3.6
Energy 3.1
Materials 2.8
Utilities 2.3
 
Asset Allocation as of January 31, 2022
* Foreign investments – 3.0%
11 Semi-Annual Report 


Table of Contents
Fidelity® Value Factor ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Apple, Inc. 7.1
Microsoft Corp. 6.1
Alphabet, Inc. Class A 4.0
Amazon.com, Inc. 3.5
Facebook, Inc. Class A 2.1
Berkshire Hathaway, Inc. Class B 2.0
UnitedHealth Group, Inc. 1.7
Johnson & Johnson 1.7
Visa, Inc. Class A 1.6
Mastercard, Inc. Class A 1.5
  31.3
 
Top Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 28.6
Health Care 13.7
Consumer Discretionary 11.3
Financials 10.2
Communication Services 9.9
Industrials 8.7
Consumer Staples 5.7
Energy 3.3
Real Estate 3.1
Utilities 2.6
Materials 2.6
 
Asset Allocation as of January 31, 2022
Percentages shown as 0.0% may reflect amounts less than 0.05%.
* Foreign investments – 2.9%
 Semi-Annual Report 12


Table of Contents
Fidelity® Dividend ETF For Rising Rates
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.4%
  Shares Value
COMMUNICATION SERVICES – 9.0%
Diversified Telecommunication Services – 2.4%
AT&T, Inc. 203,535 $ 5,190,143
Lumen Technologies, Inc. (a) 269,612 3,332,404
Verizon Communications, Inc. 111,761 5,949,038
    14,471,585
Entertainment – 0.5%
Activision Blizzard, Inc. 43,142 3,408,649
Media – 6.1%
Cable One, Inc. (a) 1,513 2,337,177
Comcast Corp. Class A 122,427 6,120,126
Fox Corp. Class A 106,184 4,312,132
News Corp. Class A 158,197 3,518,301
Nexstar Media Group, Inc. Class A 25,056 4,143,761
Omnicom Group, Inc. 49,902 3,760,615
Sirius XM Holdings, Inc. (a) 504,162 3,206,470
The Interpublic Group of Cos., Inc. 123,667 4,395,125
The New York Times Co. Class A 60,921 2,438,668
ViacomCBS, Inc. Class B 65,797 2,200,910
    36,433,285
TOTAL COMMUNICATION SERVICES 54,313,519
CONSUMER DISCRETIONARY – 11.4%
Distributors – 1.0%
Genuine Parts Co. 44,492 5,927,669
Hotels, Restaurants & Leisure – 2.3%
McDonald's Corp. 30,421 7,892,729
Starbucks Corp. 57,576 5,660,872
    13,553,601
Household Durables – 1.3%
Leggett & Platt, Inc. (a) 100,243 3,994,684
Newell Brands, Inc. 167,168 3,879,969
    7,874,653
Multiline Retail – 1.1%
Target Corp. 29,504 6,503,567
Specialty Retail – 3.2%
Lowe's Cos., Inc. 34,751 8,248,150
The Home Depot, Inc. 30,087 11,041,327
    19,289,477
Textiles, Apparel & Luxury Goods – 2.5%
Hanesbrands, Inc. 279,617 4,501,834
NIKE, Inc. Class B 47,641 7,054,203
VF Corp. 57,507 3,750,031
    15,306,068
TOTAL CONSUMER DISCRETIONARY 68,455,035
CONSUMER STAPLES – 5.8%
Beverages – 2.0%
PepsiCo, Inc. 36,052 6,255,743

  Shares Value
The Coca-Cola Co. 101,413 $ 6,187,207
    12,442,950
Household Products – 1.4%
The Procter & Gamble Co. 52,373 8,403,248
Tobacco – 2.4%
Altria Group, Inc. 81,433 4,143,311
British American Tobacco PLC 63,171 2,681,173
Japan Tobacco, Inc. 114,500 2,279,566
Philip Morris International, Inc. 50,698 5,214,289
    14,318,339
TOTAL CONSUMER STAPLES 35,164,537
ENERGY – 2.9%
Oil, Gas & Consumable Fuels – 2.9%
Chevron Corp. 38,860 5,103,484
Exxon Mobil Corp. 81,421 6,184,739
ONEOK, Inc. 31,899 1,935,631
The Williams Cos., Inc. 66,652 1,995,561
Valero Energy Corp. 23,817 1,976,097
TOTAL ENERGY 17,195,512
FINANCIALS – 11.4%
Banks – 8.4%
Bank of America Corp. 211,345 9,751,458
Citigroup, Inc. 83,598 5,443,902
JPMorgan Chase & Co. 66,873 9,937,328
The PNC Financial Services Group, Inc. 27,879 5,742,795
Truist Financial Corp. 83,711 5,258,725
US Bancorp 93,939 5,466,310
Wells Fargo & Co. 163,017 8,770,315
    50,370,833
Insurance – 1.7%
MetLife, Inc. 78,444 5,260,455
Prudential Financial, Inc. 47,092 5,254,054
    10,514,509
Mortgage Real Estate Investment Trusts (REITs) – 1.3%
AGNC Investment Corp. 217,222 3,234,436
Starwood Property Trust, Inc. 175,151 4,334,987
    7,569,423
TOTAL FINANCIALS 68,454,765
HEALTH CARE – 14.3%
Biotechnology – 3.3%
AbbVie, Inc. 84,197 11,525,727
Gilead Sciences, Inc. 116,424 7,996,000
    19,521,727
Health Care Providers & Services – 2.5%
UnitedHealth Group, Inc. 32,028 15,135,472
 
See accompanying notes which are an integral part of the financial statements.
13 Semi-Annual Report 


Table of Contents
Fidelity® Dividend ETF For Rising Rates
Schedule of Investments (Unaudited)continued
Common Stocks – continued
  Shares Value
HEALTH CARE – continued
Pharmaceuticals – 8.5%
Bayer AG 103,408 $ 6,241,150
GlaxoSmithKline PLC 365,979 8,067,387
Johnson & Johnson 76,170 13,123,329
Merck & Co., Inc. 117,668 9,587,589
Organon & Co. 11,752 375,006
Pfizer, Inc. 260,344 13,717,526
    51,111,987
TOTAL HEALTH CARE 85,769,186
INDUSTRIALS – 8.0%
Aerospace & Defense – 2.0%
General Dynamics Corp. 12,966 2,750,089
Lockheed Martin Corp. 7,881 3,066,733
Northrop Grumman Corp. 7,091 2,622,961
Raytheon Technologies Corp. 41,857 3,775,083
    12,214,866
Air Freight & Logistics – 0.6%
United Parcel Service, Inc. Class B 19,211 3,884,656
Construction & Engineering – 0.2%
ACS Actividades de Construccion y Servicios S.A. 46,843 1,170,470
Electrical Equipment – 0.9%
Eaton Corp. PLC 18,024 2,855,542
Emerson Electric Co. 26,140 2,403,573
    5,259,115
Industrial Conglomerates – 2.0%
3M Co. 16,475 2,735,180
CK Hutchison Holdings Ltd. 204,500 1,447,685
General Electric Co. 31,807 3,005,125
Honeywell International, Inc. 17,163 3,509,490
Jardine Matheson Holdings Ltd. 22,028 1,296,128
    11,993,608
Machinery – 1.6%
Caterpillar, Inc. 15,275 3,078,829
Cummins, Inc. 8,387 1,852,521
Illinois Tool Works, Inc. 11,516 2,693,823
PACCAR, Inc. 20,277 1,885,558
    9,510,731
Road & Rail – 0.7%
Union Pacific Corp. 16,580 4,054,639
TOTAL INDUSTRIALS 48,088,085
INFORMATION TECHNOLOGY – 28.9%
Communications Equipment – 1.6%
Cisco Systems, Inc. 168,078 9,356,902
IT Services – 5.5%
International Business Machines Corp. 54,487 7,277,828
Kyndryl Holdings, Inc. (a)(b) 10,885 183,739

  Shares Value
Mastercard, Inc. Class A 27,239 $ 10,524,605
The Western Union Co. 226,773 4,288,277
Visa, Inc. Class A 48,345 10,934,189
    33,208,638
Semiconductors & Semiconductor Equipment – 5.4%
Broadcom, Inc. 16,358 9,583,825
Intel Corp. 143,715 7,016,166
QUALCOMM, Inc. 46,680 8,204,477
Texas Instruments, Inc. 42,460 7,621,145
    32,425,613
Software – 7.5%
Microsoft Corp. 125,003 38,873,433
NortonLifelock, Inc. 240,672 6,259,879
    45,133,312
Technology Hardware, Storage & Peripherals – 8.9%
Apple, Inc. 258,064 45,104,426
HP, Inc. 218,242 8,016,029
    53,120,455
TOTAL INFORMATION TECHNOLOGY 173,244,920
MATERIALS – 2.4%
Chemicals – 1.7%
Air Products & Chemicals, Inc. 7,160 2,019,979
Clariant AG 53,705 1,124,226
Dow, Inc. 30,812 1,840,401
Linde PLC (b) 11,778 3,753,413
LyondellBasell Industries N.V. Class A 16,318 1,578,440
    10,316,459
Containers & Packaging – 0.5%
Amcor PLC 125,549 1,507,843
International Paper Co. 27,978 1,349,939
    2,857,782
Metals & Mining – 0.2%
Fortescue Metals Group Ltd. 66,362 929,028
Paper & Forest Products – 0.0%
Sylvamo Corp. (b) 2,520 75,071
TOTAL MATERIALS 14,178,340
REAL ESTATE – 2.9%
Equity Real Estate Investment Trusts (REITs) – 2.9%
American Tower Corp. 9,459 2,378,938
Crown Castle International Corp. 10,674 1,948,112
Iron Mountain, Inc. 27,887 1,280,571
Omega Healthcare Investors, Inc. 23,960 754,261
Prologis, Inc. 17,511 2,746,075
Public Storage 5,472 1,961,876
Simon Property Group, Inc. 12,807 1,885,190
Ventas, Inc. 21,383 1,133,727
Vornado Realty Trust 22,739 932,526
Welltower, Inc. 18,214 1,577,879
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 14


Table of Contents
Common Stocks – continued
  Shares Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
WP Carey, Inc. 13,758 $ 1,067,621
TOTAL REAL ESTATE 17,666,776
UTILITIES – 2.4%
Electric Utilities – 2.0%
Duke Energy Corp. 23,030 2,419,532
Exelon Corp. 41,786 2,421,499
NextEra Energy, Inc. 41,547 3,245,651
PPL Corp. 53,750 1,595,300
The Southern Co. 34,796 2,417,974
    12,099,956
Multi-Utilities – 0.4%
Dominion Energy, Inc. 28,050 2,262,513
TOTAL UTILITIES 14,362,469
TOTAL COMMON STOCKS
(Cost $483,909,346)
596,893,144
Money Market Funds – 1.5%
Fidelity Cash Central Fund, 0.08% (c) 1,911,481 1,911,863

  Shares Value
Fidelity Securities Lending Cash Central Fund, 0.08% (c)(d) 7,124,288 $ 7,125,000
TOTAL MONEY MARKET FUNDS
(Cost $9,036,863)
9,036,863
TOTAL INVESTMENT IN SECURITIES – 100.9%
(Cost $492,946,209)
605,930,007
NET OTHER ASSETS (LIABILITIES) – (0.9%) (5,700,380)
NET ASSETS – 100.0% $ 600,229,627
    
Legend  
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
CME Micro E-mini S&P 500 Index Future Contracts (United States) 15 March 2022 $3,378,188 $(75,658) $(75,658)
The notional amount of futures purchased as a percentage of Net Assets is 0.6%
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including ownership percentage, is presented below.
Fund Value,
beginning
of period
  Purchases   Sales
Proceeds
  Dividend
Income
  Realized
Gain/Loss
  Change in
Unrealized
appreciation
(depreciation)
  Value,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund, 0.08% $ 654,480   $ 7,703,072   $ 6,445,689   $ 412   $—   $—   $1,911,863 0.0%
Fidelity Securities Lending Cash Central Fund, 0.08% 2,620,350   18,106,567   13,601,917   11,621       $7,125,000 0.0%
Total $3,274,830   $25,809,639   $20,047,606   $12,033   $—   $—   $9,036,863  
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.
See accompanying notes which are an integral part of the financial statements.
15 Semi-Annual Report 


Table of Contents
Fidelity® Dividend ETF For Rising Rates
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   $ 54,313,519   $ 54,313,519   $   $
Consumer Discretionary   68,455,035   68,455,035    
Consumer Staples   35,164,537   35,164,537    
Energy   17,195,512   17,195,512    
Financials   68,454,765   68,454,765    
Health Care   85,769,186   85,769,186    
Industrials   48,088,085   48,088,085    
Information Technology   173,244,920   173,244,920    
Materials   14,178,340   14,178,340    
Real Estate   17,666,776   17,666,776    
Utilities   14,362,469   14,362,469    
Money Market Funds   9,036,863   9,036,863    
Total Investments in Securities:   $ 605,930,007   $ 605,930,007   $   $
    
Derivative Instruments:                
Liabilities                
Futures Contracts   $ (75,658)   $ (75,658)   $   $
Total Liabilities   $ (75,658)   $ (75,658)   $   $
Total Derivative Instruments:   $ (75,658)   $ (75,658)   $   $
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   $(75,658)
Total Equity Risk 0   (75,658)
Total Value of Derivatives $0   $(75,658)
    
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 16


Table of Contents
Fidelity® High Dividend ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.6%
  Shares Value
COMMUNICATION SERVICES – 3.2%
Diversified Telecommunication Services – 0.9%
AT&T, Inc. 129,111 $ 3,292,330
Lumen Technologies, Inc. (a) 170,616 2,108,814
Verizon Communications, Inc. 70,897 3,773,847
    9,174,991
Entertainment – 0.2%
Activision Blizzard, Inc. 27,271 2,154,682
Media – 2.1%
Cable One, Inc. (a) 981 1,515,380
Comcast Corp. Class A 77,569 3,877,674
Fox Corp. Class A 67,083 2,724,241
News Corp. Class A 100,386 2,232,585
Nexstar Media Group, Inc. Class A 15,815 2,615,485
Omnicom Group, Inc. 31,532 2,376,252
Sirius XM Holdings, Inc. (a) 317,890 2,021,780
The Interpublic Group of Cos., Inc. 78,225 2,780,116
The New York Times Co. Class A 38,463 1,539,674
ViacomCBS, Inc. Class B 41,602 1,391,587
    23,074,774
TOTAL COMMUNICATION SERVICES 34,404,447
CONSUMER DISCRETIONARY – 5.2%
Distributors – 0.4%
Genuine Parts Co. 36,767 4,898,467
Hotels, Restaurants & Leisure – 1.0%
McDonald's Corp. 24,984 6,482,099
Starbucks Corp. 47,514 4,671,576
    11,153,675
Household Durables – 0.6%
Berkeley Group Holdings PLC 53,588 3,018,208
Newell Brands, Inc. 137,627 3,194,323
    6,212,531
Multiline Retail – 0.5%
Target Corp. 24,343 5,365,928
Specialty Retail – 1.5%
Lowe's Cos., Inc. 28,649 6,799,840
The Home Depot, Inc. 24,984 9,168,628
    15,968,468
Textiles, Apparel & Luxury Goods – 1.2%
Hanesbrands, Inc. (a) 230,030 3,703,483
NIKE, Inc. Class B 39,148 5,796,644
VF Corp. 47,288 3,083,651
    12,583,778
TOTAL CONSUMER DISCRETIONARY 56,182,847
CONSUMER STAPLES – 12.7%
Beverages – 4.1%
PepsiCo, Inc. 129,326 22,440,647

  Shares Value
The Coca-Cola Co. 364,991 $ 22,268,101
    44,708,748
Household Products – 2.4%
The Procter & Gamble Co. 162,624 26,093,021
Tobacco – 6.2%
Altria Group, Inc. 360,244 18,329,215
British American Tobacco PLC 361,051 15,324,120
Japan Tobacco, Inc. 657,100 13,082,121
Philip Morris International, Inc. 202,595 20,836,896
    67,572,352
TOTAL CONSUMER STAPLES 138,374,121
ENERGY – 11.1%
Oil, Gas & Consumable Fuels – 11.1%
Chevron Corp. 212,026 27,845,375
Exxon Mobil Corp. 412,607 31,341,628
Kinder Morgan, Inc. 1,084,615 18,828,916
ONEOK, Inc. 357,659 21,702,748
The Williams Cos., Inc. 703,396 21,059,676
TOTAL ENERGY 120,778,343
FINANCIALS – 19.1%
Banks – 10.0%
Bank of America Corp. 559,589 25,819,436
Citigroup, Inc. 245,207 15,967,880
JPMorgan Chase & Co. 161,305 23,969,923
US Bancorp 298,663 17,379,200
Wells Fargo & Co. 474,480 25,527,024
    108,663,463
Capital Markets – 2.3%
Blackstone, Inc. Class A 186,099 24,559,485
Insurance – 3.2%
MetLife, Inc. 259,061 17,372,631
Prudential Financial, Inc. 156,336 17,442,407
    34,815,038
Mortgage Real Estate Investment Trusts (REITs) – 2.4%
AGNC Investment Corp. 753,784 11,223,844
Starwood Property Trust, Inc. 613,140 15,175,215
    26,399,059
Thrifts & Mortgage Finance – 1.2%
New York Community Bancorp, Inc. (a) 1,143,366 13,331,648
TOTAL FINANCIALS 207,768,693
HEALTH CARE – 6.7%
Biotechnology – 2.3%
AbbVie, Inc. 76,062 10,412,127
Amgen, Inc. 31,629 7,184,211
Gilead Sciences, Inc. 105,417 7,240,040
    24,836,378
 
See accompanying notes which are an integral part of the financial statements.
17 Semi-Annual Report 


Table of Contents
Fidelity® High Dividend ETF
Schedule of Investments (Unaudited)continued
Common Stocks – continued
  Shares Value
HEALTH CARE – continued
Pharmaceuticals – 4.4%
Bristol-Myers Squibb Co. 121,384 $ 7,876,608
GlaxoSmithKline PLC 330,971 7,295,695
Johnson & Johnson 69,010 11,889,733
Merck & Co., Inc. 106,883 8,708,827
Organon & Co. 10,559 336,937
Pfizer, Inc. 236,352 12,453,387
    48,561,187
TOTAL HEALTH CARE 73,397,565
INDUSTRIALS – 1.8%
Aerospace & Defense – 0.5%
General Dynamics Corp. 5,222 1,107,586
Lockheed Martin Corp. 3,243 1,261,948
Northrop Grumman Corp. 2,864 1,059,394
Raytheon Technologies Corp. 17,057 1,538,371
    4,967,299
Air Freight & Logistics – 0.1%
United Parcel Service, Inc. Class B 7,772 1,571,576
Commercial Services & Supplies – 0.1%
Waste Management, Inc. 7,587 1,141,388
Construction & Engineering – 0.0%
ACS Actividades de Construccion y Servicios S.A. 18,882 471,806
Electrical Equipment – 0.2%
Eaton Corp. PLC 7,298 1,156,222
Emerson Electric Co. 10,599 974,578
    2,130,800
Industrial Conglomerates – 0.5%
3M Co. 6,650 1,104,033
CK Hutchison Holdings Ltd. 89,000 630,044
General Electric Co. 12,870 1,215,958
Honeywell International, Inc. 6,943 1,419,705
Jardine Matheson Holdings Ltd. 10,453 615,054
    4,984,794
Machinery – 0.3%
Caterpillar, Inc. 6,180 1,245,641
Illinois Tool Works, Inc. 4,679 1,094,512
PACCAR, Inc. 8,191 761,681
    3,101,834
Road & Rail – 0.1%
Union Pacific Corp. 6,718 1,642,887
TOTAL INDUSTRIALS 20,012,384
INFORMATION TECHNOLOGY – 21.7%
Communications Equipment – 1.2%
Cisco Systems, Inc. 223,847 12,461,562

  Shares Value
IT Services – 3.5%
International Business Machines Corp. 72,356 $ 9,664,591
Kyndryl Holdings, Inc. (a)(b) 14,440 243,747
Mastercard, Inc. Class A 36,363 14,049,936
Visa, Inc. Class A 64,394 14,563,991
    38,522,265
Semiconductors & Semiconductor Equipment – 4.0%
Broadcom, Inc. 21,837 12,793,862
Intel Corp. 191,616 9,354,693
QUALCOMM, Inc. 62,099 10,914,520
Texas Instruments, Inc. 56,451 10,132,390
    43,195,465
Software – 5.5%
Microsoft Corp. 166,488 51,774,438
NortonLifelock, Inc. 319,383 8,307,152
    60,081,590
Technology Hardware, Storage & Peripherals – 7.5%
Apple, Inc. 343,628 60,059,302
HP, Inc. 290,443 10,667,971
Seagate Technology Holdings PLC 103,543 11,094,633
    81,821,906
TOTAL INFORMATION TECHNOLOGY 236,082,788
MATERIALS – 8.5%
Chemicals – 5.7%
Air Products & Chemicals, Inc. 41,684 11,759,890
Clariant AG 472,373 9,888,352
Dow, Inc. 199,749 11,931,008
Linde PLC (b) 52,709 16,797,304
LyondellBasell Industries N.V. Class A 118,973 11,508,258
    61,884,812
Containers & Packaging – 2.0%
Amcor PLC 950,846 11,419,660
International Paper Co. 208,364 10,053,563
    21,473,223
Metals & Mining – 0.7%
Fortescue Metals Group Ltd. 579,347 8,110,513
Paper & Forest Products – 0.1%
Sylvamo Corp. (a)(b) 18,796 559,933
TOTAL MATERIALS 92,028,481
REAL ESTATE – 9.6%
Equity Real Estate Investment Trusts (REITs) – 9.6%
American Tower Corp. 39,706 9,986,059
Crown Castle International Corp. 51,353 9,372,436
Iron Mountain, Inc. 214,829 9,864,948
Omega Healthcare Investors, Inc. 185,976 5,854,524
Prologis, Inc. 80,856 12,679,838
Public Storage 32,762 11,746,160
Simon Property Group, Inc. 79,956 11,769,523
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 18


Table of Contents
Common Stocks – continued
  Shares Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Ventas, Inc. 149,428 $ 7,922,673
Vornado Realty Trust 182,077 7,466,978
Welltower, Inc. 118,488 10,264,615
WP Carey, Inc. 102,448 7,949,965
TOTAL REAL ESTATE 104,877,719
TOTAL COMMON STOCKS
(Cost $925,115,206)
1,083,907,388
Money Market Funds – 1.8%
Fidelity Cash Central Fund, 0.08% (c) 1,527,431 1,527,737
Fidelity Securities Lending Cash Central Fund, 0.08% (c)(d) 18,461,304 18,463,150
TOTAL MONEY MARKET FUNDS
(Cost $19,990,887)
19,990,887
TOTAL INVESTMENT IN SECURITIES – 101.4%
(Cost $945,106,093)
1,103,898,275
NET OTHER ASSETS (LIABILITIES) – (1.4%) (15,044,972)
NET ASSETS – 100.0% $1,088,853,303
    
Legend  
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
CME Micro E-mini S&P 500 Index Future Contracts (United States) 22 March 2022 $4,954,675 $(142,606) $(142,606)
The notional amount of futures purchased as a percentage of Net Assets is 0.5%
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including ownership percentage, is presented below.
Fund Value,
beginning
of period
  Purchases   Sales
Proceeds
  Dividend
Income
  Realized
Gain/Loss
  Change in
Unrealized
appreciation
(depreciation)
  Value,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund, 0.08% $3,234,325   $ 22,421,536   $ 24,128,124   $ 596   $—   $—   $ 1,527,737 0.0%
Fidelity Securities Lending Cash Central Fund, 0.08% 1,661,850   146,673,200   129,871,900   17,223       $18,463,150 0.1%
Total $4,896,175   $169,094,736   $154,000,024   $17,819   $—   $—   $19,990,887  
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.
See accompanying notes which are an integral part of the financial statements.
19 Semi-Annual Report 


Table of Contents
Fidelity® High Dividend 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   $ 34,404,447   $ 34,404,447   $   $
Consumer Discretionary   56,182,847   56,182,847    
Consumer Staples   138,374,121   138,374,121    
Energy   120,778,343   120,778,343    
Financials   207,768,693   207,768,693    
Health Care   73,397,565   73,397,565    
Industrials   20,012,384   20,012,384    
Information Technology   236,082,788   236,082,788    
Materials   92,028,481   92,028,481    
Real Estate   104,877,719   104,877,719    
Money Market Funds   19,990,887   19,990,887    
Total Investments in Securities:   $ 1,103,898,275   $ 1,103,898,275   $   $
    
Derivative Instruments:                
Liabilities                
Futures Contracts   $ (142,606)   $ (142,606)   $   $
Total Liabilities   $ (142,606)   $ (142,606)   $   $
Total Derivative Instruments:   $ (142,606)   $ (142,606)   $   $
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   $(142,606)
Total Equity Risk 0   (142,606)
Total Value of Derivatives $0   $(142,606)
    
(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).
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 91.2%
Ireland 2.7%
United Kingdom 2.4%
Japan 1.2%
Netherlands 1.1%
Jersey 1.0%
Others (Individually Less Than 1%) 1.8%
  101.4%
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 20


Table of Contents
Fidelity® Low Volatility Factor ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8%
  Shares Value
COMMUNICATION SERVICES – 10.1%
Diversified Telecommunication Services – 2.1%
AT&T, Inc. 182,172 $4,645,386
Verizon Communications, Inc. 97,876 5,209,939
    9,855,325
Entertainment – 1.5%
Activision Blizzard, Inc. 44,658 3,528,429
Take-Two Interactive Software, Inc. (a) 19,784 3,231,518
    6,759,947
Interactive Media & Services – 4.3%
Alphabet, Inc. Class A (a) 7,498 20,290,113
Media – 1.6%
Cable One, Inc. (b) 1,534 2,369,616
Comcast Corp. Class A 100,010 4,999,500
    7,369,116
Wireless Telecommunication Services – 0.6%
T-Mobile US, Inc. (a) 26,880 2,907,610
TOTAL COMMUNICATION SERVICES 47,182,111
CONSUMER DISCRETIONARY – 11.2%
Distributors – 0.5%
Pool Corp. 5,146 2,450,783
Diversified Consumer Services – 0.5%
Service Corp. International (b) 37,566 2,318,574
Hotels, Restaurants & Leisure – 2.1%
Domino's Pizza, Inc. 4,698 2,135,946
McDonald's Corp. 17,849 4,630,923
Starbucks Corp. 32,120 3,158,038
    9,924,907
Household Durables – 0.4%
Garmin Ltd. 15,590 1,939,708
Internet & Direct Marketing Retail – 3.4%
Amazon.com, Inc. (a) 5,375 16,079,151
Multiline Retail – 0.5%
Dollar General Corp. 12,276 2,559,300
Specialty Retail – 2.9%
AutoZone, Inc. (a) 1,640 3,257,614
The Home Depot, Inc. 18,511 6,793,167
The TJX Cos., Inc. 46,520 3,348,044
    13,398,825
Textiles, Apparel & Luxury Goods – 0.9%
NIKE, Inc. Class B 27,120 4,015,658
TOTAL CONSUMER DISCRETIONARY 52,686,906
CONSUMER STAPLES – 5.7%
Beverages – 0.9%
PepsiCo, Inc. 24,155 4,191,376
Food & Staples Retailing – 1.6%
Costco Wholesale Corp. 7,983 4,032,453

  Shares Value
Walmart, Inc. 24,612 $ 3,441,003
    7,473,456
Food Products – 0.7%
Hormel Foods Corp. (b) 33,647 1,597,223
The Hershey Co. 9,385 1,849,502
    3,446,725
Household Products – 2.5%
Colgate-Palmolive Co. 26,904 2,218,235
Kimberly-Clark Corp. 14,123 1,944,031
The Clorox Co. 9,860 1,655,100
The Procter & Gamble Co. 36,601 5,872,630
    11,689,996
TOTAL CONSUMER STAPLES 26,801,553
ENERGY – 3.0%
Oil, Gas & Consumable Fuels – 3.0%
Cabot Oil & Gas Corp. 60,232 1,319,081
Cheniere Energy, Inc. 12,960 1,450,224
Chevron Corp. 30,041 3,945,284
Exxon Mobil Corp. 62,075 4,715,217
Kinder Morgan, Inc. 74,022 1,285,022
ONEOK, Inc. 22,044 1,337,630
TOTAL ENERGY 14,052,458
FINANCIALS – 12.0%
Capital Markets – 4.5%
CME Group, Inc. 20,707 4,752,257
FactSet Research Systems, Inc. 10,141 4,278,386
Intercontinental Exchange, Inc. 35,415 4,485,664
Nasdaq, Inc. 19,766 3,542,265
S&P Global, Inc. 10,546 4,378,910
    21,437,482
Insurance – 7.5%
Aon PLC Class A 15,781 4,362,500
Arthur J Gallagher & Co. 27,436 4,333,242
Brown & Brown, Inc. 66,987 4,439,898
Chubb Ltd. 25,174 4,966,327
Erie Indemnity Co. Class A 19,321 3,556,996
Marsh & McLennan Cos., Inc. 28,709 4,410,851
The Progressive Corp. 43,013 4,673,792
The Travelers Cos., Inc. 25,952 4,312,703
    35,056,309
TOTAL FINANCIALS 56,493,791
HEALTH CARE – 13.5%
Biotechnology – 1.7%
Amgen, Inc. 19,416 4,410,150
Regeneron Pharmaceuticals, Inc. (a) 6,244 3,800,036
    8,210,186
 
See accompanying notes which are an integral part of the financial statements.
21 Semi-Annual Report 


Table of Contents
Fidelity® Low Volatility Factor ETF
Schedule of Investments (Unaudited)continued
Common Stocks – continued
  Shares Value
HEALTH CARE – continued
Health Care Equipment & Supplies – 4.5%
Abbott Laboratories 44,592 $ 5,683,696
Baxter International, Inc. 46,736 3,993,124
Danaher Corp. 16,952 4,844,712
ResMed, Inc. 13,075 2,988,945
Steris PLC 15,312 3,436,013
    20,946,490
Health Care Providers & Services – 2.5%
Chemed Corp. 6,711 3,146,855
UnitedHealth Group, Inc. 17,807 8,415,054
    11,561,909
Pharmaceuticals – 4.8%
Eli Lilly & Co. 20,343 4,991,969
Johnson & Johnson 46,540 8,018,377
Merck & Co., Inc. 68,359 5,569,891
Zoetis, Inc. 20,262 4,048,145
    22,628,382
TOTAL HEALTH CARE 63,346,967
INDUSTRIALS – 8.4%
Aerospace & Defense – 1.2%
L3Harris Technologies, Inc. 12,513 2,618,846
Northrop Grumman Corp. 8,259 3,055,004
    5,673,850
Air Freight & Logistics – 1.1%
CH Robinson Worldwide, Inc. 27,915 2,921,305
Expeditors International of Washington, Inc. 20,973 2,400,989
    5,322,294
Building Products – 0.5%
Carrier Global Corp. 51,089 2,435,924
Commercial Services & Supplies – 1.7%
Republic Services, Inc. 22,383 2,857,414
Rollins, Inc. 64,244 1,981,927
Waste Management, Inc. 20,255 3,047,162
    7,886,503
Industrial Conglomerates – 0.7%
3M Co. 18,357 3,047,629
Machinery – 2.2%
Graco, Inc. 32,006 2,322,355
Illinois Tool Works, Inc. 13,613 3,184,353
Otis Worldwide Corp. 30,583 2,612,706
The Toro Co. 22,010 2,125,726
    10,245,140
Professional Services – 1.0%
Exponent, Inc. 21,364 2,029,153

  Shares Value
Verisk Analytics, Inc. 14,280 $ 2,800,736
    4,829,889
TOTAL INDUSTRIALS 39,441,229
INFORMATION TECHNOLOGY – 27.7%
IT Services – 14.4%
Accenture PLC Class A 23,609 8,347,670
Akamai Technologies, Inc. (a) 48,798 5,589,811
Amdocs Ltd. 71,491 5,425,452
Automatic Data Processing, Inc. 29,654 6,113,765
Broadridge Financial Solutions, Inc. 31,918 5,081,984
Fiserv, Inc. (a) 55,144 5,828,721
Jack Henry & Associates, Inc. 31,546 5,293,734
Maximus, Inc. 63,603 4,917,784
Paychex, Inc. 49,745 5,857,971
VeriSign, Inc. (a) 25,894 5,623,659
Visa, Inc. Class A 40,732 9,212,357
    67,292,908
Semiconductors & Semiconductor Equipment – 2.9%
Intel Corp. 143,166 6,989,364
Texas Instruments, Inc. 37,717 6,769,824
    13,759,188
Software – 10.4%
Citrix Systems, Inc. 54,005 5,505,270
Microsoft Corp. 100,953 31,394,364
Oracle Corp. 79,511 6,453,113
Tyler Technologies, Inc. (a) 11,238 5,324,564
    48,677,311
TOTAL INFORMATION TECHNOLOGY 129,729,407
MATERIALS – 2.7%
Chemicals – 1.3%
Air Products & Chemicals, Inc. 5,261 1,484,233
Balchem Corp. 6,528 959,224
Ecolab, Inc. 6,484 1,228,394
Linde PLC (a) 8,388 2,673,088
    6,344,939
Construction Materials – 0.5%
Martin Marietta Materials, Inc. 2,944 1,145,569
Vulcan Materials Co. 6,060 1,153,279
    2,298,848
Containers & Packaging – 0.9%
AptarGroup, Inc. 7,143 837,874
Ball Corp. 13,731 1,333,280
Packaging Corp. of America 6,950 1,046,879
Sonoco Products Co. 14,091 798,114
    4,016,147
TOTAL MATERIALS 12,659,934
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 22


Table of Contents
Common Stocks – continued
  Shares Value
REAL ESTATE – 3.1%
Equity Real Estate Investment Trusts (REITs) – 3.1%
Agree Realty Corp. 8,326 $ 544,354
American Tower Corp. 7,004 1,761,506
Crown Castle International Corp. 7,667 1,399,304
CubeSmart 13,561 688,085
Digital Realty Trust, Inc. 6,744 1,006,407
Duke Realty Corp. 15,318 885,074
Equinix, Inc. 1,684 1,220,732
Equity Lifestyle Properties, Inc. 8,654 677,522
Essex Property Trust, Inc. 2,483 825,597
Extra Space Storage, Inc. 4,722 935,853
Life Storage, Inc. 5,557 749,917
Prologis, Inc. 12,469 1,955,389
Public Storage 3,521 1,262,384
Sun Communities, Inc. 4,122 778,893
TOTAL REAL ESTATE 14,691,017
UTILITIES – 2.4%
Electric Utilities – 1.3%
Duke Energy Corp. 17,730 1,862,714
NextEra Energy, Inc. 33,963 2,653,189
Xcel Energy, Inc. 20,374 1,419,253
    5,935,156
Multi-Utilities – 0.9%
CMS Energy Corp. 19,041 1,225,860
Consolidated Edison, Inc. 17,066 1,475,356
WEC Energy Group, Inc. 13,856 1,344,586
    4,045,802

  Shares Value
Water Utilities – 0.2%
American Water Works Co., Inc. 7,578 $ 1,218,542
TOTAL UTILITIES