Quarterly Holdings Report
for
Fidelity® MSCI Financials Index ETF
April 30, 2025
T04-NPRT3-0625
1.9584808.111
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% 
    Shares Value
BANKS – 25.7% 
Diversified Banks – 19.5%
Bank of America Corp. 1,860,996 $74,216,521
Citigroup, Inc. 514,273 35,165,988
Comerica, Inc. 36,618 1,968,217
Fifth Third Bancorp 183,960 6,611,522
First Citizens BancShares, Inc. Class A 2,652 4,718,279
JPMorgan Chase & Co. 764,821 187,090,513
KeyCorp 253,559 3,762,816
PNC Financial Services Group, Inc. 108,158 17,379,909
U.S. Bancorp 425,678 17,171,851
Wells Fargo & Co. 892,936 63,407,385
      411,493,001
Regional Banks – 6.2%
1st Source Corp. 5,408 324,210
Amalgamated Financial Corp. 6,039 170,058
Amerant Bancorp, Inc. 8,509 143,292
Ameris Bancorp 17,317 1,014,776
Arrow Financial Corp. 1 15
Associated Banc-Corp. 45,116 995,259
Atlantic Union Bankshares Corp. 32,289 894,405
Axos Financial, Inc. (a) 14,708 933,664
Banc of California, Inc. 37,804 509,598
BancFirst Corp. 5,528 651,309
Bancorp, Inc. (a) 12,363 597,257
Bank First Corp. 2,296 250,677
Bank of Hawaii Corp. 10,796 713,724
Bank OZK 29,649 1,263,047
BankUnited, Inc. 20,304 664,144
Banner Corp. 8,339 509,846
Bar Harbor Bankshares 5,779 171,290
Berkshire Hills Bancorp, Inc. 11,783 292,572
BOK Financial Corp. 6,220 579,517
Brookline Bancorp, Inc. 21,217 221,505
Burke & Herbert Financial Services Corp. 3,527 197,195
Business First Bancshares, Inc. 8,475 195,349
Byline Bancorp, Inc. 9,509 242,860
Cadence Bank 43,307 1,267,163
Camden National Corp. 5,873 226,228
Capital City Bank Group, Inc. 4,872 178,023
Capitol Federal Financial, Inc. 31,752 180,034
Cathay General Bancorp 16,893 704,269
Central Pacific Financial Corp. 5,914 151,931
Citizens Financial Group, Inc. 122,381 4,514,635
City Holding Co. 3,892 450,966
Coastal Financial Corp. (a) 3,736 306,912
Columbia Banking System, Inc. 58,793 1,318,139
Columbia Financial, Inc. (a) 6,432 86,639
Commerce Bancshares, Inc. 33,942 2,061,637
Community Financial System, Inc. 14,199 775,123
  
    Shares Value
Community Trust Bancorp, Inc. 5,357 $262,279
ConnectOne Bancorp, Inc. 11,246 253,372
Cullen/Frost Bankers, Inc. 16,334 1,902,421
Customers Bancorp, Inc. (a) 7,365 368,250
CVB Financial Corp. 38,340 710,824
Dime Community Bancshares, Inc. 12,019 308,768
Eagle Bancorp, Inc. 7,064 126,799
East West Bancorp, Inc. 38,008 3,251,584
Eastern Bankshares, Inc. 50,685 756,220
Enterprise Financial Services Corp. 10,933 568,735
Equity Bancshares, Inc. Class A 5,260 202,457
Esquire Financial Holdings, Inc. 2,013 166,918
Farmers National Banc Corp. 13,474 175,701
FB Financial Corp. 11,197 476,544
First BanCorp 39,661 778,942
First Bancorp/Southern Pines NC 10,202 412,773
First Busey Corp. 25,389 527,837
First Commonwealth Financial Corp. 25,003 383,046
First Community Bankshares, Inc. 4,535 170,879
First Financial Bancorp 25,970 601,205
First Financial Bankshares, Inc. 31,926 1,069,840
First Financial Corp. 4,029 199,033
First Hawaiian, Inc. 39,995 914,286
First Horizon Corp. 147,112 2,659,785
First Interstate BancSystem, Inc. Class A 27,818 728,692
First Merchants Corp. 16,909 602,637
First Mid Bancshares, Inc. 5,874 196,368
Firstsun Capital Bancorp (a) 2,608 91,254
Five Star Bancorp 5,846 161,817
Flagstar Financial, Inc. 83,805 981,357
FNB Corp. 100,706 1,318,242
Fulton Financial Corp. 42,736 712,836
German American Bancorp, Inc. 9,615 364,505
Glacier Bancorp, Inc. 30,580 1,246,441
Great Southern Bancorp, Inc. 2,676 147,180
Greene County Bancorp, Inc. 2,223 49,462
Hancock Whitney Corp. 25,073 1,306,053
Hanmi Financial Corp. 5,332 121,943
HarborOne Bancorp, Inc. 11,997 135,806
HBT Financial, Inc. 4,866 112,770
Heritage Commerce Corp. 21,850 197,524
Heritage Financial Corp. 8,116 185,207
Hilltop Holdings, Inc. 13,169 388,881
Home BancShares, Inc. 50,650 1,405,537
Hope Bancorp, Inc. 29,854 297,644
Horizon Bancorp, Inc. 13,389 196,551
Huntington Bancshares, Inc. 399,957 5,811,375
Independent Bank Corp. 11,541 681,958
Independent Bank Corp. 7,040 214,438
International Bancshares Corp. 15,512 946,852
 
 Quarterly Report 2
Common Stocks – continued 
    Shares Value
BANKS – continued
Regional Banks – continued
Kearny Financial Corp. 12,442 $77,887
Lakeland Financial Corp. 6,084 338,696
Live Oak Bancshares, Inc. 10,080 263,491
M&T Bank Corp. 45,298 7,689,788
Mercantile Bank Corp. 5,112 216,289
Metrocity Bankshares, Inc. 6,639 183,037
Metropolitan Bank Holding Corp. (a) 2,950 182,693
Midland States Bancorp, Inc. 5,536 90,126
National Bank Holdings Corp. Class A 10,000 361,600
NB Bancorp, Inc. (a) 10,068 172,666
NBT Bancorp, Inc. 12,850 544,069
Nicolet Bankshares, Inc. 3,779 441,425
Northeast Bank 2,311 191,397
Northfield Bancorp, Inc. 11,241 118,593
Northwest Bancshares, Inc. 31,074 383,764
OceanFirst Financial Corp. 17,835 295,348
OFG Bancorp 11,205 440,917
Old National Bancorp 86,983 1,790,980
Old Second Bancorp, Inc. 11,871 187,443
Origin Bancorp, Inc. 8,298 265,868
Orrstown Financial Services, Inc. 5,363 160,729
Pacific Premier Bancorp, Inc. 26,197 532,847
Park National Corp. 4,585 688,208
Pathward Financial, Inc. 5,997 475,982
Peapack-Gladstone Financial Corp. 5,069 140,310
Peoples Bancorp, Inc. 12,553 364,163
Pinnacle Financial Partners, Inc. 21,062 2,111,255
Popular, Inc. 19,662 1,876,148
Preferred Bank 2,071 165,390
Prosperity Bancshares, Inc. 25,703 1,745,234
Provident Financial Services, Inc. 29,627 484,994
QCR Holdings, Inc. 4,877 316,761
Regions Financial Corp. 251,948 5,142,259
Renasant Corp. 24,500 785,715
Republic Bancorp, Inc. Class A 3,025 205,246
S&T Bancorp, Inc. 9,434 343,775
Seacoast Banking Corp. of Florida 23,269 551,708
ServisFirst Bancshares, Inc. 13,907 990,457
Simmons First National Corp. Class A 34,147 637,183
South Plains Financial, Inc. 4,159 140,200
Southern Missouri Bancorp, Inc. 3,059 161,056
Southside Bancshares, Inc. 6,591 185,800
SouthState Corp. 27,533 2,389,314
Stellar Bancorp, Inc. 13,178 328,923
Stock Yards Bancorp, Inc. 8,364 608,816
Synovus Financial Corp. 40,384 1,749,435
Texas Capital Bancshares, Inc. (a) 12,562 856,100
  
    Shares Value
TFS Financial Corp. 13,498 $174,934
Tompkins Financial Corp. 3,924 233,870
Towne Bank 20,527 676,365
TriCo Bancshares 10,002 385,877
Triumph Financial, Inc. (a) 5,948 317,742
Truist Financial Corp. 360,760 13,831,538
TrustCo Bank Corp. 4,091 124,571
Trustmark Corp. 13,852 464,735
UMB Financial Corp. 19,808 1,873,243
United Bankshares, Inc. 36,512 1,251,996
United Community Banks, Inc. 32,398 894,509
Univest Financial Corp. 10,555 311,795
Valley National Bancorp 138,583 1,191,814
Veritex Holdings, Inc. 12,848 299,101
WaFd, Inc. 22,165 632,367
Washington Trust Bancorp, Inc. 5,751 158,728
Webster Financial Corp. 47,108 2,228,208
WesBanco, Inc. 27,517 819,456
Westamerica BanCorp 6,254 302,881
Western Alliance Bancorp 28,732 2,002,908
Wintrust Financial Corp. 18,158 2,018,625
WSFS Financial Corp. 14,439 744,330
Zions Bancorp NA 40,546 1,823,354
      130,746,128
TOTAL BANKS 542,239,129
CAPITAL MARKETS – 23.2% 
Asset Management & Custody Banks – 7.4%
Acadian Asset Management, Inc. 8,626 232,384
Affiliated Managers Group, Inc. 8,161 1,351,706
Ameriprise Financial, Inc. 26,300 12,387,826
ARES Management Corp. Class A 51,128 7,798,554
Artisan Partners Asset Management, Inc. Class A 19,053 704,580
Bank of New York Mellon Corp. 196,007 15,760,923
Blackrock, Inc. 39,975 36,547,544
Blackstone, Inc. 195,913 25,803,701
Blue Owl Capital, Inc. 147,023 2,724,336
Carlyle Group, Inc. 63,510 2,454,026
Cohen & Steers, Inc. 7,486 571,332
DigitalBridge Group, Inc. 46,813 393,229
Federated Hermes, Inc. 21,879 888,506
Franklin Resources, Inc. 78,205 1,467,126
Hamilton Lane, Inc. Class A 10,611 1,639,293
Invesco Ltd. 92,019 1,281,825
Janus Henderson Group PLC 36,228 1,203,132
KKR & Co., Inc. 168,659 19,272,664
Northern Trust Corp. 54,568 5,128,301
P10, Inc. Class A 11,812 130,759
SEI Investments Co. 29,173 2,283,954
State Street Corp. 80,365 7,080,157
StepStone Group, Inc. Class A 17,704 885,377
3 Quarterly Report 
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
    Shares Value
CAPITAL MARKETS – continued
Asset Management & Custody Banks – continued
T. Rowe Price Group, Inc. 60,324 $5,341,690
TPG, Inc. 21,232 986,226
Victory Capital Holdings, Inc. Class A 12,235 700,943
Virtus Investment Partners, Inc. 2,088 320,696
WisdomTree, Inc. 30,198 262,723
      155,603,513
Financial Exchanges & Data – 7.9%
Cboe Global Markets, Inc. 28,240 6,263,632
CME Group, Inc. 97,911 27,129,180
Coinbase Global, Inc. Class A (a) 52,857 10,724,157
Donnelley Financial Solutions, Inc. (a) 7,706 371,429
FactSet Research Systems, Inc. 10,250 4,430,255
Intercontinental Exchange, Inc. 156,009 26,204,832
MarketAxess Holdings, Inc. 10,112 2,240,718
Moody's Corp. 44,265 20,057,357
Morningstar, Inc. 7,463 2,124,865
MSCI, Inc. 21,230 11,572,685
Nasdaq, Inc. 116,622 8,887,763
Open Lending Corp. (a) 26,250 32,550
S&P Global, Inc. 86,175 43,091,809
Tradeweb Markets, Inc. Class A 31,248 4,321,598
      167,452,830
Investment Banking & Brokerage – 7.9%
BGC Group, Inc. Class A 87,922 796,573
Charles Schwab Corp. 467,369 38,043,837
Evercore, Inc. Class A 9,823 2,016,564
Freedom Holding Corp. (a) 4,975 710,579
Goldman Sachs Group, Inc. 85,436 46,780,482
Houlihan Lokey, Inc. 14,333 2,323,093
Interactive Brokers Group, Inc. Class A 29,642 5,093,978
Jefferies Financial Group, Inc. 42,638 1,992,474
Lazard, Inc. 24,758 963,086
LPL Financial Holdings, Inc. 21,596 6,906,185
Moelis & Co. Class A 15,775 845,224
Morgan Stanley 328,647 37,932,437
Perella Weinberg Partners 15,297 262,649
Piper Sandler Cos. 4,896 1,180,523
PJT Partners, Inc. Class A 6,332 897,308
Raymond James Financial, Inc. 52,952 7,256,542
Robinhood Markets, Inc. Class A (a) 167,152 8,208,835
Stifel Financial Corp. 28,453 2,438,137
StoneX Group, Inc. (a) 12,130 1,074,293
Virtu Financial, Inc. Class A 22,604 884,947
      166,607,746
TOTAL CAPITAL MARKETS 489,664,089
  
    Shares Value
CONSUMER FINANCE – 4.4% 
Consumer Finance – 4.4%
Ally Financial, Inc. 74,253 $2,425,103
American Express Co. 152,956 40,749,008
Atlanticus Holdings Corp. (a) 1,950 106,899
Bread Financial Holdings, Inc. 3,086 146,431
Capital One Financial Corp. 103,750 18,701,975
Credit Acceptance Corp. (a) 1,772 863,708
Dave, Inc. (a) 2,471 234,300
Discover Financial Services 68,405 12,495,541
Encore Capital Group, Inc. (a) 5,607 192,881
Enova International, Inc. (a) 7,346 674,289
EZCORP, Inc. Class A (a) 14,041 229,851
FirstCash Holdings, Inc. 10,740 1,438,730
Green Dot Corp. Class A (a) 11,661 97,603
LendingClub Corp. (a) 31,739 310,090
LendingTree, Inc. (a) 3,072 158,484
Navient Corp. 25,430 314,823
Nelnet, Inc. Class A 3,740 396,777
NerdWallet, Inc. Class A (a) 8,454 75,748
OneMain Holdings, Inc. 33,692 1,585,882
PRA Group, Inc. (a) 10,096 184,757
PROG Holdings, Inc. 11,663 307,437
SLM Corp. 55,012 1,590,397
SoFi Technologies, Inc. (a) 281,453 3,520,977
Synchrony Financial 107,623 5,591,015
Upstart Holdings, Inc. (a) 22,442 1,072,728
World Acceptance Corp. (a) 1,058 136,609
TOTAL CONSUMER FINANCE 93,602,043
FINANCIAL SERVICES – 28.8% 
Commercial & Residential Mortgage Finance – 0.5%
Enact Holdings, Inc. 10,713 383,418
Essent Group Ltd. 29,319 1,669,131
Federal Agricultural Mortgage Corp. Class C 2,827 495,658
Merchants Bancorp 5,670 170,553
MGIC Investment Corp. 71,769 1,787,766
Mr. Cooper Group, Inc. (a) 17,804 2,118,854
NMI Holdings, Inc. (a) 21,873 791,146
PennyMac Financial Services, Inc. 8,345 813,137
Radian Group, Inc. 42,815 1,367,511
Rocket Cos., Inc. Class A 38,524 497,345
UWM Holdings Corp. 35,656 167,583
Walker & Dunlop, Inc. 9,279 710,215
      10,972,317
Diversified Financial Services – 1.0%
Apollo Global Management, Inc. 107,645 14,691,390
Equitable Holdings, Inc. 80,423 3,976,917
Jackson Financial, Inc. Class A 16,706 1,301,564
Voya Financial, Inc. 26,543 1,571,346
      21,541,217
 
 Quarterly Report 4
Common Stocks – continued 
    Shares Value
FINANCIAL SERVICES – continued
Mortgage REITs – 0.0%
HA Sustainable Infrastructure Capital, Inc. 33,009 $824,565
Multi-Sector Holdings – 9.2%
Berkshire Hathaway, Inc. Class B (a) 361,554 192,798,671
Cannae Holdings, Inc. 15,052 266,571
Compass Diversified Holdings 18,428 316,777
      193,382,019
Transaction & Payment Processing Services – 18.1%
Affirm Holdings, Inc. (a) 66,049 3,286,598
AvidXchange Holdings, Inc. (a) 49,039 398,687
Block, Inc. (a) 150,983 8,827,976
Cantaloupe, Inc. (a) 17,531 140,248
Cass Information Systems, Inc. 5,740 233,848
Corpay, Inc. (a) 18,088 5,885,292
Euronet Worldwide, Inc. (a) 11,696 1,159,074
EVERTEC, Inc. 17,736 601,960
Fidelity National Information Services, Inc. 146,507 11,556,472
Fiserv, Inc. (a) 154,753 28,562,761
Flywire Corp. (a) 30,636 288,285
Global Payments, Inc. 69,528 5,305,682
International Money Express, Inc. (a) 9,403 116,785
Jack Henry & Associates, Inc. 19,886 3,448,829
Marqeta, Inc. Class A (a) 114,483 478,539
Mastercard, Inc. Class A 222,693 122,049,125
NCR Atleos Corp. (a) 19,102 533,328
Paymentus Holdings, Inc. Class A (a) 5,682 184,438
Payoneer Global, Inc. (a) 67,190 472,346
PayPal Holdings, Inc. (a) 258,964 17,050,190
Remitly Global, Inc. (a) 41,627 841,698
Repay Holdings Corp. (a) 24,242 96,968
Sezzle, Inc. (a) 5,226 271,491
Shift4 Payments, Inc. Class A (a) 16,818 1,375,712
Toast, Inc. Class A (a) 109,576 3,898,714
Visa, Inc. Class A 469,798 162,315,209
Western Union Co. 60,678 601,319
WEX, Inc. (a) 8,769 1,143,214
      381,124,788
TOTAL FINANCIAL SERVICES 607,844,906
INSURANCE – 16.9% 
Insurance Brokers – 4.3%
Aon PLC Class A 52,758 18,718,011
Arthur J Gallagher & Co. 67,800 21,742,782
Baldwin Insurance Group, Inc. (a) 18,397 765,683
Brown & Brown, Inc. 65,742 7,271,065
Crawford & Co. Class A 10,595 117,816
Goosehead Insurance, Inc. Class A 6,250 607,563
  
    Shares Value
Hagerty, Inc. Class A (a) 10,004 $88,135
Marsh & McLennan Cos., Inc. 133,299 30,054,926
Ryan Specialty Holdings, Inc. 28,775 1,885,050
Selectquote, Inc. (a) 42,873 135,908
Willis Towers Watson PLC 27,309 8,405,710
      89,792,649
Life & Health Insurance – 2.7%
Aflac, Inc. 144,695 15,725,453
Brighthouse Financial, Inc. (a) 17,836 1,038,412
CNO Financial Group, Inc. 31,102 1,180,010
F&G Annuities & Life, Inc. 5,188 180,594
Genworth Financial, Inc. (a) 107,482 737,327
Globe Life, Inc. 23,851 2,941,782
Lincoln National Corp. 40,682 1,296,535
MetLife, Inc. 161,644 12,183,108
Oscar Health, Inc. Class A (a) 47,825 622,203
Primerica, Inc. 9,598 2,515,348
Principal Financial Group, Inc. 62,266 4,617,024
Prudential Financial, Inc. 97,990 10,064,553
Unum Group 46,793 3,633,944
      56,736,293
Multi-line Insurance – 0.0%
Horace Mann Educators Corp. 10,194 423,459
Property & Casualty Insurance – 9.3%
Allstate Corp. 72,072 14,298,364
Ambac Financial Group, Inc. (a) 13,238 105,639
American Financial Group, Inc. 19,756 2,502,295
American International Group, Inc. 170,735 13,918,317
AMERISAFE, Inc. 5,988 278,382
Arch Capital Group Ltd. 102,289 9,275,567
Assurant, Inc. 14,637 2,821,135
Assured Guaranty Ltd. 13,749 1,206,200
Axis Capital Holdings Ltd. 23,062 2,221,332
Bowhead Specialty Holdings, Inc. (a) 4,018 161,483
Chubb Ltd. 103,993 29,750,317
Cincinnati Financial Corp. 43,036 5,991,042
Donegal Group, Inc. Class A 6,829 132,141
Employers Holdings, Inc. 5,839 283,717
Erie Indemnity Co. Class A 6,887 2,469,816
Fidelity National Financial, Inc. 70,595 4,521,610
First American Financial Corp. 28,204 1,715,085
Hamilton Insurance Group Ltd. Class B (a) 13,967 258,390
Hanover Insurance Group, Inc. 9,994 1,660,003
Hartford Insurance Group, Inc. 80,001 9,813,723
HCI Group, Inc. 2,372 347,024
Kemper Corp. 17,935 1,060,317
Kinsale Capital Group, Inc. 5,996 2,609,819
Lemonade, Inc. (a) 14,476 422,989
Loews Corp. 50,735 4,405,320
Markel Group, Inc. (a) 3,517 6,396,016
5 Quarterly Report 
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
    Shares Value
INSURANCE – continued
Property & Casualty Insurance – continued
Mercury General Corp. 7,740 $428,951
Old Republic International Corp. 69,547 2,614,967
Palomar Holdings, Inc. (a) 7,205 1,044,869
ProAssurance Corp. (a) 12,528 290,775
Progressive Corp. 159,174 44,845,683
RLI Corp. 21,921 1,622,373
Root, Inc. Class A (a) 2,195 306,576
Safety Insurance Group, Inc. 4,128 315,792
Selective Insurance Group, Inc. 16,286 1,420,628
Skyward Specialty Insurance Group, Inc. (a) 10,268 545,128
Stewart Information Services Corp. 7,955 520,893
Tiptree, Inc. 6,531 145,707
Travelers Cos., Inc. 61,772 16,315,838
Trupanion, Inc. (a) 10,128 370,685
United Fire Group, Inc. 5,939 164,332
Universal Insurance Holdings, Inc. 9,117 220,996
W.R. Berkley Corp. 82,576 5,919,873
White Mountains Insurance Group Ltd. 682 1,205,401
      196,925,510
Reinsurance – 0.6%
Enstar Group Ltd. (a) 3,470 1,160,403
Everest Group Ltd. 11,778 4,226,300
Reinsurance Group of America, Inc. 18,013 3,374,015
RenaissanceRe Holdings Ltd. 14,294 3,458,147
SiriusPoint Ltd. (a) 20,450 343,560
      12,562,425
TOTAL INSURANCE 356,440,336
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7% 
Mortgage REITs – 0.7%
AGNC Investment Corp. 238,173 2,103,068
Annaly Capital Management, Inc. 149,779 2,935,668
Apollo Commercial Real Estate Finance, Inc. 33,804 316,743
Arbor Realty Trust, Inc. 42,371 488,538
ARMOUR Residential REIT, Inc. 14,393 237,053
Blackstone Mortgage Trust, Inc. Class A 43,106 821,169
BrightSpire Capital, Inc. 36,456 182,645
  
    Shares Value
Chimera Investment Corp. 22,146 $273,282
Claros Mortgage Trust, Inc. 30,537 75,121
Dynex Capital, Inc. 20,454 252,198
Ellington Financial, Inc. 25,978 338,493
Franklin BSP Realty Trust, Inc. 20,995 238,923
Invesco Mortgage Capital, Inc. 22,601 165,665
KKR Real Estate Finance Trust, Inc. 14,293 132,210
Ladder Capital Corp. 38,134 398,119
MFA Financial, Inc. 28,675 281,589
New York Mortgage Trust, Inc. 22,533 132,269
PennyMac Mortgage Investment Trust 23,181 297,644
Ready Capital Corp. 42,994 191,323
Redwood Trust, Inc. 42,490 263,863
Rithm Capital Corp. 148,546 1,660,744
Starwood Property Trust, Inc. 84,892 1,629,077
TPG RE Finance Trust, Inc. 21,290 162,656
Two Harbors Investment Corp. 30,141 357,774
TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) 13,935,834
TOTAL COMMON STOCKS
(Cost $1,546,908,435) 		2,103,726,337
Money Market Fund – 0.2% 
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.22% (b)
(Cost $5,459,000) 		5,459,000 5,459,000
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $1,552,367,435) 		2,109,185,337
NET OTHER ASSETS (LIABILITIES) (c) – 0.1% 1,643,304
NET ASSETS – 100.0% $2,110,828,641
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
(c) Includes $439,522 of cash collateral to cover margin requirements for futures contracts.
 
 Quarterly Report 6
Futures Contracts
  Number of
contracts 		Expiration
Date 		Notional
Amount 		Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contracts          
CME E-mini Financial Select Sector Index Contracts (United States) 39 June 2025 5,887,148 $ 141,375 $ 141,375
CME E-mini Russell 2000 Index Contracts (United States) 10 June 2025 984,900 (5,696) (5,696)
Total Equity Index Contracts         $135,679
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 – unadjusted quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 in the hierarchy.
7 Quarterly Report 
Schedule of Investments (Unaudited)–continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the stock market.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
For additional information on the Fund’s significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.
 Quarterly Report 8
The fund’s schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund’s shareholders. For more information regarding the fund and its holdings, please see the fund’s most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.      
9 Quarterly Report 
    
 Quarterly Report 10