Quarterly Holdings Report
for
Fidelity® Fundamental Developed International ETF
January 31, 2026
FDI-NPRT1-0426
1.9916389.101
Common Stocks - 99.4%
 
  
Shares
Value ($)
 
AUSTRALIA - 1.0%
 
  
  
Consumer Discretionary - 0.9%
  
  
  
Hotels, Restaurants & Leisure - 0.9%
  
  
  
Aristocrat Leisure Ltd
 
3,426
127,778
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
IperionX Ltd (b)
  
4,578
23,431
TOTAL AUSTRALIA
  
  
151,209
BELGIUM - 2.5%
 
  
  
Financials - 1.7%
  
  
  
Banks - 1.7%
  
  
  
KBC Group NV
 
1,836
258,762
Health Care - 0.8%
  
  
  
Pharmaceuticals - 0.8%
  
  
  
UCB SA
 
424
128,361
TOTAL BELGIUM
  
  
387,123
CANADA - 3.8%
 
  
  
Energy - 2.1%
  
  
  
Oil, Gas & Consumable Fuels - 2.1%
  
  
  
Cameco Corp
 
754
93,255
Canadian Natural Resources Ltd
 
2,387
88,755
Imperial Oil Ltd
 
1,361
137,505
TOTAL ENERGY
  
  
319,515
Information Technology - 1.2%
  
  
  
IT Services - 0.4%
  
  
  
Shopify Inc Class A (United States) (b)
  
551
72,308
Software - 0.8%
  
  
  
Constellation Software Inc/Canada
 
65
119,959
TOTAL INFORMATION TECHNOLOGY
  
  
192,267
Materials - 0.5%
  
  
  
Metals & Mining - 0.5%
  
  
  
Franco-Nevada Corp
 
342
80,057
TOTAL CANADA
  
  
591,839
CHILE - 0.6%
 
  
  
Materials - 0.6%
  
  
  
Metals & Mining - 0.6%
  
  
  
Antofagasta PLC
 
1,819
90,800
CHINA - 0.7%
 
  
  
Consumer Discretionary - 0.7%
  
  
  
Broadline Retail - 0.7%
  
  
  
Prosus NV Class N
 
1,824
104,764
DENMARK - 1.8%
 
  
  
Industrials - 1.8%
  
  
  
Air Freight & Logistics - 1.8%
  
  
  
DSV A/S
 
1,000
280,778
FINLAND - 0.1%
 
  
  
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Fortum Oyj
 
1,474
34,795
FRANCE - 10.2%
 
  
  
Consumer Discretionary - 1.3%
  
  
  
Textiles, Apparel & Luxury Goods - 1.3%
  
  
  
Hermes International SCA
 
69
165,950
LVMH Moet Hennessy Louis Vuitton SE
 
58
37,600
TOTAL CONSUMER DISCRETIONARY
  
  
203,550
Consumer Staples - 0.9%
  
  
  
Food Products - 0.9%
  
  
  
Danone SA
 
1,903
148,517
Financials - 1.0%
  
  
  
Insurance - 1.0%
  
  
  
AXA SA
 
3,460
157,613
Health Care - 1.0%
  
  
  
Health Care Equipment & Supplies - 1.0%
  
  
  
EssilorLuxottica SA
 
512
156,519
Industrials - 4.0%
  
  
  
Aerospace & Defense - 2.9%
  
  
  
Safran SA
 
1,066
380,339
Thales SA
 
174
52,800
 
  
  
433,139
Electrical Equipment - 1.1%
  
  
  
Legrand SA
 
1,123
179,705
TOTAL INDUSTRIALS
  
  
612,844
Materials - 2.0%
  
  
  
Chemicals - 2.0%
  
  
  
Air Liquide SA
 
1,717
321,447
TOTAL FRANCE
  
  
1,600,490
GERMANY - 9.4%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Specialty Retail - 0.1%
  
  
  
Auto1 Group SE (b)
  
611
20,206
Financials - 3.9%
  
  
  
Banks - 0.3%
  
  
  
Commerzbank AG
 
1,248
51,318
Capital Markets - 1.6%
  
  
  
Deutsche Boerse AG
 
994
251,318
Insurance - 2.0%
  
  
  
Allianz SE
 
274
120,755
Hannover Rueck SE
 
646
182,858
 
  
  
303,613
TOTAL FINANCIALS
  
  
606,249
Health Care - 0.9%
  
  
  
Health Care Providers & Services - 0.9%
  
  
  
Fresenius SE & Co KGaA
 
2,628
147,064
Industrials - 1.2%
  
  
  
Aerospace & Defense - 1.0%
  
  
  
Rheinmetall AG
 
69
145,708
Electrical Equipment - 0.2%
  
  
  
Siemens Energy AG (b)
  
211
36,153
TOTAL INDUSTRIALS
  
  
181,861
Information Technology - 1.5%
  
  
  
Software - 1.5%
  
  
  
SAP SE
 
1,191
240,788
Materials - 1.3%
  
  
  
Construction Materials - 1.3%
  
  
  
Heidelberg Materials AG
 
732
200,694
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
Vonovia SE
 
1,107
32,293
Utilities - 0.3%
  
  
  
Independent Power and Renewable Electricity Producers - 0.3%
  
  
  
RWE AG
 
650
41,236
TOTAL GERMANY
  
  
1,470,391
HONG KONG - 0.4%
 
  
  
Financials - 0.4%
  
  
  
Insurance - 0.4%
  
  
  
AIA Group Ltd
 
7,044
81,467
IRELAND - 1.0%
 
  
  
Industrials - 1.0%
  
  
  
Building Products - 1.0%
  
  
  
Kingspan Group PLC
 
1,711
149,068
ISRAEL - 0.9%
 
  
  
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Bank Hapoalim BM
 
2,114
52,426
Health Care - 0.2%
  
  
  
Pharmaceuticals - 0.2%
  
  
  
Teva Pharmaceutical Industries Ltd ADR (b)
  
1,032
35,171
Information Technology - 0.4%
  
  
  
Electronic Equipment, Instruments & Components - 0.4%
  
  
  
Next Vision Stabilized Systems Ltd
 
615
55,336
TOTAL ISRAEL
  
  
142,933
ITALY - 4.0%
 
  
  
Consumer Discretionary - 0.3%
  
  
  
Hotels, Restaurants & Leisure - 0.3%
  
  
  
Lottomatica Group Spa
 
1,631
40,058
Consumer Staples - 0.2%
  
  
  
Beverages - 0.2%
  
  
  
Coca-Cola HBC AG
 
600
32,429
Financials - 2.8%
  
  
  
Banks - 2.8%
  
  
  
FinecoBank Banca Fineco SpA
 
3,216
85,200
Intesa Sanpaolo SpA
 
9,847
69,636
UniCredit SpA
 
3,353
291,926
TOTAL FINANCIALS
  
  
446,762
Health Care - 0.7%
  
  
  
Pharmaceuticals - 0.7%
  
  
  
Recordati Industria Chimica e Farmaceutica SpA
 
1,965
107,936
TOTAL ITALY
  
  
627,185
JAPAN - 19.9%
 
  
  
Communication Services - 1.5%
  
  
  
Entertainment - 1.5%
  
  
  
Capcom Co Ltd
 
2,475
62,947
Nintendo Co Ltd
 
2,704
175,683
TOTAL COMMUNICATION SERVICES
  
  
238,630
Consumer Discretionary - 0.4%
  
  
  
Household Durables - 0.4%
  
  
  
Sony Group Corp
 
2,569
57,335
Consumer Staples - 0.7%
  
  
  
Food Products - 0.7%
  
  
  
Ajinomoto Co Inc
 
4,959
112,792
Financials - 3.2%
  
  
  
Banks - 1.9%
  
  
  
Mitsubishi UFJ Financial Group Inc
 
2,382
43,166
Sumitomo Mitsui Financial Group Inc
 
7,328
259,103
 
  
  
302,269
Insurance - 1.3%
  
  
  
Tokio Marine Holdings Inc
 
5,446
201,533
TOTAL FINANCIALS
  
  
503,802
Health Care - 1.3%
  
  
  
Health Care Equipment & Supplies - 1.3%
  
  
  
Hoya Corp
 
1,265
211,460
Industrials - 7.3%
  
  
  
Industrial Conglomerates - 2.7%
  
  
  
Hitachi Ltd
 
12,147
420,781
Machinery - 2.7%
  
  
  
Ebara Corp
 
3,033
91,249
Kawasaki Heavy Industries Ltd
 
301
25,041
Mitsubishi Heavy Industries Ltd
 
10,543
307,856
 
  
  
424,146
Professional Services - 0.4%
  
  
  
BayCurrent Inc
 
1,182
41,557
Recruit Holdings Co Ltd
 
325
17,010
 
  
  
58,567
Trading Companies & Distributors - 1.5%
  
  
  
ITOCHU Corp
 
18,125
230,837
TOTAL INDUSTRIALS
  
  
1,134,331
Information Technology - 4.5%
  
  
  
Electronic Equipment, Instruments & Components - 0.3%
  
  
  
Ibiden Co Ltd
 
814
43,282
IT Services - 1.2%
  
  
  
Fujitsu Ltd
 
3,680
101,845
NEC Corp
 
2,701
90,929
 
  
  
192,774
Semiconductors & Semiconductor Equipment - 2.2%
  
  
  
Advantest Corp
 
1,361
224,298
Disco Corp
 
124
53,034
Renesas Electronics Corp
 
3,431
57,109
 
  
  
334,441
Technology Hardware, Storage & Peripherals - 0.8%
  
  
  
FUJIFILM Holdings Corp
 
6,594
131,531
TOTAL INFORMATION TECHNOLOGY
  
  
702,028
Materials - 1.0%
  
  
  
Chemicals - 1.0%
  
  
  
Shin-Etsu Chemical Co Ltd
 
4,850
160,737
TOTAL JAPAN
  
  
3,121,115
NETHERLANDS - 5.6%
 
  
  
Information Technology - 5.6%
  
  
  
Semiconductors & Semiconductor Equipment - 5.6%
  
  
  
ASM International NV
 
248
208,658
ASML Holding NV
 
444
639,765
BE Semiconductor Industries NV
 
156
30,418
 
  
  
  
TOTAL NETHERLANDS
  
  
878,841
SINGAPORE - 1.2%
 
  
  
Consumer Discretionary - 0.8%
  
  
  
Broadline Retail - 0.8%
  
  
  
Sea Ltd Class A ADR (b)
  
1,046
121,849
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
United Overseas Bank Ltd
 
2,344
70,517
TOTAL SINGAPORE
  
  
192,366
SPAIN - 5.6%
 
  
  
Financials - 4.7%
  
  
  
Banks - 4.7%
  
  
  
Banco Santander SA
 
31,341
400,478
CaixaBank SA
 
25,530
337,572
TOTAL FINANCIALS
  
  
738,050
Utilities - 0.9%
  
  
  
Electric Utilities - 0.9%
  
  
  
Iberdrola SA
 
6,503
145,880
TOTAL SPAIN
  
  
883,930
SWEDEN - 3.9%
 
  
  
Financials - 1.8%
  
  
  
Financial Services - 1.8%
  
  
  
Investor AB B Shares
 
7,305
281,457
Industrials - 1.6%
  
  
  
Building Products - 1.0%
  
  
  
Assa Abloy AB B Shares
 
3,746
151,354
Machinery - 0.6%
  
  
  
Indutrade AB
 
4,267
100,118
TOTAL INDUSTRIALS
  
  
251,472
Information Technology - 0.5%
  
  
  
Electronic Equipment, Instruments & Components - 0.5%
  
  
  
Hexagon AB B Shares
 
6,635
74,935
TOTAL SWEDEN
  
  
607,864
SWITZERLAND - 2.9%
 
  
  
Financials - 2.9%
  
  
  
Capital Markets - 1.1%
  
  
  
UBS Group AG
 
3,625
170,640
Insurance - 1.8%
  
  
  
Zurich Insurance Group AG
 
390
276,968
TOTAL SWITZERLAND
  
  
447,608
UNITED KINGDOM - 17.1%
 
  
  
Communication Services - 0.8%
  
  
  
Diversified Telecommunication Services - 0.8%
  
  
  
Zegona Communications plc
 
5,620
121,120
Consumer Discretionary - 2.7%
  
  
  
Hotels, Restaurants & Leisure - 2.2%
  
  
  
Compass Group PLC
 
8,042
240,663
InterContinental Hotels Group PLC
 
685
92,338
 
  
  
333,001
Leisure Products - 0.5%
  
  
  
Games Workshop Group PLC
 
365
85,156
TOTAL CONSUMER DISCRETIONARY
  
  
418,157
Consumer Staples - 2.0%
  
  
  
Tobacco - 2.0%
  
  
  
British American Tobacco PLC ADR
 
3,373
204,674
Imperial Brands PLC
 
2,723
114,239
TOTAL CONSUMER STAPLES
  
  
318,913
Financials - 3.9%
  
  
  
Banks - 2.6%
  
  
  
Lloyds Banking Group PLC
 
128,783
191,992
NatWest Group PLC
 
24,195
220,230
 
  
  
412,222
Capital Markets - 1.3%
  
  
  
3i Group PLC
 
4,418
202,580
TOTAL FINANCIALS
  
  
614,802
Health Care - 0.4%
  
  
  
Health Care Equipment & Supplies - 0.4%
  
  
  
Convatec Group PLC (c)(d)
  
18,303
57,603
Industrials - 6.1%
  
  
  
Aerospace & Defense - 3.9%
  
  
  
BAE Systems PLC
 
9,820
265,250
Rolls-Royce Holdings PLC
 
20,542
340,396
 
  
  
605,646
Professional Services - 1.3%
  
  
  
RELX PLC
 
5,853
206,551
Trading Companies & Distributors - 0.9%
  
  
  
Diploma PLC
 
1,926
140,205
TOTAL INDUSTRIALS
  
  
952,402
Information Technology - 1.0%
  
  
  
Electronic Equipment, Instruments & Components - 1.0%
  
  
  
Halma PLC
 
3,234
156,831
Utilities - 0.2%
  
  
  
Electric Utilities - 0.2%
  
  
  
SSE PLC
 
1,169
38,742
TOTAL UNITED KINGDOM
  
  
2,678,570
UNITED STATES - 6.8%
 
  
  
Communication Services - 0.4%
  
  
  
Entertainment - 0.4%
  
  
  
Spotify Technology SA (b)
  
162
81,056
Energy - 1.7%
  
  
  
Oil, Gas & Consumable Fuels - 1.7%
  
  
  
Shell PLC
 
6,930
264,946
Health Care - 0.7%
  
  
  
Health Care Equipment & Supplies - 0.7%
  
  
  
Alcon AG
 
1,357
109,571
Industrials - 2.6%
  
  
  
Electrical Equipment - 2.6%
  
  
  
Schneider Electric SE
 
1,412
405,541
Materials - 1.4%
  
  
  
Construction Materials - 1.4%
  
  
  
Holcim AG
 
2,058
211,750
TOTAL UNITED STATES
  
  
1,072,864
 
TOTAL COMMON STOCKS
 (Cost $12,588,881)
  
  
  
15,596,000
 
  
  
  
U.S. Treasury Obligations - 0.4%
 
  
Yield (%) (e)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 4/2/2026
 
3.56
20,000
19,881
US Treasury Bills 0% 4/9/2026
 
3.57
40,000
39,737
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $59,619)
  
  
  
59,618
 
  
  
  
  
Money Market Funds - 0.1%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 (Cost $13,433)
  
3.70
13,430
13,433
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $12,661,933)
 
  
 
15,669,051
NET OTHER ASSETS (LIABILITIES) - 0.1%  
14,190
NET ASSETS - 100.0%
15,683,241
 
  
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $57,603 or 0.4% of net assets.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $57,603 or 0.4% of net assets.
 
(e)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(f)
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.
 
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
80,895
3,623,471
3,690,942
2,106
9
-
13,433
13,430
0.0%
Total
80,895
3,623,471
3,690,942
2,106
9
-
13,433
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
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.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
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.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
 
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.
 
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