Quarterly Holdings Report
for
Fidelity® Fundamental Global ex-U.S. ETF
January 31, 2026
FGU-NPRT1-0426
1.9916392.101
Common Stocks - 99.2%
 
  
Shares
Value ($)
 
AUSTRALIA - 0.9%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Hotels, Restaurants & Leisure - 0.4%
  
  
  
Aristocrat Leisure Ltd
 
3,946
147,172
Materials - 0.5%
  
  
  
Metals & Mining - 0.5%
  
  
  
Anglogold Ashanti Plc (South Africa)
 
1,369
130,567
IperionX Ltd (b)
  
7,273
37,224
TOTAL MATERIALS
  
  
167,791
TOTAL AUSTRALIA
  
  
314,963
BELGIUM - 1.5%
 
  
  
Financials - 1.0%
  
  
  
Banks - 1.0%
  
  
  
KBC Group NV
 
2,465
347,412
Health Care - 0.5%
  
  
  
Pharmaceuticals - 0.5%
  
  
  
UCB SA
 
635
192,239
TOTAL BELGIUM
  
  
539,651
BRAZIL - 2.4%
 
  
  
Consumer Discretionary - 0.8%
  
  
  
Broadline Retail - 0.8%
  
  
  
MercadoLibre Inc (b)
  
125
268,474
Financials - 0.8%
  
  
  
Banks - 0.5%
  
  
  
Itau Unibanco Holding SA
 
21,022
181,749
Capital Markets - 0.3%
  
  
  
Banco BTG Pactual SA unit
 
9,914
112,934
TOTAL FINANCIALS
  
  
294,683
Industrials - 0.2%
  
  
  
Ground Transportation - 0.2%
  
  
  
Localiza Rent a Car SA
 
7,406
68,097
Localiza Rent a Car SA (PN)
 
283
2,508
TOTAL INDUSTRIALS
  
  
70,605
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Gerdau SA ADR
 
31,336
133,805
Utilities - 0.2%
  
  
  
Electric Utilities - 0.2%
  
  
  
Equatorial SA
 
9,859
76,658
TOTAL BRAZIL
  
  
844,225
CANADA - 6.1%
 
  
  
Energy - 3.0%
  
  
  
Oil, Gas & Consumable Fuels - 3.0%
  
  
  
Cameco Corp
 
2,555
316,004
Canadian Natural Resources Ltd
 
9,811
364,801
Imperial Oil Ltd
 
3,475
351,086
TOTAL ENERGY
  
  
1,031,891
Information Technology - 1.8%
  
  
  
IT Services - 0.9%
  
  
  
Shopify Inc Class A (b)
  
2,407
315,836
Software - 0.9%
  
  
  
Constellation Software Inc/Canada
 
175
322,967
TOTAL INFORMATION TECHNOLOGY
  
  
638,803
Materials - 1.3%
  
  
  
Metals & Mining - 1.3%
  
  
  
Franco-Nevada Corp
 
2,005
469,338
TOTAL CANADA
  
  
2,140,032
CHILE - 0.8%
 
  
  
Materials - 0.8%
  
  
  
Metals & Mining - 0.8%
  
  
  
Antofagasta PLC
 
5,606
279,837
CHINA - 9.8%
 
  
  
Communication Services - 2.8%
  
  
  
Entertainment - 0.1%
  
  
  
Tencent Music Entertainment Group Class A ADR
 
3,176
53,293
Interactive Media & Services - 2.7%
  
  
  
Tencent Holdings Ltd
 
12,113
939,630
TOTAL COMMUNICATION SERVICES
  
  
992,923
Consumer Discretionary - 2.7%
  
  
  
Automobile Components - 0.1%
  
  
  
Hesai Group ADR (b)
  
1,582
37,762
Automobiles - 0.3%
  
  
  
BYD Co Ltd H Shares
 
7,242
90,617
Broadline Retail - 2.1%
  
  
  
Alibaba Group Holding Ltd
 
20,599
446,148
PDD Holdings Inc Class A ADR (b)
  
1,375
138,944
Prosus NV Class N
 
2,575
147,898
 
  
  
732,990
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Trip.com Group Ltd
 
852
52,546
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Laopu Gold Co Ltd H Shares
 
327
32,565
TOTAL CONSUMER DISCRETIONARY
  
  
946,480
Consumer Staples - 0.3%
  
  
  
Beverages - 0.3%
  
  
  
Eastroc Beverage Group Co Ltd A Shares (China)
 
1,700
61,170
Kweichow Moutai Co Ltd A Shares (China)
 
244
49,174
TOTAL CONSUMER STAPLES
  
  
110,344
Financials - 1.5%
  
  
  
Banks - 0.7%
  
  
  
China Construction Bank Corp H Shares
 
232,585
235,499
Insurance - 0.8%
  
  
  
China Life Insurance Co Ltd H Shares
 
40,774
182,051
Ping An Insurance Group Co of China Ltd H Shares
 
12,164
113,199
 
  
  
295,250
TOTAL FINANCIALS
  
  
530,749
Health Care - 0.6%
  
  
  
Life Sciences Tools & Services - 0.2%
  
  
  
Wuxi Apptec Co Ltd H Shares (c)(d)
  
5,611
79,868
Pharmaceuticals - 0.4%
  
  
  
Hansoh Pharmaceutical Group Co Ltd (c)(d)
  
26,064
128,784
TOTAL HEALTH CARE
  
  
208,652
Industrials - 1.4%
  
  
  
Electrical Equipment - 0.9%
  
  
  
Contemporary Amperex Technology Co Ltd A Shares (China)
 
3,688
185,680
Sieyuan Electric Co Ltd A Shares (China)
 
4,400
116,966
 
  
  
302,646
Machinery - 0.5%
  
  
  
Airtac International Group
 
2,688
97,080
Shenzhen Inovance Technology Co Ltd A Shares (China)
 
9,646
103,554
 
  
  
200,634
TOTAL INDUSTRIALS
  
  
503,280
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Pony AI Inc ADR (b)
  
1,883
26,135
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
MMG Ltd (b)
  
31,719
41,780
Zijin Mining Group Co Ltd H Shares
 
19,401
104,057
TOTAL MATERIALS
  
  
145,837
TOTAL CHINA
  
  
3,464,400
DENMARK - 1.1%
 
  
  
Industrials - 1.1%
  
  
  
Air Freight & Logistics - 1.1%
  
  
  
DSV A/S
 
1,410
395,897
FINLAND - 0.0%
 
  
  
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Fortum Oyj
 
543
12,818
FRANCE - 6.3%
 
  
  
Consumer Discretionary - 0.6%
  
  
  
Textiles, Apparel & Luxury Goods - 0.6%
  
  
  
Hermes International SCA
 
93
223,672
Consumer Staples - 0.3%
  
  
  
Food Products - 0.3%
  
  
  
Danone SA
 
1,565
122,138
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Gaztransport Et Technigaz SA
 
291
62,606
Financials - 0.9%
  
  
  
Insurance - 0.9%
  
  
  
AXA SA
 
6,985
318,188
Health Care - 0.6%
  
  
  
Health Care Equipment & Supplies - 0.6%
  
  
  
EssilorLuxottica SA
 
734
224,385
Industrials - 2.5%
  
  
  
Aerospace & Defense - 1.8%
  
  
  
Safran SA
 
1,717
612,609
Electrical Equipment - 0.7%
  
  
  
Legrand SA
 
1,624
259,876
TOTAL INDUSTRIALS
  
  
872,485
Materials - 1.2%
  
  
  
Chemicals - 1.2%
  
  
  
Air Liquide SA
 
2,214
414,492
TOTAL FRANCE
  
  
2,237,966
GERMANY - 5.7%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Specialty Retail - 0.2%
  
  
  
Auto1 Group SE (b)
  
1,857
61,413
Financials - 2.3%
  
  
  
Banks - 0.3%
  
  
  
Commerzbank AG
 
2,439
100,291
Capital Markets - 1.0%
  
  
  
Deutsche Boerse AG
 
1,390
351,442
Insurance - 1.0%
  
  
  
Allianz SE
 
133
58,615
Hannover Rueck SE
 
1,025
290,138
 
  
  
348,753
TOTAL FINANCIALS
  
  
800,486
Health Care - 0.6%
  
  
  
Health Care Providers & Services - 0.6%
  
  
  
Fresenius SE & Co KGaA
 
3,670
205,375
Industrials - 0.6%
  
  
  
Aerospace & Defense - 0.6%
  
  
  
Rheinmetall AG
 
105
221,729
Information Technology - 0.7%
  
  
  
Software - 0.7%
  
  
  
SAP SE
 
1,203
243,214
Materials - 1.1%
  
  
  
Construction Materials - 1.1%
  
  
  
Heidelberg Materials AG
 
1,359
372,599
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Vonovia SE
 
1,816
52,975
Utilities - 0.2%
  
  
  
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
RWE AG
 
1,178
74,732
TOTAL GERMANY
  
  
2,032,523
HUNGARY - 0.5%
 
  
  
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
OTP Bank Nyrt
 
1,214
152,947
Health Care - 0.1%
  
  
  
Pharmaceuticals - 0.1%
  
  
  
Richter Gedeon Nyrt
 
1,090
36,482
TOTAL HUNGARY
  
  
189,429
INDIA - 4.8%
 
  
  
Communication Services - 0.4%
  
  
  
Wireless Telecommunication Services - 0.4%
  
  
  
Bharti Airtel Ltd
 
6,018
129,208
Consumer Discretionary - 0.2%
  
  
  
Automobiles - 0.1%
  
  
  
Mahindra & Mahindra Ltd
 
734
27,471
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Eternal Ltd (b)
  
17,070
50,934
TOTAL CONSUMER DISCRETIONARY
  
  
78,405
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
Reliance Industries Ltd GDR (c)
  
3,899
236,669
Financials - 2.4%
  
  
  
Banks - 2.1%
  
  
  
HDFC Bank Ltd ADR
 
13,379
433,212
ICICI Bank Ltd ADR
 
10,693
313,198
 
  
  
746,410
Consumer Finance - 0.2%
  
  
  
Bajaj Finance Ltd
 
7,685
77,932
Insurance - 0.1%
  
  
  
HDFC Life Insurance Co Ltd (c)(d)
  
3,385
26,986
TOTAL FINANCIALS
  
  
851,328
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Max Healthcare Institute Ltd
 
2,323
24,240
Industrials - 0.9%
  
  
  
Construction & Engineering - 0.9%
  
  
  
Larsen & Toubro Ltd GDR (d)
  
7,650
325,890
Materials - 0.2%
  
  
  
Construction Materials - 0.2%
  
  
  
JK Cement Ltd
 
1,076
64,817
TOTAL INDIA
  
  
1,710,557
INDONESIA - 0.8%
 
  
  
Financials - 0.8%
  
  
  
Banks - 0.8%
  
  
  
Bank Central Asia Tbk PT
 
655,975
289,200
IRELAND - 0.8%
 
  
  
Industrials - 0.8%
  
  
  
Building Products - 0.8%
  
  
  
Kingspan Group PLC
 
3,291
286,723
ITALY - 2.4%
 
  
  
Consumer Staples - 0.0%
  
  
  
Beverages - 0.0%
  
  
  
Coca-Cola HBC AG
 
370
19,998
Financials - 2.1%
  
  
  
Banks - 2.1%
  
  
  
FinecoBank Banca Fineco SpA
 
4,302
113,971
Intesa Sanpaolo SpA
 
13,791
97,527
UniCredit SpA
 
6,040
525,867
TOTAL FINANCIALS
  
  
737,365
Health Care - 0.3%
  
  
  
Pharmaceuticals - 0.3%
  
  
  
Recordati Industria Chimica e Farmaceutica SpA
 
1,723
94,643
TOTAL ITALY
  
  
852,006
JAPAN - 11.2%
 
  
  
Communication Services - 0.9%
  
  
  
Entertainment - 0.9%
  
  
  
Capcom Co Ltd
 
4,082
103,817
Nintendo Co Ltd
 
3,432
222,983
TOTAL COMMUNICATION SERVICES
  
  
326,800
Consumer Staples - 0.3%
  
  
  
Food Products - 0.3%
  
  
  
Ajinomoto Co Inc
 
5,376
122,276
Financials - 2.0%
  
  
  
Banks - 1.1%
  
  
  
Sumitomo Mitsui Financial Group Inc
 
11,085
391,943
Insurance - 0.9%
  
  
  
Tokio Marine Holdings Inc
 
8,621
319,026
TOTAL FINANCIALS
  
  
710,969
Health Care - 0.7%
  
  
  
Health Care Equipment & Supplies - 0.7%
  
  
  
Hoya Corp
 
1,571
262,612
Industrials - 4.4%
  
  
  
Industrial Conglomerates - 1.7%
  
  
  
Hitachi Ltd
 
17,829
617,610
Machinery - 1.7%
  
  
  
Ebara Corp
 
4,987
150,035
Mitsubishi Heavy Industries Ltd
 
15,317
447,258
 
  
  
597,293
Professional Services - 0.2%
  
  
  
BayCurrent Inc
 
1,559
54,810
Trading Companies & Distributors - 0.8%
  
  
  
ITOCHU Corp
 
21,025
267,771
TOTAL INDUSTRIALS
  
  
1,537,484
Information Technology - 2.3%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Ibiden Co Ltd
 
664
35,306
IT Services - 0.7%
  
  
  
Fujitsu Ltd
 
3,905
108,071
NEC Corp
 
3,868
130,217
 
  
  
238,288
Semiconductors & Semiconductor Equipment - 1.1%
  
  
  
Advantest Corp
 
2,074
341,803
Technology Hardware, Storage & Peripherals - 0.4%
  
  
  
FUJIFILM Holdings Corp
 
7,724
154,071
TOTAL INFORMATION TECHNOLOGY
  
  
769,468
Materials - 0.6%
  
  
  
Chemicals - 0.6%
  
  
  
Shin-Etsu Chemical Co Ltd
 
5,899
195,503
TOTAL JAPAN
  
  
3,925,112
KOREA (SOUTH) - 5.0%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Automobiles - 0.2%
  
  
  
Hyundai Motor Co
 
203
69,965
Health Care - 0.1%
  
  
  
Life Sciences Tools & Services - 0.1%
  
  
  
Samsung Biologics Co Ltd (b)(c)(d)
  
36
43,302
Industrials - 0.4%
  
  
  
Aerospace & Defense - 0.3%
  
  
  
Korea Aerospace Industries Ltd
 
955
110,790
Electrical Equipment - 0.1%
  
  
  
LS Electric Co Ltd (b)
  
88
34,333
TOTAL INDUSTRIALS
  
  
145,123
Information Technology - 4.3%
  
  
  
Semiconductors & Semiconductor Equipment - 1.6%
  
  
  
SK Hynix Inc
 
915
573,322
Technology Hardware, Storage & Peripherals - 2.7%
  
  
  
Samsung Electronics Co Ltd
 
8,577
948,907
TOTAL INFORMATION TECHNOLOGY
  
  
1,522,229
TOTAL KOREA (SOUTH)
  
  
1,780,619
MEXICO - 1.3%
 
  
  
Communication Services - 0.1%
  
  
  
Wireless Telecommunication Services - 0.1%
  
  
  
America Movil SAB de CV Series B
 
37,910
39,068
Consumer Staples - 0.5%
  
  
  
Beverages - 0.1%
  
  
  
Fomento Economico Mexicano SAB de CV unit
 
4,025
42,010
Consumer Staples Distribution & Retail - 0.4%
  
  
  
Wal-Mart de Mexico SAB de CV Series V
 
42,779
135,759
TOTAL CONSUMER STAPLES
  
  
177,769
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Grupo Financiero Banorte SAB de CV
 
5,304
59,963
Materials - 0.5%
  
  
  
Construction Materials - 0.5%
  
  
  
Cemex SAB de CV unit
 
137,676
170,795
TOTAL MEXICO
  
  
447,595
NETHERLANDS - 3.4%
 
  
  
Information Technology - 3.4%
  
  
  
Semiconductors & Semiconductor Equipment - 3.4%
  
  
  
ASM International NV
 
316
265,870
ASML Holding NV depository receipt
 
580
825,340
BE Semiconductor Industries NV
 
599
116,799
 
  
  
  
TOTAL NETHERLANDS
  
  
1,208,009
PERU - 0.6%
 
  
  
Financials - 0.6%
  
  
  
Banks - 0.6%
  
  
  
Credicorp Ltd
 
561
200,182
SAUDI ARABIA - 0.7%
 
  
  
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
Al Rajhi Bank
 
8,360
238,940
SINGAPORE - 0.4%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Broadline Retail - 0.4%
  
  
  
Sea Ltd Class A ADR (b)
  
1,336
155,631
SOUTH AFRICA - 1.4%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Broadline Retail - 0.4%
  
  
  
Naspers Ltd Class N
 
2,271
139,392
Financials - 0.7%
  
  
  
Banks - 0.5%
  
  
  
Capitec Bank Holdings Ltd
 
654
176,163
Financial Services - 0.2%
  
  
  
FirstRand Ltd
 
13,835
79,257
TOTAL FINANCIALS
  
  
255,420
Materials - 0.3%
  
  
  
Chemicals - 0.0%
  
  
  
Sasol Ltd (b)
  
3,916
27,701
Metals & Mining - 0.3%
  
  
  
Impala Platinum Holdings Ltd
 
4,580
89,594
TOTAL MATERIALS
  
  
117,295
TOTAL SOUTH AFRICA
  
  
512,107
SPAIN - 3.7%
 
  
  
Financials - 3.2%
  
  
  
Banks - 3.2%
  
  
  
Banco Santander SA
 
44,075
563,194
CaixaBank SA
 
44,038
582,296
TOTAL FINANCIALS
  
  
1,145,490
Utilities - 0.5%
  
  
  
Electric Utilities - 0.5%
  
  
  
Iberdrola SA
 
7,874
176,635
TOTAL SPAIN
  
  
1,322,125
SWEDEN - 2.6%
 
  
  
Financials - 1.3%
  
  
  
Financial Services - 1.3%
  
  
  
Investor AB B Shares
 
11,867
457,228
Industrials - 1.1%
  
  
  
Building Products - 0.5%
  
  
  
Assa Abloy AB B Shares
 
4,482
181,091
Machinery - 0.6%
  
  
  
Indutrade AB
 
8,285
194,394
TOTAL INDUSTRIALS
  
  
375,485
Information Technology - 0.2%
  
  
  
Electronic Equipment, Instruments & Components - 0.2%
  
  
  
Hexagon AB B Shares
 
7,175
81,033
TOTAL SWEDEN
  
  
913,746
SWITZERLAND - 1.8%
 
  
  
Financials - 1.8%
  
  
  
Capital Markets - 0.7%
  
  
  
UBS Group AG
 
5,600
263,610
Insurance - 1.1%
  
  
  
Zurich Insurance Group AG
 
512
363,609
TOTAL SWITZERLAND
  
  
627,219
TAIWAN - 7.6%
 
  
  
Information Technology - 7.6%
  
  
  
Electronic Equipment, Instruments & Components - 0.6%
  
  
  
Chroma ATE Inc
 
1,897
58,896
Delta Electronics Inc
 
2,596
100,336
Yageo Corp
 
5,316
46,735
 
  
  
205,967
Semiconductors & Semiconductor Equipment - 7.0%
  
  
  
MediaTek Inc
 
2,941
163,984
Taiwan Semiconductor Manufacturing Co Ltd
 
41,302
2,322,543
 
  
  
2,486,527
TOTAL TAIWAN
  
  
2,692,494
TURKEY - 0.2%
 
  
  
Industrials - 0.2%
  
  
  
Electrical Equipment - 0.2%
  
  
  
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS
 
17,147
63,009
UNITED ARAB EMIRATES - 0.8%
 
  
  
Energy - 0.7%
  
  
  
Energy Equipment & Services - 0.3%
  
  
  
ADNOC Drilling Co PJSC
 
69,739
101,214
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Adnoc Gas PLC
 
146,231
143,743
TOTAL ENERGY
  
  
244,957
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Abu Dhabi Commercial Bank PJSC
 
8,090
33,527
TOTAL UNITED ARAB EMIRATES
  
  
278,484
UNITED KINGDOM - 10.7%
 
  
  
Communication Services - 0.5%
  
  
  
Diversified Telecommunication Services - 0.5%
  
  
  
Zegona Communications plc
 
8,656
186,550
Consumer Discretionary - 1.5%
  
  
  
Hotels, Restaurants & Leisure - 1.2%
  
  
  
Compass Group PLC
 
11,413
341,543
InterContinental Hotels Group PLC
 
610
82,228
 
  
  
423,771
Leisure Products - 0.3%
  
  
  
Games Workshop Group PLC
 
471
109,886
TOTAL CONSUMER DISCRETIONARY
  
  
533,657
Consumer Staples - 1.1%
  
  
  
Tobacco - 1.1%
  
  
  
British American Tobacco PLC ADR
 
3,494
212,016
Imperial Brands PLC
 
4,440
186,274
TOTAL CONSUMER STAPLES
  
  
398,290
Financials - 2.6%
  
  
  
Banks - 1.8%
  
  
  
Lloyds Banking Group PLC
 
189,626
282,698
NatWest Group PLC
 
37,529
341,599
 
  
  
624,297
Capital Markets - 0.8%
  
  
  
3i Group PLC
 
5,789
265,445
TOTAL FINANCIALS
  
  
889,742
Health Care - 0.2%
  
  
  
Health Care Equipment & Supplies - 0.2%
  
  
  
Convatec Group PLC (c)(d)
  
19,820
62,378
Industrials - 4.3%
  
  
  
Aerospace & Defense - 2.8%
  
  
  
BAE Systems PLC
 
16,385
442,579
Rolls-Royce Holdings PLC
 
31,412
520,519
 
  
  
963,098
Professional Services - 1.0%
  
  
  
RELX PLC
 
9,839
347,216
Trading Companies & Distributors - 0.5%
  
  
  
Diploma PLC
 
2,495
181,627
TOTAL INDUSTRIALS
  
  
1,491,941
Information Technology - 0.3%
  
  
  
Electronic Equipment, Instruments & Components - 0.3%
  
  
  
Halma PLC
 
2,255
109,355
Utilities - 0.2%
  
  
  
Electric Utilities - 0.2%
  
  
  
SSE PLC
 
2,360
78,214
TOTAL UNITED KINGDOM
  
  
3,750,127
UNITED STATES - 3.9%
 
  
  
Communication Services - 0.3%
  
  
  
Entertainment - 0.3%
  
  
  
Spotify Technology SA (b)
  
222
111,077
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
Shell PLC
 
6,472
247,436
Health Care - 0.3%
  
  
  
Health Care Equipment & Supplies - 0.3%
  
  
  
Alcon AG
 
1,511
122,006
Industrials - 1.6%
  
  
  
Electrical Equipment - 1.6%
  
  
  
Schneider Electric SE
 
1,868
536,509
Materials - 1.0%
  
  
  
Construction Materials - 1.0%
  
  
  
Holcim AG
 
3,399
349,727
TOTAL UNITED STATES
  
  
1,366,755
 
TOTAL COMMON STOCKS
 (Cost $28,701,930)
  
  
  
35,072,381
 
  
  
  
U.S. Treasury Obligations - 0.3%
 
  
Yield (%) (e)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 2/12/2026 (f)
 (Cost $89,895)
  
3.84
90,000
89,910
 
  
  
  
  
Money Market Funds - 0.5%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
 (Cost $191,250)
  
3.70
191,212
191,250
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $28,983,075)
 
  
 
35,353,541
NET OTHER ASSETS (LIABILITIES) - 0.0%  
17,403
NET ASSETS - 100.0%
35,370,944
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
 
  
  
  
  
Equity Contracts
  
  
  
  
ICE MSCI EAFE Index Contracts (United States)
1
3/2026
151,840
3,234
 
  
  
  
  
The notional amount of long futures as a percentage of Net Assets is 0.4%.

Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
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 $577,987 or 1.6% of net assets.
 
(d)
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 $667,208 or 1.9% 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)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $24,975.
 
(g)
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
194,156
4,356,914
4,359,832
2,736
12
-
191,250
191,212
0.0%
Total
194,156
4,356,914
4,359,832
2,736
12
-
191,250
  
  
 
  
  
  
  
  
  
  
  
  
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.
 
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.
 
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.
 
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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