Quarterly Holdings Report
for
Fidelity® Enhanced Mid Cap ETF
March 31, 2026
PET-NPRT3-0526
1.9910065.101
Common Stocks - 99.2%
 
  
Shares
Value ($)
 
AUSTRALIA - 0.3%
 
  
  
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Anglogold Ashanti Plc
 
191,490
18,643,466
BERMUDA - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Insurance - 0.1%
  
  
  
RenaissanceRe Holdings Ltd
 
26,931
8,004,701
BRAZIL - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
XP Inc Class A
 
70,824
1,348,489
GUATEMALA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
Millicom International Cellular SA
 
7,718
578,387
MEXICO - 0.5%
 
  
  
Materials - 0.5%
  
  
  
Metals & Mining - 0.5%
  
  
  
Southern Copper Corp (b)
  
158,696
27,305,234
PUERTO RICO - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Popular Inc
 
40,937
5,492,517
UNITED KINGDOM - 0.8%
 
  
  
Energy - 0.8%
  
  
  
Energy Equipment & Services - 0.8%
  
  
  
TechnipFMC PLC
 
643,939
44,515,503
UNITED STATES - 97.4%
 
  
  
Communication Services - 3.8%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
AST SpaceMobile Inc Class A (b)(c)
  
49,726
4,120,794
Entertainment - 3.0%
  
  
  
Electronic Arts Inc
 
267,557
54,546,846
Playtika Holding Corp
 
976,718
2,715,275
ROBLOX Corp Class A (c)
  
505,432
28,587,234
Roku Inc Class A (c)
  
352,427
33,346,643
Take-Two Interactive Software Inc (c)
  
131,148
25,901,730
Warner Bros Discovery Inc (c)
  
1,100,380
30,216,435
 
  
  
175,314,163
Interactive Media & Services - 0.0%
  
  
  
Pinterest Inc Class A (c)
  
41,909
768,611
Media - 0.8%
  
  
  
DoubleVerify Holdings Inc (c)
  
263,877
2,506,831
New York Times Co/The Class A
 
339,182
28,399,709
News Corp Class A
 
222,897
5,556,822
News Corp Class B (b)
  
299,615
8,542,024
 
  
  
45,005,386
TOTAL COMMUNICATION SERVICES
  
  
225,208,954
Consumer Discretionary - 12.5%
  
  
  
Automobile Components - 0.7%
  
  
  
BorgWarner Inc
 
639,730
34,711,750
Gentex Corp
 
108,391
2,368,343
Lear Corp
 
38,315
4,639,180
 
  
  
41,719,273
Automobiles - 1.3%
  
  
  
Ford Motor Co
 
4,277,153
49,358,346
General Motors Co
 
388,693
28,957,628
 
  
  
78,315,974
Broadline Retail - 0.5%
  
  
  
eBay Inc
 
264,970
24,117,569
Etsy Inc (c)
  
103,719
5,183,876
 
  
  
29,301,445
Diversified Consumer Services - 0.5%
  
  
  
ADT Inc
 
3,161,746
20,772,671
Duolingo Inc Class A (c)
  
61,718
6,083,543
 
  
  
26,856,214
Hotels, Restaurants & Leisure - 3.3%
  
  
  
Airbnb Inc Class A (c)
  
150,486
19,003,372
Aramark
 
95,960
3,890,218
Brightstar Lottery PLC
 
269,120
3,428,589
Carnival Corp
 
1,065,449
27,573,820
Churchill Downs Inc
 
27,907
2,506,886
Domino's Pizza Inc
 
21,680
7,778,567
DraftKings Inc Class A (c)
  
606,001
13,101,742
Expedia Group Inc Class A
 
187,239
43,231,613
Hilton Worldwide Holdings Inc
 
1,777
540,350
Las Vegas Sands Corp
 
620,844
33,451,075
MGM Resorts International (c)
  
312,671
11,571,954
Penn Entertainment Inc (c)
  
225,359
3,387,146
Royal Caribbean Cruises Ltd
 
10,468
2,880,584
Viking Holdings Ltd (c)
  
66,335
4,874,296
Wendy's Co/The (b)
  
1,659,023
11,530,210
 
  
  
188,750,422
Household Durables - 1.6%
  
  
  
Garmin Ltd
 
207,753
48,200,774
NVR Inc (c)
  
718
4,731,498
PulteGroup Inc
 
42,162
4,958,673
Somnigroup International Inc
 
155,441
11,490,199
Toll Brothers Inc
 
190,649
26,017,869
TopBuild Corp (c)
  
40
14,051
 
  
  
95,413,064
Leisure Products - 0.6%
  
  
  
Hasbro Inc
 
374,030
35,009,208
Mattel Inc (c)
  
61,433
892,621
 
  
  
35,901,829
Specialty Retail - 2.7%
  
  
  
Abercrombie & Fitch Co Class A (c)
  
294,478
26,906,455
AutoNation Inc (c)
  
23,097
4,509,920
Bath & Body Works Inc
 
421,907
7,877,004
CarMax Inc (c)
  
100,404
4,174,798
Chewy Inc Class A (c)
  
434,012
11,718,324
Five Below Inc (c)
  
67,121
15,335,806
Gap Inc/The
 
1,240,888
30,029,491
Lithia Motors Inc
 
5,427
1,355,230
Ross Stores Inc
 
139,269
30,169,844
Ulta Beauty Inc (c)
  
50,257
26,269,836
 
  
  
158,346,708
Textiles, Apparel & Luxury Goods - 1.3%
  
  
  
Ralph Lauren Corp Class A
 
104,160
35,829,998
Tapestry Inc
 
306,800
43,292,548
 
  
  
79,122,546
TOTAL CONSUMER DISCRETIONARY
  
  
733,727,475
Consumer Staples - 2.6%
  
  
  
Beverages - 0.3%
  
  
  
Celsius Holdings Inc (c)
  
79,856
2,833,291
Coca-Cola Consolidated Inc
 
15,465
2,965,259
Molson Coors Beverage Co Class B
 
262,452
11,301,183
 
  
  
17,099,733
Consumer Staples Distribution & Retail - 1.8%
  
  
  
Casey's General Stores Inc
 
30,388
22,118,210
Dollar General Corp
 
139,349
16,544,907
Dollar Tree Inc (c)
  
42,828
4,690,094
Kroger Co/The
 
58,180
4,209,904
Maplebear Inc (c)
  
878,699
32,916,065
US Foods Holding Corp (c)
  
263,577
24,304,435
 
  
  
104,783,615
Food Products - 0.3%
  
  
  
Flowers Foods Inc
 
523,713
4,268,261
General Mills Inc
 
168,559
6,273,766
Hershey Co/The
 
5,698
1,184,557
Kraft Heinz Co/The
 
40,075
901,287
Pilgrim's Pride Corp
 
52,743
1,991,576
Smithfield Foods Inc
 
11,535
322,634
 
  
  
14,942,081
Household Products - 0.0%
  
  
  
Church & Dwight Co Inc
 
74,482
6,950,660
Personal Care Products - 0.2%
  
  
  
Coty Inc Class A (b)(c)
  
403,068
810,167
Kenvue Inc
 
582,679
10,045,386
 
  
  
10,855,553
Tobacco - 0.0%
  
  
  
Altria Group Inc
 
78
5,147
TOTAL CONSUMER STAPLES
  
  
154,636,789
Energy - 6.8%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Weatherford International PLC
 
27,740
2,623,649
Oil, Gas & Consumable Fuels - 6.8%
  
  
  
Antero Midstream Corp
 
903,833
20,607,392
Cheniere Energy Inc
 
207,863
58,983,205
Chord Energy Corp
 
16,289
2,315,970
ConocoPhillips
 
90,369
11,928,708
Coterra Energy Inc
 
187,153
6,576,556
Devon Energy Corp
 
920,496
46,319,359
DT Midstream Inc
 
14,910
2,007,930
EOG Resources Inc
 
2,083
301,139
EQT Corp
 
9,472
602,798
Expand Energy Corp
 
346,756
38,066,874
Kinder Morgan Inc
 
1,840,540
61,713,306
Marathon Petroleum Corp
 
271,117
66,201,349
Occidental Petroleum Corp
 
803,507
52,227,955
Permian Resources Holdings Inc/DE Class A
 
31,472
670,983
Phillips 66
 
12,064
2,197,820
Texas Pacific Land Corp (b)
  
16,080
7,630,925
Valero Energy Corp
 
7,819
1,931,919
Williams Cos Inc/The
 
207,872
15,128,924
 
  
  
395,413,112
TOTAL ENERGY
  
  
398,036,761
Financials - 13.8%
  
  
  
Banks - 1.1%
  
  
  
Citizens Financial Group Inc
 
28,626
1,716,701
Commerce Bancshares Inc/MO
 
34,929
1,718,507
Pinnacle Financial Partners Inc
 
391,091
33,688,579
Zions Bancorp NA
 
441,000
25,410,420
 
  
  
62,534,207
Capital Markets - 6.0%
  
  
  
Ameriprise Financial Inc
 
73,160
32,512,304
Bank of New York Mellon Corp/The
 
583,516
69,222,503
Cboe Global Markets Inc
 
116,600
32,772,762
Evercore Inc Class A
 
19,715
5,885,125
KKR & Co Inc Class A
 
95,968
8,877,040
LPL Financial Holdings Inc
 
11,516
3,464,358
Morningstar Inc
 
68,817
11,633,514
MSCI Inc
 
22,235
11,984,887
Nasdaq Inc
 
352,159
29,894,778
Northern Trust Corp
 
294,012
41,035,255
Raymond James Financial Inc
 
55,473
8,031,936
Robinhood Markets Inc Class A (c)
  
20
1,386
SEI Investments Co
 
56,708
4,449,877
State Street Corp
 
366,502
46,384,493
Stifel Financial Corp
 
68,570
5,068,694
Tradeweb Markets Inc Class A
 
308,599
36,309,758
Virtu Financial Inc Class A
 
129,237
5,683,843
 
  
  
353,212,513
Consumer Finance - 1.7%
  
  
  
Ally Financial Inc
 
911,935
35,775,211
Capital One Financial Corp
 
120,133
21,915,863
OneMain Holdings Inc
 
15,552
831,876
SoFi Technologies Inc Class A (c)
  
934,893
14,846,101
Synchrony Financial
 
406,498
27,649,994
 
  
  
101,019,045
Financial Services - 1.8%
  
  
  
Corebridge Financial Inc
 
63
1,503
Corpay Inc (c)
  
4,064
1,182,583
Euronet Worldwide Inc (c)
  
11
730
Fidelity National Information Services Inc
 
303,498
14,237,091
Fiserv Inc (c)
  
470,820
26,271,757
Global Payments Inc
 
198,191
13,338,254
PayPal Holdings Inc
 
89,061
4,028,229
Rocket Cos Inc Class A (c)
  
1,793,976
25,564,159
Sycamore Partners LLC rights (c)(d)
  
12
6
Toast Inc Class A (c)
  
752,418
19,946,601
 
  
  
104,570,913
Insurance - 2.8%
  
  
  
Allstate Corp/The
 
260,652
54,043,586
Arch Capital Group Ltd (c)
  
35,340
3,392,287
Assurant Inc
 
156,264
34,035,862
Cincinnati Financial Corp
 
33,971
5,345,337
Everest Group Ltd
 
8,308
2,715,470
Globe Life Inc
 
172,050
23,944,199
Hartford Insurance Group Inc/The
 
80,817
10,928,883
Kemper Corp
 
196,862
6,016,103
Loews Corp
 
212,792
22,713,418
Reinsurance Group of America Inc
 
8,759
1,788,236
Willis Towers Watson PLC
 
2,030
590,120
 
  
  
165,513,501
Mortgage Real Estate Investment Trusts (REITs) - 0.4%
  
  
  
AGNC Investment Corp (b)
  
941,880
9,447,056
Rithm Capital Corp
 
1,724,173
16,345,160
 
  
  
25,792,216
TOTAL FINANCIALS
  
  
812,642,395
Health Care - 8.8%
  
  
  
Biotechnology - 3.1%
  
  
  
Alnylam Pharmaceuticals Inc (c)
  
153,038
50,635,683
Biogen Inc (c)
  
15,056
2,760,216
BioMarin Pharmaceutical Inc (c)
  
239,913
13,552,685
Exelixis Inc (c)
  
839,681
36,013,918
Incyte Corp (c)
  
370,705
34,890,755
Insmed Inc (c)
  
80,467
13,157,964
Natera Inc (c)
  
92,038
18,406,680
Neurocrine Biosciences Inc (c)
  
53,220
7,011,203
Revolution Medicines Inc (c)
  
24,618
2,394,101
Roivant Sciences Ltd (c)
  
28,540
790,557
 
  
  
179,613,762
Health Care Equipment & Supplies - 0.5%
  
  
  
ABIOMED Inc (c)(d)
  
3,289
7,598
Cooper Cos Inc/The (c)
  
168,444
12,043,746
Hologic Inc (c)
  
29,660
2,241,999
Inspire Medical Systems Inc (b)(c)
  
28,043
1,446,458
Insulet Corp (c)
  
85,799
18,004,062
Penumbra Inc (c)
  
603
198,007
 
  
  
33,941,870
Health Care Providers & Services - 1.7%
  
  
  
Cardinal Health Inc
 
254,234
53,722,187
Cencora Inc
 
1
313
Centene Corp (c)
  
76,086
2,491,056
Elevance Health Inc
 
9
2,635
HealthEquity Inc (c)
  
7,895
659,785
Humana Inc
 
178,057
30,873,303
Option Care Health Inc (c)
  
250,214
6,735,761
Tenet Healthcare Corp (c)
  
21,008
3,964,420
 
  
  
98,449,460
Health Care Technology - 0.6%
  
  
  
Doximity Inc Class A (c)
  
45
1,049
Veeva Systems Inc Class A (c)
  
203,476
35,742,594
 
  
  
35,743,643
Life Sciences Tools & Services - 1.6%
  
  
  
10X Genomics Inc Class A (c)
  
339,611
7,209,942
Charles River Laboratories International Inc (c)
  
76,964
13,276,290
Illumina Inc (c)
  
296,606
36,559,656
IQVIA Holdings Inc (c)
  
32,270
5,503,325
Medpace Holdings Inc (c)
  
61,316
29,443,330
 
  
  
91,992,543
Pharmaceuticals - 1.3%
  
  
  
Bristol-Myers Squibb Co
 
484,151
29,363,758
Elanco Animal Health Inc (c)
  
208,871
4,998,283
Jazz Pharmaceuticals PLC (c)
  
54,831
10,365,801
Viatris Inc
 
2,327,044
31,438,364
 
  
  
76,166,206
TOTAL HEALTH CARE
  
  
515,907,484
Industrials - 19.8%
  
  
  
Aerospace & Defense - 5.1%
  
  
  
Axon Enterprise Inc (c)
  
69,416
29,480,281
BWX Technologies Inc
 
5,743
1,174,385
Curtiss-Wright Corp
 
62,432
42,523,684
FTAI Aviation Ltd
 
156,595
38,365,775
HEICO Corp
 
99,356
27,243,415
HEICO Corp Class A
 
60,729
12,819,285
Howmet Aerospace Inc
 
309,712
71,376,228
L3Harris Technologies Inc
 
123,970
42,788,246
Rocket Lab Corp
 
138,297
8,881,433
StandardAero Inc (c)
  
99,819
2,578,325
Woodward Inc
 
59,799
21,403,258
 
  
  
298,634,315
Building Products - 1.8%
  
  
  
A O Smith Corp
 
280,298
18,482,850
Allegion plc
 
239,297
34,767,461
Armstrong World Industries Inc
 
77,148
12,713,990
Johnson Controls International plc
 
217,887
28,532,303
Trane Technologies PLC
 
26,621
11,094,036
 
  
  
105,590,640
Commercial Services & Supplies - 0.4%
  
  
  
Clean Harbors Inc (c)
  
4,255
1,220,035
Veralto Corp
 
229,704
20,310,428
 
  
  
21,530,463
Construction & Engineering - 2.6%
  
  
  
AECOM
 
263,291
22,332,343
API Group Corp (c)
  
107,781
4,367,286
Comfort Systems USA Inc
 
37,806
52,134,096
EMCOR Group Inc
 
48,766
36,004,425
Quanta Services Inc
 
12,707
6,976,397
Valmont Industries Inc
 
79,354
31,707,478
 
  
  
153,522,025
Electrical Equipment - 2.8%
  
  
  
Acuity Inc
 
88,587
24,823,849
AMETEK Inc
 
245,958
52,723,557
nVent Electric PLC
 
34,406
4,069,542
Rockwell Automation Inc
 
109,232
39,201,180
Sensata Technologies Holding PLC (b)
  
775,329
27,307,087
Vertiv Holdings Co Class A
 
71,275
17,860,090
 
  
  
165,985,305
Ground Transportation - 0.6%
  
  
  
JB Hunt Transport Services Inc
 
287
60,815
Landstar System Inc
 
11,847
1,899,193
Lyft Inc Class A (b)(c)
  
2,008,777
26,716,734
Norfolk Southern Corp
 
1,959
562,233
XPO Inc (c)
  
32,802
6,381,629
 
  
  
35,620,604
Machinery - 3.4%
  
  
  
Crane Co
 
106,571
18,223,641
Cummins Inc
 
56,055
30,158,711
Donaldson Co Inc
 
22,138
1,878,852
ESCO Technologies Inc
 
8,656
2,435,539
Flowserve Corp
 
446,656
32,833,683
Gates Industrial Corp PLC (c)
  
1,171,832
26,495,122
IDEX Corp
 
97,017
18,389,572
ITT Inc
 
132,585
25,261,420
Middleby Corp/The (c)
  
12,302
1,630,999
Otis Worldwide Corp
 
14
1,079
Toro Co/The
 
93,066
8,696,087
Westinghouse Air Brake Technologies Corp
 
126,765
31,679,841
Xylem Inc/NY
 
15,598
1,863,961
 
  
  
199,548,507
Passenger Airlines - 0.5%
  
  
  
United Airlines Holdings Inc (c)
  
340,129
31,315,677
Professional Services - 0.8%
  
  
  
Booz Allen Hamilton Holding Corp Class A
 
154,199
12,032,148
Jacobs Solutions Inc
 
11,505
1,464,356
Leidos Holdings Inc
 
147,459
22,932,824
Paylocity Holding Corp (c)
  
36,428
3,935,681
SS&C Technologies Holdings Inc
 
68,893
4,655,100
Verisk Analytics Inc
 
3,142
596,195
 
  
  
45,616,304
Trading Companies & Distributors - 1.8%
  
  
  
Applied Industrial Technologies Inc
 
4,689
1,244,085
Fastenal Co
 
353,288
16,392,563
Ferguson Enterprises Inc
 
11,979
2,794,222
MSC Industrial Direct Co Inc Class A
 
247,022
22,792,720
Wesco International Inc (b)
  
98,379
26,918,462
WW Grainger Inc
 
33,066
36,068,724
 
  
  
106,210,776
TOTAL INDUSTRIALS
  
  
1,163,574,616
Information Technology - 15.1%
  
  
  
Communications Equipment - 1.9%
  
  
  
Ciena Corp (c)
  
75,253
29,215,472
F5 Inc (c)
  
135,707
39,264,107
Lumentum Holdings Inc (c)
  
6,861
4,821,636
Motorola Solutions Inc
 
68,027
29,521,677
Ubiquiti Inc
 
5,224
4,128,475
Viavi Solutions Inc (c)
  
174,372
5,803,100
 
  
  
112,754,467
Electronic Equipment, Instruments & Components - 2.3%
  
  
  
Avnet Inc
 
332,850
20,510,217
Cognex Corp
 
61,011
2,988,929
Corning Inc
 
137,552
18,702,945
Itron Inc (c)
  
19,671
1,763,112
Keysight Technologies Inc (c)
  
157,851
44,572,387
Littelfuse Inc
 
24,814
8,420,631
TD SYNNEX Corp
 
30,109
5,079,689
Zebra Technologies Corp Class A (c)
  
164,402
34,373,170
 
  
  
136,411,080
IT Services - 1.4%
  
  
  
Cloudflare Inc Class A (c)
  
9,522
1,964,769
MongoDB Inc Class A (c)
  
151,674
37,125,245
Okta Inc Class A (c)
  
399,349
31,432,760
Twilio Inc Class A (c)
  
128,074
16,114,271
 
  
  
86,637,045
Semiconductors & Semiconductor Equipment - 2.7%
  
  
  
Amkor Technology Inc
 
4,163
187,460
Astera Labs Inc (c)
  
1,186
129,986
Cirrus Logic Inc (c)
  
248,474
35,934,310
Enphase Energy Inc (c)
  
385
14,556
MACOM Technology Solutions Holdings Inc (c)
  
50,477
11,209,427
Marvell Technology Inc
 
67,738
6,709,449
Monolithic Power Systems Inc
 
8,228
8,996,084
Qnity Electronics Inc
 
80,189
9,252,207
Qorvo Inc (c)
  
417,618
32,323,633
Skyworks Solutions Inc (b)
  
415,725
22,262,074
Teradyne Inc
 
107,400
31,839,804
 
  
  
158,858,990
Software - 4.4%
  
  
  
Adobe Inc (c)
  
41,129
9,997,637
Atlassian Corp Class A (c)
  
41,646
2,842,340
BILL Holdings Inc (c)
  
97,455
3,732,527
Cadence Design Systems Inc (c)
  
33,614
9,340,322
Docusign Inc (c)
  
725,204
34,381,922
Dropbox Inc Class A (c)
  
683,239
15,523,190
Dynatrace Inc (c)
  
177,801
6,575,081
Elastic NV (c)
  
194,840
9,740,052
Fortinet Inc (c)
  
382,428
31,252,016
HubSpot Inc (c)
  
120,622
29,443,830
Nutanix Inc Class A (c)
  
72,951
2,772,867
RingCentral Inc Class A (b)
  
223,141
8,298,614
Teradata Corp (c)
  
558,581
14,316,431
Unity Software Inc (c)
  
1,542,123
33,834,179
Zoom Communications Inc Class A (c)
  
508,261
40,859,102
Zscaler Inc (c)
  
29,656
4,160,440
 
  
  
257,070,550
Technology Hardware, Storage & Peripherals - 2.4%
  
  
  
Hewlett Packard Enterprise Co
 
735,254
17,506,398
HP Inc
 
220
4,226
NetApp Inc
 
362,519
37,118,320
Sandisk Corp/DE (c)
  
21,770
13,831,352
Western Digital Corp
 
258,720
69,981,173
 
  
  
138,441,469
TOTAL INFORMATION TECHNOLOGY
  
  
890,173,601
Materials - 3.6%
  
  
  
Chemicals - 1.5%
  
  
  
Albemarle Corp
 
32,857
5,898,817
CF Industries Holdings Inc
 
18,362
2,384,122
Corteva Inc
 
708,714
59,326,449
DuPont de Nemours Inc
 
216,132
9,898,846
Eastman Chemical Co
 
4
305
International Flavors & Fragrances Inc
 
130,396
9,460,230
 
  
  
86,968,769
Construction Materials - 0.1%
  
  
  
CRH PLC
 
18,626
1,957,965
James Hardie Industries PLC (c)
  
356,867
6,759,061
Vulcan Materials Co
 
17,837
4,857,015
 
  
  
13,574,041
Containers & Packaging - 0.4%
  
  
  
Amcor PLC (b)
  
530,473
21,086,302
Ball Corp
 
2,496
147,538
 
  
  
21,233,840
Metals & Mining - 1.6%
  
  
  
Coeur Mining Inc (c)
  
150,652
2,827,738
Commercial Metals Co
 
427,683
26,272,567
Hecla Mining Co
 
131,115
2,442,672
MP Materials Corp (c)
  
7,395
356,883
Newmont Corp
 
128,886
13,951,910
Nucor Corp
 
165,691
28,018,348
Reliance Inc
 
18,180
5,525,266
Royal Gold Inc
 
46,629
11,866,614
 
  
  
91,261,998
TOTAL MATERIALS
  
  
213,038,648
Real Estate - 5.5%
  
  
  
Health Care REITs - 0.8%
  
  
  
Alexandria Real Estate Equities Inc
 
113,570
5,271,919
Healthpeak Properties Inc
 
54
887
Ventas Inc
 
533,083
43,595,528
 
  
  
48,868,334
Industrial REITs - 0.2%
  
  
  
STAG Industrial Inc Class A
 
290,286
10,467,713
Real Estate Management & Development - 0.2%
  
  
  
Compass Inc Class A (c)
  
119,038
870,168
Zillow Group Inc Class A (c)
  
148,733
6,156,059
Zillow Group Inc Class C (c)
  
97,116
4,018,660
 
  
  
11,044,887
Residential REITs - 0.3%
  
  
  
American Homes 4 Rent Class A
 
589,048
16,446,220
Equity Residential
 
21
1,242
 
  
  
16,447,462
Retail REITs - 1.9%
  
  
  
Brixmor Property Group Inc
 
1,156,529
33,308,035
Regency Centers Corp
 
287,065
21,719,338
Simon Property Group Inc
 
311,491
58,102,416
 
  
  
113,129,789
Specialized REITs - 2.1%
  
  
  
Digital Realty Trust Inc
 
218,242
39,329,392
EPR Properties
 
88,341
4,413,516
Gaming and Leisure Properties Inc
 
571,128
25,340,949
Millrose Properties Inc Class A
 
177,981
4,983,468
Rayonier Inc
 
262,377
5,410,214
VICI Properties Inc
 
1,589,489
43,424,840
 
  
  
122,902,379
TOTAL REAL ESTATE
  
  
322,860,564
Utilities - 5.1%
  
  
  
Electric Utilities - 2.4%
  
  
  
Edison International
 
179,280
13,119,710
Evergy Inc
 
87,340
7,154,893
Eversource Energy
 
82,658
5,726,546
Exelon Corp
 
480,218
23,540,286
NRG Energy Inc
 
286,131
41,815,185
PG&E Corp
 
189,211
3,324,437
PPL Corp
 
1,136,805
43,425,952
 
  
  
138,107,009
Gas Utilities - 0.1%
  
  
  
Atmos Energy Corp
 
7,064
1,304,862
MDU Resources Group Inc
 
98,218
2,035,077
Southwest Gas Holdings Inc
 
35,576
3,091,554
 
  
  
6,431,493
Independent Power and Renewable Electricity Producers - 0.6%
  
  
  
AES Corp/The
 
482,803
6,802,694
Clearway Energy Inc Class A
 
89,419
3,502,542
Clearway Energy Inc Class C (b)
  
171,883
6,753,283
Vistra Corp
 
134,593
20,233,366
 
  
  
37,291,885
Multi-Utilities - 1.9%
  
  
  
Ameren Corp
 
180,632
19,855,069
CenterPoint Energy Inc
 
402,287
17,362,707
CMS Energy Corp
 
360,270
27,949,747
Consolidated Edison Inc
 
221,481
25,067,220
DTE Energy Co
 
1,385
202,514
NiSource Inc
 
254,100
11,856,306
Sempra
 
72,325
7,027,820
WEC Energy Group Inc
 
17,189
1,989,971
 
  
  
111,311,354
Water Utilities - 0.1%
  
  
  
American Water Works Co Inc
 
63
8,573
Essential Utilities Inc
 
137,795
5,549,005
 
  
  
5,557,578
TOTAL UTILITIES
  
  
298,699,319
TOTAL UNITED STATES
  
  
5,728,506,606
 
TOTAL COMMON STOCKS
 (Cost $5,491,334,114)
  
  
  
5,834,394,903
 
  
  
  
U.S. Treasury Obligations - 0.1%
 
  
Yield (%) (e)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 6/11/2026 (f)
  
3.63
4,810,000
4,775,875
US Treasury Bills 0% 6/18/2026 (f)
  
3.65
360,000
357,194
US Treasury Bills 0% 6/4/2026
 
3.62
1,260,000
1,251,905
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $6,384,992)
  
  
  
6,384,974
 
  
  
  
  
Money Market Funds - 1.9%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
  
3.69
36,801,490
36,808,850
Fidelity Securities Lending Cash Central Fund (g)(h)
  
3.69
73,774,004
73,781,382
 
TOTAL MONEY MARKET FUNDS
 (Cost $110,590,232)
  
  
  
110,590,232
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.2%
 (Cost $5,608,309,338)
 
  
 
5,951,370,109
NET OTHER ASSETS (LIABILITIES) - (1.2)%  
(69,657,927)
NET ASSETS - 100.0%
5,881,712,182
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
 
  
  
  
  
Equity Contracts
  
  
  
  
CME E-Mini S&P MidCap 400 Index Contracts (United States)
110
6/2026
37,361,500
273,268
 
  
  
  
  
The notional amount of long futures as a percentage of Net Assets is 0.6%.

Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Non-income producing.
 
(d)
Level 3 security.
 
(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 $2,770,947.
 
(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.
 
(h)
Investment made with cash collateral received from securities on loan.
 
At period end, the value of non-cash collateral for securities on loan amounted to $4,131,464.
 
 
 
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
15,428,947
234,870,484
213,490,593
1,515,148
12
-
36,808,850
36,801,490
0.1%
Fidelity Securities Lending Cash Central Fund
27,954,705
563,031,448
517,205,273
36,239
502
-
73,781,382
73,774,004
0.2%
Total
43,383,652
797,901,932
730,695,866
1,551,387
514
-
110,590,232
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amounts in the dividend income column 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 income received for lending certain types of securities.
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.
 
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.