Quarterly Holdings Report
for
Fidelity® Crypto Industry and Digital Payments ETF
March 31, 2026
CID-NPRT3-0526
1.9904975.103
Common Stocks - 99.8%
 
  
Shares
Value ($)
 
AUSTRALIA - 5.7%
 
  
  
Financials - 0.9%
  
  
  
Consumer Finance - 0.9%
  
  
  
Zip Co Ltd (a)
  
1,866,398
1,981,359
Information Technology - 4.8%
  
  
  
Software - 4.8%
  
  
  
IREN Ltd (a)(b)
  
296,089
10,149,931
TOTAL AUSTRALIA
  
  
12,131,290
BRAZIL - 3.1%
 
  
  
Financials - 3.1%
  
  
  
Financial Services - 3.1%
  
  
  
Pagseguro Digital Ltd Class A
 
293,894
2,944,818
StoneCo Ltd Class A (a)
  
257,423
3,634,813
 
  
  
  
TOTAL BRAZIL
  
  
6,579,631
CANADA - 7.4%
 
  
  
Information Technology - 7.4%
  
  
  
IT Services - 1.4%
  
  
  
Shopify Inc Class A (a)
  
26,362
3,117,990
Software - 6.0%
  
  
  
Bitfarms Ltd/Canada (a)(b)
  
2,108,636
4,124,952
Hive Digital Technologies Ltd (United States) (a)(b)
  
1,385,116
2,631,720
Hut 8 Corp (United States) (a)(b)
  
124,337
5,832,649
 
  
  
12,589,321
TOTAL CANADA
  
  
15,707,311
CHINA - 1.6%
 
  
  
Financials - 0.7%
  
  
  
Capital Markets - 0.7%
  
  
  
OSL Group Ltd (a)(b)
  
833,000
1,487,462
Information Technology - 0.9%
  
  
  
Technology Hardware, Storage & Peripherals - 0.9%
  
  
  
Canaan Inc Class A ADR (a)(b)
  
4,151,349
1,792,553
TOTAL CHINA
  
  
3,280,015
GRAND CAYMAN (UK OVERSEAS TER) - 1.9%
 
  
  
Financials - 1.9%
  
  
  
Capital Markets - 1.9%
  
  
  
Bullish (b)
  
111,445
3,981,930
ISRAEL - 1.3%
 
  
  
Financials - 1.3%
  
  
  
Capital Markets - 1.3%
  
  
  
Etoro Group Ltd Class A
 
89,085
2,675,223
ITALY - 1.5%
 
  
  
Financials - 1.5%
  
  
  
Financial Services - 1.5%
  
  
  
Nexi SpA (b)(c)(d)
  
854,925
3,132,442
JAPAN - 4.0%
 
  
  
Communication Services - 0.4%
  
  
  
Media - 0.4%
  
  
  
Ceres Inc/Japan (b)
  
102,900
917,814
Financials - 2.5%
  
  
  
Capital Markets - 2.5%
  
  
  
Monex Group Inc
 
364,200
1,533,811
SBI Holdings Inc
 
208,000
3,724,886
TOTAL FINANCIALS
  
  
5,258,697
Information Technology - 1.1%
  
  
  
IT Services - 1.1%
  
  
  
CAICA DIGITAL Inc (a)(b)
  
2,126,100
1,015,674
GMO internet group Inc
 
73,300
1,320,727
TOTAL INFORMATION TECHNOLOGY
  
  
2,336,401
TOTAL JAPAN
  
  
8,512,912
KOREA (SOUTH) - 1.0%
 
  
  
Financials - 1.0%
  
  
  
Financial Services - 1.0%
  
  
  
Danal Co Ltd (a)
  
550,901
2,143,682
MALAYSIA - 0.8%
 
  
  
Industrials - 0.8%
  
  
  
Professional Services - 0.8%
  
  
  
Zetrix Ai Bhd
 
9,365,299
1,711,612
NETHERLANDS - 1.5%
 
  
  
Financials - 1.5%
  
  
  
Capital Markets - 0.0%
  
  
  
Coincheck Group NV (a)
  
19,164
28,363
Financial Services - 1.5%
  
  
  
Adyen NV (a)(c)(d)
  
3,284
3,218,521
TOTAL NETHERLANDS
  
  
3,246,884
THAILAND - 0.4%
 
  
  
Communication Services - 0.4%
  
  
  
Diversified Telecommunication Services - 0.4%
  
  
  
Jasmine Technology Solution PCL (a)
  
574,800
932,437
UNITED KINGDOM - 1.5%
 
  
  
Financials - 1.5%
  
  
  
Financial Services - 1.5%
  
  
  
Klarna Group PLC (a)(b)
  
241,660
3,163,329
UNITED STATES - 68.1%
 
  
  
Financials - 32.9%
  
  
  
Capital Markets - 12.0%
  
  
  
Bakkt Inc Class A (a)(b)
  
227,295
1,672,891
Bitgo Holdings Inc Class A (b)
  
196,373
1,616,150
Coinbase Global Inc Class A (a)
  
65,366
11,413,557
Galaxy Digital Inc Class A (b)
  
220,297
4,064,480
Gemini Space Station Inc Class A (b)
  
258,532
1,142,711
Robinhood Markets Inc Class A (a)
  
58,753
4,071,583
Twenty One Capital Inc Class A (b)
  
215,837
1,381,357
 
  
  
25,362,729
Consumer Finance - 2.2%
  
  
  
Figure Technology Solutions Inc Class A
 
138,517
4,702,652
Financial Services - 18.7%
  
  
  
Block Inc Class A (a)
  
110,896
6,673,721
Chime Financial Inc Class A (a)(b)
  
153,607
2,877,059
Corpay Inc (a)
  
10,945
3,184,886
Fiserv Inc (a)
  
55,588
3,101,810
Flywire Corp (a)
  
174,010
2,025,476
Global Payments Inc
 
45,343
3,051,584
Mastercard Inc Class A
 
6,766
3,380,700
Paymentus Holdings Inc Class A (a)
  
88,044
2,236,318
PayPal Holdings Inc
 
74,514
3,370,268
Shift4 Payments Inc Class A (a)(b)
  
72,446
3,168,064
Visa Inc Class A
 
11,100
3,354,864
WEX Inc (a)
  
20,620
3,155,685
 
  
  
39,580,435
TOTAL FINANCIALS
  
  
69,645,816
Information Technology - 35.2%
  
  
  
Electronic Equipment, Instruments & Components - 0.5%
  
  
  
Forward Industries Inc (b)
  
258,344
1,144,464
IT Services - 3.7%
  
  
  
Applied Digital Corp (a)(b)
  
325,328
7,723,287
Software - 31.0%
  
  
  
Bit Digital Inc (a)(b)
  
1,886,294
2,471,045
Bitdeer Technologies Group Class A (a)(b)
  
424,003
3,667,626
BitMine Immersion Technologies Inc (b)
  
463,814
9,174,241
BTCS Inc (b)
  
604,628
840,432
Cipher Digital Inc (a)(b)
  
531,763
6,843,790
Circle Internet Group Inc Class A
 
107,316
10,239,020
Cleanspark Inc (a)(b)
  
618,630
5,264,541
Core Scientific Inc (a)(b)
  
335,772
5,023,149
Digi Power X Inc (United States) (a)(b)
  
623,763
1,266,238
MARA Holdings Inc (a)(b)
  
800,867
6,535,075
Riot Platforms Inc (a)
  
424,313
5,244,509
Soluna Holdings Inc (a)(b)
  
1,960,107
1,385,404
Terawulf Inc (a)(b)
  
506,460
7,308,218
 
  
  
65,263,288
TOTAL INFORMATION TECHNOLOGY
  
  
74,131,039
TOTAL UNITED STATES
  
  
143,776,855
 
TOTAL COMMON STOCKS
 (Cost $240,649,501)
  
  
  
210,975,553
 
  
  
  
Money Market Funds - 36.4%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
  
3.69
384,810
384,886
Fidelity Securities Lending Cash Central Fund (f)(g)
  
3.69
76,578,980
76,586,638
 
TOTAL MONEY MARKET FUNDS
 (Cost $76,971,524)
  
  
  
76,971,524
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 136.2%
 (Cost $317,621,025)
 
  
 
287,947,077
NET OTHER ASSETS (LIABILITIES) - (36.2)% (e)
(76,526,559)
NET ASSETS - 100.0%
211,420,518
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
 
  
  
  
  
Equity Contracts
  
  
  
  
CME E-Mini Nasdaq 100 Index Contracts (United States)
2
6/2026
95,660
3,116
CME E-Mini Russell 2000 Index Contracts (United States)
2
6/2026
251,220
1,653
 
  
  
  
  
TOTAL FUTURES CONTRACTS
  
  
  
4,769
The notional amount of long futures as a percentage of Net Assets is 0.1%.

Legend
 
(a)
Non-income producing.
 
(b)
Security or a portion of the security is on loan at period end.
 
(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 $6,350,963 or 3.0% 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 $6,350,963 or 3.0% of net assets.
 
(e)
Includes $72,340 of cash collateral to cover margin requirements for futures contracts.
 
(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.
 
(g)
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 $2,788,330.
 
 
 
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
425,752
20,814,172
20,854,874
17,970
(163)
(1)
384,886
384,810
0.0%
Fidelity Securities Lending Cash Central Fund
55,926,092
578,237,393
557,577,161
845,386
314
-
76,586,638
76,578,980
0.2%
Total
56,351,844
599,051,565
578,432,035
863,356
151
(1)
76,971,524
  
  
 
  
  
  
  
  
  
  
  
  
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.
 
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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