Quarterly Holdings Report
for
Fidelity® Disruptive Technology ETF
August 31, 2026
DRT-NPRT1-1026
1.9907235.103
Common Stocks - 99.8%
 
  
Shares
Value ($)
 
CANADA - 4.3%
 
  
  
Information Technology - 4.3%
  
  
  
Electronic Equipment, Instruments & Components - 0.8%
  
  
  
Celestica Inc (a)
  
7,731
2,319,607
IT Services - 3.5%
  
  
  
Shopify Inc Class A (United States) (a)
  
67,855
9,999,791
TOTAL CANADA
  
  
12,319,398
CHINA - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Montage Technology Co Ltd H Shares (b)
  
6,300
216,203
GERMANY - 1.5%
 
  
  
Information Technology - 1.5%
  
  
  
Software - 1.5%
  
  
  
SAP SE
 
18,830
4,175,362
ISRAEL - 1.0%
 
  
  
Consumer Discretionary - 1.0%
  
  
  
Broadline Retail - 1.0%
  
  
  
Global-e Online Ltd (a)
  
82,686
3,088,322
JAPAN - 2.7%
 
  
  
Information Technology - 2.7%
  
  
  
Semiconductors & Semiconductor Equipment - 2.7%
  
  
  
Advantest Corp
 
26,364
5,559,957
Disco Corp
 
5,833
2,122,153
 
  
  
  
TOTAL JAPAN
  
  
7,682,110
NETHERLANDS - 2.4%
 
  
  
Information Technology - 2.4%
  
  
  
Semiconductors & Semiconductor Equipment - 2.4%
  
  
  
BE Semiconductor Industries NV
 
18,896
4,290,961
NXP Semiconductors NV
 
11,264
2,530,345
 
  
  
  
TOTAL NETHERLANDS
  
  
6,821,306
TAIWAN - 11.4%
 
  
  
Industrials - 0.5%
  
  
  
Electrical Equipment - 0.5%
  
  
  
Bizlink Holding Inc
 
19,587
1,340,644
Information Technology - 10.9%
  
  
  
Semiconductors & Semiconductor Equipment - 10.9%
  
  
  
MediaTek Inc
 
84,812
10,499,845
Silicon Motion Technology Corp ADR
 
17,628
4,351,296
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
39,971
16,600,756
TOTAL INFORMATION TECHNOLOGY
  
  
31,451,897
TOTAL TAIWAN
  
  
32,792,541
UNITED STATES - 76.5%
 
  
  
Communication Services - 7.4%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
Space Exploration Technologies Corp Class A (b)
  
5,917
850,213
Interactive Media & Services - 5.6%
  
  
  
Alphabet Inc Class C
 
27,120
9,096,319
Meta Platforms Inc Class A
 
12,517
7,163,980
 
  
  
16,260,299
Media - 1.5%
  
  
  
Magnite Inc (a)
  
181,383
4,260,687
TOTAL COMMUNICATION SERVICES
  
  
21,371,199
Consumer Discretionary - 5.1%
  
  
  
Broadline Retail - 3.8%
  
  
  
Amazon.com Inc (a)
  
42,139
10,946,448
Hotels, Restaurants & Leisure - 0.9%
  
  
  
Airbnb Inc Class A (a)
  
13,925
2,551,339
Household Durables - 0.4%
  
  
  
Garmin Ltd
 
4,500
1,278,495
TOTAL CONSUMER DISCRETIONARY
  
  
14,776,282
Information Technology - 64.0%
  
  
  
Communications Equipment - 2.1%
  
  
  
Arista Networks Inc (a)
  
31,258
6,116,878
Electronic Equipment, Instruments & Components - 5.6%
  
  
  
Coherent Corp (a)
  
28,909
8,031,788
Corning Inc
 
24,411
3,630,648
Flex Ltd (a)
  
40,697
4,446,147
 
  
  
16,108,583
IT Services - 5.8%
  
  
  
Cloudflare Inc Class A (a)
  
23,625
7,208,224
IBM Corporation
 
10,248
2,396,700
Twilio Inc Class A (a)
  
30,518
7,190,956
 
  
  
16,795,880
Semiconductors & Semiconductor Equipment - 21.6%
  
  
  
Broadcom Inc
 
4,910
1,818,369
Marvell Technology Inc
 
97,511
20,639,178
Micron Technology Inc
 
24,129
23,133,197
Monolithic Power Systems Inc
 
2,315
2,934,888
NVIDIA Corp
 
61,051
13,478,840
 
  
  
62,004,472
Software - 20.8%
  
  
  
Crowdstrike Holdings Inc Class A (a)
  
18,878
4,360,818
Datadog Inc Class A (a)
  
27,466
6,510,541
Intuit Inc
 
4,220
1,516,246
Microsoft Corp
 
23,472
11,907,111
Palantir Technologies Inc Class A (a)
  
84,890
15,821,798
Palo Alto Networks Inc (a)
  
36,337
13,885,458
Synopsys Inc (a)
  
12,604
5,540,592
 
  
  
59,542,564
Technology Hardware, Storage & Peripherals - 8.1%
  
  
  
Apple Inc
 
10,607
3,360,827
Seagate Technology Holdings PLC
 
12,812
10,613,205
Western Digital Corp
 
20,987
9,455,693
 
  
  
23,429,725
TOTAL INFORMATION TECHNOLOGY
  
  
183,998,102
TOTAL UNITED STATES
  
  
220,145,583
 
TOTAL COMMON STOCKS
 (Cost $165,094,135)
  
  
  
287,240,825
 
  
  
  
Money Market Funds - 0.2%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (c)
  
3.69
701,653
701,794
Fidelity Securities Lending Cash Central Fund (c)(d)
  
3.72
100,569
100,579
 
TOTAL MONEY MARKET FUNDS
 (Cost $802,363)
  
  
  
802,373
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $165,896,498)
 
  
 
288,043,198
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(138,334)
NET ASSETS - 100.0%
287,904,864
 
  
 
Legend
 
(a)
Non-income producing.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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.
 
(d)
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 $837,209.
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
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
Fidelity Cash Central Fund
692,472
3,068,852
3,059,562
10,561
21
11
701,794
701,653
Fidelity Securities Lending Cash Central Fund
-
7,905,696
7,805,116
2,190
-
(1)
100,579
100,569
 
692,472
10,974,548
10,864,678
12,751
21
10
802,373
  
 
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.
 
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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