NPORT-EX 2 NPORT_2238332611604809.htm FOR VALIDATION PURPOSES ONLY - [84380.TX9]
Quarterly Holdings Report
for
Fidelity® Small-Mid Multifactor ETF
(formerly Fidelity® Small-Mid Factor ETF)
October 31, 2020
SFE-QTLY-1220
1.9892236.101
Schedule of Investments October 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.9% 
  Shares Value
COMMUNICATION SERVICES – 3.8% 
Diversified Telecommunication Services – 0.4%
Cogent Communications Holdings, Inc. 410 $ 22,878
Consolidated Communications Holdings, Inc. 2,037 9,513
GCI Liberty, Inc. Class A (a) 721 58,567
    90,958
Entertainment – 0.3%
Sciplay Corp. Class A (a) 945 12,616
Zynga, Inc. Class A (a) 6,953 62,507
    75,123
Interactive Media & Services – 1.1%
Match Group, Inc. (a) 1,385 161,740
Zillow Group, Inc. Class C (a) 1,211 107,319
    269,059
Media – 1.8%
AMC Networks, Inc. Class A (a) 770 16,362
Cable One, Inc. 38 65,811
John Wiley & Sons, Inc. Class A 639 19,783
MSG Networks, Inc. Class A (a) 1,502 13,428
National CineMedia, Inc. 4,676 9,282
News Corp. Class A 3,975 52,192
Nexstar Media Group, Inc. Class A 411 33,866
Scholastic Corp. 688 13,595
Sirius XM Holdings, Inc. 10,215 58,532
TechTarget, Inc. (a) 445 19,491
TEGNA, Inc. 2,390 28,752
The Interpublic Group of Cos., Inc. 2,998 54,234
The New York Times Co. Class A 1,132 44,895
    430,223
Wireless Telecommunication Services – 0.2%
Shenandoah Telecommunications Co. 515 22,464
Telephone & Data Systems, Inc. 1,238 21,046
United States Cellular Corp. (a) 506 14,735
    58,245
TOTAL COMMUNICATION SERVICES 923,608
CONSUMER DISCRETIONARY – 13.9% 
Auto Components – 1.6%
Autoliv, Inc. 766 58,063
BorgWarner, Inc. 1,759 61,530
Dorman Products, Inc. (a) 417 37,225
Gentex Corp. 2,198 60,819
Gentherm, Inc. (a) 679 31,431
LCI Industries 315 34,543
Lear Corp. 504 60,888
Standard Motor Products, Inc. 561 25,694
    370,193
Automobiles – 0.5%
Harley-Davidson, Inc. 1,700 55,896
Thor Industries, Inc. 513 43,389
   
  Shares Value
Winnebago Industries, Inc. 565 $ 26,527
    125,812
Distributors – 0.4%
Pool Corp. 299 104,599
Diversified Consumer Services – 1.9%
Adtalem Global Education, Inc. (a) 881 20,651
American Public Education, Inc. (a) 775 21,909
Bright Horizons Family Solutions, Inc. (a) 510 80,605
Chegg, Inc. (a) 938 68,887
Collectors Universe, Inc. 550 30,212
Frontdoor, Inc. (a) 960 38,035
Graham Holdings Co. Class B 75 28,526
Grand Canyon Education, Inc. (a) 478 37,461
K12, Inc. (a) 643 15,348
Perdoceo Education Corp. (a) 1,850 20,887
Service Corp. International 1,498 69,372
Strategic Education, Inc. 302 25,084
    456,977
Hotels, Restaurants & Leisure – 2.2%
Choice Hotels International, Inc. 423 36,949
Churchill Downs, Inc. 336 50,114
Cracker Barrel Old Country Store, Inc. 319 36,309
Dunkin' Brands Group, Inc. 785 78,272
Extended Stay America, Inc. 2,662 30,214
Hilton Grand Vacations, Inc. (a) 1,456 29,994
Hyatt Hotels Corp. Class A 618 34,076
Jack in the Box, Inc. 380 30,423
Papa John's International, Inc. 340 26,044
Planet Fitness, Inc. Class A (a) 873 51,743
Texas Roadhouse, Inc. 726 50,842
The Wendy's Co. 1,980 43,263
Wingstop, Inc. 297 34,550
    532,793
Household Durables – 2.1%
Cavco Industries, Inc. (a) 150 25,821
Helen of Troy Ltd. (a) 251 47,590
Installed Building Products, Inc. (a) 366 33,138
KB Home 1,094 35,281
La-Z-Boy, Inc. 948 32,450
Leggett & Platt, Inc. 1,314 54,833
Meritage Homes Corp. (a) 411 35,794
Mohawk Industries, Inc. (a) 589 60,779
Taylor Morrison Home Corp. (a) 1,636 35,338
Toll Brothers, Inc. 1,209 51,116
TopBuild Corp. (a) 344 52,704
TRI Pointe Group, Inc. (a) 1,979 32,515
    497,359
Internet & Direct Marketing Retail – 1.0%
Chewy, Inc. Class A (a) 681 41,949
Etsy, Inc. (a) 861 104,689
PetMed Express, Inc. 765 22,629
Qurate Retail, Inc. Class A 6,108 41,351
 
  2
Common Stocks – continued 
  Shares Value
CONSUMER DISCRETIONARY – continued
Internet & Direct Marketing Retail – continued
Stamps.com, Inc. (a) 174 $ 38,844
    249,462
Leisure Products – 0.6%
Acushnet Holdings Corp. 792 27,031
American Outdoor Brands, Inc. (a) 277 4,191
Johnson Outdoors, Inc. Class A 270 23,579
Malibu Boats, Inc. Class A (a) 472 23,992
Smith & Wesson Brands, Inc. 1,111 18,432
Sturm Ruger & Co., Inc. 334 22,331
Vista Outdoor, Inc. (a) 1,346 26,610
    146,166
Multiline Retail – 0.3%
Big Lots, Inc. 685 32,606
Ollie's Bargain Outlet Holdings, Inc. (a) 534 46,506
    79,112
Specialty Retail – 2.2%
Advance Auto Parts, Inc. 545 80,268
Asbury Automotive Group, Inc. (a) 310 31,924
AutoNation, Inc. (a) 723 41,016
Haverty Furniture Companies, Inc. 1,493 37,355
Lithia Motors, Inc. Class A 216 49,587
MarineMax, Inc. (a) 808 24,224
Murphy USA, Inc. (a) 310 37,910
Rent-A-Center, Inc. 927 28,644
Sally Beauty Holdings, Inc. (a) 2,296 19,217
Sportsman's Warehouse Holdings, Inc. (a) 1,450 18,879
The Buckle, Inc. 1,416 33,927
The ODP Corp. 1,403 27,358
Williams-Sonoma, Inc. 689 62,844
Winmark Corp. 138 23,379
    516,532
Textiles, Apparel & Luxury Goods – 1.1%
Carter's, Inc. 521 42,435
Columbia Sportswear Co. 442 32,969
Deckers Outdoor Corp. (a) 265 67,143
Kontoor Brands, Inc. (a) 1,284 42,244
Skechers U.S.A., Inc. Class A (a) 1,523 48,294
Steven Madden Ltd. 1,408 33,806
    266,891
TOTAL CONSUMER DISCRETIONARY 3,345,896
CONSUMER STAPLES – 3.6% 
Beverages – 0.8%
Keurig Dr Pepper, Inc. 2,723 73,249
National Beverage Corp. (a) 408 31,942
The Boston Beer Co., Inc. Class A (a) 83 86,252
    191,443
Food & Staples Retailing – 0.6%
BJ's Wholesale Club Holdings, Inc. (a) 1,245 47,671
   
  Shares Value
Ingles Markets, Inc. Class A 612 $ 21,947
SpartanNash Co. 1,208 22,239
Sprouts Farmers Market, Inc. (a) 1,564 29,794
Weis Markets, Inc. 537 24,385
    146,036
Food Products – 1.4%
Campbell Soup Co. 1,434 66,925
Darling Ingredients, Inc. (a) 1,702 73,186
Flowers Foods, Inc. 2,051 48,363
Ingredion, Inc. 673 47,709
John B Sanfilippo & Son, Inc. 300 21,828
Lancaster Colony Corp. 251 41,701
Tootsie Roll Industries, Inc. 796 23,784
    323,496
Household Products – 0.3%
Central Garden and Pet Co. Class A (a) 841 29,763
WD-40 Co. 191 46,486
    76,249
Personal Products – 0.4%
Edgewell Personal Care Co. (a) 1,072 28,108
Herbalife Nutrition Ltd. (a) 961 43,379
USANA Health Sciences, Inc. (a) 331 25,040
    96,527
Tobacco – 0.1%
Vector Group Ltd. 3,073 28,241
TOTAL CONSUMER STAPLES 861,992
ENERGY – 2.1% 
Energy Equipment & Services – 0.3%
Cactus, Inc. Class A 1,485 25,245
National Oilwell Varco, Inc. 4,704 39,514
Solaris Oilfield Infrastructure, Inc. Class A 3,960 23,483
    88,242
Oil, Gas & Consumable Fuels – 1.8%
Ardmore Shipping Corp. 7,510 21,028
Cabot Oil & Gas Corp. 3,825 68,047
CNX Resources Corp. (a) 3,838 37,229
Diamond S Shipping, Inc. (a) 3,625 20,517
EQT Corp. 3,279 49,644
Falcon Minerals Corp. 10,236 18,834
HollyFrontier Corp. 2,042 37,797
International Seaways, Inc. 1,801 24,386
Renewable Energy Group, Inc. (a) 1,114 62,830
REX American Resources Corp. (a) 466 33,873
Teekay Tankers Ltd. Class A (a) 2,018 19,030
World Fuel Services Corp. 1,565 32,943
    426,158
TOTAL ENERGY 514,400
3  
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
  Shares Value
FINANCIALS – 12.8% 
Banks – 3.6%
Associated Banc-Corp. 2,734 $ 37,428
Bridge Bancorp, Inc. 1,295 25,304
Camden National Corp. 846 27,047
Cathay General Bancorp 1,408 33,130
City Holding Co. 471 28,463
Commerce Bancshares, Inc. 1,003 62,437
Community Trust Bancorp, Inc. 836 26,602
Eagle Bancorp, Inc. 991 29,651
First Citizens BancShares, Inc. Class A 104 48,121
First Foundation, Inc. 1,757 26,127
Fulton Financial Corp. 3,414 37,520
Hilltop Holdings, Inc. 1,604 36,587
International Bancshares Corp. 1,071 29,645
Lakeland Bancorp, Inc. 2,548 28,359
Lakeland Financial Corp. 657 33,592
People's United Financial, Inc. 4,720 50,362
Popular, Inc. 1,188 50,134
Preferred Bank 713 24,121
QCR Holdings, Inc. 855 26,531
ServisFirst Bancshares, Inc. 925 34,132
Signature Bank 546 44,084
Simmons First National Corp. Class A 2,043 34,711
WesBanco, Inc. 1,512 36,726
Western Alliance Bancorp 1,220 50,264
    861,078
Capital Markets – 3.7%
Affiliated Managers Group, Inc. 618 46,579
Artisan Partners Asset Management, Inc. Class A 958 38,377
Brightsphere Investment Group, Inc. 2,098 28,952
Cohen & Steers, Inc. 527 29,675
Diamond Hill Investment Group, Inc. 223 30,538
Eaton Vance Corp. 1,313 78,504
Federated Hermes, Inc. 1,507 36,017
Franklin Resources, Inc. 2,725 51,094
Hamilton Lane, Inc. Class A 500 34,850
Houlihan Lokey, Inc. 711 44,580
Interactive Brokers Group, Inc. Class A 921 43,812
Janus Henderson Group PLC 2,041 49,596
LPL Financial Holdings, Inc. 754 60,267
Morningstar, Inc. 268 51,022
PJT Partners, Inc. Class A 553 37,416
SEI Investments Co. 1,187 58,341
StoneX Group, Inc. (a) 512 27,126
Tradeweb Markets, Inc. Class A 904 49,250
Victory Capital Holdings, Inc. Class A 1,397 25,621
Virtu Financial, Inc. Class A 1,423 30,424
Waddell & Reed Financial, Inc. Class A 1,999 30,685
    882,726
   
  Shares Value
Consumer Finance – 0.4%
Credit Acceptance Corp. (a) 124 $ 36,967
Encore Capital Group, Inc. (a) 675 21,553
Green Dot Corp. Class A (a) 722 38,497
    97,017
Diversified Financial Services – 0.4%
Cannae Holdings, Inc. (a) 1,128 41,713
Voya Financial, Inc. 1,231 59,002
    100,715
Insurance – 3.9%
American Equity Investment Life Holding Co. 1,550 38,471
American Financial Group, Inc. 823 61,676
AMERISAFE, Inc. 483 28,487
Assurant, Inc. 553 68,777
CNO Financial Group, Inc. 2,372 42,103
Employers Holdings, Inc. 897 28,713
Erie Indemnity Co. Class A 219 50,999
First American Financial Corp. 1,110 49,495
HCI Group, Inc. 544 25,557
Horace Mann Educators Corp. 861 29,196
James River Group Holdings Ltd. 700 32,711
Kemper Corp. 648 39,956
Kinsale Capital Group, Inc. 239 44,805
Old Republic International Corp. 3,163 51,494
Palomar Holdings, Inc. (a) 347 30,942
Primerica, Inc. 425 46,852
Reinsurance Group of America, Inc. 670 67,683
RenaissanceRe Holdings Ltd. 428 69,216
RLI Corp. 505 43,783
The Hanover Insurance Group, Inc. 455 43,525
Unum Group 2,601 45,934
    940,375
Mortgage Real Estate Investment Trusts (REITs) – 0.3%
Blackstone Mortgage Trust, Inc. Class A 1,846 40,058
KKR Real Estate Finance Trust, Inc. 1,506 25,165
    65,223
Thrifts & Mortgage Finance – 0.5%
Essent Group Ltd. 1,317 52,483
PennyMac Financial Services, Inc. 721 36,641
Provident Financial Services, Inc. 2,219 30,112
    119,236
TOTAL FINANCIALS 3,066,370
HEALTH CARE – 16.4% 
Biotechnology – 3.1%
ACADIA Pharmaceuticals, Inc. (a) 1,073 49,841
Acceleron Pharma, Inc. (a) 466 48,734
Akebia Therapeutics, Inc. (a) 2,375 5,273
Alkermes PLC (a) 1,874 30,452
Amicus Therapeutics, Inc. (a) 2,648 47,214
Anika Therapeutics, Inc. (a) 592 19,311
 
  4
Common Stocks – continued 
  Shares Value
HEALTH CARE – continued
Biotechnology – continued
BioSpecifics Technologies Corp. (a) 300 $ 26,430
Emergent BioSolutions, Inc. (a) 401 36,078
Enanta Pharmaceuticals, Inc. (a) 464 20,244
Exelixis, Inc. (a) 2,580 52,838
Halozyme Therapeutics, Inc. (a) 1,270 35,560
Ironwood Pharmaceuticals, Inc. (a) 2,667 26,350
Ligand Pharmaceuticals, Inc. (a) 246 20,283
Moderna, Inc. (a) 1,990 134,265
Natera, Inc. (a) 706 47,486
Neurocrine Biosciences, Inc. (a) 702 69,266
Twist Bioscience Corp. (a) 436 33,415
United Therapeutics Corp. (a) 416 55,840
    758,880
Health Care Equipment & Supplies – 4.2%
ABIOMED, Inc. (a) 322 81,106
AtriCure, Inc. (a) 669 23,121
Atrion Corp. 35 21,040
Globus Medical, Inc. Class A (a) 745 38,830
Hill-Rom Holdings, Inc. 576 52,456
ICU Medical, Inc. (a) 212 37,692
Inogen, Inc. (a) 606 17,701
Integer Holdings Corp. (a) 467 27,296
Integra LifeSciences Holdings Corp. (a) 781 34,442
iRadimed Corp. 802 18,165
iRhythm Technologies, Inc. (a) 254 53,708
LeMaitre Vascular, Inc. 693 22,509
Masimo Corp. (a) 375 83,933
Meridian Bioscience, Inc. (a) 955 16,378
Merit Medical Systems, Inc. (a) 735 36,787
Mesa Laboratories, Inc. 96 25,095
Neogen Corp. (a) 530 36,962
Nevro Corp. (a) 325 48,493
NuVasive, Inc. (a) 630 27,991
OraSure Technologies, Inc. (a) 1,744 26,055
Penumbra, Inc. (a) 271 70,739
Quidel Corp. (a) 288 77,268
Surmodics, Inc. (a) 441 16,207
Tandem Diabetes Care, Inc. (a) 502 54,718
Wright Medical Group N.V. (a) 1,341 41,021
Zynex, Inc. (a) 1,104 14,142
    1,003,855
Health Care Providers & Services – 3.5%
Addus HomeCare Corp. (a) 259 25,271
Amedisys, Inc. (a) 266 68,894
AMN Healthcare Services, Inc. (a) 588 38,385
BioTelemetry, Inc. (a) 615 26,187
Castle Biosciences, Inc. (a) 441 20,476
Chemed Corp. 128 61,225
CorVel Corp. (a) 271 24,721
DaVita, Inc. (a) 717 61,841
   
  Shares Value
Encompass Health Corp. 845 $ 51,807
HealthEquity, Inc. (a) 782 40,265
LHC Group, Inc. (a) 259 56,086
Magellan Health, Inc. (a) 361 26,089
Molina Healthcare, Inc. (a) 441 82,233
National HealthCare Corp. 340 21,522
National Research Corp. 381 19,736
Owens & Minor, Inc. 1,683 42,277
Premier, Inc. Class A 903 29,555
Select Medical Holdings Corp. (a) 1,490 31,260
The Ensign Group, Inc. 605 35,598
The Providence Service Corp. (a) 266 31,268
Triple-S Management Corp. Class B (a) 1,051 19,465
US Physical Therapy, Inc. 271 21,498
    835,659
Health Care Technology – 1.2%
Computer Programs & Systems, Inc. 662 18,463
HealthStream, Inc. (a) 913 16,708
HMS Holdings Corp. (a) 1,062 28,271
Inovalon Holdings, Inc. Class A (a) 1,139 21,630
NextGen Healthcare, Inc. (a) 1,452 19,747
Omnicell, Inc. (a) 508 43,967
Simulations Plus, Inc. 339 21,974
Teladoc Health, Inc. (a) 524 102,945
Vocera Communications, Inc. (a) 726 23,798
    297,503
Life Sciences Tools & Services – 2.3%
Adaptive Biotechnologies Corp. (a) 566 26,081
Bio-Rad Laboratories, Inc. Class A (a) 160 93,827
Bio-Techne Corp. 292 73,704
Bruker Corp. 997 42,412
Charles River Laboratories International, Inc. (a) 373 84,932
Frontage Holdings Corp. (a)(b) 36,000 15,789
Luminex Corp. 766 16,883
Medpace Holdings, Inc. (a) 300 33,282
NeoGenomics, Inc. (a) 1,080 42,368
PRA Health Sciences, Inc. (a) 538 52,423
Repligen Corp. (a) 392 65,295
    546,996
Pharmaceuticals – 2.1%
Amneal Pharmaceuticals, Inc. (a) 4,366 18,163
Catalent, Inc. (a) 1,163 102,076
Corcept Therapeutics, Inc. (a) 1,843 30,926
Endo International PLC (a) 6,087 27,818
Horizon Therapeutics PLC (a) 1,373 102,879
Innoviva, Inc. (a) 1,664 17,988
Jazz Pharmaceuticals PLC (a) 465 67,006
Pacira BioSciences, Inc. (a) 548 28,660
Perrigo Co. PLC 1,150 50,450
Phibro Animal Health Corp. Class A 950 15,618
Prestige Consumer Healthcare, Inc. (a) 724 23,914
5  
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
  Shares Value
HEALTH CARE – continued
Pharmaceuticals – continued
Supernus Pharmaceuticals, Inc. (a) 1,060 $ 19,462
    504,960
TOTAL HEALTH CARE 3,947,853
INDUSTRIALS – 15.8% 
Aerospace & Defense – 0.8%
Axon Enterprise, Inc. (a) 572 56,571
BWX Technologies, Inc. 892 49,069
Curtiss-Wright Corp. 431 36,359
Mercury Systems, Inc. (a) 561 38,641
National Presto Industries, Inc. 230 19,111
    199,751
Air Freight & Logistics – 0.6%
CH Robinson Worldwide, Inc. 991 87,634
Forward Air Corp. 504 31,737
Hub Group, Inc. Class A (a) 542 27,170
    146,541
Building Products – 2.0%
AAON, Inc. 560 32,710
AO Smith Corp. 1,178 60,891
Armstrong World Industries, Inc. 536 32,106
CSW Industrials, Inc. 341 29,166
Gibraltar Industries, Inc. (a) 484 27,806
Lennox International, Inc. 274 74,435
Masonite International Corp. (a) 354 31,152
Owens Corning 920 60,232
Simpson Manufacturing Co., Inc. 415 36,819
Trex Co., Inc. (a) 951 66,132
UFP Industries, Inc. 664 33,140
    484,589
Commercial Services & Supplies – 1.5%
Brady Corp. Class A 673 25,386
Deluxe Corp. 894 19,167
Ennis, Inc. 1,190 18,136
Healthcare Services Group, Inc. 1,129 25,831
HNI Corp. 844 27,472
Kimball International, Inc. Class B 1,834 18,890
McGrath RentCorp 449 25,629
MSA Safety, Inc. 365 48,151
Rollins, Inc. 1,177 68,089
Tetra Tech, Inc. 521 52,574
UniFirst Corp. 186 30,469
    359,794
Construction & Engineering – 1.2%
Arcosa, Inc. 700 32,319
Comfort Systems USA, Inc. 571 26,152
Construction Partners, Inc. Class A (a) 1,176 23,967
EMCOR Group, Inc. 577 39,346
MYR Group, Inc. (a) 592 25,308
Primoris Services Corp. 1,260 23,776
   
  Shares Value
Quanta Services, Inc. 1,218 $76,040
Valmont Industries, Inc. 274 38,894
    285,802
Electrical Equipment – 1.5%
Acuity Brands, Inc. 414 36,904
Atkore International Group, Inc. (a) 905 18,724
EnerSys 511 36,588
Generac Holdings, Inc. (a) 478 100,452
GrafTech International Ltd. 3,008 20,304
Hubbell, Inc. 452 65,770
nVent Electric PLC 1,928 34,800
Regal-Beloit Corp. 432 42,617
    356,159
Industrial Conglomerates – 0.3%
Carlisle Cos., Inc. 475 58,838
Machinery – 4.3%
Allison Transmission Holdings, Inc. 1,162 42,006
Astec Industries, Inc. 493 25,044
Barnes Group, Inc. 755 27,709
Donaldson Co., Inc. 1,110 52,725
ESCO Technologies, Inc. 357 29,877
Federal Signal Corp. 938 26,902
Franklin Electric Co., Inc. 545 32,553
Graco, Inc. 1,324 81,956
ITT, Inc. 820 49,618
Kadant, Inc. 231 26,593
Lincoln Electric Holdings, Inc. 547 55,696
Lindsay Corp. 245 25,799
Miller Industries, Inc. 695 20,808
Mueller Industries, Inc. 965 27,917
Nordson Corp. 398 76,985
Omega Flex, Inc. 168 25,150
Oshkosh Corp. 630 42,437
Pentair PLC 1,404 69,863
RBC Bearings, Inc. (a) 293 34,882
Rexnord Corp. 1,320 42,346
Snap-on, Inc. 448 70,573
The Gorman-Rupp Co. 666 20,679
The Timken Co. 762 45,491
The Toro Co. 891 73,151
    1,026,760
Professional Services – 1.3%
CBIZ, Inc. (a) 1,068 24,212
CoreLogic, Inc. 741 57,005
Exponent, Inc. 528 36,744
FTI Consulting, Inc. (a) 374 36,824
Kforce, Inc. 737 25,574
ManpowerGroup, Inc. 597 40,518
Robert Half International, Inc. 1,026 52,008
TriNet Group, Inc. (a) 522 35,976
    308,861
 
  6
Common Stocks – continued 
  Shares Value
INDUSTRIALS – continued
Road & Rail – 1.1%
JB Hunt Transport Services, Inc. 638 $ 77,670
Knight-Swift Transportation Holdings, Inc. 1,152 43,764
Landstar System, Inc. 371 46,264
Saia, Inc. (a) 302 44,593
Schneider National, Inc. Class B 932 20,560
Werner Enterprises, Inc. 777 29,542
    262,393
Trading Companies & Distributors – 1.2%
Applied Industrial Technologies, Inc. 508 31,014
HD Supply Holdings, Inc. (a) 1,455 57,996
MSC Industrial Direct Co., Inc. Class A 538 37,477
Rush Enterprises, Inc. Class A 816 29,246
SiteOne Landscape Supply, Inc. (a) 410 48,991
Triton International Ltd. 872 32,159
Watsco, Inc. 273 61,190
    298,073
TOTAL INDUSTRIALS 3,787,561
INFORMATION TECHNOLOGY – 16.6% 
Communications Equipment – 1.2%
Ciena Corp. (a) 1,195 47,071
F5 Networks, Inc. (a) 483 64,210
InterDigital, Inc. 452 25,303
Juniper Networks, Inc. 2,626 51,785
Lumentum Holdings, Inc. (a) 629 52,012
Netscout Systems, Inc. (a) 1,083 22,223
Ubiquiti, Inc. 160 29,698
    292,302
Electronic Equipment, Instruments & Components – 3.0%
Arrow Electronics, Inc. (a) 697 54,289
Badger Meter, Inc. 436 31,976
Cognex Corp. 1,274 83,957
Dolby Laboratories, Inc. Class A 625 46,925
ePlus, Inc. (a) 305 20,591
Fabrinet (a) 445 26,709
FLIR Systems, Inc. 1,235 42,842
IPG Photonics Corp. (a) 315 58,577
Jabil, Inc. 1,298 43,016
Littelfuse, Inc. 237 46,912
Methode Electronics, Inc. 803 24,708
National Instruments Corp. 1,167 36,504
Novanta, Inc. (a) 360 39,139
PC Connection, Inc. 436 19,860
Plexus Corp. (a) 394 27,399
Sanmina Corp. (a) 979 23,927
ScanSource, Inc. (a) 843 16,944
SYNNEX Corp. 379 49,892
Vishay Intertechnology, Inc. 1,807 29,309
    723,476
   
  Shares Value
IT Services – 2.4%
CACI International, Inc. Class A (a) 232 $ 48,379
Cass Information Systems, Inc. 524 20,551
CSG Systems International, Inc. 596 22,576
Euronet Worldwide, Inc. (a) 481 42,732
EVERTEC, Inc. 896 29,819
ExlService Holdings, Inc. (a) 462 34,992
Genpact Ltd. 1,323 45,471
GreenSky, Inc. Class A (a) 3,063 14,488
International Money Express, Inc. (a) 1,162 16,163
KBR, Inc. 1,607 35,820
ManTech International Corp. Class A 403 26,147
MAXIMUS, Inc. 589 39,805
NIC, Inc. 1,180 26,456
Perficient, Inc. (a) 619 24,240
Perspecta, Inc. 1,599 28,670
Repay Holding Corp. (a) 916 20,637
Science Applications International Corp. 503 38,414
Sykes Enterprises, Inc. (a) 753 25,783
The Hackett Group, Inc. 1,418 18,321
TTEC Holdings, Inc. 401 21,967
    581,431
Semiconductors & Semiconductor Equipment – 3.8%
Advanced Energy Industries, Inc. (a) 451 30,429
Amkor Technology, Inc. (a) 1,890 22,396
Axcelis Technologies, Inc. (a) 855 18,870
Cirrus Logic, Inc. (a) 608 41,873
CMC Materials, Inc. 280 39,813
Diodes, Inc. (a) 577 33,368
Entegris, Inc. 1,034 77,312
FormFactor, Inc. (a) 1,056 29,938
Inphi Corp. (a) 420 58,699
Kulicke & Soffa Industries, Inc. 1,067 27,891
Lattice Semiconductor Corp. (a) 1,347 47,010
MKS Instruments, Inc. 463 50,185
Monolithic Power Systems, Inc. 308 98,437
NeoPhotonics Corp. (a) 2,260 15,391
NVE Corp. 324 14,946
Onto Innovation, Inc. (a) 757 24,277
Photronics, Inc. (a) 1,830 17,842
Power Integrations, Inc. 637 38,354
Rambus, Inc. (a) 1,834 25,291
Semtech Corp. (a) 677 37,160
Silicon Laboratories, Inc. (a) 428 43,853
SolarEdge Technologies, Inc. (a) 378 97,407
Synaptics, Inc. (a) 394 30,208
    920,950
Software – 5.7%
ACI Worldwide, Inc. (a) 1,245 36,317
Alarm.com Holdings, Inc. (a) 537 31,323
Appfolio, Inc. Class A (a) 188 26,859
Aspen Technology, Inc. (a) 570 62,592
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Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
  Shares Value
INFORMATION TECHNOLOGY – continued
Software – continued
Avalara, Inc. (a) 538 $ 80,189
Blackline, Inc. (a) 443 43,272
CDK Global, Inc. 1,084 46,720
CommVault Systems, Inc. (a) 644 25,496
Dropbox, Inc. Class A (a) 2,057 37,561
Everbridge, Inc. (a) 322 33,710
Five9, Inc. (a) 504 76,467
HubSpot, Inc. (a) 309 89,632
j2 Global, Inc. (a) 558 37,877
Manhattan Associates, Inc. (a) 555 47,452
MicroStrategy, Inc. Class A (a) 185 30,908
Nuance Communications, Inc. (a) 2,246 71,670
Paylocity Holding Corp. (a) 342 63,448
Progress Software Corp. 735 26,732
Proofpoint, Inc. (a) 498 47,678
Qualys, Inc. (a) 336 29,518
RealPage, Inc. (a) 790 43,995
SPS Commerce, Inc. (a) 432 36,975
Verint Systems, Inc. (a) 766 37,166
Xperi Holding Corp. 1,700 21,080
Zendesk, Inc. (a) 868 96,296
Zoom Video Communications, Inc. Class A (a) 233 107,392
Zscaler, Inc. (a) 521 70,726
    1,359,051
Technology Hardware, Storage & Peripherals – 0.5%
DELL Technologies, Inc. Class C (a) 1,200 72,312
Xerox Holdings Corp. 2,139 37,176
    109,488
TOTAL INFORMATION TECHNOLOGY 3,986,698
MATERIALS – 5.3% 
Chemicals – 2.0%
Advanced Emissions Solutions, Inc. 4,464 19,865
Albemarle Corp. 847 78,949
Balchem Corp. 369 36,882
Chase Corp. 222 21,126
HB Fuller Co. 681 30,815
Innospec, Inc. 382 25,265
Minerals Technologies, Inc. 564 30,845
NewMarket Corp. 92 32,907
RPM International, Inc. 981 83,061
Sensient Technologies Corp. 583 38,146
Stepan Co. 277 32,254
The Scotts Miracle-Gro Co. 349 52,367
    482,482
Construction Materials – 0.2%
Eagle Materials, Inc. 466 39,727
Containers & Packaging – 1.7%
AptarGroup, Inc. 535 61,038
   
  Shares Value
Berry Global Group, Inc. (a) 1,132 $ 52,785
Graphic Packaging Holding Co. 2,912 38,700
Greif, Inc. Class A 641 26,018
Packaging Corp. of America 754 86,325
Sealed Air Corp. 1,379 54,595
Silgan Holdings, Inc. 935 32,211
Sonoco Products Co. 941 46,006
UFP Technologies, Inc. (a) 445 16,492
    414,170
Metals & Mining – 1.1%
Commercial Metals Co. 1,539 31,780
Kaiser Aluminum Corp. 367 23,095
Reliance Steel & Aluminum Co. 553 60,272
Royal Gold, Inc. 516 61,306
Steel Dynamics, Inc. 1,894 59,623
Warrior Met Coal, Inc. 1,511 22,665
    258,741
Paper & Forest Products – 0.3%
Boise Cascade Co. 648 24,870
Neenah, Inc. 505 19,003
Schweitzer-Mauduit International, Inc. 723 24,004
    67,877
TOTAL MATERIALS 1,262,997
REAL ESTATE – 7.2% 
Equity Real Estate Investment Trusts (REITs) – 6.9%
Agree Realty Corp. 614 38,111
Apartment Investment & Management Co. Class A 1,425 45,457
Apple Hospitality REIT, Inc. 3,438 34,036
Brixmor Property Group, Inc. 3,445 37,757
CoreCivic, Inc. 3,026 19,397
CoreSite Realty Corp. 399 47,625
Corporate Office Properties Trust 1,410 31,626
Cousins Properties, Inc. 1,522 38,781
CubeSmart 1,843 62,533
Easterly Government Properties, Inc. 1,238 25,874
EastGroup Properties, Inc. 380 50,570
Equity Commonwealth 1,368 36,143
Federal Realty Investment Trust 683 46,977
First Industrial Realty Trust, Inc. 1,224 48,727
Four Corners Property Trust, Inc. 1,228 31,118
Gaming and Leisure Properties, Inc. 1,772 64,412
Getty Realty Corp. 889 23,363
Gladstone Land Corp. 1,382 19,168
Healthcare Realty Trust, Inc. 1,507 41,895
Healthcare Trust of America, Inc. Class A 2,038 49,523
Highwoods Properties, Inc. 1,140 33,938
Industrial Logistics Properties Trust 1,320 25,318
Kilroy Realty Corp. 978 46,044
Kimco Realty Corp. 4,338 44,508
Lamar Advertising Co. Class A 820 50,807
 
  8
Common Stocks – continued 
  Shares Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Lexington Realty Trust 3,338 $ 33,146
Life Storage, Inc. 481 54,906
LTC Properties, Inc. 772 25,484
National Health Investors, Inc. 580 32,509
National Retail Properties, Inc. 1,588 50,832
Omega Healthcare Investors, Inc. 1,965 56,612
Physicians Realty Trust 2,322 39,149
Piedmont Office Realty Trust, Inc. Class A 1,974 22,543
PS Business Parks, Inc. 268 30,560
QTS Realty Trust, Inc. Class A 642 39,489
Rexford Industrial Realty, Inc. 1,152 53,522
RPT Realty 3,683 18,010
Safehold, Inc. 476 32,758
STORE Capital Corp. 2,138 54,947
Terreno Realty Corp. 727 40,916
Urban Edge Properties 2,616 24,590
Washington Real Estate Investment Trust 1,367 23,895
Weingarten Realty Investors 1,851 29,357
    1,656,933
Real Estate Management & Development – 0.3%
Marcus & Millichap, Inc. (a) 891 27,826
RE/MAX Holdings, Inc. Class A 719 23,252
The RMR Group, Inc. Class A 817 21,781
    72,859
TOTAL REAL ESTATE 1,729,792
UTILITIES – 2.4% 
Electric Utilities – 1.2%
Hawaiian Electric Industries, Inc. 1,203 39,747
IDACORP, Inc. 516 45,269
MGE Energy, Inc. 514 33,420
NRG Energy, Inc. 2,028 64,125
OGE Energy Corp. 1,776 54,648
   
  Shares Value
Portland General Electric Co. 994 $ 39,064
    276,273
Gas Utilities – 0.3%
National Fuel Gas Co. 998 39,880
ONE Gas, Inc. 575 39,698
    79,578
Independent Power and Renewable Electricity Producers – 0.2%
Clearway Energy, Inc. Class C 1,415 39,847
Multi-Utilities – 0.5%
Avista Corp. 931 30,928
MDU Resources Group, Inc. 2,030 48,233
NorthWestern Corp. 649 33,832
    112,993
Water Utilities – 0.2%
American States Water Co. 472 35,254
The York Water Co. 506 21,378
    56,632
TOTAL UTILITIES 565,323
TOTAL COMMON STOCKS
(Cost $23,273,760) 		23,992,490
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $23,273,760) 		23,992,490
NET OTHER ASSETS (LIABILITIES) – 0.1% 22,096
NET ASSETS – 100.0% $ 24,014,586
    
Legend  
(a) Non-income producing.
(b) Security is 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 $15,789 or .0% of net assets.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund Income earned
Fidelity Cash Central Fund $2
Amounts in the 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. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund’s investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund’s investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three
9  
Schedule of Investments (Unaudited)–continued
levels: Level 1 – 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund’s 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 vendor 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 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.
For additional information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.
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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 semiannual report.
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