UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02546
Fidelity Commonwealth Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | November 30 |
Date of reporting period: | May 31, 2021 |
Item 1.
Reports to Stockholders
Fidelity® Nasdaq Composite Index® ETF
(formerly Fidelity® Nasdaq Composite Index Tracking Stock)
Semi-Annual Report
May 31, 2021
Contents
Board Approval of Investment Advisory Contracts and Management Fees | |
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Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of May 31, 2021
% of fund's net assets | |
Apple, Inc. | 9.6 |
Microsoft Corp. | 8.6 |
Amazon.com, Inc. | 7.5 |
Facebook, Inc. Class A | 3.6 |
Alphabet, Inc. Class C | 3.6 |
Alphabet, Inc. Class A | 3.3 |
Tesla, Inc. | 2.8 |
NVIDIA Corp. | 1.9 |
PayPal Holdings, Inc. | 1.4 |
Comcast Corp. Class A | 1.2 |
43.5 |
Top Market Sectors as of May 31, 2021
% of fund's net assets | |
Information Technology | 40.5 |
Communication Services | 17.6 |
Consumer Discretionary | 16.3 |
Health Care | 10.1 |
Financials | 4.8 |
Industrials | 4.4 |
Consumer Staples | 3.6 |
Real Estate | 1.0 |
Utilities | 0.7 |
Energy | 0.4 |
Asset Allocation (% of fund's net assets)
As of May 31, 2021* | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 5.4%
Schedule of Investments May 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 17.6% | |||
Diversified Telecommunication Services - 0.2% | |||
Bandwidth, Inc. (a)(b) | 4,389 | $519,175 | |
Cogent Communications Group, Inc. (b) | 10,925 | 825,930 | |
Consolidated Communications Holdings, Inc. (a)(b) | 55,075 | 515,502 | |
Iridium Communications, Inc. (a) | 28,487 | 1,088,488 | |
Liberty Global PLC: | |||
Class A (a) | 38,415 | 1,049,114 | |
Class C (a) | 75,614 | 2,058,213 | |
Liberty Latin America Ltd. Class C (a) | 21,886 | 314,721 | |
Vonage Holdings Corp. (a) | 65,796 | 906,669 | |
7,277,812 | |||
Entertainment - 2.2% | |||
Activision Blizzard, Inc. | 144,100 | 14,013,725 | |
Bilibili, Inc. ADR (a)(b) | 34,142 | 3,659,340 | |
Electronic Arts, Inc. | 53,930 | 7,708,215 | |
iQIYI, Inc. ADR (a) | 52,067 | 742,475 | |
NetEase, Inc. ADR | 61,666 | 7,272,271 | |
Netflix, Inc. (a) | 82,906 | 41,685,966 | |
Playtika Holding Corp. | 73,838 | 2,025,376 | |
Roku, Inc. Class A (a) | 20,960 | 7,267,042 | |
Take-Two Interactive Software, Inc. (a) | 21,130 | 3,920,883 | |
Warner Music Group Corp. Class A | 20,237 | 726,306 | |
Zynga, Inc. (a) | 220,400 | 2,389,136 | |
91,410,735 | |||
Interactive Media & Services - 11.4% | |||
Alphabet, Inc.: | |||
Class A (a) | 55,364 | 130,484,643 | |
Class C (a) | 60,300 | 145,417,068 | |
Baidu.com, Inc. sponsored ADR (a) | 51,050 | 10,019,584 | |
Bumble, Inc. | 19,385 | 925,052 | |
CarGurus, Inc. Class A (a) | 21,686 | 611,979 | |
Facebook, Inc. Class A (a) | 443,272 | 145,716,805 | |
IAC (a) | 15,525 | 2,475,772 | |
JOYY, Inc. ADR | 9,463 | 728,178 | |
Match Group, Inc. (a) | 50,948 | 7,304,924 | |
Momo, Inc. ADR | 39,844 | 559,011 | |
QuinStreet, Inc. (a) | 15,853 | 287,098 | |
TripAdvisor, Inc. (a) | 25,695 | 1,116,448 | |
Vimeo, Inc. (a) | 25,203 | 1,058,526 | |
Weibo Corp. sponsored ADR (a) | 16,649 | 846,435 | |
Yandex NV Series A (a)(b) | 61,065 | 4,124,330 | |
Zillow Group, Inc.: | |||
Class A (a) | 12,297 | 1,454,612 | |
Class C (a) | 31,377 | 3,681,150 | |
Zoominfo Technologies, Inc. | 18,722 | 820,585 | |
457,632,200 | |||
Media - 2.9% | |||
Advantage Solutions, Inc. Class A (a)(b) | 70,102 | 883,285 | |
AppLovin Corp. (a)(b) | 36,792 | 2,734,014 | |
Cardlytics, Inc. (a) | 6,111 | 651,127 | |
Charter Communications, Inc. Class A (a) | 35,866 | 24,910,013 | |
Comcast Corp. Class A | 843,944 | 48,391,749 | |
comScore, Inc. (a) | 92,189 | 368,756 | |
Criteo SA sponsored ADR (a) | 12,347 | 459,802 | |
Discovery Communications, Inc.: | |||
Class A (a) | 32,168 | 1,032,914 | |
Class C (non-vtg.) (a) | 61,567 | 1,850,088 | |
DISH Network Corp. Class A (a) | 58,145 | 2,530,470 | |
Fox Corp.: | |||
Class A | 68,203 | 2,547,382 | |
Class B | 53,138 | 1,927,847 | |
Liberty Broadband Corp.: | |||
Class A (a) | 4,870 | 789,232 | |
Class C (a) | 29,841 | 4,962,260 | |
Liberty Media Corp.: | |||
Liberty Braves Class C (a) | 21,404 | 585,399 | |
Liberty Formula One Group Series C (a) | 40,871 | 1,824,890 | |
Liberty SiriusXM Series A (a) | 21,244 | 927,513 | |
Liberty SiriusXM Series C (a) | 44,334 | 1,928,972 | |
Magnite, Inc. (a)(b) | 25,132 | 746,420 | |
News Corp.: | |||
Class A | 77,079 | 2,080,362 | |
Class B | 42,245 | 1,085,274 | |
Nexstar Broadcasting Group, Inc. Class A | 9,542 | 1,449,525 | |
Sinclair Broadcast Group, Inc. Class A (b) | 13,468 | 453,737 | |
Sirius XM Holdings, Inc. (b) | 794,013 | 4,962,581 | |
TechTarget, Inc. (a) | 9,767 | 686,718 | |
ViacomCBS, Inc.: | |||
Class A (b) | 4,739 | 220,553 | |
Class B | 110,502 | 4,687,495 | |
115,678,378 | |||
Wireless Telecommunication Services - 0.9% | |||
Frontier Communications Parent, Inc. (a) | 42,500 | 1,061,650 | |
Millicom International Cellular SA (a)(b) | 18,264 | 816,401 | |
Shenandoah Telecommunications Co. | 12,013 | 599,329 | |
T-Mobile U.S., Inc. | 229,798 | 32,504,927 | |
VEON Ltd. sponsored ADR (a)(b) | 397,649 | 723,721 | |
Vodafone Group PLC sponsored ADR | 77,655 | 1,434,288 | |
37,140,316 | |||
TOTAL COMMUNICATION SERVICES | 709,139,441 | ||
CONSUMER DISCRETIONARY - 16.3% | |||
Auto Components - 0.2% | |||
Dorman Products, Inc. (a) | 6,817 | 697,924 | |
Fox Factory Holding Corp. (a)(b) | 9,467 | 1,471,929 | |
Gentex Corp. | 43,694 | 1,551,137 | |
Gentherm, Inc. (a) | 8,188 | 593,876 | |
Luminar Technologies, Inc. (a)(b) | 79,804 | 1,636,780 | |
Patrick Industries, Inc. | 7,645 | 655,177 | |
The Goodyear Tire & Rubber Co. (a) | 56,512 | 1,120,633 | |
Visteon Corp. (a) | 5,513 | 675,122 | |
8,402,578 | |||
Automobiles - 2.9% | |||
Arrival Group (a)(b) | 107,851 | 2,069,661 | |
Canoo, Inc. (a)(b) | 77,108 | 610,695 | |
Li Auto, Inc. ADR (a)(b) | 27,176 | 633,201 | |
Lordstown Motors Corp. (a)(b) | 136,293 | 1,349,301 | |
Tesla, Inc. (a) | 177,547 | 111,005,935 | |
Workhorse Group, Inc. (a)(b) | 47,194 | 442,208 | |
116,111,001 | |||
Distributors - 0.2% | |||
Core-Mark Holding Co., Inc. | 12,114 | 555,548 | |
LKQ Corp. (a) | 51,494 | 2,624,134 | |
Pool Corp. | 7,569 | 3,304,247 | |
6,483,929 | |||
Diversified Consumer Services - 0.1% | |||
Afya Ltd. (a)(b) | 18,927 | 443,081 | |
Frontdoor, Inc. (a) | 18,390 | 987,543 | |
Grand Canyon Education, Inc. (a) | 10,138 | 921,950 | |
Laureate Education, Inc. Class A (a) | 31,162 | 455,277 | |
Perdoceo Education Corp. (a) | 23,083 | 281,382 | |
Strategic Education, Inc. | 5,925 | 419,727 | |
WW International, Inc. (a)(b) | 17,501 | 687,789 | |
4,196,749 | |||
Hotels, Restaurants & Leisure - 2.2% | |||
Airbnb, Inc. Class A | 35,409 | 4,971,424 | |
Bloomin' Brands, Inc. (a) | 10,305 | 304,513 | |
Caesars Entertainment, Inc. (a) | 40,559 | 4,358,065 | |
Churchill Downs, Inc. | 7,890 | 1,574,292 | |
Cracker Barrel Old Country Store, Inc. | 5,285 | 833,550 | |
DraftKings, Inc. Class A (a)(b) | 72,759 | 3,634,312 | |
Expedia, Inc. (a) | 26,576 | 4,702,623 | |
Extended Stay America, Inc. unit | 40,750 | 803,183 | |
Golden Entertainment, Inc. (a) | 13,570 | 578,625 | |
Huazhu Group Ltd. ADR (a) | 32,690 | 1,868,887 | |
Jack in the Box, Inc. | 4,227 | 480,187 | |
MakeMyTrip Ltd. (a) | 16,839 | 463,073 | |
Marriott International, Inc. Class A (a) | 61,923 | 8,890,904 | |
Melco Crown Entertainment Ltd. sponsored ADR (a) | 47,263 | 812,451 | |
Monarch Casino & Resort, Inc. (a) | 5,519 | 393,836 | |
Papa John's International, Inc. | 7,005 | 658,120 | |
Penn National Gaming, Inc. (a) | 30,852 | 2,528,938 | |
Red Rock Resorts, Inc. (a) | 8,271 | 370,127 | |
Scientific Games Corp. Class A (a) | 21,326 | 1,546,988 | |
Starbucks Corp. | 217,956 | 24,820,829 | |
Texas Roadhouse, Inc. Class A | 14,524 | 1,462,712 | |
The Booking Holdings, Inc. (a) | 7,773 | 18,356,328 | |
The Cheesecake Factory, Inc. (a)(b) | 11,362 | 668,313 | |
Wendy's Co. (b) | 47,933 | 1,113,004 | |
Wingstop, Inc. | 6,880 | 981,638 | |
Wynn Resorts Ltd. (a) | 21,548 | 2,841,535 | |
90,018,457 | |||
Household Durables - 0.3% | |||
Cavco Industries, Inc. (a) | 2,403 | 531,712 | |
Garmin Ltd. | 36,239 | 5,154,635 | |
Green Brick Partners, Inc. (a) | 17,062 | 398,227 | |
Helen of Troy Ltd. (a)(b) | 5,110 | 1,075,553 | |
iRobot Corp. (a)(b) | 5,326 | 520,350 | |
LGI Homes, Inc. (a)(b) | 7,141 | 1,291,164 | |
Newell Brands, Inc. | 82,962 | 2,380,180 | |
Purple Innovation, Inc. (a) | 13,712 | 391,066 | |
Sonos, Inc. (a) | 26,627 | 985,199 | |
12,728,086 | |||
Internet & Direct Marketing Retail - 8.8% | |||
Amazon.com, Inc. (a) | 92,682 | 298,720,574 | |
Baozun, Inc. sponsored ADR (a)(b) | 13,147 | 456,069 | |
ContextLogic, Inc. (b) | 87,571 | 695,314 | |
eBay, Inc. | 133,098 | 8,103,006 | |
Etsy, Inc. (a) | 23,806 | 3,921,562 | |
Global-e Online Ltd. (a) | 25,100 | 824,786 | |
JD.com, Inc. sponsored ADR (a) | 154,772 | 11,443,842 | |
MercadoLibre, Inc. (a) | 9,532 | 12,950,842 | |
Overstock.com, Inc. (a)(b) | 10,328 | 882,321 | |
Pinduoduo, Inc. ADR (a) | 55,975 | 6,990,158 | |
Qurate Retail, Inc. Series A | 80,324 | 1,094,816 | |
Stamps.com, Inc. (a) | 3,474 | 652,000 | |
Stitch Fix, Inc. (a)(b) | 13,341 | 713,210 | |
The Honest Co., Inc. (b) | 15,400 | 243,012 | |
The RealReal, Inc. (a) | 23,091 | 403,400 | |
Trip.com Group Ltd. ADR (a) | 103,008 | 4,310,885 | |
352,405,797 | |||
Leisure Products - 0.3% | |||
BRP, Inc. | 5,188 | 437,504 | |
Hasbro, Inc. | 26,692 | 2,561,631 | |
Malibu Boats, Inc. Class A (a) | 7,910 | 620,302 | |
Mattel, Inc. (a) | 70,588 | 1,497,171 | |
Peloton Interactive, Inc. Class A (a) | 48,727 | 5,375,075 | |
10,491,683 | |||
Multiline Retail - 0.1% | |||
Dollar Tree, Inc. (a) | 44,793 | 4,367,318 | |
Franchise Group, Inc. | 11,253 | 415,686 | |
Ollie's Bargain Outlet Holdings, Inc. (a)(b) | 13,725 | 1,186,389 | |
5,969,393 | |||
Specialty Retail - 0.9% | |||
Academy Sports & Outdoors, Inc. | 23,402 | 854,875 | |
Bed Bath & Beyond, Inc. (a)(b) | 30,773 | 861,336 | |
Blink Charging Co. (a)(b) | 22,248 | 756,432 | |
Five Below, Inc. (a) | 11,347 | 2,089,210 | |
GrowGeneration Corp. (a) | 13,588 | 603,443 | |
Leslie's, Inc. (b) | 37,326 | 1,088,426 | |
Monro, Inc. (b) | 8,006 | 499,094 | |
National Vision Holdings, Inc. (a) | 17,955 | 891,825 | |
O'Reilly Automotive, Inc. (a) | 13,173 | 7,049,136 | |
Petco Health & Wellness Co., Inc. (b) | 39,264 | 889,330 | |
Rent-A-Center, Inc. | 13,625 | 842,161 | |
Ross Stores, Inc. | 66,672 | 8,426,674 | |
Sleep Number Corp. (a)(b) | 8,429 | 939,749 | |
The ODP Corp. (a) | 14,443 | 631,737 | |
Tractor Supply Co. | 21,488 | 3,904,370 | |
Ulta Beauty, Inc. (a) | 10,447 | 3,607,976 | |
Urban Outfitters, Inc. (a) | 23,299 | 912,389 | |
Vroom, Inc. (b) | 27,685 | 1,223,954 | |
36,072,117 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
Columbia Sportswear Co. | 13,733 | 1,410,791 | |
Crocs, Inc. (a) | 15,252 | 1,544,112 | |
lululemon athletica, Inc. (a) | 23,156 | 7,482,398 | |
Sequential Brands Group, Inc. (a)(b) | 33,899 | 253,226 | |
Steven Madden Ltd. | 19,147 | 792,686 | |
11,483,213 | |||
TOTAL CONSUMER DISCRETIONARY | 654,363,003 | ||
CONSUMER STAPLES - 3.6% | |||
Beverages - 1.5% | |||
Celsius Holdings, Inc. (a) | 16,196 | 1,061,486 | |
Coca-Cola Bottling Co. Consolidated | 1,774 | 718,328 | |
Keurig Dr. Pepper, Inc. | 262,882 | 9,716,119 | |
Monster Beverage Corp. (a) | 97,678 | 9,208,105 | |
National Beverage Corp. (b) | 20,265 | 1,011,831 | |
PepsiCo, Inc. | 254,927 | 37,713,900 | |
59,429,769 | |||
Food & Staples Retailing - 1.1% | |||
Casey's General Stores, Inc. | 7,706 | 1,701,793 | |
Costco Wholesale Corp. | 82,359 | 31,153,939 | |
Grocery Outlet Holding Corp. (a)(b) | 21,020 | 716,151 | |
Oatly Group AB ADR (a) | 14,836 | 351,762 | |
PriceSmart, Inc. | 3,100 | 273,730 | |
Sprouts Farmers Market LLC (a)(b) | 28,669 | 762,595 | |
Walgreens Boots Alliance, Inc. | 167,229 | 8,806,279 | |
43,766,249 | |||
Food Products - 0.9% | |||
Beyond Meat, Inc. (a)(b) | 12,603 | 1,832,728 | |
Bridgford Foods Corp. (a)(b) | 2,459 | 43,451 | |
Cal-Maine Foods, Inc. (a)(b) | 11,780 | 411,240 | |
Calavo Growers, Inc. | 2,152 | 153,222 | |
Freshpet, Inc. (a) | 8,758 | 1,548,590 | |
J&J Snack Foods Corp. (b) | 4,353 | 764,300 | |
Lancaster Colony Corp. | 5,327 | 994,391 | |
Mondelez International, Inc. | 262,219 | 16,658,773 | |
Pilgrim's Pride Corp. (a) | 52,751 | 1,268,134 | |
Sanderson Farms, Inc. | 5,161 | 839,953 | |
Tattooed Chef, Inc. (a)(b) | 17,545 | 373,358 | |
The Hain Celestial Group, Inc. (a) | 22,227 | 905,973 | |
The Kraft Heinz Co. (b) | 235,181 | 10,251,540 | |
The Simply Good Foods Co. (a)(b) | 22,382 | 772,850 | |
36,818,503 | |||
Household Products - 0.1% | |||
Central Garden & Pet Co. Class A (non-vtg.) (a) | 13,956 | 704,080 | |
Reynolds Consumer Products, Inc. | 42,413 | 1,278,328 | |
WD-40 Co. (b) | 3,019 | 739,051 | |
2,721,459 | |||
Personal Products - 0.0% | |||
Inter Parfums, Inc. (b) | 8,042 | 615,052 | |
TOTAL CONSUMER STAPLES | 143,351,032 | ||
ENERGY - 0.4% | |||
Energy Equipment & Services - 0.0% | |||
Championx Corp. (a) | 37,455 | 992,558 | |
CSI Compressco LP | 36,435 | 65,947 | |
Smart Sand, Inc. (a)(b) | 73,337 | 187,743 | |
1,246,248 | |||
Oil, Gas & Consumable Fuels - 0.4% | |||
Alliance Resource Partners LP | 41,848 | 249,414 | |
Altus Midstream Co. (b) | 7,599 | 478,585 | |
Amplify Energy Corp. warrants 5/4/22 (a) | 322 | 23 | |
APA Corp. | 116,922 | 2,431,978 | |
Chesapeake Energy Corp. | 18,098 | 955,574 | |
Clean Energy Fuels Corp. (a)(b) | 77,930 | 617,206 | |
Diamondback Energy, Inc. | 47,938 | 3,838,396 | |
National Energy Services Reunited Corp. (a)(b) | 21,130 | 271,098 | |
New Fortress Energy, Inc. | 33,541 | 1,412,076 | |
Oasis Petroleum, Inc. | 6,075 | 538,306 | |
PDC Energy, Inc. | 26,096 | 1,101,773 | |
Plains All American Pipeline LP | 136,920 | 1,441,768 | |
Plains GP Holdings LP Class A | 35,210 | 384,141 | |
Renewable Energy Group, Inc. (a) | 9,240 | 564,287 | |
14,284,625 | |||
TOTAL ENERGY | 15,530,873 | ||
FINANCIALS - 4.8% | |||
Banks - 1.9% | |||
1st Source Corp. | 5,010 | 247,845 | |
Altabancorp | 7,650 | 351,900 | |
Ameris Bancorp | 16,644 | 914,421 | |
Atlantic Union Bankshares Corp. (b) | 18,863 | 773,760 | |
BancFirst Corp. (b) | 8,417 | 580,520 | |
Bank OZK | 28,689 | 1,225,307 | |
Banner Corp. | 9,504 | 556,269 | |
BOK Financial Corp. (b) | 15,210 | 1,384,718 | |
Camden National Corp. | 3,971 | 189,099 | |
Cathay General Bancorp (b) | 19,204 | 800,423 | |
City Holding Co. | 7,361 | 590,499 | |
Columbia Banking Systems, Inc. | 17,311 | 747,143 | |
Commerce Bancshares, Inc. | 24,161 | 1,881,659 | |
CVB Financial Corp. | 32,292 | 716,237 | |
East West Bancorp, Inc. | 29,383 | 2,197,261 | |
Eastern Bankshares, Inc. | 43,958 | 984,659 | |
Enterprise Bancorp, Inc. | 5,372 | 185,119 | |
Fifth Third Bancorp | 139,602 | 5,882,828 | |
First Bancorp, North Carolina (b) | 26,101 | 1,158,101 | |
First Busey Corp. | 6,784 | 181,743 | |
First Citizens Bancshares, Inc. | 1,874 | 1,612,764 | |
First Financial Bankshares, Inc. | 30,547 | 1,538,041 | |
First Hawaiian, Inc. | 35,484 | 999,229 | |
First Internet Bancorp | 11,073 | 375,596 | |
First Interstate Bancsystem, Inc. | 10,989 | 517,252 | |
First Merchants Corp. | 13,813 | 640,094 | |
First Midwest Bancorp, Inc., Delaware | 13,606 | 284,774 | |
Fulton Financial Corp. | 40,936 | 709,421 | |
German American Bancorp, Inc. | 6,619 | 276,674 | |
Glacier Bancorp, Inc. | 20,878 | 1,216,144 | |
Hancock Whitney Corp. | 20,855 | 1,032,531 | |
Heartland Financial U.S.A., Inc. | 3,833 | 190,692 | |
Home Bancshares, Inc. | 37,912 | 1,037,272 | |
Hope Bancorp, Inc. | 45,570 | 697,221 | |
Howard Bancorp, Inc. (a) | 13,891 | 234,202 | |
Huntington Bancshares, Inc. | 203,165 | 3,222,197 | |
Independent Bank Corp., Massachusetts | 7,991 | 652,146 | |
Independent Bank Group, Inc. (b) | 10,247 | 806,951 | |
International Bancshares Corp. (b) | 8,425 | 390,920 | |
Investar Holding Corp. (b) | 7,588 | 171,337 | |
Investors Bancorp, Inc. | 60,066 | 893,782 | |
Lakeland Bancorp, Inc. | 11,329 | 215,364 | |
Lakeland Financial Corp. | 10,943 | 675,293 | |
Live Oak Bancshares, Inc. (b) | 12,584 | 762,339 | |
NBT Bancorp, Inc. | 4,830 | 188,322 | |
OceanFirst Financial Corp. | 22,384 | 494,910 | |
Old National Bancorp, Indiana | 39,201 | 746,779 | |
Pacific Premier Bancorp, Inc. (b) | 22,076 | 1,014,834 | |
PacWest Bancorp | 27,547 | 1,244,298 | |
Peoples United Financial, Inc. | 90,582 | 1,712,906 | |
Pinnacle Financial Partners, Inc. | 16,328 | 1,484,542 | |
Popular, Inc. | 18,278 | 1,491,668 | |
Renasant Corp. | 14,611 | 646,098 | |
Republic Bancorp, Inc., Kentucky Class A | 6,591 | 306,152 | |
Sandy Spring Bancorp, Inc. | 4,933 | 229,187 | |
Seacoast Banking Corp., Florida | 14,862 | 550,934 | |
ServisFirst Bancshares, Inc. | 13,415 | 931,806 | |
Signature Bank | 11,094 | 2,770,727 | |
Simmons First National Corp. Class A (b) | 26,772 | 816,546 | |
South State Corp. | 15,195 | 1,349,468 | |
Stock Yards Bancorp, Inc. (b) | 10,794 | 580,070 | |
SVB Financial Group (a) | 10,327 | 6,019,505 | |
TCF Financial Corp. | 32,465 | 1,542,088 | |
Texas Capital Bancshares, Inc. (a) | 11,737 | 808,445 | |
TowneBank (b) | 10,244 | 328,115 | |
Trico Bancshares | 5,612 | 269,095 | |
Trustmark Corp. (b) | 19,952 | 669,390 | |
UMB Financial Corp. | 10,968 | 1,060,715 | |
Umpqua Holdings Corp. | 50,311 | 959,934 | |
United Bankshares, Inc., West Virginia | 28,487 | 1,173,380 | |
United Community Bank, Inc. | 20,917 | 723,310 | |
Valley National Bancorp (b) | 80,978 | 1,159,605 | |
WesBanco, Inc. | 17,112 | 665,999 | |
Westamerica Bancorp. (b) | 10,632 | 666,945 | |
Wintrust Financial Corp. | 13,001 | 1,045,540 | |
Zions Bancorp NA | 34,049 | 1,970,756 | |
76,323,816 | |||
Capital Markets - 1.7% | |||
B. Riley Financial, Inc. | 9,381 | 690,817 | |
BGC Partners, Inc. Class A | 120,180 | 709,062 | |
Carlyle Group LP | 71,047 | 3,100,491 | |
CME Group, Inc. | 68,619 | 15,011,092 | |
Coinbase Global, Inc. (a)(b) | 25,948 | 6,137,740 | |
Cowen Group, Inc. Class A (b) | 8,625 | 339,221 | |
Diginex Ltd. (a)(b) | 73,589 | 430,496 | |
Focus Financial Partners, Inc. Class A (a) | 14,839 | 752,189 | |
Freedom Holding Corp. (a)(b) | 13,507 | 686,426 | |
Futu Holdings Ltd. ADR (a)(b) | 15,451 | 2,198,214 | |
Hamilton Lane, Inc. Class A | 9,653 | 872,342 | |
Interactive Brokers Group, Inc. | 19,047 | 1,281,101 | |
LPL Financial | 16,239 | 2,401,423 | |
MarketAxess Holdings, Inc. | 7,401 | 3,452,863 | |
Morningstar, Inc. | 8,760 | 2,067,272 | |
NASDAQ, Inc. | 31,152 | 5,216,714 | |
Northern Trust Corp. | 46,241 | 5,603,947 | |
Open Lending Corp. (a) | 27,371 | 1,055,973 | |
SEI Investments Co. | 29,659 | 1,881,567 | |
T. Rowe Price Group, Inc. | 42,061 | 8,048,372 | |
Tradeweb Markets, Inc. Class A | 16,775 | 1,405,410 | |
Up Fintech Holdings Ltd. ADR (a)(b) | 50,622 | 1,153,675 | |
Virtu Financial, Inc. Class A (b) | 28,455 | 866,455 | |
Virtus Investment Partners, Inc. | 2,029 | 570,616 | |
WisdomTree Investments, Inc. | 47,066 | 315,342 | |
XP, Inc. Class A (a) | 69,706 | 2,764,540 | |
69,013,360 | |||
Consumer Finance - 0.2% | |||
360 DigiTech, Inc. ADR (a) | 39,263 | 1,102,112 | |
Credit Acceptance Corp. (a)(b) | 3,683 | 1,647,995 | |
First Cash Financial Services, Inc. (b) | 9,687 | 772,248 | |
LendingTree, Inc. (a) | 1,663 | 341,331 | |
Navient Corp. | 113,415 | 2,072,092 | |
PRA Group, Inc. (a) | 11,959 | 465,564 | |
SLM Corp. | 80,573 | 1,631,603 | |
Upstart Holdings, Inc. (b) | 13,280 | 1,968,362 | |
10,001,307 | |||
Diversified Financial Services - 0.0% | |||
Flywire Corp. (a) | 16,900 | 580,346 | |
PureCycle Technologies, Inc. (a)(b) | 21,220 | 369,652 | |
949,998 | |||
Insurance - 0.7% | |||
American National Group, Inc. | 4,346 | 651,987 | |
Amerisafe, Inc. | 5,607 | 367,427 | |
Arch Capital Group Ltd. (a) | 80,611 | 3,215,573 | |
Brighthouse Financial, Inc. (a) | 20,610 | 1,002,883 | |
BRP Group, Inc. (a) | 10,757 | 264,407 | |
Cincinnati Financial Corp. | 31,984 | 3,892,773 | |
eHealth, Inc. (a)(b) | 6,648 | 433,782 | |
Enstar Group Ltd. (a) | 4,132 | 1,049,073 | |
Erie Indemnity Co. Class A | 9,232 | 1,856,832 | |
GoHealth, Inc. (a)(b) | 31,932 | 363,067 | |
Goosehead Insurance | 4,697 | 422,119 | |
Kinsale Capital Group, Inc. (b) | 4,919 | 818,817 | |
MetroMile, Inc. (a)(b) | 65,929 | 559,078 | |
Palomar Holdings, Inc. (a) | 5,527 | 403,471 | |
Principal Financial Group, Inc. | 54,695 | 3,576,506 | |
Safety Insurance Group, Inc. | 4,457 | 379,335 | |
Selective Insurance Group, Inc. | 13,251 | 997,403 | |
Trupanion, Inc. (a) | 8,311 | 749,403 | |
Willis Towers Watson PLC | 25,002 | 6,534,523 | |
27,538,459 | |||
Mortgage Real Estate Investment Trusts - 0.1% | |||
AGNC Investment Corp. | 111,623 | 2,069,490 | |
New York Mortgage Trust, Inc. | 107,342 | 485,186 | |
2,554,676 | |||
Thrifts & Mortgage Finance - 0.2% | |||
Capitol Federal Financial, Inc. | 36,817 | 476,412 | |
Home Point Capital, Inc. (b) | 24,248 | 154,945 | |
HomeStreet, Inc. | 8,007 | 360,475 | |
Meta Financial Group, Inc. (b) | 9,881 | 523,792 | |
Mr. Cooper Group, Inc. (a) | 23,707 | 820,025 | |
NMI Holdings, Inc. (a) | 45,411 | 1,098,492 | |
Northwest Bancshares, Inc. | 46,797 | 662,646 | |
TFS Financial Corp. | 71,695 | 1,588,761 | |
Washington Federal, Inc. | 23,008 | 767,087 | |
WSFS Financial Corp. (b) | 12,460 | 662,997 | |
7,115,632 | |||
TOTAL FINANCIALS | 193,497,248 | ||
HEALTH CARE - 10.1% | |||
Biotechnology - 5.3% | |||
ACADIA Pharmaceuticals, Inc. (a) | 32,459 | 725,134 | |
Acceleron Pharma, Inc. (a) | 11,453 | 1,499,083 | |
Adicet Bio, Inc. (a) | 14,538 | 195,100 | |
Adicet Bio, Inc. rights (a)(c) | 7,230 | 0 | |
Adverum Biotechnologies, Inc. (a) | 46,742 | 161,727 | |
Agios Pharmaceuticals, Inc. (a)(b) | 15,988 | 891,811 | |
Aileron Therapeutics, Inc. (a)(b) | 153,666 | 189,009 | |
Alector, Inc. (a)(b) | 29,714 | 528,909 | |
Alexion Pharmaceuticals, Inc. (a) | 41,291 | 7,289,926 | |
Alkermes PLC (a) | 36,225 | 821,221 | |
Allakos, Inc. (a) | 10,794 | 1,094,943 | |
Allogene Therapeutics, Inc. (a) | 31,313 | 804,744 | |
Allovir, Inc. (a)(b) | 18,981 | 444,915 | |
Alnylam Pharmaceuticals, Inc. (a) | 22,934 | 3,256,399 | |
ALX Oncology Holdings, Inc. (a) | 8,478 | 479,516 | |
Amarin Corp. PLC ADR (a) | 89,501 | 406,335 | |
Amgen, Inc. | 106,876 | 25,430,075 | |
Amicus Therapeutics, Inc. (a) | 56,911 | 526,996 | |
Apellis Pharmaceuticals, Inc. (a)(b) | 20,772 | 1,169,048 | |
Applied Molecular Transport, Inc. (b) | 6,864 | 329,060 | |
Arcturus Therapeutics Holdings, Inc. (a)(b) | 14,743 | 430,790 | |
Arcutis Biotherapeutics, Inc. (a) | 9,840 | 259,284 | |
Arena Pharmaceuticals, Inc. (a)(b) | 14,222 | 869,106 | |
Argenx SE ADR (a) | 4,889 | 1,363,982 | |
Arrowhead Pharmaceuticals, Inc. (a)(b) | 20,967 | 1,522,204 | |
Ascendis Pharma A/S sponsored ADR (a) | 9,658 | 1,297,842 | |
Atara Biotherapeutics, Inc. (a)(b) | 21,477 | 291,228 | |
Aurinia Pharmaceuticals, Inc. (a)(b) | 33,187 | 481,875 | |
Beam Therapeutics, Inc. (a)(b) | 12,448 | 973,807 | |
BeiGene Ltd. ADR (a) | 9,112 | 3,266,743 | |
BioCryst Pharmaceuticals, Inc. (a)(b) | 43,499 | 685,979 | |
Biogen, Inc. (a) | 29,634 | 7,926,502 | |
BioMarin Pharmaceutical, Inc. (a) | 35,813 | 2,768,345 | |
BioNTech SE ADR (a) | 12,760 | 2,603,040 | |
BioXcel Therapeutics, Inc. (a)(b) | 7,458 | 246,338 | |
Black Diamond Therapeutics, Inc. (a)(b) | 18,259 | 239,558 | |
bluebird bio, Inc. (a) | 15,424 | 479,995 | |
Blueprint Medicines Corp. (a)(b) | 12,696 | 1,159,780 | |
BridgeBio Pharma, Inc. (a)(b) | 40,285 | 2,384,872 | |
C4 Therapeutics, Inc. | 11,802 | 436,084 | |
CareDx, Inc. (a) | 12,484 | 1,003,714 | |
Cerevel Therapeutics Holdings (a) | 31,397 | 411,929 | |
ChemoCentryx, Inc. (a) | 17,543 | 178,061 | |
Clementia Pharmaceuticals, Inc. rights (a)(c) | 20,215 | 27,290 | |
Coherus BioSciences, Inc. (a)(b) | 21,177 | 278,689 | |
Constellation Pharmaceuticals, Inc. (a) | 28,938 | 573,262 | |
Cortexyme, Inc. (a)(b) | 9,508 | 393,346 | |
CRISPR Therapeutics AG (a)(b) | 14,130 | 1,669,883 | |
CureVac NV (a)(b) | 34,694 | 3,867,687 | |
Cyclerion Therapeutics, Inc. (a)(b) | 83,975 | 272,079 | |
Cytokinetics, Inc. (a) | 20,328 | 443,760 | |
Deciphera Pharmaceuticals, Inc. (a) | 17,319 | 584,343 | |
Denali Therapeutics, Inc. (a) | 23,572 | 1,498,943 | |
Design Therapeutics, Inc. (a)(b) | 9,480 | 248,376 | |
Dicerna Pharmaceuticals, Inc. (a) | 19,783 | 644,926 | |
Editas Medicine, Inc. (a)(b) | 15,527 | 527,142 | |
Enanta Pharmaceuticals, Inc. (a) | 6,730 | 327,482 | |
Epizyme, Inc. (a)(b) | 37,385 | 307,679 | |
Esperion Therapeutics, Inc. (a)(b) | 9,775 | 194,620 | |
Exact Sciences Corp. (a) | 30,493 | 3,370,391 | |
Exelixis, Inc. (a) | 65,045 | 1,466,765 | |
Exicure, Inc. (a)(b) | 97,361 | 162,593 | |
Fate Therapeutics, Inc. (a) | 17,895 | 1,370,757 | |
FibroGen, Inc. (a) | 20,448 | 434,520 | |
Forma Therapeutics Holdings, Inc. | 11,334 | 318,145 | |
Generation Bio Co. | 14,360 | 491,974 | |
Genmab A/S ADR (a) | 5,300 | 215,286 | |
Gilead Sciences, Inc. | 235,043 | 15,538,693 | |
Global Blood Therapeutics, Inc. (a) | 24,278 | 933,004 | |
GlycoMimetics, Inc. (a)(b) | 78,191 | 199,387 | |
Grifols SA ADR | 29,544 | 516,725 | |
Halozyme Therapeutics, Inc. (a)(b) | 30,527 | 1,264,123 | |
Heron Therapeutics, Inc. (a)(b) | 24,355 | 323,191 | |
IGM Biosciences, Inc. (a) | 6,055 | 452,006 | |
ImmunityBio, Inc. (a)(b) | 70,684 | 1,240,504 | |
ImmunoGen, Inc. (a) | 52,259 | 322,961 | |
Immunovant, Inc. (a) | 18,761 | 284,417 | |
Incyte Corp. (a) | 42,945 | 3,597,932 | |
Inhibrx, Inc. (a)(b) | 18,264 | 386,466 | |
Inovio Pharmaceuticals, Inc. (a)(b) | 51,672 | 390,124 | |
Insmed, Inc. (a) | 22,966 | 564,964 | |
Instil Bio, Inc. (a)(b) | 21,520 | 383,056 | |
Intellia Therapeutics, Inc. (a)(b) | 14,680 | 1,100,119 | |
Ionis Pharmaceuticals, Inc. (a) | 28,663 | 1,067,697 | |
Iovance Biotherapeutics, Inc. (a) | 30,402 | 564,565 | |
Ironwood Pharmaceuticals, Inc. Class A (a)(b) | 41,456 | 479,646 | |
iTeos Therapeutics, Inc. (a) | 14,851 | 305,040 | |
Kalvista Pharmaceuticals, Inc. (a) | 18,857 | 509,139 | |
Karuna Therapeutics, Inc. (a) | 6,313 | 705,920 | |
Keros Therapeutics, Inc. (a) | 7,239 | 394,960 | |
Kinnate Biopharma, Inc. (b) | 7,680 | 180,326 | |
Kodiak Sciences, Inc. (a)(b) | 10,627 | 888,630 | |
Kronos Bio, Inc. (b) | 13,964 | 340,861 | |
Krystal Biotech, Inc. (a) | 13,923 | 908,337 | |
Kura Oncology, Inc. (a)(b) | 17,968 | 399,788 | |
Kymera Therapeutics, Inc. (a)(b) | 10,760 | 517,448 | |
Ligand Pharmaceuticals, Inc.: | |||
Class B (a)(b) | 2,322 | 273,299 | |
General CVR (a)(c) | 1,530 | 23 | |
Glucagon CVR (a) | 1,530 | 17 | |
rights (a) | 1,530 | 21 | |
TR Beta CVR (a) | 1,530 | 260 | |
Macrogenics, Inc. (a) | 20,438 | 657,899 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 3,992 | 448,302 | |
Mersana Therapeutics, Inc. (a) | 20,449 | 292,830 | |
Mirati Therapeutics, Inc. (a) | 8,921 | 1,410,856 | |
Moderna, Inc. (a) | 76,667 | 14,184,162 | |
Morphic Holding, Inc. (a) | 5,698 | 281,253 | |
Myriad Genetics, Inc. (a) | 13,279 | 380,443 | |
Natera, Inc. (a) | 18,537 | 1,745,073 | |
Neurocrine Biosciences, Inc. (a) | 18,751 | 1,804,221 | |
Nkarta, Inc. (a)(b) | 11,135 | 271,137 | |
Novavax, Inc. (a)(b) | 13,645 | 2,014,275 | |
Nurix Therapeutics, Inc. (a)(b) | 14,605 | 407,480 | |
Ocugen, Inc. (a)(b) | 69,875 | 610,009 | |
Opko Health, Inc. (a)(b) | 185,281 | 707,773 | |
Organogenesis Holdings, Inc. Class A (a)(b) | 70,662 | 1,259,903 | |
ORIC Pharmaceuticals, Inc. (a)(b) | 20,660 | 472,081 | |
PMV Pharmaceuticals, Inc. (b) | 10,819 | 372,174 | |
Praxis Precision Medicines, Inc. | 9,700 | 190,023 | |
Precigen, Inc. (a)(b) | 66,685 | 440,121 | |
Prelude Therapeutics, Inc. (b) | 9,680 | 336,477 | |
PTC Therapeutics, Inc. (a)(b) | 14,891 | 584,770 | |
Recursion Pharmaceuticals, Inc. (a) | 26,036 | 686,309 | |
Regeneron Pharmaceuticals, Inc. (a) | 19,586 | 9,840,594 | |
REGENXBIO, Inc. (a) | 20,263 | 714,676 | |
Relay Therapeutics, Inc. (a) | 19,818 | 636,554 | |
Repligen Corp. (a) | 9,329 | 1,703,569 | |
Replimune Group, Inc. (a)(b) | 12,458 | 485,488 | |
Revolution Medicines, Inc. (a) | 15,615 | 467,045 | |
Rhythm Pharmaceuticals, Inc. (a)(b) | 12,468 | 244,497 | |
Rocket Pharmaceuticals, Inc. (a)(b) | 12,736 | 541,280 | |
Rubius Therapeutics, Inc. (a)(b) | 20,899 | 510,563 | |
Sage Therapeutics, Inc. (a) | 13,065 | 909,324 | |
Sana Biotechnology, Inc. (b) | 31,359 | 657,598 | |
Sangamo Therapeutics, Inc. (a) | 34,100 | 367,598 | |
Sarepta Therapeutics, Inc. (a) | 15,663 | 1,184,906 | |
Savara, Inc. (a)(b) | 237,494 | 427,489 | |
Scholar Rock Holding Corp. (a) | 8,869 | 238,310 | |
Seagen, Inc. (a) | 35,122 | 5,456,203 | |
Seres Therapeutics, Inc. (a)(b) | 23,401 | 493,995 | |
Shattuck Labs, Inc. | 11,424 | 310,047 | |
Sorrento Therapeutics, Inc. (a)(b) | 66,359 | 499,020 | |
Springworks Therapeutics, Inc. (a) | 10,836 | 883,567 | |
Stoke Therapeutics, Inc. (a)(b) | 9,103 | 361,025 | |
TG Therapeutics, Inc. (a) | 27,556 | 960,878 | |
Tobira Therapeutics, Inc. rights (a)(c) | 1,750 | 0 | |
Translate Bio, Inc. (a)(b) | 19,964 | 359,552 | |
Travere Therapeutics, Inc. (a) | 14,383 | 218,190 | |
Turning Point Therapeutics, Inc. (a) | 10,098 | 668,286 | |
Twist Bioscience Corp. (a) | 9,998 | 1,072,885 | |
Ultragenyx Pharmaceutical, Inc. (a)(b) | 12,969 | 1,319,077 | |
uniQure B.V. (a) | 16,109 | 559,466 | |
United Therapeutics Corp. (a) | 9,415 | 1,750,249 | |
Vaxcyte, Inc. | 18,788 | 395,863 | |
Veracyte, Inc. (a) | 15,067 | 588,366 | |
Vericel Corp. (a)(b) | 5,541 | 313,067 | |
Vertex Pharmaceuticals, Inc. (a) | 48,771 | 10,175,094 | |
Vir Biotechnology, Inc. (a)(b) | 26,252 | 1,100,221 | |
Xencor, Inc. (a)(b) | 13,711 | 527,325 | |
Y-mAbs Therapeutics, Inc. (a)(b) | 10,571 | 378,759 | |
Zai Lab Ltd. ADR (a) | 11,720 | 2,082,175 | |
Zentalis Pharmaceuticals, Inc. (a)(b) | 11,141 | 622,225 | |
Zymergen, Inc. (a)(b) | 16,866 | 546,121 | |
212,377,314 | |||
Health Care Equipment & Supplies - 2.0% | |||
Abiomed, Inc. (a) | 8,915 | 2,537,031 | |
Align Technology, Inc. (a) | 14,994 | 8,848,709 | |
Atricure, Inc. (a) | 10,787 | 806,113 | |
Atrion Corp. | 325 | 201,825 | |
Axonics Modulation Technologies, Inc. (a) | 11,085 | 639,494 | |
BioLife Solutions, Inc. (a) | 9,184 | 305,919 | |
Cardiovascular Systems, Inc. (a) | 10,563 | 413,964 | |
Cerus Corp. (a)(b) | 47,647 | 275,876 | |
CryoPort, Inc. (a)(b) | 10,636 | 594,765 | |
Dentsply Sirona, Inc. | 43,896 | 2,937,520 | |
DexCom, Inc. (a) | 18,531 | 6,845,166 | |
Eargo, Inc. (a)(b) | 9,639 | 327,919 | |
electroCore, Inc. (a) | 127,893 | 214,860 | |
Heska Corp. (a) | 3,014 | 597,224 | |
Hologic, Inc. (a) | 48,829 | 3,079,157 | |
ICU Medical, Inc. (a) | 4,587 | 954,371 | |
IDEXX Laboratories, Inc. (a) | 15,983 | 8,920,272 | |
Inari Medical, Inc. | 10,820 | 940,799 | |
InMode Ltd. (a) | 12,232 | 1,044,124 | |
Insulet Corp. (a) | 13,371 | 3,605,758 | |
Integra LifeSciences Holdings Corp. (a) | 17,820 | 1,230,471 | |
Intuitive Surgical, Inc. (a) | 21,834 | 18,388,158 | |
iRhythm Technologies, Inc. (a) | 4,839 | 365,151 | |
LivaNova PLC (a) | 14,228 | 1,188,607 | |
Masimo Corp. (a) | 10,796 | 2,327,618 | |
Merit Medical Systems, Inc. (a) | 11,682 | 704,892 | |
Mesa Laboratories, Inc. (b) | 1,646 | 405,015 | |
Nano-X Imaging Ltd. (a)(b) | 13,458 | 336,450 | |
Neogen Corp. (a) | 11,572 | 1,068,211 | |
Novocure Ltd. (a) | 20,513 | 4,184,652 | |
NuVasive, Inc. (a)(b) | 21,466 | 1,463,981 | |
Ortho Clinical Diagnostics Holdings PLC | 37,700 | 774,735 | |
Outset Medical, Inc. (b) | 11,808 | 569,972 | |
Pulmonx Corp. | 9,043 | 388,126 | |
Quidel Corp. (a) | 8,273 | 977,124 | |
Shockwave Medical, Inc. (a) | 6,330 | 1,138,767 | |
Silk Road Medical, Inc. (a)(b) | 8,113 | 394,130 | |
SmileDirectClub, Inc. (a)(b) | 32,630 | 267,892 | |
Staar Surgical Co. (a) | 10,782 | 1,574,495 | |
Tandem Diabetes Care, Inc. (a) | 11,896 | 1,015,799 | |
82,855,112 | |||
Health Care Providers & Services - 0.6% | |||
1Life Healthcare, Inc. (a) | 30,168 | 1,116,216 | |
Acadia Healthcare Co., Inc. (a) | 19,384 | 1,247,554 | |
Accolade, Inc. (a) | 13,109 | 661,873 | |
AdaptHealth Corp. (a)(b) | 16,706 | 437,530 | |
Addus HomeCare Corp. (a) | 4,099 | 394,201 | |
Alignment Healthcare, Inc. (a)(b) | 33,030 | 833,347 | |
Amedisys, Inc. (a) | 5,923 | 1,530,326 | |
Aveanna Healthcare Holdings, Inc. (a) | 31,726 | 368,022 | |
Castle Biosciences, Inc. (a)(b) | 3,211 | 192,435 | |
Corvel Corp. (a)(b) | 4,801 | 598,205 | |
Covetrus, Inc. (a) | 26,661 | 739,576 | |
Fulgent Genetics, Inc. (a)(b) | 5,909 | 437,680 | |
Guardant Health, Inc. (a) | 19,481 | 2,417,982 | |
HealthEquity, Inc. (a)(b) | 16,450 | 1,367,324 | |
Henry Schein, Inc. (a) | 25,023 | 1,902,749 | |
Innovage Holding Corp. (a) | 23,981 | 513,193 | |
LHC Group, Inc. (a) | 5,352 | 1,053,541 | |
Magellan Health Services, Inc. (a) | 5,301 | 499,301 | |
Modivcare, Inc. (a)(b) | 3,913 | 576,111 | |
National Research Corp. Class A (b) | 6,837 | 327,014 | |
Option Care Health, Inc. (a) | 28,453 | 521,828 | |
Patterson Companies, Inc. (b) | 22,360 | 727,594 | |
Pennant Group, Inc. (a) | 8,720 | 298,834 | |
Premier, Inc. | 26,579 | 877,107 | |
Progyny, Inc. (a) | 19,464 | 1,246,475 | |
R1 RCM, Inc. (a) | 48,865 | 1,131,225 | |
Surgery Partners, Inc. (a) | 17,636 | 1,032,235 | |
The Ensign Group, Inc. (b) | 12,426 | 1,033,843 | |
24,083,321 | |||
Health Care Technology - 0.3% | |||
Allscripts Healthcare Solutions, Inc. (a)(b) | 38,741 | 673,706 | |
Cerner Corp. | 56,354 | 4,409,701 | |
Certara, Inc. (b) | 27,412 | 721,210 | |
Change Healthcare, Inc. (a) | 63,994 | 1,500,019 | |
GoodRx Holdings, Inc. (b) | 11,384 | 422,460 | |
Health Catalyst, Inc. (a)(b) | 10,944 | 587,583 | |
Inovalon Holdings, Inc. Class A (a)(b) | 28,112 | 881,592 | |
Nextgen Healthcare, Inc. (a) | 19,790 | 324,952 | |
Omnicell, Inc. (a)(b) | 9,792 | 1,361,088 | |
Schrodinger, Inc. (a)(b) | 9,913 | 695,694 | |
Simulations Plus, Inc. (b) | 3,906 | 206,159 | |
11,784,164 | |||
Life Sciences Tools & Services - 1.0% | |||
10X Genomics, Inc. (a) | 14,297 | 2,573,460 | |
AbCellera Biologics, Inc. (b) | 47,731 | 1,280,623 | |
Adaptive Biotechnologies Corp. (a) | 26,834 | 1,014,594 | |
Berkeley Lights, Inc. (a) | 13,412 | 583,422 | |
Bio-Techne Corp. | 7,698 | 3,185,663 | |
BioNano Genomics, Inc. (a)(b) | 81,899 | 505,317 | |
Bruker Corp. | 30,197 | 2,096,880 | |
ICON PLC (a) | 9,333 | 2,088,352 | |
Illumina, Inc. (a) | 27,280 | 11,065,859 | |
Luminex Corp. | 14,190 | 523,469 | |
Maravai LifeSciences Holdings, Inc. | 14,797 | 555,479 | |
Medpace Holdings, Inc. (a) | 7,847 | 1,310,920 | |
Nanostring Technologies, Inc. (a) | 10,113 | 561,170 | |
NeoGenomics, Inc. (a) | 23,379 | 959,240 | |
Pacific Biosciences of California, Inc. (a) | 37,414 | 1,012,049 | |
Personalis, Inc. (a)(b) | 10,480 | 235,695 | |
PPD, Inc. (a) | 68,686 | 3,167,798 | |
PRA Health Sciences, Inc. (a) | 12,691 | 2,169,146 | |
Quanterix Corp. (a) | 9,701 | 499,504 | |
Seer, Inc. (b) | 9,633 | 284,944 | |
Sotera Health Co. | 50,501 | 1,217,074 | |
Syneos Health, Inc. (a) | 21,898 | 1,924,834 | |
38,815,492 | |||
Pharmaceuticals - 0.9% | |||
Amphastar Pharmaceuticals, Inc. (a)(b) | 23,741 | 449,180 | |
ANI Pharmaceuticals, Inc. rights (a)(c) | 739 | 0 | |
Arvinas Holding Co. LLC (a)(b) | 18,483 | 1,344,453 | |
AstraZeneca PLC: | |||
rights (a)(c) | 1,845 | 0 | |
sponsored ADR (b) | 93,152 | 5,288,239 | |
Atea Pharmaceuticals, Inc. | 18,939 | 386,734 | |
Axsome Therapeutics, Inc. (a)(b) | 13,411 | 814,182 | |
Cassava Sciences, Inc. (a)(b) | 10,448 | 563,356 | |
Corcept Therapeutics, Inc. (a) | 26,774 | 578,318 | |
Cronos Group, Inc. (a)(b) | 77,775 | 700,753 | |
Dova Pharmaceuticals, Inc. rights (a)(c) | 7,729 | 4,174 | |
Eloxx Pharmaceuticals, Inc. (a)(b) | 52,442 | 81,810 | |
Endo International PLC (a) | 145,339 | 853,140 | |
Harmony Biosciences Holdings, Inc. (a) | 20,156 | 644,186 | |
Horizon Therapeutics PLC (a) | 41,690 | 3,821,305 | |
Hutchison China Meditech Ltd. sponsored ADR (a) | 6,799 | 202,270 | |
Innoviva, Inc. (a)(b) | 37,585 | 505,518 | |
Intra-Cellular Therapies, Inc. (a) | 28,503 | 1,123,303 | |
Jazz Pharmaceuticals PLC (a) | 12,178 | 2,169,267 | |
Nektar Therapeutics (a)(b) | 75,943 | 1,372,290 | |
NGM Biopharmaceuticals, Inc. (a)(b) | 16,949 | 255,252 | |
Ocular Therapeutix, Inc. (a)(b) | 20,545 | 299,135 | |
Pacira Biosciences, Inc. (a) | 10,394 | 630,604 | |
Reata Pharmaceuticals, Inc. (a)(b) | 8,804 | 1,203,859 | |
Revance Therapeutics, Inc. (a)(b) | 27,260 | 807,169 | |
Royalty Pharma PLC (b) | 76,143 | 3,054,857 | |
Sanofi SA sponsored ADR | 40,111 | 2,143,131 | |
Supernus Pharmaceuticals, Inc. (a) | 17,931 | 535,240 | |
Theravance Biopharma, Inc. (a)(b) | 24,096 | 416,379 | |
Tilray, Inc. Class 2 (a)(b) | 99,444 | 1,657,731 | |
Viatris, Inc. | 234,535 | 3,574,313 | |
Zogenix, Inc. (a)(b) | 16,863 | 295,946 | |
35,776,094 | |||
TOTAL HEALTH CARE | 405,691,497 | ||
INDUSTRIALS - 4.4% | |||
Aerospace & Defense - 0.1% | |||
AeroVironment, Inc. (a) | 6,034 | 661,507 | |
Axon Enterprise, Inc. (a) | 13,205 | 1,856,491 | |
Elbit Systems Ltd. (b) | 6,551 | 867,352 | |
Kratos Defense & Security Solutions, Inc. (a)(b) | 28,169 | 704,507 | |
Mercury Systems, Inc. (a) | 12,111 | 792,665 | |
4,882,522 | |||
Air Freight & Logistics - 0.2% | |||
Air Transport Services Group, Inc. (a) | 15,998 | 397,390 | |
Atlas Air Worldwide Holdings, Inc. (a)(b) | 6,873 | 514,994 | |
C.H. Robinson Worldwide, Inc. | 24,347 | 2,362,146 | |
Expeditors International of Washington, Inc. | 29,953 | 3,764,793 | |
Forward Air Corp. | 6,907 | 669,219 | |
Hub Group, Inc. Class A (a) | 9,706 | 677,576 | |
8,386,118 | |||
Airlines - 0.3% | |||
Allegiant Travel Co. (a) | 2,444 | 541,248 | |
American Airlines Group, Inc. (a) | 119,226 | 2,890,038 | |
Frontier Group Holdings, Inc. (a) | 40,810 | 870,069 | |
JetBlue Airways Corp. (a) | 68,870 | 1,384,287 | |
Ryanair Holdings PLC sponsored ADR (a) | 19,974 | 2,331,965 | |
SkyWest, Inc. (a) | 12,703 | 622,828 | |
United Airlines Holdings, Inc. (a) | 58,402 | 3,407,757 | |
12,048,192 | |||
Building Products - 0.1% | |||
AAON, Inc. (b) | 11,741 | 777,841 | |
American Woodmark Corp. (a) | 4,538 | 394,443 | |
Builders FirstSource, Inc. (a) | 45,487 | 2,025,991 | |
CSW Industrials, Inc. | 1,686 | 205,389 | |
Gibraltar Industries, Inc. (a) | 8,985 | 713,858 | |
UFP Industries, Inc. | 13,752 | 1,093,559 | |
5,211,081 | |||
Commercial Services & Supplies - 0.5% | |||
Casella Waste Systems, Inc. Class A (a)(b) | 10,738 | 724,063 | |
Cimpress PLC (a) | 3,347 | 332,391 | |
Cintas Corp. | 19,787 | 6,995,496 | |
Copart, Inc. (a) | 45,110 | 5,819,641 | |
Driven Brands Holdings, Inc. | 30,440 | 901,633 | |
Healthcare Services Group, Inc. (b) | 18,905 | 566,961 | |
Herman Miller, Inc. (b) | 26,876 | 1,284,673 | |
Stericycle, Inc. (a) | 15,876 | 1,247,219 | |
Tetra Tech, Inc. | 11,506 | 1,374,622 | |
19,246,699 | |||
Construction & Engineering - 0.1% | |||
Latham Group, Inc. (a)(b) | 21,584 | 670,399 | |
Primoris Services Corp. | 28,391 | 902,550 | |
Willscot Mobile Mini Holdings (a) | 51,621 | 1,497,009 | |
3,069,958 | |||
Electrical Equipment - 0.3% | |||
Array Technologies, Inc. | 29,015 | 472,945 | |
Ballard Power Systems, Inc. (a)(b) | 54,269 | 939,939 | |
Encore Wire Corp. | 6,127 | 503,639 | |
FuelCell Energy, Inc. (a)(b) | 131,829 | 1,294,561 | |
Plug Power, Inc. (a) | 104,125 | 3,196,638 | |
Shoals Technologies Group, Inc. | 16,079 | 443,780 | |
Sunrun, Inc. (a) | 39,417 | 1,762,728 | |
TPI Composites, Inc. (a)(b) | 11,117 | 536,951 | |
Vicor Corp. (a) | 7,002 | 630,740 | |
9,781,921 | |||
Industrial Conglomerates - 0.8% | |||
Honeywell International, Inc. | 128,700 | 29,718,117 | |
Icahn Enterprises LP | 46,469 | 2,619,458 | |
Raven Industries, Inc. (b) | 13,440 | 593,107 | |
32,930,682 | |||
Machinery - 0.5% | |||
Altra Industrial Motion Corp. (b) | 14,088 | 925,441 | |
Astec Industries, Inc. | 7,205 | 493,759 | |
Columbus McKinnon Corp. (NY Shares) | 11,823 | 599,426 | |
Franklin Electric Co., Inc. | 10,330 | 866,584 | |
Helios Technologies, Inc. | 11,945 | 848,692 | |
Hydrofarm Holdings Group, Inc. (b) | 4,223 | 263,051 | |
Kornit Digital Ltd. (a) | 9,120 | 950,304 | |
Lincoln Electric Holdings, Inc. | 10,842 | 1,394,064 | |
Middleby Corp. (a) | 10,029 | 1,647,564 | |
Nikola Corp. (a)(b) | 82,214 | 1,229,921 | |
Nordson Corp. | 10,661 | 2,363,437 | |
Omega Flex, Inc. (b) | 2,753 | 404,829 | |
PACCAR, Inc. | 64,035 | 5,863,045 | |
RBC Bearings, Inc. (a)(b) | 5,451 | 1,067,251 | |
TriMas Corp. (a)(b) | 12,109 | 392,574 | |
Woodward, Inc. | 12,874 | 1,637,315 | |
20,947,257 | |||
Marine - 0.0% | |||
Golden Ocean Group Ltd. (b) | 38,602 | 384,864 | |
Professional Services - 0.4% | |||
51job, Inc. sponsored ADR (a) | 6,645 | 476,314 | |
CoStar Group, Inc. (a) | 7,276 | 6,213,704 | |
Exponent, Inc. | 10,917 | 995,958 | |
Forrester Research, Inc. (a) | 8,421 | 361,345 | |
Huron Consulting Group, Inc. (a) | 6,587 | 360,375 | |
ICF International, Inc. | 5,253 | 461,739 | |
Kelly Services, Inc. Class A (non-vtg.) (a) | 21,890 | 561,916 | |
ManTech International Corp. Class A (b) | 6,689 | 582,010 | |
Upwork, Inc. (a) | 27,025 | 1,272,067 | |
Verisk Analytics, Inc. | 30,749 | 5,314,350 | |
16,599,778 | |||
Road & Rail - 0.9% | |||
AMERCO | 4,227 | 2,430,694 | |
Avis Budget Group, Inc. (a)(b) | 16,732 | 1,469,404 | |
CSX Corp. | 141,703 | 14,187,304 | |
Heartland Express, Inc. (b) | 9,285 | 168,523 | |
J.B. Hunt Transport Services, Inc. | 19,082 | 3,273,326 | |
Landstar System, Inc. | 6,405 | 1,092,053 | |
Lyft, Inc. (a) | 61,109 | 3,488,713 | |
Marten Transport Ltd. | 26,599 | 453,779 | |
Old Dominion Freight Lines, Inc. | 21,537 | 5,716,997 | |
Saia, Inc. (a)(b) | 5,838 | 1,343,674 | |
TuSimple Holdings, Inc. (a)(b) | 32,968 | 1,263,993 | |
Universal Logistics Holdings, Inc. | 10,580 | 264,500 | |
Werner Enterprises, Inc. | 14,296 | 686,065 | |
35,839,025 | |||
Trading Companies & Distributors - 0.2% | |||
Beacon Roofing Supply, Inc. (a)(b) | 16,258 | 920,853 | |
Fastenal Co. | 106,023 | 5,623,460 | |
McGrath RentCorp. | 6,519 | 558,874 | |
Rush Enterprises, Inc. Class A | 16,282 | 778,280 | |
7,881,467 | |||
TOTAL INDUSTRIALS | 177,209,564 | ||
INFORMATION TECHNOLOGY - 40.5% | |||
Communications Equipment - 1.3% | |||
Cisco Systems, Inc. | 779,825 | 41,252,743 | |
CommScope Holding Co., Inc. (a) | 49,054 | 996,287 | |
Ericsson (B Shares) sponsored ADR | 74,906 | 1,005,988 | |
F5 Networks, Inc. (a) | 11,070 | 2,052,710 | |
Infinera Corp. (a)(b) | 48,468 | 465,293 | |
Inseego Corp. (a)(b) | 26,482 | 227,745 | |
Lumentum Holdings, Inc. (a) | 15,593 | 1,268,802 | |
NETGEAR, Inc. (a)(b) | 11,044 | 429,391 | |
NetScout Systems, Inc. (a) | 18,627 | 547,634 | |
Radware Ltd. (a) | 12,964 | 378,549 | |
ViaSat, Inc. (a)(b) | 39,810 | 2,117,096 | |
Viavi Solutions, Inc. (a) | 50,628 | 887,509 | |
51,629,747 | |||
Electronic Equipment & Components - 0.8% | |||
908 Devices, Inc. (b) | 3,904 | 164,476 | |
Avnet, Inc. | 22,270 | 981,216 | |
CDW Corp. | 25,181 | 4,165,441 | |
Cognex Corp. | 34,203 | 2,715,376 | |
Coherent, Inc. (a) | 5,466 | 1,435,426 | |
ePlus, Inc. (a) | 3,751 | 354,732 | |
FARO Technologies, Inc. (a) | 5,137 | 388,614 | |
Flex Ltd. (a) | 92,547 | 1,690,834 | |
II-VI, Inc. (a)(b) | 21,928 | 1,477,289 | |
Insight Enterprises, Inc. (a)(b) | 7,895 | 824,870 | |
IPG Photonics Corp. (a) | 10,167 | 2,127,546 | |
Itron, Inc. (a)(b) | 9,041 | 862,059 | |
Littelfuse, Inc. | 5,296 | 1,383,527 | |
National Instruments Corp. | 21,786 | 888,869 | |
Novanta, Inc. (a) | 7,596 | 1,055,616 | |
OSI Systems, Inc. (a) | 4,755 | 458,192 | |
PC Connection, Inc. (b) | 6,869 | 335,139 | |
Plexus Corp. (a)(b) | 9,082 | 897,392 | |
Sanmina Corp. (a)(b) | 16,118 | 678,729 | |
Trimble, Inc. (a) | 47,574 | 3,700,781 | |
TTM Technologies, Inc. (a) | 28,918 | 438,108 | |
Velodyne Lidar, Inc. (a)(b) | 37,215 | 359,125 | |
Zebra Technologies Corp. Class A (a) | 10,128 | 5,034,122 | |
32,417,479 | |||
IT Services - 3.5% | |||
21Vianet Group, Inc. ADR (a) | 21,586 | 481,800 | |
Affirm Holdings, Inc. (b) | 24,297 | 1,477,501 | |
Akamai Technologies, Inc. (a) | 30,544 | 3,488,430 | |
Amdocs Ltd. | 25,951 | 2,026,773 | |
Automatic Data Processing, Inc. | 79,498 | 15,583,198 | |
BigCommerce Holdings, Inc. (a)(b) | 13,674 | 743,729 | |
Cardtronics PLC (a) | 11,916 | 463,890 | |
Cognizant Technology Solutions Corp. Class A | 99,538 | 7,122,939 | |
Concentrix Corp. (a) | 11,031 | 1,684,654 | |
CSG Systems International, Inc. | 9,116 | 401,469 | |
Euronet Worldwide, Inc. (a) | 10,701 | 1,601,298 | |
EVO Payments, Inc. Class A (a)(b) | 12,888 | 369,112 | |
ExlService Holdings, Inc. (a) | 7,596 | 774,640 | |
Fiserv, Inc. (a) | 124,430 | 14,334,336 | |
GDS Holdings Ltd. ADR (a) | 21,102 | 1,587,292 | |
Jack Henry & Associates, Inc. | 14,121 | 2,176,752 | |
Kingsoft Cloud Holdings Ltd. ADR | 12,513 | 488,758 | |
MongoDB, Inc. Class A (a) | 11,469 | 3,348,260 | |
Okta, Inc. (a) | 22,207 | 4,939,725 | |
Paya Holdings, Inc. (a) | 31,080 | 308,314 | |
Paychex, Inc. | 67,771 | 6,854,359 | |
PayPal Holdings, Inc. (a) | 216,160 | 56,205,923 | |
Perficient, Inc. (a) | 2,908 | 208,184 | |
Rackspace Technology, Inc. (a)(b) | 44,382 | 895,629 | |
Repay Holdings Corp. (a)(b) | 18,598 | 422,361 | |
Sabre Corp. (a)(b) | 70,286 | 973,461 | |
StoneCo Ltd. Class A (a) | 48,996 | 3,232,266 | |
Sykes Enterprises, Inc. (a) | 10,544 | 442,004 | |
Ttec Holdings, Inc. | 9,992 | 1,083,233 | |
Tucows, Inc. (a)(b) | 3,475 | 271,398 | |
VeriSign, Inc. (a) | 20,954 | 4,608,204 | |
Wix.com Ltd. (a)(b) | 9,844 | 2,558,062 | |
141,157,954 | |||
Semiconductors & Semiconductor Equipment - 10.2% | |||
Advanced Energy Industries, Inc. | 8,343 | 851,069 | |
Advanced Micro Devices, Inc. (a) | 224,770 | 17,999,582 | |
Allegro MicroSystems LLC (a) | 32,479 | 851,275 | |
Ambarella, Inc. (a) | 7,961 | 799,125 | |
Amkor Technology, Inc. (b) | 51,004 | 1,076,184 | |
Analog Devices, Inc. | 68,798 | 11,324,151 | |
Applied Materials, Inc. | 171,352 | 23,668,852 | |
ASML Holding NV | 14,522 | 9,809,175 | |
Broadcom, Inc. | 75,461 | 35,642,494 | |
Brooks Automation, Inc. | 15,247 | 1,556,566 | |
Canadian Solar, Inc. (a)(b) | 13,656 | 540,504 | |
Cirrus Logic, Inc. (a) | 10,018 | 782,105 | |
CMC Materials, Inc. (b) | 5,851 | 902,985 | |
Cohu, Inc. (a) | 11,089 | 412,733 | |
Cree, Inc. (a)(b) | 21,882 | 2,188,419 | |
Diodes, Inc. (a) | 10,013 | 757,684 | |
Enphase Energy, Inc. (a) | 24,871 | 3,557,797 | |
Entegris, Inc. | 26,243 | 3,003,511 | |
First Solar, Inc. (a) | 19,992 | 1,521,591 | |
FormFactor, Inc. (a) | 17,312 | 610,248 | |
Intel Corp. | 750,402 | 42,862,962 | |
KLA Corp. | 28,735 | 9,105,834 | |
Kulicke & Soffa Industries, Inc. | 14,208 | 737,395 | |
Lam Research Corp. | 26,736 | 17,374,390 | |
Lattice Semiconductor Corp. (a) | 28,152 | 1,494,027 | |
MACOM Technology Solutions Holdings, Inc. (a) | 14,789 | 875,509 | |
Marvell Technology, Inc. | 127,610 | 6,163,563 | |
Maxim Integrated Products, Inc. | 50,789 | 5,180,986 | |
Microchip Technology, Inc. | 50,088 | 7,861,312 | |
Micron Technology, Inc. (a) | 208,892 | 17,576,173 | |
MKS Instruments, Inc. | 11,001 | 2,070,718 | |
Monolithic Power Systems, Inc. | 8,736 | 2,997,496 | |
Nova Measuring Instruments Ltd. (a)(b) | 6,715 | 672,977 | |
NVIDIA Corp. | 114,375 | 74,318,588 | |
NXP Semiconductors NV | 51,701 | 10,930,625 | |
ON Semiconductor Corp. (a) | 73,727 | 2,952,029 | |
Power Integrations, Inc. (b) | 12,757 | 1,048,498 | |
Qorvo, Inc. (a) | 21,757 | 3,975,439 | |
Qualcomm, Inc. | 210,145 | 28,272,908 | |
Rambus, Inc. (a) | 27,375 | 535,455 | |
Semtech Corp. (a) | 14,006 | 882,378 | |
Silicon Laboratories, Inc. (a) | 8,816 | 1,203,913 | |
SiTime Corp. (a) | 4,623 | 454,580 | |
Skyworks Solutions, Inc. | 31,337 | 5,327,290 | |
SolarEdge Technologies, Inc. (a) | 10,092 | 2,603,837 | |
SunPower Corp. (a)(b) | 33,448 | 782,349 | |
Synaptics, Inc. (a)(b) | 7,449 | 941,032 | |
Teradyne, Inc. | 32,042 | 4,240,759 | |
Texas Instruments, Inc. | 170,155 | 32,298,822 | |
Tower Semiconductor Ltd. (a) | 24,018 | 659,774 | |
Universal Display Corp. | 9,155 | 1,976,198 | |
Xilinx, Inc. | 46,642 | 5,923,534 | |
412,157,400 | |||
Software - 14.7% | |||
2U, Inc. (a)(b) | 16,753 | 610,144 | |
ACI Worldwide, Inc. (a) | 25,330 | 969,126 | |
Adobe, Inc. (a) | 88,412 | 44,610,927 | |
Alarm.com Holdings, Inc. (a) | 10,829 | 886,679 | |
Alkami Technology, Inc. (a)(b) | 14,744 | 490,533 | |
Altair Engineering, Inc. Class A (a)(b) | 10,738 | 723,419 | |
ANSYS, Inc. (a) | 16,026 | 5,415,826 | |
AppFolio, Inc. (a) | 4,121 | 555,882 | |
Appian Corp. Class A (a)(b) | 6,606 | 597,711 | |
Aspen Technology, Inc. (a)(b) | 13,568 | 1,851,625 | |
Atlassian Corp. PLC (a) | 24,467 | 5,707,662 | |
Autodesk, Inc. (a) | 40,969 | 11,711,398 | |
Bentley Systems, Inc. Class B (b) | 46,496 | 2,667,011 | |
Blackbaud, Inc. (a)(b) | 11,080 | 783,245 | |
BlackLine, Inc. (a)(b) | 12,086 | 1,256,581 | |
Bottomline Technologies, Inc. (a) | 11,095 | 414,731 | |
Cadence Design Systems, Inc. (a) | 51,811 | 6,579,479 | |
CDK Global, Inc. | 25,024 | 1,309,756 | |
Cerence, Inc. (a)(b) | 8,681 | 825,824 | |
Check Point Software Technologies Ltd. (a) | 26,278 | 3,074,000 | |
Citrix Systems, Inc. | 22,291 | 2,562,573 | |
Cognyte Software Ltd. (a) | 14,401 | 370,682 | |
CommVault Systems, Inc. (a) | 4,353 | 331,568 | |
Cornerstone OnDemand, Inc. (a) | 15,098 | 663,859 | |
Coupa Software, Inc. (a) | 12,644 | 3,011,801 | |
Crowdstrike Holdings, Inc. (a) | 34,292 | 7,617,968 | |
CyberArk Software Ltd. (a)(b) | 8,010 | 1,013,585 | |
Datadog, Inc. Class A (a) | 43,291 | 3,941,646 | |
Descartes Systems Group, Inc. (a) | 17,721 | 1,035,615 | |
Digital Turbine, Inc. (a) | 18,387 | 1,216,668 | |
Docebo, Inc. | 6,084 | 315,273 | |
DocuSign, Inc. (a) | 35,206 | 7,098,234 | |
Domo, Inc. Class B (a)(b) | 6,974 | 463,771 | |
Dropbox, Inc. Class A (a) | 54,490 | 1,490,302 | |
Duck Creek Technologies, Inc. (a)(b) | 23,614 | 928,266 | |
Everbridge, Inc. (a) | 6,928 | 814,040 | |
FireEye, Inc. (a) | 48,951 | 1,095,034 | |
Five9, Inc. (a) | 12,848 | 2,275,381 | |
Fortinet, Inc. (a) | 29,827 | 6,518,393 | |
GTY Technology Holdings, Inc. (a) | 30,617 | 183,702 | |
Ideanomics, Inc. (a)(b) | 183,916 | 529,678 | |
Innoviz Technologies Ltd. (a)(b) | 23,450 | 248,805 | |
InterDigital, Inc. | 7,716 | 623,298 | |
Intuit, Inc. | 49,371 | 21,678,312 | |
j2 Global, Inc. (a)(b) | 9,655 | 1,202,337 | |
Jamf Holding Corp. (a) | 25,801 | 894,779 | |
JFrog Ltd. (b) | 18,360 | 766,530 | |
LivePerson, Inc. (a) | 14,645 | 804,743 | |
Magic Software Enterprises Ltd. | 13,369 | 219,786 | |
Manhattan Associates, Inc. (a) | 13,032 | 1,772,091 | |
McAfee Corp. | 22,984 | 577,588 | |
Microsoft Corp. | 1,388,212 | 346,608,772 | |
MicroStrategy, Inc. Class A (a)(b) | 1,016 | 477,520 | |
Mimecast Ltd. (a) | 14,312 | 715,457 | |
nCino, Inc. (a)(b) | 19,110 | 1,168,003 | |
NICE Systems Ltd. sponsored ADR (a) | 9,108 | 2,025,255 | |
NortonLifeLock, Inc. | 105,829 | 2,927,230 | |
Nuance Communications, Inc. (a) | 50,563 | 2,674,783 | |
Nutanix, Inc. Class A (a) | 39,912 | 1,257,627 | |
Open Text Corp. | 51,809 | 2,433,987 | |
Paylocity Holding Corp. (a) | 10,868 | 1,845,712 | |
Pegasystems, Inc. | 16,076 | 1,899,219 | |
Privia Health Group, Inc. (a) | 18,072 | 591,497 | |
Progress Software Corp. (b) | 11,285 | 502,972 | |
Proofpoint, Inc. (a) | 9,983 | 1,725,162 | |
PTC, Inc. (a) | 22,567 | 3,027,137 | |
Qualtrics International, Inc. | 13,852 | 477,063 | |
Qualys, Inc. (a)(b) | 7,462 | 721,426 | |
Rapid7, Inc. (a)(b) | 10,456 | 874,644 | |
Riot Blockchain, Inc. (a)(b) | 25,423 | 689,726 | |
Sapiens International Corp. NV (b) | 15,009 | 430,908 | |
Splunk, Inc. (a) | 30,405 | 3,685,086 | |
Sprout Social, Inc. (a) | 10,761 | 747,029 | |
SPS Commerce, Inc. (a)(b) | 7,977 | 748,721 | |
SS&C Technologies Holdings, Inc. | 49,369 | 3,646,888 | |
Sumo Logic, Inc. (b) | 23,418 | 440,258 | |
SVMK, Inc. (a) | 31,950 | 621,428 | |
Synopsys, Inc. (a) | 28,710 | 7,302,101 | |
Talend SA ADR (a) | 8,330 | 541,200 | |
Telos Corp. | 13,677 | 449,700 | |
Tenable Holdings, Inc. (a) | 21,898 | 915,336 | |
The Trade Desk, Inc. (a) | 8,103 | 4,765,698 | |
Upland Software, Inc. (a)(b) | 8,365 | 342,881 | |
Varonis Systems, Inc. (a) | 20,940 | 1,011,402 | |
Verint Systems, Inc. (a) | 14,401 | 664,030 | |
Workday, Inc. Class A (a) | 32,953 | 7,537,010 | |
Xperi Holding Corp. (b) | 26,086 | 558,762 | |
Zoom Video Communications, Inc. Class A (a) | 43,431 | 14,398,679 | |
Zscaler, Inc. (a) | 25,464 | 4,945,109 | |
589,703,285 | |||
Technology Hardware, Storage & Peripherals - 10.0% | |||
Apple, Inc. | 3,090,103 | 385,057,729 | |
Corsair Gaming, Inc. (b) | 20,785 | 648,908 | |
Logitech International SA (b) | 32,809 | 4,038,788 | |
NetApp, Inc. | 43,530 | 3,367,916 | |
Seagate Technology Holdings PLC | 46,263 | 4,429,682 | |
Super Micro Computer, Inc. (a) | 13,923 | 483,685 | |
Western Digital Corp. (a) | 59,100 | 4,446,093 | |
402,472,801 | |||
TOTAL INFORMATION TECHNOLOGY | 1,629,538,666 | ||
MATERIALS - 0.3% | |||
Chemicals - 0.1% | |||
Amyris, Inc. (a) | 69,347 | 986,808 | |
Balchem Corp. | 7,203 | 943,593 | |
Diversey Holdings Ltd. (a) | 54,050 | 912,364 | |
Innospec, Inc. | 6,062 | 612,929 | |
Methanex Corp. (b) | 22,699 | 806,949 | |
4,262,643 | |||
Construction Materials - 0.0% | |||
U.S. Concrete, Inc. (a)(b) | 3,609 | 205,677 | |
Containers & Packaging - 0.0% | |||
Pactiv Evergreen, Inc. (b) | 32,268 | 478,857 | |
Silgan Holdings, Inc. (b) | 20,962 | 883,129 | |
1,361,986 | |||
Metals & Mining - 0.2% | |||
Ferroglobe PLC (a) | 179,100 | 924,156 | |
Ferroglobe Representation & Warranty Insurance (a)(c) | 7,187 | 0 | |
Kaiser Aluminum Corp. (b) | 8,806 | 1,139,408 | |
Pan American Silver Corp. (b) | 46,380 | 1,560,223 | |
Royal Gold, Inc. | 11,861 | 1,468,036 | |
SSR Mining, Inc. (b) | 36,473 | 676,574 | |
Steel Dynamics, Inc. | 42,521 | 2,654,586 | |
8,422,983 | |||
Paper & Forest Products - 0.0% | |||
Mercer International, Inc. (SBI) | 15,144 | 224,737 | |
TOTAL MATERIALS | 14,478,026 | ||
REAL ESTATE - 1.0% | |||
Equity Real Estate Investment Trusts (REITs) - 0.8% | |||
CareTrust (REIT), Inc. | 23,514 | 547,406 | |
CyrusOne, Inc. | 24,207 | 1,785,266 | |
Diversified Healthcare Trust (SBI) | 71,480 | 259,472 | |
Equinix, Inc. | 16,633 | 12,253,864 | |
Gaming & Leisure Properties | 39,197 | 1,817,173 | |
Host Hotels & Resorts, Inc. (a) | 139,483 | 2,394,923 | |
Industrial Logistics Properties Trust | 17,819 | 446,544 | |
Lamar Advertising Co. Class A | 17,271 | 1,810,346 | |
Potlatch Corp. | 12,717 | 765,563 | |
Regency Centers Corp. | 33,954 | 2,193,428 | |
Retail Opportunity Investments Corp. | 30,566 | 545,909 | |
Sabra Health Care REIT, Inc. | 45,964 | 802,991 | |
SBA Communications Corp. Class A | 20,029 | 5,971,045 | |
Service Properties Trust | 41,851 | 525,649 | |
Uniti Group, Inc. | 55,624 | 604,077 | |
32,723,656 | |||
Real Estate Management & Development - 0.2% | |||
Brookfield Property Partners LP | 91,226 | 1,714,137 | |
Colliers International Group, Inc. (b) | 8,729 | 968,832 | |
eXp World Holdings, Inc. (a)(b) | 31,502 | 1,016,255 | |
FirstService Corp. (b) | 8,838 | 1,435,203 | |
Opendoor Technologies, Inc. (a)(b) | 108,045 | 1,691,985 | |
Redfin Corp. (a)(b) | 21,729 | 1,282,663 | |
8,109,075 | |||
TOTAL REAL ESTATE | 40,832,731 | ||
UTILITIES - 0.7% | |||
Electric Utilities - 0.7% | |||
Alliant Energy Corp. | 44,649 | 2,551,690 | |
American Electric Power Co., Inc. | 94,661 | 8,140,846 | |
Exelon Corp. | 187,794 | 8,473,265 | |
MGE Energy, Inc. | 8,521 | 639,245 | |
Otter Tail Corp. | 4,673 | 224,164 | |
Xcel Energy, Inc. | 97,437 | 6,906,335 | |
26,935,545 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Atlantica Sustainable Infrastructure PLC (b) | 22,403 | 814,349 | |
FTC Solar, Inc. (a) | 14,554 | 156,601 | |
970,950 | |||
Multi-Utilities - 0.0% | |||
NorthWestern Energy Corp. | 11,821 | 748,860 | |
Water Utilities - 0.0% | |||
Middlesex Water Co. (b) | 6,692 | 575,244 | |
TOTAL UTILITIES | 29,230,599 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,203,256,245) | 4,012,862,680 | ||
Money Market Funds - 4.7% | |||
Fidelity Cash Central Fund 0.06% (d) | 7,653,615 | 7,655,146 | |
Fidelity Securities Lending Cash Central Fund 0.06% (d)(e) | 180,095,059 | 180,113,069 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $187,766,012) | 187,768,215 | ||
TOTAL INVESTMENT IN SECURITIES - 104.4% | |||
(Cost $2,391,022,257) | 4,200,630,895 | ||
NET OTHER ASSETS (LIABILITIES) - (4.4)% | (177,448,608) | ||
NET ASSETS - 100% | $4,023,182,287 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini NASDAQ 100 Index Contracts (United States) | 38 | June 2021 | $10,401,740 | $550,203 | $550,203 |
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Level 3 security
(d) 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.
(e) Investment made with cash collateral received from securities on loan.
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 | $3,748 |
Fidelity Securities Lending Cash Central Fund | 1,478,375 |
Total | $1,482,123 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount 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 payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $709,139,441 | $709,139,441 | $-- | $-- |
Consumer Discretionary | 654,363,003 | 654,363,003 | -- | -- |
Consumer Staples | 143,351,032 | 143,351,032 | -- | -- |
Energy | 15,530,873 | 15,530,873 | -- | -- |
Financials | 193,497,248 | 193,497,248 | -- | -- |
Health Care | 405,691,497 | 405,660,010 | -- | 31,487 |
Industrials | 177,209,564 | 177,209,564 | -- | -- |
Information Technology | 1,629,538,666 | 1,629,538,666 | -- | -- |
Materials | 14,478,026 | 14,478,026 | -- | -- |
Real Estate | 40,832,731 | 40,832,731 | -- | -- |
Utilities | 29,230,599 | 29,230,599 | -- | -- |
Money Market Funds | 187,768,215 | 187,768,215 | -- | -- |
Total Investments in Securities: | $4,200,630,895 | $4,200,599,408 | $-- | $31,487 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $550,203 | $550,203 | $-- | $-- |
Total Assets | $550,203 | $550,203 | $-- | $-- |
Total Derivative Instruments: | $550,203 | $550,203 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $550,203 | $0 |
Total Equity Risk | 550,203 | 0 |
Total Value of Derivatives | $550,203 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
May 31, 2021 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $175,132,719) — See accompanying schedule: Unaffiliated issuers (cost $2,203,256,245) | $4,012,862,680 | |
Fidelity Central Funds (cost $187,766,012) | 187,768,215 | |
Total Investment in Securities (cost $2,391,022,257) | $4,200,630,895 | |
Segregated cash with brokers for derivative instruments | 592,000 | |
Cash | 63,891 | |
Foreign currency held at value (cost $162,450) | 167,513 | |
Receivable for investments sold | 620,186 | |
Dividends receivable | 2,444,499 | |
Distributions receivable from Fidelity Central Funds | 308,559 | |
Receivable for daily variation margin on futures contracts | 15,474 | |
Other receivables | 202 | |
Total assets | 4,204,843,219 | |
Liabilities | ||
Payable for investments purchased | $859,020 | |
Accrued management fee | 691,080 | |
Collateral on securities loaned | 180,110,832 | |
Total liabilities | 181,660,932 | |
Net Assets | $4,023,182,287 | |
Net Assets consist of: | ||
Paid in capital | $2,119,185,939 | |
Total accumulated earnings (loss) | 1,903,996,348 | |
Net Assets | $4,023,182,287 | |
Net Asset Value per share ($4,023,182,287 ÷ 75,300,000 shares) | $53.43 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended May 31, 2021 (Unaudited) | ||
Investment Income | ||
Dividends | $14,240,539 | |
Interest | 306 | |
Income from Fidelity Central Funds (including $1,478,375 from security lending) | 1,482,123 | |
Total income | 15,722,968 | |
Expenses | ||
Management fee | $4,015,278 | |
Independent trustees' fees and expenses | 7,228 | |
Total expenses before reductions | 4,022,506 | |
Expense reductions | (61) | |
Total expenses after reductions | 4,022,445 | |
Net investment income (loss) | 11,700,523 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 15,289,707 | |
Redemptions in-kind with affiliated entities | 77,861,628 | |
Fidelity Central Funds | (19) | |
Foreign currency transactions | 20 | |
Futures contracts | 1,614,558 | |
Total net realized gain (loss) | 94,765,894 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 331,623,604 | |
Assets and liabilities in foreign currencies | 3,321 | |
Futures contracts | (264,738) | |
Total change in net unrealized appreciation (depreciation) | 331,362,187 | |
Net gain (loss) | 426,128,081 | |
Net increase (decrease) in net assets resulting from operations | $437,828,604 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended May 31, 2021 (Unaudited) | Year ended November 30, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $11,700,523 | $23,668,426 |
Net realized gain (loss) | 94,765,894 | 154,733,037 |
Change in net unrealized appreciation (depreciation) | 331,362,187 | 784,115,364 |
Net increase (decrease) in net assets resulting from operations | 437,828,604 | 962,516,827 |
Distributions to shareholders | (12,068,580) | (43,848,230) |
Share transactions | ||
Proceeds from sales of shares | 363,850,227 | 451,237,974 |
Cost of shares redeemed | (112,548,583) | (226,256,019) |
Net increase (decrease) in net assets resulting from share transactions | 251,301,644 | 224,981,955 |
Total increase (decrease) in net assets | 677,061,668 | 1,143,650,552 |
Net Assets | ||
Beginning of period | 3,346,120,619 | 2,202,470,067 |
End of period | $4,023,182,287 | $3,346,120,619 |
Other Information | ||
Shares(a) | ||
Sold | 7,000,000 | 11,600,000 |
Redeemed | (2,200,000) | (5,700,000) |
Net increase (decrease) | 4,800,000 | 5,900,000 |
(a) Share activity prior to April 8, 2021 has been adjusted to reflect the impact of the 10 for 1 share split that occurred on that date.
See accompanying notes which are an integral part of the financial statements.
Fidelity Nasdaq Composite Index ETF
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share DataA | ||||||
Net asset value, beginning of period | $47.46 | $34.09 | $28.79 | $27.05 | $20.97 | $20.11 |
Income from Investment Operations | ||||||
Net investment income (loss)B | .16 | .35 | .35 | .28 | .24 | .24 |
Net realized and unrealized gain (loss) | 5.98 | 13.68 | 5.30 | 1.73 | 6.06 | .85 |
Total from investment operations | 6.14 | 14.03 | 5.65 | 2.01 | 6.30 | 1.09 |
Distributions from net investment income | (.17) | (.34) | (.35) | (.27) | (.22) | (.23) |
Distributions from net realized gain | – | (.32) | – | – | – | – |
Total distributions | (.17) | (.66) | (.35) | (.27) | (.22) | (.23) |
Net asset value, end of period | $53.43 | $47.46 | $34.09 | $28.79 | $27.05 | $20.97 |
Total ReturnC,D,E | 12.94% | 41.87% | 19.83% | 7.42% | 30.21% | 5.56% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .21%H | .21% | .27% | .27% | .31% | .32% |
Expenses net of fee waivers, if any | .21%H | .21% | .21% | .21% | .21% | .21% |
Expenses net of all reductions | .21%H | .21% | .21% | .21% | .21% | .21% |
Net investment income (loss) | .61%H | .90% | 1.15% | .95% | .99% | 1.25% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $4,023,182 | $3,346,121 | $2,202,470 | $1,848,322 | $1,479,445 | $755,017 |
Portfolio turnover rateI,J | 14%H | 19% | 6% | 10% | 12% | 6% |
A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on April 8, 2021.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Based on net asset value.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Portfolio turnover rate excludes securities received or delivered in-kind.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2021
1. Organization.
Fidelity Nasdaq Composite Index ETF (the Fund) (formerly Fidelity Nasdaq Composite Index Tracking Stock) is an exchange-traded fund of Fidelity Commonwealth Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may operate as a non-diversified fund, as defined under the 1940 Act, to the approximate extent the Index is non-diversified.
Effective April 8, 2021, the Fund underwent a 10 for 1 share split. The effect of the share split transaction was to multiply the number of outstanding shares of the Fund by a split factor of 10:1, with a corresponding decrease in net asset value (NAV) per share. This event does not impact the overall net assets of the Fund. The per share data presented in the Financial Highlights and the Shares activity presented in the Statement of Changes in Net Assets have been retroactively adjusted to reflect this share split.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% to .01% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 levels as shown below:
- 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)
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.
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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of May 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, redemptions in kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $1,864,164,154 |
Gross unrealized depreciation | (55,780,531) |
Net unrealized appreciation (depreciation) | $1,808,383,623 |
Tax cost | $2,392,797,475 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(2,372,038) |
Long-term | (7,092) |
Total capital loss carryforward | $(2,379,130) |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures 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 and 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:
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. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
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 and amounts recognized in the Statement of Assets and Liabilities. 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 fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Nasdaq Composite Index ETF | 292,438,414 | 265,941,986 |
Securities received and delivered in-kind through subscriptions and redemptions totaled $358,059,942 and $110,972,427, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The Fund pays an all-inclusive management fee based on annual rate of .21% of the Fund's average net assets; and the investment adviser pays all ordinary operating expenses of the Fund, except fees and expenses of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income 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 payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Nasdaq Composite Index ETF | $163,974 | $21,923 | $1,470,735 |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $61.
9. Share Transactions.
Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.
10. Other.
Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2020 to May 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value December 1, 2020 | Ending Account Value May 31, 2021 | Expenses Paid During Period-B December 1, 2020 to May 31, 2021 | |
Fidelity Nasdaq Composite Index ETF | .21% | |||
Actual | $1,000.00 | $1,129.40 | $1.11 | |
Hypothetical-C | $1,000.00 | $1,023.88 | $1.06 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Nasdaq Composite Index ETF (formerly known as Fidelity Nasdaq Composite Index Tracking Stock)
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.Approval of Stub Period Continuation. At its January 2021 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's and Geode's investments in business continuity planning, and their success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering pricing and bookkeeping and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally State Street Bank and Trust Company, the fund's transfer agent and custodian; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and its benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. A peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.Fidelity Nasdaq Composite Index ETF
Fidelity Nasdaq Composite Index ETF
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
ETF-SANN-0721
1.795572.117
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Commonwealth Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Commonwealth Trust’s (the “Trust”) disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Commonwealth Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | July 22, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | July 22, 2021 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | July 22, 2021 |