Fidelity Commonwealth Trust
07/23/2026 | Press release | Distributed by Public on 07/23/2026 08:46
Semi-Annual Report by Investment Company (Form N-CSRS)
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)
Nicole Macarchuk, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end: |
November 30 |
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Date of reporting period: |
May 31, 2026 |
Item 1.
Reports to Stockholders
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026
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Fidelity® Nasdaq Composite Index® ETF
Fidelity® Nasdaq Composite Index® ETF : ONEQ
Principal U.S. Listing Exchange : NASDAQ/NMS Global Market
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This semi-annual shareholder report contains information about Fidelity® Nasdaq Composite Index® ETF for the period December 1, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to [email protected].
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Fidelity® Nasdaq Composite Index® ETF
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$ 11
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0.21%
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Key Fund Statistics
(as of May 31, 2026)
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KEY FACTS
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Fund Size
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$10,922,502,914
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Number of Holdings
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1,025
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Portfolio Turnover
|
6%
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What did the Fund invest in?
(as of May 31, 2026)
(as of May 31, 2026)
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MARKET SECTORS
(% of Fund's net assets)
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Information Technology
|
54.0
|
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Communication Services
|
14.8
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Consumer Discretionary
|
12.8
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Health Care
|
4.6
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Consumer Staples
|
4.4
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Industrials
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3.3
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Financials
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2.9
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Materials
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0.9
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Utilities
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0.8
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Real Estate
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0.5
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Energy
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0.5
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ASSET ALLOCATION (% of Fund's net assets)
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Common Stocks - 99.5
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Short-Term Investments and Net Other Assets (Liabilities) - 0.5
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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United States - 97.1
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Netherlands - 0.8
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Canada - 0.6
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Israel - 0.4
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China - 0.4
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Brazil - 0.3
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United Kingdom - 0.1
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Switzerland - 0.1
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Kazakhstan - 0.1
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Others - 0.1
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TOP HOLDINGS
(% of Fund's net assets) |
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NVIDIA Corp
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11.3
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Apple Inc
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10.0
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Microsoft Corp
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7.4
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Amazon.com Inc
|
6.4
|
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Alphabet Inc Class A
|
4.9
|
|
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Broadcom Inc
|
4.7
|
|
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Alphabet Inc Class C
|
4.5
|
|
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Tesla Inc
|
3.6
|
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Meta Platforms Inc Class A
|
3.1
|
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Micron Technology Inc
|
2.5
|
|
|
58.4
|
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915910.102 1283-TSRS-0726
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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.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® Nasdaq Composite Index® ETF
Semi-Annual Report
May 31, 2026
Contents
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Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report) |
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Fidelity® Nasdaq Composite Index® ETF |
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Notes to Financial Statements |
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Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
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Item 9: Proxy Disclosures for Open-End Management Investment Companies |
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Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies |
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Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.
"Nasdaq®, Nasdaq Composite Index®, Nasdaq Composite®, and The Nasdaq Stock Market®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Fidelity. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the products(s).
The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.
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. © 2026 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Nasdaq Composite Index® ETF
Schedule of Investments May 31, 2026 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 99.5%
|
|||
|
Shares
|
Value ($)
|
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|
ARGENTINA - 0.0%
|
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|
Financials - 0.0%
|
|||
|
Banks - 0.0%
|
|||
|
Grupo Financiero Galicia SA Class B ADR (c)
|
15,152
|
768,055
|
|
|
AUSTRALIA - 0.0%
|
|||
|
Information Technology - 0.0%
|
|||
|
Software - 0.0%
|
|||
|
Braiin Ltd (c)
|
3,562
|
45,558
|
|
|
IREN Ltd (b)(c)
|
78,451
|
4,984,777
|
|
|
TOTAL AUSTRALIA
|
5,030,335
|
||
|
AUSTRIA - 0.0%
|
|||
|
Materials - 0.0%
|
|||
|
Metals & Mining - 0.0%
|
|||
|
Critical Metals Corp (b)(c)
|
30,484
|
341,420
|
|
|
BAHAMAS (NASSAU) - 0.0%
|
|||
|
Consumer Discretionary - 0.0%
|
|||
|
Diversified Consumer Services - 0.0%
|
|||
|
OneSpaWorld Holdings Ltd (c)
|
36,787
|
873,691
|
|
|
BELGIUM - 0.0%
|
|||
|
Communication Services - 0.0%
|
|||
|
Diversified Telecommunication Services - 0.0%
|
|||
|
Liberty Global Ltd Class A (b)(c)
|
67,022
|
838,445
|
|
|
Liberty Global Ltd Class C (b)(c)
|
61,150
|
743,584
|
|
|
TOTAL BELGIUM
|
1,582,029
|
||
|
BRAZIL - 0.3%
|
|||
|
Consumer Discretionary - 0.3%
|
|||
|
Broadline Retail - 0.3%
|
|||
|
MercadoLibre Inc (b)
|
12,075
|
20,474,974
|
|
|
Diversified Consumer Services - 0.0%
|
|||
|
Afya Ltd Class A (c)
|
32,571
|
456,320
|
|
|
TOTAL CONSUMER DISCRETIONARY
|
20,931,294
|
||
|
Financials - 0.0%
|
|||
|
Banks - 0.0%
|
|||
|
Inter & Co Inc Class A (c)
|
103,964
|
641,458
|
|
|
Capital Markets - 0.0%
|
|||
|
XP Inc Class A
|
106,058
|
1,767,987
|
|
|
Financial Services - 0.0%
|
|||
|
StoneCo Ltd Class A (c)
|
71,523
|
818,938
|
|
|
TOTAL FINANCIALS
|
3,228,383
|
||
|
Materials - 0.0%
|
|||
|
Metals & Mining - 0.0%
|
|||
|
Sigma Lithium Corp (United States) (b)(c)
|
35,694
|
598,588
|
|
|
TOTAL BRAZIL
|
24,758,265
|
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CAMEROON - 0.0%
|
|||
|
Energy - 0.0%
|
|||
|
Oil, Gas & Consumable Fuels - 0.0%
|
|||
|
Golar LNG Ltd (c)
|
25,397
|
1,263,501
|
|
|
CANADA - 0.6%
|
|||
|
Health Care - 0.0%
|
|||
|
Biotechnology - 0.0%
|
|||
|
Aurinia Pharmaceuticals Inc (b)
|
44,730
|
685,711
|
|
|
Xenon Pharmaceuticals Inc (b)
|
23,963
|
1,311,495
|
|
|
1,997,206
|
|||
|
Life Sciences Tools & Services - 0.0%
|
|||
|
AbCellera Biologics Inc (b)(c)
|
134,674
|
830,939
|
|
|
Pharmaceuticals - 0.0%
|
|||
|
Cronos Group Inc (United States) (b)
|
216,657
|
615,306
|
|
|
Tilray Brands Inc Class 2 (b)(c)
|
34,558
|
190,414
|
|
|
805,720
|
|||
|
TOTAL HEALTH CARE
|
3,633,865
|
||
|
Industrials - 0.1%
|
|||
|
Professional Services - 0.1%
|
|||
|
Thomson Reuters Corp (United States) (c)
|
104,985
|
9,082,252
|
|
|
Information Technology - 0.4%
|
|||
|
IT Services - 0.4%
|
|||
|
Shopify Inc Class A (United States) (b)
|
291,797
|
34,639,222
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
|
Canadian Solar Inc (b)(c)
|
4,790
|
90,962
|
|
|
Software - 0.0%
|
|||
|
Descartes Systems Group Inc/The (United States) (b)(c)
|
24,740
|
1,825,070
|
|
|
Open Text Corp (United States) (c)
|
62,669
|
1,494,029
|
|
|
3,319,099
|
|||
|
TOTAL INFORMATION TECHNOLOGY
|
38,049,283
|
||
|
Materials - 0.1%
|
|||
|
Chemicals - 0.0%
|
|||
|
Methanex Corp (United States)
|
24,350
|
1,439,085
|
|
|
Metals & Mining - 0.1%
|
|||
|
Almonty Industries Inc (United States) (b)
|
70,316
|
1,382,413
|
|
|
Elemental Royalty Corp (United States)
|
31,594
|
563,636
|
|
|
Ssr Mining Inc (United States) (b)
|
53,014
|
1,655,097
|
|
|
Tmc The Metals CO Inc Class A (b)(c)
|
118,537
|
717,149
|
|
|
4,318,295
|
|||
|
TOTAL MATERIALS
|
5,757,380
|
||
|
Real Estate - 0.0%
|
|||
|
Real Estate Management & Development - 0.0%
|
|||
|
Colliers International Group Inc Subordinate Voting Shares (United States) (c)
|
14,698
|
1,386,903
|
|
|
FirstService Corp Subordinate Voting Shares (United States) (c)
|
13,108
|
1,759,094
|
|
|
TOTAL REAL ESTATE
|
3,145,997
|
||
|
TOTAL CANADA
|
59,668,777
|
||
|
CHINA - 0.4%
|
|||
|
Communication Services - 0.1%
|
|||
|
Entertainment - 0.0%
|
|||
|
Netease Inc ADR
|
21,961
|
2,697,250
|
|
|
Interactive Media & Services - 0.1%
|
|||
|
Baidu Inc Class A ADR (b)(c)
|
28,352
|
3,836,309
|
|
|
Bilibili Inc ADR (b)(c)
|
31,909
|
552,664
|
|
|
JOYY Inc Class A ADR
|
17,899
|
1,206,930
|
|
|
5,595,903
|
|||
|
TOTAL COMMUNICATION SERVICES
|
8,293,153
|
||
|
Consumer Discretionary - 0.3%
|
|||
|
Automobile Components - 0.0%
|
|||
|
WeRide Inc ADR (b)(c)
|
73,017
|
551,278
|
|
|
Automobiles - 0.0%
|
|||
|
Li Auto Inc ADR (b)(c)
|
58,998
|
885,560
|
|
|
Broadline Retail - 0.2%
|
|||
|
JD.com Inc ADR
|
115,926
|
3,342,147
|
|
|
PDD Holdings Inc Class A ADR (b)
|
157,859
|
13,329,614
|
|
|
16,671,761
|
|||
|
Hotels, Restaurants & Leisure - 0.1%
|
|||
|
Atour Lifestyle Holdings Ltd ADR
|
31,795
|
1,091,840
|
|
|
H World Group Ltd ADR
|
36,058
|
1,618,644
|
|
|
Trip.com Group Ltd ADR (b)
|
60,616
|
2,875,017
|
|
|
5,585,501
|
|||
|
TOTAL CONSUMER DISCRETIONARY
|
23,694,100
|
||
|
Financials - 0.0%
|
|||
|
Consumer Finance - 0.0%
|
|||
|
Qfin Holdings Inc Class A ADR
|
34,716
|
558,233
|
|
|
Insurance - 0.0%
|
|||
|
Maase Inc Class A (b)(c)
|
3,268
|
38,857
|
|
|
TOTAL FINANCIALS
|
597,090
|
||
|
Health Care - 0.0%
|
|||
|
Pharmaceuticals - 0.0%
|
|||
|
BGM Group Ltd Class A (b)(c)
|
61,739
|
19,583
|
|
|
Industrials - 0.0%
|
|||
|
Professional Services - 0.0%
|
|||
|
Kanzhun Ltd ADR
|
90,909
|
1,233,635
|
|
|
Information Technology - 0.0%
|
|||
|
IT Services - 0.0%
|
|||
|
GDS Holdings Ltd Class A ADR (b)(c)
|
25,649
|
909,257
|
|
|
Vnet Group Inc Class A ADR (b)(c)
|
47,998
|
483,820
|
|
|
TOTAL INFORMATION TECHNOLOGY
|
1,393,077
|
||
|
TOTAL CHINA
|
35,230,638
|
||
|
COSTA RICA - 0.0%
|
|||
|
Health Care - 0.0%
|
|||
|
Health Care Equipment & Supplies - 0.0%
|
|||
|
Establishment Labs Holdings Inc (b)(c)
|
9,685
|
684,633
|
|
|
DENMARK - 0.0%
|
|||
|
Health Care - 0.0%
|
|||
|
Biotechnology - 0.0%
|
|||
|
Ascendis Pharma A/S (b)
|
14,549
|
3,260,577
|
|
|
Genmab A/S ADR (b)
|
25,967
|
683,711
|
|
|
TOTAL DENMARK
|
3,944,288
|
||
|
FRANCE - 0.0%
|
|||
|
Communication Services - 0.0%
|
|||
|
Media - 0.0%
|
|||
|
Criteo SA ADR (b)
|
30,117
|
549,635
|
|
|
Health Care - 0.0%
|
|||
|
Biotechnology - 0.0%
|
|||
|
Abivax SA ADR (b)
|
14,583
|
1,934,144
|
|
|
Clementia Pharmaceuticals Inc rights (b)(d)
|
20,215
|
0
|
|
|
TOTAL HEALTH CARE
|
1,934,144
|
||
|
TOTAL FRANCE
|
2,483,779
|
||
|
GERMANY - 0.0%
|
|||
|
Health Care - 0.0%
|
|||
|
Biotechnology - 0.0%
|
|||
|
BioNTech SE ADR (b)
|
28,414
|
2,726,324
|
|
|
Immatics NV (b)(c)
|
60,449
|
695,768
|
|
|
3,422,092
|
|||
|
Pharmaceuticals - 0.0%
|
|||
|
AtaiBeckley Inc (b)(c)
|
112,544
|
509,824
|
|
|
TOTAL GERMANY
|
3,931,916
|
||
|
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
|
|||
|
Financials - 0.0%
|
|||
|
Capital Markets - 0.0%
|
|||
|
Webull Corp Class A (b)(c)
|
107,440
|
687,616
|
|
|
Insurance - 0.0%
|
|||
|
Oxbridge Re Holdings Ltd (b)(c)
|
92,193
|
94,959
|
|
|
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
|
782,575
|
||
|
GREECE - 0.0%
|
|||
|
Industrials - 0.0%
|
|||
|
Marine Transportation - 0.0%
|
|||
|
Star Bulk Carriers Corp
|
41,328
|
1,126,188
|
|
|
GUATEMALA - 0.0%
|
|||
|
Communication Services - 0.0%
|
|||
|
Wireless Telecommunication Services - 0.0%
|
|||
|
Millicom International Cellular SA (c)
|
41,730
|
3,562,073
|
|
|
HONG KONG - 0.1%
|
|||
|
Communication Services - 0.0%
|
|||
|
Media - 0.0%
|
|||
|
QMMM Holdings Ltd Class A (b)(d)
|
11,212
|
669,356
|
|
|
Consumer Discretionary - 0.0%
|
|||
|
Hotels, Restaurants & Leisure - 0.0%
|
|||
|
Melco Resorts & Entertainment Ltd ADR (b)
|
71,874
|
399,619
|
|
|
Financials - 0.0%
|
|||
|
Capital Markets - 0.0%
|
|||
|
Futu Holdings Ltd Class A ADR
|
19,226
|
2,000,850
|
|
|
Health Care - 0.1%
|
|||
|
Pharmaceuticals - 0.1%
|
|||
|
Regencell Bioscience Holdings Ltd (b)(c)
|
120,879
|
2,889,009
|
|
|
Information Technology - 0.0%
|
|||
|
IT Services - 0.0%
|
|||
|
Mega Fortune Co Ltd (b)(c)
|
4,084
|
338,890
|
|
|
TOTAL HONG KONG
|
6,297,724
|
||
|
INDIA - 0.0%
|
|||
|
Consumer Discretionary - 0.0%
|
|||
|
Hotels, Restaurants & Leisure - 0.0%
|
|||
|
MakeMyTrip Ltd (b)(c)
|
21,691
|
1,013,837
|
|
|
INDONESIA - 0.0%
|
|||
|
Consumer Discretionary - 0.0%
|
|||
|
Distributors - 0.0%
|
|||
|
Polibeli Group Ltd Class A (c)
|
90,626
|
638,007
|
|
|
IRELAND - 0.0%
|
|||
|
Industrials - 0.0%
|
|||
|
Commercial Services & Supplies - 0.0%
|
|||
|
Cimpress PLC (b)(c)
|
9,079
|
894,826
|
|
|
ISRAEL - 0.4%
|
|||
|
Consumer Discretionary - 0.0%
|
|||
|
Automobile Components - 0.0%
|
|||
|
Mobileye Global Inc Class A (b)
|
64,626
|
668,233
|
|
|
Broadline Retail - 0.0%
|
|||
|
Global-e Online Ltd (b)
|
43,552
|
1,334,433
|
|
|
TOTAL CONSUMER DISCRETIONARY
|
2,002,666
|
||
|
Financials - 0.0%
|
|||
|
Capital Markets - 0.0%
|
|||
|
Etoro Group Ltd Class A (b)
|
23,994
|
1,007,268
|
|
|
Industrials - 0.1%
|
|||
|
Aerospace & Defense - 0.1%
|
|||
|
Elbit Systems Ltd (United States) (c)
|
11,247
|
9,907,370
|
|
|
Information Technology - 0.3%
|
|||
|
Communications Equipment - 0.0%
|
|||
|
Gilat Satellite Networks Ltd (United States) (b)(c)
|
28,159
|
483,490
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|||
|
Nayax Ltd (United States) (b)(c)
|
14,231
|
1,078,852
|
|
|
IT Services - 0.0%
|
|||
|
Matrix IT Ltd
|
13,785
|
434,940
|
|
|
Wix.com Ltd (b)(c)
|
13,950
|
782,037
|
|
|
1,216,977
|
|||
|
Semiconductors & Semiconductor Equipment - 0.2%
|
|||
|
Camtek Ltd/Israel (b)(c)
|
9,260
|
1,589,572
|
|
|
Nova Ltd (b)(c)
|
7,518
|
3,776,517
|
|
|
Tower Semiconductor Ltd (United States) (b)
|
26,225
|
6,693,407
|
|
|
12,059,496
|
|||
|
Software - 0.1%
|
|||
|
Cellebrite DI Ltd (b)
|
83,173
|
1,225,138
|
|
|
Check Point Software Technologies Ltd (b)
|
25,625
|
3,460,657
|
|
|
Nice Ltd ADR (b)(c)
|
12,284
|
1,138,235
|
|
|
Radware Ltd (b)
|
23,068
|
699,883
|
|
|
6,523,913
|
|||
|
TOTAL INFORMATION TECHNOLOGY
|
21,362,728
|
||
|
Utilities - 0.0%
|
|||
|
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
|
Enlight Renewable Energy Ltd (United States) (b)(c)
|
35,608
|
3,825,011
|
|
|
TOTAL ISRAEL
|
38,105,043
|
||
|
ITALY - 0.0%
|
|||
|
Industrials - 0.0%
|
|||
|
Passenger Airlines - 0.0%
|
|||
|
Ryanair Holdings PLC ADR
|
53,188
|
3,232,767
|
|
|
JAPAN - 0.0%
|
|||
|
Health Care - 0.0%
|
|||
|
Pharmaceuticals - 0.0%
|
|||
|
Satsuma Pharmaceuticals Inc rights (b)(d)
|
218,164
|
1
|
|
|
Information Technology - 0.0%
|
|||
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
|
Allegro MicroSystems Inc (b)(c)
|
35,582
|
1,703,311
|
|
|
TOTAL JAPAN
|
1,703,312
|
||
|
JORDAN - 0.0%
|
|||
|
Financials - 0.0%
|
|||
|
Insurance - 0.0%
|
|||
|
International General Insurance Holdings Ltd (c)
|
17,074
|
416,775
|
|
|
KAZAKHSTAN - 0.1%
|
|||
|
Financials - 0.1%
|
|||
|
Capital Markets - 0.0%
|
|||
|
Freedom Holding Corp/NV (b)(c)
|
16,847
|
2,406,089
|
|
|
Consumer Finance - 0.1%
|
|||
|
Kaspi.KZ JSC ADR
|
49,286
|
4,455,454
|
|
|
TOTAL KAZAKHSTAN
|
6,861,543
|
||
|
KOREA (SOUTH) - 0.0%
|
|||
|
Communication Services - 0.0%
|
|||
|
Interactive Media & Services - 0.0%
|
|||
|
Webtoon Entertainment Inc (b)(c)
|
61,661
|
757,814
|
|
|
LUXEMBOURG - 0.0%
|
|||
|
Health Care - 0.0%
|
|||
|
Biotechnology - 0.0%
|
|||
|
Alvotech SA (b)(c)
|
131,339
|
441,299
|
|
|
MOROCCO - 0.0%
|
|||
|
Materials - 0.0%
|
|||
|
Metals & Mining - 0.0%
|
|||
|
Aya Gold & Silver Inc (United States) (b)(c)
|
34,021
|
714,441
|
|
|
NETHERLANDS - 0.8%
|
|||
|
Health Care - 0.1%
|
|||
|
Biotechnology - 0.1%
|
|||
|
Argenx SE ADR (b)
|
6,601
|
5,518,370
|
|
|
Newamsterdam Pharma Co NV (b)(c)
|
34,423
|
1,159,367
|
|
|
uniQure NV (b)(c)
|
17,365
|
495,423
|
|
|
7,173,160
|
|||
|
Pharmaceuticals - 0.0%
|
|||
|
Pharvaris NV (b)(c)
|
26,840
|
809,494
|
|
|
TOTAL HEALTH CARE
|
7,982,654
|
||
|
Information Technology - 0.7%
|
|||
|
Semiconductors & Semiconductor Equipment - 0.6%
|
|||
|
ASML Holding NV depository receipt
|
20,699
|
33,382,520
|
|
|
NXP Semiconductors NV
|
58,588
|
18,827,254
|
|
|
52,209,774
|
|||
|
Software - 0.1%
|
|||
|
Nebius Group NV Class A (b)(c)
|
52,281
|
12,081,616
|
|
|
TOTAL INFORMATION TECHNOLOGY
|
64,291,390
|
||
|
TOTAL NETHERLANDS
|
72,274,044
|
||
|
PAKISTAN - 0.0%
|
|||
|
Communication Services - 0.0%
|
|||
|
Wireless Telecommunication Services - 0.0%
|
|||
|
VEON Ltd ADR (b)
|
13,463
|
755,813
|
|
|
PUERTO RICO - 0.0%
|
|||
|
Communication Services - 0.0%
|
|||
|
Diversified Telecommunication Services - 0.0%
|
|||
|
Liberty Latin America Ltd Class C (b)
|
77,014
|
631,515
|
|
|
Financials - 0.0%
|
|||
|
Banks - 0.0%
|
|||
|
Popular Inc
|
16,732
|
2,485,204
|
|
|
TOTAL PUERTO RICO
|
3,116,719
|
||
|
RUSSIA - 0.0%
|
|||
|
Consumer Discretionary - 0.0%
|
|||
|
Broadline Retail - 0.0%
|
|||
|
Ozon Holdings PLC ADR (b)(c)(d)
|
22,100
|
0
|
|
|
SINGAPORE - 0.0%
|
|||
|
Industrials - 0.0%
|
|||
|
Ground Transportation - 0.0%
|
|||
|
Grab Holdings Ltd Class A (b)
|
932,217
|
3,300,048
|
|
|
Information Technology - 0.0%
|
|||
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
|
Kulicke & Soffa Industries Inc
|
8,352
|
850,985
|
|
|
TOTAL SINGAPORE
|
4,151,033
|
||
|
SOUTH AFRICA - 0.0%
|
|||
|
Information Technology - 0.0%
|
|||
|
Software - 0.0%
|
|||
|
Karooooo Ltd
|
13,855
|
660,884
|
|
|
SWEDEN - 0.0%
|
|||
|
Health Care - 0.0%
|
|||
|
Pharmaceuticals - 0.0%
|
|||
|
Dova Pharmaceuticals Inc rights (b)(d)
|
7,729
|
0
|
|
|
Information Technology - 0.0%
|
|||
|
Communications Equipment - 0.0%
|
|||
|
Telefonaktiebolaget LM Ericsson Class B ADR (c)
|
82,325
|
1,075,165
|
|
|
TOTAL SWEDEN
|
1,075,165
|
||
|
SWITZERLAND - 0.1%
|
|||
|
Consumer Discretionary - 0.0%
|
|||
|
Automobile Components - 0.0%
|
|||
|
Garrett Motion Inc
|
46,131
|
1,511,252
|
|
|
Energy - 0.0%
|
|||
|
Oil, Gas & Consumable Fuels - 0.0%
|
|||
|
TORM PLC Class A (United States)
|
36,393
|
991,345
|
|
|
Health Care - 0.0%
|
|||
|
Biotechnology - 0.0%
|
|||
|
CRISPR Therapeutics AG (b)(c)
|
27,615
|
1,551,411
|
|
|
Health Care Technology - 0.0%
|
|||
|
Sophia Genetics SA (b)
|
56,984
|
287,769
|
|
|
Pharmaceuticals - 0.0%
|
|||
|
Oculis Holding AG (b)(c)
|
24,995
|
574,385
|
|
|
TOTAL HEALTH CARE
|
2,413,565
|
||
|
Information Technology - 0.1%
|
|||
|
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
|
Logitech International SA (United States) (c)
|
35,751
|
4,356,974
|
|
|
TOTAL SWITZERLAND
|
9,273,136
|
||
|
TAIWAN - 0.0%
|
|||
|
Financials - 0.0%
|
|||
|
Financial Services - 0.0%
|
|||
|
OBOOK Holdings Inc Class A (c)
|
14,479
|
83,978
|
|
|
Health Care - 0.0%
|
|||
|
Biotechnology - 0.0%
|
|||
|
Jyong Biotech Ltd (b)(c)
|
26,558
|
58,427
|
|
|
YD Bio Ltd (c)
|
22,725
|
68,630
|
|
|
TOTAL HEALTH CARE
|
127,057
|
||
|
Information Technology - 0.0%
|
|||
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
|
Himax Technologies Inc ADR
|
22,377
|
460,295
|
|
|
Silicon Motion Technology Corp ADR
|
5,480
|
1,517,248
|
|
|
TOTAL INFORMATION TECHNOLOGY
|
1,977,543
|
||
|
TOTAL TAIWAN
|
2,188,578
|
||
|
UNITED ARAB EMIRATES - 0.0%
|
|||
|
Communication Services - 0.0%
|
|||
|
Wireless Telecommunication Services - 0.0%
|
|||
|
Kyivstar Group Ltd (c)
|
72,918
|
1,041,269
|
|
|
UNITED KINGDOM - 0.1%
|
|||
|
Communication Services - 0.0%
|
|||
|
Wireless Telecommunication Services - 0.0%
|
|||
|
Vodafone Group PLC ADR
|
92,033
|
1,376,814
|
|
|
Consumer Staples - 0.1%
|
|||
|
Beverages - 0.1%
|
|||
|
Coca-Cola Europacific Partners PLC
|
108,559
|
9,845,216
|
|
|
Financials - 0.0%
|
|||
|
Capital Markets - 0.0%
|
|||
|
Marex Group PLC (c)
|
21,997
|
1,164,521
|
|
|
Financial Services - 0.0%
|
|||
|
Wise Group PLC (c)
|
242,775
|
3,100,237
|
|
|
TOTAL FINANCIALS
|
4,264,758
|
||
|
Health Care - 0.0%
|
|||
|
Biotechnology - 0.0%
|
|||
|
Immunocore Holdings PLC ADR (b)
|
19,801
|
572,051
|
|
|
Pharmaceuticals - 0.0%
|
|||
|
Astrazeneca PLC rights (b)(d)
|
21,510
|
0
|
|
|
CinCor Pharma Inc rights (b)(d)
|
12,042
|
0
|
|
|
0
|
|||
|
TOTAL HEALTH CARE
|
572,051
|
||
|
TOTAL UNITED KINGDOM
|
16,058,839
|
||
|
UNITED STATES - 96.6%
|
|||
|
Communication Services - 14.7%
|
|||
|
Diversified Telecommunication Services - 0.3%
|
|||
|
AST SpaceMobile Inc Class A (b)(c)
|
67,124
|
7,612,533
|
|
|
Cogent Communications Holdings Inc (c)
|
19,371
|
344,029
|
|
|
Comcast Corp Class A
|
842,660
|
20,956,954
|
|
|
GCI LLC Class C
|
15,574
|
348,390
|
|
|
Globalstar Inc (b)
|
31,347
|
2,639,731
|
|
|
Iridium Communications Inc (c)
|
35,935
|
1,860,714
|
|
|
Shenandoah Telecommunications Co (c)
|
39,390
|
628,271
|
|
|
Uniti Group Inc (b)
|
79,325
|
890,027
|
|
|
35,280,649
|
|||
|
Entertainment - 1.2%
|
|||
|
Atlanta Braves Holdings Inc Class C (b)(c)
|
19,757
|
979,947
|
|
|
Electronic Arts Inc
|
58,021
|
11,703,996
|
|
|
Liberty Media Corp-Liberty Formula One Class A (b)(c)
|
9,456
|
794,115
|
|
|
Liberty Media Corp-Liberty Formula One Class C (b)
|
51,070
|
4,636,645
|
|
|
Netflix Inc (b)
|
1,001,720
|
86,167,955
|
|
|
Playtika Holding Corp (c)
|
162,893
|
614,107
|
|
|
Roku Inc Class A (b)
|
31,074
|
4,045,213
|
|
|
Take-Two Interactive Software Inc (b)
|
44,619
|
10,001,795
|
|
|
Warner Bros Discovery Inc (b)
|
584,335
|
15,782,888
|
|
|
Warner Music Group Corp Class A
|
42,387
|
1,336,886
|
|
|
136,063,547
|
|||
|
Interactive Media & Services - 12.5%
|
|||
|
Alphabet Inc Class A
|
1,385,722
|
527,045,506
|
|
|
Alphabet Inc Class C
|
1,294,317
|
487,219,748
|
|
|
Cargurus Inc Class A (b)(c)
|
26,480
|
790,693
|
|
|
IAC Inc Class A (b)(c)
|
25,272
|
1,134,460
|
|
|
Match Group Inc
|
60,558
|
2,187,961
|
|
|
Meta Platforms Inc Class A
|
520,063
|
328,945,048
|
|
|
Rumble Inc Class A (b)(c)
|
110,248
|
1,013,179
|
|
|
Trump Media & Technology Group Corp (b)(c)
|
91,699
|
853,718
|
|
|
Ziff Davis Inc (b)(c)
|
17,263
|
778,043
|
|
|
ZoomInfo Technologies Inc (b)(c)
|
95,914
|
319,393
|
|
|
1,350,287,749
|
|||
|
Media - 0.3%
|
|||
|
Advantage Solutions Inc Class A (b)(c)
|
10,473
|
391,900
|
|
|
Charter Communications Inc Class A (b)(c)
|
30,622
|
4,411,099
|
|
|
comScore Inc (b)(c)
|
13,562
|
108,766
|
|
|
EchoStar Corp Class A (b)(c)
|
37,914
|
4,898,110
|
|
|
Fox Corp Class A
|
50,824
|
3,248,670
|
|
|
Fox Corp Class B
|
50,340
|
2,889,013
|
|
|
Liberty Broadband Corp Class C (b)
|
35,899
|
1,211,950
|
|
|
Magnite Inc (b)
|
45,459
|
651,427
|
|
|
News Corp Class A
|
93,522
|
2,440,925
|
|
|
News Corp Class B (c)
|
36,631
|
1,092,336
|
|
|
Nexstar Media Group Inc (c)
|
7,879
|
1,405,850
|
|
|
Paramount Skydance Corp Class B (c)
|
269,737
|
2,861,910
|
|
|
Sirius XM Holdings Inc (c)
|
89,288
|
2,635,782
|
|
|
Stagwell Inc Class A (b)(c)
|
109,519
|
767,728
|
|
|
Trade Desk Inc (The) Class A (b)
|
104,526
|
2,253,581
|
|
|
Versant Media Group Inc Class A
|
34,288
|
1,479,184
|
|
|
32,748,231
|
|||
|
Wireless Telecommunication Services - 0.4%
|
|||
|
T-Mobile US Inc
|
260,628
|
48,875,569
|
|
|
TOTAL COMMUNICATION SERVICES
|
1,603,255,745
|
||
|
Consumer Discretionary - 12.2%
|
|||
|
Automobile Components - 0.1%
|
|||
|
Dorman Products Inc (b)(c)
|
9,788
|
1,212,929
|
|
|
Gentex Corp
|
56,420
|
1,363,107
|
|
|
Goodyear Tire & Rubber Co/The (b)
|
99,366
|
606,133
|
|
|
Kodiak AI Inc (b)(c)
|
66,679
|
469,419
|
|
|
Patrick Industries Inc (c)
|
10,223
|
925,386
|
|
|
QuantumScape Corp Class A (b)(c)
|
134,369
|
1,206,634
|
|
|
Visteon Corp (c)
|
9,702
|
1,147,650
|
|
|
6,931,258
|
|||
|
Automobiles - 3.6%
|
|||
|
Cenntro Inc (b)(c)
|
15,776
|
70,992
|
|
|
Lucid Group Inc (b)(c)
|
97,675
|
639,771
|
|
|
Rivian Automotive Inc Class A (b)(c)
|
296,396
|
4,831,255
|
|
|
Tesla Inc (b)
|
892,232
|
388,825,783
|
|
|
394,367,801
|
|||
|
Broadline Retail - 6.5%
|
|||
|
Amazon.com Inc (b)
|
2,555,322
|
691,572,346
|
|
|
eBay Inc
|
107,290
|
11,723,578
|
|
|
Ollie's Bargain Outlet Holdings Inc (b)(c)
|
16,116
|
1,315,549
|
|
|
Pattern Group Inc Class A
|
50,835
|
955,190
|
|
|
705,566,663
|
|||
|
Distributors - 0.0%
|
|||
|
GigaCloud Technology Inc Class A (b)(c)
|
10,513
|
378,889
|
|
|
LKQ Corp
|
70,570
|
1,913,858
|
|
|
Pool Corp
|
9,155
|
1,660,717
|
|
|
3,953,464
|
|||
|
Diversified Consumer Services - 0.1%
|
|||
|
Driven Brands Holdings Inc (b)
|
58,743
|
813,003
|
|
|
Duolingo Inc Class A (b)(c)
|
9,224
|
1,027,185
|
|
|
Frontdoor Inc (b)
|
18,819
|
1,168,095
|
|
|
Grand Canyon Education Inc (b)
|
8,535
|
1,278,970
|
|
|
Laureate Education Inc (b)
|
39,550
|
1,265,205
|
|
|
Liberty Live Holdings Inc Class A
|
5,841
|
562,605
|
|
|
Liberty Live Holdings Inc Class C
|
13,837
|
1,371,247
|
|
|
Lincoln Educational Services Corp (b)(c)
|
15,769
|
730,420
|
|
|
Perdoceo Education Corp
|
23,957
|
775,728
|
|
|
Strategic Education Inc
|
9,413
|
722,447
|
|
|
9,714,905
|
|||
|
Hotels, Restaurants & Leisure - 1.3%
|
|||
|
Airbnb Inc Class A (b)
|
98,603
|
13,144,766
|
|
|
Booking Holdings Inc
|
186,687
|
31,257,005
|
|
|
Caesars Entertainment Inc (b)
|
56,487
|
1,640,947
|
|
|
Cheesecake Factory Inc/The (c)
|
17,038
|
1,125,190
|
|
|
Churchill Downs Inc
|
17,710
|
1,544,489
|
|
|
Domino's Pizza Inc
|
7,331
|
2,276,862
|
|
|
DoorDash Inc Class A (b)
|
97,509
|
15,532,209
|
|
|
DraftKings Inc Class A (b)
|
120,608
|
2,953,690
|
|
|
Expedia Group Inc Class A (c)
|
27,793
|
6,275,381
|
|
|
Marriott International Inc/MD Class A1
|
62,172
|
23,351,803
|
|
|
Monarch Casino & Resort Inc
|
7,486
|
900,266
|
|
|
Navan Inc Class A (b)
|
68,210
|
1,457,648
|
|
|
Papa John's International Inc (c)
|
13,068
|
447,056
|
|
|
Penn Entertainment Inc (b)
|
53,291
|
1,003,470
|
|
|
Red Rock Resorts Inc Class A (c)
|
17,856
|
1,042,433
|
|
|
SHARPLINK INC (b)(c)
|
50,754
|
310,107
|
|
|
Sportradar Holding AG Class A (b)(c)
|
61,781
|
816,127
|
|
|
Starbucks Corp
|
268,362
|
26,610,776
|
|
|
Target Hospitality Corp (b)
|
37,275
|
647,094
|
|
|
Texas Roadhouse Inc
|
15,447
|
2,790,037
|
|
|
Wendy's Co/The (c)
|
84,533
|
650,904
|
|
|
Wingstop Inc (c)
|
6,929
|
1,087,576
|
|
|
Wynn Resorts Ltd (c)
|
25,100
|
2,540,622
|
|
|
139,406,458
|
|||
|
Household Durables - 0.0%
|
|||
|
Cavco Industries Inc (b)
|
2,210
|
1,185,710
|
|
|
LGI Homes Inc (b)(c)
|
10,847
|
518,595
|
|
|
Newell Brands Inc (c)
|
153,081
|
520,475
|
|
|
Sonos Inc (b)(c)
|
45,549
|
718,763
|
|
|
2,943,543
|
|||
|
Leisure Products - 0.0%
|
|||
|
BRP Inc Subordinate Voting Shares (United States)
|
12,394
|
716,001
|
|
|
Hasbro Inc
|
30,618
|
2,638,354
|
|
|
Mattel Inc (b)(c)
|
80,928
|
1,209,064
|
|
|
Peloton Interactive Inc Class A (b)(c)
|
116,101
|
743,046
|
|
|
5,306,465
|
|||
|
Specialty Retail - 0.5%
|
|||
|
Academy Sports & Outdoors Inc (c)
|
21,308
|
1,125,062
|
|
|
Five Below Inc (b)
|
11,755
|
2,672,617
|
|
|
National Vision Holdings Inc (b)
|
26,513
|
444,093
|
|
|
Newegg Commerce Inc Class A (b)(c)
|
5,698
|
105,812
|
|
|
O'Reilly Automotive Inc (b)
|
197,608
|
17,168,183
|
|
|
Petco Health & Wellness Co Inc Class A (b)(c)
|
116,421
|
350,427
|
|
|
RealReal Inc/The (b)(c)
|
35,678
|
343,936
|
|
|
Ross Stores Inc
|
75,782
|
17,560,964
|
|
|
Tractor Supply Co
|
127,110
|
4,007,778
|
|
|
Ulta Beauty Inc (b)
|
10,379
|
5,281,354
|
|
|
Upbound Group Inc
|
30,744
|
590,592
|
|
|
Urban Outfitters Inc (b)
|
24,288
|
1,764,523
|
|
|
Winmark Corp (c)
|
1,507
|
570,505
|
|
|
51,985,846
|
|||
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
|
Columbia Sportswear Co (c)
|
18,046
|
1,194,284
|
|
|
Crocs Inc (b)
|
13,941
|
1,654,378
|
|
|
Lululemon Athletica Inc (b)
|
26,736
|
3,507,229
|
|
|
Steven Madden Ltd
|
22,043
|
957,548
|
|
|
7,313,439
|
|||
|
TOTAL CONSUMER DISCRETIONARY
|
1,327,489,842
|
||
|
Consumer Staples - 4.3%
|
|||
|
Beverages - 0.8%
|
|||
|
Celsius Holdings Inc (b)
|
63,396
|
2,109,185
|
|
|
Coca-Cola Consolidated Inc
|
13,498
|
2,338,663
|
|
|
Keurig Dr Pepper Inc
|
324,148
|
9,734,164
|
|
|
Monster Beverage Corp (b)
|
228,641
|
20,138,699
|
|
|
National Beverage Corp (b)
|
31,640
|
1,170,364
|
|
|
PepsiCo Inc
|
323,225
|
46,605,814
|
|
|
Vita Coco Co Inc/The (b)(c)
|
17,525
|
1,316,653
|
|
|
83,413,542
|
|||
|
Consumer Staples Distribution & Retail - 3.1%
|
|||
|
Andersons Inc/The (c)
|
12,448
|
878,704
|
|
|
Casey's General Stores Inc
|
8,899
|
6,826,779
|
|
|
Chefs' Warehouse Inc/The (b)(c)
|
14,444
|
1,105,544
|
|
|
Costco Wholesale Corp
|
105,337
|
100,735,880
|
|
|
Dollar Tree Inc (b)
|
48,234
|
5,616,367
|
|
|
Ingles Markets Inc Class A (c)
|
6,851
|
606,039
|
|
|
Maplebear Inc (b)(c)
|
63,911
|
2,543,658
|
|
|
PriceSmart Inc
|
9,363
|
1,591,616
|
|
|
Sprouts Farmers Market Inc (b)
|
23,637
|
1,952,889
|
|
|
Walmart Inc
|
1,895,194
|
219,368,706
|
|
|
341,226,182
|
|||
|
Food Products - 0.3%
|
|||
|
Bridgford Foods Corp (b)
|
3,010
|
23,327
|
|
|
Cal-Maine Foods Inc (c)
|
13,305
|
994,150
|
|
|
Campbell's Company/The (c)
|
77,675
|
1,639,719
|
|
|
Freshpet Inc (b)
|
15,286
|
788,758
|
|
|
J & J Snack Foods Corp
|
8,507
|
647,553
|
|
|
Kraft Heinz Co/The
|
294,845
|
7,079,228
|
|
|
Marzetti Company/The
|
8,735
|
977,796
|
|
|
Mondelez International Inc
|
302,642
|
18,512,611
|
|
|
Pilgrim's Pride Corp
|
65,416
|
1,851,927
|
|
|
Simply Good Foods Co/The (b)
|
40,906
|
471,237
|
|
|
Smithfield Foods Inc
|
104,617
|
2,702,257
|
|
|
35,688,563
|
|||
|
Household Products - 0.1%
|
|||
|
Central Garden & Pet Co Class A (b)
|
21,947
|
749,051
|
|
|
Kimberly-Clark Corp (c)
|
76,155
|
7,432,729
|
|
|
Reynolds Consumer Products Inc
|
64,723
|
1,402,547
|
|
|
WD-40 Co
|
4,557
|
911,263
|
|
|
10,495,590
|
|||
|
Personal Care Products - 0.0%
|
|||
|
Interparfums Inc (c)
|
9,074
|
856,313
|
|
|
Olaplex Holdings Inc (b)
|
364,221
|
743,011
|
|
|
1,599,324
|
|||
|
TOTAL CONSUMER STAPLES
|
472,423,201
|
||
|
Energy - 0.5%
|
|||
|
Energy Equipment & Services - 0.2%
|
|||
|
Baker Hughes Co Class A
|
230,132
|
14,700,832
|
|
|
National Energy Services Reunited Corp (b)
|
26,746
|
651,265
|
|
|
Patterson-UTI Energy Inc
|
119,664
|
1,341,433
|
|
|
ProFrac Holding Corp Class A (b)(c)
|
79,353
|
484,847
|
|
|
Smart Sand Inc
|
76,618
|
328,691
|
|
|
Weatherford International PLC
|
14,750
|
1,528,690
|
|
|
19,035,758
|
|||
|
Oil, Gas & Consumable Fuels - 0.3%
|
|||
|
Alliance Resource Partners LP
|
42,441
|
1,054,659
|
|
|
APA Corp
|
84,725
|
3,086,532
|
|
|
Calumet Inc (b)
|
22,571
|
800,593
|
|
|
Chord Energy Corp
|
15,989
|
2,108,469
|
|
|
Diamondback Energy Inc
|
67,127
|
12,853,479
|
|
|
Expand Energy Corp
|
57,226
|
5,320,873
|
|
|
Green Plains Inc (b)
|
28,711
|
449,901
|
|
|
HighPeak Energy Inc Class A (c)
|
65,632
|
465,987
|
|
|
NextDecade Corp (b)(c)
|
96,362
|
762,223
|
|
|
Plains All American Pipeline LP
|
155,627
|
3,490,714
|
|
|
Plains GP Holdings LP Class A
|
52,525
|
1,278,984
|
|
|
Viper Energy Inc Class A
|
40,224
|
1,830,192
|
|
|
33,502,606
|
|||
|
TOTAL ENERGY
|
52,538,364
|
||
|
Financials - 2.8%
|
|||
|
Banks - 0.9%
|
|||
|
1st Source Corp
|
10,504
|
775,405
|
|
|
Amalgamated Financial Corp
|
14,961
|
620,582
|
|
|
BancFirst Corp
|
10,810
|
1,192,235
|
|
|
Bancorp Inc/The (b)
|
14,614
|
806,108
|
|
|
Bank First Corp (c)
|
4,921
|
684,117
|
|
|
Bank OZK (c)
|
25,824
|
1,249,623
|
|
|
Banner Corp
|
13,038
|
847,470
|
|
|
BCB Bancorp Inc
|
41,310
|
431,276
|
|
|
BOK Financial Corp
|
16,896
|
2,163,364
|
|
|
Broadway Financial Corp/DE (b)
|
17,535
|
168,336
|
|
|
Burke & Herbert Financial Services Corp (c)
|
8,539
|
543,080
|
|
|
Business First Bancshares Inc
|
19,087
|
543,598
|
|
|
Cathay General Bancorp
|
22,245
|
1,282,647
|
|
|
Central BanCo Inc (c)
|
70,485
|
2,001,774
|
|
|
City Holding Co
|
5,983
|
743,747
|
|
|
Columbia Banking System Inc
|
73,410
|
2,175,872
|
|
|
Columbia Financial Inc (b)(c)
|
42,570
|
856,934
|
|
|
Commerce Bancshares Inc/MO (c)
|
38,487
|
2,009,791
|
|
|
Connectone Bancorp Inc
|
23,529
|
707,517
|
|
|
CVB Financial Corp (c)
|
73,266
|
1,491,696
|
|
|
East West Bancorp Inc
|
30,035
|
3,680,489
|
|
|
Eastern Bankshares Inc
|
71,726
|
1,415,154
|
|
|
Enterprise Financial Services Corp (c)
|
14,274
|
865,147
|
|
|
Fifth Third Bancorp
|
208,165
|
10,393,679
|
|
|
First Bancorp/Southern Pines NC (c)
|
15,381
|
904,864
|
|
|
First Busey Corp (c)
|
33,039
|
904,277
|
|
|
First Citizens BancShares Inc/NC Class A (c)
|
2,570
|
5,115,612
|
|
|
First Community Bankshares Inc (c)
|
12,413
|
535,124
|
|
|
First Financial Bancorp (c)
|
33,997
|
1,045,748
|
|
|
First Financial Bankshares Inc (c)
|
44,322
|
1,448,443
|
|
|
First Hawaiian Inc
|
41,539
|
1,120,722
|
|
|
First Internet Bancorp (c)
|
16,664
|
402,602
|
|
|
First Interstate BancSystem Inc Class A (c)
|
32,929
|
1,172,272
|
|
|
First Merchants Corp
|
22,914
|
923,434
|
|
|
First Mid Bancshares Inc
|
13,151
|
579,302
|
|
|
Fulton Financial Corp
|
57,450
|
1,246,091
|
|
|
German American Bancorp Inc
|
16,356
|
715,084
|
|
|
Hancock Whitney Corp (c)
|
21,526
|
1,466,351
|
|
|
Hope Bancorp Inc
|
57,067
|
715,620
|
|
|
Huntington Bancshares Inc/OH
|
463,563
|
7,583,892
|
|
|
Independent Bank Corp (c)
|
15,651
|
1,237,681
|
|
|
International Bancshares Corp
|
19,271
|
1,390,595
|
|
|
Investar Holding Corp
|
14,573
|
411,833
|
|
|
Lakeland Financial Corp (c)
|
11,333
|
687,120
|
|
|
Mechanics Bancorp Class A (c)
|
73,383
|
1,080,198
|
|
|
Mercantile Bank Corp
|
10,118
|
536,153
|
|
|
Nbt Bancorp Inc (c)
|
19,545
|
903,761
|
|
|
Northwest Bancshares Inc
|
59,455
|
841,288
|
|
|
Old National Bancorp/IN (c)
|
107,037
|
2,569,958
|
|
|
Pathward Financial Inc (c)
|
8,579
|
705,537
|
|
|
Peoples Bancorp Inc/OH (c)
|
18,179
|
632,266
|
|
|
QCR Holdings Inc
|
7,505
|
691,586
|
|
|
Republic Bancorp Inc/KY Class A
|
8,624
|
698,113
|
|
|
S&T Bancorp Inc (c)
|
16,521
|
744,932
|
|
|
Seacoast Banking Corp of Florida (c)
|
32,730
|
992,046
|
|
|
Simmons First National Corp Class A
|
49,561
|
1,063,083
|
|
|
Stock Yards Bancorp Inc
|
11,665
|
836,847
|
|
|
Texas Capital Bancshares Inc (b)
|
13,836
|
1,376,544
|
|
|
TFS Financial Corp (c)
|
88,751
|
1,412,028
|
|
|
Towne Bank/Portsmouth VA (c)
|
31,241
|
1,064,381
|
|
|
TriCo Bancshares
|
14,089
|
715,721
|
|
|
Trustmark Corp (c)
|
21,418
|
945,819
|
|
|
UMB Financial Corp
|
18,423
|
2,418,203
|
|
|
United Bankshares Inc/WV (c)
|
40,717
|
1,767,525
|
|
|
Univest Financial Corp
|
16,048
|
632,933
|
|
|
Valley National Bancorp
|
112,191
|
1,544,870
|
|
|
WaFd Inc
|
27,760
|
987,146
|
|
|
WesBanco Inc
|
31,701
|
1,098,440
|
|
|
Wintrust Financial Corp
|
17,657
|
2,652,611
|
|
|
WSFS Financial Corp
|
17,671
|
1,262,593
|
|
|
Zions Bancorp NA
|
32,623
|
2,037,306
|
|
|
99,468,196
|
|||
|
Capital Markets - 1.1%
|
|||
|
BGC Group Inc Class A
|
110,416
|
1,153,847
|
|
|
Carlyle Group Inc/The
|
84,849
|
3,854,690
|
|
|
CME Group Inc Class A
|
84,846
|
23,208,776
|
|
|
Coinbase Global Inc Class A (b)
|
53,039
|
10,025,962
|
|
|
Galaxy Digital Inc Class A (b)(c)
|
48,011
|
1,420,165
|
|
|
Greenpro Capital Corp (b)(c)
|
79,569
|
115,375
|
|
|
Hamilton Lane Inc Class A (c)
|
11,088
|
966,097
|
|
|
Interactive Brokers Group Inc Class A
|
103,830
|
9,030,095
|
|
|
LPL Financial Holdings Inc
|
18,705
|
5,120,868
|
|
|
MarketAxess Holdings Inc
|
8,826
|
1,147,733
|
|
|
Morningstar Inc
|
8,849
|
1,610,695
|
|
|
Nasdaq Inc
|
132,194
|
12,230,589
|
|
|
Northern Trust Corp
|
43,143
|
7,138,009
|
|
|
Robinhood Markets Inc Class A (b)
|
185,773
|
17,518,394
|
|
|
SEI Investments Co
|
28,069
|
2,466,704
|
|
|
StepStone Group Inc Class A
|
24,025
|
1,184,673
|
|
|
StoneX Group Inc (b)
|
21,486
|
2,435,438
|
|
|
T Rowe Price Group Inc
|
48,436
|
5,063,015
|
|
|
TPG Inc Class A
|
36,003
|
1,532,648
|
|
|
Tradeweb Markets Inc Class A
|
29,403
|
2,947,651
|
|
|
Victory Capital Holdings Inc Class A (c)
|
19,875
|
1,680,431
|
|
|
Wealthfront Corp (b)(c)
|
46,055
|
562,792
|
|
|
112,414,647
|
|||
|
Consumer Finance - 0.2%
|
|||
|
Credit Acceptance Corp (b)(c)
|
3,011
|
1,727,230
|
|
|
Dave Inc Class A (b)(c)
|
3,256
|
920,015
|
|
|
Encore Capital Group Inc (b)
|
9,935
|
794,105
|
|
|
EZCORP Inc Class A (b)(c)
|
27,880
|
870,971
|
|
|
Figure Technology Solutions Inc Class A
|
42,631
|
1,507,006
|
|
|
FirstCash Holdings Inc
|
11,914
|
2,620,008
|
|
|
Jefferson Capital Inc (c)
|
28,663
|
486,984
|
|
|
SLM Corp (c)
|
54,477
|
1,205,031
|
|
|
SoFi Technologies Inc Class A (b)(c)
|
305,646
|
5,568,870
|
|
|
Upstart Holdings Inc (b)(c)
|
22,940
|
775,143
|
|
|
16,475,363
|
|||
|
Financial Services - 0.3%
|
|||
|
Affirm Holdings Inc Class A (b)
|
70,290
|
5,176,859
|
|
|
Cantor Equity Partners IV Inc
|
34,517
|
356,906
|
|
|
Chime Financial Inc Class A (b)
|
90,982
|
1,692,265
|
|
|
Crane Inflection Point Acquisition Corp III Class A (b)
|
37,393
|
385,896
|
|
|
Enact Holdings Inc (c)
|
41,291
|
1,725,551
|
|
|
Euronet Worldwide Inc (b)(c)
|
11,773
|
853,307
|
|
|
Fiserv Inc (b)
|
127,913
|
7,234,759
|
|
|
Flywire Corp (b)(c)
|
51,082
|
819,355
|
|
|
Jack Henry & Associates Inc (c)
|
16,527
|
2,252,961
|
|
|
M3-Brigade Acquisition V Corp Class A (b)
|
36,462
|
394,154
|
|
|
Marqeta Inc Class A (b)
|
163,599
|
664,212
|
|
|
Merchants Bancorp/IN (c)
|
18,200
|
857,948
|
|
|
NMI Holdings Inc (b)
|
26,218
|
941,226
|
|
|
NMP Acquisition Corp Class A
|
44,929
|
460,073
|
|
|
Payoneer Global Inc (b)
|
138,929
|
722,431
|
|
|
PayPal Holdings Inc
|
216,422
|
9,684,885
|
|
|
Remitly Global Inc (b)
|
60,215
|
1,205,504
|
|
|
Sezzle Inc (b)(c)
|
9,334
|
1,102,812
|
|
|
Silver Pegasus Acquisition Corp
|
34,136
|
349,893
|
|
|
Solarius Capital Acquisition Corp Class A
|
37,606
|
386,214
|
|
|
37,267,211
|
|||
|
Insurance - 0.3%
|
|||
|
Arch Capital Group Ltd (b)
|
81,457
|
7,277,368
|
|
|
Baldwin Insurance Group Inc/The Class A (b)(c)
|
27,949
|
542,770
|
|
|
Brighthouse Financial Inc (b)
|
13,146
|
822,282
|
|
|
Cincinnati Financial Corp
|
35,295
|
5,556,139
|
|
|
Erie Indemnity Co Class A (c)
|
11,529
|
2,456,484
|
|
|
Goosehead Insurance Inc Class A (b)
|
8,851
|
304,386
|
|
|
Palomar Hldgs Inc (b)
|
8,318
|
890,359
|
|
|
Principal Financial Group Inc (c)
|
48,858
|
5,062,666
|
|
|
Selective Insurance Group Inc
|
18,078
|
1,564,470
|
|
|
Skyward Specialty Insurance Group Inc (b)(c)
|
16,294
|
718,891
|
|
|
Slide Insurance Holdings Inc (b)
|
40,620
|
732,379
|
|
|
Tiptree Inc Class A
|
27,945
|
509,717
|
|
|
Willis Towers Watson PLC
|
21,684
|
5,413,844
|
|
|
31,851,755
|
|||
|
Mortgage Real Estate Investment Trusts (REITs) - 0.0%
|
|||
|
Adamas Trust Inc
|
63,226
|
581,679
|
|
|
AGNC Investment Corp (c)
|
236,337
|
2,460,268
|
|
|
3,041,947
|
|||
|
TOTAL FINANCIALS
|
300,519,119
|
||
|
Health Care - 4.4%
|
|||
|
Biotechnology - 2.7%
|
|||
|
ACADIA Pharmaceuticals Inc (b)
|
44,472
|
963,264
|
|
|
ADMA Biologics Inc (b)(c)
|
63,237
|
504,631
|
|
|
Agios Pharmaceuticals Inc (b)(c)
|
25,095
|
737,793
|
|
|
Alkermes PLC (b)(c)
|
44,733
|
1,887,285
|
|
|
Alnylam Pharmaceuticals Inc (b)
|
31,104
|
9,392,786
|
|
|
Amgen Inc
|
127,368
|
42,896,269
|
|
|
AnaptysBio Inc (b)
|
8,753
|
487,280
|
|
|
Annexon Inc (b)(c)
|
69,949
|
379,124
|
|
|
Apogee Therapeutics Inc (b)
|
15,716
|
1,290,912
|
|
|
Applied Genetic Technologies Corp/DE (b)(c)(d)
|
14,225
|
0
|
|
|
Arcutis Biotherapeutics Inc (b)
|
33,557
|
720,133
|
|
|
Ardelyx Inc (b)
|
92,325
|
557,643
|
|
|
ArriVent Biopharma Inc (b)(c)
|
22,839
|
691,337
|
|
|
Arrowhead Pharmaceuticals Inc (b)
|
33,800
|
2,633,358
|
|
|
ARS Pharmaceuticals Inc (b)(c)
|
40,147
|
364,133
|
|
|
Beam Therapeutics Inc (b)(c)
|
33,064
|
1,088,798
|
|
|
BeOne Medicines Ltd ADR (b)
|
8,103
|
2,333,016
|
|
|
Bicara Therapeutics Inc (b)
|
23,032
|
500,946
|
|
|
BioCryst Pharmaceuticals Inc (b)(c)
|
80,493
|
717,193
|
|
|
Biogen Inc (b)
|
34,117
|
6,686,932
|
|
|
BioMarin Pharmaceutical Inc (b)
|
44,256
|
2,535,426
|
|
|
Bridgebio Pharma Inc (b)
|
45,958
|
3,045,177
|
|
|
Capricor Therapeutics Inc (b)(c)
|
15,068
|
451,437
|
|
|
Caris Life Sciences Inc (b)(c)
|
69,602
|
1,163,745
|
|
|
Carisma Therapeutics Inc rights (b)(d)
|
449,253
|
2
|
|
|
Catalyst Pharmaceuticals Inc (b)
|
36,425
|
1,137,553
|
|
|
Celcuity Inc (b)(c)
|
12,162
|
1,616,087
|
|
|
Celldex Therapeutics Inc (b)(c)
|
26,307
|
826,829
|
|
|
Centessa Pharmaceuticals PLC ADR (b)
|
35,499
|
1,411,440
|
|
|
CG oncology Inc (b)(c)
|
21,265
|
1,324,597
|
|
|
Cogent Biosciences Inc (b)(c)
|
42,596
|
1,489,156
|
|
|
Compass Therapeutics Inc (b)(c)
|
64,580
|
153,700
|
|
|
Corvus Pharmaceuticals Inc (b)(c)
|
27,317
|
339,004
|
|
|
Cullinan Therapeutics Inc (b)
|
37,131
|
610,434
|
|
|
Cyclerion Therapeutics Inc (b)(c)
|
21,200
|
66,780
|
|
|
Cytokinetics Inc (b)(c)
|
30,621
|
2,350,468
|
|
|
Damora Therapeutics Inc (b)(c)
|
16,469
|
409,749
|
|
|
Denali Therapeutics Inc (b)(c)
|
52,052
|
1,095,174
|
|
|
Design Therapeutics Inc (b)(c)
|
37,213
|
389,992
|
|
|
Dianthus Therapeutics Inc (b)
|
11,461
|
1,065,988
|
|
|
Disc Medicine Inc (b)(c)
|
11,918
|
829,135
|
|
|
Dyne Therapeutics Inc (b)(c)
|
44,010
|
850,713
|
|
|
Erasca Inc (b)(c)
|
76,593
|
983,454
|
|
|
Exelixis Inc (b)
|
63,344
|
3,197,605
|
|
|
First Tracks Biotherapeutics Inc (c)
|
8,753
|
139,698
|
|
|
Generate Biomedicines Inc (c)
|
41,854
|
549,124
|
|
|
Geron Corp (b)
|
348,551
|
435,689
|
|
|
Gilead Sciences Inc
|
293,347
|
39,434,637
|
|
|
GRAIL Inc (b)(c)
|
11,015
|
789,555
|
|
|
Halozyme Therapeutics Inc (b)
|
27,367
|
1,821,000
|
|
|
Ideaya Biosciences Inc (b)
|
30,205
|
890,141
|
|
|
ImmunityBio Inc (b)(c)
|
243,104
|
1,828,142
|
|
|
Immunome Inc (b)(c)
|
30,872
|
673,936
|
|
|
Immunovant Inc (b)(c)
|
55,075
|
1,833,998
|
|
|
Incyte Corp (b)
|
45,501
|
4,401,767
|
|
|
Inhibrx Biosciences Inc (b)(c)
|
4,908
|
510,481
|
|
|
Insmed Inc (b)
|
51,047
|
5,457,435
|
|
|
Intellia Therapeutics Inc (b)(c)
|
40,956
|
576,251
|
|
|
Ionis Pharmaceuticals Inc (b)(c)
|
37,353
|
2,857,505
|
|
|
Iovance Biotherapeutics Inc (b)(c)
|
125,344
|
513,910
|
|
|
Jade Biosciences Inc (b)(c)
|
25,716
|
541,065
|
|
|
KalVista Pharmaceuticals Inc (b)
|
30,371
|
816,069
|
|
|
Kiniksa Pharmaceuticals International Plc Class A (b)
|
16,948
|
819,944
|
|
|
Kinnate Biopharma Inc rights (b)(d)
|
50,749
|
0
|
|
|
Kodiak Sciences Inc (b)(c)
|
16,235
|
595,987
|
|
|
Krystal Biotech Inc (b)(c)
|
7,086
|
2,189,787
|
|
|
Kymera Therapeutics Inc (b)(c)
|
19,514
|
1,588,830
|
|
|
Legend Biotech Corp ADR (b)
|
31,602
|
858,310
|
|
|
Madrigal Pharmaceuticals Inc (b)
|
5,488
|
2,729,018
|
|
|
Mineralys Therapeutics Inc (b)(c)
|
22,197
|
699,206
|
|
|
Mirati Therapeutics Inc rights (b)(d)
|
1,147
|
0
|
|
|
Mirum Pharmaceuticals Inc (b)(c)
|
14,006
|
1,421,609
|
|
|
Moderna Inc (b)(c)
|
95,873
|
4,524,247
|
|
|
Monte Rosa Therapeutics Inc (b)(c)
|
22,362
|
440,755
|
|
|
MoonLake Immunotherapeutics Class A (b)
|
30,712
|
589,056
|
|
|
Natera Inc (b)
|
33,697
|
7,526,899
|
|
|
Neurocrine Biosciences Inc (b)
|
22,757
|
3,602,433
|
|
|
Novavax Inc (b)(c)
|
53,436
|
586,193
|
|
|
Nurix Therapeutics Inc (b)(c)
|
38,496
|
683,689
|
|
|
Nuvalent Inc Class A (b)
|
20,339
|
2,245,222
|
|
|
Ocugen Inc (b)(c)
|
132,226
|
182,472
|
|
|
Olema Pharmaceuticals Inc (b)(c)
|
23,513
|
310,136
|
|
|
OmniAb Operations Inc $12.5 earnout shares (b)(d)
|
2,320
|
1,090
|
|
|
OmniAb Operations Inc $15 earnout shares (b)(d)
|
2,320
|
835
|
|
|
ORIC Pharmaceuticals Inc (b)(c)
|
40,897
|
345,580
|
|
|
Oruka Therapeutics Inc (b)(c)
|
16,709
|
977,978
|
|
|
Palvella Therapeutics Inc (b)(c)
|
3,843
|
455,242
|
|
|
Praxis Precision Medicines Inc (b)
|
6,831
|
2,390,645
|
|
|
Precigen Inc (b)
|
126,693
|
549,848
|
|
|
Protagonist Therapeutics Inc (b)
|
16,137
|
1,606,600
|
|
|
PTC Therapeutics Inc (b)
|
17,796
|
1,314,235
|
|
|
Recursion Pharmaceuticals Inc Class A (b)(c)
|
172,547
|
619,444
|
|
|
Regeneron Pharmaceuticals Inc
|
24,493
|
15,057,807
|
|
|
Rein Therapeutics Inc (b)
|
75,571
|
83,884
|
|
|
Relay Therapeutics Inc (b)(c)
|
65,868
|
925,445
|
|
|
Revolution Medicines Inc (b)(c)
|
47,297
|
7,448,332
|
|
|
Rhythm Pharmaceuticals Inc (b)
|
16,766
|
1,480,773
|
|
|
Roivant Sciences Ltd (b)
|
165,359
|
4,959,116
|
|
|
Sana Biotechnology Inc (b)
|
92,682
|
305,851
|
|
|
Sarepta Therapeutics Inc (b)(c)
|
31,669
|
565,925
|
|
|
Savara Inc (b)(c)
|
80,699
|
419,635
|
|
|
Scholar Rock Holding Corp (b)(c)
|
29,191
|
1,439,116
|
|
|
SELLAS Life Sciences Group Inc (b)(c)
|
64,480
|
600,309
|
|
|
Sionna Therapeutics Inc (b)(c)
|
13,843
|
592,757
|
|
|
Spyre Therapeutics Inc (b)
|
24,878
|
1,828,533
|
|
|
Stoke Therapeutics Inc (b)
|
16,308
|
504,080
|
|
|
Summit Therapeutics Inc (b)(c)
|
191,092
|
3,351,754
|
|
|
Syndax Pharmaceuticals Inc (b)
|
28,259
|
553,594
|
|
|
Tango Therapeutics Inc (b)(c)
|
36,046
|
792,291
|
|
|
Taysha Gene Therapies Inc (b)(c)
|
92,844
|
544,994
|
|
|
TG Therapeutics Inc (b)(c)
|
39,288
|
1,490,587
|
|
|
Travere Therapeutics Inc (b)(c)
|
26,832
|
1,265,934
|
|
|
Twist Bioscience Corp (b)
|
20,417
|
1,365,285
|
|
|
Tyra Biosciences Inc (b)(c)
|
18,052
|
603,117
|
|
|
Ultragenyx Pharmaceutical Inc (b)
|
32,531
|
778,792
|
|
|
United Therapeutics Corp (b)
|
10,075
|
5,609,962
|
|
|
UroGen Pharma Ltd (b)(c)
|
14,314
|
402,653
|
|
|
Vaxcyte Inc (b)(c)
|
36,335
|
1,867,619
|
|
|
Vera Therapeutics Inc Class A (b)
|
18,973
|
673,921
|
|
|
Veracyte Inc (b)(c)
|
23,387
|
1,083,754
|
|
|
Vericel Corp (b)(c)
|
19,468
|
648,868
|
|
|
Vertex Pharmaceuticals Inc (b)
|
59,862
|
26,790,639
|
|
|
Viking Therapeutics Inc (b)
|
35,206
|
1,152,644
|
|
|
Vir Biotechnology Inc (b)(c)
|
66,676
|
636,089
|
|
|
Viridian Therapeutics Inc (b)(c)
|
30,258
|
533,146
|
|
|
Vor BioPharma Inc (b)(c)
|
13,777
|
206,242
|
|
|
Xencor Inc (b)(c)
|
36,139
|
429,331
|
|
|
Zenas Biopharma Inc (b)(c)
|
16,937
|
311,641
|
|
|
Zymeworks Inc (b)(c)
|
26,839
|
674,464
|
|
|
294,081,055
|
|||
|
Health Care Equipment & Supplies - 0.9%
|
|||
|
ABIOMED Inc (b)(d)
|
10,350
|
15,629
|
|
|
Align Technology Inc (b)
|
16,363
|
2,862,707
|
|
|
Alphatec Holdings Inc (b)
|
46,904
|
363,506
|
|
|
AtriCure Inc (b)(c)
|
19,754
|
546,593
|
|
|
Axogen Inc (b)
|
15,255
|
602,267
|
|
|
Ceribell Inc (b)(c)
|
23,111
|
426,398
|
|
|
Cooper Cos Inc/The (b)
|
42,776
|
2,618,319
|
|
|
DENTSPLY SIRONA Inc (c)
|
71,488
|
748,479
|
|
|
Dexcom Inc (b)
|
92,312
|
6,807,087
|
|
|
GE HealthCare Technologies Inc
|
104,868
|
6,537,471
|
|
|
ICU Medical Inc (b)(c)
|
7,760
|
1,050,626
|
|
|
IDEXX Laboratories Inc (b)
|
18,528
|
10,441,084
|
|
|
Insulet Corp (b)
|
16,026
|
2,322,808
|
|
|
Intuitive Surgical Inc (b)
|
83,841
|
35,602,243
|
|
|
iRhythm Technologies Inc (b)
|
8,456
|
963,138
|
|
|
Kestra Medical Technologies Ltd (b)(c)
|
23,542
|
500,503
|
|
|
Lantheus Holdings Inc (b)(c)
|
18,436
|
1,830,695
|
|
|
LeMaitre Vascular Inc (c)
|
8,291
|
784,743
|
|
|
LivaNova PLC (b)
|
16,679
|
1,230,910
|
|
|
Masimo Corp (b)
|
12,127
|
2,164,063
|
|
|
Medline Inc Class A (c)
|
193,182
|
7,062,734
|
|
|
Merit Medical Systems Inc (b)
|
18,531
|
1,168,565
|
|
|
MiniMed Group Inc (c)
|
76,442
|
920,362
|
|
|
Neogen Corp (b)
|
82,762
|
742,375
|
|
|
Novocure Ltd (b)
|
49,257
|
839,339
|
|
|
Omnicell Inc (b)
|
16,549
|
730,473
|
|
|
Procept Biorobotics Corp (b)(c)
|
20,575
|
541,740
|
|
|
Pulse Biosciences Inc (b)(c)
|
23,757
|
593,925
|
|
|
QuidelOrtho Corp (b)(c)
|
23,870
|
310,787
|
|
|
Tandem Diabetes Care Inc (b)(c)
|
23,304
|
400,829
|
|
|
TransMedics Group Inc (b)(c)
|
8,359
|
561,725
|
|
|
UFP Technologies Inc (b)(c)
|
2,957
|
650,836
|
|
|
92,942,959
|
|||
|
Health Care Providers & Services - 0.2%
|
|||
|
Acadia Healthcare Co Inc (b)(c)
|
32,446
|
752,747
|
|
|
AdaptHealth Corp (b)
|
57,164
|
579,071
|
|
|
Addus HomeCare Corp (b)(c)
|
6,978
|
639,743
|
|
|
Alignment Healthcare Inc (b)(c)
|
54,321
|
832,198
|
|
|
Astrana Health Inc (b)(c)
|
20,440
|
768,953
|
|
|
Aveanna Healthcare Holdings Inc (b)
|
73,754
|
528,816
|
|
|
Billiontoone Inc Class A (b)
|
13,106
|
1,297,363
|
|
|
BrightSpring Health Services Inc (b)
|
43,764
|
2,699,364
|
|
|
Clover Health Investments Corp Class A (b)
|
175,571
|
698,773
|
|
|
CorVel Corp (b)
|
18,119
|
1,118,848
|
|
|
Ensign Group Inc/The
|
13,128
|
2,200,909
|
|
|
GeneDx Holdings Corp Class A (b)
|
7,227
|
375,732
|
|
|
Guardant Health Inc (b)
|
30,484
|
3,953,470
|
|
|
HealthEquity Inc (b)(c)
|
21,769
|
1,915,454
|
|
|
Henry Schein Inc (b)
|
28,198
|
2,159,403
|
|
|
LifeStance Health Group Inc (b)
|
137,650
|
1,061,282
|
|
|
Lumexa Imaging Holdings Inc (c)
|
30,666
|
238,581
|
|
|
OPKO Health Inc (b)
|
449,453
|
656,201
|
|
|
Option Care Health Inc (b)(c)
|
39,355
|
821,339
|
|
|
Privia Health Group Inc (b)(c)
|
43,519
|
936,094
|
|
|
Progyny Inc (b)(c)
|
27,895
|
712,996
|
|
|
RadNet Inc (b)(c)
|
20,246
|
1,124,260
|
|
|
Surgery Partners Inc (b)(c)
|
44,983
|
600,973
|
|
|
26,672,570
|
|||
|
Health Care Technology - 0.0%
|
|||
|
Certara Inc (b)(c)
|
64,635
|
376,175
|
|
|
HeartFlow Inc (b)(c)
|
28,548
|
884,417
|
|
|
Waystar Holding Corp (b)(c)
|
58,392
|
1,162,585
|
|
|
2,423,177
|
|||
|
Life Sciences Tools & Services - 0.2%
|
|||
|
10X Genomics Inc Class A (b)
|
43,038
|
1,218,191
|
|
|
Adaptive Biotechnologies Corp (b)
|
42,372
|
641,935
|
|
|
Bio-Techne Corp (c)
|
38,938
|
2,012,316
|
|
|
Bruker Corp (c)
|
41,070
|
2,418,612
|
|
|
Fortrea Holdings Inc (b)
|
34,815
|
535,802
|
|
|
ICON PLC (b)
|
18,612
|
2,532,535
|
|
|
Illumina Inc (b)
|
36,220
|
5,902,411
|
|
|
Medpace Holdings Inc (b)
|
6,871
|
3,072,093
|
|
|
Repligen Corp (b)(c)
|
13,804
|
1,711,006
|
|
|
Sotera Health Co (b)
|
86,065
|
1,346,057
|
|
|
Tempus AI Inc Class A (b)(c)
|
40,682
|
2,053,221
|
|
|
23,444,179
|
|||
|
Pharmaceuticals - 0.4%
|
|||
|
Alumis Inc (b)(c)
|
33,350
|
720,360
|
|
|
Amneal Intermediate Inc Class A (b)
|
94,103
|
1,239,337
|
|
|
Amylyx Pharmaceuticals Inc (b)(c)
|
39,887
|
572,378
|
|
|
ANI Pharmaceuticals Inc (b)(c)
|
7,051
|
553,574
|
|
|
Arvinas Inc (b)
|
40,807
|
366,447
|
|
|
Atea Pharmaceuticals Inc (b)(c)
|
69,618
|
325,115
|
|
|
Avadel Pharmaceuticals PLC rights (b)(d)
|
24,906
|
0
|
|
|
Axsome Therapeutics Inc (b)
|
12,617
|
2,958,434
|
|
|
Belite Bio Inc ADR (b)
|
3,734
|
538,368
|
|
|
BioAge Labs Inc (b)(c)
|
20,675
|
357,470
|
|
|
Corcept Therapeutics Inc (b)
|
26,041
|
1,809,589
|
|
|
Crinetics Pharmaceuticals Inc (b)(c)
|
28,694
|
1,020,072
|
|
|
Definium Therapeutics Inc (b)
|
40,894
|
989,226
|
|
|
Edgewise Therapeutics Inc (b)
|
33,343
|
1,138,997
|
|
|
Enliven Therapeutics Inc (b)(c)
|
22,815
|
902,790
|
|
|
EyePoint Inc (b)
|
28,026
|
380,593
|
|
|
Harmony Biosciences Holdings Inc (b)
|
18,832
|
594,903
|
|
|
Harrow Inc (b)(c)
|
11,315
|
398,401
|
|
|
Indivior Pharmaceuticals Inc (c)
|
30,241
|
1,089,281
|
|
|
Innoviva Inc (b)(c)
|
31,880
|
682,870
|
|
|
Jazz Pharmaceuticals PLC (b)
|
13,771
|
3,256,704
|
|
|
Ligand Pharmaceuticals Inc (b)(c)
|
5,420
|
1,257,223
|
|
|
Ligand Pharmaceuticals Inc rights (b)
|
1,530
|
92
|
|
|
Ligand Pharmaceuticals Inc rights (b)
|
1,530
|
81
|
|
|
Ligand Pharmaceuticals Inc rights (b)
|
1,530
|
2
|
|
|
Ligand Pharmaceuticals Inc rights (b)
|
1,530
|
1
|
|
|
Liquidia Corp (b)(c)
|
23,239
|
1,437,565
|
|
|
Maze Therapeutics Inc (b)(c)
|
14,208
|
375,944
|
|
|
MBX Biosciences Inc (b)
|
14,062
|
442,531
|
|
|
Nektar Therapeutics (b)
|
6,903
|
447,867
|
|
|
Ocular Therapeutix Inc (b)
|
71,876
|
647,603
|
|
|
Omeros Corp (b)(c)
|
33,514
|
369,995
|
|
|
Rapport Therapeutics Inc (b)(c)
|
15,825
|
625,088
|
|
|
Relmada Therapeutics Inc (b)
|
29,782
|
214,727
|
|
|
Roche Holding AG rights (b)(d)
|
870
|
0
|
|
|
Royalty Pharma PLC Class A
|
95,316
|
5,314,820
|
|
|
Sanofi SA ADR
|
64,450
|
2,814,532
|
|
|
Sanofi SA rights (b)(d)
|
925
|
0
|
|
|
Septerna Inc (b)(c)
|
17,360
|
524,272
|
|
|
Structure Therapeutics Inc ADR (b)
|
20,734
|
815,676
|
|
|
Supernus Pharmaceuticals Inc (b)
|
19,349
|
893,537
|
|
|
Tarsus Pharmaceuticals Inc (b)
|
13,644
|
810,454
|
|
|
Trevi Therapeutics Inc (b)
|
41,948
|
593,145
|
|
|
Viatris Inc
|
268,445
|
4,364,916
|
|
|
WaVe Life Sciences Ltd (b)
|
55,660
|
366,242
|
|
|
42,211,222
|
|||
|
TOTAL HEALTH CARE
|
481,775,162
|
||
|
Industrials - 3.1%
|
|||
|
Aerospace & Defense - 0.5%
|
|||
|
AeroVironment Inc (b)(c)
|
11,862
|
2,458,281
|
|
|
Arxis Inc Class A
|
14,473
|
650,272
|
|
|
Astronics Corp (b)(c)
|
7,760
|
675,120
|
|
|
Axon Enterprise Inc (b)
|
19,121
|
8,579,975
|
|
|
Firefly Aerospace Inc (b)(c)
|
43,369
|
2,016,225
|
|
|
FTAI Aviation Ltd
|
24,152
|
6,287,732
|
|
|
Intuitive Machines Inc Class A (b)(c)
|
37,519
|
1,644,458
|
|
|
Kratos Defense & Security Solutions Inc (b)(c)
|
43,958
|
2,819,027
|
|
|
Leonardo DRS Inc (c)
|
68,005
|
3,315,924
|
|
|
Mercury Systems Inc (b)(c)
|
17,416
|
1,945,367
|
|
|
Red Cat Holdings Inc (b)(c)
|
33,601
|
487,214
|
|
|
Rocket Lab Corp (b)
|
134,234
|
19,259,894
|
|
|
VSE Corp (c)
|
6,658
|
1,232,729
|
|
|
Woodward Inc
|
13,395
|
4,688,652
|
|
|
56,060,870
|
|||
|
Air Freight & Logistics - 0.1%
|
|||
|
CH Robinson Worldwide Inc
|
26,385
|
4,713,680
|
|
|
Hub Group Inc Class A (c)
|
21,974
|
912,800
|
|
|
5,626,480
|
|||
|
Building Products - 0.0%
|
|||
|
AAON Inc (c)
|
21,311
|
2,987,802
|
|
|
UFP Industries Inc
|
16,335
|
1,323,135
|
|
|
4,310,937
|
|||
|
Commercial Services & Supplies - 0.3%
|
|||
|
Casella Waste Systems Inc Class A (b)(c)
|
15,873
|
1,304,284
|
|
|
Cintas Corp
|
93,368
|
15,990,205
|
|
|
Copart Inc (b)
|
222,962
|
7,306,465
|
|
|
Fuel Tech Inc (b)
|
236,480
|
349,990
|
|
|
Healthcare Services Group Inc (b)(c)
|
32,258
|
664,515
|
|
|
Interface Inc (c)
|
23,319
|
690,242
|
|
|
Tetra Tech Inc
|
67,321
|
1,850,654
|
|
|
28,156,355
|
|||
|
Construction & Engineering - 0.3%
|
|||
|
Construction Partners Inc Class A (b)(c)
|
11,814
|
1,375,977
|
|
|
Ferrovial NV (United States)
|
170,904
|
11,623,181
|
|
|
IES Holdings Inc (b)(c)
|
5,005
|
3,395,142
|
|
|
Legence Corp Class A (c)
|
19,956
|
1,671,115
|
|
|
Limbach Holdings Inc (b)(c)
|
6,695
|
518,527
|
|
|
MYR Group Inc (b)
|
4,866
|
2,262,982
|
|
|
Solv Energy Inc Class A (c)
|
26,781
|
951,529
|
|
|
Sterling Infrastructure Inc (b)
|
7,494
|
6,451,135
|
|
|
WillScot Holdings Corp (c)
|
53,623
|
1,379,720
|
|
|
29,629,308
|
|||
|
Electrical Equipment - 0.2%
|
|||
|
Allient Inc (c)
|
9,008
|
713,073
|
|
|
American Superconductor Corp (b)(c)
|
18,328
|
933,628
|
|
|
Array Technologies Inc (b)(c)
|
50,859
|
461,800
|
|
|
Enovix Corp Class B (b)(c)
|
80,157
|
639,653
|
|
|
Eos Energy Enterprises Inc (b)(c)
|
76,447
|
644,448
|
|
|
Fluence Energy Inc Class A (b)
|
36,420
|
687,610
|
|
|
NANO Nuclear Energy Inc (b)
|
13,134
|
379,310
|
|
|
Nextpower Inc Class A (b)(c)
|
36,713
|
5,741,913
|
|
|
Plug Power Inc (b)(c)
|
383,879
|
1,516,322
|
|
|
Powell Industries Inc (c)
|
8,980
|
2,554,092
|
|
|
Power Solutions International Inc (b)(c)
|
6,928
|
288,759
|
|
|
Preformed Line Products Co (c)
|
2,349
|
868,707
|
|
|
Shoals Technologies Group Inc (b)
|
62,974
|
784,026
|
|
|
Sunrun Inc (b)
|
65,849
|
1,100,995
|
|
|
Terra Innovatum Global NV (c)
|
49,917
|
307,489
|
|
|
Vicor Corp (b)
|
8,284
|
2,773,815
|
|
|
X-Energy Inc (c)
|
62,663
|
1,686,261
|
|
|
22,081,901
|
|||
|
Ground Transportation - 0.4%
|
|||
|
ArcBest Corp (c)
|
8,382
|
1,145,736
|
|
|
Avis Budget Group Inc (b)(c)
|
8,842
|
1,554,777
|
|
|
CSX Corp
|
435,458
|
19,708,829
|
|
|
Heartland Express Inc (c)
|
46,744
|
700,693
|
|
|
Hertz Global Holdings Inc (b)(c)
|
101,982
|
550,703
|
|
|
JB Hunt Transport Services Inc
|
21,115
|
5,836,819
|
|
|
Landstar System Inc
|
9,893
|
2,046,862
|
|
|
Lyft Inc Class A (b)(c)
|
93,464
|
1,318,777
|
|
|
Old Dominion Freight Line Inc
|
49,713
|
11,192,882
|
|
|
Saia Inc (b)
|
6,500
|
3,070,405
|
|
|
Universal Logistics Holdings Inc (c)
|
20,159
|
320,729
|
|
|
Werner Enterprises Inc
|
23,475
|
974,447
|
|
|
48,421,659
|
|||
|
Industrial Conglomerates - 0.3%
|
|||
|
Honeywell International Inc
|
149,910
|
35,657,593
|
|
|
Icahn Enterprises LP
|
193,102
|
1,436,678
|
|
|
37,094,271
|
|||
|
Machinery - 0.3%
|
|||
|
Blue Bird Corp (b)(c)
|
12,355
|
837,298
|
|
|
CECO Environmental Corp (b)(c)
|
12,934
|
966,817
|
|
|
Franklin Electric Co Inc
|
13,631
|
1,341,018
|
|
|
Hillman Solutions Corp (b)
|
79,025
|
589,527
|
|
|
Lincoln Electric Holdings Inc
|
12,488
|
3,228,023
|
|
|
Microvast Holdings Inc (b)(c)
|
108,307
|
167,875
|
|
|
Middleby Corp/The (b)(c)
|
12,026
|
1,864,150
|
|
|
NN Inc (b)
|
114,081
|
338,821
|
|
|
Nordson Corp
|
12,116
|
3,481,290
|
|
|
PACCAR Inc
|
124,984
|
13,794,484
|
|
|
Symbotic Inc Class A (b)(c)
|
33,487
|
1,554,634
|
|
|
28,163,937
|
|||
|
Passenger Airlines - 0.1%
|
|||
|
Allegiant Travel Co (b)
|
7,233
|
662,615
|
|
|
American Airlines Group Inc (b)
|
129,113
|
1,890,214
|
|
|
JetBlue Airways Corp (b)(c)
|
139,970
|
765,636
|
|
|
SkyWest Inc (b)
|
12,555
|
1,075,336
|
|
|
United Airlines Holdings Inc (b)
|
74,625
|
8,566,950
|
|
|
12,960,751
|
|||
|
Professional Services - 0.4%
|
|||
|
Automatic Data Processing Inc
|
94,250
|
20,908,420
|
|
|
Concentrix Corp
|
21,605
|
611,205
|
|
|
ExlService Holdings Inc (b)
|
48,175
|
1,398,520
|
|
|
Exponent Inc
|
16,057
|
936,444
|
|
|
First Advantage Corp (b)(c)
|
63,803
|
1,020,848
|
|
|
Forrester Research Inc (b)(c)
|
30,470
|
214,813
|
|
|
Huron Consulting Group Inc (b)
|
5,823
|
625,332
|
|
|
ICF International Inc
|
7,961
|
548,035
|
|
|
Innodata Inc (b)(c)
|
7,773
|
816,010
|
|
|
Paychex Inc
|
83,175
|
8,066,312
|
|
|
Paylocity Holding Corp (b)
|
15,616
|
1,794,747
|
|
|
Science Applications International Corp
|
13,683
|
1,425,769
|
|
|
SS&C Technologies Holdings Inc
|
54,548
|
3,683,081
|
|
|
Upwork Inc (b)(c)
|
44,218
|
390,003
|
|
|
Verisk Analytics Inc
|
32,847
|
5,747,897
|
|
|
Verra Mobility Corp Class A (b)
|
49,835
|
224,756
|
|
|
Willdan Group Inc (b)(c)
|
6,179
|
561,300
|
|
|
48,973,492
|
|||
|
Trading Companies & Distributors - 0.2%
|
|||
|
Distribution Solutions Group Inc (b)(c)
|
26,380
|
712,260
|
|
|
DXP Enterprises Inc/TX (b)(c)
|
5,881
|
853,098
|
|
|
EquipmentShare.com Inc Class A (b)(c)
|
51,052
|
1,063,924
|
|
|
Fastenal Co
|
267,174
|
11,809,091
|
|
|
McGrath RentCorp
|
8,666
|
944,507
|
|
|
Rush Enterprises Inc Class A
|
19,062
|
1,321,568
|
|
|
Xometry Inc Class A (b)(c)
|
14,623
|
1,393,426
|
|
|
18,097,874
|
|||
|
TOTAL INDUSTRIALS
|
339,577,835
|
||
|
Information Technology - 52.5%
|
|||
|
Communications Equipment - 1.3%
|
|||
|
Applied Optoelectronics Inc (b)(c)
|
17,767
|
2,814,470
|
|
|
Cisco Systems Inc
|
936,343
|
112,754,425
|
|
|
Digi International Inc (b)
|
15,258
|
1,019,234
|
|
|
Extreme Networks Inc (b)
|
51,352
|
1,361,342
|
|
|
F5 Inc (b)
|
12,804
|
4,909,694
|
|
|
Lumentum Holdings Inc (b)
|
16,911
|
14,458,229
|
|
|
NetScout Systems Inc (b)
|
27,528
|
1,145,715
|
|
|
Ondas Inc (b)(c)
|
109,256
|
1,444,364
|
|
|
Viasat Inc (b)(c)
|
34,555
|
2,785,824
|
|
|
Viavi Solutions Inc (b)
|
56,683
|
2,752,526
|
|
|
Vistance Networks Inc
|
46,863
|
584,850
|
|
|
146,030,673
|
|||
|
Electronic Equipment, Instruments & Components - 0.5%
|
|||
|
Advanced Energy Industries Inc
|
9,090
|
2,746,816
|
|
|
Aeva Technologies Inc (b)(c)
|
20,390
|
574,590
|
|
|
Avnet Inc
|
24,304
|
2,112,747
|
|
|
Bel Fuse Inc Class B (c)
|
3,924
|
1,077,216
|
|
|
CDW Corp/DE
|
30,012
|
3,765,005
|
|
|
Cognex Corp
|
42,390
|
2,791,382
|
|
|
ePlus Inc (c)
|
9,825
|
806,534
|
|
|
Flex Ltd (b)
|
89,974
|
13,566,281
|
|
|
Insight Enterprises Inc (b)
|
10,931
|
1,162,840
|
|
|
IPG Photonics Corp (b)(c)
|
12,801
|
1,465,971
|
|
|
Itron Inc (b)
|
12,347
|
1,018,381
|
|
|
Lightwave Logic Inc (b)(c)
|
46,406
|
503,969
|
|
|
Littelfuse Inc
|
6,244
|
2,915,136
|
|
|
Napco Security Technologies Inc
|
15,510
|
582,090
|
|
|
nLight Inc (b)
|
16,214
|
1,201,782
|
|
|
Novanta Inc (b)(c)
|
10,794
|
1,719,808
|
|
|
OSI Systems Inc (b)(c)
|
5,043
|
1,093,070
|
|
|
Ouster Inc Class A (b)(c)
|
18,526
|
853,122
|
|
|
PC Connection Inc (c)
|
11,113
|
773,354
|
|
|
Plexus Corp (b)
|
7,931
|
2,128,363
|
|
|
Sanmina Corp (b)(c)
|
15,067
|
3,913,352
|
|
|
TTM Technologies Inc (b)
|
25,127
|
4,365,062
|
|
|
Zebra Technologies Corp Class A (b)
|
12,123
|
2,953,526
|
|
|
54,090,397
|
|||
|
IT Services - 0.4%
|
|||
|
Akamai Technologies Inc (b)
|
35,136
|
5,254,237
|
|
|
Amdocs Ltd
|
27,174
|
1,711,147
|
|
|
Applied Digital Corp (b)(c)
|
70,292
|
3,323,406
|
|
|
Cognizant Technology Solutions Corp Class A
|
112,266
|
6,259,391
|
|
|
CoreWeave Inc Class A (b)
|
105,048
|
11,505,907
|
|
|
Fastly Inc Class A (b)
|
41,245
|
732,717
|
|
|
MongoDB Inc Class A (b)
|
19,214
|
6,447,258
|
|
|
Okta Inc Class A (b)
|
39,394
|
4,856,098
|
|
|
VeriSign Inc
|
22,044
|
6,290,917
|
|
|
46,381,078
|
|||
|
Semiconductors & Semiconductor Equipment - 27.0%
|
|||
|
ACM Research Inc Class A (b)
|
7,311
|
632,840
|
|
|
Advanced Micro Devices Inc (b)
|
386,817
|
199,636,254
|
|
|
Aehr Test Systems (b)
|
3,729
|
344,299
|
|
|
Ambarella Inc (b)
|
4,578
|
330,440
|
|
|
Amkor Technology Inc
|
58,970
|
4,101,953
|
|
|
Analog Devices Inc
|
115,289
|
47,712,353
|
|
|
Applied Materials Inc
|
188,071
|
84,643,234
|
|
|
ARM Holdings PLC ADR (b)
|
33,029
|
11,668,815
|
|
|
Astera Labs Inc (b)
|
38,607
|
13,236,410
|
|
|
Axcelis Technologies Inc (b)(c)
|
4,921
|
740,168
|
|
|
AXT Inc (b)(c)
|
13,381
|
1,380,384
|
|
|
Broadcom Inc
|
1,127,620
|
503,786,787
|
|
|
Cerebras Systems Inc Class A (b)
|
7,120
|
1,687,369
|
|
|
Cirrus Logic Inc (b)
|
11,458
|
1,947,287
|
|
|
Cohu Inc (b)
|
3,932
|
207,413
|
|
|
Credo Technology Group Holding Ltd (b)
|
41,205
|
9,725,616
|
|
|
Diodes Inc (b)
|
7,539
|
794,007
|
|
|
Enphase Energy Inc (b)
|
20,938
|
1,431,322
|
|
|
Entegris Inc (c)
|
35,883
|
4,980,202
|
|
|
First Solar Inc (b)
|
25,378
|
7,785,717
|
|
|
FormFactor Inc (b)
|
16,274
|
2,027,578
|
|
|
GlobalFoundries Inc (b)
|
126,969
|
10,153,711
|
|
|
Ichor Holdings Ltd (b)
|
2,849
|
203,760
|
|
|
Impinj Inc (b)(c)
|
4,095
|
618,345
|
|
|
Intel Corp (b)
|
1,179,525
|
135,267,927
|
|
|
KLA Corp
|
31,011
|
59,594,149
|
|
|
Lam Research Corp
|
295,925
|
94,157,417
|
|
|
Lattice Semiconductor Corp (b)
|
31,859
|
4,685,822
|
|
|
MACOM Technology Solutions Holdings Inc (b)
|
17,356
|
6,328,692
|
|
|
Marvell Technology Inc
|
205,959
|
42,221,595
|
|
|
MaxLinear Inc (b)
|
13,462
|
1,251,024
|
|
|
Microchip Technology Inc
|
125,298
|
11,859,456
|
|
|
Micron Technology Inc
|
266,227
|
258,506,417
|
|
|
MKS Inc
|
14,779
|
4,792,239
|
|
|
Monolithic Power Systems Inc
|
11,455
|
17,940,936
|
|
|
Navitas Semiconductor Corp Class A (b)(c)
|
28,529
|
758,871
|
|
|
NVIDIA Corp
|
5,783,979
|
1,221,229,326
|
|
|
ON Semiconductor Corp (b)
|
93,665
|
11,297,872
|
|
|
PDF Solutions Inc (b)
|
1,419
|
69,290
|
|
|
Photronics Inc (b)(c)
|
7,183
|
232,370
|
|
|
Power Integrations Inc (c)
|
7,849
|
659,316
|
|
|
Qorvo Inc (b)
|
20,898
|
2,164,197
|
|
|
QUALCOMM Inc
|
251,476
|
63,125,506
|
|
|
Rambus Inc (b)(c)
|
23,058
|
3,354,017
|
|
|
Rigetti Computing Inc Class A (b)(c)
|
61,351
|
1,566,905
|
|
|
Semtech Corp (b)(c)
|
21,469
|
3,274,881
|
|
|
Silicon Laboratories Inc (b)(c)
|
7,544
|
1,641,574
|
|
|
SiTime Corp (b)
|
5,638
|
4,004,108
|
|
|
SkyWater Technology Inc (b)
|
1,144
|
44,592
|
|
|
Skyworks Solutions Inc (c)
|
29,986
|
2,334,410
|
|
|
SolarEdge Technologies Inc (b)(c)
|
5,521
|
421,528
|
|
|
Synaptics Inc (b)(c)
|
5,295
|
726,898
|
|
|
Teradyne Inc
|
36,508
|
13,665,309
|
|
|
Texas Instruments Inc
|
214,487
|
65,564,386
|
|
|
Ultra Clean Holdings Inc (b)
|
6,502
|
556,376
|
|
|
Universal Display Corp (c)
|
7,695
|
708,863
|
|
|
Veeco Instruments Inc (b)(c)
|
7,552
|
435,297
|
|
|
2,944,217,830
|
|||
|
Software - 11.8%
|
|||
|
ACI Worldwide Inc (b)(c)
|
32,283
|
1,409,799
|
|
|
Adeia Inc (c)
|
39,558
|
1,056,990
|
|
|
Adobe Inc (b)
|
95,770
|
24,824,542
|
|
|
Agilysys Inc (b)(c)
|
11,261
|
974,752
|
|
|
Alarm.com Holdings Inc (b)
|
18,971
|
855,782
|
|
|
Alkami Technology Inc (b)(c)
|
38,500
|
699,545
|
|
|
Appfolio Inc Class A (b)(c)
|
7,557
|
1,217,962
|
|
|
AppLovin Corp Class A (b)
|
72,806
|
44,636,631
|
|
|
Atlassian Corp Class A (b)
|
40,262
|
4,332,594
|
|
|
Aurora Innovation Inc Class A (b)(c)
|
432,504
|
3,174,579
|
|
|
Autodesk Inc (b)
|
50,567
|
11,696,653
|
|
|
AvePoint Inc Class A (b)
|
84,013
|
916,582
|
|
|
Bentley Systems Inc Class B (c)
|
77,306
|
2,523,268
|
|
|
Bitdeer Technologies Group Class A (b)(c)
|
43,998
|
769,525
|
|
|
Blackbaud Inc (b)
|
18,099
|
555,457
|
|
|
BlackLine Inc (b)
|
19,783
|
581,619
|
|
|
Braze Inc Class A (b)(c)
|
32,858
|
842,151
|
|
|
Cadence Design Systems Inc (b)
|
65,687
|
24,628,027
|
|
|
Ccc Intelligent Solutions Holdings Inc Class A (b)
|
171,203
|
804,654
|
|
|
Cipher Digital Inc (b)(c)
|
96,489
|
2,281,965
|
|
|
Cleanspark Inc (b)(c)
|
72,330
|
1,322,916
|
|
|
Commvault Systems Inc (b)
|
10,870
|
1,290,813
|
|
|
Core Scientific Inc (b)(c)
|
74,108
|
1,989,800
|
|
|
Crowdstrike Holdings Inc Class A (b)
|
59,788
|
43,705,028
|
|
|
Datadog Inc Class A (b)
|
79,365
|
19,630,933
|
|
|
Docusign Inc (b)
|
48,072
|
2,524,741
|
|
|
Dropbox Inc Class A (b)
|
35,020
|
941,338
|
|
|
EverCommerce Inc (b)(c)
|
70,170
|
789,413
|
|
|
Fortinet Inc (b)
|
176,720
|
24,382,058
|
|
|
Freshworks Inc Class A (b)
|
85,159
|
826,894
|
|
|
Gen Digital Inc
|
134,301
|
3,463,623
|
|
|
Gitlab Inc Class A (b)
|
34,588
|
1,073,957
|
|
|
Hut 8 Corp (United States) (b)
|
28,429
|
3,548,792
|
|
|
Intapp Inc (b)(c)
|
28,529
|
658,735
|
|
|
InterDigital Inc (c)
|
6,206
|
1,564,471
|
|
|
Intuit Inc
|
65,531
|
21,725,492
|
|
|
JFrog Ltd (b)
|
29,593
|
2,352,052
|
|
|
Keel Infrastructure Corp (c)
|
161,084
|
914,957
|
|
|
Life360 Inc (b)(c)
|
20,293
|
862,250
|
|
|
Manhattan Associates Inc (b)
|
14,049
|
2,108,052
|
|
|
MARA Holdings Inc (b)(c)
|
98,363
|
1,414,460
|
|
|
Microsoft Corp
|
1,767,400
|
795,754,176
|
|
|
Monday.com Ltd (b)(c)
|
11,964
|
1,000,430
|
|
|
nCino Inc (b)
|
40,894
|
657,575
|
|
|
NextNav Inc Class A (b)(c)
|
49,962
|
1,030,216
|
|
|
Nutanix Inc Class A (b)
|
62,614
|
3,260,311
|
|
|
Palantir Technologies Inc Class A (b)
|
543,154
|
85,025,327
|
|
|
Palo Alto Networks Inc (b)
|
192,613
|
54,257,156
|
|
|
Pegasystems Inc (c)
|
43,026
|
1,537,319
|
|
|
Progress Software Corp (b)
|
17,675
|
580,269
|
|
|
PTC Inc (b)
|
28,006
|
3,885,272
|
|
|
Qualys Inc (b)
|
10,370
|
1,133,337
|
|
|
Rezolve AI PLC (b)(c)
|
107,707
|
320,966
|
|
|
Riot Platforms Inc (b)
|
96,240
|
2,609,066
|
|
|
Roper Technologies Inc
|
24,290
|
7,907,124
|
|
|
SailPoint Inc (b)(c)
|
149,765
|
2,820,075
|
|
|
ServiceTitan Inc Class A (b)
|
21,134
|
1,529,256
|
|
|
SoundHound AI Inc Class A (b)(c)
|
92,767
|
834,903
|
|
|
SPS Commerce Inc (b)
|
12,706
|
721,066
|
|
|
Strategy Inc Class A (b)(c)
|
75,726
|
12,047,249
|
|
|
Synopsys Inc (b)
|
45,665
|
21,719,187
|
|
|
Tenable Holdings Inc (b)
|
41,729
|
1,178,010
|
|
|
Terawulf Inc (b)(c)
|
102,087
|
2,609,344
|
|
|
Trimble Inc (b)
|
53,558
|
3,021,207
|
|
|
Varonis Systems Inc (b)
|
35,030
|
1,196,275
|
|
|
Workday Inc Class A (b)
|
52,157
|
7,624,832
|
|
|
Zoom Communications Inc Class A (b)
|
63,335
|
6,434,203
|
|
|
Zscaler Inc (b)
|
39,881
|
5,572,572
|
|
|
1,292,140,575
|
|||
|
Technology Hardware, Storage & Peripherals - 11.5%
|
|||
|
Apple Inc
|
3,494,565
|
1,090,513,954
|
|
|
NetApp Inc
|
45,480
|
7,926,709
|
|
|
Quantum Computing Inc (b)(c)
|
78,272
|
936,132
|
|
|
Sandisk Corp/DE (b)
|
35,046
|
59,402,269
|
|
|
Seagate Technology Holdings PLC
|
51,697
|
45,483,021
|
|
|
Super Micro Computer Inc (b)
|
140,796
|
6,489,288
|
|
|
Western Digital Corp
|
80,284
|
42,647,664
|
|
|
1,253,399,037
|
|||
|
TOTAL INFORMATION TECHNOLOGY
|
5,736,259,590
|
||
|
Materials - 0.8%
|
|||
|
Chemicals - 0.6%
|
|||
|
Balchem Corp
|
9,424
|
1,477,024
|
|
|
Hawkins Inc (c)
|
7,171
|
1,109,856
|
|
|
Innospec Inc
|
9,699
|
804,434
|
|
|
Linde PLC
|
109,656
|
54,574,695
|
|
|
PureCycle Technologies Inc (b)(c)
|
75,382
|
933,983
|
|
|
Solstice Advanced Materials Inc
|
39,192
|
3,301,142
|
|
|
62,201,134
|
|||
|
Construction Materials - 0.0%
|
|||
|
United States Lime & Minerals Inc
|
9,418
|
1,073,558
|
|
|
Containers & Packaging - 0.0%
|
|||
|
TriMas Corp
|
18,285
|
748,405
|
|
|
Metals & Mining - 0.2%
|
|||
|
Aura Minerals Inc
|
22,316
|
1,724,357
|
|
|
Century Aluminum Co (b)
|
24,137
|
1,592,318
|
|
|
Evolution Metals & Technologies Corp (b)(c)
|
146,185
|
986,749
|
|
|
Hycroft Mining Holding Corp (b)(c)
|
23,614
|
780,443
|
|
|
Kaiser Aluminum Corp
|
6,181
|
1,125,189
|
|
|
NioCorp Developments Ltd (b)(c)
|
69,608
|
401,638
|
|
|
Perpetua Resources Corp (United States) (b)(c)
|
32,394
|
876,906
|
|
|
Ramaco Resources Inc Class A (b)(c)
|
21,663
|
338,159
|
|
|
Royal Gold Inc
|
20,422
|
4,584,331
|
|
|
Steel Dynamics Inc
|
34,754
|
9,041,253
|
|
|
USA Rare Earth Inc Class A (b)(c)
|
55,201
|
1,546,180
|
|
|
22,997,523
|
|||
|
TOTAL MATERIALS
|
87,020,620
|
||
|
Real Estate - 0.5%
|
|||
|
Health Care REITs - 0.0%
|
|||
|
Diversified Healthcare Trust
|
100,576
|
836,791
|
|
|
Sabra Health Care REIT Inc
|
74,958
|
1,490,915
|
|
|
2,327,706
|
|||
|
Hotel & Resort REITs - 0.0%
|
|||
|
DiamondRock Hospitality Co
|
81,856
|
899,597
|
|
|
Host Hotels & Resorts Inc
|
147,464
|
3,388,723
|
|
|
4,288,320
|
|||
|
Industrial REITs - 0.0%
|
|||
|
Lineage Inc
|
62,716
|
2,785,218
|
|
|
Real Estate Management & Development - 0.1%
|
|||
|
Comstock Holding Cos Inc Class A (b)
|
39,752
|
605,820
|
|
|
CoStar Group Inc (b)
|
99,296
|
3,197,331
|
|
|
eXp World Holdings Inc (c)
|
92,174
|
453,496
|
|
|
Newmark Group Inc Class A
|
56,883
|
794,656
|
|
|
Opendoor Technologies Inc Class A (b)(c)
|
233,714
|
1,177,919
|
|
|
Opendoor Technologies Inc warrants 11/20/2026 (b)
|
6,190
|
4,147
|
|
|
Opendoor Technologies Inc warrants 11/20/2026 (b)
|
6,190
|
1,919
|
|
|
Opendoor Technologies Inc warrants 11/20/2026 (b)
|
6,190
|
1,610
|
|
|
Zillow Group Inc Class A (b)(c)
|
11,444
|
404,660
|
|
|
Zillow Group Inc Class C (b)
|
44,350
|
1,552,250
|
|
|
8,193,808
|
|||
|
Retail REITs - 0.0%
|
|||
|
Phillips Edison & Co Inc
|
38,009
|
1,526,061
|
|
|
Regency Centers Corp
|
39,453
|
3,051,690
|
|
|
4,577,751
|
|||
|
Specialized REITs - 0.4%
|
|||
|
Equinix Inc
|
23,078
|
24,648,228
|
|
|
Fermi Inc (c)
|
156,488
|
1,092,286
|
|
|
Gaming and Leisure Properties Inc
|
60,653
|
2,848,871
|
|
|
Lamar Advertising Co Class A
|
19,160
|
2,921,134
|
|
|
SBA Communications Corp Class A
|
23,752
|
4,825,456
|
|
|
36,335,975
|
|||
|
TOTAL REAL ESTATE
|
58,508,778
|
||
|
Utilities - 0.8%
|
|||
|
Electric Utilities - 0.7%
|
|||
|
Alliant Energy Corp (c)
|
56,835
|
4,069,954
|
|
|
American Electric Power Co Inc
|
126,350
|
16,004,755
|
|
|
Constellation Energy Corp
|
86,077
|
24,768,658
|
|
|
Evergy Inc
|
50,986
|
4,182,891
|
|
|
Exelon Corp
|
236,960
|
10,814,854
|
|
|
MGE Energy Inc (c)
|
12,791
|
965,721
|
|
|
Otter Tail Corp (c)
|
13,492
|
1,169,217
|
|
|
Xcel Energy Inc
|
144,562
|
11,492,679
|
|
|
73,468,729
|
|||
|
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
|
Fervo Energy Co (b)
|
65,433
|
2,398,774
|
|
|
Hallador Energy Co (b)(c)
|
27,004
|
520,097
|
|
|
Montauk Renewables Inc (b)(c)
|
127,664
|
222,135
|
|
|
Talen Energy Corp (b)
|
10,685
|
4,132,958
|
|
|
7,273,964
|
|||
|
Multi-Utilities - 0.0%
|
|||
|
Northwestern Energy Group Inc
|
19,122
|
1,350,204
|
|
|
Water Utilities - 0.0%
|
|||
|
H2O America
|
14,078
|
814,131
|
|
|
Middlesex Water Co (c)
|
10,503
|
551,722
|
|
|
1,365,853
|
|||
|
TOTAL UTILITIES
|
83,458,750
|
||
|
TOTAL UNITED STATES
|
10,542,827,006
|
||
|
URUGUAY - 0.0%
|
|||
|
Financials - 0.0%
|
|||
|
Financial Services - 0.0%
|
|||
|
Dlocal Ltd/Uruguay Class A (c)
|
56,351
|
668,323
|
|
|
VIETNAM - 0.0%
|
|||
|
Consumer Discretionary - 0.0%
|
|||
|
Automobiles - 0.0%
|
|||
|
Vinfast Auto Ltd (b)(c)
|
645,562
|
2,253,011
|
|
|
TOTAL COMMON STOCKS
(Cost $4,239,507,180)
|
10,863,453,371
|
||
|
U.S. Treasury Obligations - 0.0%
|
||||
|
Yield (%) (e)
|
Principal
Amount (a)
|
Value ($)
|
||
|
US Treasury Bills 0% 8/13/2026 (f)
(Cost $2,163,047)
|
3.64
|
2,179,000
|
2,163,137
|
|
|
Money Market Funds - 3.0%
|
||||
|
Yield (%)
|
Shares
|
Value ($)
|
||
|
Fidelity Cash Central Fund (g)
|
3.67
|
50,996,412
|
51,006,611
|
|
|
Fidelity Securities Lending Cash Central Fund (g)(h)
|
3.67
|
279,478,083
|
279,506,031
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $330,510,440)
|
330,512,642
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 102.5%
(Cost $4,572,180,667)
|
11,196,129,150
|
|
NET OTHER ASSETS (LIABILITIES) - (2.5)%
|
(273,626,236)
|
|
NET ASSETS - 100.0%
|
10,922,502,914
|
|
Futures Contracts
|
||||
|
Number
of contracts
|
Expiration
Date
|
Notional
Amount ($)
|
Value and Unrealized
Appreciation/
(Depreciation) ($)
|
|
|
LONG
|
||||
|
CME E-Mini Nasdaq 100 Index Contracts (United States)
|
97
|
6/2026
|
58,986,185
|
8,710,085
|
Legend
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
|
(b)
|
Non-income producing.
|
|
(c)
|
Security or a portion of the security is on loan at period end.
|
|
(d)
|
Level 3 security.
|
|
(e)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
|
(f)
|
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,163,137.
|
|
(g)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
|
(h)
|
Investment made with cash collateral received from securities on loan.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
|
Fidelity Cash Central Fund
|
21,149,583
|
145,445,465
|
115,588,729
|
584,719
|
293
|
(1)
|
51,006,611
|
50,996,412
|
0.1%
|
|
Fidelity Securities Lending Cash Central Fund
|
253,753,198
|
1,575,914,471
|
1,550,160,543
|
4,963,206
|
(1,095)
|
-
|
279,506,031
|
279,478,083
|
0.8%
|
|
Total
|
274,902,781
|
1,721,359,936
|
1,665,749,272
|
5,547,925
|
(802)
|
(1)
|
330,512,642
|
||
Amounts in the dividend 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.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2026, 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:
|
||||
|
Common Stocks
|
||||
|
Communication Services
|
1,622,475,216
|
1,621,805,860
|
-
|
669,356
|
|
Consumer Discretionary
|
1,380,807,319
|
1,380,807,319
|
-
|
-
|
|
Consumer Staples
|
482,268,417
|
482,268,417
|
-
|
-
|
|
Energy
|
54,793,210
|
54,793,210
|
-
|
-
|
|
Financials
|
323,683,921
|
323,683,921
|
-
|
-
|
|
Health Care
|
510,349,227
|
510,331,670
|
-
|
17,557
|
|
Industrials
|
368,354,921
|
368,354,921
|
-
|
-
|
|
Information Technology
|
5,877,350,155
|
5,877,350,155
|
-
|
-
|
|
Materials
|
94,432,449
|
94,432,449
|
-
|
-
|
|
Real Estate
|
61,654,775
|
61,654,775
|
-
|
-
|
|
Utilities
|
87,283,761
|
87,283,761
|
-
|
-
|
|
U.S. Treasury Obligations
|
2,163,137
|
-
|
2,163,137
|
-
|
|
Money Market Funds
|
330,512,642
|
330,512,642
|
-
|
-
|
|
Total Investments in Securities:
|
11,196,129,150
|
11,193,279,100
|
2,163,137
|
686,913
|
|
Derivative Instruments:
|
||||
|
Assets
|
||||
|
Futures Contracts
|
8,710,085
|
8,710,085
|
-
|
-
|
|
Total Assets
|
8,710,085
|
8,710,085
|
-
|
-
|
|
Total Derivative Instruments:
|
8,710,085
|
8,710,085
|
-
|
-
|
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, 2026. 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)
|
8,710,085
|
-
|
|
Total Equity Risk
|
8,710,085
|
-
|
|
Total Value of Derivatives
|
8,710,085
|
-
|
(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).
Financial Statements (Unaudited)
|
Statement of Assets and Liabilities
|
||||
|
As of May 31, 2026 (Unaudited)
|
||||
|
Assets
|
||||
|
Investment in securities, at value (including securities loaned of $386,613,181) - See accompanying schedule:
|
||||
|
Unaffiliated issuers (cost $4,241,670,227)
|
$
|
10,865,616,508
|
||
|
Fidelity Central Funds (cost $330,510,440)
|
330,512,642
|
|||
|
Total Investment in Securities (cost $4,572,180,667)
|
$
|
11,196,129,150
|
||
|
Segregated cash with brokers for derivative instruments
|
1,336,427
|
|||
|
Cash
|
5
|
|||
|
Foreign currency held at value (cost $157,598)
|
160,353
|
|||
|
Receivable for investments sold
|
745,407
|
|||
|
Dividends receivable
|
4,135,839
|
|||
|
Distributions receivable from Fidelity Central Funds
|
1,174,282
|
|||
|
Receivable for variation margin on futures contracts
|
188,761
|
|||
|
Other receivables
|
194
|
|||
|
Total assets
|
11,203,870,418
|
|||
|
Liabilities
|
||||
|
Accrued management fee
|
$
|
1,843,254
|
||
|
Other payables and accrued expenses
|
67
|
|||
|
Collateral on securities loaned
|
279,524,183
|
|||
|
Total liabilities
|
281,367,504
|
|||
|
Net Assets
|
$
|
10,922,502,914
|
||
|
Net Assets consist of:
|
||||
|
Paid in capital
|
$
|
4,287,765,328
|
||
|
Total accumulated earnings (loss)
|
6,634,737,586
|
|||
|
Net Assets
|
$
|
10,922,502,914
|
||
|
Net Asset Value, offering price and redemption price per share ($10,922,502,914 ÷ 102,850,000 shares)
|
$
|
106.20
|
||
|
Statement of Operations
|
||||
|
Six months ended May 31, 2026 (Unaudited)
|
||||
|
Investment Income
|
||||
|
Dividends
|
$
|
29,202,676
|
||
|
Interest
|
41,793
|
|||
|
Income from Fidelity Central Funds (including $4,963,206 from security lending)
|
5,547,925
|
|||
|
Security lending
|
25,182
|
|||
|
Total income
|
34,817,576
|
|||
|
Expenses
|
||||
|
Management fee
|
$
|
9,931,874
|
||
|
Independent trustees' fees and expenses
|
12,240
|
|||
|
Total expenses before reductions
|
9,944,114
|
|||
|
Expense reductions
|
(7,725)
|
|||
|
Total expenses after reductions
|
9,936,389
|
|||
|
Net Investment income (loss)
|
24,881,187
|
|||
|
Realized and Unrealized Gain (Loss)
|
||||
|
Net realized gain (loss) on:
|
||||
|
Investment Securities:
|
||||
|
Unaffiliated issuers
|
2,525,878
|
|||
|
Redemptions in-kind
|
265,250,854
|
|||
|
Fidelity Central Funds
|
(802)
|
|||
|
Foreign currency transactions
|
2,146
|
|||
|
Futures contracts
|
(340,450)
|
|||
|
Total net realized gain (loss)
|
267,437,626
|
|||
|
Change in net unrealized appreciation (depreciation) on:
|
||||
|
Investment Securities:
|
||||
|
Unaffiliated issuers
|
1,178,664,808
|
|||
|
Fidelity Central Funds
|
(1)
|
|||
|
Assets and liabilities in foreign currencies
|
40,540
|
|||
|
Futures contracts
|
7,700,398
|
|||
|
Total change in net unrealized appreciation (depreciation)
|
1,186,405,745
|
|||
|
Net gain (loss)
|
1,453,843,371
|
|||
|
Net increase (decrease) in net assets resulting from operations
|
$
|
1,478,724,558
|
||
|
Statement of Changes in Net Assets
|
||||
|
Six months ended
May 31, 2026
(Unaudited)
|
Year ended
November 30, 2025
|
|||
|
Increase (Decrease) in Net Assets
|
||||
|
Operations
|
||||
|
Net investment income (loss)
|
$
|
24,881,187
|
$
|
46,667,928
|
|
Net realized gain (loss)
|
267,437,626
|
73,518,332
|
||
|
Change in net unrealized appreciation (depreciation)
|
1,186,405,745
|
1,569,509,931
|
||
|
Net increase (decrease) in net assets resulting from operations
|
1,478,724,558
|
1,689,696,191
|
||
|
Distributions to shareholders
|
(26,157,150)
|
(51,225,950)
|
||
|
Share transactions
|
||||
|
Proceeds from sales of shares
|
466,631,477
|
496,860,596
|
||
|
Cost of shares redeemed
|
(326,917,689)
|
(179,797,263)
|
||
|
Net increase (decrease) in net assets resulting from share transactions
|
139,713,788
|
317,063,333
|
||
|
Total increase (decrease) in net assets
|
1,592,281,196
|
1,955,533,574
|
||
|
Net Assets
|
||||
|
Beginning of period
|
9,330,221,718
|
7,374,688,144
|
||
|
End of period
|
$
|
10,922,502,914
|
$
|
9,330,221,718
|
|
Other Information
|
||||
|
Shares
|
||||
|
Sold
|
4,950,000
|
6,500,000
|
||
|
Redeemed
|
(3,550,000)
|
(2,400,000)
|
||
|
Net increase (decrease)
|
1,400,000
|
4,100,000
|
||
Financial Highlights
|
Fidelity® Nasdaq Composite Index® ETF
|
|
Six months ended
May 31, 2026
(Unaudited)
|
Years ended November 30, 2025
|
2024
|
2023
|
2022
|
2021 A
|
|||||||
|
Selected Per-Share Data
|
||||||||||||
|
Net asset value, beginning of period
|
$
|
91.97
|
$
|
75.75
|
$
|
56.13
|
$
|
45.09
|
$
|
60.49
|
$
|
47.46
|
|
Income from Investment Operations
|
||||||||||||
|
Net investment income (loss) B,C
|
.24
|
.47
|
.45
|
.40
|
.40
|
.34
|
||||||
|
Net realized and unrealized gain (loss)
|
14.25
|
16.26
|
19.63
|
11.07
|
(15.43)
|
13.01
|
||||||
|
Total from investment operations
|
14.49
|
16.73
|
20.08
|
11.47
|
(15.03)
|
13.35
|
||||||
|
Distributions from net investment income
|
(.26)
|
(.51)
|
(.46)
|
(.43)
|
(.37)
|
(.32)
|
||||||
|
Total distributions
|
(.26)
|
(.51)
|
(.46)
|
(.43)
|
(.37)
|
(.32)
|
||||||
|
Net asset value, end of period
|
$
|
106.20
|
$
|
91.97
|
$
|
75.75
|
$
|
56.13
|
$
|
45.09
|
$
|
60.49
|
|
Total Return D,E,F
|
15.81
%
|
22.20%
|
35.93%
|
25.60%
|
(24.90)%
|
28.23%
|
||||||
|
Ratios to Average Net Assets C,G,H
|
||||||||||||
|
Expenses before reductions
|
.21% I
|
.21%
|
.21%
|
.21%
|
.21%
|
.21%
|
||||||
|
Expenses net of fee waivers, if any
|
.21
% I
|
.21%
|
.21%
|
.21%
|
.21%
|
.21%
|
||||||
|
Expenses net of all reductions, if any
|
.21% I
|
.21%
|
.21%
|
.21%
|
.21%
|
.21%
|
||||||
|
Net investment income (loss)
|
.53% I
|
.59%
|
.67%
|
.81%
|
.81%
|
.62%
|
||||||
|
Supplemental Data
|
||||||||||||
|
Net assets, end of period (000 omitted)
|
$
|
10,922,503
|
$
|
9,330,222
|
$
|
7,374,688
|
$
|
5,214,013
|
$
|
3,999,432
|
$
|
4,784,708
|
|
Portfolio turnover rate J
|
6
% I
|
5%
|
5%
|
4%
|
8%
|
11%
|
APer share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on April 8, 2021.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FBased on net asset value.
GFees 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.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, 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.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
(Unaudited)
For the period ended May 31, 2026
1. Organization.
Fidelity Nasdaq Composite Index ETF (the Fund) 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.
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 RatioA
|
|
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%
|
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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. 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 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The 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 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value 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 service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in 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, 2026 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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, 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
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), 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
|
$6,839,281,689
|
|
Gross unrealized depreciation
|
(210,656,849)
|
|
Net unrealized appreciation (depreciation)
|
$6,628,624,840
|
|
Tax cost
|
$4,576,214,395
|
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.
|
Short-term
|
$(106,503,795)
|
|
Long-term
|
(153,325,191)
|
|
Total capital loss carryforward
|
$(259,828,986)
|
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, 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.
Derivatives were used 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 objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
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|
|
|
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.
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|
|
|
|
|
|
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded 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. Futures contracts were used to manage 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. Subsequent payments from or to a fund are made or as needed depending on the 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 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.
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any 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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
|
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Nasdaq Composite Index ETF
|
502,291,365
|
302,487,092
|
Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.
|
|
In-Kind Subscriptions ($)
|
In-Kind Redemptions ($)
|
|
Fidelity Nasdaq Composite Index ETF
|
256,018,549
|
324,944,343
|
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The Fund pays an all-inclusive management fee based on annual rate of .21% of the Fund's average net assets; and the investment adviser pays all ordinary operating expenses of the Fund, except fees and expenses of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Nasdaq Composite Index ETF
|
3,732,255
|
18,389,220
|
(1,644,559)
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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 ($)
|
|
Fidelity Nasdaq Composite Index ETF
|
541,955
|
28,906
|
105,087
|
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
|
|
Amount ($)
|
|
Fidelity Nasdaq Composite Index ETF
|
118,874,057
|
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 $7,725.
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.
A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Nasdaq Composite Index ETF
At its May 2026 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC, for two months from June 1, 2026 through July 31, 2026. The Board determined that it will consider the annual renewal of the fund's Advisory Contracts for a full one year period in July 2026, following its review of additional materials provided by FMR.
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 concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board will consider the annual renewal for a full one year period in July 2026.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for two months from June 1, 2026 through July 31, 2026.
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1.795572.122
ETF-SANN-0726
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
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 Trusts Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Commonwealth Trusts (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 Trusts 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 Trusts internal control over financial reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
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(a) |
(1) |
Not applicable. |
|
(a) |
(2) |
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|
(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
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By: |
/s/Stacie M. Smith |
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Stacie M. Smith |
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President and Treasurer (Principal Executive Officer) |
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|
Date: |
July 23, 2026 |
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.
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By: |
/s/Stacie M. Smith |
|
Stacie M. Smith |
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|
President and Treasurer (Principal Executive Officer) |
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|
Date: |
July 23, 2026 |
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By: |
/s/Stephanie Caron |
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Stephanie Caron |
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Chief Financial Officer (Principal Financial Officer) |
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Date: |
July 23, 2026 |
Fidelity Commonwealth Trust published this content on July 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 23, 2026 at 14:46 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]