FFEM seeks to achieve long-term capital growth by fundamentally selecting stocks from emerging markets. The fund includes countries that have an emerging stock market, as defined by MSCI, low- to middle-income economies, as classified by the World Bank, as well as countries with similar characteristics. The adviser considers an issuers domicile, incorporation, primary listing, and location of at least 50% of its assets to determine if it is economically tied to emerging markets. Additionally, issuers must derive at least 50% of their revenues from, classified as part of, or included in an index representing emerging markets. Starting with fundamental analyst research and security recommendations, and reference portfolios managed by Fidelity, a quantitative portfolio construction process is applied to emphasize securities in which the adviser has high conviction, subject to risk, liquidity, and trading characteristics. The fund is actively managed and includes firms of all sizes.

HDFC Bank Limited

ICICI Bank Limited

ASE Technology Holding Co., Ltd.

Nu Holdings Ltd.

BBB Foods Inc.

Itaú Unibanco Holding S.A.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Fomento Económico Mexicano, S.A.B. de C.V.

H World Group Limited

AXIA Energia S.A.

Technology

Financial Services

Consumer Cyclical

Communication Services

Industrials

Healthcare

Basic Materials

Energy

Consumer Defensive

Utilities

Fidelity Covington Trust - Fidelity Fundamental Emerging Markets ETF

FFEM Holdings & Sector Breakdown