# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000035402-25-000750
**Filing Date:** 2025-9
**Character Count:** 58498
**Document Hash:** 0c5016b630b185c6275ec1318f075c8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-25-000750.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000035402-25-000750

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COVINGTON TRUST
- **CENTRAL INDEX KEY:** 0000945908

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 251349281

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity International High Dividend ETF (Series ID: S000059462)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000194895 | Fidelity International High Dividend ETF | FIDI            |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® International High Dividend ETF**

**July 31, 2025**

IHD-NPRT3-0925

1.9885309.107 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 10.3%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| Wesfarmers Ltd  | 9712 | 536201 |
| Financials - 3.2% |  |  |
| Banks - 3.2% |  |  |
| ANZ Group Holdings Ltd  | 61619 | 1218766 |
| Commonwealth Bank of Australia  | 18795 | 2152918 |
| National Australia Bank Ltd  | 52278 | 1309679 |
|  |  | 4681363 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Brambles Ltd  | 21397 | 329395 |
| Materials - 4.1% |  |  |
| Metals & Mining - 4.1% |  |  |
| Fortescue Ltd  | 259850 | 2973000 |
| Rio Tinto PLC  | 50548 | 3012513 |
|  |  | 5985513 |
| Utilities - 2.4% |  |  |
| Electric Utilities - 2.4% |  |  |
| Origin Energy Ltd  | 469637 | 3528725 |
| TOTAL AUSTRALIA |  | 15061197 |
| CANADA - 13.2%  |  |  |
| Financials - 5.1% |  |  |
| Banks - 5.1% |  |  |
| Bank of Montreal  | 14877 | 1645719 |
| Bank of Nova Scotia/The  | 27881 | 1554625 |
| Royal Bank of Canada  | 17498 | 2250168 |
| Toronto Dominion Bank  | 28685 | 2093877 |
|  |  | 7544389 |
| Industrials - 0.8% |  |  |
| Ground Transportation - 0.8% |  |  |
| Canadian National Railway Co  | 5528 | 517314 |
| Canadian Pacific Kansas City Ltd  | 8156 | 601133 |
|  |  | 1118447 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Constellation Software Inc/Canada  | 93 | 321555 |
| Open Text Corp  | 7189 | 212048 |
|  |  | 533603 |
| Materials - 2.6% |  |  |
| Chemicals - 2.6% |  |  |
| Nutrien Ltd  | 63296 | 3763744 |
| Real Estate - 1.8% |  |  |
| Real Estate Management & Development - 1.8% |  |  |
| FirstService Corp Subordinate Voting Shares  | 13633 | 2693172 |
| Utilities - 2.5% |  |  |
| Independent Power and Renewable Electricity Producers - 2.5% |  |  |
| Brookfield Renewable Corp Class A  | 101843 | 3732512 |
| TOTAL CANADA |  | 19385867 |
| CHINA - 1.4%  |  |  |
| Consumer Staples - 1.4% |  |  |
| Food Products - 1.4% |  |  |
| Wilmar International Ltd  | 924300 | 2101734 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Series B  | 9728 | 469253 |
| FINLAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj  | 27425 | 112625 |
| FRANCE - 9.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Kering SA  | 1302 | 322629 |
| LVMH Moet Hennessy Louis Vuitton SE  | 1011 | 546575 |
|  |  | 869204 |
| Consumer Staples - 1.5% |  |  |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Carrefour SA  | 148922 | 2142540 |
| Financials - 2.8% |  |  |
| Banks - 1.5% |  |  |
| BNP Paribas SA  | 23451 | 2148879 |
| Insurance - 1.3% |  |  |
| AXA SA  | 41556 | 2029985 |
| TOTAL FINANCIALS |  | 4178864 |
| Industrials - 1.9% |  |  |
| Construction & Engineering - 1.9% |  |  |
| Bouygues SA  | 19946 | 825275 |
| Eiffage SA  | 7062 | 950943 |
| Vinci SA  | 7680 | 1068882 |
|  |  | 2845100 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 738 | 110568 |
| Real Estate - 2.7% |  |  |
| Retail REITs - 2.7% |  |  |
| Klepierre SA  | 104132 | 3999824 |
| TOTAL FRANCE |  | 14146100 |
| GERMANY - 5.8%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Automobiles - 0.6% |  |  |
| Bayerische Motoren Werke AG  | 4429 | 425206 |
| Mercedes-Benz Group AG  | 6752 | 387172 |
|  |  | 812378 |
| Financials - 1.7% |  |  |
| Insurance - 1.7% |  |  |
| Allianz SE  | 6112 | 2428834 |
| Industrials - 1.1% |  |  |
| Air Freight & Logistics - 0.3% |  |  |
| Deutsche Post AG  | 11318 | 511036 |
| Industrial Conglomerates - 0.8% |  |  |
| Siemens AG  | 4314 | 1110464 |
| TOTAL INDUSTRIALS |  | 1621500 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| SAP SE  | 2015 | 578412 |
| Materials - 2.1% |  |  |
| Chemicals - 2.1% |  |  |
| BASF SE  | 62806 | 3102540 |
| TOTAL GERMANY |  | 8543664 |
| HONG KONG - 3.8%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Hang Seng Bank Ltd  | 98600 | 1439434 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 7900 | 430787 |
| Real Estate - 2.6% |  |  |
| Retail REITs - 2.6% |  |  |
| Link REIT  | 670100 | 3747439 |
| TOTAL HONG KONG |  | 5617660 |
| ITALY - 4.9%  |  |  |
| Financials - 1.8% |  |  |
| Banks - 1.8% |  |  |
| Intesa Sanpaolo SpA  | 455925 | 2763084 |
| Utilities - 3.1% |  |  |
| Electric Utilities - 3.1% |  |  |
| Enel SpA  | 505568 | 4474684 |
| TOTAL ITALY |  | 7237768 |
| JAPAN - 16.1%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Automobiles - 1.1% |  |  |
| Honda Motor Co Ltd  | 45400 | 473322 |
| Mazda Motor Corp  | 49900 | 302129 |
| Toyota Motor Corp  | 46435 | 832001 |
|  |  | 1607452 |
| Consumer Staples - 2.1% |  |  |
| Tobacco - 2.1% |  |  |
| Japan Tobacco Inc  | 107700 | 3090127 |
| Financials - 4.2% |  |  |
| Capital Markets - 1.1% |  |  |
| Daiwa Securities Group Inc  | 238500 | 1675102 |
| Financial Services - 1.3% |  |  |
| ORIX Corp  | 83400 | 1884182 |
| Insurance - 1.8% |  |  |
| Tokio Marine Holdings Inc  | 60700 | 2470028 |
| TOTAL FINANCIALS |  | 6029312 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Astellas Pharma Inc  | 36400 | 381789 |
| Takeda Pharmaceutical Co Ltd  | 15100 | 421410 |
|  |  | 803199 |
| Industrials - 3.6% |  |  |
| Building Products - 0.6% |  |  |
| Agc Inc  | 26600 | 803506 |
| Trading Companies & Distributors - 3.0% |  |  |
| Marubeni Corp  | 54500 | 1127336 |
| Mitsubishi Corp  | 60300 | 1197226 |
| Mitsui & Co Ltd  | 49400 | 1017575 |
| Sumitomo Corp  | 36600 | 938742 |
|  |  | 4280879 |
| TOTAL INDUSTRIALS |  | 5084385 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Kyocera Corp  | 29000 | 347241 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Brother Industries Ltd  | 17000 | 291156 |
| Canon Inc  | 10500 | 300010 |
|  |  | 591166 |
| TOTAL INFORMATION TECHNOLOGY |  | 938407 |
| Materials - 1.7% |  |  |
| Metals & Mining - 1.7% |  |  |
| Nippon Steel Corp  | 130800 | 2537430 |
| Real Estate - 2.3% |  |  |
| Hotel & Resort REITs - 2.3% |  |  |
| Invincible Investment Corp  | 7395 | 3302063 |
| TOTAL JAPAN |  | 23392375 |
| NETHERLANDS - 3.8%  |  |  |
| Financials - 2.9% |  |  |
| Banks - 2.9% |  |  |
| ABN AMRO Bank NV depository receipt (b)(c) | 74091 | 2150549 |
| ING Groep NV  | 91899 | 2155200 |
|  |  | 4305749 |
| Industrials - 0.5% |  |  |
| Professional Services - 0.5% |  |  |
| Randstad NV  | 14375 | 688390 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASML Holding NV  | 782 | 548748 |
| TOTAL NETHERLANDS |  | 5542887 |
| NORWAY - 1.7%  |  |  |
| Consumer Staples - 1.7% |  |  |
| Food Products - 1.7% |  |  |
| Orkla ASA  | 233065 | 2467985 |
| SINGAPORE - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Oversea-Chinese Banking Corp Ltd  | 117300 | 1525302 |
| SPAIN - 2.0%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| CaixaBank SA  | 216741 | 2046585 |
| Industrials - 0.6% |  |  |
| Transportation Infrastructure - 0.6% |  |  |
| Aena SME SA (b)(c) | 30407 | 821161 |
| TOTAL SPAIN |  | 2867746 |
| SWEDEN - 4.1%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Svenska Handelsbanken AB A Shares  | 147291 | 1806465 |
| Industrials - 0.8% |  |  |
| Machinery - 0.8% |  |  |
| Volvo AB B Shares  | 39551 | 1139546 |
| Materials - 2.1% |  |  |
| Metals & Mining - 2.1% |  |  |
| SSAB AB B Shares  | 537732 | 3057862 |
| TOTAL SWEDEN |  | 6003873 |
| SWITZERLAND - 1.9%  |  |  |
| Financials - 1.2% |  |  |
| Insurance - 1.2% |  |  |
| Zurich Insurance Group AG  | 2544 | 1743723 |
| Industrials - 0.7% |  |  |
| Professional Services - 0.7% |  |  |
| Adecco Group AG  | 31126 | 986618 |
| TOTAL SWITZERLAND |  | 2730341 |
| UNITED KINGDOM - 13.7%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.3% |  |  |
| Taylor Wimpey PLC  | 272679 | 368969 |
| Consumer Staples - 4.5% |  |  |
| Tobacco - 4.5% |  |  |
| British American Tobacco PLC  | 69491 | 3715221 |
| Imperial Brands PLC  | 72291 | 2825982 |
|  |  | 6541203 |
| Financials - 4.1% |  |  |
| Banks - 2.0% |  |  |
| HSBC Holdings PLC  | 233269 | 2848652 |
| Financial Services - 1.1% |  |  |
| M&G PLC  | 479716 | 1660721 |
| Insurance - 1.0% |  |  |
| Legal & General Group PLC  | 450693 | 1531618 |
| TOTAL FINANCIALS |  | 6040991 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Astrazeneca PLC  | 5083 | 761719 |
| Industrials - 1.4% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| BAE Systems PLC  | 58730 | 1402075 |
| Industrial Conglomerates - 0.4% |  |  |
| DCC PLC  | 11016 | 693914 |
| TOTAL INDUSTRIALS |  | 2095989 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Spectris PLC  | 2540 | 134116 |
| Utilities - 2.8% |  |  |
| Multi-Utilities - 2.8% |  |  |
| National Grid PLC  | 297454 | 4172539 |
| TOTAL UNITED KINGDOM |  | 20115526 |
| UNITED STATES - 5.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Stellantis NV (Italy)  | 27368 | 243168 |
| Consumer Staples - 2.5% |  |  |
| Food Products - 2.5% |  |  |
| Nestle SA  | 41117 | 3600048 |
| Financials - 1.0% |  |  |
| Insurance - 1.0% |  |  |
| Swiss Re AG  | 8278 | 1490866 |
| Health Care - 2.0% |  |  |
| Biotechnology - 0.2% |  |  |
| CSL Ltd  | 2025 | 353198 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Alcon AG  | 2298 | 203242 |
| Pharmaceuticals - 1.7% |  |  |
| GSK PLC  | 19858 | 372637 |
| Haleon PLC  | 58857 | 280009 |
| Novartis AG  | 5720 | 663465 |
| Roche Holding AG  | 2098 | 664240 |
| Sanofi SA  | 4390 | 396137 |
|  |  | 2376488 |
| TOTAL HEALTH CARE |  | 2932928 |
| TOTAL UNITED STATES |  | 8267010 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $132,337,199) |  | <br> **145588913** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (f)<br>(Cost $34,918)<br>| 4.25 | 35000 | **34916** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g)<br>(Cost $22,204)<br>| 4.33 | 22200 | **22204** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.3%**<br> (Cost $132,394,321)<br>| <br>**145646033** |
| **NET OTHER ASSETS (LIABILITIES) - 0.7%** (d)  | **1005097** |
| **NET ASSETS - 100.0%** | **146651130** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 8 | Sep 2025 | 1045360 | (11560) | (11560) |
| The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $2,971,710 or 2.0% of net assets.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,971,710 or 2.0% of net assets.

(d) Includes $18,225 of cash collateral to cover margin requirements for futures contracts.

(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 $34,916.

(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.

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 3874528 | 3852324 | 4244 | - | - | 22204 | 22200 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 8086032 | 8086032 | 11406 | - | - | - | - | 0.0% |
| Total | - | 11960560 | 11938356 | 15650 | - | - | 22204 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

**Investment Valuation**

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - Unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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. Treasury Obligations are valued by pricing services who utilize matrix pricing which considers 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 any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

**Derivative Instruments**

Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk(s):

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.

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. 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 specified price at a specified future date.

The Fund used futures contracts to manage its exposure to the stock market.

Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

*The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.*

*Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Fidelity Covington Trust

- **b. Investment Company Act file number:** 811-07319

- **c. CIK number of Registrant:** 0000945908

- **d. LEI of Registrant:** 549300JFYFTF85QAQR28

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

**Item A.2. Information about the Series.**

- **a. Name of Series:** Fidelity International High Dividend ETF

- **b. EDGAR series identifier (if any):** S000059462

- **c. LEI of Series:** 549300V1O2W9E2XS0R14

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $146690247.64

**Total Liabilities:** $39765.79

**Net Assets:** $146650481.85

**Cash Not Reported:** $146165.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194895 | 3.56%                | 1.46%                | 0.63%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-60487.76               | $3307772.74                                |
| Month 2  | $-164386.97              | $1681629.35                                |
| Month 3  | $-2900.44                | $567753.41                                 |

### Schedule of Portfolio Investments

| Name                                | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALLIANZ SE                          | ALLIANZ SE (REGD)                   | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |      6112 | NS      | $2428834.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SSAB AB (SWD STL)                   | SSAB AB - CL B                      | CUSIP: N/A<br>LEI: 529900329VS14ZIML164       | Long             | EC               | CORP              | SE        |    537732 | NS      | $3057862.46   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AGC INC                             | AGC INC                             | CUSIP: N/A<br>LEI: JE4WFFEELMVPFZ0G1E77       | Long             | EC               | CORP              | JP        |     26600 | NS      | $803505.76    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ABN AMRO BANK NV                    | ABN AMRO BANK NV-GDR                | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | EC               | CORP              | NL        |     74091 | NS      | $2150549.67   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EIFFAGE SA                          | EIFFAGE SA (FORM FOUGEROLLE)        | CUSIP: N/A<br>LEI: 969500OQXKE5WDM9M994       | Long             | EC               | CORP              | FR        |      7062 | NS      | $950942.85    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES US                      | MSCI EAFE FUT SEP25 MFSU5           | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | N/A              | DE               | CORP              | US        |         8 | NC      | $-11560.01    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                   | HSBC HOLDINGS PLC                   | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    233269 | NS      | $2848651.58   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN TOBACCO INC                   | JAPAN TOBACCO INC                   | CUSIP: N/A<br>LEI: 353800Z0ENYBQO0XRJ31       | Long             | EC               | CORP              | JP        |    107700 | NS      | $3090126.58   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATIONAL RAILWAY CO        | CANADIAN NATL RAILWAY CO            | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      5528 | NS      | $517314.12    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                              | AXA SA                              | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |     41556 | NS      | $2029985.42   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ANZ GROUP HOLDINGS LTD              | ANZ GROUP HOLDINGS LTD              | CUSIP: N/A<br>LEI: 9845005D9C6BAA10BK72       | Long             | EC               | CORP              | AU        |     61619 | NS      | $1218766.64   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO PLC        | BRITISH AMERICAN TOBACCO PLC        | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |     69491 | NS      | $3715220.96   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGAL AND GENERAL GROUP PLC         | LEGAL and GENERAL GROUP PLC ORD     | CUSIP: N/A<br>LEI: 213800JH9QQWHLO99821       | Long             | EC               | CORP              | GB        |    450693 | NS      | $1531618.32   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                              | SAP SE                              | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |      2015 | NS      | $578412.08    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                         | BNP PARIBAS                         | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |     23451 | NS      | $2148877.82   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL GRID PLC                   | NATIONAL GRID PLC                   | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |    297454 | NS      | $4172538.96   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO-NORDISK AS                     | NOVO-NORDISK AS CL B                | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |      9728 | NS      | $469252.51    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TOYOTA MOTOR CORP                   | TOYOTA MOTOR CORP                   | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |     46435 | NS      | $832000.91    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ZURICH INSURANCE GROUP AG           | ZURICH INSURANCE GROUP AG           | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               | CORP              | CH        |      2544 | NS      | $1743723.17   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIWA SECURITIES GROUP INC          | DAIWA SECURITIES GROUP INC          | CUSIP: N/A<br>LEI: 353800WRC7Y23PWFJG38       | Long             | EC               | CORP              | JP        |    238500 | NS      | $1675102.16   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUBENI CORP                       | MARUBENI CORP                       | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |     54500 | NS      | $1127336.46   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| RANDSTAD NV                         | RANDSTAD NV                         | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |     14375 | NS      | $688389.60    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CARREFOUR SA                        | CARREFOUR SA (SUPERMARCHE)          | CUSIP: N/A<br>LEI: 549300B8P6MUJ1YWTS08       | Long             | EC               | CORP              | FR        |    148922 | NS      | $2142539.85   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVARTIS AG                         | NOVARTIS AG (REG)                   | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |      5720 | NS      | $663465.06    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TORONTO DOMINION BANK           | TORONTO-DOMINION BANK               | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |     28685 | NS      | $2093877.40   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| KYOCERA CORP                        | KYOCERA CORP                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     29000 | NS      | $347240.77    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUI and CO LTD                   | MITSUI and CO LTD                   | CUSIP: N/A<br>LEI: 2NRSB4GOU9DD6CNW5R48       | Long             | EC               | CORP              | JP        |     49400 | NS      | $1017575.33   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL LTD                             | CSL LIMITED                         | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               | CORP              | AU        |      2025 | NS      | $353198.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CAIXABANK SA                        | CAIXABANK SA                        | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |    216741 | NS      | $2046585.03   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO CORP                       | SUMITOMO CORP                       | CUSIP: N/A<br>LEI: V82KK8NH1P0JS71FJC05       | Long             | EC               | CORP              | JP        |     36600 | NS      | $938742.15    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCHE HOLDING AG                    | ROCHE HOLDINGS AG (GENUSSCHEINE)    | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      2098 | NS      | $664239.64    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ING GROEP NV                        | ING GROEP NV                        | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |     91899 | NS      | $2155199.69   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TAYLOR WIMPEY PLC                   | TAYLOR WIMPEY PLC                   | CUSIP: N/A<br>LEI: 21380089BTRXTD8S3R66       | Long             | EC               | CORP              | GB        |    272679 | NS      | $368968.88    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OVERSEA-CHINESE BKG CORP LTD        | OVERSEA-CHINESE BKG CORP LTD        | CUSIP: N/A<br>LEI: 5493007O3QFXCPOGWK22       | Long             | EC               | CORP              | SG        |    117300 | NS      | $1525302.35   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC          | CONSTELLATION SOFTWARE INC          | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |        93 | NS      | $321555.13    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPGEMINI SA                        | CAPGEMINI SA (FF40)                 | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |       738 | NS      | $110568.34    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE SYSTEMS PLC                     | BAE SYSTEMS PLC                     | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |     58730 | NS      | $1402075.03   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| KERING SA                           | KERING                              | CUSIP: N/A<br>LEI: 549300VGEJKB7SVUZR78       | Long             | EC               | CORP              | FR        |      1302 | NS      | $322629.19    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                             | GSK PLC                             | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |     19858 | NS      | $372637.41    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KLEPIERRE SA                        | KLEPIERRE SA                        | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        |    104132 | NS      | $3999824.47   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BOUYGUES SA                         | BOUYGUES ORD                        | CUSIP: N/A<br>LEI: 969500MOCLNQFNZN0D63       | Long             | EC               | CORP              | FR        |     19946 | NS      | $825275.38    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| OPEN TEXT CORPORATION               | OPEN TEXT CORPORATION               | CUSIP: 683715106<br>LEI: 549300UQROQS42RKHM85 | Long             | EC               | CORP              | CA        |      7189 | NS      | $212048.33    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| RIO TINTO PLC                       | RIO TINTO PLC                       | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |     50548 | NS      | $3012512.55   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ADECCO GROUP AG                     | ADECCO GROUP AG                     | CUSIP: N/A<br>LEI: NI14Y5UMU60O7JE9P611       | Long             | EC               | CORP              | CH        |     31126 | NS      | $986618.11    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUBISHI CORP                     | MITSUBISHI CORP                     | CUSIP: N/A<br>LEI: KVIPTY4PULAPGC1VVD26       | Long             | EC               | CORP              | JP        |     60300 | NS      | $1197225.16   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ORKLA ASA                           | ORKLA ASA                           | CUSIP: N/A<br>LEI: 549300PZS8G8RG6RVZ52       | Long             | EC               | CORP              | NO        |    233065 | NS      | $2467985.47   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON STEEL CORP                   | NIPPON STEEL CORP                   | CUSIP: N/A<br>LEI: 35380065QWQ4U2V3PA33       | Long             | EC               | CORP              | JP        |    130800 | NS      | $2537430.48   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMONWEALTH BANK AUSTRALIA         | COMMONWEALTH BK OF AUSTRALIA        | CUSIP: N/A<br>LEI: MSFSBD3QN1GSN7Q6C537       | Long             | EC               | CORP              | AU        |     18795 | NS      | $2152917.51   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKEDA PHARMACEUTICAL CO LTD        | TAKEDA PHARMACEUTICAL CO LTD        | CUSIP: N/A<br>LEI: 549300ZLMVP4X0OGR454       | Long             | EC               | CORP              | JP        |     15100 | NS      | $421409.35    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS VUITTON SE | LVMH MOET HENNESSY LOUIS VUITTON SE | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      1011 | NS      | $546575.10    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTELLAS PHARMA INC                 | ASTELLAS PHARMA INC                 | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               | CORP              | JP        |     36400 | NS      | $381789.43    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAMBLES LTD                        | BRAMBLES LTD                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |     21397 | NS      | $329395.12    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                     | ASTRAZENECA PLC                     | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |      5083 | NS      | $761718.83    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                             | BASF SE                             | CUSIP: N/A<br>LEI: 529900PM64WH8AF1E917       | Long             | EC               | CORP              | DE        |     62806 | NS      | $3102539.66   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SPECTRIS PLC                        | SPECTRIS PLC                        | CUSIP: N/A<br>LEI: 213800Z4CO2CZO3M3T10       | Long             | EC               | CORP              | GB        |      2540 | NS      | $134116.23    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BAYERISCHE MOTOREN WERKE (BMW) AG   | BMW AG                              | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EC               | CORP              | DE        |      4429 | NS      | $425205.50    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIGIN ENERGY LTD                   | ORIGIN ENERGY LIMITED               | CUSIP: N/A<br>LEI: ZSN2LWNPYW6ISMRUC664       | Long             | EC               | CORP              | AU        |    469637 | NS      | $3528725.38   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CANON INC                           | CANON INC                           | CUSIP: N/A<br>LEI: 529900JH1GSC035SSP77       | Long             | EC               | CORP              | JP        |     10500 | NS      | $300009.97    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BROTHER INDUSTRIES LTD              | BROTHER INDUSTRIES                  | CUSIP: 114813108<br>LEI: 549300O5FACQ67KI6R92 | Long             | EC               | CORP              | JP        |     17000 | NS      | $291155.85    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA             | BANK OF NOVA SCOTIA                 | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |     27881 | NS      | $1554624.64   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| STELLANTIS NV                       | STELLANTIS NV                       | CUSIP: N/A<br>LEI: 549300LKT9PW7ZIBDF31       | Long             | EC               | CORP              | NL        |     27368 | NS      | $243168.55    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LINK REIT                           | LINK REAL ESTATE INVESTMENT TR      | CUSIP: N/A<br>LEI: 529900XUE70U36QX5M62       | Long             | EC               | CORP              | HK        |    670100 | NS      | $3747438.22   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN PACIFIC KANSAS CITY LTD    | CANADIAN PACIFIC KANSAS CITY LTD    | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      8156 | NS      | $601132.98    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| WESFARMERS LTD                      | WESFARMERS LTD                      | CUSIP: N/A<br>LEI: 5493003L32ZX9557ST85       | Long             | EC               | CORP              | AU        |      9712 | NS      | $536200.86    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL SPA                            | ENEL (ENTE NAZ ENERG ELET) SPA      | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    505568 | NS      | $4474683.87   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD RENEWABLE CORP           | BROOKFIELD RENEWABLE CORP           | CUSIP: 11285B108<br>LEI: 894500N9AWD5I1YNP231 | Long             | EC               | CORP              | CA        |    101843 | NS      | $3732512.25   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust        | Fidelity Cash Central Fund          | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |     22200 | NS      | $22204.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DCC PLC                             | DCC PLC                             | CUSIP: N/A<br>LEI: 213800UPS1QEE4TD3T45       | Long             | EC               | CORP              | IE        |     11016 | NS      | $693913.92    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEMENS AG                          | SIEMENS AG (REGD)                   | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |      4314 | NS      | $1110463.70   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTRIEN LTD                         | NUTRIEN LTD                         | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     63296 | NS      | $3763743.92   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL BRANDS PLC                 | IMPERIAL BRANDS PLC                 | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |     72291 | NS      | $2825982.35   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| DHL GROUP                           | DHL GROUP                           | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |     11318 | NS      | $511035.97    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB            | SVENSKA HANDELSBANKEN SER A         | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               | CORP              | SE        |    147291 | NS      | $1806464.55   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HALEON PLC                          | HALEON PLC                          | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |     58857 | NS      | $280008.84    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JARDINE MATHESON HOLDINGS LTD       | JARDINE MATHESON HLD                | CUSIP: N/A<br>LEI: 2138009KENVUNWOLPK41       | Long             | EC               | CORP              | BM        |      7900 | NS      | $430787.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| HONDA MOTOR CO LTD                  | HONDA MOTOR CO LTD                  | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               | CORP              | JP        |     45400 | NS      | $473322.04    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MAZDA MOTOR CORP                    | MAZDA MOTOR CORP                    | CUSIP: N/A<br>LEI: 52990044YZJLICDQKK92       | Long             | EC               | CORP              | JP        |     49900 | NS      | $302128.84    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIX CORP                           | ORIX CORP                           | CUSIP: N/A<br>LEI: 35380016EMHNBOVYE123       | Long             | EC               | CORP              | JP        |     83400 | NS      | $1884182.20   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLVO AB                            | VOLVO AB SER B                      | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |     39551 | NS      | $1139546.02   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL AUSTRALIA BANK LTD         | NATIONAL AUSTRALIA BANK LTD         | CUSIP: N/A<br>LEI: F8SB4JFBSYQFRQEH3Z21       | Long             | EC               | CORP              | AU        |     52278 | NS      | $1309679.10   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| WILMAR INTERNATIONAL LTD            | WILMAR INTERNATIONAL LTD            | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |    924300 | NS      | $2101734.30   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| HANG SENG BANK LTD                  | HANG SENG BANK LTD                  | CUSIP: N/A<br>LEI: 5493009Z5F07LWZYMK62       | Long             | EC               | CORP              | HK        |     98600 | NS      | $1439434.39   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTESCUE LTD                       | FORTESCUE LTD                       | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |    259850 | NS      | $2972999.59   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| INTESA SANPAOLO SPA                 | INTESA SANPAOLO SPA                 | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | EC               | CORP              | IT        |    455925 | NS      | $2763084.35   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTSERVICE CORP                   | FIRSTSERVICE CORP                   | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     13633 | NS      | $2693172.01   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML HOLDING NV                     | ASML HOLDING NV                     | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       782 | NS      | $548747.86    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AENA SME SA                         | AENA SME SA                         | CUSIP: N/A<br>LEI: 959800R7QMXKF0NFMT29       | Long             | EC               | CORP              | ES        |     30407 | NS      | $821161.03    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| INVINCIBLE INVESTMENT CORP          | INVINCIBLE INVESTMENT CORP          | CUSIP: N/A<br>LEI: 353800JY6M2692VAV685       | Long             | EC               | CORP              | JP        |      7395 | NS      | $3302063.19   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF MONTREAL QUE                | BANK OF MONTREAL                    | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               | CORP              | CA        |     14877 | NS      | $1645718.69   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCON INC                           | ALCON INC                           | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |      2298 | NS      | $203241.62    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCEDES-BENZ GROUP AG              | MERCEDES-BENZ GROUP AG              | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               | CORP              | DE        |      6752 | NS      | $387172.88    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                           | UST BILLS 0% 08/21/2025             | CUSIP: 912797PP6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     35000 | PA      | $34916.47     | 0.02%             | 2025-08-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NESTLE SA                           | NESTLE SA (REG)                     | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     41117 | NS      | $3600047.66   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| VINCI SA                            | VINCI SA                            | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |      7680 | NS      | $1068881.51   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI                              | SANOFI                              | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |      4390 | NS      | $396137.46    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                | ROYAL BANK OF CANADA                | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |     17498 | NS      | $2250167.75   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKIO MARINE HOLDINGS INC           | TOKIO MARINE HOLDINGS INC           | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |     60700 | NS      | $2470027.58   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NOKIA CORP                          | NOKIA OYJ                           | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |     27425 | NS      | $112624.75    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| M and G PLC                         | M and G PLC                         | CUSIP: N/A<br>LEI: 254900TWUJUQ44TQJY84       | Long             | EC               | CORP              | GB        |    479716 | NS      | $1660720.96   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SWISS RE AG                         | SWISS RE LTD                        | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               | CORP              | CH        |      8278 | NS      | $1490865.71   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-30

**Name of Applicant:** Stacie M. Smith

**Signature:** Stacie M. Smith

**Name of Signer:** Stacie M. Smith

**Title:** President and Treasurer