# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000035402-25-000752
**Filing Date:** 2025-9
**Character Count:** 61872
**Document Hash:** 61b26cc9e475eec319d0f4acdf6dfb75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-25-000752.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000035402-25-000752

**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:** 251349283

**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 Fundamental Emerging Markets ETF (Series ID: S000087783)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000253745 | Fidelity Fundamental Emerging Markets ETF | FFEM            |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Fundamental Emerging Markets ETF**

**July 31, 2025**

FEM-NPRT3-0925

1.9916396.100 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 6.0%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.6% |  |  |
| MercadoLibre Inc (b) | 29 | 68843 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Azzas 2154 SA  | 1626 | 10361 |
| TOTAL CONSUMER DISCRETIONARY |  | 79204 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| PRIO SA/Brazil (b) | 7918 | 59658 |
| Financials - 1.7% |  |  |
| Banks - 1.5% |  |  |
| Itau Unibanco Holding SA  | 23175 | 145518 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 2439 | 29805 |
|  |  | 175323 |
| Capital Markets - 0.2% |  |  |
| Banco BTG Pactual SA unit  | 3236 | 22613 |
| TOTAL FINANCIALS |  | 197936 |
| Industrials - 1.2% |  |  |
| Electrical Equipment - 0.5% |  |  |
| WEG SA  | 8673 | 57478 |
| Ground Transportation - 0.7% |  |  |
| Localiza Rent a Car SA  | 12551 | 77621 |
| TOTAL INDUSTRIALS |  | 135099 |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| Vale SA  | 14020 | 133852 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.7% |  |  |
| Equatorial Energia SA  | 12798 | 77868 |
| TOTAL BRAZIL |  | 683617 |
| CHINA - 29.4%  |  |  |
| Communication Services - 9.1% |  |  |
| Entertainment - 0.8% |  |  |
| Tencent Music Entertainment Group Class A ADR  | 4183 | 87801 |
| Interactive Media & Services - 8.3% |  |  |
| Meitu Inc (c)(d) | 28296 | 43543 |
| Tencent Holdings Ltd  | 12962 | 908166 |
|  |  | 951709 |
| TOTAL COMMUNICATION SERVICES |  | 1039510 |
| Consumer Discretionary - 8.0% |  |  |
| Automobile Components - 0.2% |  |  |
| Hesai Group ADR (b) | 1107 | 21033 |
| Automobiles - 0.8% |  |  |
| BYD Co Ltd H Shares  | 6567 | 96539 |
| Broadline Retail - 4.5% |  |  |
| Alibaba Group Holding Ltd  | 15376 | 226625 |
| JD.com Inc A Shares  | 3525 | 55188 |
| PDD Holdings Inc Class A ADR (b) | 2101 | 238358 |
|  |  | 520171 |
| Diversified Consumer Services - 0.4% |  |  |
| TAL Education Group Class A ADR (b) | 3969 | 43421 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |
| Meituan B Shares (b)(c)(d) | 1958 | 30330 |
| Trip.com Group Ltd  | 1210 | 75837 |
| Yum China Holdings Inc  | 547 | 25534 |
|  |  | 131701 |
| Household Durables - 0.9% |  |  |
| Haier Smart Home Co Ltd H Shares  | 31955 | 100546 |
| TOTAL CONSUMER DISCRETIONARY |  | 913411 |
| Consumer Staples - 0.8% |  |  |
| Beverages - 0.8% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 782 | 30550 |
| Kweichow Moutai Co Ltd A Shares (China)  | 338 | 66736 |
|  |  | 97286 |
| Financials - 4.5% |  |  |
| Banks - 2.0% |  |  |
| China Construction Bank Corp H Shares  | 162005 | 166133 |
| China Merchants Bank Co Ltd H Shares  | 10456 | 67930 |
|  |  | 234063 |
| Insurance - 2.5% |  |  |
| China Life Insurance Co Ltd H Shares  | 66158 | 191732 |
| Ping An Insurance Group Co of China Ltd H Shares  | 13581 | 93337 |
|  |  | 285069 |
| TOTAL FINANCIALS |  | 519132 |
| Health Care - 2.5% |  |  |
| Biotechnology - 0.4% |  |  |
| Zai Lab Ltd (b) | 11456 | 42832 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 7889 | 106225 |
| Pharmaceuticals - 1.2% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 29957 | 134902 |
| TOTAL HEALTH CARE |  | 283959 |
| Industrials - 3.2% |  |  |
| Electrical Equipment - 1.2% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 1857 | 68246 |
| Sieyuan Electric Co Ltd A Shares (China)  | 6100 | 66079 |
|  |  | 134325 |
| Ground Transportation - 0.7% |  |  |
| Full Truck Alliance Co Ltd ADR  | 6824 | 78817 |
| Machinery - 1.3% |  |  |
| Airtac International Group  | 2189 | 62637 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 9870 | 86892 |
|  |  | 149529 |
| TOTAL INDUSTRIALS |  | 362671 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 10200 | 51889 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| Xiaomi Corp B Shares (b)(c)(d) | 9541 | 64600 |
| TOTAL INFORMATION TECHNOLOGY |  | 116489 |
| Utilities - 0.3% |  |  |
| Gas Utilities - 0.3% |  |  |
| Kunlun Energy Co Ltd  | 31326 | 30209 |
| TOTAL CHINA |  | 3362667 |
| GREECE - 0.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| OPAP SA  | 1572 | 35269 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Alpha Bank SA  | 10766 | 40545 |
| National Bank of Greece SA  | 1505 | 21108 |
|  |  | 61653 |
| TOTAL GREECE |  | 96922 |
| HUNGARY - 1.5%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| OTP Bank Nyrt  | 2042 | 166046 |
| INDIA - 14.4%  |  |  |
| Communication Services - 0.7% |  |  |
| Wireless Telecommunication Services - 0.7% |  |  |
| Bharti Airtel Ltd  | 3806 | 83244 |
| Consumer Discretionary - 1.7% |  |  |
| Automobiles - 0.1% |  |  |
| Mahindra & Mahindra Ltd GDR (d) | 296 | 10686 |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Eternal Ltd (b) | 31088 | 109329 |
| MakeMyTrip Ltd (b) | 779 | 72907 |
|  |  | 182236 |
| TOTAL CONSUMER DISCRETIONARY |  | 192922 |
| Energy - 2.3% |  |  |
| Oil, Gas & Consumable Fuels - 2.3% |  |  |
| Reliance Industries Ltd GDR (c) | 4199 | 264537 |
| Financials - 5.4% |  |  |
| Banks - 4.8% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 4016 | 308308 |
| ICICI Bank Ltd ADR  | 6941 | 233912 |
|  |  | 542220 |
| Consumer Finance - 0.5% |  |  |
| Bajaj Finance Ltd  | 5670 | 57086 |
| Insurance - 0.1% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 1900 | 16401 |
| TOTAL FINANCIALS |  | 615707 |
| Health Care - 0.8% |  |  |
| Health Care Providers & Services - 0.7% |  |  |
| Max Healthcare Institute Ltd  | 5367 | 76406 |
| Pharmaceuticals - 0.1% |  |  |
| Mankind Pharma Ltd (b) | 332 | 9738 |
| TOTAL HEALTH CARE |  | 86144 |
| Industrials - 2.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Hindustan Aeronautics Ltd (d) | 1602 | 82987 |
| Construction & Engineering - 2.0% |  |  |
| Larsen & Toubro Ltd GDR (d) | 5527 | 226883 |
| TOTAL INDUSTRIALS |  | 309870 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Tata Consultancy Services Ltd  | 536 | 18598 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| JK Cement Ltd  | 776 | 59040 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Power Grid Corp of India Ltd  | 2375 | 7896 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| NTPC Ltd  | 3364 | 12847 |
| TOTAL UTILITIES |  | 20743 |
| TOTAL INDIA |  | 1650805 |
| INDONESIA - 1.7%  |  |  |
| Financials - 1.7% |  |  |
| Banks - 1.7% |  |  |
| Bank Central Asia Tbk PT  | 384347 | 193283 |
| KAZAKHSTAN - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Consumer Finance - 0.3% |  |  |
| Kaspi.KZ JSC ADR  | 380 | 29982 |
| KOREA (SOUTH) - 10.5%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| KT Corp  | 945 | 37385 |
| Interactive Media & Services - 0.4% |  |  |
| Kakao Corp  | 485 | 20161 |
| Webtoon Entertainment Inc (b) | 2500 | 25100 |
|  |  | 45261 |
| TOTAL COMMUNICATION SERVICES |  | 82646 |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Kia Corp  | 344 | 25221 |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| KT&G Corp  | 85 | 7962 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| KB Financial Group Inc  | 560 | 44510 |
| Health Care - 0.7% |  |  |
| Life Sciences Tools & Services - 0.7% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d) | 111 | 84883 |
| Industrials - 1.0% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Korea Aerospace Industries Ltd  | 1531 | 103692 |
| Electrical Equipment - 0.1% |  |  |
| LS Electric Co Ltd  | 38 | 8456 |
| TOTAL INDUSTRIALS |  | 112148 |
| Information Technology - 7.4% |  |  |
| Semiconductors & Semiconductor Equipment - 2.4% |  |  |
| SK Hynix Inc  | 1390 | 272463 |
| Technology Hardware, Storage & Peripherals - 5.0% |  |  |
| Samsung Electronics Co Ltd  | 11187 | 572464 |
| TOTAL INFORMATION TECHNOLOGY |  | 844927 |
| TOTAL KOREA (SOUTH) |  | 1202297 |
| MEXICO - 3.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| America Movil SAB de CV Series B  | 17223 | 15548 |
| Consumer Staples - 1.9% |  |  |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| BBB Foods Inc Class A (b) | 703 | 17941 |
| Wal-Mart de Mexico SAB de CV Series V  | 63900 | 188364 |
|  |  | 206305 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Grupo Financiero Banorte SAB de CV  | 5549 | 49451 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| Cemex SAB de CV unit  | 66755 | 58280 |
| Real Estate - 1.0% |  |  |
| Industrial REITs - 0.4% |  |  |
| Prologis Property Mexico SA de CV  | 13789 | 51830 |
| Real Estate Management & Development - 0.6% |  |  |
| Corp Inmobiliaria Vesta SAB de CV  | 24054 | 67680 |
| TOTAL REAL ESTATE |  | 119510 |
| TOTAL MEXICO |  | 449094 |
| PANAMA - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Copa Holdings SA Class A  | 144 | 15935 |
| PERU - 1.4%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| Credicorp Ltd  | 653 | 154761 |
| PHILIPPINES - 0.3%  |  |  |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Ayala Land Inc  | 89885 | 38589 |
| POLAND - 1.8%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Allegro.eu SA (b)(c)(d) | 1609 | 15892 |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Dino Polska SA (b)(c)(d) | 4670 | 61821 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 5977 | 131389 |
| TOTAL POLAND |  | 209102 |
| SAUDI ARABIA - 1.6%  |  |  |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| Al Rajhi Bank  | 7129 | 180073 |
| SOUTH AFRICA - 4.4%  |  |  |
| Communication Services - 0.6% |  |  |
| Wireless Telecommunication Services - 0.6% |  |  |
| MTN Group Ltd  | 7941 | 66850 |
| Consumer Discretionary - 1.2% |  |  |
| Broadline Retail - 1.2% |  |  |
| Naspers Ltd Class N  | 446 | 138220 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Shoprite Holdings Ltd  | 3364 | 49032 |
| Financials - 1.3% |  |  |
| Banks - 0.8% |  |  |
| Capitec Bank Holdings Ltd  | 406 | 78722 |
| Financial Services - 0.5% |  |  |
| FirstRand Ltd  | 14696 | 62491 |
| TOTAL FINANCIALS |  | 141213 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Impala Platinum Holdings Ltd (b) | 11408 | 107659 |
| TOTAL SOUTH AFRICA |  | 502974 |
| TAIWAN - 17.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| International Games System Co Ltd  | 885 | 23253 |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Eclat Textile Co Ltd  | 4599 | 61955 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Bizlink Holding Inc  | 646 | 19672 |
| Machinery - 0.2% |  |  |
| Hiwin Technologies Corp  | 2916 | 20714 |
| TOTAL INDUSTRIALS |  | 40386 |
| Information Technology - 15.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Chroma ATE Inc  | 2826 | 40668 |
| Yageo Corp  | 1572 | 27851 |
|  |  | 68519 |
| Semiconductors & Semiconductor Equipment - 14.9% |  |  |
| ASE Technology Holding Co Ltd  | 5696 | 29037 |
| eMemory Technology Inc  | 905 | 61564 |
| MediaTek Inc  | 2811 | 128734 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 38227 | 1482311 |
|  |  | 1701646 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Wiwynn Corp  | 530 | 48987 |
| TOTAL INFORMATION TECHNOLOGY |  | 1819152 |
| TOTAL TAIWAN |  | 1944746 |
| TURKEY - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 15620 | 40248 |
| UNITED ARAB EMIRATES - 2.8%  |  |  |
| Energy - 2.2% |  |  |
| Energy Equipment & Services - 1.2% |  |  |
| ADNOC Drilling Co PJSC  | 81415 | 129447 |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Adnoc Gas PLC  | 132263 | 119910 |
| TOTAL ENERGY |  | 249357 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 17314 | 76740 |
| TOTAL UNITED ARAB EMIRATES |  | 326097 |
| UNITED KINGDOM - 0.9%  |  |  |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 2401 | 108767 |
| UNITED STATES - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| Titan SA  | 895 | 35799 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,972,569) |  | <br> **11391804** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 9/4/2025 <br>(Cost $19,920)<br>| 4.29 | 20000 | **19919** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $9,992,489)<br>| <br>**11411723** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **38196** |
| **NET ASSETS - 100.0%** | **11449919** |

---

**Legend**

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

(b) Non-income producing.

(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 $823,134 or 7.2% of net assets.

(d) 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 $879,153 or 7.7% of net assets.

(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.

**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 | - | 6478887 | 6478887 | 1327 | - | - | - | - | 0.0% |
| Total | - | 6478887 | 6478887 | 1327 | - | - | - |  |  |

---

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

**Investment Valuation**

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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.

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

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual 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.*

*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 Fundamental Emerging Markets ETF

- **b. EDGAR series identifier (if any):** S000087783

- **c. LEI of Series:** 254900YNQ1P3DHCLOE98

**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:** $11455610.91

**Total Liabilities:** $5691.62

**Net Assets:** $11449919.29

**Cash Not Reported:** $29391.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253745 | 4.82%                | 5.74%                | 2.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $17597.25                | $446054.20                                 |
| Month 2  | $-406.24                 | $579890.16                                 |
| Month 3  | $15347.58                | $207658.19                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WAL MART DE MEXICO SAB DE CV                       | WAL MART DE MEXICO SAB DE CV V           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     63900 | NS      | $188363.58    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| TITAN SA                                           | TITAN SA                                 | CUSIP: N/A<br>LEI: 213800H2CDP9I374WH83       | Long             | EC               | CORP              | BE        |       895 | NS      | $35799.16     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA CONSTRUCTION BANK CORP                       | CHINA CONSTRUCTION BANK CORP H           | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |    162005 | NS      | $166132.52    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTEMPORARY AMPEREX TECHNOLOGY CO LTD             | CONTEMPORARY AMPEREX TECHNOLOGY CO LTD A | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |      1857 | NS      | $68245.64     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| DINO POLSKA SA                                     | DINO POLSKA SA                           | CUSIP: N/A<br>LEI: 259400H4L81SMPRTW956       | Long             | EC               | CORP              | PL        |      4670 | NS      | $61821.38     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG ELECTRONICS CO LTD                         | SAMSUNG ELECTRONICS CO LTD               | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     11187 | NS      | $572462.93    | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCALIZA RENT A CAR SA                             | LOCALIZA RENT A CAR SA                   | CUSIP: N/A<br>LEI: 984500C442A7E0CD4D11       | Long             | EC               | CORP              | BR        |     12551 | NS      | $77620.72     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| KT CORP                                            | KT CORP                                  | CUSIP: N/A<br>LEI: 9884005ACF8449EANY26       | Long             | EC               | CORP              | KR        |       945 | NS      | $37385.78     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLEGRO.EU                                         | ALLEGRO.EU                               | CUSIP: N/A<br>LEI: 222100VRLXV3FPMG4982       | Long             | EC               | CORP              | LU        |      1609 | NS      | $15892.29     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ABU DHABI COMMERCIAL BANK                          | ABU DHABI COMMERCIAL BANK                | CUSIP: N/A<br>LEI: 213800RWVKKIRX1AUH58       | Long             | EC               | CORP              | AE        |     17314 | NS      | $76740.56     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| COPA HOLDINGS SA                                   | COPA HOLDINGS SA CL A                    | CUSIP: N/A<br>LEI: 529900BB9UQJV6QQHA59       | Long             | EC               | CORP              | PA        |       144 | NS      | $15935.04     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC GAS PLC                                      | ADNOC GAS PLC                            | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               | CORP              | AE        |    132263 | NS      | $119910.10    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NTPC LTD                                           | NTPC LTD                                 | CUSIP: N/A<br>LEI: 335800Q4TRGJXNLVMB81       | Long             | EC               | CORP              | IN        |      3364 | NS      | $12847.03     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AYALA LAND INC                                     | AYALA LAND INC                           | CUSIP: N/A<br>LEI: 254900EWT10TQ6DKTV34       | Long             | EC               | CORP              | PH        |     89885 | NS      | $38589.18     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER GRID CORP OF INDIA LTD                       | POWER GRID CORP OF INDIA LTD             | CUSIP: N/A<br>LEI: 3358009SHWZ3DZEQ4Z56       | Long             | EC               | CORP              | IN        |      2375 | NS      | $7896.45      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ZAI LAB LTD                                        | ZAI LAB LTD                              | CUSIP: N/A<br>LEI: 549300P2UYQ9U5LY1T58       | Long             | EC               | CORP              | KY        |     11456 | NS      | $42832.31     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ECLAT TEXTILE CO LTD                               | ECLAT TEXTILE CO LTD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      4599 | NS      | $61955.44     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ASE TECHNOLOGY HOLDING CO LTD                      | ASE TECHNOLOGY HOLDING CO LTD            | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |      5696 | NS      | $29036.94     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD                                      | CREDICORP LTD                            | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | BM        |       653 | NS      | $154761.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDIATEK INC                                       | MEDIA TEK INC                            | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |      2811 | NS      | $128733.75    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| KUNLUN ENERGY COMPANY LTD                          | KUNLUN ENERGY COMPANY LTD                | CUSIP: N/A<br>LEI: 5299007GRIKP15GM4927       | Long             | EC               | CORP              | BM        |     31326 | NS      | $30208.64     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA LIFE INSURANCE CO LTD                        | CHINA LIFE INS CO LTD H                  | CUSIP: N/A<br>LEI: 549300J6TFLDXGH6S048       | Long             | EC               | CORP              | CN        |     66158 | NS      | $191731.78    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC DRILLING COMPANY PJSC                        | ADNOC DRILLING COMPANY PJSC              | CUSIP: N/A<br>LEI: 254900JPRSQL1PM0JV19       | Long             | EC               | CORP              | AE        |     81415 | NS      | $129446.54    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA MERCHANTS BANK CO LTD                        | CHINA MERCHANTS BANK CO LTD H            | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |     10456 | NS      | $67930.70     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MAX HEALTHCARE INSTITUTE LTD                       | MAX HEALTHCARE INSTITUTE LTD             | CUSIP: N/A<br>LEI: 3358005LALYV4GZOYF67       | Long             | EC               | CORP              | IN        |      5367 | NS      | $76405.56     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ITAU UNIBANCO HOLDING SA                           | ITAU UNIBANCO HOLDING SA                 | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EC               | CORP              | BR        |     23175 | NS      | $145517.59    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORACION INMOBILIARIA VESTA SAB. DE CV.         | CORPORACION INMO VESTA SAB CV            | CUSIP: N/A<br>LEI: 4469000001BIRIFZJ959       | Long             | EC               | CORP              | MX        |     24054 | NS      | $67680.17     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| KAKAO CORP                                         | KAKAO CORP                               | CUSIP: N/A<br>LEI: 988400FTKUBQXKVZP434       | Long             | EC               | CORP              | KR        |       485 | NS      | $20160.68     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NU HOLDINGS LTD/CAYMAN ISLANDS                     | NU HOLDINGS LTD/CAYMAN ISLANDS           | CUSIP: N/A<br>LEI: 5493002DG1RHWK9W2X27       | Long             | EC               | CORP              | KY        |      2439 | NS      | $29804.58     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTOR TRANSFORMATOR ENERJI T                       | ASTOR TRANSFORMATOR ENERJI T             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TR        |     15620 | NS      | $40247.86     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HAIER SMART HOME CO LTD                            | HAIER SMART HOME CO LTD                  | CUSIP: N/A<br>LEI: 3003002BYTNGNJTWSH07       | Long             | EC               | CORP              | CN        |     31955 | NS      | $100546.31    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| TAL ED GROUP                                       | TAL ED GROUP ADR                         | CUSIP: 874080104<br>LEI: 5493003PJZS0EC085V72 | Long             | EC               | CORP              | KY        |      3969 | NS      | $43420.86     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| KWEICHOW MOUTAI CO LTD                             | KWEICHOW MOUTAI CO LTD A                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |       338 | NS      | $66735.34     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MANKIND PHARMA LTD                                 | MANKIND PHARMA LTD                       | CUSIP: N/A<br>LEI: 33580067G8AZ7S8NYA02       | Long             | EC               | CORP              | IN        |       332 | NS      | $9738.07      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KB FINANCIAL GROUP INC                             | KB FINANCIAL GROUP INC                   | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |       560 | NS      | $44509.74     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD CO LTD                                         | BYD COMPANY LTD H                        | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |      6567 | NS      | $96539.08     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| WUXI APPTEC CO LTD                                 | WUXI APPTEC CO LTD H                     | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | CN        |      7889 | NS      | $106225.13    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| KIA CORP                                           | KIA CORP                                 | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |       344 | NS      | $25221.42     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM CHINA HOLDINGS INC                             | YUM CHINA HOLDINGS INC                   | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |       547 | NS      | $25533.96     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LS ELECTRIC CO LTD                                 | LS ELECTRIC CO LTD                       | CUSIP: N/A<br>LEI: 988400AF8KS117D7D072       | Long             | EC               | CORP              | KR        |        38 | NS      | $8456.31      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BAJAJ FINANCE LTD                                  | BAJAJ FINANCE LTD                        | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |      5670 | NS      | $57086.43     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LTD                                      | HDFC BANK LTD SPON ADR                   | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      4016 | NS      | $308308.32    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MAKEMYTRIP LIMITED                                 | MAKEMYTRIP LIMITED                       | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | MU        |       779 | NS      | $72906.61     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| HESAI GROUP                                        | HESAI GROUP ADR                          | CUSIP: 428050108<br>LEI: 836800KOYHURQT1JZY11 | Long             | EC               | CORP              | KY        |      1107 | NS      | $21033.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD HOLDINGS INC                                   | PDD HOLDINGS INC ADR                     | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      2101 | NS      | $238358.45    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MAHINDRA and MAHINDRA LTD                          | MAHINDRA and MAHIND LTD SPON GDR         | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |       296 | NS      | $10685.60     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING LTD                          | ALIBABA GROUP HOLDING LTD                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |     15376 | NS      | $226624.61    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| OPAP SA                                            | GREEK ORG OF FOOTBL PROGNOC SA           | CUSIP: N/A<br>LEI: 213800M4NRGFJCI34834       | Long             | EC               | CORP              | GR        |      1572 | NS      | $35269.38     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JK CEMENT LTD                                      | JK CEMENT LTD                            | CUSIP: N/A<br>LEI: 335800IECEF3EIDGF809       | Long             | EC               | CORP              | IN        |       776 | NS      | $59039.96     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BTG PACTUAL SA                               | BANCO BTG PACTUAL SA US(1CS)             | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               | CORP              | BR        |      3236 | NS      | $22613.37     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK CENTRAL ASIA TBK PT                           | BANK CENTRAL ASIA                        | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |    384347 | NS      | $193282.98    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| KT and G CORP                                      | KT and G CORP                            | CUSIP: N/A<br>LEI: 988400ZJV6ISYBLQX875       | Long             | EC               | CORP              | KR        |        85 | NS      | $7962.14      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| XIAOMI CORP                                        | XIAOMI CORP B                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      9541 | NS      | $64599.25     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| LARSEN and TOUBRO LTD                              | LARSEN and TOUBRO LTD GDR                | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |      5527 | NS      | $226883.35    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| YAGEO CORP                                         | YAGEO CORP                               | CUSIP: N/A<br>LEI: 5493001P0TOZH7GGNQ21       | Long             | EC               | CORP              | TW        |      1572 | NS      | $27850.91     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| POWSZECHNA KASA OSZCZ BK SA                        | POWSZECHNA KASA OSZCZ BK SA              | CUSIP: N/A<br>LEI: P4GTT6GF1W40CVIMFR43       | Long             | EC               | CORP              | PL        |      5977 | NS      | $131388.58    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EMEMORY TECHNOLOGY INC                             | EMEMORY TECHNOLOGY INC                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |       905 | NS      | $61563.60     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LTD                                        | NASPERS LTD N SHS                        | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               | CORP              | ZA        |       446 | NS      | $138220.40    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIP.COM GROUP LTD                                 | TRIP.COM GROUP LTD                       | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | KY        |      1210 | NS      | $75836.94     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CHROMA ATE INC                                     | CHROMA ATE INC                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      2826 | NS      | $40668.33     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS PROPERTY MEXICO SA                        | PROLOGIS PROPERTY MEXICO SA              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     13789 | NS      | $51830.27     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                                             | WEG SA                                   | CUSIP: N/A<br>LEI: 254900NKQV127YFRO022       | Long             | EC               | CORP              | BR        |      8673 | NS      | $57478.73     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LTD                                     | ICICI BANK LTD SPONS ADR                 | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      6941 | NS      | $233911.70    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HINDUSTAN AERONAUTICS LTD                          | HINDUSTAN AERONAUTICS LIMITED            | CUSIP: N/A<br>LEI: 335800AKDC7T933T3I86       | Long             | EC               | CORP              | IN        |      1602 | NS      | $82986.94     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPRITE HLDGS LTD                                 | SHOPRITE HLDGS LTD                       | CUSIP: N/A<br>LEI: 529900Q4O1EYP6NH5150       | Long             | EC               | CORP              | ZA        |      3364 | NS      | $49031.81     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN INSURANCE (GROUP) COMPANY OF CHINA LIMITED | PING AN INSURANCE CO LTD H               | CUSIP: N/A<br>LEI: 300300IP9S6FHQPKRN68       | Long             | EC               | CORP              | CN        |     13581 | NS      | $93336.94     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TATA CONSULTANCY SERVICES LTD                      | TATA CONSULTANCY SERVICES LTD            | CUSIP: N/A<br>LEI: 335800ZJKU9GPQRE2U66       | Long             | EC               | CORP              | IN        |       536 | NS      | $18597.57     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT HLDGS LTD                                  | TENCENT HOLDINGS LTD                     | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |     12962 | NS      | $908165.61    | 7.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SHENZHEN INOVANCE TECHNOLOGY CO LTD                | SHENZHEN INOVANCE TECHNOLOGY CO LTD A    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      9870 | NS      | $86891.69     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT MUSIC ENTERTAINMENT GROUP                  | TENCENT MUSIC ENTERTAINMENT ADR          | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |      4183 | NS      | $87801.17     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTROC BEVERAGE GROUP CO LTD                      | EASTROC BEVERAGE GROUP CO LTD A          | CUSIP: N/A<br>LEI: 836800LQ338417RCIL29       | Long             | EC               | CORP              | CN        |       782 | NS      | $30550.40     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZAS 2154 SA                                      | AZZAS 2154 SA                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |      1626 | NS      | $10360.78     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK OF GREECE SA                         | NATIONAL BANK OF GREECE SA               | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |      1505 | NS      | $21108.15     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG BIOLOGICS CO LTD                           | SAMSUNG BIOLOGICS CO LTD                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       111 | NS      | $84883.43     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MFG CO LTD                    | TAIWAN SEMICONDUCTOR MFG CO LTD          | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |     38227 | NS      | $1482310.55   | 12.95%            |  |  |  | No            |                  1 | On Loan: No      |
| MTN GROUP LTD                                      | MTN GROUP LTD                            | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               | CORP              | ZA        |      7941 | NS      | $66849.78     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WEBTOON ENTERTAINMENT INC                          | WEBTOON ENTERTAINMENT INC                | CUSIP: 94845U105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $25100.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUATORIAL ENERGIA SA                              | EQUATORIAL ENERGIA SA                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     12798 | NS      | $77868.38     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.COM INC                                         | JD.COM INC CL A                          | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | KY        |      3525 | NS      | $55187.58     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LUXSHARE PRECISION INDUSTRY CO LTD                 | LUXSHARE PRECISION INDUSTRY CO LTD-A     | CUSIP: N/A<br>LEI: 300300QLLDUELXN16530       | Long             | EC               | CORP              | CN        |     10200 | NS      | $51889.26     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO SA                                            | PRIO SA                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |      7918 | NS      | $59658.44     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LTD                                  | BHARTI AIRTEL LIMITED                    | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |      3806 | NS      | $83244.22     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRTAC INTERNATIONAL GROUP                         | AIRTAC INTERNATIONAL GROUP               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      2189 | NS      | $62636.94     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCADOLIBRE INC                                   | MERCADOLIBRE INC                         | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        29 | NS      | $68842.81     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| FULL TRUCK ALLIANCE CO LTD                         | FULL TRUCK ALLIANCE CO LTD ADR           | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             | EC               | CORP              | KY        |      6824 | NS      | $78817.20     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPALA PLATINUM HOLDINGS LTD                       | IMPALA PLATINUM HOLDINGS LTD             | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               | CORP              | ZA        |     11408 | NS      | $107659.33    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP BANK PLC                                       | OTP BANK (REG)                           | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |      2042 | NS      | $166046.41    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WIWYNN CORP                                        | WIWYNN CORP                              | CUSIP: N/A<br>LEI: 254900FV2R15PMKXFL69       | Long             | EC               | CORP              | TW        |       530 | NS      | $48987.13     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AL RAJHI BANK                                      | AL RAJHI BANKING and INVEST CORP         | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               | CORP              | SA        |      7129 | NS      | $180073.25    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                              | ANGLOGOLD ASHANTI PLC                    | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |      2401 | NS      | $108767.13    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BIZLINK HOLDING INC                                | BIZLINK HOLDING INC                      | CUSIP: N/A<br>LEI: 213800YAKRFVU5XOX138       | Long             | EC               | CORP              | KY        |       646 | NS      | $19672.61     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HANSOH PHARMACEUTICAL GROUP CO LTD                 | HANSOH PHARMACETICAL GROUP               | CUSIP: N/A<br>LEI: 254900Q6MR00EBXTPF42       | Long             | EC               | CORP              | KY        |     29957 | NS      | $134901.90    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MEITUAN                                            | MEITUAN CL B                             | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | KY        |      1958 | NS      | $30330.29     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL GAMES SYSTEM CO LTD                  | INTERNATIONAL GAMES SYS CO LTD           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |       885 | NS      | $23252.88     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICA MOVIL SAB DE CV                            | AMERICA MOVIL SAB DE CV SER B            | CUSIP: N/A<br>LEI: 5493000FNR3UCEAONM59       | Long             | EC               | CORP              | MX        |     17223 | NS      | $15547.72     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEYUAN ELECTRIC CO LTD A                          | SIEYUAN ELECTRIC CO LTD A                | CUSIP: N/A<br>LEI: 836800H6UQQUWN4PSZ32       | Long             | EC               | CORP              | CN        |      6100 | NS      | $66079.20     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| HIWIN TECHNOLOGIES CORP                            | HIWIN TECHNOLOGIES CORP                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      2916 | NS      | $20713.69     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MEITU INC                                          | MEITU INC                                | CUSIP: N/A<br>LEI: 529900P2POH56W116T02       | Long             | EC               | CORP              | KY        |     28296 | NS      | $43543.40     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SK HYNIX INC                                       | SK HYNIX INC                             | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      1390 | NS      | $272463.07    | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC LIFE INSURANCE CO LTD                         | HDFC LIFE INSURANCE CO LTD               | CUSIP: N/A<br>LEI: 335800RQI8GAFHIRGZ37       | Long             | EC               | CORP              | IN        |      1900 | NS      | $16400.74     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO BANORTE SAB DE CV                 | GRUPO FINANCIERO BANORTE SAB             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |      5549 | NS      | $49451.25     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| KASPI/KZ JSC                                       | KASPI/KZ JSC SPON ADR                    | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |       380 | NS      | $29982.00     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHA BANK SA                                      | ALPHA BANK SA                            | CUSIP: N/A<br>LEI: 213800DBQIB6VBNU5C64       | Long             | EC               | CORP              | GR        |     10766 | NS      | $40544.33     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BBB FOODS INC                                      | BBB FOODS INC                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VG        |       703 | NS      | $17940.56     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE SA                                            | VALE S.A.                                | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |     14020 | NS      | $133851.68    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                            | RELIANCE INDS GDR                        | CUSIP: 759470107<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |      4199 | NS      | $264537.00    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTRAND LIMITED                                  | FIRSTRAND LIMITED                        | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               | CORP              | ZA        |     14696 | NS      | $62491.03     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CEMEX SAB DE CV                                    | CEMEX SA DE CV CPO                       | CUSIP: N/A<br>LEI: 549300RIG2CXWN6IV731       | Long             | EC               | CORP              | MX        |     66755 | NS      | $58280.14     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA AEROSPACE INDUSTRIES LTD                     | KOREA AEROSPACE INDUSTRIES LTD           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      1531 | NS      | $103691.35    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                                          | UST BILLS 0% 09/04/2025                  | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19919.21     | 0.17%             | 2025-09-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ETERNAL LTD                                        | ETERNAL LTD                              | CUSIP: N/A<br>LEI: 335800T4VOF9ETHF8W59       | Long             | EC               | CORP              | IN        |     31088 | NS      | $109329.34    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITEC BANK HOLDINGS LTD                          | CAPITEC BANK HOLDINGS LIMITED            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ZA        |       406 | NS      | $78722.04     | 0.69%             |  |  |  | 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