# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001752724-25-159893
**Filing Date:** 2025-6
**Character Count:** 68566
**Document Hash:** 69c1b4eedeb63f4f2138199d3b2231be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-159893.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-159893

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**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:** 251079828

**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 Large Cap Value ETF (Series ID: S000084016)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000248142 | Fidelity Fundamental Large Cap Value ETF | FFLV            |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Fundamental Large Cap Value ETF**

**April 30, 2025**

CVE-NPRT3-0625

1.9911034.101 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Aptiv PLC  | 612 | 34921 |
| CANADA - 1.2%  |  |  |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| Canadian Natural Resources Ltd  | 3176 | 91138 |
| Cenovus Energy Inc  | 2205 | 25959 |
|  |  | 117097 |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Interfor Corp (a) | 293 | 2822 |
| TOTAL CANADA |  | 119919 |
| FRANCE - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Capgemini SE  | 118 | 18695 |
| SPAIN - 1.0%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Cellnex Telecom SA (b)(c) | 2584 | 104328 |
| TAIWAN - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 404 | 67343 |
| UNITED KINGDOM - 1.1%  |  |  |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Astrazeneca PLC ADR  | 1505 | 108044 |
| UNITED STATES - 91.8%  |  |  |
| Communication Services - 3.5% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Verizon Communications Inc  | 310 | 13658 |
| Entertainment - 0.3% |  |  |
| Walt Disney Co/The  | 367 | 33379 |
| Interactive Media & Services - 0.8% |  |  |
| Alphabet Inc Class A  | 361 | 57327 |
| ZoomInfo Technologies Inc (a) | 2052 | 17565 |
|  |  | 74892 |
| Media - 2.3% |  |  |
| Comcast Corp Class A  | 6138 | 209920 |
| Nexstar Media Group Inc  | 119 | 17809 |
|  |  | 227729 |
| TOTAL COMMUNICATION SERVICES |  | 349658 |
| Consumer Discretionary - 3.0% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Hilton Grand Vacations Inc (a) | 368 | 12376 |
| Household Durables - 0.9% |  |  |
| Mohawk Industries Inc (a) | 80 | 8508 |
| Somnigroup International Inc  | 1392 | 84996 |
|  |  | 93504 |
| Specialty Retail - 1.8% |  |  |
| Dick's Sporting Goods Inc  | 134 | 25157 |
| Lithia Motors Inc Class A  | 160 | 46842 |
| Lowe's Cos Inc  | 250 | 55890 |
| Penske Automotive Group Inc  | 163 | 25374 |
| Signet Jewelers Ltd  | 123 | 7294 |
| Upbound Group Inc  | 746 | 14845 |
|  |  | 175402 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Capri Holdings Ltd (a) | 488 | 7339 |
| PVH Corp  | 121 | 8347 |
|  |  | 15686 |
| TOTAL CONSUMER DISCRETIONARY |  | 296968 |
| Consumer Staples - 8.2% |  |  |
| Beverages - 1.6% |  |  |
| Coca-Cola Consolidated Inc  | 11 | 14914 |
| Constellation Brands Inc Class A  | 193 | 36195 |
| Keurig Dr Pepper Inc  | 3195 | 110515 |
|  |  | 161624 |
| Consumer Staples Distribution & Retail - 2.0% |  |  |
| US Foods Holding Corp (a) | 3003 | 197177 |
| Food Products - 1.5% |  |  |
| Bunge Global SA  | 41 | 3227 |
| Darling Ingredients Inc (a) | 350 | 11267 |
| JM Smucker Co  | 1147 | 133362 |
|  |  | 147856 |
| Personal Care Products - 0.9% |  |  |
| Kenvue Inc  | 3733 | 88099 |
| Tobacco - 2.2% |  |  |
| Philip Morris International Inc  | 1300 | 222768 |
| TOTAL CONSUMER STAPLES |  | 817524 |
| Energy - 8.0% |  |  |
| Oil, Gas & Consumable Fuels - 8.0% |  |  |
| Cheniere Energy Inc  | 124 | 28658 |
| Core Natural Resources Inc  | 49 | 3537 |
| Energy Transfer LP  | 705 | 11661 |
| Exxon Mobil Corp  | 4029 | 425583 |
| Phillips 66  | 193 | 20084 |
| Shell PLC ADR  | 2989 | 192731 |
| Targa Resources Corp  | 670 | 114503 |
|  |  | 796757 |
| Financials - 20.4% |  |  |
| Banks - 7.9% |  |  |
| Bank of America Corp  | 7186 | 286578 |
| East West Bancorp Inc  | 158 | 13517 |
| First Citizens BancShares Inc/NC Class A  | 10 | 17791 |
| JPMorgan Chase & Co  | 303 | 74120 |
| KeyCorp  | 3556 | 52771 |
| M&T Bank Corp  | 64 | 10865 |
| Wells Fargo & Co  | 4601 | 326717 |
|  |  | 782359 |
| Capital Markets - 1.1% |  |  |
| BGC Group Inc Class A  | 1635 | 14813 |
| Blackrock Inc  | 66 | 60341 |
| Charles Schwab Corp/The  | 404 | 32886 |
|  |  | 108040 |
| Consumer Finance - 0.6% |  |  |
| FirstCash Holdings Inc  | 277 | 37107 |
| OneMain Holdings Inc  | 181 | 8519 |
| SLM Corp  | 775 | 22405 |
|  |  | 68031 |
| Financial Services - 3.0% |  |  |
| Apollo Global Management Inc  | 1185 | 161729 |
| Berkshire Hathaway Inc Class B (a) | 190 | 101318 |
| PennyMac Financial Services Inc  | 172 | 16759 |
| WEX Inc (a) | 137 | 17861 |
|  |  | 297667 |
| Insurance - 7.8% |  |  |
| American Financial Group Inc/OH  | 723 | 91575 |
| Chubb Ltd  | 259 | 74095 |
| Hartford Insurance Group Inc/The  | 2572 | 315507 |
| The Travelers Companies, Inc.  | 1107 | 292392 |
|  |  | 773569 |
| TOTAL FINANCIALS |  | 2029666 |
| Health Care - 15.7% |  |  |
| Biotechnology - 2.6% |  |  |
| AbbVie Inc  | 347 | 67699 |
| Gilead Sciences Inc  | 1805 | 192305 |
|  |  | 260004 |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Lantheus Holdings Inc (a) | 257 | 26815 |
| QuidelOrtho Corp (a) | 445 | 12367 |
|  |  | 39182 |
| Health Care Providers & Services - 7.2% |  |  |
| Acadia Healthcare Co Inc (a) | 365 | 8541 |
| BrightSpring Health Services Inc (a) | 734 | 12867 |
| Cencora Inc  | 389 | 113849 |
| Centene Corp (a) | 1485 | 88877 |
| Cigna Group/The  | 495 | 168320 |
| CVS Health Corp  | 2185 | 145761 |
| Henry Schein Inc (a) | 171 | 11110 |
| Molina Healthcare Inc (a) | 121 | 39568 |
| UnitedHealth Group Inc  | 293 | 120552 |
|  |  | 709445 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Fortrea Holdings Inc (a) | 477 | 2972 |
| Pharmaceuticals - 5.5% |  |  |
| Johnson & Johnson  | 2587 | 404374 |
| Merck & Co Inc  | 1681 | 143221 |
|  |  | 547595 |
| TOTAL HEALTH CARE |  | 1559198 |
| Industrials - 12.5% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| Lockheed Martin Corp  | 305 | 145714 |
| Northrop Grumman Corp  | 240 | 116760 |
|  |  | 262474 |
| Air Freight & Logistics - 0.4% |  |  |
| FedEx Corp  | 50 | 10516 |
| GXO Logistics Inc (a) | 886 | 32109 |
|  |  | 42625 |
| Building Products - 0.9% |  |  |
| Builders FirstSource Inc (a) | 483 | 57781 |
| UFP Industries Inc  | 370 | 36575 |
|  |  | 94356 |
| Commercial Services & Supplies - 0.3% |  |  |
| Brink's Co/The  | 153 | 13654 |
| Vestis Corp  | 1371 | 12010 |
|  |  | 25664 |
| Construction & Engineering - 0.1% |  |  |
| Centuri Holdings Inc (a) | 593 | 10650 |
| Electrical Equipment - 0.6% |  |  |
| Regal Rexnord Corp  | 521 | 55143 |
| Ground Transportation - 2.0% |  |  |
| Knight-Swift Transportation Holdings Inc  | 970 | 37995 |
| Ryder System Inc  | 268 | 36896 |
| U-Haul Holding Co (a) | 1314 | 80666 |
| XPO Inc (a) | 367 | 38946 |
|  |  | 194503 |
| Machinery - 3.0% |  |  |
| Allison Transmission Holdings Inc  | 863 | 79603 |
| Atmus Filtration Technologies Inc  | 1407 | 48781 |
| CNH Industrial NV Class A  | 3882 | 44915 |
| Gates Industrial Corp PLC (a) | 2261 | 42778 |
| Terex Corp  | 343 | 12073 |
| Timken Co/The  | 1008 | 64764 |
|  |  | 292914 |
| Professional Services - 1.3% |  |  |
| Concentrix Corp  | 439 | 22415 |
| Genpact Ltd  | 2223 | 111728 |
|  |  | 134143 |
| Trading Companies & Distributors - 1.3% |  |  |
| Boise Cascade Co  | 125 | 11660 |
| GMS Inc (a) | 354 | 25934 |
| Herc Holdings Inc  | 195 | 21341 |
| Wesco International Inc  | 422 | 68769 |
|  |  | 127704 |
| TOTAL INDUSTRIALS |  | 1240176 |
| Information Technology - 7.4% |  |  |
| Communications Equipment - 3.9% |  |  |
| Ciena Corp (a) | 126 | 8462 |
| Cisco Systems Inc  | 6430 | 371205 |
|  |  | 379667 |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Jabil Inc  | 389 | 57012 |
| TD SYNNEX Corp  | 105 | 11634 |
| Vontier Corp  | 725 | 23062 |
|  |  | 91708 |
| IT Services - 0.5% |  |  |
| Amdocs Ltd  | 537 | 47567 |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| First Solar Inc (a) | 199 | 25038 |
| ON Semiconductor Corp (a) | 862 | 34221 |
| QUALCOMM Inc  | 1036 | 153805 |
|  |  | 213064 |
| TOTAL INFORMATION TECHNOLOGY |  | 732006 |
| Materials - 4.7% |  |  |
| Chemicals - 1.2% |  |  |
| Chemours Co/The  | 447 | 5534 |
| Corteva Inc  | 666 | 41285 |
| Westlake Corp  | 743 | 68676 |
|  |  | 115495 |
| Construction Materials - 1.5% |  |  |
| CRH PLC  | 1511 | 144180 |
| Containers & Packaging - 1.5% |  |  |
| Graphic Packaging Holding CO  | 1693 | 42850 |
| International Paper Co  | 803 | 36680 |
| Smurfit WestRock PLC  | 1626 | 68325 |
|  |  | 147855 |
| Metals & Mining - 0.5% |  |  |
| Reliance Inc  | 210 | 60528 |
| TOTAL MATERIALS |  | 468058 |
| Real Estate - 5.0% |  |  |
| Health Care REITs - 2.0% |  |  |
| Welltower Inc  | 1295 | 197604 |
| Industrial REITs - 1.5% |  |  |
| Prologis Inc  | 1433 | 146453 |
| Real Estate Management & Development - 0.3% |  |  |
| Compass Inc Class A (a) | 5151 | 39765 |
| Residential REITs - 0.7% |  |  |
| Camden Property Trust  | 270 | 30726 |
| Sun Communities Inc  | 273 | 33969 |
|  |  | 64695 |
| Specialized REITs - 0.5% |  |  |
| Public Storage Operating Co  | 155 | 46567 |
| TOTAL REAL ESTATE |  | 495084 |
| Utilities - 3.4% |  |  |
| Electric Utilities - 1.8% |  |  |
| Constellation Energy Corp  | 82 | 18322 |
| Edison International  | 858 | 45912 |
| PG&E Corp  | 6897 | 113938 |
|  |  | 178172 |
| Gas Utilities - 0.3% |  |  |
| UGI Corp  | 934 | 30626 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| AES Corp/The  | 2570 | 25700 |
| Multi-Utilities - 1.1% |  |  |
| Sempra  | 1437 | 106726 |
| TOTAL UTILITIES |  | 341224 |
| TOTAL UNITED STATES |  | 9126319 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,551,240) |  | <br> **9579569** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $324,197)<br>| 4.33 | 324132 | **324197** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $9,875,437)<br>| <br>**9903766** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%** (d)  | **33993** |
| **NET ASSETS - 100.0%** | **9937759** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 1 | Jun 2025 | 279350 | 9340 | 9340 |
| The notional amount of futures purchased as a percentage of Net Assets is 2.8% | The notional amount of futures purchased as a percentage of Net Assets is 2.8% | The notional amount of futures purchased as a percentage of Net Assets is 2.8% | The notional amount of futures purchased as a percentage of Net Assets is 2.8% | The notional amount of futures purchased as a percentage of Net Assets is 2.8% | The notional amount of futures purchased as a percentage of Net Assets is 2.8% |

---

**Legend**

(a) Non-income producing

(b) Security is 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 $104,328 or 1.0% 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 $104,328 or 1.0% of net assets.

(d) Includes $21,998 of cash collateral to cover margin requirements for futures contracts.

(e) 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 | - | 1550698 | 1226501 | 1578 | - | - | 324197 | 324132 | 0.0% |
| Total | - | 1550698 | 1226501 | 1578 | - | - | 324197 |  |  |

---

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.

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 Fundamental Large Cap Value ETF

- **b. EDGAR series identifier (if any):** S000084016

- **c. LEI of Series:** 254900KG5K14Z6Z3PV96

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $9940207.26

**Total Liabilities:** $2487.03

**Net Assets:** $9937720.23

**Cash Not Reported:** $10530.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248142 | 0.47%                | -1.79%               | -3.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-28475.33               | $54163.33                                  |
| Month 2  | $-11324.54               | $-133502.87                                |
| Month 3  | $0.00                    | $-203488.46                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SOMNIGROUP INTERNATIONAL INC             | SOMNIGROUP INTERNATIONAL INC             | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |      1392 | NS      | $84995.52     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                       | ENERGY TRANSFER LP                       | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |       705 | NS      | $11660.70     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AES CORP                                 | AES CORP                                 | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |      2570 | NS      | $25700.00     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                    | CAMDEN PROPERTY TRUST - REIT             | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |       270 | NS      | $30726.00     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN HLDGS INC                        | ONEMAIN HOLDINGS INC                     | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |       181 | NS      | $8519.67      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILLIPS 66                              | PHILLIPS 66                              | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |       193 | NS      | $20083.58     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| U-HAUL HOLDING CO                        | U-HAUL HOLDING CO                        | CUSIP: 023586100<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |      1314 | NS      | $80666.46     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                | SHELL PLC SPONS ADR                      | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      2989 | NS      | $192730.72    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PAPER CO                   | INTERNATIONAL PAPER CO                   | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |       803 | NS      | $36681.04     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                               | ABBVIE INC                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       347 | NS      | $67699.70     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC                                | JABIL INC                                | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |       389 | NS      | $57011.84     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TEREX CORP                               | TEREX CORP                               | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |       343 | NS      | $12073.60     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BOISE CASCADE CO DEL                     | BOISE CASCADE CO                         | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |       125 | NS      | $11660.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION BRANDS INC                 | CONSTELLATION BRANDS INC CL A            | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |       193 | NS      | $36195.22     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMUS FILTRATION TECHNOLOGIES INC        | ATMUS FILTRATION TECHNOLOGIES INC        | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1407 | NS      | $48780.69     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC                            | WELLTOWER INC                            | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      1295 | NS      | $197604.05    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARES INC/NC         | FIRST CITIZENS BANCSHARES INC CL A       | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |        10 | NS      | $17791.40     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TIMKEN CO                                | TIMKEN CO                                | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |      1008 | NS      | $64764.00     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COMMUNITIES INC                      | SUN COMMUNITIES INC - REIT               | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |       273 | NS      | $33969.39     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH CORP                                 | PVH CORP                                 | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |       121 | NS      | $8346.58      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORP                    | ON SEMICONDUCTOR CORP                    | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |       862 | NS      | $34221.40     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT, INC            | APOLLO GLOBAL MANAGEMENT INC             | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      1185 | NS      | $161728.80    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHWAB CHARLES CORP                      | SCHWAB CHARLES CORP                      | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |       404 | NS      | $32885.60     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUBB LTD                                | CHUBB LTD                                | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |       259 | NS      | $74094.72     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC                  | DARLING INGREDIENTS INC                  | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |       350 | NS      | $11266.50     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGNET JEWELERS LTD                      | SIGNET JEWELERS LTD                      | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | BM        |       123 | NS      | $7293.90      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BRINKS CO                                | BRINKS CO                                | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |       153 | NS      | $13653.72     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| REGAL REXNORD CORP                       | REGAL REXNORD CORP                       | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |       521 | NS      | $55142.64     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK and CO INC                         | MERCK and CO INC NEW                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      1681 | NS      | $143221.20    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INC                             | RELIANCE INC                             | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       210 | NS      | $60528.30     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX INC                                  | WEX INC                                  | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |       137 | NS      | $17860.69     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                           | PUBLIC STORAGE                           | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |       155 | NS      | $46566.65     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                   | SEMPRA                                   | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |      1437 | NS      | $106725.99    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA GROUP (THE)                        | CIGNA GROUP (THE)                        | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       495 | NS      | $168319.80    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWES COS INC                            | LOWES COS INC                            | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |       250 | NS      | $55890.00     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPRI HOLDINGS LTD                       | CAPRI HOLDINGS LTD                       | CUSIP: N/A<br>LEI: 549300LPG8W0H1OX3A26       | Long             | EC               | CORP              | VG        |       488 | NS      | $7339.52      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DICKS SPORTING GOODS INC                 | DICKS SPORTING GOODS INC                 | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |       134 | NS      | $25157.16     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GATES INDUSTRIAL CORP PLC                | GATES INDUSTRIAL CORP PLC                | CUSIP: N/A<br>LEI: 549300S6K4FWUSB9KM27       | Long             | EC               | CORP              | GB        |      2261 | NS      | $42778.12     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH HOLDINGS INC                   | FIRSTCASH HOLDINGS INC                   | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       277 | NS      | $37106.92     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CENOVUS ENERGY INC                       | CENOVUS ENERGY INC                       | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |      2205 | NS      | $25959.05     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON GRAND VACATIONS INC               | HILTON GRAND VACATIONS INC               | CUSIP: 43283X105<br>LEI: 549300O9K6MFD8D07574 | Long             | EC               | CORP              | US        |       368 | NS      | $12375.84     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPGEMINI SA                             | CAPGEMINI SA (FF40)                      | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |       118 | NS      | $18694.63     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JM SMUCKER CO/THE                        | JM SMUCKER CO/THE                        | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |      1147 | NS      | $133361.69    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VONTIER CORP                             | VONTIER CORP W/I                         | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |       725 | NS      | $23062.25     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BUNGE GLOBAL SA                          | BUNGE GLOBAL SA                          | CUSIP: N/A<br>LEI: 254900IVXSV9K0B7PO26       | Long             | EC               | CORP              | CH        |        41 | NS      | $3227.52      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS INC                              | COMPASS INC                              | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |      5151 | NS      | $39765.72     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HARTFORD INSURANCE GROUP INC/THE         | HARTFORD INSURANCE GROUP INC/THE         | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      2572 | NS      | $315507.24    | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP INDUSTRIES INC                       | UFP INDUSTRIES INC                       | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |       370 | NS      | $36574.50     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CIENA CORP                               | CIENA CORP                               | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |       126 | NS      | $8462.16      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTLAKE CORP                            | WESTLAKE CORP                            | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |       743 | NS      | $68675.49     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAPHIC PACKAGING HOLDING CO             | GRAPHIC PACKAGING HOLDING CO             | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1693 | NS      | $42849.83     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                              | CORTEVA INC                              | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |       666 | NS      | $41285.34     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PG and E CORP                            | PG and E CORP                            | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |      6897 | NS      | $113938.44    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM CORP                                 | SLM CORP                                 | CUSIP: 78442P106<br>LEI: 4K8SLPBF5DXXGPW03H93 | Long             | EC               | CORP              | US        |       775 | NS      | $22405.25     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS INC                    | LANTHEUS HLDGS INC                       | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |       257 | NS      | $26815.38     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORP                                 | UGI CORP NEW                             | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |       934 | NS      | $30625.86     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| M and T BANK CORP                        | M and T BANK CORP                        | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |        64 | NS      | $10864.64     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC                     | KEURIG DR PEPPER INC                     | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      3195 | NS      | $110515.05    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HENRY SCHEIN INC                         | HENRY SCHEIN INC                         | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |       171 | NS      | $11109.87     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK INC                            | BLACKROCK INC                            | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |        66 | NS      | $60341.16     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMOURS CO                              | CHEMOURS CO/ THE                         | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |       447 | NS      | $5533.86      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                                | APTIV PLC                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JE        |       612 | NS      | $34920.72     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP INC                  | NEXSTAR MEDIA GROUP INC                  | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |       119 | NS      | $17809.54     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                  | KEYCORP                                  | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |      3556 | NS      | $52771.04     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                          | ASTRAZENECA PLC SPONS ADR                | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      1505 | NS      | $108043.95    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCH INC              | S and P500 EMINI FUT JUN25 ESM5          | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |         1 | NC      | $9340.11      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RYDER SYSTEM INC                         | RYDER SYSTEM INC                         | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |       268 | NS      | $36895.56     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH INDUSTRIAL NV                        | CNH INDUSTRIAL NV                        | CUSIP: N/A<br>LEI: 549300WGC2HZ5J67V817       | Long             | EC               | CORP              | NL        |      3882 | NS      | $44914.74     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC | KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       970 | NS      | $37994.90     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CELLNEX TELECOM SAU                      | CELLNEX TELECOM SAU                      | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | EC               | CORP              | ES        |      2584 | NS      | $104328.42    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC GROUP INC                            | BGC GROUP INC A                          | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |      1635 | NS      | $14813.10     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOMINFO TECHNOLOGIES INC                | ZOOMINFO TECHNOLOGIES INC                | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |      2052 | NS      | $17565.12     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO INTERNATIONAL INC                  | WESCO INTERNATIONAL INC                  | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |       422 | NS      | $68769.12     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP INC              | PENSKE AUTOMOTIVE GROUP INC              | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |       163 | NS      | $25374.21     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UPBOUND GROUP INC                        | UPBOUND GROUP INC                        | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |       746 | NS      | $14845.40     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA COLA CONSOLIDATED INC               | COCA COLA CONSOLIDATED INC               | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |        11 | NS      | $14913.91     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO LOGISTICS INC                        | GXO LOGISTICS INC                        | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |       886 | NS      | $32108.64     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| QUIDELORTHO CORP                         | QUIDELORTHO CORP                         | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |       445 | NS      | $12366.55     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                             | QUALCOMM INC                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      1036 | NS      | $153804.56    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                             | COMCAST CORP CL A                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      6138 | NS      | $209919.60    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                  | CRH PLC                                  | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |      1511 | NS      | $144179.62    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC DEL               | BERKSHIRE HATHAWAY INC CL B              | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |       190 | NS      | $101317.50    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC               | VERIZON COMMUNICATIONS INC               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |       310 | NS      | $13658.60     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL INC          | PHILIP MORRIS INTL INC                   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      1300 | NS      | $222768.00    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC FINANCIAL SERVICES INC          | PENNYMAC FINANCIAL SERVICES INC          | CUSIP: 70932M107<br>LEI: 549300W1D516HBDEU871 | Long             | EC               | CORP              | US        |       172 | NS      | $16759.68     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust             | Fidelity Cash Central Fund               | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    324132 | NS      | $324197.09    | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORP                     | LOCKHEED MARTIN CORP                     | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       305 | NS      | $145713.75    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MFG CO LTD          | TAIWAN SEMIC MFG CO LTD SP ADR           | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |       404 | NS      | $67342.76     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE INC                    | MOLINA HEALTHCARE INC                    | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |       121 | NS      | $39568.21     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                         | EXXON MOBIL CORP                         | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      4029 | NS      | $425583.27    | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CONCENTRIX CORP                          | CONCENTRIX CORP                          | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |       439 | NS      | $22415.34     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURI HOLDINGS INC                     | CENTURI HOLDINGS INC                     | CUSIP: 155923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       593 | NS      | $10650.28     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LITHIA MOTORS INC                        | LITHIA MOTORS INC CL A                   | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |       160 | NS      | $46841.60     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORP                | CONSTELLATION ENERGY CORP                | CUSIP: 21037T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        82 | NS      | $18322.08     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SMURFIT WESTROCK PLC                     | SMURFIT WESTROCK PLC                     | CUSIP: N/A<br>LEI: 635400EGSEOPDW2EXS14       | Long             | EC               | CORP              | IE        |      1626 | NS      | $68324.52     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP                    | NORTHROP GRUMMAN CORP                    | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       240 | NS      | $116760.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE NATURAL RESOURCES INC               | CORE NATURAL RESOURCES INC               | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |        49 | NS      | $3538.29      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                 | ACADIA HEALTHCARE CO INC                 | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |       365 | NS      | $8541.00      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                 | BUILDERS FIRSTSOURCE                     | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |       483 | NS      | $57781.29     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| GENPACT LTD                              | GENPACT LTD                              | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | BM        |      2223 | NS      | $111727.98    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HERC HOLDINGS INC                        | HERC HOLDINGS INC                        | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Long             | EC               | CORP              | US        |       195 | NS      | $21340.80     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVELERS COS INC                        | TRAVELERS COMPANIES INC                  | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      1107 | NS      | $292391.91    | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLISON TRANSMISSION HLDGS INC           | ALLISON TRANSMISSION HLDGS INC           | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |       863 | NS      | $79603.12     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORP                               | FEDEX CORP                               | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |        50 | NS      | $10516.50     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                     | EDISON INTL                              | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |       858 | NS      | $45911.58     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LTD           | CANADIAN NATL RESOURCES LTD              | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |      3176 | NS      | $91137.79     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                          | CVS HEALTH CORP                          | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      2185 | NS      | $145761.35    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RES CORP                           | TARGA RESOURCES CORP                     | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |       670 | NS      | $114503.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTREA HOLDINGS INC                     | FORTREA HOLDINGS INC                     | CUSIP: 34965K107<br>LEI: 5493000FIVFABOVCDU97 | Long             | EC               | CORP              | US        |       477 | NS      | $2971.71      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE and CO                    | JPMORGAN CHASE and CO                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       303 | NS      | $74119.86     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERFOR CORP                            | INTERFOR CORP                            | CUSIP: 45868C109<br>LEI: 549300P4G5UZ3AMJE056 | Long             | EC               | CORP              | CA        |       293 | NS      | $2822.46      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORP DEL                         | CENTENE CORP                             | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      1485 | NS      | $88877.25     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO and CO                       | WELLS FARGO and CO                       | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      4601 | NS      | $326717.01    | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO INC                                  | XPO INC                                  | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |       367 | NS      | $38946.04     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION              | BANK OF AMERICA CORPORATION              | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      7186 | NS      | $286577.68    | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| VESTIS CORP                              | VESTIS                                   | CUSIP: 29430C102<br>LEI: 254900QDW0TA2TMFAP59 | Long             | EC               | CORP              | US        |      1371 | NS      | $12009.96     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX CORP                           | TD SYNNEX CORP                           | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |       105 | NS      | $11634.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTSPRING HEALTH SERVICES INC         | BRIGHTSPRING HEALTH SERVICES INC         | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       734 | NS      | $12867.02     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR INC                          | FIRST SOLAR INC                          | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       199 | NS      | $25038.18     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC                      | GILEAD SCIENCES INC                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      1805 | NS      | $192304.70    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                   | UNITEDHEALTH GROUP INC                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       293 | NS      | $120551.92    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| KENVUE INC                               | KENVUE INC                               | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |      3733 | NS      | $88098.80     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MOHAWK INDUSTRIES INC                    | MOHAWK INDUSTRIES INC                    | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |        80 | NS      | $8508.00      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP                    | US FOODS HOLDING CORP                    | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |      3003 | NS      | $197176.98    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA INC                              | CENCORA INC                              | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       389 | NS      | $113848.63    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP INC                    | EAST WEST BANCORP INC                    | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       158 | NS      | $13516.90     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AMDOCS LIMITED                           | AMDOCS LTD                               | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | GG        |       537 | NS      | $47567.46     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON and JOHNSON                      | JOHNSON and JOHNSON                      | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      2587 | NS      | $404373.97    | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS INC                                  | GMS INC                                  | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |       354 | NS      | $25934.04     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINL GROUP INC OHIO             | AMERICAN FINL GROUP INC OHIO             | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |       723 | NS      | $91575.18     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS INC                        | CISCO SYSTEMS INC                        | CUSIP: 17275R102<br>LEI: 8E6NF1YAL0WT6CWXXV93 | Long             | EC               | CORP              | US        |      6430 | NS      | $371203.90    | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                             | PROLOGIS INC REIT                        | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      1433 | NS      | $146452.60    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                             | ALPHABET INC CL A                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       361 | NS      | $57326.80     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY INC                      | CHENIERE ENERGY INC                      | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       124 | NS      | $28657.64     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY CO                           | DISNEY (WALT) CO                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |       367 | NS      | $33378.65     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer