# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001752724-25-154400
**Filing Date:** 2025-6
**Character Count:** 48410
**Document Hash:** 765b4e52d4304a78314d32189631c4d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-154400.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-154400

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**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:** 251071284

**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 MSCI Utilities Index ETF (Series ID: S000042571)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000131663 | Fidelity MSCI Utilities Index ETF | FUTY            |

## Nport-Ex

### Quarterly Holdings Report

### for

### Fidelity® MSCI Utilities Index ETF

### April 30, 2025
T11-NPRT3-0625

1.9584800.111 ------

### Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **ELECTRIC UTILITIES – 60.9%** | **ELECTRIC UTILITIES – 60.9%** | **ELECTRIC UTILITIES – 60.9%** | **ELECTRIC UTILITIES – 60.9%** |
| **Electric Utilities – 60.9%** | **Electric Utilities – 60.9%** | **Electric Utilities – 60.9%** | **Electric Utilities – 60.9%** |
| ALLETE, Inc. | ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4872914 |
| Alliant Energy Corp. | Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;330726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20187515 |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;686415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74366201 |
| Constellation Energy Corp. | Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;403212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90093689 |
| Duke Energy Corp. | Duke Energy Corp. | &nbsp;&nbsp;&nbsp;995644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121488481 |
| Edison International | Edison International | &nbsp;&nbsp;&nbsp;498992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26701062 |
| Entergy Corp. | Entergy Corp. | &nbsp;&nbsp;&nbsp;552697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45967810 |
| Evergy, Inc. | Evergy, Inc. | &nbsp;&nbsp;&nbsp;296411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20482000 |
| Eversource Energy | Eversource Energy | &nbsp;&nbsp;&nbsp;472254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28089668 |
| Exelon Corp. | Exelon Corp. | 1295119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60741081 |
| FirstEnergy Corp. | FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;705668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30259044 |
| Hawaiian Electric Industries, Inc. (a) | Hawaiian Electric Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;221944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330412 |
| IDACORP, Inc. | IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8111838 |
| MGE Energy, Inc. | MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4213301 |
| NextEra Energy, Inc. | NextEra Energy, Inc. | 2650476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177263835 |
| NRG Energy, Inc. | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;261085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28609694 |
| OGE Energy Corp. | OGE Energy Corp. | &nbsp;&nbsp;&nbsp;258999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11753375 |
| Oklo, Inc. (a) | Oklo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;39126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928851 |
| Otter Tail Corp. | Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846120 |
| PG&E Corp. | PG&E Corp. | 2827182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46705047 |
| Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;146547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13948343 |
| Portland General Electric Co. | Portland General Electric Co. | &nbsp;&nbsp;&nbsp;136108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5732869 |
| PPL Corp. | PPL Corp. | &nbsp;&nbsp;&nbsp;951160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34717340 |
| Southern Co. | Southern Co. | 1412214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129768344 |
| TXNM Energy, Inc. | TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;110598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5883814 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;740134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52327474 |
| TOTAL ELECTRIC UTILITIES | &nbsp;&nbsp;1049390122 |  |  |
| **GAS UTILITIES – 4.8%** | **GAS UTILITIES – 4.8%** | **GAS UTILITIES – 4.8%** | **GAS UTILITIES – 4.8%** |
| **Gas Utilities – 4.8%** | **Gas Utilities – 4.8%** | **Gas Utilities – 4.8%** | **Gas Utilities – 4.8%** |
| Atmos Energy Corp. | Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;200320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32177402 |
| Chesapeake Utilities Corp. | Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3859379 |
| MDU Resources Group, Inc. | MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;249273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272539 |
| National Fuel Gas Co. | National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;111253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8542005 |
| New Jersey Resources Corp. | New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;128740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300536 |
| Northwest Natural Holding Co. | Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;51639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225641 |
| ONE Gas, Inc. | ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5724321 |
| Southwest Gas Holdings, Inc. | Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350400 |
| Spire, Inc. | Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5710190 |
| UGI Corp. | UGI Corp. | &nbsp;&nbsp;&nbsp;276842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9077649 |
| TOTAL GAS UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83240062 |  |  |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 5.1%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 5.1%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 5.1%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 5.1%** |
| **Independent Power Producers & Energy Traders – 4.4%** | **Independent Power Producers & Energy Traders – 4.4%** | **Independent Power Producers & Energy Traders – 4.4%** | **Independent Power Producers & Energy Traders – 4.4%** |
| AES Corp. | AES Corp. | &nbsp;&nbsp;&nbsp;916651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9166510 |
| Talen Energy Corp. (a) | Talen Energy Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;47403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10195437 |
| Vistra Corp. | Vistra Corp. | &nbsp;&nbsp;&nbsp;438515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56844700 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76206647 |
| **Renewable Electricity – 0.7%** | **Renewable Electricity – 0.7%** | **Renewable Electricity – 0.7%** | **Renewable Electricity – 0.7%** |
| Clearway Energy, Inc. Class A | Clearway Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;44677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221916 |
| Clearway Energy, Inc. Class C | Clearway Energy, Inc. Class C | &nbsp;&nbsp;&nbsp;106603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127732 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Montauk Renewables, Inc. (a) | Montauk Renewables, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;66439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$139522 |
| Ormat Technologies, Inc. | Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5368770 |
| XPLR Infrastructure LP | XPLR Infrastructure LP | &nbsp;&nbsp;&nbsp;121031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997295 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10855235 |
| TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87061882 |  |  |
| **MULTI-UTILITIES – 25.3%** | **MULTI-UTILITIES – 25.3%** | **MULTI-UTILITIES – 25.3%** | **MULTI-UTILITIES – 25.3%** |
| **Multi-Utilities – 25.3%** | **Multi-Utilities – 25.3%** | **Multi-Utilities – 25.3%** | **Multi-Utilities – 25.3%** |
| Ameren Corp. | Ameren Corp. | &nbsp;&nbsp;&nbsp;344040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34142529 |
| Avista Corp. | Avista Corp. | &nbsp;&nbsp;&nbsp;102168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4236907 |
| Black Hills Corp. | Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5609134 |
| CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;840006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32575433 |
| CMS Energy Corp. | CMS Energy Corp. | &nbsp;&nbsp;&nbsp;385102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28362762 |
| Consolidated Edison, Inc. | Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;446549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50348400 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | 1082680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58876138 |
| DTE Energy Co. | DTE Energy Co. | &nbsp;&nbsp;&nbsp;266930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36569410 |
| NiSource, Inc. | NiSource, Inc. | &nbsp;&nbsp;&nbsp;601626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23529593 |
| Northwestern Energy Group, Inc. | Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595046 |
| Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;642156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51327529 |
| Sempra | Sempra | &nbsp;&nbsp;&nbsp;816382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60632691 |
| Unitil Corp. | Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225701 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;407744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44656123 |
| TOTAL MULTI-UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp;436687396 |  |  |
| **WATER UTILITIES – 3.7%** | **WATER UTILITIES – 3.7%** | **WATER UTILITIES – 3.7%** | **WATER UTILITIES – 3.7%** |
| **Water Utilities – 3.7%** | **Water Utilities – 3.7%** | **Water Utilities – 3.7%** | **Water Utilities – 3.7%** |
| American States Water Co. | American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;48642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945353 |
| American Water Works Co., Inc. | American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;251198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36928618 |
| California Water Service Group | California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;76708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885260 |
| Essential Utilities, Inc. | Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;336243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13829675 |
| Middlesex Water Co. | Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;23068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456052 |
| SJW Group | SJW Group | &nbsp;&nbsp;&nbsp;&nbsp;40760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312722 |
| York Water Co. | York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;18691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657923 |
| TOTAL WATER UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63015603 |  |  |
| **TOTAL COMMON STOCKS<br> (Cost $1,625,304,300)** | **TOTAL COMMON STOCKS<br> (Cost $1,625,304,300)** | **TOTAL COMMON STOCKS<br> (Cost $1,625,304,300)** | &nbsp;&nbsp;**1719395065** |

---

 ***Quarterly Report*** <sub>2</sub>

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.22% (b)<br> (Cost $3,684,000) | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.22% (b)<br> (Cost $3,684,000) | 3684000 | &nbsp;&nbsp;&nbsp;&nbsp;$3684000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,628,988,300)** | &nbsp;&nbsp;**1723079065** |  |  |
| **NET OTHER ASSETS (LIABILITIES) (c) – 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**584763** |  |  |
| **NET ASSETS – 100.0%** | **$1723663828** |  |  |

---

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
| (c) | Includes $267,229 of cash collateral to cover margin requirements for futures contracts. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contract** |  |  |  |  |  |
| CME E-mini S&P Utilities Select Sector Index Contracts (United States) | 47 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;$3758590 | &nbsp;&nbsp;$104294 | &nbsp;&nbsp;$104294 |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

#### 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. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

---

| | |
|:---|:---|
| **3** | ***Quarterly Report*** |

---

------

Schedule of Investments (Unaudited)–continued

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.

 ***Quarterly Report*** <sub>4</sub>

------

*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.* 

---

| | |
|:---|:---|
| **5** | ***Quarterly Report*** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

 ***Quarterly Report*** <sub>6</sub>

## 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 MSCI Utilities Index ETF

- **b. EDGAR series identifier (if any):** S000042571

- **c. LEI of Series:** 549300QDQDYTEM1KET27

**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:** $1723781028.57

**Total Liabilities:** $115372.42

**Net Assets:** $1723665656.15

**Cash Not Reported:** $179652.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000131663 | 1.94%                | 0.34%                | 0.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $980835.17               | $22638907.52                               |
| Month 2  | $-3347231.18             | $5794341.46                                |
| Month 3  | $266147.37               | $2351451.94                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Clearway Energy Inc                 | Clearway Energy Inc                                        | CUSIP: 18539C105<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |     44677 | NS      | $1221915.95   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries Inc    | Hawaiian Electric Industries Inc                           | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |    221944 | NS      | $2330412.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp           | New Jersey Resources Corp                                  | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |    128740 | NS      | $6300535.60   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc      | American Electric Power Co Inc                             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    686415 | NS      | $74366201.10  | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                         | Vistra Corp                                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |    438515 | NS      | $56844699.45  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc         | American Water Works Co Inc                                | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |    251198 | NS      | $36928617.98  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                 | Dominion Energy Inc                                        | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |   1082680 | NS      | $58876138.40  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc          | Southwest Gas Holdings Inc                                 | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |     74095 | NS      | $5350399.95   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                  | NextEra Energy Inc                                         | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |   2650476 | NS      | $177263834.88 | 10.28%            |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                | WEC Energy Group Inc                                       | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |    407744 | NS      | $44656122.88  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                     | Xcel Energy Inc                                            | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    740134 | NS      | $52327473.80  | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                   | Atmos Energy Corp                                          | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |    200320 | NS      | $32177401.60  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| XPLR Infrastructure LP              | XPLR Infrastructure LP                                     | CUSIP: 65341B106<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | EC               | CORP              | US        |    121031 | NS      | $997295.44    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                            | PPL Corp                                                   | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    951160 | NS      | $34717340.00  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                         | Exelon Corp                                                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |   1295119 | NS      | $60741081.10  | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                 | Clearway Energy Inc                                        | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |    106603 | NS      | $3127732.02   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                     | Southern Co/The                                            | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |   1412214 | NS      | $129768344.46 | 7.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                      | NRG Energy Inc                                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    261085 | NS      | $28609694.30  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                | Edison International                                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    498992 | NS      | $26701061.92  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp                   | Talen Energy Corp                                          | CUSIP: 87422Q109<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | EC               | CORP              | US        |     47403 | NS      | $10195437.24  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc                            | Oklo Inc                                                   | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39126 | NS      | $928851.24    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp           | Constellation Energy Corp                                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    403212 | NS      | $90093689.28  | 5.23%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co            | American States Water Co                                   | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |     48642 | NS      | $3945352.62   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp          | Pinnacle West Capital Corp                                 | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |    146547 | NS      | $13948343.46  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwestern Energy Group Inc       | Northwestern Energy Group Inc                              | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |     78912 | NS      | $4595045.76   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                           | Spire Inc                                                  | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     74604 | NS      | $5710190.16   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                        | Entergy Corp                                               | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    552697 | NS      | $45967809.49  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Montauk Renewables Inc              | Montauk Renewables Inc                                     | CUSIP: 61218C103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66439 | NS      | $139521.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                    | Black Hills Corp                                           | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     92104 | NS      | $5609133.60   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Middlesex Water Co                  | Middlesex Water Co                                         | CUSIP: 596680108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23068 | NS      | $1456052.16   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                              | Sempra                                                     | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    816382 | NS      | $60632691.14  | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                     | CMS Energy Corp                                            | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    385102 | NS      | $28362762.30  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co        | Portland General Electric Co                               | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |    136108 | NS      | $5732868.96   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc             | Consolidated Edison Inc                                    | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |    446549 | NS      | $50348399.75  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co        | Northwest Natural Holding Co                               | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |     51639 | NS      | $2225640.90   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                     | OGE Energy Corp                                            | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |    258999 | NS      | $11753374.62  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp                 | Alliant Energy Corp                                        | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |    330726 | NS      | $20187515.04  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| York Water Co/The                   | York Water Co/The                                          | CUSIP: 987184108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18691 | NS      | $657923.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc                      | MGE Energy Inc                                             | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46597 | NS      | $4213300.74   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                          | Evergy Inc                                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |    296411 | NS      | $20482000.10  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                           | PG&E Corp                                                  | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |   2827182 | NS      | $46705046.64  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SJW Group                           | SJW Group                                                  | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40760 | NS      | $2312722.40   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                     | TXNM Energy Inc                                            | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |    110598 | NS      | $5883813.60   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc             | Essential Utilities Inc                                    | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |    336243 | NS      | $13829674.59  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc              | CenterPoint Energy Inc                                     | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |    840006 | NS      | $32575432.68  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                        | NiSource Inc                                               | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |    601626 | NS      | $23529592.86  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp                    | FirstEnergy Corp                                           | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |    705668 | NS      | $30259043.84  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                   | Eversource Energy                                          | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |    472254 | NS      | $28089667.92  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                    | Duke Energy Corp                                           | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    995644 | NS      | $121488480.88 | 7.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                         | Ameren Corp                                                | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |    344040 | NS      | $34142529.60  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                         | ONE Gas Inc                                                | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |     72912 | NS      | $5724321.12   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group      | California Water Service Group                             | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |     76708 | NS      | $3885260.20   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                         | Unitil Corp                                                | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20895 | NS      | $1225700.70   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc             | MDU Resources Group Inc                                    | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    249273 | NS      | $4272539.22   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                         | IDACORP Inc                                                | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     68692 | NS      | $8111838.28   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLETE Inc                          | ALLETE Inc                                                 | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |     74407 | NS      | $4872914.43   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors        | State Street Institutional Treasury Plus Money Market Fund | CUSIP: 857492862<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |   3684000 | NS      | $3684000.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                            | UGI Corp                                                   | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |    276842 | NS      | $9077649.18   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp           | Chesapeake Utilities Corp                                  | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |     29311 | NS      | $3859379.37   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                        | AES Corp                                                   | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    916651 | NS      | $9166510.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                         | Avista Corp                                                | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |    102168 | NS      | $4236906.96   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc              | Ormat Technologies Inc                                     | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |     73950 | NS      | $5368770.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                       | DTE Energy Co                                              | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |    266930 | NS      | $36569410.00  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                     | Otter Tail Corp                                            | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48452 | NS      | $3846119.76   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                | National Fuel Gas Co                                       | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |    111253 | NS      | $8542005.34   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Inc | Public Service Enterprise Group Inc                        | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |    642156 | NS      | $51327529.08  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange         | XAU UTILITIES JUN25                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        47 | NC      | $104293.53    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-28

**Name of Applicant:** FIDELITY COVINGTON TRUST

**Signature:** Stacie M Smith

**Name of Signer:** Stacie M Smith

**Title:** President and Treasurer