# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000035402-25-002897
**Filing Date:** 2025-12
**Character Count:** 40761
**Document Hash:** 1f16d2c198dba6ff9a51f7f6d734ca94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-25-002897.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000035402-25-002897

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 251599797

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

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

## Series and Classes Contracts Data

### Fidelity Fundamental Emerging Markets ETF (Series ID: S000087783)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

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

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

- **a. Name of Series:** Fidelity Fundamental Emerging Markets ETF

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

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

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

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

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $13259855.59

**Total Liabilities:** $6477.72

**Net Assets:** $13253377.87

**Cash Not Reported:** $18226.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253745 | 2.01%                | 8.14%                | 5.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-39021.91               | $249633.44                                 |
| Month 2  | $39927.99                | $902377.35                                 |
| Month 3  | $-16795.61               | $679493.23                                 |

### Schedule of Portfolio Investments

| Name                                               | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WAL MART DE MEXICO SAB DE CV                       | WAL MART DE MEXICO SAB DE CV V           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     60102 | NS      | $198695.53    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TITAN SA                                           | TITAN SA                                 | CUSIP: N/A<br>LEI: 213800H2CDP9I374WH83       | Long             | EC               | CORP              | BE        |       368 | NS      | $16351.95     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA CONSTRUCTION BANK CORP                       | CHINA CONSTRUCTION BANK CORP H           | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |    187363 | NS      | $185661.90    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTEMPORARY AMPEREX TECHNOLOGY CO LTD             | CONTEMPORARY AMPEREX TECHNOLOGY CO LTD A | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |      2445 | NS      | $133551.95    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DINO POLSKA SA                                     | DINO POLSKA SA                           | CUSIP: N/A<br>LEI: 259400H4L81SMPRTW956       | Long             | EC               | CORP              | PL        |      4670 | NS      | $55728.92     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG ELECTRONICS CO LTD                         | SAMSUNG ELECTRONICS CO LTD               | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     11187 | NS      | $841416.19    | 6.35%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCALIZA RENT A CAR SA                             | LOCALIZA RENT A CAR SA                   | CUSIP: N/A<br>LEI: 984500C442A7E0CD4D11       | Long             | EC               | CORP              | BR        |      7238 | NS      | $53061.22     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KT CORP                                            | KT CORP                                  | CUSIP: N/A<br>LEI: 9884005ACF8449EANY26       | Long             | EC               | CORP              | KR        |       945 | NS      | $32497.06     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA COMPUTER INC                                | QUANTA COMPUTER INC                      | CUSIP: N/A<br>LEI: 529900DE8BIV3XOXIK04       | Long             | EC               | CORP              | TW        |      1205 | NS      | $11764.98     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLEGRO.EU                                         | ALLEGRO.EU                               | CUSIP: N/A<br>LEI: 222100VRLXV3FPMG4982       | Long             | EC               | CORP              | LU        |      6547 | NS      | $61162.06     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ABU DHABI COMMERCIAL BANK                          | ABU DHABI COMMERCIAL BANK                | CUSIP: N/A<br>LEI: 213800RWVKKIRX1AUH58       | Long             | EC               | CORP              | AE        |     17314 | NS      | $67974.76     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC GAS PLC                                      | ADNOC GAS PLC                            | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               | CORP              | AE        |    132263 | NS      | $125674.97    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ELITE MATERIAL CO LTD                              | ELITE MATERIAL CO LTD                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      1042 | NS      | $46043.28     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NTPC LTD                                           | NTPC LTD                                 | CUSIP: N/A<br>LEI: 335800Q4TRGJXNLVMB81       | Long             | EC               | CORP              | IN        |     10120 | NS      | $38415.30     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ZAI LAB LTD                                        | ZAI LAB LTD                              | CUSIP: N/A<br>LEI: 549300P2UYQ9U5LY1T58       | Long             | EC               | CORP              | KY        |      3055 | NS      | $7902.34      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ECLAT TEXTILE CO LTD                               | ECLAT TEXTILE CO LTD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      2379 | NS      | $31729.79     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ASE TECHNOLOGY HOLDING CO LTD                      | ASE TECHNOLOGY HOLDING CO LTD            | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |      1304 | NS      | $10486.06     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD                                      | CREDICORP LTD                            | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | BM        |       653 | NS      | $170433.00    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDIATEK INC                                       | MEDIA TEK INC                            | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |      3561 | NS      | $151566.38    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SAUDI NATIONAL BANK                            | THE SAUDI NATIONAL BANK                  | CUSIP: N/A<br>LEI: 5586006ZEFQ542K7CY16       | Long             | EC               | CORP              | SA        |      5527 | NS      | $58773.10     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA LIFE INSURANCE CO LTD                        | CHINA LIFE INS CO LTD H                  | CUSIP: N/A<br>LEI: 549300J6TFLDXGH6S048       | Long             | EC               | CORP              | CN        |     62820 | NS      | $198228.75    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC DRILLING COMPANY PJSC                        | ADNOC DRILLING COMPANY PJSC              | CUSIP: N/A<br>LEI: 254900JPRSQL1PM0JV19       | Long             | EC               | CORP              | AE        |     81415 | NS      | $123686.87    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA ELECTRONICS INC                              | DELTA ELECTRONICS IND CO LTD             | CUSIP: N/A<br>LEI: 529900UVZWNWGDLJSM52       | Long             | EC               | CORP              | TW        |      2794 | NS      | $90325.23     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                                          | UST BILLS 0% 12/04/2025                  | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19933.23     | 0.15%             | 2025-12-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MAX HEALTHCARE INSTITUTE LTD                       | MAX HEALTHCARE INSTITUTE LTD             | CUSIP: N/A<br>LEI: 3358005LALYV4GZOYF67       | Long             | EC               | CORP              | IN        |      5367 | NS      | $69399.45     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ITAU UNIBANCO HOLDING SA                           | ITAU UNIBANCO HOLDING SA                 | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EC               | CORP              | BR        |     23175 | NS      | $169894.14    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORACION INMOBILIARIA VESTA SAB. DE CV.         | CORPORACION INMO VESTA SAB CV            | CUSIP: N/A<br>LEI: 4469000001BIRIFZJ959       | Long             | EC               | CORP              | MX        |     24054 | NS      | $73022.34     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| KAKAO CORP                                         | KAKAO CORP                               | CUSIP: N/A<br>LEI: 988400FTKUBQXKVZP434       | Long             | EC               | CORP              | KR        |       703 | NS      | $32020.28     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NU HOLDINGS LTD/CAYMAN ISLANDS                     | NU HOLDINGS LTD/CAYMAN ISLANDS           | CUSIP: N/A<br>LEI: 5493002DG1RHWK9W2X27       | Long             | EC               | CORP              | KY        |      2439 | NS      | $39292.29     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTOR TRANSFORMATOR ENERJI T                       | ASTOR TRANSFORMATOR ENERJI T             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TR        |     15620 | NS      | $36474.15     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GERDAU SA                                          | GERDAU SA SPON ADR                       | CUSIP: 373737105<br>LEI: 254900YDV6SEQQPZVG24 | Long             | EC               | CORP              | BR        |      2995 | NS      | $10452.55     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HAIER SMART HOME CO LTD                            | HAIER SMART HOME CO LTD                  | CUSIP: N/A<br>LEI: 3003002BYTNGNJTWSH07       | Long             | EC               | CORP              | CN        |     31955 | NS      | $103795.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TAL ED GROUP                                       | TAL ED GROUP ADR                         | CUSIP: 874080104<br>LEI: 5493003PJZS0EC085V72 | Long             | EC               | CORP              | KY        |      2753 | NS      | $33751.78     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KWEICHOW MOUTAI CO LTD                             | KWEICHOW MOUTAI CO LTD A                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |       438 | NS      | $88001.85     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SASOL LTD                                          | SASOL LTD                                | CUSIP: 803866102<br>LEI: 378900F4544561A97588 | Long             | EC               | CORP              | ZA        |      3075 | NS      | $19101.80     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KB FINANCIAL GROUP INC                             | KB FINANCIAL GROUP INC                   | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |       162 | NS      | $13216.07     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD CO LTD                                         | BYD COMPANY LTD H                        | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |     10489 | NS      | $135793.91    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WUXI APPTEC CO LTD                                 | WUXI APPTEC CO LTD H                     | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | CN        |      7461 | NS      | $104273.78    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIJIN MINING GROUP CO LIMITED                      | ZIJIN MINING GROUP CO LTD H              | CUSIP: N/A<br>LEI: 529900ABI5CBFXD01Q05       | Long             | EC               | CORP              | CN        |     15464 | NS      | $64160.11     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| KIA CORP                                           | KIA CORP                                 | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |       288 | NS      | $24160.19     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LS ELECTRIC CO LTD                                 | LS ELECTRIC CO LTD                       | CUSIP: N/A<br>LEI: 988400AF8KS117D7D072       | Long             | EC               | CORP              | KR        |        38 | NS      | $11565.43     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BAJAJ FINANCE LTD                                  | BAJAJ FINANCE LTD                        | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |      8876 | NS      | $104274.13    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LTD                                      | HDFC BANK LTD SPON ADR                   | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      7874 | NS      | $285196.28    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MAKEMYTRIP LIMITED                                 | MAKEMYTRIP LIMITED                       | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | MU        |       706 | NS      | $56480.00     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| HESAI GROUP                                        | HESAI GROUP ADR                          | CUSIP: 428050108<br>LEI: 836800KOYHURQT1JZY11 | Long             | EC               | CORP              | KY        |      1345 | NS      | $31916.85     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD HOLDINGS INC                                   | PDD HOLDINGS INC ADR                     | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      2264 | NS      | $305345.68    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK RAKYAT INDONESIA TBK PT                       | BANK RAKYAT INDONESIA TBK PT             | CUSIP: N/A<br>LEI: 254900HB6S4B12GBNP64       | Long             | EC               | CORP              | ID        |    163740 | NS      | $39187.32     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING LTD                          | ALIBABA GROUP HOLDING LTD                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |     23051 | NS      | $489762.00    | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| OPAP SA                                            | GREEK ORG OF FOOTBL PROGNOC SA           | CUSIP: N/A<br>LEI: 213800M4NRGFJCI34834       | Long             | EC               | CORP              | GR        |       457 | NS      | $9455.36      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JK CEMENT LTD                                      | JK CEMENT LTD                            | CUSIP: N/A<br>LEI: 335800IECEF3EIDGF809       | Long             | EC               | CORP              | IN        |       862 | NS      | $60344.37     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BTG PACTUAL SA                               | BANCO BTG PACTUAL SA US(1CS)             | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               | CORP              | BR        |      3236 | NS      | $29364.87     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK CENTRAL ASIA TBK PT                           | BANK CENTRAL ASIA                        | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |    384347 | NS      | $197026.95    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| XIAOMI CORP                                        | XIAOMI CORP B                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      3707 | NS      | $20608.89     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED TECHNOLOGY INC                              | ASPEED TECH INC                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |        35 | NS      | $6220.35      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LARSEN and TOUBRO LTD                              | LARSEN and TOUBRO LTD GDR                | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |      5527 | NS      | $248991.35    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| YAGEO CORP                                         | YAGEO CORP                               | CUSIP: N/A<br>LEI: 5493001P0TOZH7GGNQ21       | Long             | EC               | CORP              | TW        |      3960 | NS      | $32037.17     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EMEMORY TECHNOLOGY INC                             | EMEMORY TECHNOLOGY INC                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |       212 | NS      | $13707.19     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LTD                                        | NASPERS LTD N SHS                        | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               | CORP              | ZA        |      2420 | NS      | $170294.02    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIP.COM GROUP LTD                                 | TRIP.COM GROUP LTD                       | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | KY        |      1210 | NS      | $84631.72     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CHROMA ATE INC                                     | CHROMA ATE INC                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      2826 | NS      | $75199.62     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS PROPERTY MEXICO SA                        | PROLOGIS PROPERTY MEXICO SA              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |      9997 | NS      | $39921.28     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LTD                                     | ICICI BANK LTD SPONS ADR                 | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      6472 | NS      | $196101.60    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| HINDUSTAN AERONAUTICS LTD                          | HINDUSTAN AERONAUTICS LIMITED            | CUSIP: N/A<br>LEI: 335800AKDC7T933T3I86       | Long             | EC               | CORP              | IN        |      1602 | NS      | $84459.41     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPRITE HLDGS LTD                                 | SHOPRITE HLDGS LTD                       | CUSIP: N/A<br>LEI: 529900Q4O1EYP6NH5150       | Long             | EC               | CORP              | ZA        |      1416 | NS      | $23689.16     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN INSURANCE (GROUP) COMPANY OF CHINA LIMITED | PING AN INSURANCE CO LTD H               | CUSIP: N/A<br>LEI: 300300IP9S6FHQPKRN68       | Long             | EC               | CORP              | CN        |     13581 | NS      | $98136.32     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PONY AI INC                                        | PONY AI INC ADR                          | CUSIP: 732908108<br>LEI: 9845006P7613D2A61368 | Long             | EC               | CORP              | KY        |      2563 | NS      | $47876.84     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT HLDGS LTD                                  | TENCENT HOLDINGS LTD                     | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |     12697 | NS      | $1027779.63   | 7.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SHENZHEN INOVANCE TECHNOLOGY CO LTD                | SHENZHEN INOVANCE TECHNOLOGY CO LTD A    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      9870 | NS      | $106793.03    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT MUSIC ENTERTAINMENT GROUP                  | TENCENT MUSIC ENTERTAINMENT ADR          | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |      4183 | NS      | $93364.56     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTROC BEVERAGE GROUP CO LTD                      | EASTROC BEVERAGE GROUP CO LTD A          | CUSIP: N/A<br>LEI: 836800LQ338417RCIL29       | Long             | EC               | CORP              | CN        |      1182 | NS      | $46500.13     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NAURA TECHNOLOGY GROUP CO LTD                      | NAURA TECHNOLOGY GROUP CO LTD A          | CUSIP: N/A<br>LEI: 300300JI5I0B95GO5C39       | Long             | EC               | CORP              | CN        |       400 | NS      | $22876.33     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK OF GREECE SA                         | NATIONAL BANK OF GREECE SA               | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |      8960 | NS      | $131627.10    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG BIOLOGICS CO LTD                           | SAMSUNG BIOLOGICS CO LTD                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       111 | NS      | $94825.99     | 0.72%             |  |  |  | No            |                  3 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MFG CO LTD                    | TAIWAN SEMICONDUCTOR MFG CO LTD          | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |     38227 | NS      | $1863035.28   | 14.06%            |  |  |  | No            |                  1 | On Loan: No      |
| MTN GROUP LTD                                      | MTN GROUP LTD                            | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               | CORP              | ZA        |      3109 | NS      | $31010.20     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WEBTOON ENTERTAINMENT INC                          | WEBTOON ENTERTAINMENT INC                | CUSIP: 94845U105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $43825.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRPORTS OF THAILAND PCL                           | AIRPORTS OF THAILAND PCL (FOR)           | CUSIP: N/A<br>LEI: 5299006VS4CU6LW0TY22       | Long             | EC               | CORP              | TH        |      5200 | NS      | $6618.33      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUATORIAL ENERGIA SA                              | EQUATORIAL ENERGIA SA                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     12798 | NS      | $87184.21     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILE SA                      | ELETROBRAS (ON) SPON ADR                 | CUSIP: 15234Q207<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |       654 | NS      | $6768.90      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LUXSHARE PRECISION INDUSTRY CO LTD                 | LUXSHARE PRECISION INDUSTRY CO LTD-A     | CUSIP: N/A<br>LEI: 300300QLLDUELXN16530       | Long             | EC               | CORP              | CN        |     11474 | NS      | $101562.65    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO SA                                            | PRIO SA                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     11535 | NS      | $77250.91     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LTD                                  | BHARTI AIRTEL LIMITED                    | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |      4667 | NS      | $108019.51    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRTAC INTERNATIONAL GROUP                         | AIRTAC INTERNATIONAL GROUP               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      2407 | NS      | $71244.95     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCADOLIBRE INC                                   | MERCADOLIBRE INC                         | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        10 | NS      | $23272.60     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FULL TRUCK ALLIANCE CO LTD                         | FULL TRUCK ALLIANCE CO LTD ADR           | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             | EC               | CORP              | KY        |      6824 | NS      | $88712.00     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPALA PLATINUM HOLDINGS LTD                       | IMPALA PLATINUM HOLDINGS LTD             | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               | CORP              | ZA        |     10825 | NS      | $116382.41    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP BANK PLC                                       | OTP BANK (REG)                           | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |      2042 | NS      | $194766.86    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| WIWYNN CORP                                        | WIWYNN CORP                              | CUSIP: N/A<br>LEI: 254900FV2R15PMKXFL69       | Long             | EC               | CORP              | TW        |       220 | NS      | $31200.86     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AL RAJHI BANK                                      | AL RAJHI BANKING and INVEST CORP         | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               | CORP              | SA        |      7129 | NS      | $200926.67    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                              | ANGLOGOLD ASHANTI PLC                    | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |      2401 | NS      | $166328.54    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BIZLINK HOLDING INC                                | BIZLINK HOLDING INC                      | CUSIP: N/A<br>LEI: 213800YAKRFVU5XOX138       | Long             | EC               | CORP              | KY        |       475 | NS      | $21529.18     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HANSOH PHARMACEUTICAL GROUP CO LTD                 | HANSOH PHARMACETICAL GROUP               | CUSIP: N/A<br>LEI: 254900Q6MR00EBXTPF42       | Long             | EC               | CORP              | KY        |     27232 | NS      | $124900.87    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MEITUAN                                            | MEITUAN CL B                             | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | KY        |      1235 | NS      | $16211.21     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICA MOVIL SAB DE CV                            | AMERICA MOVIL SAB DE CV SER B            | CUSIP: N/A<br>LEI: 5493000FNR3UCEAONM59       | Long             | EC               | CORP              | MX        |     60449 | NS      | $68946.06     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEYUAN ELECTRIC CO LTD A                          | SIEYUAN ELECTRIC CO LTD A                | CUSIP: N/A<br>LEI: 836800H6UQQUWN4PSZ32       | Long             | EC               | CORP              | CN        |      6100 | NS      | $112574.11    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HIWIN TECHNOLOGIES CORP                            | HIWIN TECHNOLOGIES CORP                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      2916 | NS      | $21175.06     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MMG LTD                                            | MMG LTD                                  | CUSIP: N/A<br>LEI: 529900XB5IQXFMSWEC48       | Long             | EC               | CORP              | HK        |     17893 | NS      | $15911.44     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SK HYNIX INC                                       | SK HYNIX INC                             | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      1390 | NS      | $543644.96    | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC LIFE INSURANCE CO LTD                         | HDFC LIFE INSURANCE CO LTD               | CUSIP: N/A<br>LEI: 335800RQI8GAFHIRGZ37       | Long             | EC               | CORP              | IN        |      3584 | NS      | $29549.38     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO BANORTE SAB DE CV                 | GRUPO FINANCIERO BANORTE SAB             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |      6811 | NS      | $64101.16     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| KASPI/KZ JSC                                       | KASPI/KZ JSC SPON ADR                    | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |       206 | NS      | $15406.74     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHA BANK SA                                      | ALPHA BANK SA                            | CUSIP: N/A<br>LEI: 213800DBQIB6VBNU5C64       | Long             | EC               | CORP              | GR        |     18634 | NS      | $73026.83     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE SA                                            | VALE S.A.                                | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |      9031 | NS      | $109548.06    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                            | RELIANCE INDS GDR                        | CUSIP: 759470107<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |      3768 | NS      | $249818.40    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTRAND LIMITED                                  | FIRSTRAND LIMITED                        | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               | CORP              | ZA        |     22634 | NS      | $107350.76    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CEMEX SAB DE CV                                    | CEMEX SA DE CV CPO                       | CUSIP: N/A<br>LEI: 549300RIG2CXWN6IV731       | Long             | EC               | CORP              | MX        |     94688 | NS      | $96224.64     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA AEROSPACE INDUSTRIES LTD                     | KOREA AEROSPACE INDUSTRIES LTD           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      1456 | NS      | $105334.51    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ETERNAL LTD                                        | ETERNAL LTD                              | CUSIP: N/A<br>LEI: 335800T4VOF9ETHF8W59       | Long             | EC               | CORP              | IN        |     34283 | NS      | $122722.06    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITEC BANK HOLDINGS LTD                          | CAPITEC BANK HOLDINGS LIMITED            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ZA        |       406 | NS      | $89749.01     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer