# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001410368-25-040138
**Filing Date:** 2025-12
**Character Count:** 64038
**Document Hash:** 0335c36e6d071b64694be30128f72562
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-040138.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001410368-25-040138

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**PERIOD START**: 20260731

**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:** 251589922

**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 Energy Index ETF (Series ID: S000042573)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000131665 | Fidelity MSCI Energy Index ETF | FENY            |

## Nport-Ex

### Quarterly Holdings Report

### for

### Fidelity® MSCI Energy Index ETF

### October 31, 2025
T03-NPRT1-1225

1.9584807.111 ------

### Schedule of Investments October 31, 2025 (Unaudited)
Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.6%** | &nbsp;&nbsp;**Common Stocks – 99.6%** | &nbsp;&nbsp;**Common Stocks – 99.6%** | &nbsp;&nbsp;**Common Stocks – 99.6%** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **ENERGY EQUIPMENT & SERVICES – 11.2%** | **ENERGY EQUIPMENT & SERVICES – 11.2%** | **ENERGY EQUIPMENT & SERVICES – 11.2%** | **ENERGY EQUIPMENT & SERVICES – 11.2%** |
| **Oil & Gas Drilling – 1.2%** | **Oil & Gas Drilling – 1.2%** | **Oil & Gas Drilling – 1.2%** | **Oil & Gas Drilling – 1.2%** |
| Helmerich & Payne, Inc. | Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2231207 |
| Nabors Industries Ltd. (a) | Nabors Industries Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;17158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832506 |
| Noble Corp. PLC | Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;98273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884313 |
| Patterson-UTI Energy, Inc. | Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;306056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918971 |
| Seadrill Ltd. (a) | Seadrill Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;51220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616503 |
| Transocean Ltd. (a) | Transocean Ltd. (a) | &nbsp;&nbsp;&nbsp;799016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068222 |
| Valaris Ltd. (a) | Valaris Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;50319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823902 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15375624 |
| **Oil & Gas Equipment & Services – 10.0%** | **Oil & Gas Equipment & Services – 10.0%** | **Oil & Gas Equipment & Services – 10.0%** | **Oil & Gas Equipment & Services – 10.0%** |
| Archrock, Inc. | Archrock, Inc. | &nbsp;&nbsp;&nbsp;127317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3217301 |
| Atlas Energy Solutions, Inc. | Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770865 |
| Baker Hughes Co. | Baker Hughes Co. | &nbsp;&nbsp;&nbsp;678548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32848509 |
| Bristow Group, Inc. (a) | Bristow Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571509 |
| Cactus, Inc. Class A | Cactus, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;54370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401523 |
| Core Laboratories, Inc. | Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994927 |
| Expro Group Holdings NV (a) | Expro Group Holdings NV (a) | &nbsp;&nbsp;&nbsp;&nbsp;97613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325584 |
| Halliburton Co. | Halliburton Co. | &nbsp;&nbsp;&nbsp;599083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16079388 |
| Helix Energy Solutions Group, Inc. (a) | Helix Energy Solutions Group, Inc. (a) | &nbsp;&nbsp;&nbsp;154215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036325 |
| Innovex International, Inc. (a) | Innovex International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;45769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918584 |
| Kodiak Gas Services, Inc. | Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144572 |
| Liberty Energy, Inc. | Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;132981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408286 |
| NOV, Inc. | NOV, Inc. | &nbsp;&nbsp;&nbsp;283105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4133333 |
| Oceaneering International, Inc. (a) | Oceaneering International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;82691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925873 |
| ProPetro Holding Corp. (a) | ProPetro Holding Corp. (a) | &nbsp;&nbsp;&nbsp;123729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284307 |
| RPC, Inc. | RPC, Inc. | &nbsp;&nbsp;&nbsp;133137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692312 |
| Select Water Solutions, Inc. | Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;103028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191004 |
| SLB Ltd. | SLB Ltd. | 1056145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38084589 |
| Solaris Energy Infrastructure, Inc. | Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016193 |
| TechnipFMC PLC | TechnipFMC PLC | &nbsp;&nbsp;&nbsp;296433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12257504 |
| Tidewater, Inc. (a) | Tidewater, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708361 |
| Weatherford International PLC | Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;54927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047571 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131058420 |
| TOTAL ENERGY EQUIPMENT & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;146434044 |  |  |
| **OIL, GAS & CONSUMABLE FUELS – 88.4%** | **OIL, GAS & CONSUMABLE FUELS – 88.4%** | **OIL, GAS & CONSUMABLE FUELS – 88.4%** | **OIL, GAS & CONSUMABLE FUELS – 88.4%** |
| **Coal & Consumable Fuels – 1.2%** | **Coal & Consumable Fuels – 1.2%** | **Coal & Consumable Fuels – 1.2%** | **Coal & Consumable Fuels – 1.2%** |
| Centrus Energy Corp. Class A (a) | Centrus Energy Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;13570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4986432 |
| Core Natural Resources, Inc. | Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176669 |
| Peabody Energy Corp. | Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;101106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772326 |
| Uranium Energy Corp. (a) | Uranium Energy Corp. (a) | &nbsp;&nbsp;&nbsp;338289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5118313 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16053740 |
| **Integrated Oil & Gas – 40.5%** | **Integrated Oil & Gas – 40.5%** | **Integrated Oil & Gas – 40.5%** | **Integrated Oil & Gas – 40.5%** |
| Chevron Corp. | Chevron Corp. | 1310070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206624241 |
| Exxon Mobil Corp. | Exxon Mobil Corp. | 2629162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300670966 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;507184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20895981 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528191188 |
| **Oil & Gas Exploration & Production – 21.6%** | **Oil & Gas Exploration & Production – 21.6%** | **Oil & Gas Exploration & Production – 21.6%** | **Oil & Gas Exploration & Production – 21.6%** |
| Antero Resources Corp. (a) | Antero Resources Corp. (a) | &nbsp;&nbsp;&nbsp;209794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6484733 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| APA Corp. | 260660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5903949 |
| BKV Corp. (a) | &nbsp;&nbsp;26654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628768 |
| California Resources Corp. | &nbsp;&nbsp;49528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336236 |
| Chord Energy Corp. | &nbsp;&nbsp;44073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998303 |
| Civitas Resources, Inc. | &nbsp;&nbsp;62874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812657 |
| CNX Resources Corp. (a) | 111344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747839 |
| Comstock Resources, Inc. (a) | &nbsp;&nbsp;79863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497431 |
| ConocoPhillips | 826394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73433371 |
| Coterra Energy, Inc. | 530440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12550210 |
| Crescent Energy Co. Class A | 163219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375936 |
| Devon Energy Corp. | 427647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13894251 |
| Diamondback Energy, Inc. | 131007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18758892 |
| EOG Resources, Inc. | 378524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40062980 |
| EQT Corp. | 407771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21848370 |
| Expand Energy Corp. | 156507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16168738 |
| Granite Ridge Resources, Inc. | 100938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532953 |
| Gulfport Energy Corp. (a) | &nbsp;&nbsp;12760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373488 |
| HighPeak Energy, Inc. | &nbsp;&nbsp;64535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429158 |
| Kimbell Royalty Partners LP | &nbsp;&nbsp;82693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094855 |
| Kosmos Energy Ltd. (a) | 511074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802386 |
| Magnolia Oil & Gas Corp. Class A | 133910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007619 |
| Matador Resources Co. | &nbsp;&nbsp;87332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446121 |
| Murphy Oil Corp. | 105925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997677 |
| Northern Oil & Gas, Inc. | &nbsp;&nbsp;76528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693565 |
| Ovintiv, Inc. | 184078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6904766 |
| Permian Resources Corp. | 427449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5368759 |
| Range Resources Corp. | 171359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6091812 |
| Riley Exploration Permian, Inc. | &nbsp;&nbsp;18675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485924 |
| Sable Offshore Corp. (a) | &nbsp;&nbsp;49862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521557 |
| SM Energy Co. | &nbsp;&nbsp;89649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872768 |
| Talos Energy, Inc. (a) | 129757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272916 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;13566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12797893 |
| Viper Energy, Inc. Class A | 127999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807642 |
| Vital Energy, Inc. (a) | &nbsp;&nbsp;40885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642303 |
| Vitesse Energy, Inc. | &nbsp;&nbsp;33868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282383455 |
| **Oil & Gas Refining & Marketing – 10.4%** | **Oil & Gas Refining & Marketing – 10.4%** | **Oil & Gas Refining & Marketing – 10.4%** |
| Calumet, Inc. (a) | &nbsp;&nbsp;70484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378667 |
| CVR Energy, Inc. (a) | &nbsp;&nbsp;39156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393562 |
| Delek U.S. Holdings, Inc. | &nbsp;&nbsp;61182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310232 |
| HF Sinclair Corp. | 115862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5978479 |
| Marathon Petroleum Corp. | 217898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42470499 |
| Par Pacific Holdings, Inc. (a) | &nbsp;&nbsp;56038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240399 |
| PBF Energy, Inc. Class A | &nbsp;&nbsp;73086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497349 |
| Phillips 66 | 279874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38102046 |
| REX American Resources Corp. (a) | &nbsp;&nbsp;36919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182516 |
| Valero Energy Corp. | 214999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36455231 |
| World Kinect Corp. | &nbsp;&nbsp;51249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135333767 |
| **Oil & Gas Storage & Transportation – 14.7%** | **Oil & Gas Storage & Transportation – 14.7%** | **Oil & Gas Storage & Transportation – 14.7%** |
| Antero Midstream Corp. | 262644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530609 |
| Cheniere Energy, Inc. | 152162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32258344 |

---

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

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **OIL, GAS & CONSUMABLE FUELS – continued** | **OIL, GAS & CONSUMABLE FUELS – continued** | **OIL, GAS & CONSUMABLE FUELS – continued** | **OIL, GAS & CONSUMABLE FUELS – continued** |
| **Oil & Gas Storage & Transportation – continued** | **Oil & Gas Storage & Transportation – continued** | **Oil & Gas Storage & Transportation – continued** | **Oil & Gas Storage & Transportation – continued** |
| Dorian LPG Ltd. | Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;38196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1101955 |
| DT Midstream, Inc. | DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7879557 |
| Excelerate Energy, Inc. Class A | Excelerate Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;31206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808547 |
| Hess Midstream LP Class A | Hess Midstream LP Class A | &nbsp;&nbsp;&nbsp;&nbsp;92227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131107 |
| International Seaways, Inc. | International Seaways, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854731 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | 1366608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35791464 |
| Kinetik Holdings, Inc. | Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497692 |
| New Fortress Energy, Inc. (a) | New Fortress Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;219386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283008 |
| NextDecade Corp. (a) | NextDecade Corp. (a) | &nbsp;&nbsp;&nbsp;136043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806735 |
| ONEOK, Inc. | ONEOK, Inc. | &nbsp;&nbsp;&nbsp;427372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28633924 |
| Plains GP Holdings LP Class A (a) | Plains GP Holdings LP Class A (a) | &nbsp;&nbsp;&nbsp;150982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607459 |
| Targa Resources Corp. | Targa Resources Corp. | &nbsp;&nbsp;&nbsp;148855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22929624 |
| Williams Cos., Inc. | Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;832706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48188696 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192303452 |
| TOTAL OIL, GAS & CONSUMABLE FUELS | &nbsp;&nbsp;1154265602 |  |  |
| **TOTAL COMMON STOCKS<br> (Cost $1,189,637,090)** | **TOTAL COMMON STOCKS<br> (Cost $1,189,637,090)** | **TOTAL COMMON STOCKS<br> (Cost $1,189,637,090)** | &nbsp;&nbsp;**1300699646** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Fund – 0.3%** | &nbsp;&nbsp;**Money Market Fund – 0.3%** | &nbsp;&nbsp;**Money Market Fund – 0.3%** | &nbsp;&nbsp;**Money Market Fund – 0.3%** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.93% (b)<br> (Cost $3,800,000) | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.93% (b)<br> (Cost $3,800,000) | 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;$3800000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,193,437,090)** | &nbsp;&nbsp;**1304499646** |  |  |
| **NET OTHER ASSETS (LIABILITIES) (c) – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**659306** |  |  |
| **NET ASSETS – 100.0%** | **$1305158952** |  |  |

---

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
| (c) | Includes $343,141 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 Energy Select Sector Index Contracts (United States) | 44 | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;$4074840 | &nbsp;&nbsp;$(11041) | &nbsp;&nbsp;$(11041) |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

#### 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,

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

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------

Schedule of Investments (Unaudited)–continued

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.

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 Energy Index ETF

- **b. EDGAR series identifier (if any):** S000042573

- **c. LEI of Series:** 5493006XQ7X99D46W377

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

- **a. Date of fiscal year-end:** 2026-07-31

- **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:** $1305292863.02

**Total Liabilities:** $135725.39

**Net Assets:** $1305157137.63

**Cash Not Reported:** $396493.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000131665 | 3.56%                | -0.05%               | -1.07%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8675235.61              | $33475819.59                               |
| Month 2  | $18423181.28             | $-21138367.92                              |
| Month 3  | $34711796.16             | $-50281443.53                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kinetik Holdings Inc              | Kinetik Holdings Inc                                       | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38891 | NS      | $1497692.41   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp             | Antero Resources Corp                                      | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    209794 | NS      | $6484732.54   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp             | Antero Midstream Corp                                      | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    262644 | NS      | $4530609.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                          | APA Corp                                                   | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    260660 | NS      | $5903949.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                      | Archrock Inc                                               | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |    127317 | NS      | $3217300.59   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BKV Corp                          | BKV Corp                                                   | CUSIP: 05603J108<br>LEI: 549300S3T4Z01TRFU656 | Long             | EC               | CORP              | US        |     26654 | NS      | $628767.86    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                   | Baker Hughes Co                                            | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    678548 | NS      | $32848508.68  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group Inc                 | Bristow Group Inc                                          | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |     14042 | NS      | $571509.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corp                | CNX Resources Corp                                         | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |    111344 | NS      | $3747839.04   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Energy Inc                    | CVR Energy Inc                                             | CUSIP: 12662P108<br>LEI: 529900SOYZIXZBTXB558 | Long             | EC               | CORP              | US        |     39156 | NS      | $1393562.04   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                | Coterra Energy Inc                                         | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    530440 | NS      | $12550210.40  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                        | Cactus Inc                                                 | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     54370 | NS      | $2401522.90   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp         | California Resources Corp                                  | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     49528 | NS      | $2336235.76   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Calumet Inc                       | Calumet Inc                                                | CUSIP: 131428104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70484 | NS      | $1378667.04   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp               | Centrus Energy Corp                                        | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |     13570 | NS      | $4986432.20   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc               | Cheniere Energy Inc                                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |    152162 | NS      | $32258344.00  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                | Expand Energy Corp                                         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    156507 | NS      | $16168738.17  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                      | Chevron Corp                                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1310070 | NS      | $206624240.40 | 15.83%            |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc             | Civitas Resources Inc                                      | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |     62874 | NS      | $1812657.42   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Resources Inc            | Comstock Resources Inc                                     | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |     79863 | NS      | $1497431.25   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                    | ConocoPhillips                                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    826394 | NS      | $73433370.84  | 5.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories Inc             | Core Laboratories Inc                                      | CUSIP: 21867A105<br>LEI: 984500040P5J07V43135 | Long             | EC               | CORP              | US        |     62417 | NS      | $994926.98    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc        | Core Natural Resources Inc                                 | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     40211 | NS      | $3176669.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                  | DT Midstream Inc                                           | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71966 | NS      | $7879557.34   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek US Holdings Inc             | Delek US Holdings Inc                                      | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |     61182 | NS      | $2310232.32   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                 | Devon Energy Corp                                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    427647 | NS      | $13894251.03  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc            | Diamondback Energy Inc                                     | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    131007 | NS      | $18758892.33  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                 | EOG Resources Inc                                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    378524 | NS      | $40062980.16  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                          | EQT Corp                                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    407771 | NS      | $21848370.18  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Excelerate Energy Inc             | Excelerate Energy Inc                                      | CUSIP: 30069T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31206 | NS      | $808547.46    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                  | Exxon Mobil Corp                                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   2629162 | NS      | $300670966.32 | 23.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Granite Ridge Resources Inc       | Granite Ridge Resources Inc                                | CUSIP: 387432107<br>LEI: 254900CAHJQKOQ1YZC67 | Long             | EC               | CORP              | US        |    100938 | NS      | $532952.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Corp              | Gulfport Energy Corp                                       | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |     12760 | NS      | $2373487.60   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp                  | HF Sinclair Corp                                           | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |    115862 | NS      | $5978479.20   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                    | Halliburton Co                                             | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    599083 | NS      | $16079387.72  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group Inc  | Helix Energy Solutions Group Inc                           | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |    154215 | NS      | $1036324.80   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc             | Helmerich & Payne Inc                                      | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     84966 | NS      | $2231207.16   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream LP                 | Hess Midstream LP                                          | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92227 | NS      | $3131106.65   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HighPeak Energy Inc               | HighPeak Energy Inc                                        | CUSIP: 43114Q105<br>LEI: 549300J4RNCV140DUY76 | Long             | EC               | CORP              | US        |     64535 | NS      | $429157.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Energy Co                | Crescent Energy Co                                         | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    163219 | NS      | $1375936.17   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc         | Innovex International Inc                                  | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     45769 | NS      | $918583.83    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimbell Royalty Partners LP       | Kimbell Royalty Partners LP                                | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |     82693 | NS      | $1094855.32   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                 | Kinder Morgan Inc                                          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |   1366608 | NS      | $35791463.52  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Gas Services Inc           | Kodiak Gas Services Inc                                    | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58150 | NS      | $2144572.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd                 | Kosmos Energy Ltd                                          | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |    511074 | NS      | $802386.18    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Energy Inc                  | Vital Energy Inc                                           | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |     40885 | NS      | $642303.35    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                | Liberty Energy Inc                                         | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    132981 | NS      | $2408285.91   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp           | Magnolia Oil & Gas Corp                                    | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133910 | NS      | $3007618.60   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp           | Marathon Petroleum Corp                                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    217898 | NS      | $42470499.18  | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co              | Matador Resources Co                                       | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     87332 | NS      | $3446120.72   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                   | Murphy Oil Corp                                            | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |    105925 | NS      | $2997677.50   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                           | NOV Inc                                                    | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    283105 | NS      | $4133333.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Energy Solutions Inc        | Atlas Energy Solutions Inc                                 | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62267 | NS      | $770865.46    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc                  | Viper Energy Inc                                           | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127999 | NS      | $4807642.44   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| New Fortress Energy Inc           | New Fortress Energy Inc                                    | CUSIP: 644393100<br>LEI: 254900EICTYTCHA5X705 | Long             | EC               | CORP              | US        |    219386 | NS      | $283007.94    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NextDecade Corp                   | NextDecade Corp                                            | CUSIP: 65342K105<br>LEI: 549300XB4GCLNGHFTT48 | Long             | EC               | CORP              | US        |    136043 | NS      | $806734.99    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc            | Northern Oil & Gas Inc                                     | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     76528 | NS      | $1693564.64   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp                 | Chord Energy Corp                                          | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     44073 | NS      | $3998302.56   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp         | Occidental Petroleum Corp                                  | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    507184 | NS      | $20895980.80  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc     | Oceaneering International Inc                              | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |     82691 | NS      | $1925873.39   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                         | ONEOK Inc                                                  | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    427372 | NS      | $28633924.00  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                       | Ovintiv Inc                                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |    184078 | NS      | $6904765.78   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                    | PBF Energy Inc                                             | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |     73086 | NS      | $2497348.62   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc          | Par Pacific Holdings Inc                                   | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |     56038 | NS      | $2240399.24   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc          | Patterson-UTI Energy Inc                                   | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |    306056 | NS      | $1918971.12   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp               | Peabody Energy Corp                                        | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |    101106 | NS      | $2772326.52   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp            | Permian Resources Corp                                     | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    427449 | NS      | $5368759.44   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                       | Phillips 66                                                | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |    279874 | NS      | $38102046.36  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP             | Plains GP Holdings LP                                      | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |    150982 | NS      | $2607459.14   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPetro Holding Corp             | ProPetro Holding Corp                                      | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    123729 | NS      | $1284307.02   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| RPC Inc                           | RPC Inc                                                    | CUSIP: 749660106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133137 | NS      | $692312.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp              | Range Resources Corp                                       | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |    171359 | NS      | $6091812.45   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp       | REX American Resources Corp                                | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36919 | NS      | $1182515.57   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Riley Exploration Permian Inc     | Riley Exploration Permian Inc                              | CUSIP: 76665T102<br>LEI: 5493008CUBI02XP43Q95 | Long             | EC               | CORP              | US        |     18675 | NS      | $485923.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                      | SM Energy Co                                               | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     89649 | NS      | $1872767.61   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sable Offshore Corp               | Sable Offshore Corp                                        | CUSIP: 78574H104<br>LEI: 254900IMMKZUOZF7V487 | Long             | EC               | CORP              | US        |     49862 | NS      | $521556.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd                           | SLB Ltd                                                    | CUSIP: 000000000<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |   1056145 | NS      | $38084588.70  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc        | Select Water Solutions Inc                                 | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |    103028 | NS      | $1191003.68   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure Inc | Solaris Energy Infrastructure Inc                          | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     37877 | NS      | $2016192.71   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc                  | Talos Energy Inc                                           | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |    129757 | NS      | $1272916.17   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp              | Targa Resources Corp                                       | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    148855 | NS      | $22929624.20  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp           | Texas Pacific Land Corp                                    | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13566 | NS      | $12797893.08  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                     | Tidewater Inc                                              | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     14002 | NS      | $708361.18    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Uranium Energy Corp               | Uranium Energy Corp                                        | CUSIP: 916896103<br>LEI: 549300VD69WD2USLIP04 | Long             | EC               | CORP              | US        |    338289 | NS      | $5118312.57   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                | Valero Energy Corp                                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    214999 | NS      | $36455230.44  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Vitesse Energy Inc                | Vitesse Energy Inc                                         | CUSIP: 92852X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33868 | NS      | $736629.00    | 0.06%             |  |  |  | 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        |   3800000 | NS      | $3800000.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The              | Williams Cos Inc/The                                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    832706 | NS      | $48188696.22  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp                 | World Kinect Corp                                          | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     51249 | NS      | $1324786.65   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange       | XAE ENERGY DEC25                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        44 | NC      | $-11041.12    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC     | Weatherford International PLC                              | CUSIP: 000000000<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |     54927 | NS      | $4047570.63   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabors Industries Ltd             | Nabors Industries Ltd                                      | CUSIP: 000000000<br>LEI: 5493008TXYN3II3PU369 | Long             | EC               | CORP              | BM        |     17158 | NS      | $832506.16    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                    | Noble Corp PLC                                             | CUSIP: 000000000<br>LEI: 549300I3HBUNXO0OG954 | Long             | EC               | CORP              | GB        |     98273 | NS      | $2884312.55   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Seadrill Ltd                      | Seadrill Ltd                                               | CUSIP: 000000000<br>LEI: 213800EQ6L456U2JCO89 | Long             | EC               | CORP              | BM        |     51220 | NS      | $1616503.20   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                    | TechnipFMC PLC                                             | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |    296433 | NS      | $12257504.55  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                       | Valaris Ltd                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     50319 | NS      | $2823902.28   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd                    | Transocean Ltd                                             | CUSIP: 000000000<br>LEI: 529900QO4W5DQGBGEF32 | Long             | EC               | CORP              | CH        |    799016 | NS      | $3068221.44   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPRO GROUP HOLDINGS NV           | Expro Group Holdings NV                                    | CUSIP: 000000000<br>LEI: 724500LJYA8QIT73H017 | Long             | EC               | CORP              | NL        |     97613 | NS      | $1325584.54   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                    | Dorian LPG Ltd                                             | CUSIP: 000000000<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | MH        |     38196 | NS      | $1101954.60   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc         | International Seaways Inc                                  | CUSIP: 000000000<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               | CORP              | MH        |     36204 | NS      | $1854730.92   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-01

**Name of Applicant:** FIDELITY COVINGTON TRUST

**Signature:** Stacie M Smith

**Name of Signer:** Stacie M Smith

**Title:** President and Treasurer