# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000035402-26-002003
**Filing Date:** 2026-3
**Character Count:** 63560
**Document Hash:** ba76e881f746f354c0bc90b6df1b5864
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-26-002003.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000035402-26-002003

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20261031

**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:** 26790589

**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 International Value Factor ETF (Series ID: S000059463)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000194896 | Fidelity International Value Factor ETF | FIVA            |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® International Value Factor ETF**

**January 31, 2026**

IVE-NPRT1-0426

1.9885310.108 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 5.9%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.8% |  |  |
| Wesfarmers Ltd  | 66064 | 3857995 |
| Financials - 1.9% |  |  |
| Capital Markets - 1.1% |  |  |
| Macquarie Group Ltd  | 34280 | 5095472 |
| Insurance - 0.8% |  |  |
| QBE Insurance Group Ltd  | 290587 | 4018486 |
| TOTAL FINANCIALS |  | 9113958 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| CSL Ltd  | 14985 | 1904500 |
| Materials - 2.8% |  |  |
| Metals & Mining - 2.8% |  |  |
| BHP Group Ltd  | 161008 | 5704000 |
| Rio Tinto PLC  | 73744 | 6818534 |
| TOTAL MATERIALS |  | 12522534 |
| TOTAL AUSTRALIA |  | 27398987 |
| AUSTRIA - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Raiffeisen Bank International AG  | 82083 | 4167704 |
| CANADA - 10.3%  |  |  |
| Communication Services - 0.4% |  |  |
| Wireless Telecommunication Services - 0.4% |  |  |
| Rogers Communications Inc Class B  | 47682 | 1809884 |
| Energy - 1.9% |  |  |
| Oil, Gas & Consumable Fuels - 1.9% |  |  |
| Canadian Natural Resources Ltd  | 115640 | 4323637 |
| Suncor Energy Inc  | 85136 | 4524785 |
| TOTAL ENERGY |  | 8848422 |
| Financials - 4.0% |  |  |
| Banks - 2.4% |  |  |
| Bank of Nova Scotia/The  | 68335 | 5137173 |
| Toronto Dominion Bank  | 65216 | 6128855 |
|  |  | 11266028 |
| Insurance - 1.6% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 1838 | 3050049 |
| Manulife Financial Corp  | 113899 | 4362841 |
|  |  | 7412890 |
| TOTAL FINANCIALS |  | 18678918 |
| Information Technology - 1.1% |  |  |
| IT Services - 1.1% |  |  |
| CGI Inc Class A  | 57453 | 4951272 |
| Materials - 2.6% |  |  |
| Metals & Mining - 2.6% |  |  |
| Barrick Mining Corp  | 262111 | 12047254 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| FirstService Corp Subordinate Voting Shares  | 1265 | 197072 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| Fortis Inc/Canada  | 30077 | 1612517 |
| TOTAL CANADA |  | 48145339 |
| CHINA - 1.5%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.8% |  |  |
| Prosus NV Class N  | 64546 | 3720721 |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| Wilmar International Ltd  | 1186600 | 3169877 |
| TOTAL CHINA |  | 6890598 |
| DENMARK - 2.4%  |  |  |
| Health Care - 1.3% |  |  |
| Pharmaceuticals - 1.3% |  |  |
| Novo Nordisk A/S Series B  | 97786 | 5756837 |
| Industrials - 1.1% |  |  |
| Electrical Equipment - 1.1% |  |  |
| Vestas Wind Systems A/S  | 175051 | 5344504 |
| TOTAL DENMARK |  | 11101341 |
| FINLAND - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Communications Equipment - 0.9% |  |  |
| Nokia Oyj  | 662866 | 4277250 |
| FRANCE - 9.5%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Textiles, Apparel & Luxury Goods - 1.2% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 8784 | 5715042 |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Carrefour SA  | 168840 | 2779909 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| TotalEnergies SE  | 57383 | 4174447 |
| Financials - 2.6% |  |  |
| Banks - 2.6% |  |  |
| BNP Paribas SA  | 42413 | 4601645 |
| Credit Agricole SA  | 142827 | 3104331 |
| Societe Generale SA Series A  | 48372 | 4246876 |
| TOTAL FINANCIALS |  | 11952852 |
| Industrials - 2.2% |  |  |
| Construction & Engineering - 1.8% |  |  |
| Eiffage SA  | 24839 | 3692237 |
| Vinci SA  | 31428 | 4529595 |
|  |  | 8221832 |
| Professional Services - 0.4% |  |  |
| Teleperformance SE  | 33388 | 2168714 |
| TOTAL INDUSTRIALS |  | 10390546 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Capgemini SE  | 18398 | 2871598 |
| Real Estate - 0.5% |  |  |
| Retail REITs - 0.5% |  |  |
| Klepierre SA  | 64530 | 2490358 |
| Utilities - 0.9% |  |  |
| Multi-Utilities - 0.9% |  |  |
| Engie SA  | 138964 | 4149495 |
| TOTAL FRANCE |  | 44524247 |
| GERMANY - 6.9%  |  |  |
| Communication Services - 0.9% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| Deutsche Telekom AG  | 127170 | 4261776 |
| Consumer Discretionary - 1.4% |  |  |
| Automobiles - 0.8% |  |  |
| Mercedes-Benz Group AG  | 53853 | 3702387 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| TUI AG (b) | 272817 | 2926204 |
| TOTAL CONSUMER DISCRETIONARY |  | 6628591 |
| Financials - 1.2% |  |  |
| Insurance - 1.2% |  |  |
| Allianz SE  | 12385 | 5478033 |
| Health Care - 1.4% |  |  |
| Health Care Providers & Services - 0.4% |  |  |
| Fresenius Medical Care AG  | 45543 | 2053973 |
| Pharmaceuticals - 1.0% |  |  |
| Bayer AG  | 85148 | 4513764 |
| TOTAL HEALTH CARE |  | 6567737 |
| Industrials - 2.0% |  |  |
| Industrial Conglomerates - 1.4% |  |  |
| Siemens AG  | 21500 | 6555507 |
| Machinery - 0.6% |  |  |
| Daimler Truck Holding AG  | 54566 | 2658895 |
| TOTAL INDUSTRIALS |  | 9214402 |
| TOTAL GERMANY |  | 32150539 |
| HONG KONG - 1.4%  |  |  |
| Financials - 1.0% |  |  |
| Insurance - 1.0% |  |  |
| AIA Group Ltd  | 390800 | 4521144 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Sun Hung Kai Properties Ltd  | 122500 | 1971683 |
| TOTAL HONG KONG |  | 6492827 |
| ISRAEL - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Nice Ltd (b) | 16128 | 1727925 |
| ITALY - 2.5%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| Banca Monte dei Paschi di Siena SpA  | 245454 | 2550366 |
| UniCredit SpA  | 52525 | 4589624 |
| TOTAL FINANCIALS |  | 7139990 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| Enel SpA  | 407634 | 4513838 |
| TOTAL ITALY |  | 11653828 |
| JAPAN - 22.5%  |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| NTT Inc  | 2890200 | 2902191 |
| Wireless Telecommunication Services - 0.7% |  |  |
| KDDI Corp  | 194600 | 3288117 |
| TOTAL COMMUNICATION SERVICES |  | 6190308 |
| Consumer Discretionary - 3.6% |  |  |
| Automobiles - 2.0% |  |  |
| Subaru Corp  | 111900 | 2413401 |
| Toyota Motor Corp  | 313200 | 7114306 |
|  |  | 9527707 |
| Household Durables - 1.6% |  |  |
| Panasonic Holdings Corp  | 235400 | 3230532 |
| Sony Group Corp  | 180800 | 4048251 |
|  |  | 7278783 |
| TOTAL CONSUMER DISCRETIONARY |  | 16806490 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Seven & i Holdings Co Ltd  | 307000 | 4400214 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Inpex Corp  | 107300 | 2394878 |
| Financials - 3.3% |  |  |
| Capital Markets - 1.0% |  |  |
| SBI Holdings Inc  | 216300 | 4885189 |
| Financial Services - 0.0% |  |  |
| Sony Financial Group Inc (b) | 180100 | 181547 |
| Insurance - 2.3% |  |  |
| Japan Post Holdings Co Ltd  | 448400 | 5390625 |
| MS&AD Insurance Group Holdings Inc  | 203000 | 5174355 |
|  |  | 10564980 |
| TOTAL FINANCIALS |  | 15631716 |
| Health Care - 1.3% |  |  |
| Pharmaceuticals - 1.3% |  |  |
| Shionogi & Co Ltd  | 305100 | 6277631 |
| Industrials - 6.4% |  |  |
| Machinery - 0.8% |  |  |
| Komatsu Ltd  | 96400 | 3705145 |
| Trading Companies & Distributors - 5.6% |  |  |
| ITOCHU Corp  | 368900 | 4713483 |
| Marubeni Corp  | 153900 | 5103063 |
| Mitsubishi Corp  | 199300 | 5293220 |
| Mitsui & Co Ltd  | 175400 | 5725003 |
| Sumitomo Corp  | 121900 | 4938112 |
|  |  | 25772881 |
| TOTAL INDUSTRIALS |  | 29478026 |
| Information Technology - 3.2% |  |  |
| Semiconductors & Semiconductor Equipment - 3.2% |  |  |
| Renesas Electronics Corp  | 248100 | 4143042 |
| SCREEN Holdings Co Ltd  | 36200 | 4613587 |
| Tokyo Electron Ltd  | 23100 | 6186056 |
| TOTAL INFORMATION TECHNOLOGY |  | 14942685 |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Nippon Steel Corp  | 883200 | 3698035 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Daiwa House Industry Co Ltd  | 80100 | 2731272 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.6% |  |  |
| Kansai Electric Power Co Inc/The  | 181400 | 2902212 |
| TOTAL JAPAN |  | 105453467 |
| LUXEMBOURG - 1.3%  |  |  |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.3% |  |  |
| ArcelorMittal SA  | 113072 | 6185051 |
| MEXICO - 2.0%  |  |  |
| Materials - 2.0% |  |  |
| Metals & Mining - 2.0% |  |  |
| Fresnillo PLC  | 182346 | 9263304 |
| NETHERLANDS - 3.1%  |  |  |
| Information Technology - 3.1% |  |  |
| Semiconductors & Semiconductor Equipment - 3.1% |  |  |
| ASML Holding NV  | 10032 | 14507662 |
| NORWAY - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Equinor ASA  | 56805 | 1520868 |
| SINGAPORE - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| United Overseas Bank Ltd  | 96400 | 2907193 |
| SPAIN - 2.7%  |  |  |
| Financials - 2.7% |  |  |
| Banks - 2.7% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 236319 | 6030387 |
| Banco Santander SA  | 525986 | 6745469 |
| TOTAL SPAIN |  | 12775856 |
| SWEDEN - 3.1%  |  |  |
| Consumer Staples - 0.7% |  |  |
| Household Products - 0.7% |  |  |
| Essity AB B Shares  | 103384 | 3073870 |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| Investor AB B Shares  | 133253 | 5166193 |
| Industrials - 1.3% |  |  |
| Machinery - 1.3% |  |  |
| Volvo AB B Shares  | 171568 | 6279537 |
| TOTAL SWEDEN |  | 14519600 |
| SWITZERLAND - 2.7%  |  |  |
| Financials - 1.6% |  |  |
| Capital Markets - 0.9% |  |  |
| UBS Group AG  | 88540 | 4184106 |
| Insurance - 0.7% |  |  |
| Zurich Insurance Group AG  | 4443 | 3167595 |
| TOTAL FINANCIALS |  | 7351701 |
| Industrials - 1.1% |  |  |
| Electrical Equipment - 1.1% |  |  |
| ABB Ltd  | 58746 | 5085395 |
| TOTAL SWITZERLAND |  | 12437096 |
| UNITED KINGDOM - 9.7%  |  |  |
| Communication Services - 0.8% |  |  |
| Wireless Telecommunication Services - 0.8% |  |  |
| Vodafone Group PLC  | 2620642 | 3862293 |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Compass Group PLC  | 83231 | 2497854 |
| Consumer Staples - 1.7% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| J Sainsbury PLC  | 971933 | 4273287 |
| Food Products - 0.8% |  |  |
| Associated British Foods PLC  | 135588 | 3544455 |
| TOTAL CONSUMER STAPLES |  | 7817742 |
| Financials - 3.4% |  |  |
| Banks - 2.8% |  |  |
| Barclays PLC  | 689654 | 4601289 |
| HSBC Holdings PLC  | 478475 | 8439774 |
|  |  | 13041063 |
| Insurance - 0.6% |  |  |
| Aviva PLC  | 308468 | 2691311 |
| TOTAL FINANCIALS |  | 15732374 |
| Industrials - 2.7% |  |  |
| Industrial Conglomerates - 0.7% |  |  |
| CK Hutchison Holdings Ltd  | 421500 | 3413687 |
| Passenger Airlines - 2.0% |  |  |
| easyJet PLC  | 631945 | 4143417 |
| International Consolidated Airlines Group SA  | 845773 | 4853680 |
|  |  | 8997097 |
| TOTAL INDUSTRIALS |  | 12410784 |
| Utilities - 0.7% |  |  |
| Multi-Utilities - 0.7% |  |  |
| Centrica PLC  | 1210249 | 3171229 |
| TOTAL UNITED KINGDOM |  | 45492276 |
| UNITED STATES - 9.2%  |  |  |
| Consumer Staples - 1.4% |  |  |
| Food Products - 1.4% |  |  |
| Nestle SA  | 69951 | 6670349 |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Shell PLC  | 132615 | 5084546 |
| Health Care - 4.8% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Alcon AG  | 16867 | 1367233 |
| Pharmaceuticals - 4.5% |  |  |
| GSK PLC  | 183719 | 4730814 |
| Novartis AG  | 38574 | 5741643 |
| Roche Holding AG non-voting shares  | 14744 | 6714786 |
| Sanofi SA  | 41800 | 3938408 |
|  |  | 21125651 |
| TOTAL HEALTH CARE |  | 22492884 |
| Industrials - 1.9% |  |  |
| Commercial Services & Supplies - 1.1% |  |  |
| Waste Connections Inc  | 28340 | 4767457 |
| Marine Transportation - 0.8% |  |  |
| AP Moller - Maersk A/S Series B  | 1577 | 3926673 |
| TOTAL INDUSTRIALS |  | 8694130 |
| TOTAL UNITED STATES |  | 42941909 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $386,577,363) |  | <br> **466534867** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (e)<br>(Cost $36,957)<br>| 3.82 | 37000 | **36963** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $562,248)<br>| 3.70 | 562136 | **562248** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $387,176,568)<br>| <br>**467134078** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%** (c)  | **770086** |
| **NET ASSETS - 100.0%** | **467904164** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 9 | 3/2026 | 1366560 | 61854 |
| The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. |

---

**Legend**

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

(b) Non-income producing.

(c) Includes $28,000 of cash collateral to cover margin requirements for futures contracts.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $36,963.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 144969 | 2008575 | 1591341 | 3069 | 45 | - | 562248 | 562136 | 0.0% |
| Total | 144969 | 2008575 | 1591341 | 3069 | 45 | - | 562248 |  |  |

---

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

**Investment Valuation**

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - Unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

**Derivative Instruments**

Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk(s):

Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.

The Fund used futures contracts to manage its exposure to the stock market.

Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

*The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.*

*Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

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

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

- **a. Name of Series:** Fidelity International Value Factor ETF

- **b. EDGAR series identifier (if any):** S000059463

- **c. LEI of Series:** 549300DPXN0IDQD0V949

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $460668866.01

**Total Liabilities:** $75870.80

**Net Assets:** $460592995.21

**Cash Not Reported:** $38463.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194896 | 3.19%                | 5.21%                | 6.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $8812946.20                                |
| Month 2  | $-70717.76               | $16395871.83                               |
| Month 3  | $-1554.79                | $27388203.35                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| RAIFFEISEN BANK INTERNATIONAL AG             | RAIFFEISEN BANK INTERNTNL AG        | CUSIP: N/A<br>LEI: 9ZHRYM6F437SQJ6OUG95       | Long             | EC               | CORP              | AT        |     80799 | NS      | $4102509.62   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANZ SE                                   | ALLIANZ SE (REGD)                   | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |     12191 | NS      | $5392224.04   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SEVEN and I HOLDINGS CO LTD                  | SEVEN and I HOLDINGS CO LTD         | CUSIP: N/A<br>LEI: 52990037G8JRM3TWGY86       | Long             | EC               | CORP              | JP        |    302200 | NS      | $4331415.79   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCELORMITTAL SA LUXEMBOURG                  | ARCELORMITTAL SA                    | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | LU        |    111306 | NS      | $6088450.14   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSOCIATED BRITISH FOODS PLC                 | ASSOCIATED BRITISH FOODS PLC        | CUSIP: N/A<br>LEI: GBQKSY6W7G0OHCQ8OQ72       | Long             | EC               | CORP              | GB        |    133470 | NS      | $3489087.64   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML HOLDING NV                              | ASML HOLDING NV                     | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      9874 | NS      | $14279172.03  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                  | BNP PARIBAS                         | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |     41751 | NS      | $4529819.86   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARGENTARIA S.A          | BANCO BILBAO VIZ ARGENTARIA SA      | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |    232625 | NS      | $5936123.04   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                      | BANK OF NOVA SCOTIA                 | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |     67267 | NS      | $5056884.84   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                 | BARCLAYS PLC ORD                    | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |    678878 | NS      | $4529392.20   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BARRICK MINING CORP                          | BARRICK MINING CORP                 | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    258017 | NS      | $11859083.62  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| INPEX CORPORATION                            | INPEX CORP                          | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               | CORP              | JP        |    105700 | NS      | $2359166.99   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BAYER AG                                     | BAYER AG                            | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |     83818 | NS      | $4443259.60   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA                           | BANCO SANTANDER SA                  | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |    517766 | NS      | $6640052.31   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP GROUP LTD                                | BHP GROUP LIMITED                   | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    158492 | NS      | $5614866.53   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| WILMAR INTERNATIONAL LTD                     | WILMAR INTERNATIONAL LTD            | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   1168000 | NS      | $3120189.13   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIVA  PLC                                   | AVIVA PLC                           | CUSIP: N/A<br>LEI: YF0Y5B0IB8SM0ZFG9G81       | Long             | EC               | CORP              | GB        |    303648 | NS      | $2649257.58   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LTD               | CANADIAN NATL RESOURCES LTD         | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    113832 | NS      | $4256038.22   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPGEMINI SA                                 | CAPGEMINI SA (FF40)                 | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |     18112 | NS      | $2826958.65   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CARREFOUR SA                                 | CARREFOUR SA (SUPERMARCHE)          | CUSIP: N/A<br>LEI: 549300B8P6MUJ1YWTS08       | Long             | EC               | CORP              | FR        |    166200 | NS      | $2736442.46   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRICA PLC                                 | CENTRICA PLC                        | CUSIP: N/A<br>LEI: E26EDV109X6EEPBKVH76       | Long             | EC               | CORP              | GB        |   1191339 | NS      | $3121679.12   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SONY FINL HLDGS INC                          | SONY FINANCIAL HOLDINGS INC         | CUSIP: N/A<br>LEI: 353800O7BDSU41WOZA60       | Long             | EC               | CORP              | JP        |    177300 | NS      | $178725.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINOR ASA                                  | EQUINOR ASA                         | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |     55917 | NS      | $1497092.84   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MACQUARIE GROUP LTD                          | MACQUARIE GROUP LTD                 | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |     33746 | NS      | $5016096.52   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL LTD                                      | CSL LIMITED                         | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               | CORP              | AU        |     14749 | NS      | $1874506.18   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESNILLO PLC                                | FRESNILLO PLC                       | CUSIP: N/A<br>LEI: 549300JXWH1UV5J0XV81       | Long             | EC               | CORP              | GB        |    179498 | NS      | $9118623.12   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ENGIE SA                                     | ENGIE SA                            | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |    136792 | NS      | $4084638.55   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS GROUP PLC                            | COMPASS GROUP PLC                   | CUSIP: N/A<br>LEI: 2138008M6MH9OZ6U2T68       | Long             | EC               | CORP              | GB        |     81931 | NS      | $2458840.04   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT AGRICOLE SA                           | CREDIT AGRICOLE SA                  | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | EC               | CORP              | FR        |    140595 | NS      | $3055819.06   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI CORP                                    | KDDI CORP                           | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |    191600 | NS      | $3237426.42   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIWA HOUSE INDUSTRY CO LTD                  | DAIWA HOUSE INDUSTRY CO LTD         | CUSIP: N/A<br>LEI: 353800K9WXR9XRZJZI46       | Long             | EC               | CORP              | JP        |     78900 | NS      | $2690353.95   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SCREEN HOLDINGS CO LTD                       | SCREEN HOLDINGS CO LTD              | CUSIP: N/A<br>LEI: 353800ND89FTQ9XQ0R07       | Long             | EC               | CORP              | JP        |     35600 | NS      | $4537119.15   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCEDES-BENZ GROUP AG                       | MERCEDES-BENZ GROUP AG              | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               | CORP              | DE        |     53011 | NS      | $3644499.57   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AP MOLLER MAERSK AS                          | A P MOLLER - MAERSK A/S B           | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |      1553 | NS      | $3866913.59   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE TELEKOM AG                          | DEUTSCHE TELEKOM AG (REGD)          | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    125182 | NS      | $4195154.35   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| EIFFAGE SA                                   | EIFFAGE SA (FORM FOUGEROLLE)        | CUSIP: N/A<br>LEI: 969500OQXKE5WDM9M994       | Long             | EC               | CORP              | FR        |     24449 | NS      | $3634264.84   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| EASYJET PLC                                  | EASYJET PLC                         | CUSIP: N/A<br>LEI: 2138001S47XKWIB7TH90       | Long             | EC               | CORP              | GB        |    622071 | NS      | $4078677.24   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL SPA                                     | ENEL (ENTE NAZ ENERG ELET) SPA      | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    401264 | NS      | $4443301.51   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIRFAX FINANCIAL HOLDINGS LTD               | FAIRFAX FINL HLDGS LTD SUB VTG      | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |      1810 | NS      | $3003585.50   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust                 | Fidelity Cash Central Fund          | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    562136 | NS      | $562248.30    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTSERVICE CORP                            | FIRSTSERVICE CORP                   | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      1245 | NS      | $193955.77    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIS INC                                   | FORTIS INC                          | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | CA        |     29607 | NS      | $1587319.13   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESENIUS MEDICAL CARE AG                    | FRESENIUS MEDICAL CARE AG           | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               | CORP              | DE        |     44831 | NS      | $2021861.59   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SUBARU CORP                                  | SUBARU CORP                         | CUSIP: N/A<br>LEI: 549300N244BVAEE6HH86       | Long             | EC               | CORP              | JP        |    110100 | NS      | $2374579.93   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA GROUP LTD                                | AIA GROUP LTD                       | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    384800 | NS      | $4451730.54   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                      | GSK PLC                             | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |    180847 | NS      | $4656859.30   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI INC                                      | CGI INC CL A SUB VTG                | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |     56557 | NS      | $4874055.24   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA | INTERNATIONAL CONS AIRLNS CDI       | CUSIP: N/A<br>LEI: 959800TZHQRUSH1ESL13       | Long             | EC               | CORP              | ES        |    832559 | NS      | $4777847.53   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                            | HSBC HOLDINGS PLC                   | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    470997 | NS      | $8307869.67   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESTOR AB                                  | INVESTOR AB SER B                   | CUSIP: N/A<br>LEI: 549300VEBQPHRZBKUX38       | Long             | EC               | CORP              | SE        |    131169 | NS      | $5085396.46   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU CORPORATION                           | ITOCHU CORP                         | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |    363100 | NS      | $4639375.73   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KANSAI ELECTRIC POWER CO INC                 | KANSAI ELECTRIC POWER CO INC        | CUSIP: N/A<br>LEI: 353800PFUKP5ONPJNZ86       | Long             | EC               | CORP              | JP        |    178600 | NS      | $2857414.75   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| KLEPIERRE SA                                 | KLEPIERRE SA                        | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        |     63522 | NS      | $2451456.66   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| KOMATSU LTD                                  | KOMATSU LTD                         | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |     95000 | NS      | $3651335.41   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS VUITTON SE          | LVMH MOET HENNESSY LOUIS VUITTON SE | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      8646 | NS      | $5625256.96   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB LTD                                      | ABB LTD                             | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               | CORP              | CH        |     57828 | NS      | $5005927.51   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MS and AD INSURANCE GROUP HOLDINGS INC       | MS and AD INSURANCE GRP HLDGS INC   | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |    199800 | NS      | $5092788.80   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MANULIFE FINANCIAL CORP                      | MANULIFE FINANCIAL CORP             | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |    112119 | NS      | $4294659.03   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUBENI CORP                                | MARUBENI CORP                       | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |    151500 | NS      | $5023483.08   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUBISHI CORP                              | MITSUBISHI CORP                     | CUSIP: N/A<br>LEI: KVIPTY4PULAPGC1VVD26       | Long             | EC               | CORP              | JP        |    196100 | NS      | $5208230.91   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUI and CO LTD                            | MITSUI and CO LTD                   | CUSIP: N/A<br>LEI: 2NRSB4GOU9DD6CNW5R48       | Long             | EC               | CORP              | JP        |    172800 | NS      | $5640140.02   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCA MONTE DEI PASCHI DI SIENA SPA          | BANCA MONTE DEI PASCH SIEN SPA      | CUSIP: N/A<br>LEI: J4CP7MHCXR8DAQMKIL78       | Long             | EC               | CORP              | IT        |    241618 | NS      | $2510508.43   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NESTLE SA                                    | NESTLE SA (REG)                     | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     68857 | NS      | $6566027.54   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NICE LTD                                     | NICE LTD                            | CUSIP: N/A<br>LEI: 254900YTY4EF5Z4W0A51       | Long             | EC               | CORP              | IL        |     15876 | NS      | $1700926.61   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT INC                                      | NTT INC                             | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |   2845200 | NS      | $2857004.28   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON STEEL CORP                            | NIPPON STEEL CORP                   | CUSIP: N/A<br>LEI: 35380065QWQ4U2V3PA33       | Long             | EC               | CORP              | JP        |    869400 | NS      | $3640253.21   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NOKIA CORP                                   | NOKIA OYJ                           | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |    652510 | NS      | $4210426.24   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVARTIS AG                                  | NOVARTIS AG (REG)                   | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     37970 | NS      | $5651738.72   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO-NORDISK AS                              | NOVO-NORDISK AS CL B                | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     96260 | NS      | $5666998.50   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PANASONIC HOLDINGS CORP                      | PANASONIC HOLDINGS CORP             | CUSIP: N/A<br>LEI: 254900GE1G59KGWPHX32       | Long             | EC               | CORP              | JP        |    231800 | NS      | $3181126.67   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN POST HOLDINGS CO LTD                   | JAPAN POST HOLDINGS CO LTD          | CUSIP: N/A<br>LEI: 5299003D9N4JBS256X18       | Long             | EC               | CORP              | JP        |    441200 | NS      | $5304067.16   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTION INC                         | WASTE CONNECTIONS INC               | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     27898 | NS      | $4693102.24   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE INS GROUP LTD                            | QBE INSURANCE GROUP LTD             | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |    286047 | NS      | $3955703.06   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                                 | UBS GROUP AG                        | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |     87156 | NS      | $4118702.47   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CK HUTCHISON HOLDINGS LTD                    | CK HUTCHISON HOLDINGS LTD           | CUSIP: N/A<br>LEI: 254900Z8HM1VEPOQ2G79       | Long             | EC               | CORP              | KY        |    414500 | NS      | $3356995.15   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| RENESAS ELECTRONICS CORP                     | RENESAS ELECTRONICS CORP            | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |    244300 | NS      | $4079585.12   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| RIO TINTO PLC                                | RIO TINTO PLC                       | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |     72590 | NS      | $6711831.44   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCHE HOLDING AG                             | ROCHE HOLDINGS AG (GENUSSCHEINE)    | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     14512 | NS      | $6609127.20   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEPERFORMANCE                              | TELEPERFORMANCE                     | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               | CORP              | FR        |     32868 | NS      | $2134937.34   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ROGERS COMMUNICATIONS INC                    | ROGERS COMM INC CL B NON VTG        | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |     46936 | NS      | $1781568.07   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| VINCI SA                                     | VINCI SA                            | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |     30936 | NS      | $4458684.98   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SAINSBURY (J) PLC                            | SAINSBURY (J) PLC                   | CUSIP: N/A<br>LEI: 213800VGZAAJIKJ9Y484       | Long             | EC               | CORP              | GB        |    956745 | NS      | $4206510.20   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEMENS AG                                   | SIEMENS AG (REGD)                   | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     21164 | NS      | $6453058.03   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SONY GROUP CORP                              | SONY GROUP CORP                     | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    178000 | NS      | $3985556.85   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE GENERALE                             | SOCIETE GENERALE SA CL A            | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |     47616 | NS      | $4180502.45   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI HLDGS INC JAPAN                          | SBI HOLDINGS INC                    | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |    212900 | NS      | $4808398.81   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO CORP                                | SUMITOMO CORP                       | CUSIP: N/A<br>LEI: V82KK8NH1P0JS71FJC05       | Long             | EC               | CORP              | JP        |    120100 | NS      | $4865194.48   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN HUNG KAI PROPERTIES LTD                  | SUN HUNG KAI PROPERTIES LTD         | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               | CORP              | HK        |    120500 | NS      | $1939491.91   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNCOR ENERGY INC                            | SUNCOR ENERGY INC                   | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     83804 | NS      | $4453992.45   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TORONTO DOMINION BANK                    | TORONTO-DOMINION BANK               | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |     64196 | NS      | $6032997.05   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TOYOTA MOTOR CORP                            | TOYOTA MOTOR CORP                   | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |    308400 | NS      | $7005274.21   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKYO ELECTRON LTD                           | TOKYO ELECTRON LTD                  | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |     22700 | NS      | $6078938.16   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTALENERGIES SE                             | TOTALENERGIES SE                    | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     56485 | NS      | $4109119.83   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED OVERSEAS BANK LTD                     | UNITED OVERSEAS BANK (LOC)          | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |     94800 | NS      | $2858940.90   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| UNICREDIT SPA                                | UNICREDIT SPA                       | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               | CORP              | IT        |     51703 | NS      | $4517797.44   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| VESTAS WIND SYSTEMS AS                       | VESTAS WIND SYSTEMS AS              | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               | CORP              | DK        |    172317 | NS      | $5261032.47   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GRP PLC                             | VODAFONE GROUP PLC                  | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               | CORP              | GB        |   2579694 | NS      | $3801943.98   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLVO AB                                     | VOLVO AB SER B                      | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |    168886 | NS      | $6181373.55   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI                                       | SANOFI                              | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     41148 | NS      | $3876976.10   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| WESFARMERS LTD                               | WESFARMERS LTD                      | CUSIP: N/A<br>LEI: 5493003L32ZX9557ST85       | Long             | EC               | CORP              | AU        |     65032 | NS      | $3797728.85   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIONOGI and CO LTD                          | SHIONOGI and CO LTD                 | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |    300500 | NS      | $6182983.27   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ZURICH INSURANCE GROUP AG                    | ZURICH INSURANCE GROUP AG           | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               | CORP              | CH        |      4373 | NS      | $3117689.76   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TUI AG                                       | TUI AG (GB)                         | CUSIP: N/A<br>LEI: 529900SL2WSPV293B552       | Long             | EC               | CORP              | DE        |    268553 | NS      | $2880468.45   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSITY AB                                    | ESSITY AB B                         | CUSIP: N/A<br>LEI: 549300G8E6YUVJ1DA153       | Long             | EC               | CORP              | SE        |    101768 | NS      | $3025822.54   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCON INC                                    | ALCON INC                           | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |     16603 | NS      | $1345833.73   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSUS NV                                    | PROSUS NV                           | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |     63538 | NS      | $3662615.67   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIMLER TRUCK HOLDING AG                     | DAIMLER TRUCK HOLDING AG            | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               | CORP              | DE        |     53714 | NS      | $2617379.24   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                    | SHELL PLC                           | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    130541 | NS      | $5005028.73   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES US                               | MSCI EAFE FUT MAR26 MFSH6           | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | N/A              | DE               | CORP              | US        |         9 | NC      | $61854.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                                    | UST BILLS 0% 02/12/2026             | CUSIP: 912797RT6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     37000 | PA      | $36963.07     | 0.01%             | 2026-02-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer