# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001752724-23-066254
**Filing Date:** 2023-3
**Character Count:** 45455
**Document Hash:** 38896f822a33b69fd1099ba6264c2b9f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-066254.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-066254

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20230731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COVINGTON TRUST
- **CENTRAL INDEX KEY:** 0000945908
- **IRS NUMBER:** 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:** 23761843

**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 Materials Index ETF (Series ID: S000042578)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000131670 | Fidelity MSCI Materials Index ETF | FMAT            |

## 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 Materials Index ETF

- **b. EDGAR series identifier (if any):** S000042578

- **c. LEI of Series:** 549300167S120DN8EU66

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

- **a. Date of fiscal year-end:** 2023-07-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $471426533.53

**Total Liabilities:** $32334.64

**Net Assets:** $471394198.89

**Cash Not Reported:** $42277.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000131670 | 11.21%               | -5.36%               | 9.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1071128.97              | $43785564.88                               |
| Month 2  | $-1270172.34             | $-24162102.01                              |
| Month 3  | $0.00                    | $41410649.12                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FMC Corp                               | FMC Corp                                                   | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     47447 | NS      | $6316619.11   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                           | AdvanSix Inc                                               | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |     10497 | NS      | $453890.28    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp             | Sensient Technologies Corp                                 | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |     15856 | NS      | $1200140.64   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                         | Albemarle Corp                                             | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |     44120 | NS      | $12417574.00  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp              | Carpenter Technology Corp                                  | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     18221 | NS      | $879892.09    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                | Dow Inc                                                    | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |    270522 | NS      | $16055480.70  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FutureFuel Corp                        | FutureFuel Corp                                            | CUSIP: 36116M106<br>LEI: 529900WYQZSMWFXLA845 | Long             | EC               | CORP              | US        |      9814 | NS      | $90975.78     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                           | HB Fuller Co                                               | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |     19996 | NS      | $1381723.60   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB Industries Inc                     | LSB Industries Inc                                         | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |     19336 | NS      | $245760.56    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                             | Cabot Corp                                                 | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |     21175 | NS      | $1595112.75   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TimkenSteel Corp                       | TimkenSteel Corp                                           | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     14885 | NS      | $292787.95    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                            | Avient Corp                                                | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     34293 | NS      | $1389552.36   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinseo PLC                            | Trinseo PLC                                                | CUSIP: 000000000<br>LEI: 549300TJ3HIGDA2Z8315 | Long             | EC               | CORP              | IE        |     10555 | NS      | $292901.25    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                          | Valvoline Inc                                              | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |     66718 | NS      | $2445881.88   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                         | Royal Gold Inc                                             | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     24726 | NS      | $3140943.78   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversey Holdings Ltd                  | Diversey Holdings Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     30083 | NS      | $182603.81    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc                            | Ashland Inc                                                | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |     19346 | NS      | $2113937.42   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Steel Corp               | United States Steel Corp                                   | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |     89396 | NS      | $2546892.04   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                            | Ecovyst Inc                                                | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30136 | NS      | $316126.64    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranpak Holdings Corp                   | Ranpak Holdings Corp                                       | CUSIP: 75321W103<br>LEI: 5493000Z9EZR9DCYOO86 | Long             | EC               | CORP              | US        |     16035 | NS      | $122828.10    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                              | Ball Corp                                                  | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |    118394 | NS      | $6895266.56   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc         | Air Products and Chemicals Inc                             | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     83548 | NS      | $26777969.48  | 5.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Arconic Corp                           | Arconic Corp                                               | CUSIP: 03966V107<br>LEI: 549300B4YFWH3U74B152 | Long             | EC               | CORP              | US        |     38671 | NS      | $909155.21    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                              | Olin Corp                                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     51948 | NS      | $3355321.32   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                              | Linde PLC                                                  | CUSIP: 000000000<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |    187726 | NS      | $62126042.44  | 13.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                              | Amcor PLC                                                  | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |    560889 | NS      | $6764321.34   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                            | Hawkins Inc                                                | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |      7167 | NS      | $279513.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                          | Mosaic Co/The                                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    130056 | NS      | $6442974.24   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                          | Celanese Corp                                              | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     40813 | NS      | $5028161.60   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                     | PPG Industries Inc                                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     88520 | NS      | $11537696.80  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp                   | Kaiser Aluminum Corp                                       | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6014 | NS      | $526345.28    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                           | Balchem Corp                                               | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     12082 | NS      | $1578271.66   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Industries Inc             | Worthington Industries Inc                                 | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |     12080 | NS      | $686989.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                             | Nucor Corp                                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     98610 | NS      | $16667062.20  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co           | Graphic Packaging Holding Co                               | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115993 | NS      | $2794271.37   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd             | Axalta Coating Systems Ltd                                 | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |     83123 | NS      | $2502002.30   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                            | Corteva Inc                                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    270685 | NS      | $17445648.25  | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                    | Vulcan Materials Co                                        | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     50062 | NS      | $9177866.46   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co/The              | Scotts Miracle-Gro Co/The                                  | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     15665 | NS      | $1130856.35   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                     | Crown Holdings Inc                                         | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |     45641 | NS      | $4023710.56   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co                    | Eastman Chemical Co                                        | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     46260 | NS      | $4078744.20   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                          | Westlake Corp                                              | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     14440 | NS      | $1772510.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Amyris Inc                             | Amyris Inc                                                 | CUSIP: 03236M200<br>LEI: 549300BG17WCUK6EIM58 | Long             | EC               | CORP              | US        |     95608 | NS      | $152016.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pactiv Evergreen Inc                   | Pactiv Evergreen Inc                                       | CUSIP: 69526K105<br>LEI: 894500GNKGJRUSH1F791 | Long             | EC               | CORP              | US        |     16644 | NS      | $191572.44    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co/The                        | Chemours Co/The                                            | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |     58353 | NS      | $2123465.67   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc      | United States Lime & Minerals Inc                          | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |       861 | NS      | $130699.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                        | Sealed Air Corp                                            | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |     54710 | NS      | $2995919.60   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America              | Packaging Corp of America                                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     35310 | NS      | $5038737.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                          | Materion Corp                                              | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      7742 | NS      | $698715.50    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                           | Newmont Corp                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    298966 | NS      | $15824270.38  | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Mativ Holdings Inc                     | Mativ Holdings Inc                                         | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               | CORP              | US        |     20715 | NS      | $570905.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange            | XAB MATERIALS MAR23                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        11 | NC      | $43835.09     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Vanguard Corp                 | American Vanguard Corp                                     | CUSIP: 030371108<br>LEI: 529900GWI78WZA5M9783 | Long             | EC               | CORP              | US        |     10380 | NS      | $234484.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc                  | DuPont de Nemours Inc                                      | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |    188681 | NS      | $13952959.95  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                              | Greif Inc                                                  | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |     10045 | NS      | $717514.35    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                          | Huntsman Corp                                              | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     64393 | NS      | $2040614.17   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Lithium Inc                   | Piedmont Lithium Inc                                       | CUSIP: 72016P105<br>LEI: 254900QJ73581MY1JN11 | Long             | EC               | CORP              | US        |      6781 | NS      | $465447.84    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                    | Eagle Materials Inc                                        | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     14174 | NS      | $2070537.92   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                     | Steel Dynamics Inc                                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     68786 | NS      | $8298343.04   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Tronox Holdings PLC                    | Tronox Holdings PLC                                        | CUSIP: 000000000<br>LEI: 549300NRVC84SGJSXV06 | Long             | EC               | CORP              | GB        |     43633 | NS      | $748305.95    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ginkgo Bioworks Holdings Inc           | Ginkgo Bioworks Holdings Inc                               | CUSIP: 37611X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    309506 | NS      | $603536.70    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc          | Martin Marietta Materials Inc                              | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     23495 | NS      | $8449741.80   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                | ATI Inc                                                    | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |     48856 | NS      | $1777869.84   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                         | NewMarket Corp                                             | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      2832 | NS      | $975652.32    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                       | Coeur Mining Inc                                           | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    106246 | NS      | $413296.94    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Minerals International Inc     | Compass Minerals International Inc                         | CUSIP: 20451N101<br>LEI: 2549008X9G8XP7YJGC47 | Long             | EC               | CORP              | US        |     12886 | NS      | $601260.76    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PureCycle Technologies Inc             | PureCycle Technologies Inc                                 | CUSIP: 74623V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30945 | NS      | $259319.10    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                             | Ecolab Inc                                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     96616 | NS      | $14959055.28  | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                           | Innospec Inc                                               | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      9352 | NS      | $1056963.04   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                    | Silgan Holdings Inc                                        | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |     33165 | NS      | $1787261.85   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                         | AptarGroup Inc                                             | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     24616 | NS      | $2846594.24   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                      | MP Materials Corp                                          | CUSIP: 553368101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29993 | NS      | $975072.43    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                   | Freeport-McMoRan Inc                                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    538382 | NS      | $24022604.84  | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                | Sherwin-Williams Co/The                                    | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     92748 | NS      | $21943249.32  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp                 | Louisiana-Pacific Corp                                     | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     27786 | NS      | $1891948.74   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co                 | International Paper Co                                     | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    129547 | NS      | $5417655.54   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Materials Inc                   | Origin Materials Inc                                       | CUSIP: 68622D106<br>LEI: 549300VMLEEM8BI4DD65 | Long             | EC               | CORP              | US        |     40420 | NS      | $244541.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TriMas Corp                            | TriMas Corp                                                | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |     15856 | NS      | $488206.24    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Paper Corp                  | Clearwater Paper Corp                                      | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |      6336 | NS      | $244632.96    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kronos Worldwide Inc                   | Kronos Worldwide Inc                                       | CUSIP: 50105F105<br>LEI: 549300OBZ34C65APL277 | Long             | EC               | CORP              | US        |      8776 | NS      | $102240.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                    | Avery Dennison Corp                                        | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     30608 | NS      | $5798379.52   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions SA                 | Perimeter Solutions SA                                     | CUSIP: 000000000<br>LEI: 2221003U8GJZ9U4MR505 | Long             | EC               | CORP              | LU        |     55009 | NS      | $511583.70    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Co                    | Century Aluminum Co                                        | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |     19166 | NS      | $215425.84    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                   | Cleveland-Cliffs Inc                                       | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    194857 | NS      | $4160196.95   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV           | LyondellBasell Industries NV                               | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     98301 | NS      | $9504723.69   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tredegar Corp                          | Tredegar Corp                                              | CUSIP: 894650100<br>LEI: 54930003228ERHCH6K87 | Long             | EC               | CORP              | US        |     10302 | NS      | $124963.26    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Engineered Carbons SA            | Orion Engineered Carbons SA                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     22938 | NS      | $482156.76    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Intrepid Potash Inc                    | Intrepid Potash Inc                                        | CUSIP: 46121Y201<br>LEI: 549300OZ696E2PRRTO45 | Long             | EC               | CORP              | US        |      4162 | NS      | $136222.26    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc | International Flavors & Fragrances Inc                     | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     96034 | NS      | $10799983.64  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Westrock Co                            | Westrock Co                                                | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               | CORP              | US        |     95790 | NS      | $3758799.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc             | CF Industries Holdings Inc                                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     75058 | NS      | $6357412.60   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                   | Quaker Chemical Corp                                       | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |      4734 | NS      | $931982.58    | 0.20%             |  |  |  | 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        |    749000 | NS      | $749000.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co                        | Hecla Mining Co                                            | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |    212269 | NS      | $1309699.73   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc                   | Ramaco Resources Inc                                       | CUSIP: 75134P303<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |      8212 | NS      | $85651.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                     | Sonoco Products Co                                         | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     36753 | NS      | $2245975.83   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc                   | Koppers Holdings Inc                                       | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7828 | NS      | $270927.08    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co                   | Commercial Metals Co                                       | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     45403 | NS      | $2464020.81   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                  | RPM International Inc                                      | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     48606 | NS      | $4370165.46   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                   | Warrior Met Coal Inc                                       | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     19485 | NS      | $738091.80    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Global Group Inc                 | Berry Global Group Inc                                     | CUSIP: 08579W103<br>LEI: 549300G6KKUMMXM8NH73 | Long             | EC               | CORP              | US        |     47129 | NS      | $2909273.17   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc              | Minerals Technologies Inc                                  | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |     12254 | NS      | $851040.30    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Materials Inc                   | Summit Materials Inc                                       | CUSIP: 86614U100<br>LEI: 549300XNOLX5GIOSO108 | Long             | EC               | CORP              | US        |     45239 | NS      | $1486553.54   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                             | Alcoa Corp                                                 | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     67775 | NS      | $3540566.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc                     | Aspen Aerogels Inc                                         | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22301 | NS      | $234160.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                          | O-I Glass Inc                                              | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58712 | NS      | $1130206.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Livent Corp                            | Livent Corp                                                | CUSIP: 53814L108<br>LEI: 254900OOLQ2VNMZTJL47 | Long             | EC               | CORP              | US        |     67430 | NS      | $1747785.60   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                           | Sylvamo Corp                                               | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |     14981 | NS      | $712046.93    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources Inc      | Alpha Metallurgical Resources Inc                          | CUSIP: 020764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6211 | NS      | $999536.23    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc                     | SunCoke Energy Inc                                         | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     31458 | NS      | $286582.38    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                              | Greif Inc                                                  | CUSIP: 397624206<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      2051 | NS      | $169002.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc                   | Myers Industries Inc                                       | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |     11739 | NS      | $282675.12    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Haynes International Inc               | Haynes International Inc                                   | CUSIP: 420877201<br>LEI: 549300I9MS5UZLRFDO40 | Long             | EC               | CORP              | US        |      4629 | NS      | $257789.01    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp                   | Ryerson Holding Corp                                       | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |      6290 | NS      | $240089.30    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Schnitzer Steel Industries Inc         | Schnitzer Steel Industries Inc                             | CUSIP: 806882106<br>LEI: 549300F62TK8VRDSM285 | Long             | EC               | CORP              | US        |      9678 | NS      | $327503.52    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Steel & Aluminum Co           | Reliance Steel & Aluminum Co                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     22712 | NS      | $5165844.40   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chase Corp                             | Chase Corp                                                 | CUSIP: 16150R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3037 | NS      | $286632.06    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co                              | Stepan Co                                                  | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |      8417 | NS      | $924523.28    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp                          | Ingevity Corp                                              | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |     14348 | NS      | $1182849.12   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                  | Element Solutions Inc                                      | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |     87827 | NS      | $1798696.96   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercer International Inc               | Mercer International Inc                                   | CUSIP: 588056101<br>LEI: 549300Z5IAG39VRTY874 | Long             | EC               | CORP              | US        |     16308 | NS      | $207600.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-01

**Name of Applicant:** FIDELITY COVINGTON TRUST

**Signature:** Stacie M Smith

**Name of Signer:** Stacie M Smith

**Title:** President and Treasurer