# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001752724-25-154393
**Filing Date:** 2025-6
**Character Count:** 68141
**Document Hash:** 397fe406474765044cd6f0195faa8a6b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-154393.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-154393

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 251071279

**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            |

## Nport-Ex

### Quarterly Holdings Report

### for

### Fidelity® MSCI Materials Index ETF

### April 30, 2025
T08-NPRT3-0625

1.9584816.111 ------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CHEMICALS – 55.9%** | **CHEMICALS – 55.9%** | **CHEMICALS – 55.9%** |
| **Commodity Chemicals – 4.2%** | **Commodity Chemicals – 4.2%** | **Commodity Chemicals – 4.2%** |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$180014 |
| Cabot Corp. | &nbsp;&nbsp;17303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358978 |
| Dow, Inc. | 222700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6812393 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770137 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158830 |
| Kronos Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55404 |
| LyondellBasell Industries NV Class A | &nbsp;&nbsp;82645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810766 |
| Mativ Holdings, Inc. | &nbsp;&nbsp;17147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87621 |
| Olin Corp. | &nbsp;&nbsp;37090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801886 |
| Orion SA | &nbsp;&nbsp;18171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218779 |
| PureCycle Technologies, Inc. (a) | &nbsp;&nbsp;41013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275197 |
| Tronox Holdings PLC | &nbsp;&nbsp;37469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202707 |
| Westlake Corp. | &nbsp;&nbsp;12282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16867937 |
| **Diversified Chemicals – 0.3%** | **Diversified Chemicals – 0.3%** | **Diversified Chemicals – 0.3%** |
| Chemours Co. | &nbsp;&nbsp;47528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588397 |
| Huntsman Corp. | &nbsp;&nbsp;52278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695820 |
| LSB Industries, Inc. (a) | &nbsp;&nbsp;15801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385027 |
| **Fertilizers & Agricultural Chemicals – 5.8%** | **Fertilizers & Agricultural Chemicals – 5.8%** | **Fertilizers & Agricultural Chemicals – 5.8%** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;55356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4338250 |
| Corteva, Inc. | 218629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13552812 |
| FMC Corp. | &nbsp;&nbsp;39710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664643 |
| Mosaic Co. | 101044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071737 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;13707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690559 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23318001 |
| **Industrial Gases – 21.9%** | **Industrial Gases – 21.9%** | **Industrial Gases – 21.9%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;70741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19177178 |
| Linde PLC | 151467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68649388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87826566 |
| **Specialty Chemicals – 23.7%** | **Specialty Chemicals – 23.7%** | **Specialty Chemicals – 23.7%** |
| Albemarle Corp. | &nbsp;&nbsp;37390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189184 |
| Ashland, Inc. | &nbsp;&nbsp;14258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775493 |
| Aspen Aerogels, Inc. (a) | &nbsp;&nbsp;21911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118319 |
| Avient Corp. | &nbsp;&nbsp;29063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968089 |
| Axalta Coating Systems Ltd. (a) | &nbsp;&nbsp;69366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254395 |
| Balchem Corp. | &nbsp;&nbsp;10341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618884 |
| Celanese Corp. | &nbsp;&nbsp;34772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547702 |
| DuPont de Nemours, Inc. | 132952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773502 |
| Eastman Chemical Co. | &nbsp;&nbsp;36872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839144 |
| Ecolab, Inc. | &nbsp;&nbsp;81067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20382676 |
| Ecovyst, Inc. (a) | &nbsp;&nbsp;35322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211226 |
| Element Solutions, Inc. | &nbsp;&nbsp;73181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493624 |
| Ginkgo Bioworks Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73553 |
| HB Fuller Co. | &nbsp;&nbsp;17377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939053 |
| Ingevity Corp. (a) | &nbsp;&nbsp;11514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379732 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709934 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;81333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6381387 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;10089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520492 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| NewMarket Corp. | NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp;$1596088 |
| Perimeter Solutions, Inc. (a) | Perimeter Solutions, Inc. (a) | &nbsp;&nbsp;44213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447878 |
| PPG Industries, Inc. | PPG Industries, Inc. | &nbsp;&nbsp;73800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8033868 |
| Quaker Chemical Corp. | Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479590 |
| RPM International, Inc. | RPM International, Inc. | &nbsp;&nbsp;40898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365861 |
| Sensient Technologies Corp. | Sensient Technologies Corp. | &nbsp;&nbsp;11454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076103 |
| Sherwin-Williams Co. | Sherwin-Williams Co. | &nbsp;&nbsp;76109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26860388 |
| Stepan Co. | Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;7171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362566 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95398731 |
| TOTAL CHEMICALS | &nbsp;&nbsp;224796262 |  |  |
| **CONSTRUCTION MATERIALS – 11.5%** | **CONSTRUCTION MATERIALS – 11.5%** | **CONSTRUCTION MATERIALS – 11.5%** | **CONSTRUCTION MATERIALS – 11.5%** |
| **Construction Materials – 11.5%** | **Construction Materials – 11.5%** | **Construction Materials – 11.5%** | **Construction Materials – 11.5%** |
| CRH PLC | CRH PLC | 216098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20620071 |
| Eagle Materials, Inc. | Eagle Materials, Inc. | &nbsp;&nbsp;10670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415581 |
| Knife River Corp. (a) | Knife River Corp. (a) | &nbsp;&nbsp;18009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681681 |
| Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | &nbsp;&nbsp;19442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10187219 |
| U.S. Lime & Minerals, Inc. | U.S. Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339628 |
| Vulcan Materials Co. | Vulcan Materials Co. | &nbsp;&nbsp;42009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11020221 |
| TOTAL CONSTRUCTION MATERIALS | &nbsp;&nbsp;&nbsp;&nbsp;46264401 |  |  |
| **CONTAINERS & PACKAGING – 12.5%** | **CONTAINERS & PACKAGING – 12.5%** | **CONTAINERS & PACKAGING – 12.5%** | **CONTAINERS & PACKAGING – 12.5%** |
| **Metal, Glass & Plastic Containers – 3.6%** | **Metal, Glass & Plastic Containers – 3.6%** | **Metal, Glass & Plastic Containers – 3.6%** | **Metal, Glass & Plastic Containers – 3.6%** |
| AptarGroup, Inc. | AptarGroup, Inc. | &nbsp;&nbsp;21168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174142 |
| Ball Corp. | Ball Corp. | &nbsp;&nbsp;94930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930664 |
| Crown Holdings, Inc. | Crown Holdings, Inc. | &nbsp;&nbsp;38055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665838 |
| Greif, Inc. Class A | Greif, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407770 |
| Greif, Inc. Class B | Greif, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;1412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78465 |
| O-I Glass, Inc. (a) | O-I Glass, Inc. (a) | &nbsp;&nbsp;49015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620530 |
| Silgan Holdings, Inc. | Silgan Holdings, Inc. | &nbsp;&nbsp;27177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403692 |
| TriMas Corp. | TriMas Corp. | &nbsp;&nbsp;11043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265584 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14546685 |
| **Paper & Plastic Packaging Products & Materials – 8.9%** | **Paper & Plastic Packaging Products & Materials – 8.9%** | **Paper & Plastic Packaging Products & Materials – 8.9%** | **Paper & Plastic Packaging Products & Materials – 8.9%** |
| Amcor PLC | Amcor PLC | 726542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684189 |
| Avery Dennison Corp. | Avery Dennison Corp. | &nbsp;&nbsp;25558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4373229 |
| Graphic Packaging Holding Co. | Graphic Packaging Holding Co. | &nbsp;&nbsp;95475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416472 |
| International Paper Co. | International Paper Co. | 158590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7244391 |
| Packaging Corp. of America | Packaging Corp. of America | &nbsp;&nbsp;28567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5302321 |
| Ranpak Holdings Corp. (a) | Ranpak Holdings Corp. (a) | &nbsp;&nbsp;14281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58695 |
| Sealed Air Corp. | Sealed Air Corp. | &nbsp;&nbsp;47358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305187 |
| Smurfit WestRock PLC | Smurfit WestRock PLC | 165463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6952755 |
| Sonoco Products Co. | Sonoco Products Co. | &nbsp;&nbsp;31257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281537 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35618776 |
| TOTAL CONTAINERS & PACKAGING | &nbsp;&nbsp;&nbsp;&nbsp;50165461 |  |  |
| **METALS & MINING – 19.2%** | **METALS & MINING – 19.2%** | **METALS & MINING – 19.2%** | **METALS & MINING – 19.2%** |
| **Aluminum – 0.7%** | **Aluminum – 0.7%** | **Aluminum – 0.7%** | **Aluminum – 0.7%** |
| Alcoa Corp. | Alcoa Corp. | &nbsp;&nbsp;82183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015949 |
| Century Aluminum Co. (a) | Century Aluminum Co. (a) | &nbsp;&nbsp;17556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288094 |
| Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329842 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633885 |

---

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

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **METALS & MINING – continued** | **METALS & MINING – continued** | **METALS & MINING – continued** | **METALS & MINING – continued** |
| **Copper – 4.1%** | **Copper – 4.1%** | **Copper – 4.1%** | **Copper – 4.1%** |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | 457089 | &nbsp;&nbsp;$16468916 |
| **Diversified Metals & Mining – 0.4%** | **Diversified Metals & Mining – 0.4%** | **Diversified Metals & Mining – 0.4%** | **Diversified Metals & Mining – 0.4%** |
| Compass Minerals International, Inc. (a) | Compass Minerals International, Inc. (a) | &nbsp;&nbsp;11069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148767 |
| Ivanhoe Electric, Inc. (a) | Ivanhoe Electric, Inc. (a) | &nbsp;&nbsp;24643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155251 |
| Materion Corp. | Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548779 |
| MP Materials Corp. (a) | MP Materials Corp. (a) | &nbsp;&nbsp;38937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952399 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805196 |
| **Gold – 6.0%** | **Gold – 6.0%** | **Gold – 6.0%** | **Gold – 6.0%** |
| Coeur Mining, Inc. (a) | Coeur Mining, Inc. (a) | 203059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126978 |
| Newmont Corp. | Newmont Corp. | 362143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19077693 |
| Perpetua Resources Corp. (a) | Perpetua Resources Corp. (a) | &nbsp;&nbsp;14389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211950 |
| Royal Gold, Inc. | Royal Gold, Inc. | &nbsp;&nbsp;20917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821745 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24238366 |
| **Silver – 0.3%** | **Silver – 0.3%** | **Silver – 0.3%** | **Silver – 0.3%** |
| Hecla Mining Co. | Hecla Mining Co. | 192504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101123 |
| **Steel – 7.7%** | **Steel – 7.7%** | **Steel – 7.7%** | **Steel – 7.7%** |
| Alpha Metallurgical Resources, Inc. (a) | Alpha Metallurgical Resources, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424968 |
| Carpenter Technology Corp. | Carpenter Technology Corp. | &nbsp;&nbsp;15063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946473 |
| Cleveland-Cliffs, Inc. (a) | Cleveland-Cliffs, Inc. (a) | 157124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294702 |
| Commercial Metals Co. | Commercial Metals Co. | &nbsp;&nbsp;36150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610121 |
| Metallus, Inc. (a) | Metallus, Inc. (a) | &nbsp;&nbsp;12041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152319 |
| Nucor Corp. | Nucor Corp. | &nbsp;&nbsp;74694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8916223 |
| Ramaco Resources, Inc. Class A | Ramaco Resources, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90901 |
| Reliance, Inc. | Reliance, Inc. | &nbsp;&nbsp;17216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962168 |
| Ryerson Holding Corp. | Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199665 |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. | &nbsp;&nbsp;46008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5967698 |
| SunCoke Energy, Inc. | SunCoke Energy, Inc. | &nbsp;&nbsp;26518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240253 |
| U.S. Steel Corp. | U.S. Steel Corp. | &nbsp;&nbsp;71627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130816 |
| Warrior Met Coal, Inc. | Warrior Met Coal, Inc. | &nbsp;&nbsp;16640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795725 |
| Worthington Steel, Inc. | Worthington Steel, Inc. | &nbsp;&nbsp;10537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270379 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31002411 |
| TOTAL METALS & MINING | &nbsp;&nbsp;&nbsp;&nbsp;77249897 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **PAPER & FOREST PRODUCTS – 0.7%** | **PAPER & FOREST PRODUCTS – 0.7%** | **PAPER & FOREST PRODUCTS – 0.7%** | **PAPER & FOREST PRODUCTS – 0.7%** |
| **Forest Products – 0.4%** | **Forest Products – 0.4%** | **Forest Products – 0.4%** | **Forest Products – 0.4%** |
| Louisiana-Pacific Corp. | Louisiana-Pacific Corp. | &nbsp;&nbsp;20109 | &nbsp;&nbsp;&nbsp;$1735608 |
| **Paper Products – 0.3%** | **Paper Products – 0.3%** | **Paper Products – 0.3%** | **Paper Products – 0.3%** |
| Clearwater Paper Corp. (a) | Clearwater Paper Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141713 |
| Magnera Corp. (a) | Magnera Corp. (a) | &nbsp;&nbsp;10230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150074 |
| Sylvamo Corp. | Sylvamo Corp. | &nbsp;&nbsp;11069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659934 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951721 |
| TOTAL PAPER & FOREST PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687329 |  |  |
| **TOTAL COMMON STOCKS<br> (Cost $420,843,843)** | **TOTAL COMMON STOCKS<br> (Cost $420,843,843)** | **TOTAL COMMON STOCKS<br> (Cost $420,843,843)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**401163350** |
| &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.22% (b)<br> (Cost $749,000) | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.22% (b)<br> (Cost $749,000) | 749000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $421,592,843)** | &nbsp;&nbsp;**401912350** |  |  |
| **NET OTHER ASSETS (LIABILITIES) (c) – 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**116880** |  |  |
| **NET ASSETS – 100.0%** | **$402029230** |  |  |

---

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
| (c) | Includes $66,341 of cash collateral to cover margin requirements for futures contracts. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contract** |  |  |  |  |  |
| CME E-mini Materials Select Sector Index Contracts (United States) | 9 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;$804960 | &nbsp;&nbsp;$(18757) | &nbsp;&nbsp;$(18757) |

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

#### Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities

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

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Schedule of Investments (Unaudited)–continued

and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 – unadjusted quoted prices in active markets for identical investments

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

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

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

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

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

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

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

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

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

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

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

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

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

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

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

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*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.* 

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** FIDELITY COVINGTON TRUST

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

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

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

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

  - **Street Address 1:** 245 SUMMER STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

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

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

- **a. Name of Series:** Fidelity MSCI 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:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $402080398.55

**Total Liabilities:** $50684.88

**Net Assets:** $402029713.67

**Cash Not Reported:** $130392.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000131670 | -0.34%               | -3.60%               | -1.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1463528.49              | $-3965269.53                               |
| Month 2  | $799581.40               | $-21983544.89                              |
| Month 3  | $14624166.30             | $-23375317.03                              |

### 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        |     39364 | NS      | $1650138.88   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                           | AdvanSix Inc                                               | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |      8404 | NS      | $180013.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp             | Sensient Technologies Corp                                 | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |     11365 | NS      | $1067741.75   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                         | Albemarle Corp                                             | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |     37152 | NS      | $2175249.60   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp              | Carpenter Technology Corp                                  | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     14951 | NS      | $2924565.11   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                | Dow Inc                                                    | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |    221194 | NS      | $6766324.46   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                           | HB Fuller Co                                               | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |     17226 | NS      | $930893.04    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB Industries Inc                     | LSB Industries Inc                                         | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |     15801 | NS      | $100810.38    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                             | Cabot Corp                                                 | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |     17155 | NS      | $1347353.70   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus Inc                           | Metallus Inc                                               | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     12041 | NS      | $152318.65    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                            | Avient Corp                                                | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     28819 | NS      | $959960.89    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Electric Inc / US              | Ivanhoe Electric Inc / US                                  | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24643 | NS      | $155250.90    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                         | Royal Gold Inc                                             | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     20775 | NS      | $3795800.25   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc                            | Ashland Inc                                                | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |     14177 | NS      | $771087.03    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Steel Corp               | United States Steel Corp                                   | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |     71143 | NS      | $3109660.53   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                            | Ecovyst Inc                                                | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35322 | NS      | $211225.56    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranpak Holdings Corp                   | Ranpak Holdings Corp                                       | CUSIP: 75321W103<br>LEI: 5493000Z9EZR9DCYOO86 | Long             | EC               | CORP              | US        |     14281 | NS      | $58694.91     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                              | Ball Corp                                                  | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     94114 | NS      | $4888281.16   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc         | Air Products and Chemicals Inc                             | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     70261 | NS      | $19047054.49  | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                              | Olin Corp                                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     36880 | NS      | $797345.60    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange            | E-MINI RUSS 2000 JUN25                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         1 | NC      | $3828.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                              | Amcor PLC                                                  | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |    722179 | NS      | $6644049.10   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                            | Hawkins Inc                                                | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |      6291 | NS      | $766117.98    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                          | Mosaic Co/The                                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    100360 | NS      | $3050944.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ginkgo Bioworks Holdings Inc           | Ginkgo Bioworks Holdings Inc                               | CUSIP: 37611X209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9980 | NS      | $73552.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                          | Celanese Corp                                              | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     34475 | NS      | $1534482.25   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                     | PPG Industries Inc                                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     73300 | NS      | $7979438.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp                   | Kaiser Aluminum Corp                                       | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5053 | NS      | $325716.38    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                           | Balchem Corp                                               | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     10235 | NS      | $1602289.25   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                             | Nucor Corp                                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     74190 | NS      | $8856060.30   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co           | Graphic Packaging Holding Co                               | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94894 | NS      | $2401767.14   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Perpetua Resources Corp                | Perpetua Resources Corp                                    | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | CA        |     14389 | NS      | $211949.97    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd             | Axalta Coating Systems Ltd                                 | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |     68896 | NS      | $2239120.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                            | Corteva Inc                                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    217151 | NS      | $13461190.49  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                    | Vulcan Materials Co                                        | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     41724 | NS      | $10945456.92  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co/The              | Scotts Miracle-Gro Co/The                                  | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     13614 | NS      | $685873.32    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                     | Crown Holdings Inc                                         | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |     37741 | NS      | $3635590.53   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co                    | Eastman Chemical Co                                        | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     36622 | NS      | $2819894.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                          | Westlake Corp                                              | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     12165 | NS      | $1124410.95   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                       | Knife River Corp                                           | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17893 | NS      | $1670848.34   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co/The                        | Chemours Co/The                                            | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |     47113 | NS      | $583258.94    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc      | United States Lime & Minerals Inc                          | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |      3632 | NS      | $339628.32    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                        | Sealed Air Corp                                            | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |     47358 | NS      | $1305186.48   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America              | Packaging Corp of America                                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     28374 | NS      | $5266498.14   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc                  | Worthington Steel Inc                                      | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |     10537 | NS      | $270379.42    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                          | Materion Corp                                              | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      6562 | NS      | $544711.62    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                           | Newmont Corp                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    359697 | NS      | $18948837.96  | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Mativ Holdings Inc                     | Mativ Holdings Inc                                         | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               | CORP              | US        |     17147 | NS      | $87621.17     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc                  | DuPont de Nemours Inc                                      | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |    132055 | NS      | $8714309.45   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                              | Linde PLC                                                  | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |    150443 | NS      | $68185280.89  | 16.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                              | Greif Inc                                                  | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      7770 | NS      | $407769.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                          | Huntsman Corp                                              | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     51816 | NS      | $689670.96    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                    | Eagle Materials Inc                                        | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     10597 | NS      | $2399054.83   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                     | Steel Dynamics Inc                                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     45698 | NS      | $5927487.58   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Tronox Holdings PLC                    | Tronox Holdings PLC                                        | CUSIP: 000000000<br>LEI: 549300NRVC84SGJSXV06 | Long             | EC               | CORP              | GB        |     37469 | NS      | $202707.29    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc          | Martin Marietta Materials Inc                              | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     19311 | NS      | $10118577.78  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                | ATI Inc                                                    | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |     45076 | NS      | $2451232.88   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                         | NewMarket Corp                                             | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      2581 | NS      | $1588089.30   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                       | Coeur Mining Inc                                           | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    201247 | NS      | $1116920.85   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Minerals International Inc     | Compass Minerals International Inc                         | CUSIP: 20451N101<br>LEI: 2549008X9G8XP7YJGC47 | Long             | EC               | CORP              | US        |     11069 | NS      | $148767.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PureCycle Technologies Inc             | PureCycle Technologies Inc                                 | CUSIP: 74623V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41013 | NS      | $275197.23    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                             | Ecolab Inc                                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     80520 | NS      | $20245143.60  | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                           | Innospec Inc                                               | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      7858 | NS      | $703133.84    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                    | Silgan Holdings Inc                                        | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |     27010 | NS      | $1395066.50   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                         | AptarGroup Inc                                             | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     20995 | NS      | $3148200.25   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                      | MP Materials Corp                                          | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |     38696 | NS      | $946504.16    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                   | Freeport-McMoRan Inc                                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    454002 | NS      | $16357692.06  | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange            | XAB MATERIALS JUN25                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        11 | NC      | $-21141.12    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                | Sherwin-Williams Co/The                                    | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     75596 | NS      | $26679340.32  | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp                 | Louisiana-Pacific Corp                                     | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     19935 | NS      | $1720589.85   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co                 | International Paper Co                                     | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    157518 | NS      | $7195422.24   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TriMas Corp                            | TriMas Corp                                                | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |     11043 | NS      | $265584.15    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Paper Corp                  | Clearwater Paper Corp                                      | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |      5276 | NS      | $141713.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kronos Worldwide Inc                   | Kronos Worldwide Inc                                       | CUSIP: 50105F105<br>LEI: 549300OBZ34C65APL277 | Long             | EC               | CORP              | US        |      7186 | NS      | $55404.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions Inc                | Perimeter Solutions Inc                                    | CUSIP: 71385M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43822 | NS      | $443916.86    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                    | Avery Dennison Corp                                        | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     25337 | NS      | $4335414.07   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Co                    | Century Aluminum Co                                        | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |     17556 | NS      | $288093.96    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                   | Cleveland-Cliffs Inc                                       | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    156152 | NS      | $1286692.48   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV           | LyondellBasell Industries NV                               | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     82085 | NS      | $4778167.85   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion SA                               | Orion SA                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     18171 | NS      | $218778.84    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnera Corp                           | Magnera Corp                                               | CUSIP: 55939A107<br>LEI: 549300LDQLQBT38QDY28 | Long             | EC               | CORP              | US        |     10230 | NS      | $150074.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc | International Flavors & Fragrances Inc                     | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     80783 | NS      | $6338234.18   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc             | CF Industries Holdings Inc                                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     54983 | NS      | $4309017.71   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                   | Quaker Chemical Corp                                       | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |      4489 | NS      | $475564.66    | 0.12%             |  |  |  | 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    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co                        | Hecla Mining Co                                            | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |    191316 | NS      | $1094327.52   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                     | Sonoco Products Co                                         | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     31054 | NS      | $1273214.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc                   | Koppers Holdings Inc                                       | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6338 | NS      | $158830.28    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co                   | Commercial Metals Co                                       | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     35838 | NS      | $1596224.52   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                  | RPM International Inc                                      | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     40623 | NS      | $4336505.25   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                   | Warrior Met Coal Inc                                       | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     16481 | NS      | $788121.42    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc              | Minerals Technologies Inc                                  | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |     10089 | NS      | $520491.51    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC                   | Smurfit WestRock PLC                                       | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |    164346 | NS      | $6905818.92   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                             | Alcoa Corp                                                 | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     81642 | NS      | $2002678.26   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc                     | Aspen Aerogels Inc                                         | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21911 | NS      | $118319.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                          | O-I Glass Inc                                              | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49015 | NS      | $620529.90    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc                   | Ramaco Resources Inc                                       | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |      9018 | NS      | $90901.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                           | Sylvamo Corp                                               | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |     11069 | NS      | $659933.78    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources Inc      | Alpha Metallurgical Resources Inc                          | CUSIP: 020764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3502 | NS      | $424967.70    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc                     | SunCoke Energy Inc                                         | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     26518 | NS      | $240253.08    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                              | Greif Inc                                                  | CUSIP: 397624206<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      1412 | NS      | $78464.84     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                | CRH PLC                                                    | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    214637 | NS      | $20480662.54  | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp                   | Ryerson Holding Corp                                       | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |      8540 | NS      | $199665.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                           | Reliance Inc                                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     17100 | NS      | $4928733.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co                              | Stepan Co                                                  | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |      7093 | NS      | $358622.08    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp                          | Ingevity Corp                                              | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |     11514 | NS      | $379731.72    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                  | Element Solutions Inc                                      | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |     72569 | NS      | $1481133.29   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** FIDELITY COVINGTON TRUST

**Signature:** Stacie M Smith

**Name of Signer:** Stacie M Smith

**Title:** President and Treasurer