# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001410368-26-029064
**Filing Date:** 2026-3
**Character Count:** 40936
**Document Hash:** 79babe3274b877ae0b97e9739a669dd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-029064.hdr.sgml**: 20260324

**ACCESSION NUMBER**: 0001410368-26-029064

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260324

**DATE AS OF CHANGE**: 20260324

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 26784437

**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:** 2026-07-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $507337440.26

**Total Liabilities:** $34107.17

**Net Assets:** $507303333.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000131670 | 4.15%                | 2.51%                | 8.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3113219.20             | $19781892.26                               |
| Month 2  | $-287170.80              | $10463650.84                               |
| Month 3  | $-37.14                  | $38686111.36                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ASP Isotopes Inc                       | ASP Isotopes Inc                                           | CUSIP: 00218A105<br>LEI: 6488WHV94BZ496OZ3219 | Long             | EC               | CORP              | US        |     35614 | NS      | $225792.76    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                           | AdvanSix Inc                                               | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |      8872 | NS      | $140532.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc         | Air Products and Chemicals Inc                             | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     74556 | NS      | $20316510.00  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                         | Albemarle Corp                                             | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |     39423 | NS      | $6726746.49   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                             | Alcoa Corp                                                 | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     86735 | NS      | $4927415.35   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources Inc      | Alpha Metallurgical Resources Inc                          | CUSIP: 020764106<br>LEI: 254900VEBGZO2PY8R678 | Long             | EC               | CORP              | US        |      3724 | NS      | $781295.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| American Battery Technology Co         | American Battery Technology Co                             | CUSIP: 02451V309<br>LEI: 529900JBJ8D85CDPHQ69 | Long             | EC               | CORP              | US        |     39009 | NS      | $157596.36    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                         | AptarGroup Inc                                             | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     22066 | NS      | $2757146.70   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc                            | Ashland Inc                                                | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |     15341 | NS      | $938255.56    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc                     | Aspen Aerogels Inc                                         | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23489 | NS      | $79157.93     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                    | Avery Dennison Corp                                        | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     26120 | NS      | $4845521.20   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                            | Avient Corp                                                | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     30731 | NS      | $1110925.65   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                           | Balchem Corp                                               | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     10869 | NS      | $1849577.73   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                              | Ball Corp                                                  | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     86608 | NS      | $4925396.96   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc             | CF Industries Holdings Inc                                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     54257 | NS      | $5058380.11   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                             | Cabot Corp                                                 | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |     17792 | NS      | $1284404.48   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                          | Celanese Corp                                              | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     36679 | NS      | $1630014.76   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Co                    | Century Aluminum Co                                        | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |     18801 | NS      | $852249.33    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co/The                        | Chemours Co/The                                            | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |     50256 | NS      | $753337.44    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                   | Cleveland-Cliffs Inc                                       | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    190840 | NS      | $2625958.40   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                       | Coeur Mining Inc                                           | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    215301 | NS      | $4400752.44   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co                   | Commercial Metals Co                                       | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     37495 | NS      | $2882240.65   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Minerals International Inc     | Compass Minerals International Inc                         | CUSIP: 20451N101<br>LEI: 2549008X9G8XP7YJGC47 | Long             | EC               | CORP              | US        |     11757 | NS      | $293689.86    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                            | Corteva Inc                                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    227495 | NS      | $16561636.00  | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                     | Crown Holdings Inc                                         | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |     38989 | NS      | $4081368.52   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Eightco Holdings Inc                   | Eightco Holdings Inc                                       | CUSIP: 22890A302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27075 | NS      | $39258.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                | Dow Inc                                                    | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |    237454 | NS      | $6541857.70   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc                  | DuPont de Nemours Inc                                      | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |    140266 | NS      | $6160482.72   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                    | Eagle Materials Inc                                        | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     10872 | NS      | $2215822.32   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co                    | Eastman Chemical Co                                        | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     38471 | NS      | $2666809.72   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                             | Ecolab Inc                                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     85512 | NS      | $24113528.88  | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                            | Ecovyst Inc                                                | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38410 | NS      | $407530.10    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                  | Element Solutions Inc                                      | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |     76893 | NS      | $2237586.30   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                               | FMC Corp                                                   | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     41929 | NS      | $662478.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                   | Freeport-McMoRan Inc                                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    480972 | NS      | $28968943.56  | 5.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                           | HB Fuller Co                                               | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |     18081 | NS      | $1086668.10   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co           | Graphic Packaging Holding Co                               | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99165 | NS      | $1452767.25   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                              | Greif Inc                                                  | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      8341 | NS      | $589041.42    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                              | Greif Inc                                                  | CUSIP: 397624206<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      1464 | NS      | $121775.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                            | Hawkins Inc                                                | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |      6628 | NS      | $863297.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co                        | Hecla Mining Co                                            | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |    224436 | NS      | $5054298.72   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                          | Huntsman Corp                                              | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     55407 | NS      | $599503.74    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp                          | Ingevity Corp                                              | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |     12245 | NS      | $805598.55    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                           | Innospec Inc                                               | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      8334 | NS      | $681054.48    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc | International Flavors & Fragrances Inc                     | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     85855 | NS      | $5993537.55   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co                 | International Paper Co                                     | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    168028 | NS      | $6774888.96   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Electric Inc / US              | Ivanhoe Electric Inc / US                                  | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31180 | NS      | $532866.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp                   | Kaiser Aluminum Corp                                       | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5431 | NS      | $665949.22    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                       | Knife River Corp                                           | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18960 | NS      | $1273543.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc                   | Koppers Holdings Inc                                       | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6608 | NS      | $194671.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp                 | Louisiana-Pacific Corp                                     | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     20982 | NS      | $1757032.68   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                      | MP Materials Corp                                          | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |     47464 | NS      | $2789459.28   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc          | Martin Marietta Materials Inc                              | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     20204 | NS      | $13171997.80  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                          | Materion Corp                                              | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      6919 | NS      | $956759.32    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| McEwen Inc                             | McEwen Inc                                                 | CUSIP: 58039P305<br>LEI: 5493000FX50GEWAF3U70 | Long             | EC               | CORP              | US        |     15720 | NS      | $379638.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc              | Minerals Technologies Inc                                  | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |     10535 | NS      | $692781.60    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                          | Mosaic Co/The                                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    106318 | NS      | $2923745.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                         | NewMarket Corp                                             | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      2674 | NS      | $1793692.46   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                           | Newmont Corp                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    367972 | NS      | $41341654.20  | 8.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NioCorp Developments Ltd               | NioCorp Developments Ltd                                   | CUSIP: 654484609<br>LEI: 5299001QL26XJPOD3A17 | Long             | EC               | CORP              | CA        |     37941 | NS      | $223851.90    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                             | Nucor Corp                                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     76893 | NS      | $13665423.96  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                          | O-I Glass Inc                                              | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51724 | NS      | $790342.72    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                              | Olin Corp                                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     38487 | NS      | $800914.47    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                     | PPG Industries Inc                                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     75611 | NS      | $8742899.93   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America              | Packaging Corp of America                                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     30140 | NS      | $6707657.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions Inc                | Perimeter Solutions Inc                                    | CUSIP: 71385M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46537 | NS      | $1216942.55   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Perpetua Resources Corp                | Perpetua Resources Corp                                    | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | CA        |     25280 | NS      | $672953.60    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PureCycle Technologies Inc             | PureCycle Technologies Inc                                 | CUSIP: 74623V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45343 | NS      | $433479.08    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                   | Quaker Chemical Corp                                       | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |      4677 | NS      | $719041.98    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                  | RPM International Inc                                      | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     42952 | NS      | $4594145.92   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc                   | Ramaco Resources Inc                                       | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |     12947 | NS      | $252595.97    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                           | Reliance Inc                                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     17617 | NS      | $5804801.50   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                         | Royal Gold Inc                                             | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     28189 | NS      | $7422445.59   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp                   | Ryerson Holding Corp                                       | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |      9133 | NS      | $257733.26    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co/The              | Scotts Miracle-Gro Co/The                                  | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     15504 | NS      | $995666.88    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                        | Sealed Air Corp                                            | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |     48709 | NS      | $2039932.92   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp             | Sensient Technologies Corp                                 | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |     12071 | NS      | $1140950.92   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                | Sherwin-Williams Co/The                                    | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     79349 | NS      | $28140329.36  | 5.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                    | Silgan Holdings Inc                                        | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |     30524 | NS      | $1317110.60   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials Inc        | Solstice Advanced Materials Inc                            | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |     53825 | NS      | $3324770.25   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                     | Sonoco Products Co                                         | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     33043 | NS      | $1586064.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                     | Steel Dynamics Inc                                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     46845 | NS      | $8411956.65   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co                              | Stepan Co                                                  | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |      7217 | NS      | $415771.37    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc                     | SunCoke Energy Inc                                         | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     28294 | NS      | $222390.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                           | Sylvamo Corp                                               | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |     11516 | NS      | $563593.04    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TMC the metals co Inc                  | TMC the metals co Inc                                      | CUSIP: 87261Y106<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     68523 | NS      | $453622.26    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus Inc                           | Metallus Inc                                               | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     12596 | NS      | $251290.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TriMas Corp                            | TriMas Corp                                                | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |     10848 | NS      | $377184.96    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Trilogy Metals Inc                     | Trilogy Metals Inc                                         | CUSIP: 89621C105<br>LEI: 52990084YC9OR0TUH237 | Long             | EC               | CORP              | CA        |     35659 | NS      | $179721.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Antimony Corp            | United States Antimony Corp                                | CUSIP: 911549103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39970 | NS      | $292980.10    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc      | United States Lime & Minerals Inc                          | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |      3831 | NS      | $461750.43    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| USA Rare Earth Inc                     | USA Rare Earth Inc                                         | CUSIP: 91733P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15174 | NS      | $340201.08    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                    | Vulcan Materials Co                                        | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     44256 | NS      | $13300698.24  | 2.62%             |  |  |  | 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        |   1019000 | NS      | $1019000.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                   | Warrior Met Coal Inc                                       | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     17590 | NS      | $1570787.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                          | Westlake Corp                                              | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     12908 | NS      | $1023862.56   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc                  | Worthington Steel Inc                                      | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |     11086 | NS      | $445989.78    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange            | E-MINI RUSS 2000 MAR26                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         1 | NC      | $5143.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange            | XAB MATERIALS MAR26                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        10 | NC      | $84618.85     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellium SE                         | Constellium SE                                             | CUSIP: 000000000<br>LEI: 724500KRJEMC79KAAU28 | Long             | EC               | CORP              | FR        |     42173 | NS      | $947627.31    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                              | Amcor PLC                                                  | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |    154656 | NS      | $6843528.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd             | Axalta Coating Systems Ltd                                 | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |     72548 | NS      | $2436161.84   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                | CRH PLC                                                    | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    225332 | NS      | $27582890.12  | 5.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                              | Linde PLC                                                  | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |    157084 | NS      | $71782675.48  | 14.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC                   | Smurfit WestRock PLC                                       | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |    174908 | NS      | $7281420.04   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Tronox Holdings PLC                    | Tronox Holdings PLC                                        | CUSIP: 000000000<br>LEI: 549300NRVC84SGJSXV06 | Long             | EC               | CORP              | GB        |     39826 | NS      | $241345.56    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amrize Ltd                             | Amrize Ltd                                                 | CUSIP: 000000000<br>LEI: 529900SLCCO6K43P8146 | Long             | EC               | CORP              | CH        |    166746 | NS      | $8774174.52   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV           | LyondellBasell Industries NV                               | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     86201 | NS      | $4223849.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-20

**Name of Applicant:** FIDELITY COVINGTON TRUST

**Signature:** Stacie M Smith

**Name of Signer:** Stacie M Smith

**Title:** President and Treasurer