# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000035402-26-001943
**Filing Date:** 2026-3
**Character Count:** 59003
**Document Hash:** 97e842d5ea142fa739cfea23a50c3421
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-26-001943.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000035402-26-001943

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20261031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 26790486

**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 Fundamental Developed International ETF (Series ID: S000087781)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000253743 | Fidelity Fundamental Developed International ETF | FFDI            |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Fundamental Developed International ETF**

**January 31, 2026**

FDI-NPRT1-0426

1.9916389.101 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.0%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Aristocrat Leisure Ltd  | 3426 | 127778 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| IperionX Ltd (b) | 4578 | 23431 |
| TOTAL AUSTRALIA |  | 151209 |
| BELGIUM - 2.5%  |  |  |
| Financials - 1.7% |  |  |
| Banks - 1.7% |  |  |
| KBC Group NV  | 1836 | 258762 |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| UCB SA  | 424 | 128361 |
| TOTAL BELGIUM |  | 387123 |
| CANADA - 3.8%  |  |  |
| Energy - 2.1% |  |  |
| Oil, Gas & Consumable Fuels - 2.1% |  |  |
| Cameco Corp  | 754 | 93255 |
| Canadian Natural Resources Ltd  | 2387 | 88755 |
| Imperial Oil Ltd  | 1361 | 137505 |
| TOTAL ENERGY |  | 319515 |
| Information Technology - 1.2% |  |  |
| IT Services - 0.4% |  |  |
| Shopify Inc Class A (United States) (b) | 551 | 72308 |
| Software - 0.8% |  |  |
| Constellation Software Inc/Canada  | 65 | 119959 |
| TOTAL INFORMATION TECHNOLOGY |  | 192267 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Franco-Nevada Corp  | 342 | 80057 |
| TOTAL CANADA |  | 591839 |
| CHILE - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Antofagasta PLC  | 1819 | 90800 |
| CHINA - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.7% |  |  |
| Prosus NV Class N  | 1824 | 104764 |
| DENMARK - 1.8%  |  |  |
| Industrials - 1.8% |  |  |
| Air Freight & Logistics - 1.8% |  |  |
| DSV A/S  | 1000 | 280778 |
| FINLAND - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Fortum Oyj  | 1474 | 34795 |
| FRANCE - 10.2%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Textiles, Apparel & Luxury Goods - 1.3% |  |  |
| Hermes International SCA  | 69 | 165950 |
| LVMH Moet Hennessy Louis Vuitton SE  | 58 | 37600 |
| TOTAL CONSUMER DISCRETIONARY |  | 203550 |
| Consumer Staples - 0.9% |  |  |
| Food Products - 0.9% |  |  |
| Danone SA  | 1903 | 148517 |
| Financials - 1.0% |  |  |
| Insurance - 1.0% |  |  |
| AXA SA  | 3460 | 157613 |
| Health Care - 1.0% |  |  |
| Health Care Equipment & Supplies - 1.0% |  |  |
| EssilorLuxottica SA  | 512 | 156519 |
| Industrials - 4.0% |  |  |
| Aerospace & Defense - 2.9% |  |  |
| Safran SA  | 1066 | 380339 |
| Thales SA  | 174 | 52800 |
|  |  | 433139 |
| Electrical Equipment - 1.1% |  |  |
| Legrand SA  | 1123 | 179705 |
| TOTAL INDUSTRIALS |  | 612844 |
| Materials - 2.0% |  |  |
| Chemicals - 2.0% |  |  |
| Air Liquide SA  | 1717 | 321447 |
| TOTAL FRANCE |  | 1600490 |
| GERMANY - 9.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Auto1 Group SE (b) | 611 | 20206 |
| Financials - 3.9% |  |  |
| Banks - 0.3% |  |  |
| Commerzbank AG  | 1248 | 51318 |
| Capital Markets - 1.6% |  |  |
| Deutsche Boerse AG  | 994 | 251318 |
| Insurance - 2.0% |  |  |
| Allianz SE  | 274 | 120755 |
| Hannover Rueck SE  | 646 | 182858 |
|  |  | 303613 |
| TOTAL FINANCIALS |  | 606249 |
| Health Care - 0.9% |  |  |
| Health Care Providers & Services - 0.9% |  |  |
| Fresenius SE & Co KGaA  | 2628 | 147064 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Rheinmetall AG  | 69 | 145708 |
| Electrical Equipment - 0.2% |  |  |
| Siemens Energy AG (b) | 211 | 36153 |
| TOTAL INDUSTRIALS |  | 181861 |
| Information Technology - 1.5% |  |  |
| Software - 1.5% |  |  |
| SAP SE  | 1191 | 240788 |
| Materials - 1.3% |  |  |
| Construction Materials - 1.3% |  |  |
| Heidelberg Materials AG  | 732 | 200694 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Vonovia SE  | 1107 | 32293 |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| RWE AG  | 650 | 41236 |
| TOTAL GERMANY |  | 1470391 |
| HONG KONG - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| AIA Group Ltd  | 7044 | 81467 |
| IRELAND - 1.0%  |  |  |
| Industrials - 1.0% |  |  |
| Building Products - 1.0% |  |  |
| Kingspan Group PLC  | 1711 | 149068 |
| ISRAEL - 0.9%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Bank Hapoalim BM  | 2114 | 52426 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 1032 | 35171 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Next Vision Stabilized Systems Ltd  | 615 | 55336 |
| TOTAL ISRAEL |  | 142933 |
| ITALY - 4.0%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Lottomatica Group Spa  | 1631 | 40058 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Coca-Cola HBC AG  | 600 | 32429 |
| Financials - 2.8% |  |  |
| Banks - 2.8% |  |  |
| FinecoBank Banca Fineco SpA  | 3216 | 85200 |
| Intesa Sanpaolo SpA  | 9847 | 69636 |
| UniCredit SpA  | 3353 | 291926 |
| TOTAL FINANCIALS |  | 446762 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 1965 | 107936 |
| TOTAL ITALY |  | 627185 |
| JAPAN - 19.9%  |  |  |
| Communication Services - 1.5% |  |  |
| Entertainment - 1.5% |  |  |
| Capcom Co Ltd  | 2475 | 62947 |
| Nintendo Co Ltd  | 2704 | 175683 |
| TOTAL COMMUNICATION SERVICES |  | 238630 |
| Consumer Discretionary - 0.4% |  |  |
| Household Durables - 0.4% |  |  |
| Sony Group Corp  | 2569 | 57335 |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| Ajinomoto Co Inc  | 4959 | 112792 |
| Financials - 3.2% |  |  |
| Banks - 1.9% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 2382 | 43166 |
| Sumitomo Mitsui Financial Group Inc  | 7328 | 259103 |
|  |  | 302269 |
| Insurance - 1.3% |  |  |
| Tokio Marine Holdings Inc  | 5446 | 201533 |
| TOTAL FINANCIALS |  | 503802 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Hoya Corp  | 1265 | 211460 |
| Industrials - 7.3% |  |  |
| Industrial Conglomerates - 2.7% |  |  |
| Hitachi Ltd  | 12147 | 420781 |
| Machinery - 2.7% |  |  |
| Ebara Corp  | 3033 | 91249 |
| Kawasaki Heavy Industries Ltd  | 301 | 25041 |
| Mitsubishi Heavy Industries Ltd  | 10543 | 307856 |
|  |  | 424146 |
| Professional Services - 0.4% |  |  |
| BayCurrent Inc  | 1182 | 41557 |
| Recruit Holdings Co Ltd  | 325 | 17010 |
|  |  | 58567 |
| Trading Companies & Distributors - 1.5% |  |  |
| ITOCHU Corp  | 18125 | 230837 |
| TOTAL INDUSTRIALS |  | 1134331 |
| Information Technology - 4.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Ibiden Co Ltd  | 814 | 43282 |
| IT Services - 1.2% |  |  |
| Fujitsu Ltd  | 3680 | 101845 |
| NEC Corp  | 2701 | 90929 |
|  |  | 192774 |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Advantest Corp  | 1361 | 224298 |
| Disco Corp  | 124 | 53034 |
| Renesas Electronics Corp  | 3431 | 57109 |
|  |  | 334441 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| FUJIFILM Holdings Corp  | 6594 | 131531 |
| TOTAL INFORMATION TECHNOLOGY |  | 702028 |
| Materials - 1.0% |  |  |
| Chemicals - 1.0% |  |  |
| Shin-Etsu Chemical Co Ltd  | 4850 | 160737 |
| TOTAL JAPAN |  | 3121115 |
| NETHERLANDS - 5.6%  |  |  |
| Information Technology - 5.6% |  |  |
| Semiconductors & Semiconductor Equipment - 5.6% |  |  |
| ASM International NV  | 248 | 208658 |
| ASML Holding NV  | 444 | 639765 |
| BE Semiconductor Industries NV  | 156 | 30418 |
| TOTAL NETHERLANDS |  | 878841 |
| SINGAPORE - 1.2%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.8% |  |  |
| Sea Ltd Class A ADR (b) | 1046 | 121849 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| United Overseas Bank Ltd  | 2344 | 70517 |
| TOTAL SINGAPORE |  | 192366 |
| SPAIN - 5.6%  |  |  |
| Financials - 4.7% |  |  |
| Banks - 4.7% |  |  |
| Banco Santander SA  | 31341 | 400478 |
| CaixaBank SA  | 25530 | 337572 |
| TOTAL FINANCIALS |  | 738050 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Iberdrola SA  | 6503 | 145880 |
| TOTAL SPAIN |  | 883930 |
| SWEDEN - 3.9%  |  |  |
| Financials - 1.8% |  |  |
| Financial Services - 1.8% |  |  |
| Investor AB B Shares  | 7305 | 281457 |
| Industrials - 1.6% |  |  |
| Building Products - 1.0% |  |  |
| Assa Abloy AB B Shares  | 3746 | 151354 |
| Machinery - 0.6% |  |  |
| Indutrade AB  | 4267 | 100118 |
| TOTAL INDUSTRIALS |  | 251472 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Hexagon AB B Shares  | 6635 | 74935 |
| TOTAL SWEDEN |  | 607864 |
| SWITZERLAND - 2.9%  |  |  |
| Financials - 2.9% |  |  |
| Capital Markets - 1.1% |  |  |
| UBS Group AG  | 3625 | 170640 |
| Insurance - 1.8% |  |  |
| Zurich Insurance Group AG  | 390 | 276968 |
| TOTAL SWITZERLAND |  | 447608 |
| UNITED KINGDOM - 17.1%  |  |  |
| Communication Services - 0.8% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Zegona Communications plc  | 5620 | 121120 |
| Consumer Discretionary - 2.7% |  |  |
| Hotels, Restaurants & Leisure - 2.2% |  |  |
| Compass Group PLC  | 8042 | 240663 |
| InterContinental Hotels Group PLC  | 685 | 92338 |
|  |  | 333001 |
| Leisure Products - 0.5% |  |  |
| Games Workshop Group PLC  | 365 | 85156 |
| TOTAL CONSUMER DISCRETIONARY |  | 418157 |
| Consumer Staples - 2.0% |  |  |
| Tobacco - 2.0% |  |  |
| British American Tobacco PLC ADR  | 3373 | 204674 |
| Imperial Brands PLC  | 2723 | 114239 |
| TOTAL CONSUMER STAPLES |  | 318913 |
| Financials - 3.9% |  |  |
| Banks - 2.6% |  |  |
| Lloyds Banking Group PLC  | 128783 | 191992 |
| NatWest Group PLC  | 24195 | 220230 |
|  |  | 412222 |
| Capital Markets - 1.3% |  |  |
| 3i Group PLC  | 4418 | 202580 |
| TOTAL FINANCIALS |  | 614802 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Convatec Group PLC (c)(d) | 18303 | 57603 |
| Industrials - 6.1% |  |  |
| Aerospace & Defense - 3.9% |  |  |
| BAE Systems PLC  | 9820 | 265250 |
| Rolls-Royce Holdings PLC  | 20542 | 340396 |
|  |  | 605646 |
| Professional Services - 1.3% |  |  |
| RELX PLC  | 5853 | 206551 |
| Trading Companies & Distributors - 0.9% |  |  |
| Diploma PLC  | 1926 | 140205 |
| TOTAL INDUSTRIALS |  | 952402 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Halma PLC  | 3234 | 156831 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| SSE PLC  | 1169 | 38742 |
| TOTAL UNITED KINGDOM |  | 2678570 |
| UNITED STATES - 6.8%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Spotify Technology SA (b) | 162 | 81056 |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Shell PLC  | 6930 | 264946 |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.7% |  |  |
| Alcon AG  | 1357 | 109571 |
| Industrials - 2.6% |  |  |
| Electrical Equipment - 2.6% |  |  |
| Schneider Electric SE  | 1412 | 405541 |
| Materials - 1.4% |  |  |
| Construction Materials - 1.4% |  |  |
| Holcim AG  | 2058 | 211750 |
| TOTAL UNITED STATES |  | 1072864 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $12,588,881) |  | <br> **15596000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.4%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 4/2/2026  | 3.56 | 20000 | 19881 |
| US Treasury Bills 0% 4/9/2026  | 3.57 | 40000 | 39737 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $59,619) |  |  | **59618** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $13,433)<br>| 3.70 | 13430 | **13433** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $12,661,933)<br>| <br>**15669051** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **14190** |
| **NET ASSETS - 100.0%** | **15683241** |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $57,603 or 0.4% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $57,603 or 0.4% of net assets.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 80895 | 3623471 | 3690942 | 2106 | 9 | - | 13433 | 13430 | 0.0% |
| Total | 80895 | 3623471 | 3690942 | 2106 | 9 | - | 13433 |  |  |

---

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

**Investment Valuation**

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

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

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

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

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

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

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

- **a. Name of Series:** Fidelity Fundamental Developed International ETF

- **b. EDGAR series identifier (if any):** S000087781

- **c. LEI of Series:** 254900HP7FM6U2PDH722

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $15690228.18

**Total Liabilities:** $7279.20

**Net Assets:** $15682948.98

**Cash Not Reported:** $1949.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253743 | -1.69%               | 2.52%                | 3.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $61273.11                | $-360880.09                                |
| Month 2  | $65857.03                | $293978.81                                 |
| Month 3  | $82209.32                | $508725.75                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADVANTEST CORP                                 | ADVANTEST CORP                       | CUSIP: N/A<br>LEI: 353800EMK32PDKS9XR54       | Long             | EC               | CORP              | JP        |      1361 | NS      | $224297.65    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LIQUIDE SA                                 | AIR LIQUIDE SA                       | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               | CORP              | FR        |      1717 | NS      | $321446.75    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AJINOMOTO CO INC                               | AJINOMOTO CO INC                     | CUSIP: N/A<br>LEI: 353800UT0TLROREPIC92       | Long             | EC               | CORP              | JP        |      4959 | NS      | $112791.94    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANZ SE                                     | ALLIANZ SE (REGD)                    | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |       274 | NS      | $120755.40    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSA ABLOY AB                                  | ASSA ABLOY AB SER B                  | CUSIP: N/A<br>LEI: 549300YECS8HKCIMMB67       | Long             | EC               | CORP              | SE        |      3746 | NS      | $151353.96    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUTRADE AB                                   | INDUTRADE AB                         | CUSIP: N/A<br>LEI: 549300FISLQ6CEFP1867       | Long             | EC               | CORP              | SE        |      4267 | NS      | $100118.21    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTOFAGASTA PLC                                | ANTOFAGASTA PLC                      | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | GB        |      1819 | NS      | $90799.76     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTOCRAT LEISURE LTD                         | ARISTOCRAT LEISURE LTD               | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27       | Long             | EC               | CORP              | AU        |      3426 | NS      | $127777.83    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML HOLDING NV                                | ASML HOLDING NV                      | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       444 | NS      | $639764.69    | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM INTL NV                                    | ASM INTERNATIONAL NV (NETH)          | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |       248 | NS      | $208657.64    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                         | AXA SA                               | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |      3460 | NS      | $157613.38    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE SYSTEMS PLC                                | BAE SYSTEMS PLC                      | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |      9820 | NS      | $265250.27    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK HAPOALIM B M                              | BANK HAPOALIM LTD (REG)              | CUSIP: N/A<br>LEI: B6ARUI4946ST4S7WOU88       | Long             | EC               | CORP              | IL        |      2114 | NS      | $52426.30     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BE SEMICONDUCTOR INDUSTRIES NV                 | BE SEMICOND INDUS NV (NETH)          | CUSIP: N/A<br>LEI: 7245007A1YFLI2GNYX06       | Long             | EC               | CORP              | NL        |       156 | NS      | $30418.45     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA                             | BANCO SANTANDER SA                   | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |     31341 | NS      | $400477.59    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| FUJIFILM HLDGS CORP                            | FUJIFILM HOLDINGS CORP               | CUSIP: N/A<br>LEI: 529900UBKMFM0ST6H474       | Long             | EC               | CORP              | JP        |      6594 | NS      | $131530.62    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO PLC                   | BRITISH AMERICAN TOB PLC ADR         | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |      3373 | NS      | $204673.64    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMECO CORP                                    | CAMECO CORP                          | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |       754 | NS      | $93255.34     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LTD                 | CANADIAN NATL RESOURCES LTD          | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |      2387 | NS      | $88755.41     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPCOM CO LTD                                  | CAPCOM CO LTD                        | CUSIP: N/A<br>LEI: 529900JJWQKXS3TC8744       | Long             | EC               | CORP              | JP        |      2475 | NS      | $62946.50     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC GROUPE SA/NV                               | KBC GROUPE SA                        | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |      1836 | NS      | $258762.38    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CAIXABANK SA                                   | CAIXABANK SA                         | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |     25530 | NS      | $337572.45    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA COLA HBC AG                               | COCA COLA HBC AG                     | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49       | Long             | EC               | CORP              | CH        |       600 | NS      | $32429.89     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERZBANK AG                                 | COMMERZBANK AG                       | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | EC               | CORP              | DE        |      1248 | NS      | $51317.50     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS GROUP PLC                              | COMPASS GROUP PLC                    | CUSIP: N/A<br>LEI: 2138008M6MH9OZ6U2T68       | Long             | EC               | CORP              | GB        |      8042 | NS      | $240663.40    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC                     | CONSTELLATION SOFTWARE INC           | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |        65 | NS      | $119959.17    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                       | LLOYDS BANKING GROUP PLC             | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               | CORP              | GB        |    128783 | NS      | $191991.93    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DANONE SA                                      | DANONE SA                            | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |      1903 | NS      | $148516.67    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                                        | DSV A/S                              | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               | CORP              | DK        |      1000 | NS      | $280778.05    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| DIPLOMA PLC                                    | DIPLOMA PLC                          | CUSIP: N/A<br>LEI: 2138008OGI7VYG8FGR19       | Long             | EC               | CORP              | GB        |      1926 | NS      | $140205.52    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCO CORP                                     | DISCO CORP                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       124 | NS      | $53034.12     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BOERSE AG                             | DEUTSCHE BOERSE AG                   | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |       994 | NS      | $251318.14    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| EBARA CORP                                     | EBARA CORP                           | CUSIP: N/A<br>LEI: 353800UV8U3SOMCDTI49       | Long             | EC               | CORP              | JP        |      3033 | NS      | $91248.69     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSILORLUXOTTICA                               | ESSILORLUXOTTICA                     | CUSIP: N/A<br>LEI: 549300M3VH1A3ER1TB49       | Long             | EC               | CORP              | FR        |       512 | NS      | $156519.30    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust                   | Fidelity Cash Central Fund           | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |     13430 | NS      | $13432.81     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI FINANCIAL GROUP INC            | SUMITOMO MITSUI FINL GROUP INC       | CUSIP: N/A<br>LEI: 35380028MYWPB6AUO129       | Long             | EC               | CORP              | JP        |      7328 | NS      | $259103.23    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTUM OYJ                                     | FORTUM OYJ                           | CUSIP: N/A<br>LEI: 635400IUIZZIUJSAMF76       | Long             | EC               | CORP              | FI        |      1474 | NS      | $34795.61     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANCO NEVADA CORP                             | FRANCO-NEVADA CORP                   | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |       342 | NS      | $80056.61     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESENIUS SE and CO KGAA                       | FRESENIUS SE and CO KGAA             | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |      2628 | NS      | $147063.86    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| FUJITSU LTD                                    | FUJITSU LTD                          | CUSIP: N/A<br>LEI: 3538000246DHJLRTUZ24       | Long             | EC               | CORP              | JP        |      3680 | NS      | $101844.40    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMES WORKSHOP GROUP PLC                       | GAMES WORKSHOP GROUP CO PLC          | CUSIP: N/A<br>LEI: 213800RP9QJQYGWHNT41       | Long             | EC               | CORP              | GB        |       365 | NS      | $85155.84     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA GROUP LTD                                  | AIA GROUP LTD                        | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |      7044 | NS      | $81466.62     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HALMA PLC                                      | HALMA PLC                            | CUSIP: N/A<br>LEI: 2138007FRGLUR9KGBT40       | Long             | EC               | CORP              | GB        |      3234 | NS      | $156830.64    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HANNOVER RUECK SA                              | HANNOVER RUECKVERSICHERUNGS SE(REGD) | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |       646 | NS      | $182857.78    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HERMES INTL SCA                                | HERMES INTERNATIONAL SA              | CUSIP: N/A<br>LEI: 969500Y4IJGHJE2MTJ13       | Long             | EC               | CORP              | FR        |        69 | NS      | $165950.19    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HEXAGON AB                                     | HEXAGON AB SER B                     | CUSIP: N/A<br>LEI: 549300WJFW6ILNI4TA80       | Long             | EC               | CORP              | SE        |      6635 | NS      | $74934.72     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| HITACHI LTD                                    | HITACHI LTD                          | CUSIP: N/A<br>LEI: 549300T6IPOCDWLKC615       | Long             | EC               | CORP              | JP        |     12147 | NS      | $420781.00    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLCIM AG                                      | HOLCIM LTD                           | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |      2058 | NS      | $211749.98    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HEIDELBERG MATERIALS AG                        | HEIDELBERG MATERIALS AG              | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |       732 | NS      | $200693.51    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HOYA CORP                                      | HOYA CORP                            | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |      1265 | NS      | $211460.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL OIL LTD                               | IMPERIAL OIL LTD                     | CUSIP: 453038408<br>LEI: 549300MO45LTBPAU4Z27 | Long             | EC               | CORP              | CA        |      1361 | NS      | $137504.33    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL BRANDS PLC                            | IMPERIAL BRANDS PLC                  | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |      2723 | NS      | $114239.68    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| IBIDEN CO LTD                                  | IBIDEN CO LTD                        | CUSIP: N/A<br>LEI: 52990051DBFIQEY37C91       | Long             | EC               | CORP              | JP        |       814 | NS      | $43282.54     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| IBERDROLA SA                                   | IBERDROLA SA                         | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |      6503 | NS      | $145880.17    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL HOTELS GROUP PLC NEW          | INTERCONTINENTAL HOTELS GP PLC       | CUSIP: N/A<br>LEI: 2138007ZFQYRUSLU3J98       | Long             | EC               | CORP              | GB        |       685 | NS      | $92338.00     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| INTESA SANPAOLO SPA                            | INTESA SANPAOLO SPA                  | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | EC               | CORP              | IT        |      9847 | NS      | $69635.99     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESTOR AB                                    | INVESTOR AB SER B                    | CUSIP: N/A<br>LEI: 549300VEBQPHRZBKUX38       | Long             | EC               | CORP              | SE        |      7305 | NS      | $281456.75    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU CORPORATION                             | ITOCHU CORP                          | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |     18125 | NS      | $230837.26    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KAWASAKI HEAVY INDUSTRIES LTD                  | KAWASAKI HEAVY INDUSTRIES LTD        | CUSIP: N/A<br>LEI: 5493008FFSI8SQ74AT93       | Long             | EC               | CORP              | JP        |       301 | NS      | $25041.19     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| KINGSPAN GROUP PLC                             | KINGSPAN GROUP PLC                   | CUSIP: N/A<br>LEI: 635400HM7V74SUB9OG75       | Long             | EC               | CORP              | IE        |      1711 | NS      | $149067.84    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS VUITTON SE            | LVMH MOET HENNESSY LOUIS VUITTON SE  | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |        58 | NS      | $37599.54     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGRAND SA                                     | LEGRAND SA                           | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               | CORP              | FR        |      1123 | NS      | $179704.99    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUBISHI UFJ FINANCIAL GROUP INC             | MITSUBISHI UFJ FINL GRP INC          | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |      2382 | NS      | $43165.67     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUBISHI HEAVY INDUSTRIES LTD                | MITSUBISHI HEAVY INDS LTD            | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |     10543 | NS      | $307856.14    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| VONOVIA SE                                     | VONOVIA SE                           | CUSIP: N/A<br>LEI: 5299005A2ZEP6AP7KM81       | Long             | EC               | CORP              | DE        |      1107 | NS      | $32292.81     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NEC CORP                                       | NEC CORP                             | CUSIP: N/A<br>LEI: 5493000QYMPFRTEY4K28       | Long             | EC               | CORP              | JP        |      2701 | NS      | $90929.25     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NINTENDO CO LTD                                | NINTENDO CO LTD                      | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               | CORP              | JP        |      2704 | NS      | $175683.12    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FINECOBANK SPA                                 | FINECOBANK SPA                       | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |      3216 | NS      | $85200.11     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| RECRUIT HOLDINGS CO LTD                        | RECRUIT HOLDINGS CO LTD              | CUSIP: N/A<br>LEI: 353800R2LRSMVVC4I806       | Long             | EC               | CORP              | JP        |       325 | NS      | $17010.21     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                                   | UBS GROUP AG                         | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |      3625 | NS      | $170640.64    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEGONA COMMUNICATIONS PLC                      | ZEGONA COMMUNICATIONS PLC            | CUSIP: N/A<br>LEI: 213800ASI1VZL2ED4S65       | Long             | EC               | CORP              | GB        |      5620 | NS      | $121119.50    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA SPA | RECORDATI SPA                        | CUSIP: N/A<br>LEI: 815600FBF92FD3531704       | Long             | EC               | CORP              | IT        |      1965 | NS      | $107935.72    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                                       | RELX PLC                             | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               | CORP              | GB        |      5853 | NS      | $206550.89    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| RENESAS ELECTRONICS CORP                       | RENESAS ELECTRONICS CORP             | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |      3431 | NS      | $57109.43     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| RHEINMETALL                                    | RHEINMETALL AG ORD                   | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |        69 | NS      | $145707.37    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ROLLS-ROYCE HOLDINGS PLC                       | ROLLS-ROYCE HOLDINGS PLC             | CUSIP: N/A<br>LEI: 213800EC7997ZBLZJH69       | Long             | EC               | CORP              | GB        |     20542 | NS      | $340395.70    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NATWEST GROUP PLC                              | NATWEST GROUP PLC                    | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | EC               | CORP              | GB        |     24195 | NS      | $220229.28    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE AG                                         | RWE AG                               | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |       650 | NS      | $41235.96     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SAFRAN SA                                      | SAFRAN SA                            | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |      1066 | NS      | $380338.51    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHNEIDER ELEC SA                              | SCHNEIDER ELECTRIC SE                | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |      1412 | NS      | $405540.95    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                         | SAP SE                               | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |      1191 | NS      | $240788.40    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SSE PLC                                        | SSE PLC                              | CUSIP: N/A<br>LEI: 549300KI75VYLLMSK856       | Long             | EC               | CORP              | GB        |      1169 | NS      | $38742.34     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIN ETSU CHEM CO LTD                          | SHIN-ETSU CHEMICAL CO LTD            | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |      4850 | NS      | $160736.95    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SONY GROUP CORP                                | SONY GROUP CORP                      | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |      2569 | NS      | $57336.04     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TEVA PHARMACEUTICAL INDUSTRIES LTD             | TEVA PHARMACEUTICAL IND ADR          | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |      1032 | NS      | $35170.56     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| THALES SA                                      | THALES                               | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |       174 | NS      | $52800.23     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKIO MARINE HOLDINGS INC                      | TOKIO MARINE HOLDINGS INC            | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |      5446 | NS      | $201532.97    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED OVERSEAS BANK LTD                       | UNITED OVERSEAS BANK (LOC)           | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |      2344 | NS      | $70517.16     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| UNICREDIT SPA                                  | UNICREDIT SPA                        | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               | CORP              | IT        |      3353 | NS      | $291925.45    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                         | UCB SA                               | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |       424 | NS      | $128361.08    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| 3I GROUP PLC                                   | 3I GROUP PLC                         | CUSIP: N/A<br>LEI: 35GDVHRBMFE7NWATNM84       | Long             | EC               | CORP              | GB        |      4418 | NS      | $202580.36    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ZURICH INSURANCE GROUP AG                      | ZURICH INSURANCE GROUP AG            | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               | CORP              | CH        |       390 | NS      | $276967.85    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BAYCURRENT INC                                 | BAYCURRENT INC                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1182 | NS      | $41556.36     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CONVATEC GROUP PLC                             | CONVATEC GROUP PLC                   | CUSIP: N/A<br>LEI: 213800LS272L4FIDOH92       | Long             | EC               | CORP              | GB        |     18303 | NS      | $57603.29     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC                                    | SHOPIFY INC CL A                     | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |       551 | NS      | $72307.73     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SEA LTD                                        | SEA LTD ADR                          | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      1046 | NS      | $121848.54    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY SA                          | SPOTIFY TECHNOLOGY SA                | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | LU        |       162 | NS      | $81056.70     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| IPERIONX LTD                                   | IPERIONX LTD                         | CUSIP: N/A<br>LEI: 98450096B1C9E094C832       | Long             | EC               | CORP              | AU        |      4578 | NS      | $23430.99     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCON INC                                      | ALCON INC                            | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |      1357 | NS      | $109571.10    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSUS NV                                      | PROSUS NV                            | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |      1824 | NS      | $104763.51    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEMENS ENERGY AG                              | SIEMENS ENERGY AG                    | CUSIP: N/A<br>LEI: 5299005CHJZ14D4FDJ62       | Long             | EC               | CORP              | DE        |       211 | NS      | $36153.23     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTO1 GROUP SE                                 | AUTO1 GROUP SE                       | CUSIP: N/A<br>LEI: 391200S2LPXG5ZD5G304       | Long             | EC               | CORP              | DE        |       611 | NS      | $20206.54     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXT VISION STABILIZED SYSTEMS LTD             | NEXT VISION STABILIZED SYSTEMS LTD   | CUSIP: N/A<br>LEI: 2549001OCAI48UYCZD40       | Long             | EC               | CORP              | IL        |       615 | NS      | $55336.41     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                      | SHELL PLC                            | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |      6930 | NS      | $264945.67    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| LOTTOMATICA GROUP SPA                          | LOTTOMATICA GROUP SPA                | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | EC               | CORP              | IT        |      1631 | NS      | $40058.10     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                                      | UST BILLS 0% 04/02/2026              | CUSIP: 912797SD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19881.67     | 0.13%             | 2026-04-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UST BILLS                                      | UST BILLS 0% 04/09/2026              | CUSIP: 912797SL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $39737.10     | 0.25%             | 2026-04-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer