# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000035402-25-000748
**Filing Date:** 2025-9
**Character Count:** 85770
**Document Hash:** 8d53f103778946b77ee3dc3a45d3653b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-25-000748.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000035402-25-000748

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**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:** 251349279

**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 Global ex-U.S. ETF (Series ID: S000087782)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000253744 | Fidelity Fundamental Global ex-U.S. ETF | FFGX            |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Fundamental Global ex-U.S. ETF**

**July 31, 2025**

FGU-NPRT3-0925

1.9916393.100 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Aristocrat Leisure Ltd  | 3588 | 161500 |
| BELGIUM - 1.1%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| KBC Group NV  | 1691 | 177076 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 652 | 141706 |
| TOTAL BELGIUM |  | 318782 |
| BRAZIL - 2.8%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Broadline Retail - 1.0% |  |  |
| MercadoLibre Inc (b) | 121 | 287242 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Azzas 2154 SA  | 5072 | 32318 |
| TOTAL CONSUMER DISCRETIONARY |  | 319560 |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| Itau Unibanco Holding SA  | 18555 | 116508 |
| Capital Markets - 0.1% |  |  |
| Banco BTG Pactual SA unit  | 2922 | 20419 |
| TOTAL FINANCIALS |  | 136927 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Hapvida Participacoes e Investimentos S/A (b)(c)(d) | 8709 | 51434 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.1% |  |  |
| WEG SA  | 6158 | 40811 |
| Ground Transportation - 0.2% |  |  |
| Localiza Rent a Car SA  | 8599 | 53180 |
| TOTAL INDUSTRIALS |  | 93991 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Vale SA  | 17087 | 163133 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Equatorial Energia SA  | 2977 | 18113 |
| TOTAL BRAZIL |  | 783158 |
| CANADA - 7.6%  |  |  |
| Energy - 2.9% |  |  |
| Oil, Gas & Consumable Fuels - 2.9% |  |  |
| Cameco Corp  | 2973 | 223211 |
| Canadian Natural Resources Ltd  | 10209 | 323157 |
| Imperial Oil Ltd  | 3475 | 289742 |
|  |  | 836110 |
| Industrials - 0.5% |  |  |
| Ground Transportation - 0.5% |  |  |
| Canadian Pacific Kansas City Ltd  | 1866 | 137230 |
| Information Technology - 3.3% |  |  |
| IT Services - 0.8% |  |  |
| Shopify Inc Class A (b) | 1753 | 214279 |
| Software - 2.5% |  |  |
| Constellation Software Inc/Canada  | 200 | 689995 |
| TOTAL INFORMATION TECHNOLOGY |  | 904274 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Franco-Nevada Corp  | 1676 | 266979 |
| TOTAL CANADA |  | 2144593 |
| CHILE - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Antofagasta PLC  | 2922 | 72432 |
| CHINA - 8.7%  |  |  |
| Communication Services - 2.7% |  |  |
| Entertainment - 0.2% |  |  |
| Tencent Music Entertainment Group Class A ADR  | 2888 | 60619 |
| Interactive Media & Services - 2.5% |  |  |
| Tencent Holdings Ltd  | 10201 | 714720 |
| TOTAL COMMUNICATION SERVICES |  | 775339 |
| Consumer Discretionary - 2.0% |  |  |
| Automobiles - 0.3% |  |  |
| BYD Co Ltd H Shares  | 6018 | 88468 |
| Broadline Retail - 1.2% |  |  |
| Alibaba Group Holding Ltd  | 8832 | 130174 |
| PDD Holdings Inc Class A ADR (b) | 1749 | 198424 |
|  |  | 328598 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Trip.com Group Ltd  | 544 | 34095 |
| Household Durables - 0.4% |  |  |
| Haier Smart Home Co Ltd H Shares  | 40476 | 127358 |
| TOTAL CONSUMER DISCRETIONARY |  | 578519 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 1200 | 46880 |
| Kweichow Moutai Co Ltd A Shares (China)  | 144 | 28431 |
|  |  | 75311 |
| Financials - 1.5% |  |  |
| Banks - 0.8% |  |  |
| China Construction Bank Corp H Shares  | 211441 | 216828 |
| China Merchants Bank Co Ltd H Shares  | 2862 | 18594 |
|  |  | 235422 |
| Insurance - 0.7% |  |  |
| China Life Insurance Co Ltd H Shares  | 42463 | 123062 |
| Ping An Insurance Group Co of China Ltd H Shares  | 11059 | 76004 |
|  |  | 199066 |
| TOTAL FINANCIALS |  | 434488 |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.1% |  |  |
| Zai Lab Ltd (b) | 8441 | 31559 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 5021 | 67608 |
| Pharmaceuticals - 0.5% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 28112 | 126594 |
| TOTAL HEALTH CARE |  | 225761 |
| Industrials - 1.0% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 1698 | 62402 |
| Ground Transportation - 0.2% |  |  |
| Full Truck Alliance Co Ltd ADR  | 5251 | 60649 |
| Machinery - 0.6% |  |  |
| Airtac International Group  | 2444 | 69934 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 8846 | 77877 |
|  |  | 147811 |
| TOTAL INDUSTRIALS |  | 270862 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 20100 | 102252 |
| TOTAL CHINA |  | 2462532 |
| DENMARK - 0.9%  |  |  |
| Industrials - 0.9% |  |  |
| Air Freight & Logistics - 0.9% |  |  |
| DSV A/S  | 1181 | 264431 |
| FRANCE - 8.0%  |  |  |
| Consumer Discretionary - 1.5% |  |  |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Accor SA  | 4356 | 222008 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Hermes International SCA  | 85 | 208651 |
| TOTAL CONSUMER DISCRETIONARY |  | 430659 |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| Danone SA  | 1233 | 101142 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Gaztransport Et Technigaz SA  | 265 | 49899 |
| Financials - 1.1% |  |  |
| Insurance - 1.1% |  |  |
| AXA SA  | 6350 | 309286 |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.9% |  |  |
| EssilorLuxottica SA  | 818 | 243271 |
| Industrials - 2.1% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| Safran SA  | 1561 | 515720 |
| Thales SA  | 288 | 77499 |
|  |  | 593219 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Dassault Systemes SE  | 2721 | 89709 |
| Materials - 1.6% |  |  |
| Chemicals - 1.6% |  |  |
| Air Liquide SA  | 2243 | 442318 |
| TOTAL FRANCE |  | 2259503 |
| GERMANY - 8.4%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Deutsche Telekom AG  | 3733 | 134108 |
| Financials - 3.5% |  |  |
| Capital Markets - 1.3% |  |  |
| Deutsche Boerse AG  | 1264 | 366533 |
| Insurance - 2.2% |  |  |
| Hannover Rueck SE  | 932 | 283343 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 523 | 343546 |
|  |  | 626889 |
| TOTAL FINANCIALS |  | 993422 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Fresenius SE & Co KGaA  | 1408 | 67454 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Rheinmetall AG  | 96 | 190133 |
| Information Technology - 2.3% |  |  |
| Software - 2.3% |  |  |
| SAP SE  | 2320 | 664014 |
| Materials - 1.0% |  |  |
| Construction Materials - 1.0% |  |  |
| Heidelberg Materials AG  | 1176 | 271765 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Vonovia SE  | 1651 | 51399 |
| TOTAL GERMANY |  | 2372295 |
| HUNGARY - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| OTP Bank Nyrt  | 1104 | 89772 |
| INDIA - 6.0%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| MakeMyTrip Ltd (b) | 645 | 60365 |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Reliance Industries Ltd GDR (c) | 4733 | 298179 |
| Financials - 3.7% |  |  |
| Banks - 3.7% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 7861 | 603489 |
| ICICI Bank Ltd ADR  | 13364 | 450367 |
|  |  | 1053856 |
| Industrials - 1.0% |  |  |
| Construction & Engineering - 1.0% |  |  |
| Larsen & Toubro Ltd GDR (d) | 6955 | 285503 |
| TOTAL INDIA |  | 1697903 |
| INDONESIA - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Bank Central Asia Tbk PT  | 626834 | 315226 |
| IRELAND - 0.9%  |  |  |
| Industrials - 0.9% |  |  |
| Building Products - 0.9% |  |  |
| Kingspan Group PLC  | 2992 | 248061 |
| ITALY - 2.5%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Ferrari NV (Italy)  | 158 | 69473 |
| Financials - 2.0% |  |  |
| Banks - 2.0% |  |  |
| FinecoBank Banca Fineco SpA  | 1568 | 33498 |
| UniCredit SpA  | 7389 | 544981 |
|  |  | 578479 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 1251 | 71953 |
| TOTAL ITALY |  | 719905 |
| JAPAN - 10.4%  |  |  |
| Communication Services - 1.1% |  |  |
| Entertainment - 1.1% |  |  |
| Capcom Co Ltd  | 3782 | 97208 |
| Nintendo Co Ltd  | 2531 | 212987 |
|  |  | 310195 |
| Consumer Discretionary - 0.6% |  |  |
| Household Durables - 0.4% |  |  |
| Sony Group Corp  | 4673 | 114098 |
| Specialty Retail - 0.2% |  |  |
| Fast Retailing Co Ltd  | 203 | 62435 |
| TOTAL CONSUMER DISCRETIONARY |  | 176533 |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| Ajinomoto Co Inc  | 4976 | 132154 |
| Financials - 1.7% |  |  |
| Banks - 0.5% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 5955 | 152232 |
| Insurance - 1.2% |  |  |
| Tokio Marine Holdings Inc  | 8320 | 337876 |
| TOTAL FINANCIALS |  | 490108 |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.7% |  |  |
| Hoya Corp  | 1471 | 187094 |
| Industrials - 4.0% |  |  |
| Industrial Conglomerates - 2.0% |  |  |
| Hitachi Ltd  | 18578 | 578654 |
| Machinery - 1.1% |  |  |
| Mitsubishi Heavy Industries Ltd  | 12376 | 297911 |
| Professional Services - 0.2% |  |  |
| BayCurrent Inc  | 812 | 46717 |
| Trading Companies & Distributors - 0.7% |  |  |
| ITOCHU Corp  | 3825 | 201218 |
| TOTAL INDUSTRIALS |  | 1124500 |
| Information Technology - 1.1% |  |  |
| IT Services - 0.2% |  |  |
| Fujitsu Ltd  | 2056 | 45060 |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| Advantest Corp  | 1850 | 126973 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| FUJIFILM Holdings Corp  | 7024 | 147001 |
| TOTAL INFORMATION TECHNOLOGY |  | 319034 |
| Materials - 0.8% |  |  |
| Chemicals - 0.8% |  |  |
| Shin-Etsu Chemical Co Ltd  | 7474 | 217826 |
| TOTAL JAPAN |  | 2957444 |
| KOREA (SOUTH) - 2.5%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| KT Corp  | 1647 | 65158 |
| Interactive Media & Services - 0.0% |  |  |
| Kakao Corp  | 322 | 13385 |
| TOTAL COMMUNICATION SERVICES |  | 78543 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d) | 30 | 22941 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Korea Aerospace Industries Ltd  | 869 | 58856 |
| Information Technology - 2.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| SK Hynix Inc  | 988 | 193664 |
| Technology Hardware, Storage & Peripherals - 1.3% |  |  |
| Samsung Electronics Co Ltd  | 7160 | 366393 |
| TOTAL INFORMATION TECHNOLOGY |  | 560057 |
| TOTAL KOREA (SOUTH) |  | 720397 |
| MEXICO - 0.6%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 59299 | 174801 |
| NETHERLANDS - 3.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Universal Music Group NV  | 2188 | 63372 |
| Industrials - 1.5% |  |  |
| Professional Services - 1.3% |  |  |
| Wolters Kluwer NV  | 2345 | 365825 |
| Trading Companies & Distributors - 0.2% |  |  |
| IMCD NV  | 504 | 55400 |
| TOTAL INDUSTRIALS |  | 421225 |
| Information Technology - 1.6% |  |  |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| ASM International NV  | 119 | 58056 |
| ASML Holding NV  | 546 | 382020 |
| BE Semiconductor Industries NV  | 153 | 20795 |
|  |  | 460871 |
| TOTAL NETHERLANDS |  | 945468 |
| PERU - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Credicorp Ltd  | 510 | 120870 |
| POLAND - 0.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Allegro.eu SA (b)(c)(d) | 4482 | 44269 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Dino Polska SA (b)(c)(d) | 3570 | 47260 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 850 | 18685 |
| TOTAL POLAND |  | 110214 |
| SAUDI ARABIA - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Al Rajhi Bank  | 6222 | 157163 |
| SINGAPORE - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Sea Ltd Class A ADR (b) | 805 | 126103 |
| SOUTH AFRICA - 1.6%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| Naspers Ltd Class N  | 344 | 106609 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Shoprite Holdings Ltd  | 6037 | 87992 |
| Financials - 0.8% |  |  |
| Banks - 0.6% |  |  |
| Capitec Bank Holdings Ltd  | 862 | 167139 |
| Financial Services - 0.2% |  |  |
| FirstRand Ltd  | 12578 | 53485 |
| TOTAL FINANCIALS |  | 220624 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Impala Platinum Holdings Ltd (b) | 2991 | 28227 |
| TOTAL SOUTH AFRICA |  | 443452 |
| SPAIN - 2.4%  |  |  |
| Financials - 2.4% |  |  |
| Banks - 2.4% |  |  |
| Banco Santander SA  | 22913 | 197053 |
| CaixaBank SA  | 51580 | 485621 |
| TOTAL SPAIN |  | 682674 |
| SWEDEN - 2.8%  |  |  |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| Investor AB B Shares  | 10789 | 313555 |
| Industrials - 1.7% |  |  |
| Machinery - 1.7% |  |  |
| Atlas Copco AB A Shares  | 20199 | 308270 |
| Indutrade AB  | 7532 | 183429 |
|  |  | 491699 |
| TOTAL SWEDEN |  | 805254 |
| SWITZERLAND - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Capital Markets - 1.3% |  |  |
| Partners Group Holding AG  | 101 | 136967 |
| UBS Group AG  | 6087 | 228117 |
| TOTAL SWITZERLAND |  | 365084 |
| TAIWAN - 5.6%  |  |  |
| Information Technology - 5.6% |  |  |
| Semiconductors & Semiconductor Equipment - 5.4% |  |  |
| ASE Technology Holding Co Ltd  | 16432 | 83767 |
| eMemory Technology Inc  | 603 | 41019 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 36417 | 1412125 |
|  |  | 1536911 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Wiwynn Corp  | 616 | 56936 |
| TOTAL TAIWAN |  | 1593847 |
| UNITED ARAB EMIRATES - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| ADNOC Drilling Co PJSC  | 38299 | 60894 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Adnoc Gas PLC  | 47421 | 42992 |
| TOTAL ENERGY |  | 103886 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Emaar Properties PJSC  | 5190 | 21548 |
| TOTAL UNITED ARAB EMIRATES |  | 125434 |
| UNITED KINGDOM - 11.5%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Zegona Communications plc (b) | 9566 | 112184 |
| Consumer Discretionary - 1.9% |  |  |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Compass Group PLC  | 10376 | 365188 |
| InterContinental Hotels Group PLC  | 610 | 70602 |
|  |  | 435790 |
| Leisure Products - 0.3% |  |  |
| Games Workshop Group PLC  | 429 | 92292 |
| TOTAL CONSUMER DISCRETIONARY |  | 528082 |
| Consumer Staples - 0.6% |  |  |
| Tobacco - 0.6% |  |  |
| Imperial Brands PLC  | 4037 | 157491 |
| Financials - 3.5% |  |  |
| Banks - 0.7% |  |  |
| NatWest Group PLC  | 30880 | 214919 |
| Capital Markets - 2.8% |  |  |
| 3i Group PLC  | 6928 | 379794 |
| London Stock Exchange Group PLC  | 3285 | 401731 |
|  |  | 781525 |
| TOTAL FINANCIALS |  | 996444 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| ConvaTec Group PLC (c)(d) | 12731 | 39242 |
| Industrials - 4.6% |  |  |
| Aerospace & Defense - 2.9% |  |  |
| BAE Systems PLC  | 17134 | 408210 |
| Rolls-Royce Holdings PLC  | 27796 | 393519 |
|  |  | 801729 |
| Professional Services - 1.6% |  |  |
| RELX PLC  | 8945 | 464968 |
| Trading Companies & Distributors - 0.1% |  |  |
| Diploma PLC  | 454 | 32257 |
| TOTAL INDUSTRIALS |  | 1298954 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Halma PLC  | 1732 | 74385 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 1245 | 56399 |
| TOTAL UNITED KINGDOM |  | 3263181 |
| UNITED STATES - 5.6%  |  |  |
| Communication Services - 0.6% |  |  |
| Entertainment - 0.6% |  |  |
| Spotify Technology SA (b) | 294 | 184203 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Shell PLC  | 7338 | 262721 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Alcon AG  | 1374 | 121491 |
| Industrials - 3.0% |  |  |
| Electrical Equipment - 1.7% |  |  |
| Schneider Electric SE  | 1699 | 442554 |
| Professional Services - 1.3% |  |  |
| Experian PLC  | 7190 | 380198 |
| TOTAL INDUSTRIALS |  | 822752 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.7% |  |  |
| Amrize Ltd  | 753 | 38065 |
| Holcim AG  | 1901 | 152080 |
|  |  | 190145 |
| TOTAL UNITED STATES |  | 1581312 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $25,686,523) |  | <br> **28082791** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 10/23/2025 (f)<br>(Cost $19,804)<br>| 4.29 | 20000 | **19804** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g)<br>(Cost $235,543)<br>| 4.33 | 235496 | **235543** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $25,941,870)<br>| <br>**28338138** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **24422** |
| **NET ASSETS - 100.0%** | **28362560** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 1 | Sep 2025 | 130670 | (1429) | (1429) |
| The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% |

---

**Legend**

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

(b) Non-income producing.

(c) 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 $697,527 or 2.5% of net assets.

(d) 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 $684,851 or 2.4% 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) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $19,804.

(g) 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 | - | 12360175 | 12124632 | 5048 | - | - | 235543 | 235496 | 0.0% |
| Total | - | 12360175 | 12124632 | 5048 | - | - | 235543 |  |  |

---

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

**Investment Valuation**

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

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

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

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

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

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

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

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

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

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

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

**Derivative Instruments**

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

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

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

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

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

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

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

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

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual 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.*

*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 Global ex US ETF

- **b. EDGAR series identifier (if any):** S000087782

- **c. LEI of Series:** 254900BII9H2DFPR3729

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $28377095.52

**Total Liabilities:** $14569.02

**Net Assets:** $28362526.50

**Cash Not Reported:** $10334.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253744 | 5.28%                | 3.50%                | -1.39%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $93871.09                | $1063392.37                                |
| Month 2  | $-18674.27               | $862235.85                                 |
| Month 3  | $33860.99                | $-426903.29                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WAL MART DE MEXICO SAB DE CV                              | WAL MART DE MEXICO SAB DE CV V           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     59299 | NS      | $174800.82    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| BE SEMICONDUCTOR INDUSTRIES NV                            | BE SEMICOND INDUS NV (NETH)              | CUSIP: N/A<br>LEI: 7245007A1YFLI2GNYX06       | Long             | EC               | CORP              | NL        |       153 | NS      | $20795.29     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA CONSTRUCTION BANK CORP                              | CHINA CONSTRUCTION BANK CORP H           | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |    211441 | NS      | $216828.03    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTEMPORARY AMPEREX TECHNOLOGY CO LTD                    | CONTEMPORARY AMPEREX TECHNOLOGY CO LTD A | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |      1698 | NS      | $62402.32     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HANNOVER RUECK SA                                         | HANNOVER RUECKVERSICHERUNGS SE(REGD)     | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |       932 | NS      | $283342.61    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LONDON STOCK EXCHANGE GROUP PLC                           | LONDON STOCK EXCHANGE GRP PLC            | CUSIP: N/A<br>LEI: 213800QAUUUP6I445N30       | Long             | EC               | CORP              | GB        |      3285 | NS      | $401729.85    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DINO POLSKA SA                                            | DINO POLSKA SA                           | CUSIP: N/A<br>LEI: 259400H4L81SMPRTW956       | Long             | EC               | CORP              | PL        |      3570 | NS      | $47259.60     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FAST RETAILING CO LTD                                     | FAST RETAILING CO LTD                    | CUSIP: N/A<br>LEI: 353800ZCXKHDPY0N5218       | Long             | EC               | CORP              | JP        |       203 | NS      | $62434.62     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG ELECTRONICS CO LTD                                | SAMSUNG ELECTRONICS CO LTD               | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |      7160 | NS      | $366392.65    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCALIZA RENT A CAR SA                                    | LOCALIZA RENT A CAR SA                   | CUSIP: N/A<br>LEI: 984500C442A7E0CD4D11       | Long             | EC               | CORP              | BR        |      8599 | NS      | $53179.88     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KT CORP                                                   | KT CORP                                  | CUSIP: N/A<br>LEI: 9884005ACF8449EANY26       | Long             | EC               | CORP              | KR        |      1647 | NS      | $65158.07     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES US                                            | MSCI EAFE FUT SEP25 MFSU5                | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | N/A              | DE               | CORP              | US        |         1 | NC      | $-1429.34     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ALLEGRO.EU                                                | ALLEGRO.EU                               | CUSIP: N/A<br>LEI: 222100VRLXV3FPMG4982       | Long             | EC               | CORP              | LU        |      4482 | NS      | $44269.25     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                                    | AXA SA                                   | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |      6350 | NS      | $309285.74    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC GAS PLC                                             | ADNOC GAS PLC                            | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               | CORP              | AE        |     47421 | NS      | $42992.04     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSILORLUXOTTICA                                          | ESSILORLUXOTTICA                         | CUSIP: N/A<br>LEI: 549300M3VH1A3ER1TB49       | Long             | EC               | CORP              | FR        |       818 | NS      | $243270.52    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ROLLS-ROYCE HOLDINGS PLC                                  | ROLLS-ROYCE HOLDINGS PLC                 | CUSIP: N/A<br>LEI: 213800EC7997ZBLZJH69       | Long             | EC               | CORP              | GB        |     27796 | NS      | $393518.20    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| KINGSPAN GROUP PLC                                        | KINGSPAN GROUP PLC                       | CUSIP: N/A<br>LEI: 635400HM7V74SUB9OG75       | Long             | EC               | CORP              | IE        |      2992 | NS      | $248061.28    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA                                        | BANCO SANTANDER SA                       | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |     22913 | NS      | $197053.71    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ZAI LAB LTD                                               | ZAI LAB LTD                              | CUSIP: N/A<br>LEI: 549300P2UYQ9U5LY1T58       | Long             | EC               | CORP              | KY        |      8441 | NS      | $31559.66     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                                    | SAP SE                                   | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |      2320 | NS      | $664014.07    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANTEST CORP                                            | ADVANTEST CORP                           | CUSIP: N/A<br>LEI: 353800EMK32PDKS9XR54       | Long             | EC               | CORP              | JP        |      1850 | NS      | $126972.81    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ASE TECHNOLOGY HOLDING CO LTD                             | ASE TECHNOLOGY HOLDING CO LTD            | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |     16432 | NS      | $83766.67     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUBISHI HEAVY INDUSTRIES LTD                           | MITSUBISHI HEAVY INDS LTD                | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |     12376 | NS      | $297910.34    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD                                             | CREDICORP LTD                            | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | BM        |       510 | NS      | $120870.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN | MUNICH REINSURANCE (REG)                 | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |       523 | NS      | $343545.48    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA LIFE INSURANCE CO LTD                               | CHINA LIFE INS CO LTD H                  | CUSIP: N/A<br>LEI: 549300J6TFLDXGH6S048       | Long             | EC               | CORP              | CN        |     42463 | NS      | $123061.56    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCOR SA                                                  | ACCOR SA                                 | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |      4356 | NS      | $222007.86    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC DRILLING COMPANY PJSC                               | ADNOC DRILLING COMPANY PJSC              | CUSIP: N/A<br>LEI: 254900JPRSQL1PM0JV19       | Long             | EC               | CORP              | AE        |     38299 | NS      | $60893.85     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA MERCHANTS BANK CO LTD                               | CHINA MERCHANTS BANK CO LTD H            | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |      2862 | NS      | $18593.89     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                                                  | RELX PLC                                 | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               | CORP              | GB        |      8945 | NS      | $464968.11    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ITAU UNIBANCO HOLDING SA                                  | ITAU UNIBANCO HOLDING SA                 | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EC               | CORP              | BR        |     18555 | NS      | $116508.26    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HOYA CORP                                                 | HOYA CORP                                | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |      1471 | NS      | $187094.03    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| KAKAO CORP                                                | KAKAO CORP                               | CUSIP: N/A<br>LEI: 988400FTKUBQXKVZP434       | Long             | EC               | CORP              | KR        |       322 | NS      | $13385.03     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CAIXABANK SA                                              | CAIXABANK SA                             | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |     51580 | NS      | $485620.54    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HAIER SMART HOME CO LTD                                   | HAIER SMART HOME CO LTD                  | CUSIP: N/A<br>LEI: 3003002BYTNGNJTWSH07       | Long             | EC               | CORP              | CN        |     40476 | NS      | $127357.61    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC GROUPE SA/NV                                          | KBC GROUPE SA                            | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |      1691 | NS      | $177075.62    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| KWEICHOW MOUTAI CO LTD                                    | KWEICHOW MOUTAI CO LTD A                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |       144 | NS      | $28431.62     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FINECOBANK SPA                                            | FINECOBANK SPA                           | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |      1568 | NS      | $33497.60     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HERMES INTL SCA                                           | HERMES INTERNATIONAL SA                  | CUSIP: N/A<br>LEI: 969500Y4IJGHJE2MTJ13       | Long             | EC               | CORP              | FR        |        85 | NS      | $208651.30    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| FUJITSU LTD                                               | FUJITSU LTD                              | CUSIP: N/A<br>LEI: 3538000246DHJLRTUZ24       | Long             | EC               | CORP              | JP        |      2056 | NS      | $45060.21     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FERRARI NV                                                | FERRARI NV                               | CUSIP: N/A<br>LEI: 549300RIVY5EX8RCON76       | Long             | EC               | CORP              | NL        |       158 | NS      | $69473.29     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DANONE SA                                                 | DANONE SA                                | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |      1233 | NS      | $101142.32    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD CO LTD                                                | BYD COMPANY LTD H                        | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |      6018 | NS      | $88468.43     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMES WORKSHOP GROUP PLC                                  | GAMES WORKSHOP GROUP CO PLC              | CUSIP: N/A<br>LEI: 213800RP9QJQYGWHNT41       | Long             | EC               | CORP              | GB        |       429 | NS      | $92292.44     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HEIDELBERG MATERIALS AG                                   | HEIDELBERG MATERIALS AG                  | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |      1176 | NS      | $271765.37    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| WUXI APPTEC CO LTD                                        | WUXI APPTEC CO LTD H                     | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | CN        |      5021 | NS      | $67607.61     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC                                | CONSTELLATION SOFTWARE INC               | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |       200 | NS      | $689994.23    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE SYSTEMS PLC                                           | BAE SYSTEMS PLC                          | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |     17134 | NS      | $408209.43    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AMRIZE LTD                                                | AMRIZE LTD                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |       753 | NS      | $38064.86     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU CORPORATION                                        | ITOCHU CORP                              | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |      3825 | NS      | $201218.34    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LTD                                             | HDFC BANK LTD SPON ADR                   | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      7861 | NS      | $603488.97    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MAKEMYTRIP LIMITED                                        | MAKEMYTRIP LIMITED                       | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | MU        |       645 | NS      | $60365.55     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DASSAULT SYSTEMES SA                                      | DASSAULT SYSTEMES SA                     | CUSIP: N/A<br>LEI: 96950065LBWY0APQIM86       | Long             | EC               | CORP              | FR        |      2721 | NS      | $89709.38     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HAPVIDA PARTICIPACOES E INVESTIMENTOS SA                  | HAPVIDA PARTICIPACOES E INVESTIMENTOS SA | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |      8709 | NS      | $51433.89     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD HOLDINGS INC                                          | PDD HOLDINGS INC ADR                     | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      1749 | NS      | $198424.05    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING LTD                                 | ALIBABA GROUP HOLDING LTD                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |      8832 | NS      | $130173.55    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BTG PACTUAL SA                                      | BANCO BTG PACTUAL SA US(1CS)             | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               | CORP              | BR        |      2922 | NS      | $20419.12     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK CENTRAL ASIA TBK PT                                  | BANK CENTRAL ASIA                        | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |    626834 | NS      | $315226.46    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AJINOMOTO CO INC                                          | AJINOMOTO CO INC                         | CUSIP: N/A<br>LEI: 353800UT0TLROREPIC92       | Long             | EC               | CORP              | JP        |      4976 | NS      | $132154.38    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LIQUIDE SA                                            | AIR LIQUIDE SA                           | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               | CORP              | FR        |      2243 | NS      | $442318.17    | 1.56%             |  |  |  | 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        |      5955 | NS      | $152231.60    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| LARSEN and TOUBRO LTD                                     | LARSEN and TOUBRO LTD GDR                | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |      6955 | NS      | $285502.75    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY SA                                     | SPOTIFY TECHNOLOGY SA                    | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | LU        |       294 | NS      | $184202.76    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| POWSZECHNA KASA OSZCZ BK SA                               | POWSZECHNA KASA OSZCZ BK SA              | CUSIP: N/A<br>LEI: P4GTT6GF1W40CVIMFR43       | Long             | EC               | CORP              | PL        |       850 | NS      | $18685.01     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EMEMORY TECHNOLOGY INC                                    | EMEMORY TECHNOLOGY INC                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |       603 | NS      | $41019.72     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LTD                                               | NASPERS LTD N SHS                        | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               | CORP              | ZA        |       344 | NS      | $106609.45    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EMAAR PROPERTIES PJSC                                     | EMAAR PROPERTIES                         | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |      5190 | NS      | $21548.17     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RHEINMETALL                                               | RHEINMETALL AG ORD                       | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |        96 | NS      | $190133.05    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS COPCO AB                                            | ATLAS COPCO AB SER A                     | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |     20199 | NS      | $308269.85    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIP.COM GROUP LTD                                        | TRIP.COM GROUP LTD                       | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | KY        |       544 | NS      | $34095.29     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BAYCURRENT INC                                            | BAYCURRENT INC                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       812 | NS      | $46716.92     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CONVATEC GROUP PLC                                        | CONVATEC GROUP PLC                       | CUSIP: N/A<br>LEI: 213800LS272L4FIDOH92       | Long             | EC               | CORP              | GB        |     12731 | NS      | $39241.99     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTOCRAT LEISURE LTD                                    | ARISTOCRAT LEISURE LTD                   | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27       | Long             | EC               | CORP              | AU        |      3588 | NS      | $161500.21    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                                 | SHELL PLC                                | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |      7338 | NS      | $262721.11    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                                                    | WEG SA                                   | CUSIP: N/A<br>LEI: 254900NKQV127YFRO022       | Long             | EC               | CORP              | BR        |      6158 | NS      | $40811.03     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LTD                                            | ICICI BANK LTD SPONS ADR                 | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     13364 | NS      | $450366.80    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLCIM AG                                                 | HOLCIM LTD                               | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |      1901 | NS      | $152080.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPRITE HLDGS LTD                                        | SHOPRITE HLDGS LTD                       | CUSIP: N/A<br>LEI: 529900Q4O1EYP6NH5150       | Long             | EC               | CORP              | ZA        |      6037 | NS      | $87991.98     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| WOLTERS KLUWER NV                                         | WOLTERS KLUWER NV                        | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |      2345 | NS      | $365824.78    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN INSURANCE (GROUP) COMPANY OF CHINA LIMITED        | PING AN INSURANCE CO LTD H               | CUSIP: N/A<br>LEI: 300300IP9S6FHQPKRN68       | Long             | EC               | CORP              | CN        |     11059 | NS      | $76004.21     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NINTENDO CO LTD                                           | NINTENDO CO LTD                          | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               | CORP              | JP        |      2531 | NS      | $212986.67    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SAFRAN SA                                                 | SAFRAN SA                                | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |      1561 | NS      | $515719.12    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE TELEKOM AG                                       | DEUTSCHE TELEKOM AG (REGD)               | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |      3733 | NS      | $134107.94    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPERIAN PLC                                              | EXPERIAN PLC                             | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               | CORP              | JE        |      7190 | NS      | $380198.76    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT HLDGS LTD                                         | TENCENT HOLDINGS LTD                     | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |     10201 | NS      | $714719.75    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHNEIDER ELEC SA                                         | SCHNEIDER ELECTRIC SE                    | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |      1699 | NS      | $442553.65    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SHENZHEN INOVANCE TECHNOLOGY CO LTD                       | SHENZHEN INOVANCE TECHNOLOGY CO LTD A    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      8846 | NS      | $77876.79     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT MUSIC ENTERTAINMENT GROUP                         | TENCENT MUSIC ENTERTAINMENT ADR          | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |      2888 | NS      | $60619.12     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTROC BEVERAGE GROUP CO LTD                             | EASTROC BEVERAGE GROUP CO LTD A          | CUSIP: N/A<br>LEI: 836800LQ338417RCIL29       | Long             | EC               | CORP              | CN        |      1200 | NS      | $46880.40     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZAS 2154 SA                                             | AZZAS 2154 SA                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |      5072 | NS      | $32318.48     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                                              | UBS GROUP AG                             | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |      6087 | NS      | $228117.30    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN PACIFIC KANSAS CITY LTD                          | CANADIAN PACIFIC KANSAS CITY LTD         | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      1866 | NS      | $137229.65    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                                                 | UST BILLS 0% 10/23/2025                  | CUSIP: 912797QG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19804.43     | 0.07%             | 2025-10-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SAMSUNG BIOLOGICS CO LTD                                  | SAMSUNG BIOLOGICS CO LTD                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |        30 | NS      | $22941.47     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MFG CO LTD                           | TAIWAN SEMICONDUCTOR MFG CO LTD          | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |     36417 | NS      | $1412125.02   | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| UNICREDIT SPA                                             | UNICREDIT SPA                            | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               | CORP              | IT        |      7389 | NS      | $544981.28    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| SONY GROUP CORP                                           | SONY GROUP CORP                          | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |      4673 | NS      | $114098.05    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust                              | Fidelity Cash Central Fund               | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    235496 | NS      | $235543.21    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUATORIAL ENERGIA SA                                     | EQUATORIAL ENERGIA SA                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |      2977 | NS      | $18113.31     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GAZTRANSPORT ET TECHNIGAZ SA                              | GAZTRANSPORT ET TECHNIGA                 | CUSIP: N/A<br>LEI: 969500BVOHVZUUFWDT54       | Long             | EC               | CORP              | FR        |       265 | NS      | $49898.97     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTOFAGASTA PLC                                           | ANTOFAGASTA PLC                          | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | GB        |      2922 | NS      | $72432.29     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEGONA COMMUNICATIONS PLC                                 | ZEGONA COMMUNICATIONS PLC                | CUSIP: N/A<br>LEI: 213800ASI1VZL2ED4S65       | Long             | EC               | CORP              | GB        |      9566 | NS      | $112184.04    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL OIL LTD                                          | IMPERIAL OIL LTD                         | CUSIP: 453038408<br>LEI: 549300MO45LTBPAU4Z27 | Long             | EC               | CORP              | CA        |      3475 | NS      | $289742.17    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL BRANDS PLC                                       | IMPERIAL BRANDS PLC                      | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |      4037 | NS      | $157491.45    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| LUXSHARE PRECISION INDUSTRY CO LTD                        | LUXSHARE PRECISION INDUSTRY CO LTD-A     | CUSIP: N/A<br>LEI: 300300QLLDUELXN16530       | Long             | EC               | CORP              | CN        |     20100 | NS      | $102252.36    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPCOM CO LTD                                             | CAPCOM CO LTD                            | CUSIP: N/A<br>LEI: 529900JJWQKXS3TC8744       | Long             | EC               | CORP              | JP        |      3782 | NS      | $97208.44     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HALMA PLC                                                 | HALMA PLC                                | CUSIP: N/A<br>LEI: 2138007FRGLUR9KGBT40       | Long             | EC               | CORP              | GB        |      1732 | NS      | $74385.14     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| FUJIFILM HLDGS CORP                                       | FUJIFILM HOLDINGS CORP                   | CUSIP: N/A<br>LEI: 529900UBKMFM0ST6H474       | Long             | EC               | CORP              | JP        |      7024 | NS      | $147000.95    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRTAC INTERNATIONAL GROUP                                | AIRTAC INTERNATIONAL GROUP               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      2444 | NS      | $69933.61     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCADOLIBRE INC                                          | MERCADOLIBRE INC                         | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       121 | NS      | $287240.69    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL HOTELS GROUP PLC NEW                     | INTERCONTINENTAL HOTELS GP PLC           | CUSIP: N/A<br>LEI: 2138007ZFQYRUSLU3J98       | Long             | EC               | CORP              | GB        |       610 | NS      | $70602.48     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                                    | UCB SA                                   | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |       652 | NS      | $141706.68    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FULL TRUCK ALLIANCE CO LTD                                | FULL TRUCK ALLIANCE CO LTD ADR           | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             | EC               | CORP              | KY        |      5251 | NS      | $60649.05     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPALA PLATINUM HOLDINGS LTD                              | IMPALA PLATINUM HOLDINGS LTD             | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               | CORP              | ZA        |      2991 | NS      | $28226.60     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC                                               | SHOPIFY INC CL A                         | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      1753 | NS      | $214279.45    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP BANK PLC                                              | OTP BANK (REG)                           | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |      1104 | NS      | $89772.40     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WIWYNN CORP                                               | WIWYNN CORP                              | CUSIP: N/A<br>LEI: 254900FV2R15PMKXFL69       | Long             | EC               | CORP              | TW        |       616 | NS      | $56935.99     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| VONOVIA SE                                                | VONOVIA SE                               | CUSIP: N/A<br>LEI: 5299005A2ZEP6AP7KM81       | Long             | EC               | CORP              | DE        |      1651 | NS      | $51398.83     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AL RAJHI BANK                                             | AL RAJHI BANKING and INVEST CORP         | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               | CORP              | SA        |      6222 | NS      | $157163.10    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| 3I GROUP PLC                                              | 3I GROUP PLC                             | CUSIP: N/A<br>LEI: 35GDVHRBMFE7NWATNM84       | Long             | EC               | CORP              | GB        |      6928 | NS      | $379794.22    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                                     | ANGLOGOLD ASHANTI PLC                    | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |      1245 | NS      | $56399.45     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HITACHI LTD                                               | HITACHI LTD                              | CUSIP: N/A<br>LEI: 549300T6IPOCDWLKC615       | Long             | EC               | CORP              | JP        |     18578 | NS      | $578652.96    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LTD                            | CANADIAN NATL RESOURCES LTD              | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     10209 | NS      | $323157.29    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HANSOH PHARMACEUTICAL GROUP CO LTD                        | HANSOH PHARMACETICAL GROUP               | CUSIP: N/A<br>LEI: 254900Q6MR00EBXTPF42       | Long             | EC               | CORP              | KY        |     28112 | NS      | $126593.53    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BOERSE AG                                        | DEUTSCHE BOERSE AG                       | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |      1264 | NS      | $366533.36    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESTOR AB                                               | INVESTOR AB SER B                        | CUSIP: N/A<br>LEI: 549300VEBQPHRZBKUX38       | Long             | EC               | CORP              | SE        |     10789 | NS      | $313555.23    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM INTL NV                                               | ASM INTERNATIONAL NV (NETH)              | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |       119 | NS      | $58055.70     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL MUSIC GROUP NV                                  | UNIVERSAL MUSIC GROUP NV                 | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |      2188 | NS      | $63372.48     | 0.22%             |  |  |  | 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        |      7474 | NS      | $217826.46    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SK HYNIX INC                                              | SK HYNIX INC                             | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |       988 | NS      | $193664.40    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| IMCD NV                                                   | IMCD GROUP BV                            | CUSIP: N/A<br>LEI: 724500NSJPNFJPDAUP02       | Long             | EC               | CORP              | NL        |       504 | NS      | $55399.87     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML HOLDING NV                                           | ASML HOLDING NV                          | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       546 | NS      | $382019.67    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA SPA            | RECORDATI SPA                            | CUSIP: N/A<br>LEI: 815600FBF92FD3531704       | Long             | EC               | CORP              | IT        |      1251 | NS      | $71953.12     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMECO CORP                                               | CAMECO CORP                              | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |      2973 | NS      | $223211.02    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCON INC                                                 | ALCON INC                                | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |      1374 | NS      | $121490.53    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE SA                                                   | VALE S.A.                                | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |     17087 | NS      | $163132.93    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                                   | RELIANCE INDS GDR                        | CUSIP: 759470107<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |      4733 | NS      | $298179.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANCO NEVADA CORP                                        | FRANCO-NEVADA CORP                       | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      1676 | NS      | $266979.45    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS GROUP PLC                                         | COMPASS GROUP PLC                        | CUSIP: N/A<br>LEI: 2138008M6MH9OZ6U2T68       | Long             | EC               | CORP              | GB        |     10376 | NS      | $365186.67    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NATWEST GROUP PLC                                         | NATWEST GROUP PLC                        | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | EC               | CORP              | GB        |     30880 | NS      | $214919.41    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTRAND LIMITED                                         | FIRSTRAND LIMITED                        | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               | CORP              | ZA        |     12578 | NS      | $53484.77     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA AEROSPACE INDUSTRIES LTD                            | KOREA AEROSPACE INDUSTRIES LTD           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       869 | NS      | $58855.51     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                                                   | DSV A/S                                  | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               | CORP              | DK        |      1181 | NS      | $264430.61    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKIO MARINE HOLDINGS INC                                 | TOKIO MARINE HOLDINGS INC                | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |      8320 | NS      | $337875.86    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS GROUP HOLDING                                    | PARTNERS GROUP HOLDING AG                | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |       101 | NS      | $136967.07    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| DIPLOMA PLC                                               | DIPLOMA PLC                              | CUSIP: N/A<br>LEI: 2138008OGI7VYG8FGR19       | Long             | EC               | CORP              | GB        |       454 | NS      | $32257.14     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| THALES SA                                                 | THALES                                   | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |       288 | NS      | $77499.35     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUTRADE AB                                              | INDUTRADE AB                             | CUSIP: N/A<br>LEI: 549300FISLQ6CEFP1867       | Long             | EC               | CORP              | SE        |      7532 | NS      | $183428.64    | 0.65%             |  |  |  | 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        |      1408 | NS      | $67453.87     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITEC BANK HOLDINGS LTD                                 | CAPITEC BANK HOLDINGS LIMITED            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ZA        |       862 | NS      | $167138.92    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SEA LTD                                                   | SEA LTD ADR                              | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |       805 | NS      | $126103.25    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer