# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000945908-25-000628
**Filing Date:** 2025-10
**Character Count:** 324284
**Document Hash:** 2eed58abe029dbd4563e8c1cfc480b30
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945908-25-000628.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000945908-25-000628

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**EFFECTIVENESS DATE**: 20251023

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 251411879

**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 Enhanced High Yield ETF (Series ID: S000062078)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000201027 | Fidelity Enhanced High Yield ETF | FDHY            |

### Fidelity Preferred Securities & Income ETF (Series ID: S000072125)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000227886 | Fidelity Preferred Securities & Income ETF | FPFD            |

### Fidelity Sustainable High Yield ETF (Series ID: S000075296)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000234213 | Fidelity Sustainable High Yield ETF | FSYD            |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-07319</u>

<u>Fidelity Covington Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;August 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;August 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Sustainable High Yield ETF<br> **Fidelity® Sustainable High Yield ETF : FSYD** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Sustainable High Yield ETF for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Sustainable High Yield ETF  | $57  | 0.55% |

---

**What affected the Fund's performance this period?**

• High-yield bonds achieved a strong gain for the 12 months ending August 31, 2025, helped by resilient fundamentals, falling yields, compressed spreads and a steady economy against the backdrop of a possible September rate cut.

• Against this backdrop, the fund's core investment in high-yield bonds gained 8.45% and contributed to performance versus the ICE BofA US High Yield Constrained Index for the fiscal year. By industry, security selection was the primary contributor, led by telecommunications. Security selection in real estate and automotive also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in EchoStar (+86%). The second-largest relative contributor was our stake in Windstream (+27%), which was not held at period end. A non-benchmark stake in Rivian gained 24% and notably helped.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in health care. Also hurting our result were security selection and an overweight in utility and security selection and an underweight in media.

• The biggest individual relative detractor was an overweight in Sunnova Energy (-100%). A second notable relative detractor was our stake in Bausch Health (+2%).

• Notable changes in positioning include increased exposure to the health care industry and a lower allocation to capital goods.

*Application of FMR's environmental, social and governance ratings process and/or its sustainable investing exclusion criteria may affect the fund's exposure to certain issuers, sectors, regions and countries, and may affect the fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 15, 2022 through August 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fidelity® Sustainable High Yield ETF<br>| $10000 | $9322<br>| $9959<br>| $11186<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $9295<br>| $9948<br>| $11189<br>|
| ICE® US High Yield Best-in-Class ESG Index<br>| $10000 | $9248<br>| $9853<br>| $11104<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $9276<br>| $9239<br>| $9971<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img113770_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** |
| Fidelity® Sustainable High Yield ETF - NAV A  | 8.40% | 5.59% |
| ICE® BofA® US High Yield Constrained IndexA | 8.13%<br>| 5.53% |
| ICE® US High Yield Best-in-Class ESG IndexA | 8.36%<br>| 5.36% |
| Bloomberg U.S. Universal Bond IndexA | 3.72%<br>| 0.96% |

---

**A** From February 15, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $56561186<br>|
| Number of Holdings | 415<br>|
| Total Advisory Fee | $232066<br>|
| Portfolio Turnover | 104%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| BBB | 1.3 |
| BB | 41.9 |
| B | 35.3 |
| CCC,CC,C | 17.4 |
| D | 0.0 |
| Not Rated | 1.6 |
| Equities | 1.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6508_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 35.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 90.9 |
| Bank Loan Obligations | 6.0 |
| Preferred Securities | 0.6 |
| Common Stocks | 0.6 |
| Preferred Stocks | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6508_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 90.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| United States | 88.0 |
| Canada | 2.5 |
| France | 1.7 |
| United Kingdom | 1.2 |
| Zambia | 0.8 |
| Israel | 0.7 |
| Australia | 0.7 |
| Luxembourg | 0.5 |
| Finland | 0.5 |
| Others | 3.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6508_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Finland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp | 3.2<br>|
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp | 2.3<br>|
| CVS Health Corp | 2.0<br>|
| Univision Communications Inc | 2.0<br>|
| CHS/Community Health Systems Inc | 2.0<br>|
| Tenet Healthcare Corp | 1.8<br>|
| PG&E Corp | 1.7<br>|
| Hilton Domestic Operating Co Inc | 1.7<br>|
| Block Inc | 1.7<br>|
| Chemours Co/The | 1.7<br>|
|  | 20.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund added a contractual proxy and shareholder meeting expense cap during the reporting period. The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6508_20250831_2.jpg)<br>| ![](img113770_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913683.101 6508-TSRA-1025 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® Preferred Securities & Income ETF<br> **Fidelity® Preferred Securities & Income ETF : FPFD** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This annual shareholder report contains information about Fidelity® Preferred Securities & Income ETF for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Preferred Securities & Income ETF  | $60  | 0.59% |

---

**What affected the Fund's performance this period?**

• High-yield bonds achieved a strong gain for the 12 months ending August 31, 2025, helped by resilient fundamentals, falling yields, compressed spreads and a steady economy against the backdrop of a possible September rate cut.

• Against this backdrop, security selection in the utility industry was the primary detractor from the fund's performance versus the ICE U.S. All Capital Securities Constrained Custom Index for the fiscal year. Security selection in real estate hampered the fund's relative result to a much lesser extent.

• The largest individual relative detractor was an overweight in Southern (-7%). This period we increased our position in Southern, which was one of the fund's biggest holdings. A second notable relative detractor was an overweight in SCE Trust VI (-16%). This period we increased our position in SCE Trust VI. A non-index stake in U.S. Treasury bonds returned -1% and notably hurt.

• In contrast, the biggest contributors to performance versus the index were security selection and an overweight in energy. Picks in consumer goods and financial services also boosted the fund's relative result.

• The top individual relative contributor was an overweight in Enbridge (+10%). This period we increased our stake in Enbridge. The company was the top holding this period. The second-largest relative contributor was an overweight in Energy Transfer (+9%). It was the fund's largest holding at period end. Not owning QVC Group, an index component that returned -81%, was another notable relative contributor.

• Notable changes in positioning include decreased exposure to the sovereign industry and a higher allocation to utility.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

June 15, 2021 through August 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Preferred Securities & Income ETF<br>| $10000 | $10144<br>| $8673<br>| $8863<br>| $10131<br>|
| ICE® BofA® US All Capital Securities Index<br>| $10000 | $10116<br>| $8958<br>| $8941<br>| $10243<br>|
| ICE U.S. All Capital Securities Constrained Custom Index<br>| $10000 | $10118<br>| $8948<br>| $8898<br>| $10196<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10125<br>| $8925<br>| $8890<br>| $9594<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img113804_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** |
| Fidelity® Preferred Securities & Income ETF - NAV A  | 4.76% | 1.42% |
| ICE® BofA® US All Capital Securities IndexA | 5.63%<br>| 1.89% |
| ICE U.S. All Capital Securities Constrained Custom IndexA | 5.65%<br>| 1.78% |
| Bloomberg U.S. Universal Bond IndexA | 3.72%<br>| -0.12% |

---

**A** From June 15, 2021

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $64111242<br>|
| Number of Holdings | 318<br>|
| Total Advisory Fee | $323304<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| A | 7.9 |
| BBB | 26.4 |
| BB | 28.3 |
| B | 1.5 |
| CCC,CC,C | 0.6 |
| Not Rated | 0.0 |
| Equities | 32.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.1 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6414_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 26.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 28.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 32.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.1 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Preferred Securities | 40.6 |
| Preferred Stocks | 32.2 |
| Corporate Bonds | 24.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6414_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Preferred Securities - 40.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 32.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Corporate Bonds - 24.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.1 |

---

---

| | |
|:---|:---|
| United States | 84.5 |
| Canada | 7.3 |
| Japan | 4.7 |
| United Kingdom | 1.3 |
| Germany | 0.8 |
| Ireland | 0.7 |
| France | 0.6 |
| Netherlands | 0.1 |
| Bermuda | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6414_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Citigroup Inc | 4.7<br>|
| Goldman Sachs Group Inc/The | 3.8<br>|
| Energy Transfer LP | 3.7<br>|
| Enbridge Inc | 3.7<br>|
| BP Capital Markets PLC | 2.9<br>|
| Bank of New York Mellon Corp/The | 2.3<br>|
| JPMorgan Chase & Co | 2.3<br>|
| Southern Co/The 4.2% | 1.9<br>|
| Prudential Financial Inc | 1.8<br>|
| Nippon Life Insurance Co | 1.8<br>|
|  | 28.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6414_20250831_2.jpg)<br>| ![](img113804_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913676.101 6414-TSRA-1025 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Enhanced High Yield ETF<br> **Fidelity® Enhanced High Yield ETF : FDHY** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Enhanced High Yield ETF for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced High Yield ETF  | $37  | 0.36% |

---

**What affected the Fund's performance this period?**

• High-yield bonds achieved a strong gain for the 12 months ending August 31, 2025, helped by resilient fundamentals, falling yields, compressed spreads and a steady economy against the backdrop of a possible September rate cut.

• Against this backdrop, the fund's core investment in high-yield bonds increased 7.67% and contributed to performance versus the ICE BofA BB-B US High Yield Constrained Index for the fiscal year. By industry, security selection was the primary contributor, led by retail. Security selection in consumer goods and capital goods also boosted the fund's relative result.

• The top individual relative contributor was New Fortress Energy (-64%). It was not held in the fund on August 31. A second notable relative contributor was an overweight in Herbalife (+28%). It also helped to hold Saks Global Enterprises (-42%). The security was sold by August 31.

• In contrast, the biggest detractors from performance versus the benchmark were security selection and an underweight in telecommunications. Our choices in financial services also hampered the fund's result. Also detracting was an overweight in energy.

• An overweight in Borr IHC (-6%) detracted from performance versus the benchmark. Borr IHC was not held at period end. Another notable relative detractor was an overweight in Algoma Steel (-7%). This was an investment we established this period. An untimely overweight in Mercer International (+4%) hurt relative performance. It was not held in the fund on August 31.

• Notable changes in positioning include higher allocations to the automotive and retail industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

June 12, 2018 through August 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Enhanced High Yield ETF<br>| $10000 | $10159<br>| $11122<br>| $12191<br>| $13246<br>| $11677<br>| $12483<br>| $14006<br>|
| ICE® BofA® BB-B US High Yield Constrained Index<br>| $10000 | $10149<br>| $10965<br>| $11488<br>| $12461<br>| $11189<br>| $11941<br>| $13368<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10113<br>| $11132<br>| $11846<br>| $11950<br>| $10534<br>| $10492<br>| $11323<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img113819_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® Enhanced High Yield ETF - NAV A  | 7.31% | 4.28% | 5.80% |
| ICE® BofA® BB-B US High Yield Constrained IndexA | 7.19%<br>| 4.52%<br>| 5.10% |
| Bloomberg U.S. Universal Bond IndexA | 3.72%<br>| -0.17%<br>| 2.25% |

---

**A** From June 12, 2018

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $418645150<br>|
| Number of Holdings | 302<br>|
| Total Advisory Fee | $1318412<br>|
| Portfolio Turnover | 79%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| BBB | 3.3 |
| BB | 42.0 |
| B | 50.9 |
| CCC,CC,C | 2.2 |
| Not Rated | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3088_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 42.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 50.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 1.6 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Corporate Bonds 98.1 <br> Preferred Securities 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3088_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.6 |

---

---

| | |
|:---|:---|
| United States | 79.5 |
| Canada | 7.4 |
| United Kingdom | 3.2 |
| Australia | 2.1 |
| Italy | 1.2 |
| Guatemala | 1.2 |
| Israel | 0.8 |
| Bailiwick Of Jersey | 0.8 |
| Brazil | 0.7 |
| Others | 3.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3088_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 79.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Guatemala - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| TransDigm Inc | 2.3<br>|
| AmeriGas Partners LP / AmeriGas Finance Corp | 1.6<br>|
| 1011778 BC ULC / New Red Finance Inc | 1.4<br>|
| OneMain Finance Corp | 1.4<br>|
| DaVita Inc | 1.3<br>|
| Delek Logistics Partners LP / Delek Logistics Finance Corp | 1.3<br>|
| Brookfield Residential Properties Inc / Brookfield Residential US LLC | 1.3<br>|
| goeasy Ltd | 1.3<br>|
| RHP Hotel Properties LP / RHP Finance Corp | 1.3<br>|
| Resorts World Las Vegas LLC / RWLV Capital Inc | 1.3<br>|
|  | 14.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expenses <br> The fund's contractual management fee was reduced during the reporting period.<br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3088_20250831_2.jpg)<br>| ![](img113819_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913656.101 3088-TSRA-1025 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, August 31, 2025, Fidelity Covington Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Enhanced High Yield ETF, Fidelity Preferred Securities & Income ETF, and Fidelity Sustainable High Yield ETF (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>August 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Enhanced High Yield ETF | &nbsp;&nbsp;$38800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7800  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Preferred Securities & Income ETF | &nbsp;&nbsp;$39100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7800  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Sustainable High Yield ETF | &nbsp;&nbsp;$38000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$1000  |

---

**<u>August 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Enhanced High Yield ETF | &nbsp;&nbsp;$37700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7600  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity Preferred Securities & Income ETF | &nbsp;&nbsp;$38100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7600  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity Sustainable High Yield ETF | &nbsp;&nbsp;$37000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$1200  |

---

<sup>A</sup> Amounts may reflect rounding.<sup>

</sup>

The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>August 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>August 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$9680100  | &nbsp;&nbsp;$9437800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

<sup>A</sup> Amounts may reflect rounding. 

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>August 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>August 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>August 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$14664100  | &nbsp;&nbsp;$15034900  | &nbsp;&nbsp;$15034900  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

The Audit Committee is a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of August 31, 2025, the members of the Audit Committee were Donald F. Donahue, Vijay C. Advani, Thomas A. Kennedy, Karen B. Peetz, and Susan Tomasky.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Enhanced High Yield ETF**

**Fidelity® Preferred Securities & Income ETF**

**Annual Report**

**August 31, 2025**

![](img113719_1.jpg)

![](img113719_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_HIE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced High Yield ETF](#Sub_Sec_Fund_3088_HIE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Preferred Securities & Income ETF](#Sub_Sec_Fund_6414_HIE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3088_HIE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_HIE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_HIE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_HIE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_HIE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_HIE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_HIE-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Enhanced High Yield ETF**

**Schedule of Investments August 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 98.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 98.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 98.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 2.1%  |  |  |
| Materials - 2.1% |  |  |
| Chemicals - 0.2% |  |  |
| Nufarm Australia Ltd / Nufarm Americas Inc 5% 1/27/2030 (b) | 1105000 | 1017445 |
| Metals & Mining - 1.9% |  |  |
| Fortescue Treasury Pty Ltd 4.375% 4/1/2031 (b) | 1000000 | 950871 |
| Fortescue Treasury Pty Ltd 5.875% 4/15/2030 (b) | 1858000 | 1897025 |
| Fortescue Treasury Pty Ltd 6.125% 4/15/2032 (b) | 500000 | 513168 |
| Mineral Resources Ltd 8.5% 5/1/2030 (b) | 4129000 | 4285614 |
|  |  | 7646678 |
| TOTAL AUSTRALIA |  | 8664123 |
| AUSTRIA - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ams-OSRAM AG 12.25% 3/30/2029 (b) | 1350000 | 1461902 |
| BAILIWICK OF JERSEY - 0.8%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Automobiles - 0.8% |  |  |
| Aston Martin Capital Holdings Ltd 10% 3/31/2029 (b) | 3266000 | 3177154 |
| BRAZIL - 0.7%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Karoon USA Finance Inc 10.5% 5/14/2029 (b)(c) | 2651000 | 2751786 |
| CANADA - 7.4%  |  |  |
| Consumer Discretionary - 2.7% |  |  |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (b) | 2750000 | 2571302 |
| 1011778 BC ULC / New Red Finance Inc 4.375% 1/15/2028 (b) | 1240000 | 1219515 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (b) | 2000000 | 2048520 |
|  |  | 5839337 |
| Household Durables - 1.3% |  |  |
| Brookfield Residential Properties Inc / Brookfield Residential US LLC 4.875% 2/15/2030 (b) | 3000000 | 2751192 |
| Brookfield Residential Properties Inc / Brookfield Residential US LLC 5% 6/15/2029 (b) | 2784000 | 2609347 |
| Empire Communities Corp 9.75% 5/1/2029 (b) | 134000 | 136680 |
|  |  | 5497219 |
| TOTAL CONSUMER DISCRETIONARY |  | 11336556 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Parkland Corp 6.625% 8/15/2032 (b) | 1000000 | 1029927 |
| Saturn Oil & Gas Inc 9.625% 6/15/2029 (b) | 2052000 | 2094764 |
|  |  | 3124691 |
| Financials - 1.3% |  |  |
| Consumer Finance - 1.3% |  |  |
| goeasy Ltd 6.875% 2/15/2031 (b) | 1240000 | 1240033 |
| goeasy Ltd 7.375% 10/1/2030 (b) | 2530000 | 2606687 |
| goeasy Ltd 9.25% 12/1/2028 (b) | 1425000 | 1499642 |
|  |  | 5346362 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Bombardier Inc 6.75% 6/15/2033 (b) | 330000 | 343154 |
| Bombardier Inc 7.25% 7/1/2031 (b) | 430000 | 453344 |
|  |  | 796498 |
| Machinery - 0.9% |  |  |
| ATS Corp 4.125% 12/15/2028 (b) | 458000 | 438130 |
| New Flyer Holdings Inc 9.25% 7/1/2030 (b) | 3065000 | 3287813 |
|  |  | 3725943 |
| TOTAL INDUSTRIALS |  | 4522441 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Algoma Steel Inc 9.125% 4/15/2029 (b) | 1435000 | 1272051 |
| Hudbay Minerals Inc 4.5% 4/1/2026 (b) | 282000 | 280065 |
| Taseko Mines Ltd 8.25% 5/1/2030 (b) | 2380000 | 2502273 |
|  |  | 4054389 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.4% |  |  |
| Emera Inc 6.75% 6/15/2076 (d) | 1725000 | 1735830 |
| Gas Utilities - 0.2% |  |  |
| AltaGas Ltd 7.2% 10/15/2054 (b)(d) | 1000000 | 1013318 |
| TOTAL UTILITIES |  | 2749148 |
| TOTAL CANADA |  | 31133587 |
| COTE D'IVOIRE - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Endeavour Mining PLC 7% 5/28/2030 (b) | 700000 | 716408 |
| FINLAND - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Leisure Products - 0.5% |  |  |
| Amer Sports Co 6.75% 2/16/2031 (b) | 2037000 | 2123316 |
| FRANCE - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Viridien 10% 10/15/2030 (b) | 1090000 | 1089270 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Financial Services - 0.6% |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (b) | 2265000 | 2330449 |
| GUATEMALA - 1.2%  |  |  |
| Communication Services - 1.2% |  |  |
| Wireless Telecommunication Services - 1.2% |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (b) | 3205000 | 2982269 |
| Millicom International Cellular SA 7.375% 4/2/2032 (b) | 1829000 | 1885241 |
| TOTAL GUATEMALA |  | 4867510 |
| IRELAND - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| GGAM Finance Ltd 6.875% 4/15/2029 (b) | 380000 | 393301 |
| ISRAEL - 0.8%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Energean PLC 6.5% 4/30/2027 (b) | 3255000 | 3218951 |
| ITALY - 1.2%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Telecom Italia Capital SA 7.2% 7/18/2036  | 1175000 | 1243796 |
| Telecom Italia Capital SA 7.721% 6/4/2038  | 3020000 | 3295433 |
|  |  | 4539229 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| UniCredit SpA 5.459% 6/30/2035 (b)(d) | 150000 | 150566 |
| UniCredit SpA 7.296% 4/2/2034 (b)(d) | 328693 | 350646 |
|  |  | 501212 |
| TOTAL ITALY |  | 5040441 |
| JAPAN - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Rakuten Group Inc 9.75% 4/15/2029 (b) | 1000000 | 1110912 |
| SWEDEN - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Stena International SA 7.625% 2/15/2031 (b) | 522000 | 538534 |
| TANZANIA - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Communications Equipment - 0.6% |  |  |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (b) | 2500000 | 2587500 |
| TURKEY - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Eldorado Gold Corp 6.25% 9/1/2029 (b) | 1517000 | 1522689 |
| UNITED KINGDOM - 3.2%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| Virgin Media Secured Finance PLC 5.5% 5/15/2029 (b) | 1550000 | 1526169 |
| Consumer Discretionary - 1.2% |  |  |
| Specialty Retail - 1.2% |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (b) | 3200000 | 3240263 |
| Jaguar Land Rover Automotive PLC 4.5% 10/1/2027 (b) | 2000000 | 1979836 |
|  |  | 5220099 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| EnQuest PLC 11.625% 11/1/2027 (b) | 2914000 | 3014143 |
| Ithaca Energy North Sea PLC 8.125% 10/15/2029 (b) | 1255000 | 1306000 |
|  |  | 4320143 |
| Financials - 0.6% |  |  |
| Capital Markets - 0.3% |  |  |
| Marex Group PLC 5.829% 5/8/2028  | 1000000 | 1013595 |
| Financial Services - 0.1% |  |  |
| Zegona Finance PLC 8.625% 7/15/2029 (b) | 452000 | 480760 |
| Insurance - 0.2% |  |  |
| Ardonagh Finco Ltd 7.75% 2/15/2031 (b) | 324000 | 339055 |
| Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC 7.25% 2/15/2031 (b) | 550000 | 568121 |
|  |  | 907176 |
| TOTAL FINANCIALS |  | 2401531 |
| TOTAL UNITED KINGDOM |  | 13467942 |
| UNITED STATES - 77.6%  |  |  |
| Communication Services - 6.7% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| GCI LLC 4.75% 10/15/2028 (b) | 3830000 | 3729980 |
| Entertainment - 1.2% |  |  |
| Cinemark USA Inc 5.25% 7/15/2028 (b) | 115000 | 114295 |
| Live Nation Entertainment Inc 4.75% 10/15/2027 (b) | 4825000 | 4784827 |
|  |  | 4899122 |
| Media - 4.6% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (b)(c) | 2136000 | 1854641 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 2/1/2031 (b) | 75000 | 69181 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 6/1/2033 (b) | 1040000 | 927638 |
| Directv Financing LLC / Directv Financing Co-Obligor Inc 10% 2/15/2031 (b) | 2000000 | 1988238 |
| Directv Financing LLC / Directv Financing Co-Obligor Inc 5.875% 8/15/2027 (b) | 2133000 | 2122333 |
| Directv Financing LLC 8.875% 2/1/2030 (b) | 2491000 | 2472808 |
| DISH Network Corp 11.75% 11/15/2027 (b) | 1185000 | 1252863 |
| EchoStar Corp 10.75% 11/30/2029  | 2085000 | 2243981 |
| Lamar Media Corp 3.625% 1/15/2031  | 2120000 | 1963165 |
| Nexstar Media Inc 4.75% 11/1/2028 (b)(c) | 1302000 | 1278062 |
| Outfront Media Capital LLC / Outfront Media Capital Corp 4.25% 1/15/2029 (b) | 105000 | 100914 |
| TEGNA Inc 5% 9/15/2029  | 391000 | 391406 |
| Univision Communications Inc 9.375% 8/1/2032 (b) | 1615000 | 1700744 |
| Warnermedia Holdings Inc 5.05% 3/15/2042  | 1395000 | 939881 |
|  |  | 19305855 |
| TOTAL COMMUNICATION SERVICES |  | 27934957 |
| Consumer Discretionary - 12.4% |  |  |
| Automobile Components - 2.3% |  |  |
| Aptiv Swiss Holdings Ltd 6.875% 12/15/2054 (d) | 3000000 | 3032125 |
| Garrett Motion Holdings Inc / Garrett LX I Sarl 7.75% 5/31/2032 (b) | 2388000 | 2497038 |
| Patrick Industries Inc 4.75% 5/1/2029 (b) | 886000 | 869091 |
| Patrick Industries Inc 6.375% 11/1/2032 (b)(c) | 1000000 | 1014403 |
| Phinia Inc 6.625% 10/15/2032 (b) | 2104000 | 2160867 |
|  |  | 9573524 |
| Automobiles - 0.2% |  |  |
| Thor Industries Inc 4% 10/15/2029 (b) | 707000 | 667611 |
| Broadline Retail - 1.1% |  |  |
| Evergreen Acqco 1 LP / TVI Inc 9.75% 4/26/2028 (b) | 517000 | 538611 |
| Wayfair LLC 7.75% 9/15/2030 (b)(c) | 4105000 | 4241097 |
|  |  | 4779708 |
| Diversified Consumer Services - 0.1% |  |  |
| WASH Multifamily Acquisition Inc 5.75% 4/15/2026 (b)(c) | 601000 | 600663 |
| Hotels, Restaurants & Leisure - 4.1% |  |  |
| Carnival Corp 5.75% 8/1/2032 (b) | 1000000 | 1017500 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (b) | 950000 | 957838 |
| Las Vegas Sands Corp 5.625% 6/15/2028  | 1000000 | 1023802 |
| Light & Wonder International Inc 7.25% 11/15/2029 (b) | 45000 | 46165 |
| Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp 4.875% 5/1/2029 (b) | 1972000 | 1907748 |
| Resorts World Las Vegas LLC / RWLV Capital Inc 4.625% 4/6/2031 (b) | 1800000 | 1517866 |
| Resorts World Las Vegas LLC / RWLV Capital Inc 8.45% 7/27/2030 (b) | 3646000 | 3665832 |
| Travel + Leisure Co 4.5% 12/1/2029 (b)(c) | 2455000 | 2378227 |
| Viking Cruises Ltd 9.125% 7/15/2031 (b) | 320000 | 344770 |
| Wyndham Hotels & Resorts Inc 4.375% 8/15/2028 (b) | 1060000 | 1034891 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 6.25% 3/15/2033 (b)(c) | 1000000 | 1012303 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 7.125% 2/15/2031 (b)(c) | 1527000 | 1643689 |
|  |  | 16550631 |
| Household Durables - 1.9% |  |  |
| Installed Building Products Inc 5.75% 2/1/2028 (b) | 750000 | 748654 |
| K Hovnanian Enterprises Inc 11.75% 9/30/2029 (b) | 3083000 | 3333401 |
| LGI Homes Inc 4% 7/15/2029 (b)(c) | 883000 | 807122 |
| Somnigroup International Inc 3.875% 10/15/2031 (b)(c) | 3453000 | 3158961 |
|  |  | 8048138 |
| Specialty Retail - 2.3% |  |  |
| Advance Auto Parts Inc 7.375% 8/1/2033 (b) | 1625000 | 1665625 |
| Bath & Body Works Inc 6.875% 11/1/2035  | 187000 | 194762 |
| Carvana Co 9% 12/1/2028 pay-in-kind (b)(d) | 2045000 | 2091565 |
| Carvana Co 9% 6/1/2031 pay-in-kind (b)(d) | 2310700 | 2621693 |
| SGUS LLC 11% 12/15/2029 (b) | 197727 | 173799 |
| Upbound Group Inc 6.375% 2/15/2029 (b) | 3105000 | 3043217 |
|  |  | 9790661 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Kontoor Brands Inc 4.125% 11/15/2029 (b) | 1820000 | 1715492 |
| TOTAL CONSUMER DISCRETIONARY |  | 51726428 |
| Consumer Staples - 1.2% |  |  |
| Beverages - 0.2% |  |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc 4.375% 4/30/2029 (b) | 1000000 | 966802 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Performance Food Group Inc 4.25% 8/1/2029 (b) | 1801000 | 1744042 |
| US Foods Inc 4.75% 2/15/2029 (b) | 45000 | 44324 |
|  |  | 1788366 |
| Food Products - 0.4% |  |  |
| Post Holdings Inc 4.625% 4/15/2030 (b) | 612000 | 590202 |
| Post Holdings Inc 6.375% 3/1/2033 (b)(c) | 1122000 | 1133393 |
|  |  | 1723595 |
| Household Products - 0.1% |  |  |
| Energizer Holdings Inc 4.75% 6/15/2028 (b) | 573000 | 563446 |
| TOTAL CONSUMER STAPLES |  | 5042209 |
| Energy - 8.0% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| Noble Finance II LLC 8% 4/15/2030 (b) | 885000 | 916235 |
| Nustar Logistics LP 5.625% 4/28/2027  | 160000 | 160855 |
| Valaris Ltd 8.375% 4/30/2030 (b) | 2092000 | 2177952 |
|  |  | 3255042 |
| Oil, Gas & Consumable Fuels - 7.3% |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp 8.625% 6/15/2029 (b) | 712000 | 752423 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp 7% 7/15/2029 (b) | 855000 | 889512 |
| California Resources Corp 8.25% 6/15/2029 (b) | 2720000 | 2810239 |
| CITGO Petroleum Corp 6.375% 6/15/2026 (b) | 715000 | 714545 |
| Comstock Resources Inc 6.75% 3/1/2029 (b) | 2378000 | 2340685 |
| Comstock Resources Inc 6.75% 3/1/2029 (b) | 1100000 | 1084429 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (b) | 365000 | 391437 |
| CVR Energy Inc 8.5% 1/15/2029 (b)(c) | 500000 | 505387 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (b) | 1411000 | 1416427 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.375% 6/30/2033 (b) | 945000 | 945613 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (b) | 3018000 | 3154738 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (b) | 981000 | 1004051 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (b) | 335000 | 352168 |
| Harvest Midstream I LP 7.5% 5/15/2032 (b) | 565000 | 581731 |
| Harvest Midstream I LP 7.5% 9/1/2028 (b) | 50000 | 50537 |
| Kinetik Holdings LP 6.625% 12/15/2028 (b) | 935000 | 961944 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (b) | 700000 | 692280 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (b)(c) | 1250000 | 1157240 |
| NGL Energy Operating LLC / NGL Energy Finance Corp 8.125% 2/15/2029 (b) | 1550000 | 1581088 |
| Northern Oil & Gas Inc 8.125% 3/1/2028 (b) | 1301000 | 1310812 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (b) | 2107000 | 2164589 |
| Summit Midstream Holdings LLC 8.625% 10/31/2029 (b) | 2019000 | 2013330 |
| TGNR Intermediate Holdings LLC 5.5% 10/15/2029 (b) | 1750000 | 1708429 |
| Venture Global LNG Inc 9.5% 2/1/2029 (b) | 650000 | 714619 |
| Venture Global LNG Inc 9.875% 2/1/2032 (b) | 972000 | 1058390 |
|  |  | 30356643 |
| TOTAL ENERGY |  | 33611685 |
| Financials - 11.5% |  |  |
| Capital Markets - 1.6% |  |  |
| Acadian Asset Management Inc 4.8% 7/27/2026  | 2170000 | 2141582 |
| Focus Financial Partners LLC 6.75% 9/15/2031 (b) | 641000 | 662393 |
| Main Street Capital Corp 5.4% 8/15/2028  | 800000 | 802825 |
| Prospect Capital Corp 3.364% 11/15/2026 (c) | 2200000 | 2117280 |
| Stonex Escrow Issuer LLC 6.875% 7/15/2032 (b) | 750000 | 770916 |
|  |  | 6494996 |
| Consumer Finance - 4.9% |  |  |
| Atlanticus Holdings Corp 9.75% 9/1/2030 (b) | 825000 | 820649 |
| Bread Financial Holdings Inc 8.375% 6/15/2035 (b)(d) | 2620000 | 2704864 |
| Bread Financial Holdings Inc 9.75% 3/15/2029 (b)(c) | 2150000 | 2297518 |
| Credit Acceptance Corp 6.625% 3/15/2030 (b) | 500000 | 506468 |
| Credit Acceptance Corp 9.25% 12/15/2028 (b) | 650000 | 686195 |
| Enova International Inc 9.125% 8/1/2029 (b) | 4150000 | 4376009 |
| FirstCash Inc 5.625% 1/1/2030 (b)(c) | 814000 | 812654 |
| OneMain Finance Corp 3.875% 9/15/2028  | 1857000 | 1780118 |
| OneMain Finance Corp 6.625% 1/15/2028  | 731000 | 749476 |
| OneMain Finance Corp 6.75% 3/15/2032 (c) | 950000 | 972541 |
| OneMain Finance Corp 7.125% 9/15/2032  | 925000 | 963166 |
| OneMain Finance Corp 7.875% 3/15/2030  | 1166000 | 1233607 |
| PROG Holdings Inc 6% 11/15/2029 (b) | 1050000 | 1019708 |
| Synchrony Financial 7.25% 2/2/2033  | 1609000 | 1695547 |
|  |  | 20618520 |
| Financial Services - 2.5% |  |  |
| Block Inc 6% 8/15/2033 (b) | 305000 | 313127 |
| Burford Capital Global Finance LLC 7.5% 7/15/2033 (b) | 1010000 | 1032220 |
| HA Sustainable Infrastructure Capital Inc 6.15% 1/15/2031  | 1000000 | 1019560 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (b) | 500000 | 494942 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  | 347000 | 292049 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  | 150000 | 146327 |
| Jefferson Capital Holdin 9.5% 2/15/2029 (b) | 500000 | 531223 |
| PennyMac Financial Services Inc 5.75% 9/15/2031 (b)(c) | 1085000 | 1064554 |
| PennyMac Financial Services Inc 6.75% 2/15/2034 (b) | 825000 | 830629 |
| PennyMac Financial Services Inc 6.875% 5/15/2032 (b) | 1850000 | 1894099 |
| PennyMac Financial Services Inc 7.875% 12/15/2029 (b) | 1115000 | 1185126 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (b)(c) | 1135000 | 1176842 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (b) | 500000 | 520089 |
|  |  | 10500787 |
| Insurance - 0.9% |  |  |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (b) | 1055000 | 1093077 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.5% 10/1/2031 (b) | 500000 | 511113 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (b) | 725000 | 749825 |
| AmWINS Group Inc 6.375% 2/15/2029 (b)(c) | 500000 | 512444 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (b) | 854000 | 886187 |
|  |  | 3752646 |
| Mortgage Real Estate Investment Trusts (REITs) - 1.6% |  |  |
| Apollo Commercial Real Estate Finance Inc 4.625% 6/15/2029 (b) | 2161000 | 2077554 |
| Rithm Capital Corp 8% 4/1/2029 (b) | 3250000 | 3326976 |
| Rithm Capital Corp 8% 7/15/2030 (b) | 1305000 | 1332366 |
|  |  | 6736896 |
| TOTAL FINANCIALS |  | 48103845 |
| Health Care - 4.8% |  |  |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Bausch + Lomb Corp 8.375% 10/1/2028 (b) | 853000 | 888527 |
| Insulet Corp 6.5% 4/1/2033 (b) | 165000 | 171063 |
| Medline Borrower LP 5.25% 10/1/2029 (b)(c) | 542000 | 536731 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (b) | 1630000 | 1674491 |
|  |  | 3270812 |
| Health Care Providers & Services - 1.9% |  |  |
| DaVita Inc 3.75% 2/15/2031 (b)(c) | 1000000 | 912503 |
| DaVita Inc 4.625% 6/1/2030 (b) | 1949000 | 1876350 |
| DaVita Inc 6.75% 7/15/2033 (b)(c) | 1850000 | 1917392 |
| DaVita Inc 6.875% 9/1/2032 (b)(c) | 900000 | 931079 |
| LifePoint Health Inc 11% 10/15/2030 (b) | 1600000 | 1763800 |
| LifePoint Health Inc 9.875% 8/15/2030 (b) | 342000 | 370308 |
| Star Parent Inc 9% 10/1/2030 (b)(c) | 200000 | 211729 |
| Tenet Healthcare Corp 5.125% 11/1/2027  | 99500 | 99211 |
|  |  | 8082372 |
| Health Care Technology - 0.2% |  |  |
| IQVIA Inc 6.25% 6/1/2032 (b) | 740000 | 762804 |
| Pharmaceuticals - 1.9% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (b) | 1400000 | 1453691 |
| Amneal Pharmaceuticals LLC 6.875% 8/1/2032 (b) | 355000 | 365265 |
| Endo Finance Holdings Inc 8.5% 4/15/2031 (b) | 460000 | 489719 |
| HLF Financing Sarl LLC / Herbalife International Inc 12.25% 4/15/2029 (b) | 2293000 | 2487972 |
| HLF Financing Sarl LLC / Herbalife International Inc 4.875% 6/1/2029 (b)(c) | 2021000 | 1769549 |
| Jazz Securities DAC 4.375% 1/15/2029 (b) | 1500000 | 1468420 |
|  |  | 8034616 |
| TOTAL HEALTH CARE |  | 20150604 |
| Industrials - 13.0% |  |  |
| Aerospace & Defense - 3.0% |  |  |
| Axon Enterprise Inc 6.25% 3/15/2033 (b) | 490000 | 506518 |
| BWX Technologies Inc 4.125% 6/30/2028 (b) | 600000 | 586144 |
| Moog Inc 4.25% 12/15/2027 (b)(c) | 2000000 | 1968730 |
| TransDigm Inc 4.625% 1/15/2029 (c) | 2500000 | 2446288 |
| TransDigm Inc 4.875% 5/1/2029  | 2775000 | 2724450 |
| TransDigm Inc 6.25% 1/31/2034 (b)(c) | 135000 | 138517 |
| TransDigm Inc 6.375% 3/1/2029 (b) | 500000 | 511917 |
| TransDigm Inc 6.375% 5/31/2033 (b) | 920000 | 932226 |
| TransDigm Inc 6.875% 12/15/2030 (b) | 2588000 | 2683743 |
|  |  | 12498533 |
| Building Products - 1.3% |  |  |
| Builders FirstSource Inc 4.25% 2/1/2032 (b)(c) | 1000000 | 939920 |
| Builders FirstSource Inc 6.75% 5/15/2035 (b) | 1310000 | 1366138 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.75% 7/15/2031 (b) | 375000 | 387881 |
| Griffon Corp 5.75% 3/1/2028  | 2506000 | 2502384 |
| Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (b) | 240000 | 247407 |
|  |  | 5443730 |
| Commercial Services & Supplies - 2.8% |  |  |
| ACCO Brands Corp 4.25% 3/15/2029 (b)(c) | 643000 | 576777 |
| Allied Universal Holdco LLC 7.875% 2/15/2031 (b) | 1356000 | 1424987 |
| Brink's Co/The 6.5% 6/15/2029 (b) | 590000 | 606751 |
| Enviri Corp 5.75% 7/31/2027 (b) | 1010000 | 998646 |
| GEO Group Inc/The 10.25% 4/15/2031  | 2839000 | 3129637 |
| GEO Group Inc/The 8.625% 4/15/2029  | 1310000 | 1386207 |
| GFL Environmental Inc 4% 8/1/2028 (b) | 3780000 | 3685423 |
|  |  | 11808428 |
| Construction & Engineering - 0.9% |  |  |
| AECOM 6% 8/1/2033 (b)(c) | 810000 | 826731 |
| Arcosa Inc 4.375% 4/15/2029 (b) | 487000 | 472851 |
| Arcosa Inc 6.875% 8/15/2032 (b) | 1135000 | 1184047 |
| Dycom Industries Inc 4.5% 4/15/2029 (b)(c) | 1163000 | 1134503 |
|  |  | 3618132 |
| Electrical Equipment - 0.6% |  |  |
| Atkore Inc 4.25% 6/1/2031 (b) | 1349000 | 1252855 |
| EnerSys 4.375% 12/15/2027 (b)(c) | 1238000 | 1216473 |
|  |  | 2469328 |
| Ground Transportation - 0.4% |  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.375% 6/15/2032 (b)(c) | 750000 | 782833 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (b)(c) | 965000 | 981213 |
|  |  | 1764046 |
| Industrial Conglomerates - 0.0% |  |  |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.25% 2/1/2027 (b) | 450000 | 442626 |
| Machinery - 1.7% |  |  |
| Allison Transmission Inc 3.75% 1/30/2031 (b) | 3683000 | 3399168 |
| Allison Transmission Inc 5.875% 6/1/2029 (b) | 607000 | 611730 |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (b)(d) | 565000 | 599722 |
| Enpro Inc 6.125% 6/1/2033 (b) | 900000 | 918374 |
| Wabash National Corp 4.5% 10/15/2028 (b)(c) | 1510000 | 1385846 |
|  |  | 6914840 |
| Passenger Airlines - 1.3% |  |  |
| Allegiant Travel Co 7.25% 8/15/2027 (b) | 3802000 | 3867741 |
| American Airlines Inc/AAdvantage Loyalty IP Ltd 5.5% 4/20/2026 (b) | 161409 | 161531 |
| United Airlines Inc 4.375% 4/15/2026 (b) | 1070900 | 1067392 |
| United Airlines Inc 4.625% 4/15/2029 (b) | 338000 | 332623 |
|  |  | 5429287 |
| Professional Services - 0.2% |  |  |
| CACI International Inc 6.375% 6/15/2033 (b) | 715000 | 737481 |
| Trading Companies & Distributors - 0.8% |  |  |
| BlueLinx Holdings Inc 6% 11/15/2029 (b)(c) | 3238000 | 3171033 |
| TOTAL INDUSTRIALS |  | 54297464 |
| Information Technology - 4.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| CPI CG Inc 10% 7/15/2029 (b) | 322000 | 337054 |
| Crane NXT Co 4.2% 3/15/2048  | 900000 | 545808 |
| Lightning Power LLC 7.25% 8/15/2032 (b) | 305000 | 323560 |
|  |  | 1206422 |
| IT Services - 2.5% |  |  |
| ASGN Inc 4.625% 5/15/2028 (b) | 1000000 | 978700 |
| Cogent Communications Group LLC / Cogent Finance Inc 6.5% 7/1/2032 (b)(c) | 1395000 | 1327970 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (b)(c) | 2873000 | 2862418 |
| CoreWeave Inc 9% 2/1/2031 (b) | 605000 | 598947 |
| CoreWeave Inc 9.25% 6/1/2030 (b) | 4560000 | 4576348 |
|  |  | 10344383 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Entegris Inc 4.75% 4/15/2029 (b)(c) | 2203000 | 2171337 |
| Software - 1.1% |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (b) | 1009000 | 1020096 |
| Consensus Cloud Solutions Inc 6.5% 10/15/2028 (b) | 665000 | 667530 |
| Fair Isaac Corp 6% 5/15/2033 (b) | 910000 | 922210 |
| Gen Digital Inc 6.75% 9/30/2027 (b) | 10000 | 10178 |
| Pagaya US Holdings Co LLC 8.875% 8/1/2030 (b)(c) | 2045000 | 2050262 |
|  |  | 4670276 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Seagate HDD Cayman 3.125% 7/15/2029  | 203 | 182 |
| TOTAL INFORMATION TECHNOLOGY |  | 18392600 |
| Materials - 5.8% |  |  |
| Chemicals - 2.7% |  |  |
| Chemours Co/The 5.75% 11/15/2028 (b)(c) | 1120000 | 1078462 |
| CVR Partners LP / CVR Nitrogen Finance Corp 6.125% 6/15/2028 (b) | 3905000 | 3899610 |
| LSB Industries Inc 6.25% 10/15/2028 (b) | 1060000 | 1051669 |
| Methanex US Operations Inc 6.25% 3/15/2032 (b)(c) | 600000 | 605441 |
| Minerals Technologies Inc 5% 7/1/2028 (b) | 750000 | 738750 |
| Olympus Water US Holding Corp 7.25% 6/15/2031 (b)(c) | 350000 | 357382 |
| Rain Carbon Inc 12.25% 9/1/2029 (b)(c) | 3405000 | 3655642 |
|  |  | 11386956 |
| Construction Materials - 0.1% |  |  |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (b)(c) | 600000 | 640057 |
| Containers & Packaging - 1.5% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (b) | 360000 | 359999 |
| Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (b)(c) | 485000 | 491948 |
| Clydesdale Acquisition Holdings Inc 6.875% 1/15/2030 (b) | 500000 | 514050 |
| Mauser Packaging Solutions Holding Co 7.875% 4/15/2027 (b) | 1870000 | 1892259 |
| Owens-Brockway Glass Container Inc 7.375% 6/1/2032 (b)(c) | 866000 | 873020 |
| Sealed Air Corp 6.5% 7/15/2032 (b)(c) | 2063000 | 2133984 |
|  |  | 6265260 |
| Metals & Mining - 1.5% |  |  |
| Arsenal AIC Parent LLC 8% 10/1/2030 (b) | 170000 | 180062 |
| Century Aluminum Co 6.875% 8/1/2032 (b) | 440000 | 449715 |
| Compass Minerals International Inc 8% 7/1/2030 (b) | 1440000 | 1506218 |
| Novelis Corp 4.75% 1/30/2030 (b) | 2550000 | 2452245 |
| Novelis Corp 6.875% 1/30/2030 (b)(c) | 800000 | 830090 |
| SunCoke Energy Inc 4.875% 6/30/2029 (b) | 775000 | 707487 |
|  |  | 6125817 |
| TOTAL MATERIALS |  | 24418090 |
| Real Estate - 6.5% |  |  |
| Diversified REITs - 0.7% |  |  |
| Iron Mountain Information Management Services Inc 5% 7/15/2032 (b) | 3099000 | 2978765 |
| Hotel & Resort REITs - 1.9% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (b)(c) | 2500000 | 2433403 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (b) | 210000 | 216842 |
| RHP Hotel Properties LP / RHP Finance Corp 4.5% 2/15/2029 (b)(c) | 1000000 | 977228 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 4/1/2032 (b)(c) | 3196000 | 3284862 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (b) | 900000 | 929581 |
| Service Properties Trust 5.25% 2/15/2026  | 181000 | 180927 |
|  |  | 8022843 |
| Real Estate Management & Development - 2.7% |  |  |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp 7% 4/15/2030 (b)(c) | 1396000 | 1374331 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (b) | 2045000 | 2172323 |
| Cushman & Wakefield US Borrower LLC 6.75% 5/15/2028 (b)(c) | 1528000 | 1543060 |
| Five Point Operating Co LP / Five Point Capital Corp 10.5% 1/15/2028 (b)(e) | 3619000 | 3644116 |
| Greystar Real Estate Partners LLC 7.75% 9/1/2030 (b) | 130000 | 137657 |
| Howard Hughes Corp/The 4.125% 2/1/2029 (b) | 1544000 | 1476945 |
| Howard Hughes Corp/The 4.375% 2/1/2031 (b) | 777000 | 723686 |
|  |  | 11072118 |
| Retail REITs - 0.2% |  |  |
| Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 4.5% 4/1/2027 (b) | 358000 | 351810 |
| Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 5.75% 5/15/2026 (b) | 656000 | 655519 |
|  |  | 1007329 |
| Specialized REITs - 1.0% |  |  |
| Iron Mountain Inc 4.5% 2/15/2031 (b) | 1800000 | 1712403 |
| Millrose Properties Inc 6.375% 8/1/2030 (b) | 2470000 | 2492230 |
|  |  | 4204633 |
| TOTAL REAL ESTATE |  | 27285688 |
| Utilities - 3.3% |  |  |
| Electric Utilities - 1.6% |  |  |
| Edison International 7.875% 6/15/2054 (c)(d) | 965000 | 953964 |
| Edison International 8.125% 6/15/2053 (c)(d) | 2400000 | 2400854 |
| NRG Energy Inc 3.375% 2/15/2029 (b) | 2334000 | 2211353 |
| Topaz Solar Farms LLC 5.75% 9/30/2039 (b) | 1000000 | 1008900 |
|  |  | 6575071 |
| Gas Utilities - 1.6% |  |  |
| AmeriGas Partners LP / AmeriGas Finance Corp 5.75% 5/20/2027  | 3100000 | 3093482 |
| AmeriGas Partners LP / AmeriGas Finance Corp 9.375% 6/1/2028 (b) | 2571000 | 2653226 |
| AmeriGas Partners LP / AmeriGas Finance Corp 9.5% 6/1/2030 (b)(c) | 925000 | 968966 |
|  |  | 6715674 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Alpha Generation LLC 6.75% 10/15/2032 (b) | 395000 | 407236 |
| TOTAL UTILITIES |  | 13697981 |
| TOTAL UNITED STATES |  | 324661551 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $402,160,302) |  | <br> **410857326** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.3%** | &nbsp;&nbsp;**Preferred Securities - 0.3%** | &nbsp;&nbsp;**Preferred Securities - 0.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Citigroup Inc 6.875% (d)(f)<br>(Cost $1,210,000)<br>| 1210000 | **1240386** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 9.4%** | &nbsp;&nbsp;**Money Market Funds - 9.4%** | &nbsp;&nbsp;**Money Market Funds - 9.4%** | &nbsp;&nbsp;**Money Market Funds - 9.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.36 | 1433922 | 1434208 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.36 | 37855117 | 37858903 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $39,293,111) |  |  | **39293111** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 107.8%**<br> (Cost $442,663,413)<br>| <br>**451390823** |
| **NET OTHER ASSETS (LIABILITIES) - (7.8)%**  | **(32745673)** |
| **NET ASSETS - 100.0%** | **418645150** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 112 | 12/19/2025 | 12601750 | 37946 | 37946 |
| CBOT 5Y US Treasury Notes Contracts (United States) | 12 | 12/31/2025 | 1314000 | 6376 | 6376 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **44322** |
| The notional amount of futures purchased as a percentage of Net Assets is 3.3% | The notional amount of futures purchased as a percentage of Net Assets is 3.3% | The notional amount of futures purchased as a percentage of Net Assets is 3.3% | The notional amount of futures purchased as a percentage of Net Assets is 3.3% | The notional amount of futures purchased as a percentage of Net Assets is 3.3% | The notional amount of futures purchased as a percentage of Net Assets is 3.3% |

---

**Legend**

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

(b) 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 $360,241,223 or 86.0% of net assets.

(c) Security or a portion of the security is on loan at period end.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(f) Security is perpetual in nature with no stated maturity date.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

**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 | 3485704 | 163322091 | 165373587 | 201334 | - | - | 1434208 | 1433922 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 18003768 | 266596976 | 246741841 | 86158 | - | - | 37858903 | 37855117 | 0.1% |
| Total | 21489472 | 429919067 | 412115428 | 287492 | - | - | 39293111 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of August 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 38867865 | - | 38867865 | - |
| Consumer Discretionary | 74694465 | - | 74694465 | - |
| Consumer Staples | 5042209 | - | 5042209 | - |
| Energy | 48116526 | - | 48116526 | - |
| Financials | 59076700 | - | 59076700 | - |
| Health Care | 20150604 | - | 20150604 | - |
| Industrials | 59358439 | - | 59358439 | - |
| Information Technology | 22442002 | - | 22442002 | - |
| Materials | 39375699 | - | 39375699 | - |
| Real Estate | 27285688 | - | 27285688 | - |
| Utilities | 16447129 | - | 16447129 | - |
|  **Preferred Securities** |  |  |  |  |
| Financials | 1240386 | - | 1240386 | - |
|  **Money Market Funds** | 39293111 | 39293111 | - | - |
| **Total Investments in Securities:** | 451390823 | 39293111 | 412097712 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 44322 | 44322 | - | - |
| Total Assets | 44322 | 44322 | - | - |
| **Total Derivative Instruments:** | 44322 | 44322 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 44322 | - |
| **Total Interest Rate Risk**  | 44322 | - |
| **Total Value of Derivatives** | 44322 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Enhanced High Yield ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of August 31, 2025** | **As of August 31, 2025** | **As of August 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $36,402,234) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $403,370,302) | $412097712 |  |
| Fidelity Central Funds (cost $39,293,111) | 39293111 |  |
| Total Investment in Securities (cost $442,663,413) |  | $451390823 |
| Segregated cash with brokers for derivative instruments |  | 131250 |
| Cash |  | 10063 |
| Receivable for fund shares sold |  | 4894614 |
| Interest receivable |  | 7370540 |
| Distributions receivable from Fidelity Central Funds |  | 21441 |
| **Total assets** |  | 463818731 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4877425 |  |
| Distributions payable | 2315300 |  |
| Accrued management fee | 120442 |  |
| Payable for daily variation margin on futures contracts | 1511 |  |
| Collateral on securities loaned | 37858903 |  |
| **Total liabilities** |  | 45173581 |
| **Net Assets**  |  | $418645150 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $444243897 |
| Total accumulated earnings (loss) |  | (25598747) |
| **Net Assets** |  | $418645150 |
| **Net Asset Value**, offering price and redemption price per share ($418,645,150 ÷ 8,550,000 shares) |  | $48.96 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $19223 |
| Interest  |  | 26121092 |
| Income from Fidelity Central Funds (including $86,158 from security lending)  |  | 287492 |
| **Total income** |  | 26427807 |
| **Expenses** |  |  |
| Management fee | $1318412 |  |
| Independent trustees' fees and expenses | 1376 |  |
| Miscellaneous | 609 |  |
| Total expenses before reductions | 1320397 |  |
| Expense reductions | (3865) |  |
| Total expenses after reductions |  | 1316532 |
| **Net Investment income (loss)** |  | 25111275 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1257395) |  |
| Redemptions in-kind | 1057178 |  |
| Futures contracts | (210060) |  |
| Swaps | (37933) |  |
| Total net realized gain (loss) |  | (448210) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1289153 |  |
| Futures contracts | 44322 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1333475 |
| **Net gain (loss)** |  | 885265 |
| **Net increase (decrease) in net assets resulting from operations** |  | $25996540 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **August 31, 2025** | **Year ended**<br> **August 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $25111275 | $19886765 |
| &nbsp;&nbsp;Net realized gain (loss) | (448210)<br>| (3217822)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1333475 | 16281667<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 25996540<br>| 32950610<br>|
| Distributions to shareholders | (24904300)<br>| (19768000)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 138781750 | 109808672 |
| &nbsp;&nbsp;Cost of shares redeemed | (55382669) | (77087375) |
| **Net increase (decrease) in net assets resulting from share transactions** | 83399081<br>| 32721297<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 84491321<br>| 45903907<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 334153829 | 288249922<br>|
| &nbsp;&nbsp;End of period | $418645150 | $334153829 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2850000 | 2300000 |
| &nbsp;&nbsp;Redeemed | (1150000) | (1650000) |
| &nbsp;&nbsp;Net increase (decrease) | 1700000 | 650000 |

---

**Financial Highlights** 

**Fidelity® Enhanced High Yield ETF** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended August 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $48.78 | $46.49 | $46.22 | $56.07 | $54.49 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | 3.297  | 3.198  | 2.781  | 2.383  | 2.250  |
| Net realized and unrealized gain (loss)  | .125  | 2.264  | .297  | (8.748)  | 2.335  |
| Total from investment operations  | 3.422  | 5.462  | 3.078  | (6.365)  | 4.585  |
| Distributions from net investment income  | (3.242)  | (3.172)  | (2.808)  | (2.355)  | (2.195)  |
| Distributions from net realized gain  | -  | -  | -  | (1.128)  | (.808)  |
| Total distributions  | (3.242)  | (3.172)  | (2.808)  | (3.483)  | (3.003)  |
| Net asset value, end of period  | $48.96 | $48.78 | $46.49 | $46.22 | $56.07 |
| **Total Return** C,D | 7.31% <br>| 12.20%  | 6.90%  | (11.85)%  | 8.66%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .36%  | .46%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .36% <br>| .46%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .36%  | .46%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | 6.81%  | 6.76%  | 6.02%  | 4.64%  | 4.07%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $418645 | $334154 | $288250 | $274996 | $277532 |
| Portfolio turnover rate G,H | 79% <br>| 51%  | 84%  | 72%  | 177%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Based on net asset value.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Preferred Securities & Income ETF**

**Schedule of Investments August 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Celcuity Inc 2.75% 8/1/2031 <br>(Cost $10,000)<br>| 10000 | **13244** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Multi-Utilities - 0.1% |  |  |
| Algonquin Power & Utilities Corp 3 month U.S. LIBOR + 4.01%, 9.6032% (b)(c) | 3000 | 76950 |
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Apollo Global Management Inc Series A, 6.75%  | 800 | 57414 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Strategy Inc 8%  | 600 | 56730 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| PG&E Corp Series A, 6%  | 1300 | 51692 |
| TOTAL UNITED STATES |  | 165836 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $231,522) |  | <br> **242786** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 24.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 24.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 24.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 6.0%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Bell Canada 6.875% 9/15/2055 (b) | 140000 | 142984 |
| Bell Canada 7% 9/15/2055 (b) | 140000 | 143190 |
|  |  | 286174 |
| Wireless Telecommunication Services - 0.3% |  |  |
| Rogers Communications Inc 7% 4/15/2055 (b) | 158000 | 162073 |
| TOTAL COMMUNICATION SERVICES |  | 448247 |
| Energy - 4.8% |  |  |
| Oil, Gas & Consumable Fuels - 4.8% |  |  |
| Enbridge Inc 8.5% 1/15/2084 (b) | 1575000 | 1781662 |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (b) | 195000 | 203813 |
| South Bow Canadian Infrastructure Holdings Ltd 7.625% 3/1/2055 (b) | 195000 | 202916 |
| TransCanada PipeLines Ltd 7% 6/1/2065 (b) | 135000 | 136932 |
| Transcanada Trust 5.3% 3/15/2077 (b) | 161000 | 159960 |
| Transcanada Trust 5.5% 9/15/2079 (b) | 128000 | 126093 |
| Transcanada Trust 5.6% 3/7/2082 (b) | 335000 | 328008 |
| Transcanada Trust 5.875% 8/15/2076 (b) | 129000 | 129079 |
|  |  | 3068463 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.2% |  |  |
| Emera Inc 6.75% 6/15/2076 (b) | 125000 | 125784 |
| Gas Utilities - 0.3% |  |  |
| AltaGas Ltd 7.2% 10/15/2054 (b)(d) | 200000 | 202664 |
| TOTAL UTILITIES |  | 328448 |
| TOTAL CANADA |  | 3845158 |
| GERMANY - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Insurance - 0.8% |  |  |
| Allianz SE 5.6% 9/3/2054 (b)(d) | 175000 | 177836 |
| Allianz SE 6.35% 9/6/2053 (b)(d) | 140000 | 148561 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 5.875% 5/23/2042 (b)(d) | 200000 | 206787 |
| TOTAL GERMANY |  | 533184 |
| IRELAND - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Consumer Finance - 0.7% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (b) | 270000 | 277752 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.95% 3/10/2055 (b) | 150000 | 157048 |
| TOTAL IRELAND |  | 434800 |
| JAPAN - 3.5%  |  |  |
| Financials - 3.5% |  |  |
| Insurance - 3.5% |  |  |
| Meiji Yasuda Life Insurance Co 5.1% 4/26/2048 (b)(d) | 200000 | 200564 |
| Meiji Yasuda Life Insurance Co 5.2% 10/20/2045 (b)(d) | 200000 | 200060 |
| Meiji Yasuda Life Insurance Co 5.8% 9/11/2054 (b)(d) | 150000 | 152754 |
| Meiji Yasuda Life Insurance Co 6.1% 6/11/2055 (b)(d) | 290000 | 298654 |
| Nippon Life Insurance Co 2.75% 1/21/2051 (b)(d) | 200000 | 178709 |
| Nippon Life Insurance Co 3.4% 1/23/2050 (b)(d) | 100000 | 93840 |
| Nippon Life Insurance Co 4.7% 1/20/2046 (b)(d) | 200000 | 199468 |
| Nippon Life Insurance Co 6.25% 9/13/2053 (b)(d) | 200000 | 210758 |
| Nippon Life Insurance Co 6.5% 4/30/2055 (b)(d) | 400000 | 426538 |
| Sumitomo Life Insurance Co 4% 9/14/2077 (b)(d) | 270000 | 265829 |
| TOTAL JAPAN |  | 2227174 |
| UNITED KINGDOM - 0.6%  |  |  |
| Communication Services - 0.6% |  |  |
| Wireless Telecommunication Services - 0.6% |  |  |
| Vodafone Group PLC 7% 4/4/2079 (b) | 400000 | 422070 |
| UNITED STATES - 12.5%  |  |  |
| Communication Services - 0.3% |  |  |
| Media - 0.3% |  |  |
| Paramount Global 6.25% 2/28/2057 (b) | 80000 | 77875 |
| Paramount Global 6.375% 3/30/2062 (b) | 125000 | 125209 |
|  |  | 203084 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Energy Transfer LP 8% 5/15/2054 (b) | 35000 | 37289 |
| Enterprise Products Operating LLC 5.25% 8/16/2077 (b) | 126000 | 124676 |
| Enterprise Products Operating LLC 5.375% 2/15/2078 (b) | 67000 | 66289 |
| Enterprise Products Operating LLC CME Term SOFR 3 month Index + 2.986%, 7.4328% 8/16/2077 (b)(c) | 33000 | 32991 |
|  |  | 261245 |
| Financials - 4.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Ares Finance Co III LLC 4.125% 6/30/2051 (b)(d) | 75000 | 73397 |
| Financial Services - 0.2% |  |  |
| Corebridge Financial Inc 6.375% 9/15/2054 (b) | 130000 | 131589 |
| Insurance - 3.8% |  |  |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (d) | 420000 | 411603 |
| Assurant Inc 7% 3/27/2048 (b) | 61000 | 62418 |
| Liberty Mutual Group Inc 4.125% 12/15/2051 (b)(d) | 150000 | 147112 |
| Liberty Mutual Group Inc 4.3% 2/1/2061 (d) | 125000 | 78673 |
| MetLife Inc 10.75% 8/1/2069 (b) | 128000 | 171106 |
| MetLife Inc 6.4% 12/15/2066 (b) | 319000 | 334044 |
| PartnerRe Finance B LLC 4.5% 10/1/2050 (b) | 67000 | 62737 |
| Prudential Financial Inc 3.7% 10/1/2050 (b) | 200000 | 184774 |
| Prudential Financial Inc 4.5% 9/15/2047 (b) | 125000 | 123014 |
| Prudential Financial Inc 5.125% 3/1/2052 (b) | 150000 | 146989 |
| Prudential Financial Inc 5.7% 9/15/2048 (b) | 120000 | 121907 |
| Prudential Financial Inc 6% 9/1/2052 (b) | 200000 | 206362 |
| Prudential Financial Inc 6.5% 3/15/2054 (b) | 120000 | 126127 |
| Prudential Financial Inc 6.75% 3/1/2053 (b) | 250000 | 263679 |
|  |  | 2440545 |
| TOTAL FINANCIALS |  | 2645531 |
| Health Care - 0.9% |  |  |
| Health Care Providers & Services - 0.9% |  |  |
| CVS Health Corp 6.75% 12/10/2054 (b) | 429000 | 434881 |
| CVS Health Corp 7% 3/10/2055 (b) | 164000 | 170741 |
|  |  | 605622 |
| Utilities - 6.8% |  |  |
| Electric Utilities - 3.1% |  |  |
| American Electric Power Co Inc 3.875% 2/15/2062 (b) | 135000 | 130881 |
| Edison International 7.875% 6/15/2054 (b) | 15000 | 14828 |
| NextEra Energy Capital Holdings Inc 5.65% 5/1/2079 (b) | 234000 | 233349 |
| NextEra Energy Capital Holdings Inc 6.375% 8/15/2055 (b) | 263000 | 271123 |
| NextEra Energy Capital Holdings Inc 6.5% 8/15/2055 (b) | 140000 | 146636 |
| NextEra Energy Capital Holdings Inc 6.7% 9/1/2054 (b) | 140000 | 143809 |
| NextEra Energy Capital Holdings Inc 6.75% 6/15/2054 (b) | 140000 | 147911 |
| PacifiCorp 7.375% 9/15/2055 (b) | 81000 | 84051 |
| PG&E Corp 7.375% 3/15/2055 (b) | 271000 | 268936 |
| Southern Co/The 3.75% 9/15/2051 (b) | 400000 | 393963 |
| Southern Co/The 6.375% 3/15/2055 (b) | 135000 | 141255 |
|  |  | 1976742 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| AES Corp/The 6.95% 7/15/2055 (b) | 140000 | 135448 |
| Multi-Utilities - 3.5% |  |  |
| CenterPoint Energy Inc 6.7% 5/15/2055 (b) | 138000 | 141323 |
| CMS Energy Corp 3.75% 12/1/2050 (b) | 409000 | 371750 |
| CMS Energy Corp 4.75% 6/1/2050 (b) | 150000 | 145064 |
| Dominion Energy Inc 6% 2/15/2056 (b) | 307000 | 309983 |
| Dominion Energy Inc 6.625% 5/15/2055 (b) | 500000 | 512206 |
| Sempra 4.125% 4/1/2052 (b) | 710000 | 688102 |
|  |  | 2168428 |
| TOTAL UTILITIES |  | 4280618 |
| TOTAL UNITED STATES |  | 7996100 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $15,021,380) |  | <br> **15458486** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 31.8%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 31.8%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 31.8%** |
|  | Shares | Value ($)<br>|
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| RenaissanceRe Holdings Ltd Series G, 4.2%  | 1550 | 25342 |
| CANADA - 0.3%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Brookfield Finance Inc 4.625%  | 2500 | 40825 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Brookfield BRP Holdings Canada Inc 7.25%  | 2100 | 52682 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.0% |  |  |
| Brookfield Infrastructure Finance ULC 7.25%  | 1100 | 27885 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Brookfield Renewable Partners LP 5.25%  | 2395 | 43518 |
| Multi-Utilities - 0.0% |  |  |
| Brookfield Infrastructure Partners LP 5.125%  | 825 | 14183 |
| Brookfield Infrastructure Partners LP Series A, 5%  | 825 | 13794 |
|  |  | 27977 |
| TOTAL UTILITIES |  | 99380 |
| TOTAL CANADA |  | 192887 |
| NETHERLANDS - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| AEGON Funding Co LLC 5.1%  | 3950 | 80244 |
| UNITED STATES - 31.4%  |  |  |
| Communication Services - 2.8% |  |  |
| Diversified Telecommunication Services - 2.1% |  |  |
| AT&T Inc 5.35%  | 10600 | 239348 |
| AT&T Inc Series A, 5%  | 18800 | 386340 |
| AT&T Inc Series C 4.75%  | 23900 | 468679 |
| Qwest Corp 6.5%  | 5900 | 116938 |
| Qwest Corp 6.75%  | 7400 | 147408 |
|  |  | 1358713 |
| Wireless Telecommunication Services - 0.7% |  |  |
| T-Mobile USA Inc 5.5%  | 3500 | 80605 |
| T-Mobile USA Inc 5.5%  | 3500 | 79870 |
| T-Mobile USA Inc 6.25%  | 8500 | 210035 |
| Telephone and Data Systems Inc 6%  | 3500 | 65450 |
| Telephone and Data Systems Inc 6.625%  | 1500 | 31605 |
|  |  | 467565 |
| TOTAL COMMUNICATION SERVICES |  | 1826278 |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.3% |  |  |
| Ford Motor Co 6%  | 5300 | 112307 |
| Ford Motor Co 6.2%  | 2600 | 56004 |
| Ford Motor Co 6.5%  | 2400 | 55968 |
|  |  | 224279 |
| Financials - 18.4% |  |  |
| Banks - 8.7% |  |  |
| Bank of America Corp 4.25%  | 17000 | 302090 |
| Bank of America Corp 4.375%  | 23200 | 425720 |
| Bank of America Corp 4.75%  | 11500 | 226205 |
| Bank of America Corp 5%  | 8700 | 180786 |
| Bank of America Corp Series PP, 4.125%  | 25500 | 438855 |
| Cadence Bank 5.5%  | 2000 | 42640 |
| Citizens Financial Group Inc 6.5% (b) | 2500 | 63025 |
| Citizens Financial Group Inc Series E, 5%  | 2000 | 40120 |
| Fifth Third Bancorp Series K, 4.95%  | 800 | 16152 |
| Huntington Bancshares Inc/OH Series C 5.7%  | 1200 | 26892 |
| Huntington Bancshares Inc/OH Series H 4.5%  | 3100 | 56637 |
| JPMorgan Chase & Co 4.55%  | 22900 | 449756 |
| JPMorgan Chase & Co 4.625%  | 12100 | 244541 |
| JPMorgan Chase & Co 4.75%  | 12500 | 256250 |
| JPMorgan Chase & Co Series MM, 4.2%  | 15100 | 279954 |
| KeyCorp 5.625%  | 5400 | 121176 |
| KeyCorp 5.65%  | 5300 | 118190 |
| KeyCorp 6.2% (b) | 3300 | 81840 |
| M&T Bank Corp Series J, 7.5%  | 4100 | 111028 |
| Regions Financial Corp 4.45%  | 3600 | 65736 |
| Regions Financial Corp 5 year U.S. Treasury Index + 2.771%, 6.95% (b)(c) | 3300 | 84612 |
| Regions Financial Corp 5.7% (b) | 3000 | 71730 |
| Truist Financial Corp 4.75%  | 5900 | 115640 |
| Truist Financial Corp Series O 5.25%  | 3800 | 82650 |
| US Bancorp 4.5%  | 2800 | 54320 |
| US Bancorp Series K, 5.5%  | 3500 | 83440 |
| US Bancorp Series L, 3.75%  | 3500 | 54565 |
| US Bancorp Series M, 4%  | 5300 | 88192 |
| Webster Financial Corp Series F, 5.25%  | 750 | 15075 |
| Wells Fargo & Co 4.25%  | 15800 | 279660 |
| Wells Fargo & Co 4.7%  | 9400 | 180198 |
| Wells Fargo & Co Series CC, 4.375%  | 15400 | 275044 |
| Wells Fargo & Co Series Y, 5.625%  | 4700 | 113740 |
| Wells Fargo & Co Series Z, 4.75%  | 20800 | 404976 |
| Western Alliance Bancorp 4.25% (b) | 1500 | 34155 |
|  |  | 5485590 |
| Capital Markets - 3.9% |  |  |
| Affiliated Managers Group Inc 4.75%  | 3000 | 54330 |
| Affiliated Managers Group Inc 5.875%  | 2700 | 58158 |
| Brookfield Oaktree Holdings LLC Series A, 6.625%  | 7000 | 152880 |
| Brookfield Oaktree Holdings LLC Series B, 6.55%  | 7000 | 149765 |
| Charles Schwab Corp/The 4.45%  | 4500 | 87615 |
| Charles Schwab Corp/The 5.95%  | 4300 | 108317 |
| KKR & Co Inc 6.875%  | 3300 | 84183 |
| Morgan Stanley 5.85%  | 16000 | 392640 |
| Morgan Stanley 6.375%  | 6400 | 161408 |
| Morgan Stanley 6.5%  | 9200 | 234692 |
| Morgan Stanley 6.625%  | 14500 | 375695 |
| Morgan Stanley 6.875%  | 600 | 15210 |
| Morgan Stanley Series L, 4.875%  | 5400 | 111456 |
| Morgan Stanley Series O, 4.25%  | 12800 | 227456 |
| Northern Trust Corp Series E, 4.7%  | 1500 | 30360 |
| State Street Corp 5.35% (b) | 1000 | 22970 |
| Stifel Financial Corp Series D, 4.5%  | 13000 | 236535 |
|  |  | 2503670 |
| Consumer Finance - 0.9% |  |  |
| Capital One Financial Corp 4.25%  | 3300 | 56496 |
| Capital One Financial Corp 5%  | 9900 | 195525 |
| Capital One Financial Corp Series J 4.8%  | 7400 | 139712 |
| Capital One Financial Corp Series L 4.375%  | 4900 | 83496 |
| Navient Corp 6%  | 1500 | 28515 |
| Synchrony Financial Series A 5.625%  | 4600 | 90988 |
|  |  | 594732 |
| Financial Services - 1.3% |  |  |
| Apollo Global Management Inc 7.625% (b) | 4100 | 107994 |
| Carlyle Finance LLC 4.625%  | 7400 | 135568 |
| Compass Diversified Holdings 7.875% (b) | 4000 | 80400 |
| Compass Diversified Holdings Series C, 7.875%  | 4000 | 79800 |
| Corebridge Financial Inc 6.375%  | 4400 | 105732 |
| Equitable Holdings Inc 4.3%  | 1000 | 17350 |
| Equitable Holdings Inc Series A, 5.25%  | 5700 | 122037 |
| KKR Group Finance Co IX LLC 4.625%  | 5000 | 91750 |
| Voya Financial Inc Series B 5.35% (b) | 5000 | 117750 |
|  |  | 858381 |
| Insurance - 3.6% |  |  |
| Allstate Corp/The Series H 5.1%  | 10000 | 218300 |
| Allstate Corp/The Series I, 4.75%  | 2000 | 40360 |
| Allstate Corp/The Series J, 7.375%  | 4100 | 111684 |
| American Financial Group Inc/OH 4.5%  | 6000 | 105060 |
| Arch Capital Group Ltd 5.45%  | 2000 | 42600 |
| Arch Capital Group Ltd Series G, 4.55%  | 2250 | 39645 |
| Assurant Inc 5.25%  | 2500 | 51225 |
| Athene Holding Ltd 7.25% (b) | 8800 | 223080 |
| Athene Holding Ltd Series A, 6.35% (b) | 6000 | 149220 |
| Athene Holding Ltd Series B, 5.625%  | 4300 | 90988 |
| Athene Holding Ltd Series D, 4.875%  | 4000 | 71320 |
| Axis Capital Holdings Ltd 5.5%  | 2800 | 58744 |
| Brighthouse Financial Inc 5.375%  | 4000 | 59560 |
| Brighthouse Financial Inc 6.25%  | 1600 | 31040 |
| Brighthouse Financial Inc Series A, 6.6%  | 3800 | 68552 |
| Brighthouse Financial Inc Series B 6.75%  | 3700 | 67858 |
| Brighthouse Financial Inc Series D, 4.625%  | 4000 | 53760 |
| Enstar Group Ltd 7% (b) | 3900 | 92430 |
| F&G Annuities & Life Inc 7.3%  | 2100 | 50526 |
| Hartford Insurance Group Inc/The 6%  | 300 | 7500 |
| MetLife Inc 5.625%  | 4500 | 110565 |
| MetLife Inc Series F, 4.75%  | 6400 | 129984 |
| Prudential Financial Inc 4.125%  | 3100 | 55056 |
| Prudential Financial Inc 5.625%  | 3800 | 93518 |
| Reinsurance Group of America Inc 7.125% (b) | 4000 | 102240 |
| Unum Group 6.25%  | 3500 | 82390 |
| W R Berkley Corp 4.25%  | 5000 | 88600 |
|  |  | 2295805 |
| TOTAL FINANCIALS |  | 11738178 |
| Industrials - 0.2% |  |  |
| Trading Companies & Distributors - 0.2% |  |  |
| FTAI Aviation Ltd Series C, 8.25% (b) | 4000 | 101000 |
| Information Technology - 0.5% |  |  |
| Software - 0.5% |  |  |
| Strategy Inc 9%  | 1600 | 156400 |
| Strategy Inc Series A, 10%  | 1200 | 132960 |
|  |  | 289360 |
| Real Estate - 2.3% |  |  |
| Office REITs - 0.2% |  |  |
| Vornado Realty Trust Series L, 5.4%  | 8800 | 158488 |
| Real Estate Management & Development - 0.2% |  |  |
| Brookfield Property Partners LP 5.75%  | 1900 | 25859 |
| Brookfield Property Partners LP 6.375%  | 1700 | 25534 |
| Brookfield Property Partners LP 6.5%  | 1700 | 26010 |
| Brookfield Property Preferred LP 6.25%  | 4700 | 74542 |
|  |  | 151945 |
| Residential REITs - 0.0% |  |  |
| American Homes 4 Rent Series H, 6.25%  | 1000 | 24500 |
| Specialized REITs - 1.9% |  |  |
| Digital Realty Trust Inc 5.25%  | 4350 | 96135 |
| Digital Realty Trust Inc Series L, 5.2%  | 12600 | 267120 |
| Public Storage Operating Co 3.875%  | 3600 | 56304 |
| Public Storage Operating Co 3.95%  | 3500 | 56228 |
| Public Storage Operating Co 4%  | 20000 | 322800 |
| Public Storage Operating Co 4%  | 3300 | 53229 |
| Public Storage Operating Co 5.05% Series G  | 2600 | 53378 |
| Public Storage Operating Co Series H, 5.6%  | 1500 | 35100 |
| Public Storage Operating Co Series I, 4.875%  | 1500 | 29520 |
| Public Storage Operating Co Series J, 4.7%  | 1700 | 32249 |
| Public Storage Operating Co Series MM, 4.125%  | 3300 | 55275 |
| Public Storage Operating Co Series O, 3.9%  | 3500 | 55160 |
| Public Storage Operating Co Series S, 4.1%  | 3400 | 56406 |
|  |  | 1168904 |
| TOTAL REAL ESTATE |  | 1503837 |
| Utilities - 6.9% |  |  |
| Electric Utilities - 5.4% |  |  |
| Duke Energy Corp 5.625%  | 13500 | 331020 |
| Duke Energy Corp Series A 5.75%  | 6400 | 158144 |
| Entergy Arkansas LLC 4.875%  | 8600 | 179138 |
| Entergy Louisiana LLC 4.875%  | 1000 | 20710 |
| Entergy Mississippi LLC 4.9%  | 8600 | 181718 |
| Entergy New Orleans LLC 5.5%  | 7400 | 165982 |
| NextEra Energy Capital Holdings Inc 5.65%  | 5600 | 129528 |
| NextEra Energy Capital Holdings Inc 6.5%  | 4400 | 111012 |
| SCE Trust II 5.1%  | 8331 | 142127 |
| SCE Trust V 5.45% (b) | 1550 | 36456 |
| Southern Co/The 4.2%  | 66098 | 1206289 |
| Southern Co/The 5.25%  | 5084 | 115965 |
| Southern Co/The Series A, 4.95%  | 7838 | 168674 |
| Southern Co/The Series A, 6.5%  | 20300 | 530845 |
|  |  | 3477608 |
| Multi-Utilities - 1.5% |  |  |
| CMS Energy Corp 5.875%  | 4700 | 111061 |
| CMS Energy Corp 5.875%  | 2400 | 56976 |
| CMS Energy Corp Series C 4.2%  | 1600 | 29744 |
| DTE Energy Co 4.375%  | 10425 | 184627 |
| DTE Energy Co 4.375%  | 8600 | 151102 |
| DTE Energy Co 5.25%  | 5000 | 113600 |
| SCE Trust VI 5%  | 9975 | 168578 |
| Sempra 5.75%  | 5700 | 129560 |
|  |  | 945248 |
| TOTAL UTILITIES |  | 4422856 |
| TOTAL UNITED STATES |  | 20105788 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $20,972,071) |  | <br> **20404261** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 40.6%** | &nbsp;&nbsp;**Preferred Securities - 40.6%** | &nbsp;&nbsp;**Preferred Securities - 40.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.9%  |  |  |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Enbridge Inc 5.5% 7/15/2077 (b) | 126000 | 126379 |
| Enbridge Inc 5.75% 7/15/2080 (b) | 126000 | 126787 |
| Enbridge Inc 6% 1/15/2077 (b) | 68000 | 68718 |
| Enbridge Inc 6.25% 3/1/2078 (b) | 123000 | 127572 |
| Enbridge Inc 8.25% 1/15/2084 (b) | 100000 | 107594 |
| TOTAL CANADA |  | 557050 |
| FRANCE - 0.6%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BNP Paribas SA 7.375% (b)(d)(e) | 135000 | 143544 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.4% |  |  |
| Electricite de France SA 9.125% (b)(d)(e) | 200000 | 234393 |
| TOTAL FRANCE |  | 377937 |
| JAPAN - 1.2%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Rakuten Group Inc 8.125% (b)(d)(e) | 300000 | 313539 |
| Financials - 0.7% |  |  |
| Insurance - 0.7% |  |  |
| Dai-ichi Life Insurance Co Ltd/The 4% (b)(d)(e) | 200000 | 199401 |
| Dai-ichi Life Insurance Co Ltd/The 6.2% (b)(d)(e) | 260000 | 271637 |
|  |  | 471038 |
| TOTAL JAPAN |  | 784577 |
| UNITED KINGDOM - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Barclays PLC 7.625% (b)(e) | 200000 | 209821 |
| Standard Chartered PLC 7.625% (b)(d)(e) | 200000 | 210010 |
| TOTAL UNITED KINGDOM |  | 419831 |
| UNITED STATES - 37.2%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobiles - 0.4% |  |  |
| General Motors Financial Co Inc 5.7% (b)(e) | 252000 | 253085 |
| Energy - 7.9% |  |  |
| Oil, Gas & Consumable Fuels - 7.9% |  |  |
| BP Capital Markets PLC 4.375% (b)(e) | 125000 | 127241 |
| BP Capital Markets PLC 4.875% (b)(e) | 525000 | 525364 |
| BP Capital Markets PLC 6.125% (b)(e) | 275000 | 283825 |
| BP Capital Markets PLC 6.45% (b)(e) | 830000 | 899405 |
| Energy Transfer LP 6.625% (b)(e) | 2120000 | 2112773 |
| Energy Transfer LP Series G, 7.125% (b)(e) | 190000 | 198985 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.583% (b)(c)(e) | 285000 | 286258 |
| Venture Global LNG Inc 9% (b)(d)(e) | 640000 | 659808 |
|  |  | 5093659 |
| Financials - 25.2% |  |  |
| Banks - 12.7% |  |  |
| Bank of America Corp 6.125% (b)(e) | 100000 | 101512 |
| Bank of America Corp 6.25% (b)(e) | 584000 | 588391 |
| Bank of America Corp 6.625% (b)(e) | 30000 | 31053 |
| Citigroup Inc 3.875% (b)(e) | 400000 | 395923 |
| Citigroup Inc 4% (b)(e) | 285000 | 284897 |
| Citigroup Inc 4.15% (b)(e) | 89000 | 87036 |
| Citigroup Inc 6.25% (b)(e) | 230000 | 232055 |
| Citigroup Inc 6.75% (b)(e) | 200000 | 202244 |
| Citigroup Inc 6.875% (b)(e) | 735000 | 753459 |
| Citigroup Inc 6.95% (b)(e) | 275000 | 280116 |
| Citigroup Inc 7% (b)(e) | 270000 | 284263 |
| Citigroup Inc 7.125% (b)(e) | 220000 | 225963 |
| Citigroup Inc 7.625% (b)(e) | 220000 | 230884 |
| Fifth Third Bancorp 4.5% (b)(e) | 50000 | 50250 |
| Huntington Bancshares Inc/OH 5.625% (b)(e) | 226000 | 232001 |
| JPMorgan Chase & Co 6.5% (b)(e) | 255000 | 264696 |
| JPMorgan Chase & Co 6.875% (b)(e) | 145000 | 154857 |
| JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 7.0356% (b)(c)(e) | 1005000 | 1020837 |
| KeyCorp 5% (b)(e) | 155000 | 154867 |
| M&T Bank Corp 5.125% (b)(e) | 50000 | 50457 |
| PNC Financial Services Group Inc/The 3.4% (b)(e) | 195000 | 189975 |
| PNC Financial Services Group Inc/The 6% (b)(e) | 170000 | 171609 |
| PNC Financial Services Group Inc/The 6.2% (b)(e) | 200000 | 205831 |
| PNC Financial Services Group Inc/The 6.25% (b)(e) | 160000 | 163949 |
| Truist Financial Corp 5.1% (b)(e) | 403000 | 409668 |
| Truist Financial Corp 5.125% (b)(e) | 60000 | 59365 |
| US Bancorp 3.7% (b)(e) | 460000 | 445220 |
| US Bancorp 5.3% (b)(e) | 170000 | 172901 |
| Wells Fargo & Co 3.9% (b)(e) | 556000 | 555189 |
| Wells Fargo & Co 7.625% (b)(e) | 75000 | 81313 |
|  |  | 8080781 |
| Capital Markets - 8.9% |  |  |
| Bank of New York Mellon Corp/The 3.7% (b)(e) | 1370000 | 1357642 |
| Bank of New York Mellon Corp/The 3.75% (b)(e) | 96000 | 93771 |
| Charles Schwab Corp/The 4% (b)(e) | 200000 | 198965 |
| Charles Schwab Corp/The 4% (b)(e) | 831000 | 768024 |
| Goldman Sachs Group Inc/The 4.125% (b)(e) | 779000 | 766711 |
| Goldman Sachs Group Inc/The 5 year U.S. Treasury Index + 2.85%, 7.186% (b)(c)(e) | 200000 | 201552 |
| Goldman Sachs Group Inc/The 5.3% (b)(e) | 79000 | 80077 |
| Goldman Sachs Group Inc/The 6.125% (b)(e) | 480000 | 489919 |
| Goldman Sachs Group Inc/The 6.85% (b)(e) | 680000 | 703098 |
| Goldman Sachs Group Inc/The 7.5% (b)(e) | 160000 | 171675 |
| Morgan Stanley 5.875% (b)(e) | 435000 | 445523 |
| Northern Trust Corp 4.6% (b)(e) | 155000 | 156649 |
| State Street Corp 6.7% (b)(e) | 250000 | 262313 |
|  |  | 5695919 |
| Consumer Finance - 3.1% |  |  |
| Ally Financial Inc 4.7% (b)(e) | 685000 | 626167 |
| Ally Financial Inc 4.7% (b)(e) | 310000 | 302322 |
| American Express Co 3.55% (b)(e) | 217000 | 213389 |
| Capital One Financial Corp 3.95% (b)(e) | 560000 | 554224 |
| Capital One Financial Corp 5.5% (b)(e) | 315000 | 318194 |
|  |  | 2014296 |
| Insurance - 0.5% |  |  |
| MetLife Inc 3.85% (b)(e) | 275000 | 278970 |
| SBL Holdings Inc 6.5% (b)(d)(e) | 34000 | 32967 |
|  |  | 311937 |
| TOTAL FINANCIALS |  | 16102933 |
| Industrials - 1.6% |  |  |
| Trading Companies & Distributors - 1.6% |  |  |
| Air Lease Corp 4.125% (b)(e) | 261000 | 257408 |
| Air Lease Corp 4.65% (b)(e) | 300000 | 299644 |
| Air Lease Corp 6% (b)(e) | 70000 | 69659 |
| Aircastle Ltd 5.25% (b)(d)(e) | 416000 | 423306 |
|  |  | 1050017 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 0.6% |  |  |
| Edison International 5% (b)(e) | 219000 | 200794 |
| Edison International 5.375% (b)(e) | 186000 | 185294 |
|  |  | 386088 |
| Independent Power and Renewable Electricity Producers - 0.9% |  |  |
| Vistra Corp 7% (b)(d)(e) | 470000 | 482581 |
| Vistra Corp 8% (b)(d)(e) | 100000 | 105116 |
|  |  | 587697 |
| Multi-Utilities - 0.6% |  |  |
| Dominion Energy Inc 4.35% (b)(e) | 225000 | 224393 |
| Sempra 4.875% (b)(e) | 170000 | 173061 |
|  |  | 397454 |
| TOTAL UTILITIES |  | 1371239 |
| TOTAL UNITED STATES |  | 23870933 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $25,165,462) |  | <br> **26010328** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $1,815,336)<br>| 4.36 | 1814973 | **1815336** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $63,215,771)<br>| <br>**63944441** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **166801** |
| **NET ASSETS - 100.0%** | **64111242** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT US Treasury Ultra Bond Contracts (United States) | 1 | 12/19/2025 | 116438 | (445) | (445) |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

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

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(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 $6,750,109 or 10.5% of net assets.

(e) Security is perpetual in nature with no stated maturity date.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 271437 | 27734245 | 26190346 | 50918 | - | - | 1815336 | 1814973 | 0.0% |
| Total | 271437 | 27734245 | 26190346 | 50918 | - | - | 1815336 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of August 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 13244 | - | 13244 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 57414 | - | 57414 | - |
| Information Technology | 56730 | - | 56730 | - |
| Utilities | 128642 | 76950 | 51692 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 1073401 | - | 1073401 | - |
| Energy | 3329708 | - | 3329708 | - |
| Financials | 5840689 | - | 5840689 | - |
| Health Care | 605622 | - | 605622 | - |
| Utilities | 4609066 | - | 4609066 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 1826278 | 1826278 | - | - |
| Consumer Discretionary | 224279 | 224279 | - | - |
| Financials | 11884589 | 11884589 | - | - |
| Industrials | 153682 | 153682 | - | - |
| Information Technology | 289360 | 289360 | - | - |
| Real Estate | 1503837 | 1503837 | - | - |
| Utilities | 4522236 | 4522236 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 566624 | - | 566624 | - |
| Energy | 5650709 | - | 5650709 | - |
| Financials | 17137346 | - | 17137346 | - |
| Industrials | 1050017 | - | 1050017 | - |
| Utilities | 1605632 | - | 1605632 | - |
|  **Money Market Funds** | 1815336 | 1815336 | - | - |
| **Total Investments in Securities:** | 63944441 | 22296547 | 41647894 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (445) | (445) | - | - |
| Total Liabilities | (445) | (445) | - | - |
| **Total Derivative Instruments:** | (445) | (445) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | - | (445) |
| **Total Interest Rate Risk**  | - | (445) |
| **Total Value of Derivatives** | - | (445) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Preferred Securities & Income ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of August 31, 2025** | **As of August 31, 2025** | **As of August 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $61,400,435) | $62129105 |  |
| Fidelity Central Funds (cost $1,815,336) | 1815336 |  |
| Total Investment in Securities (cost $63,215,771) |  | $63944441 |
| Segregated cash with brokers for derivative instruments |  | 36050 |
| Cash |  | 22808 |
| Dividends receivable |  | 106278 |
| Interest receivable |  | 275783 |
| Distributions receivable from Fidelity Central Funds |  | 6139 |
| **Total assets** |  | 64391499 |
| **Liabilities** |  |  |
| Distributions payable | $247800 |  |
| Accrued management fee | 31445 |  |
| Payable for daily variation margin on futures contracts | 1000 |  |
| Other payables and accrued expenses | 12 |  |
| **Total liabilities** |  | 280257 |
| **Net Assets**  |  | $64111242 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $68543458 |
| Total accumulated earnings (loss) |  | (4432216) |
| **Net Assets** |  | $64111242 |
| **Net Asset Value**, offering price and redemption price per share ($64,111,242 ÷ 2,950,000 shares) |  | $21.73 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $2304368 |
| Interest  |  | 808110 |
| Income from Fidelity Central Funds  |  | 50918 |
| **Total income** |  | 3163396 |
| **Expenses** |  |  |
| Management fee | $323304 |  |
| Independent trustees' fees and expenses | 198 |  |
| Miscellaneous | 126 |  |
| Total expenses before reductions | 323628 |  |
| Expense reductions | (1717) |  |
| Total expenses after reductions |  | 321911 |
| **Net Investment income (loss)** |  | 2841485 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (294887) |  |
| Futures contracts | (5015) |  |
| Total net realized gain (loss) |  | (299902) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (68746) |  |
| Futures contracts | (445) |  |
| Total change in net unrealized appreciation (depreciation) |  | (69191) |
| **Net gain (loss)** |  | (369093) |
| **Net increase (decrease) in net assets resulting from operations** |  | $2472392 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **August 31, 2025** | **Year ended**<br> **August 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2841485 | $1722414 |
| &nbsp;&nbsp;Net realized gain (loss) | (299902)<br>| (204022)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (69191) | 3169001<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2472392<br>| 4687393<br>|
| Distributions to shareholders | (2789100)<br>| (1751050)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 25162061 | 7491822 |
| &nbsp;&nbsp;Cost of shares redeemed | (3257514) | - |
| **Net increase (decrease) in net assets resulting from share transactions** | 21904547<br>| 7491822<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 21587839<br>| 10428165<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 42523403 | 32095238<br>|
| &nbsp;&nbsp;End of period | $64111242 | $42523403 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1150000 | 350000 |
| &nbsp;&nbsp;Redeemed | (150000) | - |
| &nbsp;&nbsp;Net increase (decrease) | 1000000 | 350000 |

---

**Financial Highlights** 

**Fidelity® Preferred Securities & Income ETF** <br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended August 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.81 | $20.06 | $20.67 | $25.20 | $25.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.118  | 1.034  | .937  | .886  | .170  |
| Net realized and unrealized gain (loss)  | (.114)  | 1.765  | (.510)  | (4.485)  | .187  |
| Total from investment operations  | 1.004  | 2.799  | .427  | (3.599)  | .357  |
| Distributions from net investment income  | (1.084)  | (1.049)  | (.856)  | (.931)  | (.157)  |
| Distributions from tax return of capital  | - | - | (.181) | - | - |
| Total distributions  | (1.084)  | (1.049)  | (1.037)  | (.931)  | (.157)  |
| Net asset value, end of period  | $21.73 | $21.81 | $20.06 | $20.67 | $25.20 |
| **Total Return** D,E | 4.76% <br>| 14.31%  | 2.19%  | (14.50)%  | 1.44%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .59%  | .60%  | .59%  | .59%  | .59% H |
| Expenses net of fee waivers, if any  | .59% <br>| .60%  | .59%  | .59%  | .59% H |
| Expenses net of all reductions, if any  | .59%  | .60%  | .59%  | .59%  | .59% H |
| Net investment income (loss)  | 5.18%  | 4.95%  | 4.65%  | 3.98%  | 3.16% H |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $64111 | $42523 | $32095 | $33069 | $6300 |
| Portfolio turnover rate I | 56% <br>| 28%  | 50%  | 21%  | 0%  |

---

A*For the period June 15, 2021 (commencement of operations) through August 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Based on net asset value.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended August 31, 2025

**1. Organization.**

Fidelity Enhanced High Yield ETF and Fidelity Preferred Securities & Income ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Fidelity Preferred Securities & Income ETF is a non-diversified exchange-traded fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each 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, each 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 each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each Fund categorizes the inputs to valuation techniques used to value its investments 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 each Fund's investments by major category are as follows:

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. Corporate bonds and preferred securities 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. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the other Fidelity Central 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. The aggregate value of investments by input level as of August 31, 2025 is included at the end of each Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes and for processing shareholder transactions, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period and prior business day, respectively. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) for Fidelity Enhanced High Yield ETF, and of the Cboe BZX Exchange, Inc. (CboeBZX) for Fidelity Preferred Securities & Income ETF. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of August 31, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Funds and is not distributed to shareholders of the Funds.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, swap agreements, passive foreign investment companies (PFIC), prior period premium and discount on debt securities, redemptions in-kind, equity-debt classifications, certain conversion ratio adjustments, partnerships (including allocations from Fidelity Central Funds), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Enhanced High Yield ETF** | 442541070 | 9873261 | (1023508) | 8849753 |
| **Fidelity Preferred Securities & Income ETF**  | 63108925 | 2217988 | (1382472) | 835516 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Enhanced High Yield ETF** | 166862 | (34615361) | 8849753 |
| **Fidelity Preferred Securities & Income ETF**  | - | (5009148) | 835516 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Enhanced High Yield ETF** | (13917163) | (20698198) | (34615361) |
| **Fidelity Preferred Securities & Income ETF**  | (2455354) | (2553794) | (5009148) |

---

The tax character of distributions paid was as follows:

---

| | |
|:---|:---|
| **August 31, 2025** |  |
|  | **Ordinary Income ($)** |
| **Fidelity Enhanced High Yield ETF** | 24904300 |
| **Fidelity Preferred Securities & Income ETF**  | 2789100 |

---

---

| | |
|:---|:---|
| **August 31, 2024** |  |
|  | **Ordinary Income ($)** |
| **Fidelity Enhanced High Yield ETF** | 19768000 |
| **Fidelity Preferred Securities & Income ETF**  | 1751050 |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** Each Fund's investment objectives allow for various types of derivative instruments, including futures 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.

Derivatives were used to increase returns, to gain exposure to certain types of assets and 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Credit Risk | Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund.<br>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared swaps may be mitigated by the protection provided by the clearinghouse.

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 and amounts recognized in the Statement of Assets and Liabilities. 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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

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| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Enhanced High Yield ETF** |  |  |
| **Credit Risk** |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(37933)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>-</u> |
| **Total Credit Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(37933)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>-</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | (210060) | 44322 |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(210060)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>44322</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(247993)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>44322</u> |
| **Fidelity Preferred Securities & Income ETF** |  |  |
| **Interest Rate Risk** |  |  |
| Futures Contracts | (5015) | (445) |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(5015)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(445)</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(5015)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(445)</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**Swaps.** A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A centrally cleared swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

Centrally cleared swaps require a fund to deposit either cash or securities (initial margin) with the FCM, at the instruction of and for the benefit of the clearinghouse. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented in segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities. Centrally cleared swaps are marked-to-market daily and subsequent payments (variation margin) are made or received depending on the daily fluctuations in the value of the swaps and are recorded as unrealized appreciation or (depreciation). These daily payments, if any, are included in receivable or payable for daily variation margin on centrally cleared swaps in the Statement of Assets and Liabilities. Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in total accumulated earnings (loss) in the Statement of Assets and Liabilities. Any premiums are recognized as realized gain (loss) upon termination or maturity of the swap.

Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps", and are representative of volume of activity during the period.

**Credit Default Swaps.** Credit default swaps enable a fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. A fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs.

For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described in the Schedule of Investments. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index.

As a seller, if an underlying credit event occurs, a fund will pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to take delivery of the reference obligation or underlying securities comprising an index and pay an amount equal to the notional amount of the swap.

As a buyer, if an underlying credit event occurs, a fund will receive a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to deliver the reference obligation or underlying securities comprising an index in exchange for payment of an amount equal to the notional amount of the swap.

Typically, the value of each credit default swap and credit rating disclosed for each reference obligation in the Schedule of Investments, where a fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, the investment adviser monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/performance risk.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Enhanced High Yield ETF** | 276963943 | 275570190 |
| **Fidelity Preferred Securities & Income ETF** | 44952146 | 20698092 |

---

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Enhanced High Yield ETF** | 136366126 | 54652402 |

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**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of each Fund's average net assets as noted in the table below. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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| | |
|:---|:---|
|  | **Fee Rate** |
| **Fidelity Enhanced High Yield ETF** | .35%A |
| **Fidelity Preferred Securities & Income ETF** | .59% |

---

*A .45% prior to October 1, 2024.* 

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Preferred Securities & Income ETF** | 276 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Preferred Securities & Income ETF** | 378283 | 286448 | 2672 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Enhanced High Yield ETF** | 8953 | - | - |

---

**8. Expense Reductions.**

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Enhanced High Yield ETF** | 3865 |
| **Fidelity Preferred Securities & Income ETF**  | 1717 |

---

**9. Share Transactions.**

Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities and/or cash to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity Enhanced High Yield ETF and Fidelity Preferred Securities & Income ETF

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Enhanced High Yield ETF and Fidelity Preferred Securities & Income ETF (two of the funds constituting Fidelity Covington Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 13, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:

---

| | |
|:---|:---|
| **Fidelity Enhanced High Yield ETF** | 0.11% |
| <br> **Fidelity Preferred Securities & Income ETF** | <br> 1.35% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Fidelity Preferred Securities & Income ETF** |  |
| September 2024 | 27% |
| October 2024 | 27% |
| November 2024 | 27% |
| December 2024 | 27% |
| January 2025 | 30% |
| February 2025 | 30% |
| March 2025 | 30% |
| April 2025 | 30% |
| May 2025 | 30% |
| June 2025 | 30% |
| July 2025 | 30% |
| August 2025 | 30% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Fidelity Preferred Securities & Income ETF** |  |
| September 2024 | 27.66% |
| October 2024 | 28.36% |
| November 2024 | 28.36% |
| December 2024 | 28.36% |
| January 2025 | 31.81% |
| February 2025 | 31.81% |
| March 2025 | 31.81% |
| April 2025 | 31.81% |
| May 2025 | 31.81% |
| June 2025 | 31.81% |
| July 2025 | 31.81% |
| August 2025 | 31.81% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:

---

| | |
|:---|:---|
| **Fidelity Preferred Securities & Income ETF** |  |
| September 2024 | 2.43% |
| October 2024 | 2.49% |
| November 2024 | 2.49% |
| December 2024 | 2.49% |
| January 2025 | 1.31% |
| February 2025 | 1.31% |
| March 2025 | 1.31% |
| April 2025 | 1.31% |
| May 2025 | 1.31% |
| June 2025 | 1.31% |
| July 2025 | 1.31% |
| August 2025 | 1.31% |

---

The funds hereby designate the amounts noted below as distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders:

---

| | |
|:---|:---|
| **Fidelity Enhanced High Yield ETF** | $16987470 |
| **Fidelity Preferred Securities & Income ETF** | $327375 |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Enhanced High Yield ETF** | $24904300 |
| **Fidelity Preferred Securities & Income ETF** | $1943840 |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Enhanced High Yield ETF**

**Fidelity Preferred Securities & Income ETF**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable, in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Managers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and under a separate agreement covering pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally State Street Bank and Trust Company, each fund's transfer agent and custodian; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an index that has characteristics relevant to each fund's investment strategies (benchmark index) and, for Fidelity High Yield Factor ETF, an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The Board also considered information on each fund's bid-ask spread and premium/discount.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered each fund's all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by the investment adviser under the all-inclusive arrangement. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to funds and classes in the asset-sized peer group). The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that Fidelity Enhanced High Yield ETF's management fee was reduced from 0.45% to 0.34% in October 2024.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through May 31, 2026.

![](img113719_4.jpg)<br>

1.9887634.107 HIE-ANN-1025

**Fidelity® Sustainable High Yield ETF**

**Annual Report**

**August 31, 2025**

![](img113737_1.jpg)

![](img113737_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SHY-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Sustainable High Yield ETF](#Sub_Sec_Fund_6508_SHY-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6508_SHY-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SHY-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SHY-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SHY-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SHY-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SHY-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SHY-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Sustainable High Yield ETF**

**Schedule of Investments August 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 6.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 6.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 6.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FINLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 5/23/2030 (b)(c)(d)(e) | 55000 | 54725 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Altice France SA Tranche B-13 1LN, term loan CME Term SOFR 6 month Index + 4%, 10.5% 8/14/2026 (c)(d)(e) | 9974 | 8819 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.8176% 8/15/2028 (c)(d)(e) | 59847 | 54731 |
| TOTAL FRANCE |  | 63550 |
| LUXEMBOURG - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Altice Financing SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.3176% 10/31/2027 (c)(d)(e) | 5000 | 4319 |
| NETHERLANDS - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5572% 8/30/2028 (c)(d)(e) | 171838 | 84201 |
| SWITZERLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.816% 11/15/2030 (c)(d)(e) | 44962 | 42514 |
| UNITED STATES - 5.6%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Connect Holding II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.75%, 4.3135% 10/3/2031 (c)(d)(e) | 10337 | 7540 |
| Connect Holding II LLC Tranche B-DD 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 1% 4/3/2031 (c)(d)(e)(f) | 10138 | 9286 |
| Connect Holding II LLC Tranche B-DD 1LN, term loan CME Term SOFR 1 month Index + 0%, 8.6055% 4/3/2031 (c)(d)(e) | 94862 | 86891 |
| Lumen Technologies Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7805% 4/16/2029 (c)(d)(e) | 9975 | 9908 |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7805% 4/15/2030 (c)(d)(e) | 54822 | 54434 |
|  |  | 168059 |
| Media - 0.2% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.8956% 6/18/2029 (c)(d)(e) | 64458 | 61847 |
| CSC Holdings LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8631% 1/18/2028 (c)(d)(e) | 24885 | 24788 |
|  |  | 86635 |
| TOTAL COMMUNICATION SERVICES |  | 254694 |
| Consumer Discretionary - 1.6% |  |  |
| Diversified Consumer Services - 0.4% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5774% 3/4/2028 (c)(d)(e) | 287960 | 243148 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| BCPE Flavor Debt Merger Sub LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.316% 7/2/2032 (c)(d)(e) | 46287 | 45015 |
| BCPE Flavor Debt Merger Sub LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 5%, 1% 7/2/2032 (c)(d)(e)(f) | 8713 | 8473 |
| Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0579% 10/31/2031 (c)(d)(e) | 39894 | 39195 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5695% 12/30/2026 (c)(d)(e) | 200171 | 192330 |
| United PF Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.5%, 13.0695% 12/30/2026 (c)(d)(e) | 9922 | 9575 |
|  |  | 294588 |
| Household Durables - 0.4% |  |  |
| TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.666% 6/29/2028 (c)(d)(e) | 152941 | 138029 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6805% 10/30/2027 (c)(d)(e) | 79744 | 79474 |
|  |  | 217503 |
| Specialty Retail - 0.3% |  |  |
| At Home Group Inc Tranche A, term loan 10.3762% 10/17/2025 (c)(d)(f)(g) | 536 | 536 |
| At Home Group Inc Tranche A, term loan 12.3141% 10/17/2025 (c)(d)(g) | 390 | 390 |
| At Home Group Inc Tranche B, term loan CME Term SOFR 1 month Index + 4%, 8.2445% 10/17/2025 (c)(d)(e)(g) | 2423 | 2424 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.2099% 6/6/2031 (c)(d)(e) | 44761 | 43410 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.3599% 6/6/2031 (c)(d)(e) | 24974 | 24681 |
| Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0462% 9/4/2029 (c)(d)(e) | 94298 | 86283 |
|  |  | 157724 |
| TOTAL CONSUMER DISCRETIONARY |  | 912963 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 0% 8/6/2030 (b)(c)(d)(e) | 55000 | 53660 |
| Food Products - 0.0% |  |  |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 0% 8/2/2028 (c)(d)(e)(h) | 1490 | 708 |
| Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% 8/2/2028 (c)(d)(e)(h) | 430 | 203 |
| Del Monte Foods Corp II Inc Tranche TLA DIP, term loan CME Term SOFR 3 month Index + 0.1%, 13.9612% 3/30/2026 (c)(d)(e) | 3607 | 3438 |
| Del Monte Foods Corp II Inc Tranche TLB DIP ROLLUP, term loan CME Term SOFR 3 month Index + 0.1%, 13.964% 3/30/2026 (c)(d)(e) | 4679 | 3649 |
|  |  | 7998 |
| TOTAL CONSUMER STAPLES |  | 61658 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.8075% 10/30/2028 (c)(d)(e) | 339163 | 161526 |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| Asurion LLC Tranche B3 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.6805% 1/31/2028 (c)(d)(e) | 80000 | 77725 |
| Health Care - 1.2% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| QuidelOrtho Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 0% 8/16/2032 (b)(c)(d)(e) | 45000 | 44438 |
| Health Care Providers & Services - 0.1% |  |  |
| Cano Health LLC 1LN, term loan CME Term SOFR 3 month Index + 8%, 13.7956% 6/28/2029 (c)(d)(e) | 6266 | 5090 |
| HAH Group Holding Co LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.316% 9/24/2031 (c)(d)(e) | 29925 | 26758 |
| ModivCare Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0456% 7/1/2031 (c)(d)(e) | 19800 | 8663 |
| Team Health Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 0% 6/23/2028 (b)(c)(d)(e) | 25000 | 24886 |
|  |  | 65397 |
| Pharmaceuticals - 1.0% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.566% 10/8/2030 (c)(d)(e) | 560000 | 551757 |
| TOTAL HEALTH CARE |  | 661592 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| TransDigm Group Inc Tranche M 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8533% 8/19/2032 (c)(d)(e) | 25000 | 25006 |
| Air Freight & Logistics - 0.1% |  |  |
| Rand Parent LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2956% 3/18/2030 (c)(d)(e) | 55000 | 54745 |
| Building Products - 0.1% |  |  |
| Cornerstone Building Brands Inc 1LN, term loan CME Term SOFR 1 month Index + 5.625%, 9.9881% 8/1/2028 (c)(d)(e) | 11000 | 10580 |
| Cornerstone Building Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.7131% 4/12/2028 (c)(d)(e) | 35000 | 33119 |
|  |  | 43699 |
| Commercial Services & Supplies - 0.1% |  |  |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7962% 8/1/2030 (c)(d)(e) | 19837 | 17377 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.4294% 4/11/2029 (c)(d)(e) | 44657 | 43318 |
|  |  | 60695 |
| Trading Companies & Distributors - 0.1% |  |  |
| Foundation Building Materials Inc 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.8192% 1/31/2028 (c)(d)(e) | 29922 | 29962 |
| TOTAL INDUSTRIALS |  | 214107 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.2% |  |  |
| Constant Contact Inc 2LN, term loan CME Term SOFR 3 month Index + 7.5%, 12.0792% 2/12/2029 (c)(d)(e) | 6000 | 5260 |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5792% 2/10/2028 (c)(d)(e) | 94435 | 90085 |
|  |  | 95345 |
| Software - 0.1% |  |  |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3195% 6/2/2028 (c)(d)(e) | 49742 | 47163 |
| Polaris Newco LLC Tranche PIK TERM 2LN, term loan CME Term SOFR 1 month Index + 8%, 13.2989% 6/4/2029 (c)(d)(e) | 50000 | 47413 |
|  |  | 94576 |
| TOTAL INFORMATION TECHNOLOGY |  | 189921 |
| Materials - 0.9% |  |  |
| Chemicals - 0.8% |  |  |
| American Rock Salt Co LLC 1LN, term loan 2% 6/12/2028 (c)(d)(f) | 622 | 620 |
| American Rock Salt Co LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.4605% 6/9/2028 (c)(d)(e) | 4923 | 3730 |
| American Rock Salt Co LLC 1LN, term loan CME Term SOFR 3 month Index + 7%, 11.4633% 6/12/2028 (c)(d)(e) | 2377 | 2371 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3206% 7/3/2028 (c)(d)(e) | 249451 | 219362 |
| Hexion Inc 2LN, term loan CME Term SOFR 1 month Index + 7.4375%, 11.8535% 3/15/2030 (c)(d)(e) | 8529 | 8388 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.666% 4/2/2029 (c)(d)(e) | 85000 | 76288 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0579% 8/25/2031 (c)(d)(e) | 104164 | 102504 |
| Olympus Water US Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 7/26/2032 (b)(c)(d)(e) | 5000 | 4983 |
|  |  | 418246 |
| Metals & Mining - 0.1% |  |  |
| Vibrantz Technologies Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.7285% 4/23/2029 (c)(d)(e) | 84821 | 67026 |
| TOTAL MATERIALS |  | 485272 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.816% 3/29/2030 (c)(d)(e) | 125128 | 125963 |
| TOTAL UNITED STATES |  | 3145421 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $3,535,843) |  | <br> **3394730** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 0.6%** | &nbsp;&nbsp;**Common Stocks - 0.6%** | &nbsp;&nbsp;**Common Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Canacol Energy Ltd (i) | 3900 | 7270 |
| TANZANIA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Helios Towers PLC (i) | 74870 | 132767 |
| UNITED STATES - 0.4%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| New Fortress Energy Inc  | 2292 | 5638 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Cano Health LLC (g)(i) | 981 | 11870 |
| Cano Health LLC warrants (g)(i) | 107 | 367 |
| Surgery Partners Inc (i) | 2400 | 54456 |
|  |  | 66693 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Coherent Corp (i) | 300 | 27141 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ON Semiconductor Corp (i) | 940 | 46615 |
| Software - 0.1% |  |  |
| Riot Platforms Inc (i) | 2800 | 38528 |
| TOTAL INFORMATION TECHNOLOGY |  | 112284 |
| TOTAL UNITED STATES |  | 184615 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $330,546) |  | <br> **324652** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 1.7%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 1.7%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 1.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.7%  |  |  |
| Communication Services - 0.7% |  |  |
| Media - 0.7% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind  | 196839 | 400607 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Redfin Corp 0.5% 4/1/2027  | 151000 | 138917 |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| MKS Inc 1.25% 6/1/2030  | 61000 | 61121 |
| ON Semiconductor Corp 0% 5/1/2027 (j) | 57000 | 65123 |
| Wolfspeed Inc 1.875% (h) | 255000 | 91163 |
|  |  | 217407 |
| Software - 0.3% |  |  |
| Riot Platforms Inc 0.75% 1/15/2030 (k) | 135000 | 161865 |
| TOTAL INFORMATION TECHNOLOGY |  | 379272 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| PG&E Corp 4.25% 12/1/2027  | 53000 | 53834 |
| TOTAL UNITED STATES |  | 972630 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $769,862) |  | <br> **972630** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Acrisure Holdings Inc Series A-2 (g) | 3085 | 78328 |
| Apollo Global Management Inc Series A, 6.75%  | 400 | 28707 |
|  |  | 107035 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Albemarle Corp 7.25%  | 731 | 28889 |
| TOTAL UNITED STATES |  | 135924 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $132,063) |  | <br> **135924** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 89.2%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 89.2%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 89.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Mineral Resources Ltd 8% 11/1/2027 (k) | 125000 | 127228 |
| Mineral Resources Ltd 8.125% 5/1/2027 (k) | 246000 | 246140 |
| TOTAL AUSTRALIA |  | 373368 |
| BRAZIL - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Ambipar Lux Sarl 9.875% 2/6/2031 (k) | 80000 | 67180 |
| CANADA - 2.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| TELUS Corp 6.625% 10/15/2055 (d) | 50000 | 50867 |
| TELUS Corp 7% 10/15/2055 (d) | 30000 | 30785 |
|  |  | 81652 |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (k) | 181000 | 169239 |
| 1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (k) | 89000 | 90059 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (k) | 76000 | 77844 |
|  |  | 337142 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| New Flyer Holdings Inc 9.25% 7/1/2030 (k) | 24000 | 25745 |
| Information Technology - 0.9% |  |  |
| Software - 0.9% |  |  |
| Open Text Corp 3.875% 12/1/2029 (k) | 272000 | 256398 |
| Open Text Corp 3.875% 2/15/2028 (k) | 75000 | 72900 |
| Open Text Holdings Inc 4.125% 12/1/2031 (k) | 45000 | 41401 |
| Open Text Holdings Inc 4.125% 2/15/2030 (k) | 65000 | 61364 |
|  |  | 432063 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Hudbay Minerals Inc 4.5% 4/1/2026 (k) | 90000 | 89382 |
| Hudbay Minerals Inc 6.125% 4/1/2029 (k) | 213000 | 215329 |
|  |  | 304711 |
| Utilities - 0.4% |  |  |
| Gas Utilities - 0.4% |  |  |
| AltaGas Ltd 7.2% 10/15/2054 (d)(k) | 249000 | 252316 |
| TOTAL CANADA |  | 1433629 |
| CHILE - 0.4%  |  |  |
| Communication Services - 0.3% |  |  |
| Media - 0.3% |  |  |
| VTR Finance NV 6.375% 7/15/2028 (k) | 160000 | 156151 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C 7.875% 2/3/2030 (k) | 50000 | 50894 |
| TOTAL CHILE |  | 207045 |
| COLOMBIA - 0.4%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Canacol Energy Ltd 5.75% 11/24/2028 (k) | 186000 | 69053 |
| Gran Tierra Energy Inc 9.5% 10/15/2029 (k) | 73000 | 59406 |
|  |  | 128459 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.375% 12/30/2030 (k) | 110000 | 100925 |
| TOTAL COLOMBIA |  | 229384 |
| FINLAND - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Leisure Products - 0.4% |  |  |
| Amer Sports Co 6.75% 2/16/2031 (k) | 193000 | 201178 |
| FRANCE - 1.6%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Altice France SA 5.125% 7/15/2029 (k) | 333000 | 284715 |
| Altice France SA 5.5% 1/15/2028 (k) | 110000 | 96800 |
| Altice France SA 5.5% 10/15/2029 (k) | 65000 | 55737 |
|  |  | 437252 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (k) | 214000 | 227244 |
| Viridien 10% 10/15/2030 (k) | 257000 | 256828 |
|  |  | 484072 |
| TOTAL FRANCE |  | 921324 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (k) | 49000 | 47759 |
| GHANA - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Kosmos Energy Ltd 7.125% 4/4/2026 (k) | 76000 | 75316 |
| Kosmos Energy Ltd 7.5% 3/1/2028 (k) | 8000 | 6725 |
| Kosmos Energy Ltd 7.75% 5/1/2027 (k) | 46000 | 43543 |
| Tullow Oil PLC 10.25% 5/15/2026 (k) | 130000 | 109484 |
| TOTAL GHANA |  | 235068 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (k) | 150000 | 154334 |
| HONG KONG - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Seaspan Corp 5.5% 8/1/2029 (k) | 29000 | 27487 |
| ISRAEL - 0.7%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Energean Israel Finance Ltd 4.875% 3/30/2026 (k)(l) | 75000 | 74156 |
| Energean Israel Finance Ltd 5.375% 3/30/2028 (k)(l) | 40000 | 38800 |
| Energean Israel Finance Ltd 5.875% 3/30/2031 (k)(l) | 10000 | 9390 |
| Energean PLC 6.5% 4/30/2027 (k) | 251000 | 248220 |
|  |  | 370566 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 40000 | 40885 |
| TOTAL ISRAEL |  | 411451 |
| LUXEMBOURG - 0.5%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| Altice Financing SA 5.75% 8/15/2029 (k) | 195000 | 154538 |
| Altice Financing SA 9.625% 7/15/2027 (k) | 5000 | 4650 |
| Altice France Holding SA 6% 2/15/2028 (k) | 127000 | 45716 |
|  |  | 204904 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Herens Holdco Sarl 4.75% 5/15/2028 (k) | 60000 | 51616 |
| TOTAL LUXEMBOURG |  | 256520 |
| MAURITIUS - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (k) | 75000 | 75000 |
| NIGERIA - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| IHS Holding Ltd 5.625% 11/29/2026 (k) | 28000 | 27510 |
| IHS Holding Ltd 6.25% 11/29/2028 (k) | 26000 | 25699 |
| IHS Holding Ltd 7.875% 5/29/2030 (k) | 110000 | 112194 |
| IHS Holding Ltd 8.25% 11/29/2031 (k) | 20000 | 20571 |
| TOTAL NIGERIA |  | 185974 |
| PANAMA - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (k) | 170000 | 178477 |
| SOUTH AFRICA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (k) | 152000 | 131576 |
| SPAIN - 0.2%  |  |  |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (k) | 91000 | 88131 |
| SWITZERLAND - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (k) | 84000 | 77203 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 (k) | 30000 | 25164 |
| TOTAL SWITZERLAND |  | 102367 |
| UNITED KINGDOM - 1.2%  |  |  |
| Utilities - 1.2% |  |  |
| Independent Power and Renewable Electricity Producers - 1.2% |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (k) | 645000 | 654222 |
| UNITED STATES - 77.8%  |  |  |
| Communication Services - 8.9% |  |  |
| Diversified Telecommunication Services - 1.6% |  |  |
| Cablevision Lightpath LLC 3.875% 9/15/2027 (k) | 25000 | 24664 |
| Connect Holding II LLC 10.5% 4/3/2031 (k) | 45000 | 44288 |
| Level 3 Financing Inc 10% 10/15/2032 (k) | 73000 | 73274 |
| Level 3 Financing Inc 3.625% 1/15/2029 (k) | 20000 | 17000 |
| Level 3 Financing Inc 3.75% 7/15/2029 (k) | 147000 | 122745 |
| Level 3 Financing Inc 3.875% 10/15/2030 (k) | 82000 | 69700 |
| Level 3 Financing Inc 4% 4/15/2031 (k) | 116000 | 97150 |
| Level 3 Financing Inc 4.25% 7/1/2028 (k) | 10000 | 9175 |
| Level 3 Financing Inc 4.5% 4/1/2030 (k) | 102000 | 91545 |
| Level 3 Financing Inc 4.875% 6/15/2029 (k) | 55000 | 51288 |
| Level 3 Financing Inc 6.875% 6/30/2033 (k) | 223000 | 225002 |
| Level 3 Financing Inc 7% 3/31/2034 (k) | 80000 | 80543 |
| Lumen Technologies Inc 4.125% 4/15/2030 (k) | 15000 | 14700 |
| Lumen Technologies Inc 4.5% 1/15/2029 (k) | 7000 | 6370 |
|  |  | 927444 |
| Interactive Media & Services - 0.1% |  |  |
| Snap Inc 6.875% 3/1/2033 (k) | 28000 | 28290 |
| Snap Inc 6.875% 3/15/2034 (k) | 55000 | 55144 |
|  |  | 83434 |
| Media - 7.2% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (k) | 722000 | 626897 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 2/1/2032 (k) | 510000 | 473091 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 3/1/2030 (k) | 220000 | 211435 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 5/1/2027 (k) | 199000 | 197997 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 6/1/2029 (k) | 261000 | 258973 |
| Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (k) | 182000 | 169204 |
| CMG Media Corp 8.875% 6/18/2029 (k) | 24000 | 22361 |
| CSC Holdings LLC 3.375% 2/15/2031 (k) | 291000 | 186123 |
| CSC Holdings LLC 4.625% 12/1/2030 (k) | 163000 | 71413 |
| DISH DBS Corp 5.125% 6/1/2029  | 246000 | 203073 |
| DISH DBS Corp 5.25% 12/1/2026 (k) | 10000 | 9700 |
| DISH DBS Corp 7.375% 7/1/2028  | 25000 | 22625 |
| DISH DBS Corp 7.75% 7/1/2026  | 15000 | 14588 |
| Dotdash Meredith Inc 7.625% 6/15/2032 (k) | 16000 | 15675 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (d) | 324559 | 320200 |
| EW Scripps Co/The 9.875% 8/15/2030 (k) | 30000 | 28201 |
| Paramount Global 6.375% 3/30/2062 (d) | 125000 | 125209 |
| Univision Communications Inc 7.375% 6/30/2030 (k) | 185000 | 186010 |
| Univision Communications Inc 8% 8/15/2028 (k) | 49000 | 50858 |
| Univision Communications Inc 8.5% 7/31/2031 (k) | 703000 | 724414 |
| Univision Communications Inc 9.375% 8/1/2032 (k) | 105000 | 110575 |
|  |  | 4028622 |
| TOTAL COMMUNICATION SERVICES |  | 5039500 |
| Consumer Discretionary - 11.1% |  |  |
| Automobile Components - 0.3% |  |  |
| Adient Global Holdings Ltd 7.5% 2/15/2033 (k) | 154000 | 160383 |
| Automobiles - 0.1% |  |  |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (k) | 45000 | 42520 |
| Broadline Retail - 1.7% |  |  |
| GrubHub Holdings Inc 5.5% 7/1/2027 (k) | 105000 | 104639 |
| Nordstrom Inc 4.375% 4/1/2030  | 76000 | 69991 |
| Saks Global Enterprises LLC 11% 12/15/2029 (k) | 75096 | 29655 |
| Wayfair LLC 7.25% 10/31/2029 (k) | 537000 | 547541 |
| Wayfair LLC 7.75% 9/15/2030 (k) | 198000 | 204564 |
|  |  | 956390 |
| Diversified Consumer Services - 0.4% |  |  |
| Sotheby's 7.375% 10/15/2027 (k) | 81000 | 80108 |
| StoneMor Inc 8.5% 5/15/2029 (k) | 176000 | 169793 |
|  |  | 249901 |
| Hotels, Restaurants & Leisure - 4.4% |  |  |
| BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc 9.5% 7/1/2032 (k) | 65000 | 67410 |
| Carnival Corp 5.75% 3/15/2030 (k) | 120000 | 123018 |
| Carnival Corp 5.75% 8/1/2032 (k) | 100000 | 101750 |
| Carnival Corp 5.875% 6/15/2031 (k) | 100000 | 102515 |
| Carnival Corp 6.125% 2/15/2033 (k) | 163000 | 167383 |
| CEC Entertainment LLC 6.75% 5/1/2026 (k) | 90000 | 89633 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (k) | 777000 | 709221 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (k) | 116000 | 118382 |
| Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (k) | 66000 | 67208 |
| Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (k) | 60000 | 61623 |
| MajorDrive Holdings IV LLC 6.375% 6/1/2029 (k) | 65000 | 52273 |
| Yum! Brands Inc 4.625% 1/31/2032  | 852000 | 823566 |
|  |  | 2483982 |
| Household Durables - 2.2% |  |  |
| Beazer Homes USA Inc 7.5% 3/15/2031 (k) | 167000 | 169731 |
| LGI Homes Inc 7% 11/15/2032 (k) | 175000 | 170670 |
| Newell Brands Inc 6.625% 5/15/2032  | 76000 | 74230 |
| Newell Brands Inc 6.875% 4/1/2036 (m) | 30000 | 29315 |
| Newell Brands Inc 7% 4/1/2046 (m) | 177000 | 153810 |
| Newell Brands Inc 8.5% 6/1/2028 (k) | 70000 | 73901 |
| Tri Pointe Homes Inc 5.25% 6/1/2027  | 68000 | 67968 |
| Whirlpool Corp 5.75% 3/1/2034  | 75000 | 72739 |
| Whirlpool Corp 6.125% 6/15/2030  | 95000 | 96056 |
| Whirlpool Corp 6.5% 6/15/2033  | 349000 | 351439 |
|  |  | 1259859 |
| Specialty Retail - 1.9% |  |  |
| At Home Group Inc 4.875% (h)(k) | 11626 | 28 |
| Carvana Co 4.875% 9/1/2029 (k) | 25000 | 22753 |
| Carvana Co 5.625% 10/1/2025 (k) | 110000 | 109725 |
| Carvana Co 9% 12/1/2028 pay-in-kind (d)(k) | 61410 | 62808 |
| Carvana Co 9% 6/1/2030 pay-in-kind (d)(k) | 195847 | 204865 |
| Carvana Co 9% 6/1/2031 pay-in-kind (d)(k) | 203105 | 230441 |
| LBM Acquisition LLC 6.25% 1/15/2029 (k) | 50000 | 45869 |
| LBM Acquisition LLC 9.5% 6/15/2031 (k) | 95000 | 99562 |
| Sally Holdings LLC / Sally Capital Inc 6.75% 3/1/2032  | 38000 | 39425 |
| SGUS LLC 11% 12/15/2029 (k) | 31813 | 27963 |
| Staples Inc 10.75% 9/1/2029 (k) | 88000 | 84260 |
| Staples Inc 12.75% 1/15/2030 (k) | 195538 | 139185 |
|  |  | 1066884 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| William Carter Co/The 5.625% 3/15/2027 (k) | 37000 | 36925 |
| TOTAL CONSUMER DISCRETIONARY |  | 6256844 |
| Consumer Staples - 2.3% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (k) | 186000 | 183181 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (k) | 59000 | 60350 |
| C&S Group Enterprises LLC 5% 12/15/2028 (k) | 91000 | 82742 |
| Performance Food Group Inc 4.25% 8/1/2029 (k) | 38000 | 36798 |
| Performance Food Group Inc 6.125% 9/15/2032 (k) | 65000 | 66529 |
| US Foods Inc 5.75% 4/15/2033 (k) | 30000 | 30097 |
|  |  | 459697 |
| Food Products - 1.2% |  |  |
| Post Holdings Inc 4.5% 9/15/2031 (k) | 292000 | 272387 |
| Post Holdings Inc 4.625% 4/15/2030 (k) | 151000 | 145622 |
| Post Holdings Inc 6.25% 10/15/2034 (k) | 65000 | 65385 |
| Post Holdings Inc 6.25% 2/15/2032 (k) | 62000 | 63690 |
| Post Holdings Inc 6.375% 3/1/2033 (k) | 125000 | 126269 |
|  |  | 673353 |
| Household Products - 0.3% |  |  |
| Resideo Funding Inc 6.5% 7/15/2032 (k) | 161000 | 164394 |
| TOTAL CONSUMER STAPLES |  | 1297444 |
| Energy - 7.6% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp 6.25% 4/1/2028 (k) | 206000 | 206690 |
| Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (k) | 88000 | 90208 |
| Nabors Industries Ltd 7.5% 1/15/2028 (k) | 69000 | 69260 |
| Oceaneering International Inc 6% 2/1/2028  | 103000 | 104067 |
|  |  | 470225 |
| Oil, Gas & Consumable Fuels - 6.8% |  |  |
| Calumet Specialty Products Partners LP / Calumet Finance Corp 8.125% 1/15/2027 (k) | 36000 | 35907 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp 9.75% 7/15/2028 (k) | 192000 | 188446 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (k) | 447000 | 424016 |
| CNX Resources Corp 6% 1/15/2029 (k) | 133000 | 133287 |
| CNX Resources Corp 7.25% 3/1/2032 (k) | 127000 | 131781 |
| CNX Resources Corp 7.375% 1/15/2031 (k) | 71000 | 73635 |
| CVR Energy Inc 8.5% 1/15/2029 (k) | 198000 | 200133 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  | 453000 | 459073 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (k) | 81000 | 82903 |
| New Fortress Energy Inc 6.5% 9/30/2026 (k) | 25000 | 8750 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  | 580000 | 565351 |
| Sunoco LP 6.25% 7/1/2033 (k) | 229000 | 234044 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (k) | 723000 | 712298 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (k) | 572000 | 561971 |
|  |  | 3811595 |
| TOTAL ENERGY |  | 4281820 |
| Financials - 6.4% |  |  |
| Capital Markets - 0.1% |  |  |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (k) | 133000 | 133367 |
| Consumer Finance - 2.3% |  |  |
| Ally Financial Inc 6.646% 1/17/2040 (d) | 340000 | 337416 |
| LFS Topco LLC 8.75% 7/15/2030 (k) | 65000 | 63585 |
| Navient Corp 7.875% 6/15/2032  | 61000 | 64364 |
| OneMain Finance Corp 3.5% 1/15/2027  | 65000 | 63612 |
| OneMain Finance Corp 3.875% 9/15/2028  | 450000 | 431370 |
| OneMain Finance Corp 6.125% 5/15/2030  | 80000 | 81143 |
| OneMain Finance Corp 6.625% 5/15/2029  | 88000 | 90489 |
| OneMain Finance Corp 7.125% 11/15/2031  | 52000 | 54026 |
| OneMain Finance Corp 7.125% 9/15/2032  | 45000 | 46857 |
| SLM Corp 6.5% 1/31/2030  | 48000 | 50232 |
|  |  | 1283094 |
| Financial Services - 2.8% |  |  |
| Block Inc 3.5% 6/1/2031  | 531000 | 490541 |
| Block Inc 5.625% 8/15/2030 (k) | 25000 | 25555 |
| Block Inc 6% 8/15/2033 (k) | 25000 | 25666 |
| Block Inc 6.5% 5/15/2032  | 388000 | 402019 |
| Burford Capital Global Finance LLC 7.5% 7/15/2033 (k) | 209000 | 213599 |
| Clue Opco LLC 9.5% 10/15/2031 (k) | 27000 | 28744 |
| NFE Financing LLC 12% 11/15/2029 (k) | 136216 | 50059 |
| PennyMac Financial Services Inc 6.75% 2/15/2034 (k) | 105000 | 105716 |
| Scientific Games Holdings LP/Scientific Games US FinCo Inc 6.625% 3/1/2030 (k) | 133000 | 127641 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (k) | 35000 | 36414 |
| WEX Inc 6.5% 3/15/2033 (k) | 55000 | 56274 |
|  |  | 1562228 |
| Mortgage Real Estate Investment Trusts (REITs) - 1.2% |  |  |
| Starwood Property Trust Inc 3.625% 7/15/2026 (k) | 144000 | 141797 |
| Starwood Property Trust Inc 6% 4/15/2030 (k) | 79000 | 80268 |
| Starwood Property Trust Inc 6.5% 10/15/2030 (k) | 235000 | 242588 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (k) | 117000 | 121432 |
| Starwood Property Trust Inc 7.25% 4/1/2029 (k) | 63000 | 66021 |
|  |  | 652106 |
| TOTAL FINANCIALS |  | 3630795 |
| Health Care - 12.0% |  |  |
| Biotechnology - 0.1% |  |  |
| Emergent BioSolutions Inc 3.875% 8/15/2028 (k) | 81000 | 67817 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Insulet Corp 6.5% 4/1/2033 (k) | 22000 | 22808 |
| Health Care Providers & Services - 9.3% |  |  |
| AMN Healthcare Inc 4% 4/15/2029 (k) | 195000 | 181871 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (k) | 745000 | 635034 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (k) | 242000 | 216911 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (k) | 63000 | 45273 |
| CHS/Community Health Systems Inc 6.875% 4/15/2029 (k) | 135000 | 107325 |
| CHS/Community Health Systems Inc 9.75% 1/15/2034 (k) | 55000 | 55703 |
| CVS Health Corp 6.75% 12/10/2054 (d) | 759000 | 769404 |
| CVS Health Corp 7% 3/10/2055 (d) | 301000 | 313374 |
| DaVita Inc 3.75% 2/15/2031 (k) | 184000 | 167901 |
| DaVita Inc 6.75% 7/15/2033 (k) | 70000 | 72549 |
| DaVita Inc 6.875% 9/1/2032 (k) | 206000 | 213114 |
| Encompass Health Corp 4.625% 4/1/2031  | 225000 | 218147 |
| HAH Group Holding Co LLC 9.75% 10/1/2031 (k) | 83000 | 76741 |
| ModivCare Inc 5% 10/1/2029 (k) | 26000 | 56 |
| Molina Healthcare Inc 3.875% 11/15/2030 (k) | 206000 | 189223 |
| Molina Healthcare Inc 6.25% 1/15/2033 (k) | 155000 | 156102 |
| Owens & Minor Inc 4.5% 3/31/2029 (k) | 64000 | 54357 |
| Owens & Minor Inc 6.625% 4/1/2030 (k) | 259000 | 224665 |
| Pediatrix Medical Group Inc 5.375% 2/15/2030 (k) | 295000 | 291821 |
| Radiology Partners Inc 9.781% 2/15/2030 pay-in-kind (d)(k) | 5500 | 5363 |
| Team Health Holdings Inc 8.375% 6/30/2028 (k) | 45000 | 45552 |
| Tenet Healthcare Corp 6.125% 10/1/2028  | 947000 | 947684 |
| Tenet Healthcare Corp 6.125% 6/15/2030  | 80000 | 81222 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (k) | 120000 | 123147 |
|  |  | 5192539 |
| Health Care Technology - 0.6% |  |  |
| IQVIA Inc 5% 10/15/2026 (k) | 29000 | 28973 |
| IQVIA Inc 5% 5/15/2027 (k) | 88000 | 87645 |
| IQVIA Inc 6.25% 6/1/2032 (k) | 240000 | 247396 |
|  |  | 364014 |
| Life Sciences Tools & Services - 1.2% |  |  |
| Charles River Laboratories International Inc 4.25% 5/1/2028 (k) | 640000 | 625013 |
| Fortrea Holdings Inc 7.5% 7/1/2030 (k) | 40000 | 38109 |
|  |  | 663122 |
| Pharmaceuticals - 0.8% |  |  |
| Bausch Health Americas Inc 8.5% 1/31/2027 (k) | 55000 | 54862 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (k) | 371000 | 317904 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 6.75% 5/15/2034 (k) | 72000 | 68164 |
|  |  | 440930 |
| TOTAL HEALTH CARE |  | 6751230 |
| Industrials - 9.0% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| ATI Inc 4.875% 10/1/2029  | 262000 | 256668 |
| ATI Inc 7.25% 8/15/2030  | 83000 | 87432 |
| TransDigm Inc 4.875% 5/1/2029  | 97000 | 95233 |
| TransDigm Inc 6% 1/15/2033 (k) | 78000 | 78876 |
| TransDigm Inc 6.25% 1/31/2034 (k) | 20000 | 20521 |
| TransDigm Inc 6.375% 3/1/2029 (k) | 28000 | 28667 |
| TransDigm Inc 6.375% 5/31/2033 (k) | 45000 | 45598 |
| TransDigm Inc 6.625% 3/1/2032 (k) | 32000 | 32950 |
| TransDigm Inc 6.75% 1/31/2034 (k) | 90000 | 92904 |
|  |  | 738849 |
| Air Freight & Logistics - 0.4% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (k) | 212000 | 219706 |
| Building Products - 1.2% |  |  |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (k) | 85000 | 86692 |
| Builders FirstSource Inc 6.375% 3/1/2034 (k) | 26000 | 26778 |
| Builders FirstSource Inc 6.75% 5/15/2035 (k) | 124000 | 129314 |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (k) | 63000 | 60620 |
| Cornerstone Building Brands Inc 6.125% 1/15/2029 (k) | 337000 | 259490 |
| JELD-WEN Inc 4.875% 12/15/2027 (k) | 110000 | 108224 |
|  |  | 671118 |
| Commercial Services & Supplies - 3.9% |  |  |
| Artera Services LLC 8.5% 2/15/2031 (k) | 524000 | 457889 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (k) | 820000 | 805064 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (k) | 241000 | 239193 |
| OT Midco Inc 10% 2/15/2030 (k) | 80000 | 54658 |
| Reworld Holding Corp 4.875% 12/1/2029 (k) | 625000 | 604332 |
|  |  | 2161136 |
| Construction & Engineering - 0.2% |  |  |
| AECOM 6% 8/1/2033 (k) | 100000 | 102066 |
| Electrical Equipment - 0.4% |  |  |
| Atkore Inc 4.25% 6/1/2031 (k) | 114000 | 105875 |
| Sensata Technologies BV 4% 4/15/2029 (k) | 59000 | 56512 |
| WESCO Distribution Inc 6.375% 3/15/2033 (k) | 74000 | 76754 |
|  |  | 239141 |
| Machinery - 1.1% |  |  |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (d)(k) | 170000 | 180447 |
| Enpro Inc 6.125% 6/1/2033 (k) | 55000 | 56123 |
| Terex Corp 6.25% 10/15/2032 (k) | 383000 | 387708 |
|  |  | 624278 |
| Passenger Airlines - 0.1% |  |  |
| JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (k) | 80000 | 79495 |
| Trading Companies & Distributors - 0.4% |  |  |
| Herc Holdings Inc 7% 6/15/2030 (k) | 94000 | 97831 |
| Herc Holdings Inc 7.25% 6/15/2033 (k) | 79000 | 82870 |
| United Rentals North America Inc 6.125% 3/15/2034 (k) | 67000 | 69397 |
|  |  | 250098 |
| TOTAL INDUSTRIALS |  | 5085887 |
| Information Technology - 5.4% |  |  |
| Communications Equipment - 0.0% |  |  |
| Viasat Inc 7.5% 5/30/2031 (k) | 30000 | 28162 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Insight Enterprises Inc 6.625% 5/15/2032 (k) | 38000 | 39123 |
| TTM Technologies Inc 4% 3/1/2029 (k) | 55000 | 52616 |
|  |  | 91739 |
| IT Services - 1.7% |  |  |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (k) | 135000 | 134393 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (k) | 35000 | 34871 |
| CoreWeave Inc 9% 2/1/2031 (k) | 120000 | 118800 |
| CoreWeave Inc 9.25% 6/1/2030 (k) | 76000 | 76272 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (k) | 616000 | 583596 |
|  |  | 947932 |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Entegris Inc 3.625% 5/1/2029 (k) | 176000 | 165894 |
| Entegris Inc 5.95% 6/15/2030 (k) | 564000 | 571249 |
| ON Semiconductor Corp 3.875% 9/1/2028 (k) | 259000 | 251675 |
| Wolfspeed Inc 7.9583% 6/23/2030 (g)(h)(k)(m) | 18581 | 18535 |
|  |  | 1007353 |
| Software - 1.3% |  |  |
| Elastic NV 4.125% 7/15/2029 (k) | 112000 | 107628 |
| Fair Isaac Corp 6% 5/15/2033 (k) | 115000 | 116543 |
| Gen Digital Inc 6.25% 4/1/2033 (k) | 65000 | 66840 |
| Gen Digital Inc 7.125% 9/30/2030 (k) | 384000 | 397249 |
| Rackspace Finance LLC 3.5% 5/15/2028 (k) | 12525 | 5936 |
| UKG Inc 6.875% 2/1/2031 (k) | 32000 | 33090 |
|  |  | 727286 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Seagate Data Storage Technology Pte Ltd 4.125% 1/15/2031 (k) | 40000 | 36460 |
| Seagate Data Storage Technology Pte Ltd 5.75% 12/1/2034 (k) | 96000 | 93241 |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (k) | 64000 | 64763 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (k) | 73000 | 77540 |
|  |  | 272004 |
| TOTAL INFORMATION TECHNOLOGY |  | 3074476 |
| Materials - 5.6% |  |  |
| Chemicals - 4.1% |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (d)(k) | 116183 | 103112 |
| Celanese US Holdings LLC 6.5% 4/15/2030  | 60000 | 60547 |
| Celanese US Holdings LLC 6.75% 4/15/2033  | 105000 | 105757 |
| Chemours Co/The 4.625% 11/15/2029 (k) | 854000 | 762576 |
| Chemours Co/The 5.75% 11/15/2028 (k) | 177000 | 170435 |
| GPD Cos Inc 12.5% 12/31/2029 (k) | 33468 | 28021 |
| Inversion Escrow Issuer LLC 6.75% 8/1/2032 (k) | 260000 | 257461 |
| Mativ Holdings Inc 8% 10/1/2029 (k) | 55000 | 54438 |
| Olin Corp 5% 2/1/2030  | 336000 | 326134 |
| Olin Corp 6.625% 4/1/2033 (k) | 210000 | 209728 |
| Olympus Water US Holding Corp 6.25% 10/1/2029 (k) | 247000 | 240903 |
|  |  | 2319112 |
| Construction Materials - 0.6% |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (k) | 227000 | 234117 |
| Quikrete Holdings Inc 6.75% 3/1/2033 (k) | 107000 | 110909 |
|  |  | 345026 |
| Containers & Packaging - 0.9% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (k) | 245000 | 224820 |
| Ball Corp 5.5% 9/15/2033  | 25000 | 25302 |
| Crown Americas LLC / Crown Americas Capital Corp 5.875% 6/1/2033 (k) | 155000 | 156783 |
| Graphic Packaging International LLC 4.75% 7/15/2027 (k) | 80000 | 79060 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (k) | 40000 | 40642 |
|  |  | 526607 |
| TOTAL MATERIALS |  | 3190745 |
| Real Estate - 3.5% |  |  |
| Diversified REITs - 0.4% |  |  |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 8.625% 6/15/2032 (k) | 220000 | 216328 |
| Health Care REITs - 1.1% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  | 168000 | 132428 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 422000 | 400009 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (k) | 63000 | 66050 |
|  |  | 598487 |
| Hotel & Resort REITs - 0.0% |  |  |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (k) | 57000 | 58873 |
| Real Estate Management & Development - 1.5% |  |  |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp 7% 4/15/2030 (k) | 97000 | 95494 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.75% 1/15/2029 (k) | 120000 | 111183 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (k) | 73000 | 77545 |
| Taylor Morrison Communities Inc 5.125% 8/1/2030 (k) | 579000 | 577320 |
|  |  | 861542 |
| Specialized REITs - 0.5% |  |  |
| Iron Mountain Inc 4.875% 9/15/2027 (k) | 258000 | 256352 |
| TOTAL REAL ESTATE |  | 1991582 |
| Utilities - 6.0% |  |  |
| Electric Utilities - 4.8% |  |  |
| DPL Inc 4.35% 4/15/2029  | 636000 | 629468 |
| Edison International 7.875% 6/15/2054 (d) | 216000 | 213530 |
| Edison International 8.125% 6/15/2053 (d) | 129000 | 129046 |
| NRG Energy Inc 5.75% 7/15/2029 (k) | 51000 | 50980 |
| NRG Energy Inc 6% 2/1/2033 (k) | 116000 | 117562 |
| NRG Energy Inc 6.25% 11/1/2034 (k) | 107000 | 109701 |
| PG&E Corp 5.25% 7/1/2030  | 820000 | 799147 |
| PG&E Corp 7.375% 3/15/2055 (d) | 135000 | 133972 |
| XPLR Infrastructure Operating Partners LP 4.5% 9/15/2027 (k) | 294000 | 288352 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (k) | 62000 | 63323 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (k) | 130000 | 135945 |
| XPLR Infrastructure Operating Partners LP 8.625% 3/15/2033 (k) | 55000 | 58005 |
|  |  | 2729031 |
| Independent Power and Renewable Electricity Producers - 1.2% |  |  |
| AES Corp/The 6.95% 7/15/2055 (d) | 56000 | 54179 |
| Sunnova Energy Corp 5.875% (h)(k) | 179000 | 537 |
| TerraForm Power Operating LLC 4.75% 1/15/2030 (k) | 618000 | 596326 |
|  |  | 651042 |
| TOTAL UTILITIES |  | 3380073 |
| TOTAL UNITED STATES |  | 43980396 |
| ZAMBIA - 0.8%  |  |  |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (k) | 200000 | 201930 |
| First Quantum Minerals Ltd 8% 3/1/2033 (k) | 175000 | 181743 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (k) | 82000 | 86912 |
| TOTAL ZAMBIA |  | 470585 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $49,854,897) |  | <br> **50432455** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Strategy Inc 10%  | 1400 | 110950 |
| Strategy Inc 9%  | 325 | 31769 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $148,730) |  | <br> **142719** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.6%** | &nbsp;&nbsp;**Preferred Securities - 0.6%** | &nbsp;&nbsp;**Preferred Securities - 0.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.6%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| BW Real Estate Inc 9.5% (d)(k)(n) | 100000 | 103031 |
| Consumer Finance - 0.1% |  |  |
| Ally Financial Inc 4.7% (d)(n) | 55000 | 53638 |
| Insurance - 0.0% |  |  |
| Alliant Holdings LP 10.5% (d)(g)(n) | 16452 | 16947 |
| TOTAL FINANCIALS |  | 173616 |
| Industrials - 0.3% |  |  |
| Trading Companies & Distributors - 0.3% |  |  |
| Air Lease Corp 4.125% (d)(n) | 135000 | 133142 |
| Aircastle Ltd 5.25% (d)(k)(n) | 10000 | 10176 |
|  |  | 143318 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Edison International 5% (d)(n) | 15000 | 13753 |
| TOTAL UNITED STATES |  | 330687 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $325,176) |  | <br> **330687** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (o)<br>(Cost $338,417)<br>| 4.36 | 338350 | **338417** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.1%**<br> (Cost $55,435,534)<br>| <br>**56072214** |
| **NET OTHER ASSETS (LIABILITIES) - 0.9%**  | **488972** |
| **NET ASSETS - 100.0%** | **56561186** |

---

**Currency Abbreviations**

USD - United States Dollar

**Legend**

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

(b) A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.

(c) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(f) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $19,563 and $18,469, respectively.

(g) Level 3 security

(h) Non-income producing - Security is in default.

(i) Non-income producing.

(j) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(k) 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 $39,101,513 or 69.1% of net assets.

(l) 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 $122,346 or 0.2% of net assets.

(m) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(n) Security is perpetual in nature with no stated maturity date.

(o) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 65848 | 16302812 | 16030243 | 25104 | - | - | 338417 | 338350 | 0.0% |
| Total | 65848 | 16302812 | 16030243 | 25104 | - | - | 338417 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of August 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 322563 | - | 322563 | - |
| Consumer Discretionary | 912963 | - | 909613 | 3350 |
| Consumer Staples | 61658 | - | 61658 | - |
| Energy | 161526 | - | 161526 | - |
| Financials | 77725 | - | 77725 | - |
| Health Care | 661592 | - | 661592 | - |
| Industrials | 214107 | - | 214107 | - |
| Information Technology | 189921 | - | 189921 | - |
| Materials | 582511 | - | 582511 | - |
| Utilities | 210164 | - | 210164 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 132767 | 132767 | - | - |
| Energy | 12908 | 12908 | - | - |
| Health Care | 66693 | 54456 | - | 12237 |
| Information Technology | 112284 | 112284 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 400607 | - | 400607 | - |
| Financials | 138917 | - | 138917 | - |
| Information Technology | 379272 | - | 379272 | - |
| Utilities | 53834 | - | 53834 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 107035 | - | 28707 | 78328 |
| Materials | 28889 | - | 28889 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 6490486 | - | 6490486 | - |
| Consumer Discretionary | 6842923 | - | 6842923 | - |
| Consumer Staples | 1297444 | - | 1297444 | - |
| Energy | 5499985 | - | 5499985 | - |
| Financials | 3785129 | - | 3785129 | - |
| Health Care | 6792115 | - | 6792115 | - |
| Industrials | 5257193 | - | 5257193 | - |
| Information Technology | 3506539 | - | 3488004 | 18535 |
| Materials | 4493392 | - | 4493392 | - |
| Real Estate | 1991582 | - | 1991582 | - |
| Utilities | 4475667 | - | 4475667 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 142719 | 142719 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Financials | 173616 | - | 156669 | 16947 |
| Industrials | 143318 | - | 143318 | - |
| Utilities | 13753 | - | 13753 | - |
|  **Money Market Funds** | 338417 | 338417 | - | - |
| **Total Investments in Securities:** | 56072214 | 793551 | 55149266 | 129397 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of August 31, 2025** | **As of August 31, 2025** | **As of August 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $55,097,117) | $55733797 |  |
| Fidelity Central Funds (cost $338,417) | 338417 |  |
| Total Investment in Securities (cost $55,435,534) |  | $56072214 |
| Cash |  | 10419 |
| Receivable for investments sold |  | 177139 |
| Receivable for fund shares sold |  | 1204311 |
| Dividends receivable |  | 1143 |
| Interest receivable |  | 863806 |
| Distributions receivable from Fidelity Central Funds |  | 1800 |
| Other receivables |  | 16 |
| **Total assets** |  | 58330848 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1420518 |  |
| Distributions payable | 324300 |  |
| Accrued management fee | 24781 |  |
| Other payables and accrued expenses | 63 |  |
| **Total liabilities** |  | 1769662 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $56561186 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $56185289 |
| Total accumulated earnings (loss) |  | 375897 |
| **Net Assets** |  | $56561186 |
| **Net Asset Value**, offering price and redemption price per share ($56,561,186 ÷ 1,175,000 shares) |  | $48.14 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $11223 |
| Interest  |  | 3127724 |
| Income from Fidelity Central Funds  |  | 25104 |
| **Total income** |  | 3164051 |
| **Expenses** |  |  |
| Management fee | $232066 |  |
| Independent trustees' fees and expenses | 144 |  |
| Miscellaneous | 20 |  |
| Total expenses before reductions | 232230 |  |
| Expense reductions | (1111) |  |
| Total expenses after reductions |  | 231119 |
| **Net Investment income (loss)** |  | 2932932 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 326090 |  |
| Redemptions in-kind | (9080) |  |
| Foreign currency transactions | 48 |  |
| Total net realized gain (loss) |  | 317058 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 209383 |
| **Net gain (loss)** |  | 526441 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3459373 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **August 31, 2025** | **Year ended**<br> **August 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2932932 | $1107299 |
| &nbsp;&nbsp;Net realized gain (loss) | 317058<br>| (80710)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 209383 | 897906<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3459373<br>| 1924495<br>|
| Distributions to shareholders | (2926125)<br>| (1107175)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 30994139 | 17440514 |
| &nbsp;&nbsp;Cost of shares redeemed | (2270268) | - |
| **Net increase (decrease) in net assets resulting from share transactions** | 28723871<br>| 17440514<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 29257119<br>| 18257834<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 27304067 | 9046233<br>|
| &nbsp;&nbsp;End of period | $56561186 | $27304067 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 650000 | 375000 |
| &nbsp;&nbsp;Redeemed | (50000) | - |
| &nbsp;&nbsp;Net increase (decrease) | 600000 | 375000 |

---

**Financial Highlights** 

**Fidelity® Sustainable High Yield ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended August 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $47.49 | $45.23 | $45.26 | $50.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | 3.290  | 3.195  | 3.045  | 1.404  |
| Net realized and unrealized gain (loss)  | .549  | 2.168  | (.092)  | (4.758)  |
| Total from investment operations  | 3.839  | 5.363  | 2.953  | (3.354)  |
| Distributions from net investment income  | (3.189)  | (3.103)  | (2.983)  | (1.386)  |
| Total distributions  | (3.189)  | (3.103)  | (2.983)  | (1.386)  |
| Net asset value, end of period  | $48.14 | $47.49 | $45.23 | $45.26 |
| **Total Return** D,E,F | 8.40% <br>| 12.33%  | 6.83%  | (6.78)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | .55%  | .56%  | .55%  | .55% I |
| Expenses net of fee waivers, if any  | .55% <br>| .56%  | .55%  | .55% I |
| Expenses net of all reductions, if any  | .55%  | .56%  | .55%  | .55% I |
| Net investment income (loss)  | 6.95%  | 6.95%  | 6.78%  | 5.49% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $56561 | $27304 | $9046 | $9052 |
| Portfolio turnover rate J | 104% K<br>| 71% K | 48%  | 24% L |

---

A*For the period February 15, 2022 (commencement of operations) through August 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns for periods of less than one year are not annualized.*

F*Based on net asset value.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

L*Amount not annualized.*

**Notes to Financial Statements**

For the period ended August 31, 2025

**1. Organization.**

Fidelity Sustainable High Yield ETF (the Fund) is an exchange-traded fund of Fidelity Covington Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's investments by major category are as follows:

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. Corporate bonds, bank loan obligations and preferred securities 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. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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 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.

Investments in open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes and for processing shareholder transactions, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period and prior business day, respectively. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE) business (normally 4:00 p.m. Eastern time) of the New York Stock Exchange, Archipelago Exchange (NYSE Arca). Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of August 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, prior period premium and discount on debt securities, certain conversion ratio adjustments, redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $1545391 |
| **Gross unrealized depreciation**  | <u>(922900)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$622491</u> |
| **Tax Cost**  | <u>$55449723</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$26310</u> |
| **Capital loss carryforward**  | <u>$(272906)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$622491</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(60087) |
| Long-term | <u>(212819)</u> |
| **Total capital loss carryforward** | <u>$(272906)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2024** |
| **Ordinary Income**  | $2926125 | $1107175 |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment. The commitment amount represents the maximum amount of the commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Sustainable High Yield ETF** | Wolfspeed New 2L Convertible Notes | 34991 | - |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Sustainable High Yield ETF** | 39868769 | 39664408 |

---

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Sustainable High Yield ETF** | 29875704 | 2187623 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .55% of average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholders meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Sustainable High Yield ETF** | 15 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Sustainable High Yield ETF** | 35116 | 47580 | 19672 |

---

**6. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,111.

**7. Share Transactions.**

Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities and/or cash to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity Sustainable High Yield ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Sustainable High Yield ETF (one of the funds constituting Fidelity Covington Trust, referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended August 31, 2025 and for the period February 15, 2022 (commencement of operations) through August 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the three years in the period ended August 31, 2025 and for the period February 15, 2022 (commencement of operations) through August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, issuers of privately offered securities, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 15, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

A total of 0.19% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $1,287,332 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $2,926,125 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Sustainable High Yield ETF**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contract was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and under a separate agreement covering pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally State Street Bank and Trust Company, the fund's transfer agent and custodian; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by the investment adviser under the all-inclusive arrangement. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group). The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board considered that the fund has an all-inclusive management fee structure, which covers expenses for services beyond portfolio management, and that Fidelity believes that management fee comparisons are particularly unhelpful in the context of this fund and that total expense comparisons are more useful. The Board noted that, although total expenses ranked above median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img113737_4.jpg)<br>

1.9904449.103 SHY-ANN-1025

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Covington Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Covington Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Covington Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Covington Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: October 23, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

Dated: October 23, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>