# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000035402-25-002957
**Filing Date:** 2025-12
**Character Count:** 68215
**Document Hash:** 38d4478ea88d707ac98d20d66c756e0e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-25-002957.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000035402-25-002957

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 251599900

**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 Momentum Factor ETF (Series ID: S000054752)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000171933 | Fidelity Momentum Factor ETF | FDMO            |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Momentum Factor ETF**

**October 31, 2025**

T21-NPRT1-1225

1.9880055.109 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| UNITED KINGDOM - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglogold Ashanti Plc  | 16616 | 1129888 |
| UNITED STATES - 99.7%  |  |  |
| Communication Services - 9.7% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| AT&T Inc  | 112410 | 2782147 |
| Entertainment - 1.6% |  |  |
| Netflix Inc (b) | 4970 | 5560735 |
| ROBLOX Corp Class A (b) | 14424 | 1640297 |
| Take-Two Interactive Software Inc (b) | 7352 | 1884832 |
|  |  | 9085864 |
| Interactive Media & Services - 7.7% |  |  |
| Alphabet Inc Class A  | 102172 | 28729745 |
| Meta Platforms Inc Class A  | 21334 | 13831899 |
| Reddit Inc Class A (b) | 9060 | 1893087 |
|  |  | 44454731 |
| TOTAL COMMUNICATION SERVICES |  | 56322742 |
| Consumer Discretionary - 10.2% |  |  |
| Automobiles - 2.5% |  |  |
| Tesla Inc (b) | 31939 | 14582070 |
| Broadline Retail - 4.0% |  |  |
| Amazon.com Inc (b) | 94201 | 23005768 |
| Hotels, Restaurants & Leisure - 2.1% |  |  |
| Booking Holdings Inc  | 663 | 3366542 |
| Brinker International Inc (b) | 13249 | 1439636 |
| Darden Restaurants Inc  | 11099 | 1999485 |
| DoorDash Inc Class A (b) | 11195 | 2847672 |
| Royal Caribbean Cruises Ltd  | 8631 | 2475630 |
|  |  | 12128965 |
| Specialty Retail - 1.2% |  |  |
| AutoZone Inc (b) | 688 | 2528008 |
| Carvana Co Class A (b) | 6314 | 1935493 |
| O'Reilly Automotive Inc (b) | 28331 | 2675580 |
|  |  | 7139081 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Tapestry Inc  | 20619 | 2264378 |
| TOTAL CONSUMER DISCRETIONARY |  | 59120262 |
| Consumer Staples - 4.5% |  |  |
| Beverages - 0.8% |  |  |
| Coca-Cola Co/The  | 48955 | 3373000 |
| Monster Beverage Corp (b) | 22398 | 1496858 |
|  |  | 4869858 |
| Consumer Staples Distribution & Retail - 2.2% |  |  |
| Casey's General Stores Inc  | 2150 | 1103359 |
| Costco Wholesale Corp  | 5021 | 4576390 |
| Kroger Co/The  | 18986 | 1208079 |
| Sprouts Farmers Market Inc (b) | 7107 | 561169 |
| Walmart Inc  | 48739 | 4931412 |
|  |  | 12380409 |
| Household Products - 0.7% |  |  |
| Procter & Gamble Co/The  | 27494 | 4134273 |
| Tobacco - 0.8% |  |  |
| Altria Group Inc  | 30469 | 1717842 |
| Philip Morris International Inc  | 19836 | 2862930 |
|  |  | 4580772 |
| TOTAL CONSUMER STAPLES |  | 25965312 |
| Energy - 2.8% |  |  |
| Oil, Gas & Consumable Fuels - 2.8% |  |  |
| Cheniere Energy Inc  | 6209 | 1316308 |
| Chevron Corp  | 23895 | 3768719 |
| EQT Corp  | 23850 | 1277883 |
| Expand Energy Corp  | 11414 | 1179180 |
| Exxon Mobil Corp  | 47901 | 5477959 |
| Kinder Morgan Inc  | 52811 | 1383120 |
| Williams Cos Inc/The  | 27578 | 1595939 |
|  |  | 15999108 |
| Financials - 13.6% |  |  |
| Banks - 2.7% |  |  |
| JPMorgan Chase & Co  | 33323 | 10367452 |
| Wells Fargo & Co  | 59435 | 5169062 |
|  |  | 15536514 |
| Capital Markets - 4.7% |  |  |
| Bank of New York Mellon Corp/The  | 30294 | 3269631 |
| Charles Schwab Corp/The  | 40190 | 3798759 |
| CME Group Inc Class A  | 11945 | 3171278 |
| Goldman Sachs Group Inc/The  | 6118 | 4829367 |
| Interactive Brokers Group Inc Class A  | 40804 | 2870969 |
| Morgan Stanley  | 28143 | 4615452 |
| Robinhood Markets Inc Class A (b) | 29907 | 4389749 |
|  |  | 26945205 |
| Consumer Finance - 1.2% |  |  |
| Capital One Financial Corp  | 17032 | 3746870 |
| SoFi Technologies Inc Class A (b) | 117027 | 3473361 |
|  |  | 7220231 |
| Financial Services - 5.0% |  |  |
| Affirm Holdings Inc Class A (b) | 37570 | 2700532 |
| Berkshire Hathaway Inc Class B (b) | 21722 | 10373124 |
| Mastercard Inc Class A  | 11611 | 6409156 |
| Toast Inc Class A (b) | 53442 | 1931393 |
| Visa Inc Class A  | 22488 | 7662561 |
|  |  | 29076766 |
| TOTAL FINANCIALS |  | 78778716 |
| Health Care - 8.6% |  |  |
| Biotechnology - 1.7% |  |  |
| Exelixis Inc (b) | 109956 | 4251999 |
| Gilead Sciences Inc  | 45933 | 5502314 |
|  |  | 9754313 |
| Health Care Equipment & Supplies - 2.9% |  |  |
| Abbott Laboratories  | 46602 | 5760939 |
| Boston Scientific Corp (b) | 50502 | 5086561 |
| Intuitive Surgical Inc (b) | 11338 | 6057667 |
|  |  | 16905167 |
| Health Care Providers & Services - 3.2% |  |  |
| Cardinal Health Inc  | 27243 | 5197147 |
| Cencora Inc  | 15172 | 5125253 |
| Hims & Hers Health Inc Class A (b)(c) | 60599 | 2754831 |
| McKesson Corp  | 6746 | 5473300 |
|  |  | 18550531 |
| Health Care Technology - 0.8% |  |  |
| Doximity Inc Class A (b) | 67478 | 4453548 |
| TOTAL HEALTH CARE |  | 49663559 |
| Industrials - 9.7% |  |  |
| Aerospace & Defense - 3.7% |  |  |
| Axon Enterprise Inc (b) | 3171 | 2321901 |
| Carpenter Technology Corp  | 2813 | 888627 |
| GE Aerospace  | 16633 | 5138765 |
| Howmet Aerospace Inc  | 14171 | 2918517 |
| Kratos Defense & Security Solutions Inc (b) | 33711 | 3054217 |
| Rocket Lab Corp (c) | 44467 | 2800532 |
| RTX Corp  | 24096 | 4301136 |
|  |  | 21423695 |
| Building Products - 0.5% |  |  |
| Johnson Controls International plc  | 23964 | 2741242 |
| Commercial Services & Supplies - 0.8% |  |  |
| Republic Services Inc  | 10034 | 2089480 |
| Waste Management Inc  | 11567 | 2310740 |
|  |  | 4400220 |
| Electrical Equipment - 1.1% |  |  |
| GE Vernova Inc  | 5338 | 3123477 |
| Vertiv Holdings Co Class A  | 16433 | 3169269 |
|  |  | 6292746 |
| Ground Transportation - 0.7% |  |  |
| Uber Technologies Inc (b) | 40478 | 3906127 |
| Industrial Conglomerates - 0.5% |  |  |
| Honeywell International Inc  | 14322 | 2883448 |
| Machinery - 1.3% |  |  |
| Caterpillar Inc  | 8576 | 4950582 |
| Deere & Co  | 5889 | 2718539 |
|  |  | 7669121 |
| Passenger Airlines - 0.3% |  |  |
| United Airlines Holdings Inc (b) | 24363 | 2291096 |
| Professional Services - 0.8% |  |  |
| Automatic Data Processing Inc  | 9782 | 2546255 |
| Paychex Inc  | 16000 | 1872480 |
|  |  | 4418735 |
| TOTAL INDUSTRIALS |  | 56026430 |
| Information Technology - 34.6% |  |  |
| Communications Equipment - 1.5% |  |  |
| Cisco Systems Inc  | 115629 | 8453636 |
| IT Services - 4.1% |  |  |
| Cloudflare Inc Class A (b) | 28909 | 7322650 |
| IBM Corporation  | 29824 | 9168196 |
| Snowflake Inc (b) | 27271 | 7496252 |
|  |  | 23987098 |
| Semiconductors & Semiconductor Equipment - 14.3% |  |  |
| Broadcom Inc  | 61027 | 22557410 |
| Credo Technology Group Holding Ltd (b) | 49902 | 9362613 |
| NVIDIA Corp  | 251292 | 50884117 |
|  |  | 82804140 |
| Software - 14.7% |  |  |
| AppLovin Corp Class A (b) | 15876 | 10118251 |
| Crowdstrike Holdings Inc Class A (b) | 14179 | 7699339 |
| InterDigital Inc (c) | 21228 | 7683687 |
| Microsoft Corp  | 77460 | 40109563 |
| Palantir Technologies Inc Class A (b) | 53488 | 10722739 |
| Rubrik Inc Class A (b) | 58193 | 4380187 |
| Strategy Inc Class A (b) | 15788 | 4255024 |
|  |  | 84968790 |
| TOTAL INFORMATION TECHNOLOGY |  | 200213664 |
| Materials - 1.8% |  |  |
| Chemicals - 1.0% |  |  |
| Corteva Inc  | 14347 | 881480 |
| Ecolab Inc  | 4536 | 1163030 |
| Linde PLC  | 5543 | 2318637 |
| Sherwin-Williams Co/The  | 3870 | 1334918 |
| Solstice Advanced Materials Inc  | 3580 | 161350 |
|  |  | 5859415 |
| Construction Materials - 0.3% |  |  |
| CRH PLC  | 12288 | 1463500 |
| Metals & Mining - 0.5% |  |  |
| MP Materials Corp (b)(c) | 10790 | 680741 |
| Newmont Corp  | 19566 | 1584259 |
| Royal Gold Inc  | 4488 | 784458 |
|  |  | 3049458 |
| TOTAL MATERIALS |  | 10372373 |
| Real Estate - 2.0% |  |  |
| Health Care REITs - 0.6% |  |  |
| American Healthcare REIT Inc  | 18061 | 818524 |
| Ventas Inc  | 13647 | 1007012 |
| Welltower Inc  | 9515 | 1722596 |
|  |  | 3548132 |
| Office REITs - 0.1% |  |  |
| Vornado Realty Trust  | 18232 | 691722 |
| Real Estate Management & Development - 0.4% |  |  |
| CBRE Group Inc Class A (b) | 6781 | 1033628 |
| CoStar Group Inc (b) | 10569 | 727253 |
| Zillow Group Inc Class C (b) | 9989 | 748975 |
|  |  | 2509856 |
| Retail REITs - 0.2% |  |  |
| Simon Property Group Inc  | 6700 | 1177592 |
| Specialized REITs - 0.7% |  |  |
| American Tower Corp  | 7322 | 1310492 |
| Digital Realty Trust Inc  | 6506 | 1108687 |
| Equinix Inc  | 1706 | 1443293 |
|  |  | 3862472 |
| TOTAL REAL ESTATE |  | 11789774 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 0.9% |  |  |
| Constellation Energy Corp  | 5935 | 2237495 |
| Entergy Corp  | 15948 | 1532443 |
| NRG Energy Inc  | 8210 | 1410971 |
|  |  | 5180909 |
| Gas Utilities - 0.3% |  |  |
| National Fuel Gas Co  | 13225 | 1043584 |
| UGI Corp  | 31700 | 1059731 |
|  |  | 2103315 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| Talen Energy Corp (b) | 3263 | 1304482 |
| Vistra Corp  | 8238 | 1551216 |
|  |  | 2855698 |
| Multi-Utilities - 0.5% |  |  |
| CenterPoint Energy Inc  | 33641 | 1286432 |
| WEC Energy Group Inc  | 12763 | 1426010 |
|  |  | 2712442 |
| TOTAL UTILITIES |  | 12852364 |
| TOTAL UNITED STATES |  | 577104304 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $475,757,369) |  | <br> **578234192** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (f)<br>(Cost $31,956)<br>| 4.15 | 32000 | **31966** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.18 | 385128 | 385205 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 8486016 | 8486865 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $8,872,070) |  |  | **8872070** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.4%**<br> (Cost $484,661,395)<br>| <br>**587138228** |
| **NET OTHER ASSETS (LIABILITIES) - (1.4)%** (d)  | **(8322109)** |
| **NET ASSETS - 100.0%** | **578816119** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 15 | 12/19/2025 | 515550 | 16485 | 16485 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% |

---

**Legend**

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

(b) Non-income producing.

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

(d) Includes $44,548 of cash collateral to cover margin requirements for futures contracts.

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $31,966.

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

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

At period end, the value of non-cash collateral for securities on loan amounted to $2,199,701.

**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 | 435697 | 1477118 | 1527610 | 6063 | - | - | 385205 | 385128 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 7911625 | 23644107 | 23068867 | 2180 | - | - | 8486865 | 8486016 | 0.0% |
| Total | 8347322 | 25121225 | 24596477 | 8243 | - | - | 8872070 |  |  |

---

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

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.

**Investment Valuation**

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

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

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

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

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

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

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

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

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

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

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

**Derivative Instruments**

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

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

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

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

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

- **a. Name of Series:** Fidelity Momentum Factor ETF

- **b. EDGAR series identifier (if any):** S000054752

- **c. LEI of Series:** 5493000ZR7LN2ZJHFF04

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $587421783.91

**Total Liabilities:** $8605708.02

**Net Assets:** $578816075.89

**Cash Not Reported:** $0.06

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000171933 | 1.82%                | 5.02%                | 2.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9830468.47              | $-1192652.30                               |
| Month 2  | $-681.68                 | $25643965.44                               |
| Month 3  | $9.34                    | $13216509.89                               |

### Schedule of Portfolio Investments

| Name                                      | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNITED AIRLINES HOLDINGS INC              | UNITED AIRLINES HOLDINGS INC                  | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     24363 | NS      | $2291096.52   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST INC                  | DIGITAL REALTY TRUST INC                      | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      6506 | NS      | $1108687.46   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY INC                              | TAPESTRY INC                                  | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     20619 | NS      | $2264378.58   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| HIMS and HERS HEALTH INC                  | HIMS and HERS HEALTH INC                      | CUSIP: 433000106<br>LEI: 549300ZQ4ZUYSAAX6P59 | Long             | EC               | CORP              | US        |     60599 | NS      | $2754830.54   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| EQUINIX INC                               | EQUINIX INC                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      1706 | NS      | $1443293.06   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT INC DEL                  | WASTE MANAGEMENT INC                          | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     11567 | NS      | $2310739.59   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS INC                              | EXELIXIS INC                                  | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    109956 | NS      | $4251998.52   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORP                     | COSTCO WHOLESALE CORP                         | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      5021 | NS      | $4576390.45   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUDFLARE INC                            | CLOUDFLARE INC                                | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |     28909 | NS      | $7322649.70   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER and GAMBLE CO                     | PROCTER and GAMBLE CO                         | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     27494 | NS      | $4134272.78   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CARPENTER TECHNOLOGY CORP                 | CARPENTER TECHNOLOGY CORP                     | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      2813 | NS      | $888626.70    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AT and T INC                              | AT and T INC                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    112410 | NS      | $2782147.50   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC                            | GE VERNOVA INC                                | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      5338 | NS      | $3123477.32   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORP NEW                          | ENTERGY CORP                                  | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     15948 | NS      | $1532443.32   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL GOLD INC                            | ROYAL GOLD INC                                | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      4488 | NS      | $784457.52    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                            | AMAZON.COM INC                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     94201 | NS      | $23005768.22  | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BRINKER INTERNATIONAL INC                 | BRINKER INTERNATIONAL INC                     | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     13249 | NS      | $1439636.34   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                            | MICROSOFT CORP                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     77460 | NS      | $40109562.60  | 6.93%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC                             | WELLTOWER INC                                 | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      9515 | NS      | $1722595.60   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBINHOOD MARKETS INC                     | ROBINHOOD MARKETS INC                         | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     29907 | NS      | $4389749.46   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE INC                       | AXON ENTERPRISE INC                           | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      3171 | NS      | $2321901.33   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFIRM HOLDINGS INC                       | AFFIRM HOLDINGS INC                           | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37570 | NS      | $2700531.60   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC                                  | VISA INC CL A                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     22488 | NS      | $7662561.12   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCH INC               | SP500 MIC EMIN FUTDEC25 HWAZ5                 | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |        15 | NC      | $16484.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORP                                  | EQT CORPORATION                               | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     23850 | NS      | $1277883.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)             | GOLDMAN SACHS GROUP INC                       | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      6118 | NS      | $4829365.66   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                | CAPITAL ONE FINANCIAL CORP                    | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     17032 | NS      | $3746869.68   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE INC                              | AUTOZONE INC                                  | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       688 | NS      | $2528007.84   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC                        | META PLATFORMS INC CL A                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     21334 | NS      | $13831898.90  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CARVANA CO                                | CARVANA CO CL A                               | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |      6314 | NS      | $1935493.56   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP INC                            | CBRE GROUP INC - CL A                         | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      6781 | NS      | $1033627.83   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHWAB CHARLES CORP                       | SCHWAB CHARLES CORP                           | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     40190 | NS      | $3798758.80   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC                             | CME GROUP INC CL A                            | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     11945 | NS      | $3171278.05   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC               | HONEYWELL INTL INC                            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     14322 | NS      | $2883448.26   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE and CO                              | DEERE and CO                                  | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      5889 | NS      | $2718539.07   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORP                        | EXPAND ENERGY CORP                            | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     11414 | NS      | $1179180.34   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK NEW YORK MELLON CORP                 | BANK OF NEW YORK MELLON CORP                  | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     30294 | NS      | $3269631.42   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC                 | PALANTIR TECHNOLOGIES INC                     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     53488 | NS      | $10722739.36  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS INC                  | CROWDSTRIKE HOLDINGS INC                      | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     14179 | NS      | $7699338.79   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                                | VENTAS INC REIT                               | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     13647 | NS      | $1007012.13   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD               | ROYAL CARIBBEAN CRUISES LTD                   | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | LR        |      8631 | NS      | $2475629.73   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING INC             | AUTOMATIC DATA PROCESSING INC                 | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      9782 | NS      | $2546254.60   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTIV HOLDINGS CO                        | VERTIV HOLDINGS CO                            | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     16433 | NS      | $3169268.38   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| KRATOS DEFENSE and SECURITY SOLUTIONS INC | KRATOS DEFENSE and SEC SOLTN INC              | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     33711 | NS      | $3054216.60   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET LAB CORP                           | ROCKET LAB CORP                               | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44467 | NS      | $2800531.66   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| RTX CORP                                  | RTX CORP                                      | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     24096 | NS      | $4301136.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                            | NRG ENERGY INC                                | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      8210 | NS      | $1410970.60   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORP                             | APPLOVIN CORP                                 | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     15876 | NS      | $10118251.08  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                               | CORTEVA INC                                   | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     14347 | NS      | $881479.68    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA INC                                 | TESLA INC                                     | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     31939 | NS      | $14582069.84  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| RUBRIK INC                                | RUBRIK INC                                    | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |     58193 | NS      | $4380187.11   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC                             | SNOWFLAKE INC                                 | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     27271 | NS      | $7496252.48   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                               | WALMART INC                                   | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     48739 | NS      | $4931412.02   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC                      | THE BOOKING HOLDINGS INC                      | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       663 | NS      | $3366541.62   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORP                                  | UGI CORP NEW                                  | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     31700 | NS      | $1059731.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| OREILLY AUTOMOTIVE INC                    | O'REILLY AUTOMOTIVE INC                       | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     28331 | NS      | $2675579.64   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CASEY'S GENERAL STORES INC                | CASEY GENERAL STORES                          | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      2150 | NS      | $1103358.50   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HEALTHCARE REIT INC              | AMERICAN HEALTHCARE REIT INC                  | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |     18061 | NS      | $818524.52    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORP                    | BOSTON SCIENTIFIC CORP                        | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     50502 | NS      | $5086561.44   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| TOAST INC                                 | TOAST INC                                     | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |     53442 | NS      | $1931393.88   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA COLA CO                              | COCA COLA CO                                  | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     48955 | NS      | $3372999.50   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                         | TALEN ENERGY CORP                             | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3263 | NS      | $1304482.14   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES                       | ABBOTT LABORATORIES                           | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     46602 | NS      | $5760939.24   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GE AEROSPACE                              | GE AEROSPACE                                  | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     16633 | NS      | $5138765.35   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                              | BROADCOM INC                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     61027 | NS      | $22557410.01  | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC                           | CATERPILLAR INC                               | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      8576 | NS      | $4950581.76   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC                          | WILLIAMS COMPANIES INC                        | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     27578 | NS      | $1595938.86   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS CO NJ                   | NATIONAL FUEL GAS CO NJ                       | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     13225 | NS      | $1043584.75   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTV SOFTWR INC             | TAKE-TWO INTERACTV SOFTWR INC                 | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      7352 | NS      | $1884832.24   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST                      | VORNADO REALTY TRUST                          | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18232 | NS      | $691722.08    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SHERWIN WILLIAMS CO                       | SHERWIN WILLIAMS CO                           | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      3870 | NS      | $1334917.80   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| KROGER CO                                 | KROGER CO                                     | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     18986 | NS      | $1208079.18   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKET INC                | SPROUTS FMRS MKT INC                          | CUSIP: 85208M102<br>LEI: 549300TE8B3NBYVDGN74 | Long             | EC               | CORP              | US        |      7107 | NS      | $561168.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL INC                    | INTUITIVE SURGICAL INC                        | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     11338 | NS      | $6057666.64   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                   | CRH PLC                                       | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |     12288 | NS      | $1463500.80   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY INC                    | CENTERPOINT ENERGY INC                        | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |     33641 | NS      | $1286431.84   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORP NEW                 | MONSTER BEVERAGE CORP                         | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     22398 | NS      | $1496858.34   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC DEL                | BERKSHIRE HATHAWAY INC CL B                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     21722 | NS      | $10373123.88  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC DEL                     | KINDER MORGAN INC                             | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     52811 | NS      | $1383120.09   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL INC           | PHILIP MORRIS INTL INC                        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     19836 | NS      | $2862929.88   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust              | Fidelity Cash Central Fund                    | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    385128 | NS      | $385205.07    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                             | MCKESSON CORP                                 | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      6746 | NS      | $5473299.64   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH INC                              | DOORDASH INC                                  | CUSIP: 25809K105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11195 | NS      | $2847672.15   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GROUP INC                          | COSTAR GROUP INC                              | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     10569 | NS      | $727252.89    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| STRATEGY INC                              | STRATEGY INC CL A                             | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |     15788 | NS      | $4255023.88   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                          | EXXON MOBIL CORP                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     47901 | NS      | $5477958.36   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                     | ANGLOGOLD ASHANTI PLC                         | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |     16616 | NS      | $1129888.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORP                 | CONSTELLATION ENERGY CORP                     | CUSIP: 21037T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5935 | NS      | $2237495.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP NEW                          | CHEVRON CORP                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23895 | NS      | $3768719.40   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DOXIMITY INC                              | DOXIMITY INC                                  | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67478 | NS      | $4453548.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC ENERGY GROUP INC                      | WEC ENERGY GROUP INC                          | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     12763 | NS      | $1426009.99   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP                         | MP MATERIALS CORP                             | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |     10790 | NS      | $680741.10    | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| HOWMET AEROSPACE INC                      | HOWMET AEROSPACE INC                          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     14171 | NS      | $2918517.45   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX INC                               | NETFLIX INC                                   | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      4970 | NS      | $5560734.20   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM CORPORATION                           | INTL BUS MACH CORP                            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     29824 | NS      | $9168195.84   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                            | MORGAN STANLEY                                | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     28143 | NS      | $4615452.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust              | Fidelity Securities Lending Cash Central Fund | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   8535855 | NS      | $8536708.24   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC                                | ECOLAB INC                                    | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      4536 | NS      | $1163030.40   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX CORP                               | ROBLOX CORP                                   | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14424 | NS      | $1640297.28   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                               | NVIDIA CORP                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    251292 | NS      | $50884117.08  | 8.79%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERDIGITAL INC                          | INTERDIGITAL INC                              | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21228 | NS      | $7683686.88   | 1.33%             |  |  |  | No            |                  1 | On Loan: —       |
| JPMORGAN CHASE and CO                     | JPMORGAN CHASE and CO                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     33323 | NS      | $10367451.76  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC                            | MASTERCARD INC CL A                           | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     11611 | NS      | $6409155.89   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO and CO                        | WELLS FARGO and CO                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     59435 | NS      | $5169061.95   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX INC                               | PAYCHEX INC                                   | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     16000 | NS      | $1872480.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH INC                       | CARDINAL HEALTH INC                           | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     27243 | NS      | $5197147.11   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| REDDIT INC                                | REDDIT INC A                                  | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |      9060 | NS      | $1893087.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ZILLOW GROUP INC                          | ZILLOW GROUP INC CL C                         | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |      9989 | NS      | $748975.22    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                                 | UST BILLS 0% 11/13/2025                       | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     32000 | PA      | $31965.66     | 0.01%             | 2025-11-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                       | GILEAD SCIENCES INC                           | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     45933 | NS      | $5502314.07   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP INC                  | SIMON PPTY GROUP INC - REIT                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      6700 | NS      | $1177592.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLSTICE ADVANCED MATERIALS INC           | SOLSTICE ADVANCED MATERIALS INC               | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |      3580 | NS      | $161350.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDO TECHNOLOGY GROUP HOLDING LTD        | CREDO TECHNOLOGY GROUP HOLDING LTD            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     49902 | NS      | $9362613.24   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| DARDEN RESTAURANTS INC                    | DARDEN RESTAURANTS INC                        | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |     11099 | NS      | $1999484.85   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTRIA GROUP INC                          | ALTRIA GROUP INC                              | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     30469 | NS      | $1717842.22   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                       | AMERICAN TOWER CORP                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      7322 | NS      | $1310491.56   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA INC                               | CENCORA INC                                   | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     15172 | NS      | $5125253.32   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PLC        | JOHNSON CONTROLS INTERNATIONAL PLC            | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |     23964 | NS      | $2741241.96   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS INC                         | CISCO SYSTEMS INC                             | CUSIP: 17275R102<br>LEI: 8E6NF1YAL0WT6CWXXV93 | Long             | EC               | CORP              | US        |    115629 | NS      | $8453636.19   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                               | VISTRA CORP                                   | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      8238 | NS      | $1551215.40   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES INC                     | REPUBLIC SERVICES INC                         | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     10034 | NS      | $2089480.16   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PLC                                 | LINDE PLC                                     | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | IE        |      5543 | NS      | $2318636.90   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                              | ALPHABET INC CL A                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    102172 | NS      | $28729744.68  | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES INC                     | UBER TECHNOLOGIES INC                         | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     40478 | NS      | $3906127.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY INC                       | CHENIERE ENERGY INC                           | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      6209 | NS      | $1316308.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORP                              | NEWMONT CORP                                  | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     19566 | NS      | $1584259.02   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERACTIVE BROKERS GROUP INC             | INTERACTIVE BROKERS GROUP INC                 | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     40804 | NS      | $2870969.44   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SOFI TECHNOLOGIES INC                     | SOFI TECHNOLOGIES INC A                       | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |    117027 | NS      | $3473361.36   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer