# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000035402-26-001968
**Filing Date:** 2026-3
**Character Count:** 67302
**Document Hash:** 74396f05b1e3fb430d10c12dc4d0d967
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-26-001968.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000035402-26-001968

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20261031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 26790515

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity Fundamental Emerging Markets ETF (Series ID: S000087783)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000253745 | Fidelity Fundamental Emerging Markets ETF | FFEM            |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Fundamental Emerging Markets ETF**

**January 31, 2026**

FEM-NPRT1-0426

1.9916395.101 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.8%  |  |  |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 1909 | 182068 |
| BRAZIL - 4.8%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Vibra Energia SA  | 6380 | 34866 |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| PRIO SA/Brazil (b) | 18174 | 176085 |
| Financials - 1.8% |  |  |
| Banks - 1.4% |  |  |
| Itau Unibanco Holding SA  | 27198 | 235145 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 3657 | 64912 |
|  |  | 300057 |
| Capital Markets - 0.4% |  |  |
| Banco BTG Pactual SA unit  | 9217 | 104994 |
| TOTAL FINANCIALS |  | 405051 |
| Industrials - 0.4% |  |  |
| Ground Transportation - 0.4% |  |  |
| Localiza Rent a Car SA  | 8685 | 79857 |
| Localiza Rent a Car SA (PN)  | 333 | 2952 |
| TOTAL INDUSTRIALS |  | 82809 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Gerdau SA ADR  | 53499 | 228441 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.6% |  |  |
| Axia Energia ADR  | 2407 | 24840 |
| Axia Energia ADR  | 632 | 6320 |
| Equatorial SA  | 13748 | 106896 |
| TOTAL UTILITIES |  | 138056 |
| TOTAL BRAZIL |  | 1065308 |
| CHINA - 27.6%  |  |  |
| Communication Services - 7.1% |  |  |
| Entertainment - 0.5% |  |  |
| Tencent Music Entertainment Group Class A ADR  | 6904 | 115849 |
| Interactive Media & Services - 6.6% |  |  |
| Tencent Holdings Ltd  | 18664 | 1447803 |
| TOTAL COMMUNICATION SERVICES |  | 1563652 |
| Consumer Discretionary - 8.0% |  |  |
| Automobile Components - 0.2% |  |  |
| Hesai Group ADR (b) | 1860 | 44398 |
| Automobiles - 1.1% |  |  |
| BYD Co Ltd H Shares  | 17806 | 222800 |
| Broadline Retail - 4.9% |  |  |
| Alibaba Group Holding Ltd  | 37324 | 808390 |
| PDD Holdings Inc Class A ADR (b) | 2516 | 254241 |
|  |  | 1062631 |
| Diversified Consumer Services - 0.4% |  |  |
| New Oriental Education & Technology Group Inc ADR  | 1039 | 62735 |
| TAL Education Group Class A ADR (b) | 2771 | 35192 |
|  |  | 97927 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |
| H World Group Ltd ADR  | 1557 | 73973 |
| Meituan B Shares (b)(c)(d) | 6652 | 82766 |
| Trip.com Group Ltd  | 1543 | 95162 |
|  |  | 251901 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Laopu Gold Co Ltd H Shares  | 541 | 53878 |
| TOTAL CONSUMER DISCRETIONARY |  | 1733535 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.6% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 1382 | 49727 |
| Kweichow Moutai Co Ltd A Shares (China)  | 462 | 93108 |
| TOTAL CONSUMER STAPLES |  | 142835 |
| Financials - 3.8% |  |  |
| Banks - 1.6% |  |  |
| China Construction Bank Corp H Shares  | 344942 | 349265 |
| Insurance - 2.2% |  |  |
| China Life Insurance Co Ltd H Shares  | 63524 | 283626 |
| Ping An Insurance Group Co of China Ltd H Shares  | 22444 | 208866 |
|  |  | 492492 |
| TOTAL FINANCIALS |  | 841757 |
| Health Care - 1.7% |  |  |
| Biotechnology - 0.2% |  |  |
| Innovent Biologics Inc (b)(c)(d) | 3270 | 33947 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 9894 | 140834 |
| Pharmaceuticals - 0.9% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 38991 | 192657 |
| TOTAL HEALTH CARE |  | 367438 |
| Industrials - 3.9% |  |  |
| Electrical Equipment - 2.7% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 8303 | 418032 |
| Sieyuan Electric Co Ltd A Shares (China)  | 6728 | 178852 |
|  |  | 596884 |
| Machinery - 1.2% |  |  |
| Airtac International Group  | 3685 | 133087 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 12941 | 138927 |
|  |  | 272014 |
| TOTAL INDUSTRIALS |  | 868898 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 2196 | 16328 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 679 | 33985 |
| Software - 0.4% |  |  |
| Pony AI Inc ADR (b) | 6106 | 84752 |
| TOTAL INFORMATION TECHNOLOGY |  | 135065 |
| Materials - 1.9% |  |  |
| Metals & Mining - 1.9% |  |  |
| MMG Ltd (b) | 113000 | 148842 |
| Zijin Mining Group Co Ltd H Shares  | 48990 | 262757 |
| TOTAL MATERIALS |  | 411599 |
| TOTAL CHINA |  | 6064779 |
| GREECE - 2.2%  |  |  |
| Financials - 2.2% |  |  |
| Banks - 2.2% |  |  |
| Alpha Bank SA  | 27327 | 131188 |
| Eurobank SA  | 18659 | 91456 |
| National Bank of Greece SA  | 14530 | 256883 |
| TOTAL GREECE |  | 479527 |
| HUNGARY - 1.8%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| OTP Bank Nyrt  | 2020 | 254491 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Richter Gedeon Nyrt  | 4142 | 138632 |
| TOTAL HUNGARY |  | 393123 |
| INDIA - 10.5%  |  |  |
| Communication Services - 0.8% |  |  |
| Wireless Telecommunication Services - 0.8% |  |  |
| Bharti Airtel Ltd  | 8048 | 172793 |
| Consumer Discretionary - 1.0% |  |  |
| Automobiles - 0.4% |  |  |
| Mahindra & Mahindra Ltd  | 2302 | 86156 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Eternal Ltd (b) | 46144 | 137686 |
| TOTAL CONSUMER DISCRETIONARY |  | 223842 |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| Reliance Industries Ltd GDR (d) | 4988 | 302772 |
| Financials - 4.0% |  |  |
| Banks - 3.0% |  |  |
| HDFC Bank Ltd ADR  | 11810 | 382408 |
| ICICI Bank Ltd ADR  | 9344 | 273686 |
|  |  | 656094 |
| Consumer Finance - 0.6% |  |  |
| Bajaj Finance Ltd  | 13332 | 135197 |
| Insurance - 0.4% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 9722 | 77505 |
| TOTAL FINANCIALS |  | 868796 |
| Health Care - 0.4% |  |  |
| Health Care Providers & Services - 0.4% |  |  |
| Max Healthcare Institute Ltd  | 8377 | 87412 |
| Industrials - 2.1% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Hindustan Aeronautics Ltd (c) | 2690 | 135518 |
| Construction & Engineering - 1.5% |  |  |
| Larsen & Toubro Ltd GDR (c) | 7795 | 332067 |
| TOTAL INDUSTRIALS |  | 467585 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| JK Cement Ltd  | 1933 | 116441 |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| NTPC Ltd  | 17947 | 69678 |
| TOTAL INDIA |  | 2309319 |
| INDONESIA - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Bank Central Asia Tbk PT  | 674300 | 297279 |
| KAZAKHSTAN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Consumer Finance - 0.1% |  |  |
| Kaspi.KZ JSC ADR (b) | 432 | 32905 |
| KOREA (SOUTH) - 15.6%  |  |  |
| Communication Services - 0.6% |  |  |
| Interactive Media & Services - 0.6% |  |  |
| Kakao Corp  | 1794 | 75929 |
| Webtoon Entertainment Inc (b) | 4536 | 54840 |
| TOTAL COMMUNICATION SERVICES |  | 130769 |
| Consumer Discretionary - 0.9% |  |  |
| Automobiles - 0.9% |  |  |
| Hyundai Motor Co  | 584 | 201278 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| KB Financial Group Inc  | 1228 | 114443 |
| Health Care - 0.5% |  |  |
| Life Sciences Tools & Services - 0.5% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d) | 86 | 103444 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Korea Aerospace Industries Ltd  | 1651 | 191533 |
| Electrical Equipment - 0.4% |  |  |
| Doosan Enerbility Co Ltd (b) | 258 | 16112 |
| LS Electric Co Ltd (b) | 217 | 84663 |
|  |  | 100775 |
| TOTAL INDUSTRIALS |  | 292308 |
| Information Technology - 11.8% |  |  |
| Semiconductors & Semiconductor Equipment - 4.0% |  |  |
| SK Hynix Inc  | 1397 | 875333 |
| Technology Hardware, Storage & Peripherals - 7.8% |  |  |
| Samsung Electronics Co Ltd  | 15532 | 1718367 |
| TOTAL INFORMATION TECHNOLOGY |  | 2593700 |
| TOTAL KOREA (SOUTH) |  | 3435942 |
| MALAYSIA - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| CIMB Group Holdings Bhd  | 59085 | 128602 |
| MEXICO - 3.1%  |  |  |
| Communication Services - 0.6% |  |  |
| Wireless Telecommunication Services - 0.6% |  |  |
| America Movil SAB de CV Series B  | 131664 | 135687 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| BBB Foods Inc Class A (b) | 301 | 10502 |
| Wal-Mart de Mexico SAB de CV Series V  | 55147 | 175009 |
| TOTAL CONSUMER STAPLES |  | 185511 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Grupo Financiero Banorte SAB de CV  | 6811 | 77000 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.7% |  |  |
| Cemex SAB de CV unit  | 123778 | 153554 |
| Real Estate - 0.6% |  |  |
| Industrial REITs - 0.3% |  |  |
| Prologis Property Mexico SA de CV  | 15324 | 70412 |
| Real Estate Management & Development - 0.3% |  |  |
| Corp Inmobiliaria Vesta SAB de CV  | 19431 | 60085 |
| TOTAL REAL ESTATE |  | 130497 |
| TOTAL MEXICO |  | 682249 |
| PERU - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Credicorp Ltd  | 783 | 279398 |
| POLAND - 0.5%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Dino Polska SA (b)(c)(d) | 9760 | 103204 |
| SAUDI ARABIA - 2.4%  |  |  |
| Financials - 2.4% |  |  |
| Banks - 2.4% |  |  |
| Al Rajhi Bank  | 12705 | 363126 |
| Saudi National Bank/The  | 14236 | 170269 |
| TOTAL SAUDI ARABIA |  | 533395 |
| SOUTH AFRICA - 4.1%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Broadline Retail - 1.0% |  |  |
| Naspers Ltd Class N  | 3630 | 222806 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Shoprite Holdings Ltd  | 4941 | 81490 |
| Financials - 1.6% |  |  |
| Banks - 0.7% |  |  |
| Capitec Bank Holdings Ltd  | 608 | 163773 |
| Financial Services - 0.9% |  |  |
| FirstRand Ltd  | 33950 | 194489 |
| TOTAL FINANCIALS |  | 358262 |
| Materials - 1.1% |  |  |
| Chemicals - 0.3% |  |  |
| Sasol Ltd (b) | 10498 | 74262 |
| Metals & Mining - 0.8% |  |  |
| Impala Platinum Holdings Ltd  | 8953 | 175139 |
| TOTAL MATERIALS |  | 249401 |
| TOTAL SOUTH AFRICA |  | 911959 |
| TAIWAN - 19.1%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Eclat Textile Co Ltd  | 2854 | 35895 |
| Industrials - 0.2% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Bizlink Holding Inc  | 307 | 12643 |
| Machinery - 0.2% |  |  |
| Hiwin Technologies Corp  | 5353 | 42397 |
| TOTAL INDUSTRIALS |  | 55040 |
| Information Technology - 18.7% |  |  |
| Electronic Equipment, Instruments & Components - 2.3% |  |  |
| Chroma ATE Inc  | 3391 | 105281 |
| Delta Electronics Inc  | 5120 | 197890 |
| Elite Material Co Ltd  | 361 | 19957 |
| Unimicron Technology Corp  | 1437 | 17231 |
| Yageo Corp  | 17905 | 157410 |
|  |  | 497769 |
| Semiconductors & Semiconductor Equipment - 16.4% |  |  |
| ASPEED Technology Inc  | 90 | 25319 |
| eMemory Technology Inc  | 376 | 21799 |
| MediaTek Inc  | 6641 | 370289 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 56977 | 3203997 |
|  |  | 3621404 |
| TOTAL INFORMATION TECHNOLOGY |  | 4119173 |
| TOTAL TAIWAN |  | 4210108 |
| THAILAND - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Transportation Infrastructure - 0.4% |  |  |
| Airports of Thailand PCL  | 53578 | 85334 |
| TURKEY - 0.7%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Yapi ve Kredi Bankasi AS (b) | 33008 | 31181 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS  | 8769 | 61149 |
| Electrical Equipment - 0.3% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 17925 | 65869 |
| TOTAL INDUSTRIALS |  | 127018 |
| TOTAL TURKEY |  | 158199 |
| UNITED ARAB EMIRATES - 2.2%  |  |  |
| Energy - 1.6% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| ADNOC Drilling Co PJSC  | 97698 | 141792 |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Adnoc Gas PLC  | 212808 | 209186 |
| TOTAL ENERGY |  | 350978 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 30528 | 126518 |
| TOTAL UNITED ARAB EMIRATES |  | 477496 |
| UNITED STATES - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| BeOne Medicines Ltd ADR (b) | 208 | 70799 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $16,870,664) |  | <br> **21900993** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 4/9/2026 (f)<br>(Cost $39,736)<br>| 3.58 | 40000 | **39737** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g)<br>(Cost $57,344)<br>| 3.70 | 57333 | **57344** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $16,967,744)<br>| <br>**21998074** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **40386** |
| **NET ASSETS - 100.0%** | **22038460** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 1 | 3/2026 | 76040 | 548 |
| The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,201,942 or 5.5% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,037,129 or 4.7% of net assets.

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $14,901.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 5508914 | 5451576 | 3273 | 6 | - | 57344 | 57333 | 0.0% |
| Total | - | 5508914 | 5451576 | 3273 | 6 | - | 57344 |  |  |

---

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

**Investment Valuation**

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

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

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

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

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

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

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

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

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

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

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

**Derivative Instruments**

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

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

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

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

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

- **a. Name of Series:** Fidelity Fundamental Emerging Markets ETF

- **b. EDGAR series identifier (if any):** S000087783

- **c. LEI of Series:** 254900YNQ1P3DHCLOE98

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $22050861.73

**Total Liabilities:** $11651.20

**Net Assets:** $22039210.53

**Cash Not Reported:** $42898.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253745 | -2.05%               | 3.42%                | 10.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $69521.30                | $-430421.68                                |
| Month 2  | $98533.68                | $414267.58                                 |
| Month 3  | $-3277.33                | $1795749.72                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KWEICHOW MOUTAI CO LTD                             | KWEICHOW MOUTAI CO LTD A                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |       462 | NS      | $93107.78     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIP.COM GROUP LTD                                 | TRIP.COM GROUP LTD                                 | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | KY        |      1543 | NS      | $95162.30     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA LIFE INSURANCE CO LTD                        | CHINA LIFE INS CO LTD H                            | CUSIP: N/A<br>LEI: 549300J6TFLDXGH6S048       | Long             | EC               | CORP              | CN        |     63524 | NS      | $283626.31    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIJIN MINING GROUP CO LIMITED                      | ZIJIN MINING GROUP CO LTD H                        | CUSIP: N/A<br>LEI: 529900ABI5CBFXD01Q05       | Long             | EC               | CORP              | CN        |     48990 | NS      | $262756.62    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICA MOVIL SAB DE CV                            | AMERICA MOVIL SAB DE CV SER B                      | CUSIP: N/A<br>LEI: 5493000FNR3UCEAONM59       | Long             | EC               | CORP              | MX        |    131664 | NS      | $135687.15    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA CONSTRUCTION BANK CORP                       | CHINA CONSTRUCTION BANK CORP H                     | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |    344942 | NS      | $349264.76    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRPORTS OF THAILAND PCL                           | AIRPORTS OF THAILAND PCL (FOR)                     | CUSIP: N/A<br>LEI: 5299006VS4CU6LW0TY22       | Long             | EC               | CORP              | TH        |     53578 | NS      | $85334.22     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CIMB GROUP HOLDINGS BERHAD                         | CIMB GROUP HOLDINGS BERHAD                         | CUSIP: N/A<br>LEI: 549300FYDN5UD7USZW18       | Long             | EC               | CORP              | MY        |     59085 | NS      | $128602.05    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITEC BANK HOLDINGS LTD                          | CAPITEC BANK HOLDINGS LIMITED                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ZA        |       608 | NS      | $163772.61    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ELITE MATERIAL CO LTD                              | ELITE MATERIAL CO LTD                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |       361 | NS      | $19957.07     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCALIZA RENT A CAR SA                             | LOCALIZA RENT A CAR SA                             | CUSIP: N/A<br>LEI: 984500C442A7E0CD4D11       | Long             | EC               | CORP              | BR        |      8685 | NS      | $79856.95     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CHROMA ATE INC                                     | CHROMA ATE INC                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      3391 | NS      | $105280.53    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ECLAT TEXTILE CO LTD                               | ECLAT TEXTILE CO LTD                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      2854 | NS      | $35895.39     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN INSURANCE (GROUP) COMPANY OF CHINA LIMITED | PING AN INSURANCE CO LTD H                         | CUSIP: N/A<br>LEI: 300300IP9S6FHQPKRN68       | Long             | EC               | CORP              | CN        |     22444 | NS      | $208865.58    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT HLDGS LTD                                  | TENCENT HOLDINGS LTD                               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |     18664 | NS      | $1447803.28   | 6.57%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUATORIAL ENERGIA SA                              | EQUATORIAL ENERGIA SA                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     13748 | NS      | $106896.23    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK CENTRAL ASIA TBK PT                           | BANK CENTRAL ASIA                                  | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |    674300 | NS      | $297278.52    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LTD                                  | BHARTI AIRTEL LIMITED                              | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |      8048 | NS      | $172793.18    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| JK CEMENT LTD                                      | JK CEMENT LTD                                      | CUSIP: N/A<br>LEI: 335800IECEF3EIDGF809       | Long             | EC               | CORP              | IN        |      1933 | NS      | $116440.83    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NTPC LTD                                           | NTPC LTD                                           | CUSIP: N/A<br>LEI: 335800Q4TRGJXNLVMB81       | Long             | EC               | CORP              | IN        |     17947 | NS      | $69678.84     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ASELSAN AS                                         | ASELSAN AS                                         | CUSIP: N/A<br>LEI: 7890008XT4M710MU8714       | Long             | EC               | CORP              | TR        |      8769 | NS      | $61149.29     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD CO LTD                                         | BYD COMPANY LTD H                                  | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |     17806 | NS      | $222800.08    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BAJAJ FINANCE LTD                                  | BAJAJ FINANCE LTD                                  | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |     13332 | NS      | $135197.07    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ABU DHABI COMMERCIAL BANK                          | ABU DHABI COMMERCIAL BANK                          | CUSIP: N/A<br>LEI: 213800RWVKKIRX1AUH58       | Long             | EC               | CORP              | AE        |     30528 | NS      | $126517.67    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CEMEX SAB DE CV                                    | CEMEX SA DE CV CPO                                 | CUSIP: N/A<br>LEI: 549300RIG2CXWN6IV731       | Long             | EC               | CORP              | MX        |    123778 | NS      | $153553.85    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIA ENERGIA                                       | AXIA ENERGIA ADR                                   | CUSIP: 15234Q207<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |      2407 | NS      | $24840.24     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| H WORLD GROUP LTD                                  | H WORLD GROUP LTD ADR                              | CUSIP: 44332N106<br>LEI: 549300Y5ML31FVN83730 | Long             | EC               | CORP              | KY        |      1557 | NS      | $73973.07     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HIWIN TECHNOLOGIES CORP                            | HIWIN TECHNOLOGIES CORP                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      5353 | NS      | $42396.64     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AL RAJHI BANK                                      | AL RAJHI BANKING and INVEST CORP                   | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               | CORP              | SA        |     12705 | NS      | $363125.82    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD                                      | CREDICORP LTD                                      | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | BM        |       783 | NS      | $279397.89    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| KAKAO CORP                                         | KAKAO CORP                                         | CUSIP: N/A<br>LEI: 988400FTKUBQXKVZP434       | Long             | EC               | CORP              | KR        |      1794 | NS      | $75928.39     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA ELECTRONICS INC                              | DELTA ELECTRONICS IND CO LTD                       | CUSIP: N/A<br>LEI: 529900UVZWNWGDLJSM52       | Long             | EC               | CORP              | TW        |      5120 | NS      | $197890.07    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| EMEMORY TECHNOLOGY INC                             | EMEMORY TECHNOLOGY INC                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |       376 | NS      | $21798.83     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust                       | Fidelity Cash Central Fund                         | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |     57333 | NS      | $57344.30     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTRAND LIMITED                                  | FIRSTRAND LIMITED                                  | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               | CORP              | ZA        |     33950 | NS      | $194489.39    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| GERDAU SA                                          | GERDAU SA SPON ADR                                 | CUSIP: 373737105<br>LEI: 254900YDV6SEQQPZVG24 | Long             | EC               | CORP              | BR        |     53499 | NS      | $228440.73    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO SA                                            | PRIO SA                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     18174 | NS      | $176085.18    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRTAC INTERNATIONAL GROUP                         | AIRTAC INTERNATIONAL GROUP                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      3685 | NS      | $133087.28    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO BANORTE SAB DE CV                 | GRUPO FINANCIERO BANORTE SAB                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |      6811 | NS      | $76999.84     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LTD                                      | HDFC BANK LTD SPON ADR                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     11810 | NS      | $382407.80    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA AEROSPACE INDUSTRIES LTD                     | KOREA AEROSPACE INDUSTRIES LTD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      1651 | NS      | $191533.43    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI MOTOR CO                                   | HYUNDAI MOTOR CO                                   | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EC               | CORP              | KR        |       584 | NS      | $201277.98    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LTD                                     | ICICI BANK LTD SPONS ADR                           | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      9344 | NS      | $273685.76    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPALA PLATINUM HOLDINGS LTD                       | IMPALA PLATINUM HOLDINGS LTD                       | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               | CORP              | ZA        |      8953 | NS      | $175138.78    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ITAU UNIBANCO HOLDING SA                           | ITAU UNIBANCO HOLDING SA                           | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EC               | CORP              | BR        |     27198 | NS      | $235144.93    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORACION INMOBILIARIA VESTA SAB. DE CV.         | CORPORACION INMO VESTA SAB CV                      | CUSIP: N/A<br>LEI: 4469000001BIRIFZJ959       | Long             | EC               | CORP              | MX        |     19431 | NS      | $60085.33     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING LTD                          | ALIBABA GROUP HOLDING LTD                          | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |     37324 | NS      | $808389.65    | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BIZLINK HOLDING INC                                | BIZLINK HOLDING INC                                | CUSIP: N/A<br>LEI: 213800YAKRFVU5XOX138       | Long             | EC               | CORP              | KY        |       307 | NS      | $12643.75     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| KB FINANCIAL GROUP INC                             | KB FINANCIAL GROUP INC                             | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |      1228 | NS      | $114442.80    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| RICHTER GEDEON NYRT                                | RICHTER GEDEON NYRT                                | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               | CORP              | HU        |      4142 | NS      | $138631.90    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| LS ELECTRIC CO LTD                                 | LS ELECTRIC CO LTD                                 | CUSIP: N/A<br>LEI: 988400AF8KS117D7D072       | Long             | EC               | CORP              | KR        |       217 | NS      | $84662.20     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| LARSEN and TOUBRO LTD                              | LARSEN and TOUBRO LTD GDR                          | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |      7795 | NS      | $332067.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DOOSAN ENERBILITY                                  | DOOSAN ENERBILITY                                  | CUSIP: N/A<br>LEI: 988400TK5NA3GLSTN506       | Long             | EC               | CORP              | KR        |       258 | NS      | $16112.44     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MAHINDRA and MAHINDRA LTD                          | MAHINDRA and MAHINDRA LTD(DEMAT)DEMATERIALIZED SHS | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |      2302 | NS      | $86156.17     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDIATEK INC                                       | MEDIA TEK INC                                      | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |      6641 | NS      | $370288.61    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED TECHNOLOGY INC                              | ASPEED TECH INC                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |        90 | NS      | $25319.18     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LTD                                        | NASPERS LTD N SHS                                  | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               | CORP              | ZA        |      3630 | NS      | $222805.54    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK OF GREECE SA                         | NATIONAL BANK OF GREECE SA                         | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |     14530 | NS      | $256883.07    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW ORIENTAL EDUCATION and TECHNOLOGY GROUP INC    | NEW ORIENTAL ED and TECH GR INC - ADR              | CUSIP: 647581206<br>LEI: 529900NHZVBZQZ8EKN29 | Long             | EC               | CORP              | KY        |      1039 | NS      | $62734.82     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SAUDI NATIONAL BANK                            | THE SAUDI NATIONAL BANK                            | CUSIP: N/A<br>LEI: 5586006ZEFQ542K7CY16       | Long             | EC               | CORP              | SA        |     14236 | NS      | $170268.74    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP BANK PLC                                       | OTP BANK (REG)                                     | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |      2020 | NS      | $254491.04    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS PROPERTY MEXICO SA                        | PROLOGIS PROPERTY MEXICO SA                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     15324 | NS      | $70411.83     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MMG LTD                                            | MMG LTD                                            | CUSIP: N/A<br>LEI: 529900XB5IQXFMSWEC48       | Long             | EC               | CORP              | HK        |    113000 | NS      | $148842.18    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIMICRON TECHNOLOGY CORP                          | UNIMICRON TECHNOLOGY CORP                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      1437 | NS      | $17231.25     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                            | RELIANCE INDS GDR                                  | CUSIP: 759470107<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |      4988 | NS      | $302771.60    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SK HYNIX INC                                       | SK HYNIX INC                                       | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      1397 | NS      | $875333.80    | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG ELECTRONICS CO LTD                         | SAMSUNG ELECTRONICS CO LTD                         | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     15532 | NS      | $1718366.62   | 7.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SASOL LTD                                          | SASOL LTD                                          | CUSIP: 803866102<br>LEI: 378900F4544561A97588 | Long             | EC               | CORP              | ZA        |     10498 | NS      | $74261.79     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TAL ED GROUP                                       | TAL ED GROUP ADR                                   | CUSIP: 874080104<br>LEI: 5493003PJZS0EC085V72 | Long             | EC               | CORP              | KY        |      2771 | NS      | $35191.70     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPRITE HLDGS LTD                                 | SHOPRITE HLDGS LTD                                 | CUSIP: N/A<br>LEI: 529900Q4O1EYP6NH5150       | Long             | EC               | CORP              | ZA        |      4941 | NS      | $81490.75     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WAL MART DE MEXICO SAB DE CV                       | WAL MART DE MEXICO SAB DE CV V                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     55147 | NS      | $175008.73    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MFG CO LTD                    | TAIWAN SEMICONDUCTOR MFG CO LTD                    | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |     56977 | NS      | $3203997.31   | 14.54%            |  |  |  | No            |                  1 | On Loan: No      |
| YAGEO CORP                                         | YAGEO CORP                                         | CUSIP: N/A<br>LEI: 5493001P0TOZH7GGNQ21       | Long             | EC               | CORP              | TW        |     17905 | NS      | $157409.71    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| YAPI VE KREDI BANKASI                              | YAPI VE KREDI BANKASI                              | CUSIP: N/A<br>LEI: B85ZYWEZ5IZCZ2WNIO12       | Long             | EC               | CORP              | TR        |     33008 | NS      | $31181.01     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BEONE MEDICINES LTD                                | BEONE MEDICINES LTD ADR                            | CUSIP: 07725L102<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | CH        |       208 | NS      | $70799.04     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG BIOLOGICS CO LTD                           | SAMSUNG BIOLOGICS CO LTD                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |        86 | NS      | $103444.47    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEYUAN ELECTRIC CO LTD A                          | SIEYUAN ELECTRIC CO LTD A                          | CUSIP: N/A<br>LEI: 836800H6UQQUWN4PSZ32       | Long             | EC               | CORP              | CN        |      6728 | NS      | $178852.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SHENZHEN INOVANCE TECHNOLOGY CO LTD                | SHENZHEN INOVANCE TECHNOLOGY CO LTD A              | CUSIP: N/A<br>LEI: 836800KA53998FUTIA85       | Long             | EC               | CORP              | CN        |     12941 | NS      | $138927.15    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| LUXSHARE PRECISION INDUSTRY CO LTD                 | LUXSHARE PRECISION INDUSTRY CO LTD-A               | CUSIP: N/A<br>LEI: 300300QLLDUELXN16530       | Long             | EC               | CORP              | CN        |      2196 | NS      | $16328.44     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DINO POLSKA SA                                     | DINO POLSKA SA                                     | CUSIP: N/A<br>LEI: 259400H4L81SMPRTW956       | Long             | EC               | CORP              | PL        |      9760 | NS      | $103203.83    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BTG PACTUAL SA                               | BANCO BTG PACTUAL SA US(1CS)                       | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               | CORP              | BR        |      9217 | NS      | $104994.38    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC LIFE INSURANCE CO LTD                         | HDFC LIFE INSURANCE CO LTD                         | CUSIP: N/A<br>LEI: 335800RQI8GAFHIRGZ37       | Long             | EC               | CORP              | IN        |      9722 | NS      | $77505.42     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VIBRA ENERGIA SA                                   | VIBRA ENERGIA SA                                   | CUSIP: N/A<br>LEI: 549300U7VLJ3SYVNY689       | Long             | EC               | CORP              | BR        |      6380 | NS      | $34865.57     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MEITUAN                                            | MEITUAN CL B                                       | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | KY        |      6652 | NS      | $82765.76     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HINDUSTAN AERONAUTICS LTD                          | HINDUSTAN AERONAUTICS LIMITED                      | CUSIP: N/A<br>LEI: 335800AKDC7T933T3I86       | Long             | EC               | CORP              | IN        |      2690 | NS      | $135517.98    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOVENT BIOLGICS INC                              | INNOVENT BIOLOGICS INC                             | CUSIP: N/A<br>LEI: 25490058ONL9SCIE1R22       | Long             | EC               | CORP              | KY        |      3270 | NS      | $33946.95     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD HOLDINGS INC                                   | PDD HOLDINGS INC ADR                               | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      2516 | NS      | $254241.80    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT MUSIC ENTERTAINMENT GROUP                  | TENCENT MUSIC ENTERTAINMENT ADR                    | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |      6904 | NS      | $115849.12    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| WUXI APPTEC CO LTD                                 | WUXI APPTEC CO LTD H                               | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | CN        |      9894 | NS      | $140834.45    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTEMPORARY AMPEREX TECHNOLOGY CO LTD             | CONTEMPORARY AMPEREX TECHNOLOGY CO LTD A           | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |      8303 | NS      | $418031.43    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| HANSOH PHARMACEUTICAL GROUP CO LTD                 | HANSOH PHARMACETICAL GROUP                         | CUSIP: N/A<br>LEI: 254900Q6MR00EBXTPF42       | Long             | EC               | CORP              | KY        |     38991 | NS      | $192656.60    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MAX HEALTHCARE INSTITUTE LTD                       | MAX HEALTHCARE INSTITUTE LTD                       | CUSIP: N/A<br>LEI: 3358005LALYV4GZOYF67       | Long             | EC               | CORP              | IN        |      8377 | NS      | $87411.54     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KASPI/KZ JSC                                       | KASPI/KZ JSC SPON ADR                              | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |       432 | NS      | $32905.44     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO-FABRICATION EQUIPMENT INC CHINA     | ADVANCED MICRO-FABRICATION EQUIPMENT INC CHINA A   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |       679 | NS      | $33985.41     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ETERNAL LTD                                        | ETERNAL LTD                                        | CUSIP: N/A<br>LEI: 335800T4VOF9ETHF8W59       | Long             | EC               | CORP              | IN        |     46144 | NS      | $137686.20    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC DRILLING COMPANY PJSC                        | ADNOC DRILLING COMPANY PJSC                        | CUSIP: N/A<br>LEI: 254900JPRSQL1PM0JV19       | Long             | EC               | CORP              | AE        |     97698 | NS      | $141791.79    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NU HOLDINGS LTD/CAYMAN ISLANDS                     | NU HOLDINGS LTD/CAYMAN ISLANDS                     | CUSIP: N/A<br>LEI: 5493002DG1RHWK9W2X27       | Long             | EC               | CORP              | KY        |      3657 | NS      | $64911.75     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTROC BEVERAGE GROUP CO LTD                      | EASTROC BEVERAGE GROUP CO LTD A                    | CUSIP: N/A<br>LEI: 836800LQ338417RCIL29       | Long             | EC               | CORP              | CN        |      1382 | NS      | $49727.55     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HESAI GROUP                                        | HESAI GROUP ADR                                    | CUSIP: 428050108<br>LEI: 836800KOYHURQT1JZY11 | Long             | EC               | CORP              | KY        |      1860 | NS      | $44398.20     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC GAS PLC                                      | ADNOC GAS PLC                                      | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               | CORP              | AE        |    212808 | NS      | $209186.35    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTOR TRANSFORMATOR ENERJI T                       | ASTOR TRANSFORMATOR ENERJI T                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TR        |     17925 | NS      | $65868.31     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                              | ANGLOGOLD ASHANTI PLC                              | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |      1909 | NS      | $182068.05    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES US                                     | MSCI EMGMKT FUT MAR26 MESH6                        | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | N/A              | DE               | CORP              | US        |         1 | NC      | $548.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BBB FOODS INC                                      | BBB FOODS INC                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VG        |       301 | NS      | $10501.89     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WEBTOON ENTERTAINMENT INC                          | WEBTOON ENTERTAINMENT INC                          | CUSIP: 94845U105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4536 | NS      | $54840.24     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| LAOPU GOLD CO LTD                                  | LAOPU GOLD CO LTD H                                | CUSIP: N/A<br>LEI: 2549003X1NWK88OCWI97       | Long             | EC               | CORP              | CN        |       541 | NS      | $53877.70     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PONY AI INC                                        | PONY AI INC ADR                                    | CUSIP: 732908108<br>LEI: 9845006P7613D2A61368 | Long             | EC               | CORP              | KY        |      6106 | NS      | $84751.28     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHA BANK SA                                      | ALPHA BANK SA                                      | CUSIP: N/A<br>LEI: 213800DBQIB6VBNU5C64       | Long             | EC               | CORP              | GR        |     27327 | NS      | $131187.84    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                                          | UST BILLS 0% 04/09/2026                            | CUSIP: 912797SL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $39737.10     | 0.18%             | 2026-04-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| EUROBANK SA                                        | EUROBANK SA                                        | CUSIP: N/A<br>LEI: 213800KGF4EFNUQKAT69       | Long             | EC               | CORP              | GR        |     18659 | NS      | $91455.64     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCALIZA RENT A CAR SA                             | LOCALIZA RENT A CAR SA                             | CUSIP: N/A<br>LEI: 984500C442A7E0CD4D11       | Long             | EC               | CORP              | BR        |       333 | NS      | $2952.41      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIA ENERGIA                                       | AXIA ENERGIA ADR PREF C                            | CUSIP: 15236F100<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |       632 | NS      | $6320.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer