# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001752724-25-160006
**Filing Date:** 2025-6
**Character Count:** 68029
**Document Hash:** ab85e0e0c6aa46fad1862229c60953a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160006.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160006

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**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:** 251079950

**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**

**April 30, 2025**

T21-NPRT3-0625

1.9880056.108 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 99.9%  |  |  |
| Communication Services - 8.8% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| AT&T Inc  | 102067 | 2827256 |
| Entertainment - 1.2% |  |  |
| Netflix Inc (b) | 4570 | 5171960 |
| Interactive Media & Services - 6.0% |  |  |
| Alphabet Inc Class A  | 93313 | 14818105 |
| Meta Platforms Inc Class A  | 19466 | 10686834 |
|  |  | 25504939 |
| Media - 0.4% |  |  |
| Fox Corp Class A  | 22111 | 1100907 |
| Trade Desk Inc (The) Class A (b) | 12905 | 692095 |
|  |  | 1793002 |
| Wireless Telecommunication Services - 0.5% |  |  |
| T-Mobile US Inc  | 8354 | 2063020 |
| TOTAL COMMUNICATION SERVICES |  | 37360177 |
| Consumer Discretionary - 10.4% |  |  |
| Automobiles - 2.4% |  |  |
| General Motors Co  | 50423 | 2281137 |
| Tesla Inc (b) | 28271 | 7976945 |
|  |  | 10258082 |
| Broadline Retail - 3.8% |  |  |
| Amazon.com Inc (b) | 85537 | 15774734 |
| Diversified Consumer Services - 0.5% |  |  |
| Duolingo Inc Class A (b) | 5361 | 2088001 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Booking Holdings Inc  | 696 | 3549099 |
| Brinker International Inc (b) | 10882 | 1461453 |
| Cava Group Inc (b) | 14508 | 1340974 |
| Royal Caribbean Cruises Ltd  | 9460 | 2033049 |
|  |  | 8384575 |
| Specialty Retail - 1.7% |  |  |
| Carvana Co Class A (b) | 8700 | 2125845 |
| Chewy Inc Class A (b) | 52692 | 1975950 |
| TJX Cos Inc/The  | 25063 | 3225107 |
|  |  | 7326902 |
| TOTAL CONSUMER DISCRETIONARY |  | 43832294 |
| Consumer Staples - 5.9% |  |  |
| Beverages - 0.8% |  |  |
| Coca-Cola Co/The  | 46116 | 3345716 |
| Consumer Staples Distribution & Retail - 2.6% |  |  |
| Casey's General Stores Inc  | 2387 | 1104202 |
| Costco Wholesale Corp  | 4514 | 4489174 |
| Sprouts Farmers Market Inc (b) | 6095 | 1042245 |
| Walmart Inc  | 44520 | 4329570 |
|  |  | 10965191 |
| Food Products - 0.4% |  |  |
| Freshpet Inc (b) | 6377 | 468964 |
| Kellanova  | 13110 | 1085115 |
|  |  | 1554079 |
| Household Products - 0.9% |  |  |
| Procter & Gamble Co/The  | 24709 | 4016942 |
| Tobacco - 1.2% |  |  |
| Altria Group Inc  | 30955 | 1830988 |
| Philip Morris International Inc  | 19645 | 3366367 |
|  |  | 5197355 |
| TOTAL CONSUMER STAPLES |  | 25079283 |
| Energy - 3.4% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Baker Hughes Co Class A  | 30721 | 1087523 |
| Oil, Gas & Consumable Fuels - 3.1% |  |  |
| Cheniere Energy Inc  | 6634 | 1533184 |
| DT Midstream Inc  | 11480 | 1115856 |
| Exxon Mobil Corp  | 46277 | 4888240 |
| Kinder Morgan Inc  | 55808 | 1467750 |
| Targa Resources Corp  | 7191 | 1228942 |
| Texas Pacific Land Corp  | 948 | 1221849 |
| Williams Cos Inc/The  | 29441 | 1724359 |
|  |  | 13180180 |
| TOTAL ENERGY |  | 14267703 |
| Financials - 14.4% |  |  |
| Banks - 3.0% |  |  |
| Bank of America Corp  | 111520 | 4447418 |
| JPMorgan Chase & Co  | 33057 | 8086403 |
|  |  | 12533821 |
| Capital Markets - 4.7% |  |  |
| Bank of New York Mellon Corp/The  | 37031 | 2977663 |
| Coinbase Global Inc Class A (b) | 11366 | 2306048 |
| Goldman Sachs Group Inc/The  | 6718 | 3678441 |
| Interactive Brokers Group Inc Class A  | 12295 | 2112896 |
| KKR & Co Inc Class A  | 22879 | 2614383 |
| Morgan Stanley  | 29391 | 3392309 |
| Robinhood Markets Inc Class A (b) | 54947 | 2698447 |
|  |  | 19780187 |
| Consumer Finance - 2.5% |  |  |
| American Express Co  | 12902 | 3437222 |
| Discover Financial Services  | 15258 | 2787179 |
| SoFi Technologies Inc Class A (b)(c) | 180719 | 2260795 |
| Synchrony Financial  | 42432 | 2204342 |
|  |  | 10689538 |
| Financial Services - 3.2% |  |  |
| Berkshire Hathaway Inc Class B (b) | 20736 | 11057472 |
| Toast Inc Class A (b) | 67822 | 2413107 |
|  |  | 13470579 |
| Insurance - 1.0% |  |  |
| Progressive Corp/The  | 15520 | 4372604 |
| TOTAL FINANCIALS |  | 60846729 |
| Health Care - 10.5% |  |  |
| Biotechnology - 2.1% |  |  |
| Insmed Inc (b) | 41015 | 2953080 |
| Natera Inc (b) | 19293 | 2911892 |
| United Therapeutics Corp (b) | 9464 | 2868444 |
|  |  | 8733416 |
| Health Care Equipment & Supplies - 3.4% |  |  |
| Boston Scientific Corp (b) | 42838 | 4406746 |
| Globus Medical Inc Class A (b)(c) | 35795 | 2569007 |
| Insulet Corp (b) | 11898 | 3001746 |
| Intuitive Surgical Inc (b) | 8396 | 4330657 |
|  |  | 14308156 |
| Health Care Providers & Services - 1.3% |  |  |
| UnitedHealth Group Inc  | 13560 | 5579126 |
| Health Care Technology - 0.7% |  |  |
| Doximity Inc Class A (b) | 56448 | 3210762 |
| Pharmaceuticals - 3.0% |  |  |
| Corcept Therapeutics Inc (b)(c) | 47816 | 3437014 |
| Eli Lilly & Co  | 10327 | 9283457 |
|  |  | 12720471 |
| TOTAL HEALTH CARE |  | 44551931 |
| Industrials - 9.4% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| Axon Enterprise Inc (b) | 3156 | 1935575 |
| GE Aerospace  | 17421 | 3511028 |
| Howmet Aerospace Inc  | 16958 | 2350040 |
| RTX Corp  | 24443 | 3082996 |
|  |  | 10879639 |
| Building Products - 1.1% |  |  |
| Johnson Controls International plc  | 25728 | 2158579 |
| Trane Technologies PLC  | 6720 | 2575843 |
|  |  | 4734422 |
| Commercial Services & Supplies - 0.6% |  |  |
| Cintas Corp  | 11457 | 2425218 |
| Construction & Engineering - 1.7% |  |  |
| Comfort Systems USA Inc  | 4201 | 1670107 |
| EMCOR Group Inc  | 4189 | 1678532 |
| MasTec Inc (b) | 13122 | 1670693 |
| Quanta Services Inc  | 7037 | 2059660 |
|  |  | 7078992 |
| Electrical Equipment - 1.0% |  |  |
| GE Vernova Inc  | 7009 | 2599077 |
| Vertiv Holdings Co Class A  | 17699 | 1511141 |
|  |  | 4110218 |
| Industrial Conglomerates - 0.5% |  |  |
| 3M Co  | 15893 | 2207697 |
| Machinery - 1.1% |  |  |
| Caterpillar Inc  | 8833 | 2731782 |
| Cummins Inc  | 5838 | 1715438 |
|  |  | 4447220 |
| Passenger Airlines - 0.2% |  |  |
| United Airlines Holdings Inc (b) | 18832 | 1296018 |
| Professional Services - 0.6% |  |  |
| Automatic Data Processing Inc  | 9007 | 2707504 |
| TOTAL INDUSTRIALS |  | 39886928 |
| Information Technology - 30.2% |  |  |
| Communications Equipment - 1.5% |  |  |
| Arista Networks Inc  | 34300 | 2821861 |
| Motorola Solutions Inc  | 7565 | 3331550 |
|  |  | 6153411 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Corning Inc  | 62205 | 2760658 |
| IT Services - 0.6% |  |  |
| GoDaddy Inc Class A (b) | 15354 | 2891619 |
| Semiconductors & Semiconductor Equipment - 8.2% |  |  |
| Broadcom Inc  | 51336 | 9880640 |
| NVIDIA Corp  | 226102 | 24627030 |
|  |  | 34507670 |
| Software - 12.4% |  |  |
| ACI Worldwide Inc (b) | 55145 | 2942537 |
| AppLovin Corp Class A (b) | 9856 | 2654319 |
| InterDigital Inc (c) | 16512 | 3318912 |
| Microsoft Corp  | 68507 | 27078077 |
| MicroStrategy Inc Class A (b)(c) | 10418 | 3959986 |
| Oracle Corp  | 30593 | 4305047 |
| Palantir Technologies Inc Class A (b) | 46264 | 5479508 |
| Q2 Holdings Inc (b) | 32384 | 2566432 |
|  |  | 52304818 |
| Technology Hardware, Storage & Peripherals - 6.9% |  |  |
| Apple Inc  | 137452 | 29208550 |
| TOTAL INFORMATION TECHNOLOGY |  | 127826726 |
| Materials - 2.3% |  |  |
| Chemicals - 1.3% |  |  |
| Air Products and Chemicals Inc  | 3536 | 958574 |
| Ecolab Inc  | 4352 | 1094223 |
| Linde PLC  | 5181 | 2348185 |
| Sherwin-Williams Co/The  | 3463 | 1222162 |
|  |  | 5623144 |
| Construction Materials - 0.3% |  |  |
| CRH PLC  | 11186 | 1067368 |
| Containers & Packaging - 0.5% |  |  |
| International Paper Co  | 14843 | 678029 |
| Packaging Corp of America  | 3427 | 636085 |
| Smurfit WestRock PLC  | 14464 | 607777 |
|  |  | 1921891 |
| Metals & Mining - 0.2% |  |  |
| Carpenter Technology Corp (c) | 3349 | 655098 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 5306 | 457961 |
| TOTAL MATERIALS |  | 9725462 |
| Real Estate - 2.4% |  |  |
| Health Care REITs - 0.5% |  |  |
| Ventas Inc  | 13216 | 926177 |
| Welltower Inc  | 9070 | 1383992 |
|  |  | 2310169 |
| Office REITs - 0.2% |  |  |
| SL Green Realty Corp  | 9562 | 503057 |
| Vornado Realty Trust  | 15337 | 541089 |
|  |  | 1044146 |
| Real Estate Management & Development - 0.3% |  |  |
| CBRE Group Inc Class A (b) | 6528 | 797591 |
| Jones Lang LaSalle Inc (b) | 2476 | 563067 |
|  |  | 1360658 |
| Residential REITs - 0.4% |  |  |
| AvalonBay Communities Inc  | 3826 | 803383 |
| Equity Residential  | 11079 | 778411 |
|  |  | 1581794 |
| Retail REITs - 0.2% |  |  |
| Simon Property Group Inc  | 5850 | 920673 |
| Specialized REITs - 0.8% |  |  |
| Digital Realty Trust Inc  | 6134 | 984752 |
| Equinix Inc  | 1434 | 1234316 |
| Iron Mountain Inc  | 8143 | 730183 |
|  |  | 2949251 |
| TOTAL REAL ESTATE |  | 10166691 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 0.7% |  |  |
| Constellation Energy Corp  | 6171 | 1378848 |
| NRG Energy Inc  | 12629 | 1383886 |
|  |  | 2762734 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| Talen Energy Corp (b) | 5203 | 1119061 |
| Vistra Corp  | 9371 | 1214763 |
|  |  | 2333824 |
| Multi-Utilities - 1.0% |  |  |
| NiSource Inc  | 33342 | 1304005 |
| Public Service Enterprise Group Inc (c) | 17502 | 1398935 |
| Sempra  | 18907 | 1404223 |
|  |  | 4107163 |
| TOTAL UTILITIES |  | 9203721 |
| TOTAL UNITED STATES |  | 422747645 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $434,938,799) |  | <br> **422747645** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 263120 | 263173 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 8973809 | 8974706 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $9,237,879) |  |  | **9237879** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 5/29/2025 (h)<br>(Cost $17,941)<br>| 4.25 | 18000 | **17941** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.1%**<br> (Cost $444,194,619)<br>| <br>**432003465** |
| **NET OTHER ASSETS (LIABILITIES) - (2.1)%** (d)  | **(8795022)** |
| **NET ASSETS - 100.0%** | **423208443** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Micro E-Mini S&P 500 Index Contracts (United States) | 15 | Jun 2025 | 419025 | (3085) | (3085) |
| 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 $61,907 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) 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.

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

(h) 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 $17,941.

**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 | 244389 | 40403911 | 40385127 | 15472 | - | - | 263173 | 263120 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 52429387 | 43454681 | 895 | - | - | 8974706 | 8973809 | 0.0% |
| Total | 244389 | 92833298 | 83839808 | 16367 | - | - | 9237879 |  |  |

---

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:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $432458149.41

**Total Liabilities:** $9249737.45

**Net Assets:** $423208411.96

**Cash Not Reported:** $0.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000171933 | -2.97%               | -6.93%               | 1.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2756756.94              | $-20654885.10                              |
| Month 2  | $13601263.36             | $-53040111.95                              |
| Month 3  | $11371894.37             | $-6658556.40                               |

### 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        |     18832 | NS      | $1296018.24   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST INC            | DIGITAL REALTY TRUST INC                      | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      6134 | NS      | $984752.36    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS CO                   | GENERAL MOTORS CO                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     50423 | NS      | $2281136.52   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS PACIFIC LAND CORP             | TEXAS PACIFIC LAND CORP                       | CUSIP: 88262P102<br>LEI: 529900WTH0D1S7BB4S10 | Long             | EC               | CORP              | US        |       948 | NS      | $1221848.76   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                         | EQUINIX INC                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      1434 | NS      | $1234315.50   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORP               | COSTCO WHOLESALE CORP                         | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      4514 | NS      | $4489173.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER and GAMBLE CO               | PROCTER and GAMBLE CO                         | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     24709 | NS      | $4016942.13   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CARPENTER TECHNOLOGY CORP           | CARPENTER TECHNOLOGY CORP                     | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      3349 | NS      | $655097.89    | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| KKR and CO INC                      | KKR and CO INC                                | CUSIP: 48251W104<br>LEI: 549300JOHU21WRN2Z451 | Long             | EC               | CORP              | US        |     22879 | NS      | $2614383.33   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| GODADDY INC                         | GODADDY INC CL A                              | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     15354 | NS      | $2891618.82   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AT and T INC                        | AT and T INC                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    102067 | NS      | $2827255.90   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUTICS CORP DEL        | UNITED THERAPEUTICS CORP DEL                  | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      9464 | NS      | $2868443.76   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PAPER CO              | INTERNATIONAL PAPER CO                        | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     14843 | NS      | $678028.24    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC                      | GE VERNOVA INC                                | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      7009 | NS      | $2599077.38   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCH INC         | SP500 MIC EMIN FUTJUN25 HWAM5                 | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |        15 | NC      | $-3085.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                           | APPLE INC                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    137452 | NS      | $29208550.00  | 6.90%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                     | FOX CORP CL A                                 | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     22111 | NS      | $1100906.69   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADE DESK INC (THE)                | TRADE DESK INC                                | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     12905 | NS      | $692095.15    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 HOLDINGS INC                     | Q2 HOLDINGS INC                               | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     32384 | NS      | $2566432.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US INC                     | T-MOBILE US INC                               | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      8354 | NS      | $2063020.30   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                      | AMAZON.COM INC                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     85537 | NS      | $15774733.54  | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BRINKER INTERNATIONAL INC           | BRINKER INTERNATIONAL INC                     | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     10882 | NS      | $1461452.60   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                      | MICROSOFT CORP                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     68507 | NS      | $27078076.82  | 6.40%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC                       | WELLTOWER INC                                 | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      9070 | NS      | $1383991.30   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBINHOOD MARKETS INC               | ROBINHOOD MARKETS INC                         | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     54947 | NS      | $2698447.17   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE INC                 | AXON ENTERPRISE INC                           | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      3156 | NS      | $1935574.80   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESSIVE CORP OHIO               | PROGRESSIVE CORP OHIO                         | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     15520 | NS      | $4372604.80   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SVCS INC                     | QUANTA SVCS INC                               | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      7037 | NS      | $2059659.53   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| JONES LANG LASALLE INC              | JONES LANG LASALLE INC                        | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      2476 | NS      | $563067.16    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)       | GOLDMAN SACHS GROUP INC                       | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      6718 | NS      | $3678440.90   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M CO                               | 3M CO                                         | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     15893 | NS      | $2207696.63   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC                  | META PLATFORMS INC CL A                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     19466 | NS      | $10686834.00  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CARVANA CO                          | CARVANA CO CL A                               | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |      8700 | NS      | $2125845.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP INC                      | CBRE GROUP INC - CL A                         | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      6528 | NS      | $797591.04    | 0.19%             |  |  |  | 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        |     37031 | NS      | $2977662.71   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC           | PALANTIR TECHNOLOGIES INC                     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     46264 | NS      | $5479508.16   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                          | VENTAS INC REIT                               | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     13216 | NS      | $926177.28    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA INC             | COMFORT SYSTEMS USA INC                       | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      4201 | NS      | $1670107.55   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD         | ROYAL CARIBBEAN CRUISES LTD                   | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | LR        |      9460 | NS      | $2033048.60   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                              | SEMPRA                                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     18907 | NS      | $1404222.89   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING INC       | AUTOMATIC DATA PROCESSING INC                 | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      9007 | NS      | $2707504.20   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTIV HOLDINGS CO                  | VERTIV HOLDINGS CO                            | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     17699 | NS      | $1511140.62   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                         | ORACLE CORP                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     30593 | NS      | $4305046.96   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR PRODUCTS and CHEMICALS INC      | AIR PRODUCTS and CHEMICALS INC                | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      3536 | NS      | $958574.24    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORP                            | RTX CORP                                      | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     24443 | NS      | $3082995.59   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                      | NRG ENERGY INC                                | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     12629 | NS      | $1383885.82   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX COMPANIES INC                   | TJX COMPANIES INC NEW                         | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     25063 | NS      | $3225106.84   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS INC                         | CUMMINS INC                                   | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      5838 | NS      | $1715437.92   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CAVA GROUP INC                      | CAVA GROUP INC                                | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14508 | NS      | $1340974.44   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORP                       | APPLOVIN CORP                                 | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      9856 | NS      | $2654319.36   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA INC                           | TESLA INC                                     | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     28271 | NS      | $7976945.36   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                         | WALMART INC                                   | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     44520 | NS      | $4329570.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                  | EQUITY RESIDENTIAL REIT                       | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     11079 | NS      | $778410.54    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORP                         | CINTAS CORP                                   | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11457 | NS      | $2425217.76   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC                | THE BOOKING HOLDINGS INC                      | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       696 | NS      | $3549098.88   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBUS MEDICAL INC                  | GLOBUS MEDICAL INC                            | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |     35795 | NS      | $2569007.15   | 0.61%             |  |  |  | No            |                  1 | On Loan: —       |
| SL GREEN REALTY CORP                | SL GREEN REALTY CORP REIT                     | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      9562 | NS      | $503056.82    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI WORLDWIDE INC                   | ACI WORLDWIDE INC                             | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     55145 | NS      | $2942537.20   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC                        | NISOURCE INC                                  | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     33342 | NS      | $1304005.62   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DUOLINGO INC                        | DUOLINGO INC                                  | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5361 | NS      | $2088002.28   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CASEY'S GENERAL STORES INC          | CASEY GENERAL STORES                          | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      2387 | NS      | $1104202.33   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORP              | BOSTON SCIENTIFIC CORP                        | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     42838 | NS      | $4406745.06   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY and CO                    | ELI LILLY and CO                              | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     10327 | NS      | $9283456.65   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TOAST INC                           | TOAST INC                                     | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |     67822 | NS      | $2413106.76   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA COLA CO                        | COCA COLA CO                                  | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     46116 | NS      | $3345715.80   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                   | TALEN ENERGY CORP                             | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5203 | NS      | $1119061.24   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR GROUP INC                     | EMCOR GROUP INC                               | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      4189 | NS      | $1678532.30   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                 | SYNCHRONY FINANCIAL                           | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     42432 | NS      | $2204342.40   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| GE AEROSPACE                        | GE AEROSPACE                                  | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     17421 | NS      | $3511028.34   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                        | BROADCOM INC                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     51336 | NS      | $9880639.92   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC                     | CATERPILLAR INC                               | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      8833 | NS      | $2731781.91   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC                    | WILLIAMS COMPANIES INC                        | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     29441 | NS      | $1724359.37   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEWY INC                           | CHEWY INC                                     | CUSIP: 16679L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52692 | NS      | $1975950.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST                | VORNADO REALTY TRUST                          | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15337 | NS      | $541089.36    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| COINBASE GLOBAL INC                 | COINBASE GLOBAL INC                           | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     11366 | NS      | $2306047.74   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SHERWIN WILLIAMS CO                 | SHERWIN WILLIAMS CO                           | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      3463 | NS      | $1222161.96   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKET INC          | SPROUTS FMRS MKT INC                          | CUSIP: 85208M102<br>LEI: 549300TE8B3NBYVDGN74 | Long             | EC               | CORP              | US        |      6095 | NS      | $1042245.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL INC              | INTUITIVE SURGICAL INC                        | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      8396 | NS      | $4330656.80   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                             | CRH PLC                                       | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |     11186 | NS      | $1067368.12   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC DEL          | BERKSHIRE HATHAWAY INC CL B                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     20736 | NS      | $11057472.00  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC DEL               | KINDER MORGAN INC                             | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     55808 | NS      | $1467750.40   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL INC     | PHILIP MORRIS INTL INC                        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     19645 | NS      | $3366367.20   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust        | Fidelity Cash Central Fund                    | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    263120 | NS      | $263172.78    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC              | TRANE TECHNOLOGIES PLC                        | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      6720 | NS      | $2575843.20   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSTRATEGY INC                   | MICROSTRATEGY INC CL A                        | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |     10418 | NS      | $3959985.98   | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| FRESHPET INC                        | FRESHPET INC                                  | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |      6377 | NS      | $468964.58    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                    | EXXON MOBIL CORP                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     46277 | NS      | $4888239.51   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BAKER HUGHES CO                     | BAKER HUGHES CO                               | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30721 | NS      | $1087523.40   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA INC                          | NATERA INC                                    | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19293 | NS      | $2911892.49   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORP           | CONSTELLATION ENERGY CORP                     | CUSIP: 21037T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6171 | NS      | $1378848.24   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INC                   | IRON MOUNTAIN INC                             | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      8143 | NS      | $730182.81    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SMURFIT WESTROCK PLC                | SMURFIT WESTROCK PLC                          | CUSIP: N/A<br>LEI: 635400EGSEOPDW2EXS14       | Long             | EC               | CORP              | IE        |     14464 | NS      | $607777.28    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DOXIMITY INC                        | DOXIMITY INC                                  | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56448 | NS      | $3210762.24   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC SERVICE ENTERPRISE GROUP INC | PUBLIC SVC ENTERPRISE GRP INC                 | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     17502 | NS      | $1398934.86   | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| PACKAGING CORP OF AMERICA           | PACKAGING CORP OF AMERICA                     | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      3427 | NS      | $636085.47    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS INC                 | ARISTA NETWORKS INC                           | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     34300 | NS      | $2821861.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC                | HOWMET AEROSPACE INC                          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     16958 | NS      | $2350039.64   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                           | UST BILLS 0% 05/29/2025                       | CUSIP: 912797NN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     18000 | PA      | $17940.92     | 0.00%             | 2025-05-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                         | NETFLIX INC                                   | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      4570 | NS      | $5171960.40   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                      | MORGAN STANLEY                                | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     29391 | NS      | $3392309.22   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CORNING INC                         | CORNING INC                                   | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     62205 | NS      | $2760657.90   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS INC              | MOTOROLA SOLUTIONS INC                        | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      7565 | NS      | $3331550.35   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RES CORP                      | TARGA RESOURCES CORP                          | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      7191 | NS      | $1228941.90   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA PACIFIC CORP              | LOUISIANA PACIFIC CORP                        | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      5306 | NS      | $457960.86    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CORCEPT THERAPEUTICS INC            | CORCEPT THERAPEUTICS INC                      | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |     47816 | NS      | $3437014.08   | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Fidelity Revere Street Trust        | Fidelity Securities Lending Cash Central Fund | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   9196455 | NS      | $9197375.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCOVER FINANCIAL SVS              | DISCOVER FIN SVCS                             | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |     15258 | NS      | $2787178.86   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC                          | ECOLAB INC                                    | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      4352 | NS      | $1094223.36   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                         | NVIDIA CORP                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    226102 | NS      | $24627029.84  | 5.82%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERDIGITAL INC                    | INTERDIGITAL INC                              | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16512 | NS      | $3318912.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: —       |
| JPMORGAN CHASE and CO               | JPMORGAN CHASE and CO                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     33057 | NS      | $8086403.34   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTEC INC                          | MASTEC INC                                    | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     13122 | NS      | $1670693.04   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION         | BANK OF AMERICA CORPORATION                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    111520 | NS      | $4447417.60   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED INC                          | INSMED INC                                    | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     41015 | NS      | $2953080.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC              | UNITEDHEALTH GROUP INC                        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     13560 | NS      | $5579126.40   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP INC            | SIMON PPTY GROUP INC - REIT                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      5850 | NS      | $920673.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTRIA GROUP INC                    | ALTRIA GROUP INC                              | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     30955 | NS      | $1830988.25   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| INSULET CORP                        | INSULET CORP                                  | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     11898 | NS      | $3001746.42   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PLC  | JOHNSON CONTROLS INTERNATIONAL PLC            | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |     25728 | NS      | $2158579.20   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                         | VISTRA CORP                                   | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      9371 | NS      | $1214762.73   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS CO                 | AMERICAN EXPRESS CO                           | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     12902 | NS      | $3437221.82   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PLC                           | LINDE PLC                                     | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | IE        |      5181 | NS      | $2348184.63   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC           | AVALONBAY COMMUNITIES INC REIT                | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      3826 | NS      | $803383.48    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                        | ALPHABET INC CL A                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     93313 | NS      | $14818104.40  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY INC                 | CHENIERE ENERGY INC                           | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      6634 | NS      | $1533183.74   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERACTIVE BROKERS GROUP INC       | INTERACTIVE BROKERS GROUP INC                 | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     12295 | NS      | $2112895.75   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SOFI TECHNOLOGIES INC               | SOFI TECHNOLOGIES INC                         | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |    180719 | NS      | $2260794.69   | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| DT MIDSTREAM INC                    | DT MIDSTREAM INC                              | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11480 | NS      | $1115856.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KELLANOVA                           | KELLANOVA                                     | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     13110 | NS      | $1085114.70   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer