FIDELITY COVINGTON TRUST

Ticker: FLRG CUSIP: 316092378 Class: FIDELITY US MLTF

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (2)

NATIONAL BANK OF CANADA /FI/

Value ($000) $11 Shares 285

Allworth Financial LP

Value ($000) $1 Shares 14

Institution	Shares	Value ($000)
NATIONAL BANK OF CANADA /FI/	285	$11
Allworth Financial LP	14	$1

Increased Positions (15)

Berman McAleer LLC

Value ($000) $11,057 (+3.9%) Shares 291,358 (+5.2%)

Centennial Wealth Advisory LLC

Value ($000) $3,250 (+2.8%) Shares 85,632 (+4.1%)

AE Wealth Management LLC

Value ($000) $73,714 (+7.1%) Shares 1,942,395 (+8.5%)

Williams & Novak, LLC

Value ($000) $353 (+13.1%) Shares 9,299 (+14.5%)

Advisory Services Network, LLC

Value ($000) $8,453 (+0.6%) Shares 222,740 (+1.9%)

WEALTH ENHANCEMENT ADVISORY SERVICES, LLC

Value ($000) $10,456 (+7.3%) Shares 273,561 (+7.6%)

Sovran Advisors, LLC

Value ($000) $995 (+5.4%) Shares 25,937 (+4.6%)

Kestra Advisory Services, LLC

Value ($000) $1,931 (+17.5%) Shares 50,877 (+19.0%)

RAYMOND JAMES FINANCIAL INC

Value ($000) $1,065 (+90.7%) Shares 28,061 (+93.3%)

PRINCIPAL SECURITIES, INC.

Value ($000) $1,889 (+4.3%) Shares 49,788 (+5.7%)

Value ($000) $687 (+58.5%) Shares 18,116 (+60.6%)

OSAIC HOLDINGS, INC.

Value ($000) $2,008 (+6.8%) Shares 52,916 (+5.6%)

Cetera Investment Advisers

Value ($000) $1,618 (+3.0%) Shares 42,630 (+4.3%)

ENVESTNET ASSET MANAGEMENT INC

Value ($000) $291 (+22.0%) Shares 7,657 (+23.6%)

BANK OF MONTREAL /CAN/

Value ($000) $25 (+33.1%) Shares 661 (+34.9%)

Institution	Prev Shares	Curr Shares	Change
Berman McAleer LLC	276,840	291,358	+14,518 (+5.2%)
Centennial Wealth Advisory LLC	82,248	85,632	+3,384 (+4.1%)
AE Wealth Management LLC	1,789,530	1,942,395	+152,865 (+8.5%)
Williams & Novak, LLC	8,118	9,299	+1,181 (+14.5%)
Advisory Services Network, LLC	218,581	222,740	+4,159 (+1.9%)
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC	254,197	273,561	+19,364 (+7.6%)
Sovran Advisors, LLC	24,800	25,937	+1,137 (+4.6%)
Kestra Advisory Services, LLC	42,738	50,877	+8,139 (+19.0%)
RAYMOND JAMES FINANCIAL INC	14,520	28,061	+13,541 (+93.3%)
PRINCIPAL SECURITIES, INC.	47,107	49,788	+2,681 (+5.7%)
FMR LLC	11,280	18,116	+6,836 (+60.6%)
OSAIC HOLDINGS, INC.	50,118	52,916	+2,798 (+5.6%)
Cetera Investment Advisers	40,859	42,630	+1,771 (+4.3%)
ENVESTNET ASSET MANAGEMENT INC	6,196	7,657	+1,461 (+23.6%)
BANK OF MONTREAL /CAN/	490	661	+171 (+34.9%)

Decreased Positions (11)

TWO SIGMA INVESTMENTS, LP

Value ($000) $801 (-46.6%) Shares 21,100 (-45.9%)

SUSQUEHANNA INTERNATIONAL GROUP, LLP

Value ($000) $465 (-69.7%) Shares 12,246 (-69.3%)

JPMORGAN CHASE & CO

Value ($000) $70 (-92.7%) Shares 1,846 (-92.6%)

COMMONWEALTH EQUITY SERVICES, LLC

Value ($000) $30,191 (+97324.6%) Shares 795,544 (-1.3%)

World Investment Advisors

Value ($000) $1,190 (-8.5%) Shares 31,348 (-7.3%)

LPL Financial LLC

Value ($000) $510 (-15.3%) Shares 13,426 (-14.1%)

CreativeOne Wealth, LLC

Value ($000) $501 (-3.6%) Shares 13,211 (-2.3%)

Value ($000) $36 (-20.0%) Shares 937 (-18.9%)

SILVER OAK SECURITIES, INCORPORATED

Value ($000) $210 (-1.8%) Shares 5,461 (-1.8%)

Quest 10 Wealth Builders, Inc.

Value ($000) $5 (-9.4%) Shares 134 (-8.2%)

Cambridge Investment Research Advisors, Inc.

Value ($000) $1 (-19.8%) Shares 16,406 (-18.9%)

Institution	Prev Shares	Curr Shares	Change
TWO SIGMA INVESTMENTS, LP	39,000	21,100	-17,900 (-45.9%)
SUSQUEHANNA INTERNATIONAL GROUP, LLP	39,909	12,246	-27,663 (-69.3%)
JPMORGAN CHASE & CO	24,822	1,846	-22,976 (-92.6%)
COMMONWEALTH EQUITY SERVICES, LLC	805,968	795,544	-10,424 (-1.3%)
World Investment Advisors	33,829	31,348	-2,481 (-7.3%)
LPL Financial LLC	15,638	13,426	-2,212 (-14.1%)
CreativeOne Wealth, LLC	13,525	13,211	-314 (-2.3%)
UBS Group AG	1,156	937	-219 (-18.9%)
SILVER OAK SECURITIES, INCORPORATED	5,559	5,461	-98 (-1.8%)
Quest 10 Wealth Builders, Inc.	146	134	-12 (-8.2%)
Cambridge Investment Research Advisors, Inc.	20,220	16,406	-3,814 (-18.9%)

Exited Positions (6)

Value ($000) $241 Shares 6,268

High Falls Advisors, Inc

Value ($000) $272 Shares 7,069

Sigma Planning Corp

Value ($000) $859 Shares 22,345

JANE STREET GROUP, LLC

Value ($000) $404 Shares 10,515

GOLDMAN SACHS GROUP INC

Value ($000) $310 Shares 8,071

Value ($000) $0 Shares 1

Institution	Prev Shares	Prev Value ($000)
Dentgroup LLC	6,268	$241
High Falls Advisors, Inc	7,069	$272
Sigma Planning Corp	22,345	$859
JANE STREET GROUP, LLC	10,515	$404
GOLDMAN SACHS GROUP INC	8,071	$310
MORGAN STANLEY	1	$0