(null)

NPORT-P false 0000945908 XXXXXXXX S000073599 C000230604 FIDELITY COVINGTON TRUST 811-07319 0000945908 549300JFYFTF85QAQR28 245 SUMMER STREET BOSTON 02210 1-800-FIDELITY Fidelity Digital Health ETF S000073599 549300MMZ4CERW33MZ22 2022-06-30 2022-03-31 N 12557036.42 17861.40 12539175.02 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 5190.65000000 N Elekta AB 54930044O54BK617EP80 Elekta AB 000000000 27392.00000000 NS 218150.77000000 1.739753768904 Long EC CORP SE N 1 N N N Inogen Inc 549300J8WJIVTOJ8IH97 Inogen Inc 45780L104 4103.00000000 NS USD 133019.26000000 1.060829438841 Long EC CORP US N 1 N N N Cochlear Ltd 5493001OLLWY8KV5UC08 Cochlear Ltd 000000000 2157.00000000 NS 364989.23000000 2.910791415047 Long EC CORP AU N 1 N N N Natus Medical Inc 549300ZW3JLSJGT2D838 Natus Medical Inc 639050103 5702.00000000 NS USD 149848.56000000 1.195043212659 Long EC CORP US N 1 N N N Sonova Holding AG 5299004A0QNX7FBNHS61 Sonova Holding AG 000000000 1140.00000000 NS 480156.48000000 3.829250961360 Long EC CORP CH N 1 N N N Sectra AB 549300R9ZBT8YSFFK266 Sectra AB 000000000 13239.00000000 NS 205558.65000000 1.639331532354 Long EC CORP SE N 1 N N N Multiplan Corp N/A Multiplan Corp 62548M100 40802.00000000 NS USD 190953.36000000 1.522854252336 Long EC CORP US N 1 N N N Teladoc Health Inc 549300I2PVFBC9MFAC61 Teladoc Health Inc 87918A105 5125.00000000 NS USD 369666.25000000 2.948090679094 Long EC CORP US N 1 N N N OptimizeRx Corp N/A OptimizeRx Corp 68401U204 3432.00000000 NS USD 129420.72000000 1.032131059607 Long EC CORP US N 1 N N N Shop Apotheke Europe NV 529900JK6UXHY1YKZ082 Shop Apotheke Europe NV 000000000 1934.00000000 NS 177851.69000000 1.418368351317 Long EC CORP NL Y 1 N N N NextGen Healthcare Inc N/A NextGen Healthcare Inc 65343C102 8312.00000000 NS USD 173803.92000000 1.386087359996 Long EC CORP US N 1 N N N Axonics Inc 549300LJY4X7N57VJL05 Axonics Inc 05465P101 3833.00000000 NS USD 239945.80000000 1.913569270843 Long EC CORP US N 1 N N N Model N Inc 549300WCIL3W0EYSBN94 Model N Inc 607525102 6067.00000000 NS USD 163202.30000000 1.301539373520 Long EC CORP US N 1 N N N iRhythm Technologies Inc 549300FJI72RJGDQS384 iRhythm Technologies Inc 450056106 1860.00000000 NS USD 292894.20000000 2.335833095341 Long EC CORP US N 1 N N N Tandem Diabetes Care Inc 549300JEPFOD0K4D3I05 Tandem Diabetes Care Inc 875372203 2716.00000000 NS USD 315843.64000000 2.518855024323 Long EC CORP US N 1 N N N Tivity Health Inc U5UKZMHGMOP0CPFG4B24 Tivity Health Inc 88870R102 5889.00000000 NS USD 189449.13000000 1.510858008583 Long EC CORP US N 1 N N N Alibaba Health Information Technology Ltd 529900GE9653COPX1I86 Alibaba Health Information Technology Ltd 000000000 336000.00000000 NS 217953.37000000 1.738179502657 Long EC CORP BM N 1 N N N Ping An Healthcare and Technology Co Ltd 2549009NW1LO017CP285 Ping An Healthcare and Technology Co Ltd 000000000 59600.00000000 NS 156774.01000000 1.250273720160 Long EC CORP KY Y 1 N N N Senseonics Holdings Inc 549300RCH6Z07TBHJ258 Senseonics Holdings Inc 81727U105 76238.00000000 NS USD 150188.86000000 1.197757107309 Long EC CORP US N 1 N N N American Well Corp N/A American Well Corp 03044L105 38048.00000000 NS USD 160182.08000000 1.277453099940 Long EC CORP US N 1 N N N Premier Inc N/A Premier Inc 74051N102 7144.00000000 NS USD 254254.96000000 2.027684912240 Long EC CORP US N 1 N N N ResMed Inc 529900T3QE5253CCXF22 ResMed Inc 761152107 2109.00000000 NS USD 511453.59000000 4.078845611327 Long EC CORP US N 1 N N N Inspire Medical Systems Inc 549300XQQCQ7HCJKTW25 Inspire Medical Systems Inc 457730109 1245.00000000 NS USD 319579.05000000 2.548644942671 Long EC CORP US N 1 N N N Insulet Corp 549300TZTYD2PYN92D43 Insulet Corp 45784P101 1579.00000000 NS USD 420629.81000000 3.354525392054 Long EC CORP US N 1 N N N Change Healthcare Inc 549300GS1BPJEDOZHM07 Change Healthcare Inc 15912K100 12998.00000000 NS USD 283356.40000000 2.259769080087 Long EC CORP US N 1 N N N Computer Programs and Systems Inc 5493005Q6CJC78TGL805 Computer Programs and Systems Inc 205306103 3657.00000000 NS USD 125983.65000000 1.004720404644 Long EC CORP US N 1 N N N Veeva Systems Inc 549300YZEXPDB92M2F02 Veeva Systems Inc 922475108 2463.00000000 NS USD 523288.98000000 4.173232921347 Long EC CORP US N 1 N N N Nevro Corp 254900SH91I4BOYKUE38 Nevro Corp 64157F103 3133.00000000 NS USD 226609.89000000 1.807215304344 Long EC CORP US N 1 N N N Integra LifeSciences Holdings Corp WB7IJCYY8YFTENS4O147 Integra LifeSciences Holdings Corp 457985208 4005.00000000 NS USD 257361.30000000 2.052457993364 Long EC CORP US N 1 N N N Doximity Inc N/A Doximity Inc 26622P107 3932.00000000 NS USD 204817.88000000 1.633423886924 Long EC CORP US N 1 N N N JMDC Inc N/A JMDC Inc 000000000 3200.00000000 NS 178224.51000000 1.421341593172 Long EC CORP JP N 1 N N N Health Catalyst Inc 549300223PL6GWKVJG92 Health Catalyst Inc 42225T107 6651.00000000 NS USD 173790.63000000 1.385981372162 Long EC CORP US N 1 N N N R1 RCM Inc 549300VKOMJ3EM506212 R1 RCM Inc 749397105 9084.00000000 NS USD 243087.84000000 1.938627059693 Long EC CORP US N 1 N N N Zur Rose Group AG 50670038OH136R5Z4663 Zur Rose Group AG 000000000 1228.00000000 NS 181214.24000000 1.445184708810 Long EC CORP CH N 1 N N N Cerner Corp 549300L4UJ40IEVVI304 Cerner Corp 156782104 5140.00000000 NS USD 480898.40000000 3.835167778047 Long EC CORP US N 1 N N N Intuitive Surgical Inc 54930052SRG011710797 Intuitive Surgical Inc 46120E602 1889.00000000 NS USD 569873.52000000 4.544744922142 Long EC CORP US N 1 N N N Infocom Corp N/A Infocom Corp 000000000 6700.00000000 NS 116915.35000000 0.932400654855 Long EC CORP JP N 1 N N N Fisher & Paykel Healthcare Corp Ltd N/A Fisher & Paykel Healthcare Corp Ltd 000000000 18590.00000000 NS 314852.22000000 2.510948443560 Long EC CORP NZ N 1 N N N Phreesia Inc 5493000HHF8NU4QOCG53 Phreesia Inc 71944F106 6201.00000000 NS USD 163458.36000000 1.303581453638 Long EC CORP US N 1 N N N CorVel Corp N/A CorVel Corp 221006109 1111.00000000 NS USD 187136.84000000 1.492417481225 Long EC CORP US N 1 N N N Dexcom Inc 549300YSK3QDSFR5EU59 Dexcom Inc 252131107 1294.00000000 NS USD 662010.40000000 5.279537122211 Long EC CORP US N 1 N N N Allscripts Healthcare Solutions Inc Y68YJHVB1GU4TAU3C223 Allscripts Healthcare Solutions Inc 01988P108 10389.00000000 NS USD 233960.28000000 1.865834711030 Long EC CORP US N 1 N N N CompuGroup Medical SE & Co KgaA 529900CUXZGOCJZR7O57 CompuGroup Medical SE & Co KgaA 000000000 3380.00000000 NS 208345.99000000 1.661560586463 Long EC CORP DE N 1 N N N Pro Medicus Ltd N/A Pro Medicus Ltd 000000000 5490.00000000 NS 201971.77000000 1.610726141694 Long EC CORP AU N 1 N N N Yidu Tech Inc 894500MV4XUIRRLRHV44 Yidu Tech Inc 000000000 96400.00000000 NS 120509.23000000 0.961061870559 Long EC CORP KY Y 1 N N N Apollo Medical Holdings Inc 5493008O4R82Q4STJ936 Apollo Medical Holdings Inc 03763A207 4319.00000000 NS USD 209341.93000000 1.669503214255 Long EC CORP US N 1 N N N Demant A/S 213800RM6L9LN78BVA56 Demant A/S 000000000 6305.00000000 NS 288590.72000000 2.301512815154 Long EC CORP DK N 1 N N N JD Health International Inc 254900OM3MAXYK8PCC84 JD Health International Inc 000000000 43450.00000000 NS 266867.35000000 2.128268802168 Long EC CORP KY Y 1 N N N Vuzix Corp 549300EWPW64TZQXJG66 Vuzix Corp 92921W300 18812.00000000 NS USD 124159.20000000 0.990170404368 Long EC CORP US N 1 N N N 2022-04-19 FIDELITY COVINGTON TRUST Stacie M Smith Stacie M Smith President and Treasurer XXXX

Schedule of Investments March 31, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares	Value
CONSUMER DISCRETIONARY – 6.1%
Household Durables – 1.0%
Vuzix Corp. (a)	18,812	$ 124,159
Internet & Direct Marketing Retail – 5.1%
Alibaba Health Information Technology Ltd. (a)	336,000	217,954
JD Health International, Inc. (b)	43,450	266,867
Ping An Healthcare and Technology Co. Ltd. (b)	59,600	156,774
		641,595
TOTAL CONSUMER DISCRETIONARY		765,754
CONSUMER STAPLES – 2.9%
Food & Staples Retailing – 2.9%
Shop Apotheke Europe N.V. (a)(b)	1,934	177,852
Zur Rose Group AG	1,228	181,214
TOTAL CONSUMER STAPLES		359,066
HEALTH CARE – 88.7%
Health Care Equipment & Supplies – 44.6%
Axonics, Inc. (a)	3,833	239,946
Cochlear Ltd.	2,157	364,989
Demant A/S (a)	6,305	288,591
DexCom, Inc. (a)	1,294	662,010
Elekta AB Class B	27,392	218,151
Fisher & Paykel Healthcare Corp. Ltd.	18,590	314,852
Inogen, Inc. (a)	4,103	133,019
Insulet Corp. (a)	1,579	420,630
Integra LifeSciences Holdings Corp. (a)	4,005	257,361
Intuitive Surgical, Inc. (a)	1,889	569,873
iRhythm Technologies, Inc. (a)	1,860	292,894
Natus Medical, Inc. (a)	5,702	149,849
Nevro Corp. (a)	3,133	226,610
ResMed, Inc.	2,109	511,454
Senseonics Holdings, Inc. (a)	76,238	150,189
Sonova Holding AG	1,140	480,156
Tandem Diabetes Care, Inc. (a)	2,716	315,844
		5,596,418
Health Care Providers & Services – 8.6%
Apollo Medical Holdings, Inc. (a)	4,319	209,342
CorVel Corp. (a)	1,111	187,137
Premier, Inc. Class A	7,144	254,255
R1 RCM, Inc. (a)	9,084	243,088
Tivity Health, Inc. (a)	5,889	189,449
		1,083,271


	Shares	Value

Health Care Technology – 35.5%
Allscripts Healthcare Solutions, Inc. (a)	10,389	$ 233,960
American Well Corp. Class A (a)	38,048	160,182
Cerner Corp.	5,140	480,898
Change Healthcare, Inc. (a)	12,998	283,356
CompuGroup Medical SE & Co. KgaA	3,380	208,346
Computer Programs & Systems, Inc. (a)	3,657	125,984
Doximity, Inc. Class A (a)	3,932	204,818
Health Catalyst, Inc. (a)	6,651	173,791
Inspire Medical Systems, Inc. (a)	1,245	319,579
JMDC, Inc. (a)	3,200	178,225
Multiplan Corp. (a)	40,802	190,953
NextGen Healthcare, Inc. (a)	8,312	173,804
OptimizeRx Corp. (a)	3,432	129,421
Phreesia, Inc. (a)	6,201	163,458
Pro Medicus Ltd.	5,490	201,972
Sectra AB	13,239	205,559
Teladoc Health, Inc. (a)	5,125	369,666
Veeva Systems, Inc. Class A (a)	2,463	523,289
Yidu Tech, Inc. (a)(b)	96,400	120,509
		4,447,770
TOTAL HEALTH CARE		11,127,459
INFORMATION TECHNOLOGY – 2.2%
IT Services – 0.9%
Infocom Corp.	6,700	116,916
Software – 1.3%
Model N, Inc. (a)	6,067	163,202
TOTAL INFORMATION TECHNOLOGY		280,118
TOTAL COMMON STOCKS (Cost $13,771,777)		12,532,397
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $13,771,777)		12,532,397
NET OTHER ASSETS (LIABILITIES) – 0.1%		6,835
NET ASSETS – 100.0%		$12,539,232

Legend
(a)	Non-income producing.
(b)	Security is 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 $722,002 or 5.8% of net assets.

Quarterly Report

Affiliated Central Funds

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

Fund	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Realized Gain/Loss		Change in Unrealized appreciation (depreciation)		Value, end of period		% ownership, end of period
Fidelity Cash Central Fund, 0.31%	$—		$582,974		$582,974		$4		$—		$—		$—		0.0%

Amounts in the 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 delegated the day to day responsibility for the valuation of the Fund’s investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific event. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund’s investments and ratifies the fair value determinations of the Committee.

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 vendor 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.

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

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

3	Quarterly Report