0001752724-23-246302.txt : 20231113 0001752724-23-246302.hdr.sgml : 20231113 20231113114350 ACCESSION NUMBER: 0001752724-23-246302 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20230831 FILED AS OF DATE: 20231113 DATE AS OF CHANGE: 20231113 EFFECTIVENESS DATE: 20231113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY COVINGTON TRUST CENTRAL INDEX KEY: 0000945908 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-07319 FILM NUMBER: 231396736 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 0000945908 S000062078 Fidelity High Yield Factor ETF C000201027 Fidelity High Yield Factor ETF FDHY 0000945908 S000072125 Fidelity Preferred Securities & Income ETF C000227886 Fidelity Preferred Securities & Income ETF FPFD 0000945908 S000075296 Fidelity Sustainable High Yield ETF C000234213 Fidelity Sustainable High Yield ETF FSYD N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000945908 XXXXXXXX 811-07319 true false false N-1A S000062078 true S000075296 true S000072125 true Fidelity Covington Trust 811-07319 0000945908 549300JFYFTF85QAQR28 245 Summer Street Boston 02210 US-MA US 1-800-FIDELITY Fidelity Service Company 245 Summer Street BOST 02210 1-800-FIDELITY Books and Records of the Fund as required to be maintained by the Investment Company Act N N N-1A 48 Y OSCAR MUNOZ N/A N ROBERT A LAWRENCE N/A Y THOMAS A KENNEDY N/A N BETTINA DOULTON N/A Y VICKI L FULLER N/A N THOMAS P BOSTICK N/A N PATRICIA L KAMPLING N/A N DENNIS J DIRKS N/A N DONALD F DONAHUE N/A N MICHAEL E WILEY N/A N SUSAN TOMASKY N/A N DAVID M THOMAS N/A N VIJAY ADVANI N/A N JASON POGORELEC 007269504 245 SUMMER STREET BOSTON 02210-1129 XXXXXX N N N N N N N Fidelity Distributors Company LLC 8-35097 000017507 N/A Y N PricewaterhouseCoopers LLP 238 5493002GVO7EO8RNNS37 N N N N N N N Fidelity High Yield Factor ETF S000062078 549300D7SA33P7KJDO35 N 1 0 0 Exchange-Traded Fund N N Y N N/A 0.00000000 0.00000000 Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 18f-4 (17 CFR 270.18f-4) Rule 17a-7 (17 CFR 270.17a-7) Rule 6c-11 (17 CFR 270.6c-11) Y N N N Fidelity Management & Research Company LLC 801-7884 000108281 5493001Z012YSB2A0K51 N Fidelity Management & Research (Hong Kong) Limited 801-69507 000148045 549300VLVPR60I312N68 Y HK N Fidelity Management & Research (Japan) Limited 801-69571 000148239 549300FF7J6H5TZ22Y05 Y JP N FMR Investment Management (UK) Limited 801-28773 000108273 549300DJ0TLKPO1HIS84 Y GB N STATE STREET BANK AND TRUST COMPANY 85-05003 571474TGEMMWANRLN572 N N N REFINITIV US HOLDINGS INC 549300NF240HXJO7N016 N IHS MARKIT LTD 549300HLPTRASHS0E726 BM N PRICINGDIRECT INC 549300WIC0TOJ7N7GD54 N INTERCONTINENTAL EXCHANGE INC 5493000F4ZO33MV32P92 N N EUROCLEAR 54930045L3MXWBD27H71 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) STATE STREET BANK AND TRUST COMPANY 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N STATE STREET BANK AND TRUST COMPANY 571474TGEMMWANRLN572 N N N Fidelity Service Company 549300LT256P1KNTYF28 Y N N 0.00000000 WELLS FARGO and CO N/A N/A PBLD0EJDB5FWOLXP3B76 11431104.50000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 34313590.56000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 81297612.20000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 38046414.82000000 BARCLAYS PLC N/A N/A 213800LBQA1Y9L22JB70 GB 27272344.48000000 DEUTSCHE BANK AG N/A N/A 7LTWFZYICNSX8D621K86 DE 11690767.00000000 JEFFERIES GROUP LLC N/A N/A NY9Q8VBNB6D1L6YV0J84 11103356.10000000 CITIGROUP INC N/A N/A 6SHGI4ZSSLCXXQSBB395 24392517.14000000 GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 48309619.54000000 ROYAL BANK OF CANADA N/A N/A ES7IP3U3RHIGC71XBU11 CA 10956623.20000000 325248246.74000000 N 271491755.00000000 Uncommitted 500000000.00000000 N Uncommitted 300000000.00000000 N Uncommitted 400000000.00000000 N Uncommitted 25000000.00000000 N Uncommitted 150000000.00000000 N Uncommitted 1500000000.00000000 N Uncommitted 500000000.00000000 N N N Fidelity Sustainable High Yield ETF S000075296 5493008RT5ZXTNQPLX41 N 1 0 0 Exchange-Traded Fund N N Y N N/A 0.00000000 0.00000000 Rule 32a-4 (17 CFR 270.32a-4) Rule 17a-7 (17 CFR 270.17a-7) Rule 18f-4 (17 CFR 270.18f-4) Rule 17e-1 (17 CFR 270.17e-1) Rule 6c-11 (17 CFR 270.6c-11) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Y N N N Fidelity Management & Research Company LLC 801-7884 000108281 5493001Z012YSB2A0K51 N Fidelity Management & Research (Japan) Limited 801-69571 000148239 549300FF7J6H5TZ22Y05 Y JP N Fidelity Management & Research (Hong Kong) Limited 801-69507 000148045 549300VLVPR60I312N68 Y HK N FMR Investment Management (UK) Limited 801-28773 000108273 549300DJ0TLKPO1HIS84 Y GB N STATE STREET BANK AND TRUST COMPANY 85-05003 571474TGEMMWANRLN572 N N N IHS MARKIT LTD 549300HLPTRASHS0E726 BM N PRICINGDIRECT INC 549300WIC0TOJ7N7GD54 N INTERCONTINENTAL EXCHANGE INC 5493000F4ZO33MV32P92 N REFINITIV US HOLDINGS INC 549300NF240HXJO7N016 N N STATE STREET BANK AND TRUST COMPANY 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) STATE STREET TRUST COMPANY CANADA 549300L71XG2CTQ2V827 CA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) EUROCLEAR 54930045L3MXWBD27H71 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) STATE STREET SERVICES (UK) LIMITED 549300UFJRRBZEOUT427 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N STATE STREET BANK AND TRUST COMPANY 571474TGEMMWANRLN572 N N N Fidelity Service Company 549300LT256P1KNTYF28 Y N N BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 7.04000000 LIQUIDNET HOLDINGS INC N/A N/A N/A 1.15000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 3.01000000 BARCLAYS PLC N/A N/A 213800LBQA1Y9L22JB70 GB 5.23000000 ROYAL BANK OF CANADA N/A N/A ES7IP3U3RHIGC71XBU11 CA 3.27000000 VIRTU FINANCIAL INC N/A N/A 5493001OPW2K42CH3884 7.00000000 JEFFERIES GROUP LLC N/A N/A NY9Q8VBNB6D1L6YV0J84 1.01000000 27.71000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 624697.44000000 JANE STREET GROUP LLC N/A N/A 5493002N1IVX6KHGYO08 955403.76000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 776004.40000000 MARKETAXESS HOLDINGS INC N/A N/A 5493002U1CA1XJOVID83 860488.45000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 1071558.18000000 BARCLAYS PLC N/A N/A 213800LBQA1Y9L22JB70 GB 546096.75000000 GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 695536.06000000 ROYAL BANK OF CANADA N/A N/A ES7IP3U3RHIGC71XBU11 CA 458140.73000000 CITIGROUP INC N/A N/A 6SHGI4ZSSLCXXQSBB395 686273.65000000 JEFFERIES GROUP LLC N/A N/A NY9Q8VBNB6D1L6YV0J84 360707.15000000 7819147.66000000 Y 8980690.00000000 Uncommitted 300000000.00000000 N Uncommitted 400000000.00000000 N Uncommitted 500000000.00000000 N Uncommitted 25000000.00000000 N Uncommitted 150000000.00000000 N Uncommitted 500000000.00000000 N Uncommitted 1500000000.00000000 N N N Fidelity Preferred Securities and Income ETF S000072125 549300ECXORNOGQYEX95 N 1 0 0 Exchange-Traded Fund Y N Y N N/A 0.00000000 0.00000000 Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 18f-4 (17 CFR 270.18f-4) Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 17e-1 (17 CFR 270.17e-1) Rule 6c-11 (17 CFR 270.6c-11) Y N N N Fidelity Management & Research Company LLC 801-7884 000108281 5493001Z012YSB2A0K51 N Fidelity Management & Research (Japan) Limited 801-69571 000148239 549300FF7J6H5TZ22Y05 Y JP N Fidelity Management & Research (Hong Kong) Limited 801-69507 000148045 549300VLVPR60I312N68 Y HK N FMR Investment Management (UK) Limited 801-28773 000108273 549300DJ0TLKPO1HIS84 Y GB N STATE STREET BANK AND TRUST COMPANY 85-05003 571474TGEMMWANRLN572 N N N PRICINGDIRECT INC 549300WIC0TOJ7N7GD54 N INTERCONTINENTAL EXCHANGE INC 5493000F4ZO33MV32P92 N REFINITIV US HOLDINGS INC 549300NF240HXJO7N016 N BLOOMBERG LP 549300B56MD0ZC402L06 N N STATE STREET BANK AND TRUST COMPANY 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N STATE STREET BANK AND TRUST COMPANY 571474TGEMMWANRLN572 N N N Fidelity Service Company 549300LT256P1KNTYF28 Y N N FMR LLC N/A N/A 6X064LF7Y6B4DKF2GZ26 346.83000000 GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 1332.66000000 UBS GROUP AG N/A N/A 549300SZJ9VS8SGXAN81 CH 195.75000000 STIFEL FINANCIAL CORP N/A N/A 549300E5F07FE5GHJX84 784.72000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 338.87000000 B RILEY FINANCIAL INC N/A N/A N/A 961.43000000 JONES and ASSOCIATES INC N/A N/A N/A 753.19000000 ROYAL BANK OF CANADA N/A N/A ES7IP3U3RHIGC71XBU11 CA 542.02000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 233.01000000 BNP PARIBAS N/A N/A R0MUWSFPU8MPRO8K5P83 FR 166.41000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 193.78000000 6328.64000000 UBS GROUP AG N/A N/A 549300SZJ9VS8SGXAN81 CH 1828683.60000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 934244.76000000 RAYMOND JAMES FINANCIAL INC. N/A N/A RGUZHJ05YTITL6D76949 1396135.20000000 MARKETAXESS HOLDINGS INC N/A N/A 5493002U1CA1XJOVID83 1782122.62000000 CREDIT SUISSE GRP AG N/A N/A 549300506SI9CRFV9Z86 CH 586255.00000000 ROYAL BANK OF CANADA N/A N/A ES7IP3U3RHIGC71XBU11 CA 1423765.00000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 771800.50000000 BNP PARIBAS N/A N/A R0MUWSFPU8MPRO8K5P83 FR 3026049.50000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 1315742.10000000 DEUTSCHE BANK AG N/A N/A 7LTWFZYICNSX8D621K86 DE 1017660.00000000 17036235.40000000 Y 31322662.00000000 Uncommitted 500000000.00000000 N Uncommitted 500000000.00000000 N Uncommitted 1500000000.00000000 N Uncommitted 25000000.00000000 N Uncommitted 150000000.00000000 N Uncommitted 300000000.00000000 N Uncommitted 400000000.00000000 N N N Fidelity High Yield Factor ETF S000062078 Y 50000.00000000 19.11146768 38.15095146 80.88853232 38.15095146 6.90935975 8.77563412 93.09064025 8.77563412 0.00000000 409.09090909 0.09555736 0.00000000 409.09090909 0.50001592 0.00000000 500.00000000 0.00000000 0.00000000 500.00000000 0.00000000 N Fidelity Sustainable High Yield ETF S000075296 Y 25000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N Fidelity Preferred Securities and Income ETF S000072125 Y 50000.00000000 100.00000000 0.00000000 0.00000000 0.00000000 100.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.37000037 0.00000000 0.00000000 0.37000037 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N true INTERNAL CONTROL RPT 2 covington_icr1.htm Converted by EDGARwiz



Report of Independent Registered Public Accounting Firm




To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity Sustainable High Yield ETF


In planning and performing our audit of the financial statements of Fidelity Sustainable High Yield ETF (one of the funds constituting Fidelity Covington Trust, hereafter referred to as the “Fund”) as of and for the year ended August 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund’s internal control over financial reporting.


The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.


Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.


A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.







Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of August 31, 2023.


This report is intended solely for the information and use of the Board of Trustees of Fidelity Sustainable High Yield ETF and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.




/s/ PricewaterhouseCoopers LLP


Boston, Massachusetts

October 16, 2023







 INTERNAL CONTROL RPT 3 covington_icr2.htm Converted by EDGARwiz



Report of Independent Registered Public Accounting Firm




To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity High Yield Factor ETF and Fidelity Preferred Securities & Income ETF


In planning and performing our audits of the financial statements of Fidelity High Yield Factor ETF and Fidelity Preferred Securities & Income ETF (two of the funds constituting Fidelity Covington Trust, hereafter collectively referred to as the “Funds”) as of and for the year ended August 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting.


The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.


Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.


A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.  








Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of August 31, 2023.


This report is intended solely for the information and use of the Board of Trustees of Fidelity Covington Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.


/s/ PricewaterhouseCoopers LLP


Boston, Massachusetts

October 18, 2023