Fidelity Covington Trust - Fidelity MSCI Real Estate Index ETF
US ˙ ARCA ˙ US3160928574

SecurityFREL / Fidelity Covington Trust - Fidelity MSCI Real Estate Index ETF
InstitutionBlack Diamond Financial, LLC
Latest Disclosed Ownership827,301 shares
Latest Disclosed Value $ 22,262,672
Black Diamond Financial, LLC reports 9.89% increase in ownership of FREL / Fidelity Covington Trust - Fidelity MSCI Real Estate Index ETF

On May 5, 2026 - Black Diamond Financial, LLC filed a 13F-HR form disclosing ownership of 827,301 shares of Fidelity Covington Trust - Fidelity MSCI Real Estate Index ETF (US:FREL) valued at $22,262,670 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 3, 2026 disclosing 752,837 shares of Fidelity Covington Trust - Fidelity MSCI Real Estate Index ETF. This represents a change in shares of 9.89% during the quarter. The current value of the position is $24,330,922 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-05 2026-03-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 827,301 74,464 9.89 22,263 9.97 2.4292
2026-02-03 2025-12-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 752,837 74,069 10.91 20,244 7.24 2.1341
2025-11-05 2025-09-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 678,768 111,792 19.72 18,877 23.12 2.1150
2025-07-30 2025-06-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 566,976 783 0.14 15,331 -1.43 2.3808
2025-04-30 2025-03-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 566,193 36,999 6.99 15,553 8.78 2.3358
2025-02-04 2024-12-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 529,194 47,247 9.80 14,299 0.32 2.1427
2024-11-06 2024-09-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 481,947 47,474 10.93 14,253 29.47 2.4195
2024-08-09 2024-06-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 434,473 102,865 31.02 11,010 24.58 2.1258
2024-05-06 2024-03-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 331,608 0 0.00 8,837 0.00 2.3885
2024-02-12 2023-12-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 331,608 17,268 5.49 8,837 23.58 2.3884
2023-11-03 2023-09-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 314,340 7,948 2.59 7,151 -6.97 2.2012
2023-08-02 2023-06-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 306,392 25,396 9.04 7,687 9.83 2.2758
2023-05-11 2023-03-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 280,996 27,652 10.91 7,000 11.36 2.2977
2023-02-06 2022-12-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 253,344 -2,171 -0.85 6,285 2.83 2.2722
2022-11-09 2022-09-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 255,515 14,182 5.88 6,112 -7.56 2.4626
2022-07-27 2022-06-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 241,333 56,654 30.68 6,612 10.53 2.6044
2022-05-09 2022-03-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 184,679 36,606 24.72 5,982 16.36 1.8880
2022-02-07 2021-12-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 148,073 87,144 143.03 5,141 177.59 1.7316
2021-11-02 2021-09-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 60,929 -2,096 -3.33 1,852 -3.99 0.8894
2021-07-27 2021-06-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 63,025 20,236 47.29 1,929 64.03 0.7536
2021-05-03 2021-03-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 42,789 20,211 89.52 1,176 105.24 0.4990
2021-01-27 2020-12-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 22,578 22,578 573 0.2630
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.