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

SecurityFREL / Fidelity Covington Trust - Fidelity MSCI Real Estate Index ETF
InstitutionFull Sail Capital, LLC
Latest Disclosed Ownership38,517 shares
Latest Disclosed Value $ 1,071,163
Full Sail Capital, LLC reports 14.62% decrease in ownership of FREL / Fidelity Covington Trust - Fidelity MSCI Real Estate Index ETF

On November 14, 2025 - Full Sail Capital, LLC filed a 13F-HR form disclosing ownership of 38,517 shares of Fidelity Covington Trust - Fidelity MSCI Real Estate Index ETF (US:FREL) valued at $1,071,158 USD as of September 30, 2025. The entity filed a previous 13F-HR on August 14, 2025 disclosing 45,111 shares of Fidelity Covington Trust - Fidelity MSCI Real Estate Index ETF. This represents a change in shares of -14.62% during the quarter. The current value of the position is $1,123,926 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)
2025-11-14 2025-09-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 38,517 -6,594 -14.62 1,071 -12.14 0.0589
2025-08-14 2025-06-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 45,111 -2,081 -4.41 1,220 -5.94 0.0704
2025-05-14 2025-03-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 47,192 -3,300 -6.54 1,296 -4.99 0.0839
2025-02-14 2024-12-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 50,492 -3,443 -6.38 1,364 -14.21 0.0869
2024-11-13 2024-09-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 53,935 -190 -0.35 1,590 15.97 0.1019
2024-08-15 2024-06-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 54,125 -2,642 -4.65 1,372 -7.43 0.0922
2024-05-14 2024-03-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 56,767 -2,911 -4.88 1,481 -6.86 0.1033
2024-02-13 2023-12-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 59,678 -197,762 -76.82 1,590 -72.85 0.1209
2023-11-13 2023-09-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 257,440 957 0.37 5,857 -9.00 0.5082
2023-08-14 2023-06-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 256,483 -16,895 -6.18 6,435 -5.49 0.5491
2023-05-05 2023-03-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 273,378 11,015 4.20 6,810 4.61 0.6154
2023-02-06 2022-12-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 262,363 19,799 8.16 6,509 12.19 0.6177
2022-11-09 2022-09-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 242,564 22,273 10.11 5,802 -3.03 0.5998
2022-08-08 2022-06-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 220,291 -37,715 -14.62 5,983 -28.40 0.5782
2022-05-12 2022-03-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 258,006 3,145 1.23 8,356 4.35 0.6976
2022-02-14 2021-12-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 254,861 6,905 2.78 8,008 6.24 0.7030
2021-10-26 2021-09-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 247,956 30,529 14.04 7,538 13.94 0.6579
2021-08-12 2021-06-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 217,427 25,439 13.25 6,616 22.54 0.6014
2021-05-12 2021-03-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 191,988 14,335 8.07 5,399 16.94 0.5384
2021-02-11 2020-12-31 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 177,653 10,827 6.49 4,617 15.51 0.5004
2020-11-13 2020-09-30 13F FIDELITY COVINGTON TRUST MSCI RL EST ETF 316092857 166,826 45,463 37.46 3,997 34.17 0.5001
2020-08-14 2020-06-30 13F FIDELITY COVINGTON TR MSCI RL EST ETF 316092857 121,363 26,543 27.99 2,979 40.92 0.4251
2020-05-15 2020-03-31 13F FIDELITY COVINGTON TR MSCI RL EST ETF 316092857 94,820 -1,423 -1.48 2,114 -25.30 0.3769
2020-02-14 2019-12-31 13F FIDELITY COVINGTON TR MSCI RL EST ETF 316092857 96,243 6,431 7.16 2,830 15.27 0.5941
2019-11-20 2019-09-30 13F FIDELITY COVINGTON TR MSCI RL EST ETF 316092857 89,812 6,741 8.11 2,455 8.82 0.5844
2019-08-14 2019-06-30 13F FIDELITY MSCI RL EST ETF 316092857 83,071 11,360 15.84 2,256 21.16 0.6414
2019-05-31 2019-03-31 13F/A-1 FIDELITY MSCI RL EST ETF 316092857 71,711 19,287 36.79 1,862 58.60 0.5944
2019-05-16 2019-03-31 13F FIDELITY MSCI RL EST ETF 316092857 71,711 19,287 1,862
2019-02-14 2018-12-31 13F FIDELITY MSCI RL EST ETF 316092857 52,424 52,424 1,174 0.5689
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.