Fidelity Total Bond ETF - FBND

Fidelity Total Bond ETF is an actively managed exchange-traded fund focused on the broad U.S. dollar–denominated bond market. Its primary objective is to provide a high level of current income by investing predominantly in investment-grade debt, while allocating a smaller portion to high-yield and emerging market bonds to broaden income sources. The fund typically holds a diversified mix of U.S. Treasuries, government-related securities, corporate bonds, mortgage-backed and asset-backed securities, and other securitized debt across the maturity spectrum. Portfolio managers manage interest-rate exposure to remain broadly aligned with the investment-grade U.S. bond universe, while using sector allocation, security selection, and derivatives to fine-tune risk and return characteristics. Positioned as a core bond holding, Fidelity Total Bond ETF aims to serve as a central fixed income allocation offering income generation, diversification from equities, and exposure to multiple credit sectors within a single vehicle.