Investment objective & strategy
As of Dec. 29, 2025 · prospectusObjective. Fidelity Low Duration Bond Factor ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Low Duration Investment Grade Factor Index?.
Strategy. Normally investing at least 80% of assets in securities included in the Fidelity Low Duration Investment Grade Factor IndexSM. The index is designed to optimize the balance of interest rate risk and credit risk such that both returns and risk measures may be improved relative to traditional U.S. investment grade floating rate note indices. The index is comprised solely of U.S. investment grade floating rate notes and U.S. Treasury notes. The Fidelity Low Duration Investment Grade Factor Index is constructed using Fidelity's rules-based proprietary index methodology. The weight of each component in the blend is set to target a duration, which seeks to optimize the balance of credit risk and interest rate risk. The final weights of securities within the … Normally investing at least 80% of assets in securities included in the Fidelity Low Duration Investment Grade Factor IndexSM. The index is designed to optimize the balance of interest rate risk and credit risk such that both returns and risk measures may be improved relative to traditional U.S. investment grade floating rate note indices. The index is comprised solely of U.S. investment grade floating rate notes and U.S. Treasury notes. The Fidelity Low Duration Investment Grade Factor Index is constructed using Fidelity's rules-based proprietary index methodology. The weight of each component in the blend is set to target a duration, which seeks to optimize the balance of credit risk and interest rate risk. The final weights of securities within the corporate floating rate notes component are determined by their market capitalization, subject to an issuer cap of 3.5%. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Normally maintaining a duration of 1 year or less. Using statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and credit quality to attempt to replicate the returns of the Fidelity Low Duration Investment Grade Factor Index? using a smaller number of securities. Lending securities to earn income for the fund.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US TREASURY N/B | — | $20.87M | 1.54% |
| US TREASURY N/B | — | $19.46M | 1.44% |
| US TREASURY N/B | — | $18.56M | 1.37% |
| US TREASURY N/B | — | $16.41M | 1.21% |
| US TREASURY N/B | — | $14.60M | 1.08% |
| US TREASURY N/B | — | $14.04M | 1.04% |
| Citigroup Inc. | — | $13.73M | 1.01% |
| US TREASURY N/B | — | $12.89M | 0.95% |
| US TREASURY N/B | — | $11.77M | 0.87% |
| Wells Fargo & Co. | — | $11.50M | 0.85% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| VanEck IG Floating Rate ETF · FLTR | 49% | 0.14% |
| iShares Floating Rate Bond ETF · FLOT | 47% | 0.15% |
| State Street(R) SPDR(R) Bloomberg Investment Grade Floating Rate ETF · FLRN | 47% | 0.15% |
Advisers
| Firm | Role |
|---|---|
| FMR Investment Management (UK) Limited | Sub-adviser |
| Fidelity Management & Research (Japan) Limited | Sub-adviser |
| Fidelity Management & Research (Hong Kong) Limited | Sub-adviser |
| Fidelity Management & Research Company LLC | Adviser |
Footnotes
- Expense ratio as of December 29, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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