Fidelity Investment Grade Securitized ETF
Fidelity Merrimack Street Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Fidelity Investment Grade Securitized ETF is a U.S. bond index ETF that tracks the Bloomberg U.S. Securitized Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q4
Fidelity Investment Grade Securitized ETF seeks a high level of current income.
The fund invests at least 80% of assets in investment-grade securitized debt securities—mortgage-backed, commercial mortgage-backed, and asset-backed securities—managed to track the interest rate risk profile of the Bloomberg U.S. Securitized Index, with allocations across sectors and maturities selected by analyzing credit quality and valuation. The fund may also invest up to 20% in below-investment-grade securities and employs derivatives and leverage to adjust risk exposure. Because security selection depends on the adviser's credit analysis and valuation judgments rather than mechanical index replication, fund performance may diverge from the benchmark.
| Share class | Expense ratio |
|---|---|
| FSEC | 0.36% |
Portfolio turnover 967.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 117.60% |
| Bonds | 4.00% |
| Cash & short-term | 3.52% |
| Derivatives | 0.31% |
These positions come to 125.43% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: GNMA II GTD PASS THRU CTF MULTIPLE ISSUER ×6, FNMA/FHLG TBA ISSUER ×2
Largest exited: GNMA II GTD PASS THRU CTF MULTIPLE ISSUER ×6, FNMA/FHLG TBA ISSUER ×2
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 89.1% |
| Floating rate | 10.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.2% |
| 1-3y | 4.3% |
| 3-5y | 6.0% |
| 5-10y | 4.3% |
| 10y+ | 85.2% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 52% |
| Credit spreads | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.71 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.57 yr | 11% |
| 5 yr | 1.44 yr | 28% |
| 10 yr | 2.17 yr | 42% |
| 30 yr | 0.97 yr | 19% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.76 yr | 16% |
| 5 yr | 1.53 yr | 32% |
| 10 yr | 1.86 yr | 39% |
| 30 yr | 0.53 yr | 11% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.04 | +0.00 | $19.8k | $245 |
| 1 yr | +0.57 | +0.76 | +0.00 | $338.5k | $2.1k |
| 5 yr | +1.44 | +1.52 | +0.01 | $679.4k | $2.4k |
| 10 yr | +2.17 | +1.86 | +0.00 | $828.8k | $29 |
| 30 yr | +0.97 | +0.53 | +0.00 | $234.3k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | GNMA II GTD PASS THRU CTF MULTIPLE ISSUER5.50% · due 2056-06-01 | 6.97% | $310.64M | — |
| — | FNMA/FHLG TBA ISSUER5.00% · due 2056-06-01 | 5.97% | $266.38M | — |
| — | GNMA II GTD PASS THRU CTF MULTIPLE ISSUER5.50% · due 2056-07-01 | 4.64% | $207.06M | — |
| — | GNMA II GTD PASS THRU CTF MULTIPLE ISSUER5.00% · due 2056-06-01 | 4.20% | $187.23M | — |
| — | FNMA/FHLG TBA ISSUER2.00% · due 2056-06-01 | 3.54% | $158.02M | — |
| — | Fidelity Revere Street Trust | 3.52% | $157.06M | — |
| — | GNMA II GTD PASS THRU CTF MULTIPLE ISSUER0.02% · due 2056-06-01 | 3.04% | $135.68M | — |
| — | GNMA II GTD PASS THRU CTF MULTIPLE ISSUER0.06% · due 2056-06-01 | 3.02% | $134.70M | — |
| — | GNMA II GTD PASS THRU CTF MULTIPLE ISSUER2.50% · due 2056-06-01 | 2.90% | $129.30M | — |
| — | FNMA/FHLG TBA ISSUER2.00% · due 2056-07-01 | 2.52% | $112.50M | — |
Top 10 positions are 40.34% of net assets, top 25 57.19%, across 260 issuers.
See more of this fund's book
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