Fidelity Total Bond ETF
Actively managed U.S. bond ETF
As of its 2026 Q2 report, Fidelity Total Bond ETF held 4,603 positions with $26.06B in net assets. Its ten largest holdings made up 19.8% of the fund. The FBND share class costs 0.36% a year. Over the 12 months to May 2026, FBND returned 5.6%, with dividends reinvested. In 2026 Q2 it added 499 new positions and exited 445.
Fidelity Total Bond ETF seeks a high level of current income.
The fund invests at least 80% of assets in debt securities across investment-grade, high yield, and emerging markets, allocating across maturities and sectors while managing interest rate risk to track the Bloomberg U.S. Aggregate Bond Index. Up to 20% may be held in high yield debt. The fund uses derivatives including swaps, options, and futures to adjust risk exposure. Because security selection depends on the manager's analysis of credit quality, valuation, and trading opportunities rather than index replication, fund returns may diverge from the benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Fidelity Revere Street Trust | 4.62% | $1.20B | — |
UST NOTES 3.75% · due 2031-08-31 | 2.34% | $608.99M | — |
UST NOTES 4.13% · due 2036-02-15 | 2.21% | $576.40M | — |
UST NOTES 4.25% · due 2035-08-15 | 2.17% | $566.15M | — |
UST NOTES 3.88% · due 2034-08-15 | 1.81% | $471.09M | — |
UNITED STATES TREASURY BOND 4.25% · due 2054-02-15 | 1.53% | $399.75M | — |
UST NOTES 3.88% · due 2032-12-31 | 1.49% | $388.24M | — |
UNITED STATES TREASURY BOND 4.50% · due 2054-11-15 | 1.26% | $328.64M | — |
UST NOTES 4.00% · due 2033-01-31 | 1.20% | $312.46M | — |
FNMA/FHLG TBA ISSUER 2.00% · due 2056-06-01 | 1.19% | $309.97M | — |
The 200 largest of 4,603 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 65.93% |
| Securitized | 29.91% |
| Loans | 5.12% |
| Cash & short-term | 4.79% |
| 2 smaller | 0.37% |
These positions come to 106.11% 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.
By sector
- Government
- 36.7%
- Securitized
- 30.9%
- Other
- 10.2%
- Financials
- 6.5%
- 12 other sectors
- 15.6%
- Government
- 36.7%
- Securitized
- 30.9%
- Other
- 10.2%
- Financials
- 6.5%
- Cash
- 4.3%
- International
- 4.2%
- Utilities
- 1.3%
- Energy
- 1.2%
- Real Estate
- 0.9%
- Information Technology
- 0.9%
- Industrials
- 0.8%
- Health Care
- 0.7%
- Communication Services
- 0.7%
- Consumer Discretionary
- 0.2%
- Materials
- 0.1%
- Consumer Staples
- 0.1%
How it has done
FBND share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.36%. Past returns are a record, not a forecast.
Fees & fund details
Fidelity Total Bond ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.36%· FBND 0.36%
- Portfolio turnover
- 246.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
499 new· the largest 3
445 exited· the largest 3
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 | 76.7% |
| Floating rate | 23.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.5% |
| 1-3y | 5.4% |
| 3-5y | 13.7% |
| 5-10y | 36.5% |
| 10y+ | 43.9% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 52% |
| Interest rates | 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 | +5.73 yr |
| High yield | +0.34 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 | 0.27 yr | 5% |
| 5 yr | 1.66 yr | 29% |
| 10 yr | 1.69 yr | 30% |
| 30 yr | 2.00 yr | 35% |
| 3 mo | 0.15 yr | 2% |
| 1 yr | 0.71 yr | 12% |
| 5 yr | 2.06 yr | 34% |
| 10 yr | 1.90 yr | 31% |
| 30 yr | 1.25 yr | 21% |
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 | +0.09 | +0.05 | $242.1k | $139.3k |
| 1 yr | +0.27 | +0.58 | +0.13 | $1.51m | $342.9k |
| 5 yr | +1.66 | +1.93 | +0.13 | $5.03m | $339.7k |
| 10 yr | +1.69 | +1.88 | +0.02 | $4.89m | $54.3k |
| 30 yr | +2.00 | +1.25 | +0.01 | $3.25m | $15.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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