Fidelity Total Bond ETF
Fidelity Merrimack Street Trust · Series S000042567 · 1 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2025 Q4
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.
| Share class | Expense ratio |
|---|---|
| FBND | 0.36% |
Portfolio turnover 246.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: UST NOTES ×3, FNMA/FHLG TBA ISSUER, GNMA II GTD PASS THRU CTF MULTIPLE ISSUER ×4
Largest exited: UST NOTES ×5, GNMA II GTD PASS THRU CTF MULTIPLE ISSUER ×2, FNMA/FHLG TBA ISSUER
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 | 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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Fidelity Revere Street Trust | 4.62% | $1.20B | — |
| — | UST NOTES3.75% · due 2031-08-31 | 2.34% | $608.99M | — |
| — | UST NOTES4.13% · due 2036-02-15 | 2.21% | $576.40M | — |
| — | UST NOTES4.25% · due 2035-08-15 | 2.17% | $566.15M | — |
| — | UST NOTES3.88% · due 2034-08-15 | 1.81% | $471.09M | — |
| — | UNITED STATES TREASURY BOND4.25% · due 2054-02-15 | 1.53% | $399.75M | — |
| — | UST NOTES3.88% · due 2032-12-31 | 1.49% | $388.24M | — |
| — | UNITED STATES TREASURY BOND4.50% · due 2054-11-15 | 1.26% | $328.64M | — |
| — | UST NOTES4.00% · due 2033-01-31 | 1.20% | $312.46M | — |
| — | FNMA/FHLG TBA ISSUER2.00% · due 2056-06-01 | 1.19% | $309.97M | — |
Top 10 positions are 19.83% of net assets, top 25 34.35%, across 1.7K issuers.
See more of this fund's book
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