FAAA

Fidelity AAA CLO ETF is an actively managed fund that seeks to generate income by normally investing at least 80% of its assets in collateralized loan obligations (CLOs) rated AAA (or its equivalent). AAA-rated securities in which the fund invests include securities or issuers rated at least AAA or its equivalent by at least one Nationally Recognized Statistical Ratings Organization (NRSRO), or, if unrated, determined by the Adviser to be of comparable quality. The fund focuses on senior-most tranches that offer first claim on cash flows, utilizing active management to navigate credit quality and structural protections while providing low interest-rate sensitivity.