FCLO

Fidelity CLO ETF is an actively managed fund that seeks to generate income by normally investing the majority of its assets in collateralized loan obligations (CLOs) rated from BBB+ to B- (or their equivalent). These securities include issues or issuers rated by at least one Nationally Recognized Statistical Ratings Organization (NRSRO), or, if unrated, determined by the Adviser to be of comparable quality. Unlike its AAA-focused counterpart, this fund targets mezzanine and lower-rated tranches to capture higher yields while utilizing Fidelity's fundamental research to manage the increased credit and liquidity risks associated with junior layers of the capital stack.