ETF Research Center

The Fidelity Corporate Bond ETF is an actively managed USD corporate bond fund. It aims to have similar interest-rate risk as the Barclays US Credit Bond Index.

FUND BASICS
Category	Corporate
Fund Sponsor	Fidelity
Website	screener.fidelity.com
Inception date	Oct 06, 2014
Assets (mns)	$243
Currency	USD
Expense ratio	36 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	411
No of distinct issuers	220
Inflation protected	0%
Variable/Fixed coupon	23% /77%
Non-standard maturity (callable, etc.)	81%

TOP TEN HOLDINGS
TOTAL	12.7 %
0.0% //	2.3 %
0.0% //	1.8 %
0.0% //	1.4 %
0.0% //	1.4 %
0.0% //	1.2 %
0.0% //	1.0 %
0.0% //	0.9 %
0.0% //	0.9 %
0.0% //	0.9 %
0.0% //	0.8 %

TOP ISSUERS
U.S. TREASURY	8.6%
BANK OF AMERICA CORPORATION	2.5%
JPMORGAN CHASE & CO.	1.8%
CREDIT SUISSE GROUP AG	1.3%
HSBC HOLDINGS PLC	1.3%

TOP COUNTRY EXPOSURE
	UNITED STATES	74.0 %
	UNITED KINGDOM	4.3 %
	CANADA	4.1 %
	FRANCE	2.5 %
	SWITZERLAND	2.2 %

HISTORICAL RETURNS info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru April 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.1%	6.2%	0.5%	2.4%	2.5%

Market Correlations
versus...	Beta	R-squared
Barclays Agg. Bond	1.20	95%
S&P500	0.41	58%
MSCI EAFE	0.45	72%
MSCI Emg. Mkts.	0.40	57%

Technical Indicators
Recent close	$46.71
30d moving avg.	$46.54
Annualized volatility	8.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	34
Avg. daily value traded (mns)	$2
Turnover	0.7%
Bid/Ask (% of price)	0.10

Distributions

Yield Comparison

*Fund Category: CORPORATE

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)

Macaulay Duration

FCOR	7.7 yrs	Category Avg.*	4.6 yrs

Modified Duration

FCOR	7.5%	Category Avg.*	4.5%

RATE SENSITIVITY ANALYSIS
Change in YTM	New YTM	Est. Price Change	Est. New Price
+300 bp	8.49%	-20.8%	$37.02
+200 bp	7.49%	-14.2%	$40.08
+150 bp	6.99%	-10.8%	$41.67
+100 bp	6.49%	-7.3%	$43.31
+75 bp	6.24%	-5.5%	$44.14
+50 bp	5.99%	-3.7%	$44.99
+25 bp	5.74%	-1.9%	$45.84
0 bp	5.49%	0%	$46.71
-25 bp	5.24%	1.9%	$47.59
-50 bp	4.99%	3.8%	$48.47
-75 bp	4.74%	5.7%	$49.37
-100 bp	4.49%	7.6%	$50.28
-150 bp	3.99%	11.6%	$52.12
-200 bp	3.49%	15.6%	$54.01
-300 bp	2.49%	24.0%	$57.92

*Fund Category: CORPORATE

ALTAR Score™

Calculation of ALTAR Score™
Adj. Yield to Maturity	549	bp
Less: Annual "default factor"	26	bp
Less: Expense ratio	36	bp
Equals: ALTAR Score	4.87	%

Average ALTAR Score™ by Category
Aggregate	3.0%
Corporate	4.1%
Emerging Market	6.0%
Government	6.8%
Inflation Protected	2.2%
Mortgage	4.9%
Municipals	3.5%

Note: The Fidelity Corporate Bond ETF is classified as a Corporate* fund.