FIDELITY INVESTMENT GRADE SECURITIZED ETF

Frequently Asked Questions About FSEC

What does FSEC invest in?

Fidelity Merrimack Street Trust - Fidelity Investment Grade Securitized ETF is an exchange traded fund launched and managed by Fidelity Management & Research Company LLC. The fund is co-managed by Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited, Fidelity Management & Research (U.K.) Limited. It invests in fixed income markets of global region. The fund primarily invests in investment-grade securitized debt securities issued by U.S. government and its agencies or instrumentalities, foreign governments, and corporations of varying maturities. The fund seeks to benchmark the performance of its portfolio against the Bloomberg U.S. Securitized Index and the Bloomberg U.S. Aggregate Bond Index. Fidelity Merrimack Street Trust - Fidelity Investment Grade Securitized ETF was formed on March 2, 2021 and is domiciled in the United States.

What is the expense ratio of FSEC?

FIDELITY INVESTMENT GRADE SECURITIZED ETF (FSEC) charges an expense ratio of 0.36%. This is the annual fee deducted from fund assets to cover management and operations.

What is FSEC's dividend yield?

FSEC's trailing-twelve-month yield is 4.57%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of FSEC?

Effective duration measures FSEC's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. FSEC's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of FSEC?

FSEC's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of FSEC?

Yield to maturity (YTM) is the total return you'd earn from FSEC if every bond in the portfolio is held to maturity at the current price. FSEC's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.