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.

How big is FSEC?

FIDELITY INVESTMENT GRADE SECURITIZED ETF (FSEC) manages $4.65B in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is FSEC actively managed or an index fund?

FSEC is a passive index fund — it tracks a published benchmark by holding the constituents in their published weights. Index funds typically charge low expense ratios (FSEC's is 0.36%) because there's no security selection cost.

When was FSEC launched?

FIDELITY INVESTMENT GRADE SECURITIZED ETF (FSEC) launched in March 2021 and is managed by Fidelity.

How has FSEC performed?

FSEC's total return — price change plus reinvested distributions — is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.