ETF Evaluator:
Fidelity Low Duration Bond ETF (FLDB)
Follow This ETF
(as of Sep 04)
Best Performing in Ultrashort Bond Over the Last Year
| 7.1% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 6.3% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 5.2% | Simplify Treasury Option Income ETF (BUCK) |
| 5.2% | NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) |
| 4.9% | SLW Short Duration Income ETF (SLWS) |
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Risk
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ETF Details
Fidelity Low Duration Bond ETF Overview
Fidelity Low Duration Bond ETF (FLDB) is an actively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2024.
The investment seeks to obtain a high level of current income consistent with preservation of capital.
The fund will normally invest at least 80% of assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Normally maintaining a duration of 1 year or less.
About Fidelity Low Duration Bond ETF (FLDB)
There are 3 members of the management team with an average tenure of 2.32 years: Robert Galusza (2024), David DeBiase (2024) and John Mistovich (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Treasury Bill 6-9 M TR USD index with a weighting of 100%. Fidelity Low Duration Bond ETF has 387 securities in its portfolio. The top 10 holdings constitute 32.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Fidelity Low Duration Bond ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Fidelity Low Duration Bond ETF has 21.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 89.8% (68.6% domestic bond, 21.2% foreign bond and 0.0% convertible bond). Fidelity Low Duration Bond ETF has 9.8% of the portfolio in cash.
Assets Under Management
The fund has $417 million in total assets, which is below the $5 billion average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FLDB Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Low Duration Bond ETF expense ratio is below average compared to funds in the Ultrashort Bond category. Fidelity Low Duration Bond ETF has an expense ratio of 0.20%, which is 9% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Low Duration Bond ETF has a portfolio turnover rate of 59%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 58% for the Ultrashort Bond category.
Recently, in the month of August 2026, Fidelity Low Duration Bond ETF returned 0.3%, which earned it a grade of B, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Fidelity Low Duration Bond ETF has a trailing yield of 4.13%, which is above the 4.03% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Low Duration Bond ETF Grades
Year to date, the ETF has returned 2.4%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.9% over the past year (grade of C).
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FLDB Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FLDB Return (NAV) | 0.3% | 0.9% | 3.9% | na | na | na |
| FLDB Return (Price) | 0.3% | 0.9% | 3.9% | na | na | na |
| NAV +/- Price Return | 0.042% | 0.024% | 0.036% | na | na | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.1% | 5.2% | 3.9% | 3.0% |
| FLDB Grade (NAV) | B | C | C | na | na | na |
| +/- Category (NAV) | -0.0% | -0.0% | -0.2% | na | na | na |
| FLDB Tax-Cost Ratio | na | na | 1.7% | na | na | na |
FLDB Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FLDB Return (NAV) | 2.4% | 4.8% | na | na | na | na | na | na | na | na | na |
| FLDB Return (Price) | 2.3% | 4.9% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.017% | 0.026% | na | na | na | na | na | na | na | na | na |
| Ultrashort Bond Avg | 2.5% | 4.8% | 5.8% | 6.0% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| FLDB Grade (NAV) | D | C | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.1% | -0.0% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 4.1% |
| Total Assets: | $ 418 Mil |
| Share Class Assets: | $ 418 Mil |
| Turnover: | 59.0% |
| Expense Ratio: | 0.20% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.5 years | |||
| Average Tenure: 2.3 years | |||
| Managers (Year): Galusza Robert (2024), DeBiase David (2024), Mistovich John (2024) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 387 |
| % in Top 10 Holdings: | 32.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 68.6% |
| Foreign Bond: | 21.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.4% |
| Cash: | 9.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-343-3548 |
| Website: | |
| Inception Date: | February 22, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.20% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.22% |
