ETF Evaluator:
Fidelity AAA CLO ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Securitized Bond - Focused Over the Last Year
| 6.0% | iShares BBB-B CLO Active ETF (BCLO) |
| 5.6% | Nuveen AA-BBB CLO ETF (NCLO) |
| 5.4% | Reckoner Yield Enhanced AAA CLO ETF (RAAA) |
| 5.4% | Eldridge BBB-B CLO ETF (CLOZ) |
| 5.3% | BondBloxx Private Credit CLO ETF (PCMM) |
Risk
Index
Risk
Index
ETF Details
Fidelity AAA CLO ETF Overview
Fidelity AAA CLO ETF (FAAA) is an actively managed Taxable Bond Securitized Bond - Focused exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2026.
The investment seeks to generate income.
The fund normally invests at least 80% of assets in collateralized loan obligations (CLOs) that are rated AAA. AAA rated securities in which the fund invests include securities or issuers rated at least AAA or its equivalent by at least one nationally recognized statistical ratings organization (NRSRO), or, if unrated, determined by the Adviser to be of comparable quality. It is non-diversified.
About Fidelity AAA CLO ETF (FAAA)
There are 3 members of the management team with an average tenure of 0.47 years: Robert Galusza (2026), David DeBiase (2026) and John Mistovich (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Fidelity AAA CLO ETF has 183 securities in its portfolio. The top 10 holdings constitute 13.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Fidelity AAA CLO ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Fidelity AAA CLO ETF has 49.1% 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 97.6% (48.5% domestic bond, 49.1% foreign bond and 0.0% convertible bond). Fidelity AAA CLO ETF has 2.1% of the portfolio in cash.
Assets Under Management
The fund has $78 million in total assets, which is below the $1 billion average for the Securitized Bond - Focused 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.
FAAA 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 AAA CLO ETF expense ratio is low compared to funds in the Securitized Bond - Focused category. Fidelity AAA CLO ETF has an expense ratio of 0.00%, which is 100% lower than its category average, making the fund expense ratio grade a A. 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 AAA CLO ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 51% for the Securitized Bond - Focused category.
Recently, in the month of July 2026, Fidelity AAA CLO ETF returned 0.4%, which earned it a grade of B, as the Securitized Bond - Focused 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 AAA CLO ETF has a trailing yield of 0.00%, which is below the 5.32% 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.
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Fidelity AAA CLO ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
FAAA Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FAAA Return (NAV) | 0.4% | 1.3% | na | na | na | na |
| FAAA Return (Price) | 0.5% | 1.3% | na | na | na | na |
| NAV +/- Price Return | -0.032% | -0.050% | na | na | na | na |
| Securitized Bond - Focused Avg | 0.3% | 1.2% | 4.9% | 6.6% | 3.4% | 1.9% |
| FAAA Grade (NAV) | B | B | na | na | na | na |
| +/- Category (NAV) | 0.1% | 0.1% | na | na | na | na |
| FAAA Tax-Cost Ratio | na | na | na | na | na | na |
FAAA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FAAA Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| FAAA Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Securitized Bond - Focused Avg | 2.5% | 5.9% | 7.6% | 9.0% | -3.7% | 0.3% | 5.8% | 7.5% | 0.6% | 3.1% | 3.0% |
| FAAA Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | 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: | -- |
| Total Assets: | $ 79 Mil |
| Share Class Assets: | $ 79 Mil |
| Turnover: | na |
| Expense Ratio: | 0.00% |
| Index Fund: | No |
| Index Tracked: | N/A |
| 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: 0.5 years | |||
| Average Tenure: 0.5 years | |||
| Managers (Year): Galusza Robert (2026), DeBiase David (2026), Mistovich John (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 183 |
| % in Top 10 Holdings: | 13.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 49.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 48.5% |
| Foreign Bond: | 49.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.3% |
| Cash: | 2.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-343-3548 |
| Website: | |
| Inception Date: | February 10, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.00% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.31% |
