ETF Evaluator:
Fidelity Total Bond ETF (FBND)
Follow This ETF
(as of Jul 31)
Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 10.5% | Infrastructure Capital Bond Income ETF (BNDS) |
| 7.0% | Monarch Ambassador Income ETF (MAMB) |
| 5.2% | PIMCO Active Bond ETF (BOND) |
| 4.8% | Nuveen Core Plus Bond ETF (NCPB) |
| 4.8% | Invesco Total Return Bond ETF (GTO) |
Risk
Index
Risk
Index
ETF Details
Fidelity Total Bond ETF Overview
Fidelity Total Bond ETF (FBND) is an actively managed Taxable Bond Intermediate Core-Plus Bond exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2014.
The investment seeks a high level of current income.
Normally, the fund invests at least 80% of assets in debt securities of all types and repurchase agreements for those securities. The manager uses the Bloomberg U.S. Universal Bond Index as a guide in allocating assets across the investment-grade, high yield, and emerging market asset classes. The fund invests up to 20% of assets in lower-quality debt securities. It is managed to have similar overall interest rate risk to the index.
About Fidelity Total Bond ETF (FBND)
There are 9 members of the management team with an average tenure of 6.04 years: Franco Castagliuolo (2022), Michael Plage (2015), Michael Foggin (2014), Celso Munoz (2016), Julian Potenza (2026), Benjamin Harrison (2023), Brian Day (2024), Stacie Ware (2024) and Ford O'Neil (2014). 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 Universal TR USD index with a weighting of 100%. Fidelity Total Bond ETF has 4637 securities in its portfolio. The top 10 holdings constitute 18.1% 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 Total Bond ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Fidelity Total Bond ETF has 11.3% 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 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 103.4% (92.2% domestic bond, 11.2% foreign bond and 0.1% convertible bond). Fidelity Total Bond ETF has -1.1% of the portfolio in cash.
Assets Under Management
The fund has $26 billion in total assets, which is above the $2 billion average for the Intermediate Core-Plus 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.
FBND 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 Total Bond ETF expense ratio is below average compared to funds in the Intermediate Core-Plus Bond category. Fidelity Total Bond ETF has an expense ratio of 0.36%, which is 21% lower than its category average, making the fund expense ratio grade a B. 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 Total Bond ETF has a portfolio turnover rate of 246%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 159% for the Intermediate Core-Plus Bond category.
Recently, in the month of June 2026, Fidelity Total Bond ETF returned 0.3%, which earned it a grade of B, as the Intermediate Core-Plus Bond category had an average return of 0.2%. 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 Total Bond ETF has a trailing yield of 4.69%, which is above the 4.56% category average.
The fund normally distributes its income monthly.
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 Total Bond ETF Grades
Year to date, the ETF has returned 1.0%, 0.0 percentage points better than the category, which translates into a grade of B. The fund has returned 4.2% over the past year (grade of C), 4.9% over the past three years (grade of C) and 0.8% per year over the past five years (grade of B) and 2.5% per year over the past 10 years (grade of B).
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FBND Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FBND Return (NAV) | 0.3% | 0.9% | 4.2% | 4.9% | 0.8% | 2.5% |
| FBND Return (Price) | 0.3% | 0.8% | 4.1% | 4.8% | 0.8% | 2.5% |
| NAV +/- Price Return | 0.011% | 0.066% | 0.037% | 0.128% | 0.016% | 0.009% |
| Intermediate Core-Plus Bond Avg | 0.2% | 1.1% | 4.3% | 5.1% | 0.8% | 2.3% |
| FBND Grade (NAV) | B | D | C | C | B | B |
| +/- Category (NAV) | 0.1% | -0.2% | -0.1% | -0.2% | 0.0% | 0.2% |
| FBND Tax-Cost Ratio | na | na | 1.9% | 1.9% | 1.6% | 1.4% |
FBND Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FBND Return (NAV) | 1.0% | 7.6% | 2.4% | 6.8% | -12.7% | -0.3% | 9.5% | 9.9% | -0.7% | 4.1% | 6.6% |
| FBND Return (Price) | 1.0% | 7.6% | 2.1% | 6.8% | -12.5% | -0.4% | 9.4% | 9.8% | -0.6% | 3.5% | 6.7% |
| NAV +/- Price Ret | -0.007% | -0.002% | -0.102% | -0.005% | -0.015% | 0.248% | -0.010% | -0.9% | -14.7% | -13.6% | 1.5% |
| Intermediate Core-Plus Bond Avg | 0.9% | 7.4% | 2.9% | 6.6% | -13.1% | -0.8% | 8.0% | 9.8% | -0.2% | 4.3% | 4.9% |
| FBND Grade (NAV) | B | C | C | C | C | A | A | C | D | C | A |
| +/- Category | 0.0% | 0.2% | -0.5% | 0.2% | 0.4% | 0.4% | 1.5% | 0.1% | -0.4% | -0.3% | 1.7% |
| Risk Measures | |
| Beta: | 0.98 |
| R-Squared: | 99% |
| Standard Deviation: | 5.5% |
| Category Risk Index: | 1.00 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.45 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.7% |
| Total Assets: | $ 26,618 Mil |
| Share Class Assets: | $ 26,618 Mil |
| Turnover: | 246.0% |
| Expense Ratio: | 0.36% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 9 | |||
| Longest Tenure: 11.7 years | |||
| Average Tenure: 6.0 years | |||
| Managers (Year): Foggin Michael (2014), O'Neil Ford (2014), Plage Michael (2015), Munoz Celso (2016), Castagliuolo Franco (2022), Harrison Benjamin (2023), Day Brian (2024), Ware Stacie (2024), Potenza Julian (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 4637 |
| % in Top 10 Holdings: | 18.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 11.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 92.2% |
| Foreign Bond: | 11.2% |
| Convertible Bond: | 0.1% |
| Other: | -2.6% |
| Cash: | -1.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-343-3548 |
| Website: | |
| Inception Date: | October 6, 2014 |
Expenses and Fees
| Expense Ratio (%): | 0.36% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.46% |
