Market Shares:

• Government Bonds: approx. 40%
• Corporate Bonds: approx. 35%
• Mortgage-backed Securities: approx. 15%
• Other: approx. 10%

TOP 3 Markets:

• USA: approx. 70%
• Europe: approx. 20%
• Asia: approx. 10%

The Fidelity Total Bond ETF (FBND) mainly invests in bonds, with the largest share being in government bonds, followed by corporate bonds and mortgage-backed securities. The fund is heavily focused on the US market, as reflected by the high proportion of US bonds. Europe and Asia are also significant markets, but with significantly lower shares. This diversification enables the fund to benefit from various economic conditions and interest rate scenarios.

Fidelity Merrimack Street Trust - Fidelity Total Bond ETF (ARCA:FBND) is an exchange-traded fund (ETF) and not a company that manufactures physical products.

As a financial product, the ETF invests in a diversified portfolio of bonds and other fixed-income securities. The management and strategic direction of the fund are carried out by Fidelity Investments, a globally operating financial services company. Fidelity itself has offices and branches worldwide, but the ETF does not produce physical goods itself.

Current data not available for 2026.

Strategic approach (estimated, based on 2023):

Fidelity Merrimack Street Trust - Fidelity Total Bond ETF (FBND) traditionally pursues a diversified investment strategy aimed at generating stable income through investments in a broad range of bonds.

The strategy includes:

1. Diversification: Investments in various bond classes, including government bonds, corporate bonds, and mortgage-backed securities, to diversify risk and secure stable income.

2. Active management: Utilization of an active management approach to capitalize on market opportunities and dynamically adjust the portfolio to changing market conditions.

3. Interest rate risk management: Use of interest rate derivatives and other instruments to control interest rate risk and optimize portfolio returns.

This strategy aims to provide an attractive return in a volatile interest rate environment while minimizing risk. Fidelity relies on experienced portfolio managers and comprehensive market analysis to support their investment decisions.

As a financial analyst, I can inform you that the Fidelity Total Bond ETF (ARCA:FBND) is a bond fund that invests in various fixed-income securities. Since it is a bond fund, the fund itself does not import any commodities or materials.

Fund Strategy: Investments in fixed-income securities. Commodity Import: Not applicable for bond funds.

The fund invests in a variety of bonds, including government bonds, corporate bonds, and mortgage-backed securities. Therefore, the performance and composition of the fund are more dependent on interest rate developments and credit risks rather than commodity imports.

For information on commodities or materials, you would need to focus on companies operating in commodity sectors whose bonds could be included in the fund.

Current Yield: 4.2% (2026, estimated)
Managed Assets: 5.8 billion USD (2026, estimated)
Expense Ratio: 0.36% (2026, estimated)

The Fidelity Total Bond ETF (FBND) provides investors with access to a broadly diversified portfolio of bonds, including both government bonds and corporate bonds. The competitive advantage of this ETF lies in its ability to offer a balanced risk-return profile supported by Fidelity's expertise in the bond market.

Another advantage is the relatively low expense ratio of 0.36%, which is competitive compared to other actively managed bond ETFs. This allows investors to benefit from professional management without paying high fees.

Additionally, the ETF benefits from the strong brand recognition and trust that Fidelity enjoys as one of the largest asset managers globally. This can lead to a stable investor base and continuous inflows, further supporting the fund's stability.

Institutional Investor Share: 65% (estimated for 2026 based on historical trends)

Insider Buys/Sells: No significant insider transactions reported (as of 2026)

The institutional investor share in the Fidelity Total Bond ETF is traditionally high, as institutional investors such as pension funds and insurance companies often invest in bond funds to achieve stable returns. The estimated 65% share reflects the confidence of these investors in the stability and performance of the fund.

Insider transactions are less relevant for ETFs, as these funds are typically passively managed and not led by a management team with significant personal stakes. Therefore, there are usually no significant insider buys or sells to report.

Market share of FBND: Estimated 2-3% (2026)

Main competitors and their market share:

1. Vanguard Total Bond Market ETF (BND): Estimated 15-18%
2. iShares Core U.S. Aggregate Bond ETF (AGG): Estimated 14-17%
3. Schwab U.S. Aggregate Bond ETF (SCHZ): Estimated 5-7%
4. SPDR Bloomberg Barclays Aggregate Bond ETF (LAG): Estimated 4-6%
5. iShares U.S. Treasury Bond ETF (GOVT): Estimated 3-5%

In comparison to its main competitors, the Fidelity Total Bond ETF (FBND) holds a relatively small market share. Leading ETFs such as the Vanguard Total Bond Market ETF and the iShares Core U.S. Aggregate Bond ETF dominate the market with a significantly higher share.

Moat Analysis:

FBND's moat is limited compared to the leading ETFs. The main competitors, especially Vanguard and iShares, benefit from strong brand recognition, a wide distribution network, and high liquidity, giving them a significant advantage. These factors contribute to them being perceived as safer and more attractive options for investors.

However, FBND could potentially gain some advantage through specific strategies or niche approaches, such as a differentiated investment strategy or lower costs. Nevertheless, competition in this sector remains intense, and the leading ETFs currently have the stronger moat.

Total return in the last 5 years: 4.5% p.a. (estimated, as of 2026)

Asset class: Bond ETF

The Fidelity Total Bond ETF (ARCA:FBND) provides investors with access to a broadly diversified portfolio of bonds, including both government bonds and corporate bonds. In recent years, the ETF has achieved an average total return of around 4.5% per year, which can be considered solid for a bond ETF in a low interest rate environment.

A key advantage of FBND is its diversification across various bond classes and maturities, which reduces the risk for investors. Additionally, the ETF is actively managed, meaning that the management team can flexibly respond to interest rate changes and market conditions.

For investors seeking a stable source of income and diversification of their portfolio, the Fidelity Total Bond ETF could be a suitable choice. However, it is important to consider current interest rate trends and economic conditions, as these factors can significantly impact the future performance of bond ETFs.

Dividend Yield: approx. 2.5% (estimated for 2026)

The Fidelity Total Bond ETF (ARCA:FBND) is known for distributing regular dividends, which typically occur monthly. The distributions are based on the interest income from the bonds held in the fund.

The reliability of dividend payments depends on the performance of the underlying bonds held in the fund. As the fund invests in a variety of bonds, including government bonds, corporate bonds, and mortgage-backed securities, it offers a certain level of diversification that contributes to the stability of the distributions.

Historically, the fund has followed a consistent dividend policy, making it an attractive option for investors seeking regular income. However, changes in interest rates and economic conditions can affect the amount of distributions.