Skip to content
etf.net

Launched

FIDELITY AAA CLO ETF

FAAANasdaqFidelityA

$50.30−0.04 (−0.08%)

At close: Nov 2, 2026, 4:00 PM ET

A73/ 100

Rank 5 of 34 in Collateralized Loan Obligations (CLO)

A73/100Rank 5 of 34inCollateralized Loan Obligations (CLO)
Intraday session: down, 79 prints from 50.34 to 50.30. Range 50.27 to 50.33. Use the arrow keys to read each point.50.2750.2850.3150.3210 AM12 PM2 PM4 PM
Expense ratio
0.20%
Fund size
$134M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
226
Avg volume · 30D
68.9K sh
52W range
low $49.67high $50.49
Launched

The ETF.net FAAA Grade

Based on 5 of 6 pillars

A

Score 73 out of 100

Category
Collateralized Loan Obligations (CLO)⁠
Rank
5 of 34
Six-pillar profile for FAAA. Scores out of 100: Cost 80, Risk 74, Mission not scored, Tradability 58, Holdings 83, Durability 53. Strongest: Holdings (83). Weakest: Durability (53). Based on 5 of 6 pillars.

Score 73 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A80 out of 100
    Rank 2 of 34

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A74 out of 100
    Rank 6 of 33

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B58 out of 100
    Rank 12 of 34

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A83 out of 100
    Rank 3 of 34

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C53 out of 100
    Rank 18 of 34

Our read on FAAA

ETF.net Research

In short

AFidelity's CLO entrant costs nothing to own right now: the 0.20% management fee is waived in full through January 31, 2027. Underneath sits an actively run book of AAA-rated CLO tranches with floating-rate coupons.

Stated mandate

The fund seeks to generate income by investing at least 80% of its assets in floating-rate collateralized loan obligations rated AAA.

Why people hold it

  • Fee waived in full: 0.00% net on a 0.20% gross expense ratio through January 31, 2027. Peer AAA CLO funds CLOA and JAAA charge 0.20% and PAAA 0.19%, with no waiver.fidelity.com
  • At least 80% of assets go into AAA-rated CLO tranches, the senior slice of the structure, and floating-rate coupons keep interest-rate sensitivity short.sec.govfidelity.com
  • Actively managed by Fidelity's fixed income group, and per the prospectus the adviser pays the fund's other expenses with limited exceptions, so the headline fee is the fee.sec.govfidelity.com
  • Cost and portfolio construction put it among the stronger builds in a crowded AAA CLO field of more than 30 US funds.

Worth knowing

  • The zero fee is contractual, not permanent. It runs through January 31, 2027, after which the 0.20% gross rate can apply.fidelity.com
  • Launched in 2026, so the track record is short and the fund is smaller and less heavily traded than the category's longest-standing names.
  • AAA is the senior CLO tranche, not a loss shield: prices can move in loan-market stress, and income floats with short-term rates on an irregular payout schedule.sec.gov

FAAA Holdings

Holdings pillarA83 out of 100Rank 3 of 34 in Collateralized Loan Obligations (CLO)
Asset class
Bonds
Holdings
226
Top-10 weight
17%
Largest holding
Cash Cf3.2%

Geography

  • Cayman Islands92.23%
  • United States5.05%
  • United Kingdom2.63%
  • Jersey0.09%

Developed 3% · Emerging 97% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 16.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataCash Cf3.18%9,027,345$9.03M59
2No dataOakc 25-10RA AR2 TSFR3M+113 041.76%5,000,000$4.99M6
3No dataNeub 25-45A Ar TSFR3M+106 10/31.66%4,700,000$4.7M2
4No dataMagne 26A AR2 TSFR3M+115 01/381.51%4,300,000$4.29M4
5No dataSixst 25-22A Ar TSFR3M+113 04/1.51%4,300,000$4.29M3
6No dataWelli 25-5A A TSFR3M+129 10/381.50%4,250,000$4.25M1
7No dataMagne 37A A1R TSFR3M+120 10/381.50%4,250,000$4.25M2
8No dataMdpk 49A Ar TSFR3M+105 10/341.43%4,050,000$4.05M2
9No dataBcc 24-6A A1 TSFR3M+133 01/381.41%4,000,000$4M3
10No dataAbbsl 26-8A A1 TSFR3M+123 10/31.41%4,000,000$4M2
11No dataAres 2AR AR4 TSFR3M+90 10/341.41%4,000,000$4M5
12No dataWwick 25-1A Ar TSFR3M+128 10/31.41%4,000,000$4M6
13No dataOcp 2024-33AR A1R 3M+119 07/391.41%4,000,000$4M4
14No dataRram 26-5A A1A2 TSFR3M+120 07/1.41%4,000,000$4M3
15No dataAnchc 26-9A A1R4 TSFR3M+122 071.41%4,000,000$4M1

Showing 1–15 of 226 holdings

FAAA Performance

Launched Feb 10, 2026

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
FAAA$10,123
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,141
Jul 31, 2026 to Oct 30, 2026. FAAA $10,123. SPY $10,141. Use the arrow keys to read each point.$10,000$10,200$10,400Jul 2026Sep 2026Oct 2026

Jul 31, 2026 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FAAA. Periods over one year show the average yearly return.
PeriodFAAA
Year to dateFund launched this yearNo data
1 month+0.4%
3 months+1.2%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FAAA
YearReturn barFAAA
2026 YTD+3.8%

Since listing, Feb 10, 2026

FAAA in the news

FAAA Dividends

Upcoming payment
$0.13 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 9 payments in 2026 YTD. Feb 26, 2026 $0.12; Mar 30, 2026 $0.19; Apr 29, 2026 $0.18; May 28, 2026 $0.17; Jun 29, 2026 $0.18; Jul 30, 2026 $0.18; Aug 28, 2026 $0.19; Sep 29, 2026 $0.17; Oct 29, 2026 $0.13. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Oct 29, 2026Pays Nov 2, 2026$0.13
Sep 29, 2026Oct 1, 2026$0.17
Aug 28, 2026Sep 1, 2026$0.19
Jul 30, 2026Aug 3, 2026$0.18
Jun 29, 2026Jul 1, 2026$0.18
May 28, 2026Jun 1, 2026$0.17
Apr 29, 2026May 1, 2026$0.18
Mar 30, 2026Apr 1, 2026$0.19
Feb 26, 2026Mar 2, 2026$0.12

FAAA Risk

Risk pillarA74 out of 100Rank 6 of 33 in Collateralized Loan Obligations (CLO)
How much the fund’s monthly returns vary, scaled to a year.
Launched Feb 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
Launched Feb 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
Launched Feb 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.03
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

FAAA Cost

Compare FAAA and CLOC

Overpaying vs CLOC, cheapest in Collateralized Loan Obligations (CLO)

$406

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FAAA 0.20%

    $4,155

  • CLOC 0.18% Cheapest

    $3,749

$10,000
30 years

Cost over time

  • FAAA 0.20%
  • CLOC 0.18%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530FAAA $4,155CLOC $3,749

Year by year

YearFAAACLOCOverpaying
10$365$328$37
20$1,421$1,281$140
30$4,155$3,749$406

Other funds in Collateralized Loan Obligations (CLO)

See others