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FAAA

GradeANASDAQ Global Market

FIDELITY AAA CLO ETF

Specialty Bonds · Fidelity · Inception 2026-02-10

$50.39+0.01 (+0.01%)

As of Sep 23, 2026, 2:17 PM EDT

History starts Feb 10, 2026.History starts Feb 10, 2026.
Intraday session: up, 43 prints from 50.38 to 50.39. Range 50.36 to 50.40. Use the arrow keys to read each point.$50.36$50.37$50.38$50.4010 AM12 PM2 PM4 PM
Expense ratio
0.20%
Fund size
$100M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$50.30
52W range
low $49.67high $50.49

The ETF.net FAAA Grade

A

70/ 100

Rank 8 of 34 in Collateralized Loan Obligations (CLO)⁠

Confidence Medium

Six-pillar profile for FAAA. Scores out of 100: Cost 83, Risk 65, Mission not scored, Tradability 46, Holdings 89, Durability 51. Strongest: Holdings (89). Weakest: Tradability (46). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 70 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 83
    Category rank7/34 · top 21%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 65
    Category rank13/33 · top 39%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 46
    Category rank21/34 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 89
    Category rank2/34 · top 6%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 51
    Category rank21/34 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on FAAA

ETF.net Research

AFidelity's entry into the AAA CLO trade: at least 80% in the top-rated slice of the leveraged loan market, floating rate, priced at 0.20% to sit level with the category's heavyweights.

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

  1. 01Charges 0.20% a year, below the 0.25% typical of AAA CLO funds and level with the group's largest names, CLOA and JAAA.
  2. 02Mandate keeps at least 80% in AAA-rated CLOs, the most senior tranche and the last in line to absorb loan losses, with coupons that float against short-term rates.fidelity.com
  3. 03Portfolio stays tightly inside that mandate, which puts it in the upper tier of a crowded AAA CLO field rather than the middle of the pack.

Worth knowing

  1. 01Launched in 2026, so the risk record rests on a short history rather than a full credit cycle.
  2. 02Trades lightly next to the category's established funds, so spreads can be wider than headline size suggests. Limit orders are the usual fix.
  3. 03Income arrives on an irregular schedule, not a fixed monthly payout, and floating coupons move with short-term rates in both directions.

FAAA Holdings

As of Sep 21, 2026, 3:28 PM
Asset class
Bonds
Holdings
—
Top-10 weight
14%
Largest holding
CASH CF3.6%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 13.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—CASH CF3.62%4,318,618$4M60
002—AGL 25-17A AR TSFR3M+95 01/351.30%1,550,000$2M1
003—CANYC 25-1A AR TSFR3M+105 04/31.29%1,546,430$2M9
004—API 2239A A1R TSFR3M+123 10/381.26%1,500,000$2M9
005—RRAM 25-38A A1A TSFR3M+115 04/1.25%1,500,000$1M2
006—BCC 25-1A AR TSFR3M+94 04/34 11.24%1,482,008$1M4
007—AIMCO 25-AA A1R4 TSFR3M+125 101.13%1,350,000$1M1
008—DCLO 25-5A A1R TSFR3M+124 01/31.09%1,300,000$1M6
009—OHALF 1A A1R4 TSFR3M+125 10/381.05%1,250,000$1M4
010—REG22 2022-2A A1R2 TSFR3M+1261.05%1,250,000$1M2
011—DCLO 22-4A ARR TSFR3M+123 1/391.05%1,250,000$1M3
012—PLMRS 26-3A AR TSFR3M+122 01/31.05%1,250,000$1M2
013—FLAT 24-4A A TSFR3M+133 01/381.05%1,250,000$1M4
014—RRAM 36RA A1R TSFR3M+129 1/401.05%1,250,000$1M4
015—KKR 26-50A A1R TSFR3M+127 04/31.05%1,250,000$1M5

Showing 1–15 of 193 holdings

FAAA Performance

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

FAAA$10,131
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. FAAA $10,131. SPY $10,415. Use the arrow keys to read each point.$9,741$10,122$10,502Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 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 year—
1 month+0.4%
3 months+1.3%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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+3.2%

Since listing, Feb 10, 2026

FAAA in the news

ETF.net Research hasn’t filed on FAAA yet — coverage lands here as it’s written.

FAAA Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.19 per share
Paid 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. 7 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. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
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

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.

FAAA Cost

Expense ratio0.20%
  • The middle half of Collateralized Loan Obligations (CLO) funds
  • Median 0.29%

6 of the 34 Collateralized Loan Obligations (CLO) funds charge less.

FAAA costs $20.00 a year on $10,000. The median Collateralized Loan Obligations (CLO) fund costs $29.00.