Fidelity Investments® Expands Active ETF Lineup With Two CLO ETFs: Fidelity AAA CLO ETF (FAAA) and Fidelity CLO ETF (FCLO)

FAAA and FCLO Broaden Investors’ ETF Options and Opportunities for Diversification Through Access to the Collateralized Loan Obligation Market

New ETFs are Competitively Priced and Fees Waived for First 12 Months

BOSTON–(BUSINESS WIRE)–Fidelity Investments^® today announced the launch of Fidelity AAA CLO ETF (FAAA) and Fidelity CLO ETF (FCLO), two active ETFs that offer investors access to the collateralized loan obligation (CLO) market. The ETFs are listed on the Nasdaq Stock Market LLC and available today commission-free for individual investors and financial advisors through Fidelity’s online brokerage platforms.

FAAA and FCLO both seek to generate income by investing in CLOs. FAAA normally invests at least 80% of its assets in CLOs that are rated AAA, while FCLO invests the majority of its assets in CLOs rated from BBB+ to B- or the equivalent¹. Learn more about CLO ETFs and their features in this Fidelity Viewpoints article, “A new way to seek extra yield.”

“Investors are looking for new return and diversification opportunities, and we’re committed to meeting client needs by developing high-quality solutions like the new CLO ETFs,” said Harley Lank, head of High Income & Alternatives at Fidelity Investments. “Fidelity has deep credit research capabilities and a longstanding history in the CLO space as both an issuer and investor.”

With today’s launch, Fidelity’s exchange-traded lineup consists of 77 ETFs and ETPs with $154 billion in assets under management². In addition to its proven track record in the active ETF space, Fidelity is a leading manager across the credit spectrum, grounded in its $2.3 trillion³ fixed income business, nearly 50 years of high-yield expertise, and more than two decades of experience in the CLO markets. The portfolio management team for FAAA includes long-tenured co-managers Dave DeBiase, Rob Galusza, and John Mistovich, who have more than 65 years of collective experience at Fidelity Investments. Michelle Liu is lead portfolio manager of FCLO, bringing 20 years of structured credit experience to the role, with Dave DeBiase as co-manager.

“FAAA and FCLO enhance our ETF lineup, delivering straightforward access to an often complex market — reinforced by Fidelity’s proven investment capabilities and active management experience,” said Robin Foley, head of Fixed Income at Fidelity Investments.

Consistent with Fidelity’s commitment to providing exceptional value for investors, the management fees for FAAA and FCLO will be waived for the first 12 months. After the fee waiver period, the ETFs will remain competitively priced with a gross expense ratio of 0.20% for FAAA and 0.45% for FCLO. Individual investors and financial advisors can learn more about Fidelity’s full exchange-traded lineup at Fidelity.com/etfs.

Fidelity’s Growing Exchange-Traded Platform

With today’s launch, Fidelity’s exchange-traded lineup consists of 77 ETFs and ETPs with $154 billion in assets under management⁴, including 29 actively managed equity ETFs, 15 fixed income ETFs, 13 equity factor ETFs, five passive thematic ETFs, 11 passive equity sector ETFs, three digital asset ETPs and Fidelity ONEQ. Most recently, Fidelity added a Solana ETP, Managed Futures ETF, and two municipal bond ETFs to the lineup.

As part of Fidelity’s commitment to financial education, the company offers a variety of resources to help investors review exchange-traded investing ideas, decide which types of exchange-traded offerings may fit their investing needs, or browse offerings with Fidelity’s screeners: Investing in ETFs/ETPs | Fidelity Investments or Fidelity ETFs & ETPs | Fidelity Institutional. As a leading provider of exchange-traded offerings, Fidelity’s platform offers individual investors and advisors access to nearly 4,900 exchange-traded offerings, with more than $2.0 trillion in exchange-traded client assets⁵.

About Fidelity Investments

Fidelity’s goal is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses we serve. Fidelity’s strength comes from the scale of our diversified, market-leading financial services businesses that serve individuals, families, employers, wealth management firms, and institutions. With assets under administration of $17.5 trillion, including discretionary assets of $6.8 trillion as of September 30, 2025, we focus on meeting the unique needs of a broad and growing customer base. Privately held for 79 years, Fidelity employs more than 78,000 associates across the United States, Ireland, and India. For more information about Fidelity Investments, visit https://about.fidelity.com/.

Unless otherwise expressly disclosed to you in writing, the information provided in this material is for educational purposes only. Any viewpoints expressed by Fidelity are not intended to be used as a primary basis for your investment decisions and are based on facts and circumstances at the point in time they are made and are not particular to you. Accordingly, nothing in this material constitutes impartial investment advice or advice in a fiduciary capacity, as defined or under the Employee Retirement Income Security Act of 1974 or the Internal Revenue Code of 1986, both as amended. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in the products or services and may receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services. Before making any investment decisions, you should take into account all of the particular facts and circumstances of your or your client’s individual situation and reach out to an investment professional, if applicable.

Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information.

ETFs are subject to market fluctuation, the risks of their underlying investments, management fees, and other expenses.

These alternative investment strategies may not be suitable for all investors and are not intended to be a complete investment program for any investor.

Diversification does not ensure a profit or guarantee against a loss. Past performance is no guarantee of future results.

The funds invest significantly in collateralized loan obligations (CLOs) which are associated with a number of risks including liquidity, interest-rate, credit, event, and call risk as well as the risk of default of the underlying assets. The CLOs in which the funds invest are managed by investment advisers independent of the Adviser and may be subject to conflicts of interests, including managing the assets of other clients or other investment vehicles, or receiving fees that incentivize maximizing the yield, and indirectly the risk, of a CLO. Fixed income securities carry interest rate risk (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.). Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Floating rate loans may not be fully collateralized and therefore may decline significantly in value. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. Unlike certain ETFs, the funds may effect some or all creations and redemptions using cash, rather than in-kind securities. As a result, an investment in the funds may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. The funds may have additional volatility because they can invest a significant portion of assets in securities of a small number of individual issuers. An ETF may trade at a premium or discount to its Net Asset Value (NAV).

**Free commission offer applies to online purchases of Fidelity ETFs in a Fidelity retail account. The sale of ETFs is subject to an activity assessment fee (historically from $0.01 to $0.03 per $1,000 of principal).**

Before investing in any exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, offering circular or, if available, a summary prospectus containing this information. Read it carefully.

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