John Gabriel: The strategy behind Gold-rated Fidelity Total Bond Fund (FTBFX) recently became available as an exchange-traded fund. The ETF, which trades under the ticker FBND, is not a separate share class of the mutual fund. It is, however, managed by the same team of portfolio managers and employs the same strategy. It also charges the same 45-basis-point fee as the mutual fund's no-load share class.
Lead manager Ford O'Neil has a strong long-term record running the mutual fund. So, even though the ETF has less than one year of live performance, investors can still glean some insights about its prospective behavior.