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Fidelity® Total Bond ETF FBND

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Manager Roster Changes on Fidelity Total Bond; Ratings Unchanged

Senior Analyst

Analyst Note

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On Oct. 3, 2022, Fidelity announced the appointment of Celso Munoz as co-lead portfolio manager alongside Ford O'Neil on Fidelity Total Bond. This move, which was implemented on Oct. 1, is sensible succession planning, in our view, and supports the strategy's High People rating. After working closely with O'Neil for five years as comanager on these funds, Munoz has long been the heir apparent to O'Neil. This does not indicate an imminent retirement for O'Neil, but the firm is effectively communicating a clear future succession plan to investors. In addition, Franco Castagliuolo, a senior securitized portfolio manager, has been named comanager on Fidelity Total Bond and Fidelity Total Bond ETF FBND. These appointments are more a recognition of the solid work Munoz and Castagliuolo have been contributing rather than a significant shift in responsibilities. As a result, both funds retain their Morningstar Analyst Ratings.

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