Fidelity Enhanced High Yield ETF
FDHY
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- Fidelity Enhanced High Yield ETF (FDHY) is an actively managed exchange-traded fund that seeks a high level of current income and capital appreciation by investing primarily in high yield debt securities, including below investment grade bonds issued by U.S. and foreign corporations; it employs a quantitative, rules-based screening process emphasizing value and quality factors to select bonds with high return potential and low default probability, focusing on those rated BB and B; the fund normally invests at least 80% of its assets in such securities and holds a diversified portfolio of approximately 300 holdings across various corporate issuers in sectors such as energy, media, and consumer goods. Launched on June 12, 2018, and issued by Fidelity Covington Trust, with investment management provided by Fidelity Investments companies including Fidelity Management & Research Company LLC, the ETF is headquartered in the United States and trades on U.S. exchanges with a net expense ratio of 0.35% and assets under management of approximately $413 million as of recent reports. In October 2024, the fund underwent a significant rebranding from Fidelity High Yield Factor ETF to its current name to better reflect its active, quantitative investment strategy, coinciding with a reduction in its expense ratio from 0.45% to 0.35% effective October 1, 2024, which is projected to save shareholders an estimated $331,000 annually based on prior AUM; portfolio management saw updates including the addition of Leo Landes as co-lead portfolio manager in April 2025 and the departure of Alexandre Karam, with current co-lead managers Rahul Bhargava and Leo Landes alongside co-portfolio managers Benjamin Harrison and Jared Beckerman. The ETF targets income-seeking investors, particularly those comfortable with credit risk in the high yield bond segment, and operates globally through its exposure to USD-denominated junk bonds while maintaining U.S. domicile and primary listing.