Fidelity Preferred Securities & Income ETF
FPFD
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- Fidelity Preferred Securities & Income ETF (FPFD) is an actively managed exchange-traded fund that seeks high total return through a combination of current income and capital appreciation by investing primarily in preferred securities and other income-producing securities. The fund, issued by Fidelity Covington Trust and managed by Fidelity Management & Research Company LLC (FMR), normally invests at least 80% of its assets in preferred securities, contingent convertible securities, and corporate hybrid securities, with a focus on securities rated at least BB- or equivalent by major rating agencies or determined to be of comparable quality by FMR; it concentrates investments in issuers engaged in financial services and related industries, utilizing fundamental analysis of issuer financial conditions, industry positions, and market/economic factors. As of September 30, 2025, the portfolio comprises 331 holdings, including top positions such as Energy Transfer LP 6.625%/VAR PERP, Bank of New York 3.7%/VAR PERP, Enbridge Inc. 8.5%/VAR 01/15/84, GSINC 4.125%/VAR PERP, and Southern Co. 4.2% PFD 10/15/60; diversification spans bonds (68.58%), equities (29.25%), convertible preferred stock (0.23%), convertible bonds (0.02%), and cash/net other assets (1.92%), with credit quality primarily in BBB (50.18%) and BB (34.27%) ratings, a 30-day SEC yield of 5.05%, and net assets of approximately $70.3 million. Launched on June 15, 2021, and listed on Cboe BZX Exchange, FPFD is domiciled in the United States with headquarters aligned to Fidelity's operations in Smithfield, Rhode Island; it targets income-oriented investors seeking exposure to the preferred securities market—a hybrid category blending stock and bond features—with low correlation to investment-grade bonds and lower volatility than common equities, serving U.S. and select international issuers across sectors like energy, financial services, utilities, and telecommunications. In recent portfolio adjustments as of the third quarter of 2025, managers reduced exposure to discounted retail preferreds amid narrowing spreads, reinvesting proceeds into higher-priced retail preferreds and institutional preferreds while shifting underweight in financials/cyclicals and overweight in utilities and less economically sensitive sectors; the fund maintained overweights in energy (15.10% vs. 8.87% index), financial services (20.14% vs. 14.13%), and utilities (17.04% vs. 16.13%), with underweights in insurance (-7.46% relative), banking (-3.91%), and automotive (-0.60%), alongside a duration of 6.12 years and current yield of 6.93% as of September 30, 2025. Portfolio management remains team-led by Adam Kramer and Brian Chang (since inception), with Parikshit Gandhi and Rick Gandhi added since January 2024; no major acquisitions, partnerships, funding rounds, or structural changes have been announced in the past 1-2 years, reflecting steady active management amid market volatility.