Fidelity Sustainable High Yield ETF
FSYD
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- Fidelity Sustainable High Yield ETF (FSYD) is an actively managed exchange-traded fund that seeks a high level of current income with a secondary objective of capital appreciation by investing primarily in high yield debt securities rated below investment grade. The fund normally invests at least 80% of its assets in bonds of non-investment grade issuers that Fidelity Management & Research Company LLC (FMR) determines exhibit proven or improving sustainability practices based on proprietary environmental, social, and governance (ESG) assessments; this includes quantitative screening for attractive risk-reward profiles combined with fundamental bottom-up credit analysis leveraging Fidelity's high-income and global research teams. Its portfolio features diversified holdings across approximately 420 securities, with key allocations to corporate cash-pay bonds (around 90%), bank debt (5-6%), convertible bonds (2%), and smaller positions in equities, preferred stocks, and other debt; top sectors include healthcare, technology & electronics, utilities, and basic industry, while top issuers as of mid-2025 encompass CCO Holdings LLC/Cap Corp, Tallgrass Energy Partners LP, Tenet Healthcare Corp, Univision Communications Inc., and CVS Health Corp. Credit quality diversification emphasizes BB (around 42-44%) and B-rated (33-36%) bonds, supplemented by CCC & below (15-19%), with a weighted average maturity of 4.7 years and effective duration of 3.07 years; the fund trades on NYSE Arca with a gross expense ratio of 0.56% and a 30-day SEC yield of approximately 6.6-7.0% as of late 2025. FSYD operates as a series of Fidelity Covington Trust, with shares issued by Fidelity Distributors Company LLC; it targets investors seeking high yield bond exposure integrated with ESG criteria, focusing on issuers from G10 countries, Western Europe, or U.S. territories, excluding defaulted securities and emphasizing those with at least one year to maturity and $100 million face value outstanding. Geographically, the fund concentrates on U.S. dollar-denominated debt (over 80% U.S. bonds) with limited non-U.S. exposure (around 12%), serving primarily institutional and retail investors through brokerage platforms worldwide. Launched on February 15, 2022, and domiciled in the United States, FSYD is managed by Fidelity Investments, a privately held financial services firm headquartered at 245 Summer Street in Boston, Massachusetts, with additional operations including administrative functions in Smithfield, Rhode Island. In recent developments, portfolio manager Jared Beckerman joined Benjamin Harrison as co-manager effective January 2024, enhancing the team's expertise in sustainable high yield strategies amid Fidelity's broader fixed income ETF expansion. The fund has sustained steady asset growth to approximately $63-76 million in portfolio assets by late 2025, reflecting resilient performance with a life-of-fund NAV return of about 5.2-5.8% annualized and a 1-year return near 10%, outperforming its Morningstar High Yield Bond category peers in several periods; this builds on Fidelity's ongoing innovations, such as new ETF launches in municipal bonds (April 2025) and actively managed equity strategies (November 2024). No major acquisitions, funding rounds, or structural reorganizations specific to FSYD have been reported in the last 1-2 years.