FSEC Fees and Costs — Fidelity Investment Grade Securitized ETF
Data updated: 2026-07-24
The net expense ratio is 0.36%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $75K in broker commissions, 0.0031% of average net assets, and portfolio turnover was 967%.
FSEC Fees and Expenses
Annual operating expenses and sales charges of FSEC. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.36% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.36% |
| Fee waiver | — |
| Net expense ratio | 0.36% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FSEC Costs Over Time
On $10,000 invested in FSEC, assuming 5% a year before costs, total costs come to $230 over 5 years, cutting the return by 0.38% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.36%) | $38 | $119 | $207 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $6 | $21 |
| Total costs | $38 | $126 | $230 |
| Value after costs | $10,462 | $11,451 | $12,533 |
| Impact on return, per year | 0.38% | 0.38% | 0.38% |
FSEC Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0031%
- Total broker commissions: $75K
- Bought from dealers (principal trades, not a cost): $63.9B
- Portfolio turnover (prospectus): 967%
- Securities lending: none during the year
FSEC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $69K | 92.39% |
| JPMORGAN CHASE and CO | $5K | 6.18% |
| GOLDMAN SACHS GROUP INC (THE) | $1K | 1.43% |
FSEC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS GROUP INC (THE) | $13.2B | 21.04% |
| MORGAN STANLEY | $10.3B | 16.46% |
| JPMORGAN CHASE and CO | $9.4B | 14.91% |
| BARCLAYS PLC | $7.7B | 12.21% |
| CITIGROUP INC | $6.9B | 11.00% |
| BANK OF AMERICA CORPORATION | $5.8B | 9.22% |
| WELLS FARGO and CO | $4.5B | 7.22% |
| MIZUHO FINANCIAL GROUP INC | $3.5B | 5.54% |
| BNP PARIBAS | $1.0B | 1.63% |
| BANCO SANTANDER SA | $479.4M | 0.76% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.