**Fidelity Total Bond ETF Q3 2025 Commentary**
*November 10, 2025 | 12:15 AM ET*
**Fidelity Total Bond ETF (FBND)**
Ticker: FBND
Managed by Fidelity Investments
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### Comments Summary
Over the three-month period ending September 30, 2025, investor sentiment shifted from caution to relative optimism. The ETF’s out-of-benchmark exposure to certain “plus” categories contributed positively to its performance relative to the benchmark Bloomberg U.S. Aggregate Bond Index.
Compared to the Aggregate Index, the ETF maintained an overweight position in risk assets as of the end of Q3. Our ongoing goal is to collaborate with our experienced investment teams to identify attractively priced bonds for the portfolio while maintaining a disciplined approach to risk management.
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### Taxable Bond Market Review
U.S. taxable investment-grade bonds gained 2.03% in the third quarter, as measured by the Bloomberg U.S. Aggregate Bond Index. Throughout this period, investor sentiment improved, moving from a cautious stance to one of relative optimism. This shift was influenced by easing concerns around U.S. trade and fiscal policies.
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### About Fidelity Investments
Fidelity’s mission is to strengthen the financial well-being of its customers and deliver better outcomes for the clients and businesses it serves. With assets under administration totaling $12.6 trillion — including discretionary assets of $4.9 trillion as of December 31, 2023 — Fidelity focuses on meeting the unique needs of a broad and growing customer base.
Privately held for 77 years, Fidelity employs more than 74,000 associates worldwide. Headquartered in Boston, the firm has a global presence spanning nine countries across North America, Europe, Asia, and Australia.
For inquiries or communication, please use Fidelity’s official channels.
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