基金投资目标与核心策略 - 基金核心投资目标为获取纽约州税收豁免收入 通过将至少80%的净资产投资于免征美国联邦以及纽约州和纽约市所得税的市政证券来实现[1] - 合格发行主体包括纽约州及其行政区划 以及领土义务发行体 例如波多黎各、美属维尔京群岛和关岛[1] 投资组合构建方法 - 在正常市场条件下 基金投资组合的有效久期目标设定在大约3至9年之间[1] - 基金将至少50%的净资产配置于投资级债券 其中预先再融资或托管至到期的债券被视为投资级[1] - 基金对低于投资级的债券敞口限制在不超过50% 其中困境市政债券的配置上限为10%[1] - 基金可能持有需缴纳替代性最低税的债券 并可能使用衍生品 包括期货[1] 基金结构与风险控制 - 该基金为非分散化基金 其单一发行人的权重可能比广泛的市政债券基准指数更为集中[1] - 风险控制措施依赖于信用质量分级、久期目标管理、结构分析以及严格遵守困境债券配置上限[1]

Fidelity MSCI Real Estate Index ETF (FREL US) – Portfolio Construction MethodologyThe underlying MSCI USA IMI Real Estate 25/25 Index offers full-market-cap coverage of US real estate equities by selecting all GICS Real Estate constituents across large, mid, and small caps from the MSCI USA IMI. Eligibility follows MSCI Global Investable Market Indexes rules, including free-float adjustment, foreign ownership limits, and liquidity/investability thresholds; size segmentation targets ~99% of US free-float mar ...

First Trust S&P REIT Index Fund (FRI US) – Portfolio Construction MethodologyThe underlying S&P United States REIT Index provides float-adjusted market-cap exposure to U.S.-domiciled equity real estate investment trusts, excluding mortgage and hybrid REITs. Eligibility draws from the S&P U.S. BMI real estate universe and applies S&P Global BMI investability screens that typically include minimum float-adjusted market cap ≥ USD 100 million plus 6- and 12-month trading liquidity thresholds and free float requ ...

投资目标与策略 - 投资过程旨在从投资级证券化信用产品中获取高当期收入，同时控制利率风险和提前还款风险 [1] - 投资组合通常持有不低于80%的证券化债务，包括机构/非机构抵押贷款支持证券、商业地产抵押贷款支持证券和资产支持证券 [1] - 使用彭博美国证券化指数来调整整体利率风险敞口 [1] 证券选择方法 - 证券选择结合了现金流建模、期权调整利差/凸性分析、结构与分级审查、抵押品表现、服务商质量以及跨行业和息票类别的相对价值信号 [1] 投资组合构建原则 - 投资组合构建强调行业和结构的多元化、流动性分层以及对收益率曲线、利差和期限延长/提前还款风险的风险预算 [1] - 可使用远期结算的TBA/美元滚动交易和衍生品来微调久期、基差和持有收益 [1] 再平衡与风险管理 - 再平衡是持续进行的，基于基差变动、凸性不对称、抵押品迁移以及价格/价值差距来调整头寸 [1] - 当信用或结构恶化、出现不利的账龄动态或期权效率低下时，会减少持仓 [1]

基金投资目标与核心策略 - 基金投资过程专注于美国市政债务，旨在提供联邦免税收入，同时维持较短的利率风险敞口 [1] - 投资组合主要投资于具有结构性保护和广泛市场流动性的投资级一般义务债券和收益债券，并在信用分析支持的情况下选择性配置低于投资级的债券以获取增量利差 [1] 投资组合构建与管理方法 - 证券选择依赖于自下而上的基本面分析，分析对象包括发行人、质押收入、契约条款、赎回结构及资金用途，并在CUSIP级别整合事件风险和流动性评估 [1] - 投资组合构建以较短的有效久期为目标，围绕再融资周期和赎回日期采用阶梯式和杠铃式风险敞口配置 [1] - 通过限制发行规模、州集中度和行业权重来管理特殊风险和地域风险 [1] - 现金和高质量短期市政债券作为流动性缓冲工具 [1] 投资组合调整与再平衡 - 再平衡和削减头寸的操作反映了收益率曲线、赎回条款和信用等级之间的相对价值变化，或当发行人基本面或税法动态发生变化时 [1]

Fidelity Sustainable High Yield ETF (FSYD US) – Portfolio Construction MethodologyThe investment framework underpinning the actively managed Fidelity Sustainable High Yield ETF targets USD high-yield corporate bonds, combining bottom-up credit selection with defined sustainability criteria that avoid issuers with severe ESG controversies or prohibited activities while rewarding improving practices. Analysts underwrite business risk, financial policy, cash-flow coverage, asset protection and covenant strengt ...

Fidelity MSCI Consumer Staples Index ETF (FSTA US) – Portfolio Construction MethodologyThe underlying MSCI USA IMI Consumer Staples 25/50 Index provides free float-adjusted exposure to U.S. large-, mid-, and small-cap companies classified in GICS consumer staples. Eligibility follows MSCI’s developed market investability screens, including minimum liquidity of 12- and 3-month ATVR ≥20% and 3-month trading frequency ≥90%, with only one eligible listing used. Constituents and weights start from the MSCI USA I ...

Fidelity MSCI Information Technology Index ETF (FTEC US) – Portfolio Construction MethodologyThe underlying MSCI USA IMI Information Technology 25/50 Index delivers float-adjusted, cap-weighted exposure to U.S. information technology across large, mid and small caps. The universe follows MSCI’s IMI framework: U.S.-domiciled equities classified under GICS Information Technology that pass investability tests, including minimum free-float market cap ≥50% of the applicable size-segment cutoff, and—if foreign in ...

First Trust Nasdaq Pharmaceuticals ETF (FTXH US) – Portfolio Construction MethodologyThe underlying Nasdaq US Smart Pharmaceuticals Index targets a concentrated, factor-tilted portfolio of US pharmaceutical companies. The selection universe is US-listed common stocks classified in the pharmaceuticals industry within the Nasdaq US Benchmark Index that meet Nasdaq’s standard free-float and trading-volume investability screens. From this universe, the 30 stocks with the highest three-month average daily tradin ...

Pacer Cash Cows Fund of Funds ETF (HERD US) – Portfolio Construction MethodologyThe underlying Pacer Cash Cows Fund of Funds Index provides rules-based exposure to five Pacer Cash Cows equity ETFs, each linked to a free-cash-flow-yield–focused equity index. At each quarterly rebalance, the index allocates 20% to each ETF: Pacer US Cash Cows 100 (screening the Russell 1000), Pacer US Small Cap Cash Cows 100 (screening the S&P SmallCap 600, whose committee-selected constituents typically span roughly USD 750 ...