An actively managed ETF, FBND uses the Bloomberg Barclays U.S. Universal Bond Index as a way to guide its sector allocation and duration exposure. Marc Pfeffer, chief investment officer at CLS Investments, says the managers try to keep the duration fairly neutral to the broader Bloomberg Barclays U.S. Aggregate Bond Index, a key bond benchmark. “They’ve done a fairly good job navigating through this crisis,” he says. FBND uses the same management team and strategy of the Fidelity Total Bond Fund (FTBFX). Holdings include up to 20% high-yield bonds, plus U.S. Treasurys, mortgage-backed securities and corporates, among other securities. The fund’s expense ratio is 0.36%.