Fidelity Investment Grade Securitized ETF (FSEC US) – Portfolio Construction MethodologyThe investment process guiding the actively managed Fidelity Investment Grade Securitized ETF focuses on generating high current income from investment-grade securitized credit while controlling interest-rate and prepayment risks. The portfolio normally holds ≥80% in securitized debt (agency/non-agency MBS, CMBS, ABS) and uses the Bloomberg U.S. Securitized Index to align overall rate risk. Security selection combines ca ...

Core Viewpoint - The ProShares Ultra Yen (YCL US) aims to deliver approximately twice the daily return of the Japanese yen against the U.S. dollar through a dynamically managed portfolio of financial instruments rather than holding physical currency [1] Investment Strategy - The fund utilizes a portfolio constructed from swap agreements, futures, and forward contracts that reference the JPYUSD exchange rate [1] - A rules-based model determines the mix and notional size of these instruments to maintain aggregate exposure close to 200 percent of the benchmark at each net asset value calculation [1] - Unencumbered cash is invested in USD cash equivalents, including U.S. Treasury bills and high-quality short-term fixed income, which also serve as margin and collateral [1] Portfolio Management - The portfolio is adjusted daily to reflect movements in the yen, changes in contract values, and investor flows [1] - Positions are resized rather than tactically timed, allowing longer-horizon outcomes to reflect compounding of leveraged, path-dependent daily returns [1]