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At Fidelity Covington Trust, we are proud to announce the declaration of a regular monthly dividend of $0.21 per share ($2.51 annualized) by the Fidelity Low Duration Bond Factor ETF. This news comes as a beacon of our commitment to our shareholders on July 26, 2023, and will be payable to our shareholders of record as of July 28, 2023.
The Intriguing Dividend Yield Scenario
Over the past half-decade, we have seen the dividend yield on our ETF surpass the historical average of 4.29% with the current yield standing at an impressive 5.04%. This takes into consideration the fluctuation in the yield, which has ranged from 3.93% to 5.02%, underlining the stability of our offering.
Scrutinizing the Dividend Growth Rate
When focusing on the 3-Year dividend growth rate, we notice a slight downturn of -0.06%. Nevertheless, this slight decrease in growth does not undermine our overall performance and commitment to our shareholders, as we continue to strive for better results.
Analyzing Institutional Holdings
Our ETF continues to draw interest from a variety of funds and institutions, 47 to be precise. These institutions hold positions in our ETF, with the ownership increasing by 2.17% in the last quarter. This increase is indicative of the growing confidence in our fund's potential.
However, in this dynamic financial landscape, there were few reshuffles. UBS Group, for instance, reduced its portfolio allocation by 29.00%. On the other hand, Commonwealth Equity Services and Advisor Group Holdings took a more bullish approach, with staggering increases of 99,390.96% and 7.23% respectively in their allocations.
In the same breath, Bank Of America and Kraft, Davis & Associates chose to pare down their allocations, witnessing reductions by 16.62% and 84.89% respectively. Such changes are inherent in the financial world and denote the continuous re-evaluation and rebalancing of portfolios.
Delving into the Sub-Advisory Agreements
We are proud to have esteemed partners such as Fidelity Management & Research Company LLC, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited. These partnerships have led to the formulation of our Amended and Restated Sub-Advisory Agreements, as highlighted in Exhibits (d)(11), (d)(13), (d)(15), and (d)(17), containing Schedule A and Schedule B. These agreements continue to shape our approach in managing various ETFs and funds at Fidelity.
We believe in the power of transparency and commitment to our shareholders. Therefore, we are gratified to share these developments and look forward to continuing our journey towards a promising future. Please note that the views expressed here are our own and not necessarily of Nasdaq, Inc. or any other institution.
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