"Active managers do not have their hand tied," Ford O’Neil, portfolio manager of the actively managed Fidelity Total Bond ETF (NYSEArca: FBND), told ETF Trends in a call. For example, O'Neil pointed out that FBND may include securities not found in the Agg, such as Treasury inflation protected securities, high-yield debt, emerging market debt and municipal bonds. As investors consider ways to adapt their fixed-income portfolios in a shifting market environment, some may look to actively managed bond exchange traded funds that are more capable of navigating the changing tides.