In the latest addition to the burgeoning ETF landscape, Fidelity has filed to convert six mutual funds to ETFs. The funds all share the same “Enhanced Index Fund” branding and range from large- to small-cap strategies. The six join the firm’s existing roster of ETFs, which includes more than 50 total ETFs, according to VettaFi data.
The six funds converting into ETFs are the Fidelity International Enhanced Index Fund (FIENX), the Fidelity Large Cap Core Enhanced Index Fund (FLCEX), the Fidelity Large Cap Growth Enhanced Index Fund (FLGEX), the Fidelity Large Cap Value Enhanced Index Fund (FLVEX), the Fidelity Mid Cap Enhanced Index Fund (FMEIX), and the Fidelity Small Cap Enhanced Index Fund (FCPEX).
The funds will convert to the ETF format in November of this year. FIENX will become the Fidelity Enhanced International ETF, while FLCEX will become the Fidelity Enhanced Large Cap Core ETF. FLGEX will become the Fidelity Enhanced Large Cap Growth ETF, and FLVEX will become the Fidelity Enhanced Large Cap Value ETF. Finally, FMEIX will become the Fidelity Enhanced Mid Cap ETF, and FCPEX will become the Fidelity Enhanced Small Cap ETF.
“Fidelity was early in offering active ETFs. The Fidelity Total Bond ETF (FBND) is almost nine years old. Fidelity has a wide array of active management expertise,” said VettaFi’s head of ETF research, Todd Rosenbluth. “It’s exciting to see them push their lineup further into the ETFs. Advisors are increasingly turning to actively managed ETFs to gain strategic and tactical exposures.”
Fidelity ETF Funds AUM
The move looks set to add more than $10 billion in AUM to the firm’s ETF AUM via the conversions. That would bring the shop’s total ETF AUM even closer to $50 billion. The firm’s ETFs currently hold $36 billion in assets, according to VettaFi data. FLVEX holds the most assets of the funds to be converted, sitting at $5.2 billion as of May 31.
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