Fidelity says its disruptive funds invest in “innovative business models, emerging industries, and technologies that are changing the status quo.” Also, the six funds being converted to ETFs will have the same portfolio managers as the mutual funds, which are:
- Fidelity Disruptive Automation Fund (FBOTX)
- Fidelity Disruptive Communications Fund (FNETX)
- Fidelity Disruptive Finance Fund (FNTEX)
- Fidelity Disruptive Medicine Fund (FMEDX)
- Fidelity Disruptive Technology Fund (FTEKX)
- Fidelity Disruptors Fund (FGDFX)
“A growing number of investors are seeking the tax efficiency, trading flexibility and potential cost efficiency benefits of ETF vehicles. These ETF conversions deliver new opportunities and value for our existing shareholders while also expanding our solutions to help meet demand for access to thematic strategies in an ETF wrapper,” said Greg Friedman, Fidelity’s head of ETF Management and Strategy, in a statement.
Fidelity now has 51 ETFs with $28 billion in assets. Its platform includes over 2,500 ETFs with about $777 billion in assets.