Fidelity Investments says it will convert six actively managed mutual funds into exchange-traded funds.
After the move — which it expects to wrap up in June — the asset manager will have 15 active equity ETFs. The nine currently traded active ETFs had some $720 million in assets as of Oct. 31.
The new "disruptive" ETFs will have an expense ratio of 0.50%. Ahead of the conversion, the six mutual funds' expense ratio will be reduced to 0.50% for all shareholders on or about April 1. The funds' expense ratios are currently .99% to 1%.
