Fidelity is launching six new active equity exchange-traded funds, expanding its ETF offerings to 64. The new ETFs, with expense ratios ranging from 0.18% to 0.28%, will be available commission-free on the firm's online brokerage platforms on Nov. 20.
The new ETFs arose from Fidelity's conversion of its actively managed Enhanced Index mutual fund suite into ETFs, a plan the firm announced in June.
The investment giant also announced Monday that it's nearly halving the total expense ratios of its 13 equity factor ETFs, which will save investors $6 million annually.
Why it matters: Fidelity continues to see demand for active ETFs "as investors seek the potential for outperformance with the benefits of an ETF wrapper," Greg Friedman, Fidelity's ETF management and strategy head, said. "The addition of these six active equity ETFs can serve as core building blocks for investors to meet this need."
Fidelity had $11.5 trillion in assets under management at Sept. 30. Individual investors and advisors have access to more than 2,500 ETFs on its online platform, available for commission-free purchase, and the company had over $930 billion in ETF client assets on Oct. 31.
