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October 03, 2024 at 05:03 PM
Fidelity Investments is looking to convert two of its municipal-bond mutual funds into exchange-traded funds, a move that underscores the popularity of the $10 trillion U.S. arena.
The two funds impacted are the $170 million Fidelity Municipal Bond Index Fund and the Fidelity Municipal Core Plus Bond Fund, which has less than $70 million in assets.
Both are expected to be converted next year, according to two separate regulatory filings.
“These conversions can deliver new opportunities and value for our existing shareholders, while also expanding our solutions to help meet demand for access to innovative strategies in an ETF wrapper,” said Greg Friedman, Fidelity’s head of ETF management and strategy, in an emailed statement.
The Boston-based asset manager isn’t new to this trend.
In June 2023, Fidelity announced that it would turn six of its mutual funds into ETFs, after revealing plans of a first wave of conversions the prior year.
