Fidelity to Join Mutual Fund-to-ETF Club With $430 Million Flip

(Bloomberg) — Fidelity Investments, one of the country’s largest asset managers, is making its first foray into converting some of its mutual funds into ETFs.

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The Boston-based firm on Wednesday revealed plans to convert six of its thematic mutual funds into actively-managed exchange-traded funds. Fidelity expects to complete the conversion in June 2023.

The conversion would bring its active equity ETF lineup to 15 funds from an existing nine. The current funds had…

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