FGRO Fidelity Growth Opportunities ETF (Expense ratio: 0.59%)
FMAG Fidelity Magellan ETF (Expense ratio: 0.59%)
FPRO Fidelity Real Estate Investment ETF (Expense ratio: 0.59%)
FSMO Fidelity Small-Mid Cap Opportunities ETF (Expense ratio: 0.64%)
FMAG Fidelity Magellan ETF (Expense ratio: 0.59%)
FPRO Fidelity Real Estate Investment ETF (Expense ratio: 0.59%)
FSMO Fidelity Small-Mid Cap Opportunities ETF (Expense ratio: 0.64%)
SUMMARY & ANALYSIS
What are they
Fidelity listed four new actively-managed ETFs last week that are complementary to their existing lineup. Use both top-down and bottom-up analysis to select stocks in each fund.
Structure
Publishes nightly "Tracker Baskets" (see below for links to each ETF's Tracker Basket) in lieu of actual holdings to protect their investment strategy IP. Each ETF also provides an "Overlap" file to give further information on holdings.
Market Impact
These ETFs further complete their basic building blocks of sector, industry, and market cap ETFs. This launch includes their flagship Magellan mutual fund brand name to their ETF family. Expect a fixed income batch to launch next.
As a privately-held company, Fidelity can afford to play the long game so keep an eye on them once they finish fleshing out their core lineup of ETFs. You can expect both esoteric strategies and bundling of their ETFs to push out their well-established distribution and advisory networks.
Tracking Baskets
ETFs' Data Points
Tickers: see above
Exchange: Cboe BZX
Expense ratios: see above
Tickers: see above
Exchange: Cboe BZX
Expense ratios: see above
Original filing date: September 24, 2020
Effective date: January 26, 2021
Adviser: Fidelity Management & Research Company LLC
Sub-Advisers:
FMR Investment Management (UK) Limited (FMR UK)
Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)
Fidelity Management & Research (Japan) Limited (FMR Japan)
Effective date: January 26, 2021
Listing Date: February 4, 2021
Active: Yes
Active: Yes
Index: Not Applicable
Investment Objective:
Investment Objective:
Adviser: Fidelity Management & Research Company LLC
Sub-Advisers:
FMR Investment Management (UK) Limited (FMR UK)
Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)
Fidelity Management & Research (Japan) Limited (FMR Japan)
Prospectus is here.
Fidelity now has:
Total ETFs: 37
Total Active ETFs: 11
AUM: USD$23.5B
Revenues: USD$36M
Asset-weighted expense ratio: 0.15%
Total ETFs: 37
Total Active ETFs: 11
AUM: USD$23.5B
Revenues: USD$36M
Asset-weighted expense ratio: 0.15%
MORE ETF HEARSAY
FGRO Fidelity Fidelity Growth Opportunities ETF
The fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission (Order) and is not required to publicly disclose its complete portfolio holdings each business day. Instead, the fund publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the fund but is not the fund’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (Strategy Components); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the fund invests (Representative ETFs); and (3) cash and cash equivalents. For additional information regarding the Tracking Basket, see “Additional Information about the Fund – Tracking Basket Structure” in the prospectus.
The fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission (Order) and is not required to publicly disclose its complete portfolio holdings each business day. Instead, the fund publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the fund but is not the fund’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (Strategy Components); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the fund invests (Representative ETFs); and (3) cash and cash equivalents. For additional information regarding the Tracking Basket, see “Additional Information about the Fund – Tracking Basket Structure” in the prospectus.
The fund also publishes each business day on its website the “Tracking Basket Weight Overlap,” which is the percentage weight overlap between the holdings of the prior business day's Tracking Basket compared to the holdings of the fund that formed the basis for the fund’s calculation of net asset value per share (NAV) at the end of the prior business day. The Tracking Basket Weight Overlap is designed to provide investors with an understanding of how similar the Tracking Basket is to the fund’s actual portfolio in percentage terms.
Normally investing primarily in equity securities.
Investing in companies that Fidelity Management & Research Company LLC (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks).
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
FMAG - Fidelity Magellan ETF
The fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission (Order) and is not required to publicly disclose its complete portfolio holdings each business day. Instead, the fund publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the fund but is not the fund’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (Strategy Components); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the fund invests (Representative ETFs); and (3) cash and cash equivalents. For additional information regarding the Tracking Basket, see “Additional Information about the Fund – Tracking Basket Structure” in the prospectus.
FMAG - Fidelity Magellan ETF
The fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission (Order) and is not required to publicly disclose its complete portfolio holdings each business day. Instead, the fund publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the fund but is not the fund’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (Strategy Components); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the fund invests (Representative ETFs); and (3) cash and cash equivalents. For additional information regarding the Tracking Basket, see “Additional Information about the Fund – Tracking Basket Structure” in the prospectus.
The fund also publishes each business day on its website the “Tracking Basket Weight Overlap,” which is the percentage weight overlap between the holdings of the prior business day's Tracking Basket compared to the holdings of the fund that formed the basis for the fund’s calculation of net asset value per share (NAV) at the end of the prior business day. The Tracking Basket Weight Overlap is designed to provide investors with an understanding of how similar the Tracking Basket is to the fund’s actual portfolio in percentage terms.
Normally investing primarily in equity securities.
Investing in either "growth" stocks or "value" stocks or both.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments
FPRO - Fidelity Real Estate Investment ETF
Principal Investment Strategies
The fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission (Order) and is not required to publicly disclose its complete portfolio holdings each business day. Instead, the fund publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the fund but is not the fund’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (Strategy Components); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the fund invests (Representative ETFs); and (3) cash and cash equivalents. For additional information regarding the Tracking Basket, see “Additional Information about the Fund – Tracking Basket Structure” in the prospectus.
The fund also publishes each business day on its website the “Tracking Basket Weight Overlap,” which is the percentage weight overlap between the holdings of the prior business day's Tracking Basket compared to the holdings of the fund that formed the basis for the fund’s calculation of net asset value per share (NAV) at the end of the prior business day. The Tracking Basket Weight Overlap is designed to provide investors with an understanding of how similar the Tracking Basket is to the fund’s actual portfolio in percentage terms.
Normally investing primarily in equity securities.
Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
FSMO - Fidelity Small-Mid Cap Opportunities ETF
Principal Investment Strategies
The fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission (Order) and is not required to publicly disclose its complete portfolio holdings each business day. Instead, the fund publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the fund but is not the fund’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (Strategy Components); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the fund invests (Representative ETFs); and (3) cash and cash equivalents. For additional information regarding the Tracking Basket, see “Additional Information about the Fund – Tracking Basket Structure” in the prospectus.
The fund also publishes each business day on its website the “Tracking Basket Weight Overlap,” which is the percentage weight overlap between the holdings of the prior business day's Tracking Basket compared to the holdings of the fund that formed the basis for the fund’s calculation of net asset value per share (NAV) at the end of the prior business day. The Tracking Basket Weight Overlap is designed to provide investors with an understanding of how similar the Tracking Basket is to the fund’s actual portfolio in percentage terms.
Normally investing primarily in equity securities.
Normally investing at least 80% of assets in securities of companies with small to medium market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2500™ Index).
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, and quantitative analysis to select investments.
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