Fidelity Investments is expanding its lineup of exchange-traded funds with the addition of five actively-managed equity ETFs. It is also slashing fees on an existing fund, the company said Thursday.
The expanded ETF lineup comes amid a shifting landscape in the asset management industry. Investors increasingly favor ETFs over mutual funds because they are easy to trade and tax-efficient. As a result, asset managers have raced to launch new active ETFs. This year 328 have launched as of Sept. 30, according to Morningstar.
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