Fidelity Investments will become the first asset manager to convert an index mutual fund into an ETF, according to industry analysts.
The firm’s $178mn Municipal Bond Index Fund board intends to refashion the product into an ETF in April, according to a regulatory filing.
However, the conversion of its index fund would be the first time a US fund manager has filed to refashion such a product into an ETF, according to Morningstar analyst Dan Sotiroff.
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