Nov 13 (Reuters) - Fidelity launched a group of six new exchange-traded funds (ETFs) Monday and announced sharp reductions on management fees on nearly a third of its total ETF lineup, kicking off what analysts expect to be another strong week for ETF debuts.
So far this year, asset managers have launched 419 ETFs, according to Morningstar Direct, taking 2023 a step closer toward breaking the 2021 record of 475 new ETFs.
The move will boost Ark's lineup from eight ETFs to a total of 15.
The Fidelity products offer fees of 18 basis points to 28 basis points, compared with an average fee of around 63 basis points for actively managed ETFs, according to Bryan Armour, mutual fund analyst at Morningstar.
"These are very, very substantial reductions, and the new fees are very low," said Armour.
Persons:
John Hooson, Harriman, Bryan Armour, Suzanne McGee, Ira Iosebashvili, Deepa Babington
Organizations:
Fidelity, Morningstar, Invest, 21Shares, Brown, Thomson