Fidelity ETFs Get a Boring Rules Tweak for Better Flexibility
Published Date: 4/29/2025
Notice
Summary
Cboe BZX Exchange is updating rules for five Fidelity ETFs to let them use new investing styles called 'Semi-Transparent' and 'Fully-Transparent' sleeves. This change lets these ETFs invest in a wider range of assets, aiming to boost flexibility and performance. The update took effect right after filing on April 11, 2025, with no immediate cost impact for investors.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Five Fidelity ETFs May Use New Sleeves
If you own shares of any of these five Fidelity funds (Fidelity Blue Chip Growth ETF; Fidelity Blue Chip Value ETF; Fidelity Magellan ETF; Fidelity Real Estate Investment ETF; Fidelity Fundamental Small‑Mid Cap ETF), the funds are now allowed to operate a Fully‑Transparent Sleeve and a Semi‑Transparent Sleeve. The Fully‑Transparent Sleeve may invest in additional asset types — including fixed income securities, foreign investments that do not trade contemporaneously with the Shares, and derivatives — as permitted by the Amended Exemptive Order dated March 31, 2025.
Daily Disclosure for Fully‑Transparent Sleeve
If you hold shares of the listed Fidelity funds, the Fully‑Transparent Sleeve of each fund will publish its portfolio holdings daily (as of the end of the prior business day) in accordance with Rule 6c‑11(c)(1)(i). The remainder of each fund (the Semi‑Transparent Sleeve) will continue to disclose full portfolio holdings within at least 60 days following the end of every fiscal quarter, and the Tracking Basket will reflect two portions corresponding to the two sleeves.
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