Good old Fido. Finally after years of ignoring one of the hottest investment options, Fidelity Investments appears to be planning a push into exchange-traded funds, according to a Wall St Journal report.
The fund giant recently filed an application with the Securities and Exchange Commission to offer a broad swath of index-based exchange-traded funds. The filing, if approved, would allow Fidelity to offer almost every type of index ETF available, including international funds and even "long/short" ETFs that mimic sophisticated hedge-fund strategies, said Kathleen Moriarty, an ETF specialist and partner at law firm Katten Muchin Rosenmann LLP.
"It's an extensive filing," said Christian Magoon, an ETF consultant and CEO of Magoon Capital, an investment firm. "It shows that they are taking a longer-term view and want to be in this business."
Read more at http://online.wsj.com/article/SB10001424052970204632204577129261187526088.html
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