Fidelity Investments has rolled out three new low-cost index mutual funds and replaced Spartan name on its mutual funds line-up with the Fidelity name.
The new offerings are: Fidelity Large Cap Growth Index Fund, Fidelity Large Cap Value Index Fund and Fidelity Total International Index Fund.
Fidelity Large Cap Growth Index Fund and Fidelity Large Cap Value Index Fund seek to provide investment results that correspond to the total return of stocks of large capitalization US firms.
The two funds will invest at least 80% of its assets in securities included in the Russell 1000 Growth Index.
While Fidelity Total International Index Fund seeks to provide investment results that correspond to the total return of foreign developed and emerging stock markets.
It will invest at least 80% of its assets in securities included in the MSCI ACWI (All Country World Index) ex USA Investable Market Index (IMI) and in depository receipts representing securities included in the index.
Fidelity said that each new fund will be offered with multiple share classes and will replicate the performance, before expenses, by investing at least 80% of its assets in securities included in the index.
Additionally, the company rebranded its four underlying index fund share classes. The ‘Fidelity Advantage Class’ has been renamed ‘Premium Class’ and the ‘Fidelity Advantage Institutional Class’ has been renamed ‘Institutional Premium Class,’ the company added.
Fidelity investment product group senior vice president Colby Penzone said: "Over nearly three decades, Fidelity has built one of the largest and most compelling index fund offerings in the industry.
"These enhancements build on that legacy and our ongoing commitment to provide tens of millions of customers — individual investors, workplace retirement plan sponsors and participants, and financial advisors — access to a wide-array of high-quality, low-cost index funds as well as managed solutions."