FMIL confusion

NumbersGal

In the March 2024 newsletter Charles Lynn Bolin mentions FMIL (as the ETF for Fidelity New Millennium Fund .) Neither Fidelity's web site nor M* return any results in a search for this ETF, altho' Yahoo Finance calls it "Fidelity Fundamental Large Cap Core" --- and lists holdings (which like the FMILX fund) are all about the Magnificent 7, and hardly either fundamental or core. Clearly the fund (& ETF) have changed, as noted in Discussions about the fund, but the ETF's absence on both Fido and M* is very odd.

yogibearbull

Well, Fido recently changed ETF FMIL to FFLC. I don't know if the MFO March 2024 issue can be edited, or some related note added.
https://finance.yahoo.com/news/fidelity-creates-etf-equity-suite-225749704.html

Fido https://digital.fidelity.com/prgw/digital/research/quote/dashboard/summary?symbol=FFLC
M* https://www.morningstar.com/etfs/bats/fflc/quote

Edit/Add. When @lynnbolin2021 ran MFO Premium, FMIL was recognized, but I just checked, MFO Premium doesn't recognize FMIL anymore, but recognizes FFLC instead.

Sven

Good old Fidelity. Question is why?

yogibearbull

FMILX was a mutual fund. Just dropping X made it into something bad - lookup "FMIL slang". There are several strange or funny or cute tickers, but this didn't seem to be that. While at it, Fido made wholesale changes to format FFxx.

Mark

Based on my experience the last few months M* & Fidelity have hired the same crew to enhance their users experience. What a s**t show.

lynnbolin2021

Thanks for the update on FMIL. I am interested in the change and will take a look into it.

chang

yogibearbull said:

FMILX was a mutual fund. Just dropping X made it into something bad - lookup "FMIL slang". There are several strange or funny or cute tickers, but this didn't seem to be that. While at it, Fido made wholesale changes to format FFxx.

Yogi: Fido changed the managers (FMILX/FMIL-Daniel C Sherwood; FFLC-Timothy Gannon/Camille Carlstrom/Michael Kim) and strategy as well. It is no longer an ETF cousin of FMILX. (Same for Fidelity Growth Opps FGRO > FFLG.)

Fido has an announcement on their site since early February. See here: "This ETF changed its name, investment process, investment policies and portfolio managers on February 26, 2024. Please read the Q&A for more information."
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/mutual-funds/fundamental-etf-changes-faqs.pdf

Sven

Thanks. Agree that the new FFLC is no longer the same ETF as FMIL.

WABAC

chang said:

yogibearbull said:

FMILX was a mutual fund. Just dropping X made it into something bad - lookup "FMIL slang". There are several strange or funny or cute tickers, but this didn't seem to be that. While at it, Fido made wholesale changes to format FFxx.

Yogi: Fido changed the managers (FMILX/FMIL-Daniel C Sherwood; FFLC-Timothy Gannon/Camille Carlstrom/Michael Kim) and strategy as well. It is no longer an ETF cousin of FMILX. (Same for Fidelity Growth Opps FGRO > FFLG.)

Fido has an announcement on their site since early February. See here: "This ETF changed its name, investment process, investment policies and portfolio managers on February 26, 2024. Please read the Q&A for more information."
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/mutual-funds/fundamental-etf-changes-faqs.pdf

Thank you for the link. Good thing I hadn't bought FMIL, I'ld have found myself in a quant fund.