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FMIL confusion

NumbersGal
in Fund Discussions
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.

Comments

  • yogibearbullyogibearbull
    edited March 4
    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?
  • yogibearbullyogibearbull
    edited March 4
    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.
  • MarkMark
    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.
  • changchang
    edited March 5
    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.
  • WABACWABAC
    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.
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