(Bloomberg) -- Fidelity Investments, the second- biggest mutual-fund provider, has opened the cheapest lineup of single-industry exchange-traded funds as it seeks to break into a market dominated by Vanguard Group Inc. and BlackRock Inc.
Fidelity on Oct. 24 started 10 funds, focused on industries ranging from energy to telecommunications, with an annual expense ratio of 0.12 percent, cheaper by 2 basis points than Vanguard Group Inc.s lineup of similar ETFs, according to a regulatory filing and data compiled by Bloomberg. The ETFs, distributed by Fidelity, are managed by BlackRock, the worlds biggest money manager. A basis point is one-hundredth of a percentage point.
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