Fidelity Disruptive Technology Fund
FTEKX
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- Fidelity Disruptive Technology Fund (FTEKX) is an actively managed open-end mutual fund that seeks long-term growth of capital by investing at least 80% of its assets in equity securities of companies engaged in disruptive technologies, including big data, machine learning, artificial intelligence, cloud computing and software-as-a-service (SaaS), cybersecurity, ecommerce and consumer technologies, rideshare services, and next-generation hardware. The fund employs a team-based approach leveraging Fidelity's global research platform to identify innovative companies across economic sectors that develop new ways of delivering products and services, potentially displacing incumbents; it is non-diversified and invests primarily in growth-oriented equities globally, with exposure to U.S. and non-U.S. markets. Launched in April 2020 as part of Fidelity's suite of thematic disruptive funds under Fidelity Summer Street Trust, the fund is headquartered at 245 Summer Street, Boston, Massachusetts. The fund targets institutional and retail investors seeking thematic exposure to high-growth technology sectors, with holdings spanning software, internet services, semiconductors, and innovative hardware providers. It operates without front-end loads or deferred loads, focusing on bottom-up stock selection through fundamental and quantitative analysis, benchmarked against indices such as the MSCI ACWI Index and MSCI All Country World Information Technology Equal Weighted Index. In a significant strategic shift announced in November 2022 and completed in June 2023, Fidelity converted FTEKX and five other disruptive mutual funds (including Disruptive Automation, Communications, Finance, Medicine, and Disruptors) into exchange-traded funds (ETFs), with FTEKX transforming into Fidelity Disruptive Technology ETF (FDTX) under Fidelity Covington Trust; this conversion aimed to benefit shareholders through lower costs, intraday trading, and expanded access while maintaining identical investment objectives, policies, and strategies. Post-conversion, FDTX maintains a competitive net expense ratio of 0.50% and has grown assets to approximately $194 million as of recent data, reflecting increased institutional interest including from 35 hedge funds and large investors holding $36.2 million in Q3 2025. No major acquisitions, partnerships, or new product launches specific to the fund have been reported since the conversion, though Fidelity continues to emphasize its disruptive theme amid strong global equity performance driven by technology sectors through May 2025.