Now that Fidelity [profile] and T. Rowe [profile] are both entering the active ETF space, what kind of damage can they do in this market?

To search for clues, MFWire examined the SEC filings from Fidelity and T Rowe to see what they might be planning.

Both will use master fund and feeder structures to create the funds.

Below are some notable details:

The Players Fidelity Fidelity Commonwealth Trust, Fidelity Management & Research Company, and Fidelity Distributors Corporation T. Rowe T. Rowe Price Associates, Inc., T. Rowe Price Institutional Income Funds, Inc., and T. Rowe Price Investment Services, Inc. Coverage

T. Rowe Initially, T. Rowe will offer one actively-managed investment series: the T. Rowe Price Diversified Bond ETF. The objective of this fund will be to achieve positive total returns with an emphasis on income.

Future categories include the basics: domestic equities, global equities, domestic and global fixed income.

Fidelity Fidelity doesn't specify what the first fund will cover, but it looks like the firm intends to aggressively expand into a wide variety of categories fairly quickly: including foreign and domestic equities and fixed income; Long/Shorts and 130/30s.

Fees

T. Rowe Neither sales charges (or loads) for purchases of Shares are currently expected to be imposed by the adviser nor are Rule 12b-1 distribution fees currently expected to be imposed by any fund, though applicants reserve the right to impose such fees in the future.  However, each fund may impose a transaction fee in connection with the purchase and redemption of creation units.  Further, investors purchasing or selling shares or deposit or redemption instruments in the secondary market may incur customary brokerage commissions, fees and expenses. Fidelity No sales charges for purchases of creation units of any fund are contemplated. Each fund will charge a transaction fee only to those investors purchasing and redeeming shares in creation units.  Investors purchasing and selling shares in the secondary market may incur customary brokerage commissions, fees and expenses.  Each Fund is authorized to implement a plan under Rule 12b-1 of the Act of up to 25 basis points, calculated on the average daily NAV of each Fund. 

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