Fidelity Investments is launching three exchange-traded funds that will partially conceal their holdings.

The Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF and Fidelity New Millennium ETF will begin trading Thursday. The three equity-focused funds will be actively managed and reveal their holdings once a quarter -- unlike traditional ETFs, which do so daily.

Fidelity, whose ETFs hold $17 billion in assets, is the largest issuer to offer non-transparent funds, which are appealing for managers seeking to shield their strategies from front-running or replication from rivals. The new products will have the same management and research teams as Fidelity’s similarly named mutual funds.

“These three active equity ETFs complement our existing mutual fund and ETF offerings and will meet a specific need in the marketplace,” said Greg Friedman, head of ETF management and strategy at Fidelity.

All three ETFs will have expense ratios of 0.59%.

American Century launched the first hidden-asset ETFs in April, followed by Legg Mason last week. Goldman Sachs Asset Management, JPMorgan Chase & Co. and T. Rowe Price Group Inc. are among the asset managers who have also filed plans.

This article was provided by Bloomberg News.