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Post by yogibearbull on Mar 29, 2024 17:53:30 GMT
Fido will soon impose $100 fee on ETFs from small firms - AXS, Simplify, etc.
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Post by anitya on Mar 29, 2024 17:59:14 GMT
Please elaborate or provide a weblink so we have more color. Thanks
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Post by yogibearbull on Mar 29, 2024 18:46:56 GMT
It was on X/Twitter but links were to subscription Bloomberg & Citywire. 9 ETF firms were noted but I could see only 2 in the headlines.
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Post by yogibearbull on Mar 29, 2024 20:35:30 GMT
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Post by roi2020 on Apr 3, 2024 5:55:41 GMT
The following note was included on my March Fido account statement.
"In June 2024, Fidelity will implement a new service fee for some ETF and mutual fund purchases.
This service fee will apply to a limited number of ETFs and mutual funds offered by providers that do not pay Fidelity a direct, asset-based fee to support their ETFs'
and/or mutual funds availability on our brokerage platform, including support for shareholder support services, the provision of calculation and analytical tools,
and general investment research and education materials regarding ETFs and mutual funds.
Customers purchasing these ETFs and mutual funds will be charged a service fee of up to $100.
The applicable service fee will be shown on the trade verification page when placing an order for one of these ETFs or mutual funds.
Please note that ETFs that are supported by their provider through an asset-based fee (and exempt from the service fee) will not be marginable for 30-days after purchase."
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Post by yogibearbull on Apr 3, 2024 10:29:44 GMT
That last sentence is NOT new and has been in place, "Please note that ETFs that are supported by their provider through an asset-based fee (and exempt from the service fee) will not be marginable for 30-days after purchase."
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Post by yogibearbull on Apr 10, 2024 0:25:19 GMT
According to a Twitter LINK, Fido is asking for 15% of the revenues generated from the Fido platform to waive $100 fee on those ETF buyers at Fido platform. Posters are asking, why not such fees for stocks or CEFs? Why single out ETFs? Revenue-sharing models do exist in the marketing of mutual funds and ETFs. |
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