Fidelity Plans 15% Platform Fee For ETF Issuers [Yahoo! Finance]
Charles Schwab Corporation (The) (SCHW)
Last charles schwab corporation (the) earnings: 4/15 08:45 am
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Source: Yahoo! Finance
financial advisors and industry watchers that the added costs will spread across the industry. Boston-based Fidelity, which has more than $1 trillion worth of ETF assets on its platform, is threatening to charge investors $100 for buying ETFs from issuers who refuse to pay an annual fee equal to 15% of fund expense ratios, a spokesperson confirmed. The spokesperson declined to comment otherwise. Fidelity, which manages $69.1 billion in 67 exchange-traded funds, recently disclosed plans to introduce the $100 surcharge. It issued a memo March 28 to nine ETF issuers that had not yet agreed to the new fee arrangements. Matt Markiewicz, managing director at AXS Investments in Port Chester, N.Y., represents one of the issuers named in the Fidelity memo. He said his firm has since agreed to sign on to Fidelity's revenue sharing. “We've gotten a couple calls from RIAs that use our products,” he said. "It has caused some confusion." Still, Markiewicz downplayed the impact of the fee.
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SCHW
Earnings
- 4/15/24 - Beat
SCHW
Sec Filings
- 5/3/24 - Form 144
- 5/1/24 - Form N-CSR
- 5/1/24 - Form N-CSRS
- SCHW's page on the SEC website