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Fidelity to charge $100 servicing fee on some ETFs

Investors poured capital into U.S. equity ETFs last month, according to Citi Research.

Investors poured capital into U.S. equity ETFs last month, according to Citi Research. – Spencer Platt/Getty Images

Fidelity Investments is planning to charge investors a $100 servicing fee when placing buy orders on exchange-traded funds issued by nine firms.

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The new servicing charge — which may be imposed on ETFs issued by Simplify Asset Management, AXS Investments, Day Hagan, Sterling Capital, Cambiar, Regents Park, Rayliant, Adaptive and Running Oak — is set to take effect on June 3, according to a Bloomberg News report. A Fidelity spokesperson confirmed that the report is accurate.

The new fee will apply to ETFs issued by a small group of asset managers that don’t participate in a maintenance arrangement with Fidelity, according to Bloomberg.

“We remain committed to providing clients choice with an open-architecture investment platform,” the Fidelity spokesperson told MarketWatch in an email Monday. “Support fees help maintain the technology and service operations needed to ensure a secure and positive experience for investors.”

Fidelity may periodically update its “Surcharge-Eligible ETF” list, which could change again before June 3, according to the Bloomberg report.

At the end of March, U.S.-listed ETFs had a total $8.9 trillion of assets under management, according to a research note from Citigroup on Monday. Last month, investors poured more capital into domestic equity ETFs as the S&P 500 index SPX broke past 5,200 points, Citi Research said.

ETFs managed by State Street, Vanguard and BlackRock attracted the biggest inflows last month — including the SPDR S&P 500 ETF Trust SPY, Vanguard S&P 500 ETF VOO and iShares S&P 500 Growth ETFIVW, according to the Citi note.

Read: ETF flows in first quarter reflect investor hopes for ‘soft landing’

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