Fidelity Puts Nine ETF Firms on Notice That New Fees Are Looming
- Financial giant is set to impose a new $100 service charge
- Simplify, AXS Investments on ‘Surcharge Eligible ETF’ list
Fidelity Investments will impose a new fee on ETFs issued by nine firms including Simplify Asset Management Inc. and AXS Investments in order to meet the cost of listing the products on the financial powerhouse’s platform, according to a document seen by Bloomberg News.
Under the plan, which will come into force on June 3, investors will face a $100 servicing charge when they place buy orders on a cohort of exchange-traded strategies. The new fee applies to a small minority of firms that don’t participate in a maintenance arrangement with Fidelity, the client notice said.