E-trade "important this might trigger a short-term trading fee"

Discussion in 'ETFs' started by elite1974, Jan 30, 2023.

  1. elite1974

    elite1974

    E-trade "important this might trigger a short-term trading fee"

    Was day trading an ETF and got this notice, which I never received for the same ETF before today.

    It is commission free, so I don't understand this fee, nor could I figure it out from their fees page.

    Does anyone know what is going on here?
     
    murray t turtle likes this.
  2. CET

    CET

    Post the symbol. If it is an ETF that E-trade developed then they might not want short term trading in it. The easiest thing to do is call them, so you will know.
     
    murray t turtle likes this.
  3. ETJ

    ETJ

    One possibility is that the ETF imposes a short-term holding period. Read the prospectus.
     
    murray t turtle likes this.
  4. %%
    Fidelity has something like that[less than 30 day ETF holding fee/LOL]
    I always remember E-trade was the company of clowns that charged me on thier '' toll free '' telephone one for checking my stock quotes
    MS should fire every one of those Etrade clowns
    Even the best brokers may sort of game you\
    SCHW sometimes fills me on a half cent bid/ not that anyone cuts pennies in 2 /LOL
    I wondered if they would try to rip me off on that?? They could have / except they round it up consistantly :D:D[Even when it could benefit them]
    I bough some Wisdom Tree ETFs\ back in the day when there was comission on ALLY or SCHW; but had to hold it 30days or they said i would have to pay a brokerage comission\ so in that case they were disclosing payment to broker in form of no comisison.:caution::caution:
     
  5. elite1974

    elite1974

    The only thing I can think of is that it is because the settlement date is February 1.
    Either something happened starting then, or it is that the ex-div date is tomorrow and has different rules for that day.

    I see nothing in the prospectus or press releases.
    I traded this symbol most of last month and had no problems.
    Also, I feel calling etrade will be a waste of time, because it will take a long time to get someone who is knowlegable enough to know what is going on.
    There is nothing on their website, and one of the message referred to "commission free ETFs" which is some residue from a couple of years ago when the brokers still charged commissions.

    Thanks for your responses here, and I also found this on google:
    Do ETFs have short-term redemption fees?
    Redemption fees: Like mutual funds, some ETFs may be subject to short-term trading fees, if they're held for less than a specified period, such as 30 days

    I will see if the message still shows tomorrow, or if there are any fees in my account.
     
  6. elite1974

    elite1974

    I got the fee, I guess I can't trade this symbol anymore as the fee was more than my profit.

    Not very transparent on their website that this fee exists or even how much it will be, as I can't compute it based on the number of shares or the proceeds.
     
  7. newwurldmn

    newwurldmn

    Let’s all guess because the OP doesn’t have the decency to give you the symbol.
     
    DarthSidious likes this.
  8. GoldDigger

    GoldDigger

    In researching various ETFs, I have read that
    some of them are supposed to be day-traded
    and not held for any length of time.

    You should ask your account rep the reason
    for this, deal with different ETFs, and/or set
    up an account elsewhere.

    Don't let anything interfere with what you
    are doing.