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By ETF Channel Staff, Friday, October 8, 9:57 AM ET
TD Ameritrade (NYSE:AMTD) brokerage clients will now have access to 100 commission-free ETFs. Competitor Charles Schwab (NYSE:SCHW) launched a similiar program in 2009.
The ETFs clients will have access to are not propreitary, but will include those of providers including Vanguard and will be selected by investment consultants at Morningstar (NASDAQ:MORN).
ETFs first became available to retail investors in 2004 at Ameritrade, and currently represent less than 10% of the company's assets. Up to 70% of ETFs are currently held at institutions, and this move will likely make more retail investors jump into the investment vehicles.
What's the catch? A $19.99 fee will be charged if investors trade out of an ETF within 30 days.
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