Fidelity Investments and Charles Schwab will begin charging platform fees for the trading of certain exchange-traded funds [1].
This shift marks a departure from the commission-free trading environment that has dominated the U.S. retail brokerage industry for several years. The introduction of these costs may influence how individual investors allocate their portfolios and choose which funds to trade.
According to reports published on May 7, 2026, the two firms are rolling out these fees to target a specific subset of assets [1]. The policy affects more than 120 ETFs [3].
Investors utilizing these platforms may face a service fee of $100 per trade [3]. This fee applies to the specific list of affected funds rather than all ETF transactions across the platforms.
Neither firm provided a detailed public justification for the timing of these charges in the available reports. However, the move impacts a significant volume of tradeable assets available to retail clients [1].
Industry analysts monitor such changes to determine if other brokerage firms will follow suit. The move suggests a potential pivot in the competitive landscape of low-cost investing, where specific high-cost or niche assets are no longer subsidized by the brokerage platforms [1].
“Fidelity Investments and Charles Schwab will begin charging platform fees for the trading of certain exchange-traded funds.”
The introduction of per-trade fees by two of the largest brokerages suggests a tightening of the 'zero-commission' era. By targeting over 120 specific ETFs, these firms are likely identifying assets that are more expensive to maintain or clear, shifting those operational costs directly to the consumer.
