Two brokers · two different bills
Schwab bills the fund, Fidelity bills the buyer
Both brokers now get paid for putting certain ETFs on the shelf. The difference is who gets the invoice.
Fidelity · ETF service fee
From Fidelity’s list dated September 14, 2026. See all 437.
Schwab · ETF platform fee
Paraphrased from Schwab’s “Financial and Other Relationships” disclosure, read 2026-10-24. Schwab ETFs are excluded.
What to actually check
- At Fidelity:run the ticker through the checker before every buy. The fee is per trade, so many small buys hurt most.
- At Schwab:no trade fee from this program, but compare the fund’s expense ratio over time in its prospectus.
- Anywhere:a fund that is cheaper to trade can still be more expensive to hold. Fees compound both ways.
Schwab questions
Does Schwab charge investors a fee to buy ETFs?
Not under the new arrangement. Schwab’s disclosure describes compensation paid by third-party ETF sponsors to Schwab, not a per-trade charge on clients. Schwab’s standard $0 online commission for listed ETFs is unchanged by it.
Can the Schwab platform fee still cost me money?
Indirectly, yes. Schwab states that if a sponsor pays these amounts out of fund assets, they are included in the fund’s operating expense ratio and borne by shareholders. Watch the expense ratio, at any broker.
How big is the Schwab ETF platform fee?
Schwab says asset-based arrangements are typically up to 15% a year of each product’s management fee, on the assets held at Schwab. Arrangements are negotiated sponsor by sponsor and can also be flat fees.
Are Schwab’s own ETFs included?
No. Schwab says it does not receive this third-party sponsor compensation for Schwab-affiliated ETFs.