--- title: "US brokers may charge fee from ETF managers as commission-free trading takes a toll" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/274642161.md" description: "U.S. brokerage firms may start charging distribution fees to ETF managers as commission-free trading impacts revenue, according to J.P. Morgan. The shift in the $13.5 trillion ETF market comes as traditional brokerages face competition from fintech firms like Robinhood. With the migration from mutual funds to ETFs, brokers could target 10% to 20% of total expense ratios, leading to $2 billion to $4 billion in new costs. Larger firms like BlackRock may negotiate better fees, while mid-sized managers could face more pressure." datetime: "2026-02-03T11:02:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274642161.md) - [en](https://longbridge.com/en/news/274642161.md) - [zh-HK](https://longbridge.com/zh-HK/news/274642161.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/274642161.md) | [English](https://longbridge.com/en/news/274642161.md) # US brokers may charge fee from ETF managers as commission-free trading takes a toll Feb 3 : U.S. brokerage firms and custodians may seek distribution fees from managers of exchange-traded funds, J.P. Morgan said, marking a possible crucial shift in the country's $13.5 trillion ETF market. The U.S. market over the past decade has seen the rise of new fintech firms that introduced commission-free trading, disrupting established Wall Street business models. Platforms such as Robinhood attracted millions of retail investors with zero trading fees and simple mobile apps, pulling customers and trading volume away from traditional brokerages. To combat the shift in the competitive landscape, legacy players such as Fidelity and Charles Schwab have raced to win over clients by slashing trade commissions to as low as zero dollars for exchange-traded funds. But the discounts have started to weigh on revenue as investors move in large numbers from mutual funds into ETFs. This could prompt brokers to charge distribution fees as they try to recover revenue lost to zero-commission trading and the move away from mutual funds. J.P. Morgan estimates the U.S. ETF management fee pool to be $21 billion, with brokers targeting 10 per cent to 20 per cent of total expense ratios - the annual cost of running a fund - implying $2 billion to $4 billion a year in new distribution costs. "This is an important initiative for financial intermediaries as the migration of mutual fund assets to ETFs has been a costly transition following the migration to $0 trading commissions over the last ten years," J.P. Morgan said in a note on Monday. "We also see a greater sense of urgency for custodians and brokers given the potential for SEC rule changes to accelerate the tax-free transition from funds to ETFs." While the largest publicly traded ETF managers including BlackRock, Invesco, Franklin and Janus are all likely to see a higher distribution fee, the impact is likely to be uneven, J.P. Morgan said. Big players such as BlackRock and Vanguard could be better positioned to negotiate the fees, while mid‑sized managers like Invesco could face greater pressure, it added. ### 相關股票 - [21Shares Ethereum ETF (CETH.US)](https://longbridge.com/zh-HK/quote/CETH.US.md) - [Franklin Bitcoin ETF (EZBC.US)](https://longbridge.com/zh-HK/quote/EZBC.US.md) - [Bitwise Ethereum ETF (ETHW.US)](https://longbridge.com/zh-HK/quote/ETHW.US.md) - [Robinhood (HOOD.US)](https://longbridge.com/zh-HK/quote/HOOD.US.md) - [Bitwise Solana Staking ETF (BSOL.US)](https://longbridge.com/zh-HK/quote/BSOL.US.md) - [CoinShares Bitcoin ETF (BRRR.US)](https://longbridge.com/zh-HK/quote/BRRR.US.md) - [ARK 21Shares Bitcoin ETF (ARKB.US)](https://longbridge.com/zh-HK/quote/ARKB.US.md) - [VanEck Ethereum ETF (ETHV.US)](https://longbridge.com/zh-HK/quote/ETHV.US.md) - [Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN.US)](https://longbridge.com/zh-HK/quote/BLCN.US.md) - [Grayscale Ethereum Mini Staking ETF (ETH.US)](https://longbridge.com/zh-HK/quote/ETH.US.md) - [VG Financial (VFH.US)](https://longbridge.com/zh-HK/quote/VFH.US.md) - [Defiance Daily Target 2X Long HOOD ETF (HOOX.US)](https://longbridge.com/zh-HK/quote/HOOX.US.md) - [Grayscale Solana Staking ETF (GSOL.US)](https://longbridge.com/zh-HK/quote/GSOL.US.md) - [Franklin Ethereum ETF (EZET.US)](https://longbridge.com/zh-HK/quote/EZET.US.md) - [Fidelity Ethereum Fund (FETH.US)](https://longbridge.com/zh-HK/quote/FETH.US.md) - [Valkyrie Bitcoin and Ether Strategy ETF (BTF.US)](https://longbridge.com/zh-HK/quote/BTF.US.md) - [Leverage Shares 2X Long HOOD Daily ETF (HOOG.US)](https://longbridge.com/zh-HK/quote/HOOG.US.md) - [iShares Bitcoin Trust ETF (IBIT.US)](https://longbridge.com/zh-HK/quote/IBIT.US.md) - [ISHRS Us Brokers & Sec Exchg (IAI.US)](https://longbridge.com/zh-HK/quote/IAI.US.md) - [Fidelity Wise Origin Bitcoin Fund - ETF (FBTC.US)](https://longbridge.com/zh-HK/quote/FBTC.US.md) - [IShares Ethereum Trust ETF (ETHA.US)](https://longbridge.com/zh-HK/quote/ETHA.US.md) - [Financial Select Sector SPDR Fund (XLF.US)](https://longbridge.com/zh-HK/quote/XLF.US.md) - [T-Rex 2X Long HOOD Daily Target ETF (ROBN.US)](https://longbridge.com/zh-HK/quote/ROBN.US.md) - [VanEck Bitcoin ETF (HODL.US)](https://longbridge.com/zh-HK/quote/HODL.US.md) - [ProShares Bitcoin Strategy ETF (BITO.US)](https://longbridge.com/zh-HK/quote/BITO.US.md) - [WisdomTree Bitcoin Fund (BTCW.US)](https://longbridge.com/zh-HK/quote/BTCW.US.md) - [Proshares Ether Strategy ETF (EETH.US)](https://longbridge.com/zh-HK/quote/EETH.US.md) - [Invesco Galaxy Bitcoin ETF (BTCO.US)](https://longbridge.com/zh-HK/quote/BTCO.US.md) ## 相關資訊與研究 - [Dakota Wealth Management Cuts Stock Position in Robinhood Markets, Inc. $HOOD](https://longbridge.com/zh-HK/news/281324236.md) - [Robinhood Stock Gains Backing as Barclays Analyst Forecasts 90% Upside on 'an Ambitious Growth Roadmap'](https://longbridge.com/zh-HK/news/281177304.md) - [AI-powered insurance broker Rosella raises $2.6M in funding led by Peak XV Partners, Intact Private Capital](https://longbridge.com/zh-HK/news/281622090.md) - [DFDVSOL - March Recap & AMA - 06 April 2026](https://longbridge.com/zh-HK/news/281605436.md) - [US community banks oppose OCC's approval of Coinbase trust charter](https://longbridge.com/zh-HK/news/281655976.md)