Big picture: Fidelity Investments is expanding its list of ETFs subject to the $100 purchase fee, growing from about 27 funds to more than 120. The updated list takes effect June 1, 2026, and targets ETF issuers that do not pay direct, asset-based fees to Fidelity to support platform availability.
why it matters: The fee structure has been accused of a “pay to play” model. If the ETF issuer does not have an agreement with Fidelity, a $100 service fee on each purchase is passed directly to the investor. This forces small fund managers to make a choice: pay Fidelity or watch their investors bear the cost.
by numbers
- $100: Maximum service fee per ETF purchase
- ~27 ETFs: Original list as of November 3, 2025
- 120+ ETFs: Extended list effective from June 1, 2026
- 40+ Funds: From Roundhill alone, the largest issuer on the list
- 12 funds: From Kurv, which includes popular yield premium strategy ETFs linked to Apple, Tesla, Google and others
What they are saying: This expansion has drawn sharp criticism from prominent voices in the ETF industry. Investor and fund manager Meb Faber called the fee structure “gross”. Others have described it as a “pay to play” model. On social media, critics argue that this arrangement forces fund managers to either pay Fidelity or hurt their own investors with fees.
Second aspect: The vast majority of ETF trades at Fidelity remain commission-free. The $100 fee applies only to a small subset of funds from issuers that do not participate in revenue-sharing agreements. Some defenders say that these are mostly niche, low-volume products with high operating costs, and Fidelity should still provide access to them rather than delisting them entirely. Many of these issuers are reportedly in discussions with Fidelity to fix fees for their funds.
What’s in the list: expanded roster (PDF file) includes funds from Roundhill (WeeklyPay ETF, Magnificent Seven ETF, Bitcoin and Ether Covered Call Fund), Kurv (Yield Premium Strategy ETF, Precious Metals Income Fund), Inspire (faith-based ETF), HedgeEye, Rareview, Webb (Defined Volatility Sector ETF), Cyber ​​Hornet (Crypto-Blend Strategy ETF), and several smaller specialty issuers.
Notable additions include YBTC (Roundhill Bitcoin Covered Call Strategy ETF), KGLD (Curve Gold Enhanced Income ETF), MAGS (Roundhill Magnificent Seven ETF), and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF).
Keep in mind: This does not affect the vast majority of ETFs. If you buy funds from major issuers like Vanguard, iShares (BlackRock), SPDR (State Street), Schwab, or Invesco, nothing changes. Fidelity still offers thousands of commission-free ETFs. The fee affects only a narrow portion of small, specialized issuers. Before purchasing any ETFs on Fidelity, check the order preview screen – it will disclose service fees before you confirm your trade.
what to watch: Keep an eye on competitors like Schwab or Robinhood to see if they adopt a similar fee structure or use it as a marketing advantage. Also, see if more issuers negotiate revenue-sharing deals with Fidelity to get off the list. And finally, see if disappointed customers follow through on threats to transfer their accounts to other brokers.
How it connects: College Investor currently ranks Fidelity as the #1 online stock broker for 2026, largely due to its commission-free pricing, $0 account minimum, and extensive fund selection. The full Fidelity review states that Fidelity offers over 3,400 no-transaction-fee mutual funds and is the only broker to offer a 0% expense ratio index fund. This ETF service fee expansion is worth monitoring, but it doesn’t change Fidelity’s core value proposition for investors who stick to mainstream ETFs and index funds.
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