Big picture: <\/strong>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.<\/p>\n<\/div>\n why it matters: <\/strong>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.<\/p>\n<\/div>\n What they are saying: <\/strong>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.<\/p>\n<\/div>\n Second aspect: <\/strong>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.<\/p>\n<\/div>\n![\"loyalty](\"https:\/\/thecollegeinvestor.com\/cdn-cgi\/image\/dpr=1%2Cf=auto%2Cfit=cover%2Ch=148%2Cq=85%2Cw=800\/wp-content\/uploads\/2026\/04\/Fidelity-Fee.jpeg\" "\\"loyalty")
<\/span><\/div>\nby numbers<\/h2>\n
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