Scottrade became the latest online broker to offer commission-free ETFs that trade online by launching 15 Focus Morningstar ETFs on March 30 — joining market rivals Charles Schwab, TD Ameritrade, Vanguard and Fidelity.
Online trading of the low-cost Focus Morningstar ETFs ETFs, which are based on indexes licensed from Morningstar, are available on a commission-free basis to Scottrade brokerage customers and registered investment advisors using Scottrade Advisor Services as their custodian.
Investors and advisors who are not Scottrade brokerage customers can purchase Focus Morningstar ETFs through their brokerage firms by paying applicable commissions.
“As a company committed to helping people make better investment decisions, these new ETFs are a logical extension of the products and services Scottrade has been providing for 30 years, said Scottrade founder and CEO Rodger Riney in a statement. “There is a growing demand for ETFs among individual and institutional investors as well as financial advisors and we wanted to provide funds that we believe investors could find great value in that haven’t been available before.”