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- Fidelity is planning to launch 10 sector ETFs tomorrow, with a lower expense ratio than rivals. The ETFs will track MSCI benchmarks and will cover sectors ranging from consumer staples to technology stocks. The funds will have an expense ratio of 0.12%, which undercuts the current fees of many other sector ETFs by 30-40%. This move comes as part of a push into the ETF market by Fidelity, as earlier this year the company struck a deal with BlackRock’s iShares for expanded commission-free ETF trading by Fidelity account holders.
- Discount broker Charles Schwab experienced technical glitches yesterday which showed customers incorrect prices for bonds and other securities. The glitch occurred while Schwab integrated a third-party platform that provides pricing information on some bonds and other securities.