Active ETFs Face New Cost Pressure As Schwab Weighs Distribution Fees, JPMorgan Says

Benzinga_recent_news01-17

Actively managed ETFs are set to see increased distribution costs soon, according to a new research note put out by JPMorgan Chase & Co (NYSE:JPM), which states that Charles Schwab Corporation (NYSE:...

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Currently, Schwab is custodian of around $2.9 trillion in ETF assets. Around $2.4 trillion of those are third-party ETFs. This translates to around 18% market share excluding its own retail products.\nAccording to JPMorgan, actively managed ETFs are expected to be the first in line to be affected. In contrast to ultra-low-cost passive funds, actively managed ETFs are expected to have relatively high management fee structures. This makes them more poised to handle distribution fees at least in the short term. Actively managed equity ETFs currently average 45 basis points in fees, whereas the average fees of passive equity ETFs is about 13 basis points.\nThis creates pressure on popular actively managed strategies offered through Schwab's platform, such as equity-oriented strategies like ARK Innovation ETF (BATS:ARKK) and fixed income-oriented strategies like PIMCO Active Bond ETFs (NYSE:BOND), which have been heavily dependent on brokerage platform distribution. JPMorgan observed that active ETFs represent a smaller share of overall ETF market assets but contribute more than their fair share to fees, making them a natural choice for fee monetization.\n\"Schwab’s pursuit of ETF manager economics follows other similar initiatives in recent years, including Schwab's launch of INTF in the institutional mutual fund business in 2021 and the launch of alternative product distribution in 2025. We see these as ‘third-party-payer' initiatives, which we see as having greater pricing power than directly charging its end customers.  We estimate that capturing the ETF opportunity would add ~$0.22 (or ~5% uplift) to Schwab earnings based on 3Q25 asset levels,\" JPMorgan said.\nAlthough big players such as Vanguard and Fidelity were expected to be resistant to charging access fees, JPMorgan stated that Schwab may charge trading commissions on transactions involving its ETFs.\nFor investors, the shift is unlikely to be immediately visible, but it could influence ETF expense ratios, fund closures and consolidation—particularly among smaller active ETF sponsors. As far as the issuers are concerned, zero-commission trading is likely to be around to stay. However, the shelf space offered by Schwab may not necessarily be free of charge.\nPhoto: marog – pixcells via Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2604540911","isCrawlerRequest":true}