Toronto-based Questrade Wealth Management Inc. has reduced the management fees of six U.S.-market focused exchange-traded funds (ETF).
"We are thrilled to announce that we are lowering management fees on several of our Smart ETFs by more than 50%. As a result, our four U.S. sector ETFs now have the lowest management fees among all competitors," says John Youn, executive managing director of ETFs and global structured products with Questrade, in a statement on Tuesday.
The following ETFs have had their management fees reduced to 0.25% of net asset value (NAV) from 0.7% of NAV:
> Questrade Russell 1000 Equal Weight U.S. Technology Index ETF Hedged to CAD
> Questrade Russell 1000 Equal Weight U.S. Industrials Index ETF Hedged to CAD
> Questrade Russell 1000 Equal Weight U.S. Health Care Index ETF Hedged to CAD
> Questrade Russell 1000 Equal Weight U.S. Consumer Discretionary Index ETF Hedged to CAD
The firm has also reduced fees on the following two ETFs to 0.35% of NAV from 0.75% of NAV:
> Questrade Russell U.S. Midcap Growth Index ETF Hedged to CAD
> Questrade Russell U.S. Midcap Value Index ETF Hedged to CAD
"The ETF market has grown tremendously as Canadians have discovered the low cost and diversification benefits of ETFs," says Edward Kholodenko, president and CEO of Questrade Financial Group, in a statement. "By reducing fees on these Questrade ETFs, we will create even better investment options so Canadians can become more financially successful and secure."
The lower fees are currently in effect.
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