The SEC has given regulatory approval for an exchange-traded fund that will initially pay investors for holding it. Salt Financial will waive the 29 basis point fee on its Salt Low Tru Beta US Market ETF while contributing an amount equal to 0.05% of the fund's assets, meaning investors will receive $ 5 for every $ 5 invested. It added that it would “contribute to the fund’s assets an amount equal to an annual rate of 0.05 per cent of the funds average daily net assets on the first $100m in net assets". In a filing with the SEC , the New York -based firm said it will waive the fee on the first 5 of assets in the fund until daily . The fund is the first "negative fee" ETF product to win SEC approval.
The SEC has given regulatory approval for an exchange-traded fund that will initially pay investors for holding it. Salt Financial will waive the 29 basis point fee on its Salt Low Tru Beta US Market ETF while contributing an amount equal to 0.05% of the fund's assets, meaning investors will receive $ 5 for every $ 5 invested. In a filing with the SEC , the New York -based firm said it will waive the fee on the first 5 of assets in the fund until daily . The fund is the first "negative fee" ETF product to win SEC approval.