Overview
- Trade reports say brokers want a share of ETF fees after the EU ban on payment for order flow cut a key revenue stream.
- BaFin states it is aware of efforts to secure ongoing commissions from ETF providers, signaling regulatory attention.
- Experts warn the move would break with ETFs’ longstanding practice of paying no distribution or retention fees to intermediaries.
- Analysts anticipate cost sharing between brokers and providers or modest increases in fund expense ratios, with thematic or active ETFs more exposed than large standard index funds.
- ETF issuers have remained noncommittal, as retail participation has climbed to 14.1 million Germans holding equities, funds or ETFs in 2025.