Does any brokerage offer automated ETF investments?

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Topic Author
sp226
Posts: 34
Joined: Sat May 16, 2015 8:33 am

Does any brokerage offer automated ETF investments?

Post by sp226 » Sat May 23, 2020 8:35 am

I have multiple automatic investments going into mutual funds in various accounts, but I would like set up an automatic investment into an ETF if possible.
The ETF I'm looking to begin buying is QQQ. AFAIK there is no corresponding mutual fund that tracks NASDAQ 100.
I understand that ETFs cannot be purchased in fractional shares, so I'm OK with it being a set number of shares rather than a set amount... and fine if there is a transaction fee involved as it would be a very small percentage of the total.
But I would like it to happen at regular semi-monthly intervals.
Is there a brokerage that allows that?

AlohaJoe
Posts: 5342
Joined: Mon Nov 26, 2007 2:00 pm
Location: Saigon, Vietnam

Re: Does any brokerage offer automated ETF investments?

Post by AlohaJoe » Sat May 23, 2020 8:51 am

sp226 wrote:
Sat May 23, 2020 8:35 am
I understand that ETFs cannot be purchased in fractional shares
ETFs can definitely be purchased in fractional shares.

M1Finance offers automated ETF investing. Probably a few others (Motif? if they're still around) but M1 is the most popular at the moment.

sgm7091
Posts: 56
Joined: Mon Dec 30, 2019 10:42 pm

Re: Does any brokerage offer automated ETF investments?

Post by sgm7091 » Sat May 23, 2020 8:55 am

Fidelity claims you can but I have not tried it. I think it will have to be # of shares vs $$ amounts (like you do for MFs).

Topic Author
sp226
Posts: 34
Joined: Sat May 16, 2015 8:33 am

Re: Does any brokerage offer automated ETF investments?

Post by sp226 » Sat May 23, 2020 9:08 am

Fidelity said no.
Thank you for pointing me to M1Finance - which also led me to SoFi which seems to allow the same.
Any feedback on either of these services?

corp_sharecropper
Posts: 213
Joined: Thu Nov 07, 2013 2:36 pm

Re: Does any brokerage offer automated ETF investments?

Post by corp_sharecropper » Sat May 23, 2020 9:11 am

Fidelity does offer fractional shares (enter a dollar based order) but they're missing, frustratingly, the automatic part of the equation.

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