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Gold August 14, 2020 04:15:40 PM

Invesco Slashed Fees on Gold ETF Investments

Paul Ploumis
ScrapMonster Author
Incidentally, the global holdings in gold ETFs have surged higher significantly till date this year.

Invesco Slashed Fees on Gold ETF Investments

SEATTLE (Scrap Monster): Atlanta, Georgia-headquartered independent investment management company, Invesco, announced its decision to lower the fees it charges on customers for purchases of gold-backed exchange traded funds (ETFs). The move is aimed at helping the firm to better compete with low-cost funds that have been recently gaining market share.

Incidentally, the global holdings in gold ETFs have surged higher significantly till date this year. As per the latest data furnished by the World Gold Council (WGC), the funds across the world reported addition of nearly 900 tonnes of gold to their holdings so far this year until July. The low-fee funds witnessed the fastest growth during this period.

ALSO READ: SPDR Gold Shares Attracted $5.5 Billion in Assets

According to Invesco press release, it has decided to reduce the fee on its funds from 0.19% of the investment value to 0.15%. Earlier in February, it had reduced the charges from 0.24%. It must be noted that the competitor i-Shares fund had recently cut its fee from 0.25% to 0.15% at the beginning of the current year. Till date this year, i-Shares fund has expanded by 65%, whereas Invesco funds registered 46% growth.

Chris Mellor at Invesco noted that the decision to lower the fee is primarily attributed to the rising price competition in the space.

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