Coming Soon: the Brokerless ETF

For investors who love to own low-expense exchange-traded funds but hate to pay commissions, it's been a tough environment. But, that may be changing. Here's a first, in a process similar to direct investing in some funds and some companies, the Nasdaq Stock Market is developing a program that would permit investors to buy shares of the Nasdaq-100 Index Tracking Stock Trust ETF directly from them. Set to open sometime in the third quarter, "Investors will pay $1 or $2 at most per trade, dramatically less than most brokerages charge," according to this article from the Associated press via the St. Petersburg Times.

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(May '04-Jun '05)