You no longer have to buy whole shares when you invest in exchange-traded funds (ETFs). Just pick how much you’d like to invest in a fund and we’ll buy as much as we can for that amount—the same works for selling, too.
- You can now own a ‘bit’ of a share in an ETF: Previously, you had to buy and sell ETFs as whole shares. Now it’ll be more aligned with how the managed funds work. You enter the amount you’d like invested into the fund, and we’ll buy as much as we can with that amount (so you may end up with an extra ‘bit’ here and there—up to 4 decimal places). For example, if the share price is $2.50 and you have $8 to invest, we’ll buy you 3.2 shares (instead of buying you 3 whole shares and giving you $0.50 change).
- No more ‘Change’: Now that we can buy ‘bits’ of shares, we won’t need to refund as change. The whole amount specified will be invested.
- No more $5 minimum: We currently have a minimum investment of a full share (into ETFs)—because of this, we'd also put in place a $5 minimum per investment. Now that we’re able to buy fractions of a share, we’re dropping the $5 minimum, so you can invest everything you have sitting in your Wallet.
- T&C update: To reflect this change, we’ve updated clause 15 in our T&C. For more info, check it out.
Why has it changed?
- It enables future plans (auto-invest!): We're currently working on auto-invest. This is where you can specify an amount to invest and how this is split across different funds, and the investment is made automatically. And we don’t want people missing out on getting orders because they didn’t have enough to buy a whole share.
- No more missing out: We noticed people were entering the current share price when they made the purchase, which means they missed out if the price went up more than that at the time the orders were placed. Now even if the price changes, your order will still go through.