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Brown Advisory Flexible Equity ETF in registration
@Mav12 - You can buy the 'investor" share class BIAWX (ER 0.76) at Fidelity for as little as $250. Fidelity, does not carry the depending on what page you look at, offers the institutional share class BAFWX (ER 0.61) for $1M.
FWIW I only tried the purchases in an IRA account. I hold BIAWX there. I bought as much as I could initially to spread that TF of $49.95 across as many shares as possible. Subsequent additions have been performed using the AIP system at $5/pop.
Thank you I was curious if it's possible to buy the institutional class with a lower expense ratio for a much, much lower minimum initial deposit. I don't have anywhere close to this amount but it does help with transaction fees when I have the Institutional class shares. I know some mutual funds allow you to purchase the institutional class shares for about $1000 or $2000, such as Pimco at Schwab.
I know some mutual funds allow you to purchase the institutional class shares for about $1000 or $2000, such as Pimco at Schwab
Fidelity also offers lower mins for institutional class shares of many funds. Not Brown Advisory funds though.
PIMCO is a relative weakness at Fidelity. Fidelity does sell institutional shares of PIMCO funds (even with a $0 min), but not the institutional class. Rather than sell PIMIX (class I) with its 0.83% net ER, Fidelity sells the higher priced (but still "institutional") PIPNX class I-3 shares with a net 0.98% ER.
Another quirk at Fidelity is that sometimes it offers institutional shares with a low min only in an IRA. This doesn't appear on Fidelity's web pages; you have to have an IRA account and set up a test trade. (It always pays to check.) For example, QRSIX has a $100K min at Fidelity (same as Schwab), but requires only $2500 to buy in an IRA.
@msf answered your question and as noted trying to place the trade is the only way I'm aware of to find out. I've bought a handful of $1M initial minimum deposit institutional funds over the years that way.
Comments
https://www.sec.gov/Archives/edgar/data/1593547/000139834424020614/fp0090912-10_497k.htm
BVALX is a very good Value fund
BAFLX Global Large Stock
BAFHX Europe
Their Bond funds are not as good but rarely awful
does not carry thedepending on what page you look at, offers the institutional share class BAFWX (ER 0.61) for $1M.FWIW I only tried the purchases in an IRA account. I hold BIAWX there. I bought as much as I could initially to spread that TF of $49.95 across as many shares as possible. Subsequent additions have been performed using the AIP system at $5/pop.
FWIW (the million dollar question), so does Schwab.
I know some mutual funds allow you to purchase the institutional class shares for about $1000 or $2000, such as Pimco at Schwab
Fidelity also offers lower mins for institutional class shares of many funds. Not Brown Advisory funds though.
PIMCO is a relative weakness at Fidelity. Fidelity does sell institutional shares of PIMCO funds (even with a $0 min), but not the institutional class. Rather than sell PIMIX (class I) with its 0.83% net ER, Fidelity sells the higher priced (but still "institutional") PIPNX class I-3 shares with a net 0.98% ER.
Another quirk at Fidelity is that sometimes it offers institutional shares with a low min only in an IRA. This doesn't appear on Fidelity's web pages; you have to have an IRA account and set up a test trade. (It always pays to check.) For example, QRSIX has a $100K min at Fidelity (same as Schwab), but requires only $2500 to buy in an IRA.