Interactive Brokers expands Mutual Funds Marketplace offering
Electronic trading major Interactive Brokers continues to expand its offering with dozens of new funds and fund families made available at the Mutual Funds Marketplace recently.
The Interactive Brokers Mutual Funds Marketplace provides clients from over 200 countries and territories with access to more than 45,000 funds from over 520 fund families, including Allianz, American Funds, BlackRock, Fidelity, Franklin Templeton, Invesco, MFS and PIMCO.
IBKR offers over 17,000 funds with no transaction fees and low, transparent commissions. Inside the US, commissions are the lesser of USD 14.95 or 3% of trade value, while fee funds outside the US are EUR 4.95 (or equivalent).
To help provide its clients with a broad selection of funds, Interactive Brokers recently added the following fund families to the Marketplace:
Let’s note that Interactive Brokers’ TWS platform offers support for Mutual Funds in Model Portfolios. Because Mutual Funds trade only once/day when the market closes, the number of shares and cash value update differently from other assets.
Traders can add funds to an existing model, or create a new model to invest in the fund. To add Mutual Funds to an existing model, in the Rebalance window use the Rebalance to Target feature. For a new model, use the Reallocation feature that you can open from the Portfolio page.
Note that due to the way in which Mutual Funds trade, updates to Position and Cash Value work differently. Because it takes time for MFs to execute as they only trade once per day after market close, when trades are submitted the market value is reduced by the amount of the order, because at that point there are no shares (position shows 0). Once the order executes and the position is updated, Market Value also updates to include the value of the shares.