E*TRADE Reports Mixed Metrics for October 2018, DARTs Continues Uptrend

E*TRADE’s brokerage customer assets dropped to $436 million last month, down eight percent from $473 million in September.

In October 2018, Discount brokerage giant E*Trade Financial Corporation revealed that Daily Average Revenue Trades (DARTs) pointed higher, coming in at 301,625 a day, an increase by a factor of seven percent month-over-month from 281,408 ‎in September 2018. Over a yearly timetable, E*TRADE’s October 2018 DARTs were also higher by 40 percent year-over-year, compared to 215,689 in October 2017.

In terms of E*TRADE’s net new accounts growth, the group added 75,735 gross new brokerage accounts in October 2018, compared to 115,390 in September 2018, which reflects a negative change of more than 34 percent. However, this figure is better when weighed against last year, as new brokerage accounts rose 42 percent from 60,918 in October 2017.

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In total, this brings the company’s overall accounts to approximately 5.99 million in October 2018, which reflected a marginal increase of less than one percent compared to 5.97 million in the previous month, together with an 11 percent advance year-over-year.

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Another area of weakness for the month was E*TRADE’s brokerage customer assets which dropped to $436 million last month, down eight percent from $473 million in September. Meanwhile, the year-over-year comparison shows an increase of 17 percent from $373 million in September.

Earlier in June, the discount brokerage giant expanded the number of ETFs that customers can access without commissions. E*TRADE has significantly increased its commission-free exchange-traded fund (ETF) lineup, all of which is non-proprietary, with the addition of 46 new funds from six providers.

E*TRADE isn’t the only discount brokerage to offer zero-commission ETFs as the company is tussling with rivals to expand low-cost investment products. Big rivals, including Charles Schwab and TD Ameritrade, also announced the expansion of its own similar offerings recently, increasing the total number of ETFs that don’t have a commission attached to them.

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