E*TRADE Reveals Mixed Volumes for November, DARTs Pointed Lower

The metrics reflect the impact of acquisition of brokerage accounts from Capital One, including post-acquisition activity.

E*TRADE Financial Corporation (NASDAQ: ETFC) today revealed that Daily Average Revenue Trades (DARTs) were pointed lower in November 2018, coming in at 275,319 a day, a decrease by nine percent month-over-month from 301,625 ‎in October 2018. Over a yearly timetable, the New York-based firm said DARTs of the month prior were higher by 11 percent year-over-year, compared to 248,669 in November 2017.

In terms of E*TRADE’s new accounts growth, the group added 992,636 gross new brokerage accounts in November 2018, compared to 75,735 set back in October, and 63,008 in November 2017. The figure reflects the impact of its recent acquisition of brokerage accounts from Capital One, including post-acquisition activity.

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In total, this brings the company’s overall accounts to approximately 6.94 million in November 2018, which is a 19 percent increase compared to 5.9 million in the previous month. This figure also prints a 29 percent increase year-over-year.

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Expanding the ETFs offering

Another area of strength for the month was E*TRADE’s brokerage customer assets which rose to $451 million last month, up 18 percent year-over-year from $381 million in 2017. Meanwhile, the month on month comparison also shows an increase of three percent from $436 million in October.

Earlier this year, 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 recently the expansion of its own similar offerings, increasing the total number of ETFs that don’t have a commission attached to them.

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