If you want to chase those last few points of ER reduction FRSXX and FNSXX are available at WellsTrade with no minimum purchase. (FRSXX is all-treasuries like FSIXX and is showing 5.20% today, FNSXX is prime and showing 5.31% today, and both have a 0.14% ER so even cheaper than FSIXX's 0.18%.) If you can leave $250k at Wells for a few months they're still running a $2500 bonus offer too. ACATS of both of those funds back to Fido seems to work fine.Bummer.I waited a little too long. My transfer request of FSIXX was "rejected".
Called Fidelity and they said Merrill rejected it as a non-transferable asset. Loophole seems to be closed.
I just caught wind of this crazy arbitrage from anon_investor today and was excited to earn a few more pennies of interest per year! I love the creativity of the strategy!
Any other recent data points on the arbitrage attempt? I think I might try it tomorrow to see how it goes.
Wells also has some of the other $10M buy-in Fidelity funds but I've never found a use case for FRGXX or FRBXX. Also some $1m funds like FTCXX (tax-exempt) and state muni funds for NY and CA. I would guess that ACATS of those back to Fidelity would also work fine.
Statistics: Posted by glitchy — Thu Aug 15, 2024 8:07 pm — Replies 212 — Views 38026