TD Ameritrade's zero-commission program is designed to appeal to long-term investors. If investors do not hold the ETF for 30 calendar days, the brokerage's standard $9.99 per trade commission will be charged.
TD Ameritrade's move extends free trades to investors who couldn't qualify for similar deals at other brokerages before. Most large online brokers with free ETF trading require $1,000 or more to open accounts. Other brokerages, including Zecco,
Wells Fargo and
Bank of America, offer a limited number of free trades on any stock, including ETFs, but a minimum account balance of $25,000 is required to qualify.