Fees on Execution Only PRSA Davy

Hi all,
I have recently opened an Execution-Only PRSA with Davy Select.
I will be purchasing ETFs as the minimum for purchasing a fund is 1000 which I won't be contributing.
The service terms are located at:

davy.ie/binaries/content/assets/davypublic/legal/116_817_tc2_execution-only-service-terms-and-related-documentation_web-f....pdf

on page 75.
It seems simple enough but I am wondering if anyone can confirm what I am getting from it:

- There will be a 0.75% annual fee for any ETF which is not domiciled in Ireland/UK.
- There will be a 0.10% fee for any ETF purchased which is not domiciled in Ireland/UK.

This would indicate to me that buying only ETFs within Ireland/UK would not incur any annual fee apart from that charged by the fund provider.

The section that says:
Additional Investment Products - Individual rates will apply and will vary depending on products offered. Fee rates will be made available in advance.

I havent been able to get any more information on what this means but I assume this does not refer to buying regular products like ETFs?

If anyone with any experience with or knowledge about this could help out I would appreciate it.

Thanks in advance

That's pretty much what I do too; I'm holding ETFs in an execution-only Davy Select PRSA.

> There will be a 0.75% annual fee for any ETF which is not domiciled in Ireland/UK.

This doesn't just apply to non-Ireland/UK ETFs, but it applies to your total account balance. Cash, ETFs in or outside Ireland/UK, or other investments you may make make: there'll be an annual 0.75% charge on the overall account balance. The individual ETFs you invest in will have their own annual charges as well.

> Additional Investment Products - Individual rates will apply and will vary depending on products offered. Fee rates will be made available in advance.

As I read it, this is not relevant for ETFs, no.

It probably makes sense to call Davy and ask them about anything that you're uncertain about.

The fees and charges document refers to where ETF is listed and not domiciled.

So you can buy on Dublin or LSE without additional charge(other than annual % charge) but if you buy on Amsterdam,Frankfurt,NYSE etc you will pay an additional .1% on the transaction plus a 25 EUR foreign custody charge.

Thank you both for taking the time to reply.
@martin I got in contact with Davy but they were reluctant to tell me anything other than to consult the terms of service.

If I understand this correctly, the minimum charge will be 0.75% on the overall balance + whatever % the individual ETFs charge. This is restricted however to ETFs listed on the ISE or LSE.

So I gather from this that if I were to purchase any amount in for example the vanguard s&p 500 etf the annual charge from Davy will rise to 0.85% on that ETF and there will be a 25 euro fee up front. This is quite unfortunate considering the amount I can afford to contribute monthly.

Does anyone know of a way with a Davy PRSA to possibly create a portfolio diversified beyond Ireland and the UK without incurring such fees?

> So I gather from this that if I were to purchase any amount in for example the vanguard s&p 500 etf the annual charge from Davy will rise to 0.85% on that ETF and there will be a 25 euro fee up front. This is quite unfortunate considering the amount I can afford to contribute monthly.

The 0.10% isn't annual -- it's a one-off fee taken at the time of investment. Personally I think that it (and the 25 euro fee) aren't particularly significant next to the annual fees. It'd be nice to avoid the one-off fees if possible, certainly, but they won't really make a difference in the long run (of course, how "long" the "long run" is will depend on how long you have until retirement).

I guess one thing the fixed 25 euro fee does is to make it more favorable to do a smaller number of large investments rather than a larger number of smaller investments, though.

Savvy said:

The fees and charges document refers to where ETF is listed and not domiciled.

So you can buy on Dublin or LSE without additional charge(other than annual % charge) but if you buy on Amsterdam,Frankfurt,NYSE etc you will pay an additional .1% on the transaction plus a 25 EUR foreign custody charge.

Click to expand...

So to put it another way the ISIN doesn't matter?
It's the exchange you buy from that matters?