Broker converted ETF during transfer.
Posted: April 6th, 2024, 12:18 pm
Hello,
About a year ago I transferred a SIPP from Fidelity to HL. I held an Ishares S&P500 ETF in it. Months later I noticed that post-transfer HL was showing CSPX, the USD priced version, rather than CSP1, the GBP version. I assumed I had originally made the error & bought the wrong one
Anyway, recently when doing an IWEB transfer, I noticed the following on their website.
Please Note, if the ETF you are transferring into us can be held in multiple currencies, we may default this to the USD version
I was surprised to see this, but now see that it must have gotten converted during the transfer.
My question is, how is this even possible? I had assumed an ETF with a different currency was fixed in that guise. Is this not the case?
I'll give the broker it's in now (II) a call on Monday to see if they can convert it, but was interested if anyone can explain what's happened here.
Thanks,
Paul
About a year ago I transferred a SIPP from Fidelity to HL. I held an Ishares S&P500 ETF in it. Months later I noticed that post-transfer HL was showing CSPX, the USD priced version, rather than CSP1, the GBP version. I assumed I had originally made the error & bought the wrong one
Anyway, recently when doing an IWEB transfer, I noticed the following on their website.
Please Note, if the ETF you are transferring into us can be held in multiple currencies, we may default this to the USD version
I was surprised to see this, but now see that it must have gotten converted during the transfer.
My question is, how is this even possible? I had assumed an ETF with a different currency was fixed in that guise. Is this not the case?
I'll give the broker it's in now (II) a call on Monday to see if they can convert it, but was interested if anyone can explain what's happened here.
Thanks,
Paul