Charles Schwab, a provider of financial services, has launched its first exchange-traded funds, eight new Schwab-managed ETFs with commission-free online trading for clients in their Schwab accounts.
Charles Schwab said that its subsidiary, Charles Schwab Investment Management (CSIM), will launch first four ETFs starting from November 3. They are Schwab US Broad Market ETFTM, Schwab US Large-Cap ETF TM Schwab US Small-Cap ETFTM, and Schwab International Equity ETFTM.
CSIM plans to offer four additional ETFs, in December, Schwab US Large-Cap Growth ETFTM, Schwab US Large-Cap Value ETFTM, Schwab International Small-Cap Equity ETFTM and Schwab Emerging Markets Equity ETFTM.
Walt Bettinger, CEO of Schwab, said: “Schwab has been an innovator on behalf of investors and savers for decades and has endeavored to help them become financially fit. Today, we continue this tradition by offering investors an exceptional value through low cost access to domestic and global equity markets. Our low cost ETFs can be purchased and sold through our portal for commission free. This means that investors of all kinds, and especially those who wish to dollar cost average modest sums, can do so in a cost-effective way. We believe there simply isn’t an easier way to buy and sell ETFs than what we’re making available to all Schwab clients.”
Peter Crawford, senior vice president at Schwab, said: “These ETFs will accelerate that growth and appeal to a broad range of investors: from registered investment advisors, to individual investors. Only 16% of our individual investors currently own ETFs and 43% of advisors who custody with Schwab told us this summer in our semi-annual Advisor Outlook Study, that they plan to increase their usage of ETFs in the next six months. This makes them vehicles with tremendous potential for growth.”
