Less than four years after the debut of its first exchange traded fund, discount broker Charles Schwab (SCHW) announced Thursday that its suite of 15 equity-based and bond ETFs has reached a combined $10.02 billion in assets under management. That number pertains to the firm's ETF AUM total as of February 8.
Schwab's first ETFs debuted in November 2009 and were immediately made available to the firm's clients on a commission-free basis. Since that time, California-based Schwab has leveraged the combination of commission-free trading and paltry expense ratios to become one of the fastest-growing U.S. ETF sponsors.
With $10.2 billion in ETF assets, Schwab is the tenth-largest U.S. ETF sponsor, just behind PIMCO, which has $10.3 billion in ETF assets. Three Schwab ETFs the Schwab U.S. Broad Market ETF (SCHB) Schwab U.S. Large-Cap ETF (SCHX) and the Schwab International Equity ETF (SCHF) combine for about 38 percent of the firm's ETF assets.
SCHX, which competes with the Vanguard Large Cap ETF (VV) among other funds, has $1.2 billion in AUM, according to Schwab data. SCHF, which competes with the massive iShares MSCI EAFE Index Fund (EFA), has $1.1 billion in AUM. SCHB is Schwab's largest ETF with $1.6 billion in assets.
Schwab's largest bond ETF is the Schwab U.S. TIPS ETF (SCHP) with $602.4 million in AUM. All 15 of the firm's ETFs have over $100 million in asssets.
Earlier this month, Schwab unveiled its Schwab ETF OneSource platform, which allows its clients to buy and sell 105 ETFs with $0 online trade commissions. In additional Schwab ETFs, OneSource allows the firm's clients to trade ETFs from State Street Global Advisors, PowerShares, Guggenheim, ETF Securities and United States Commodity Funds commission-free.
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