Charles Schwab (SCHW) said Wednesday that its commission-free platform, OneSource, now includes 16 more ETFs than it did when first launched in February with 105 products.
The 16 new ETFs include five from Guggenheim, five from State Street SPDR and six from Charles Schwab Investment Management and focus on asset allocation, long-term corporate bond, and international asset income ETFs.
"With the most commission-free ETFs and the broadest category coverage in the industry, Schwab ETF OneSource gives investors and advisors unsurpassed choice when it comes to building diversified commission-free ETF portfolios," said Beth Flynn, vice president of ETF platform management at Charles Schwab, in a press release. "We're pleased to be adding to the range of funds and asset categories that we can offer commission-free, and continue to believe that this is just the beginning."
Average flows into the ETFs featured on Schwab ETF OneSource have more than doubled over the past eight months, the company says. In addition, though the ETFs offered on OneSource represent just 8% of the total number of ETFs available through Schwab's other platforms, they account for nearly half of all positive ETF flows at Schwab since its launch. Plus, more than 50% of ETF flows from RIAs who custody assets at Schwab are now going into OneSource ETFs.
"Costs matter to investors, and the flows we've seen since the debut of Schwab ETF OneSource tell us that investors place value on the ability to buy and sell ETFs commission-free without incurring short-term redemption fees," added Flynn.
