Charles Schwab continues to expand its commission-free exchange traded funds program, adding 25 new funds to its Schwab ETF OneSource platform, the company announced Tuesday. Clients now have access to 539 ETFs, with no trading fees.
This year, Schwab has more than doubled the number of commission-free ETFs on the platform from last year, adding 285 ETFs, including a number of iShares funds added earlier this year. This week, the firm added funds from seven providers, including 10 funds from Direxion and three from Global X, among others. The new additions also include JPMorgan’s BetaBuilders funds, which have raked in assets since their inception.
In all, the ETFs on the platform will now cover 83 Morningstar categories. In addition to not charging commissions, ETFs in the program have no enrollment requirements and no early redemption fees or activity assessment fees. Both individual investors and financial advisors affiliated with Schwab have access to the program.
Year-to-date, flows to OneSource were $13 billion, bringing total assets on the platform to $182 billion as of the end of May, up 81% over the same period in 2018.
