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Friday, January 5, 2018

Seven Shops Add to Schwab ETF OneSource

Reported by Kenny He

Seven asset managers recently added ETFs to Charles Schwab's ETF OneSource platform. The platform offers investors and RIAs the allure of $0 online commissions, no enrollment requirements, and no early redemption fees.

Out of the 16 providers on their platform, Guggenheim Investments, PIMCO, Deutsche Asset Management, IndexIQ, GlobalX Funds, WisdomTree and State Street Global Advisors(SSgA) have all recently loaded more ETFs onto the OneSource platform.

Spokespeople for SSgA, Index IQ, and Global X did not immediately respond for comment.

"We work collaboratively to determine what products would fit gaps they [Schwab] would have," William Belden, head of Guggenheim's ETF's business development, tells MFWire. In fact, Guggenheim's two recent additions not only replace two ETFs that matured in 2017, but also indicate Guggenheim's continued interest in the OneSource platform, Belden says. They currently have 54 ETFs on the platform.

Deutsche brought in two more ETFs, bringing up their total to 13 ETFs on the platform. “Through the addition of CN and DBGR to the program, Schwab clients will have the ability to access the Chinese and German equity markets in a cost-efficient way," states Fiona Bassett, head of passive asset management at Deutsche Bank.

“The addition of the WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) offers investors an innovative way to access emerging markets without significant state-ownership, resulting in greater exposure to growth-oriented and consumer-centric companies,” states Luciano Siracusano, WisdomTree chief investment strategist. WisdomTree now has 19 ETFs on the platform, a spokesman for WisdomTree confirms.

Partnering with Research Affiliates, PIMCO brought in three more ETFs bringing up their total count to six ETFs on the platform. SSgA also brought in two more ETFs, for a total of 55 ETFs on the OneSource platform. IndexIQ and GlobalX each added one more ETF onto Schwab's OneSource platform raising their total to 12 and five ETFs, respectively.

With the additions, Schwab’s platform now includes 254 ETFs covering 69 Morningstar categories and over $100 billion AUM. In the latest year-to-date update last year in November, Schwab reported a net inflow of $21.5 billion of ETFs into the OneSource platform.

"The fact that ETF providers continue to see value in the program is demonstrated by the ETFs they've continued to add to our program." states Heather Fischer, vice president of ETF & mutual fund platforms and client solutions strategy at Charles Schwab.  

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