Charles Schwab Investment Advisory Corp.
unveiled a select list of 48 ETFs, 11 of which are Schwab's proprietary ETFs, InvestmentNews'
Jessica Toonkel reports
. The list is geared towards retail investors and the San Francisco firm is mulling over the possibility of crafting lists for active traders or more sophisticated investors.
Schwab used criteria such as tracking error, cost of ownership and bid/ask volatility. An ETF needs to
have assets of at least $20 million to be considered for the list.
Asked about the inclusion of Schwab's own ETFs, Michael Iancini
, director of investment manager research at Charles Schwab
Investment Advisory Inc., pointed out that his unit was the one who made the selection.
"We have a fiduciary duty to the client," he told Toonkel.
Ianchini also noted that Schwab's ETFs are commission-free, making them cheaper than other ETFs on the Schwab platform.
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