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Wednesday, October 12, 2022

A $610B-AUM Firm Debuts a 3-Bps Fund

Reported by Neil Anderson, Managing Editor

The team at a publicly traded firm's $610.3-billion-AUM (as of June 30, including $34.4-billion in non-discretionary AUM) asset management arm has rolled out a fund that, according to them, offers the lowest expense ratio out there among ETFs accessing accessing the broad, U.S. investment grade, tax-exempt bond market.

Omar Aguilar
Schwab Asset Management
CEO, Chief Investment Officer
Today, the folks at Charles Schwab Investment Management, Inc. (dba Schwab Asset Management [profile]) launched the Schwab Municipal Bond ETF (SCMB on the NYSE Arca, Inc.). John Sturiale, head of product management and innovation at Schwab AM, first unveiled the new fund on September 28.

SCMB's inception date is today, and it is a series of the Schwab Strategic Trust. The new, passively managed muni bond fund comes with an expense ratio of three basis points.

ICE Data Indices, LLC serves as index provider to SCMB, which is designed to track the ICE AMT-Free Core U.S. National Municipal Index. Schwab AM serves as the new fund's investment advisor, and the fund has a four-person co-PM team: Jason Diefenthaler, managing director and head of tax-exempt bond strategies at Schwab AM; Matthew Hastings, managing director and head of taxable bond strategies; Steven Hung, senior portfolio manager; and John Khodarahmi, senior PM.

Sturiale puts the launch of SCMB in the context of muni bond yields being attractive.

"Investors are seeking a low-cost, straightforward approach to income, diversification and risk management in their portfolios," Sturiale states.

The new fund's other service providers include: Deloitte & Touche LLP as independent accounting firm; SEI Investments Distribution Co. as distributor; and State Street Bank and Trust Company as accountant, custodian, and transfer agent. 

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