The new providers are ALPS, Direxion Investments, Global X Funds, IndexIQ, Pimco, ProShares andWisdomTree ( WETF ). Providers already on the platform are ETF Securities, Guggenheim Investments, PowerShares, State Street SPDR ETFs, United States Commodity Funds and Charles Schwab Investment Management.
With the additions, investors can trade 182 ETFs covering 65 Morningstar categories for $0 online trade commissions at Schwab with no early redemption fees or enrollment requirements.
"We know that every dollar counts for investors -- and trading commissions can really add up, so they are crucial when evaluating the total cost of an ETF," said Heather Fischer, vice president of ETF Platform Management atCharles Schwab ( SCHW ).
As of Aug. 31, Schwab ETF OneSource has $31 billion in assets under management. Year-to-date flow into ETFs in the program totals $5.9 billion, representing 45% of the total ETF flows at Schwab.
Of the total new, commissionless ETFs, 28 come from new participants and 37 come from existing providers.
Trades in ETFs available through Schwab ETF OneSource (including Schwab ETFs) are available without commissions when placed online in a Schwab account. Service charges apply for trade orders placed through a broker ($25) or by automated phone ($5).
An exchange processing fee applies to sell transactions. Certain types of Schwab ETF OneSource transactions are not eligible for the commission waiver, such as short sells and buys to cover (not including Schwab ETFs).
Schwab's announcement comes as financial advisers, ETF providers and investors meet in Chicago at Morningstar's 5th annual ETF conference.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.