Yields on 10-year municipal bonds soared as high as 3.24% in late September, the highest point since 2011. Returns on other muni-focused ETFs have similarly tanked, with VTEB and the iShares Short-Term National Muni Bond ETF (SUB) losing as much as 10.7% compared with this time last year.
The ICE AMT-Free US National Municipal Index, which tracks the performance of U.S.-dollar-denominated, fixed rate, tax exempt bonds and its corresponding ETF, the iShares National Muni Bond ETF (MUB), have fallen nearly 10% year to date. The ETF’s launch comes at a lackluster time for the asset class. The launch comes as "yields on municipal bonds are attractive" and investors are seeking low-cost options, John Sturiale, Schwab’s head of product management and innovation, said in a statement. It began trading Wednesday on the NYSE Arca, where its shares dipped less than 1% to $50.12. National Municipal Index, and fills a hole in Schwab’s existing 27-fund lineup as the issuer’s first muni product. The fund tracks the ICE AMT-Free Core U.S. SCMB’s closest competitor, the Vanguard Tax-Exempt Bond ETF (VTEB), has an expense ratio of 0.05%. The Schwab Municipal Bond ETF (SCMB) comes with an expense ratio of 0.03%, according to a company statement, making it the cheapest product of its kind on the market. Schwab reserves the right to change or terminate the guarantee at any time.Charles Schwab Corp.’s debut municipal bond offering is giving exchange-traded fund behemoth Vanguard Group Inc. No other charges or expenses, and no market losses will be refunded. Refunds will only be applied to the account charged and will be credited within approximately four weeks of a valid request. The guarantee is only available to current clients. The guarantee does not cover Program Fees for accounts managed by investment advisors who are not affiliated with Schwab or managed by Schwab‐affiliated advisors outside of the SWA, SMP, SIP Premium, and Connection services. The Connection service includes only accounts managed by Charles Schwab Investment Management, Inc., an affiliate of Schwab. įor more information about Program Fees, please see the disclosure brochure for the Participating Service, made available at enrollment or any time at your request. Two kinds of “Fees” are eligible for this guarantee: (1) “Program Fees” for the Schwab Wealth Advisory (“SWA”), Schwab Managed Portfolios™ (“SMP”), Schwab Intelligent Portfolios Premium™ (“SIP Premium”), and Managed Account Connection® (“Connection”) investment advisory services sponsored by Schwab (together, the “Participating Services”) and (2) commissions and fees listed in the Charles Schwab Pricing Guide for Individual Investors or the Charles Schwab Bank Pricing Guide. Refund requests must be received within 90 days of the date the fee was charged. (“Schwab”), Charles Schwab Bank, SSB (“Schwab Bank”), or another Schwab affiliate, as applicable, will refund any eligible fee related to your concern. Schwab Satisfaction Guarantee: If you are not completely satisfied for any reason, at your request Charles Schwab & Co., Inc.
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