Charles Schwab (NYSE: SCHW) is the latest exchange traded fund provider to enter the innovative and fast-growing market for fundamentally weighted ETFs that blur the line between active and passive management.

The San Francisco-based financial-services giant on Thursday said it plans to launch six fundamental index ETFs next week. Schwab launched its first ETFs in 2009 and currently manages 15 index-based products. At the end of June, Schwab ETFs had $12 billion in assets under management

The new ETFs will be available for purchase commission-free online in Schwab accounts beginning August 15, the firm said. [Schwab Readies Six Fundamental Index ETFs]

The ETFs will track the Russell Fundamental Index Series, which is based on methodology developed by Rob Arnott and Research Affiliates.

Schwab already offers five mutual funds based on the benchmarks, such as Schwab Fundamental US Large Company Index Fund.

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