In an industry dominated by a few companies, some exchange traded fund providers have found success in cutting fees and attracting long-term investors.

For instance, Charles Schwab & Co. is emerging as one of the fastest growing ETF providers, reports John Waggoner for InvestmentNews.

Schwab’s 21 ETFs have garnered a net $6.9 billion through June 30, according to Morningstar data. Over the past year, these funds saw assets grow 39.7% to $47.9 billion.

SEE MORE: ETF Industry Edges Toward Free Core Products

The discount broker is also riding on the overall success of the ETF industry as more investors turn to passive, index-based ETFs to gain market exposure. According to Schwab’s trading platform data, there was an 11.3% increase to $287.4 billion in ETF assets held in client accounts.

Fueling the growth in Schwab’s ETFs, the company has aggressively undercut competitors in a bid to entice investors, and it seems to be working. For instance, the Schwab U.S. Large-Cap ETF (NYSEArca: SCHX) and Schwab U.S. Broad Market ETF (NYSEArca: SCHB), with both coming in at a low 0.03% expense ratio, are among the cheapest U.S.-listed ETF options.

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To put this in perspective, the average expense ratio on U.S.-listed ETFs is 0.58%, according to XTF data.

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