Expanding on its line of cheap index-based exchange traded funds, Charles Schwab is planning to help investors follow some of the largest U.S. stocks.

Charles Schwab will roll out the Schwab 1000 Index ETF (SCHK) on October 11. SCHK comes with a 0.05% expense ratio.

The Schwab 1000 Index ETF will try to reflect the performance of the Schwab 1000 Index, which was launched back in 1991. The Schwab 1000 Index provides exposure to America’s largest 1,000 stocks, a collection of large- and mid-cap companies representing 90% of the entire U.S. equity market. The index also acts as the underlying benchmark for the Schwab 1000 Index Fund (SNXFX). The index has outperformed the S&P 500 on an annualized basis since its inception.

“Index investing is a fantastic way to build the core holdings of an investment portfolio. Companies are made to grow, and we launched the Schwab 1000 Index and mutual fund in 1991 to help investors participate in the innovation and long-term growth of the largest 1,000 stocks in the U.S. in a simple and cost-effective way,” Schwab founder and chairman Charles Schwab said in a note. “I’m thrilled that investors can now benefit from the potential growth of these firms with the ease and efficiency of a low-cost ETF.”

SCHK will also be the cheapest way for investors to access this segment of the market, compared to the more known competitors like the iShares Russell 1000 ETF (NYSEArca: IWB), Vanguard Russell 1000 ETF (NasdaqGM: VONE) and SPDR Russell 1000 ETF (NYSEArca: ONEK). ONEK has a 0.10% expense ratio, VONE has a 0.12% expense ratio and IWB has a 0.15% expense ratio.

Furthermore, the new Schwab offering will also be made available through the commission-free Schwab ETF OneSource program, allowing investors to further cut down on overall costs.

“We are thrilled to introduce investors to the Schwab 1000 Index ETF, the newest product in our family of low-cost, foundational index funds,” Marie Chandoha, president and chief executive officer of Charles Schwab Investment Management, said in a note. “We serve a wide range of investors with different needs, and now they have one more affordable way to gain exposure to the U.S. market through an index with a 26-year track record – at a great value.”

For more information on new fund products, visit our new ETFs category.