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.