Investors should consider carefully information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges, and expenses. You can request a prospectus by calling 800-435-4000. Please read the prospectus carefully before investing.
*Schwab reserves the right to act as principal on any fixed-income transaction, public offering or securities transaction. When Schwab acts as principal, the bond price includes our transaction fee (outlined above) and may also include a markup that reflects the bid-ask spread and is not subject to a minimum or maximum. When trading as principal, Schwab may also be holding the security in its own account prior to selling it to you and, therefore, may make (or lose) money depending on whether the price of the security has risen or fallen while Schwab has held it. When Schwab acts as agent, a commission will be charged on the transaction.
**Schwab Satisfaction Guarantee: If you are not completely satisfied for any reason, at your request Charles Schwab & Co., Inc. ("Schwab"), Charles Schwab Bank, SSB ("Schwab Bank"), or another Schwab affiliate, as applicable, will refund any eligible fee related to your concern. Refund requests must be received within 90 days of the date the fee was charged. 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.
For more information about Program Fees, please see the disclosure brochure for the Participating Service, made available at enrollment or any time at your request. The Connection service includes only accounts managed by Charles Schwab Investment Management, Inc., an affiliate of Schwab. 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 guarantee is only available to current clients. Refunds will only be applied to the account charged and will be credited within approximately four weeks of a valid request. No other charges or expenses, and no market losses will be refunded. Other restrictions may apply. Schwab reserves the right to change or terminate the guarantee at any time.
*** For new-issue securities, a selling concession is included in the offering price. Service charges apply for trades placed through a broker ($25).
1. Standard online $0 commission does not apply to over-the-counter (OTC) equities, transaction-fee mutual funds, futures, fixed-income investments, or trades placed directly on a foreign exchange or in the Canadian market. Options trades will be subject to the standard $0.65 per-contract fee. Service charges apply for trades placed through a broker ($25) or by automated phone ($5). Industry fees, ADR fees, and Stock Borrow fees still apply. See the Charles Schwab Pricing Guide for Individual Investors for full fee and commission schedules.
2. ETFs at Charles Schwab & Co., Inc. ("Schwab") which are U.S. exchange-listed can be traded without a commission on buy and sell transactions made online in a Schwab account. Unlisted ETFs are subject to a commission. Please see pricing guide for additional information. Schwab does not receive payment to promote any particular ETF to its customers. Schwab's affiliate Charles Schwab Investment Management, Inc. ("CSIM") serves as investment advisor to the Schwab ETFs, which compensate CSIM out of the applicable operating expense ratios. The amount of the fees is disclosed in the prospectus of each ETF.
3. Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the Options Disclosure Document titled Characteristics and Risks of Standardized Options before considering any options transaction. Supporting documentation for any claims or statistical information is available upon request.
4. Trades in no load funds available through Mutual Fund OneSource® service, as well as certain other funds, are available without transaction fees. For each of these trade orders placed through a broker, a $25 service charge applies. Schwab's short-term redemption fee of $49.95 will be charged on redemption of funds purchased through Schwab's Mutual Fund OneSource service and held for 90 days or less. Schwab reserves the right to exempt certain funds from this fee, including Schwab Funds®, which may charge a separate redemption fee, and funds that accommodate short-term trading. Funds are also subject to management fees and expenses.
5. For certain securities transactions, Schwab collects an Industry Fee to offset an array of charges assessed on us directly or indirectly by self-regulatory organizations ("SROs") (including national securities exchanges, clearing agencies, and a national securities association) and foreign governments. The amount of such charges incurred by Schwab depends on the nature of the transaction and the security purchased or sold. The Industry Fee is in addition to any commissions we may charge and is identified on your trade confirmation and account statements as Industry Fee.
The Industry Fee is collected to offset, as applicable, some or all of the following SRO and foreign government fees:
Section 31 Fee: The SEC assesses transaction fees on each national securities exchange and FINRA based on the aggregate dollar amount of sales of certain securities. The SEC recalculates the amount of this fee periodically—at least once per year but sometimes more often. This fee is ultimately intended to cover the costs incurred by the government, including the SEC, for supervising and regulating the securities markets and securities professionals. Each national securities exchange and FINRA offsets these transaction fees by charging their member broker-dealers. Schwab may be assessed these fees directly from SROs of which it is a member, and indirectly from other broker-dealers to whom we route orders.
FINRA Trading Activity Fee: FINRA, a national securities association, charges this fee to its member firms, such as Schwab, to recover the costs of supervision and regulation. This fee is set by rule and is specified in Schedule A of FINRA's By-Laws.
Options Regulatory Fee: The Options Clearing Corporation collects an Options Regulatory Fee ("ORF") that is assessed by each options exchange. The amount of the ORF varies by options exchange, where an options trade executes, and whether the broker who's responsible for the trade is a member of a particular exchange.
Proprietary Index Options Fee: An options exchange, such as Cboe, may charge a proprietary index option fee on select index options (such as on the SPX®, OEX®, and VIX®) that only trade on their exchange.
Foreign Transaction Tax on ADRs: The governments of some countries, such as France, Italy, and Spain, have implemented foreign transaction taxes on the purchase of certain securities they deem as being connected to their country, including U.S.-issued ADRs. These taxes are imposed extraterritorially, without regard to where an investor or financial firm is located and are calculated as a percentage of the purchase amount of a covered security.
Schwab's Industry Fee may rise or fall periodically depending upon the fee rates set by the SEC, SROs, or foreign governments.
Schwab will determine the amount of its Industry Fee in its sole and reasonable discretion, and such fee may differ from or exceed the actual fees properly paid by Schwab in connection with any transaction or series of transactions. Differences may be caused by various internal and external factors, including, among other things, the rounding methodology used, the use of allocation accounts, transactions, or settlement movements for which a fee may not be assessed, timing differences in fee changes, third-party rate caps and floors, calculation errors, and various other anomalous reasons.
Please note that Schwab does not notify clients when it increases or decreases the Industry Fee or when the component fees change.
6. Multiple leg online option orders such as spreads, straddles, combos and rollouts are charged US$0.65 per contract fees for the total number of option contracts. For Broker Assisted Options Commissions, add US$25 to the Online Options Commission. Complex option orders involving both an equity and an option leg, including Buy/Writes or Write/Unwinds are charged per contract fees for the option.
7. Based on competitor pricing information obtained from their respective websites as of 1/9/19: Fidelity, E*Trade, TD Ameritrade, and Vanguard. Competitor pricing and offers subject to change without notice.
8. Note: Commission rates are quoted on a per-contract, per-side basis. Pricing does not include customary National Futures Association (NFA) and exchange fees. Additional fees can apply at some foreign exchanges. NFA and exchange fees can increase or decrease depending on the rates set by NFA or by the various futures exchanges, as applicable. Additional market data fees can apply at some futures exchanges.
Futures, and Futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement for Futures and Options prior to trading futures products.
Forex trading involves leverage, carries a substantial level of risk, and is not suitable for all investors. Please read the Risk Disclosure for Forex.
Futures and forex accounts are not protected by the Securities Investor Protection Corporation (SIPC). Forex accounts do not receive a preference in any bankruptcy proceeding pursuant to Part 190 of the CFTC's regulations.
Read additional CFTC and NFA futures and forex public disclosures for Charles Schwab Futures and Forex LLC.
Futures, futures options, and forex trading services provided by Charles Schwab Futures and Forex LLC. Trading privileges subject to review and approval. Not all clients will qualify. Forex accounts are not available to residents of Ohio or Arizona.
Charles Schwab & Co., Inc. ("Schwab"), Charles Schwab Futures and Forex LLC ("Schwab Futures and Forex"), and Charles Schwab Bank ("Schwab Bank") are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Securities brokerage products are offered by Charles Schwab & Co., Inc. (Member SIPC). Schwab Futures and Forex is a CFTC-registered Futures Commission Merchant and a NFA Forex Dealer Member and offers brokerage services for futures, commodities and forex interests. Deposit and lending products and services are offered by Schwab Bank, Member FDIC and an Equal Housing Lender.
9. Transactions in foreign ordinary shares incur additional custody, clearing, and settlement expenses. A foreign transaction fee is added to trades placed on the US over-the-counter market through the online or automated phone channels. The commission and foreign transaction fee will be combined and will appear as one line item, labeled "Commission," on the trade confirmation.
10. DAFgiving360™ is the name used for the combined programs and services of Donor Advised Charitable Giving, Inc., an independent nonprofit organization which has entered into service agreements with certain subsidiaries of The Charles Schwab Corporation. DAFgiving360 is a tax-exempt public charity as described in Sections 501(c)(3), 509(a)(1), and 170(b)(1)(A)(vi) of the Internal Revenue Code. Contributions made to DAFgiving360 are considered an irrevocable gift and are not refundable. Once contributed, DAFgiving360 has exclusive legal control over the contributed assets. Visit DAFgiving360's website to view the tiered administrative fee schedule for donor-advised fund accounts.
11. The Schwab 529 Plan is available through Charles Schwab & Co., Inc. Upon completion of the transition, effective March 2, 2026, TIAA-CREF Tuition Financing, Inc. (TFI), an SEC registered investment advisor, will be the plan manager for the Schwab 529 Plan. The Schwab 529 Plan was created by the Kansas State Legislature under the provisions of Section 529 of the Internal Revenue Code and is administered by the Kansas State Treasurer. Notice: Accounts established under the Schwab 529 Plan and their earnings are neither insured nor guaranteed by the state of Kansas, the Kansas State Treasurer, TFI or Charles Schwab & Co. Inc.
12. Please read the Schwab Intelligent Portfolios disclosure brochure at Schwab.com/transparency/advisory for important information, pricing, and disclosures relating to the Schwab Intelligent Portfolios program.
Schwab Intelligent Portfolios is made available through Charles Schwab & Co., Inc. ("Schwab"), a dually registered investment adviser and broker-dealer. Portfolio management services are provided by Charles Schwab Investment Management, Inc. ("CSIM"). Schwab and CSIM are subsidiaries of The Charles Schwab Corporation.
There is no advisory fee or commissions charged for Schwab Intelligent Portfolios. Investors enrolled in Schwab Intelligent Portfolios do pay direct and indirect costs. These include ETF operating expenses which are the management and other fees the underlying ETFs charge all shareholders. Schwab does not charge an advisory fee for the SIP Program in part because of the revenue Schwab Bank generates from the cash allocation (an indirect cost of the Program). The portfolios include a cash allocation to FDIC‐insured Deposit Accounts at Charles Schwab Bank, SSB ("Schwab Bank"). Schwab Bank earns income on the deposits and earns more the larger the cash allocation. The lower the interest rate Schwab Bank pays on the cash, the lower the yield. Some cash alternatives outside of Schwab Intelligent Portfolios pay a higher yield. Schwab Intelligent Portfolios invests in Schwab ETFs. A Schwab affiliate, Charles Schwab Investment Management Inc., receives management fees on those ETFs. Schwab Intelligent Portfolios also invests in third-party ETFs. Schwab receives compensation from some of those ETFs for providing shareholder services, and also from market centers where ETF trade orders are routed for execution. Fees and expenses will lower performance, and investors should consider all program requirements and costs before investing. Expenses and their impact on performance, conflicts of interest, and compensation that Schwab and its affiliates receive are detailed in the Schwab Intelligent Portfolios disclosure brochure. Certain conditions must be satisfied for FDIC insurance coverage to apply. Charles Schwab & Co., Inc. and Charles Schwab Investment Management Inc. are not FDIC-insured banks and deposit insurance covers the failure of an insured bank.
The cash allocation in Schwab Intelligent Portfolios will be accomplished through enrollment in the Schwab Intelligent Portfolios Sweep Program (Sweep Program), a program sponsored by Charles Schwab & Co, Inc. By enrolling in Schwab Intelligent Portfolios, clients consent to having the free credit balances in their Schwab Intelligent Portfolios brokerage accounts swept to FDIC-insured Deposit Accounts at Charles Schwab Bank, SSB through the Sweep Program. Funds deposited at Charles Schwab Bank, SSB are insured, in aggregate, up to $250,000 per depositor, for each account ownership category, by the Federal Deposit Insurance Corporation (FDIC). The interest rate on cash balances in the Sweep Program is set on the first business day of each month equal to the seven-day yield (with waivers) for the Schwab Government Money Fund – Sweep Shares (symbol: SWGXX) as determined at the end of the prior month. See Current Interest Rates for more details. Charles Schwab Bank, SSB is affiliated with Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc. Certain conditions must be satisfied for FDIC insurance coverage to apply. Charles Schwab & Co., Inc. and Charles Schwab Investment Management Inc. are not FDIC-insured banks and deposit insurance covers the failure of an insured bank.
13. Schwab Wealth Advisory™ ("SWA") is a non-discretionary investment advisory program sponsored by Charles Schwab & Co., Inc. ("Schwab"). Schwab Wealth Advisory, Inc. ("SWAI") is a Registered Investment Adviser and provides portfolio management for the SWA program. The Wealth Advisor, Associate Wealth Advisor, and other representatives making investment recommendations in your Schwab Wealth Advisory accounts are employees of Schwab Wealth Advisory, Inc. Schwab and SWAI are affiliates and are subsidiaries of The Charles Schwab Corporation.
14. Schwab Advisor Network ("SAN") advisors are independent and are not employees or agents of Charles Schwab & Co., Inc. ("Schwab"). Schwab prescreens advisors and checks their experience and credentials against criteria Schwab sets, such as years of experience managing investments, amount of assets managed, professional education, regulatory licensing and business relationship as a client of Schwab. Advisors pay fees to Schwab in connection with referrals. Schwab does not supervise advisors and does not prepare, verify or endorse information distributed by advisors. Investors must decide whether to hire an advisor and what authority to give the advisor. Investors, not Schwab, are responsible for monitoring and evaluating an advisor's service, performance and account transactions. Services may vary depending on which advisor an investor chooses.
15. Portfolio Management for the Schwab Managed Portfolios™ is provided by Charles Schwab Investment Management, Inc., dba Schwab Asset Management® , a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. ("Schwab"). Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.
16. The Managed Account Select program is sponsored by Schwab. Please read the Charles Schwab & Co., Inc. Disclosure Brochure for: Schwab Managed Account Services™ Wrap Fee Program, Schwab Managed Portfolios™ Wrap Fee Program, Schwab Financial Planning Services for important information and disclosures. In addition, please read the participating money manager's (MM's) disclosure brochure, including any supplements for important information and disclosures. Investments in managed accounts should be considered in view of a larger, more diversified investment portfolio. Investment advisors are not owned by, affiliated with, or supervised by Schwab. Services may vary depending on which MM you choose and are subject to an MM's acceptance of the account.
Portfolio Management for ThomasPartners Strategies is provided by Charles Schwab Investment Management, Inc., dba Schwab Asset Management®, a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. ("Schwab"). Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.
17. Portfolio Management for the Wasmer Schroeder Strategies is provided by Charles Schwab Investment Management, Inc., dba Schwab Asset Management®, a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. ("Schwab"). Both Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.
18. The Windhaven Strategies minimum for eligible ERISA accounts is $25,000. Please refer to the Charles Schwab Investment Management, Inc. Disclosure Brochure for additional information.
Portfolio Management for the Windhaven Strategies is provided by Charles Schwab Investment Management, Inc., dba Schwab Asset Management®, a registered investment adviser and an affiliate of Charles Schwab & Co, Inc. ("Schwab"). Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation. Windhaven Strategies are available through Schwab's Managed Account Connection® ("Connection") and Managed Account Access® ("Access") programs. Please read Schwab's disclosure brochure for important information and disclosures relating to Connection, Access, and Schwab Managed Account Services®.
19. Portfolio Management for the ThomasPartners Strategies is provided by Charles Schwab Investment Management, Inc., dba Schwab Asset Management®, a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. ("Schwab"). Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.
20. Portfolio Management for Schwab Personalized Indexing™ is provided by Charles Schwab Investment Management, Inc., dba Schwab Asset Management®, a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. ("Schwab"). Both Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation. Brokerage products and services are offered by Charles Schwab & Co., Inc. Member SIPC.
Please go to schwab.com/pricingguide to see the Charles Schwab Pricing Guide for Individual Investors ("the Guide") and any amendments to the Guide for comprehensive details on fees.
Investing in U.S. securities is not without risk. Investment returns will fluctuate and are subject to market volatility, so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost. The potential for profit or loss from transactions in the U.S. market will be affected by fluctuations in exchange rates.
