BlackRock Inc, the world’s biggest asset manager, on Wednesday reported double-digit profit gains as investors plowed money into lower-cost index funds, but the company’s share price slipped as revenue fell short of analysts’ expectations.

ETFGI, a London-based ETF industry consultant, has reported that assets invested in smart beta ETFs/ETPs listed globally reached a new record high of $560 billion at the end of February 2017, up from $534bn at the end of the previous month. Record levels of assets were also reached for smart beta equity ETFs/ETPs listed in the US ($499bn), Europe ($39bn), Canada, (13bn) and Asia Pacific ex-Japan ($5bn).

Charles Schwab has launched an online wealth management service that combines automated investment planning technology with access to human advisors. Schwab Intelligent Advisory provides clients with a financial and investment plan comprised of a portfolio built exclusively with exchange-traded funds and managed by computer algorithms, as well as unlimited access to a human advisor via phone or video call.

London-based ETF Securities is widening commission-free access to its range of physically-backed precious metal ETPs following agreements with platform providers E*TRADE and Interactive Brokers. The firm notes the move is in response to significantly greater demand for its products since the programme’s initial adoption with Schwab ETF OneSource in 2013.

Affluent investors between the ages of 35 and 51 represent approximately 40% of users on digital wealth manager platforms, up from 31% over the past year, according to a US-focused Cogent Reports study released by Market Strategies International. The findings suggest that Generation X investors are increasingly becoming the key demographic to future growth in automated investment advice firms, colloquially known as robo-advisors, which are significant users of ETFs in their portfolios.

Charles Schwab has announced that Schwab ETF OneSource is adding 12 more ETFs to its line up, allowing investors to trade a total of 228 ETFs without paying any commission, enrolment chanrges or early redemption fees. Heather Fischer, Vice President of ETF Platform Management at Charles Schwab, commented: “Schwab ETF OneSource is growing in every way – we’ve added to both our provider and fund ranks in the last year, and continue to offer investors of all sizes the most choice when it comes to commission-free ETFs.”

Following net inflows of $7.2bn during November 2016, assets under management in smart beta equity ETFs listed globally reached a new record high of $497.0bn, according to latest research from ETFGI. Record levels of assets were also reached at the end of November for equity smart beta ETFs/ETPs listed in the United States at $445.0bn and in Canada with $11.0bn.

The ETF industry has a revenue-generating potential of around $6bn per year in the US alone, according to data from FactSet Research Systems. The figure, approximated by summing the “annual revenue potential” of each US-listed ETF, is mainly derived from low-cost, “plain vanilla” ETFs which generate roughly $3.8bn in revenue. More exotic and specialised products, although making up just 28% of US ETF assets, generate a healthy $2.2bn in revenue due to their ability to command higher fees.

Charles Schwab Investment Management has unveiled a new series of target date mutual funds constructed using low-cost Schwab ETFs as underlying investments. The Schwab Target Index Funds include funds with target retirement dates between 2010 and 2060 in five-year increments “At a time when some asset managers are inundating investors with confusing, complex products, we’re experiencing greater demand for our straightforward, transparent products that deliver great value on their own or with professional management built in,” said Marie Chandoha, president and chief executive officer of Charles Schwab.

US-based sponsor of exchange-traded funds AdvisorShares has launched the AdvisorShares Cornerstone Small Cap ETF (NYSE Arca: SCAP), an actively managed ETF seeking capital appreciation by investing in US small cap equities with favourable fundamentals. The fund is the first actively managed ETF to successfully convert a track record from an existing investment structure, having originally been set up as a separate managed account by Atlanta-based investment manager Cornerstone Investment Partners. Noah Hamman, chief executive officer of AdvisorShares, commented: “…we’re proud to deliver another industry-first by successfully converting a track record from another investment structure, which now allows investors and advisors to access Cornerstone’s proven ability to deliver alpha through the daily transparency, intraday liquidity and overall efficiency of an actively managed ETF structure.”