The Schwab Municipal Bond ETF will be the cheapest in the municipal-bond market.
The bank was rejected after submitting the best bid.
The state comptroller didn't include the bank among the 10 finance firms he deems boycott the oil and gas industry.
A study says the conflict is forcing the state's municipalities to take on extra debt costs.
The bill is one of several in the states addressing politically charged investment strategies.
Muni bonds should outperform Treasurys through the rest of the year, the firm's analysts said.
Analysts have begun highlighting cheaper valuations in the municipal-bond market as an opportunity for new buyers.
Outflows from municipal-bond mutual funds, typically a major buying force, have weighed on the market.
The state is among at least eight where GOP lawmakers want to punish Wall Street for what it sees as restrictive gun policies.
The muni market's volatility is expected to increase even more as Fed rate hikes approach.
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