San Francisco-based Charles Schwab is introducing fractional share stock investing to its clients.

On June 9, Schwab will roll out Schwab Stock Slices, a service that allows users to buy companies from the S&P 500 in $5 incremenets regardless of their share price. The new service will allow clients to buy up to 10 different “Stock Slices” at once, commission-free.

“At Schwab we believe stock ownership should be accessible – this is the premise on which Chuck founded our company, and it remains true today,” said Jonathan Craig, senior executive vice president and head of Schwab Investor Services, in released comments. “But getting started as an investor can be overwhelming, and often those stocks that are most relevant and appealing are also the most expensive, and out of reach for many. With the introduction of Schwab Stock Slices we’re leveling the playing field – across all retail channels that clients can trade stocks, they can now buy slices of stock.”

The move comes as Motif Investing, one of the pioneers of offering fractional share investing to clients, goes out of business and as direct competitors like Fidelity and Folio, and fintechs like M1, Revolut, Stockpile and Robinhood have rolled out fractional share offerings of their own.

Like Motif and Folio before it, Schwab Stock Slices offers investors the ability to create and purchase their own self-designed bundles of stocks based on their own needs and interests, using Schwab’s research tools and educationa resources. Unlike Motif and Folio which have allowed users to weight their allocations to each individual stock, when a Schwab user selects a stock or collection of stocks they want to purchase, the total dollaramount becomes spread evenly across each stock. A $50 investment in a basket of five stocks will become a $10 investment in each stock.

Schwab Stock Slices will also permit dividend reinvestment, and will be made available across brokerage, custodial and indivual retirement accounts.

As an added twist, Schwab is marketing Stock Slices as an opportunity to engage next generation investors and clients.

Investors can use Schwab Stock Slices to get their children or grandchildren interested in investing in an “educational” way. One a Schwab custodial account is open, an account custodian can purchase stocks in dollar amounts, and Schwab will enable them to download a certificate of stock ownership thatcan be personalized and given to a minor to inform them of the purchase.

“We developed Schwab Stock Slices to meet two important needs we heard from clients – newer investors who want the ability to buy multiple stocks in small dollar amounts and older more affluent investors who want to more easily gift stock ownership to younger generations,” said Neesha Hathi, executive vice president and head of Schwab Digital Services, in released comments. “This is our first use of fractional shares, and we’re looking forward to exploring additional ways we can use the functionality to improve how clients invest.”