Charles Schwab & Co. this week introduced a short-term bond fund aimed at providing a higher yield than a money market vehicle.

Charles Schwab Investment Management, the San Francisco broker-dealer's $100 billion asset management arm, will keep the Schwab YieldPlus Fund open to investors until Sept. 30.

The fund, which contains ultrashort-term bonds, is designed to provide a higher return than a money market fund, but with lower risk than a fund containing longer-term bonds.

It targets people who have cash that they do not plan to spend for a year or more, Schwab said.

The fund, which will be managed by portfolio manager Kim Daifotis, will contain a mix of fixed-income securities with a maturity of a year or less, including corporate and asset-backed securities.

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