or just invest in Schwab Target Index Funds which acomplish the same thing at 0.13%, without the overly complex "customized for you" coat of paint, and have only $100 minimum.
It's not really the same. Schwab robo uses "Fundamental" funds which add value tilt which I like. Also, robo adds tax loss harvesting (for taxable accounts).
They've lowered the ER on their target retirement mutual funds to 0.08%, SWYNX would be the equivalent.
thats an institutional share. requires employer funded account or 10 million investment. said rate you cite is laid out in the link I provided.