Schwab Mortgage-Backed Securities ETF
SCHWAB STRATEGIC TRUST · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Schwab Mortgage-Backed Securities ETF is a U.S. bond index ETF that tracks the Bloomberg US MBS Float Adjusted Total Return Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q4
The funds goal is to track as closely as possible, before fees and expenses, the total return of an index composed of investment-grade mortgage-backed securities issued and/or guaranteed by U.S. government agencies.
The fund tracks the Bloomberg US MBS Float Adjusted Total Return Index, which comprises fixed-rate agency mortgage-backed securities issued or guaranteed by Ginnie Mae, Fannie Mae, and Freddie Mac, using sampling techniques to hold a subset of index securities expected to perform similarly to the index as a whole. Because the fund samples rather than holds all index constituents, its performance may diverge from the index. The fund invests at least 90% of assets in index securities, including through to-be-announced transactions, with the remainder in high-quality liquid investments and derivatives to manage interest rate and credit risk.
| Share class | Expense ratio |
|---|---|
| SMBS | 0.03% |
Portfolio turnover 20.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 97.98% |
| Cash & short-term | 1.68% |
Latest quarter
What changed since the fund's previous filing
Largest new: Freddie Mac ×7, Fannie Mae
Largest exited: Freddie Mac ×3, Fannie Mae
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.0% |
| 1-3y | 0.0% |
| 3-5y | 0.1% |
| 5-10y | 2.2% |
| 10y+ | 97.6% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.11 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.58 yr | 11% |
| 5 yr | 1.41 yr | 28% |
| 10 yr | 2.41 yr | 47% |
| 30 yr | 0.64 yr | 13% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.00 yr | 0% |
| 5 yr | 0.01 yr | 0% |
| 10 yr | 0.23 yr | 5% |
| 30 yr | 4.86 yr | 95% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.01 | +0.00 | $8.1k | $0 |
| 1 yr | +0.58 | +0.00 | +0.00 | $214 | $0 |
| 5 yr | +1.41 | +0.01 | +0.00 | $3.5k | $0 |
| 10 yr | +2.41 | +0.23 | +0.00 | $150.6k | $0 |
| 30 yr | +0.64 | +4.86 | +0.00 | $3.12m | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| GVMXX | State Street Institutional US Government Money Market FundGVMXX | 1.68% | $107.55M | — |
| — | Government National Mortgage Association5.00% · due 2054-11-20 | 0.47% | $30.33M | — |
| — | Freddie Mac5.50% · due 2054-10-01 | 0.35% | $22.68M | — |
| — | Freddie Mac2.50% · due 2054-01-01 | 0.29% | $18.61M | — |
| — | Fannie Mae2.00% · due 2051-05-01 | 0.28% | $18.02M | — |
| — | Freddie Mac2.00% · due 2052-02-01 | 0.27% | $17.54M | — |
| — | Freddie Mac2.00% · due 2050-11-01 | 0.26% | $16.46M | — |
| — | Freddie Mac5.00% · due 2056-04-01 | 0.25% | $16.10M | — |
| — | Freddie Mac2.00% · due 2052-03-01 | 0.25% | $15.85M | — |
| — | Government National Mortgage Association5.00% · due 2056-01-20 | 0.24% | $15.37M | — |
Top 10 positions are 4.34% of net assets, top 25 7.47%, across 4 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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