Schwab Municipal Bond ETF
SCHWAB STRATEGIC TRUST · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Schwab Municipal Bond ETF is a U.S. bond index ETF that tracks the ICE AMT-Free Core U.S. National Municipal 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 · 2026 Q2
The funds goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the U.S. AMT-free municipal bond market.
The fund tracks the ICE AMT-Free Core U.S. National Municipal Index, which comprises investment-grade, federally tax-exempt municipal bonds issued by U.S. states, territories, and their subdivisions. The fund uses sampling techniques to hold a subset of index securities expected to perform similarly to the index as a whole, based on factors including maturity, yield curve risk, credit quality, and sector weights. Because the fund does not hold all index constituents, its performance may diverge from the index.
| Share class | Expense ratio |
|---|---|
| SCMB | 0.03% |
Portfolio turnover 17.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.01% |
Latest quarter
What changed since the fund's previous filing
Largest new: University of California ×2, Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, New York City Municipal Water Finance Authority, City of New York NY, Alamo Community College District, New York City Transitional Finance Authority Future Tax Secured Revenue, New York State Dormitory Authority
Largest exited: City of New York NY, New York State Dormitory Authority ×2, University of California, County of King WA Sewer Revenue, Eastern Michigan University, San Antonio Water System, New York City Transitional Finance Authority Future Tax Secured Revenue
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are 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 2026-06-30
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 | 97.7% |
| Zero-coupon or unclassified | 1.8% |
| Floating rate | 0.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.6% |
| 1-3y | 7.6% |
| 3-5y | 7.6% |
| 5-10y | 19.3% |
| 10y+ | 61.8% |
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 | +6.66 yr |
| High yield | +0.01 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 | 0.02 yr | 0% |
| 1 yr | 0.44 yr | 7% |
| 5 yr | 1.68 yr | 25% |
| 10 yr | 3.19 yr | 48% |
| 30 yr | 1.27 yr | 19% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.08 yr | 1% |
| 5 yr | 0.34 yr | 5% |
| 10 yr | 1.83 yr | 27% |
| 30 yr | 4.42 yr | 66% |
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 | +0.02 | +0.00 | +0.00 | $1.3k | $0 |
| 1 yr | +0.44 | +0.08 | +0.00 | $30.4k | $172 |
| 5 yr | +1.68 | +0.34 | +0.00 | $136.5k | $0 |
| 10 yr | +3.19 | +1.83 | +0.00 | $729.4k | $0 |
| 30 yr | +1.27 | +4.41 | +0.01 | $1.75m | $4.0k |
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 |
|---|---|---|---|---|
| — | Commonwealth of Massachusetts5.00% · due 2043-11-01 | 0.22% | $8.83M | — |
| — | Gwinnett County School District5.00% · due 2030-02-01 | 0.22% | $8.68M | — |
| — | Commonwealth of Pennsylvania4.00% · due 2036-03-01 | 0.21% | $8.29M | — |
| — | City of New York NY5.00% · due 2029-08-01 | 0.20% | $7.87M | — |
| — | State of California Department of Water Resources5.00% · due 2034-12-01 | 0.19% | $7.69M | — |
| — | State of Washington5.00% · due 2039-02-01 | 0.17% | $6.96M | — |
| — | State of California5.25% · due 2047-09-01 | 0.17% | $6.84M | — |
| — | New York City Municipal Water Finance Authority5.00% · due 2039-06-15 | 0.17% | $6.83M | — |
| — | Northwest Independent School District5.00% · due 2055-02-15 | 0.17% | $6.55M | — |
| — | Commonwealth of Massachusetts5.00% · due 2055-04-01 | 0.16% | $6.52M | — |
Top 10 positions are 1.89% of net assets, top 25 4.09%, across 877 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.
Sign in free