Schwab Municipal Bond ETF
U.S. bond index ETF · tracks ICE AMT-Free Core U.S. National Municipal Index
As of its 2026 Q2 report, Schwab Municipal Bond ETF held 6,845 positions with $3.98B in net assets. Its ten largest holdings made up 1.9% of the fund. The SCMB share class costs 0.03% a year. Over the 12 months to May 2026, SCMB returned 6.4%, with dividends reinvested. In 2026 Q2 it added 771 new positions and exited 163.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Commonwealth of Massachusetts 5.00% · due 2043-11-01 | 0.22% | $8.83M | — |
Gwinnett County School District 5.00% · due 2030-02-01 | 0.22% | $8.68M | — |
Commonwealth of Pennsylvania 4.00% · due 2036-03-01 | 0.21% | $8.29M | — |
City of New York NY 5.00% · due 2029-08-01 | 0.20% | $7.87M | — |
State of California Department of Water Resources 5.00% · due 2034-12-01 | 0.19% | $7.69M | — |
State of Washington 5.00% · due 2039-02-01 | 0.17% | $6.96M | — |
State of California 5.25% · due 2047-09-01 | 0.17% | $6.84M | — |
New York City Municipal Water Finance Authority 5.00% · due 2039-06-15 | 0.17% | $6.83M | — |
Northwest Independent School District 5.00% · due 2055-02-15 | 0.17% | $6.55M | — |
Commonwealth of Massachusetts 5.00% · due 2055-04-01 | 0.16% | $6.52M | — |
The 200 largest of 6,845 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 99.01% |
How it has done
SCMB share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.85%. Past returns are a record, not a forecast.
Jun 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.
Fees & fund details
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
- Expense ratio, by class
- 0.03%· SCMB 0.03%
- Portfolio turnover
- 17.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
771 new· the largest 7
163 exited· the largest 7
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.
Understand how this fund fits with the rest.
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