SCHD Holdings

Merck is SCHD's seventh-largest holding at 3.93% of fund assets, as of October 8, 2026.

SCHD top holdings: top 25

Source: Schwab Asset Management, SCHD All Holdings, as of October 8, 2026. Weights are percentages of fund assets, shown as published.

Complete SCHD holdings list

All 102 entries in Schwab's October 8, 2026 disclosure are included below, including the money market fund and futures entries. Published weights of 0.00% are retained as displayed.

Source: Schwab All Holdings, entries 1–100 and entries 101–102.

Merck across SCHD, SCHX and SCHB

This hypothetical example uses an assumed $100,000 split 30% into SCHD, 40% into SCHX and 30% into SCHB. Schwab's disclosures show Merck at 3.93% of SCHD (October 8, 2026), 0.50% of SCHX (October 7, 2026) and 0.47% of SCHB (October 8, 2026).

Calculate each route separately:

1. Through SCHD: $30,000 × 0.0393 = $1,179.
2. Through SCHX: $40,000 × 0.0050 = $200.
3. Through SCHB: $30,000 × 0.0047 = $141.
4. Add the routes: $1,179 + $200 + $141 = $1,520.
5. Divide by the full example portfolio: $1,520 ÷ $100,000 × 100% = 1.520%.

Merck accounts for 1.520% of this example portfolio through the three ETFs combined.

The $341 that a SCHD-only check misses

Checking only the SCHD position finds $1,179 of Merck exposure. SCHX and SCHB add $200 + $141 = $341, bringing the total to $1,520.

Adding the three fund-level weights directly gives 3.93% + 0.50% + 0.47% = 4.90%. Those percentages use different fund denominators. Apply the portfolio allocations first:

(0.30 × 3.93%) + (0.40 × 0.50%) + (0.30 × 0.47%) = 1.520%.

What a $10,000 transfer changes

Keep the disclosed holdings weights fixed and move $10,000 from SCHX into SCHD. SCHB stays unchanged; the example becomes $40,000 SCHD, $30,000 SCHX and $30,000 SCHB.

• Merck exposure added through SCHD: $10,000 × 3.93% = $393.
• Merck exposure removed through SCHX: $10,000 × 0.50% = $50.
• Net increase: $393 − $50 = $343.
• New Merck exposure: $1,520 + $343 = $1,863, or 1.863% of the $100,000 portfolio.

Moving $10,000 from SCHX to SCHD adds $393 of Merck exposure through SCHD and removes $50 through SCHX: a net increase of $343. Total Merck exposure becomes $1,863, or 1.863% of the example portfolio.

To estimate your own account, multiply each ETF's market value by Merck's disclosed weight, add any direct Merck holding, then divide by the total portfolio value.

Sources: SCHD holdings, SCHD holdings, entries 101–102, SCHX holdings, SCHB holdings. Holdings dates: SCHD and SCHB October 8, 2026; SCHX October 7, 2026.

How to use the holdings list

SCHD holds dividend-paying U.S. stocks, including Amgen, Coca-Cola, Verizon Communications and Home Depot in Schwab's holdings dated October 8, 2026. The complete SCHD holdings list, with company names and portfolio weights, is available on Schwab's official holdings page. These names are examples, not the complete portfolio or a permanent membership list. Schwab's official holdings list

Start with the holdings date, then read the company names alongside their weights rather than counting familiar brands. SCHD seeks to track the total return of the Dow Jones U.S. Dividend 100 Index before fees and expenses, with an emphasis on dividend quality and sustainability. Interpretation: the useful question is how much of the portfolio each business represents and what job that exposure does in your account. A collection of recognizable companies does not, by itself, establish that the allocation fits your needs. Schwab's fund objective and portfolio

Interpretation: disagreement about SCHD can concern the purpose of the investment rather than a different reading of the company names. An investor reinvesting distributions is building an account; an investor spending them is asking that account to support current expenses. The same SCHD holdings list can serve an accumulation plan and an income plan, but the cash cannot be reinvested and spent at the same time. Likewise, choosing SCHD for an income allocation while pursuing growth elsewhere is different from expecting SCHD alone to maximize future wealth. Before judging the list, specify whether its job is reinvestment, spending, or a combination with a defined split between them.

SCHD's 2024 share split was three-for-one, and Schwab stated that the split itself would leave an investor's total investment value unchanged. One old fund share became three, with the per-share net asset value adjusted in the opposite direction. For example, ten existing SCHD shares became thirty: 10 × 3 = 30. That arithmetic describes fund shares, not thirty different companies. Interpretation: a tripling of your SCHD share count from the split is not evidence that the fund added businesses or that your economic exposure tripled. Schwab's split announcement

When comparing SCHD with an income fund such as SPYI, inspect how cash is generated as well as which stocks appear in the holdings. NEOS describes SPYI distributions as potentially comprising option premiums, dividends, capital gains and interest, and explicitly distinguishes its distribution rate from total return. Consider a hypothetical allocation of $700,000 to SCHD at an assumed 4% annual cash yield and $300,000 to SPYI at an assumed 12% annual distribution rate. Those inputs produce ($700,000 × 0.04) + ($300,000 × 0.12) = $64,000 per year. Dividing that hypothetical $64,000 by twelve gives $5,333.33 per month on average, not $5,500. The assumed rates are not current yield quotations or promises of future payments, and the average does not establish a monthly payment schedule. Interpretation: a larger projected cash payment does not prove that a companion fund owns better businesses or produces a higher total return. NEOS's SPYI distribution definitions and disclosures

An income plan also needs an answer for a prolonged decline while withdrawals continue. Schwab warns that SCHD's underlying stocks may reduce or stop their dividends, and its retirement research explains why withdrawals during poor markets can damage a portfolio's ability to recover. Interpretation: if distributions fall short of spending and no other cash source fills the gap, selling shares uses principal even when the account is labeled an income portfolio. A holdings list can identify the businesses supporting an income plan; it cannot establish that the plan will never require selling principal. Read the list together with your reinvestment choice, spending requirement and assumptions for adverse markets. SCHD's dividend risks and Schwab's explanation of withdrawal risk