0001193125-19-005336.txt : 20190109 0001193125-19-005336.hdr.sgml : 20190109 20190109161405 ACCESSION NUMBER: 0001193125-19-005336 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20190109 DATE AS OF CHANGE: 20190109 EFFECTIVENESS DATE: 20190109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCHWAB STRATEGIC TRUST CENTRAL INDEX KEY: 0001454889 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 333-160595 FILM NUMBER: 19518379 BUSINESS ADDRESS: STREET 1: 211 MAIN STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 1-415-667-7000 MAIL ADDRESS: STREET 1: 211 MAIN STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: Schwab Strategic Trust DATE OF NAME CHANGE: 20090127 0001454889 S000034163 Schwab U.S. Dividend Equity ETF C000105320 Schwab U.S. Dividend Equity ETF SCHD 497K 1 d667479d497k.htm 497K 497K
Summary Prospectus | January 9, 2019
Schwab U.S. Dividend Equity ETF
Ticker Symbol: SCHD
Before you invest, you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus, Statement of Additional Information (SAI) and other information about the fund online at www.schwabfunds.com/schwabetfs_prospectus. You can also obtain this information at no cost by calling 1-866-414-6349 or by sending an email request to orders@mysummaryprospectus.com. If you purchase or hold fund shares through a financial intermediary, the fund’s prospectus, SAI, and other information about the fund are available from your financial intermediary.
The fund’s prospectus and SAI, both dated December 14, 2018, as supplemented, include a more detailed discussion of fund investment policies and the risks associated with various fund investments. The prospectus and SAI are incorporated by reference into the summary prospectus, making them legally a part of the summary prospectus.
Investment Objective
The fund’s goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Dividend 100TM Index.
Fund Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the fund. The table does not reflect brokerage commissions you may incur when buying or selling fund shares.
Shareholder Fees (fees paid directly from your investment)
  None
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees 0.07
Other expenses None
Total annual fund operating expenses 0.07
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. This example does not reflect any brokerage commissions you may incur when buying or selling fund shares. Your actual costs may be higher or lower.
Expenses on a $10,000 Investment
1 Year 3 Years 5 Years 10 Years
$7 $23 $40 $90
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in
higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 23% of the average value of its portfolio.
Principal Investment Strategies
To pursue its goal, the fund generally invests in stocks that are included in the Dow Jones U.S. Dividend 100 Index†. The Dow Jones U.S. Dividend 100 Index is designed to measure the performance of high dividend yielding stocks issued by U.S. companies that have a record of consistently paying dividends, selected for fundamental strength relative to their peers, based on financial ratios. The 100-component index is a subset of the Dow Jones U.S. Broad Market Index, excluding real estate investment trusts (REITs), master limited partnerships, preferred stocks and convertibles. It is modified market capitalization weighted.
All index eligible stocks must have sustained at least 10 consecutive years of dividend payments, have a minimum float-adjusted market capitalization of $500 million USD and meet minimum liquidity criteria. The index components are then selected by evaluating the highest dividend yielding stocks based on four fundamentals-based characteristics — cash flow to total debt, return on equity, dividend yield and 5-year dividend growth rate. Stocks in the index are weighted based on a modified market capitalization approach. No single stock can represent more than 4.5% of the index and no single sector can represent more than 25% of the index, as measured at the time of index construction, reconstitution and rebalance. The index composition is reviewed annually and rebalanced quarterly.
It is the fund’s policy that under normal circumstances it will invest at least 90% of its net assets (including, for this purpose, any borrowings for investment purposes) in these stocks. The fund will notify its shareholders at least 60 days before changing this policy. The fund generally will seek to replicate the performance of the
 
†
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Dividend 100 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc. The Schwab U.S. Dividend Equity ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
  Schwab U.S. Dividend Equity ETF | Summary Prospectus1
REG63950-19        00225219

 

index by giving the same weight to a given stock as the index does. However, when the investment adviser believes it is appropriate to do so, such as to avoid purchasing odd-lots (i.e., purchasing less than the usual number of shares traded for a security), for tax considerations, or to address liquidity considerations with respect to a stock, the investment adviser may cause the fund’s weighting of a stock to be more or less than the index’s weighting of the stock. The fund may sell securities that are represented in the index in anticipation of their removal from the index, or buy securities that are not yet represented in the index in anticipation of their addition to the index.
Under normal circumstances, the fund may invest up to 10% of its net assets in securities not included in the index. The principal types of these investments include those that the investment adviser believes will help the fund track the index, such as investments in (a) securities that are not represented in the index but the investment adviser anticipates will be added to the index or as necessary to reflect various corporate actions (such as mergers and spin-offs); (b) other investment companies; and (c) derivatives, principally futures contracts. The fund may use futures contracts and other derivatives primarily to seek returns on the fund’s otherwise uninvested cash assets to help it better track the index. The fund may also invest in cash and cash equivalents, including money market funds, and may lend its securities to minimize the difference in performance that naturally exists between an index fund and its corresponding index.
The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry, group of industries or sector to approximately the same extent that the index is so concentrated.
The investment adviser seeks to achieve, over time, a correlation between the fund’s performance and that of the index, before fees and expenses, of 95% or better. However, there can be no guarantee that the fund will achieve a high degree of correlation with the index. A number of factors may affect the fund’s ability to achieve a high correlation with the index, including transaction costs, asset valuations, corporate actions (such as mergers and spin-offs), timing variances, and differences between the fund’s portfolio and the index resulting from legal restrictions (such as diversification requirements) that apply to the fund but not to the index.
Principal Risks
The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include:
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods.
Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time.
Investment Style Risk. The fund primarily invests in dividend paying stocks. As a result, fund performance will correlate with the performance of the dividend paying stock segment of the stock market, and the fund may underperform funds that do not limit their investments to dividend paying stocks. If stocks held by the fund reduce or stop paying dividends, the fund’s ability to generate income may be affected.
The fund is an index fund. Therefore, the fund follows the securities included in the index during upturns as well as downturns. Because of its indexing strategy, the fund does not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the fund’s expenses, the fund’s performance may be below that of the index.
Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, the fund’s performance could be impacted.
Large-Cap Company Risk. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.
Mid-Cap Company Risk. Mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies and the value of securities issued by these companies may move sharply.
Small-Cap Company Risk. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move sharply, especially during market upturns and downturns.
Tracking Error Risk. As an index fund, the fund seeks to track the performance of the index, although it may not be successful in doing so. The divergence between the performance of the fund and the index, positive or negative, is called “tracking error.” Tracking error can be caused by many factors and it may be significant.
Derivatives Risk. The fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. The fund’s use of derivatives could reduce the fund’s performance, increase the fund’s volatility, and could cause the fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on the fund.
Liquidity Risk. The fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.
Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.
  Schwab U.S. Dividend Equity ETF | Summary Prospectus2

 

Concentration Risk. To the extent that the fund’s or the index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class.
Market Trading Risk. Although fund shares are listed on national securities exchanges, there can be no assurance that an active trading market for fund shares will develop or be maintained. If an active market is not maintained, investors may find it difficult to buy or sell fund shares.
Shares of the Fund May Trade at Prices Other Than NAV. Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of the fund will approximate the fund’s net asset value (NAV), there may be times when the market price and the NAV vary significantly. An investor may pay more than NAV when buying shares of the fund in the secondary market, and an investor may receive less than NAV when selling those shares in the secondary market. The market price of fund shares may deviate, sometimes significantly, from NAV during periods of market volatility or market disruption.
For more information on the risks of investing in the fund, please see the “Fund Details” section in the prospectus.
Performance
The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to that of an index. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabfunds.com/schwabetfs_prospectus.
Annual Total Returns (%) as of 12/31
Best Quarter: 12.93% Q1 2013
Worst Quarter: (5.28%) Q3 2015
Year-to-date performance (before taxes) as of 9/30/18: 5.74%
Average Annual Total Returns as of 12/31/17
  1 Year 5 Years Since
Inception
(10/20/11)
Before taxes 20.88% 15.78% 15.54%
After taxes on distributions 20.07% 15.00% 14.82%
After taxes on distributions and sale of shares 12.39% 12.59% 12.58%
Comparative Index (reflects no deduction for expenses or taxes)      
Dow Jones U.S. Dividend 100 Index 21.01% 15.92% 15.69%
The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account.
Investment Adviser
Charles Schwab Investment Management, Inc.
Portfolio Managers
Christopher Bliss, CFA, Vice President and Head of the Passive Equity Team, is responsible for the day-to-day co-management of the fund. He has managed the fund since 2017.
Jeremy Brown, Portfolio Manager, is responsible for the day-to-day co-management of the fund. He has managed the fund since 2018.
Ferian Juwono, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the fund. He has managed the fund since 2011.
Sabya Sinha, Portfolio Manager, is responsible for the day-to-day co-management of the fund. He has managed the fund since 2017.
Purchase and Sale of Fund Shares
The fund issues and redeems shares at its NAV only in large blocks of shares, typically 50,000 shares or more (Creation Units). These transactions are usually in exchange for a basket of securities included in the index and/or an amount of cash. As a practical matter, only Authorized Participants purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the fund are not redeemable securities.
Individual shares of the fund trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount).
Tax Information
Dividends and capital gains distributions received from the fund will generally be taxable as ordinary income or capital gains, unless you are investing through an IRA, 401(k) or other tax-advantaged account.
  Schwab U.S. Dividend Equity ETF | Summary Prospectus3

 

Payments to Financial Intermediaries
If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the adviser and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.  
  Schwab U.S. Dividend Equity ETF | Summary Prospectus4
 GRAPHIC 2 g481080imgbac49d981.gif GRAPHIC begin 644 g481080imgbac49d981.gif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end GRAPHIC 3 g481080schd.jpg GRAPHIC begin 644 g481080schd.jpg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end