The Schwab U.S. Dividend Equity ETF (SCHD) has had the kind of year dividend funds rarely get. After three straight calendar years of trailing the S&P 500, it has surged in 2026 as investors moved toward value and dividend payers and away from the artificial intelligence trade. The fund is also huge. Schwab reported net assets of about $124.4 billion as of November 13, 2026, and one market commentary says it has taken in more than $26 billion this year, which would make it the largest dividend ETF.
Big assets and a hot year tend to attract attention. They also deserve a second look. Here is what SCHD owns, what it costs, what it pays, and where the risks are.