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Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Schwab Opportunistic Municipal Bond Fund

SWHYX | Fund

$9.07

$71.7 M

3.59%

$0.33

0.68%

Vitals

YTD Return

2.4%

1 yr return

7.1%

3 Yr Avg Return

-0.6%

5 Yr Avg Return

N/A

Net Assets

$71.7 M

Holdings in Top 10

10.7%

52 WEEK LOW AND HIGH

$9.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.68%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 83.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Schwab Opportunistic Municipal Bond Fund

SWHYX | Fund

$9.07

$71.7 M

3.59%

$0.33

0.68%

SWHYX - Profile

Distributions

  • YTD Total Return 2.4%
  • 3 Yr Annualized Total Return -0.6%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.99%
DIVIDENDS
  • Dividend Yield 3.6%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Schwab Opportunistic Municipal Bond Fund
  • Fund Family Name
    SCHFLFSETF
  • Inception Date
    Mar 31, 2014
  • Shares Outstanding
    5564032
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jason Diefenthaler

Fund Description

Under normal market conditions, the fund invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in municipal securities that pay interest not subject to regular federal income tax. Some of these investments in municipal securities may pay interest that is not exempt from the federal alternative minimum tax (AMT). Municipal securities may include debt obligations of U.S. states, territories, counties, cities, political subdivisions, government agencies and instrumentalities. The fund also invests in non-governmental municipal issuers, including, but not limited to, healthcare organizations, corporate issuers of municipal debt, and various project finance bond issues. The fund primarily invests in general obligation and revenue obligation securities, including fixed and variable rate securities, municipal notes and private placements, auction-rate securities, variable rate demand notes, lease-backed obligations and certificates of participation.
The fund may from time to time invest temporarily up to 20% of its net assets in taxable securities of at least comparable quality to the municipal securities in which the Fund invests. The fund may also invest up to 25% of its net assets in municipal securities that are subject to the AMT. The fund has no policy limiting its investments in municipal securities whose issuers are located in the same state or territory. However, the fund currently intends to invest no more than 25% of the fund’s net assets in issuers located in the same state. The fund may hold up to 15% of its net assets in illiquid or thinly traded securities, which may include securities that are subject to resale restrictions such as those issued pursuant to Rule 144A of the Securities Act of 1933, as amended. The fund may invest in securities that do not produce immediate cash income, such as zero coupon securities and securities that are in payment default.
The fund invests at least 80% of its net assets in investment grade municipal securities, as determined by a nationally recognized rating organization (NRSRO) (e.g., Baa3 or higher by Moody’s Investors Service, Inc. (Moody’s)) or if unrated, determined to be of comparable quality by the investment adviser. The fund may also invest in municipal securities that are less-than-investment grade, as determined by an NRSRO (e.g., Ba1 or lower by Moody’s) or by the investment adviser.
In choosing securities, the fund’s investment adviser seeks to maximize current income by utilizing a flexible investment process that identifies opportunities in the municipal bond market of any maturity, duration and credit quality, including below investment grade securities. The investment adviser’s credit research department analyzes and monitors the securities that the fund owns or is considering buying.
Under normal market conditions, the fund anticipates investing substantially in municipal bonds with remaining maturities of 5- to 30-years. The fund does not target a specific level of portfolio turnover as purchases and sales are made if the investment adviser determines the transactions will be advantageous to the fund.
The fund may also invest in derivative instruments, principally futures contracts. The fund typically uses futures as a substitute for taking a position in the underlying asset or as a part of a strategy designed to reduce exposure to other risks. During unusual market conditions, the fund may invest entirely in taxable securities as a temporary defensive measure. When the fund engages in such activities, the fund would not be pursuing its investment strategy and, as a result, it may not achieve its investment objective.
Read More

SWHYX - Performance

Return Ranking - Trailing

Period SWHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.4% -5.9% 32.8% 49.90%
1 Yr 7.1% -0.7% 37.0% 25.32%
3 Yr -0.6%* -10.7% 3.6% 58.78%
5 Yr N/A* -6.8% 1103.7% 48.14%
10 Yr N/A* -0.9% 248.8% N/A

* Annualized

Return Ranking - Calendar

Period SWHYX Return Category Return Low Category Return High Rank in Category (%)
2023 2.2% -1.4% 41.0% 67.27%
2022 -15.6% -39.7% 0.3% 91.40%
2021 0.0% -5.6% 6.9% 30.49%
2020 N/A -2.6% 310.0% N/A
2019 N/A 0.0% 26.0% N/A

Total Return Ranking - Trailing

Period SWHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.4% -5.9% 32.8% 49.90%
1 Yr 7.1% -0.7% 37.0% 25.32%
3 Yr -0.6%* -10.7% 3.6% 58.78%
5 Yr N/A* -6.8% 1103.7% 39.73%
10 Yr N/A* -0.9% 248.8% N/A

* Annualized

Total Return Ranking - Calendar

Period SWHYX Return Category Return Low Category Return High Rank in Category (%)
2023 9.2% -1.3% 41.0% 1.27%
2022 -12.8% -39.7% 1.1% 89.50%
2021 2.5% -4.8% 23761504.0% 26.13%
2020 N/A -1.5% 17057.9% N/A
2019 N/A 0.2% 3514.6% N/A

NAV & Total Return History

SWHYX - Holdings

Concentration Analysis

SWHYX Category Low Category High SWHYX % Rank
Net Assets 71.7 M 3.22 M 71.9 B 91.40%
Number of Holdings 217 4 13418 52.96%
Net Assets in Top 10 7.22 M -317 M 3.09 B 96.47%
Weighting of Top 10 10.70% 1.8% 100.3% 78.27%

Top 10 Holdings

  1. GO Bonds Fiscal 2018 Series B4 2.41%
  2. Sr Living Facilities RB (Lutheran Sr Services) Series 2024A 1.17%
  3. Pooled Housing Development RB Series 1993 1.12%
  4. Sewer RB Warrants Series 2024 0.95%
  5. Healthcare Facilities RB (Shell Point Obligated Group) Series 2024B1 0.89%
  6. GO Refunding Bonds 0.84%
  7. RB Series 2022E 0.84%
  8. Water Revenue Refunding Bonds Series 2024 0.83%
  9. Future Tax Secured Sub Bonds Fiscal 2024 Series G1 0.83%
  10. LT GO Bonds Series 2022A 0.81%

Asset Allocation

Weighting Return Low Return High SWHYX % Rank
Bonds 		101.84% 0.00% 150.86% 8.06%
Stocks 		0.00% 0.00% 99.78% 88.42%
Preferred Stocks 		0.00% 0.00% 0.07% 86.48%
Other 		0.00% -3.69% 51.88% 82.74%
Convertible Bonds 		0.00% 0.00% 0.93% 86.42%
Cash 		0.00% -50.86% 44.62% 96.20%

Bond Sector Breakdown

Weighting Return Low Return High SWHYX % Rank
Municipal 		95.86% 44.39% 100.00% 74.98%
Derivative 		0.00% -3.69% 51.88% 81.75%
Cash & Equivalents 		0.00% 0.00% 44.41% 93.87%
Securitized 		0.00% 0.00% 5.93% 86.62%
Corporate 		0.00% 0.00% 9.41% 87.29%
Government 		0.00% 0.00% 52.02% 87.22%

Bond Geographic Breakdown

Weighting Return Low Return High SWHYX % Rank
US 		101.84% 0.00% 142.23% 8.06%
Non US 		0.00% 0.00% 23.89% 88.74%

SWHYX - Expenses

Operational Fees

SWHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.68% 0.01% 8.02% 56.40%
Management Fee 0.40% 0.00% 1.20% 43.28%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

SWHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

SWHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 100.00%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SWHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 83.00% 0.00% 283.00% 97.97%

SWHYX - Distributions

Dividend Yield Analysis

SWHYX Category Low Category High SWHYX % Rank
Dividend Yield 3.59% 0.00% 14.51% 5.99%

Dividend Distribution Analysis

SWHYX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

SWHYX Category Low Category High SWHYX % Rank
Net Income Ratio 2.99% -0.53% 5.33% 7.08%

Capital Gain Distribution Analysis

SWHYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

SWHYX - Fund Manager Analysis

Managers

Jason Diefenthaler

Start Date

Tenure

Tenure Rank

Mar 31, 2014

8.17

8.2%

Jason Diefenthaler is a Senior Portfolio Manager and the Head of Wasmer Schroeder Municipal Bond Strategies at Schwab Asset Management. He leads the portfolio management team for the Wasmer Schroeder Municipal Bond Strategies. Mr. Diefenthaler is also responsible for the day- to-day co-management of the Schwab Opportunistic Municipal Bond Fund. Previously, Mr. Diefenthaler was the director of tax-exempt portfolio management at Wasmer Schroeder & Company, LLC (Schwab Asset Management became the investment adviser for the Wasmer Schroeder Strategies in 2020). He oversaw all tax-exempt strategies and the management of the Wasmer Schroeder High Yield Municipal Fund, which subsequently reorganized into the Schwab Opportunistic Municipal Bond Fund. Mr. Diefenthaler began his career with Wasmer Schroeder in 2000. He was a credit analyst for taxable and tax-exempt strategies before becoming a portfolio manager. Mr. Diefenthaler earned a Bachelor of Science in finance from Florida State University. He is a member of the Southern Municipal Finance Society and the National Federation of Municipal Analysts.

Kenneth Salinger

Start Date

Tenure

Tenure Rank

Aug 10, 2020

1.81

1.8%

Kenneth Salinger, CFA, Vice President and Head of Tax-Exempt Strategies, leads the portfolio management team for Schwab’s national and state-specific tax-free bond funds and municipal money market funds. He also has overall responsibility for all aspects of the management of each of the tax-free bond funds. Prior to joining Charles Schwab Investment Management, Inc in 2008, Mr. Salinger was a senior portfolio manager at Wells Capital Management, working on a team that managed municipal bond assets. He worked at American Century Investments from 1992 to 2006, where he was a vice president and senior portfolio manager, responsible for daily management of a number of national and state specific municipal bond funds. Mr. Salinger has worked in fixed-income asset management since 1994.

James Cortez

Start Date

Tenure

Tenure Rank

Dec 17, 2021

0.45

0.5%

James Cortez, CFA, Portfolio Manager, is responsible for the day-to-day co-management of Charles Schwab Investment Management, Inc (CSIM). Previous to this role, Mr. Cortez was a director on CSIM’s municipal research team, focusing on healthcare and higher education credits. Prior to joining CSIM in 2006, Mr. Cortez was an associate director and healthcare analyst at Standard & Poor’s Corporation. He also worked at Driehaus Capital Management as an international specialist and at Harris Trust and Savings Bank as a financial analyst.

John Khodarahmi

Start Date

Tenure

Tenure Rank

Dec 17, 2021

0.45

0.5%

John Khodarahmi, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Charles Schwab Investment Management in 2015, Mr. Khodarahmi was a Vice President and Senior Municipal Trader at Eaton Vance Management for the firm’s tax-free bond funds since 2002. He has worked in fixed-income asset management and trading since 1990.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58

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