SCHD's Q2 Rebalance Is Complete
Updated July 23, 2026. $TXN slips out of the top 10 as $COP moves in and $CVX climbs to #8 — energy is rising while tech keeps fading. $MRK jumps to #2 behind $ABT.
What Is the SCHD Quarterly Rebalance?
SCHD rebalances quarterly on the third Friday of June, September, and December. The quarterly rebalance primarily redistributes weight across existing holdings to enforce the fund’s concentration limits. The latest holdings update (July 23, 2026) shows the portfolio’s energy exposure climbing: Texas Instruments has slipped out of the top 10 (now #12) while ConocoPhillips moved in at #9 and Chevron rose to #8. Abbott Laboratories still leads, Merck has climbed to #2, and Technology names TXN and QCOM continue to fade.
New Top 10 Holdings — July 23, 2026
Ranked by weight after the most recent data update.
| # | Ticker | Company | % of Assets | Market Value |
|---|---|---|---|---|
| 1 | ABT | Abbott Laboratories | 4.54% | $4.6B |
| 2 | MRK | Merck & Co Inc | 4.47% | $4.5B |
| 3 | UNH | UnitedHealth Group Inc | 4.41% | $4.4B |
| 4 | AMGN | Amgen Inc | 4.31% | $4.3B |
| 5 | PG | Procter & Gamble | 4.11% | $4.1B |
| 6 | HD | Home Depot Inc | 4.07% | $4.1B |
| 7 | KO | Coca-Cola | 4.05% | $4.1B |
| 8 | CVX | Chevron Corp | 4.02% | $4.1B |
| 9 | COP | ConocoPhillips | 3.79% | $3.8B |
| 10 | PEP | Pepsico Inc | 3.72% | $3.7B |
Source: Schwab SCHD fund holdings as of 07/23/2026. Data subject to change.
Notable Weight Changes (July 16 → July 23)
Energy Rises, Tech Fades
- Top 10
- 41.49%
- Max Holding
- 4.54%
- TXN + QCOM
- 6.31%
Abbott Laboratories holds the #1 position at 4.54%, with Merck climbing to #2. The bigger shift is at the bottom of the top 10: ConocoPhillips has moved in at #9 and Chevron has risen to #8, pushing the energy pair to 8.05% combined, while Texas Instruments slipped to #12 (3.62%) — now behind Verizon at #11. Technology exposure continues to shrink as energy and defensive dividend names carry more of the portfolio.
Sector Allocation (Approximate)
Energy exposure is climbing as $CVX and $COP gain weight; tech keeps drifting lower.
Full Portfolio Holdings — July 23, 2026
Top 100 of SCHD's 103 holdings, sorted by weight (descending).
| # | Ticker | Company | Shares | % Assets | Mkt Value |
|---|---|---|---|---|---|
| 1 | ABT | Abbott Laboratories | 45,362,177 | 4.54% | $4.6B |
| 2 | MRK | Merck & Co Inc | 34,464,699 | 4.47% | $4.5B |
| 3 | UNH | UnitedHealth Group Inc | 10,485,422 | 4.41% | $4.4B |
| 4 | AMGN | Amgen Inc | 11,687,306 | 4.31% | $4.3B |
| 5 | PG | Procter & Gamble | 28,198,022 | 4.11% | $4.1B |
| 6 | HD | Home Depot Inc | 12,630,779 | 4.07% | $4.1B |
| 7 | KO | Coca-Cola | 50,191,364 | 4.05% | $4.1B |
| 8 | CVX | Chevron Corp | 20,837,213 | 4.02% | $4.1B |
| 9 | COP | ConocoPhillips | 31,727,836 | 3.79% | $3.8B |
| 10 | PEP | Pepsico Inc | 27,732,869 | 3.72% | $3.7B |
| 11 | VZ | Verizon Communications Inc | 84,739,686 | 3.69% | $3.7B |
| 12 | TXN | Texas Instruments Inc | 12,810,051 | 3.62% | $3.7B |
| 13 | BMY | Bristol Myers Squibb | 53,181,830 | 3.25% | $3.3B |
| 14 | MO | Altria Group Inc | 43,488,778 | 3.11% | $3.1B |
| 15 | LMT | Lockheed Martin Corp | 5,283,427 | 2.98% | $3.0B |
| 16 | QCOM | Qualcomm Inc | 15,811,124 | 2.69% | $2.7B |
| 17 | ADP | Automatic Data Processing Inc | 10,410,226 | 2.51% | $2.5B |
| 18 | BX | Blackstone Inc | 19,346,681 | 2.39% | $2.4B |
| 19 | UPS | United Parcel Service Inc Class B | 19,442,674 | 2.20% | $2.2B |
| 20 | ACN | Accenture PLC Class A | 15,988,326 | 2.20% | $2.2B |
| 21 | CMCSA | Comcast Corp Class A | 92,785,634 | 2.02% | $2.0B |
| 22 | EOG | EOG Resources Inc | 13,871,057 | 2.00% | $2.0B |
| 23 | SLB | SLB NV | 38,935,563 | 1.83% | $1.8B |
| 24 | TGT | Target Corp | 11,828,040 | 1.58% | $1.6B |
| 25 | OKE | ONEOK Inc | 16,407,605 | 1.52% | $1.5B |
| 26 | F | Ford Motor | 101,928,534 | 1.43% | $1.4B |
| 27 | FAST | Fastenal | 29,897,871 | 1.37% | $1.4B |
| 28 | DVN | Devon Energy Corp | 30,025,839 | 1.35% | $1.4B |
| 29 | FITB | Fifth Third Bancorp | 23,602,851 | 1.34% | $1.3B |
| 30 | ADM | Archer Daniels Midland | 12,550,986 | 1.08% | $1.1B |
| 31 | PAYX | Paychex Inc | 8,397,593 | 0.92% | $929.3M |
| 32 | KMB | Kimberly Clark Corp | 8,644,425 | 0.92% | $927.6M |
| 33 | CINF | Cincinnati Financial Corp | 4,028,200 | 0.72% | $722.6M |
| 34 | RF | Regions Financial Corp | 22,224,559 | 0.68% | $681.4M |
| 35 | ARES | Ares Management Corp Class A | 5,493,007 | 0.66% | $666.2M |
| 36 | HSY | Hershey Foods | 3,859,841 | 0.66% | $664.4M |
| 37 | TROW | T Rowe Price Group Inc | 5,579,695 | 0.64% | $641.4M |
| 38 | DRI | Darden Restaurants Inc | 2,982,508 | 0.57% | $579.0M |
| 39 | PFG | Principal Financial Group Inc | 5,119,401 | 0.55% | $549.4M |
| 40 | SNA | Snap On Inc | 1,348,406 | 0.53% | $533.2M |
| 41 | GIS | General Mills Inc | 13,902,189 | 0.49% | $494.2M |
| 42 | EWBC | East West Bancorp Inc | 3,568,227 | 0.46% | $466.1M |
| 43 | BR | Broadridge Financial Solutions Inc | 3,009,583 | 0.43% | $434.6M |
| 44 | BBY | Best Buy Inc | 5,102,384 | 0.43% | $430.8M |
| 45 | DINO | HF Sinclair Corp | 3,992,015 | 0.35% | $355.6M |
| 46 | APA | APA Corp | 9,208,524 | 0.33% | $335.4M |
| 47 | WSO | Watsco Inc | 911,551 | 0.33% | $328.0M |
| 48 | FNF | Fidelity National Financial Inc | 6,590,921 | 0.32% | $320.4M |
| 49 | AFG | American Financial Group Inc | 1,797,821 | 0.25% | $253.8M |
| 50 | COLB | Columbia Banking System Inc | 7,541,965 | 0.24% | $243.3M |
| 51 | ORI | Old Republic International Corp | 5,836,676 | 0.24% | $241.2M |
| 52 | SWKS | Skyworks Solutions Inc | 3,912,657 | 0.23% | $236.6M |
| 53 | BAH | Booz Allen Hamilton Holding Corp C | 3,139,548 | 0.21% | $206.8M |
| 54 | ALV | Autoliv Inc | 1,792,784 | 0.21% | $206.5M |
| 55 | M | Macy's Inc | 6,868,080 | 0.16% | $160.2M |
| 56 | MSM | MSC Industrial Inc Class A | 1,191,138 | 0.15% | $149.9M |
| 57 | ERIE | Erie Indemnity Class A | 661,458 | 0.14% | $141.9M |
| 58 | MUR | Murphy Oil Corp | 3,502,162 | 0.14% | $138.0M |
| 59 | NXST | Nexstar Media Group Inc | 748,169 | 0.13% | $135.5M |
| 60 | OZK | Bank OZK | 2,677,442 | 0.13% | $134.2M |
| 61 | MTN | Vail Resorts Inc | 929,615 | 0.13% | $133.9M |
| 62 | MC | Moelis Class A | 1,934,569 | 0.13% | $126.8M |
| 63 | FHI | Federated Hermes Inc Class B | 1,885,589 | 0.11% | $108.1M |
| 64 | CWEN | Clearway Energy Inc Class C | 3,152,303 | 0.11% | $105.8M |
| 65 | KFY | Korn Ferry | 1,352,703 | 0.10% | $105.3M |
| 66 | PAG | Penske Automotive Group Voting Inc | 478,085 | 0.10% | $103.0M |
| 67 | RHI | Robert Half Inc | 2,610,458 | 0.10% | $98.8M |
| 68 | CVBF | CVB Financial Corp | 4,362,799 | 0.10% | $97.6M |
| 69 | GVMXX | SSC Government MM | 77,144,021 | 0.08% | $77.1M |
| 70 | APAM | Artisan Partners Asset Management | 1,848,858 | 0.07% | $71.2M |
| 71 | WU | Western Union | 8,117,556 | 0.07% | $67.5M |
| 72 | BANR | Banner Corp | 884,039 | 0.06% | $60.9M |
| 73 | CNS | Cohen & Steers Inc | 721,652 | 0.06% | $57.7M |
| 74 | OFG | OFG Bancorp | 1,099,036 | 0.06% | $57.6M |
| 75 | IPAR | Interparfums Inc | 474,160 | 0.06% | $56.8M |
| 76 | MZTI | Marzetti | 527,465 | 0.06% | $56.2M |
| 77 | CHCO | City Holding | 365,799 | 0.05% | $50.3M |
| 78 | NBHC | National Bank Holdings Corp Class | 1,164,905 | 0.05% | $50.3M |
| 79 | AGM | Federal Agricultural Mortgage Non | 241,000 | 0.05% | $49.5M |
| 80 | STBA | S And T Bancorp Inc | 936,624 | 0.05% | $47.7M |
| 81 | GABC | German American Bancorp Inc | 976,763 | 0.05% | $46.6M |
| 82 | NSP | Insperity Inc | 943,025 | 0.04% | $45.2M |
| 83 | FLO | Flowers Foods Inc | 5,511,210 | 0.04% | $42.7M |
| 84 | LKFN | Lakeland Financial Corp | 647,902 | 0.04% | $39.6M |
| 85 | SRCE | 1st Source Corp | 469,009 | 0.04% | $39.0M |
| 86 | BKE | Buckle Inc | 801,778 | 0.03% | $33.7M |
| 87 | WEN | Wendys | 4,109,487 | 0.03% | $29.5M |
| 88 | CNA | CNA Financial Corp | 563,975 | 0.03% | $29.5M |
| 89 | PFBC | Preferred Bank | 285,659 | 0.03% | $29.0M |
| 90 | VRTS | Virtus Investment Partners Inc | 164,605 | 0.03% | $26.8M |
| 91 | CPF | Central Pacific Financial Corp | 675,036 | 0.03% | $26.1M |
| 92 | HAFC | Hanmi Financial Corp | 763,877 | 0.02% | $24.6M |
| 93 | THFF | First Financial Corporation Corp | 307,906 | 0.02% | $23.4M |
| 94 | ORRF | Orrstown Financial Services Inc | 511,145 | 0.02% | $21.4M |
| 95 | IBCP | Independent Bank Corp | 534,709 | 0.02% | $19.6M |
| 96 | CCBG | Capital City Bank Inc | 359,227 | 0.02% | $18.3M |
| 97 | USD | US Dollar | 16,101,338 | 0.02% | $16.1M |
| 98 | AMSF | Amerisafe Inc | 478,787 | 0.01% | $14.5M |
| 99 | EBF | Ennis Inc | 668,356 | 0.01% | $14.3M |
| 100 | OXM | Oxford Industries Inc | 360,910 | 0.01% | $13.8M |
Source: Schwab SCHD fund holdings as of 07/23/2026. The remaining 3 of SCHD’s 103 holdings are small cash and index-futures positions totaling roughly 0.01%. Subject to change.
Key Takeaways for SCHD Investors
-
$TXN drops out of the top 10 Texas Instruments has fallen to #12 (3.62%), now sitting behind Verizon at #11, as its weight keeps sliding with the rest of SCHD’s tech exposure.
-
$COP moves in, $CVX climbs ConocoPhillips enters the top 10 at #9 (3.79%) and Chevron rises to #8 (4.02%) — the energy pair now totals 8.05% inside the top 10.
-
$ABT still #1, $MRK jumps to #2 Abbott leads at 4.54% and Merck has climbed to #2 (4.47%), with Healthcare names still holding four of the top five spots.
-
Concentration remains low No single holding exceeds 4.54%. Top 10 = 41.49%, with $TXN + $QCOM down to 6.31% combined.
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Holdings data on this page is sourced from Schwab's published SCHD fund holdings as of July 23, 2026, and is for informational purposes only. Numbers are subject to change. This page does not constitute financial or investment advice. Always verify current holdings through Charles Schwab's official materials. TopDividendETFs.com is not affiliated with Charles Schwab Corporation.