ETF Evaluator:
Schwab Ultra-Short Income ETF (SCUS)
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(as of Sep 02)
Best Performing in Ultrashort Bond Over the Last Year
| 6.2% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 5.8% | Simplify Treasury Option Income ETF (BUCK) |
| 5.7% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 5.3% | iShares Interest Rt Hdg U.S. Aggt Bd ETF (AGRH) |
| 5.3% | NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) |
Risk
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Risk
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ETF Details
Schwab Ultra-Short Income ETF Overview
Schwab Ultra-Short Income ETF (SCUS) is an actively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). Schwab ETFs launched the ETF in 2024.
The investment seeks current income consistent with capital preservation while maintaining liquidity.
To pursue its goal, the fund invests in investment grade, short-term, U.S. dollar denominated debt securities issued by U.S. and foreign issuers. Under normal circumstances, the fund will invest only in securities, that at the time of purchase, are rated investment grade (i.e., BBB- or higher by S&P Global Ratings and/or Fitch Ratings, Inc., or Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), or, if unrated, determined by the fund’s investment adviser to be of equivalent quality.
About Schwab Ultra-Short Income ETF (SCUS)
There are 5 members of the management team with an average tenure of 1.97 years: Jonathan Roman (2024), Karim Menoufy (2024), Jonathan Feske (2024), Michael Lin (2024) and Linda Klingman (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. Schwab Ultra-Short Income ETF has 148 securities in its portfolio. The top 10 holdings constitute 16.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Schwab Ultra-Short Income ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Schwab Ultra-Short Income ETF has 4.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 36.2% (31.7% domestic bond, 4.5% foreign bond and 0.0% convertible bond). Schwab Ultra-Short Income ETF has 63.8% of the portfolio in cash.
Assets Under Management
The fund has $241 million in total assets, which is below the $5 billion average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SCUS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Schwab Ultra-Short Income ETF expense ratio is low compared to funds in the Ultrashort Bond category. Schwab Ultra-Short Income ETF has an expense ratio of 0.14%, which is 36% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Schwab Ultra-Short Income ETF has a portfolio turnover rate of 50%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 57% for the Ultrashort Bond category.
Recently, in the month of July 2026, Schwab Ultra-Short Income ETF returned 0.2%, which earned it a grade of F, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Schwab Ultra-Short Income ETF has a trailing yield of 3.90%, which is below the 4.07% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Schwab Ultra-Short Income ETF Grades
Year to date, the ETF has returned 1.9%, 0.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.9% over the past year (grade of D).
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SCUS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SCUS Return (NAV) | 0.2% | 0.9% | 3.9% | na | na | na |
| SCUS Return (Price) | 0.4% | 0.9% | 4.0% | na | na | na |
| NAV +/- Price Return | -0.179% | -0.080% | -0.018% | na | na | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.2% | 5.2% | 3.9% | 3.0% |
| SCUS Grade (NAV) | F | F | D | na | na | na |
| +/- Category (NAV) | -0.1% | -0.1% | -0.3% | na | na | na |
| SCUS Tax-Cost Ratio | na | na | 1.6% | na | na | na |
SCUS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SCUS Return (NAV) | 1.9% | 4.6% | na | na | na | na | na | na | na | na | na |
| SCUS Return (Price) | 2.0% | 4.5% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.041% | -0.027% | na | na | na | na | na | na | na | na | na |
| Ultrashort Bond Avg | 2.2% | 4.8% | 5.8% | 6.1% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| SCUS Grade (NAV) | F | D | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.2% | -0.2% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 3.9% |
| Total Assets: | $ 242 Mil |
| Share Class Assets: | $ 242 Mil |
| Turnover: | 50.0% |
| Expense Ratio: | 0.14% |
| Index Fund: | No |
| Index Tracked: | ICE BofA US 3M Trsy Bill TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): Roman Jonathan (2024), Menoufy Karim (2024), Feske Jonathan (2024), Lin Michael (2024), Klingman Linda (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 148 |
| % in Top 10 Holdings: | 16.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 31.7% |
| Foreign Bond: | 4.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 63.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Schwab ETFs |
| Phone Number: | 877-824-5615 |
| Website: | www.csimfunds.com. |
| Inception Date: | August 12, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.14% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.22% |
