7-Day Yield (with waivers)
7-Day Yield (without waivers)
The 7-Day Yield is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of all applicable waivers. Absent such waivers, the fund’s yield would have been lower. The 7-Day Yield (without waivers) is the yield without the effect of all applicable waivers.
30-Day SEC Yield The 30-day dividend yield represents the average daily dividends for the 30-day period, annualized, and divided by the net asset values per share at the end of the period. The SEC standardized yield is computed under an SEC standardized formula and reflects an estimated yield to maturity (assuming all portfolio securities are held to maturity).
Acquired Fund Fees and Expenses Acquired Expense Ratio applies to a fund of funds and indicates the amount of expenses the fund of funds is subject to by investing in other funds that also have expense ratios. Therefore, the Acquired Expense Ratio, meaning the expenses of the underlying funds, is included in both the net and gross expense ratios for a fund of funds. This data is obtained from the fund's prospectus.
Alpha (3 Yr) Alpha is a measure of fund performance on a risk-adjusted basis. Alpha compares the risk-adjusted performance of a fund to a benchmark index (such as the S&P 500). The excess return of the fund relative to the return of the benchmark index is a fund’s alpha. A positive alpha means the fund has outperformed the index on a risk-adjusted basis.
Amortized Cost Method Under the amortized cost method, a money market fund’s portfolio securities generally are valued at cost plus any amortization of premium or accumulation of discount, rather than at their value based on current market factors.
Average Yield to Maturity The internal rate of return of the security based on the given market price. It is the single discount rate that equates a security price (inclusive of accrued interest) with its projected cash flows. “Average” refers to the fact that Yield To Maturity is calculated at the holdings level and then a weighted average is used to get to the fund level Yield To Maturity.
Beneficial Owner A beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (1) voting power which includes the power to vote, or to direct the voting of, each security; and/or, (2) investment power which includes the power to dispose, or to direct the disposition of, such security.
Beta Beta is a statistical measure that shows a fund's volatility relative to a benchmark index over the last 36 months. By definition, the beta of the benchmark index is 1.0. A fund with a beta of 1.10 tends to perform 10% better than the market in up markets and 10% worse in down markets. Usually, higher betas represent riskier investments. For funds that are not broadly diversified, a low beta may only indicate that the fund's volatility relative to the benchmark index is low, not that the fund has low risk.
Beta vs. Broad Index (3 Yr) A measure of the volatility of a stock relative to the overall market. A Beta of less than one indicates lower historical risk than the market; a beta of more than one indicates higher risk than the market.
Distribution Yield (TTM) The 12-month distribution yield sums the trailing 12-month’s income distributions from a fund and divides by the last month’s ending Net Asset Value (NAV), excluding any capital gains distributed.
Effective Duration (Fixed Income) A measure of a portfolio’s interest-rate sensitivity—the longer a fund's duration, the more sensitive the portfolio is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while shorter maturities and higher coupons shorten duration. The relationship between portfolios with different durations is straightforward: a portfolio with a duration of 10 years is twice as volatile as a portfolio with a five-year duration. Morningstar prints an average effective duration statistic that incorporates call, put, and prepayment possibilities.
Ex-distribution Date (or ex-date) The date that shares in the ETF began trading following the distribution. As a result, the per-share net asset value of the ETF was reduced by the amount of the per-share distribution on that date. Shareholders who purchased shares of the ETF on or after the ex-date were not eligible to receive distributions.
To receive a distribution, you must be a registered shareholder of the ETF on the record date, and must have placed the ETF trade prior to the ex-date. Distributions are paid to shareholders on the payable date. There is no guarantee that dividends will be paid.
All registered investment companies, including the Schwab Exchange-Traded Funds (Schwab ETFs) are obliged to distribute portfolio gains to shareholders at year's end regardless of performance. Trading Schwab ETFs will also generate tax consequences and transaction expenses. Tax consequences of dividend distributions may vary by individual taxpayer. Please consult your tax professional or financial advisor for more information regarding your tax situation. The information provided is not intended to be investment or tax advice.
Government Money Market Fund Available to all account types. These funds price and transact at a constant net asset value (CNAV). These funds must hold at least 99.5% of assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized fully by cash and/or U.S. government securities. They are permitted but not required to impose a liquidity fee and/or redemption gate on fund redemptions. The Schwab Money Funds’ Board of Trustees has determined not to subject the Schwab Government Money Funds to a liquidity fee and/or a redemption gate on fund redemptions. The Board of Trustees has reserved its ability to change this determination, but only after providing appropriate prior notice to shareholders.
Gross Expense Ratio Total annual fund operating expenses, per the fund prospectus.
Indicative Intraday Value An Intraday Indicative Value is published by NYSE Alternext US for each ETF as a reference value to be used in conjunction with other ETF market information. The Intraday Indicative Value for an ETF is typically published under a separate symbol every 15 seconds over the Consolidated Tape and calculated throughout the trading day based on the last sale prices of the securities specified for creation and redemption plus any estimated cash amounts associated with the creation unit, all on a per-ETF share basis. This value is also referred to as an "Underlying Trading Value," "Indicative Optimized Portfolio Value (IOPV)," and "Intraday Value" in various places such as the prospectus and marketing materials for different ETFs. The Intraday Indicative Value is designed to give investors a sense of the relationship between a basket of securities that are representative of those owned in the ETF and the share price of the ETF on an intraday basis.
Inflows Dollar amount of client subscriptions and income reinvestment to a fund for a given date.
Institutional Money Market Fund Available to all account types. These funds price and transact at a variable net asset value (VNAV). They are permitted to impose a liquidity fee and/or a redemption gate on fund redemptions if liquidity falls below regulatory limits.
Liquid Assets Reference to daily and weekly liquid assets invested in money market funds, which have certain requirements as defined under money market fund regulations.

Daily Liquid Assets include (i) cash; (ii) direct obligations of the U.S. Government; (iii) Government securities issued by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States, that are issued at a discount to the principal amount to be repaid at maturity and have a remaining maturity of 60 days or less; and (iv) securities that will mature or are subject to a demand feature that is exercisable and payable within five business days.

A taxable money market fund may not acquire any security other than a "daily liquid asset" unless, immediately following such purchase, at least 10% of its total assets would be invested in daily liquid assets and no money market fund may acquire any security other than a "weekly liquid asset" unless, immediately following such purchase, at least 30% of its total assets would be invested in weekly liquid assets.
Market-Based NAV The Net Asset Value term used for money market funds, in which the NAV is calculated using current market quotes (or an appropriate substitute that reflects current market conditions) to value fund securities.
Natural Person A human being, as distinguished from an artificial person created by law.
NAV The Net Asset Value of a fund, calculated by totaling the current market value of the portfolio’s assets, subtracting liabilities, and dividing that dollar amount by the total number of shares outstanding.
Net Expense Ratio Total annual fund operating expenses after expense reduction, per the fund prospectus.
Net Shareholder Flows The sum of client inflows and outflows for a given date.
Outflows Dollar amount of client redemptions from a fund for a given date.
Price to Earnings Ratio (Equities) The price of a stock divided by its historical earnings per share. For a Fund, the P/E Ratio is a weighted average of all of the available P/E ratios for the stocks in the Fund calculated by FactSet in accordance with industry standards.
Product Type Indicates whether a fund is a Retail, Institutional or Government money market fund.
R-squared (3 Yr) A statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index.
Retail Money Market Fund Limited to accounts whose beneficial owners are natural persons (individuals). These funds price and transact at a constant net asset value (CNAV). They are permitted to impose a liquidity fee and/or a redemption gate on fund redemptions if liquidity falls below regulatory limits.
Sharpe Ratio (3 Yr) A risk-adjusted measure developed by William F. Sharpe, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund's historical risk-adjusted performance.
Standard Deviation (3 Yr) A statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns. More generally, a measure of the extent to which numbers are spread around their average.
Transaction NAV The Net Asset Value term used for money market funds, in which the NAV is calculated using the amortized cost method of accounting to value fund securities. Transaction NAV is used when calculating net asset value for all fund share transactions.
Variable NAV Daily share prices will fluctuate along with changes in the market-based value of its portfolio securities
Weighted Average Maturity (Fixed Income) Maturity of Investments will generally be determined using a portfolio security's final maturity date (date on which the final principal payment of a bond is scheduled to be paid); however, for securitized products, such as mortgage-backed securities and certain other asset-backed securities, maturity will be determined on an average life basis (weighted average time to receipt of all principal payments) by the investment adviser. Because prepayment rates of individual mortgage pools vary widely, the average life of a particular pool cannot be predicted precisely. For securities with embedded demand features, such as puts or calls, either the demand date or the final maturity date will be used depending on interest rates, yields and other market conditions. The average portfolio maturity of a fund is dollar-weighted based upon the market value of a fund's securities at the time of the calculation.


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