At a glance
FNDB charges 0.25% a year, above the 0.2% average of the 8 funds most like it (the 6th cheapest of 9). It has $1.49B in assets, the 6th largest of that group; it paid 1.42% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +22.5% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +24.0% a year. At its worst it fell 37.9% in the 2020 crash (S&P 500: 33.7%) and 19.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 9 months after the lows. Its ten largest positions make up 19.5% of the fund, out of 1,623 in all.
The short version
Schwab Fundamental U.S. Broad Market ETF (FNDB) is an index fund that holds about 1,600 U.S. stocks of all sizes. It weights them by company sales, cash flow, and dividends plus buybacks, not by stock-market value. Because of that, oil companies ExxonMobil and Chevron sit among its 10 largest holdings next to Apple and Microsoft. Its 0.25% expense ratio is above the 0.20% average for similar funds.
Price history
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FNDB +22.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FNDB official prospectus, to Dec 31, 2025 | — | +16.34% | — | +14.25% | +13.16% | — |
| Russell 3000® Index index, same period | — | +17.15% | — | +13.15% | +14.29% | — |
| RAFI Fundamental High Liquidity US All Index(1) index, same period | — | +16.60% | — | — | — | — |
| Fundamental US All Spliced Index(2) index, same period | — | +16.60% | — | +14.52% | +13.41% | — |
| FNDB price data to Oct 27, 2026 | +20.7% | +22.5% | +24.0% | +13.3% | +14.4% | +13.0% |
- Over the year to Oct 27, 2026, FNDB returned +22.5%, 5th of 9 among similar funds.
- Its 5-year annualized return was +13.3% and its 10-year +14.4%.
- In the 2020 COVID crash it fell 37.9% and regained its old high 7.7 months after the low.
- Its worst full calendar year was 2018 (-8.2%); its best was 2021 (+31.5%).
- The deepest fall in its price history was 38.2% (Feb 12, 2020 to Mar 23, 2020), recovered by Nov 13, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +20.7% | — |
| 2025 | +16.2% | +16.34% |
| 2024 | +16.2% | +16.17% |
| 2023 | +18.4% | +18.28% |
| 2022 | -7.5% | -7.43% |
| 2021 | +31.5% | +31.57% |
| 2020 | +9.4% | +9.15% |
| 2019 | +28.9% | +28.54% |
| 2018 | -8.2% | -7.65% |
| 2017 | +16.9% | +16.67% |
| 2016 | +16.6% | +16.96% |
| 2015 | -3.0% | — |
| 2014 | +12.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.9% over that stretch · deepest drop along the way 37.9%, back to its old high 7.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.1% over that stretch · deepest drop along the way 19.3%, back to its old high 9.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3300 | |
| 2025 | $0.4300 | +7.5% |
| 2024 | $0.4000 | +9.1% |
| 2023 | $0.3667 | +4.8% |
| 2022 | $0.3500 | +11.7% |
| 2021 | $0.3133 | -2.1% |
| 2020 | $0.3200 | +2.1% |
| 2019 | $0.3133 | +17.5% |
| 2018 | $0.2667 | +12.7% |
| 2017 | $0.2367 | +6.0% |
| 2016 | $0.2233 | +3.0% |
| 2015 | $0.2167 | +30.0% |
| 2014 | $0.1667 |
What's inside
As of Aug 31, 2026, the fund held 1,623 securities; the ten largest made up 19.47% of assets.
| Holding | Weight | |
|---|---|---|
| Apple Inc | 4.16% | |
| Microsoft Corp | 2.63% | |
| ExxonMobil Holdings Corp | 2.21% | |
| Amazon.com Inc | 1.68% | |
| Alphabet Inc | 1.66% | |
| JPMorgan Chase & Co | 1.52% | |
| Chevron Corp | 1.48% | |
| Berkshire Hathaway Inc | 1.47% | |
| UnitedHealth Group Inc | 1.35% | |
| Intel Corp | 1.32% | |
| Alphabet Inc | 1.32% | |
| Meta Platforms Inc | 1.13% | |
| Johnson & Johnson | 0.99% | |
| Bank of America Corp | 0.95% | |
| Verizon Communications Inc | 0.92% |
By country
United States 96.28%Ireland 1.82%Bermuda 0.34%Switzerland 0.33%Netherlands 0.25%By asset type
Stocks 99.78%By sector
Sectors of the companies held, for the 71.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $106.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.13%, +1.64%, +1.91%.
How it works
FNDB tracks the RAFI Fundamental High Liquidity US All Index. RAFI Indices, LLC owns the index and licenses it to Charles Schwab Investment Management. Most index funds weight stocks by market capitalization, which is share price times shares outstanding. That gives the most highly valued companies the biggest slices. This index works differently. It scores each U.S. company on three measures of business size: adjusted sales, retained operating cash flow, and dividends plus buybacks. A company's weight is its share of the total scores.
The index sets its members and weights once a year, but it phases the changes in. It is split into four equal segments, and one segment is rebalanced each quarter. This spreads out trading. The prospectus lists portfolio turnover of 12%.
The fund keeps at least 90% of its net assets in index stocks. It uses sampling, which means it holds a representative subset rather than every stock in the index. As of August 31, 2026, it held 1,623 stocks, and the 10 largest made up 19.5% of assets. Apple (4.2%), Microsoft (2.6%) and ExxonMobil (2.2%) led the list. Up to 10% can go elsewhere, including futures contracts used to put spare cash to work and money market funds. The fund may also lend its securities to earn extra income.
What it really costs
- FNDB charges 0.25% a year, versus an average of 0.2% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FNDB | $26 | $80 | $141 | $318 |
In a retirement portfolio
It spreads money across about 1,600 U.S. companies of all sizes, so it can serve as a portfolio's main U.S. stock holding instead of a narrow bet.
FNDB launched in 2013, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 37.9% between February 19 and March 23, 2020. It regained its old high by November 13, 2020, about eight months later. In the 2022 bear market it dropped 19.3% from peak to low and took 9.4 months to recover. Its 2022 calendar-year loss was a milder 7.43%. From 2016 through 2025, its worst calendar year was 2018, with a 7.65% loss. A retiree who had to sell in March 2020 would have locked in a steep loss. The trailing 12-month yield was 1.42% as of October 27, 2026, paid quarterly. That is modest income. In the SEC's standard example, $10,000 invested costs about $26 in fees over one year and $318 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund covering U.S. large, mid and small companies (1,623 holdings as of August 31, 2026), weighted by business size rather than stock price.
- People who prefer a less top-heavy fund: the 10 largest holdings made up 19.5% of assets as of August 31, 2026, and Apple, the largest, was 4.2%.
- Long-term holders comfortable with a rules-based index that phases in changes each quarter, has 12% turnover and pays dividends quarterly.
Look elsewhere if
- Cost-focused investors: the 0.25% expense ratio is above the 0.20% peer average. IUS charges 0.19% and SPY 0.0945%.
- Those who want to match the total market: over 10 years through December 31, 2025, FNDB returned 13.16% a year versus 14.29% for the Russell 3000.
- Investors who need steady income or can't stomach deep drops: the yield was 1.42% as of October 27, 2026, and the fund fell 37.9% in early 2020.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FNDB this fund | — | 0.25% | $1.49B | +22.5% | +24.0% |
| FNDX Schwab Fundamental U.S. Large Company ETF | 90% | 0.25% | $27.57B | +25.0% | +22.7% |
| PRF Invesco RAFI US 1000 ETF | 83% | 0.33% | $9.80B | +23.3% | +24.9% |
| IUS Invesco RAFI Strategic US ETF | 69% | 0.19% | $983.2M | +25.6% | +24.6% |
| VLU SPDR S&P 1500 Value Tilt ETF | 69% | 0.12% | $725.5M | +20.8% | +23.9% |
| JHML John Hancock Multifactor Large Cap ETF | 62% | 0.29% | $1.17B | +14.6% | +22.9% |
| DCOR Dimensional US Core Equity 1 ETF | 60% | 0.14% | $3.34B | +15.8% | +23.9% |
| IWD iShares Russell 1000 Value ETF | 60% | 0.19% | $79.74B | +28.8% | +22.2% |
Questions investors ask
What's the difference between FNDB and FNDX?
Both are Schwab ETFs that weight stocks by business size using RAFI indexes, and both charge 0.25% a year. FNDX focuses on large companies. FNDB covers the broader U.S. market, so it also holds mid-size and smaller companies. The two funds' holdings overlap by about 90%. FNDX is much bigger, with $27.6 billion in net assets against $1.49 billion for FNDB as of August 31, 2026.
How does FNDB choose its stocks?
FNDB tracks the RAFI Fundamental High Liquidity US All Index. That index ranks U.S. companies by three measures of business size: adjusted sales, retained operating cash flow, and dividends plus buybacks. It does not rank them by market value. Each company's weight is its share of the total scores. The weights are reset once a year and phased in over four quarters. The fund holds a representative sample of the index, not necessarily every stock.
Does FNDB pay dividends?
Yes. FNDB pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.45 per share, a trailing yield of 1.42%. That income comes from the dividends paid by the roughly 1,600 companies it holds, such as JPMorgan Chase, Chevron and Verizon. The yield is modest, so investors who mainly want income may want to compare it with funds built around dividends.
What is FNDB's expense ratio?
FNDB's expense ratio is 0.25% a year, according to its prospectus filed June 26, 2026. That is above the 0.20% average for similar funds and puts it 6th of 9 on cost. Invesco RAFI US 1000 ETF (PRF), a similar fund, charges 0.33%, and Invesco RAFI Strategic US ETF (IUS) charges 0.19%. In the SEC's standard example, $10,000 invested would cost about $26 in fees over one year and $318 over 10 years.
How has FNDB performed compared with the total stock market?
The results are mixed. For the five years through December 31, 2025, FNDB returned 14.25% a year, ahead of the Russell 3000 Index at 13.15%. Over 10 years it returned 13.16% a year, behind the index's 14.29%. In 2025 it gained 16.34%, compared with 17.15% for the Russell 3000. Its worst quarter was the first quarter of 2020, when it lost 26.81%.