Schwab U.S. TIPS ETF (SCHP)

By TIPS Yield · Published 2026-09-29 · Updated 2026-09-29

The Schwab TIPS ETF, ticker SCHP, holds a broad slice of the U.S. TIPS market at a very low fee. This page covers the Schwab U.S. TIPS ETF's expense ratio, index, duration and yield figures, using sponsor data checked September 29, 2026.

SCHP key facts

Sources: Schwab Asset Management SCHP page, checked September 29, 2026. Fund data changes daily. Some figures carry earlier dates than others.

What index SCHP follows

SCHP tracks the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). The index covers U.S. Treasury inflation-protected securities across the maturity range. The fund is a rolling ETF. It keeps trading to match the index, so it has no maturity date of its own.

The expense ratio in context

SCHP's 0.03% is the lowest fee among the broad TIPS ETFs on this site. The iShares TIPS Bond ETF (TIP) lists 0.18%. The Vanguard Total Inflation-Protected Securities ETF (VTP) lists 0.05% on its June 30, 2026 factsheet.

Sources: Schwab, Vanguard VTP factsheet and iShares, checked September 29, 2026. The VTP figure is from the June 30, 2026 factsheet.

A low fee does not settle the choice. Index design, trading spreads and tracking differences also shape what a holder receives.

What 6.4 years of duration means

Duration estimates how much a fund's price moves when real yields change. SCHP reports 6.4 years as of August 31, 2026. A one-percentage-point rise in real yields would suggest a price decline of about 6.4%. On $10,000, that is roughly $640. A one-point fall would suggest a gain of about the same size.

This is a rough estimate. It ignores convexity, income, inflation accruals and uneven moves along the curve. It is a scenario, not a forecast. The same reasoning applies to TIP, which reports 6.17 years as of September 28, 2026.

Distribution yield, SEC yield and real yield

SCHP shows two yield figures and they sit far apart. The 30-day SEC yield is 1.73% (September 25, 2026). The trailing twelve-month distribution yield is 5.04% (August 31, 2026).

The trailing figure adds up past distributions. In a TIPS fund those include inflation accruals, which vary from year to year. It describes what the fund paid, not what it will pay. The SEC yield reflects recent income after expenses. Neither one is the same as a Treasury real yield, which is the return above inflation on a bond held to maturity. For reference, the 10-year Treasury real yield was 2.90% on September 28, 2026. See the real yield history for context.

SCHP versus individual TIPS

An individual TIPS held to maturity pays inflation-adjusted principal on a known date. SCHP does not. Its price moves with real yields, and you receive market value when you sell. A fund gives broad, ongoing exposure. Individual bonds give dated cash flows. If early sales matter to your plan, read about selling TIPS before maturity and the funds versus individual TIPS comparison.

Where to go next

For a side-by-side with a short-maturity fund, see SCHP versus VTIP. For the wider field, see TIPS ETFs compared.

How the figures were computed

Fee per $10,000 equals $10,000 times the expense ratio. So 0.03% gives $3, 0.05% gives $5 and 0.18% gives $18. This treats the balance as constant. Actual fees accrue on changing asset values.

The duration estimate is price change of about negative duration times yield change. With duration 6.4 and a yield change of 1.00 point, the change is about negative 6.4%. Applied to $10,000, that is about $640. Inputs came from the Schwab SCHP page. Its duration is dated August 31, 2026, so it is not a same-day snapshot. This page is educational and does not recommend any fund.