Reconstitution Brings Major Changes to SCHD's Portfolio The Schwab U.S. Dividend Equity ETF (SCHD) has undergone its annual reconstitution, resulting in 20 additions and 17 deletions. Notable removals include Pfizer and BlackRock, while ConocoPhillips emerged as the top holding. Energy sector exposure now exceeds 20%, reflecting a significant shift in the fund's composition.123