During the third quarter, Belpointe Asset Management LLC reduced its position in Schwab U.S. Dividend Equity ETF (SCHD) by 7.3%, selling 21,305 shares and ending the period with 269,185 shares valued at $7.35 million. In contrast, Rakuten Investment Management Inc. initiated a new position in SCHD during the same quarter with a purchase valued at $1.127 billion. Other notable adjustments include Avantax Advisory Services Inc., which increased its SCHD holdings by 2.9% in Q2 to 28,436,927 shares worth $753.58 million, and Envestnet Asset Management Inc., which grew its position by 6.0% to 19,215,884 shares valued at $509.22 million.

Osaic Holdings Inc. boosted its SCHD stake by 12.1% in the second quarter, acquiring an additional 1,217,005 shares to reach 11,264,610 shares worth $298.68 million. Avantax Planning Partners Inc. added 280,277 shares in Q3, lifting its total to 9,739,675 shares valued at $265.89 million. Meanwhile, Cullen Frost Bankers Inc. trimmed its position by 25.2% in Q3, selling 1,004,953 shares and closing the quarter with 2,982,998 shares (approximately 0.12% of the ETF) valued at $81.44 million, making SCHD its 27th-largest holding.

Launched on October 20, 2011, SCHD tracks the Dow Jones U.S. Dividend 100 Index, a market-cap-weighted benchmark of 100 U.S. dividend‐paying equities. With a focus on high‐quality companies exhibiting consistent dividend payments, the ETF appeals to income‐oriented investors seeking both distribution yield and long‐term total return. The recent shifts in large‐scale institutional ownership underscore evolving portfolio allocations, suggesting that fund flows and dividend strategies will remain key drivers of SCHD’s performance going forward.