Schwab’s STCE now foregrounds natural language processing in its name as updated filings add warnings about the stock-picking method, while Trump Media ranked as the fund’s second-largest holding on July 28.
Schwab Asset Management has updated the branding and disclosures for its crypto-equity ETF without changing the fund’s basic structure, strategy or fee. The product, renamed on July 28 as the Schwab Crypto Thematic Natural Language Processing ETF, still trades under ticker STCE, carries a 0.30% expense ratio and tracks the Schwab Crypto Thematic Index rather than holding cryptocurrencies directly. A new filing puts the natural language processing method used to identify crypto-linked stocks more prominently at the center of the fund’s description and adds a warning that human review of the software’s picks may also be imperfect. Schwab reported $298.2 million in assets and 43 holdings as of June 23, though the public stock list published on July 28 showed 35 names. Bitdeer Technologies was the largest position at 5.96%, followed by Trump Media & Technology Group at 5.77%, with CleanSpark, Core Scientific and Hut 8 next. The updated materials also say the methodology may select companies whose main businesses have limited connection to crypto, illustrating how a keyword-based approach can bring in names such as Trump Media, whose bitcoin treasury disclosures may have boosted its relevance score. The name change came after SEC guidance in 2026 said terms describing a method do not trigger the agency’s 80% fund-names rule, but Schwab has not linked the timing to that regulatory backdrop.