Certain aspects of the present disclosure generally relate to an embedded trace substrate (ETS) with one or more passive components embedded therein. Such an ETS may provide shorter routing, smaller loop area, and lower parasitics between a semiconductor die and a land-side passive component embedded in the ETS. One example embedded trace substrate generally includes a core, a first insulating material disposed above the core and having a first metal pattern embedded therein, a second insulating material disposed below the core and having a second metal pattern embedded therein, and one or more passive components embedded in the core.