(CHARLES SCHWAB ASSET MANAGMENT LOGO)
Semiannual Report  |  August 31, 2022
Schwab Fundamental Index* ETFs

Schwab Fundamental U.S. Broad Market Index ETF FNDB
Schwab Fundamental U.S. Large Company Index ETF FNDX
Schwab Fundamental U.S. Small Company Index ETF FNDA
Schwab Fundamental International Large Company Index ETF FNDF
Schwab Fundamental International Small Company Index ETF FNDC
Schwab Fundamental Emerging Markets Large Company Index ETF FNDE
* SCHWAB is a registered trademark of Charles Schwab & Co., Inc.
FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.

         
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In This Report
Performance at a Glance 2
The Investment Environment 3
Fund Management 5
Performance and Fund Facts  
Schwab Fundamental U.S. Broad Market Index ETF 6
Schwab Fundamental U.S. Large Company Index ETF 8
Schwab Fundamental U.S. Small Company Index ETF 10
Schwab Fundamental International Large Company Index ETF 12
Schwab Fundamental International Small Company Index ETF 14
Schwab Fundamental Emerging Markets Large Company Index ETF 16
Fund Expenses 18
Financial Statements and Portfolio Holdings  
Schwab Fundamental U.S. Broad Market Index ETF 19
Schwab Fundamental U.S. Large Company Index ETF 38
Schwab Fundamental U.S. Small Company Index ETF 50
Schwab Fundamental International Large Company Index ETF 64
Schwab Fundamental International Small Company Index ETF 78
Schwab Fundamental Emerging Markets Large Company Index ETF 98
Financial Notes 107
Shareholder Vote Results 119
Investment Advisory Agreement Approval 120
Trustees and Officers 123
Glossary 127
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset ManagementTM
Distributor: SEI Investments Distribution Co. (SIDCO)
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.
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Schwab Fundamental Index ETFs
Performance at a Glance

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Total Returns for the 6 Months Ended August 31, 2022
Schwab Fundamental U.S. Broad Market Index ETF
(Ticker Symbol: FNDB)
 
Market Price Return1 -6.10%
NAV Return1 -6.28%
Russell RAFITM US Index -6.14%
Russell 3000® Index -9.44%
ETF Category: Morningstar Large Value2 -6.48%
Performance Details pages 6-7
Schwab Fundamental U.S. Large Company Index ETF
(Ticker Symbol: FNDX)
 
Market Price Return1 -5.95%
NAV Return1 -6.02%
Russell RAFITM US Large Company Index -5.89%
Russell 1000® Index -9.45%
ETF Category: Morningstar Large Value2 -6.48%
Performance Details pages 8-9
Schwab Fundamental U.S. Small Company Index ETF
(Ticker Symbol: FNDA)
 
Market Price Return1 -9.43%
NAV Return1 -9.42%
Russell RAFITM US Small Company Index -9.37%
Russell 2000® Index -9.31%
ETF Category: Morningstar Small Blend2 -9.40%
Performance Details pages 10-11
Total Returns for the 6 Months Ended August 31, 2022
Schwab Fundamental International Large Company Index ETF
(Ticker Symbol: FNDF)
 
Market Price Return1 -12.36%
NAV Return1 -12.22%
Russell RAFITM Developed ex US Large Company Index (Net)* -12.24%
MSCI EAFE® Index (Net)* -13.97%
ETF Category: Morningstar Foreign Large Value2 -13.27%
Performance Details pages 12-13
Schwab Fundamental International Small Company Index ETF
(Ticker Symbol: FNDC)
 
Market Price Return1 -14.61%
NAV Return1 -14.28%
Russell RAFITM Developed ex US Small Company Index (Net)* -14.12%
S&P Developed ex-U.S. Small Cap Index (Net)* -16.45%
ETF Category: Morningstar Foreign Small/Mid Value2 -12.63%
Performance Details pages 14-15
Schwab Fundamental Emerging Markets Large Company Index ETF
(Ticker Symbol: FNDE)
 
Market Price Return1 -12.51%
NAV Return1 -10.17%
Russell RAFITM Emerging Markets Large Company Index (Net)* -14.01%
MSCI Emerging Markets Index (Net)* -13.30%
ETF Category: Morningstar Diversified Emerging Markets2 -14.09%
Performance Details pages 16-17
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
The first index listed for each fund is the fund’s primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.
For index definitions, please see the Glossary.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — The Schwab Fundamental Index ETFs are not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI™ Index Series (the Indices) or otherwise. The Indices are compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Indices and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. “Russell®” is a trademark of Russell. The trade names “Research Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Indices. For full disclaimer please see the funds’ statement of additional information.
* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
1 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
2 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
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Schwab Fundamental Index ETFs
The Investment Environment

For the six-month reporting period ended August 31, 2022, U.S. and international equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth around the world slowed and recession fears rose. Over the reporting period, the U.S. dollar continued to strengthen against a basket of international currencies, generally decreasing the returns on overseas investments in U.S. dollar terms. For the reporting period, the S&P 500® Index, a bellwether for the overall U.S. stock market, returned -8.84%. Among U.S. stocks, the Russell 2000® Index and the Russell RAFI™ US Small Company Index returned -9.31% and -9.37%, respectively, while the Russell 1000® Index and Russell RAFI™ US Large Company Index returned -9.45 and -5.89%, respectively. Among U.S. large-caps, growth stocks underperformed value stocks. Outside the U.S., the MSCI EAFE® Index (Net)*, a broad measure of developed international equity performance, and the Russell RAFI™ Developed ex US Large Company Index (Net)* returned -13.97% and -12.24%, respectively, and the MSCI Emerging Markets Index (Net)* and the Russell RAFI™ Emerging Markets Large Company Index (Net)* returned -13.30% and -14.01%, respectively.
In the United States, amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, a tight labor market, and a widening U.S. trade deficit, gross domestic product (GDP) decreased at an annualized rate of -0.6% for the second quarter of 2022, following a decrease at an annualized rate of -1.6% for the first quarter of 2022. The unemployment rate remained near pre-pandemic lows over the reporting period. Inflation remained stubbornly high due to imbalances in the labor market, supply chain bottlenecks, and soaring energy costs.
Outside the United States, global economies also wrestled with the fallout of the COVID-19 pandemic, as well as steepening energy costs, rising inflation, and the war in Ukraine. After spiking to over $120 per barrel in early March 2022 as sanctions were imposed on Russian imports, oil prices ended the reporting period at just under $90 per barrel. The eurozone, heavily impacted by the war in Ukraine and associated commodity price spikes, managed to eke out small gains in GDP for both the first and second quarters of 2022 as COVID-19 restrictions eased and tourism
Asset Class Performance Comparison % returns during the 6 months ended August 31, 2022    

 
Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not a guarantee of future results.
For index definitions, please see the Glossary.
Data source: Index provider websites and Schwab Asset Management.
Nothing in this report represents a recommendation of a security by the investment adviser.
Management views may have changed since the report date.
* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
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Schwab Fundamental Index ETFs
The Investment Environment (continued)

increased in response to pent-up demand. The United Kingdom also posted small increases in GDP growth in the first and second quarters of 2022, in part driven by increases in COVID-19 testing and tracing and an expansion of its vaccination program. In Japan, following a slight contraction for the first quarter of 2022, GDP growth was positive for the second quarter of 2022 as COVID-19 restrictions were lifted and government spending rose. Among emerging markets, China’s GDP growth remained positive but slowed notably as it dealt with numerous headwinds including the political landscape, an emphasis on domestic consumption over globalization, lockdowns and quarantines, and a severe property downturn as a result of stalled demand, a decline in financing for property development, halted construction on in progress projects, and homeowners pausing payment of their mortgages on incomplete builds. India’s GDP growth jumped for the second quarter on rising consumer demand and a rapid decline in COVID-19 cases.
Monetary policy around the world varied. In the United States, after maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March 2022, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate by 0.25% in mid-March, 0.50% in early May, 0.75% in mid-June, and 0.75% in late July in an effort to achieve a return to price stability. The federal funds rate ended the reporting period in a range of 2.25% to 2.50%. The Fed also set expectations for further rate hikes by the end of 2022. In addition, the Fed ended its bond-buying program in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet, vowing to be even more aggressive than during its last round of quantitative tightening in 2017 through 2019. Outside the United States, central banks were generally similarly responsive. After holding its policy rate unchanged since March 2016, at 0.00%, the European Central Bank raised its interest rate by 0.50% in July 2022 and ended its long-running asset purchase program amid downgraded growth forecasts. The Bank of England raised its key official bank rate four times during the reporting period, to 1.75%, bringing borrowing costs to a 13-year high as the Bank of England wrestles with soaring inflation. In contrast, the Bank of Japan upheld its short-term interest rate target of -0.1%, unchanged since 2016, but reiterated that it would not hesitate to take extra easing measures if needed. Central banks in India, Indonesia, Brazil, Mexico, and Pakistan all raised rates multiple times over the reporting period to counteract the impacts of inflation. In contrast, China cut its rate in August 2022, its second rate reduction in 2022. Russia, which raised its benchmark policy rate to 20% in late February 2022 amid the broadening fallout of Western sanctions in retaliation against Russia’s invasion of Ukraine, reduced it several times during the reporting period.
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Schwab Fundamental Index ETFs
Fund Management

 Christopher Bliss, CFA, Managing Director and Head of Passive Equity Strategies for Schwab Asset Management, is responsible for overseeing the investment process and portfolio management of investment strategies for passive equity Schwab Funds and Schwab ETFs. Before joining Schwab in 2016, Mr. Bliss spent 12 years at BlackRock (formerly Barclays Global Investors) managing and leading institutional index teams, most recently as a managing director and the head of the Americas institutional index team. In this role, Mr. Bliss was responsible for overseeing a team of portfolio managers managing domestic, developed international and emerging markets index strategies. Prior to BlackRock, he worked as an equity analyst and portfolio manager for Harris Bretall and before that, as a research analyst for JP Morgan.
    
 Jeremy Brown, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental U.S. Broad Market Index ETF, Schwab Fundamental U.S. Large Company Index ETF, and Schwab Fundamental U.S. Small Company Index ETF. Prior to joining Schwab in 2017, Mr. Brown spent six years with ALPS Advisors, Inc. in Denver, most recently as a senior analyst on the ETF portfolio management and research team where he performed portfolio management, trading, and analytics/research functions for ALPS ETFs and passive funds. Additionally, Mr. Brown led a number of investment research, commentary, industry trend analysis, and sales and marketing support initiatives.
    
 Chuck Craig, CFA, Senior Portfolio Manager, is responsible for the oversight and day-to-day co-management of the Schwab Fundamental International Large Company Index ETF, Schwab Fundamental International Small Company Index ETF, and Schwab Fundamental Emerging Markets Large Company Index ETF. Prior to joining Schwab in 2012, Mr. Craig worked at Guggenheim Funds (formerly Claymore Group), where he spent more than five years as a managing director of portfolio management and supervision, and three years as vice president of product research and development. Prior to that, he worked as an equity research analyst at First Trust Portfolios (formerly Niké Securities), and a trader and analyst at PMA Securities, Inc.
    
 Ferian Juwono, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental U.S. Broad Market Index ETF, Schwab Fundamental U.S. Large Company Index ETF, and Schwab Fundamental U.S. Small Company Index ETF. Prior to joining Schwab in 2010, Mr. Juwono worked at BlackRock (formerly Barclays Global Investors) where he spent more than three years as a portfolio manager, managing equity index funds for institutional clients, and two years as a senior business analyst. Prior to that, Mr. Juwono worked for more than four years as a senior financial analyst with Union Bank of California.
    
 David Rios, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental International Large Company Index ETF, Schwab Fundamental International Small Company Index ETF, and Schwab Fundamental Emerging Markets Large Company Index ETF. Prior to this role, Mr. Rios was an associate portfolio manager on the equity index strategies team for four years. His first role with Schwab Asset Management was as a trade operations specialist. Prior to joining Schwab in 2008, Mr. Rios was a senior fund accountant at Investors Bank & Trust (subsequently acquired by State Street Corporation).
    
 Sabya Sinha, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental U.S. Broad Market Index ETF, Schwab Fundamental U.S. Large Company Index ETF, and Schwab Fundamental U.S. Small Company Index ETF. Prior to joining Schwab in 2015, Mr. Sinha spent a year at F-Squared Investments on the product development and analytics team. Prior to F-Squared, he worked at IndexIQ Advisors as a senior index portfolio manager for three years and for Bank of America’s Columbia Management subsidiary as a portfolio manager for three years. Mr. Sinha also spent time as a software consultant at DPM Mellon, LLC and an equity trader at Jane Street Capital.
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Schwab Fundamental U.S. Broad Market Index ETF

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Average Annual Total Returns1
Fund and Inception Date 6 Months 1 Year 5 Years Since Inception*
Fund: Schwab Fundamental U.S. Broad Market Index ETF (8/15/13)        
Market Price Return2 -6.10% -4.05% 11.44% 10.83%
NAV Return2 -6.28% -4.13% 11.38% 10.81%
Russell RAFITM US Index -6.14% -3.87% 11.64% 11.10%
Russell 3000® Index -9.44% -13.28% 11.29% 11.53%
ETF Category: Morningstar Large Value3 -6.48% -4.79% 8.31% N/A
Fund Expense Ratio4: 0.25%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
The first index listed for the fund is the fund’s primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — The Schwab Fundamental U.S. Broad Market Index ETF is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI™ US Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. “Russell®” is a trademark of Russell. The trade names “Research Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Index. For full disclaimer please see the fund’s statement of additional information.
* Inception (8/15/13) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4 As stated in the prospectus.
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Schwab Fundamental U.S. Broad Market Index ETF
Performance and Fund Facts as of August 31, 2022

Statistics1
Number of Holdings 1,706
Weighted Average Market Cap (millions) $279,092
Price/Earnings Ratio (P/E) 13.4
Price/Book Ratio (P/B) 2.3
Portfolio Turnover Rate 5% 2,3
Sector Weightings % of Investments4
 
    
Top Equity Holdings % of Net Assets5
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5 This list is not a recommendation of any security by the investment adviser.
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Schwab Fundamental U.S. Large Company Index ETF

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Average Annual Total Returns1
Fund and Inception Date 6 Months 1 Year 5 Years Since Inception*
Fund: Schwab Fundamental U.S. Large Company Index ETF (8/15/13)        
Market Price Return2 -5.95% -3.59% 11.62% 10.96%
NAV Return2 -6.02% -3.59% 11.61% 10.95%
Russell RAFITM US Large Company Index -5.89% -3.34% 11.88% 11.25%
Russell 1000® Index -9.45% -12.96% 11.61% 11.81%
ETF Category: Morningstar Large Value3 -6.48% -4.79% 8.31% N/A
Fund Expense Ratio4: 0.25%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
The first index listed for the fund is the fund’s primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — The Schwab Fundamental U.S. Large Company Index ETF is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI™ US Large Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. “Russell®” is a trademark of Russell. The trade names “Research Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Index. For full disclaimer please see the fund’s statement of additional information.
* Inception (8/15/13) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4 As stated in the prospectus.
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Schwab Fundamental U.S. Large Company Index ETF
Performance and Fund Facts as of August 31, 2022

Statistics1
Number of Holdings 727
Weighted Average Market Cap (millions) $300,611
Price/Earnings Ratio (P/E) 13.4
Price/Book Ratio (P/B) 2.3
Portfolio Turnover Rate 6% 2,3
Sector Weightings % of Investments4
 
    
Top Equity Holdings % of Net Assets5
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5 This list is not a recommendation of any security by the investment adviser.
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Schwab Fundamental U.S. Small Company Index ETF

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Average Annual Total Returns1
Fund and Inception Date 6 Months 1 Year 5 Years Since Inception*
Fund: Schwab Fundamental U.S. Small Company Index ETF (8/15/13)        
Market Price Return2 -9.43% -10.24% 8.29% 8.88%
NAV Return2 -9.42% -10.36% 8.28% 8.87%
Russell RAFITM US Small Company Index -9.37% -10.20% 8.47% 9.11%
Russell 2000® Index -9.31% -17.88% 6.95% 7.87%
ETF Category: Morningstar Small Blend3 -9.40% -13.07% 7.03% N/A
Fund Expense Ratio4: 0.25%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
The first index listed for the fund is the fund’s primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Small-company stocks may be subject to greater volatility than many other asset classes.
Index ownership — The Schwab Fundamental U.S. Small Company Index ETF is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI™ US Small Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. “Russell®” is a trademark of Russell. The trade names “Research Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Index. For full disclaimer please see the fund’s statement of additional information.
* Inception (8/15/13) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4 As stated in the prospectus.
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Table of Contents
Schwab Fundamental U.S. Small Company Index ETF
Performance and Fund Facts as of August 31, 2022

Statistics1
Number of Holdings 982
Weighted Average Market Cap (millions) $4,732
Price/Earnings Ratio (P/E) 12.8
Price/Book Ratio (P/B) 1.7
Portfolio Turnover Rate 15% 2,3
Sector Weightings % of Investments4
 
    
Top Equity Holdings % of Net Assets5
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5 This list is not a recommendation of any security by the investment adviser.
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Table of Contents
Schwab Fundamental International Large Company Index ETF

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Average Annual Total Returns1
Fund and Inception Date 6 Months 1 Year 5 Years Since Inception*
Fund: Schwab Fundamental International Large Company Index ETF (8/15/13)        
Market Price Return2 -12.36% -12.79% 2.39% 3.68%
NAV Return2 -12.22% -12.36% 2.59% 3.75%
Russell RAFITM Developed ex US Large Company Index (Net)3 -12.24% -12.33% 2.62% 3.85%
MSCI EAFE® Index (Net)3 -13.97% -19.80% 1.63% 3.05%
ETF Category: Morningstar Foreign Large Value4 -13.27% -15.34% 0.42% N/A
Fund Expense Ratio5: 0.25%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
The first index listed for the fund is the fund’s primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations.
Index ownership — The Schwab Fundamental International Large Company Index ETF is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI™ Developed ex US Large Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. “Russell®” is a trademark of Russell. The trade names “Research Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Index. For full disclaimer please see the fund’s statement of additional information.
* Inception (8/15/13) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
4 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
5 As stated in the prospectus.
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Table of Contents
Schwab Fundamental International Large Company Index ETF
Performance and Fund Facts as of August 31, 2022

Statistics1
Number of Holdings 950
Weighted Average Market Cap (millions) $59,865
Price/Earnings Ratio (P/E) 8.8
Price/Book Ratio (P/B) 1.1
Portfolio Turnover Rate 7% 2,3
Sector Weightings % of Investments1
 
    
Top Equity Holdings % of Net Assets4
Country Weightings % of Investments5
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S&P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 This list is not a recommendation of any security by the investment adviser.
5 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
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Table of Contents
Schwab Fundamental International Small Company Index ETF

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Average Annual Total Returns1
Fund and Inception Date 6 Months 1 Year 5 Years Since Inception*
Fund: Schwab Fundamental International Small Company Index ETF (8/15/13)        
Market Price Return2 -14.61% -21.55% 0.21% 4.13%
NAV Return2 -14.28% -21.19% 0.43% 4.20%
Russell RAFITM Developed ex US Small Company Index (Net)3 -14.12% -20.93% 0.67% 4.55%
S&P Developed ex-U.S. Small Cap Index (Net)3 -16.45% -26.47% 0.88% 4.28%
ETF Category: Morningstar Foreign Small/Mid Value4 -12.63% -17.63% 0.42% N/A
Fund Expense Ratio5: 0.39%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
The first index listed for the fund is the fund’s primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations.
Small-company stocks may be subject to greater volatility than many other asset classes.
Index ownership — The Schwab Fundamental International Small Company Index ETF is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI™ Developed ex US Small Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. “Russell®” is a trademark of Russell. The trade names “Research Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Index. For full disclaimer please see the fund’s statement of additional information.
* Inception (8/15/13) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
4 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
5 As stated in the prospectus.
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Table of Contents
Schwab Fundamental International Small Company Index ETF
Performance and Fund Facts as of August 31, 2022

Statistics1
Number of Holdings 1,812
Weighted Average Market Cap (millions) $3,262
Price/Earnings Ratio (P/E) 9.6
Price/Book Ratio (P/B) 1.0
Portfolio Turnover Rate 19% 2,3
Sector Weightings % of Investments1
 
    
Top Equity Holdings % of Net Assets4
Country Weightings % of Investments5
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S&P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 This list is not a recommendation of any security by the investment adviser.
5 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
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Table of Contents
Schwab Fundamental Emerging Markets Large Company Index ETF

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Average Annual Total Returns1
Fund and Inception Date 6 Months 1 Year 5 Years Since Inception*
Fund: Schwab Fundamental Emerging Markets Large Company Index ETF (8/15/13)        
Market Price Return2 -12.51% -16.53% 1.11% 2.79%
NAV Return2 -10.17% -16.24% 1.31% 2.87%
Russell RAFITM Emerging Markets Large Company Index (Net)3 -14.01% -17.00% 1.54% 3.26%
MSCI Emerging Markets Index (Net)3 -13.30% -21.80% 0.59% 2.72%
ETF Category: Morningstar Diversified Emerging Markets4 -14.09% -23.46% 0.31% N/A
Fund Expense Ratio5: 0.39%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
The first index listed for the fund is the fund’s primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations.
Emerging markets involve heightened risks related to the same factors as international investing, as well as increased volatility and lower trading volume.
Index ownership — The Schwab Fundamental Emerging Markets Large Company Index ETF is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI™ Emerging Markets Large Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. “Russell®” is a trademark of Russell. The trade names “Research Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Index. For full disclaimer please see the fund’s statement of additional information.
* Inception (8/15/13) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
4 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
5 As stated in the prospectus.
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Table of Contents
Schwab Fundamental Emerging Markets Large Company Index ETF
Performance and Fund Facts as of August 31, 2022

Statistics1
Number of Holdings 349
Weighted Average Market Cap (millions) $77,482
Price/Earnings Ratio (P/E) 6.9
Price/Book Ratio (P/B) 1.2
Portfolio Turnover Rate 16% 2,3
Sector Weightings % of Investments1
 
    
Top Equity Holdings % of Net Assets4
Country Weightings % of Investments5
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S&P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 This list is not a recommendation of any security by the investment adviser.
5 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
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Table of Contents
Schwab Fundamental Index ETFs
Fund Expenses (Unaudited)
Examples for a $1,000 Investment
As a fund shareholder, you may incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares; and, (2) ongoing costs, including management fees.
The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning March 1, 2022 and held through August 31, 2022.
Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Return lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, including any brokerage commissions you may pay when purchasing or selling shares of a fund. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
    
    
  EXPENSE RATIO
(ANNUALIZED) 1
BEGINNING
ACCOUNT VALUE
AT 3/1/22
ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 8/31/22
EXPENSES PAID
DURING PERIOD
3/1/22-8/31/22 2
Schwab Fundamental U.S. Broad Market Index ETF        
Actual Return 0.25% $1,000.00 $ 937.20 $1.22
Hypothetical 5% Return 0.25% $1,000.00 $1,023.95 $1.28
Schwab Fundamental U.S. Large Company Index ETF        
Actual Return 0.25% $1,000.00 $ 939.80 $1.22
Hypothetical 5% Return 0.25% $1,000.00 $1,023.95 $1.28
Schwab Fundamental U.S. Small Company Index ETF        
Actual Return 0.25% $1,000.00 $ 905.80 $1.20
Hypothetical 5% Return 0.25% $1,000.00 $1,023.95 $1.28
Schwab Fundamental International Large Company Index ETF        
Actual Return 0.25% $1,000.00 $ 877.80 $1.18
Hypothetical 5% Return 0.25% $1,000.00 $1,023.95 $1.28
Schwab Fundamental International Small Company Index ETF        
Actual Return 0.39% $1,000.00 $ 857.20 $1.83
Hypothetical 5% Return 0.39% $1,000.00 $1,023.24 $1.99
Schwab Fundamental Emerging Markets Large Company Index ETF        
Actual Return 0.39% $1,000.00 $ 898.30 $1.87
Hypothetical 5% Return 0.39% $1,000.00 $1,023.24 $1.99
    
1 Based on the most recent six-month expense ratio.
2 Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days of the period, and divided by 365 days of the fiscal year.
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Table of Contents
Schwab Fundamental U.S. Broad Market Index ETF
Financial Statements
FINANCIAL HIGHLIGHTS
  3/1/22–
8/31/22*
3/1/21–
2/28/22
3/1/20–
2/28/21
3/1/19–
2/29/20
3/1/18–
2/28/19
3/1/17–
2/28/18
Per-Share Data
Net asset value at beginning of period $56.34 $48.26 $37.17 $37.60 $36.95 $33.82
Income (loss) from investment operations:            
Net investment income (loss)1 0.56 0.98 0.92 0.94 0.84 0.75
Net realized and unrealized gains (losses) (4.09) 8.04 11.13 (0.43) 0.62 3.09
Total from investment operations (3.53) 9.02 12.05 0.51 1.46 3.84
Less distributions:            
Distributions from net investment income (0.48) (0.94) (0.96) (0.94) (0.81) (0.71)
Net asset value at end of period $52.33 $56.34 $48.26 $37.17 $37.60 $36.95
Total return (6.28%) 2 18.80% 33.35% 1.25% 3.98% 11.51%
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.25% 3,4 0.25% 0.25% 0.25% 0.25% 0.25%
Net investment income (loss) 2.05% 3 1.79% 2.36% 2.38% 2.26% 2.14%
Portfolio turnover rate5 5% 2 13% 14% 13% 11% 10%
Net assets, end of period (x 1,000) $452,671 $425,341 $284,726 $262,018 $276,382 $260,469
    
* Unaudited.
1 Calculated based on the average shares outstanding during the period.
2 Not annualized.
3 Annualized (except for proxy expenses).
4 Ratio includes less than 0.005% of non-routine proxy expenses.
5 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
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See financial notes

Table of Contents
Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2022 (Unaudited)

This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.

 
SECURITY NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS
 
Automobiles & Components 1.6%
Adient plc * 3,315 110,058
American Axle & Manufacturing Holdings, Inc. * 8,957 92,705
Aptiv plc * 2,946 275,245
Autoliv, Inc. 2,025 157,525
BorgWarner, Inc. 7,580 285,766
Cooper-Standard Holdings, Inc. * 5,420 42,439
Dana, Inc. 6,329 97,910
Dorman Products, Inc. * 378 34,266
Ford Motor Co. 137,070 2,088,947
Fox Factory Holding Corp. * 176 16,405
General Motors Co. 57,782 2,207,850
Gentex Corp. 5,071 138,388
Gentherm, Inc. * 462 27,674
Harley-Davidson, Inc. 4,178 161,145
LCI Industries 484 56,081
Lear Corp. 2,613 362,266
Modine Manufacturing Co. * 2,738 41,015
Patrick Industries, Inc. 515 27,280
Standard Motor Products, Inc. 713 26,167
Stoneridge, Inc. * 1,007 19,133
Tenneco, Inc., Class A * 5,648 106,521
Tesla, Inc. * 789 217,456
The Goodyear Tire & Rubber Co. * 23,979 336,425
Thor Industries, Inc. 1,636 132,532
Visteon Corp. * 1,368 163,927
Winnebago Industries, Inc. 700 40,306
    7,265,432
 
Banks 6.6%
1st Source Corp. 127 5,993
Ameris Bancorp 449 20,959
Associated Banc-Corp. 2,822 56,553
Atlantic Union Bankshares Corp. 754 24,467
Axos Financial, Inc. * 490 20,472
Bank of America Corp. 124,987 4,200,813
Bank of Hawaii Corp. 610 47,592
Bank OZK 1,431 57,998
BankUnited, Inc. 1,721 63,763
Banner Corp. 550 33,418
BOK Financial Corp. 388 34,482
Brookline Bancorp, Inc. 995 12,408
Cadence Bank 1,964 50,043
Capitol Federal Financial, Inc. 2,456 22,251
Cathay General Bancorp 1,017 42,653
Central Pacific Financial Corp. 612 13,335
Citigroup, Inc. 86,252 4,209,960
Citizens Financial Group, Inc. 10,508 385,433
City Holding Co. 176 14,962
Columbia Banking System, Inc. 1,106 33,125
Comerica, Inc. 3,214 258,084
Commerce Bancshares, Inc. 915 62,925
SECURITY NUMBER
OF SHARES
VALUE ($)
Community Bank System, Inc. 444 29,029
Credicorp Ltd. 1,788 230,455
Cullen/Frost Bankers, Inc. 542 70,438
Customers Bancorp, Inc. * 136 4,718
CVB Financial Corp. 1,304 34,217
Eagle Bancorp, Inc. 362 17,568
East West Bancorp, Inc. 1,308 94,398
Eastern Bankshares, Inc. 323 6,266
Enterprise Financial Services Corp. 137 6,264
Essent Group Ltd. 1,051 42,030
F.N.B. Corp. 5,596 66,704
Federal Agricultural Mortgage Corp., Class C 153 16,714
Fifth Third Bancorp 12,456 425,372
First BanCorp 2,062 29,487
First Bancorp/Southern Pines NC 148 5,389
First Busey Corp. 664 15,272
First Citizens BancShares, Inc., Class A 177 143,717
First Commonwealth Financial Corp. 1,297 17,484
First Financial Bancorp 1,295 27,946
First Financial Bankshares, Inc. 528 22,445
First Hawaiian, Inc. 2,316 59,544
First Horizon Corp. 4,777 108,056
First Interstate BancSystem, Inc., Class A 1,169 47,064
First Merchants Corp. 564 22,459
First Republic Bank 692 105,066
Flagstar Bancorp, Inc. 983 37,875
Fulton Financial Corp. 2,658 43,139
Glacier Bancorp, Inc. 744 37,706
Hancock Whitney Corp. 1,093 52,715
Hanmi Financial Corp. 572 14,140
Heartland Financial USA, Inc. 403 18,002
Heritage Financial Corp. 248 6,446
Hilltop Holdings, Inc. 1,068 28,195
HomeStreet, Inc. 149 5,187
Hope Bancorp, Inc. 2,334 33,773
Huntington Bancshares, Inc. 18,897 253,220
Independent Bank Corp. 285 22,296
Independent Bank Group, Inc. 244 16,436
International Bancshares Corp. 780 32,549
JPMorgan Chase & Co. 54,798 6,232,177
Kearny Financial Corp. 540 6,134
KeyCorp 14,921 263,953
Lakeland Financial Corp. 84 6,329
M&T Bank Corp. 3,653 664,042
MGIC Investment Corp. 6,142 87,769
Mr Cooper Group, Inc. * 195 8,249
National Bank Holdings Corp., Class A 307 12,320
NBT Bancorp, Inc. 621 24,082
New York Community Bancorp, Inc. 9,702 94,983
NMI Holdings, Inc., Class A * 425 8,725
Northwest Bancshares, Inc. 1,812 25,495
OceanFirst Financial Corp. 317 6,162
OFG Bancorp 732 19,910
Old National Bancorp 4,408 73,570
Pacific Premier Bancorp, Inc. 552 18,084
PacWest Bancorp 2,219 58,426
 
20
Schwab Fundamental Index ETFs  |  Semiannual Report
See financial notes

Table of Contents
Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Park National Corp. 178 23,466
Pathward Financial, Inc. 157 5,175
PennyMac Financial Services, Inc. 537 28,525
Pinnacle Financial Partners, Inc. 469 37,853
Popular, Inc. 1,406 108,571
Prosperity Bancshares, Inc. 888 62,941
Provident Financial Services, Inc. 995 23,114
Radian Group, Inc. 3,819 80,619
Regions Financial Corp. 14,405 312,156
Renasant Corp. 678 22,605
S&T Bancorp, Inc. 616 18,258
Sandy Spring Bancorp, Inc. 398 15,331
Signature Bank 313 54,575
Simmons First National Corp., Class A 1,351 31,870
Southside Bancshares, Inc. 348 13,113
SouthState Corp. 509 39,722
SVB Financial Group * 222 90,247
Synovus Financial Corp. 1,973 79,236
Texas Capital Bancshares, Inc. * 673 39,727
The Bank of N.T. Butterfield & Son Ltd. 753 24,563
The PNC Financial Services Group, Inc. 6,909 1,091,622
Tompkins Financial Corp. 180 12,895
Towne Bank 749 21,339
TriCo Bancshares 142 6,701
Truist Financial Corp. 13,454 630,185
Trustmark Corp. 1,129 35,609
U.S. Bancorp 27,226 1,241,778
UMB Financial Corp. 406 36,325
Umpqua Holdings Corp. 3,180 56,413
United Bankshares, Inc. 1,398 51,866
United Community Banks, Inc. 791 26,522
Valley National Bancorp 4,300 49,966
Walker & Dunlop, Inc. 364 36,567
Washington Federal, Inc. 1,613 51,632
Washington Trust Bancorp, Inc. 120 6,076
Webster Financial Corp. 1,608 75,656
Wells Fargo & Co. 120,925 5,285,632
WesBanco, Inc. 783 26,786
Westamerica BanCorp 263 14,715
Western Alliance Bancorp 520 39,894
Wintrust Financial Corp. 649 54,737
WSFS Financial Corp. 422 20,404
Zions Bancorp NA 3,161 173,950
    29,690,817
 
Capital Goods 7.4%
3M Co. 10,571 1,314,504
A.O. Smith Corp. 1,763 99,521
AAON, Inc. 306 17,589
AAR Corp. * 1,082 46,396
Acuity Brands, Inc. 778 127,538
Advanced Drainage Systems, Inc. 205 27,819
AECOM 3,111 227,570
AerCap Holdings N.V. * 3,581 157,743
Aerojet Rocketdyne Holdings, Inc. * 781 33,638
AGCO Corp. 1,296 140,888
Air Lease Corp. 2,106 76,574
Alamo Group, Inc. 174 22,752
Albany International Corp., Class A 406 35,805
Allegion plc 816 77,602
Allison Transmission Holdings, Inc. 4,559 165,309
Altra Industrial Motion Corp. 779 29,563
American Woodmark Corp. * 644 33,379
AMETEK, Inc. 1,720 206,675
API Group Corp. * 1,659 25,797
Apogee Enterprises, Inc. 882 36,021
Applied Industrial Technologies, Inc. 693 73,472
SECURITY NUMBER
OF SHARES
VALUE ($)
Arcosa, Inc. 1,274 74,465
Argan, Inc. 449 15,531
Armstrong World Industries, Inc. 558 46,866
Astec Industries, Inc. 637 24,321
Astronics Corp. * 1,248 11,494
Atkore, Inc. * 295 24,901
Axon Enterprise, Inc. * 52 6,067
AZZ, Inc. 671 28,591
Barnes Group, Inc. 1,293 40,148
Beacon Roofing Supply, Inc. * 1,177 64,629
Boise Cascade Co. 1,276 79,533
BWX Technologies, Inc. 1,349 70,323
Carlisle Cos., Inc. 781 230,910
Carrier Global Corp. 13,553 530,193
Caterpillar, Inc. 7,775 1,436,120
Columbus McKinnon Corp. 451 13,814
Comfort Systems USA, Inc. 546 54,786
Construction Partners, Inc., Class A * 240 7,022
Core & Main, Inc., Class A * 366 8,627
Crane Holdings Co. 740 69,826
CSW Industrials, Inc. 116 14,686
Cummins, Inc. 3,542 762,841
Curtiss-Wright Corp. 717 105,535
Deere & Co. 2,571 939,058
Donaldson Co., Inc. 1,791 91,968
Douglas Dynamics, Inc. 473 13,764
Dover Corp. 1,589 198,561
DXP Enterprises, Inc. * 322 8,559
Dycom Industries, Inc. * 918 102,926
Eaton Corp. plc 6,230 851,267
EMCOR Group, Inc. 1,421 168,985
Emerson Electric Co. 9,289 759,283
Encore Wire Corp. 380 49,438
Enerpac Tool Group Corp. 757 14,686
EnerSys 979 61,060
EnPro Industries, Inc. 338 30,609
Esab Corp. 490 20,134
ESCO Technologies, Inc. 334 27,198
Evoqua Water Technologies Corp. * 481 16,873
Fastenal Co. 5,233 263,377
Federal Signal Corp. 893 35,604
Flowserve Corp. 3,119 95,036
Fluor Corp. * 8,145 215,354
Fortive Corp. 2,308 146,166
Fortune Brands Home & Security, Inc. 2,316 142,272
Franklin Electric Co., Inc. 549 47,681
Gates Industrial Corp. plc * 1,019 10,924
GATX Corp. 955 92,263
Generac Holdings, Inc. * 192 42,319
General Dynamics Corp. 4,878 1,116,721
General Electric Co. 27,448 2,015,781
Gibraltar Industries, Inc. * 562 23,520
GMS, Inc. * 886 42,705
Graco, Inc. 1,276 81,460
GrafTech International Ltd. 3,665 21,550
Granite Construction, Inc. 1,701 50,996
Great Lakes Dredge & Dock Corp. * 1,090 10,431
Griffon Corp. 1,127 35,331
H&E Equipment Services, Inc. 1,045 33,085
HEICO Corp. 198 30,155
HEICO Corp., Class A 327 40,084
Herc Holdings, Inc. 367 41,299
Hexcel Corp. 1,880 110,300
Hillenbrand, Inc. 1,104 46,004
Honeywell International, Inc. 8,956 1,695,819
Howmet Aerospace, Inc. 6,810 241,278
Hubbell, Inc. 784 161,739
Huntington Ingalls Industries, Inc. 1,125 259,042
 
21
Schwab Fundamental Index ETFs  |  Semiannual Report
See financial notes

Table of Contents
Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Hyster-Yale Materials Handling, Inc. 586 17,070
IDEX Corp. 620 124,750
Illinois Tool Works, Inc. 3,721 724,962
Ingersoll Rand, Inc. 1,337 63,334
ITT, Inc. 1,132 82,104
JELD-WEN Holding, Inc. * 2,459 27,418
John Bean Technologies Corp. 273 28,190
Johnson Controls International plc 10,281 556,613
Kadant, Inc. 91 16,328
Kaman Corp. 928 29,436
Kennametal, Inc. 1,849 43,341
Kratos Defense & Security Solutions, Inc. * 830 10,408
L3Harris Technologies, Inc. 2,042 465,964
Lennox International, Inc. 382 91,726
Lincoln Electric Holdings, Inc. 837 114,410
Lindsay Corp. 126 20,205
Lockheed Martin Corp. 3,489 1,465,764
Masco Corp. 3,662 186,286
Masonite International Corp. * 564 46,146
MasTec, Inc. * 1,201 96,680
Maxar Technologies, Inc. 1,191 28,382
McGrath RentCorp 397 33,554
MDU Resources Group, Inc. 4,905 147,886
Mercury Systems, Inc. * 389 18,723
Moog, Inc., Class A 910 68,232
MRC Global, Inc. * 4,615 44,904
MSC Industrial Direct Co., Inc., Class A 1,278 101,230
Mueller Industries, Inc. 1,348 85,153
Mueller Water Products, Inc., Class A 2,557 28,843
MYR Group, Inc. * 328 30,484
National Presto Industries, Inc. 208 14,190
Nordson Corp. 422 95,866
Northrop Grumman Corp. 2,170 1,037,238
NOW, Inc. * 7,006 84,913
nVent Electric plc 2,729 89,948
Oshkosh Corp. 1,756 140,059
Otis Worldwide Corp. 2,907 209,944
Owens Corning 2,443 199,666
PACCAR, Inc. 7,465 653,262
Parker-Hannifin Corp. 1,576 417,640
Parsons Corp. * 499 20,649
Pentair plc 2,297 102,216
PGT Innovations, Inc. * 891 18,640
Primoris Services Corp. 2,097 42,506
Proto Labs, Inc. * 369 14,170
Quanex Building Products Corp. 1,092 24,352
Quanta Services, Inc. 2,167 306,197
Raytheon Technologies Corp. 13,859 1,243,845
RBC Bearings, Inc. * 164 39,472
Regal Rexnord Corp. 871 119,841
Resideo Technologies, Inc. * 2,993 62,314
REV Group, Inc. 622 7,165
Rockwell Automation, Inc. 1,157 274,140
Rush Enterprises, Inc., Class A 1,564 73,602
Sensata Technologies Holding plc 2,251 90,670
Simpson Manufacturing Co., Inc. 474 43,911
SiteOne Landscape Supply, Inc. * 213 26,659
Snap-on, Inc. 1,006 219,167
Spirit AeroSystems Holdings, Inc., Class A 4,768 143,517
SPX Technologies, Inc. * 375 21,398
Standex International Corp. 229 20,704
Stanley Black & Decker, Inc. 2,495 219,809
Sterling Infrastructure, Inc. * 258 6,525
Tennant Co. 331 19,976
Terex Corp. 1,612 53,551
Textainer Group Holdings Ltd. 433 13,155
Textron, Inc. 4,584 285,950
The AZEK Co., Inc. * 319 5,822
SECURITY NUMBER
OF SHARES
VALUE ($)
The Boeing Co. * 10,897 1,746,244
The Gorman-Rupp Co. 251 6,629
The Greenbrier Cos., Inc. 1,789 51,004
The Manitowoc Co., Inc. * 1,393 13,303
The Middleby Corp. * 503 72,341
The Shyft Group, Inc. 255 6,107
The Timken Co. 1,302 82,013
The Toro Co. 1,034 85,750
Titan Machinery, Inc. * 329 10,127
TPI Composites, Inc. * 592 11,005
Trane Technologies plc 2,272 350,047
TransDigm Group, Inc. 500 300,195
Trex Co., Inc. * 406 18,997
Trinity Industries, Inc. 2,282 55,635
Triton International Ltd. 1,233 73,474
Tutor Perini Corp. * 4,542 30,795
UFP Industries, Inc. 1,410 111,940
United Rentals, Inc. * 1,330 388,413
Univar Solutions, Inc. * 4,302 108,496
V2X, Inc. * 476 16,498
Valmont Industries, Inc. 323 89,413
Veritiv Corp. * 300 35,757
Vertiv Holdings Co. 543 6,261
W.W. Grainger, Inc. 709 393,452
Wabash National Corp. 3,132 51,521
Watsco, Inc. 472 128,398
Watts Water Technologies, Inc., Class A 290 40,171
WESCO International, Inc. * 1,184 155,909
Westinghouse Air Brake Technologies Corp. 1,755 153,826
WillScot Mobile Mini Holdings Corp. * 352 14,129
Woodward, Inc. 657 61,147
Xylem, Inc. 1,441 131,275
Zurn Water Solutions Corp. 1,019 28,104
    33,289,600
 
Commercial & Professional Services 1.2%
ABM Industries, Inc. 2,318 107,555
ACCO Brands Corp. 4,648 27,563
ASGN, Inc. * 713 68,947
Barrett Business Services, Inc. 84 6,774
Booz Allen Hamilton Holding Corp. 1,734 165,944
Brady Corp., Class A 944 43,934
BrightView Holdings, Inc. * 1,577 15,959
CACI International, Inc., Class A * 409 114,876
Casella Waste Systems, Inc., Class A * 112 9,176
CBIZ, Inc. * 635 27,724
Cimpress plc * 453 15,212
Cintas Corp. 662 269,328
Clarivate plc * 726 8,472
Clean Harbors, Inc. * 756 88,770
Copart, Inc. * 814 97,395
CoreCivic, Inc. * 8,515 81,148
CoStar Group, Inc. * 855 59,542
Deluxe Corp. 2,212 42,559
Dun & Bradstreet Holdings, Inc. 551 7,852
Equifax, Inc. 599 113,061
Exponent, Inc. 214 20,086
FTI Consulting, Inc. * 493 79,176
Harsco Corp. * 2,866 16,250
Healthcare Services Group, Inc. 3,031 42,646
Heidrick & Struggles International, Inc. 356 10,132
HNI Corp. 1,491 47,712
Huron Consulting Group, Inc. * 384 25,690
IAA, Inc. * 774 28,839
ICF International, Inc. 346 35,140
Insperity, Inc. 346 37,721
Interface, Inc. 2,016 22,519
 
22
Schwab Fundamental Index ETFs  |  Semiannual Report
See financial notes

Table of Contents
Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Jacobs Solutions, Inc. 2,045 254,766
KAR Auction Services, Inc. * 3,986 58,196
KBR, Inc. 2,137 103,217
Kelly Services, Inc., Class A 4,419 71,190
Kforce, Inc. 491 26,868
Kimball International, Inc., Class B 1,239 9,478
Korn Ferry 824 50,198
Leidos Holdings, Inc. 2,955 280,873
ManpowerGroup, Inc. 3,323 243,642
ManTech International Corp., Class A 551 52,846
Matthews International Corp., Class A 1,068 26,711
MillerKnoll, Inc. 1,940 53,699
MSA Safety, Inc. 289 34,351
Nielsen Holdings plc 10,760 299,558
Pitney Bowes, Inc. 11,371 32,862
Republic Services, Inc. 2,298 327,971
Resources Connection, Inc. 1,326 25,910
Robert Half International, Inc. 1,931 148,629
Rollins, Inc. 1,116 37,676
Science Applications International Corp. 1,362 124,037
SP Plus Corp. * 707 23,430
Steelcase, Inc., Class A 4,774 53,373
Stericycle, Inc. * 1,245 62,362
Tetra Tech, Inc. 467 63,423
The Brink's Co. 649 35,877
The GEO Group, Inc. * 11,030 90,225
TransUnion 927 68,477
TriNet Group, Inc. * 382 31,477
TrueBlue, Inc. * 2,192 45,024
UniFirst Corp. 320 57,683
Verisk Analytics, Inc. 784 146,733
Viad Corp. * 532 20,312
Waste Management, Inc. 4,502 760,973
    5,459,749
 
Consumer Durables & Apparel 1.4%
Acushnet Holdings Corp. 509 24,254
Beazer Homes USA, Inc. * 1,337 19,039
Brunswick Corp. 1,497 111,841
Callaway Golf Co. * 907 20,072
Capri Holdings Ltd. * 3,125 147,438
Carter's, Inc. 1,250 92,313
Cavco Industries, Inc. * 116 27,145
Century Communities, Inc. 538 25,119
Columbia Sportswear Co. 627 44,667
Crocs, Inc. * 331 24,395
D.R. Horton, Inc. 5,936 422,346
Deckers Outdoor Corp. * 278 89,396
Ethan Allen Interiors, Inc. 1,185 28,167
Fossil Group, Inc. * 2,925 12,373
G-III Apparel Group Ltd. * 2,194 46,228
Hanesbrands, Inc. 10,944 95,322
Hasbro, Inc. 1,695 133,600
Helen of Troy Ltd. * 311 38,449
Installed Building Products, Inc. 185 16,754
iRobot Corp. * 584 34,386
KB Home 2,253 64,548
Kontoor Brands, Inc. 897 33,395
La-Z-Boy, Inc. 1,652 43,596
Leggett & Platt, Inc. 3,376 129,031
Lennar Corp., Class A 5,330 412,809
LGI Homes, Inc. * 311 29,517
Lululemon Athletica, Inc. * 432 129,583
M.D.C. Holdings, Inc. 1,532 47,615
M/I Homes, Inc. * 917 39,651
Malibu Boats, Inc., Class A * 134 8,044
Mattel, Inc. * 3,599 79,610
SECURITY NUMBER
OF SHARES
VALUE ($)
Meritage Homes Corp. * 1,019 79,839
Mohawk Industries, Inc. * 1,645 181,542
Movado Group, Inc. 388 12,373
Newell Brands, Inc. 7,934 141,622
NIKE, Inc., Class B 8,036 855,432
NVR, Inc. * 52 215,283
Oxford Industries, Inc. 339 36,181
Polaris, Inc. 1,192 135,018
PulteGroup, Inc. 7,447 302,795
PVH Corp. 2,621 147,431
Ralph Lauren Corp. 1,233 112,610
Skechers U.S.A., Inc., Class A * 2,203 83,273
Skyline Champion Corp. * 303 17,171
Smith & Wesson Brands, Inc. 1,342 17,849
Sonos, Inc. * 318 4,783
Steven Madden Ltd. 1,611 46,896
Sturm Ruger & Co., Inc. 437 22,833
Tapestry, Inc. 5,355 185,979
Taylor Morrison Home Corp. * 3,544 88,990
Tempur Sealy International, Inc. 2,015 50,395
Toll Brothers, Inc. 3,003 131,501
TopBuild Corp. * 286 52,555
Tri Pointe Homes, Inc. * 4,384 75,975
Tupperware Brands Corp. * 3,498 39,318
Under Armour, Inc., Class A * 2,447 20,604
Under Armour, Inc., Class C * 2,578 19,567
Universal Electronics, Inc. * 540 12,004
Vera Bradley, Inc. * 846 3,350
VF Corp. 5,787 239,871
Vista Outdoor, Inc. * 848 23,846
Whirlpool Corp. 1,938 303,491
Wolverine World Wide, Inc. 2,303 45,001
YETI Holdings, Inc. * 197 7,267
    6,183,348
 
Consumer Services 2.2%
ADT, Inc. 5,475 39,913
Adtalem Global Education, Inc. * 2,160 81,410
American Public Education, Inc. * 773 7,985
Aramark 6,170 220,331
Arcos Dorados Holdings, Inc., Class A 4,088 29,842
Bally's Corp. * 395 9,358
BJ's Restaurants, Inc. * 881 22,095
Bloomin' Brands, Inc. 2,891 58,456
Booking Holdings, Inc. * 474 889,134
Boyd Gaming Corp. 851 46,320
Bright Horizons Family Solutions, Inc. * 437 29,803
Brinker International, Inc. * 1,537 37,672
Caesars Entertainment, Inc. * 473 20,396
Carnival Corp. * 28,596 270,518
Chipotle Mexican Grill, Inc. * 100 159,680