(CHARLES SCHWAB ASSET MANAGMENT LOGO)
Semiannual Report | August 31, 2023
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
2
3
 
4
6
8
10
12
14
16
 
17
36
48
62
76
96
105
117
120
124
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.
Schwab Fundamental Index ETFs | Semiannual Report1

Schwab Fundamental Index ETFs
Performance at a Glance
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns 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 data 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, 2023
Schwab Fundamental U.S. Broad Market Index ETF
(Ticker Symbol: FNDB)
Market Price Return1
6.84%
NAV Return1
6.86%
Russell RAFITM US Index
6.97%
Russell 3000® Index
13.05%
ETF Category: Morningstar Large Value2
3.90%
Performance Details
pages 4-5
 
Schwab Fundamental U.S. Large Company Index ETF
(Ticker Symbol: FNDX)
Market Price Return1
7.41%
NAV Return1
7.35%
Russell RAFITM US Large Company Index
7.47%
Russell 1000® Index
13.84%
ETF Category: Morningstar Large Value2
3.90%
Performance Details
pages 6-7
 
Schwab Fundamental U.S. Small Company Index ETF
(Ticker Symbol: FNDA)
Market Price Return1
1.01%
NAV Return1
0.99%
Russell RAFITM US Small Company Index
1.09%
Russell 2000® Index
0.99%
ETF Category: Morningstar Small Blend2
0.88%
Performance Details
pages 8-9
Total Returns for the 6 Months Ended August 31, 2023
Schwab Fundamental International Large Company Index ETF
(Ticker Symbol: FNDF)
Market Price Return1
6.03%
NAV Return1
5.76%
Russell RAFITM Developed ex US Large Company Index (Net)*
5.68%
MSCI EAFE® Index (Net)*
4.75%
ETF Category: Morningstar Foreign Large Value2
4.71%
Performance Details
pages 10-11
 
Schwab Fundamental International Small Company Index ETF
(Ticker Symbol: FNDC)
Market Price Return1
3.76%
NAV Return1
3.51%
Russell RAFITM Developed ex US Small Company Index (Net)*
3.57%
S&P Developed ex-U.S. Small Cap Index (Net)*
1.34%
ETF Category: Morningstar Foreign Small/Mid Value2
3.71%
Performance Details
pages 12-13
 
Schwab Fundamental Emerging Markets Large Company Index ETF
(Ticker Symbol: FNDE)
Market Price Return1
6.27%
NAV Return1
5.95%
Russell RAFITM Emerging Markets Large Company Index (Net)*
6.38%
MSCI Emerging Markets Index (Net)*
3.62%
ETF Category: Morningstar Diversified Emerging Markets2
4.51%
Performance Details
pages 14-15
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.
2Schwab Fundamental Index ETFs | Semiannual Report

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, and Schwab Personalized Indexing™ separately
managed accounts. 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 for Schwab Asset Management, 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.
Ferian Juwono, CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the
oversight and 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 for Schwab Asset Management, 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).
(AGNES ZAU PHOTO)
Agnes Zau, CFA, Portfolio Manager for Schwab Asset Management, 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
2018, Ms. Zau was at BlackRock for three years, most recently as a multi-asset portfolio investment
consultant where she advised institutional clients on asset allocation and strategy, constructed risk
decomposition and portfolio optimization, and conducted scenario analyses for the core multi-asset target risk
strategies. She spent the preceding three years as a derivatives specialist at Mellon Capital.
Schwab Fundamental Index ETFs | Semiannual Report3

Schwab Fundamental U.S. Broad Market Index ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns 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 data 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
10 Years
Fund: Schwab Fundamental U.S. Broad Market Index ETF (8/15/13)
Market Price Return2
6.84%
12.03%
10.18%
11.38%
NAV Return2
6.86%
12.16%
10.16%
11.37%
Russell RAFITM US Index
6.97%
12.42%
10.41%
11.66%
Russell 3000® Index
13.05%
14.76%
10.25%
12.23%
ETF Category: Morningstar Large Value3
3.90%
8.86%
7.23%
9.07%
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.
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.
4Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Broad Market Index ETF
Performance and Fund Facts as of August 31, 2023
Statistics1
Number of Holdings
1,714
Weighted Average Market Cap (millions)
$379,297
Price/Earnings Ratio (P/E)
15.7
Price/Book Ratio (P/B)
2.3
Portfolio Turnover Rate
6%
2,3
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
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
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab Fundamental Index ETFs | Semiannual Report5

Schwab Fundamental U.S. Large Company Index ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns 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 data 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
10 Years
Fund: Schwab Fundamental U.S. Large Company Index ETF (8/15/13)
Market Price Return2
7.41%
12.30%
10.51%
11.49%
NAV Return2
7.35%
12.39%
10.50%
11.52%
Russell RAFITM US Large Company Index
7.47%
12.66%
10.76%
11.81%
Russell 1000® Index
13.84%
15.40%
10.77%
12.55%
ETF Category: Morningstar Large Value3
3.90%
8.86%
7.23%
9.07%
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.
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.
6Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Large Company Index ETF
Performance and Fund Facts as of August 31, 2023
Statistics1
Number of Holdings
727
Weighted Average Market Cap (millions)
$408,640
Price/Earnings Ratio (P/E)
15.8
Price/Book Ratio (P/B)
2.4
Portfolio Turnover Rate
5%
2,3
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
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
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab Fundamental Index ETFs | Semiannual Report7

Schwab Fundamental U.S. Small Company Index ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns 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 data 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
10 Years
Fund: Schwab Fundamental U.S. Small Company Index ETF (8/15/13)
Market Price Return2
1.01%
8.98%
5.78%
9.35%
NAV Return2
0.99%
9.11%
5.78%
9.35%
Russell RAFITM US Small Company Index
1.09%
9.31%
5.96%
9.58%
Russell 2000® Index
0.99%
4.65%
3.14%
7.96%
ETF Category: Morningstar Small Blend3
0.88%
7.55%
4.33%
8.05%
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.
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.
8Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Small Company Index ETF
Performance and Fund Facts as of August 31, 2023
Statistics1
Number of Holdings
987
Weighted Average Market Cap (millions)
$5,151
Price/Earnings Ratio (P/E)
14.0
Price/Book Ratio (P/B)
1.6
Portfolio Turnover Rate
13%
2,3
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
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
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab Fundamental Index ETFs | Semiannual Report9

Schwab Fundamental International Large Company Index ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns 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 data 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
10 Years
Fund: Schwab Fundamental International Large Company Index ETF (8/15/13)
Market Price Return2
6.03%
20.01%
5.33%
5.63%
NAV Return2
5.76%
19.38%
5.32%
5.70%
Russell RAFITM Developed ex US Large Company Index (Net)3
5.68%
19.38%
5.34%
5.80%
MSCI EAFE® Index (Net)3
4.75%
17.92%
4.14%
4.93%
ETF Category: Morningstar Foreign Large Value4
4.71%
18.50%
3.68%
4.02%
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.
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.
10Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Large Company Index ETF
Performance and Fund Facts as of August 31, 2023
Statistics1
Number of Holdings
926
Weighted Average Market Cap (millions)
$65,747
Price/Earnings Ratio (P/E)
9.7
Price/Book Ratio (P/B)
1.1
Portfolio Turnover Rate
6%
2,3
Sector Weightings % of Investments1
Top Equity Holdings % of Net Assets5
Country Weightings % of Investments6
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
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
6
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.
Schwab Fundamental Index ETFs | Semiannual Report11

Schwab Fundamental International Small Company Index ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns 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 data 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
10 Years
Fund: Schwab Fundamental International Small Company Index ETF (8/15/13)
Market Price Return2
3.76%
13.02%
2.01%
5.40%
NAV Return2
3.51%
12.40%
2.01%
5.47%
Russell RAFITM Developed ex US Small Company Index (Net)3
3.57%
12.61%
2.23%
5.81%
S&P Developed ex-U.S. Small Cap Index (Net)3
1.34%
10.07%
1.43%
5.26%
ETF Category: Morningstar Foreign Small/Mid Value4
3.71%
15.35%
3.35%
5.14%
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.
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.
12Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Small Company Index ETF
Performance and Fund Facts as of August 31, 2023
Statistics1
Number of Holdings
1,747
Weighted Average Market Cap (millions)
$3,590
Price/Earnings Ratio (P/E)
11.9
Price/Book Ratio (P/B)
1.0
Portfolio Turnover Rate
13%
2,3
Sector Weightings % of Investments1
Top Equity Holdings % of Net Assets5
Country Weightings % of Investments6
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
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
6
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.
Schwab Fundamental Index ETFs | Semiannual Report13

Schwab Fundamental Emerging Markets Large Company Index ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns 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 data 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
10 Years
Fund: Schwab Fundamental Emerging Markets Large Company Index ETF (8/15/13)
Market Price Return2
6.27%
8.52%
2.78%
3.59%
NAV Return2
5.95%
7.66%
2.78%
3.58%
Russell RAFITM Emerging Markets Large Company Index (Net)3
6.38%
8.54%
3.07%
4.02%
MSCI Emerging Markets Index (Net)3
3.62%
1.25%
0.98%
2.99%
ETF Category: Morningstar Diversified Emerging Markets4
4.51%
4.91%
1.75%
3.01%
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.
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.
14Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental Emerging Markets Large Company Index ETF
Performance and Fund Facts as of August 31, 2023
Statistics1
Number of Holdings
363
Weighted Average Market Cap (millions)
$80,189
Price/Earnings Ratio (P/E)
7.7
Price/Book Ratio (P/B)
1.1
Portfolio Turnover Rate
9%
2,3
Sector Weightings % of Investments1
Top Equity Holdings % of Net Assets5
Country Weightings % of Investments6
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
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
6
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.
Schwab Fundamental Index ETFs | Semiannual Report15

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, 2023 and held through August 31, 2023.
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 3/1/23
ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 8/31/23
EXPENSES PAID
DURING PERIOD
3/1/23-8/31/23 2
Schwab Fundamental U.S. Broad Market Index ETF
Actual Return
0.25%
$1,000.00
$1,068.60
$1.30
Hypothetical 5% Return
0.25%
$1,000.00
$1,023.88
$1.27
Schwab Fundamental U.S. Large Company Index ETF
Actual Return
0.25%
$1,000.00
$1,073.50
$1.30
Hypothetical 5% Return
0.25%
$1,000.00
$1,023.88
$1.27
Schwab Fundamental U.S. Small Company Index ETF
Actual Return
0.25%
$1,000.00
$1,009.90
$1.26
Hypothetical 5% Return
0.25%
$1,000.00
$1,023.88
$1.27
Schwab Fundamental International Large Company Index ETF
Actual Return
0.25%
$1,000.00
$1,057.60
$1.29
Hypothetical 5% Return
0.25%
$1,000.00
$1,023.88
$1.27
Schwab Fundamental International Small Company Index ETF
Actual Return
0.39%
$1,000.00
$1,035.10
$2.00
Hypothetical 5% Return
0.39%
$1,000.00
$1,023.18
$1.98
Schwab Fundamental Emerging Markets Large Company Index ETF
Actual Return
0.39%
$1,000.00
$1,059.50
$2.02
Hypothetical 5% Return
0.39%
$1,000.00
$1,023.18
$1.98
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 in the period, and divided
by 366 days in the fiscal year.
16Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Broad Market Index ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
3/1/23–
8/31/23*
3/1/22–
2/28/23
3/1/21–
2/28/22
3/1/20–
2/28/21
3/1/19–
2/29/20
3/1/18–
2/28/19
Per-Share Data
Net asset value at beginning of period
$54.33
$56.34
$48.26
$37.17
$37.60
$36.95
Income (loss) from investment operations:
Net investment income (loss)1
0.58
1.08
0.98
0.92
0.94
0.84
Net realized and unrealized gains (losses)
3.11
(2.05
)
8.04
11.13
(0.43
)
0.62
Total from investment operations
3.69
(0.97
)
9.02
12.05
0.51
1.46
Less distributions:
Distributions from net investment income
(0.52
)
(1.04
)
(0.94
)
(0.96
)
(0.94
)
(0.81
)
Net asset value at end of period
$57.50
$54.33
$56.34
$48.26
$37.17
$37.60
Total return
6.86
%2
(1.63
%)
18.80
%
33.35
%
1.25
%
3.98
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.25
%3
0.25
%4
0.25
%
0.25
%
0.25
%
0.25
%
Net investment income (loss)
2.09
%3
2.02
%
1.79
%
2.36
%
2.38
%
2.26
%
Portfolio turnover rate5
6
%2
12
%
13
%
14
%
13
%
11
%
Net assets, end of period (x 1,000)
$540,473
$486,280
$425,341
$284,726
$262,018
$276,382
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Not annualized.
3
Annualized.
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.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report17

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (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 [email protected]. 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 99.7% OF NET ASSETS
 
Automobiles & Components 1.5%
Adient plc *
3,223
126,245
American Axle & Manufacturing Holdings,
Inc. *
7,262
54,828
Aptiv plc *
4,026
408,438
Autoliv, Inc.
2,330
227,408
BorgWarner, Inc.
7,702
313,857
Cooper-Standard Holdings, Inc. *
5,302
79,212
Dana, Inc.
8,031
129,379
Dorman Products, Inc. *
416
34,324
Ford Motor Co.
147,988
1,795,094
Fox Factory Holding Corp. *
257
28,478
General Motors Co.
77,150
2,585,297
Gentex Corp.
6,062
197,985
Gentherm, Inc. *
581
34,982
Harley-Davidson, Inc.
3,477
117,349
LCI Industries
620
77,674
Lear Corp.
2,955
425,786
Modine Manufacturing Co. *
1,495
71,147
Patrick Industries, Inc.
688
57,544
Phinia, Inc. *
1,527
42,451
Standard Motor Products, Inc.
879
32,549
Stoneridge, Inc. *
981
20,160
Tesla, Inc. *
2,302
594,100
The Goodyear Tire & Rubber Co. *
23,573
304,327
Thor Industries, Inc.
2,058
215,720
Visteon Corp. *
735
102,363
Winnebago Industries, Inc.
880
57,068
 
8,133,765
 
Banks 6.3%
1st Source Corp.
273
12,200
Ameris Bancorp
710
28,932
Associated Banc-Corp.
3,356
58,159
Axos Financial, Inc. *
672
28,956
BancFirst Corp.
79
7,551
Bank of America Corp.
171,389
4,913,723
Bank of Hawaii Corp.
771
41,434
Bank OZK
1,708
68,610
BankUnited, Inc.
2,690
70,612
Banner Corp.
587
25,564
BOK Financial Corp.
418
34,740
Brookline Bancorp, Inc.
1,433
13,714
Cadence Bank
2,259
51,686
Capitol Federal Financial, Inc.
3,410
19,335
Cathay General Bancorp
1,218
43,397
Central Pacific Financial Corp.
863
14,645
Citigroup, Inc.
113,230
4,675,267
Citizens Financial Group, Inc.
13,195
371,175
City Holding Co.
180
16,445
Columbia Banking System, Inc.
3,138
64,266
Comerica, Inc.
4,583
220,488
Commerce Bancshares, Inc.
1,080
53,017
SECURITY
NUMBER
OF SHARES
VALUE ($)
Community Bank System, Inc.
605
28,768
ConnectOne Bancorp, Inc.
346
6,616
Credicorp Ltd.
1,633
230,955
Cullen/Frost Bankers, Inc.
577
54,544
Customers Bancorp, Inc. *
575
20,205
CVB Financial Corp.
1,673
29,211
Eagle Bancorp, Inc.
707
17,010
East West Bancorp, Inc.
1,727
95,572
Eastern Bankshares, Inc.
1,077
14,496
Enterprise Financial Services Corp.
309
11,961
F.N.B. Corp.
6,037
70,210
Fifth Third Bancorp
16,252
431,491
First BanCorp
2,185
30,284
First Bancorp/Southern Pines NC
329
9,752
First Busey Corp.
886
17,897
First Citizens BancShares, Inc., Class A
77
104,751
First Commonwealth Financial Corp.
1,413
18,468
First Financial Bancorp
1,583
32,895
First Financial Bankshares, Inc.
770
22,114
First Hawaiian, Inc.
2,951
55,803
First Horizon Corp.
6,341
79,580
First Interstate BancSystem, Inc., Class A
1,060
27,465
First Merchants Corp.
758
22,619
Fulton Financial Corp.
2,876
38,337
Glacier Bancorp, Inc.
1,040
31,418
Hancock Whitney Corp.
1,358
56,017
Hanmi Financial Corp.
675
11,691
Heartland Financial USA, Inc.
571
17,495
Heritage Financial Corp.
502
8,644
Hilltop Holdings, Inc.
1,494
45,403
HomeStreet, Inc.
1,089
10,291
Hope Bancorp, Inc.
3,245
31,379
Huntington Bancshares, Inc.
22,052
244,557
Independent Bank Corp.
380
20,528
Independent Bank Group, Inc.
443
18,695
International Bancshares Corp.
763
34,167
JPMorgan Chase & Co.
66,652
9,753,187
Kearny Financial Corp.
1,571
11,641
KeyCorp
25,326
286,944
Lakeland Bancorp, Inc.
399
5,390
Lakeland Financial Corp.
221
11,521
M&T Bank Corp.
3,509
438,800
NBT Bancorp, Inc.
618
21,272
New York Community Bancorp, Inc.
14,459
177,556
Northwest Bancshares, Inc.
2,087
22,957
OceanFirst Financial Corp.
794
13,395
OFG Bancorp
772
23,284
Old National Bancorp
3,905
59,590
Pacific Premier Bancorp, Inc.
1,081
24,885
PacWest Bancorp
5,112
40,640
Park National Corp.
190
19,334
Pathward Financial, Inc.
400
19,708
Pinnacle Financial Partners, Inc.
756
50,319
Popular, Inc.
1,993
136,082
Premier Financial Corp.
358
6,745
Prosperity Bancshares, Inc.
1,048
59,537
Provident Financial Services, Inc.
1,242
20,468
See financial notes
18Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Regions Financial Corp.
16,285
298,667
Renasant Corp.
860
23,951
S&T Bancorp, Inc.
633
17,933
Sandy Spring Bancorp, Inc.
754
16,769
Simmons First National Corp., Class A
2,220
39,560
Southside Bancshares, Inc.
487
14,659
SouthState Corp.
642
46,417
Synovus Financial Corp.
2,715
84,056
Texas Capital Bancshares, Inc. *
716
44,707
The Bank of N.T. Butterfield & Son Ltd.
979
28,508
The PNC Financial Services Group, Inc.
8,643
1,043,469
Tompkins Financial Corp.
217
11,269
Towne Bank
948
22,373
TriCo Bancshares
302
10,371
Truist Financial Corp.
21,776
665,257
Trustmark Corp.
1,271
29,284
U.S. Bancorp
37,024
1,352,487
UMB Financial Corp.
585
36,978
United Bankshares, Inc.
1,644
49,452
United Community Banks, Inc.
1,025
27,675
Valley National Bancorp
6,148
56,439
Veritex Holdings, Inc.
424
7,975
Washington Federal, Inc.
1,728
46,967
Washington Trust Bancorp, Inc.
345
9,660
Webster Financial Corp.
1,431
60,689
Wells Fargo & Co.
133,564
5,514,858
WesBanco, Inc.
1,038
26,324
Westamerica BanCorp
285
12,549
Western Alliance Bancorp
1,019
50,960
Wintrust Financial Corp.
773
59,993
WSFS Financial Corp.
572
22,480
Zions Bancorp NA
5,129
182,079
 
33,953,275
 
Capital Goods 7.5%
3M Co.
14,712
1,569,329
A.O. Smith Corp.
2,054
148,915
AAON, Inc.
406
25,602
AAR Corp. *
992
61,107
Acuity Brands, Inc.
877
141,443
Advanced Drainage Systems, Inc.
331
42,421
AECOM
2,733
239,821
AerCap Holdings N.V. *
2,451
150,786
AGCO Corp.
1,482
191,963
Air Lease Corp.
2,485
101,289
Alamo Group, Inc.
166
28,494
Albany International Corp., Class A
409
37,922
Allegion plc
1,022
116,314
Allison Transmission Holdings, Inc.
4,048
244,702
American Woodmark Corp. *
838
65,087
AMETEK, Inc.
1,697
270,688
API Group Corp. *
2,181
61,395
Apogee Enterprises, Inc.
907
45,767
Applied Industrial Technologies, Inc.
552
85,212
Arcosa, Inc.
1,035
80,958
Argan, Inc.
438
18,606
Armstrong World Industries, Inc.
795
60,889
Astec Industries, Inc.
868
47,584
Atkore, Inc. *
384
59,124
AZZ, Inc.
848
41,637
Barnes Group, Inc.
1,537
60,404
Beacon Roofing Supply, Inc. *
1,214
96,938
BlueLinx Holdings, Inc. *
167
14,906
Boise Cascade Co.
1,655
181,007
BWX Technologies, Inc.
1,253
92,421
Carlisle Cos., Inc.
750
197,265
Carrier Global Corp.
13,142
755,008
SECURITY
NUMBER
OF SHARES
VALUE ($)
Caterpillar, Inc.
7,701
2,164,982
Columbus McKinnon Corp.
610
22,979
Comfort Systems USA, Inc.
429
79,181
Construction Partners, Inc., Class A *
466
16,194
Core & Main, Inc., Class A *
813
26,699
Crane Co.
710
64,695
CSW Industrials, Inc.
122
21,915
Cummins, Inc.
3,442
791,798
Curtiss-Wright Corp.
610
126,874
Deere & Co.
2,526
1,038,034
Donaldson Co., Inc.
1,785
114,008
Douglas Dynamics, Inc.
469
14,197
Dover Corp.
1,891
280,435
Ducommun, Inc. *
145
6,593
DXP Enterprises, Inc. *
662
23,547
Dycom Industries, Inc. *
784
78,345
Eaton Corp. plc
6,068
1,397,885
EMCOR Group, Inc.
1,233
276,500
Emerson Electric Co.
9,727
955,678
Encore Wire Corp.
331
54,552
Enerpac Tool Group Corp.
617
16,165
EnerSys
1,005
105,505
EnPro Industries, Inc.
336
45,827
Esab Corp.
701
50,591
ESCO Technologies, Inc.
299
31,996
Fastenal Co.
5,908
340,183
Federal Signal Corp.
793
48,333
Flowserve Corp.
2,911
115,188
Fluor Corp. *
4,014
140,450
Fortive Corp.
2,482
195,706
Fortune Brands Innovations, Inc.
3,221
222,313
Franklin Electric Co., Inc.
529
51,160
FTAI Aviation Ltd.
669
24,726
Gates Industrial Corp. plc *
2,738
33,623
GATX Corp.
832
98,292
Generac Holdings, Inc. *
580
68,910
General Dynamics Corp.
4,573
1,036,425
General Electric Co.
19,604
2,243,874
Gibraltar Industries, Inc. *
657
49,295
GMS, Inc. *
1,032
71,559
Graco, Inc.
1,383
109,174
GrafTech International Ltd.
11,342
40,151
Granite Construction, Inc.
1,711
70,647
Great Lakes Dredge & Dock Corp. *
2,403
21,219
Griffon Corp.
882
36,929
H&E Equipment Services, Inc.
990
44,867
HEICO Corp.
445
75,076
Herc Holdings, Inc.
481
62,597
Hexcel Corp.
1,524
111,709
Hillenbrand, Inc.
1,155
55,948
Hillman Solutions Corp. *
1,259
11,394
Honeywell International, Inc.
9,343
1,755,923
Howmet Aerospace, Inc.
5,417
267,979
Hubbell, Inc.
640
208,672
Huntington Ingalls Industries, Inc.
1,033
227,591
IDEX Corp.
608
137,651
Illinois Tool Works, Inc.
3,678
909,753
Ingersoll Rand, Inc.
1,899
132,189
ITT, Inc.
1,271
129,998
JELD-WEN Holding, Inc. *
6,151
92,757
John Bean Technologies Corp.
393
43,195
Johnson Controls International plc
11,359
670,863
Kadant, Inc.
116
25,490
Kaman Corp.
1,393
31,245
Kennametal, Inc.
2,470
65,381
Kratos Defense & Security Solutions, Inc. *
1,429
22,993
L3Harris Technologies, Inc.
3,119
555,463
Lennox International, Inc.
416
156,753
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report19

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Lincoln Electric Holdings, Inc.
702
135,107
Lindsay Corp.
105
13,031
Lockheed Martin Corp.
3,352
1,502,869
Masco Corp.
4,662
275,105
Masonite International Corp. *
729
74,876
MasTec, Inc. *
1,376
136,898
McGrath RentCorp
343
34,677
MDU Resources Group, Inc.
5,002
101,841
Mercury Systems, Inc. *
458
17,977
Moog, Inc., Class A
717
83,287
MRC Global, Inc. *
3,925
36,581
MSC Industrial Direct Co., Inc., Class A
1,255
128,085
Mueller Industries, Inc.
1,240
95,678
Mueller Water Products, Inc., Class A
2,864
40,440
MYR Group, Inc. *
349
49,582
National Presto Industries, Inc.
211
15,793
Nordson Corp.
451
110,107
Northrop Grumman Corp.
1,993
863,148
NOW, Inc. *
5,249
58,631
nVent Electric plc
2,542
143,725
Oshkosh Corp.
2,337
242,651
Otis Worldwide Corp.
2,925
250,234
Owens Corning
2,580
371,288
PACCAR, Inc.
9,418
775,007
Parker-Hannifin Corp.
1,486
619,513
Parsons Corp. *
541
30,848
Pentair plc
3,060
214,996
PGT Innovations, Inc. *
911
25,681
Primoris Services Corp.
2,504
88,566
Proto Labs, Inc. *
710
20,945
Quanex Building Products Corp.
1,042
28,113
Quanta Services, Inc.
1,743
365,803
RBC Bearings, Inc. *
135
31,123
Regal Rexnord Corp.
950
154,081
Resideo Technologies, Inc. *
4,936
83,221
REV Group, Inc.
1,614
21,918
Rockwell Automation, Inc.
1,169
364,822
RTX Corp.
14,478
1,245,687
Rush Enterprises, Inc., Class A
2,280
94,415
Sensata Technologies Holding plc
2,828
106,389
Simpson Manufacturing Co., Inc.
576
92,022
SiteOne Landscape Supply, Inc. *
379
64,881
Snap-on, Inc.
978
262,691
Spirit AeroSystems Holdings, Inc., Class A
4,712
100,460
SPX Technologies, Inc. *
357
28,210
Standex International Corp.
214
32,877
Stanley Black & Decker, Inc.
4,991
471,051
Sterling Infrastructure, Inc. *
487
40,304
Tennant Co.
364
30,005
Terex Corp.
1,611
97,643
Textainer Group Holdings Ltd.
703
27,860
Textron, Inc.
4,713
366,247
The AZEK Co., Inc. *
859
29,215
The Boeing Co. *
8,455
1,894,174
The Gorman-Rupp Co.
610
19,605
The Greenbrier Cos., Inc.
2,168
92,270
The Manitowoc Co., Inc. *
2,357
39,880
The Middleby Corp. *
656
95,507
The Shyft Group, Inc.
669
10,490
The Timken Co.
1,291
98,658
The Toro Co.
1,054
107,845
Titan Machinery, Inc. *
578
17,930
TPI Composites, Inc. *
1,243
6,277
Trane Technologies plc
2,278
467,582
TransDigm Group, Inc. *
495
447,406
Trex Co., Inc. *
849
60,593
Trinity Industries, Inc.
2,378
59,616
Triton International Ltd.
1,267
106,314
SECURITY
NUMBER
OF SHARES
VALUE ($)
Tutor Perini Corp. *
7,819
69,511
UFP Industries, Inc.
1,654
172,595
United Rentals, Inc.
1,283
611,401
Valmont Industries, Inc.
260
65,910
Veritiv Corp.
588
98,978
Vertiv Holdings Co.
1,573
61,960
W.W. Grainger, Inc.
538
384,207
Wabash National Corp.
1,941
43,770
Watsco, Inc.
470
171,339
Watts Water Technologies, Inc., Class A
307
57,952
WESCO International, Inc.
1,012
163,792
Westinghouse Air Brake Technologies Corp.
2,111
237,530
WillScot Mobile Mini Holdings Corp. *
715
29,329
Woodward, Inc.
797
103,108
Xylem, Inc.
1,817
188,132
Zurn Elkay Water Solutions Corp., Class C
910
26,954
 
40,660,643
 
Commercial & Professional Services 1.4%
ABM Industries, Inc.
2,430
110,371
ACCO Brands Corp.
7,130
38,003
ASGN, Inc. *
1,086
89,226
Automatic Data Processing, Inc.
2,940
748,553
Barrett Business Services, Inc.
140
13,395
Booz Allen Hamilton Holding Corp., Class A
1,673
189,568
BrightView Holdings, Inc. *
3,186
26,380
Broadridge Financial Solutions, Inc.
1,134
211,162
CACI International, Inc., Class A *
429
140,716
Casella Waste Systems, Inc., Class A *
207
16,305
CBIZ, Inc. *
542
30,412
Ceridian HCM Holding, Inc. *
213
15,447
Cimpress plc *
892
57,632
Cintas Corp.
689
347,373
Clarivate plc *
2,780
20,655
Clean Harbors, Inc. *
635
107,531
Concentrix Corp.
685
54,684
Conduent, Inc. *
10,062
31,595
Copart, Inc. *
3,312
148,477
CoreCivic, Inc. *
8,187
88,092
CRA International, Inc.
58
6,301
CSG Systems International, Inc.
582
31,608
Deluxe Corp.
3,456
69,880
Dun & Bradstreet Holdings, Inc.
2,537
27,653
Ennis, Inc.
467
9,947
Enviri Corp. *
5,014
37,354
Equifax, Inc.
711
146,964
ExlService Holdings, Inc. *
1,050
30,692
Exponent, Inc.
246
22,106
FTI Consulting, Inc. *
491
91,238
Genpact Ltd.
2,742
102,359
Healthcare Services Group, Inc.
4,069
46,997
Heidrick & Struggles International, Inc.
451
11,947
HNI Corp.
1,968
64,472
Huron Consulting Group, Inc. *
248
24,788
ICF International, Inc.
322
43,489
Insperity, Inc.
328
33,236
Interface, Inc.
2,717
28,067
Jacobs Solutions, Inc.
2,332
314,400
KBR, Inc.
1,768
108,767
Kelly Services, Inc., Class A
4,834
89,381
Kforce, Inc.
576
36,086
Korn Ferry
1,136
57,913
Leidos Holdings, Inc.
3,174
309,497
ManpowerGroup, Inc.
3,994
315,007
Matthews International Corp., Class A
1,046
44,120
Maximus, Inc.
1,544
124,786
MillerKnoll, Inc.
2,784
53,174
See financial notes
20Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
MSA Safety, Inc.
301
54,987
NV5 Global, Inc. *
62
6,310
OPENLANE, Inc. *
3,965
61,894
Paychex, Inc.
2,501
305,697
Paycom Software, Inc.
106
31,253
Pitney Bowes, Inc.
15,117
49,735
Republic Services, Inc.
2,196
316,509
Resources Connection, Inc.
1,203
18,659
Robert Half International, Inc.
2,733
202,133
Rollins, Inc.
1,135
44,912
Science Applications International Corp.
1,225
144,133
SP Plus Corp. *
428
16,765
SS&C Technologies Holdings, Inc.
2,584
148,373
Steelcase, Inc., Class A
7,076
64,179
Stericycle, Inc. *
1,377
60,877
Tetra Tech, Inc.
520
81,822
The Brink's Co.
780
59,132
The GEO Group, Inc. *
9,193
66,557
TransUnion
1,558
126,541
TriNet Group, Inc. *
545
60,457
TrueBlue, Inc. *
2,479
37,507
TTEC Holdings, Inc.
360
10,714
UniFirst Corp.
356
62,702
Verisk Analytics, Inc.
987
239,071
Verra Mobility Corp. *
952
16,936
Waste Management, Inc.
4,469
700,650
 
7,756,311
 
Consumer Discretionary Distribution & Retail 4.3%
1-800-Flowers.com, Inc., Class A *
1,575
11,860
Abercrombie & Fitch Co., Class A *
3,072
165,120
Academy Sports & Outdoors, Inc.
1,531
83,547
Advance Auto Parts, Inc.
1,645
113,209
Amazon.com, Inc. *
47,558
6,563,480
American Eagle Outfitters, Inc.
6,910
117,194
America's Car-Mart, Inc. *
198
22,039
Arko Corp.
1,871
14,089
Asbury Automotive Group, Inc. *
521
119,830
AutoNation, Inc. *
1,741
273,494
AutoZone, Inc. *
100
253,133
Bath & Body Works, Inc.
5,027
185,345
Best Buy Co., Inc.
11,148
852,265
Big 5 Sporting Goods Corp.
1,823
14,456
Big Lots, Inc.
9,288
57,586
Boot Barn Holdings, Inc. *
310
28,442
Burlington Stores, Inc. *
607
98,492
Caleres, Inc.
966
27,695
Camping World Holdings, Inc., Class A
601
14,863
CarMax, Inc. *
4,526
369,684
Chico's FAS, Inc. *
4,766
24,450
Citi Trends, Inc. *
792
17,131
Conn's, Inc. *
2,522
10,542
ContextLogic, Inc., Class A *(a)
1,048
5,612
Designer Brands, Inc., Class A
2,919
30,679
Dick's Sporting Goods, Inc.
1,370
159,386
Dillard's, Inc., Class A
145
50,042
eBay, Inc.
17,504
783,829
Etsy, Inc. *
487
35,829
Five Below, Inc. *
271
46,601
Floor & Decor Holdings, Inc., Class A *
512
51,046
Foot Locker, Inc.
5,103
100,121
GameStop Corp., Class A *
3,241
60,121
Genesco, Inc. *
840
28,795
Genuine Parts Co.
1,948
299,466
Group 1 Automotive, Inc.
789
208,627
Groupon, Inc. *
2,367
29,280
Guess?, Inc.
1,538
37,004
SECURITY
NUMBER
OF SHARES
VALUE ($)
Haverty Furniture Cos., Inc.
875
27,387
Hibbett, Inc.
625
28,944
Kohl's Corp.
18,898
503,443
Leslie's, Inc. *
569
3,562
Lithia Motors, Inc.
879
270,750
LKQ Corp.
5,253
275,940
LL Flooring Holdings, Inc. *
1,783
6,151
Lowe’s Cos., Inc.
8,569
1,974,983
Macy's, Inc.
18,407
225,118
MarineMax, Inc. *
1,072
35,665
MercadoLibre, Inc. *
33
45,288
Monro, Inc.
740
24,228
Murphy USA, Inc.
630
200,113
National Vision Holdings, Inc. *
1,030
18,859
Nordstrom, Inc.
6,439
104,441
Ollie's Bargain Outlet Holdings, Inc. *
866
66,751
O'Reilly Automotive, Inc. *
587
551,604
Overstock.com, Inc. *
1,516
39,583
Penske Automotive Group, Inc.
847
139,162
Petco Health & Wellness Co., Inc. *
1,185
6,032
PetMed Express, Inc.
731
8,238
Pool Corp.
287
104,927
Qurate Retail, Inc. *
156,120
120,993
RH *
157
57,335
Ross Stores, Inc.
3,637
443,023
Sally Beauty Holdings, Inc. *
5,400
54,864
Shoe Carnival, Inc.
762
17,625
Signet Jewelers Ltd.
1,197
89,775
Sleep Number Corp. *
1,746
44,663
Sonic Automotive, Inc., Class A
1,139
60,731
Sportsman's Warehouse Holdings, Inc. *
2,162
10,399
Stitch Fix, Inc., Class A *
5,270
23,135
The Aaron's Co., Inc.
2,925
35,305
The Buckle, Inc.
851
31,096
The Children's Place, Inc. *
683
18,106
The Container Store Group, Inc. *
2,126
4,975
The Gap, Inc.
14,791
171,280
The Home Depot, Inc.
11,841
3,911,082
The ODP Corp. *
3,297
162,608
The TJX Cos., Inc.
13,403
1,239,509
Tractor Supply Co.
1,171
255,863
Ulta Beauty, Inc. *
383
158,956
Upbound Group, Inc.
1,939
59,372
Urban Outfitters, Inc. *
2,960
98,302
Valvoline, Inc.
1,700
58,548
Victoria's Secret & Co. *
2,047
39,261
Vroom, Inc. *
15,100
19,781
Wayfair, Inc., Class A *
457
31,583
Williams-Sonoma, Inc.
1,335
188,502
Zumiez, Inc. *
1,185
22,503
 
23,454,728
 
Consumer Durables & Apparel 1.8%
Acushnet Holdings Corp.
570
33,374
Beazer Homes USA, Inc. *
1,751
51,322
Brunswick Corp.
1,890
149,537
Capri Holdings Ltd. *
3,141
164,871
Carter's, Inc.
1,528
109,359
Cavco Industries, Inc. *
145
40,530
Century Communities, Inc.
929
68,978
Columbia Sportswear Co.
876
64,246
Crocs, Inc. *
510
49,643
D.R. Horton, Inc.
7,123
847,780
Deckers Outdoor Corp. *
286
151,320
Ethan Allen Interiors, Inc.
929
29,152
Fossil Group, Inc. *
6,730
14,268
Garmin Ltd.
1,021
108,246
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report21

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
G-III Apparel Group Ltd. *
3,478
69,038
GoPro, Inc., Class A *
1,401
5,093
Hanesbrands, Inc.
25,525
134,006
Hasbro, Inc.
2,600
187,200
Helen of Troy Ltd. *
676
83,094
Installed Building Products, Inc.
266
38,498
iRobot Corp. *
969
37,684
KB Home
2,985
151,638
Kontoor Brands, Inc.
823
37,685
La-Z-Boy, Inc.
1,898
58,553
Leggett & Platt, Inc.
3,964
111,785
Lennar Corp., Class A
7,031
837,322
LGI Homes, Inc. *
518
63,766
Lululemon Athletica, Inc. *
546
208,168
M.D.C. Holdings, Inc.
2,382
113,026
M/I Homes, Inc. *
1,171
114,969
Malibu Boats, Inc., Class A *
281
13,645
Mattel, Inc. *
3,777
83,698
Meritage Homes Corp.
1,298
180,474
Mohawk Industries, Inc. *
2,720
275,781
Movado Group, Inc.
387
10,584
Newell Brands, Inc.
14,219
150,437
NIKE, Inc., Class B
11,114
1,130,405
NVR, Inc. *
59
376,263
Oxford Industries, Inc.
263
26,560
Peloton Interactive, Inc., Class A *
989
6,310
Polaris, Inc.
1,312
147,062
PulteGroup, Inc.
8,432
691,930
PVH Corp.
3,228
269,861
Ralph Lauren Corp.
1,176
137,157
SharkNinja, Inc. *
989
34,536
Skechers U.S.A., Inc., Class A *
2,470
124,266
Skyline Champion Corp. *
549
39,127
Smith & Wesson Brands, Inc.
2,711
31,827
Sonos, Inc. *
1,220
16,812
Steven Madden Ltd.
1,985
68,483
Sturm Ruger & Co., Inc.
613
31,619
Tapestry, Inc.
4,945
164,767
Taylor Morrison Home Corp. *
4,000
189,600
Tempur Sealy International, Inc.
2,660
124,275
Toll Brothers, Inc.
3,565
292,080
TopBuild Corp. *
417
120,963
Topgolf Callaway Brands Corp. *
1,168
20,370
Tri Pointe Homes, Inc. *
5,566
173,103
Tupperware Brands Corp. *
14,959
37,248
Under Armour, Inc., Class A *
8,219
62,793
VF Corp.
12,265
242,356
Vista Outdoor, Inc. *
1,381
40,394
Whirlpool Corp.
3,041
425,618
Wolverine World Wide, Inc.
3,847
31,084
YETI Holdings, Inc. *
633
31,618
 
9,937,257
 
Consumer Services 2.2%
ADT, Inc.
7,123
45,730
Adtalem Global Education, Inc. *
1,482
64,986
Airbnb, Inc., Class A *
105
13,813
Aramark
5,107
189,878
Arcos Dorados Holdings, Inc., Class A
2,669
26,343
BJ's Restaurants, Inc. *
718
21,116
Bloomin' Brands, Inc.
2,152
60,385
Booking Holdings, Inc. *
457
1,418,999
Boyd Gaming Corp.
960
64,195
Bright Horizons Family Solutions, Inc. *
638
60,240
Brinker International, Inc. *
1,170
38,294
Caesars Entertainment, Inc. *
1,274
70,401
Carnival Corp. *
43,017
680,529
SECURITY
NUMBER
OF SHARES
VALUE ($)
Carriage Services, Inc.
214
6,595
Chipotle Mexican Grill, Inc. *
94
181,104
Choice Hotels International, Inc.
178
22,588
Churchill Downs, Inc.
519
65,020
Cracker Barrel Old Country Store, Inc.
755
62,235
Darden Restaurants, Inc.
1,574
244,773
Dave & Buster's Entertainment, Inc. *
771
30,277
Denny's Corp. *
1,629
15,524
Dine Brands Global, Inc.
231
12,654
Domino’s Pizza, Inc.
535
207,259
DoorDash, Inc., Class A *
276
23,220
Everi Holdings, Inc. *
955
13,809
Expedia Group, Inc. *
1,514
164,102
Frontdoor, Inc. *
906
29,735
Graham Holdings Co., Class B
125
73,291
Grand Canyon Education, Inc. *
682
79,965
H&R Block, Inc.
2,701
107,986
Hilton Grand Vacations, Inc. *
840
36,725
Hilton Worldwide Holdings, Inc.
1,935
287,638
Hyatt Hotels Corp., Class A
709
79,699
International Game Technology plc
2,553
81,747
Jack in the Box, Inc.
793
63,733
Las Vegas Sands Corp.
6,513
357,303
Laureate Education, Inc.
4,329
60,303
Light & Wonder, Inc. *
1,336
102,431
Marriott International, Inc., Class A
2,170
441,617
Marriott Vacations Worldwide Corp.
601
65,323
McDonald’s Corp.
7,149
2,009,941
MGM Resorts International
7,998
351,752
Norwegian Cruise Line Holdings Ltd. *
5,087
84,292
Papa John's International, Inc.
231
17,487
Penn Entertainment, Inc. *
2,957
70,051
Perdoceo Education Corp.
1,880
31,152
Planet Fitness, Inc., Class A *
537
32,650
Red Rock Resorts, Inc., Class A
655
28,774
Royal Caribbean Cruises Ltd. *
3,868
382,700
Sabre Corp. *
12,036
60,180
SeaWorld Entertainment, Inc. *
319
15,535
Service Corp. International
1,706
107,666
Six Flags Entertainment Corp. *
3,076
70,625
Starbucks Corp.
15,535
1,513,730
Strategic Education, Inc.
448
34,720
Stride, Inc. *
812
34,502
Texas Roadhouse, Inc.
769
80,053
The Cheesecake Factory, Inc.
877
27,932
The Wendy's Co.
2,910
57,589
Travel & Leisure Co.
2,566
103,153
Vail Resorts, Inc.
425
96,186
Wingstop, Inc.
82
13,173
WW International, Inc. *
4,375
42,481
Wyndham Hotels & Resorts, Inc.
897
67,625
Wynn Resorts Ltd.
1,381
140,006
Yum! Brands, Inc.
3,818
493,973
 
11,639,493
 
Consumer Staples Distribution & Retail 3.1%
BJ's Wholesale Club Holdings, Inc. *
1,048
70,625
Casey's General Stores, Inc.
919
224,613
Costco Wholesale Corp.
5,156
2,832,088
Dollar General Corp.
3,390
469,515
Dollar Tree, Inc. *
2,933
358,882
Grocery Outlet Holding Corp. *
1,263
38,964
Ingles Markets, Inc., Class A
753
58,832
Performance Food Group Co. *
3,964
246,283
PriceSmart, Inc.
882
70,101
Rite Aid Corp. *(b)
17,517
13,488
SpartanNash Co.
3,866
84,124
See financial notes
22Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sprouts Farmers Market, Inc. *
3,494
142,520
Sysco Corp.
8,131
566,324
Target Corp.
12,622
1,597,314
The Andersons, Inc.
1,598
82,073
The Chefs' Warehouse, Inc. *
492
14,042
The Kroger Co.
32,436
1,504,706
United Natural Foods, Inc. *
3,341
67,254
US Foods Holding Corp. *
9,016
364,517
Walgreens Boots Alliance, Inc.
58,171
1,472,308
Walmart, Inc.
39,252
6,382,768
Weis Markets, Inc.
814
52,804
 
16,714,145
 
Energy 6.9%
Antero Midstream Corp.
2,510
30,421
Antero Resources Corp. *
3,368
93,193
APA Corp.
5,155
225,995
Archrock, Inc.
4,588
58,681
Baker Hughes Co.
26,090
944,197
Berry Corp.
2,161
18,520
Cactus, Inc., Class A
336
17,922
California Resources Corp.
762
42,550
Callon Petroleum Co. *
215
8,434
ChampionX Corp.
1,191
42,983
Cheniere Energy, Inc.
1,345
219,504
Chevron Corp.
38,700
6,234,570
Chord Energy Corp.
80
12,920
Civitas Resources, Inc.
160
13,155
CNX Resources Corp. *
5,213
116,511
Comstock Resources, Inc.
619
7,589
ConocoPhillips
18,574
2,210,863
CONSOL Energy, Inc.
686
59,023
Core Laboratories, Inc.
1,137
27,334
CVR Energy, Inc.
1,042
34,073
Delek US Holdings, Inc.
3,350
86,263
Denbury, Inc. *
154
14,103
Devon Energy Corp.
5,740
293,257
DHT Holdings, Inc.
3,766
34,836
Diamond Offshore Drilling, Inc. *
595
8,848
Diamondback Energy, Inc.
867
131,593
Dorian LPG Ltd.
727
18,757
Dril-Quip, Inc. *
826
22,781
DTE Midstream LLC
884
46,224
EOG Resources, Inc.
7,598
977,255
EQT Corp.
1,909
82,507
Equitrans Midstream Corp.
12,896
123,802
Expro Group Holdings N.V. *
481
11,308
Exxon Mobil Corp.
86,899
9,662,300
Geopark Ltd.
548
5,255
Golar LNG Ltd.
832
18,387
Green Plains, Inc. *
1,356
42,090
Halliburton Co.
11,626
448,996
Helix Energy Solutions Group, Inc. *
4,595
46,593
Helmerich & Payne, Inc.
2,835
113,372
Hess Corp.
1,397
215,837
HF Sinclair Corp.
6,017
331,477
International Seaways, Inc.
425
18,262
Kinder Morgan, Inc.
50,289
865,977
Kosmos Energy Ltd. *
6,236
45,398
Liberty Energy, Inc.
2,268
36,175
Magnolia Oil & Gas Corp., Class A
483
11,012
Marathon Oil Corp.
13,399
353,064
Marathon Petroleum Corp.
14,918
2,129,843
Matador Resources Co.
780
49,530
Murphy Oil Corp.
3,178
144,281
Nabors Industries Ltd. *
443
49,036
NexTier Oilfield Solutions, Inc. *
3,012
31,957
SECURITY
NUMBER
OF SHARES
VALUE ($)
NOV, Inc.
8,579
181,274
Occidental Petroleum Corp.
10,790
677,504
Oceaneering International, Inc. *
2,741
62,467
Oil States International, Inc. *
2,996
23,489
ONEOK, Inc.
7,909
515,667
Ovintiv, Inc.
4,489
210,803
Par Pacific Holdings, Inc. *
838
28,785
Patterson-UTI Energy, Inc.
5,078
71,803
PBF Energy, Inc., Class A
4,217
197,735
Peabody Energy Corp.
4,004
86,406
Permian Resources Corp.
1,957
27,750
Phillips 66
19,577
2,234,910
Pioneer Natural Resources Co.
1,869
444,691
ProPetro Holding Corp. *
4,239
40,864
Range Resources Corp.
1,196
38,727
REX American Resources Corp. *
256
10,109
RPC, Inc.
1,993
15,924
Schlumberger N.V.
20,076
1,183,681
Scorpio Tankers, Inc.
569
28,740
Select Water Solutions, Inc.
1,007
8,106
SFL Corp., Ltd.
3,643
41,166
SM Energy Co.
2,083
88,132
Southwestern Energy Co. *
11,336
76,858
Talos Energy, Inc. *
1,484
25,554
Targa Resources Corp.
2,934
253,058
TechnipFMC plc
9,727
185,202
Teekay Tankers Ltd., Class A
621
25,262
Texas Pacific Land Corp.
16
30,156
The Williams Cos., Inc.
19,213
663,425
Transocean Ltd. *
13,709
112,140
Tsakos Energy Navigation Ltd.
443
8,980
US Silica Holdings, Inc. *
1,562
19,259
Valaris Ltd. *
384
28,923
Valero Energy Corp.
16,276
2,114,252
Vital Energy, Inc. *
257
15,495
Weatherford International plc *
1,092
96,664
World Fuel Services Corp.
16,568
362,839
 
37,125,614
 
Equity Real Estate Investment Trusts (REITs) 2.1%
Acadia Realty Trust
1,722
25,641
Agree Realty Corp.
288
17,804
Alexander & Baldwin, Inc.
2,136
38,469
Alexandria Real Estate Equities, Inc.
1,058
123,088
American Assets Trust, Inc.
964
20,639
American Homes 4 Rent, Class A
1,913
68,945
American Tower Corp.
2,776
503,344
Americold Realty Trust, Inc.
2,450
82,442
Apartment Income REIT Corp.
1,996
67,984
Apple Hospitality REIT, Inc.
4,921
73,913
Ashford Hospitality Trust, Inc. *
3,686
10,947
AvalonBay Communities, Inc.
1,383
254,223
Boston Properties, Inc.
3,531
235,765
Brandywine Realty Trust
9,749
48,745
Brixmor Property Group, Inc.
5,233
115,021
Broadstone Net Lease, Inc.
906
14,650
Camden Property Trust
885
95,244
CBL & Associates Properties, Inc.
517
11,059
Centerspace
223
14,437
Chatham Lodging Trust
1,360
13,301
Corporate Office Properties Trust
2,043
52,873
Cousins Properties, Inc.
2,411
56,659
Crown Castle, Inc.
3,798
381,699
CubeSmart
1,485
61,939
DiamondRock Hospitality Co.
5,550
44,733
Digital Realty Trust, Inc.
2,941
387,389
Diversified Healthcare Trust
78,719
213,722
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report23

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Douglas Emmett, Inc.
4,622
63,183
Easterly Government Properties, Inc.
1,321
17,662
EastGroup Properties, Inc.
214
38,441
Elme Communities
1,656
25,469
Empire State Realty Trust, Inc., Class A
5,120
44,698
EPR Properties
1,363
61,035
Equinix, Inc.
565
441,480
Equity Commonwealth
847
16,118
Equity LifeStyle Properties, Inc.
1,213
81,222
Equity Residential
4,197
272,092
Essential Properties Realty Trust, Inc.
583
14,004
Essex Property Trust, Inc.
661
157,576
Extra Space Storage, Inc.
1,216
156,475
Federal Realty Investment Trust
875
85,697
First Industrial Realty Trust, Inc.
823
42,747
Four Corners Property Trust, Inc.
625
15,725
Gaming & Leisure Properties, Inc.
2,050
97,170
Getty Realty Corp.
419
12,578
Global Net Lease, Inc.
2,391
27,138
Healthcare Realty Trust, Inc.
4,597
80,539
Healthpeak Properties, Inc.
6,956
143,154
Highwoods Properties, Inc.
2,743
65,366
Host Hotels & Resorts, Inc.
15,211
240,182
Hudson Pacific Properties, Inc.
7,259
49,434
Independence Realty Trust, Inc.
574
9,660
Industrial Logistics Properties Trust
6,118
24,044
InvenTrust Properties Corp.
549
13,127
Invitation Homes, Inc.
4,027
137,280
Iron Mountain, Inc.
4,462
283,515
JBG SMITH Properties
2,618
41,050
Kilroy Realty Corp.
2,074
76,634
Kimco Realty Corp.
5,760
109,094
Kite Realty Group Trust
1,698
38,324
Lamar Advertising Co., Class A
1,111
101,345
LTC Properties, Inc.
488
16,036
LXP Industrial Trust
3,701
36,344
Medical Properties Trust, Inc.
8,692
62,756
Mid-America Apartment Communities, Inc.
1,019
147,989
National Health Investors, Inc.
526
26,894
National Storage Affiliates Trust
478
16,061
NNN REIT, Inc.
1,527
60,149
Office Properties Income Trust
3,589
26,559
Omega Healthcare Investors, Inc.
3,242
103,160
Outfront Media, Inc.
3,731
42,347
Paramount Group, Inc.
9,740
50,064
Park Hotels & Resorts, Inc.
10,716
137,486
Pebblebrook Hotel Trust
2,719
39,344
Phillips Edison & Co., Inc.
647
21,907
Physicians Realty Trust
2,890
40,200
Piedmont Office Realty Trust, Inc., Class A
6,273
43,096
PotlatchDeltic Corp.
1,325
62,620
Prologis, Inc.
3,455
429,111
Public Storage
850
234,923
Rayonier, Inc.
1,810
54,119
Realty Income Corp.
2,430
136,177
Regency Centers Corp.
1,816
112,955
Retail Opportunity Investments Corp.
1,775
23,892
Rexford Industrial Realty, Inc.
469
25,077
RLJ Lodging Trust
6,236
62,298
RPT Realty
2,049
23,236
Ryman Hospitality Properties, Inc.
498
42,345
Sabra Health Care REIT, Inc.
4,737
59,355
SBA Communications Corp.
341
76,565
Service Properties Trust
14,899
123,066
Simon Property Group, Inc.
4,497
510,365
SITE Centers Corp.
3,905
52,132
SL Green Realty Corp. (a)
3,486
136,860
Spirit Realty Capital, Inc.
1,230
47,490
SECURITY
NUMBER
OF SHARES
VALUE ($)
STAG Industrial, Inc.
1,278
46,685
Star Holdings *
583
7,940
Summit Hotel Properties, Inc.
3,088
17,941
Sun Communities, Inc.
773
94,631
Sunstone Hotel Investors, Inc.
5,183
46,543
Tanger Factory Outlet Centers, Inc.
2,231
51,871
Terreno Realty Corp.
286
17,415
The Macerich Co.
8,409
98,301
The Necessity Retail REIT, Inc.
2,731
20,483
UDR, Inc.
2,662
106,214
Uniti Group, Inc.
12,850
69,004
Urban Edge Properties
2,329
38,102
Ventas, Inc.
8,124
354,856
Veris Residential, Inc. *
1,864
34,689
VICI Properties, Inc.
2,907
89,652
Vornado Realty Trust
7,672
184,281
Welltower, Inc.
6,000
497,280
Weyerhaeuser Co.
15,197
497,702
WP Carey, Inc.
1,443
93,867
Xenia Hotels & Resorts, Inc.
3,420
40,356
 
11,608,724
 
Financial Services 7.6%
Affiliated Managers Group, Inc.
1,063
142,453
AGNC Investment Corp.
11,053
109,535
Ally Financial, Inc.
19,190
531,371
A-Mark Precious Metals, Inc.
981
33,472
American Express Co.
9,871
1,559,519
Ameriprise Financial, Inc.
1,846
623,173
Annaly Capital Management, Inc.
6,638
134,552
Apollo Commercial Real Estate Finance,
Inc.
3,400
37,128
Apollo Global Management, Inc.
1,344
117,385
Arbor Realty Trust, Inc.
2,011
32,096
Ares Management Corp., Class A
413
42,721
Artisan Partners Asset Management, Inc.,
Class A
1,388
53,327
B. Riley Financial, Inc. (a)
552
28,265
Berkshire Hathaway, Inc., Class B *
32,472
11,696,414
BGC Group, Inc., Class A
7,726
38,166
BlackRock, Inc.
1,598
1,119,463
Blackstone Mortgage Trust, Inc., Class A
2,609
57,450
Blackstone, Inc.
4,310
458,455
Block, Inc. *
835
48,138
Bread Financial Holdings, Inc.
5,940
223,225
Brightsphere Investment Group, Inc.
1,797
37,216
BrightSpire Capital, Inc.
1,947
13,551
Cannae Holdings, Inc. *
1,184
23,242
Capital One Financial Corp.
17,051
1,745,852
Cboe Global Markets, Inc.
853
127,703
Chimera Investment Corp.
14,441
87,368
CME Group, Inc.
2,340
474,271
Cohen & Steers, Inc.
321
20,923
Coinbase Global, Inc., Class A *
739
58,824
Compass Diversified Holdings
1,990
41,094
Corebridge Financial, Inc.
1,390
24,784
Credit Acceptance Corp. *
143
71,753
Diamond Hill Investment Group, Inc.
43
7,257
Discover Financial Services
9,010
811,531
Donnelley Financial Solutions, Inc. *
474
23,354
Encore Capital Group, Inc. *
754
35,332
Enova International, Inc. *
930
46,919
Equitable Holdings, Inc.
6,150
177,120
Essent Group Ltd.
1,400
70,308
Euronet Worldwide, Inc. *
728
63,598
Evercore, Inc., Class A
1,137
159,237
EVERTEC, Inc.
759
30,034
See financial notes
24Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
FactSet Research Systems, Inc.
181
78,990
Federal Agricultural Mortgage Corp.,
Class C
110
18,515
Fidelity National Information Services, Inc.
8,947
499,779
FirstCash Holdings, Inc.
721
64,400
Fiserv, Inc. *
3,581
434,698
FleetCor Technologies, Inc. *
1,045
283,958
Focus Financial Partners, Inc., Class A *(c)
374
19,822
Franklin Resources, Inc.
11,546
308,740
Global Payments, Inc.
3,167
401,227
Granite Point Mortgage Trust, Inc.
1,361
7,268
Green Dot Corp., Class A *
1,331
19,752
Hannon Armstrong Sustainable
Infrastructure Capital, Inc.
212
4,742
Houlihan Lokey, Inc.
516
54,355
Interactive Brokers Group, Inc., Class A
301
27,415
Intercontinental Exchange, Inc.
4,538
535,439
Invesco Ltd.
12,442
198,077
Jack Henry & Associates, Inc.
655
102,691
Jackson Financial, Inc., Class A
1,047
39,367
Janus Henderson Group plc
4,727
129,851
Jefferies Financial Group, Inc.
5,356
191,156
KKR & Co., Inc.
5,909
371,144
KKR Real Estate Finance Trust, Inc.
682
8,532
Ladder Capital Corp.
3,039
33,307
Lazard Ltd., Class A
2,882
100,121
LendingTree, Inc. *
523
9,890
LPL Financial Holdings, Inc.
699
161,182
MarketAxess Holdings, Inc.
165
39,753
Mastercard, Inc., Class A
3,671
1,514,801
MFA Financial, Inc.
3,992
43,752
MGIC Investment Corp.
6,981
122,726
Moelis & Co., Class A
1,184
56,133
Moody's Corp.
978
329,390
Morgan Stanley
17,018
1,449,083
Morningstar, Inc.
140
32,574
Mr Cooper Group, Inc. *
801
45,385
MSCI, Inc.
274
148,952
Nasdaq, Inc.
2,324
121,964
Navient Corp.
10,159
179,306
Nelnet, Inc., Class A
289
26,545
New York Mortgage Trust, Inc.
2,650
25,228
NMI Holdings, Inc., Class A *
877
25,100
Northern Trust Corp.
3,878
294,999
OneMain Holdings, Inc.
6,018
249,807
Pagseguro Digital Ltd., Class A *
2,733
24,542
PayPal Holdings, Inc. *
10,558
659,981
Paysafe Ltd. *
1,646
21,563
PennyMac Financial Services, Inc.
808
57,990
PennyMac Mortgage Investment Trust
2,583
34,638
Piper Sandler Cos.
226
33,669
PJT Partners, Inc., Class A
100
7,899
PRA Group, Inc. *
1,035
20,162
PROG Holdings, Inc. *
3,992
136,926
Radian Group, Inc.
4,100
111,028
Raymond James Financial, Inc.
1,852
193,701
Ready Capital Corp.
2,503
27,333
Redwood Trust, Inc.
3,518
28,179
Rithm Capital Corp.
14,375
148,206
S&P Global, Inc.
1,911
746,933
SEI Investments Co.
2,005
124,430
SLM Corp.
8,941
127,320
Starwood Property Trust, Inc.
5,582
114,040
State Street Corp.
6,422
441,448
StepStone Group, Inc., Class A
259
7,995
Stifel Financial Corp.
1,083
70,417
StoneCo Ltd., Class A *
2,152
26,384
Synchrony Financial
34,505
1,113,821
SECURITY
NUMBER
OF SHARES
VALUE ($)
T. Rowe Price Group, Inc.
5,291
593,809
The Bank of New York Mellon Corp.
23,242
1,042,869
The Carlyle Group, Inc.
2,691
87,054
The Charles Schwab Corp. (d)
7,110
420,557
The Goldman Sachs Group, Inc.
6,645
2,177,633
The Western Union Co.
15,955
197,044
TPG RE Finance Trust, Inc.
2,581
19,409
TPG, Inc.
712
20,021
Tradeweb Markets, Inc., Class A
405
35,004
Two Harbors Investment Corp.
1,922
26,466
Virtu Financial, Inc., Class A
2,015
37,761
Virtus Investment Partners, Inc.
111
22,988
Visa, Inc., Class A
7,898
1,940,381
Voya Financial, Inc.
1,939
135,110
Walker & Dunlop, Inc.
582
49,668
WEX, Inc. *
308
60,423
World Acceptance Corp. *
258
34,781
XP, Inc., Class A *
1,066
27,012
 
41,254,090
 
Food, Beverage & Tobacco 3.5%
Adecoagro S.A.
3,953
45,380
Altria Group, Inc.
41,049
1,815,187
Archer-Daniels-Midland Co.
16,234
1,287,356
B&G Foods, Inc.
4,174
53,385
Brown-Forman Corp., Class B
1,265
83,654
Bunge Ltd.
5,506
629,446
Calavo Growers, Inc.
839
27,653
Cal-Maine Foods, Inc.
716
34,218
Campbell Soup Co.
3,354
139,862
Coca-Cola Consolidated, Inc.
53
37,042
Coca-Cola Europacific Partners plc
4,337
278,045
Conagra Brands, Inc.
9,440
282,067
Constellation Brands, Inc., Class A
1,701
443,213
Darling Ingredients, Inc. *
1,856
114,627
Dole plc
3,205
38,204
Flowers Foods, Inc.
3,810
89,764
Fresh Del Monte Produce, Inc.
2,651
67,733
General Mills, Inc.
8,477
573,554
Hormel Foods Corp.
4,759
183,650
Hostess Brands, Inc. *
1,364
38,847
Ingredion, Inc.
2,225
228,975
J&J Snack Foods Corp.
234
37,938
John B Sanfilippo & Son, Inc.
287
28,800
Kellogg Co.
4,335
264,522
Keurig Dr Pepper, Inc.
9,886
332,664
Lamb Weston Holdings, Inc.
1,058
103,060
Lancaster Colony Corp.
253
41,793
McCormick & Co., Inc. Non Voting Shares
2,218
182,053
Mission Produce, Inc. *
984
9,368
Molson Coors Beverage Co., Class B
5,708
362,401
Mondelez International, Inc., Class A
18,553
1,322,087
Monster Beverage Corp. *
5,119
293,882
National Beverage Corp. *
301
15,444
Nomad Foods Ltd. *
3,866
70,902
PepsiCo, Inc.
14,289
2,542,299
Philip Morris International, Inc.
22,805
2,190,648
Pilgrim's Pride Corp. *
1,746
43,929
Post Holdings, Inc. *
1,407
126,222
Seneca Foods Corp., Class A *
228
11,003
The Boston Beer Co., Inc., Class A *
127
46,410
The Coca-Cola Co.
34,656
2,073,468
The Hain Celestial Group, Inc. *
3,676
38,929
The Hershey Co.
978
210,133
The J.M. Smucker Co.
2,466
357,447
The Kraft Heinz Co.
16,017
530,002
The Simply Good Foods Co. *
248
8,948
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report25

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
TreeHouse Foods, Inc. *
1,557
72,432
Tyson Foods, Inc., Class A
14,958
796,813
Universal Corp.
1,334
63,525
Vector Group Ltd.
3,148
33,715
 
18,702,699
 
Health Care Equipment & Services 5.4%
Abbott Laboratories
14,234
1,464,679
Acadia Healthcare Co., Inc. *
895
69,005
AdaptHealth Corp. *
538
6,418
Addus HomeCare Corp. *
160
14,032
Align Technology, Inc. *
485
179,518
Amedisys, Inc. *
515
48,281
AMN Healthcare Services, Inc. *
582
51,437
Avanos Medical, Inc. *
693
14,581
Baxter International, Inc.
10,814
439,048
Becton Dickinson & Co.
2,520
704,214
Boston Scientific Corp. *
7,607
410,322
Brookdale Senior Living, Inc. *
9,832
41,786
Cardinal Health, Inc.
7,278
635,588
Cencora, Inc.
1,040
183,019
Centene Corp. *
15,241
939,608
Chemed Corp.
175
89,502
Community Health Systems, Inc. *
16,345
55,246
CONMED Corp.
270
30,094
Cross Country Healthcare, Inc. *
521
13,421
CVS Health Corp.
46,594
3,036,531
DaVita, Inc. *
3,533
361,850
Dentsply Sirona, Inc.
4,558
169,056
DexCom, Inc. *
280
28,274
Edwards Lifesciences Corp. *
2,266
173,281
Elevance Health, Inc.
5,001
2,210,492
Embecta Corp.
1,494
27,385
Encompass Health Corp.
1,893
134,479
Enhabit, Inc. *
2,193
28,092
Enovis Corp. *
743
41,638
Envista Holdings Corp. *
2,394
76,656
Fulgent Genetics, Inc. *
211
6,912
Globus Medical, Inc., Class A *
542
29,322
Haemonetics Corp. *
483
43,340
HCA Healthcare, Inc.
3,857
1,069,546
HealthEquity, Inc. *
301
20,333
Henry Schein, Inc. *
3,181
243,474
Hologic, Inc. *
2,531
189,167
Humana, Inc.
2,956
1,364,578
ICU Medical, Inc. *
234
33,937
IDEXX Laboratories, Inc. *
280
143,195
Insulet Corp. *
23
4,409
Integer Holdings Corp. *
565
48,200
Integra LifeSciences Holdings Corp. *
653
27,779
Intuitive Surgical, Inc. *
1,141
356,768
Laboratory Corp. of America Holdings
1,870
389,147
LivaNova plc *
349
19,387
Masimo Corp. *
318
36,341
McKesson Corp.
1,729
712,901
Medtronic plc
23,003
1,874,744
Merit Medical Systems, Inc. *
359
23,436
ModivCare, Inc. *
286
9,181
Molina Healthcare, Inc. *
826
256,159
Multiplan Corp. *
23,217
39,701
National HealthCare Corp.
233
15,366
Neogen Corp. *
1,208
27,929
NextGen Healthcare, Inc. *
849
15,460
NuVasive, Inc. *
774
30,767
OmniAb, Inc., Class A *(c)
52
0
OmniAb, Inc., Class B *(c)
52
0
Omnicell, Inc. *
386
21,948
SECURITY
NUMBER
OF SHARES
VALUE ($)
OPKO Health, Inc. *
9,844
18,015
Option Care Health, Inc. *
1,088
37,895
Orthofix Medical, Inc. *
684
14,473
Owens & Minor, Inc. *
3,720
62,868
Patterson Cos., Inc.
3,222
96,789
Pediatrix Medical Group, Inc. *
3,881
54,839
Penumbra, Inc. *
23
6,084
Premier, Inc., Class A
2,551
54,923
Quest Diagnostics, Inc.
2,589
340,454
QuidelOrtho Corp. *
594
48,922
RadNet, Inc. *
568
18,977
ResMed, Inc.
646
103,095
Select Medical Holdings Corp.
2,571
75,099
STERIS plc
722
165,764
Stryker Corp.
2,397
679,669
Teladoc Health, Inc. *
735
16,640
Teleflex, Inc.
445
94,669
Tenet Healthcare Corp. *
3,668
284,490
The Cigna Group
7,141
1,972,773
The Cooper Cos., Inc.
359
132,826
The Ensign Group, Inc.
417
41,792
UnitedHealth Group, Inc.
11,150
5,313,867
Universal Health Services, Inc., Class B
2,915
392,650
US Physical Therapy, Inc.
147
14,822
Varex Imaging Corp. *
811
15,952
Veeva Systems, Inc., Class A *
266
55,514
Veradigm, Inc. *
3,653
48,877
Zimmer Biomet Holdings, Inc.
2,511
299,110
Zimvie, Inc. *
1,456
17,181
 
29,209,989
 
Household & Personal Products 1.3%
BellRing Brands, Inc. *
205
8,508
Central Garden & Pet Co., Class A *
960
39,168
Church & Dwight Co., Inc.
2,622
253,731
Colgate-Palmolive Co.
9,538
700,757
Coty, Inc., Class A *
5,155
59,592
Edgewell Personal Care Co.
1,303
50,244
Energizer Holdings, Inc.
1,330
45,685
Herbalife Ltd. *
3,976
59,720
Inter Parfums, Inc.
137
19,143
Kimberly-Clark Corp.
4,703
605,887
Medifast, Inc.
246
20,748
Nu Skin Enterprises, Inc., Class A
2,341
55,926
Reynolds Consumer Products, Inc.
761
20,768
Spectrum Brands Holdings, Inc.
1,631
135,650
The Clorox Co.
1,492
233,423
The Estee Lauder Cos., Inc., Class A
1,474
236,621
The Procter & Gamble Co.
28,488
4,396,838
USANA Health Sciences, Inc. *
551
35,424
WD-40 Co.
127
27,288
 
7,005,121
 
Insurance 3.2%
Aflac, Inc.
13,468
1,004,309
Ambac Financial Group, Inc. *
1,362
17,543
American Equity Investment Life Holding
Co.
2,121
113,855
American Financial Group, Inc.
1,404
162,752
American International Group, Inc.
25,569
1,496,298
AMERISAFE, Inc.
474
24,553
Aon plc, Class A
2,052
684,116
Arch Capital Group Ltd. *
3,598
276,542
Argo Group International Holdings Ltd.
1,033
30,732
Arthur J. Gallagher & Co.
1,132
260,903
Assurant, Inc.
920
128,184
See financial notes
26Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Assured Guaranty Ltd.
2,176
128,036
Axis Capital Holdings Ltd.
1,245
68,301
Brighthouse Financial, Inc. *
330
16,388
Brown & Brown, Inc.
1,641
121,598
Chubb Ltd.
5,973
1,199,796
Cincinnati Financial Corp.
2,707
286,373
CNA Financial Corp.
817
32,133
CNO Financial Group, Inc.
7,979
186,709
Employers Holdings, Inc.
804
31,541
Enstar Group Ltd. *
211
53,444
Everest Group Ltd.
564
203,423
Fidelity National Financial, Inc.
6,626
274,316
First American Financial Corp.
3,600
222,048
Genworth Financial, Inc., Class A *
29,364
170,018
Globe Life, Inc.
1,734
193,462
Horace Mann Educators Corp.
720
20,635
James River Group Holdings Ltd.
928
13,512
Kemper Corp.
1,950
91,591
Lincoln National Corp.
9,632
247,157
Loews Corp.
4,491
278,846
Markel Group, Inc. *
167
246,980
Marsh & McLennan Cos., Inc.
3,843
749,347
MBIA, Inc. *
1,591
12,553
Mercury General Corp.
1,237
35,391
MetLife, Inc.
18,569
1,176,160
Old Republic International Corp.
8,287
226,649
Primerica, Inc.
702
141,074
Principal Financial Group, Inc.
4,839
376,039
ProAssurance Corp.
2,264
40,027
Prudential Financial, Inc.
12,129
1,148,252
Reinsurance Group of America, Inc.
1,448
200,722
RenaissanceRe Holdings Ltd.
532
99,957
RLI Corp.
254
33,406
Safety Insurance Group, Inc.
387
26,653
Selective Insurance Group, Inc.
690
68,455
SiriusPoint Ltd. *
2,080
23,005
Stewart Information Services Corp.
1,246
57,715
The Allstate Corp.
9,320
1,004,789
The Hanover Insurance Group, Inc.
890
94,981
The Hartford Financial Services Group, Inc.
8,150
585,333
The Progressive Corp.
7,036
939,095
The Travelers Cos., Inc.
7,726
1,245,663
United Fire Group, Inc.
683
13,503
Universal Insurance Holdings, Inc.
1,779
22,522
Unum Group
6,380
313,832
W.R. Berkley Corp.
2,516
155,640
White Mountains Insurance Group Ltd.
45
71,491
Willis Towers Watson plc
1,306
270,029
 
17,418,377
 
Materials 3.7%
AdvanSix, Inc.
794
26,265
Air Products and Chemicals, Inc.
2,078
614,028
Albemarle Corp.
655
130,155
Alcoa Corp.
5,337
160,537
Alpha Metallurgical Resources, Inc.
207
41,988
Alto Ingredients, Inc. *
8,705
31,425
American Vanguard Corp.
655
9,052
AptarGroup, Inc.
944
125,137
Arch Resources, Inc.
414
54,068
Ashland, Inc.
806
69,824
ATI, Inc. *
911
41,296
Avery Dennison Corp.
1,081
203,639
Avient Corp.
1,975
79,217
Axalta Coating Systems Ltd. *
3,830
108,389
Balchem Corp.
232
32,596
Ball Corp.
4,791
260,870
SECURITY
NUMBER
OF SHARES
VALUE ($)
Berry Global Group, Inc.
3,122
203,991
Cabot Corp.
1,017
73,692
Carpenter Technology Corp.
1,381
86,492
Celanese Corp.
3,250
410,670
Century Aluminum Co. *
1,789
13,310
CF Industries Holdings, Inc.
2,840
218,879
Clearwater Paper Corp. *
826
31,628
Cleveland-Cliffs, Inc. *
6,433
98,361
Coeur Mining, Inc. *
6,866
16,547
Commercial Metals Co.
2,722
153,221
Compass Minerals International, Inc.
1,132
34,130
Constellium SE *
3,433
61,794
Corteva, Inc.
6,431
324,830
Crown Holdings, Inc.
2,121
196,532
Dow, Inc.
17,163
936,413
DuPont de Nemours, Inc.
13,834
1,063,696
Eagle Materials, Inc.
591
111,888
Eastman Chemical Co.
4,485
381,270
Ecolab, Inc.
2,796
513,933
Ecovyst, Inc. *
1,734
17,756
Element Solutions, Inc.
3,508
72,335
FMC Corp.
1,224
105,545
Freeport-McMoRan, Inc.
16,424
655,482
Glatfelter Corp. *
5,576
11,152
Graphic Packaging Holding Co.
6,226
138,466
Greif, Inc., Class A
719
52,192
H.B. Fuller Co.
964
69,919
Hawkins, Inc.
379
23,570
Hecla Mining Co.
6,395
28,074
Huntsman Corp.
7,123
198,518
Ingevity Corp. *
637
34,328
Innospec, Inc.
457
49,091
International Flavors & Fragrances, Inc.
2,259
159,147
International Paper Co.
16,562
578,345
Kaiser Aluminum Corp.
624
47,374
Knife River Corp. *
1,247
64,171
Koppers Holdings, Inc.
889
34,040
Linde plc
4,662
1,804,380
Livent Corp. *
553
11,873
Louisiana-Pacific Corp.
1,966
122,836
LyondellBasell Industries N.V., Class A
9,306
919,154
Martin Marietta Materials, Inc.
595
265,614
Materion Corp.
359
39,056
Mativ Holdings, Inc.
2,546
41,754
Mercer International, Inc.
2,231
20,280
Minerals Technologies, Inc.
885
54,073
Myers Industries, Inc.
764
14,371
NewMarket Corp.
164
77,021
Newmont Corp.
13,510
532,564
Nucor Corp.
6,134
1,055,661
O-I Glass, Inc. *
6,707
133,201
Olin Corp.
2,516
145,978
Olympic Steel, Inc.
648
34,681
Orion S.A.
1,704
38,544
Packaging Corp. of America
2,012
299,989
Pactiv Evergreen, Inc.
2,824
23,213
PPG Industries, Inc.
4,177
592,131
Quaker Chemical Corp.
118
20,943
Rayonier Advanced Materials, Inc. *
5,510
19,450
Reliance Steel & Aluminum Co.
1,754
499,820
Royal Gold, Inc.
411
46,069
RPM International, Inc.
1,749
174,445
Ryerson Holding Corp.
315
9,809
Schnitzer Steel Industries, Inc., Class A
1,613
53,552
Sealed Air Corp.
3,267
121,075
Sensient Technologies Corp.
779
47,994
Sonoco Products Co.
2,526
145,119
Southern Copper Corp.
1,077
86,871
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report27

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Steel Dynamics, Inc.
4,009
427,319
Stepan Co.
579
50,529
Summit Materials, Inc., Class A *
2,145
80,244
SunCoke Energy, Inc.
4,127
38,381
Sylvamo Corp.
2,267
94,693
The Chemours Co.
4,680
159,214
The Mosaic Co.
6,426
249,650
The Scotts Miracle-Gro Co.
1,227
69,522
The Sherwin-Williams Co.
1,587
431,220
TimkenSteel Corp. *
1,491
32,668
TriMas Corp.
890
23,318
Trinseo plc
3,439
36,213
Tronox Holdings plc
3,833
52,282
United States Steel Corp.
11,592
360,395
Vulcan Materials Co.
1,203
262,555
Warrior Met Coal, Inc.
2,695
106,614
Westlake Corp.
695
91,031
Westrock Co.
14,567
476,487
Worthington Industries, Inc.
1,151
86,636
 
19,839,760
 
Media & Entertainment 6.9%
Activision Blizzard, Inc.
5,982
550,284
Alphabet, Inc., Class A *
46,646
6,351,786
Alphabet, Inc., Class C *
42,323
5,813,064
AMC Entertainment Holdings, Inc.,
Class A *(a)
346
4,345
AMC Networks, Inc., Class A *
3,995
46,502
Bumble, Inc., Class A *
771
12,937
Cable One, Inc.
83
53,997
Cargurus, Inc. *
450
8,150
Cars.com, Inc. *
1,045
19,531
Charter Communications, Inc., Class A *
4,629
2,028,058
Cinemark Holdings, Inc. *
4,348
70,785
Clear Channel Outdoor Holdings, Inc. *
43,402
62,933
Comcast Corp., Class A
116,362
5,441,087
DISH Network Corp., Class A *
17,742
106,452
Electronic Arts, Inc.
3,280
393,534
Fox Corp., Class A
11,158
368,884
Gannett Co., Inc. *
12,055
35,080
Gray Television, Inc.
4,916
39,623
IAC, Inc. *
865
47,860
iHeartMedia, Inc., Class A *
11,227
40,529
John Wiley & Sons, Inc., Class A
1,101
40,913
Liberty Broadband Corp., Class C *
91
8,514
Liberty Media Corp.-Liberty Formula One,
Class C *
770
52,968
Liberty Media Corp.-Liberty Live, Class C *
2,654
89,307
Liberty Media Corp.-Liberty SiriusXM,
Class C *
10,450
255,398
Lions Gate Entertainment Corp., Class A *
5,919
46,878
Madison Square Garden Entertainment
Corp. *
330
10,590
Match Group, Inc. *
1,349
63,228
Meta Platforms, Inc., Class A *
33,538
9,923,559
Netflix, Inc. *
1,382
599,346
News Corp., Class A
10,573
227,214
Nexstar Media Group, Inc., Class A
789
128,449
Omnicom Group, Inc.
4,571
370,297
Paramount Global, Class B
33,234
501,501
Pinterest, Inc., Class A *
1,241
34,115
Roku, Inc. *
366
29,719
Scholastic Corp.
816
35,455
Shutterstock, Inc.
243
10,233
Sinclair, Inc.
1,567
19,776
Sirius XM Holdings, Inc.
12,379
54,468
Sphere Entertainment Co. *
316
11,079
SECURITY
NUMBER
OF SHARES
VALUE ($)
Spotify Technology S.A. *
654
100,696
Taboola.com Ltd. *
2,056
7,710
Take-Two Interactive Software, Inc. *
1,181
167,938
TEGNA, Inc.
5,507
91,031
The E.W. Scripps Co., Class A *
2,008
15,341
The Interpublic Group of Cos., Inc.
6,320
206,095
The New York Times Co., Class A
1,756
77,738
The Trade Desk, Inc., Class A *
290
23,209
The Walt Disney Co. *
24,871
2,081,205
Thryv Holdings, Inc. *
769
15,680
TripAdvisor, Inc. *
2,103
31,776
Warner Bros Discovery, Inc. *
30,814
404,896
WideOpenWest, Inc. *
1,642
13,300
World Wrestling Entertainment, Inc.,
Class A
241
23,269
Yelp, Inc. *
1,713
73,402
Ziff Davis, Inc. *
798
53,187
ZoomInfo Technologies, Inc. *
335
6,037
 
37,400,938
 
Pharmaceuticals, Biotechnology & Life Sciences 5.5%
AbbVie, Inc.
15,706
2,308,154
Agilent Technologies, Inc.
2,104
254,731
Alkermes plc *
768
22,418
Amgen, Inc.
9,355
2,398,061
Avantor, Inc. *
3,661
79,261
Azenta, Inc. *
487
27,481
Biogen, Inc. *
2,903
776,146
BioMarin Pharmaceutical, Inc. *
441
40,299
Bio-Rad Laboratories, Inc., Class A *
156
62,431
Bio-Techne Corp.
541
42,414
Bristol-Myers Squibb Co.
24,625
1,518,131
Bruker Corp.
734
48,150
Catalent, Inc. *
1,561
78,003
Charles River Laboratories International,
Inc. *
352
72,801
Corcept Therapeutics, Inc. *
695
22,747
Danaher Corp.
2,985
791,025
Elanco Animal Health, Inc. *
6,117
74,627
Eli Lilly & Co.
2,501
1,386,054
Emergent BioSolutions, Inc. *
3,303
15,491
Exact Sciences Corp. *
291
24,348
Exelixis, Inc. *
2,522
56,468
Fortrea Holdings, Inc. *
1,857
51,160
Gilead Sciences, Inc.
27,063
2,069,778
Halozyme Therapeutics, Inc. *
207
8,810
Horizon Therapeutics plc *
738
83,202
ICON plc *
485
126,071
Illumina, Inc. *
882
145,724
Incyte Corp. *
759
48,978
Innoviva, Inc. *
1,017
12,967
IQVIA Holdings, Inc. *
2,037
453,497
Jazz Pharmaceuticals plc *
864
123,863
Johnson & Johnson
32,908
5,320,565
Medpace Holdings, Inc. *
113
30,541
Merck & Co., Inc.
27,767
3,026,048
Mettler-Toledo International, Inc. *
124
150,472
Moderna, Inc. *
714
80,732
Myriad Genetics, Inc. *
1,048
18,707
Neurocrine Biosciences, Inc. *
102
11,107
Organon & Co.
7,620
167,335
Perrigo Co., plc
4,785
167,475
Pfizer, Inc.
97,984
3,466,674
Prestige Consumer Healthcare, Inc. *
667
38,906
Regeneron Pharmaceuticals, Inc. *
766
633,091
Repligen Corp. *
43
7,478
Revvity, Inc.
941
110,125
See financial notes
28Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Royalty Pharma plc, Class A
1,888
56,300
Seagen, Inc. *
154
31,735
Supernus Pharmaceuticals, Inc. *
496
15,793
Syneos Health, Inc. *
2,328
99,475
Thermo Fisher Scientific, Inc.
2,287
1,274,088
United Therapeutics Corp. *
441
98,943
Vertex Pharmaceuticals, Inc. *
788
274,492
Viatris, Inc.
42,894
461,111
Waters Corp. *
610
171,288
West Pharmaceutical Services, Inc.
323
131,429
Zoetis, Inc.
2,345
446,746
 
29,513,947
 
Real Estate Management & Development 0.3%
Anywhere Real Estate, Inc. *
16,565
108,667
CBRE Group, Inc., Class A *
5,607
476,875
CoStar Group, Inc. *
903
74,037
Cushman & Wakefield plc *
4,220
38,782
DigitalBridge Group, Inc.
8,424
146,746
Douglas Elliman, Inc.
2,012
5,050
eXp World Holdings, Inc.
555
10,667
Howard Hughes Holdings, Inc. *
386
30,359
Jones Lang LaSalle, Inc. *
1,869
322,963
Kennedy-Wilson Holdings, Inc.
2,531
40,420
Marcus & Millichap, Inc.
535
17,816
Newmark Group, Inc., Class A
3,688
26,148
Opendoor Technologies, Inc. *
6,708
26,161
The RMR Group, Inc., Class A
255
6,446
Zillow Group, Inc., Class C *
1,047
54,612
 
1,385,749
 
Semiconductors & Semiconductor Equipment 4.6%
Advanced Micro Devices, Inc. *
4,825
510,099
Amkor Technology, Inc.
2,678
74,877
Analog Devices, Inc.
2,836
515,528
Applied Materials, Inc.
10,205
1,558,916
Axcelis Technologies, Inc. *
167
32,089
Broadcom, Inc.
3,190
2,944,019
Cirrus Logic, Inc. *
1,023
83,927
Cohu, Inc. *
256
9,572
Diodes, Inc. *
611
50,010
Enphase Energy, Inc. *
57
7,212
Entegris, Inc.
1,045
105,827
First Solar, Inc. *
621
117,444
FormFactor, Inc. *
852
30,093
GLOBALFOUNDRIES, Inc. *
178
9,835
Ichor Holdings Ltd. *
589
21,575
Intel Corp.
209,032
7,345,385
KLA Corp.
889
446,162
Kulicke & Soffa Industries, Inc.
867
44,850
Lam Research Corp.
1,388
974,931
Lattice Semiconductor Corp. *
201
19,549
Magnachip Semiconductor Corp. *
1,034
8,500
Marvell Technology, Inc.
3,410
198,633
Microchip Technology, Inc.
3,593
294,051
Micron Technology, Inc.
27,503
1,923,560
MKS Instruments, Inc.
1,023
102,535
Monolithic Power Systems, Inc.
92
47,951
NVIDIA Corp.
3,907
1,928,300
NXP Semiconductors N.V.
2,872
590,828
ON Semiconductor Corp. *
2,522
248,316
Onto Innovation, Inc. *
249
34,606
Photronics, Inc. *
1,416
33,644
Power Integrations, Inc.
398
33,440
Qorvo, Inc. *
2,472
265,468
QUALCOMM, Inc.
16,057
1,839,008
SECURITY
NUMBER
OF SHARES
VALUE ($)
Semtech Corp. *
1,059
27,693
Silicon Laboratories, Inc. *
327
44,099
Skyworks Solutions, Inc.
3,173
345,032
SMART Global Holdings, Inc. *
1,013
26,166
SolarEdge Technologies, Inc. *
104
16,907
Synaptics, Inc. *
446
39,043
Teradyne, Inc.
1,824
196,755
Texas Instruments, Inc.
9,417
1,582,621
Ultra Clean Holdings, Inc. *
859
30,202
Universal Display Corp.
196
31,862
Wolfspeed, Inc. *
353
16,880
 
24,808,000
 
Software & Services 5.5%
Accenture plc, Class A
5,541
1,794,010
ACI Worldwide, Inc. *
1,751
42,514
Adobe, Inc. *
2,357
1,318,364
Akamai Technologies, Inc. *
2,178
228,886
Alarm.com Holdings, Inc. *
257
15,053
Amdocs Ltd.
2,480
221,216
ANSYS, Inc. *
381
121,489
AppLovin Corp., Class A *
585
25,284
Autodesk, Inc. *
584
129,613
Bentley Systems, Inc., Class B
630
31,443
Black Knight, Inc. *
1,001
75,836
Blackbaud, Inc. *
358
27,247
Cadence Design Systems, Inc. *
805
193,554
Cerence, Inc. *
982
25,630
Check Point Software Technologies Ltd. *
1,358
182,773
Cognizant Technology Solutions Corp.,
Class A
14,435
1,033,690
CommVault Systems, Inc. *
521
35,590
Consensus Cloud Solutions, Inc. *
356
11,367
Dolby Laboratories, Inc., Class A
738
62,339
Dropbox, Inc., Class A *
2,760
76,700
DXC Technology Co. *
10,330
214,244
Ebix, Inc.
1,157
19,322
Envestnet, Inc. *
381
20,814
EPAM Systems, Inc. *
243
62,935
Fair Isaac Corp. *
113
102,219
Fortinet, Inc. *
1,646
99,106
Gartner, Inc. *
327
114,345
Gen Digital, Inc.
9,177
185,834
Globant S.A. *
128
26,172
GoDaddy, Inc., Class A *
946
68,594
Guidewire Software, Inc. *
257
22,213
InterDigital, Inc.
671
58,182
International Business Machines Corp.
20,744
3,045,842
Intuit, Inc.
1,120
606,827
Kyndryl Holdings, Inc. *
29,309
494,736
LiveRamp Holdings, Inc. *
1,779
57,533
Manhattan Associates, Inc. *
284
57,544
Microsoft Corp.
40,752
13,356,875
NCR Corp. *
4,952
152,324
Oracle Corp.
23,670
2,849,631
Palantir Technologies, Inc., Class A *
945
14,156
Palo Alto Networks, Inc. *
643
156,442
Pegasystems, Inc.
411
20,410
Perficient, Inc. *
255
16,266
Progress Software Corp.
457
27,804
PTC, Inc. *
267
39,294
Qualys, Inc. *
151
23,503
Rackspace Technology, Inc. *
4,359
10,898
RingCentral, Inc., Class A *
1,161
35,910
Roper Technologies, Inc.
616
307,421
Salesforce, Inc. *
3,052
675,896
ServiceNow, Inc. *
131
77,137
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report29

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Snowflake, Inc., Class A *
42
6,588
Splunk, Inc. *
567
68,754
SPS Commerce, Inc. *
40
7,445
Synopsys, Inc. *
411
188,604
Teradata Corp. *
1,918
88,746
Twilio, Inc., Class A *
524
33,384
Tyler Technologies, Inc. *
126
50,202
Unisys Corp. *
4,857
19,574
Verint Systems, Inc. *
474
15,353
VeriSign, Inc. *
474
98,492
VMware, Inc., Class A *
2,924
493,513
Workday, Inc., Class A *
200
48,900
Zoom Video Communications, Inc.,
Class A *
565
40,132
 
29,832,714
 
Technology Hardware & Equipment 7.3%
ADTRAN Holdings, Inc.
1,079
9,225
Advanced Energy Industries, Inc.
387
45,693
Amphenol Corp., Class A
4,446
392,937
Apple Inc.
121,948
22,910,379
Arista Networks, Inc. *
720
140,566
Arrow Electronics, Inc. *
3,740
499,028
Avnet, Inc.
9,190
466,393
Badger Meter, Inc.
189
31,389
Belden, Inc.
651
61,129
Benchmark Electronics, Inc.
2,660
68,468
CDW Corp.
1,610
339,952
Ciena Corp. *
2,419
120,902
Cisco Systems, Inc.
90,177
5,171,651
Cognex Corp.
1,326
62,428
Coherent Corp. *
1,651
62,127
CommScope Holding Co., Inc. *
9,464
31,610
Comtech Telecommunications Corp.
1,470
14,774
Corning, Inc.
19,110
627,190
Crane NXT Co.
710
42,146
CTS Corp.
424
18,932
ePlus, Inc. *
778
51,644
F5, Inc. *
976
159,732
Fabrinet *
448
72,025
Flex Ltd. *
14,121
389,598
Hewlett Packard Enterprise Co.
68,869
1,170,084
HP, Inc.
30,763
913,969
Insight Enterprises, Inc. *
903
144,561
IPG Photonics Corp. *
576
62,415
Itron, Inc. *
706
48,297
Jabil, Inc.
3,824
437,542
Juniper Networks, Inc.
8,897
259,081
Keysight Technologies, Inc. *
794
105,840
Knowles Corp. *
2,025
32,461
Littelfuse, Inc.
262
69,975
Lumentum Holdings, Inc. *
819
44,332
Methode Electronics, Inc.
881
28,412
Motorola Solutions, Inc.
982
278,466
National Instruments Corp.
1,594
95,002
NetApp, Inc.
4,775
366,243
NETGEAR, Inc. *
1,670
22,011
NetScout Systems, Inc. *
1,601
45,837
Novanta, Inc. *
115
19,203
OSI Systems, Inc. *
339
46,223
PC Connection, Inc.
645
34,262
Plexus Corp. *
764
77,584
Pure Storage, Inc., Class A *
461
16,868
Rogers Corp. *
241
34,827
Sanmina Corp. *
2,750
153,175
ScanSource, Inc. *
1,905
62,446
Seagate Technology Holdings plc
6,574
465,373
SECURITY
NUMBER
OF SHARES
VALUE ($)
Stratasys Ltd. *
1,145
16,832
Super Micro Computer, Inc. *
677
186,229
TD SYNNEX Corp.
843
85,775
TE Connectivity Ltd.
4,248
562,393
Teledyne Technologies, Inc. *
273
114,196
Trimble, Inc. *
2,193
120,154
TTM Technologies, Inc. *
4,623
68,883
ViaSat, Inc. *
1,555
43,136
Viavi Solutions, Inc. *
2,803
29,291
Vishay Intertechnology, Inc.
4,064
111,516
Vontier Corp.
3,269
102,679
Western Digital Corp. *
14,994
674,730
Xerox Holdings Corp.
11,906
189,186
Zebra Technologies Corp., Class A *
482
132,555
 
39,261,962
 
Telecommunication Services 2.6%
AT&T, Inc.
404,244
5,978,769
ATN International, Inc.
349
12,518
Cogent Communications Holdings, Inc.
467
32,961
Consolidated Communications Holdings,
Inc. *
7,567
29,890
EchoStar Corp., Class A *
2,072
36,011
Frontier Communications Parent, Inc. *
2,733
43,783
GCI Liberty, Inc. *(c)
188
34
Iridium Communications, Inc.
550
26,922
Liberty Global plc, Class C *
25,350
502,944
Liberty Latin America Ltd., Class A *
635
5,677
Liberty Latin America Ltd., Class C *
10,643
95,361
Lumen Technologies, Inc. *
208,511
331,532
Shenandoah Telecommunications Co.
1,289
29,312
Telephone and Data Systems, Inc.
12,577
270,280
T-Mobile US, Inc. *
6,135
835,894
Verizon Communications, Inc.
166,147
5,811,822
 
14,043,710
 
Transportation 2.1%
Air Transport Services Group, Inc. *
1,644
35,445
Alaska Air Group, Inc. *
908
38,109
American Airlines Group, Inc. *
6,035
88,895
ArcBest Corp.
799
84,366
Avis Budget Group, Inc. *
922
196,745
C.H. Robinson Worldwide, Inc.
3,358
303,664
Costamare, Inc.
1,543
15,908
Covenant Logistics Group, Inc.
427
20,996
CSX Corp.
36,398
1,099,220
Danaos Corp.
250
16,780
Daseke, Inc. *
8,441
44,737
Delta Air Lines, Inc.
4,273
183,226
Expeditors International of Washington,
Inc.
2,853
332,974
FedEx Corp.
7,212
1,882,476
Forward Air Corp.
449
31,798
Genco Shipping & Trading Ltd.
431
5,892
Golden Ocean Group Ltd.
2,591
18,940
GXO Logistics, Inc. *
2,306
147,515
Heartland Express, Inc.
1,357
20,477
Hub Group, Inc., Class A *
1,029
80,303
J.B. Hunt Transport Services, Inc.
1,269
238,420
JetBlue Airways Corp. *
4,925
29,156
Kirby Corp. *
955
79,103
Knight-Swift Transportation Holdings, Inc.
3,374
184,963
Landstar System, Inc.
739
140,269
Lyft, Inc., Class A *
2,367
27,883
Marten Transport Ltd.
1,339
28,119
Matson, Inc.
234
20,564
See financial notes
30Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Norfolk Southern Corp.
4,182
857,352
Old Dominion Freight Line, Inc.
700
299,159
RXO, Inc. *
3,120
56,410
Ryder System, Inc.
2,895
291,526
Saia, Inc. *
239
101,862
Schneider National, Inc., Class B
1,928
55,738
SkyWest, Inc. *
1,162
52,406
Southwest Airlines Co.
4,560
144,096
Spirit Airlines, Inc.
784
12,936
Star Bulk Carriers Corp.
601
10,572
Uber Technologies, Inc. *
4,098
193,548
U-Haul Holding Co.,Non Voting
1,341
71,395
Union Pacific Corp.
10,067
2,220,478
United Airlines Holdings, Inc. *
2,833
141,112
United Parcel Service, Inc., Class B
7,437
1,259,828
Werner Enterprises, Inc.
2,265
94,247
XPO, Inc. *
2,198
164,037
ZIM Integrated Shipping Services Ltd. (a)
4,155
50,151
 
11,473,796
 
Utilities 3.1%
ALLETE, Inc.
1,154
63,355
Alliant Energy Corp.
3,623
181,766
Ameren Corp.
3,937
312,086
American Electric Power Co., Inc.
8,821
691,566
American States Water Co.
280
23,579
American Water Works Co., Inc.
1,639
227,395
Atlantica Sustainable Infrastructure plc
1,478
33,181
Atmos Energy Corp.
1,560
180,882
Avangrid, Inc.
1,348
46,506
Avista Corp.
1,708
56,859
Black Hills Corp.
1,338
73,590
California Water Service Group
542
27,236
CenterPoint Energy, Inc.
10,771
300,403
Chesapeake Utilities Corp.
190
20,919
Clearway Energy, Inc., Class C
1,143
28,312
CMS Energy Corp.
4,923
276,623
Consolidated Edison, Inc.
7,041
626,367
Constellation Energy Corp.
2,020
210,403
Dominion Energy, Inc.
15,618
758,098
DTE Energy Co.
3,563
368,343
Duke Energy Corp.
15,505
1,376,844
Edison International
7,449
512,864
Entergy Corp.
4,271
406,813
Essential Utilities, Inc.
1,769
65,276
Evergy, Inc.
6,302
346,421
Eversource Energy
5,624
358,924
Exelon Corp.
23,872
957,745
FirstEnergy Corp.
13,230
477,206
Hawaiian Electric Industries, Inc.
2,217
31,082
IDACORP, Inc.
728
69,772
MGE Energy, Inc.
423
30,638
National Fuel Gas Co.
1,486
79,858
New Jersey Resources Corp.
1,401
59,080
NextEra Energy, Inc.
16,293
1,088,372
NiSource, Inc.
7,238
193,689
Northwest Natural Holding Co.
650
25,532
NorthWestern Corp.
1,262
63,605
NRG Energy, Inc.
8,008
300,700
OGE Energy Corp.
3,870
131,774
ONE Gas, Inc.
921
66,745
Ormat Technologies, Inc.
416
31,591
Otter Tail Corp.
552
45,468
PG&E Corp. *
9,835
160,311
Pinnacle West Capital Corp.
2,863
221,224
PNM Resources, Inc.
1,548
68,592
Portland General Electric Co.
2,022
88,685
SECURITY
NUMBER
OF SHARES
VALUE ($)
PPL Corp.
20,691
515,620
Public Service Enterprise Group, Inc.
8,702
531,518
ReNew Energy Global PLC, Class A *
1,512
9,223
Sempra
7,528
528,616
SJW Group
275
18,084
Southwest Gas Holdings, Inc.
1,592
98,593
Spire, Inc.
1,067
62,323
The AES Corp.
15,499
277,897
The Southern Co.
18,637
1,262,284
UGI Corp.
6,675
168,076
Unitil Corp.
336
16,404
Vistra Corp.
14,820
465,644
WEC Energy Group, Inc.
4,435
373,072
Xcel Energy, Inc.
8,588
490,632
 
16,584,266
Total Common Stocks
(Cost $433,399,096)
538,719,073
INVESTMENT COMPANIES 0.0% OF NET ASSETS
 
Equity Funds 0.0%
iShares Core S&P Total U.S. Stock Market
ETF
4,000
397,640
Total Investment Companies
(Cost $359,248)
397,640
 
 
 
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (e)
277,417
277,417
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (e)(f)
168,328
168,328
 
445,745
Total Short-Term Investments
(Cost $445,745)
445,745
Total Investments in Securities
(Cost $434,204,089)
539,562,458
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
09/15/23
6
1,354,800
17,989
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$166,217.
(b)
On October 15, 2023, the issuer filed for bankruptcy.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
Issuer is affiliated with the fund’s investment adviser.
(e)
The rate shown is the annualized 7-day yield.
(f)
Security purchased with cash collateral received for securities on loan.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report31

Schwab Fundamental U.S. Broad Market Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
ETF —
Exchange-traded fund
REIT —
Real Estate Investment Trust
Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2023:
SECURITY
VALUE AT
2/28/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
8/31/23
BALANCE
OF SHARES
HELD AT
8/31/23
DIVIDENDS
RECEIVED
COMMON STOCKS 0.1% OF NET ASSETS
 
Financial Services 0.1%
The Charles Schwab Corp.
$446,326
$86,913
($8,354
)
($15
)
($104,313
)
$420,557
7,110
$3,279

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$454,211,284
$
$
$454,211,284
Financial Services
41,234,268
19,822
41,254,090
Health Care Equipment & Services
29,209,989
0
*
29,209,989
Telecommunication Services
14,043,676
34
14,043,710
Investment Companies1
397,640
397,640
Short-Term Investments1
445,745
445,745
Futures Contracts2
17,989
17,989
Total
$539,560,591
$—
$19,856
$539,580,447
*
Level 3 amount shown includes securities determined to have no value at August 31, 2023.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
Fund investments in mutual funds and ETFs are classified as Level 1, without consideration to the classification level of the
underlying securities held by the mutual funds and ETFs, which could be Level 1, Level 2 or Level 3.
See financial notes
32Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Broad Market Index ETF
Statement of Assets and Liabilities
As of August 31, 2023; unaudited
Assets
Investments in securities, at value - affiliated (cost $369,055)
 
$420,557
Investments in securities, at value - unaffiliated (cost $433,835,034) including securities on loan of $166,217
 
539,141,901
Cash
 
4,231
Deposit with broker for futures contracts
 
77,200
Receivables:
 
Fund shares sold
 
2,874,858
Dividends
 
1,168,389
Investments sold
 
10,694
Income from securities on loan
+
6,968
Total assets
 
543,704,798
 
Liabilities
Collateral held for securities on loan
 
168,328
Payables:
 
Investments bought
 
2,947,179
Management fees
 
112,979
Variation margin on futures contracts
+
3,187
Total liabilities
 
3,231,673
Net assets
 
$540,473,125
 
Net Assets by Source
Capital received from investors
 
$450,869,072
Total distributable earnings
+
89,604,053
Net assets
 
$540,473,125
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$540,473,125
 
9,400,000
$57.50
 
 
 
 
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report33

Schwab Fundamental U.S. Broad Market Index ETF
Statement of Operations
For the period March 1, 2023 through August 31, 2023; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $3,743)
 
$5,849,967
Dividends received from securities - affiliated
 
3,279
Securities on loan, net
+
18,233
Total investment income
 
5,871,479
 
Expenses
Management fees
 
628,382
Total expenses
628,382
Net investment income
 
5,243,097
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated
 
(2,086
)
Net realized losses on sales of securities - unaffiliated
 
(2,205,084
)
Net realized gains on sales of in-kind redemptions - affiliated
 
2,071
Net realized gains on sales of in-kind redemptions - unaffiliated
 
7,459,501
Net realized gains on futures contracts
+
45,935
Net realized gains
 
5,300,337
Net change in unrealized appreciation (depreciation) on securities - affiliated
 
(104,313
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
22,561,083
Net change in unrealized appreciation (depreciation) on futures contracts
+
29,751
Net change in unrealized appreciation (depreciation)
+
22,486,521
Net realized and unrealized gains
 
27,786,858
Increase in net assets resulting from operations
 
$33,029,955
See financial notes
34Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Broad Market Index ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
3/1/23-8/31/23
3/1/22-2/28/23
Net investment income
 
$5,243,097
$9,113,094
Net realized gains
 
5,300,337
16,436,928
Net change in unrealized appreciation (depreciation)
+
22,486,521
(31,684,296
)
Increase (decrease) in net assets resulting from operations
 
$33,029,955
($6,134,274
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($4,679,250
)
($8,668,580
)
TRANSACTIONS IN FUND SHARES
 
3/1/23-8/31/23
3/1/22-2/28/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
700,000
$39,375,122
2,300,000
$122,514,839
Shares redeemed
+
(250,000
)
(13,532,622
)
(900,000
)
(46,772,595
)
Net transactions in fund shares
 
450,000
$25,842,500
1,400,000
$75,742,244
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/23-8/31/23
3/1/22-2/28/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
8,950,000
$486,279,920
7,550,000
$425,340,530
Total increase
+
450,000
54,193,205
1,400,000
60,939,390
End of period
 
9,400,000
$540,473,125
8,950,000
$486,279,920
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report35

Schwab Fundamental U.S. Large Company Index ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
3/1/23–
8/31/23*
3/1/22–
2/28/23
3/1/21–
2/28/22
3/1/20–
2/28/21
3/1/19–
2/29/20
3/1/18–
2/28/19
Per-Share Data
Net asset value at beginning of period
$54.91
$56.98
$48.49
$37.67
$37.83
$37.20
Income (loss) from investment operations:
Net investment income (loss)1
0.59
1.12
1.02
0.98
0.99
0.87
Net realized and unrealized gains (losses)
3.41
(2.09
)
8.43
10.88
(0.20
)
0.57
Total from investment operations
4.00
(0.97
)
9.45
11.86
0.79
1.44
Less distributions:
Distributions from net investment income
(0.54
)
(1.10
)
(0.96
)
(1.04
)
(0.95
)
(0.81
)
Net asset value at end of period
$58.37
$54.91
$56.98
$48.49
$37.67
$37.83
Total return
7.35
%2
(1.61
%)
19.61
%
32.40
%
1.98
%
3.92
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.25
%3
0.25
%4
0.25
%
0.25
%
0.25
%
0.25
%
Net investment income (loss)
2.11
%3
2.07
%
1.84
%
2.49
%
2.47
%
2.33
%
Portfolio turnover rate5
5
%2
12
%
11
%
13
%
12
%
11
%
Net assets, end of period (x 1,000,000)
$11,899
$10,373
$9,889
$5,863
$5,558
$4,596
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Not annualized.
3
Annualized.
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.
See financial notes
36Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (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 [email protected]. 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 99.7% OF NET ASSETS
 
Automobiles & Components 1.5%
Adient plc *
76,565
2,999,051
Aptiv plc *
95,979
9,737,070
Autoliv, Inc.
55,367
5,403,819
BorgWarner, Inc.
181,566
7,398,814
Dana, Inc.
190,922
3,075,753
Ford Motor Co.
3,512,684
42,608,857
General Motors Co.
1,834,437
61,471,984
Gentex Corp.
144,304
4,712,969
Harley-Davidson, Inc.
82,834
2,795,647
Lear Corp.
70,343
10,135,723
Phinia, Inc. *
36,190
1,006,082
Tesla, Inc. *
54,734
14,125,751
The Goodyear Tire & Rubber Co. *
555,997
7,177,921
Thor Industries, Inc.
48,956
5,131,568
 
177,781,009
 
Banks 6.2%
Bank of America Corp.
4,074,052
116,803,071
Citigroup, Inc.
2,691,569
111,134,884
Citizens Financial Group, Inc.
312,096
8,779,260
Comerica, Inc.
109,369
5,261,743
Credicorp Ltd.
38,873
5,497,808
East West Bancorp, Inc.
41,135
2,276,411
Fifth Third Bancorp
386,856
10,271,027
First Horizon Corp.
150,999
1,895,037
Huntington Bancshares, Inc.
519,318
5,759,237
JPMorgan Chase & Co.
1,584,383
231,842,764
KeyCorp
602,744
6,829,090
M&T Bank Corp.
83,486
10,439,924
New York Community Bancorp, Inc.
344,323
4,228,286
Popular, Inc.
47,460
3,240,569
Regions Financial Corp.
384,471
7,051,198
Synovus Financial Corp.
64,647
2,001,471
The PNC Financial Services Group, Inc.
205,038
24,754,238
Truist Financial Corp.
518,012
15,825,267
U.S. Bancorp
880,128
32,151,076
Wells Fargo & Co.
3,174,931
131,092,901
Zions Bancorp NA
121,949
4,329,189
 
741,464,451
 
Capital Goods 7.1%
3M Co.
349,766
37,309,539
A.O. Smith Corp.
49,000
3,552,500
Acuity Brands, Inc.
20,596
3,321,723
AECOM
64,965
5,700,679
AerCap Holdings N.V. *
58,302
3,586,739
AGCO Corp.
35,324
4,575,518
Air Lease Corp.
59,089
2,408,468
Allegion plc
24,505
2,788,914
Allison Transmission Holdings, Inc.
95,319
5,762,034
AMETEK, Inc.
40,438
6,450,265
SECURITY
NUMBER
OF SHARES
VALUE ($)
Boise Cascade Co.
39,441
4,313,662
Carlisle Cos., Inc.
17,807
4,683,597
Carrier Global Corp.
312,476
17,951,746
Caterpillar, Inc.
183,074
51,467,594
Cummins, Inc.
81,837
18,825,783
Curtiss-Wright Corp.
14,509
3,017,727
Deere & Co.
60,003
24,657,633
Donaldson Co., Inc.
42,517
2,715,561
Dover Corp.
45,035
6,678,690
Eaton Corp. plc
144,270
33,235,480
EMCOR Group, Inc.
29,340
6,579,495
Emerson Electric Co.
231,257
22,721,000
Fastenal Co.
140,390
8,083,656
Flowserve Corp.
69,360
2,744,575
Fluor Corp. *
95,520
3,342,245
Fortive Corp.
58,847
4,640,086
Fortune Brands Innovations, Inc.
76,586
5,285,966
General Dynamics Corp.
108,428
24,574,122
General Electric Co.
465,954
53,333,095
Graco, Inc.
32,976
2,603,125
Hexcel Corp.
36,201
2,653,533
Honeywell International, Inc.
222,075
41,736,775
Howmet Aerospace, Inc.
129,549
6,408,789
Hubbell, Inc.
15,144
4,937,701
Huntington Ingalls Industries, Inc.
24,597
5,419,211
IDEX Corp.
14,439
3,268,990
Illinois Tool Works, Inc.
87,399
21,618,143
Ingersoll Rand, Inc.
45,184
3,145,258
ITT, Inc.
30,349
3,104,096
Johnson Controls International plc
270,013
15,946,968
L3Harris Technologies, Inc.
74,278
13,228,169
Lennox International, Inc.
9,893
3,727,781
Lincoln Electric Holdings, Inc.
16,829
3,238,909
Lockheed Martin Corp.
79,613
35,694,489
Masco Corp.
109,799
6,479,239
MasTec, Inc. *
32,459
3,229,346
MDU Resources Group, Inc.
119,029
2,423,430
MSC Industrial Direct Co., Inc., Class A
29,945
3,056,187
Mueller Industries, Inc.
29,590
2,283,164
Nordson Corp.
10,515
2,567,132
Northrop Grumman Corp.
47,425
20,539,293
nVent Electric plc
60,522
3,421,914
Oshkosh Corp.
55,523
5,764,953
Otis Worldwide Corp.
69,518
5,947,265
Owens Corning
61,317
8,824,129
PACCAR, Inc.
223,868
18,422,098
Parker-Hannifin Corp.
35,243
14,692,807
Pentair plc
73,108
5,136,568
Quanta Services, Inc.
41,135
8,633,002
Regal Rexnord Corp.
22,562
3,659,331
Resideo Technologies, Inc. *
117,190
1,975,823
Rockwell Automation, Inc.
27,746
8,658,972
RTX Corp.
344,192
29,614,280
Sensata Technologies Holding plc
67,270
2,530,697
Snap-on, Inc.
23,252
6,245,487
Spirit AeroSystems Holdings, Inc.,
Class A
112,047
2,388,842
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report37

Schwab Fundamental U.S. Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Stanley Black & Decker, Inc.
118,664
11,199,508
Textron, Inc.
112,084
8,710,048
The Boeing Co. *
200,837
44,993,513
The Middleby Corp. *
15,293
2,226,508
The Timken Co.
30,848
2,357,404
The Toro Co.
25,185
2,576,929
Trane Technologies plc
54,108
11,106,208
TransDigm Group, Inc. *
11,776
10,643,738
Triton International Ltd.
30,254
2,538,613
UFP Industries, Inc.
39,093
4,079,355
United Rentals, Inc.
30,452
14,511,596
W.W. Grainger, Inc.
12,768
9,118,140
Watsco, Inc.
11,087
4,041,766
WESCO International, Inc.
24,015
3,886,828
Westinghouse Air Brake Technologies
Corp.
50,165
5,644,566
Xylem, Inc.
42,711
4,422,297
 
849,591,005
 
Commercial & Professional Services 1.1%
ABM Industries, Inc.
57,941
2,631,680
ASGN, Inc. *
25,923
2,129,834
Automatic Data Processing, Inc.
70,032
17,830,848
Booz Allen Hamilton Holding Corp.,
Class A
39,806
4,510,418
Broadridge Financial Solutions, Inc.
26,846
4,998,994
CACI International, Inc., Class A *
10,029
3,289,612
Cintas Corp.
16,359
8,247,717
Concentrix Corp.
16,414
1,310,330
Copart, Inc. *
77,905
3,492,481
Equifax, Inc.
17,131
3,540,978
Genpact Ltd.
65,306
2,437,873
Jacobs Solutions, Inc.
55,401
7,469,163
KBR, Inc.
42,086
2,589,131
Leidos Holdings, Inc.
74,922
7,305,644
ManpowerGroup, Inc.
94,751
7,473,011
Maximus, Inc.
37,018
2,991,795
Paychex, Inc.
59,027
7,214,870
Republic Services, Inc.
52,217
7,526,036
Robert Half International, Inc.
64,273
4,753,631
Science Applications International
Corp.
29,196
3,435,201
SS&C Technologies Holdings, Inc.
61,579
3,535,866
TransUnion
37,104
3,013,587
Verisk Analytics, Inc.
23,423
5,673,519
Waste Management, Inc.
106,295
16,664,930
 
134,067,149
 
Consumer Discretionary Distribution & Retail 4.3%
Academy Sports & Outdoors, Inc.
36,357
1,984,001
Advance Auto Parts, Inc.
39,200
2,697,744
Amazon.com, Inc. *
1,130,514
156,022,237
Asbury Automotive Group, Inc. *
12,458
2,865,340
AutoNation, Inc. *
41,409
6,504,940
AutoZone, Inc. *
2,358
5,968,876
Bath & Body Works, Inc.
118,828
4,381,188
Best Buy Co., Inc.
265,088
20,265,978
Big Lots, Inc. (a)
220,825
1,369,115
Burlington Stores, Inc. *
14,325
2,324,374
CarMax, Inc. *
107,743
8,800,448
Dick's Sporting Goods, Inc.
32,794
3,815,254
eBay, Inc.
416,376
18,645,317
Foot Locker, Inc.
121,330
2,380,495
Genuine Parts Co.
45,982
7,068,813
Group 1 Automotive, Inc.
18,685
4,940,688
Kohl's Corp.
449,587
11,976,998
SECURITY
NUMBER
OF SHARES
VALUE ($)
Lithia Motors, Inc.
20,972
6,459,795
LKQ Corp.
124,979
6,565,147
Lowe’s Cos., Inc.
203,664
46,940,479
Macy's, Inc.
436,251
5,335,350
Murphy USA, Inc.
15,010
4,767,776
Nordstrom, Inc.
152,893
2,479,924
O'Reilly Automotive, Inc. *
13,928
13,088,142
Penske Automotive Group, Inc.
20,050
3,294,215
Pool Corp.
6,852
2,505,091
Qurate Retail, Inc. *
3,710,616
2,875,727
Ross Stores, Inc.
86,497
10,536,200
The Gap, Inc.
351,924
4,075,280
The Home Depot, Inc.
281,497
92,978,459
The ODP Corp. *
78,504
3,871,817
The TJX Cos., Inc.
319,166
29,516,472
Tractor Supply Co.
27,774
6,068,619
Ulta Beauty, Inc. *
9,087
3,771,378
Williams-Sonoma, Inc.
31,685
4,473,922
 
511,615,599
 
Consumer Durables & Apparel 1.7%
Brunswick Corp.
44,944
3,555,969
Capri Holdings Ltd. *
74,836
3,928,142
Carter's, Inc.
35,596
2,547,606
D.R. Horton, Inc.
169,421
20,164,487
Deckers Outdoor Corp. *
6,824
3,610,510
Garmin Ltd.
24,537
2,601,413
Hanesbrands, Inc.
607,083
3,187,186
Hasbro, Inc.
61,965
4,461,480
KB Home
71,604
3,637,483
Leggett & Platt, Inc.
95,054
2,680,523
Lennar Corp., Class A
167,348
19,929,473
Lululemon Athletica, Inc. *
13,021
4,964,386
M.D.C. Holdings, Inc.
56,256
2,669,347
Meritage Homes Corp.
30,694
4,267,694
Mohawk Industries, Inc. *
64,700
6,559,933
Newell Brands, Inc.
337,604
3,571,850
NIKE, Inc., Class B
263,601
26,810,858
NVR, Inc. *
1,397
8,909,130
Polaris, Inc.
30,760
3,447,888
PulteGroup, Inc.
200,445
16,448,517
PVH Corp.
76,774
6,418,306
Ralph Lauren Corp.
27,936
3,258,176
Skechers U.S.A., Inc., Class A *
58,773
2,956,870
Tapestry, Inc.
116,279
3,874,416
Taylor Morrison Home Corp. *
96,204
4,560,070
Tempur Sealy International, Inc.
63,111
2,948,546
Toll Brothers, Inc.
83,937
6,876,958
Tri Pointe Homes, Inc. *
133,277
4,144,915
VF Corp.
294,734
5,823,944
Whirlpool Corp.
72,308
10,120,228
 
198,936,304
 
Consumer Services 1.9%
Aramark
121,342
4,511,496
Booking Holdings, Inc. *
10,852
33,695,786
Carnival Corp. *
1,023,087
16,185,236
Chipotle Mexican Grill, Inc. *
2,205
4,248,241
Darden Restaurants, Inc.
37,095
5,768,644
Domino’s Pizza, Inc.
12,670
4,908,358
Expedia Group, Inc. *
35,926
3,894,019
H&R Block, Inc.
64,082
2,561,998
Hilton Worldwide Holdings, Inc.
45,963
6,832,400
Las Vegas Sands Corp.
154,862
8,495,729
Marriott International, Inc., Class A
51,584
10,497,860
McDonald’s Corp.
169,909
47,769,915
See financial notes
38Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
MGM Resorts International
190,333
8,370,845
Penn Entertainment, Inc. *
70,436
1,668,629
Royal Caribbean Cruises Ltd. *
92,003
9,102,777
Service Corp. International
40,452
2,552,926
Starbucks Corp.
369,194
35,974,263
Travel & Leisure Co.
61,027
2,453,285
Vail Resorts, Inc.
10,089
2,283,343
Wynn Resorts Ltd.
32,907
3,336,112
Yum! Brands, Inc.
90,666
11,730,367
 
226,842,229
 
Consumer Staples Distribution & Retail 3.3%
BJ's Wholesale Club Holdings, Inc. *
25,047
1,687,917
Casey's General Stores, Inc.
21,981
5,372,376
Costco Wholesale Corp.
122,566
67,323,053
Dollar General Corp.
80,686
11,175,011
Dollar Tree, Inc. *
69,473
8,500,716
Performance Food Group Co. *
94,288
5,858,113
SpartanNash Co.
91,964
2,001,137
Sprouts Farmers Market, Inc. *
83,195
3,393,524
Sysco Corp.
193,286
13,462,370
Target Corp.
299,684
37,925,010
The Kroger Co.
771,028
35,767,989
United Natural Foods, Inc. *
79,545
1,601,241
US Foods Holding Corp. *
214,436
8,669,648
Walgreens Boots Alliance, Inc.
1,383,242
35,009,855
Walmart, Inc.
933,053
151,723,748
 
389,471,708
 
Energy 7.1%
Antero Resources Corp. *
80,223
2,219,770
APA Corp.
122,049
5,350,628
Baker Hughes Co.
620,160
22,443,590
Cheniere Energy, Inc.
31,886
5,203,795
Chevron Corp.
919,931
148,200,884
CNX Resources Corp. *
124,068
2,772,920
ConocoPhillips
441,561
52,559,006
Delek US Holdings, Inc.
79,771
2,054,103
Devon Energy Corp.
135,362
6,915,645
Diamondback Energy, Inc.
20,737
3,147,462
EOG Resources, Inc.
180,654
23,235,717
Equitrans Midstream Corp.
306,815
2,945,424
Exxon Mobil Corp.
2,065,656
229,680,291
Halliburton Co.
276,448
10,676,422
Helmerich & Payne, Inc.
67,377
2,694,406
Hess Corp.
33,306
5,145,777
HF Sinclair Corp.
143,002
7,877,980
Kinder Morgan, Inc.
1,194,625
20,571,443
Marathon Oil Corp.
316,448
8,338,405
Marathon Petroleum Corp.
354,775
50,651,227
Murphy Oil Corp.
75,758
3,439,413
NOV, Inc.
204,233
4,315,443
Occidental Petroleum Corp.
256,396
16,099,105
ONEOK, Inc.
188,024
12,259,165
Ovintiv, Inc.
106,918
5,020,869
PBF Energy, Inc., Class A
100,740
4,723,699
Peabody Energy Corp.
95,233
2,055,128
Phillips 66
465,384
53,128,237
Pioneer Natural Resources Co.
44,495
10,586,695
Schlumberger N.V.
477,252
28,138,778
Southwestern Energy Co. *
269,686
1,828,471
Targa Resources Corp.
70,128
6,048,540
TechnipFMC plc
231,313
4,404,200
The Williams Cos., Inc.
456,573
15,765,466
Valero Energy Corp.
386,873
50,254,803
SECURITY
NUMBER
OF SHARES
VALUE ($)
World Fuel Services Corp.
391,026
8,563,469
 
839,316,376
 
Equity Real Estate Investment Trusts (REITs) 1.7%
Alexandria Real Estate Equities, Inc.
25,245
2,937,003
American Tower Corp.
66,069
11,979,631
AvalonBay Communities, Inc.
32,876
6,043,266
Boston Properties, Inc.
83,976
5,607,078
Brixmor Property Group, Inc.
124,460
2,735,631
Camden Property Trust
21,174
2,278,746
Crown Castle, Inc.
90,283
9,073,441
Digital Realty Trust, Inc.
69,960
9,215,131
Equinix, Inc.
13,469
10,524,407
Equity Residential
99,557
6,454,280
Essex Property Trust, Inc.
15,572
3,712,209
Extra Space Storage, Inc.
28,913
3,720,525
Gaming & Leisure Properties, Inc.
48,927
2,319,140
Healthpeak Properties, Inc.
165,369
3,403,294
Host Hotels & Resorts, Inc.
358,040
5,653,452
Invitation Homes, Inc.
95,743
3,263,879
Iron Mountain, Inc.
106,170
6,746,042
Kimco Realty Corp.
137,085
2,596,390
Lamar Advertising Co., Class A
25,846
2,357,672
Medical Properties Trust, Inc.
206,703
1,492,396
Mid-America Apartment Communities,
Inc.
24,015
3,487,698
Omega Healthcare Investors, Inc.
77,082
2,452,749
Park Hotels & Resorts, Inc.
255,095
3,272,869
Prologis, Inc.
82,120
10,199,304
Public Storage
20,171
5,574,861
Realty Income Corp.
57,444
3,219,162
Regency Centers Corp.
43,259
2,690,710
SBA Communications Corp.
8,258
1,854,169
Service Properties Trust
354,372
2,927,113
Simon Property Group, Inc.
107,005
12,143,997
SL Green Realty Corp. (a)
82,953
3,256,735
Sun Communities, Inc.
18,336
2,244,693
UDR, Inc.
63,293
2,525,391
Ventas, Inc.
193,023
8,431,245
VICI Properties, Inc.
69,069
2,130,088
Vornado Realty Trust
182,468
4,382,881
Welltower, Inc.
142,573
11,816,450
Weyerhaeuser Co.
361,159
11,827,957
WP Carey, Inc.
34,393
2,237,265
 
198,788,950
 
Financial Services 7.8%
Affiliated Managers Group, Inc.
25,091
3,362,445
AGNC Investment Corp.
263,016
2,606,489
Ally Financial, Inc.
456,661
12,644,943
American Express Co.
234,579
37,061,136
Ameriprise Financial, Inc.
43,768
14,775,201
Annaly Capital Management, Inc.
157,894
3,200,511
Apollo Global Management, Inc.
31,917
2,787,631
Berkshire Hathaway, Inc., Class B *
771,990
278,070,798
BlackRock, Inc.
38,041
26,649,242
Blackstone, Inc.
102,696
10,923,773
Bread Financial Holdings, Inc.
142,097
5,340,005
Capital One Financial Corp.
404,867
41,454,332
Cboe Global Markets, Inc.
19,706
2,950,185
Chimera Investment Corp.
343,168
2,076,166
CME Group, Inc.
55,624
11,273,872
Coinbase Global, Inc., Class A *
17,718
1,410,353
Discover Financial Services
213,773
19,254,534
Equitable Holdings, Inc.
147,358
4,243,910
Evercore, Inc., Class A
27,002
3,781,630
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report39

Schwab Fundamental U.S. Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Fidelity National Information Services,
Inc.
212,946
11,895,164
Fiserv, Inc. *
85,206
10,343,156
FleetCor Technologies, Inc. *
24,698
6,711,188
Franklin Resources, Inc.
275,650
7,370,881
Global Payments, Inc.
75,374
9,549,132
Intercontinental Exchange, Inc.
107,830
12,722,862
Invesco Ltd.
292,600
4,658,192
Jack Henry & Associates, Inc.
15,602
2,446,082
Janus Henderson Group plc
112,481
3,089,853
Jefferies Financial Group, Inc.
128,185
4,574,923
KKR & Co., Inc.
140,628
8,832,845
Lazard Ltd., Class A
68,580
2,382,469
LPL Financial Holdings, Inc.
16,757
3,863,997
Mastercard, Inc., Class A
87,255
36,004,903
MGIC Investment Corp.
166,088
2,919,827
Moody's Corp.
23,069
7,769,639
Morgan Stanley
404,506
34,443,686
MSCI, Inc.
6,415
3,487,322
Nasdaq, Inc.
55,361
2,905,345
Navient Corp.
243,334
4,294,845
Northern Trust Corp.
91,522
6,962,079
OneMain Holdings, Inc.
143,308
5,948,715
PayPal Holdings, Inc. *
251,162
15,700,137
Radian Group, Inc.
97,617
2,643,468
Raymond James Financial, Inc.
44,360
4,639,612
Rithm Capital Corp.
341,721
3,523,143
S&P Global, Inc.
45,446
17,763,024
SEI Investments Co.
47,810
2,967,089
SLM Corp.
212,720
3,029,133
Starwood Property Trust, Inc.
132,890
2,714,943
State Street Corp.
152,847
10,506,703
Synchrony Financial
818,560
26,423,117
T. Rowe Price Group, Inc.
125,765
14,114,606
The Bank of New York Mellon Corp.
552,714
24,800,277
The Carlyle Group, Inc.
64,077
2,072,891
The Charles Schwab Corp. (b)
169,362
10,017,762
The Goldman Sachs Group, Inc.
157,907
51,747,703
The Western Union Co.
379,773
4,690,197
Visa, Inc., Class A
187,829
46,145,829
Voya Financial, Inc.
46,172
3,217,265
 
923,761,160
 
Food, Beverage & Tobacco 3.5%
Altria Group, Inc.
975,956
43,156,774
Archer-Daniels-Midland Co.
385,917
30,603,218
Bunge Ltd.
130,886
14,962,887
Campbell Soup Co.
79,877
3,330,871
Coca-Cola Europacific Partners plc
103,244
6,618,973
Conagra Brands, Inc.
224,612
6,711,407
Constellation Brands, Inc., Class A
40,368
10,518,286
Darling Ingredients, Inc. *
44,226
2,731,398
Flowers Foods, Inc.
90,831
2,139,978
General Mills, Inc.
201,633
13,642,489
Hormel Foods Corp.
111,692
4,310,194
Ingredion, Inc.
53,005
5,454,744
Kellogg Co.
102,231
6,238,136
Keurig Dr Pepper, Inc.
233,301
7,850,579
Lamb Weston Holdings, Inc.
25,263
2,460,869
McCormick & Co., Inc. Non Voting
Shares
52,694
4,325,123
Molson Coors Beverage Co., Class B
134,910
8,565,436
Mondelez International, Inc., Class A
441,737
31,478,179
Monster Beverage Corp. *
122,788
7,049,259
PepsiCo, Inc.
339,761
60,450,277
Philip Morris International, Inc.
541,999
52,064,424
Post Holdings, Inc. *
33,553
3,010,040
SECURITY
NUMBER
OF SHARES
VALUE ($)
The Coca-Cola Co.
823,607
49,276,407
The Hershey Co.
23,152
4,974,439
The J.M. Smucker Co.
58,192
8,434,930
The Kraft Heinz Co.
380,659
12,596,006
Tyson Foods, Inc., Class A
355,675
18,946,807
 
421,902,130
 
Health Care Equipment & Services 5.5%
Abbott Laboratories
338,227
34,803,558
Align Technology, Inc. *
11,356
4,203,310
Baxter International, Inc.
257,174
10,441,264
Becton Dickinson & Co.
59,838
16,721,729
Boston Scientific Corp. *
180,804
9,752,568
Cardinal Health, Inc.
173,023
15,110,098
Cencora, Inc.
24,983
4,396,508
Centene Corp. *
362,117
22,324,513
Chemed Corp.
4,165
2,130,148
CVS Health Corp.
1,107,600
72,182,292
DaVita, Inc. *
84,073
8,610,757
Dentsply Sirona, Inc.
108,427
4,021,557
Edwards Lifesciences Corp. *
53,886
4,120,662
Elevance Health, Inc.
118,898
52,554,105
Encompass Health Corp.
45,068
3,201,631
HCA Healthcare, Inc.
91,652
25,415,099
Henry Schein, Inc. *
75,807
5,802,268
Hologic, Inc. *
60,524
4,523,564
Humana, Inc.
70,341
32,471,516
IDEXX Laboratories, Inc. *
6,568
3,358,941
Intuitive Surgical, Inc. *
27,016
8,447,363
Laboratory Corp. of America Holdings
44,507
9,261,907
McKesson Corp.
41,093
16,943,466
Medtronic plc
546,618
44,549,367
Molina Healthcare, Inc. *
19,590
6,075,251
Owens & Minor, Inc. *
88,555
1,496,579
Patterson Cos., Inc.
76,595
2,300,914
Quest Diagnostics, Inc.
61,286
8,059,109
ResMed, Inc.
15,368
2,452,579
STERIS plc
17,016
3,906,703
Stryker Corp.
56,963
16,151,859
Teleflex, Inc.
10,592
2,253,342
Tenet Healthcare Corp. *
86,446
6,704,752
The Cigna Group
169,788
46,905,633
The Cooper Cos., Inc.
8,516
3,150,835
UnitedHealth Group, Inc.
265,039
126,312,287
Universal Health Services, Inc., Class B
69,231
9,325,416
Zimmer Biomet Holdings, Inc.
59,630
7,103,125
 
657,546,575
 
Household & Personal Products 1.3%
Church & Dwight Co., Inc.
62,102
6,009,611
Colgate-Palmolive Co.
226,814
16,664,025
Kimberly-Clark Corp.
111,844
14,408,862
The Clorox Co.
35,610
5,571,184
The Estee Lauder Cos., Inc., Class A
34,790
5,584,839
The Procter & Gamble Co.
677,196
104,518,431
 
152,756,952
 
Insurance 3.3%
Aflac, Inc.
320,034
23,864,935
American Financial Group, Inc.
33,468
3,879,611
American International Group, Inc.
607,801
35,568,514
Aon plc, Class A
48,815
16,274,433
Arch Capital Group Ltd. *
85,675
6,584,980
Arthur J. Gallagher & Co.
26,986
6,219,733
Assurant, Inc.
22,013
3,067,071
See financial notes
40Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Assured Guaranty Ltd.
51,775
3,046,441
Brown & Brown, Inc.
39,125
2,899,162
Chubb Ltd.
142,256
28,574,963
Cincinnati Financial Corp.
64,325
6,804,942
CNO Financial Group, Inc.
188,397
4,408,490
Everest Group Ltd.
13,469
4,857,999
Fidelity National Financial, Inc.
158,189
6,549,025
First American Financial Corp.
85,516
5,274,627
Genworth Financial, Inc., Class A *
698,560
4,044,662
Globe Life, Inc.
40,987
4,572,920
Kemper Corp.
46,413
2,180,019
Lincoln National Corp.
228,994
5,875,986
Loews Corp.
106,724
6,626,493
Markel Group, Inc. *
3,952
5,844,692
Marsh & McLennan Cos., Inc.
91,319
17,806,292
MetLife, Inc.
440,529
27,903,107
Old Republic International Corp.
196,953
5,386,665
Primerica, Inc.
16,627
3,341,362
Principal Financial Group, Inc.
114,439
8,893,055
Prudential Financial, Inc.
287,769
27,243,091
Reinsurance Group of America, Inc.
34,741
4,815,797
RenaissanceRe Holdings Ltd.
12,812
2,407,247
The Allstate Corp.
221,080
23,834,635
The Hanover Insurance Group, Inc.
21,282
2,271,215
The Hartford Financial Services Group,
Inc.
193,838
13,921,445
The Progressive Corp.
167,252
22,323,124
The Travelers Cos., Inc.
183,515
29,588,123
Unum Group
150,561
7,406,096
W.R. Berkley Corp.
59,854
3,702,568
Willis Towers Watson plc
31,167
6,444,089
 
394,307,609
 
Materials 3.5%
Air Products and Chemicals, Inc.
49,354
14,583,613
Albemarle Corp.
15,331
3,046,423
Alcoa Corp.
125,160
3,764,813
AptarGroup, Inc.
22,379
2,966,560
Avery Dennison Corp.
25,825
4,864,913
Axalta Coating Systems Ltd. *
91,171
2,580,139
Ball Corp.
112,767
6,140,163
Berry Global Group, Inc.
73,817
4,823,203
Celanese Corp.
77,227
9,758,404
CF Industries Holdings, Inc.
67,770
5,223,034
Cleveland-Cliffs, Inc. *
152,899
2,337,826
Commercial Metals Co.
64,697
3,641,794
Corteva, Inc.
151,823
7,668,580
Crown Holdings, Inc.
50,409
4,670,898
Dow, Inc.
408,041
22,262,717
DuPont de Nemours, Inc.
328,054
25,224,072
Eagle Materials, Inc.
13,967
2,644,232
Eastman Chemical Co.
106,809
9,079,833
Ecolab, Inc.
66,564
12,235,129
FMC Corp.
29,193
2,517,312
Freeport-McMoRan, Inc.
390,447
15,582,740
Graphic Packaging Holding Co.
148,099
3,293,722
Huntsman Corp.
169,603
4,726,836
International Flavors & Fragrances, Inc.
54,140
3,814,163
International Paper Co.
393,864
13,753,731
Knife River Corp. *
29,738
1,530,317
Linde plc
110,729
42,856,552
Louisiana-Pacific Corp.
46,717
2,918,878
LyondellBasell Industries N.V., Class A
221,335
21,861,258
Martin Marietta Materials, Inc.
14,120
6,303,309
Newmont Corp.
321,075
12,656,776
Nucor Corp.
145,494
25,039,517
O-I Glass, Inc. *
159,653
3,170,709
SECURITY
NUMBER
OF SHARES
VALUE ($)
Olin Corp.
59,856
3,472,845
Packaging Corp. of America
47,816
7,129,366
PPG Industries, Inc.
99,281
14,074,075
Reliance Steel & Aluminum Co.
41,729
11,891,096
RPM International, Inc.
41,620
4,151,179
Sealed Air Corp.
77,767
2,882,045
Sonoco Products Co.
60,072
3,451,136
Steel Dynamics, Inc.
95,367
10,165,169
The Chemours Co.
111,440
3,791,189
The Mosaic Co.
152,901
5,940,204
The Sherwin-Williams Co.
37,754
10,258,517
United States Steel Corp.
275,704
8,571,637
Vulcan Materials Co.
28,590
6,239,767
Warrior Met Coal, Inc.
64,026
2,532,869
Westrock Co.
346,691
11,340,263
 
413,433,523
 
Media & Entertainment 7.2%
Activision Blizzard, Inc.
142,245
13,085,118
Alphabet, Inc., Class A *
1,108,805
150,985,977
Alphabet, Inc., Class C *
1,006,050
138,180,968
Charter Communications, Inc., Class A *
110,018
48,201,086
Comcast Corp., Class A
2,766,031
129,339,610
DISH Network Corp., Class A *
421,912
2,531,472
Electronic Arts, Inc.
77,553
9,304,809
Fox Corp., Class A
265,756
8,785,893
Liberty Media Corp.-Liberty Live,
Class C *
62,289
2,096,025
Liberty Media Corp.-Liberty SiriusXM,
Class C *
248,378
6,070,358
Meta Platforms, Inc., Class A *
797,223
235,890,313
Netflix, Inc. *
32,896
14,266,337
News Corp., Class A
251,005
5,394,097
Nexstar Media Group, Inc., Class A
18,758
3,053,802
Omnicom Group, Inc.
108,637
8,800,683
Paramount Global, Class B
790,564
11,929,611
Take-Two Interactive Software, Inc. *
28,196
4,009,471
TEGNA, Inc.
131,033
2,165,976
The Interpublic Group of Cos., Inc.
150,509
4,908,099
The Walt Disney Co. *
591,273
49,477,725
Warner Bros Discovery, Inc. *
728,223
9,568,850
 
858,046,280
 
Pharmaceuticals, Biotechnology & Life Sciences 5.7%
AbbVie, Inc.
373,282
54,857,523
Agilent Technologies, Inc.
49,537
5,997,444
Amgen, Inc.
222,344
56,995,661
Avantor, Inc. *
87,246
1,888,876
Biogen, Inc. *
69,173
18,494,093
Bristol-Myers Squibb Co.
585,281
36,082,574
Catalent, Inc. *
37,158
1,856,785
Danaher Corp.
71,050
18,828,250
Eli Lilly & Co.
59,433
32,937,769
Fortrea Holdings, Inc. *
44,176
1,217,049
Gilead Sciences, Inc.
643,392
49,206,620
ICON plc *
11,298
2,936,802
Illumina, Inc. *
21,272
3,514,560
IQVIA Holdings, Inc. *
48,519
10,801,785
Jazz Pharmaceuticals plc *
20,662
2,962,104
Johnson & Johnson
783,268
126,638,770
Merck & Co., Inc.
660,114
71,939,224
Mettler-Toledo International, Inc. *
2,936
3,562,777
Moderna, Inc. *
17,109
1,934,515
Organon & Co.
181,171
3,978,515
Perrigo Co., plc
112,979
3,954,265
Pfizer, Inc.
2,329,152
82,405,398
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report41

Schwab Fundamental U.S. Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Regeneron Pharmaceuticals, Inc. *
18,168
15,015,670
Revvity, Inc.
22,344
2,614,918
Syneos Health, Inc. *
55,405
2,367,456
Thermo Fisher Scientific, Inc.
54,329
30,266,686
United Therapeutics Corp. *
10,491
2,353,761
Vertex Pharmaceuticals, Inc. *
18,677
6,505,946
Viatris, Inc.
1,019,401
10,958,561
Waters Corp. *
14,602
4,100,242
West Pharmaceutical Services, Inc.
7,712
3,138,013
Zoetis, Inc.
55,738
10,618,646
 
680,931,258
 
Real Estate Management & Development 0.2%
Anywhere Real Estate, Inc. *
393,801
2,583,335
CBRE Group, Inc., Class A *
133,421
11,347,456
DigitalBridge Group, Inc.
200,431
3,491,508
Jones Lang LaSalle, Inc. *
44,500
7,689,600
 
25,111,899
 
Semiconductors & Semiconductor Equipment 4.8%
Advanced Micro Devices, Inc. *
114,858
12,142,788
Analog Devices, Inc.
67,329
12,239,066
Applied Materials, Inc.
242,588
37,057,743
Broadcom, Inc.
75,845
69,996,592
First Solar, Inc. *
14,766
2,792,546
Intel Corp.
4,968,856
174,605,600
KLA Corp.
21,101
10,589,959
Lam Research Corp.
32,959
23,150,401
Marvell Technology, Inc.
81,133
4,725,997
Microchip Technology, Inc.
84,831
6,942,569
Micron Technology, Inc.
653,387
45,697,887
MKS Instruments, Inc.
24,313
2,436,892
NVIDIA Corp.
92,897
45,849,314
NXP Semiconductors N.V.
68,270
14,044,504
ON Semiconductor Corp. *
60,311
5,938,221
Qorvo, Inc. *
58,756
6,309,807
QUALCOMM, Inc.
381,153
43,653,453
Skyworks Solutions, Inc.
75,055
8,161,481
Teradyne, Inc.
43,678
4,711,546
Texas Instruments, Inc.
223,757
37,604,601
 
568,650,967
 
Software & Services 5.6%
Accenture plc, Class A
131,742
42,654,107
Adobe, Inc. *
56,029
31,339,261
Akamai Technologies, Inc. *
51,794
5,443,031
Amdocs Ltd.
58,949
5,258,251
ANSYS, Inc. *
9,042
2,883,223
Autodesk, Inc. *
13,951
3,096,285
Cadence Design Systems, Inc. *
19,001
4,568,600
Check Point Software Technologies
Ltd. *
32,175
4,330,433
Cognizant Technology Solutions Corp.,
Class A
343,289
24,582,925
DXC Technology Co. *
243,469
5,049,547
Fortinet, Inc. *
39,231
2,362,099
Gartner, Inc. *
7,784
2,721,909
Gen Digital, Inc.
218,304
4,420,656
International Business Machines Corp.
493,205
72,417,290
Intuit, Inc.
26,557
14,388,848
Kyndryl Holdings, Inc. *
696,757
11,761,258
Microsoft Corp.
968,714
317,505,701
NCR Corp. *
117,723
3,621,160
Oracle Corp.
562,882
67,765,364
Palo Alto Networks, Inc. *
15,281
3,717,867
SECURITY
NUMBER
OF SHARES
VALUE ($)
Roper Technologies, Inc.
14,593
7,282,783
Salesforce, Inc. *
72,512
16,058,508
Synopsys, Inc. *
9,747
4,472,801
VeriSign, Inc. *
11,294
2,346,780
VMware, Inc., Class A *
69,482
11,727,172
 
671,775,859
 
Technology Hardware & Equipment 7.5%
Amphenol Corp., Class A
105,654
9,337,701
Apple Inc.
2,898,797
544,596,996
Arista Networks, Inc. *
17,271
3,371,817
Arrow Electronics, Inc. *
88,952
11,868,865
Avnet, Inc.
218,441
11,085,881
CDW Corp.
38,304
8,087,890
Ciena Corp. *
57,700
2,883,846
Cisco Systems, Inc.
2,143,593
122,935,059
Corning, Inc.
454,592
14,919,710
F5, Inc. *
23,184
3,794,294
Flex Ltd. *
333,426
9,199,223
Hewlett Packard Enterprise Co.
1,633,778
27,757,888
HP, Inc.
731,561
21,734,677
Insight Enterprises, Inc. *
21,612
3,459,865
Jabil, Inc.
90,901
10,400,892
Juniper Networks, Inc.
209,675
6,105,736
Keysight Technologies, Inc. *
18,847
2,512,305
Motorola Solutions, Inc.
23,281
6,601,793
NetApp, Inc.
112,789
8,650,916
Sanmina Corp. *
65,046
3,623,062
Seagate Technology Holdings plc
156,398
11,071,414
TD SYNNEX Corp.
20,033
2,038,358
TE Connectivity Ltd.
100,944
13,363,976
Teledyne Technologies, Inc. *
6,507
2,721,878
Trimble, Inc. *
52,188
2,859,381
Vishay Intertechnology, Inc.
96,690
2,653,174
Western Digital Corp. *
356,588
16,046,460
Xerox Holdings Corp.
284,753
4,524,725
Zebra Technologies Corp., Class A *
11,252
3,094,413
 
891,302,195
 
Telecommunication Services 2.7%
AT&T, Inc.
9,609,176
142,119,713
Liberty Global plc, Class C *
602,919
11,961,913
Lumen Technologies, Inc. *
4,951,441
7,872,791
Telephone and Data Systems, Inc.
299,126
6,428,218
T-Mobile US, Inc. *
145,833
19,869,746
Verizon Communications, Inc.
3,949,447
138,151,656
 
326,404,037
 
Transportation 2.1%
Avis Budget Group, Inc. *
21,995
4,693,513
C.H. Robinson Worldwide, Inc.
79,320
7,172,908
CSX Corp.
865,260
26,130,852
Delta Air Lines, Inc.
101,536
4,353,864
Expeditors International of Washington,
Inc.
67,826
7,915,972
FedEx Corp.
171,486
44,761,276
GXO Logistics, Inc. *
54,866
3,509,778
J.B. Hunt Transport Services, Inc.
30,087
5,652,746
Knight-Swift Transportation Holdings,
Inc.
80,871
4,433,348
Landstar System, Inc.
17,362
3,295,481
Norfolk Southern Corp.
99,418
20,381,684
Old Dominion Freight Line, Inc.
16,611
7,099,043
Ryder System, Inc.
68,786
6,926,750
Southwest Airlines Co.
108,287
3,421,869
See financial notes
42Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Uber Technologies, Inc. *
98,096
4,633,074
Union Pacific Corp.
239,258
52,773,137
United Airlines Holdings, Inc. *
67,339
3,354,156
United Parcel Service, Inc., Class B
176,831
29,955,171
Werner Enterprises, Inc.
52,637
2,190,226
ZIM Integrated Shipping Services
Ltd. (a)
98,779
1,192,262
 
243,847,110
 
Utilities 3.1%
Alliant Energy Corp.
86,735
4,351,495
Ameren Corp.
93,700
7,427,599
American Electric Power Co., Inc.
209,871
16,453,886
American Water Works Co., Inc.
38,967
5,406,282
Atmos Energy Corp.
37,148
4,307,311
Black Hills Corp.
31,776
1,747,680
CenterPoint Energy, Inc.
256,277
7,147,566
CMS Energy Corp.
116,200
6,529,278
Consolidated Edison, Inc.
167,192
14,873,400
Constellation Energy Corp.
48,061
5,006,034
Dominion Energy, Inc.
371,333
18,024,504
DTE Energy Co.
84,801
8,766,727
Duke Energy Corp.
368,613
32,732,834
Edison International
177,266
12,204,764
Entergy Corp.
101,655
9,682,639
Evergy, Inc.
148,822
8,180,745
Eversource Energy
133,962
8,549,455
Exelon Corp.
567,378
22,763,205
FirstEnergy Corp.
314,593
11,347,370
National Fuel Gas Co.
35,430
1,904,008
NextEra Energy, Inc.
387,199
25,864,893
NiSource, Inc.
173,256
4,636,331
NRG Energy, Inc.
188,970
7,095,824
OGE Energy Corp.
92,168
3,138,320
PG&E Corp. *
234,059
3,815,162
Pinnacle West Capital Corp.
68,080
5,260,542
Portland General Electric Co.
48,205
2,114,271
PPL Corp.
491,186
12,240,355
Public Service Enterprise Group, Inc.
207,665
12,684,178
Sempra
178,977
12,567,765
Southwest Gas Holdings, Inc.
37,910
2,347,766
The AES Corp.
369,023
6,616,582
The Southern Co.
441,997
29,936,457
SECURITY
NUMBER
OF SHARES
VALUE ($)
UGI Corp.
158,648
3,994,757
Vistra Corp.
352,412
11,072,785
WEC Energy Group, Inc.
104,737
8,810,476
Xcel Energy, Inc.
204,213
11,666,689
 
371,269,935
Total Common Stocks
(Cost $10,533,757,814)
11,868,922,269
 
 
 
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (c)
4,393,038
4,393,038
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (c)(d)
4,587,565
4,587,565
 
8,980,603
Total Short-Term Investments
(Cost $8,980,603)
8,980,603
Total Investments in Securities
(Cost $10,542,738,417)
11,877,902,872
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
09/15/23
139
31,386,200
305,256
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$4,418,582.
(b)
Issuer is affiliated with the fund’s investment adviser.
(c)
The rate shown is the annualized 7-day yield.
(d)
Security purchased with cash collateral received for securities on loan.
Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2023:
SECURITY
VALUE AT
2/28/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
8/31/23
BALANCE
OF SHARES
HELD AT
8/31/23
DIVIDENDS
RECEIVED
COMMON STOCKS 0.1% OF NET ASSETS
 
Financial Services 0.1%
The Charles Schwab Corp.
$10,378,944
$2,303,904
($282,916
)
($101,483
)
($2,280,687
)
$10,017,762
169,362
$77,867
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report43

Schwab Fundamental U.S. Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$11,868,922,269
$
$
$11,868,922,269
Short-Term Investments1
8,980,603
8,980,603
Futures Contracts2
305,256
305,256
Total
$11,878,208,128
$—
$—
$11,878,208,128
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying
securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
See financial notes
44Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Large Company Index ETF
Statement of Assets and Liabilities
As of August 31, 2023; unaudited
Assets
Investments in securities, at value - affiliated (cost $9,727,990)
 
$10,017,762
Investments in securities, at value - unaffiliated (cost $10,533,010,427) including securities on loan of $4,418,582
 
11,867,885,110
Cash
 
1,170
Deposit with broker for futures contracts
 
1,736,000
Receivables:
 
Dividends
 
26,650,182
Fund shares sold
 
11,690,373
Income from securities on loan
+
105,222
Total assets
 
11,918,085,819
 
Liabilities
Collateral held for securities on loan
 
4,587,565
Payables:
 
Investments bought
 
11,453,915
Management fees
 
2,492,920
Variation margin on futures contracts
+
69,438
Total liabilities
 
18,603,838
Net assets
 
$11,899,481,981
 
Net Assets by Source
Capital received from investors
 
$11,002,744,192
Total distributable earnings
+
896,737,789
Net assets
 
$11,899,481,981
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$11,899,481,981
 
203,850,000
$58.37
 
 
 
 
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report45

Schwab Fundamental U.S. Large Company Index ETF
Statement of Operations
For the period March 1, 2023 through August 31, 2023; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $84,061)
 
$130,671,935
Dividends received from securities - affiliated
 
77,867
Securities on loan, net
+
183,753
Total investment income
 
130,933,555
 
Expenses
Management fees
 
13,883,631
Total expenses
13,883,631
Net investment income
 
117,049,924
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated
 
(115,091
)
Net realized losses on sales of securities - unaffiliated
 
(80,939,722
)
Net realized gains on sales of in-kind redemptions - affiliated
 
13,608
Net realized gains on sales of in-kind redemptions - unaffiliated
 
100,477,555
Net realized gains on futures contracts
+
1,644,576
Net realized gains
 
21,080,926
Net change in unrealized appreciation (depreciation) on securities - affiliated
 
(2,280,687
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
660,721,181
Net change in unrealized appreciation (depreciation) on futures contracts
+
977,745
Net change in unrealized appreciation (depreciation)
+
659,418,239
Net realized and unrealized gains
 
680,499,165
Increase in net assets resulting from operations
 
$797,549,089
See financial notes
46Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Large Company Index ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
3/1/23-8/31/23
3/1/22-2/28/23
Net investment income
 
$117,049,924
$203,631,425
Net realized gains
 
21,080,926
644,351,654
Net change in unrealized appreciation (depreciation)
+
659,418,239
(1,075,988,071
)
Increase (decrease) in net assets resulting from operations
 
$797,549,089
($228,004,992
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($104,202,175
)
($197,038,665
)
TRANSACTIONS IN FUND SHARES
 
3/1/23-8/31/23
3/1/22-2/28/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
18,850,000
$1,049,668,301
62,950,000
$3,448,739,625
Shares redeemed
+
(3,900,000
)
(216,445,195
)
(47,600,000
)
(2,540,233,753
)
Net transactions in fund shares
 
14,950,000
$833,223,106
15,350,000
$908,505,872
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/23-8/31/23
3/1/22-2/28/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
188,900,000
$10,372,911,961
173,550,000
$9,889,449,746
Total increase
+
14,950,000
1,526,570,020
15,350,000
483,462,215
End of period
 
203,850,000
$11,899,481,981
188,900,000
$10,372,911,961
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report47

Schwab Fundamental U.S. Small Company Index ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
3/1/23–
8/31/23*
3/1/22–
2/28/23
3/1/21–
2/28/22
3/1/20–
2/28/21
3/1/19–
2/29/20
3/1/18–
2/28/19
Per-Share Data
Net asset value at beginning of period
$51.18
$53.02
$48.75
$34.73
$38.08
$36.90
Income (loss) from investment operations:
Net investment income (loss)1
0.45
0.75
0.65
0.49
0.55
0.59
Net realized and unrealized gains (losses)
0.04
(1.95
)
4.26
14.09
(3.34
)
1.14
Total from investment operations
0.49
(1.20
)
4.91
14.58
(2.79
)
1.73
Less distributions:
Distributions from net investment income
(0.33
)
(0.64
)
(0.64
)
(0.56
)
(0.56
)
(0.55
)
Net asset value at end of period
$51.34
$51.18
$53.02
$48.75
$34.73
$38.08
Total return
0.99
%2
(2.13
%)
10.06
%
42.73
%
(7.46
%)
4.69
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.25
%3
0.25
%4
0.25
%
0.25
%
0.25
%
0.25
%
Net investment income (loss)
1.80
%3
1.54
%
1.21
%
1.40
%
1.43
%
1.53
%
Portfolio turnover rate5
13
%2
24
%
25
%
24
%
26
%
23
%
Net assets, end of period (x 1,000,000)
$6,785
$6,433
$4,843
$4,086
$3,425
$3,403
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Not annualized.
3
Annualized.
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.
See financial notes
48Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (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 [email protected]. 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 99.9% OF NET ASSETS
 
Automobiles & Components 1.6%
American Axle & Manufacturing
Holdings, Inc. *
1,244,009
9,392,268
Cooper-Standard Holdings, Inc. *
909,303
13,584,987
Dorman Products, Inc. *
72,897
6,014,731
Fox Factory Holding Corp. *
41,821
4,634,185
Gentherm, Inc. *
101,852
6,132,509
LCI Industries
107,012
13,406,463
Modine Manufacturing Co. *
256,033
12,184,611
Patrick Industries, Inc.
119,344
9,981,932
Standard Motor Products, Inc.
152,342
5,641,224
Stoneridge, Inc. *
171,061
3,515,304
Visteon Corp. *
127,209
17,716,397
Winnebago Industries, Inc.
150,849
9,782,558
 
111,987,169
 
Banks 7.0%
1st Source Corp.
47,589
2,126,752
Ameris Bancorp
122,560
4,994,320
Associated Banc-Corp.
576,483
9,990,450
Axos Financial, Inc. *
116,068
5,001,370
BancFirst Corp.
13,966
1,334,870
Bank of Hawaii Corp. (a)
132,470
7,118,938
Bank OZK
288,432
11,586,313
BankUnited, Inc.
462,430
12,138,787
Banner Corp.
104,956
4,570,834
BOK Financial Corp.
72,128
5,994,558
Brookline Bancorp, Inc.
244,895
2,343,645
Cadence Bank
387,859
8,874,214
Capitol Federal Financial, Inc.
584,443
3,313,792
Cathay General Bancorp
209,983
7,481,694
Central Pacific Financial Corp.
130,915
2,221,628
City Holding Co.
28,707
2,622,672
Columbia Banking System, Inc.
540,353
11,066,429
Commerce Bancshares, Inc.
186,500
9,155,285
Community Bank System, Inc.
101,963
4,848,341
ConnectOne Bancorp, Inc.
59,994
1,147,085
Cullen/Frost Bankers, Inc.
98,766
9,336,350
Customers Bancorp, Inc. *
99,029
3,479,879
CVB Financial Corp.
288,049
5,029,336
Eagle Bancorp, Inc.
123,005
2,959,500
Eastern Bankshares, Inc.
184,229
2,479,722
Enterprise Financial Services Corp.
56,551
2,189,089
F.N.B. Corp.
1,011,016
11,758,116
First BanCorp
386,703
5,359,704
First Bancorp/Southern Pines NC
60,876
1,804,365
First Busey Corp.
153,730
3,105,346
First Citizens BancShares, Inc., Class A
13,082
17,796,753
First Commonwealth Financial Corp.
248,650
3,249,856
First Financial Bancorp
272,452
5,661,553
First Financial Bankshares, Inc.
132,535
3,806,405
First Hawaiian, Inc.
507,069
9,588,675
SECURITY
NUMBER
OF SHARES
VALUE ($)
First Interstate BancSystem, Inc.,
Class A
182,141
4,719,273
First Merchants Corp.
130,395
3,890,987
Fulton Financial Corp.
494,985
6,598,150
Glacier Bancorp, Inc.
178,625
5,396,261
Hancock Whitney Corp.
233,182
9,618,757
Hanmi Financial Corp.
110,112
1,907,140
Heartland Financial USA, Inc.
98,425
3,015,742
Heritage Financial Corp.
95,068
1,637,071
Hilltop Holdings, Inc.
247,737
7,528,727
HomeStreet, Inc.
186,680
1,764,126
Hope Bancorp, Inc.
555,450
5,371,201
Independent Bank Corp.
65,312
3,528,154
Independent Bank Group, Inc.
76,651
3,234,672
International Bancshares Corp.
132,395
5,928,648
Kearny Financial Corp.
268,527
1,989,785
Lakeland Bancorp, Inc.
68,099
920,017
Lakeland Financial Corp.
37,500
1,954,875
NBT Bancorp, Inc.
104,333
3,591,142
Northwest Bancshares, Inc.
355,256
3,907,816
OceanFirst Financial Corp.
134,583
2,270,415
OFG Bancorp
133,783
4,034,895
Old National Bancorp
670,833
10,236,912
Pacific Premier Bancorp, Inc.
186,883
4,302,047
PacWest Bancorp
877,391
6,975,258
Park National Corp.
32,763
3,333,963
Pathward Financial, Inc.
69,917
3,444,811
Pinnacle Financial Partners, Inc.
129,783
8,638,356
Premier Financial Corp.
62,246
1,172,715
Prosperity Bancshares, Inc.
180,685
10,264,715
Provident Financial Services, Inc.
213,811
3,523,605
Renasant Corp.
148,897
4,146,781
S&T Bancorp, Inc.
109,270
3,095,619
Sandy Spring Bancorp, Inc.
129,998
2,891,156
Simmons First National Corp., Class A
382,309
6,812,746
Southside Bancshares, Inc.
83,776
2,521,658
SouthState Corp.
110,979
8,023,782
Texas Capital Bancshares, Inc. *
124,006
7,742,935
The Bank of N.T. Butterfield & Son Ltd.
167,831
4,887,239
Tompkins Financial Corp.
36,846
1,913,413
Towne Bank
162,352
3,831,507
TriCo Bancshares
55,371
1,901,440
Trustmark Corp.
218,395
5,031,821
UMB Financial Corp.
100,613
6,359,748
United Bankshares, Inc.
283,570
8,529,786
United Community Banks, Inc.
176,089
4,754,403
Valley National Bancorp
1,056,027
9,694,328
Veritex Holdings, Inc.
72,632
1,366,208
Washington Federal, Inc.
296,757
8,065,855
Washington Trust Bancorp, Inc.
60,061
1,681,708
Webster Financial Corp.
246,388
10,449,315
WesBanco, Inc.
178,309
4,521,916
Westamerica BanCorp
51,961
2,287,843
Western Alliance Bancorp
175,445
8,774,004
Wintrust Financial Corp.
132,791
10,305,910
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report49

Schwab Fundamental U.S. Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
WSFS Financial Corp.
98,305
3,863,387
 
473,691,370
 
Capital Goods 12.5%
AAON, Inc.
70,262
4,430,722
AAR Corp. *
166,089
10,231,082
Advanced Drainage Systems, Inc.
57,750
7,401,240
Alamo Group, Inc.
29,567
5,075,176
Albany International Corp., Class A
70,478
6,534,720
American Woodmark Corp. *
144,085
11,191,082
API Group Corp. *
375,012
10,556,588
Apogee Enterprises, Inc.
158,827
8,014,410
Applied Industrial Technologies, Inc.
96,037
14,825,232
Arcosa, Inc.
178,248
13,942,559
Argan, Inc.
76,863
3,265,140
Armstrong World Industries, Inc.
136,190
10,430,792
Astec Industries, Inc.
149,326
8,186,051
Atkore, Inc. *
65,986
10,159,864
AZZ, Inc.
148,545
7,293,560
Barnes Group, Inc.
263,621
10,360,305
Beacon Roofing Supply, Inc. *
209,918
16,761,952
BlueLinx Holdings, Inc. *
30,066
2,683,691
BWX Technologies, Inc.
216,148
15,943,077
Columbus McKinnon Corp.
107,517
4,050,165
Comfort Systems USA, Inc.
74,070
13,671,100
Construction Partners, Inc., Class A *
81,697
2,838,971
Core & Main, Inc., Class A *
130,636
4,290,086
Crane Co.
122,705
11,180,880
CSW Industrials, Inc.
19,500
3,502,785
Douglas Dynamics, Inc.
78,451
2,374,712
Ducommun, Inc. *
25,766
1,171,580
DXP Enterprises, Inc. *
113,987
4,054,518
Dycom Industries, Inc. *
134,647
13,455,275
Encore Wire Corp.
57,842
9,532,940
Enerpac Tool Group Corp.
104,141
2,728,494
EnerSys
173,196
18,182,116
EnPro Industries, Inc.
55,588
7,581,647
Esab Corp.
121,382
8,760,139
ESCO Technologies, Inc.
51,943
5,558,420
Federal Signal Corp.
136,324
8,308,948
Franklin Electric Co., Inc.
92,028
8,900,028
FTAI Aviation Ltd.
115,950
4,285,512
Gates Industrial Corp. plc *
469,105
5,760,609
GATX Corp.
143,403
16,941,630
Generac Holdings, Inc. *
99,599
11,833,357
Gibraltar Industries, Inc. *
113,272
8,498,798
GMS, Inc. *
177,864
12,333,090
GrafTech International Ltd.
1,948,114
6,896,324
Granite Construction, Inc.
293,772
12,129,846
Great Lakes Dredge & Dock Corp. *
414,674
3,661,571
Griffon Corp.
150,618
6,306,376
H&E Equipment Services, Inc.
170,468
7,725,610
HEICO Corp.
75,890
12,803,402
Herc Holdings, Inc.
81,352
10,587,149
Hillenbrand, Inc.
198,147
9,598,241
Hillman Solutions Corp. *
215,340
1,948,827
JELD-WEN Holding, Inc. *
1,055,947
15,923,681
John Bean Technologies Corp.
69,052
7,589,505
Kadant, Inc.
18,831
4,137,924
Kaman Corp.
237,499
5,327,103
Kennametal, Inc.
430,359
11,391,603
Kratos Defense & Security Solutions,
Inc. *
248,137
3,992,524
Lindsay Corp.
19,261
2,390,290
Masonite International Corp. *
126,188
12,960,769
McGrath RentCorp
60,301
6,096,431
Mercury Systems, Inc. *
83,630
3,282,478
SECURITY
NUMBER
OF SHARES
VALUE ($)
Moog, Inc., Class A
124,119
14,417,663
MRC Global, Inc. *
675,473
6,295,408
Mueller Water Products, Inc., Class A
492,241
6,950,443
MYR Group, Inc. *
61,089
8,678,914
National Presto Industries, Inc.
37,020
2,770,947
NOW, Inc. *
908,146
10,143,991
Parsons Corp. *
93,990
5,359,310
PGT Innovations, Inc. *
156,659
4,416,217
Primoris Services Corp.
429,817
15,202,627
Proto Labs, Inc. *
122,573
3,615,904
Quanex Building Products Corp.
185,087
4,993,647
RBC Bearings, Inc. *
21,782
5,021,622
REV Group, Inc.
278,599
3,783,374
Rush Enterprises, Inc., Class A
391,389
16,207,419
Simpson Manufacturing Co., Inc.
98,615
15,754,732
SiteOne Landscape Supply, Inc. *
64,983
11,124,440
SPX Technologies, Inc. *
62,367
4,928,240
Standex International Corp.
36,868
5,664,031
Sterling Infrastructure, Inc. *
84,106
6,960,613
Tennant Co.
64,284
5,298,930
Terex Corp.
277,416
16,814,184
Textainer Group Holdings Ltd.
121,520
4,815,838
The AZEK Co., Inc. *
151,135
5,140,101
The Gorman-Rupp Co.
110,454
3,549,992
The Greenbrier Cos., Inc.
372,837
15,867,943
The Manitowoc Co., Inc. *
405,712
6,864,647
The Shyft Group, Inc.
120,402
1,887,903
Titan Machinery, Inc. *
104,179
3,231,633
TPI Composites, Inc. *
210,780
1,064,439
Trex Co., Inc. *
146,068
10,424,873
Trinity Industries, Inc.
408,599
10,243,577
Tutor Perini Corp. *
1,339,740
11,910,289
Valmont Industries, Inc.
45,102
11,433,357
Veritiv Corp.
101,082
17,015,133
Vertiv Holdings Co.
270,918
10,671,460
Wabash National Corp.
333,815
7,527,528
Watts Water Technologies, Inc., Class A
53,633
10,124,301
WillScot Mobile Mini Holdings Corp. *
123,463
5,064,452
Woodward, Inc.
137,260
17,757,326
Zurn Elkay Water Solutions Corp.,
Class C
156,308
4,629,843
 
845,459,988
 
Commercial & Professional Services 5.4%
ACCO Brands Corp.
1,225,244
6,530,551
Barrett Business Services, Inc.
25,636
2,452,852
BrightView Holdings, Inc. *
548,445
4,541,125
Casella Waste Systems, Inc., Class A *
35,601
2,804,291
CBIZ, Inc. *
93,738
5,259,639
Ceridian HCM Holding, Inc. *
38,016
2,756,920
Cimpress plc *
153,909
9,944,061
Clarivate plc *
478,808
3,557,543
Clean Harbors, Inc. *
109,411
18,527,659
Conduent, Inc. *
1,767,360
5,549,510
CoreCivic, Inc. *
1,404,464
15,112,033
CRA International, Inc.
10,064
1,093,252
CSG Systems International, Inc.
97,797
5,311,355
Deluxe Corp.
592,579
11,981,947
Dun & Bradstreet Holdings, Inc.
436,418
4,756,956
Ennis, Inc.
79,459
1,692,477
Enviri Corp. *
862,590
6,426,296
ExlService Holdings, Inc. *
182,520
5,335,060
Exponent, Inc.
41,797
3,755,878
FTI Consulting, Inc. *
85,051
15,804,177
Healthcare Services Group, Inc.
706,130
8,155,802
Heidrick & Struggles International, Inc.
81,284
2,153,213
HNI Corp.
337,797
11,066,230
See financial notes
50Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Huron Consulting Group, Inc. *
42,822
4,280,059
ICF International, Inc.
55,911
7,551,340
Insperity, Inc.
57,326
5,808,844
Interface, Inc.
466,962
4,823,717
Kelly Services, Inc., Class A
829,641
15,340,062
Kforce, Inc.
99,233
6,216,947
Korn Ferry
194,417
9,911,379
Matthews International Corp., Class A
180,186
7,600,245
MillerKnoll, Inc.
478,611
9,141,470
MSA Safety, Inc.
52,421
9,576,268
NV5 Global, Inc. *
10,951
1,114,593
OPENLANE, Inc. *
678,997
10,599,143
Paycom Software, Inc.
17,811
5,251,395
Pitney Bowes, Inc.
2,604,499
8,568,802
Resources Connection, Inc.
210,060
3,258,031
Rollins, Inc.
198,216
7,843,407
SP Plus Corp. *
73,218
2,867,949
Steelcase, Inc., Class A
1,213,849
11,009,610
Stericycle, Inc. *
237,475
10,498,770
Tetra Tech, Inc.
87,283
13,733,980
The Brink's Co.
135,203
10,249,739
The GEO Group, Inc. *
1,575,784
11,408,676
TriNet Group, Inc. *
94,328
10,463,805
TrueBlue, Inc. *
428,362
6,481,117
TTEC Holdings, Inc.
62,404
1,857,143
UniFirst Corp.
59,301
10,444,685
Verra Mobility Corp. *
161,963
2,881,322
 
363,351,325
 
Consumer Discretionary Distribution & Retail 4.9%
1-800-Flowers.com, Inc., Class A *
263,952
1,987,559
Abercrombie & Fitch Co., Class A *
527,595
28,358,231
American Eagle Outfitters, Inc.
1,181,718
20,041,937
America's Car-Mart, Inc. *
31,632
3,520,958
Arko Corp.
323,310
2,434,524
Big 5 Sporting Goods Corp. (a)
312,057
2,474,612
Boot Barn Holdings, Inc. *
53,969
4,951,656
Caleres, Inc.
166,888
4,784,679
Camping World Holdings, Inc., Class A
102,177
2,526,837
Chico's FAS, Inc. *
816,960
4,191,005
Citi Trends, Inc. *
136,949
2,962,207
Conn's, Inc. *
430,319
1,798,733
ContextLogic, Inc., Class A *(a)
178,907
958,047
Designer Brands, Inc., Class A (a)
493,924
5,191,141
Dillard's, Inc., Class A
24,449
8,437,839
Etsy, Inc. *
84,378
6,207,690
Five Below, Inc. *
47,179
8,112,901
Floor & Decor Holdings, Inc., Class A *
86,230
8,597,131
GameStop Corp., Class A *(a)
554,794
10,291,429
Genesco, Inc. *
145,120
4,974,714
Groupon, Inc. *(a)
405,338
5,014,031
Guess?, Inc.
267,938
6,446,588
Haverty Furniture Cos., Inc.
150,168
4,700,258
Hibbett, Inc.
106,968
4,953,688
Leslie's, Inc. *
96,911
606,663
LL Flooring Holdings, Inc. *
304,035
1,048,921
MarineMax, Inc. *
185,060
6,156,946
MercadoLibre, Inc. *
5,292
7,262,529
Monro, Inc.
127,772
4,183,255
National Vision Holdings, Inc. *
181,808
3,328,905
Ollie's Bargain Outlet Holdings, Inc. *
149,108
11,493,245
Overstock.com, Inc. *
259,752
6,782,125
Petco Health & Wellness Co., Inc. *
202,223
1,029,315
PetMed Express, Inc.
133,085
1,499,868
RH *
26,729
9,761,164
Sally Beauty Holdings, Inc. *
926,058
9,408,749
Shoe Carnival, Inc.
131,356
3,038,264
SECURITY
NUMBER
OF SHARES
VALUE ($)
Signet Jewelers Ltd.
205,796
15,434,700
Sleep Number Corp. *
299,761
7,667,886
Sonic Automotive, Inc., Class A
198,665
10,592,818
Sportsman's Warehouse Holdings, Inc. *
369,024
1,775,005
Stitch Fix, Inc., Class A *
906,700
3,980,413
The Aaron's Co., Inc.
503,592
6,078,355
The Buckle, Inc.
147,060
5,373,572
The Children's Place, Inc. *
118,586
3,143,715
The Container Store Group, Inc. *
361,867
846,769
Upbound Group, Inc.
332,900
10,193,398
Urban Outfitters, Inc. *
508,949
16,902,196
Valvoline, Inc.
295,626
10,181,360
Victoria's Secret & Co. *
352,818
6,767,049
Vroom, Inc. *
2,588,764
3,391,281
Wayfair, Inc., Class A *
78,973
5,457,824
Zumiez, Inc. *
204,220
3,878,138
 
331,182,823
 
Consumer Durables & Apparel 4.0%
Acushnet Holdings Corp.
97,105
5,685,498
Beazer Homes USA, Inc. *
299,459
8,777,143
Cavco Industries, Inc. *
24,228
6,772,211
Century Communities, Inc.
156,907
11,650,345
Columbia Sportswear Co.
151,372
11,101,622
Crocs, Inc. *
85,803
8,352,064
Ethan Allen Interiors, Inc.
158,507
4,973,950
Fossil Group, Inc. *
1,165,529
2,470,921
G-III Apparel Group Ltd. *
597,667
11,863,690
GoPro, Inc., Class A *
230,856
839,162
Helen of Troy Ltd. *
116,507
14,321,040
Installed Building Products, Inc.
46,874
6,784,074
iRobot Corp. *
166,062
6,458,151
Kontoor Brands, Inc.
141,541
6,481,162
La-Z-Boy, Inc.
323,388
9,976,520
LGI Homes, Inc. *
89,887
11,065,090
M/I Homes, Inc. *
203,403
19,970,107
Malibu Boats, Inc., Class A *
50,702
2,462,089
Mattel, Inc. *
646,640
14,329,542
Movado Group, Inc.
70,794
1,936,216
Oxford Industries, Inc.
45,526
4,597,671
Peloton Interactive, Inc., Class A *
168,362
1,074,150
SharkNinja, Inc. *
170,212
5,943,803
Skyline Champion Corp. *
94,677
6,747,630
Smith & Wesson Brands, Inc.
463,424
5,440,598
Sonos, Inc. *
206,872
2,850,696
Steven Madden Ltd.
346,565
11,956,492
Sturm Ruger & Co., Inc.
107,072
5,522,774
TopBuild Corp. *
71,632
20,779,011
Topgolf Callaway Brands Corp. *
200,745
3,500,993
Tupperware Brands Corp. *
2,554,833
6,361,534
Under Armour, Inc., Class A *
1,407,141
10,750,557
Vista Outdoor, Inc. *
237,138
6,936,286
Wolverine World Wide, Inc.
660,604
5,337,680
YETI Holdings, Inc. *
109,022
5,445,649
 
269,516,121
 
Consumer Services 5.3%
ADT, Inc.
1,225,082
7,865,026
Adtalem Global Education, Inc. *
255,110
11,186,574
Airbnb, Inc., Class A *
18,897
2,485,900
Arcos Dorados Holdings, Inc., Class A
456,935
4,509,948
BJ's Restaurants, Inc. *
124,162
3,651,604
Bloomin' Brands, Inc.
369,686
10,373,389
Boyd Gaming Corp.
160,990
10,765,401
Bright Horizons Family Solutions, Inc. *
109,774
10,364,861
Brinker International, Inc. *
201,300
6,588,549
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report51

Schwab Fundamental U.S. Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Caesars Entertainment, Inc. *
220,110
12,163,279
Carriage Services, Inc.
36,367
1,120,831
Choice Hotels International, Inc.
32,361
4,106,611
Churchill Downs, Inc.
90,191
11,299,128
Cracker Barrel Old Country Store, Inc.
129,717
10,692,572
Dave & Buster's Entertainment, Inc. *
135,888
5,336,322
Denny's Corp. *
280,950
2,677,454
Dine Brands Global, Inc.
40,935
2,242,419
DoorDash, Inc., Class A *
47,998
4,038,072
Everi Holdings, Inc. *
162,724
2,352,989
Frontdoor, Inc. *
146,951
4,822,932
Graham Holdings Co., Class B
21,423
12,560,948
Grand Canyon Education, Inc. *
114,739
13,453,148
Hilton Grand Vacations, Inc. *
144,873
6,333,848
Hyatt Hotels Corp., Class A
122,753
13,798,665
International Game Technology plc
438,918
14,054,154
Jack in the Box, Inc.
136,379
10,960,780
Laureate Education, Inc.
742,185
10,338,637
Light & Wonder, Inc. *
229,576
17,601,592
Marriott Vacations Worldwide Corp.
104,922
11,403,972
Norwegian Cruise Line Holdings Ltd. *
873,280
14,470,250
Papa John's International, Inc.
41,431
3,136,327
Perdoceo Education Corp.
333,263
5,522,168
Planet Fitness, Inc., Class A *
93,143
5,663,094
Red Rock Resorts, Inc., Class A
116,466
5,116,351
Sabre Corp. *
2,097,155
10,485,775
SeaWorld Entertainment, Inc. *
55,965
2,725,496
Six Flags Entertainment Corp. *
528,620
12,137,115
Strategic Education, Inc.
77,278
5,989,045
Stride, Inc. *
139,326
5,919,962
Texas Roadhouse, Inc.
132,016
13,742,866
The Cheesecake Factory, Inc.
151,078
4,811,834
The Wendy's Co.
499,875
9,892,526
Wingstop, Inc.
14,605
2,346,147
WW International, Inc. *
758,812
7,368,065
Wyndham Hotels & Resorts, Inc.
155,037
11,688,239
 
360,164,865
 
Consumer Staples Distribution & Retail 0.8%
Grocery Outlet Holding Corp. *
217,722
6,716,724
Ingles Markets, Inc., Class A
129,010
10,079,551
PriceSmart, Inc.
152,068
12,086,365
Rite Aid Corp. *(a)(b)
3,001,797
2,311,384
The Andersons, Inc.
274,795
14,113,471
The Chefs' Warehouse, Inc. *
85,085
2,428,326
Weis Markets, Inc.
139,997
9,081,605
 
56,817,426
 
Energy 4.6%
Antero Midstream Corp.
432,158
5,237,755
Archrock, Inc.
769,228
9,838,426
Berry Corp.
373,024
3,196,816
Cactus, Inc., Class A
58,948
3,144,286
California Resources Corp.
130,681
7,297,227
Callon Petroleum Co. *
36,814
1,444,213
ChampionX Corp.
206,194
7,441,541
Chord Energy Corp.
14,590
2,356,285
Civitas Resources, Inc.
29,227
2,403,044
Comstock Resources, Inc.
105,888
1,298,187
CONSOL Energy, Inc.
118,682
10,211,399
Core Laboratories, Inc.
194,746
4,681,694
CVR Energy, Inc.
184,764
6,041,783
Denbury, Inc. *
27,881
2,553,342
DHT Holdings, Inc.
645,223
5,968,313
Diamond Offshore Drilling, Inc. *
101,580
1,510,495
Dorian LPG Ltd.
128,153
3,306,347
SECURITY
NUMBER
OF SHARES
VALUE ($)
Dril-Quip, Inc. *
144,756
3,992,370
DTE Midstream LLC
153,102
8,005,704
EQT Corp.
327,832
14,168,899
Expro Group Holdings N.V. *
82,836
1,947,474
Geopark Ltd.
94,799
909,122
Golar LNG Ltd.
140,622
3,107,746
Green Plains, Inc. *
234,093
7,266,247
Helix Energy Solutions Group, Inc. *
790,654
8,017,232
International Seaways, Inc.
72,974
3,135,693
Kosmos Energy Ltd. *
1,063,745
7,744,064
Liberty Energy, Inc.
389,569
6,213,626
Magnolia Oil & Gas Corp., Class A
83,423
1,902,044
Matador Resources Co.
134,259
8,525,446
Nabors Industries Ltd. *
76,554
8,473,762
NexTier Oilfield Solutions, Inc. *
508,088
5,390,814
Oceaneering International, Inc. *
470,834
10,730,307
Oil States International, Inc. *
523,340
4,102,986
Par Pacific Holdings, Inc. *
144,423
4,960,930
Patterson-UTI Energy, Inc.
871,816
12,327,478
Permian Resources Corp.
336,306
4,768,819
ProPetro Holding Corp. *
728,485
7,022,595
Range Resources Corp.
204,437
6,619,670
REX American Resources Corp. *
44,063
1,740,048
RPC, Inc.
353,440
2,823,986
Scorpio Tankers, Inc.
97,518
4,925,634
Select Water Solutions, Inc.
172,040
1,384,922
SFL Corp., Ltd.
643,400
7,270,420
SM Energy Co.
357,646
15,132,002
Talos Energy, Inc. *
256,542
4,417,653
Teekay Tankers Ltd., Class A
106,939
4,350,279
Texas Pacific Land Corp.
2,581
4,864,540
Transocean Ltd. *
2,324,234
19,012,234
Tsakos Energy Navigation Ltd.
75,953
1,539,567
US Silica Holdings, Inc. *
269,176
3,318,940
Valaris Ltd. *
65,788
4,955,152
Vital Energy, Inc. *
44,830
2,702,801
Weatherford International plc *
188,553
16,690,712
 
312,393,071
 
Equity Real Estate Investment Trusts (REITs) 8.2%
Acadia Realty Trust
294,281
4,381,844
Agree Realty Corp.
49,606
3,066,643
Alexander & Baldwin, Inc.
368,474
6,636,217
American Assets Trust, Inc.
162,938
3,488,503
American Homes 4 Rent, Class A
328,930
11,854,637
Americold Realty Trust, Inc.
422,517
14,217,697
Apartment Income REIT Corp.
343,948
11,714,869
Apple Hospitality REIT, Inc.
844,714
12,687,604
Ashford Hospitality Trust, Inc. *
629,689
1,870,176
Brandywine Realty Trust
1,673,415
8,367,075
Broadstone Net Lease, Inc.
161,901
2,617,939
CBL & Associates Properties, Inc. (a)
88,924
1,902,084
Centerspace
39,994
2,589,212
Chatham Lodging Trust
238,844
2,335,894
Corporate Office Properties Trust
349,943
9,056,525
Cousins Properties, Inc.
414,127
9,731,984
CubeSmart
255,897
10,673,464
DiamondRock Hospitality Co.
953,821
7,687,797
Diversified Healthcare Trust
13,506,761
36,670,856
Douglas Emmett, Inc.
792,159
10,828,813
Easterly Government Properties, Inc.
222,290
2,972,017
EastGroup Properties, Inc.
35,357
6,351,178
Elme Communities
289,341
4,450,065
Empire State Realty Trust, Inc., Class A
878,465
7,668,999
EPR Properties
235,078
10,526,793
Equity Commonwealth
147,160
2,800,455
Equity LifeStyle Properties, Inc.
208,765
13,978,904
See financial notes
52Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Essential Properties Realty Trust, Inc.
99,843
2,398,229
Federal Realty Investment Trust
151,045
14,793,347
First Industrial Realty Trust, Inc.
145,356
7,549,791
Four Corners Property Trust, Inc.
105,481
2,653,902
Getty Realty Corp.
69,452
2,084,949
Global Net Lease, Inc.
410,482
4,658,971
Healthcare Realty Trust, Inc.
789,033
13,823,858
Highwoods Properties, Inc.
471,054
11,225,217
Hudson Pacific Properties, Inc.
1,247,263
8,493,861
Independence Realty Trust, Inc.
97,323
1,637,946
Industrial Logistics Properties Trust
1,051,767
4,133,444
InvenTrust Properties Corp.
94,260
2,253,757
JBG SMITH Properties
450,676
7,066,600
Kilroy Realty Corp.
355,723
13,143,965
Kite Realty Group Trust
278,644
6,288,995
LTC Properties, Inc.
81,592
2,681,113
LXP Industrial Trust
646,178
6,345,468
National Health Investors, Inc.
92,870
4,748,443
National Storage Affiliates Trust
83,271
2,797,906
NNN REIT, Inc.
262,259
10,330,382
Office Properties Income Trust
613,699
4,541,373
Outfront Media, Inc.
646,667
7,339,670
Paramount Group, Inc.
1,671,198
8,589,958
Pebblebrook Hotel Trust
472,436
6,836,149
Phillips Edison & Co., Inc.
111,496
3,775,255
Physicians Realty Trust
496,231
6,902,573
Piedmont Office Realty Trust, Inc.,
Class A
1,077,045
7,399,299
PotlatchDeltic Corp.
227,493
10,751,319
Rayonier, Inc.
311,270
9,306,973
Retail Opportunity Investments Corp.
314,517
4,233,399
Rexford Industrial Realty, Inc.
80,998
4,330,963
RLJ Lodging Trust
1,067,937
10,668,691
RPT Realty
354,728
4,022,615
Ryman Hospitality Properties, Inc.
86,473
7,352,799
Sabra Health Care REIT, Inc.
811,952
10,173,759
SITE Centers Corp.
677,916
9,050,179
Spirit Realty Capital, Inc.
212,180
8,192,270
STAG Industrial, Inc.
220,271
8,046,500
Star Holdings *
99,513
1,355,367
Summit Hotel Properties, Inc.
547,354
3,180,127
Sunstone Hotel Investors, Inc.
889,850
7,990,853
Tanger Factory Outlet Centers, Inc.
383,989
8,927,744
Terreno Realty Corp.
51,821
3,155,381
The Macerich Co.
1,428,176
16,695,377
The Necessity Retail REIT, Inc.
470,995
3,532,462
Uniti Group, Inc.
2,206,467
11,848,728
Urban Edge Properties
398,014
6,511,509
Veris Residential, Inc. *
319,924
5,953,786
Xenia Hotels & Resorts, Inc.
598,115
7,057,757
 
557,961,223
 
Financial Services 6.1%
A-Mark Precious Metals, Inc.
169,184
5,772,558
Apollo Commercial Real Estate Finance,
Inc.
583,842
6,375,555
Arbor Realty Trust, Inc. (a)
346,115
5,523,995
Ares Management Corp., Class A
71,218
7,366,790
Artisan Partners Asset Management,
Inc., Class A
238,453
9,161,364
B. Riley Financial, Inc. (a)
96,159
4,923,822
BGC Group, Inc., Class A
1,322,364
6,532,478
Blackstone Mortgage Trust, Inc., Class A
447,889
9,862,516
Block, Inc. *
143,879
8,294,624
Brightsphere Investment Group, Inc.
316,835
6,561,653
BrightSpire Capital, Inc.
331,196
2,305,124
Cannae Holdings, Inc. *
204,573
4,015,768
SECURITY
NUMBER
OF SHARES
VALUE ($)
Cohen & Steers, Inc.
56,195
3,662,790
Compass Diversified Holdings
340,675
7,034,939
Corebridge Financial, Inc.
248,478
4,430,363
Credit Acceptance Corp. *
24,664
12,375,655
Diamond Hill Investment Group, Inc.
7,691
1,297,933
Donnelley Financial Solutions, Inc. *
81,874
4,033,932
Encore Capital Group, Inc. *
129,450
6,066,027
Enova International, Inc. *
160,937
8,119,272
Essent Group Ltd.
235,204
11,811,945
Euronet Worldwide, Inc. *
126,237
11,028,064
EVERTEC, Inc.
123,585
4,890,258
FactSet Research Systems, Inc.
31,108
13,575,842
Federal Agricultural Mortgage Corp.,
Class C
19,834
3,338,459
FirstCash Holdings, Inc.
124,852
11,151,781
Focus Financial Partners, Inc.,
Class A *(c)
67,051
3,553,703
Granite Point Mortgage Trust, Inc.
230,567
1,231,228
Green Dot Corp., Class A *
236,458
3,509,037
Hannon Armstrong Sustainable
Infrastructure Capital, Inc.
36,120
808,004
Houlihan Lokey, Inc.
88,596
9,332,703
Interactive Brokers Group, Inc., Class A
51,373
4,679,053
Jackson Financial, Inc., Class A
180,463
6,785,409
KKR Real Estate Finance Trust, Inc.
116,001
1,451,173
Ladder Capital Corp.
517,586
5,672,743
LendingTree, Inc. *
90,256
1,706,741
MarketAxess Holdings, Inc.
29,424
7,089,124
MFA Financial, Inc.
685,895
7,517,409
Moelis & Co., Class A
203,345
9,640,586
Morningstar, Inc.
24,852
5,782,315
Mr Cooper Group, Inc. *
137,578
7,795,170
Nelnet, Inc., Class A
50,162
4,607,380
New York Mortgage Trust, Inc.
455,220
4,333,694
NMI Holdings, Inc., Class A *
152,195
4,355,821
Pagseguro Digital Ltd., Class A *
460,737
4,137,418
Paysafe Ltd. *
283,335
3,711,689
PennyMac Financial Services, Inc.
140,086
10,053,972
PennyMac Mortgage Investment Trust
444,845
5,965,371
Piper Sandler Cos.
39,110
5,826,608
PJT Partners, Inc., Class A
17,542
1,385,643
PRA Group, Inc. *
178,680
3,480,686
PROG Holdings, Inc. *
685,489
23,512,273
Ready Capital Corp.
428,425
4,678,401
Redwood Trust, Inc.
605,152
4,847,268
StepStone Group, Inc., Class A
44,229
1,365,349
Stifel Financial Corp.
186,560
12,130,131
StoneCo Ltd., Class A *
369,047
4,524,516
TPG RE Finance Trust, Inc.
445,729
3,351,882
TPG, Inc.
123,595
3,475,491
Tradeweb Markets, Inc., Class A
68,431
5,914,491
Two Harbors Investment Corp.
329,370
4,535,425
Virtu Financial, Inc., Class A
346,864
6,500,231
Virtus Investment Partners, Inc.
19,541
4,046,941
Walker & Dunlop, Inc.
100,019
8,535,621
WEX, Inc. *
51,552
10,113,471
World Acceptance Corp. *
45,342
6,112,555
XP, Inc., Class A *
183,993
4,662,383
 
412,232,616
 
Food, Beverage & Tobacco 2.4%
Adecoagro S.A.
679,588
7,801,670
B&G Foods, Inc.
715,828
9,155,440
Brown-Forman Corp., Class B
217,519
14,384,531
Calavo Growers, Inc.
144,137
4,750,756
Cal-Maine Foods, Inc.
122,850
5,871,002
Coca-Cola Consolidated, Inc.
9,403
6,571,757
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report53

Schwab Fundamental U.S. Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Dole plc
550,827
6,565,858
Fresh Del Monte Produce, Inc.
455,274
11,632,251
Hostess Brands, Inc. *
234,541
6,679,728
J&J Snack Foods Corp.
40,549
6,574,209
John B Sanfilippo & Son, Inc.
49,918
5,009,271
Lancaster Colony Corp.
43,957
7,261,257
Mission Produce, Inc. *
176,634
1,681,556
National Beverage Corp. *
54,868
2,815,277
Nomad Foods Ltd. *
664,209
12,181,593
Pilgrim's Pride Corp. *
302,545
7,612,032
Seneca Foods Corp., Class A *
39,002
1,882,237
The Boston Beer Co., Inc., Class A *
21,261
7,769,407
The Hain Celestial Group, Inc. *
631,859
6,691,387
The Simply Good Foods Co. *
42,506
1,533,616
TreeHouse Foods, Inc. *
267,491
12,443,681
Universal Corp.
230,086
10,956,695
Vector Group Ltd.
534,086
5,720,061
 
163,545,272
 
Health Care Equipment & Services 3.9%
Acadia Healthcare Co., Inc. *
155,358
11,978,102
AdaptHealth Corp. *
92,933
1,108,691
Addus HomeCare Corp. *
28,446
2,494,714
Amedisys, Inc. *
89,381
8,379,469
AMN Healthcare Services, Inc. *
97,975
8,659,031
Avanos Medical, Inc. *
118,350
2,490,084
Brookdale Senior Living, Inc. *
1,703,868
7,241,439
Community Health Systems, Inc. *
2,807,800
9,490,364
CONMED Corp.
47,852
5,333,584
Cross Country Healthcare, Inc. *
95,691
2,465,000
DexCom, Inc. *
48,690
4,916,716
Embecta Corp.
257,735
4,724,283
Enhabit, Inc. *
377,648
4,837,671
Enovis Corp. *
128,912
7,224,229
Envista Holdings Corp. *
416,064
13,322,369
Fulgent Genetics, Inc. *
36,033
1,180,441
Globus Medical, Inc., Class A *
89,564
4,845,412
Haemonetics Corp. *
83,818
7,520,989
HealthEquity, Inc. *
48,059
3,246,385
ICU Medical, Inc. *
40,833
5,922,010
Insulet Corp. *
4,272
818,985
Integer Holdings Corp. *
97,051
8,279,421
Integra LifeSciences Holdings Corp. *
111,095
4,725,981
LivaNova plc *
61,336
3,407,215
Masimo Corp. *
55,569
6,350,425
Merit Medical Systems, Inc. *
63,979
4,176,549
ModivCare, Inc. *
49,475
1,588,148
Multiplan Corp. *
3,985,107
6,814,533
National HealthCare Corp.
40,697
2,683,967
Neogen Corp. *
207,318
4,793,192
NextGen Healthcare, Inc. *
146,578
2,669,185
NuVasive, Inc. *
135,001
5,366,290
OmniAb, Inc., Class A *(c)
9,356
0
OmniAb, Inc., Class B *(c)
9,356
0
Omnicell, Inc. *
66,078
3,757,195
OPKO Health, Inc. *
1,680,194
3,074,755
Option Care Health, Inc. *
188,474
6,564,549
Orthofix Medical, Inc. *
115,525
2,444,509
Pediatrix Medical Group, Inc. *
646,901
9,140,711
Penumbra, Inc. *
4,253
1,124,919
Premier, Inc., Class A
439,202
9,456,019
QuidelOrtho Corp. *
103,029
8,485,468
RadNet, Inc. *
102,556
3,426,396
Select Medical Holdings Corp.
444,243
12,976,338
Teladoc Health, Inc. *
126,959
2,874,352
The Ensign Group, Inc.
71,543
7,170,039
US Physical Therapy, Inc.
26,652
2,687,321
SECURITY
NUMBER
OF SHARES
VALUE ($)
Varex Imaging Corp. *
143,979
2,832,067
Veeva Systems, Inc., Class A *
46,265
9,655,506
Veradigm, Inc. *
627,312
8,393,435
Zimvie, Inc. *
251,520
2,967,936
 
266,086,389
 
Household & Personal Products 1.5%
BellRing Brands, Inc. *
34,987
1,451,961
Central Garden & Pet Co., Class A *
167,437
6,831,430
Coty, Inc., Class A *
884,172
10,221,028
Edgewell Personal Care Co.
224,587
8,660,075
Energizer Holdings, Inc.
228,170
7,837,639
Herbalife Ltd. *
681,235
10,232,150
Inter Parfums, Inc.
24,566
3,432,607
Medifast, Inc.
42,782
3,608,234
Nu Skin Enterprises, Inc., Class A
402,100
9,606,169
Reynolds Consumer Products, Inc.
130,929
3,573,052
Spectrum Brands Holdings, Inc.
280,464
23,326,191
USANA Health Sciences, Inc. *
96,284
6,190,098
WD-40 Co.
21,096
4,532,898
 
99,503,532
 
Insurance 2.1%
Ambac Financial Group, Inc. *
234,385
3,018,879
American Equity Investment Life Holding
Co.
367,937
19,750,858
AMERISAFE, Inc.
82,392
4,267,906
Argo Group International Holdings Ltd.
176,035
5,237,041
Axis Capital Holdings Ltd.
215,052
11,797,753
Brighthouse Financial, Inc. *
51,628
2,563,846
CNA Financial Corp.
138,894
5,462,701
Employers Holdings, Inc.
139,359
5,467,054
Enstar Group Ltd. *
36,384
9,215,703
Horace Mann Educators Corp.
131,003
3,754,546
James River Group Holdings Ltd.
166,078
2,418,096
MBIA, Inc. *
280,174
2,210,573
Mercury General Corp.
213,131
6,097,678
ProAssurance Corp.
392,546
6,940,213
RLI Corp.
45,140
5,936,813
Safety Insurance Group, Inc.
66,143
4,555,268
Selective Insurance Group, Inc.
119,523
11,857,877
SiriusPoint Ltd. *
357,335
3,952,125
Stewart Information Services Corp.
214,705
9,945,136
United Fire Group, Inc.
121,268
2,397,468
Universal Insurance Holdings, Inc.
305,752
3,870,820
White Mountains Insurance Group Ltd.
7,748
12,309,170
 
143,027,524
 
Materials 6.2%
AdvanSix, Inc.
136,023
4,499,641
Alpha Metallurgical Resources, Inc.
35,724
7,246,256
Alto Ingredients, Inc. *
1,494,138
5,393,838
American Vanguard Corp.
108,374
1,497,729
Arch Resources, Inc.
71,289
9,310,343
Ashland, Inc.
138,448
11,993,750
ATI, Inc. *
157,446
7,137,027
Avient Corp.
339,473
13,616,262
Balchem Corp.
40,780
5,729,590
Cabot Corp.
175,286
12,701,223
Carpenter Technology Corp.
237,273
14,860,408
Century Aluminum Co. *
304,372
2,264,528
Clearwater Paper Corp. *
145,416
5,567,979
Coeur Mining, Inc. *
1,162,346
2,801,254
Compass Minerals International, Inc.
196,081
5,911,842
Constellium SE *
588,337
10,590,066
See financial notes
54Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ecovyst, Inc. *
298,885
3,060,582
Element Solutions, Inc.
603,490
12,443,964
Glatfelter Corp. *
951,388
1,902,776
Greif, Inc., Class A
124,705
9,052,336
H.B. Fuller Co.
165,648
12,014,449
Hawkins, Inc.
65,919
4,099,503
Hecla Mining Co.
1,093,210
4,799,192
Ingevity Corp. *
109,980
5,926,822
Innospec, Inc.
79,578
8,548,269
Kaiser Aluminum Corp.
107,492
8,160,793
Koppers Holdings, Inc.
156,634
5,997,516
Livent Corp. *
96,860
2,079,584
Materion Corp.
62,857
6,838,213
Mativ Holdings, Inc.
437,330
7,172,212
Mercer International, Inc.
383,979
3,490,369
Minerals Technologies, Inc.
151,953
9,284,328
Myers Industries, Inc.
133,506
2,511,248
NewMarket Corp.
28,044
13,170,584
Olympic Steel, Inc.
114,243
6,114,285
Orion S.A.
291,884
6,602,416
Pactiv Evergreen, Inc.
482,876
3,969,241
Quaker Chemical Corp.
21,032
3,732,759
Rayonier Advanced Materials, Inc. *
961,024
3,392,415
Royal Gold, Inc.
71,386
8,001,657
Ryerson Holding Corp.
54,355
1,692,615
Schnitzer Steel Industries, Inc., Class A
277,277
9,205,596
Sensient Technologies Corp.
133,762
8,241,077
Southern Copper Corp.
185,681
14,977,029
Stepan Co.
99,321
8,667,744
Summit Materials, Inc., Class A *
368,458
13,784,014
SunCoke Energy, Inc.
716,630
6,664,659
Sylvamo Corp.
388,767
16,238,798
The Scotts Miracle-Gro Co.
211,389
11,977,301
TimkenSteel Corp. *
257,112
5,633,324
TriMas Corp.
152,244
3,988,793
Trinseo plc
589,516
6,207,603
Tronox Holdings plc
658,256
8,978,612
Westlake Corp.
120,203
15,744,189
Worthington Industries, Inc.
197,514
14,866,879
 
420,355,482
 
Media & Entertainment 3.3%
AMC Entertainment Holdings, Inc.,
Class A *(a)
58,035
728,339
AMC Networks, Inc., Class A *
685,630
7,980,733
Bumble, Inc., Class A *
136,005
2,282,164
Cable One, Inc.
14,128
9,191,253
Cargurus, Inc. *
76,747
1,389,888
Cars.com, Inc. *
179,426
3,353,472
Cinemark Holdings, Inc. *
746,706
12,156,374
Clear Channel Outdoor Holdings, Inc. *
7,457,246
10,813,007
Gannett Co., Inc. *
2,063,168
6,003,819
Gray Television, Inc.
843,791
6,800,955
IAC, Inc. *
148,855
8,236,147
iHeartMedia, Inc., Class A *
1,926,988
6,956,427
John Wiley & Sons, Inc., Class A
190,635
7,083,997
Liberty Broadband Corp., Class C *
16,782
1,570,124
Liberty Media Corp.-Liberty Formula
One, Class C *
131,652
9,056,341
Lions Gate Entertainment Corp.,
Class A *
1,004,054
7,952,108
Madison Square Garden Entertainment
Corp. *
60,689
1,947,510
Match Group, Inc. *
231,284
10,840,281
Pinterest, Inc., Class A *
213,905
5,880,248
Roku, Inc. *
64,124
5,206,869
Scholastic Corp.
142,908
6,209,353
SECURITY
NUMBER
OF SHARES
VALUE ($)
Shutterstock, Inc.
42,704
1,798,265
Sinclair, Inc.
261,140
3,295,587
Sirius XM Holdings, Inc. (a)
2,125,062
9,350,273
Sphere Entertainment Co. *
56,421
1,978,120
Spotify Technology S.A. *
112,766
17,362,581
Taboola.com Ltd. *
349,601
1,311,004
The E.W. Scripps Co., Class A *
343,590
2,625,028
The New York Times Co., Class A
299,754
13,270,109
The Trade Desk, Inc., Class A *
49,677
3,975,650
Thryv Holdings, Inc. *
132,723
2,706,222
TripAdvisor, Inc. *
364,956
5,514,485
WideOpenWest, Inc. *
281,202
2,277,736
World Wrestling Entertainment, Inc.,
Class A
41,705
4,026,618
Yelp, Inc. *
296,112
12,688,399
Ziff Davis, Inc. *
136,774
9,115,987
ZoomInfo Technologies, Inc. *
57,815
1,041,826
 
223,977,299
 
Pharmaceuticals, Biotechnology & Life Sciences 2.2%
Alkermes plc *
133,344
3,892,311
Azenta, Inc. *
84,721
4,780,806
BioMarin Pharmaceutical, Inc. *
72,491
6,624,228
Bio-Rad Laboratories, Inc., Class A *
26,667
10,672,134
Bio-Techne Corp.
90,217
7,073,013
Bruker Corp.
127,249
8,347,534
Charles River Laboratories International,
Inc. *
61,679
12,756,451
Corcept Therapeutics, Inc. *
119,315
3,905,180
Elanco Animal Health, Inc. *
1,051,361
12,826,604
Emergent BioSolutions, Inc. *
568,584
2,666,659
Exact Sciences Corp. *
50,654
4,238,220
Exelixis, Inc. *
440,162
9,855,227
Halozyme Therapeutics, Inc. *
35,300
1,502,368
Horizon Therapeutics plc *
127,919
14,421,588
Incyte Corp. *
130,255
8,405,355
Innoviva, Inc. *
173,717
2,214,892
Medpace Holdings, Inc. *
20,301
5,486,751
Myriad Genetics, Inc. *
180,267
3,217,766
Neurocrine Biosciences, Inc. *
18,369
2,000,201
Prestige Consumer Healthcare, Inc. *
115,525
6,738,573
Repligen Corp. *
7,742
1,346,411
Royalty Pharma plc, Class A
323,958
9,660,428
Seagen, Inc. *
25,444
5,243,245
Supernus Pharmaceuticals, Inc. *
85,430
2,720,091
 
150,596,036
 
Real Estate Management & Development 0.8%
CoStar Group, Inc. *
155,924
12,784,209
Cushman & Wakefield plc *
724,902
6,661,849
Douglas Elliman, Inc.
341,941
858,272
eXp World Holdings, Inc.
95,884
1,842,891
Howard Hughes Holdings, Inc. *
62,700
4,931,355
Kennedy-Wilson Holdings, Inc.
434,925
6,945,752
Marcus & Millichap, Inc.
92,907
3,093,803
Newmark Group, Inc., Class A
633,388
4,490,721
Opendoor Technologies, Inc. *
1,151,587
4,491,189
The RMR Group, Inc., Class A
43,386
1,096,798
Zillow Group, Inc., Class C *
183,457
9,569,117
 
56,765,956
 
Semiconductors & Semiconductor Equipment 2.2%
Amkor Technology, Inc.
460,461
12,874,490
Axcelis Technologies, Inc. *
30,042
5,772,570
Cirrus Logic, Inc. *
176,256
14,460,042
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report55

Schwab Fundamental U.S. Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Cohu, Inc. *
44,223
1,653,498
Diodes, Inc. *
105,356
8,623,389
Enphase Energy, Inc. *
10,318
1,305,537
Entegris, Inc.
179,833
18,211,688
FormFactor, Inc. *
146,424
5,171,696
GLOBALFOUNDRIES, Inc. *(a)
31,750
1,754,188
Ichor Holdings Ltd. *
100,813
3,692,780
Kulicke & Soffa Industries, Inc.
148,497
7,681,750
Lattice Semiconductor Corp. *
34,569
3,362,181
Magnachip Semiconductor Corp. *
176,769
1,453,041
Monolithic Power Systems, Inc.
15,470
8,063,119
Onto Innovation, Inc. *
42,475
5,903,175
Photronics, Inc. *
249,252
5,922,228
Power Integrations, Inc.
69,404
5,831,324
Semtech Corp. *
182,842
4,781,318
Silicon Laboratories, Inc. *
57,154
7,707,788
SMART Global Holdings, Inc. *
174,093
4,496,822
SolarEdge Technologies, Inc. *
18,797
3,055,828
Synaptics, Inc. *
77,272
6,764,391
Ultra Clean Holdings, Inc. *
148,009
5,203,996
Universal Display Corp.
33,238
5,403,169
Wolfspeed, Inc. *
59,597
2,849,929
 
151,999,937
 
Software & Services 4.0%
ACI Worldwide, Inc. *
306,139
7,433,055
Alarm.com Holdings, Inc. *
45,429
2,660,777
AppLovin Corp., Class A *
101,080
4,368,678
Bentley Systems, Inc., Class B
108,541
5,417,281
Black Knight, Inc. *
171,842
13,018,750
Blackbaud, Inc. *
62,666
4,769,509
Cerence, Inc. *
170,645
4,453,834
CommVault Systems, Inc. *
86,568
5,913,460
Consensus Cloud Solutions, Inc. *
64,332
2,054,121
Dolby Laboratories, Inc., Class A
127,790
10,794,421
Dropbox, Inc., Class A *
475,029
13,201,056
Ebix, Inc.
198,022
3,306,967
Envestnet, Inc. *
66,300
3,621,969
EPAM Systems, Inc. *
42,166
10,920,572
Fair Isaac Corp. *
19,509
17,647,646
Globant S.A. *
22,791
4,660,076
GoDaddy, Inc., Class A *
162,282
11,767,068
Guidewire Software, Inc. *
43,809
3,786,412
InterDigital, Inc.
115,838
10,044,313
LiveRamp Holdings, Inc. *
305,863
9,891,609
Manhattan Associates, Inc. *
49,456
10,020,775
Palantir Technologies, Inc., Class A *
162,956
2,441,081
Pegasystems, Inc.
69,890
3,470,737
Perficient, Inc. *
44,459
2,836,040
Progress Software Corp.
78,895
4,799,972
PTC, Inc. *
46,586
6,856,062
Qualys, Inc. *
27,180
4,230,567
Rackspace Technology, Inc. *
742,199
1,855,498
RingCentral, Inc., Class A *
199,650
6,175,174
ServiceNow, Inc. *
22,611
13,314,035
Snowflake, Inc., Class A *
7,384
1,158,180
Splunk, Inc. *
97,268
11,794,718
SPS Commerce, Inc. *
7,199
1,339,950
Teradata Corp. *
329,578
15,249,574
Twilio, Inc., Class A *
90,729
5,780,345
Tyler Technologies, Inc. *
21,376
8,516,840
Unisys Corp. *
837,876
3,376,640
Verint Systems, Inc. *
71,879
2,328,161
Workday, Inc., Class A *
35,055
8,570,947
SECURITY
NUMBER
OF SHARES
VALUE ($)
Zoom Video Communications, Inc.,
Class A *
97,031
6,892,112
 
270,738,982
 
Technology Hardware & Equipment 4.5%
ADTRAN Holdings, Inc.
193,307
1,652,775
Advanced Energy Industries, Inc.
67,396
7,957,446
Badger Meter, Inc.
32,399
5,380,826
Belden, Inc.
112,206
10,536,143
Benchmark Electronics, Inc.
457,848
11,785,008
Cognex Corp.
222,098
10,456,374
Coherent Corp. *
284,693
10,712,998
CommScope Holding Co., Inc. *
1,627,680
5,436,451
Comtech Telecommunications Corp.
240,223
2,414,241
Crane NXT Co.
123,043
7,303,833
CTS Corp.
74,973
3,347,544
ePlus, Inc. *
133,411
8,855,822
Fabrinet *
77,374
12,439,418
IPG Photonics Corp. *
99,015
10,729,265
Itron, Inc. *
122,293
8,366,064
Knowles Corp. *
343,846
5,511,851
Littelfuse, Inc.
45,425
12,132,109
Lumentum Holdings, Inc. *
141,224
7,644,455
Methode Electronics, Inc.
152,703
4,924,672
National Instruments Corp.
274,318
16,349,353
NETGEAR, Inc. *
287,210
3,785,428
NetScout Systems, Inc. *
274,139
7,848,600
Novanta, Inc. *
20,782
3,470,178
OSI Systems, Inc. *
59,347
8,091,963
PC Connection, Inc.
110,885
5,890,211
Plexus Corp. *
131,157
13,318,993
Pure Storage, Inc., Class A *
80,633
2,950,361
Rogers Corp. *
41,837
6,045,865
ScanSource, Inc. *
331,448
10,864,865
Stratasys Ltd. *
195,927
2,880,127
Super Micro Computer, Inc. *
116,046
31,921,934
TTM Technologies, Inc. *
798,259
11,894,059
ViaSat, Inc. *
269,685
7,481,062
Viavi Solutions, Inc. *
481,104
5,027,537
Vontier Corp.
561,972
17,651,541
 
303,059,372
 
Telecommunication Services 0.8%
ATN International, Inc.
59,592
2,137,565
Cogent Communications Holdings, Inc.
81,149
5,727,496
Consolidated Communications Holdings,
Inc. *
1,273,460
5,030,167
EchoStar Corp., Class A *
356,160
6,190,061
Frontier Communications Parent, Inc. *
469,908
7,527,926
GCI Liberty, Inc. *(c)
31,423
5,674
Iridium Communications, Inc.
95,670
4,683,047
Liberty Latin America Ltd., Class A *
111,234
994,432
Liberty Latin America Ltd., Class C *
1,844,748
16,528,942
Shenandoah Telecommunications Co.
222,211
5,053,078
 
53,878,388
 
Transportation 3.1%
Air Transport Services Group, Inc. *
282,700
6,095,012
Alaska Air Group, Inc. *
156,763
6,579,343
American Airlines Group, Inc. *
1,035,900
15,258,807
ArcBest Corp.
137,349
14,502,681
Costamare, Inc.
263,571
2,717,417
Covenant Logistics Group, Inc.
73,725
3,625,058
Danaos Corp.
43,519
2,920,995
Daseke, Inc. *
1,447,609
7,672,328
See financial notes
56Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Forward Air Corp.
77,594
5,495,207
Genco Shipping & Trading Ltd.
74,037
1,012,086
Golden Ocean Group Ltd. (a)
447,771
3,273,206
Heartland Express, Inc.
236,942
3,575,455
Hub Group, Inc., Class A *
177,872
13,881,131
JetBlue Airways Corp. *
859,992
5,091,153
Kirby Corp. *
163,932
13,578,487
Lyft, Inc., Class A *
407,637
4,801,964
Marten Transport Ltd.
229,299
4,815,279
Matson, Inc.
40,515
3,560,458
RXO, Inc. *
535,376
9,679,598
Saia, Inc. *
41,426
17,655,761
Schneider National, Inc., Class B
334,781
9,678,519
SkyWest, Inc. *
200,909
9,060,996
Spirit Airlines, Inc.
136,590
2,253,735
Star Bulk Carriers Corp.
102,670
1,805,965
U-Haul Holding Co.,Non Voting
231,691
12,335,229
XPO, Inc. *
378,124
28,219,394
 
209,145,264
 
Utilities 2.5%
ALLETE, Inc.
198,028
10,871,737
American States Water Co.
49,799
4,193,574
Atlantica Sustainable Infrastructure plc
254,675
5,717,454
Avangrid, Inc.
232,271
8,013,349
Avista Corp.
295,893
9,850,278
California Water Service Group
93,361
4,691,390
Chesapeake Utilities Corp.
32,639
3,593,554
Clearway Energy, Inc., Class C
188,376
4,666,074
Essential Utilities, Inc.
303,785
11,209,666
Hawaiian Electric Industries, Inc. (a)
380,996
5,341,564
IDACORP, Inc.
126,985
12,170,242
MGE Energy, Inc.
72,762
5,270,152
New Jersey Resources Corp.
240,940
10,160,440
Northwest Natural Holding Co.
114,641
4,503,098
NorthWestern Corp.
216,419
10,907,518
ONE Gas, Inc.
159,162
11,534,470
Ormat Technologies, Inc.
73,288
5,565,491
Otter Tail Corp.
96,179
7,922,264
PNM Resources, Inc.
270,600
11,990,286
ReNew Energy Global PLC, Class A *
257,871
1,573,013
SJW Group
49,163
3,232,959
Spire, Inc.
182,987
10,688,271
Unitil Corp.
57,501
2,807,199
 
166,474,043
Total Common Stocks
(Cost $6,379,545,638)
6,773,911,473
SECURITY
NUMBER
OF SHARES
VALUE ($)
SHORT-TERM INVESTMENTS 0.8% OF NET ASSETS
 
Money Market Funds 0.8%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (d)
6,330,994
6,330,994
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (d)(e)
50,250,646
50,250,646
 
56,581,640
Total Short-Term Investments
(Cost $56,581,640)
56,581,640
Total Investments in Securities
(Cost $6,436,127,278)
6,830,493,113
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
Russell 2000 Index, e-mini,
expires 09/15/23
162
15,402,960
(47,923
)
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$48,477,882.
(b)
On October 15, 2023, the issuer filed for bankruptcy.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report57

Schwab Fundamental U.S. Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$6,041,714,080
$
$
$6,041,714,080
Financial Services
408,678,913
3,553,703
412,232,616
Health Care Equipment & Services
266,086,389
0
*
266,086,389
Telecommunication Services
53,872,714
5,674
53,878,388
Short-Term Investments1
56,581,640
56,581,640
Liabilities
Futures Contracts2
(47,923
)
(47,923
)
Total
$6,826,885,813
$—
$3,559,377
$6,830,445,190
*
Level 3 amount shown includes securities determined to have no value at August 31, 2023.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying
securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
See financial notes
58Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Small Company Index ETF
Statement of Assets and Liabilities
As of August 31, 2023; unaudited
Assets
Investments in securities, at value - unaffiliated (cost $6,436,127,278) including securities on loan of $48,477,882
 
$6,830,493,113
Cash
 
724,099
Deposit with broker for futures contracts
 
899,000
Receivables:
 
Dividends
 
8,913,565
Fund shares sold
 
5,134,204
Investments sold
 
1,860,167
Income from securities on loan
+
423,383
Total assets
 
6,848,447,531
 
Liabilities
Collateral held for securities on loan
 
50,250,646
Payables:
 
Investments bought
 
11,882,190
Management fees
 
1,433,576
Variation margin on futures contracts
+
48,523
Total liabilities
 
63,614,935
Net assets
 
$6,784,832,596
 
Net Assets by Source
Capital received from investors
 
$6,898,043,103
Total distributable loss
+
(113,210,507
)
Net assets
 
$6,784,832,596
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$6,784,832,596
 
132,150,000
$51.34
 
 
 
 
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report59

Schwab Fundamental U.S. Small Company Index ETF
Statement of Operations
For the period March 1, 2023 through August 31, 2023; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $34,166)
 
$62,835,204
Securities on loan, net
+
2,558,063
Total investment income
 
65,393,267
 
Expenses
Management fees
 
7,968,824
Total expenses
7,968,824
Net investment income
 
57,424,443
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated
 
(95,249,528
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
172,977,599
Net realized gains on futures contracts
+
206,243
Net realized gains
 
77,934,314
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
(65,451,416
)
Net change in unrealized appreciation (depreciation) on futures contracts
+
(40,156
)
Net change in unrealized appreciation (depreciation)
+
(65,491,572
)
Net realized and unrealized gains
 
12,442,742
Increase in net assets resulting from operations
 
$69,867,185
See financial notes
60Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental U.S. Small Company Index ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
3/1/23-8/31/23
3/1/22-2/28/23
Net investment income
 
$57,424,443
$85,736,265
Net realized gains
 
77,934,314
196,878,392
Net change in unrealized appreciation (depreciation)
+
(65,491,572
)
(327,802,100
)
Increase (decrease) in net assets resulting from operations
 
$69,867,185
($45,187,443
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($41,576,740
)
($74,669,735
)
TRANSACTIONS IN FUND SHARES
 
3/1/23-8/31/23
3/1/22-2/28/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
14,800,000
$718,343,267
51,850,000
$2,567,816,882
Shares redeemed
+
(8,350,000
)
(394,793,358
)
(17,500,000
)
(858,079,463
)
Net transactions in fund shares
 
6,450,000
$323,549,909
34,350,000
$1,709,737,419
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/23-8/31/23
3/1/22-2/28/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
125,700,000
$6,432,992,242
91,350,000
$4,843,112,001
Total increase
+
6,450,000
351,840,354
34,350,000
1,589,880,241
End of period
 
132,150,000
$6,784,832,596
125,700,000
$6,432,992,242
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report61

Schwab Fundamental International Large Company Index ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
3/1/23–
8/31/23*
3/1/22–
2/28/23
3/1/21–
2/28/22
3/1/20–
2/28/21
3/1/19–
2/29/20
3/1/18–
2/28/19
Per-Share Data
Net asset value at beginning of period
$30.98
$32.25
$30.94
$25.24
$27.54
$30.28
Income (loss) from investment operations:
Net investment income (loss)1
0.74
1.03
1.04
0.70
0.91
0.94
Net realized and unrealized gains (losses)
1.04
(1.40
)
1.42
5.64
(2.29
)
(2.81
)
Total from investment operations
1.78
(0.37
)
2.46
6.34
(1.38
)
(1.87
)
Less distributions:
Distributions from net investment income
(0.38
)
(0.90
)
(1.15
)
(0.64
)
(0.92
)
(0.87
)
Net asset value at end of period
$32.38
$30.98
$32.25
$30.94
$25.24
$27.54
Total return
5.76
%2
(0.91
%)
7.95
%
25.47
%
(5.32
%)
(6.00
%)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.25
%3
0.25
%4
0.25
%
0.25
%
0.25
%
0.25
%
Net investment income (loss)
4.64
%3
3.50
%
3.16
%
2.74
%
3.27
%
3.29
%
Portfolio turnover rate5
6
%2
15
%
15
%
15
%
20
%
14
%
Net assets, end of period (x 1,000,000)
$10,766
$9,343
$7,382
$5,721
$4,417
$4,084
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Not annualized.
3
Annualized.
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.
See financial notes
62Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (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 [email protected]. 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 98.5% OF NET ASSETS
 
Australia 4.7%
AGL Energy Ltd.
1,675,647
12,035,230
Amcor plc
701,974
6,864,965
AMP Ltd.
3,888,979
3,186,152
Ampol Ltd.
313,129
7,158,769
ANZ Group Holdings Ltd.
1,916,000
31,431,928
APA Group
499,627
2,909,015
Aristocrat Leisure Ltd.
137,285
3,636,526
Aurizon Holdings Ltd.
1,899,814
4,491,013
BHP Group Ltd.
2,751,853
79,933,348
BlueScope Steel Ltd.
611,091
8,315,192
Brambles Ltd.
765,037
7,417,278
Coles Group Ltd.
742,525
7,824,182
Commonwealth Bank of Australia
637,371
42,179,218
Computershare Ltd.
142,993
2,331,905
CSL Ltd.
60,498
10,717,323
Downer EDI Ltd.
1,138,623
3,156,197
Endeavour Group Ltd.
497,437
1,771,908
Fortescue Metals Group Ltd.
956,187
13,271,051
Goodman Group
220,485
3,335,740
Incitec Pivot Ltd.
1,186,461
2,251,445
Insurance Australia Group Ltd.
1,497,262
5,643,664
James Hardie Industries plc *
110,989
3,344,670
JB Hi-Fi Ltd.
95,162
2,814,718
Lendlease Corp., Ltd.
977,347
4,943,564
Macquarie Group Ltd.
101,275
11,644,325
Medibank Pvt Ltd.
1,912,962
4,534,483
Metcash Ltd.
1,177,001
2,843,322
Mineral Resources Ltd.
36,927
1,710,695
Mirvac Group
2,048,032
3,209,907
National Australia Bank Ltd.
1,482,499
27,805,666
Newcrest Mining Ltd.
432,479
7,290,873
Orica Ltd.
256,821
2,613,046
Origin Energy Ltd.
1,183,539
6,676,380
QBE Insurance Group Ltd.
545,984
5,297,025
Ramsay Health Care Ltd.
74,025
2,466,631
Rio Tinto Ltd.
324,691
23,741,301
Santos Ltd.
892,000
4,430,988
Scentre Group
2,495,390
4,444,383
Sims Ltd.
236,940
2,353,987
Sonic Healthcare Ltd.
213,329
4,443,306
South32 Ltd.
2,928,431
6,448,434
Stockland
1,461,379
4,012,999
Suncorp Group Ltd.
987,731
8,719,164
Telstra Group Ltd.
3,487,786
9,058,046
Transurban Group
575,914
4,945,856
Treasury Wine Estates Ltd.
273,872
2,069,945
Wesfarmers Ltd.
587,416
20,494,299
Westpac Banking Corp.
2,289,988
32,554,277
Woodside Energy Group Ltd.
411,780
9,872,838
Woolworths Group Ltd.
576,826
14,244,656
Worley Ltd.
246,519
2,789,225
 
501,681,058
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Austria 0.3%
BAWAG Group AG
56,340
2,662,410
Erste Group Bank AG
253,709
9,078,718
OMV AG
179,413
8,328,425
Raiffeisen Bank International AG *
207,991
2,991,094
Voestalpine AG
218,269
6,391,514
Wienerberger AG
104,310
2,880,134
 
32,332,295
 
Belgium 0.7%
Ageas S.A./N.V.
174,423
6,943,889
Anheuser-Busch InBev S.A./N.V.
530,126
30,207,036
Etablissements Franz Colruyt N.V.
97,117
3,713,450
Groupe Bruxelles Lambert N.V.
93,638
7,557,205
KBC Group N.V.
158,822
10,439,176
Proximus SADP
349,899
2,649,985
Solvay S.A.
68,735
7,974,902
UCB S.A.
56,026
5,034,886
Umicore S.A.
191,918
5,097,056
 
79,617,585
 
Canada 6.5%
Agnico Eagle Mines Ltd.
144,991
7,031,198
Algonquin Power & Utilities Corp.
312,663
2,364,125
Alimentation Couche-Tard, Inc.
484,170
25,286,561
AltaGas Ltd.
154,453
3,016,112
ARC Resources Ltd.
179,386
2,732,655
Atco Ltd., Class I
85,621
2,360,518
B2Gold Corp.
622,007
1,912,524
Bank of Montreal
239,252
20,578,555
Barrick Gold Corp.
940,097
15,217,210
Bausch Health Cos., Inc. *
542,299
4,521,330
BCE, Inc.
202,362
8,561,441
Canadian Imperial Bank of Commerce
441,369
17,466,201
Canadian National Railway Co.
168,828
18,992,292
Canadian Natural Resources Ltd.
440,616
28,470,121
Canadian Pacific Kansas City Ltd.
142,306
11,281,822
Canadian Tire Corp., Ltd., Class A
51,417
6,091,981
Cenovus Energy, Inc.
354,998
7,068,736
CGI, Inc. *
95,753
9,971,985
CI Financial Corp.
299,093
3,833,307
Constellation Software, Inc.
1,396
2,863,773
Crescent Point Energy Corp.
351,011
2,884,986
Dollarama, Inc.
51,573
3,339,599
Emera, Inc.
142,298
5,327,169
Enbridge, Inc.
970,706
34,036,951
Fairfax Financial Holdings Ltd.
12,183
10,033,742
Finning International, Inc.
133,038
4,172,218
First Quantum Minerals Ltd.
192,970
5,177,435
Fortis, Inc.
233,824
9,158,013
Franco-Nevada Corp.
16,851
2,424,491
George Weston Ltd.
62,161
6,884,826
Gildan Activewear, Inc.
112,624
3,354,704
Great-West Lifeco, Inc.
141,839
4,070,814
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report63

Schwab Fundamental International Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hydro One Ltd.
124,642
3,235,468
iA Financial Corp., Inc.
44,526
2,789,807
Imperial Oil Ltd.
123,616
7,010,648
Intact Financial Corp.
33,931
4,777,601
Keyera Corp.
126,611
3,123,748
Kinross Gold Corp.
1,277,860
6,479,264
Linamar Corp.
60,112
3,150,554
Loblaw Cos., Ltd.
103,586
8,983,145
Lundin Mining Corp.
445,868
3,453,710
Magna International, Inc.
436,346
25,633,453
Manulife Financial Corp.
1,046,265
19,317,565
Methanex Corp.
55,041
2,339,227
Metro, Inc.
134,589
6,927,660
National Bank of Canada
112,353
7,820,157
Northland Power, Inc.
80,617
1,522,425
Nutrien Ltd.
282,314
17,859,681
Onex Corp.
211,458
13,048,988
Open Text Corp.
98,263
3,954,633
Parkland Corp.
145,311
3,839,660
Pembina Pipeline Corp.
220,260
6,837,592
Power Corp. of Canada
323,285
8,817,190
Restaurant Brands International, Inc.
72,669
5,040,826
RioCan Real Estate Investment Trust
150,239
2,144,289
Royal Bank of Canada
504,471
45,392,882
Saputo, Inc.
159,805
3,450,168
SNC-Lavalin Group, Inc.
149,197
4,855,423
Sun Life Financial, Inc.
240,525
11,717,360
Suncor Energy, Inc.
1,107,960
37,482,042
TC Energy Corp.
473,331
17,072,732
Teck Resources Ltd., Class B
257,427
10,632,337
TELUS Corp.
251,512
4,411,382
TFI International, Inc.
25,261
3,437,714
The Bank of Nova Scotia
686,508
32,535,491
The Toronto-Dominion Bank
689,372
41,995,669
Thomson Reuters Corp.
38,901
5,002,687
Tourmaline Oil Corp.
52,034
2,664,870
Waste Connections, Inc.
41,893
5,735,806
West Fraser Timber Co., Ltd.
70,886
5,351,488
Wheaton Precious Metals Corp.
62,285
2,713,388
WSP Global, Inc.
32,372
4,528,419
 
697,574,544
 
Denmark 1.0%
AP Moller - Maersk A/S, Class A
3,266
5,859,533
AP Moller - Maersk A/S, Class B
5,183
9,438,457
Carlsberg A/S, Class B
41,253
5,983,441
Coloplast A/S, Class B
26,916
3,077,705
Danske Bank A/S
524,309
11,807,919
DSV A/S
46,186
8,794,034
ISS A/S
155,528
2,767,680
Novo Nordisk A/S, Class B
195,527
36,275,406
Novozymes A/S, Class B
57,426
2,496,255
Orsted A/S
60,390
3,891,477
Pandora A/S
53,640
5,575,726
Vestas Wind Systems A/S *
334,298
7,739,491
 
103,707,124
 
Finland 1.0%
Elisa Oyj
55,549
2,729,332
Fortum Oyj
455,624
6,131,941
Huhtamaki Oyj
60,861
2,094,619
Kesko Oyj, B Shares
215,297
4,210,779
Kone Oyj, B Shares
145,351
6,625,780
Neste Oyj
179,904
6,595,841
Nokia Oyj
3,200,145
12,805,971
Nokian Renkaat Oyj
284,421
2,471,422
SECURITY
NUMBER
OF SHARES
VALUE ($)
Nordea Bank Abp
1,978,023
21,721,795
Outokumpu Oyj
587,458
2,742,944
Sampo Oyj, A Shares
215,407
9,475,587
Stora Enso Oyj, R Shares
498,876
6,364,803
UPM-Kymmene Oyj
386,298
13,257,268
Valmet Oyj
80,578
2,055,200
Wartsila Oyj Abp
366,430
4,663,088
 
103,946,370
 
France 8.8%
Accor S.A.
71,788
2,578,210
Air Liquide S.A.
180,585
32,704,206
Airbus SE
109,050
16,023,223
ALD S.A.
228,814
2,218,947
Alstom S.A.
165,757
4,589,359
Amundi S.A.
35,237
2,105,358
Arkema S.A.
75,885
7,959,441
Atos SE *(a)
460,895
3,882,803
AXA S.A.
1,168,759
35,232,928
BNP Paribas S.A.
947,936
61,432,161
Bollore SE
618,990
3,671,500
Bouygues S.A.
354,195
12,263,172
Bureau Veritas S.A.
92,488
2,483,446
Capgemini SE
53,453
9,998,920
Carrefour S.A.
1,118,436
21,449,511
Casino Guichard Perrachon S.A. *(a)
313,904
1,007,778
Cie de Saint-Gobain S.A.
526,906
34,404,137
Cie Generale des Etablissements
Michelin S.C.A.
739,103
23,191,175
Credit Agricole S.A.
1,042,148
13,184,044
Danone S.A.
406,439
23,745,945
Dassault Systemes SE
66,230
2,631,626
Edenred
41,275
2,635,903
Eiffage S.A.
75,506
7,483,712
Elis S.A.
214,969
4,115,704
Engie S.A.
1,779,260
28,754,367
EssilorLuxottica S.A.
65,868
12,432,079
Eurazeo SE
37,249
2,201,315
Eurofins Scientific SE
32,550
2,008,051
Eutelsat Communications S.A. (a)
342,194
2,087,269
Forvia SE *
376,233
8,019,884
Hermes International SCA
2,377
4,903,829
Kering S.A.
20,612
11,055,861
Klepierre S.A.
110,183
2,917,925
Legrand S.A.
85,280
8,432,091
L'Oreal S.A.
52,549
23,144,415
LVMH Moet Hennessy Louis Vuitton
SE
39,364
33,418,483
Orange S.A.
3,215,941
36,153,778
Pernod-Ricard S.A.
49,877
9,809,079
Publicis Groupe S.A.
128,545
10,053,543
Renault S.A.
525,932
21,311,570
Rexel S.A.
345,344
8,133,573
Rubis S.C.A.
136,686
3,340,890
Safran S.A.
106,540
17,148,398
Sanofi
601,899
64,438,643
Schneider Electric SE
181,834
31,296,315
SCOR SE
217,167
6,774,080
SEB S.A.
25,499
2,809,046
SES S.A.
552,952
4,032,983
Societe Generale S.A.
1,158,822
32,971,317
Sodexo S.A.
53,050
5,701,354
STMicroelectronics N.V.
167,745
7,949,737
Teleperformance SE
19,237
2,669,364
Thales S.A.
32,928
4,817,536
TotalEnergies SE
2,221,955
140,041,511
Unibail-Rodamco-Westfield *
73,706
3,951,041
See financial notes
64Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Valeo SE
490,397
9,580,541
Veolia Environnement S.A.
460,061
14,410,580
Vinci S.A.
269,436
30,108,829
Vivendi SE
316,653
2,890,342
Wendel SE
33,512
3,071,636
 
943,834,464
 
Germany 7.7%
adidas AG
116,838
23,386,317
Allianz SE
277,221
67,502,818
Aurubis AG
77,797
6,456,049
BASF SE
1,268,224
64,404,871
Bayer AG
582,305
31,941,511
Bayerische Motoren Werke AG
438,460
46,241,497
Beiersdorf AG
27,724
3,634,900
Brenntag SE
109,740
8,902,003
Coloplast A/S *
2,500
285,862
Commerzbank AG
788,648
8,687,983
Continental AG
208,653
15,539,787
Covestro AG *
366,641
19,526,607
Daimler Truck Holding AG
281,815
9,937,646
Deutsche Bank AG
1,178,406
12,856,333
Deutsche Boerse AG
33,690
5,991,246
Deutsche Lufthansa AG *
690,683
6,182,220
Deutsche Telekom AG
3,088,058
66,167,740
DHL Group
809,214
37,840,702
E.ON SE
1,695,910
20,946,659
Evonik Industries AG
252,526
4,852,569
Freenet AG
128,244
3,076,090
Fresenius Medical Care AG & Co.
KGaA
309,444
14,962,339
Fresenius SE & Co. KGaA
728,371
23,407,809
GEA Group AG
84,590
3,341,874
Hannover Rueck SE
27,203
5,794,236
Heidelberg Materials AG
208,625
16,819,301
Henkel AG & Co. KGaA
77,266
5,348,631
Infineon Technologies AG
308,097
11,039,985
K+S AG
157,243
2,961,014
KION Group AG
107,574
4,308,275
Kloeckner & Co. SE
244,582
2,091,801
Knorr-Bremse AG
44,036
3,015,830
LANXESS AG
119,392
3,781,205
Mercedes-Benz Group AG
864,758
63,390,671
Merck KGaA
32,206
5,802,492
METRO AG *
357,427
2,851,310
MTU Aero Engines AG
15,747
3,688,238
Muenchener
Rueckversicherungs-Gesellschaft
AG in Muenchen
63,932
24,854,989
ProSiebenSat.1 Media SE (a)
304,680
2,422,594
Puma SE
38,970
2,622,357
Rheinmetall AG
17,740
4,838,556
RWE AG
251,258
10,379,069
Salzgitter AG
79,089
2,334,827
SAP SE
342,612
47,902,212
Siemens AG
345,312
52,050,042
Siemens Energy AG *
430,088
6,143,034
Siemens Healthineers AG
72,370
3,632,788
Symrise AG, Class A
30,419
3,174,747
Telefonica Deutschland Holding AG
1,028,109
1,957,215
ThyssenKrupp AG
1,064,868
8,210,478
United Internet AG
172,024
3,314,035
Volkswagen AG
59,194
8,474,073
Vonovia SE
346,897
8,324,516
SECURITY
NUMBER
OF SHARES
VALUE ($)
Zalando SE *
81,816
2,551,195
 
830,153,148
 
Hong Kong 1.6%
AIA Group Ltd.
3,044,504
27,642,897
BOC Hong Kong Holdings Ltd.
1,962,389
5,455,425
CK Asset Holdings Ltd.
1,375,264
7,593,832
CK Hutchison Holdings Ltd.
4,072,151
22,199,695
CLP Holdings Ltd.
1,221,192
9,577,366
Galaxy Entertainment Group Ltd. *
597,758
3,956,214
Hang Seng Bank Ltd.
354,369
4,519,004
Henderson Land Development Co.,
Ltd.
730,269
2,006,860
Hong Kong & China Gas Co., Ltd.
4,665,575
3,432,954
Hong Kong Exchanges & Clearing Ltd.
105,308
4,082,460
Hongkong Land Holdings Ltd.
656,653
2,331,118
Jardine Matheson Holdings Ltd.
251,430
11,958,011
Lenovo Group Ltd.
7,843,698
8,872,203
Link REIT
564,362
2,799,590
MTR Corp., Ltd.
649,370
2,712,005
New World Development Co., Ltd.
2,213,072
4,701,729
Orient Overseas International Ltd.
98,955
1,327,518
PCCW Ltd.
4,945,259
2,352,258
Sands China Ltd. *
1,113,170
3,768,886
Sino Land Co., Ltd.
1,603,898
1,838,753
Sun Hung Kai Properties Ltd.
959,213
10,800,970
Swire Pacific Ltd., A Shares
786,843
6,492,013
Swire Pacific Ltd., B Shares
494,803
652,439
Techtronic Industries Co., Ltd.
344,967
3,409,308
WH Group Ltd.
17,567,105
9,050,417
Wharf Real Estate Investment Co.,
Ltd.
635,755
2,651,090
Xinyi Glass Holdings Ltd.
1,204,635
1,778,898
 
167,963,913
 
Ireland 0.1%
Bank of Ireland Group plc
390,664
3,900,017
Kerry Group plc, Class A
52,197
4,880,003
Kingspan Group plc
48,382
4,100,090
 
12,880,110
 
Israel 0.2%
Bank Hapoalim B.M.
471,206
3,912,760
Bank Leumi Le-Israel B.M.
628,264
4,891,074
ICL Group Ltd.
378,679
2,273,091
Israel Discount Bank Ltd., A Shares
450,045
2,257,157
Teva Pharmaceutical Industries Ltd. *
487,001
4,743,974
 
18,078,056
 
Italy 3.1%
A2A S.p.A.
1,904,951
3,658,509
Assicurazioni Generali S.p.A.
1,052,625
21,855,380
Banco BPM S.p.A.
1,111,844
5,328,962
CNH Industrial N.V.
511,071
7,088,948
Enel S.p.A.
8,774,216
59,138,407
Eni S.p.A.
3,107,151
48,170,583
Ferrari N.V.
14,417
4,584,714
Hera S.p.A.
888,379
2,695,908
Intesa Sanpaolo S.p.A.
14,271,249
38,289,540
Iveco Group N.V. *
135,713
1,351,883
Leonardo S.p.A.
464,394
6,711,158
Mediobanca Banca di Credito
Finanziario S.p.A.
342,542
4,487,359
Pirelli & C S.p.A.
485,789
2,429,045
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report65

Schwab Fundamental International Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Poste Italiane S.p.A.
297,824
3,314,859
Prysmian S.p.A.
121,248
4,973,031
Snam S.p.A.
992,430
5,131,465
Stellantis N.V.
2,601,287
48,493,106
Telecom Italia S.p.A. *
48,398,214
15,049,555
Tenaris S.A.
209,981
3,363,846
Terna - Rete Elettrica Nazionale
491,032
4,061,014
UniCredit S.p.A.
1,648,513
40,373,595
Unipol Gruppo S.p.A.
577,436
3,223,848
 
333,774,715
 
Japan 27.7%
Advantest Corp.
42,891
5,394,335
Aeon Co., Ltd.
670,307
13,900,174
AGC, Inc.
266,289
9,352,170
Air Water, Inc.
268,708
3,383,190
Aisin Corp.
422,134
14,112,211
Ajinomoto Co., Inc.
203,610
8,633,338
Alfresa Holdings Corp.
535,402
9,171,910
Alps Alpine Co., Ltd.
492,534
4,118,969
Amada Co., Ltd.
339,604
3,601,666
Asahi Group Holdings Ltd.
333,930
13,019,107
Asahi Kasei Corp.
1,956,729
12,658,223
Astellas Pharma, Inc.
938,992
14,283,050
Bandai Namco Holdings, Inc.
269,144
6,252,327
Bridgestone Corp.
600,317
23,343,027
Brother Industries Ltd.
333,274
5,650,904
Canon, Inc.
972,432
23,965,972
Central Japan Railway Co.
141,494
18,164,803
Chubu Electric Power Co., Inc.
1,422,116
18,999,317
Chugai Pharmaceutical Co., Ltd.
160,051
4,899,868
Coca-Cola Bottlers Japan Holdings,
Inc.
317,636
4,142,130
COMSYS Holdings Corp.
152,582
3,252,134
Concordia Financial Group Ltd.
673,036
2,988,292
Cosmo Energy Holdings Co., Ltd.
187,931
6,764,148
Dai Nippon Printing Co., Ltd.
318,233
8,706,405
Daicel Corp.
410,555
3,431,984
Daido Steel Co., Ltd.
69,832
2,892,379
Daifuku Co., Ltd.
137,101
2,536,536
Dai-ichi Life Holdings, Inc.
817,132
15,218,968
Daiichi Sankyo Co., Ltd.
297,931
8,797,647
Daikin Industries Ltd.
97,608
16,912,194
Daito Trust Construction Co., Ltd.
76,325
8,422,304
Daiwa House Industry Co., Ltd.
945,678
26,294,636
Daiwa Securities Group, Inc.
1,010,332
5,753,101
Daiwabo Holdings Co., Ltd.
171,683
3,487,081
Denka Co., Ltd.
138,801
2,619,471
Denso Corp.
391,115
26,754,915
Dentsu Group, Inc.
124,473
3,723,460
DIC Corp.
201,141
3,469,902
Dowa Holdings Co., Ltd.
73,390
2,360,216
East Japan Railway Co.
339,895
19,219,120
Ebara Corp.
77,863
3,882,320
EDION Corp.
278,259
2,800,079
Eisai Co., Ltd.
117,636
7,480,675
Electric Power Development Co., Ltd.
351,319
5,482,685
ENEOS Holdings, Inc.
9,076,232
34,058,080
Exeo Group, Inc.
161,381
3,435,242
FANUC Corp.
329,430
9,397,416
Fast Retailing Co., Ltd.
33,257
7,648,071
Fuji Electric Co., Ltd.
101,649
4,800,198
FUJIFILM Holdings Corp.
254,742
15,072,621
Fujikura Ltd.
342,924
2,843,076
Fujitsu Ltd.
161,217
20,159,738
Furukawa Electric Co., Ltd.
171,030
2,942,818
GS Yuasa Corp.
130,195
2,472,708
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hakuhodo DY Holdings, Inc.
307,168
2,919,030
Hankyu Hanshin Holdings, Inc.
146,737
5,271,384
Hanwa Co., Ltd.
122,752
3,912,280
Haseko Corp.
417,609
5,189,097
Hino Motors Ltd. *
906,976
3,557,880
Hitachi Construction Machinery Co.,
Ltd.
126,083
3,932,705
Hitachi Ltd.
788,473
52,501,681
Hokkaido Electric Power Co., Inc. *
744,334
3,430,629
Honda Motor Co., Ltd.
3,098,527
100,095,288
Hoya Corp.
76,913
8,534,736
Idemitsu Kosan Co., Ltd.
587,576
12,491,312
IHI Corp.
153,682
3,832,945
Iida Group Holdings Co., Ltd.
259,457
4,254,927
INFRONEER Holdings, Inc.
239,107
2,499,714
Inpex Corp.
906,520
12,671,417
Isetan Mitsukoshi Holdings Ltd.
463,847
5,323,957
Isuzu Motors Ltd.
685,225
8,801,530
ITOCHU Corp.
1,085,131
40,786,048
Itoham Yonekyu Holdings, Inc.
421,807
2,346,833
Iwatani Corp.
71,950
3,793,085
J. Front Retailing Co., Ltd.
264,999
2,794,062
Japan Exchange Group, Inc.
158,106
2,761,710
Japan Post Holdings Co., Ltd.
2,633,812
20,207,906
Japan Post Insurance Co., Ltd.
256,637
4,138,169
Japan Tobacco, Inc.
916,937
20,097,853
JFE Holdings, Inc.
1,213,693
19,203,502
JGC Holdings Corp.
211,254
2,825,233
JSR Corp.
122,393
3,421,640
JTEKT Corp.
610,405
5,532,365
Kajima Corp.
706,811
11,814,573
Kaneka Corp.
135,538
3,810,537
Kanematsu Corp.
187,784
2,645,499
Kao Corp.
327,572
12,687,973
Kawasaki Heavy Industries Ltd.
214,478
5,508,351
Kawasaki Kisen Kaisha Ltd.
103,187
3,463,074
KDDI Corp.
1,392,201
41,359,133
Kewpie Corp.
160,675
2,678,009
Keyence Corp.
18,637
7,747,441
Kikkoman Corp.
63,771
3,690,864
Kinden Corp.
217,253
2,987,537
Kintetsu Group Holdings Co., Ltd.
96,826
3,065,364
Kirin Holdings Co., Ltd.
657,570
9,241,256
Kobe Steel Ltd.
1,094,266
13,754,898
Koito Manufacturing Co., Ltd.
287,814
4,893,935
Komatsu Ltd.
836,242
23,837,650
Konica Minolta, Inc.
1,322,618
4,092,725
K's Holdings Corp.
379,503
3,498,252
Kubota Corp.
762,737
12,233,341
Kuraray Co., Ltd.
586,451
6,668,748
Kurita Water Industries Ltd.
52,724
2,058,114
Kyocera Corp.
234,983
12,069,945
Kyushu Electric Power Co., Inc. *
1,399,483
9,245,614
Kyushu Railway Co.
138,702
3,022,986
Lion Corp.
201,749
2,197,157
Lixil Corp.
385,107
4,826,237
Makita Corp.
205,968
5,656,215
Marubeni Corp.
1,460,992
23,929,220
MatsukiyoCocokara & Co.
81,001
4,770,983
Mazda Motor Corp.
1,547,319
16,287,848
Medipal Holdings Corp.
406,205
6,967,022
MEIJI Holdings Co., Ltd.
336,281
8,435,610
MINEBEA MITSUMI, Inc.
338,554
5,756,709
MISUMI Group, Inc.
119,370
2,085,501
Mitsubishi Chemical Group Corp.
2,510,102
15,005,267
Mitsubishi Corp.
1,188,337
58,737,322
Mitsubishi Electric Corp.
2,645,709
34,510,433
Mitsubishi Estate Co., Ltd.
738,885
9,452,714
See financial notes
66Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Mitsubishi Gas Chemical Co., Inc.
283,532
3,867,806
Mitsubishi Heavy Industries Ltd.
364,015
20,677,982
Mitsubishi Materials Corp.
342,209
5,750,691
Mitsubishi Motors Corp.
871,968
3,430,134
Mitsubishi Shokuhin Co., Ltd.
92,200
2,530,061
Mitsubishi UFJ Financial Group, Inc.
7,436,101
59,428,537
Mitsui & Co., Ltd.
1,207,799
45,064,836
Mitsui Chemicals, Inc.
285,262
7,751,461
Mitsui Fudosan Co., Ltd.
637,809
13,984,176
Mitsui Mining & Smelting Co., Ltd.
113,617
2,904,712
Mitsui O.S.K. Lines Ltd.
232,549
6,446,871
Mizuho Financial Group, Inc.
1,868,249
30,926,813
Morinaga Milk Industry Co., Ltd.
70,206
2,875,078
MS&AD Insurance Group Holdings,
Inc.
394,474
14,198,192
Murata Manufacturing Co., Ltd.
283,279
15,926,357
Nagase & Co., Ltd.
230,770
3,961,220
Nagoya Railroad Co., Ltd.
179,657
2,886,408
NEC Corp.
340,642
17,983,820
NGK Insulators Ltd.
285,745
3,795,932
NH Foods Ltd.
230,010
7,137,996
NHK Spring Co., Ltd.
350,460
2,722,604
Nichirei Corp.
136,712
3,235,976
Nidec Corp.
156,640
8,211,536
Nikon Corp.
353,415
3,820,965
Nintendo Co., Ltd.
377,430
16,247,236
Nippon Electric Glass Co., Ltd.
125,114
2,209,486
Nippon Light Metal Holdings Co., Ltd.
218,909
2,333,666
Nippon Paper Industries Co., Ltd. *
445,657
3,988,674
Nippon Steel Corp.
1,248,891
29,569,855
Nippon Telegraph & Telephone Corp.
30,305,742
35,034,216
Nippon Yusen K.K.
386,123
10,306,515
Nissan Chemical Corp.
50,330
2,159,988
Nissan Motor Co., Ltd.
5,433,534
23,169,543
Nisshin Seifun Group, Inc.
321,024
4,234,822
Nissin Foods Holdings Co., Ltd.
31,028
2,710,967
Nissui Corp.
552,796
2,903,617
Niterra Co., Ltd.
199,527
4,639,207
Nitori Holdings Co., Ltd.
37,924
4,329,408
Nitto Denko Corp.
128,507
8,781,922
NOK Corp.
301,325
4,231,610
Nomura Holdings, Inc.
2,232,681
8,652,530
Nomura Real Estate Holdings, Inc.
104,674
2,637,251
Nomura Research Institute Ltd.
116,399
3,346,017
NSK Ltd.
851,918
4,969,839
NTT Data Group Corp.
424,508
5,718,035
Obayashi Corp.
1,235,597
11,194,508
Oji Holdings Corp.
1,836,290
7,517,456
Olympus Corp.
281,249
3,806,719
Omron Corp.
115,336
5,575,676
Ono Pharmaceutical Co., Ltd.
167,165
3,170,836
Oriental Land Co., Ltd.
86,069
3,103,178
ORIX Corp.
802,465
14,992,649
Osaka Gas Co., Ltd.
551,643
8,828,713
Otsuka Corp.
83,975
3,746,386
Otsuka Holdings Co., Ltd.
297,941
11,349,938
PALTAC Corp.
74,296
2,451,102
Pan Pacific International Holdings
Corp.
159,228
3,176,685
Panasonic Holdings Corp.
3,495,131
40,320,586
Penta-Ocean Construction Co., Ltd.
456,389
2,715,105
Persol Holdings Co., Ltd.
144,228
2,471,744
Recruit Holdings Co., Ltd.
471,963
16,922,395
Renesas Electronics Corp. *
297,846
5,013,371
Rengo Co., Ltd.
412,521
2,804,638
Resona Holdings, Inc.
1,288,177
6,833,527
Resonac Holdings Corp.
303,350
4,940,364
Ricoh Co., Ltd.
1,040,061
8,487,086
SECURITY
NUMBER
OF SHARES
VALUE ($)
Rohm Co., Ltd.
50,466
4,218,644
Ryohin Keikaku Co., Ltd. (a)
271,368
3,501,493
San-Ai Obbli Co., Ltd.
108,054
1,243,937
Sankyu, Inc.
78,713
2,748,751
Santen Pharmaceutical Co., Ltd.
304,103
2,829,327
Sanwa Holdings Corp.
228,836
3,487,122
SBI Holdings, Inc.
173,851
3,553,207
Secom Co., Ltd.
128,191
8,976,936
Seiko Epson Corp.
315,482
4,946,167
Seino Holdings Co., Ltd.
304,537
4,439,879
Sekisui Chemical Co., Ltd.
430,860
6,617,460
Sekisui House Ltd.
677,841
13,830,592
Seven & i Holdings Co., Ltd.
637,699
26,198,288
SG Holdings Co., Ltd.
313,519
4,530,989
Sharp Corp. *
301,769
1,859,097
Shikoku Electric Power Co., Inc. *
384,147
2,770,576
Shimadzu Corp.
105,418
3,103,490
Shimamura Co., Ltd.
32,664
3,367,700
Shimano, Inc.
26,196
3,850,633
Shimizu Corp.
1,044,800
7,030,879
Shin-Etsu Chemical Co., Ltd.
826,840
26,460,470
Shionogi & Co., Ltd.
115,960
5,111,209
Shiseido Co., Ltd.
142,162
5,776,903
SMC Corp.
16,039
7,777,954
Softbank Corp.
2,525,659
28,971,738
SoftBank Group Corp.
1,378,763
61,984,434
Sohgo Security Services Co., Ltd.
403,753
2,575,577
Sojitz Corp.
308,098
6,628,176
Sompo Holdings, Inc.
261,898
11,417,843
Sony Group Corp.
486,114
40,552,629
Stanley Electric Co., Ltd.
168,099
2,954,159
Subaru Corp.
1,098,264
21,194,304
SUMCO Corp.
206,279
2,758,699
Sumitomo Chemical Co., Ltd.
2,924,025
8,102,151
Sumitomo Corp.
1,169,460
24,090,466
Sumitomo Electric Industries Ltd.
1,496,955
18,359,125
Sumitomo Forestry Co., Ltd.
174,378
4,918,062
Sumitomo Heavy Industries Ltd.
220,482
5,532,306
Sumitomo Metal Mining Co., Ltd.
201,617
6,259,634
Sumitomo Mitsui Financial Group,
Inc.
932,409
42,788,917
Sumitomo Mitsui Trust Holdings, Inc.
226,254
8,471,412
Sumitomo Realty & Development Co.,
Ltd.
260,654
6,676,366
Sumitomo Rubber Industries Ltd.
449,354
4,745,556
Sundrug Co., Ltd.
87,544
2,587,504
Suntory Beverage & Food Ltd.
104,428
3,381,348
Suzuken Co., Ltd.
216,831
6,431,131
Suzuki Motor Corp.
565,120
22,261,656
Sysmex Corp.
53,438
2,845,059
T&D Holdings, Inc.
337,331
5,360,547
Taiheiyo Cement Corp.
334,702
6,424,596
Taisei Corp.
254,124
8,558,368
Taiyo Yuden Co., Ltd.
86,672
2,415,278
Takashimaya Co., Ltd.
198,867
2,987,410
Takeda Pharmaceutical Co., Ltd.
949,985
29,416,028
TDK Corp.
268,693
9,807,567
Teijin Ltd.
493,790
5,019,811
Terumo Corp.
194,769
5,903,875
The Chugoku Electric Power Co., Inc. *
700,608
4,622,276
The Kansai Electric Power Co., Inc.
1,361,226
19,391,989
The Yokohama Rubber Co., Ltd.
176,644
3,596,944
TIS, Inc.
112,642
2,659,275
Tobu Railway Co., Ltd.
140,292
3,847,827
Toho Gas Co., Ltd.
149,095
2,672,926
Toho Holdings Co., Ltd.
165,276
3,314,943
Tohoku Electric Power Co., Inc. *
1,881,214
13,154,349
Tokio Marine Holdings, Inc.
989,437
21,931,608
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report67

Schwab Fundamental International Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Tokuyama Corp.
149,749
2,392,528
Tokyo Electric Power Co. Holdings,
Inc. *
6,080,327
26,729,466
Tokyo Electron Ltd.
143,424
21,254,750
Tokyo Gas Co., Ltd.
597,653
13,863,201
Tokyu Corp.
365,218
4,617,122
Tokyu Fudosan Holdings Corp.
681,093
4,240,896
Toppan, Inc.
427,543
10,340,206
Toray Industries, Inc.
2,149,680
11,607,401
Toshiba Corp.
381,665
12,064,583
Tosoh Corp.
530,350
6,870,489
TOTO Ltd.
115,561
3,171,111
Toyo Seikan Group Holdings Ltd.
302,285
5,475,327
Toyo Suisan Kaisha Ltd.
69,031
2,850,667
Toyoda Gosei Co., Ltd.
162,468
3,514,179
Toyota Industries Corp.
143,778
10,172,156
Toyota Motor Corp.
10,157,193
175,466,843
Toyota Tsusho Corp.
347,618
20,761,332
TS Tech Co., Ltd.
196,206
2,323,448
Tsuruha Holdings, Inc.
49,703
3,639,345
UBE Corp.
255,838
4,318,590
Unicharm Corp.
106,861
4,266,072
West Japan Railway Co.
200,826
8,696,000
Yakult Honsha Co., Ltd.
46,217
2,423,468
Yamada Holdings Co., Ltd.
1,789,762
5,630,463
Yamaha Corp.
85,345
2,637,409
Yamaha Motor Co., Ltd.
388,321
10,079,782
Yamato Holdings Co., Ltd.
491,708
9,242,428
Yamazaki Baking Co., Ltd.
241,093
4,569,812
Yaskawa Electric Corp.
89,215
3,505,849
Yokogawa Electric Corp.
168,437
3,341,898
Z Holdings Corp.
1,203,450
3,618,988
 
2,985,558,897
 
Netherlands 2.7%
Aalberts N.V.
59,261
2,470,489
ABN AMRO Bank N.V., GDR
472,461
6,971,318
Aegon N.V.
1,799,257
9,256,382
Akzo Nobel N.V.
219,984
17,916,519
APERAM S.A.
72,261
2,050,904
ArcelorMittal S.A.
1,017,505
27,089,676
ASML Holding N.V.
41,173
27,165,291
ASR Nederland N.V.
120,660
5,286,787
DSM-Firmenich AG
75,001
6,931,407
EXOR N.V.
250,545
22,227,472
Heineken Holding N.V.
78,621
6,305,982
Heineken N.V.
94,242
9,187,286
ING Groep N.V.
2,701,699
38,412,977
Koninklijke Ahold Delhaize N.V.
1,300,972
42,607,390
Koninklijke KPN N.V.
2,356,760
8,254,372
Koninklijke Philips N.V.
1,102,325
24,885,289
NN Group N.V.
328,446
12,676,385
Prosus N.V. *
33,363
2,309,507
Randstad N.V.
170,893
10,049,234
SBM Offshore N.V.
165,906
2,407,483
Signify N.V.
153,865
4,365,310
Wolters Kluwer N.V.
52,175
6,297,047
 
295,124,507
 
New Zealand 0.1%
Fletcher Building Ltd.
1,018,384
2,928,896
Spark New Zealand Ltd.
1,025,876
3,100,104
 
6,029,000
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Norway 0.6%
Aker BP A.S.A.
87,456
2,372,797
DNB Bank A.S.A.
580,415
11,491,368
Equinor A.S.A.
656,625
20,259,593
Mowi A.S.A.
309,072
5,607,789
Norsk Hydro A.S.A.
1,078,057
5,989,684
Orkla A.S.A.
533,122
4,073,662
Subsea 7 S.A.
272,871
3,552,891
Telenor A.S.A.
819,322
8,773,100
Yara International A.S.A.
168,078
6,145,023
 
68,265,907
 
Poland 0.3%
KGHM Polska Miedz S.A.
141,926
3,929,331
ORLEN S.A.
1,080,817
16,535,156
PGE Polska Grupa Energetyczna S.A. *
1,732,805
3,567,991
Powszechna Kasa Oszczednosci Bank
Polski S.A. *
467,544
4,237,251
Powszechny Zaklad Ubezpieczen S.A.
610,504
6,122,446
 
34,392,175
 
Portugal 0.2%
EDP - Energias de Portugal S.A.
2,149,627
9,813,006
Galp Energia, SGPS, S.A.
573,160
7,903,515
Jeronimo Martins, SGPS, S.A.
151,044
3,852,486
 
21,569,007
 
Republic of Korea 6.3%
Amorepacific Corp.
26,082
2,642,239
BNK Financial Group, Inc.
628,600
3,243,467
CJ CheilJedang Corp.
14,315
3,238,271
CJ Corp.
60,845
3,236,167
Coway Co., Ltd.
66,501
2,173,515
DB Insurance Co., Ltd.
77,127
4,767,374
DL E&C Co., Ltd.
64,981
1,524,048
Doosan Enerbility Co., Ltd. *
186,120
2,565,619
E-MART, Inc.
71,281
3,979,979
GS Engineering & Construction Corp.
165,456
1,818,858
GS Holdings Corp.
157,405
4,471,767
Hana Financial Group, Inc.
345,716
10,344,670
Hankook Tire & Technology Co., Ltd.
137,955
4,044,453
Hanwha Corp.
188,849
3,571,950
Hanwha Galleria Co. Ltd. *
73,094
73,053
Hanwha Solutions Corp. *
69,237
1,909,354
HD Hyundai Co., Ltd.
105,599
4,721,695
HD Korea Shipbuilding & Offshore
Engineering Co., Ltd. *
50,474
4,723,763
HMM Co., Ltd.
123,343
1,554,677
Hyundai Engineering & Construction
Co., Ltd.
140,162
3,764,518
Hyundai Glovis Co., Ltd.
32,447
4,234,619
Hyundai Marine & Fire Insurance Co.,
Ltd.
128,452
2,939,794
Hyundai Mobis Co., Ltd.
107,681
18,819,225
Hyundai Motor Co.
184,229
26,357,257
Hyundai Steel Co.
265,460
7,270,401
Industrial Bank of Korea
400,325
3,258,935
KB Financial Group, Inc.
386,391
15,815,210
Kia Corp.
340,894
20,684,470
Korea Electric Power Corp. *
1,069,393
14,417,691
Korea Gas Corp. *
111,702
2,121,218
Korea Zinc Co., Ltd.
8,141
3,245,929
Korean Air Lines Co., Ltd.
158,364
2,731,757
KT&G Corp.
92,346
6,071,396
See financial notes
68Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kumho Petrochemical Co., Ltd.
21,837
2,061,856
LG Chem Ltd.
23,179
10,223,837
LG Corp.
52,181
3,241,203
LG Display Co., Ltd. *
753,738
7,641,452
LG Electronics, Inc.
202,867
15,118,139
LG H&H Co., Ltd.
7,339
2,579,130
LG Innotek Co., Ltd.
12,385
2,529,941
LG Uplus Corp.
542,727
4,290,900
Lotte Chemical Corp.
42,811
4,424,424
Lotte Shopping Co., Ltd.
41,427
2,225,320
NAVER Corp.
26,471
4,295,842
POSCO Holdings, Inc.
152,611
66,852,104
Posco International Corp.
143,193
8,580,205
Samsung C&T Corp.
79,879
6,327,468
Samsung Electro-Mechanics Co., Ltd.
47,793
4,895,912
Samsung Electronics Co., Ltd.
4,263,824
215,812,238
Samsung Fire & Marine Insurance Co.,
Ltd.
43,866
8,180,797
Samsung Life Insurance Co., Ltd.
84,452
4,319,240
Samsung SDI Co., Ltd.
10,580
4,914,787
Samsung SDS Co., Ltd.
38,888
4,177,867
Shinhan Financial Group Co., Ltd.
529,295
14,236,003
SK Hynix, Inc.
517,055
47,646,907
SK Innovation Co., Ltd. *
88,225
11,847,882
SK, Inc.
102,612
11,218,032
S-Oil Corp.
49,034
2,708,139
Woori Financial Group, Inc.
746,853
6,729,729
 
673,416,693
 
Singapore 0.6%
ComfortDelGro Corp., Ltd.
2,905,260
2,732,085
DBS Group Holdings Ltd.
630,919
15,556,907
Jardine Cycle & Carriage Ltd.
116,170
2,874,788
Keppel Corp., Ltd.
745,333
3,830,145
Oversea-Chinese Banking Corp., Ltd.
1,415,409
13,153,190
Singapore Airlines Ltd.
682,019
3,469,434
Singapore Telecommunications Ltd.
4,789,252
8,440,148
United Overseas Bank Ltd.
506,358
10,663,326
Venture Corp., Ltd.
202,180
1,962,665
Wilmar International Ltd.
2,572,143
7,199,334
 
69,882,022
 
Spain 3.1%
Acciona S.A.
12,506
1,789,651
Acerinox S.A.
245,335
2,467,297
ACS, Actividades de Construccion y
Servicios S.A.
295,478
10,387,375
Aena SME S.A.
25,409
3,998,759
Amadeus IT Group S.A.
101,653
6,983,829
Banco Bilbao Vizcaya Argentaria S.A.
6,369,534
50,231,108
Banco De Sabadell S.A.
7,337,289
8,505,044
Banco Santander S.A.
23,790,688
93,008,023
CaixaBank S.A.
1,139,702
4,618,866
Enagas S.A.
162,282
2,773,210
Endesa S.A.
287,751
5,990,115
Ferrovial SE
115,976
3,681,830
Grifols S.A. *
236,250
3,242,353
Iberdrola S.A.
3,518,717
41,856,663
Industria de Diseno Textil S.A.
437,820
16,802,641
Mapfre S.A.
1,320,122
2,795,381
Naturgy Energy Group S.A. (a)
154,669
4,488,843
Redeia Corp. S.A.
214,275
3,489,612
Repsol S.A.
1,721,903
26,575,288
Telefonica S.A.
11,030,619
45,781,232
 
339,467,120
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sweden 1.8%
Alfa Laval AB
107,083
3,767,009
Assa Abloy AB, B Shares
326,001
7,350,720
Atlas Copco AB, A Shares
636,368
8,423,962
Atlas Copco AB, B Shares
393,688
4,542,734
Boliden AB
210,470
5,603,935
Electrolux AB, B Shares
270,606
2,981,636
Epiroc AB, A Shares
169,863
3,266,984
Epiroc AB, B Shares
96,272
1,579,051
Essity AB, B Shares
347,557
8,116,086
H & M Hennes & Mauritz AB,
B Shares
706,446
10,805,174
Hexagon AB, B Shares
389,660
3,483,841
Husqvarna AB, B Shares
329,953
2,847,566
Industrivarden AB, A Shares
57,697
1,505,405
Industrivarden AB, C Shares
53,410
1,391,112
Investor AB, A Shares
224,406
4,289,370
Investor AB, B Shares
753,319
14,523,022
Sandvik AB
473,063
8,960,197
Securitas AB, B Shares
602,768
4,913,567
Skandinaviska Enskilda Banken AB,
A Shares
666,641
7,741,021
Skanska AB, B Shares
434,100
6,366,858
SKF AB, B Shares
356,155
5,781,473
SSAB AB, A Shares
308,689
1,773,216
SSAB AB, B Shares
717,752
3,977,497
Svenska Cellulosa AB, S.C.A.,
B Shares
217,545
2,900,626
Svenska Handelsbanken AB,
A Shares
807,170
6,734,587
Swedbank AB, A Shares
655,966
11,630,773
Tele2 AB, B Shares
410,795
2,901,477
Telefonaktiebolaget LM Ericsson,
B Shares
1,844,194
9,487,160
Telia Co. AB
3,393,070
6,851,275
Trelleborg AB, B Shares
122,141
3,105,421
Volvo AB, A Shares
168,871
3,460,730
Volvo AB, B Shares
1,227,977
24,806,483
Volvo Car AB, B Shares *
285,505
1,087,797
 
196,957,765
 
Switzerland 4.9%
ABB Ltd.
574,104
21,898,176
Adecco Group AG
316,955
13,682,982
Alcon, Inc.
94,522
7,910,633
Baloise Holding AG
21,932
3,431,647
Barry Callebaut AG
1,264
2,206,723
Chocoladefabriken Lindt & Spruengli
AG
18
2,123,521
Chocoladefabriken Lindt & Spruengli
AG, Participation Certificates
204
2,441,302
Cie Financiere Richemont S.A.,
Class A
118,482
16,848,389
DKSH Holding AG
30,895
2,364,565
Galenica AG
27,960
2,222,238
Geberit AG
10,018
5,201,534
Georg Fischer AG
41,378
2,679,674
Givaudan S.A.
1,806
6,027,838
Helvetia Holding AG
18,124
2,761,948
Holcim AG *
433,868
28,765,706
Julius Baer Group Ltd.
71,008
4,941,015
Kuehne & Nagel International AG
17,412
5,241,835
Logitech International S.A.
51,192
3,550,548
Lonza Group AG
9,663
5,348,702
Nestle S.A.
826,396
99,551,129
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report69

Schwab Fundamental International Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Novartis AG
648,685
65,591,913
Partners Group Holding AG
3,978
4,302,050
Roche Holding AG
270,098
79,599,784
Roche Holding AG, Bearer Shares
10,248
3,204,639
Schindler Holding AG
7,326
1,541,923
Schindler Holding AG, Participation
Certificates
16,293
3,636,756
SGS S.A.
52,884
4,812,699
Sika AG
23,370
6,625,359
Sonova Holding AG
11,159
2,952,571
Swiss Life Holding AG
14,326
8,995,414
Swiss Prime Site AG
30,705
2,951,434
Swiss Re AG
155,084
15,082,610
Swisscom AG
15,380
9,368,174
The Swatch Group AG
28,077
1,498,818
The Swatch Group AG, Bearer Shares
19,989
5,628,377
UBS Group AG
1,588,705
42,269,536
Zurich Insurance Group AG
64,912
30,499,270
 
527,761,432
 
United Kingdom 14.5%
3i Group plc
309,481
7,817,682
abrdn plc
3,084,321
6,452,595
Admiral Group plc
114,985
3,628,009
Anglo American plc
928,310
24,708,336
Antofagasta plc
195,203
3,581,647
Ashtead Group plc
142,456
9,971,539
Associated British Foods plc
358,601
9,053,940
AstraZeneca plc
251,762
34,013,916
Aviva plc
2,796,914
13,297,492
B&M European Value Retail S.A.
583,332
4,269,438
BAE Systems plc
1,380,898
17,629,274
Balfour Beatty plc
663,934
2,752,745
Barclays plc
13,928,872
26,008,981
Barratt Developments plc
1,317,774
7,569,278
Bellway plc
170,745
4,621,437
Berkeley Group Holdings plc
96,247
4,952,768
BP plc
20,520,619
126,763,102
British American Tobacco plc
1,629,814
54,160,333
BT Group plc
12,980,536
19,014,208
Bunzl plc
148,915
5,340,140
Burberry Group plc
178,281
4,933,845
Centrica plc
7,545,540
14,509,312
Coca-Cola HBC AG *
118,691
3,426,094
Compass Group plc
715,146
18,060,501
CRH plc
519,888
29,928,180
Croda International plc
31,240
2,185,925
Currys plc
5,800,072
3,678,453
DCC plc
129,797
7,116,711
Diageo plc
486,096
19,978,539
Direct Line Insurance Group plc *
2,206,808
4,534,290
Dowlais Group plc *
813,953
1,171,670
DS Smith plc
1,411,651
5,586,337
Entain plc
183,582
2,692,644
Experian plc
188,801
6,607,783
Ferguson plc
98,097
15,966,790
FirstGroup plc
2,211,248
4,065,675
Flutter Entertainment plc *
20,571
3,756,187
Glencore plc
14,503,008
77,451,873
GSK plc
2,232,203
39,282,686
Haleon plc
2,657,938
10,861,814
Hays plc
2,331,922
3,164,691
HSBC Holdings plc
11,137,450
82,291,805
IMI plc
123,184
2,344,510
Imperial Brands plc
887,604
20,126,985
Inchcape plc
425,276
4,114,411
Informa plc
421,012
3,898,709
SECURITY
NUMBER
OF SHARES
VALUE ($)
International Distributions Services
plc *
2,521,633
7,764,544
Intertek Group plc
71,066
3,728,121
ITV plc
3,902,166
3,500,796
J Sainsbury plc
3,636,055
12,444,653
John Wood Group plc *
2,168,588
4,391,184
Johnson Matthey plc
304,687
6,293,168
Kingfisher plc
3,715,680
11,017,472
Land Securities Group plc
299,042
2,283,437
Legal & General Group plc
3,796,573
10,521,274
Lloyds Banking Group plc
59,433,303
31,897,918
London Stock Exchange Group plc
32,899
3,409,240
M&G plc
4,427,382
10,715,394
Man Group plc
791,687
2,124,747
Marks & Spencer Group plc *
4,012,072
11,530,272
Melrose Industries plc
791,950
5,144,038
Mondi plc
526,775
8,770,984
National Grid plc
2,121,190
26,615,233
NatWest Group plc
2,413,266
7,045,559
Next plc
55,681
4,930,463
Pearson plc
442,969
4,709,373
Persimmon plc
551,022
7,443,101
Phoenix Group Holdings plc
408,048
2,693,871
Prudential plc
983,564
12,041,967
Reckitt Benckiser Group plc
191,430
13,831,363
RELX plc
431,368
14,091,545
Rentokil Initial plc
471,024
3,591,890
Rio Tinto plc
942,763
58,207,930
Severn Trent plc
114,258
3,474,767
Shell plc
8,638,980
263,983,946
Smith & Nephew plc
446,854
6,058,669
Smiths Group plc
184,517
3,834,494
Smurfit Kappa Group plc
204,537
8,615,107
Spectris plc
63,436
2,672,731
SSE plc
751,727
15,493,231
St. James's Place plc
182,542
2,046,613
Standard Chartered plc
1,397,095
12,597,653
Tate & Lyle plc
317,526
2,842,623
Taylor Wimpey plc
5,052,707
7,318,096
Tesco plc
10,292,239
34,652,071
The Sage Group plc
321,423
3,954,795
Travis Perkins plc
358,717
3,916,385
Unilever plc
1,106,823
56,689,453
United Utilities Group plc
330,283
3,963,364
Vodafone Group plc
53,583,526
49,708,365
Whitbread plc
82,455
3,594,208
WPP plc
862,996
8,374,366
 
1,561,873,754
Total Common Stocks
(Cost $9,224,019,328)
10,605,841,661
PREFERRED STOCKS 1.1% OF NET ASSETS
 
Germany 0.6%
Bayerische Motoren Werke AG
70,241
6,765,950
FUCHS SE
77,039
3,202,426
Henkel AG & Co. KGaA
131,496
10,093,098
Volkswagen AG
370,171
45,415,515
 
65,476,989
 
Italy 0.1%
Telecom Italia S.p.A. - RSP *
27,595,498
8,476,067
 
See financial notes
70Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Republic of Korea 0.4%
Hyundai Motor Co., Ltd.
31,102
2,395,448
Hyundai Motor Co., Ltd. 2nd
48,638
3,830,691
LG Chem Ltd.
3,518
908,944
LG H&H Co., Ltd.
1,609
232,752
Samsung Electronics Co., Ltd.
758,001
30,968,076
 
38,335,911
 
Spain 0.0%
Grifols S.A., B Shares *
176,680
1,678,855
Total Preferred Stocks
(Cost $119,501,939)
113,967,822
RIGHTS 0.0% OF NET ASSETS
 
Canada 0.0%
Constellation Software, Inc.
expires 09/29/23, strike CAD
1.33 *
1,396
774
Total Rights
(Cost $619)
774
WARRANTS 0.0% OF NET ASSETS
 
Canada 0.0%
Constellation Software, Inc.
expires 03/31/40 *(b)
1,396
7,161
Total Warrants
(Cost $0)
7,161
 
 
 
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS
 
Money Market Funds 0.2%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (c)
5,105,864
5,105,864
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (c)(d)
15,181,601
15,181,601
 
20,287,465
Total Short-Term Investments
(Cost $20,287,465)
20,287,465
Total Investments in Securities
(Cost $9,363,809,351)
10,740,104,883
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires
09/15/23
450
47,459,250
(820,872
)
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$14,475,069.
(b)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(c)
The rate shown is the annualized 7-day yield.
(d)
Security purchased with cash collateral received for securities on loan.
GDR —
Global Depositary Receipt
REIT —
Real Estate Investment Trust
RSP —
Risparmio (Savings Shares)
CAD —
Canadian Dollar
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report71

Schwab Fundamental International Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$10,605,841,661
$
$
$10,605,841,661
Preferred Stocks1
113,967,822
113,967,822
Rights1
774
774
Warrants1
Canada
7,161
7,161
Short-Term Investments1
20,287,465
20,287,465
Liabilities
Futures Contracts2
(820,872
)
(820,872
)
Total
$10,739,276,850
$—
$7,161
$10,739,284,011
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying
securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
See financial notes
72Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Large Company Index ETF
Statement of Assets and Liabilities
As of August 31, 2023; unaudited
Assets
Investments in securities, at value - unaffiliated (cost $9,363,809,351) including securities on loan of $14,475,069
 
$10,740,104,883
Foreign currency, at value (cost $8,321,516)
 
8,307,300
Deposit with broker for futures contracts
 
2,708,510
Receivables:
 
Fund shares sold
 
41,553,169
Dividends
 
29,084,903
Foreign tax reclaims
 
8,639,969
Investments sold
 
731,114
Income from securities on loan
+
71,019
Total assets
 
10,831,200,867
 
Liabilities
Collateral held for securities on loan
 
15,181,601
Payables:
 
Investments bought
 
47,287,623
Management fees
 
2,244,676
Variation margin on futures contracts
+
213,325
Total liabilities
 
64,927,225
Net assets
 
$10,766,273,642
 
Net Assets by Source
Capital received from investors
 
$9,818,906,125
Total distributable earnings
+
947,367,517
Net assets
 
$10,766,273,642
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$10,766,273,642
 
332,500,000
$32.38
 
 
 
 
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report73

Schwab Fundamental International Large Company Index ETF
Statement of Operations
For the period March 1, 2023 through August 31, 2023; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $22,737,929)
 
$246,568,925
Securities on loan, net
+
914,351
Total investment income
 
247,483,276
 
Expenses
Management fees
 
12,641,574
Professional fees
+
10,888
1
Total expenses
 
12,652,462
Expense reduction
10,888
1
Net expenses
12,641,574
Net investment income
 
234,841,702
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated
 
(68,598,305
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
5,390,871
Net realized gains on futures contracts
 
1,700,797
Net realized losses on foreign currency transactions
+
(1,988,151
)
Net realized losses
 
(63,494,788
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
386,897,573
Net change in unrealized appreciation (depreciation) on futures contracts
 
(161,369
)
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
711,655
Net change in unrealized appreciation (depreciation)
+
387,447,859
Net realized and unrealized gains
 
323,953,071
Increase in net assets resulting from operations
 
$558,794,773
1
Professional fees associated with the filing of tax claims in the European Union deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d)
and 4 for additional information).
See financial notes
74Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Large Company Index ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
3/1/23-8/31/23
3/1/22-2/28/23
Net investment income
 
$234,841,702
$272,176,986
Net realized losses
 
(63,494,788
)
(182,975,945
)
Net change in unrealized appreciation (depreciation)
+
387,447,859
(1,522,113
)
Increase in net assets resulting from operations
 
$558,794,773
$87,678,928
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($121,875,780
)
($247,435,740
)
TRANSACTIONS IN FUND SHARES
 
3/1/23-8/31/23
3/1/22-2/28/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
31,400,000
$1,002,312,227
73,900,000
$2,154,871,070
Shares redeemed
+
(500,000
)
(15,553,851
)
(1,200,000
)
(34,098,323
)
Net transactions in fund shares
 
30,900,000
$986,758,376
72,700,000
$2,120,772,747
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/23-8/31/23
3/1/22-2/28/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
301,600,000
$9,342,596,273
228,900,000
$7,381,580,338
Total increase
+
30,900,000
1,423,677,369
72,700,000
1,961,015,935
End of period
 
332,500,000
$10,766,273,642
301,600,000
$9,342,596,273
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report75

Schwab Fundamental International Small Company Index ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
3/1/23–
8/31/23*
3/1/22–
2/28/23
3/1/21–
2/28/22
3/1/20–
2/28/21
3/1/19–
2/29/20
3/1/18–
2/28/19
Per-Share Data
Net asset value at beginning of period
$32.72
$35.86
$36.11
$28.53
$31.23
$36.02
Income (loss) from investment operations:
Net investment income (loss)1
0.57
0.80
0.73
0.53
0.80
0.79
Net realized and unrealized gains (losses)
0.58
(3.32
)
(0.01
)
7.66
(2.60
)
(4.82
)
Total from investment operations
1.15
(2.52
)
0.72
8.19
(1.80
)
(4.03
)
Less distributions:
Distributions from net investment income
(0.24
)
(0.62
)
(0.97
)
(0.61
)
(0.90
)
(0.76
)
Net asset value at end of period
$33.63
$32.72
$35.86
$36.11
$28.53
$31.23
Total return
3.51
%2
(6.91
%)
1.86
%
28.97
%
(6.06
%)
(11.06
%)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.39
%3
0.39
%4
0.39
%
0.39
%
0.39
%
0.39
%
Net investment income (loss)
3.41
%3
2.53
%
1.90
%
1.78
%
2.54
%
2.38
%
Portfolio turnover rate5
13
%2
30
%
28
%
24
%
31
%
25
%
Net assets, end of period (x 1,000,000)
$3,013
$2,850
$2,686
$2,293
$1,900
$1,843
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Not annualized.
3
Annualized.
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.
See financial notes
76Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (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 [email protected]. 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 99.3% OF NET ASSETS
 
Australia 5.1%
Adbri Ltd.
1,404,857
2,010,781
ALS Ltd.
273,647
2,093,056
Ansell Ltd.
191,897
2,929,329
Appen Ltd. *(a)
176,192
180,866
ARB Corp., Ltd.
36,042
788,980
ASX Ltd.
57,097
2,129,613
Austal Ltd.
834,321
1,053,678
Bank of Queensland Ltd.
700,450
2,613,003
Bapcor Ltd.
350,090
1,507,793
Beach Energy Ltd.
2,399,955
2,416,984
Bega Cheese Ltd.
556,563
1,084,979
Bendigo & Adelaide Bank Ltd.
633,031
3,898,933
Boral Ltd. *
683,263
2,088,672
Breville Group Ltd.
81,117
1,292,897
carsales.com Ltd.
84,410
1,571,162
Challenger Ltd.
448,120
1,976,432
Champion Iron Ltd.
303,352
1,196,477
Charter Hall Group
153,665
1,078,809
Charter Hall Retail REIT
259,680
586,954
Cleanaway Waste Management Ltd.
1,286,588
2,183,138
Cochlear Ltd.
16,322
2,869,905
Collins Foods Ltd.
127,441
818,769
Coronado Global Resources, Inc.
1,052,140
1,076,641
Costa Group Holdings Ltd.
561,494
1,036,407
Credit Corp. Group Ltd.
47,180
654,207
Cromwell Property Group
1,434,949
450,732
CSR Ltd.
905,523
3,460,125
Dexus
623,671
3,130,384
Domino's Pizza Enterprises Ltd.
28,171
986,139
Eagers Automotive Ltd.
271,340
2,811,733
Elders Ltd.
216,696
903,810
Event Hospitality & Entertainment Ltd.
102,203
809,525
Evolution Mining Ltd.
2,053,295
4,933,619
FleetPartners Group Ltd. *
809,256
1,540,897
Flight Centre Travel Group Ltd. *(a)
126,567
1,731,230
G.U.D. Holdings Ltd.
111,529
876,893
G8 Education Ltd.
1,477,542
1,081,331
GrainCorp Ltd., Class A
469,460
2,219,534
Harvey Norman Holdings Ltd. (a)
979,625
2,563,194
Healius Ltd.
695,699
1,261,594
Helia Group Ltd.
657,554
1,652,355
IGO Ltd.
142,860
1,287,924
Iluka Resources Ltd.
180,407
996,650
Inghams Group Ltd.
323,930
730,080
Insignia Financial Ltd.
774,479
1,304,137
InvoCare Ltd.
87,101
707,958
IRESS Ltd.
158,035
655,049
Link Administration Holdings Ltd.
586,733
509,197
Lynas Rare Earths Ltd. *
55,238
257,221
Magellan Financial Group Ltd.
236,627
1,371,601
McMillan Shakespeare Ltd.
92,008
1,061,280
Monadelphous Group Ltd.
159,937
1,519,565
National Storage REIT
172,489
259,173
SECURITY
NUMBER
OF SHARES
VALUE ($)
nib Holdings Ltd.
420,258
2,264,538
Nine Entertainment Co. Holdings Ltd.
1,291,551
1,723,134
Northern Star Resources Ltd.
425,429
3,281,551
NRW Holdings Ltd. (b)
1,067,104
1,879,819
Nufarm Ltd.
546,785
1,837,910
oOh!media Ltd.
786,792
743,966
Orora Ltd. (b)
1,697,377
3,869,558
Perenti Ltd. *
2,497,639
1,714,651
Perpetual Ltd.
122,264
1,668,413
Perseus Mining Ltd.
573,545
700,195
Platinum Asset Management Ltd.
905,419
838,544
Premier Investments Ltd.
65,448
1,088,932
Qantas Airways Ltd. *
967,049
3,701,488
Qube Holdings Ltd.
1,097,727
2,182,594
Ramelius Resources Ltd.
1,142,175
1,017,128
REA Group Ltd.
10,059
1,075,448
Reece Ltd.
136,598
1,804,741
Region RE Ltd.
551,581
771,620
Regis Resources Ltd. *
1,376,163
1,443,860
Reliance Worldwide Corp., Ltd.
648,207
1,754,811
Sandfire Resources Ltd. *
453,812
1,966,267
SEEK Ltd.
151,657
2,269,879
Service Stream Ltd.
1,520,610
886,341
Seven Group Holdings Ltd.
103,960
1,882,538
Sigma Healthcare Ltd.
1,819,974
942,965
Silver Lake Resources Ltd. *
841,644
536,914
Southern Cross Media Group Ltd.
1,184,095
594,331
St. Barbara Ltd. *
3,275,817
424,317
Steadfast Group Ltd.
268,229
979,772
Super Retail Group Ltd.
263,544
2,215,482
Tabcorp Holdings Ltd.
2,278,407
1,615,793
The GPT Group
984,876
2,678,991
The Lottery Corp., Ltd.
773,959
2,526,323
The Star Entertainment Grp Ltd. *
2,617,138
1,694,989
TPG Telecom Ltd.
198,787
724,831
United Malt Grp Ltd. *
443,040
1,414,589
Vicinity Ltd.
3,036,623
3,677,670
Viva Energy Group Ltd.
2,108,832
4,261,249
Washington H Soul Pattinson & Co.,
Ltd.
89,677
1,917,198
Waypoint REIT Ltd.
353,825
572,887
Westgold Resources Ltd. *
356,474
374,010
Whitehaven Coal Ltd.
672,301
2,651,682
Yancoal Australia Ltd. (a)
125,442
429,773
 
154,813,087
 
Austria 0.6%
ANDRITZ AG
72,208
3,846,445
AT&S Austria Technologie &
Systemtechnik AG
31,021
1,107,698
CA Immobilien Anlagen AG
21,814
724,480
EVN AG
49,582
1,229,646
Lenzing AG *(a)
29,325
1,394,061
Mayr Melnhof Karton AG (a)
12,635
1,793,712
Oesterreichische Post AG (a)
50,802
1,753,386
Strabag SE
52,192
2,229,043
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report77

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
UNIQA Insurance Group AG
157,490
1,270,023
Verbund AG
20,548
1,686,014
Vienna Insurance Group AG Wiener
Versicherung Gruppe
61,223
1,644,597
 
18,679,105
 
Belgium 1.0%
Ackermans & van Haaren N.V.
23,199
3,655,995
Aedifica S.A.
8,227
551,823
Barco N.V.
56,453
1,213,171
Bekaert S.A.
83,742
3,977,318
bpost S.A.
489,401
2,306,345
Cofinimmo S.A.
17,320
1,351,595
D'ieteren Group
14,773
2,417,908
Elia Group S.A./N.V.
17,986
2,078,997
Euronav N.V.
131,372
2,294,898
Fagron
44,674
797,610
Gimv N.V.
7,467
343,623
KBC Ancora
21,973
975,876
Lotus Bakeries N.V.
48
378,744
Melexis N.V.
11,879
1,124,258
Ontex Group N.V. *
375,355
3,039,140
Recticel S.A.
56,840
625,549
Sofina S.A.
10,857
2,446,284
Warehouses De Pauw CVA
32,634
935,070
 
30,514,204
 
Canada 7.7%
ADENTRA, Inc.
33,179
826,195
Advantage Energy Ltd. *
57,799
411,401
Aecon Group, Inc.
226,465
1,914,897
Ag Growth International, Inc.
18,959
827,192
Air Canada *
202,137
3,409,414
Alamos Gold, Inc., Class A
194,214
2,494,874
Algoma Steel Group, Inc.
179,642
1,372,925
Allied Properties Real Estate
Investment Trust
94,548
1,451,467
Altus Group Ltd.
18,994
730,587
Aritzia, Inc. *
21,516
394,395
Artis Real Estate Investment Trust
177,614
918,953
ATS Corp. *
25,829
1,157,289
AutoCanada, Inc. *
64,757
1,287,051
Badger Infrastructure Solutions Ltd.
39,127
1,026,363
Baytex Energy Corp. *
234,722
954,190
Birchcliff Energy Ltd.
192,966
1,190,928
BlackBerry Ltd. *
161,981
902,721
Boardwalk Real Estate Investment
Trust
23,037
1,164,152
Bombardier, Inc., Class B *
73,544
2,996,227
Boralex, Inc., Class A
31,674
767,415
Boyd Group Services, Inc.
10,473
1,886,371
Brookfield Business Corp., Class A (a)
31,743
560,039
Brookfield Infrastructure Corp., Class A
41,221
1,600,153
Brookfield Reinsurance Ltd. *
15,173
524,850
Brookfield Renewable Corp., Class A
39,965
1,114,217
BRP, Inc.
24,222
1,849,927
CAE, Inc. *
161,818
3,897,889
Cameco Corp.
113,472
4,193,503
Canaccord Genuity Group, Inc.
150,742
948,161
Canada Goose Holdings, Inc. *(a)
16,272
255,936
Canadian Apartment Properties REIT
81,441
2,917,658
Canadian Western Bank
100,831
1,959,309
Canfor Corp. *
161,090
2,474,186
Capital Power Corp.
99,038
2,977,106
Cascades, Inc.
455,528
4,279,361
Celestica, Inc. *
329,969
7,682,489
SECURITY
NUMBER
OF SHARES
VALUE ($)
Centerra Gold, Inc.
551,451
3,305,567
CES Energy Solutions Corp.
277,204
753,990
Chartwell Retirement Residences
223,687
1,697,968
Chemtrade Logistics Income Fund
234,929
1,477,694
Choice Properties Real Estate
Investment Trust
128,014
1,240,448
Chorus Aviation, Inc. *(a)
500,929
995,971
Cineplex, Inc. *
133,908
845,245
Cogeco Communications, Inc.
18,441
909,135
Cogeco, Inc.
32,727
1,209,468
Colliers International Group, Inc.
12,795
1,476,350
Crombie Real Estate Investment Trust
90,026
887,651
Definity Financial Corp.
13,973
383,988
Doman Building Materials Group Ltd.
199,890
1,147,969
Dorel Industries, Inc., Class B *
135,083
591,072
Dream Industrial Real Estate
Investment Trust
67,666
689,689
Dream Office Real Estate Investment
Trust
77,774
745,577
Dundee Precious Metals, Inc.
156,023
1,005,596
ECN Capital Corp.
248,562
486,854
Eldorado Gold Corp. *
167,979
1,602,874
Element Fleet Management Corp.
196,386
3,014,847
Enerflex Ltd.
353,568
2,179,502
Enerplus Corp.
121,981
2,083,581
Enghouse Systems Ltd.
26,538
601,197
Ensign Energy Services, Inc. *
276,784
630,101
EQB, Inc.
13,869
797,420
Equinox Gold Corp. *
96,081
483,618
ERO Copper Corp. *
19,781
408,647
Exchange Income Corp.
32,344
1,156,825
Extendicare, Inc.
120,763
575,721
Fiera Capital Corp., Class A
99,540
442,907
First Capital Real Estate Investment
Trust
208,050
2,112,870
FirstService Corp.
11,490
1,735,283
Fortuna Silver Mines, Inc. *
263,450
817,835
Frontera Energy Corp. *
96,857
743,099
GFL Environmental, Inc.
23,495
760,446
Gibson Energy, Inc.
214,788
3,225,908
goeasy Ltd.
7,619
711,020
Granite Real Estate Investment Trust
19,568
1,088,790
H&R Real Estate Investment Trust
361,784
2,764,955
Home Capital Group, Inc.
54,955
1,797,781
Hudbay Minerals, Inc.
427,712
2,124,413
IAMGOLD Corp. *
1,283,873
3,178,960
IGM Financial, Inc.
87,307
2,485,728
Innergex Renewable Energy, Inc.
84,447
804,554
Interfor Corp. *
151,735
2,557,048
International Petroleum Corp. *
54,210
507,662
Kelt Exploration Ltd. *
81,122
420,915
Killam Apartment Real Estate
Investment Trust
63,788
853,838
Laurentian Bank of Canada
59,853
1,625,779
Maple Leaf Foods, Inc.
124,685
2,680,873
Martinrea International, Inc.
322,525
3,256,359
MEG Energy Corp. *
220,049
3,931,102
Mullen Group Ltd.
138,750
1,466,518
NFI Group, Inc. (a)
267,428
2,441,137
NorthWest Healthcare Properties Real
Estate Investment Trust
145,637
735,209
NuVista Energy Ltd. *
119,457
1,094,842
Obsidian Energy Ltd. *
91,623
647,412
OceanaGold Corp.
1,077,678
2,325,895
Pan American Silver Corp.
284,003
4,689,476
Paramount Resources Ltd., Class A
14,815
342,740
Parex Resources, Inc.
181,897
3,437,752
See financial notes
78Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Pason Systems, Inc.
69,227
711,227
Peyto Exploration & Development
Corp.
188,626
1,749,700
PrairieSky Royalty Ltd.
61,503
1,175,101
Precision Drilling Corp. *
29,141
1,919,758
Premium Brands Holdings Corp.
33,456
2,568,764
Primaris Real Estate Investment Trust
28,570
282,332
Primo Water Corp.
161,245
2,457,498
Quebecor, Inc., Class B
155,228
3,544,102
RB Global, Inc.
61,572
3,802,769
Real Matters, Inc. *
73,542
371,257
Richelieu Hardware Ltd.
46,059
1,474,419
Rogers Sugar, Inc.
82,858
352,144
Russel Metals, Inc.
145,337
4,317,302
Secure Energy Services, Inc.
298,273
1,649,050
ShawCor Ltd. *
133,020
1,831,673
Shopify, Inc., Class A *
53,609
3,561,782
Sienna Senior Living, Inc.
94,823
822,811
Sleep Country Canada Holdings, Inc.
46,772
855,271
SmartCentres Real Estate Investment
Trust
105,287
1,871,579
SSR Mining, Inc.
125,123
1,853,332
Stantec, Inc.
66,967
4,467,601
Stelco Holdings, Inc.
51,444
1,471,512
Stella-Jones, Inc.
78,092
3,785,841
Superior Plus Corp.
275,298
2,077,529
The Descartes Systems Group, Inc. *
12,295
920,660
The North West Co., Inc.
67,332
1,517,888
TMX Group Ltd.
98,317
2,172,791
Torex Gold Resources, Inc. *
173,621
2,003,196
Toromont Industries Ltd.
47,230
3,869,303
TransAlta Corp.
314,298
3,013,005
TransAlta Renewables, Inc.
66,880
650,040
Transcontinental, Inc., Class A
234,867
2,296,678
Trican Well Service Ltd.
343,175
1,212,444
Tricon Residential, Inc.
93,762
794,200
Vermilion Energy, Inc.
233,342
3,394,191
Wajax Corp.
60,040
1,247,884
Western Forest Products, Inc.
1,542,934
1,071,997
Westshore Terminals Investment Corp.
39,482
848,909
Whitecap Resources, Inc.
136,440
1,114,352
Winpak Ltd.
30,878
911,768
 
232,527,122
 
China 0.1%
Want Want China Holdings Ltd.
5,673,955
3,755,262
 
Denmark 1.6%
Alm Brand A/S
558,871
926,168
Chr. Hansen Holding A/S
43,465
2,844,519
D/S Norden A/S
34,658
1,669,572
Demant A/S *
57,884
2,374,551
Dfds A/S
49,018
1,644,653
FLSmidth & Co. A/S (a)
90,593
4,147,757
Genmab A/S *
6,772
2,603,496
GN Store Nord A/S *
109,931
2,263,631
H. Lundbeck A/S
395,494
2,013,481
Jyske Bank A/S *
47,672
3,402,391
Matas A/S
67,572
1,046,995
NKT A/S *
26,378
1,432,804
Per Aarsleff Holding A/S
49,108
2,377,826
Ringkjoebing Landbobank A/S
7,110
1,055,067
Rockwool A/S, Class B
8,630
2,209,985
Royal Unibrew A/S
35,230
3,094,640
Scandinavian Tobacco Group A/S,
A Shares
99,397
1,512,605
SECURITY
NUMBER
OF SHARES
VALUE ($)
Schouw & Co. A/S
25,623
1,884,332
SimCorp A/S
21,673
2,308,710
Solar A/S, B Shares
12,829
870,592
Spar Nord Bank A/S
54,330
822,037
Sydbank A/S
58,556
2,759,409
Topdanmark A/S
28,905
1,370,546
Tryg A/S
138,102
2,639,583
 
49,275,350
 
Finland 1.0%
Cargotec Oyj, B Shares
70,090
3,300,010
Caverion Oyj
33,305
314,484
Finnair Oyj *(a)
1,682,820
942,447
Kamux Corp. (a)
112,199
744,655
Kemira Oyj
163,209
2,589,770
Kojamo Oyj
105,700
1,055,437
Konecranes Oyj
118,703
4,111,101
Metsa Board Oyj, B Shares
222,389
1,780,103
Metso Oyj
223,473
2,577,055
Orion Oyj, B Shares
69,736
2,860,248
Terveystalo Oyj
105,811
893,470
TietoEVRY Oyj
101,499
2,487,456
Tokmanni Group Corp.
78,912
1,171,653
Uponor Oyj
77,230
2,444,237
YIT Oyj
645,712
1,576,853
 
28,848,979
 
France 3.6%
Aeroports de Paris
18,328
2,418,902
Air France-KLM *
249,409
3,797,857
Altarea S.C.A.
5,139
505,889
Alten S.A.
21,548
3,070,728
Beneteau S.A.
59,957
913,643
BioMerieux
22,078
2,290,801
Carmila S.A.
48,657
760,462
CGG S.A. *
3,459,936
2,732,313
Cie Plastic Omnium SE
182,583
3,214,259
Clariane SE
288,723
1,958,534
Coface S.A.
121,914
1,636,790
Covivio S.A.
48,735
2,383,427
Dassault Aviation S.A.
12,352
2,434,573
Derichebourg S.A.
260,476
1,427,673
Elior Group S.A. *
972,001
2,185,879
Eramet S.A.
12,214
939,220
Esso S.A. Francaise (a)
7,034
411,492
Euronext N.V.
29,989
2,169,361
Fnac Darty S.A.
90,701
2,829,232
Gaztransport Et Technigaz S.A.
11,594
1,438,299
Gecina S.A.
30,387
3,260,125
Getlink SE
147,194
2,469,044
ICADE
60,224
2,277,285
Imerys S.A.
89,092
3,042,056
Ipsen S.A.
20,313
2,641,196
IPSOS
48,489
2,432,444
JCDecaux SE *
120,262
2,237,221
La Francaise des Jeux SAEM
43,621
1,581,291
Maisons du Monde S.A.
154,932
1,449,500
Mercialys S.A.
156,771
1,459,899
Metropole Television S.A.
166,060
2,278,147
Nexans S.A.
33,572
2,771,061
Nexity S.A.
143,410
2,383,002
Orpea S.A. *(a)
895,693
1,673,054
Quadient S.A.
119,682
2,470,638
Remy Cointreau S.A. *
8,159
1,265,875
Rothschild & Co.
34,484
1,446,561
Sartorius Stedim Biotech
3,085
877,590
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report79

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
SMCP S.A. *
114,029
743,806
Societe BIC S.A.
46,747
2,993,474
SOITEC *
4,861
891,361
Sopra Steria Group S.A.
19,195
4,233,324
SPIE S.A.
145,475
4,367,272
Television Francaise 1
324,826
2,638,835
Trigano S.A.
12,327
1,739,284
UbiSoft Entertainment S.A. *
137,713
4,179,091
Vallourec S.A. *
46,556
624,293
Verallia S.A.
73,535
3,521,270
Vicat S.A.
63,983
2,163,179
Virbac S.A.
2,762
827,375
Worldline S.A. *
78,974
2,578,289
 
109,036,176
 
Germany 3.9%
1&1 AG
151,368
2,254,021
ADLER Group S.A. *(a)
1,109,433
615,909
AIXTRON SE
12,077
460,083
Aroundtown S.A. *
1,205,586
2,181,240
Auto1 Group SE *
64,903
545,506
BayWa AG
21,221
749,698
Bechtle AG
85,804
4,185,143
Befesa S.A.
28,480
1,050,966
Bilfinger SE
71,207
2,473,104
CANCOM SE
56,415
1,640,964
Carl Zeiss Meditec AG, Bearer Shares
10,674
1,062,578
CECONOMY AG *
1,166,441
3,051,051
CompuGroup Medical SE & Co. KgaA
15,869
745,085
CTS Eventim AG & Co., KGaA
17,254
1,076,781
Delivery Hero SE *
13,317
487,448
Deutsche Pfandbriefbank AG (a)
223,110
1,762,869
Deutsche Wohnen SE
36,309
833,873
Deutz AG
422,862
1,988,185
DIC Asset AG (a)
71,043
335,028
Duerr AG
82,393
2,462,771
DWS Group GmbH & Co. KGaA
50,483
1,742,376
ElringKlinger AG
121,966
804,183
Encavis AG *
36,251
557,322
Evotec SE *
34,753
816,243
Fielmann Group AG
26,532
1,247,464
Fraport AG Frankfurt Airport Services
Worldwide *
45,838
2,490,498
Gerresheimer AG
35,012
4,556,232
Grand City Properties S.A. *
146,848
1,314,100
GRENKE AG (a)
35,544
906,575
Hamburger Hafen und Logistik AG
64,743
712,526
Heidelberger Druckmaschinen AG *
388,573
546,994
Hella GmbH & Co. KGaA
25,415
1,815,038
HelloFresh SE *
85,523
2,767,963
Hensoldt AG
8,765
285,012
HOCHTIEF AG
51,616
5,526,512
Hornbach Holding AG & Co. KGaA
35,297
2,781,276
Hugo Boss AG
56,944
4,295,389
Jenoptik AG
45,457
1,335,052
JOST Werke SE
18,782
970,328
Kontron AG (a)
48,973
1,068,372
Krones AG
18,473
2,002,962
LEG Immobilien SE *
49,348
3,567,085
Nemetschek SE
10,346
715,738
Nordex SE *
100,004
1,198,817
Norma Group SE
90,027
1,658,152
QIAGEN N.V. *
62,860
2,878,416
Rational AG
1,521
1,161,350
RTL Group S.A. *
88,454
3,273,720
SAF-Holland SE
117,629
1,468,189
Sartorius AG
157
51,205
SECURITY
NUMBER
OF SHARES
VALUE ($)
Scout24 SE
35,101
2,423,722
Siltronic AG
32,412
2,594,404
Sixt SE
16,256
1,737,879
Software AG *
63,753
2,200,379
Stabilus SE
27,467
1,544,225
Stroeer SE & Co. KGaA
29,221
1,330,127
Suedzucker AG
141,690
2,288,294
Synlab AG
105,478
1,080,696
TAG Immobilien AG *
275,474
3,133,369
Takkt AG
85,501
1,247,212
Talanx AG
78,158
5,263,625
TeamViewer SE *
18,203
338,332
Vitesco Technologies Group AG,
Class A *
58,826
4,654,431
Wacker Chemie AG
15,235
2,250,455
Wacker Neuson SE
54,954
1,216,744
 
117,781,286
 
Hong Kong 2.7%
AAC Technologies Holdings, Inc.
1,889,011
3,661,551
ASMPT Ltd.
429,549
4,302,748
BOC Aviation Ltd.
199,670
1,498,464
Brightoil Petroleum Holdings Ltd. *(b)
2,380,161
0
Budweiser Brewing Co. APAC Ltd.
760,568
1,648,823
Cathay Pacific Airways Ltd. *
1,561,093
1,664,263
Chow Tai Fook Jewellery Group Ltd.
1,255,528
1,905,287
CITIC Telecom International Holdings
Ltd.
3,007,797
1,169,864
CK Infrastructure Holdings Ltd.
191,094
967,441
Cowell e Holdings, Inc. *(a)
548,058
1,080,496
DFI Retail Group Holdings Ltd.
714,975
1,765,988
Esprit Holdings Ltd. *
5,610,671
300,505
Fortune Real Estate Investment Trust
1,147,499
712,637
Hang Lung Properties Ltd.
1,657,156
2,214,683
HKBN Ltd.
1,454,639
701,187
Huabao International Holdings Ltd. (a)
1,459,959
526,883
Hysan Development Co., Ltd.
522,321
1,088,370
IGG, Inc. *
4,619,671
2,167,933
Jinchuan Group International
Resources Co., Ltd.
16,963,884
854,495
JS Global Lifestyle Co., Ltd. *
1,095,547
156,472
Kerry Logistics Network Ltd.
812,978
764,070
Kerry Properties Ltd.
1,747,570
3,231,392
L'Occitane International S.A.
355,806
1,261,377
Luk Fook Holdings International Ltd.
753,506
1,869,892
Man Wah Holdings Ltd.
1,716,919
1,247,992
Melco International Development Ltd. *
2,924,078
2,640,032
MMG Ltd. *
7,000,206
2,329,906
Nexteer Automotive Group Ltd.
2,917,059
1,878,554
NWS Holdings Ltd.
3,007,619
3,425,006
Pacific Basin Shipping Ltd.
7,488,286
2,033,991
PC Partner Group Ltd.
609,127
256,335
Power Assets Holdings Ltd.
109,980
542,063
Powerlong Real Estate Holdings
Ltd. *(a)
18,324,407
1,962,891
Prada S.p.A.
236,903
1,548,287
Samsonite International S.A. *
800,225
2,678,727
Singamas Container Holdings Ltd.
14,373,729
1,301,412
SITC International Holdings Co., Ltd.
1,131,225
2,109,033
SJM Holdings Ltd. *
3,560,432
1,434,752
Swire Properties Ltd.
800,500
1,674,142
Texhong Textile Group Ltd.
1,431,931
765,109
The Bank of East Asia Ltd.
2,396,857
3,417,204
The United Laboratories International
Holdings Ltd.
417,823
373,506
The Wharf Holdings Ltd.
1,716,979
3,639,008
See financial notes
80Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Truly International Holdings Ltd.
8,441,170
936,502
United Energy Group Ltd.
7,680,956
1,018,675
Value Partners Group Ltd.
2,514,818
856,258
Vitasoy International Holdings Ltd.
699,489
900,926
VSTECS Holdings Ltd.
3,064,459
1,594,414
VTech Holdings Ltd.
419,099
2,559,995
Wynn Macau Ltd. *
2,093,080
2,041,899
 
80,681,440
 
Ireland 0.4%
AIB Group plc
911,107
4,155,231
Cairn Homes plc
682,395
851,733
Dalata Hotel Group plc *
193,410
903,695
Glanbia plc
268,497
4,470,278
Irish Continental Group plc
153,578
741,752
Origin Enterprises plc
149,658
532,774
Uniphar plc
126,262
382,337
 
12,037,800
 
Israel 1.2%
Alony Hetz Properties & Investments
Ltd.
59,925
456,738
Ashtrom Group Ltd.
18,429
253,270
Azrieli Group Ltd.
11,684
628,142
Bezeq The Israeli Telecommunication
Corp., Ltd.
2,066,686
2,801,069
Cellcom Israel Ltd. *
162,578
539,316
Clal Insurance Enterprises Holdings
Ltd. *
55,026
816,198
Delek Automotive Systems Ltd.
75,421
472,585
Delek Group Ltd.
12,794
1,840,421
Elbit Systems Ltd.
12,126
2,388,933
Elco Ltd.
7,574
244,869
FIBI Holdings Ltd.
25,763
1,122,549
Formula Systems 1985 Ltd.
8,917
662,031
G City Ltd.
242,368
775,288
Harel Insurance Investments &
Financial Services Ltd.
137,052
999,845
Isracard Ltd.
251,575
1,021,322
Israel Corp., Ltd.
7,806
2,174,328
Mivne Real Estate KD Ltd.
225,309
540,687
Mizrahi Tefahot Bank Ltd.
71,993
2,373,042
Neto Malinda Trading Ltd. *
13,582
189,840
Nice Ltd. *
15,103
2,990,142
Oil Refineries Ltd.
6,566,118
2,141,858
Partner Communications Co., Ltd. *
119,976
502,545
Paz Ashdod Refinery Ltd. *
21,379
583,683
Paz Oil Co., Ltd. *
21,471
1,780,064
Rami Levy Chain Stores Hashikma
Marketing 2006 Ltd.
4,922
285,085
Shikun & Binui Ltd. *
247,818
621,258
Shufersal Ltd. *
361,106
1,683,697
Strauss Group Ltd. *
34,412
748,162
The First International Bank of Israel
Ltd.
32,650
1,322,917
The Phoenix Holdings Ltd.
115,278
1,156,635
Tower Semiconductor Ltd. *
69,584
2,035,327
 
36,151,846
 
Italy 2.9%
ACEA S.p.A.
74,309
892,809
Amplifon S.p.A.
43,352
1,413,444
Anima Holding S.p.A.
513,238
2,116,762
Azimut Holding S.p.A.
129,762
3,011,098
SECURITY
NUMBER
OF SHARES
VALUE ($)
Banca Generali S.p.A.
49,075
1,795,514
Banca IFIS S.p.A.
56,490
994,471
Banca Mediolanum S.p.A.
228,372
2,091,968
Banca Monte dei Paschi di Siena
S.p.A. *
1,204,152
3,348,345
Banca Popolare di Sondrio S.p.A.
524,687
2,497,691
BFF Bank S.p.A.
147,757
1,589,247
BPER Banca
1,780,801
5,388,624
Brembo S.p.A.
175,081
2,439,910
Buzzi S.p.A
155,191
4,652,216
Cementir Holding N.V.
97,524
853,132
Credito Emiliano S.p.A.
90,396
757,419
Danieli & C Officine Meccaniche S.p.A.
13,328
320,412
Davide Campari-Milano N.V.
155,512
2,037,234
De'Longhi S.p.A.
91,753
2,431,844
DiaSorin S.p.A.
9,485
1,004,336
doValue S.p.A.
53,333
261,640
Enav S.p.A.
285,685
1,154,694
ERG S.p.A.
48,311
1,326,589
Esprinet S.p.A.
183,540
1,158,378
Fincantieri S.p.A. *(a)
1,143,540
635,464
FinecoBank Banca Fineco S.p.A.
205,389
2,822,153
Infrastrutture Wireless Italiane S.p.A.
87,030
1,078,238
Interpump Group S.p.A.
47,338
2,401,935
Iren S.p.A.
1,806,153
3,744,188
Italgas S.p.A.
655,542
3,735,335
Maire Tecnimont S.p.A.
270,312
1,083,170
MARR S.p.A.
65,470
964,966
MFE-MediaForEurope N.V., Class A
5,733,197
2,905,919
MFE-MediaForEurope N.V., Class B
1,664,709
1,194,289
Moncler S.p.A.
67,529
4,591,047
Nexi S.p.A. *
111,692
803,963
OVS S.p.A.
557,709
1,399,475
Piaggio & C S.p.A.
255,787
978,882
Recordati Industria Chimica e
Farmaceutica S.p.A.
56,506
2,844,428
Reply S.p.A.
9,387
962,273
Saipem SpA *
407,989
660,231
Salvatore Ferragamo S.p.A.
59,908
954,510
Saras S.p.A.
2,483,039
3,542,532
Technogym S.p.A.
98,733
846,027
Unieuro S.p.A. (a)
90,893
1,016,102
UnipolSai Assicurazioni S.p.A.
670,170
1,697,679
Webuild S.p.A. (a)
653,210
1,337,101
 
85,737,684
 
Japan 35.7%
ABC-Mart, Inc.
108,330
1,972,241
Acom Co., Ltd.
661,449
1,570,649
Activia Properties, Inc.
419
1,174,242
Adastria Co., Ltd.
84,576
1,692,856
ADEKA Corp.
228,977
4,407,790
Advance Residence Investment Corp.
539
1,297,658
Aeon Delight Co., Ltd.
57,578
1,263,603
AEON Financial Service Co., Ltd.
249,433
2,177,624
Aeon Hokkaido Corp.
102,596
606,055
Aeon Mall Co., Ltd.
218,184
2,616,679
AEON REIT Investment Corp.
1,037
1,049,216
Ai Holdings Corp.
41,351
672,875
Aica Kogyo Co., Ltd.
102,890
2,441,769
Aichi Steel Corp.
99,220
2,497,794
Aida Engineering Ltd.
146,380
1,021,548
Aiful Corp.
318,223
756,295
Ain Holdings, Inc.
56,588
2,022,374
Alconix Corp.
111,229
1,058,160
Alpen Co., Ltd.
63,521
833,799
Amano Corp.
118,007
2,575,185
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report81

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
ANA Holdings, Inc. *
227,633
5,144,160
Anritsu Corp.
197,575
1,450,073
AOKI Holdings, Inc.
188,643
1,354,068
Aoyama Trading Co., Ltd.
314,955
3,496,015
Aozora Bank Ltd. (a)
170,637
3,354,488
Arata Corp.
105,088
3,905,114
Arcland Sakamoto Co., Ltd.
72,450
826,095
Arcs Co., Ltd.
223,332
3,965,472
ARE Holdings, Inc.
110,170
1,430,239
Ariake Japan Co., Ltd.
20,995
765,762
As One Corp.
17,195
675,706
Asahi Diamond Industrial Co., Ltd.
108,887
668,647
Asahi Intecc Co., Ltd.
50,568
1,030,568
Asanuma Corp.
42,958
1,053,406
Asics Corp.
145,328
5,301,625
ASKUL Corp.
78,783
1,063,897
Autobacs Seven Co., Ltd.
198,626
2,211,579
Avex, Inc.
88,782
895,229
Azbil Corp.
131,652
4,394,881
BayCurrent Consulting, Inc.
20,122
692,871
Belc Co., Ltd.
27,276
1,272,137
Bell System24 Holdings, Inc.
59,665
623,760
Belluna Co., Ltd.
188,612
941,862
Benesse Holdings, Inc.
175,211
2,231,884
Bic Camera, Inc. (a)
477,670
3,550,084
BIPROGY, Inc.
102,100
2,644,634
BML, Inc.
41,264
820,547
Bunka Shutter Co., Ltd.
152,859
1,144,461
C Uyemura & Co., Ltd.
7,054
461,755
Calbee, Inc.
125,225
2,499,167
Canon Electronics, Inc.
54,472
693,317
Canon Marketing Japan, Inc.
121,133
3,184,229
Capcom Co., Ltd.
49,158
2,074,236
Casio Computer Co., Ltd.
418,348
3,711,210
Cawachi Ltd.
76,575
1,202,393
Central Glass Co., Ltd.
69,292
1,395,978
Chudenko Corp.
75,464
1,238,857
Chugoku Marine Paints Ltd.
113,109
1,108,676
Citizen Watch Co., Ltd.
639,752
3,924,158
CKD Corp.
100,826
1,394,811
CMK Corp.
176,782
751,644
Colowide Co., Ltd.
53,060
919,899
Comforia Residential REIT, Inc.
257
601,082
Cosmos Pharmaceutical Corp.
27,064
3,181,649
Create SD Holdings Co., Ltd.
46,621
1,194,466
Credit Saison Co., Ltd.
285,056
4,461,312
CyberAgent, Inc.
384,523
2,451,058
Daihen Corp.
42,316
1,549,227
Daiho Corp.
32,662
896,278
Daiichikosho Co., Ltd.
127,702
2,470,095
Daiken Corp.
64,597
1,348,868
Daiki Aluminium Industry Co., Ltd.
104,922
1,037,797
Daikokutenbussan Co., Ltd.
18,325
830,752
Daio Paper Corp.
277,787
2,368,874
Daiseki Co., Ltd.
34,820
1,055,949
Daishi Hokuetsu Financial Group, Inc.
56,154
1,409,780
Daito Pharmaceutical Co., Ltd.
38,675
608,078
Daiwa House REIT Investment Corp.
811
1,538,608
Daiwa Office Investment Corp.
150
704,743
Daiwa Securities Living Investments
Corp.
821
628,784
DCM Holdings Co., Ltd.
344,354
2,878,585
Dena Co., Ltd.
114,087
1,183,304
Descente Ltd.
31,938
812,792
Dexerials Corp.
40,061
993,923
Disco Corp.
37,757
7,454,923
DMG Mori Co., Ltd.
162,103
2,962,359
Doshisha Co., Ltd.
75,196
1,224,127
SECURITY
NUMBER
OF SHARES
VALUE ($)
Doutor Nichires Holdings Co., Ltd.
86,424
1,384,351
DTS Corp.
48,861
1,084,047
Duskin Co., Ltd.
91,840
2,069,136
DyDo Group Holdings, Inc.
27,399
1,093,438
Eagle Industry Co., Ltd.
113,484
1,308,007
Earth Corp.
31,305
1,065,469
Eizo Corp.
40,697
1,406,092
Elecom Co., Ltd.
77,599
932,776
en-japan, Inc.
41,180
721,290
eRex Co., Ltd.
26,648
170,960
Exedy Corp.
186,152
3,373,074
Ezaki Glico Co., Ltd.
132,443
3,495,182
Fancl Corp.
61,432
1,077,070
FCC Co., Ltd.
169,926
2,244,515
Ferrotec Holdings Corp.
27,877
580,192
Food & Life Cos., Ltd.
70,964
1,349,479
Foster Electric Co., Ltd.
171,180
1,059,403
FP Corp.
58,483
1,124,789
Frontier Real Estate Investment Corp.
221
714,225
Fuji Co., Ltd.
92,689
1,163,189
Fuji Corp.
165,548
2,734,780
Fuji Media Holdings, Inc.
172,185
1,799,495
Fuji Oil Co., Ltd.
440,203
922,224
Fuji Oil Holdings, Inc.
130,136
2,091,687
Fuji Seal International, Inc.
141,202
1,695,374
Fuji Soft, Inc.
49,148
1,485,395
Fujicco Co., Ltd.
28,063
374,148
Fujimi, Inc.
37,689
872,425
Fujimori Kogyo Co., Ltd.
54,171
1,397,205
Fujitec Co., Ltd.
89,912
2,300,527
Fujitsu General Ltd.
65,872
1,271,877
Fukuoka Financial Group, Inc.
169,652
4,016,832
Fukuoka REIT Corp.
571
635,774
Fukuyama Transporting Co., Ltd.
87,921
2,189,193
Fuso Chemical Co., Ltd.
22,916
672,912
Fuyo General Lease Co., Ltd.
18,264
1,511,702
Gakken Holdings Co., Ltd.
92,779
539,780
Geo Holdings Corp.
146,869
2,650,169
GLOBERIDE, Inc.
40,976
546,872
Glory Ltd.
156,947
3,318,219
GLP J-REIT
1,372
1,293,922
GMO internet group, Inc.
46,213
748,340
Godo Steel Ltd.
45,300
1,367,541
Goldwin, Inc.
14,770
1,056,630
Gree, Inc.
140,094
596,616
G-Tekt Corp.
69,066
875,748
GungHo Online Entertainment, Inc.
61,244
1,009,410
Gunze Ltd.
55,883
1,759,958
H.I.S. Co., Ltd. *(a)
61,947
839,094
H.U. Group Holdings, Inc.
139,483
2,527,432
H2O Retailing Corp.
487,735
5,879,554
Hakuto Co., Ltd.
21,428
741,815
Hamamatsu Photonics K.K.
54,061
2,505,035
Happinet Corp.
41,289
740,216
Harmonic Drive Systems, Inc.
8,497
223,828
Hazama Ando Corp.
549,610
4,481,142
Heiwa Corp.
81,831
1,249,513
Heiwa Real Estate Co., Ltd.
28,411
763,039
Heiwado Co., Ltd.
153,308
2,527,315
Hikari Tsushin, Inc.
21,175
3,528,561
Hirata Corp.
18,282
980,750
Hirose Electric Co., Ltd.
24,371
2,955,456
Hisamitsu Pharmaceutical Co., Inc.
90,748
3,080,514
Hitachi Zosen Corp.
408,047
2,418,824
Hogy Medical Co., Ltd.
27,460
603,579
Hokuetsu Corp.
393,771
2,447,799
Hokuhoku Financial Group, Inc.
295,077
2,675,424
Hokuriku Electric Power Co. *
938,857
5,469,277
See financial notes
82Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hokuto Corp.
49,251
618,746
Horiba Ltd.
56,888
2,962,701
Hoshizaki Corp.
100,676
3,868,404
Hosiden Corp.
203,689
2,536,581
Hosokawa Micron Corp.
28,178
786,781
House Foods Group, Inc.
148,322
3,204,126
Hulic Co., Ltd.
396,516
3,562,475
Hulic REIT, Inc.
646
720,613
Ibiden Co., Ltd.
98,741
5,963,052
Idec Corp.
29,662
620,399
IDOM, Inc.
142,880
770,415
Iino Kaiun Kaisha Ltd.
141,715
1,017,221
Inaba Denki Sangyo Co., Ltd.
153,454
3,325,531
Inabata & Co., Ltd.
183,930
4,004,932
Industrial & Infrastructure Fund
Investment Corp.
728
730,075
Intage Holdings, Inc.
49,721
599,036
Integrated Design & Engineering
Holdings Co., Ltd.
18,948
441,862
Internet Initiative Japan, Inc.
76,446
1,330,591
Invincible Investment Corp.
2,145
891,386
Iriso Electronics Co., Ltd.
24,225
720,502
Ishihara Sangyo Kaisha Ltd.
132,609
1,306,187
Ito En Ltd.
70,241
2,078,981
Itochu Enex Co., Ltd.
281,896
2,856,040
Itochu Techno-Solutions Corp.
111,144
3,301,836
Izumi Co., Ltd.
173,400
4,526,016
Jaccs Co., Ltd.
49,506
1,724,047
JAFCO Group Co., Ltd.
82,531
1,058,955
Japan Airlines Co., Ltd.
255,969
5,276,388
Japan Airport Terminal Co., Ltd.
22,043
1,045,788
Japan Aviation Electronics Industry
Ltd.
103,717
2,187,115
Japan Excellent, Inc.
931
848,602
Japan Hotel REIT Investment Corp.
1,807
916,005
Japan Lifeline Co., Ltd.
118,690
939,998
Japan Logistics Fund, Inc.
327
685,064
Japan Metropolitan Fund Invest
3,543
2,380,090
Japan Petroleum Exploration Co., Ltd.
66,506
2,183,595
Japan Post Bank Co., Ltd.
424,595
3,407,901
Japan Prime Realty Investment Corp.
465
1,178,590
Japan Real Estate Investment Corp.
649
2,697,015
JEOL Ltd.
25,615
818,146
Joshin Denki Co., Ltd.
164,997
2,522,810
Joyful Honda Co., Ltd.
173,109
2,040,423
Juki Corp.
161,167
690,787
JVCKenwood Corp.
800,585
3,497,421
Kadokawa Corp.
63,628
1,497,772
Kaga Electronics Co., Ltd.
46,409
2,110,297
Kagome Co., Ltd.
87,073
2,032,311
Kakaku.com, Inc.
77,071
918,489
Kaken Pharmaceutical Co., Ltd.
65,541
1,611,682
Kameda Seika Co., Ltd.
12,183
369,042
Kamigumi Co., Ltd.
193,121
4,353,629
Kanamoto Co., Ltd.
128,558
2,182,002
Kandenko Co., Ltd.
492,038
4,511,940
Kansai Paint Co., Ltd.
248,249
4,073,681
Kanto Denka Kogyo Co., Ltd.
107,264
614,474
Katitas Co., Ltd.
32,103
512,687
Kato Sangyo Co., Ltd.
118,281
3,408,241
Keihan Holdings Co., Ltd.
112,660
3,217,641
Keikyu Corp.
299,637
2,765,136
Keio Corp.
116,872
4,045,986
Keisei Electric Railway Co., Ltd.
93,647
3,588,027
Kenedix Office Investment Corp.
501
1,183,803
Kenedix Residential Next Investment
Corp.
371
575,925
Kenedix Retail REIT Corp.
343
679,003
SECURITY
NUMBER
OF SHARES
VALUE ($)
KFC Holdings Japan Ltd.
29,932
620,906
KH Neochem Co., Ltd.
64,129
1,000,357
Kissei Pharmaceutical Co., Ltd.
39,729
930,562
Kitz Corp.
235,279
1,704,979
Koa Corp.
42,612
538,851
Kobayashi Pharmaceutical Co., Ltd.
40,746
2,015,679
Kobe Bussan Co., Ltd.
26,420
657,664
Koei Tecmo Holdings Co., Ltd.
49,914
775,701
Kohnan Shoji Co., Ltd.
87,174
2,128,678
Kojima Co., Ltd. (a)
135,735
591,105
Kokusai Pulp & Paper Co., Ltd.
152,955
685,006
Kokuyo Co., Ltd.
206,372
3,210,719
Komeri Co., Ltd.
107,369
2,267,814
Konami Group Corp.
70,248
4,080,208
Konoike Transport Co., Ltd.
53,990
757,644
Kose Corp.
24,437
2,029,353
Kumagai Gumi Co., Ltd.
147,756
3,303,539
Kumiai Chemical Industry Co., Ltd.
139,298
1,076,418
Kura Sushi, Inc. (a)
28,817
625,488
Kureha Corp.
35,308
2,076,014
Kusuri no Aoki Holdings Co., Ltd.
22,515
1,409,652
KYB Corp.
61,022
1,993,060
Kyoei Steel Ltd.
113,910
1,518,696
Kyokuto Kaihatsu Kogyo Co., Ltd.
111,007
1,383,156
Kyorin Pharmaceutical Co., Ltd.
93,262
1,136,427
Kyoritsu Maintenance Co., Ltd.
19,628
846,949
Kyowa Kirin Co., Ltd.
172,447
3,163,236
Kyudenko Corp.
122,627
3,775,212
Kyushu Financial Group, Inc.
491,763
2,411,441
LaSalle Logiport REIT
254
259,435
Lasertec Corp.
2,343
364,924
Lawson, Inc.
85,360
4,075,539
Life Corp.
95,484
2,384,067
Lintec Corp.
152,785
2,521,842
M3, Inc.
78,591
1,567,393
Mabuchi Motor Co., Ltd.
90,835
2,782,108
Macnica Holdings, Inc.
143,390
6,727,023
Makino Milling Machine Co., Ltd.
51,353
2,458,567
Mandom Corp.
90,100
889,334
Marubun Corp.
39,142
314,835
Maruha Nichiro Corp.
189,297
3,305,237
Marui Group Co., Ltd.
187,661
3,251,536
Maruichi Steel Tube Ltd.
108,202
2,815,326
MARUKA FURUSATO Corp.
16,069
313,245
Maruwa Co., Ltd.
4,968
925,795
Matsuda Sangyo Co., Ltd.
62,399
963,941
Max Co., Ltd.
65,063
1,224,526
Maxell Holdings Ltd.
117,870
1,278,406
McDonald's Holdings Co., Japan Ltd.
37,500
1,491,397
MCJ Co., Ltd.
171,718
1,403,609
Mebuki Financial Group, Inc.
1,379,063
3,818,390
Megachips Corp.
36,774
1,060,898
Megmilk Snow Brand Co., Ltd.
267,759
4,384,638
Meidensha Corp.
128,635
1,931,491
Meiko Electronics Co., Ltd.
38,608
948,062
Meitec Corp.
80,173
1,405,099
Menicon Co., Ltd.
33,645
470,639
METAWATER Co., Ltd.
45,807
604,740
Mimasu Semiconductor Industry Co.,
Ltd.
34,822
687,423
MIRAIT ONE Corp.
319,029
4,227,131
Mirarth Holdings, Inc.
281,446
904,741
Mitsubishi HC Capital, Inc.
467,842
3,042,893
Mitsubishi Logisnext Co., Ltd.
208,815
1,962,145
Mitsubishi Logistics Corp.
104,656
2,782,727
Mitsubishi Pencil Co., Ltd.
33,685
446,557
Mitsuboshi Belting Ltd.
13,201
437,056
Mitsui E&S Co., Ltd.
266,661
917,657
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report83

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Mitsui High-Tec, Inc.
10,122
688,311
Mitsui Matsushima Holdings Co.,
Ltd. (a)
31,569
625,807
Mitsui-Soko Holdings Co., Ltd.
61,224
1,747,335
Miura Co., Ltd.
78,436
1,812,942
Mixi, Inc.
111,100
1,855,164
Mizuho Leasing Co., Ltd.
39,118
1,292,424
Mizuno Corp.
69,413
2,217,058
Mochida Pharmaceutical Co., Ltd.
49,519
1,147,966
Modec, Inc. *
46,839
532,462
Monex Group, Inc.
170,757
613,428
MonotaRO Co., Ltd.
58,455
691,414
Mori Hills Reit Investment Corp.
599
603,588
Morinaga & Co., Ltd.
79,186
2,878,947
MOS Food Services, Inc.
33,567
786,231
Musashi Seimitsu Industry Co., Ltd.
127,784
1,522,858
Nabtesco Corp.
162,261
3,075,029
Nachi-Fujikoshi Corp.
65,922
1,818,023
Nakanishi, Inc.
18,537
467,293
Nankai Electric Railway Co., Ltd.
136,979
2,879,113
NEC Networks & System Integration
Corp.
113,592
1,516,016
NET One Systems Co., Ltd.
86,743
1,701,077
Nexon Co., Ltd.
164,547
3,342,140
Nextage Co., Ltd.
15,776
355,430
Nichias Corp.
144,142
3,019,769
Nichicon Corp.
105,353
1,018,903
Nichiha Corp.
74,975
1,609,348
Nifco, Inc.
130,032
3,840,626
Nihon Chouzai Co., Ltd.
74,391
700,042
Nihon Kohden Corp.
108,827
2,898,864
Nihon M&A Center Holdings, Inc.
88,675
493,427
Nihon Parkerizing Co., Ltd.
208,734
1,667,463
Nikkiso Co., Ltd.
167,963
1,162,941
Nikkon Holdings Co., Ltd.
140,317
3,202,757
Nippn Corp.
181,904
2,586,402
Nippon Accommodations Fund, Inc.
205
925,130
Nippon Building Fund, Inc.
711
3,003,503
Nippon Carbon Co., Ltd.
21,842
665,379
Nippon Chemi-Con Corp. *
69,425
670,001
Nippon Coke & Engineering Co., Ltd. *
884,889
686,832
Nippon Denko Co., Ltd.
257,912
492,493
Nippon Densetsu Kogyo Co., Ltd.
119,611
1,754,092
Nippon Gas Co., Ltd.
121,272
1,894,654
Nippon Kanzai Holdings Co., Ltd.
32,154
588,815
Nippon Kayaku Co., Ltd.
368,269
3,302,368
Nippon Paint Holdings Co., Ltd.
403,038
3,117,222
Nippon Prologis REIT, Inc.
642
1,291,629
NIPPON REIT Investment Corp.
268
640,615
Nippon Sanso Holdings Corp.
163,396
3,947,273
Nippon Sheet Glass Co., Ltd. *
562,595
2,960,111
Nippon Shinyaku Co., Ltd.
38,902
1,709,887
Nippon Shokubai Co., Ltd.
101,076
3,851,142
Nippon Soda Co., Ltd.
58,385
2,161,590
Nippon Thompson Co., Ltd.
158,291
612,136
Nippon Yakin Kogyo Co., Ltd.
37,454
1,156,408
Nipro Corp.
352,943
2,928,565
Nishimatsu Construction Co., Ltd.
66,959
1,698,524
Nishimatsuya Chain Co., Ltd.
95,743
1,105,498
Nishi-Nippon Financial Holdings, Inc.
252,354
2,617,402
Nishi-Nippon Railroad Co., Ltd.
137,797
2,576,388
Nishio Holdings Co., Ltd.
59,381
1,450,008
Nissha Co., Ltd.
103,411
1,254,414
Nisshinbo Holdings, Inc.
463,139
3,445,269
Nitta Corp.
37,875
861,121
Nittetsu Mining Co., Ltd.
50,039
1,756,357
Nitto Boseki Co., Ltd.
58,981
1,622,550
Nitto Kogyo Corp.
66,124
1,766,819
SECURITY
NUMBER
OF SHARES
VALUE ($)
Noevir Holdings Co., Ltd.
15,481
605,055
NOF Corp.
72,156
3,257,267
Nohmi Bosai Ltd.
53,574
652,080
Nojima Corp.
294,332
2,585,779
Nomura Co., Ltd.
140,565
825,518
Nomura Real Estate Master Fund, Inc.
2,549
2,995,734
Noritake Co., Ltd.
48,041
1,989,815
Noritz Corp.
126,370
1,388,824
North Pacific Bank Ltd.
457,988
965,775
NS Solutions Corp.
50,412
1,367,774
NS United Kaiun Kaisha Ltd.
27,452
767,453
NSD Co., Ltd.
59,104
1,038,486
NTN Corp.
1,642,565
3,270,801
NTT UD REIT Investment Corp.
779
741,624
Obic Co., Ltd.
13,856
2,410,774
Odakyu Electric Railway Co., Ltd.
328,791
4,891,722
Oiles Corp.
30,624
434,796
Okamura Corp.
209,212
3,124,133
Okasan Securities Group, Inc.
282,658
1,118,323
Oki Electric Industry Co., Ltd.
518,717
3,217,374
Okinawa Cellular Telephone Co.
17,512
378,904
OKUMA Corp.
65,109
3,056,771
Okumura Corp.
105,047
3,286,665
Onoken Co., Ltd.
131,567
1,519,141
Onward Holdings Co., Ltd.
444,861
1,592,009
Open House Group Co., Ltd.
74,102
2,507,308
Oracle Corp. Japan
27,220
1,901,483
Organo Corp.
30,941
860,741
Orient Corp.
142,731
1,083,338
Orix JREIT, Inc.
1,397
1,737,794
Osaka Soda Co., Ltd.
42,113
2,021,979
OSG Corp.
133,130
1,681,671
Outsourcing, Inc.
179,807
1,411,062
Oyo Corp.
42,030
786,411
Pacific Industrial Co., Ltd.
183,009
1,795,081
Paramount Bed Holdings Co., Ltd.
58,569
950,637
Park24 Co., Ltd. *
127,667
1,802,956
Pasona Group, Inc.
56,209
631,258
PHC Holdings Corp.
27,777
272,266
Pigeon Corp.
138,978
1,612,349
Pilot Corp.
51,760
1,668,508
Piolax, Inc.
26,227
420,828
Pola Orbis Holdings, Inc.
133,590
1,725,562
Press Kogyo Co., Ltd.
546,822
2,516,542
Prima Meat Packers Ltd.
148,159
2,576,767
Qol Holdings Co., Ltd.
91,308
1,206,067
Raito Kogyo Co., Ltd.
88,036
1,230,575
Rakuten Group, Inc.
733,121
2,861,783
Relo Group, Inc.
75,012
879,524
Resorttrust, Inc.
71,460
1,146,619
Retail Partners Co., Ltd.
182,853
2,024,652
Rinnai Corp.
162,337
3,146,161
Rohto Pharmaceutical Co., Ltd.
143,794
3,750,289
Round One Corp.
190,875
778,787
Ryobi Ltd.
197,280
3,845,730
Ryosan Co., Ltd.
44,150
1,285,819
Ryoyo Electro Corp.
45,561
1,078,117
S Foods, Inc.
84,331
1,943,404
Saibu Gas Holdings Co., Ltd.
36,653
512,842
Saizeriya Co., Ltd.
45,114
1,419,254
Sakai Chemical Industry Co., Ltd.
69,442
937,277
Sakai Moving Service Co., Ltd.
18,162
677,403
Sakata Seed Corp.
26,274
759,787
SAMTY Co., Ltd.
38,107
606,739
San-A Co., Ltd.
49,352
1,666,141
Sangetsu Corp.
120,885
2,507,626
Sanken Electric Co., Ltd.
23,612
1,808,385
Sanki Engineering Co., Ltd.
167,078
1,848,835
See financial notes
84Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sankyo Co., Ltd.
40,444
1,762,662
Sanoh Industrial Co., Ltd.
129,355
815,660
Sanyo Chemical Industries Ltd.
36,936
1,050,349
Sanyo Denki Co., Ltd.
17,978
879,235
Sanyo Special Steel Co., Ltd.
60,601
1,159,696
Sapporo Holdings Ltd.
110,449
3,386,642
Sato Holdings Corp.
65,772
954,154
SBI Shinsei Bank Ltd.
56,322
1,093,286
SBS Holdings, Inc.
27,079
569,164
SCREEN Holdings Co., Ltd.
45,975
4,689,554
Scroll Corp.
48,561
335,559
SCSK Corp.
150,620
2,613,361
Sega Sammy Holdings, Inc.
237,995
4,754,669
Seibu Holdings, Inc.
312,609
3,307,856
Seiko Holdings Corp.
65,988
1,219,272
Seiren Co., Ltd.
66,962
1,106,183
Sekisui House REIT, Inc.
1,666
962,397
Sekisui Jushi Corp.
60,124
1,039,889
Senko Group Holdings Co., Ltd.
384,093
2,691,039
Senshu Ikeda Holdings, Inc.
430,420
783,469
Seria Co., Ltd.
51,800
817,642
Seven Bank Ltd.
940,535
2,001,427
Shibaura Machine Co., Ltd.
47,491
1,376,598
Shindengen Electric Manufacturing Co.,
Ltd.
29,302
624,946
Shin-Etsu Polymer Co., Ltd.
64,312
606,521
Shinko Electric Industries Co., Ltd.
48,762
2,001,592
Shinmaywa Industries Ltd.
211,383
2,050,162
Ship Healthcare Holdings, Inc.
148,418
2,524,691
Shizuoka Gas Co., Ltd.
190,796
1,342,000
SHO-BOND Holdings Co., Ltd.
26,590
1,071,746
Shoei Foods Corp.
28,239
881,590
Siix Corp.
130,079
1,409,037
Sinfonia Technology Co., Ltd.
70,094
759,751
SKY Perfect JSAT Holdings, Inc.
345,580
1,573,785
Skylark Holdings Co., Ltd. *
281,063
3,933,550
Sodick Co., Ltd.
133,001
628,531
Sotetsu Holdings, Inc.
117,273
2,293,342
Square Enix Holdings Co., Ltd.
76,123
2,891,508
Star Micronics Co., Ltd.
67,266
869,558
Starts Corp., Inc.
67,155
1,411,507
Sugi Holdings Co., Ltd.
81,000
3,638,143
Sumida Corp.
60,359
687,401
Sumitomo Bakelite Co., Ltd.
60,441
2,861,695
Sumitomo Mitsui Construction Co.,
Ltd.
858,588
2,388,489
Sumitomo Osaka Cement Co., Ltd.
135,204
3,721,279
Sumitomo Pharma Co., Ltd.
456,592
1,594,787
Sumitomo Seika Chemicals Co., Ltd.
16,294
506,442
Sun Frontier Fudousan Co., Ltd.
61,188
606,900
Suruga Bank Ltd.
456,275
1,902,386
SWCC Corp.
73,020
985,571
Systena Corp.
230,332
427,171
Tachi-S Co., Ltd.
196,368
2,361,784
Tadano Ltd.
256,603
2,086,877
Taikisha Ltd.
78,858
2,480,816
Taisho Pharmaceutical Holdings Co.,
Ltd.
76,944
3,188,008
Taiyo Holdings Co., Ltd.
41,790
754,651
Takamatsu Construction Group Co.,
Ltd.
71,772
1,286,212
Takaoka Toko Co., Ltd.
44,540
677,959
Takara Holdings, Inc.
373,736
3,228,169
Takara Standard Co., Ltd.
169,954
2,265,898
Takasago Thermal Engineering Co.,
Ltd.
178,345
3,590,543
Takeuchi Manufacturing Co., Ltd.
63,305
2,017,620
SECURITY
NUMBER
OF SHARES
VALUE ($)
Takuma Co., Ltd.
141,577
1,569,566
Tama Home Co., Ltd.
11,519
280,884
Tamura Corp.
154,033
617,888
Tanseisha Co., Ltd.
140,545
753,963
TBS Holdings, Inc.
85,408
1,511,514
TechnoPro Holdings, Inc.
67,969
1,669,520
T-Gaia Corp.
90,919
1,093,514
The 77 Bank Ltd.
86,161
1,864,252
The Awa Bank Ltd.
54,521
848,608
The Bank of Kyoto Ltd.
39,833
2,304,314
The Chiba Bank Ltd.
503,855
3,604,526
The Gunma Bank Ltd.
629,450
2,903,291
The Hachijuni Bank Ltd.
510,345
2,752,852
The Hyakugo Bank Ltd.
282,549
982,037
The Hyakujushi Bank Ltd.
53,879
827,513
The Japan Steel Works Ltd.
101,669
2,060,127
The Japan Wool Textile Co., Ltd.
173,573
1,493,883
The Keiyo Bank Ltd.
208,153
852,143
The Kiyo Bank Ltd.
89,762
932,240
The Musashino Bank Ltd.
56,340
1,023,203
The Nanto Bank Ltd.
50,809
926,941
The Nippon Road Co., Ltd.
6,354
420,734
The Nisshin Oillio Group Ltd.
96,354
2,766,492
The Ogaki Kyoritsu Bank Ltd.
62,148
858,892
The Okinawa Electric Power Co., Inc. *
250,733
1,971,970
The Pack Corp.
16,387
350,061
The San-in Godo Bank Ltd.
192,532
1,214,029
The Shiga Bank Ltd.
48,681
1,090,085
The Sumitomo Warehouse Co., Ltd.
102,029
1,750,650
THK Co., Ltd.
183,796
3,365,101
TKC Corp.
28,424
718,483
Toa Corp.
53,575
1,326,633
Toagosei Co., Ltd.
312,678
2,983,204
Tocalo Co., Ltd.
79,957
785,922
Toda Corp.
646,400
3,637,707
Toei Co., Ltd.
6,728
800,881
Toho Co., Ltd.
82,461
3,146,415
Toho Zinc Co., Ltd.
61,409
708,217
Tokai Carbon Co., Ltd.
360,117
2,849,571
TOKAI Holdings Corp.
321,765
2,088,594
Tokai Rika Co., Ltd.
284,492
4,457,370
Tokai Tokyo Financial Holdings, Inc.
297,171
916,508
Token Corp.
31,515
1,660,336
Tokushu Tokai Paper Co., Ltd.
13,819
307,542
Tokyo Century Corp.
71,972
2,767,945
Tokyo Ohka Kogyo Co., Ltd.
35,751
2,421,790
Tokyo Seimitsu Co., Ltd.
55,186
3,043,882
Tokyo Steel Manufacturing Co., Ltd.
141,114
1,586,727
Tokyo Tatemono Co., Ltd.
289,448
3,807,349
Tokyu Construction Co., Ltd.
345,320
1,821,656
Tokyu REIT, Inc.
427
547,003
TOMONY Holdings, Inc.
118,473
336,088
Tomy Co., Ltd.
195,985
3,183,738
Topcon Corp.
135,181
1,631,439
Topre Corp.
258,463
3,083,767
Toshiba TEC Corp.
53,858
1,311,444
Totetsu Kogyo Co., Ltd.
86,355
1,628,814
Towa Pharmaceutical Co., Ltd.
63,088
1,204,689
Toyo Construction Co., Ltd.
190,307
1,449,672
Toyo Ink SC Holdings Co., Ltd.
150,263
2,341,908
Toyo Tire Corp.
318,045
4,798,474
Toyobo Co., Ltd.
467,839
3,398,288
Toyota Boshoku Corp.
260,426
4,932,683
TPR Co., Ltd.
186,450
2,343,672
Trancom Co., Ltd.
20,655
1,068,325
Transcosmos, Inc.
61,390
1,345,153
Trend Micro, Inc.
75,547
3,211,597
Trusco Nakayama Corp.
106,681
1,883,964
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report85

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
TSI Holdings Co., Ltd.
378,761
1,886,195
Tsubaki Nakashima Co., Ltd.
109,254
616,118
Tsubakimoto Chain Co.
125,703
3,324,220
Tsugami Corp.
83,281
673,868
Tsumura & Co.
100,389
1,895,244
TV Asahi Holdings Corp.
83,081
946,171
UACJ Corp.
142,984
3,078,991
Uchida Yoko Co., Ltd.
27,259
1,217,045
Ulvac, Inc.
76,264
2,961,821
Unipres Corp.
353,792
2,991,503
United Arrows Ltd.
93,436
1,386,281
United Super Markets Holdings, Inc. (a)
339,711
2,611,097
United Urban Investment Corp.
1,848
1,986,551
Ushio, Inc.
168,349
2,124,237
USS Co., Ltd.
148,877
2,602,037
UT Group Co., Ltd. *
31,148
519,258
V Technology Co., Ltd.
38,091
625,845
Valor Holdings Co., Ltd.
239,247
3,570,998
Valqua Ltd.
30,228
901,120
VT Holdings Co., Ltd.
286,385
1,007,172
Wacoal Holdings Corp.
121,528
2,676,229
Wacom Co., Ltd.
201,485
830,381
Warabeya Nichiyo Holdings Co., Ltd.
101,546
1,899,999
Welcia Holdings Co., Ltd.
154,787
2,846,737
Workman Co., Ltd. (a)
13,101
473,340
World Co., Ltd.
85,389
949,581
Xebio Holdings Co., Ltd.
147,981
1,036,787
Yachiyo Industry Co., Ltd.
41,403
393,028
YAMABIKO Corp.
55,501
562,311
Yamaguchi Financial Group, Inc.
295,726
2,351,223
Yamato Kogyo Co., Ltd.
43,021
2,076,805
Yamazen Corp.
329,291
2,585,291
Yaoko Co., Ltd.
44,083
2,324,891
Yellow Hat Ltd.
93,982
1,218,793
Yodogawa Steel Works Ltd.
96,059
2,249,965
Yokogawa Bridge Holdings Corp.
82,983
1,573,761
Yokowo Co., Ltd.
49,782
576,519
Yondoshi Holdings, Inc.
53,020
685,762
Yoshinoya Holdings Co., Ltd.
73,794
1,441,818
Yuasa Trading Co., Ltd.
80,771
2,374,557
Zenkoku Hosho Co., Ltd.
30,951
1,072,979
Zensho Holdings Co., Ltd.
81,835
3,859,457
Zeon Corp.
330,366
3,643,250
ZERIA Pharmaceutical Co., Ltd.
41,521
689,046
Zojirushi Corp.
66,881
824,614
ZOZO, Inc.
50,065
1,000,543
 
1,075,072,718
 
Luxembourg 0.0%
Espirito Santo Financial Group S.A. *(b)
8,470
0
 
Netherlands 1.5%
Adyen N.V. *
1,568
1,314,662
Allfunds Group plc
72,340
429,473
AMG Critical Materials N.V.
18,430
626,694
Arcadis N.V.
73,868
3,466,664
ASM International N.V.
11,258
5,439,840
Basic-Fit N.V. *(a)
19,341
591,128
BE Semiconductor Industries N.V.
33,487
3,856,216
Corbion N.V.
58,887
1,411,199
Eurocommercial Properties N.V.
51,575
1,241,568
ForFarmers N.V.
317,408
844,022
Fugro N.V. CVA *
115,748
1,956,013
Heijmans N.V. CVA
82,841
998,017
IMCD N.V.
22,973
3,172,818
JDE Peet's N.V.
65,732
1,832,068
SECURITY
NUMBER
OF SHARES
VALUE ($)
Just Eat Takeaway.com N.V. *
44,639
629,933
Koninklijke BAM Groep N.V.
837,355
1,788,564
Koninklijke Vopak N.V.
94,796
3,425,102
OCI N.V. *
62,923
1,595,335
PostNL N.V.
1,354,626
3,165,433
Sligro Food Group N.V.
103,844
2,001,677
TKH Group N.V.
59,636
2,753,440
Van Lanschot Kempen N.V.
31,805
944,109
Wereldhave N.V.
74,520
1,299,746
 
44,783,721
 
New Zealand 0.8%
Auckland International Airport Ltd. *
350,423
1,629,630
Chorus Ltd.
387,676
1,852,505
Contact Energy Ltd.
813,834
4,056,081
EBOS Group Ltd.
123,422
2,789,007
Fisher & Paykel Healthcare Corp., Ltd.
216,522
2,927,956
Freightways Group Ltd.
119,593
620,253
Infratil Ltd.
210,955
1,267,437
Mainfreight Ltd.
50,570
1,974,137
Mercury NZ Ltd.
475,422
1,756,574
Meridian Energy Ltd.
951,952
3,041,096
Ryman Healthcare Ltd.
204,523
808,641
The a2 Milk Co., Ltd. *
440,639
1,311,892
 
24,035,209
 
Norway 1.4%
Aker A.S.A., A Shares
16,638
1,026,076
Aker Solutions A.S.A.
289,600
1,208,260
Atea A.S.A. *
152,514
1,892,598
Austevoll Seafood A.S.A.
186,409
1,352,003
Bakkafrost P/F
27,036
1,366,141
Borregaard A.S.A.
68,400
999,268
BW Energy Ltd. *
3,261
7,863
BW LPG Ltd.
135,750
1,646,282
BW Offshore Ltd.
311,967
724,990
DNO A.S.A.
1,205,033
1,124,357
Elkem A.S.A.
529,876
1,095,902
Elmera Group A.S.A.
438,308
908,991
Europris A.S.A.
180,951
1,030,881
Gjensidige Forsikring A.S.A.
137,207
2,134,760
Grieg Seafood A.S.A.
80,318
567,813
Kongsberg Automotive A.S.A. *
3,148,736
684,382
Kongsberg Gruppen A.S.A.
33,539
1,389,845
Leroy Seafood Group A.S.A.
377,917
1,563,944
Odfjell Drilling Ltd. *
225,963
766,866
PGS A.S.A. *
2,191,677
1,515,629
Salmar A.S.A.
48,633
2,377,438
Schibsted A.S.A., A Shares
44,244
942,101
Schibsted A.S.A., B Shares
48,780
959,352
SpareBank 1 Nord Norge
141,687
1,270,729
SpareBank 1 SMN
150,109
1,986,937
SpareBank 1 SR-Bank A.S.A.
187,805
2,272,273
Stolt-Nielsen Ltd.
20,936
521,572
Storebrand A.S.A.
382,896
3,074,068
TGS A.S.A.
146,059
1,890,763
Tomra Systems A.S.A.
85,174
1,170,255
Var Energi A.S.A.
221,237
641,842
Veidekke A.S.A.
183,045
1,734,575
Wallenius Wilhelmsen A.S.A.
149,893
1,216,093
 
43,064,849
 
Poland 1.5%
Alior Bank S.A. *
228,609
3,116,349
Allegro.eu S.A. *
118,137
946,529
See financial notes
86Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Asseco Poland S.A.
140,406
2,497,242
Bank Millennium S.A. *
786,102
1,158,767
Bank Polska Kasa Opieki S.A.
217,497
5,694,371
CCC S.A. *
37,144
401,520
CD Projekt S.A.
23,628
845,936
Cyfrowy Polsat S.A.
746,875
2,457,416
Dino Polska S.A. *
11,516
1,058,760
Enea S.A. *
1,629,487
3,473,471
Grupa Azoty S.A. *
192,869
1,178,390
Grupa Kety S.A.
7,049
1,098,079
Jastrzebska Spolka Weglowa S.A. *
166,064
1,459,066
Kernel Holding S.A. *
311,368
831,070
KRUK S.A. *
10,847
1,052,787
LPP S.A.
643
2,165,566
mBank S.A. *
13,702
1,426,305
Orange Polska S.A.
1,823,124
3,164,727
Pepco Group N.V. *
79,930
627,609
Santander Bank Polska S.A. *
31,380
2,829,435
Tauron Polska Energia S.A. *
6,328,704
6,574,021
 
44,057,416
 
Portugal 0.3%
CTT-Correios de Portugal S.A.
208,681
766,675
EDP Renovaveis S.A.
65,055
1,193,619
NOS, SGPS S.A.
486,754
1,834,252
REN - Redes Energeticas Nacionais,
SGPS, S.A.
532,555
1,456,581
Sonae, SGPS, S.A.
2,658,856
2,806,429
The Navigator Co., S.A.
427,181
1,564,324
 
9,621,880
 
Republic of Korea 7.8%
Aekyung Chemical Co., Ltd.
31,340
374,159
AJ Networks Co., Ltd.
92,546
289,874
AMOREPACIFIC Group
91,535
2,330,360
Asia Paper Manufacturing Co., Ltd.
10,401
297,846
Asiana Airlines, Inc. *
147,787
1,241,109
BGF retail Co., Ltd.
11,531
1,364,440
BH Co., Ltd.
34,354
626,390
Celltrion Healthcare Co., Ltd.
15,176
742,869
Celltrion, Inc.
20,328
2,213,126
Cheil Worldwide, Inc.
123,103
1,755,621
Chong Kun Dang Pharmaceutical
Corp.
13,735
904,063
CJ ENM Co., Ltd. *
33,240
1,463,641
CJ Logistics Corp.
34,775
2,075,845
Com2uS Corp.
17,585
630,625
Cosmax, Inc. *
4,875
566,153
Daeduck Electronics Co., Ltd. / New
27,818
608,239
Daehan Flour Mill Co., Ltd.
6,123
606,857
Daesang Corp.
93,090
1,262,798
Daesang Holdings Co., Ltd.
107,739
577,108
Daewoo Engineering & Construction
Co., Ltd. *
701,449
2,441,207
Daou Technology, Inc.
88,335
1,241,067
DB HiTek Co., Ltd.
39,626
1,603,927
DGB Financial Group, Inc.
514,461
2,919,204
DL Holdings Co., Ltd.
28,118
812,641
Dongjin Semichem Co., Ltd.
22,877
590,207
Dongkuk CM Co., Ltd. *
93,447
576,201
Dongkuk Holdings Co., Ltd.
51,232
463,191
Dongkuk Steel Mill Co., Ltd. *
150,767
1,131,537
Doosan Bobcat, Inc.
47,274
1,924,223
Doosan Co., Ltd.
30,747
2,735,651
Easy Holdings Co., Ltd.
264,538
599,426
Fila Holdings Corp.
92,950
2,665,258
SECURITY
NUMBER
OF SHARES
VALUE ($)
Gradiant Corp.
64,556
692,570
Green Cross Corp.
6,855
600,056
Green Cross Holdings Corp.
53,702
568,000
GS Global Corp. *
312,098
605,660
GS Retail Co., Ltd.
128,925
2,306,848
Handsome Co., Ltd.
49,282
707,677
Hanmi Pharm Co., Ltd.
3,204
713,885
Hanon Systems
258,726
1,783,237
Hansae Co., Ltd.
38,604
570,115
Hanshin Construction Co., Ltd.
93,337
528,916
Hansol Chemical Co., Ltd.
4,768
582,585
Hansol Paper Co., Ltd.
108,762
869,767
Hanssem Co., Ltd.
18,161
813,415
Hanwha Aerospace Co., Ltd.
34,412
2,973,218
Hanwha General Insurance Co., Ltd. *
610,031
1,933,822
Hanwha Life Insurance Co., Ltd. *
1,745,987
3,322,230
Hanwha Ocean Co., Ltd. *
136,645
3,964,695
Harim Holdings Co., Ltd.
229,079
1,254,800
HD Hyundai Construction Equipment
Co. Ltd.
37,781
2,035,186
HD Hyundai Heavy Industries Co.,
Ltd. *
10,280
1,017,306
HD Hyundai Infracore Co., Ltd.
227,006
1,808,491
HDC Hyundai Development
Co-Engineering & Construction,
Class E
316,289
2,469,531
Hite Jinro Co., Ltd.
48,822
716,955
HL Mando Co., Ltd.
84,519
2,679,286
Hotel Shilla Co., Ltd.
31,230
2,083,969
Hyosung Advanced Materials Corp.
3,084
1,054,638
Hyosung Chemical Corp. *
8,283
661,136
Hyosung Corp.
24,611
1,180,509
Hyosung Heavy Industries Corp. *
18,349
2,783,412
Hyosung TNC Corp.
9,204
2,304,917
Hyundai Corp.
61,767
930,419
Hyundai Department Store Co., Ltd.
49,353
2,591,336
Hyundai Elevator Co., Ltd.
45,576
1,551,670
Hyundai GF Holdings
204,333
567,355
Hyundai Green Food *
106,159
1,010,388
Hyundai Mipo Dockyard Co., Ltd. *
22,829
1,571,734
Hyundai Rotem Co., Ltd. *
39,420
917,091
Hyundai Wia Corp.
73,018
3,182,021
Innocean Worldwide, Inc.
22,175
681,985
INTOPS Co., Ltd.
28,382
634,529
IS Dongseo Co., Ltd. *
30,672
736,778
JB Financial Group Co., Ltd.
339,529
2,494,289
Kakao Corp.
53,881
1,960,791
Kangwon Land, Inc.
103,992
1,220,288
KCC Corp.
9,545
1,577,895
KCC Glass Corp.
26,831
849,538
KEPCO Plant Service & Engineering
Co., Ltd.
43,748
1,110,456
KG Chemical Corp.
80,515
497,070
KISWIRE Ltd.
53,423
887,184
KIWOOM Securities Co., Ltd.
17,346
1,355,659
Kolmar Korea Co., Ltd.
20,285
887,061
Kolon Corp.
55,483
776,153
Kolon Industries, Inc.
77,835
2,991,502
Korea Aerospace Industries Ltd.
32,077
1,227,990
Korea Electric Terminal Co., Ltd.
19,344
778,590
Korea Investment Holdings Co., Ltd.
66,121
2,601,318
Korea Line Corp. *
181,480
246,596
Korea Petrochemical Ind Co., Ltd.
15,544
1,513,533
Korean Reinsurance Co.
335,184
2,008,441
Krafton, Inc. *
10,857
1,273,187
Kukdo Chemical Co., Ltd.
17,512
720,751
Kumho Tire Co., Inc. *
308,373
1,153,701
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report87

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
KUMHOE&C Co., Ltd.
143,358
578,096
Kwang Dong Pharmaceutical Co., Ltd.
141,387
684,605
Kyeryong Construction Industrial Co.,
Ltd.
21,273
240,775
LG Energy Solution Ltd. *
2,886
1,187,807
LG Hausys Ltd.
53,151
2,058,885
Lotte Chilsung Beverage Co., Ltd.
6,651
653,652
Lotte Corp.
56,514
1,066,786
LOTTE Fine Chemical Co., Ltd.
41,363
1,890,165
Lotte Rental Co., Ltd.
28,226
592,602
LS Corp.
67,505
5,469,859
LS Electric Co., Ltd.
36,181
2,731,881
LX International Corp.
120,813
2,774,106
LX Semicon Co., Ltd.
12,083
814,523
Mcnex Co., Ltd.
28,736
632,659
Meritz Financial Group, Inc. *
210,076
8,693,897
Mirae Asset Securities Co., Ltd.
400,965
2,020,372
NCSoft Corp.
12,859
2,446,785
Netmarble Corp. *
16,344
529,858
Nexen Tire Corp.
148,334
894,437
NH Investment & Securities Co., Ltd.
239,920
1,869,624
NHN Corp. *
40,793
802,435
NongShim Co., Ltd.
6,697
2,323,113
Oci Co., Ltd. *
10,364
1,000,527
OCI Holdings Co., Ltd.
23,209
1,617,211
Orion Corp.
23,385
2,154,941
Orion Holdings Corp.
69,991
805,949
Pan Ocean Co., Ltd.
320,910
1,082,851
Partron Co., Ltd.
136,230
835,881
Poongsan Corp.
85,207
2,275,625
POSCO Future M Co., Ltd.
3,673
1,249,112
S-1 Corp.
42,000
1,773,104
Samchully Co., Ltd.
7,069
585,629
Samsung Card Co., Ltd.
75,226
1,704,572
Samsung Engineering Co., Ltd. *
161,523
4,154,932
Samsung Heavy Industries Co., Ltd. *
562,044
3,746,251
Samsung Securities Co., Ltd.
82,807
2,339,959
SAMT Co., Ltd.
312,214
630,688
Samyang Corp.
21,070
730,097
Samyang Holdings Corp.
28,206
1,489,524
SD Biosensor, Inc.
23,640
223,746
Seah Besteel Holdings Corp.
70,283
1,254,911
SeAH Steel Corp.
2,522
265,795
SeAH Steel Holdings Corp.
2,583
363,291
Sebang Global Battery Co., Ltd.
25,188
1,141,488
Seegene, Inc.
22,043
370,232
Seohan Co., Ltd.
784,150
602,166
Seohee Construction Co., Ltd.
843,130
873,908
Seoul Semiconductor Co., Ltd.
110,442
986,813
Seoyon E-Hwa Co., Ltd.
83,280
1,002,447
SFA Engineering Corp.
42,301
1,064,126
Shinsegae, Inc.
20,809
3,195,935
SIMMTECH Co., Ltd.
13,559
371,866
SK Chemicals Co., Ltd.
15,645
744,521
SK Discovery Co., Ltd.
62,024
1,966,185
SK Gas Ltd.
12,178
1,159,985
SK Networks Co., Ltd.
1,127,554
6,150,682
SKC Co., Ltd.
17,034
1,179,203
SL Corp.
32,225
872,824
SNT Motiv Co., Ltd.
24,466
906,080
Songwon Industrial Co., Ltd.
43,884
647,096
Soulbrain Co., Ltd.
2,727
469,372
SSANGYONG C&E Co., Ltd.
154,890
644,521
Sungwoo Hitech Co., Ltd.
284,823
2,178,597
TKG Huchems Co., Ltd.
48,215
807,991
Unid Co., Ltd.
6,176
271,478
WONIK IPS Co., Ltd.
38,772
904,949
Young Poong Corp.
2,110
870,021
SECURITY
NUMBER
OF SHARES
VALUE ($)
Youngone Corp.
60,127
2,442,837
Youngone Holdings Co., Ltd.
10,753
609,343
Yuhan Corp.
35,102
1,933,365
 
233,338,543
 
Singapore 1.3%
CapitaLand Ascendas REIT
1,342,326
2,753,234
CapitaLand Ascott Trust
1,235,143
887,145
CapitaLand China Trust
710,998
476,455
CapitaLand Integrated Commercial
Trust
1,492,928
2,111,435
CapitaLand Investment Ltd.
735,949
1,765,624
City Developments Ltd.
378,447
1,871,918
First Resources Ltd.
626,996
719,618
Frasers Logistics & Commercial Trust
769,539
683,781
Genting Singapore Ltd.
4,778,296
3,095,897
Hutchison Port Holdings Trust, Class U
14,885,842
2,471,050
Keppel Infrastructure Trust
3,928,905
1,440,065
Manulife US Real Estate Investment
Trust
2,470,988
168,027
Mapletree Industrial Trust
635,958
1,083,083
Mapletree Logistics Trust
949,824
1,181,566
Mapletree Pan Asia Commercial Trust
740,796
833,773
NetLink NBN Trust
1,469,778
941,398
Olam Group Ltd.
2,328,089
2,154,840
SATS Ltd. *
636,541
1,220,764
Seatrium Ltd. *
20,700,495
2,222,563
Sembcorp Industries Ltd.
811,938
3,216,489
Singapore Exchange Ltd.
365,028
2,602,902
Singapore Technologies Engineering
Ltd.
1,269,496
3,581,473
Suntec Real Estate Investment Trust
915,465
820,224
UOL Group Ltd.
435,142
2,139,462
 
40,442,786
 
Spain 1.3%
Abengoa S.A., B Shares *(b)
192,522,094
0
Almirall S.A.
72,291
734,788
Applus Services S.A.
258,400
2,658,708
Atresmedia Corp de Medios de
Comunicaion S.A.
198,148
787,979
Bankinter S.A.
519,147
3,333,406
Cellnex Telecom S.A. *
74,830
2,866,950
Cia de Distribucion Integral Logista
Holdings S.A.
66,975
1,817,283
Cie Automotive S.A.
57,233
1,744,268
Construcciones y Auxiliar de
Ferrocarriles S.A.
30,668
1,101,750
Corp. ACCIONA Energias Renovables
S.A.
10,227
304,581
Ebro Foods S.A.
148,610
2,687,155
Ence Energia y Celulosa S.A. (a)
199,734
636,903
Faes Farma S.A.
265,525
930,846
Fluidra S.A.
75,870
1,709,492
Gestamp Automocion S.A.
489,516
2,192,128
Indra Sistemas S.A.
141,690
2,006,871
Inmobiliaria Colonial Socimi S.A.
177,305
1,079,577
Linea Directa Aseguradora S.A. Cia de
Seguros y Reaseguros
930,491
944,264
Melia Hotels International S.A. *
145,618
953,810
Merlin Properties Socimi S.A.
273,988
2,459,273
Obrascon Huarte Lain S.A. *(a)
1,496,694
759,911
Prosegur Cia de Seguridad S.A.
963,861
1,684,263
Sacyr S.A.
719,796
2,295,255
Unicaja Banco S.A.
932,803
1,032,666
See financial notes
88Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Vidrala SA
6,816
642,124
Viscofan S.A.
35,619
2,319,544
 
39,683,795
 
Sweden 3.2%
AAK AB
146,844
2,725,020
AddLife AB, B Shares
25,619
177,112
AddTech AB, B Shares
61,441
1,040,298
AFRY AB
136,790
1,801,397
Ambea AB
176,959
606,030
Arjo AB, B Shares
280,640
1,106,167
Attendo AB *
328,970
932,841
Avanza Bank Holding AB
14,743
285,438
Axfood AB
95,756
2,314,780
Beijer Alma AB
37,827
593,492
Beijer Ref AB
75,869
871,635
Betsson AB, B Shares *
185,493
2,077,541
Bilia AB, A Shares
171,799
1,644,265
Billerud Aktiebolag
325,530
2,663,722
Bonava AB, B Shares
667,344
1,092,748
Bravida Holding AB
213,592
1,521,491
Byggmax Group AB *
214,218
629,552
Castellum AB
218,545
2,335,160
Clas Ohlson AB, B Shares
107,908
991,383
Cloetta AB, B Shares
464,001
782,665
Coor Service Management Holding AB
167,557
714,610
Dometic Group AB
469,626
3,015,927
Dustin Group AB *
196,913
409,655
Electrolux Professional AB, B Shares
155,717
838,320
Elekta AB, B Shares (a)
351,723
2,517,653
EQT AB
45,794
923,416
Evolution AB
15,430
1,671,528
Fabege AB
133,515
1,144,703
Fastighets AB Balder, B Shares *
239,424
1,147,934
Getinge AB, B Shares
174,065
3,025,897
Granges AB
200,372
1,912,243
Hexpol AB
247,704
2,443,130
Holmen AB, B Shares
82,518
3,131,191
Indutrade AB
108,729
2,092,184
Instalco AB
62,815
213,975
Intrum AB (a)
204,755
1,294,363
Investment AB Latour, B Shares
38,142
694,748
Inwido AB
92,387
966,065
JM AB
167,511
2,209,024
Kinnevik AB, B Shares *
238,132
2,804,329
L E Lundbergfortagen AB, B Shares
49,829
2,028,673
Lagercrantz Group AB, B Shares
26,803
281,250
Lifco AB, B Shares
66,939
1,227,532
Lindab International AB
93,845
1,379,834
Loomis AB
112,975
3,000,313
MEKO AB
80,971
727,636
Mycronic AB
45,295
929,073
NCC AB, B Shares
288,373
2,968,031
New Wave Group AB, B Shares
79,885
569,925
Nibe Industrier AB, B Shares
269,612
2,023,463
Nobia AB *
804,094
676,694
Nolato AB, B Shares
185,666
795,912
Pandox AB
66,117
735,445
Peab AB, B Shares
646,803
2,630,947
Ratos AB, B Shares
468,878
1,451,608
Resurs Holding AB
441,236
967,101
Saab AB, B Shares
72,111
3,810,393
Sagax AB, B Shares
13,074
272,348
Samhallsbyggnadsbolaget i Norden
AB (a)
764,579
245,610
Samhallsbyggnadsbolaget i Norden AB,
D Shares (a)
23,394
7,405
SECURITY
NUMBER
OF SHARES
VALUE ($)
Scandi Standard AB
175,728
834,515
Scandic Hotels Group AB *(a)
230,388
747,979
Sinch AB *
132,131
277,840
Storskogen Group AB, B Shares
706,709
534,393
Sweco AB, B Shares
162,649
1,586,399
Swedish Orphan Biovitrum AB *
77,074
1,489,407
Tethys Oil AB *
135,477
665,637
Thule Group AB
88,666
2,569,313
Viaplay Group AB, B Shares *(a)
62,774
294,955
Wihlborgs Fastigheter AB
147,995
1,138,693
 
96,231,956
 
Switzerland 2.9%
Accelleron Industries AG
50,333
1,361,969
Allreal Holding AG
12,156
2,124,978
ALSO Holding AG
7,266
1,768,684
ams-OSRAM AG *(a)
404,835
2,844,502
Arbonia AG
83,329
882,113
Aryzta AG *
1,200,511
1,999,379
Autoneum Holding AG *
7,840
1,169,898
Banque Cantonale Vaudoise
14,946
1,621,089
Belimo Holding AG
3,250
1,713,954
BKW AG
12,141
2,089,365
Bucher Industries AG
7,036
2,891,670
Burckhardt Compression Holding AG
1,285
757,979
Bystronic AG
2,546
1,717,991
Cembra Money Bank AG
24,284
1,773,357
Clariant AG *
244,426
4,079,071
Comet Holding AG
2,824
726,423
Daetwyler Holding AG
4,269
890,291
dormakaba Holding AG
4,234
2,221,861
Dufry AG *
125,593
5,596,762
Emmi AG
1,814
1,955,197
EMS-Chemie Holding AG
3,496
2,630,164
Flughafen Zuerich AG
11,835
2,440,027
Forbo Holding AG
1,102
1,489,712
Huber & Suhner AG
16,890
1,304,158
Implenia AG
23,988
855,502
Inficon Holding AG
970
1,238,789
Interroll Holding AG
293
874,107
Kardex Holding AG
3,249
748,567
Komax Holding AG
2,393
600,113
Landis & Gyr Group AG
25,607
1,898,962
Mobimo Holding AG
4,687
1,371,740
OC Oerlikon Corp. AG
367,063
1,804,458
PSP Swiss Property AG
14,826
1,802,788
Schweiter Technologies AG
1,715
1,236,858
SFS Group AG
16,610
1,906,883
Siegfried Holding AG
1,396
1,263,631
SIG Group AG *
163,649
4,313,330
Softwareone Holding AG
114,701
2,294,669
St. Galler Kantonalbank AG
1,490
833,354
Stadler Rail AG
40,705
1,656,312
Straumann Holding AG
16,836
2,554,230
Sulzer AG
17,625
1,795,924
Tecan Group AG
3,419
1,366,439
Temenos AG
28,088
2,234,320
u-blox Holding AG
5,068
452,720
Valiant Holding AG
11,770
1,264,617
VAT Group AG
6,856
2,750,938
Vontobel Holding AG
21,262
1,319,171
Zehnder Group AG
13,049
864,270
 
87,353,286
 
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report89

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
United Kingdom 9.8%
4imprint Group plc
15,539
1,004,202
888 Holdings plc *
668,453
1,080,810
AG Barr plc
47,126
291,114
Airtel Africa plc
1,203,240
1,738,141
Ashmore Group plc
483,039
1,187,440
ASOS plc *(a)
149,073
828,128
Assura plc
971,398
564,740
Auto Trader Group plc
246,502
1,894,120
Babcock International Group plc *
364,758
1,785,952
Bank of Georgia Group plc
28,313
1,250,306
Beazley plc
290,447
2,009,497
Big Yellow Group plc
55,361
754,119
Bodycote plc
300,728
2,530,287
Britvic plc
250,246
2,787,300
C&C Group plc
655,384
1,134,421
Capita plc *
3,170,355
724,723
Card Factory plc *
1,421,336
1,847,872
Carnival plc *
261,649
3,724,946
Centamin plc
2,644,704
2,940,708
Chemring Group plc
262,715
968,736
Clarkson plc
17,481
600,293
Close Brothers Group plc
210,279
2,187,595
Coats Group plc
1,919,329
1,865,403
Computacenter plc
92,850
2,564,875
ConvaTec Group plc
1,050,339
3,093,096
Cranswick plc
88,880
3,795,436
Crest Nicholson Holdings plc
774,789
1,772,101
Dechra Pharmaceuticals plc
26,636
1,284,593
Deliveroo plc *
313,695
449,571
Derwent London plc
53,760
1,265,706
DFS Furniture plc
278,896
388,743
Diploma plc
42,626
1,692,783
DiscoverIE Group plc
67,410
623,555
Diversified Energy Co., plc
510,655
592,398
Domino's Pizza Group plc
257,183
1,287,263
Dr. Martens plc
474,553
945,290
Drax Group plc
529,657
3,704,773
Dunelm Group plc
107,795
1,589,935
easyJet plc *
613,972
3,292,471
Elementis plc *
912,924
1,321,078
Endeavour Mining plc
78,378
1,601,977
EnQuest plc *
5,645,355
1,214,666
Essentra plc
700,492
1,310,139
FDM Group Holdings plc
83,496
609,419
Ferrexpo plc *
1,794,557
1,758,917
Forterra plc
353,825
749,640
Frasers Group plc *
141,937
1,450,534
Fresnillo plc
211,109
1,539,233
Future plc
22,968
225,992
Games Workshop Group plc
14,851
2,036,155
Genuit Group plc
281,508
1,137,913
Genus plc
31,027
915,273
Grafton Group plc
400,926
4,381,785
Grainger plc
361,764
1,082,762
Great Portland Estates plc
132,878
707,517
Greencore Group plc *
1,584,869
1,691,964
Greggs plc
74,686
2,333,781
Gulf Keystone Petroleum Ltd.
162,903
193,211
Halfords Group plc
798,542
1,850,714
Halma plc
140,378
3,813,745
Hammerson plc
3,854,791
1,173,280
Harbour Energy plc
644,504
2,041,707
Hargreaves Lansdown plc
234,652
2,263,345
Hikma Pharmaceuticals plc
208,442
5,781,743
Hill & Smith plc
88,517
2,009,983
Hilton Food Group plc
133,127
1,136,983
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hiscox Ltd.
162,250
2,050,810
Hochschild Mining plc
1,344,776
1,557,485
Howden Joinery Group plc
484,958
4,546,176
Hunting plc
190,908
593,886
Ibstock plc
563,745
1,063,666
IG Group Holdings plc
393,847
3,376,161
Indivior plc *
43,574
1,004,909
InterContinental Hotels Group plc
67,863
5,119,996
Intermediate Capital Group plc
176,752
3,029,210
International Consolidated Airlines
Group S.A. *
2,339,484
4,802,450
Investec plc
515,941
3,055,087
IWG plc *
1,659,867
3,769,112
J.D. Sports Fashion plc
1,820,016
3,349,802
J.D. Wetherspoon plc *
164,363
1,505,810
Jupiter Fund Management plc
1,466,226
1,848,638
Just Group plc
2,722,626
2,601,280
Keller Group plc
131,730
1,283,627
Kier Group plc *
1,940,830
2,087,964
Lancashire Holdings Ltd.
141,293
1,025,000
LondonMetric Property plc
271,928
624,367
Marshalls plc
271,535
946,207
Marston's plc *
2,271,719
919,715
Mitchells & Butlers plc *
712,255
1,990,989
Mitie Group plc
1,448,862
1,784,519
Mobico Group plc
1,774,096
1,881,613
Molten Ventures plc *
98,233
302,974
Moneysupermarket.com Group plc
593,505
1,868,116
Morgan Advanced Materials plc
428,001
1,426,357
Morgan Sindall Group plc
105,179
2,630,898
NCC Group plc
197,089
248,992
Ninety One plc
140,164
304,244
Ocado Group plc *
202,787
2,239,676
OSB Group plc
283,694
1,227,274
Oxford Instruments plc
26,594
746,423
Pagegroup plc
503,190
2,670,339
Paragon Banking Group plc
221,023
1,474,564
Pennon Group plc
389,176
3,180,779
Petrofac Ltd. *(a)
1,541,380
1,411,157
Pets at Home Group plc
574,993
2,751,201
Playtech plc *
410,956
2,733,899
Plus500 Ltd.
149,238
2,700,445
Premier Foods plc
950,769
1,484,272
Primary Health Properties plc
475,984
567,256
QinetiQ Group plc
550,743
2,326,711
Quilter plc
1,356,740
1,471,628
Rathbone Brothers plc
37,939
847,070
Reach plc
953,055
886,425
Redde Northgate plc
586,605
2,386,045
Redrow plc
577,713
3,480,159
Renewi plc *
101,205
616,843
Renishaw plc
18,955
873,804
Rhi Magnesita N.V.
65,740
2,359,124
Rightmove plc
216,604
1,537,030
Rolls-Royce Holdings plc *
2,809,217
7,913,207
Rotork plc
696,469
2,656,416
RS Group plc
322,331
3,104,972
Sabre Insurance Group plc
617,803
1,200,890
Safestore Holdings plc
74,166
812,452
Saga plc *(a)
839,141
1,558,823
Savills plc
192,066
2,215,941
Schroders plc
648,609
3,384,520
Segro plc
266,609
2,491,183
Serco Group plc
1,557,259
3,017,144
Sirius Real Estate Ltd.
672,086
741,773
Softcat plc
59,531
1,134,537
Speedy Hire plc
1,842,013
816,937
Spirax-Sarco Engineering plc
26,307
3,378,492
See financial notes
90Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Spire Healthcare Group plc
348,579
960,701
Spirent Communications plc
410,813
816,761
SSP Group plc *
819,024
2,438,890
SThree plc
293,541
1,326,038
Synthomer plc *
1,145,361
928,860
TBC Bank Group plc
39,277
1,415,951
Telecom Plus plc
52,161
1,050,923
The British Land Co., plc
726,165
2,977,636
The Restaurant Group plc *
1,756,838
946,125
The Unite Group plc
69,287
825,730
The Weir Group plc
197,941
4,601,307
THG plc *
1,128,514
1,408,546
TI Fluid Systems plc
1,408,218
2,259,079
TP ICAP Group plc
1,303,960
2,729,619
Tritax Big Box REIT plc
524,540
938,515
TT Electronics plc
350,839
760,207
TUI AG *
550,204
3,279,585
Tullow Oil plc *
1,358,609
602,546
Tyman plc
454,005
1,699,988
Vanquis Banking Group plc
665,097
873,117
Vesuvius plc
527,645
2,947,211
Victrex plc
88,530
1,684,954
VIDENDUM plc
33,612
221,049
Virgin Money UK plc
741,040
1,528,236
Vistry Group plc
464,316
4,603,899
Watches of Switzerland Group plc *
98,579
727,626
WH Smith plc
76,925
1,429,965
Wickes Group plc
768,542
1,367,296
Workspace Group plc
119,362
759,272
XP Power Ltd.
10,125
276,484
 
295,762,485
Total Common Stocks
(Cost $2,859,927,661)
2,993,287,985
PREFERRED STOCKS 0.2% OF NET ASSETS
 
Germany 0.2%
Draegerwerk AG & Co. KGaA
42,294
2,047,308
Sartorius AG
2,841
1,163,705
Sixt SE
18,876
1,227,175
 
4,438,188
 
Italy 0.0%
Danieli & C Officine Meccaniche S.p.A.
- RSP
54,223
1,026,360
Total Preferred Stocks
(Cost $5,109,173)
5,464,548
RIGHTS 0.0% OF NET ASSETS
 
Sweden 0.0%
Swedish Orphan Biovitrum AB
expires 09/14/23, strike SEK
142.00 *
76,730
69,303
Total Rights
(Cost $0)
69,303
SECURITY
NUMBER
OF SHARES
VALUE ($)
WARRANTS 0.0% OF NET ASSETS
 
Italy 0.0%
Webuild S.p.A.
expires 08/02/30 *(a)(b)
9,734
19,925
Total Warrants
(Cost $0)
19,925
 
 
 
SHORT-TERM INVESTMENTS 1.5% OF NET ASSETS
 
Money Market Funds 1.5%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (c)
997,370
997,370
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (c)(d)
42,981,219
42,981,219
 
43,978,589
Total Short-Term Investments
(Cost $43,978,589)
43,978,589
Total Investments in Securities
(Cost $2,909,015,423)
3,042,820,350
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires
09/15/23
142
14,976,030
(234,786
)
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$40,726,851.
(b)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(c)
The rate shown is the annualized 7-day yield.
(d)
Security purchased with cash collateral received for securities on loan.
CVA —
Dutch Certificate
REIT —
Real Estate Investment Trust
RSP —
Risparmio (Savings Shares)
SEK —
Swedish Krona
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report91

Schwab Fundamental International Small Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$2,718,109,663
$
$
$2,718,109,663
Australia
149,063,710
5,749,377
154,813,087
Hong Kong
80,681,440
0
*
80,681,440
Luxembourg
0
*
0
Spain
39,683,795
0
*
39,683,795
Preferred Stocks1
5,464,548
5,464,548
Rights1
69,303
69,303
Warrants1
Italy
19,925
19,925
Short-Term Investments1
43,978,589
43,978,589
Liabilities
Futures Contracts2
(234,786
)
(234,786
)
Total
$3,036,816,262
$—
$5,769,302
$3,042,585,564
*
Level 3 amount shown includes securities determined to have no value at August 31, 2023.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying
securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
See financial notes
92Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Small Company Index ETF
Statement of Assets and Liabilities
As of August 31, 2023; unaudited
Assets
Investments in securities, at value - unaffiliated (cost $2,909,015,423) including securities on loan of $40,726,851
 
$3,042,820,350
Foreign currency, at value (cost $1,878,354)
 
1,876,387
Deposit with broker for futures contracts
 
874,143
Receivables:
 
Fund shares sold
 
13,451,439
Dividends
 
8,006,888
Foreign tax reclaims
 
2,075,298
Income from securities on loan
+
172,380
Total assets
 
3,069,276,885
 
Liabilities
Collateral held for securities on loan
 
42,981,219
Payables:
 
Investments bought
 
12,083,667
Management fees
 
982,784
Variation margin on futures contracts
+
64,262
Total liabilities
 
56,111,932
Net assets
 
$3,013,164,953
 
Net Assets by Source
Capital received from investors
 
$3,112,153,606
Total distributable loss
+
(98,988,653
)
Net assets
 
$3,013,164,953
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$3,013,164,953
 
89,600,000
$33.63
 
 
 
 
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report93

Schwab Fundamental International Small Company Index ETF
Statement of Operations
For the period March 1, 2023 through August 31, 2023; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $7,219,865)
 
$54,577,331
Securities on loan, net
+
1,199,364
Total investment income
 
55,776,695
 
Expenses
Management fees
 
5,719,730
Professional fees
+
921
1
Total expenses
 
5,720,651
Expense reduction
921
1
Net expenses
5,719,730
Net investment income
 
50,056,965
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated
 
(57,504,500
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
36,025,559
Net realized gains on futures contracts
 
684,227
Net realized losses on foreign currency transactions
+
(1,177,450
)
Net realized losses
 
(21,972,164
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
71,847,402
Net change in unrealized appreciation (depreciation) on futures contracts
 
(43,952
)
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
460,248
Net change in unrealized appreciation (depreciation)
+
72,263,698
Net realized and unrealized gains
 
50,291,534
Increase in net assets resulting from operations
 
$100,348,499
1
Professional fees associated with the filing of tax claims in the European Union deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d)
and 4 for additional information).
See financial notes
94Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental International Small Company Index ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
3/1/23-8/31/23
3/1/22-2/28/23
Net investment income
 
$50,056,965
$65,034,540
Net realized losses
 
(21,972,164
)
(36,950,204
)
Net change in unrealized appreciation (depreciation)
+
72,263,698
(191,361,265
)
Increase (decrease) in net assets resulting from operations
 
$100,348,499
($163,276,929
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($20,678,840
)
($51,473,080
)
TRANSACTIONS IN FUND SHARES
 
3/1/23-8/31/23
3/1/22-2/28/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
5,200,000
$170,740,053
14,100,000
$443,207,943
Shares redeemed
+
(2,700,000
)
(86,913,462
)
(1,900,000
)
(64,742,920
)
Net transactions in fund shares
 
2,500,000
$83,826,591
12,200,000
$378,465,023
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/23-8/31/23
3/1/22-2/28/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
87,100,000
$2,849,668,703
74,900,000
$2,685,953,689
Total increase
+
2,500,000
163,496,250
12,200,000
163,715,014
End of period
 
89,600,000
$3,013,164,953
87,100,000
$2,849,668,703
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report95

Schwab Fundamental Emerging Markets Large Company Index ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
3/1/23–
8/31/23*
3/1/22–
2/28/23
3/1/21–
2/28/22
3/1/20–
2/28/21
3/1/19–
2/29/20
3/1/18–
2/28/19
Per-Share Data
Net asset value at beginning of period
$25.28
$29.25
$29.64
$25.54
$28.08
$31.22
Income (loss) from investment operations:
Net investment income (loss)1
0.93
1.55
1.36
0.79
1.02
0.85
Net realized and unrealized gains (losses)
0.58
(4.14
)
(0.41
)
4.02
(2.53
)
(3.20
)
Total from investment operations
1.51
(2.59
)
0.95
4.81
(1.51
)
(2.35
)
Less distributions:
Distributions from net investment income
(0.27
)
(1.39
)
(1.34
)
(0.71
)
(1.03
)
(0.79
)
Other capital1,2
0.01
Net asset value at end of period
$26.52
$25.28
$29.25
$29.64
$25.54
$28.08
Total return
5.95
%3
(8.72
%)
2.97
%
19.12
%
(5.74
%)
(7.36
%)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.39
%4
0.39
%5
0.39
%
0.39
%
0.39
%
0.39
%
Net investment income (loss)
7.00
%4
5.97
%
4.29
%
3.11
%
3.61
%
2.99
%
Portfolio turnover rate6
9
%3
28
%
20
%
25
%
32
%
33
%
Net assets, end of period (x 1,000,000)
$4,944
$4,529
$4,826
$3,806
$2,574
$2,342
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Includes additional variable charges paid by the cash purchasers and redeemers of creation units to the fund to offset the transaction costs of the fund of buying or selling
portfolio securities (see financial note 10 for additional information).
3
Not annualized.
4
Annualized.
5
Ratio includes less than 0.005% of non-routine proxy expenses.
6
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
96Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental Emerging Markets Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (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 [email protected]. 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 94.6% OF NET ASSETS
 
Brazil 7.2%
Ambev S.A.
5,383,437
15,048,984
B3 S.A. - Brasil Bolsa Balcao
3,485,856
9,103,731
Banco Bradesco S.A.
3,154,576
8,436,075
Banco do Brasil S.A.
2,480,003
23,593,076
Banco Santander Brasil S.A.
766,606
4,197,717
BRF S.A. *
3,334,056
6,087,694
Centrais Eletricas Brasileiras S.A.
1,404,616
10,003,486
Cia de Saneamento Basico do Estado
de Sao Paulo SABESP
609,233
7,127,274
Cia Energetica de Minas Gerais
267,323
1,063,148
Companhia Siderurgica Nacional S.A.
1,946,127
4,760,217
Equatorial Energia S.A.
1,082,065
6,919,516
Itau Unibanco Holding S.A.
774,216
3,645,154
JBS S.A.
5,987,347
22,251,727
Natura & Co. Holding S.A. *
1,768,359
5,421,927
Petroleo Brasileiro S.A.
10,826,084
75,527,513
Suzano S.A.
725,907
7,352,980
Telefonica Brasil S.A.
1,300,542
10,862,039
Ultrapar Participacoes S.A.
4,539,169
16,649,594
Vale S.A.
7,119,660
93,587,589
Vibra Energia S.A.
6,910,472
25,766,229
 
357,405,670
 
Chile 0.7%
Banco de Chile
53,008,048
5,754,682
Cencosud S.A.
5,536,533
11,794,984
Empresas CMPC S.A.
3,245,089
5,864,002
Empresas Copec S.A.
1,468,036
10,552,928
 
33,966,596
 
China 32.8%
Agile Group Holdings Ltd. *(a)
24,577,460
2,789,421
Agricultural Bank of China Ltd.,
A Shares
21,227,700
10,091,068
Agricultural Bank of China Ltd.,
H Shares
81,546,208
27,973,258
Alibaba Group Holding Ltd. *
9,395,524
108,072,339
Aluminum Corp. of China Ltd.,
A Shares
2,230,000
1,813,780
Aluminum Corp. of China Ltd.,
H Shares
10,292,738
4,974,588
Anhui Conch Cement Co., Ltd.,
A Shares
890,900
3,143,273
Anhui Conch Cement Co., Ltd.,
H Shares
3,974,010
11,047,715
ANTA Sports Products Ltd.
432,890
4,877,206
BAIC Motor Corp., Ltd., H Shares
34,061,885
9,425,739
Baidu, Inc., A Shares *
1,739,690
30,925,850
Bank of China Ltd., A Shares
11,315,500
5,829,927
Bank of China Ltd., H Shares
206,902,294
70,183,327
SECURITY
NUMBER
OF SHARES
VALUE ($)
Bank of Communications Co., Ltd.,
A Shares
7,774,000
5,927,829
Bank of Communications Co., Ltd.,
H Shares
21,699,252
12,424,477
Baoshan Iron & Steel Co., Ltd.,
A Shares
5,847,100
4,868,232
Beijing Enterprises Holdings Ltd.
1,598,201
5,991,916
BYD Co., Ltd., A Shares
29,400
1,007,400
BYD Co., Ltd., H Shares
195,015
6,112,754
China Cinda Asset Management Co.,
Ltd., H Shares
44,601,758
4,379,552
China CITIC Bank Corp., Ltd., A Shares
2,365,500
1,774,491
China CITIC Bank Corp., Ltd., H Shares
31,728,421
14,120,852
China Communications Services Corp.,
Ltd., H Shares
14,523,574
6,537,854
China Construction Bank Corp.,
A Shares
1,957,700
1,613,822
China Construction Bank Corp.,
H Shares
281,246,149
150,633,956
China Everbright Bank Co., Ltd.,
A Shares
11,057,600
4,572,835
China Everbright Bank Co., Ltd.,
H Shares
10,684,813
3,079,374
China Everbright Environment Group
Ltd.
13,368,694
4,875,757
China Gas Holdings Ltd.
6,482,776
6,613,601
China Hongqiao Group Ltd.
7,301,834
7,281,582
China Jinmao Holdings Group Ltd. (a)
29,879,810
4,229,488
China Life Insurance Co., Ltd.,
H Shares
5,108,927
7,752,891
China Mengniu Dairy Co., Ltd.
2,353,634
7,923,734
China Merchants Bank Co., Ltd.,
A Shares
1,884,700
8,169,580
China Merchants Bank Co., Ltd.,
H Shares
5,227,792
20,666,503
China Minsheng Banking Corp., Ltd.,
A Shares
11,893,300
6,176,640
China Minsheng Banking Corp., Ltd.,
H Shares
30,907,992
9,932,495
China National Building Material Co.,
Ltd., H Shares
28,921,761
14,715,826
China Overseas Land & Investment
Ltd.
9,937,254
20,959,885
China Pacific Insurance Group Co.,
Ltd., A Shares
736,100
2,801,397
China Pacific Insurance Group Co.,
Ltd., H Shares
4,107,714
9,407,918
China Petroleum & Chemical Corp.,
A Shares
14,755,800
12,305,792
China Petroleum & Chemical Corp.,
H Shares
166,012,574
97,171,896
China Railway Group Ltd., A Shares
5,260,600
4,842,484
China Railway Group Ltd., H Shares
14,394,148
7,617,651
China Resources Cement Holdings
Ltd.
10,335,439
3,426,804
China Resources Gas Group Ltd.
1,280,638
3,600,991
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report97

Schwab Fundamental Emerging Markets Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
China Resources Land Ltd.
4,948,387
20,918,676
China Resources Power Holdings Co.,
Ltd.
4,673,264
9,153,739
China Shenhua Energy Co., Ltd.,
A Shares
947,800
3,668,273
China Shenhua Energy Co., Ltd.,
H Shares
6,140,842
17,893,741
China State Construction Engineering
Corp., Ltd., A Shares
11,182,400
8,649,710
China Taiping Insurance Holdings Co.,
Ltd.
5,819,384
6,129,768
China Tower Corp., Ltd., H Shares
93,449,241
9,056,833
China United Network Communications
Ltd., A Shares
8,500,100
6,084,430
China Vanke Co., Ltd., A Shares
2,309,900
4,328,781
China Vanke Co., Ltd., H Shares
6,933,310
8,090,004
CITIC Ltd.
17,938,943
17,820,559
COSCO Shipping Holdings Co., Ltd.,
A Shares
1,096,500
1,476,362
COSCO SHIPPING Holdings Co., Ltd.,
H Shares
3,677,902
3,775,574
Country Garden Holdings Co., Ltd. *(a)
84,262,149
9,563,339
CRRC Corp., Ltd., A Shares
3,700,800
3,020,231
CRRC Corp., Ltd., H Shares
8,242,309
4,057,170
CSPC Pharmaceutical Group Ltd.
5,892,379
4,433,326
Dongfeng Motor Group Co., Ltd.,
H Shares
12,022,759
4,415,538
ENN Energy Holdings Ltd.
690,536
5,415,623
Fosun International Ltd.
9,876,346
6,183,933
GCL-Poly Energy Holdings Ltd
10,376,863
1,799,666
Geely Automobile Holdings Ltd.
9,182,687
11,405,537
Guangdong Investment Ltd.
5,019,026
3,923,439
Guangzhou R&F Properties Co., Ltd.,
H Shares *(a)
44,006,077
6,734,121
Haier Smart Home Co., Ltd., A Shares
419,400
1,354,688
Haier Smart Home Co., Ltd., H Shares
2,280,506
7,052,287
Hengan International Group Co., Ltd.
1,371,442
5,089,293
Huaneng Power International, Inc.,
A Shares *
1,204,000
1,348,162
Huaneng Power International, Inc.,
H Shares *
10,289,946
5,143,825
Industrial & Commercial Bank of China
Ltd., A Shares
13,528,200
8,586,973
Industrial & Commercial Bank of China
Ltd., H Shares
204,084,028
93,691,140
Industrial Bank Co., Ltd., A Shares
3,127,100
6,792,533
JD.com, Inc., A Shares
1,895,057
31,126,131
Jiangxi Copper Co., Ltd., A Shares
733,000
1,903,373
Jiangxi Copper Co., Ltd., H Shares
5,660,160
8,834,808
Kingboard Holdings Ltd.
3,138,784
7,124,730
Kunlun Energy Co., Ltd.
15,090,703
11,046,085
Kweichow Moutai Co., Ltd., A Shares
19,800
5,024,469
Legend Holdings Corp., H Shares
5,438,180
4,861,369
Longfor Group Holdings Ltd.
4,487,315
9,453,304
Lufax Holding Ltd., ADR
2,149,244
2,600,585
Meituan, B Shares *
643,296
10,541,465
NetEase, Inc.
923,278
19,285,611
New China Life Insurance Co., Ltd.,
A Shares
232,600
1,294,264
New China Life Insurance Co., Ltd.,
H Shares
1,426,783
3,573,439
Nine Dragons Paper Holdings Ltd. *
6,860,901
3,805,900
PetroChina Co., Ltd., A Shares
3,277,000
3,489,284
PetroChina Co., Ltd., H Shares
87,650,240
63,263,986
PICC Property & Casualty Co., Ltd.,
H Shares
17,112,822
19,684,083
Ping An Bank Co., Ltd., A Shares
2,682,500
4,101,975
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ping An Insurance Group Co. of China
Ltd., A Shares
1,470,100
9,854,528
Ping An Insurance Group Co. of China
Ltd., H Shares
12,222,946
73,181,027
Postal Savings Bank of China Co., Ltd.,
A Shares
2,410,300
1,609,406
Postal Savings Bank of China Co., Ltd.,
H Shares
15,573,618
7,685,772
SAIC Motor Corp., Ltd., A Shares
2,922,500
5,765,900
Seazen Group Ltd. *(a)
20,200,001
3,941,212
Shanghai Pudong Development Bank
Co., Ltd., A Shares
7,714,200
7,397,831
Shenzhou International Group Holdings
Ltd.
589,864
6,055,288
Sinopharm Group Co., Ltd., H Shares
5,435,988
15,770,552
Sunny Optical Technology Group Co.,
Ltd.
443,430
3,624,684
Tencent Holdings Ltd.
2,551,003
105,725,887
The People's Insurance Co. Group of
China Ltd., A Shares
519,700
416,988
The People's Insurance Co. Group of
China Ltd., H Shares
13,596,573
4,629,432
Tingyi Cayman Islands Holding Corp.
3,136,800
4,608,147
Trip.com Group Ltd. *
70,081
2,765,079
Vipshop Holdings Ltd., ADR *
841,057
13,280,290
Weichai Power Co., Ltd., A Shares
893,500
1,448,554
Weichai Power Co., Ltd., H Shares
3,702,021
4,805,888
Xiaomi Corp., B Shares *
13,651,023
21,516,453
Yankuang Energy Group Co., Ltd.,
A Shares
198,350
469,543
Yankuang Energy Group Co., Ltd.,
H Shares
3,290,876
5,170,222
Yum China Holdings, Inc.
285,650
15,226,410
Zhongsheng Group Holdings Ltd.
1,178,119
3,590,658
Zijin Mining Group Co., Ltd., A Shares
1,053,600
1,789,173
Zijin Mining Group Co., Ltd., H Shares
3,814,885
6,003,211
ZTO Express Cayman, Inc.
121,665
2,955,614
 
1,622,025,634
 
Colombia 0.3%
Bancolombia S.A.
611,072
4,341,886
Ecopetrol S.A.
15,438,325
8,884,906
 
13,226,792
 
Czech Republic 0.2%
CEZ A/S
171,853
7,313,322
 
Greece 0.3%
Alpha Services and Holdings S.A. *
6,255,657
10,567,975
Hellenic Telecommunications
Organization S.A.
378,678
5,671,773
 
16,239,748
 
Hungary 0.5%
MOL Hungarian Oil & Gas plc
1,571,699
11,895,880
OTP Bank Nyrt
352,771
14,408,464
 
26,304,344
 
India 11.4%
Axis Bank Ltd.
1,106,360
13,009,908
Bharat Petroleum Corp., Ltd.
4,409,546
18,139,134
Bharti Airtel Ltd.
1,310,039
13,551,978
See financial notes
98Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental Emerging Markets Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Coal India Ltd.
3,456,759
9,605,791
GAIL India Ltd.
7,471,050
10,378,182
Grasim Industries Ltd.
450,511
9,746,095
HCL Technologies Ltd.
760,051
10,761,374
Hero MotoCorp Ltd.
227,149
8,000,787
Hindalco Industries Ltd.
2,919,149
16,214,899
Hindustan Petroleum Corp., Ltd. *
5,198,850
15,580,301
Hindustan Unilever Ltd.
256,975
7,775,871
ICICI Bank Ltd.
552,454
6,397,986
Indian Oil Corp., Ltd.
23,358,533
25,139,987
Infosys Ltd.
2,332,600
40,445,493
ITC Ltd.
1,830,886
9,724,327
Jio Financial Services Ltd. *
2,103,300
5,932,393
JSW Steel Ltd.
1,007,823
9,491,301
Larsen & Toubro Ltd.
471,169
15,382,125
Mahindra & Mahindra Ltd.
765,333
14,564,080
Maruti Suzuki India Ltd.
97,935
11,834,358
NTPC Ltd.
7,767,489
20,669,831
Oil & Natural Gas Corp., Ltd.
14,384,908
30,260,239
Petronet LNG Ltd.
1,834,885
4,771,937
Power Finance Corp., Ltd.
4,281,440
13,456,712
Power Grid Corp. of India Ltd.
3,182,033
9,399,703
Rajesh Exports Ltd.
1,578,121
9,513,190
REC Ltd.
3,657,523
10,543,633
Reliance Industries Ltd.
2,147,859
62,448,735
State Bank of India
1,458,917
9,892,501
Steel Authority of India Ltd.
4,181,248
4,580,944
Sun Pharmaceutical Industries Ltd.
516,920
6,940,866
Tata Consultancy Services Ltd.
619,792
25,131,200
Tata Motors Ltd.
2,917,791
21,182,170
Tata Motors Ltd., A Shares, DVR
584,363
2,819,949
Tata Steel Ltd.
17,826,123
26,463,700
Tech Mahindra Ltd.
578,458
8,398,467
UltraTech Cement Ltd.
54,220
5,434,329
UPL Ltd.
528,569
3,774,341
Vedanta Ltd.
3,188,427
8,946,795
Wipro Ltd.
1,405,002
6,931,137
 
563,236,749
 
Indonesia 1.5%
PT Astra International Tbk
34,900,141
14,780,427
PT Bank Central Asia Tbk
15,910,149
9,584,742
PT Bank Mandiri (Persero) Tbk
32,999,264
13,054,535
PT Bank Rakyat Indonesia (Persero)
Tbk
44,311,366
16,147,609
PT Telkom Indonesia (Persero) Tbk
69,744,778
17,081,288
PT United Tractors Tbk
3,346,279
5,712,623
 
76,361,224
 
Kuwait 0.6%
Kuwait Finance House KSCP
3,385,907
8,183,295
Mobile Telecommunications Co. KSCP
4,151,761
6,869,094
National Bank of Kuwait SAKP
4,423,708
13,202,956
 
28,255,345
 
Malaysia 1.7%
Axiata Group Berhad
11,153,472
5,672,887
CIMB Group Holdings Berhad
8,959,924
10,871,632
Genting Berhad
6,279,200
5,913,815
Malayan Banking Berhad
8,734,758
17,149,492
Petronas Chemicals Group Berhad
3,322,200
5,097,859
Public Bank Berhad
11,476,500
10,462,413
Sime Darby Berhad
10,532,600
5,220,901
SECURITY
NUMBER
OF SHARES
VALUE ($)
Tenaga Nasional Berhad
10,853,600
23,017,117
 
83,406,116
 
Mexico 4.0%
Alfa S.A.B. de C.V., A Shares
13,860,544
9,280,576
America Movil S.A.B. de C.V.
43,266,968
41,257,435
Cemex SAB de C.V., ADR *
3,828,953
30,516,755
Controladora Axtel SAB de C.V. *
13,647,178
145,133
Fomento Economico Mexicano S.A.B.
de C.V.
2,576,569
29,210,326
Grupo Bimbo S.A.B. de C.V., Series A
1,934,229
9,639,112
Grupo Financiero Banorte S.A.B. de
C.V., O Shares
2,817,089
24,171,224
Grupo Mexico S.A.B. de C.V., Series B
4,165,570
20,098,085
Grupo Televisa S.A.B., Series CPO
7,776,261
6,990,053
Orbia Advance Corp. S.A.B. de C.V.
2,627,328
5,923,751
Wal-Mart de Mexico S.A.B. de C.V.
4,796,067
19,139,532
 
196,371,982
 
Qatar 0.6%
Ooredoo QPSC
2,240,497
6,647,628
Qatar Fuel QSC
1,125,232
4,946,075
Qatar Islamic Bank SAQ
816,334
4,332,850
Qatar National Bank QPSC
3,622,284
15,524,074
 
31,450,627
 
Russia 0.0%
Alrosa PJSC *(b)(c)
49,456
0
Federal Grid Co. - Rosseti PJSC *(b)(c)
19,817,058
0
Gazprom PJSC *(b)(c)
197,560
0
Inter RAO UES PJSC *(b)(c)
1,590,272
0
LUKOIL PJSC *(b)(c)
15,008
0
Magnit PJSC *(b)(c)
2,064
0
MMC Norilsk Nickel PJSC *(b)(c)
544
0
Mobile TeleSystems PJSC *(b)(c)
26,384
0
Novatek PJSC *(b)(c)
5,557
0
Novolipetsk Steel PJSC *(b)(c)
21,760
0
Rosneft Oil Co. PJSC *(b)(c)
28,418
0
Sberbank of Russia PJSC *(b)(c)
90,000
0
Severstal PAO *(b)(c)
3,392
0
Sistema PJSFC *(b)(c)
127,904
0
Tatneft PJSC *(b)(c)
45,568
0
 
0
 
Saudi Arabia 2.2%
Al Rajhi Bank
600,664
11,562,780
Riyad Bank
696,045
5,650,906
Saudi Arabian Oil Co.
1,958,486
18,223,818
Saudi Basic Industries Corp.
1,242,807
29,292,026
Saudi Electricity Co.
1,568,821
8,658,391
Saudi Telecom Co.
1,899,272
20,154,113
The Saudi National Bank
1,282,484
12,224,229
Yanbu National Petrochemical Co.
380,739
4,293,992
 
110,060,255
 
South Africa 4.5%
Absa Group Ltd.
1,532,358
14,752,233
Anglo American Platinum Ltd. (a)
72,647
2,536,334
AngloGold Ashanti Ltd.
564,531
9,622,518
Bid Corp., Ltd.
498,811
11,191,438
Exxaro Resources Ltd.
496,551
4,401,170
FirstRand Ltd.
6,288,153
24,375,518
Gold Fields Ltd. (a)
1,001,831
12,849,997
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report99

Schwab Fundamental Emerging Markets Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Impala Platinum Holdings Ltd.
872,004
4,488,276
MTN Group Ltd.
3,969,891
25,226,157
MultiChoice Group
787,907
3,257,320
Naspers Ltd., N Shares
58,323
9,908,873
Nedbank Group Ltd. (a)
838,683
9,558,816
Old Mutual Ltd.
10,703,646
7,173,450
Sanlam Ltd.
2,522,276
9,078,062
Sappi Ltd. (a)
2,416,767
5,119,436
Sasol Ltd.
951,510
12,274,404
Shoprite Holdings Ltd.
702,611
9,789,800
Sibanye Stillwater Ltd.
4,444,950
6,746,652
Standard Bank Group Ltd.
2,349,768
23,976,693
The Bidvest Group Ltd.
521,597
7,849,436
Vodacom Group Ltd.
1,170,716
6,668,784
 
220,845,367
 
Taiwan 20.2%
Acer, Inc.
8,151,470
9,368,182
ASE Technology Holding Co., Ltd.
6,251,000
23,161,666
Asia Cement Corp.
3,935,000
4,930,102
Asustek Computer, Inc.
2,175,100
27,490,548
AUO Corp. *
28,857,496
16,129,353
Catcher Technology Co., Ltd.
1,758,000
9,964,015
Cathay Financial Holding Co., Ltd.
10,790,994
15,451,284
Chailease Holding Co., Ltd.
774,534
4,316,951
China Development Financial Holding
Corp. *
14,682,000
5,463,134
China Steel Corp.
19,538,088
16,257,967
Chunghwa Telecom Co., Ltd.
4,192,764
15,272,028
Compal Electronics, Inc.
22,956,000
22,994,565
CTBC Financial Holding Co., Ltd.
19,327,809
14,474,691
Delta Electronics, Inc.
1,450,696
15,761,255
E.Sun Financial Holding Co., Ltd.
7,667,724
5,886,859
Evergreen Marine Corp., Ltd.
1,600,000
5,350,666
Far Eastern New Century Corp.
9,241,061
8,168,429
First Financial Holding Co., Ltd.
7,670,776
6,334,806
Formosa Chemicals & Fibre Corp.
7,388,882
14,384,962
Formosa Petrochemical Corp.
2,723,704
6,782,212
Formosa Plastics Corp.
5,203,476
12,989,696
Foxconn Technology Co., Ltd.
3,407,858
5,960,394
Fubon Financial Holding Co., Ltd.
9,412,768
18,798,048
Hon Hai Precision Industry Co., Ltd.
41,806,928
139,809,330
Hotai Motor Co., Ltd.
249,800
5,325,992
Innolux Corp. *
37,768,732
17,137,148
Inventec Corp.
11,482,646
20,335,711
Largan Precision Co., Ltd.
109,200
7,029,344
Lite-On Technology Corp., ADR
3,684,229
15,849,132
MediaTek, Inc.
1,019,046
22,559,070
Mega Financial Holding Co., Ltd.
8,540,312
9,627,344
Micro-Star International Co., Ltd.
1,223,000
6,125,273
Nan Ya Plastics Corp.
8,282,588
17,191,185
Novatek Microelectronics Corp.
611,000
7,664,720
Pegatron Corp.
10,493,234
25,700,540
Pou Chen Corp.
9,797,000
8,798,273
Powertech Technology, Inc.
2,052,000
6,424,078
President Chain Store Corp.
615,000
5,165,795
Quanta Computer, Inc.
6,168,058
49,098,102
Shin Kong Financial Holding Co., Ltd. *
18,593,000
5,528,887
Synnex Technology International Corp.
4,171,178
8,002,731
Taiwan Cement Corp.
8,992,760
9,869,121
Taiwan Cooperative Financial Holding
Co., Ltd.
6,273,357
5,170,917
Taiwan Mobile Co., Ltd.
1,831,530
5,360,043
Taiwan Semiconductor Manufacturing
Co., Ltd.
11,271,352
194,306,195
Uni-President Enterprises Corp.
7,555,796
16,774,050
United Microelectronics Corp.
12,499,931
17,859,007
SECURITY
NUMBER
OF SHARES
VALUE ($)
Walsin Lihwa Corp.
5,014,925
5,983,928
Wistron Corp.
12,801,934
47,032,681
WPG Holdings Ltd.
6,945,880
11,973,963
Yageo Corp.
410,635
6,253,685
Yang Ming Marine Transport Corp.
2,620,000
3,475,892
Yuanta Financial Holding Co., Ltd.
11,650,938
8,926,660
Zhen Ding Technology Holding Ltd.
1,373,000
4,169,033
 
1,000,219,643
 
Thailand 3.1%
Advanced Info Service PCL NVDR
1,301,900
8,030,568
Bangkok Bank PCL NVDR
1,324,900
6,413,095
Charoen Pokphand Foods PCL NVDR
13,818,400
8,168,512
CP ALL PCL NVDR
4,981,700
9,282,671
Kasikornbank PCL NVDR
2,013,400
7,503,354
Krung Thai Bank PCL NVDR
12,063,500
6,648,834
PTT Exploration & Production PCL
NVDR
1,755,600
7,946,387
PTT Global Chemical PCL NVDR
8,384,500
8,919,044
PTT PCL NVDR
52,447,600
52,046,951
SCB X PCL NVDR
3,994,700
13,461,115
Thai Oil PCL NVDR
4,083,987
6,006,292
The Siam Cement PCL NVDR
1,815,100
16,224,068
 
150,650,891
 
Turkey 1.7%
Akbank T.A.S.
11,379,374
12,285,389
BIM Birlesik Magazalar A/S
883,572
8,359,240
Eregli Demir ve Celik Fabrikalari T.A.S. *
3,960,396
6,391,294
Haci Omer Sabanci Holding A/S
3,091,557
6,935,188
KOC Holding A/S
1,868,690
9,940,157
Turk Hava Yollari AO *
1,102,201
10,129,935
Turkcell Iletisim Hizmetleri A/S *
5,213,210
10,912,373
Turkiye Is Bankasi A/S, Class C
11,186,559
8,837,606
Turkiye Petrol Rafinerileri A/S
2,018,711
10,685,158
 
84,476,340
 
United Arab Emirates 1.1%
Abu Dhabi Commercial Bank PJSC
2,986,850
7,017,742
Dubai Islamic Bank PJSC
3,457,617
5,309,201
Emaar Properties PJSC
6,982,989
13,422,061
Emirates Telecommunications Group
Co. PJSC
3,124,363
16,876,264
First Abu Dhabi Bank PJSC
3,366,509
12,538,311
 
55,163,579
Total Common Stocks
(Cost $4,321,183,514)
4,676,980,224
PREFERRED STOCKS 4.7% OF NET ASSETS
 
Brazil 4.6%
Banco Bradesco S.A.
10,962,644
33,103,046
Centrais Eletricas Brasileiras S.A.,
B Shares
416,187
3,256,564
Cia Energetica de Minas Gerais
2,930,790
7,298,931
Cia Paranaense de Energia, B Shares
3,551,152
6,211,530
Gerdau S.A.
2,657,305
13,874,374
Itau Unibanco Holding S.A.
8,299,313
45,981,106
Metalurgica Gerdau S.A.
3,583,080
8,554,319
Petroleo Brasileiro S.A.
16,505,460
106,481,462
 
224,761,332
 
See financial notes
100Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental Emerging Markets Large Company Index ETF
Portfolio Holdings  as of August 31, 2023 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Colombia 0.1%
Bancolombia S.A.
1,085,938
7,212,187
 
Russia 0.0%
Surgutneftegas PJSC *(b)(c)
265,800
0
Tatneft PJSC *(b)(c)
4,870
0
Transneft PJSC *(b)(c)
116
0
 
0
Total Preferred Stocks
(Cost $182,449,595)
231,973,519
 
 
 
SHORT-TERM INVESTMENTS 1.1% OF NET ASSETS
 
Money Market Funds 1.1%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (d)
16,464,273
16,464,273
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (d)(e)
37,788,269
37,788,269
 
54,252,542
Total Short-Term Investments
(Cost $54,252,542)
54,252,542
Total Investments in Securities
(Cost $4,557,885,651)
4,963,206,285
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI Emerging Markets Index,
expires 09/15/23
700
34,275,500
(524,504
)
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$33,028,047.
(b)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(c)
Trading in Russian securities listed on the Moscow Exchange, Russian ADRs,
and Russian GDRs are subject to trade restrictions; and therefore, the ability of
the fund to buy these securities is currently not permitted, and the ability of the
fund to sell these securities is uncertain.
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
ADR —
American Depositary Receipt
DVR —
Differential Voting Rights
GDR —
Global Depositary Receipt
NVDR —
Non-Voting Depositary Receipt

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$4,676,980,224
$
$
$4,676,980,224
Russia
0
*
0
Preferred Stocks1
231,973,519
231,973,519
Russia
0
*
0
Short-Term Investments1
54,252,542
54,252,542
Liabilities
Futures Contracts2
(524,504
)
(524,504
)
Total
$4,962,681,781
$—
$—
$4,962,681,781
*
Level 3 amount shown includes securities determined to have no value at August 31, 2023.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying
securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report101

Schwab Fundamental Emerging Markets Large Company Index ETF
Statement of Assets and Liabilities
As of August 31, 2023; unaudited
Assets
Investments in securities, at value - unaffiliated (cost $4,557,885,651) including securities on loan of $33,028,047
 
$4,963,206,285
Foreign currency, at value (cost $8,644,867)
 
8,600,063
Deposit with broker for futures contracts
 
2,904,020
Receivables:
 
Dividends
 
21,937,675
Investments sold
 
1,583,826
Income from securities on loan
+
113,873
Total assets
 
4,998,345,742
 
Liabilities
Collateral held for securities on loan
 
37,788,269
Payables:
 
Foreign capital gains tax
 
14,783,351
Management fees
 
1,646,210
Variation margin on futures contracts
+
445,279
Total liabilities
 
54,663,109
Net assets
 
$4,943,682,633
 
Net Assets by Source
Capital received from investors
 
$5,250,467,186
Total distributable loss
+
(306,784,553
)
Net assets
 
$4,943,682,633
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$4,943,682,633
 
186,400,000
$26.52
 
 
 
 
See financial notes
102Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental Emerging Markets Large Company Index ETF
Statement of Operations
For the period March 1, 2023 through August 31, 2023; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $21,974,255)
 
$179,678,828
Securities on loan, net
+
524,666
Total investment income
 
180,203,494
 
Expenses
Management fees
 
9,505,327
Total expenses
9,505,327
Net investment income
 
170,698,167
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $2,090,396)
 
(13,931,294
)
Net realized gains on futures contracts
 
857,798
Net realized losses on foreign currency transactions
+
(724,200
)
Net realized losses
 
(13,797,696
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($6,284,637))
 
116,261,743
Net change in unrealized appreciation (depreciation) on futures contracts
 
94,855
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
(68,894
)
Net change in unrealized appreciation (depreciation)
+
116,287,704
Net realized and unrealized gains
 
102,490,008
Increase in net assets resulting from operations
 
$273,188,175
See financial notes
Schwab Fundamental Index ETFs | Semiannual Report103

Schwab Fundamental Emerging Markets Large Company Index ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
3/1/23-8/31/23
3/1/22-2/28/23
Net investment income
 
$170,698,167
$265,272,788
Net realized losses
 
(13,797,696
)
(545,871,571
)
Net change in unrealized appreciation (depreciation)
+
116,287,704
(153,773,482
)
Increase (decrease) in net assets resulting from operations
 
$273,188,175
($434,372,265
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($49,372,200
)
($239,783,490
)
TRANSACTIONS IN FUND SHARES
 
3/1/23-8/31/23
3/1/22-2/28/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
7,200,000
$190,460,793
35,600,000
$943,221,611
Other capital
 
1,902,000
Shares redeemed
+
(21,400,000
)
(567,127,546
)
Net transactions in fund shares
 
7,200,000
$190,460,793
14,200,000
$377,996,065
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/23-8/31/23
3/1/22-2/28/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
179,200,000
$4,529,405,865
165,000,000
$4,825,565,555
Total increase (decrease)
+
7,200,000
414,276,768
14,200,000
(296,159,690
)
End of period
 
186,400,000
$4,943,682,633
179,200,000
$4,529,405,865
See financial notes
104Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental Index ETFs
Financial Notes, unaudited
1. Business Structure of the Funds:
Each of the funds in this report is a series of Schwab Strategic Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:
SCHWAB STRATEGIC TRUST (ORGANIZED JANUARY 27, 2009)
Schwab Fundamental U.S. Broad Market Index ETF
Schwab U.S. REIT ETF
Schwab Fundamental U.S. Large Company Index ETF
Schwab International Dividend Equity ETF
Schwab Fundamental U.S. Small Company Index ETF
Schwab International Equity ETF
Schwab Fundamental International Large Company Index ETF
Schwab International Small-Cap Equity ETF
Schwab Fundamental International Small Company Index ETF
Schwab Emerging Markets Equity ETF
Schwab Fundamental Emerging Markets Large Company Index ETF
Schwab U.S. TIPS ETF
Schwab U.S. Broad Market ETF
Schwab Short-Term U.S. Treasury ETF
Schwab 1000 Index® ETF
Schwab Intermediate-Term U.S. Treasury ETF
Schwab U.S. Large-Cap ETF
Schwab Long-Term U.S. Treasury ETF
Schwab U.S. Large-Cap Growth ETF
Schwab U.S. Aggregate Bond ETF
Schwab U.S. Large-Cap Value ETF
Schwab 1-5 Year Corporate Bond ETF
Schwab U.S. Mid-Cap ETF
Schwab 5-10 Year Corporate Bond ETF
Schwab U.S. Small-Cap ETF
Schwab Ariel ESG ETF
Schwab U.S. Dividend Equity ETF
Schwab Crypto Thematic ETF
Schwab Municipal Bond ETF
Schwab High Yield Bond ETF
The funds issue and redeem shares at their net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the funds are not redeemable securities.
Individual shares of the funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which each fund’s daily closing market price was at a discount or premium to each fund’s NAV can be found at www.schwabassetmanagement.com
Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.


2. Significant Accounting Policies:
The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).
The funds may invest in certain mutual funds and exchange-traded funds (ETFs) which are referred to as “underlying funds”. For more information about the underlying funds’ operations and policies, please refer to those funds’ semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov
(a) Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the Board) has designated authority to a Valuation Designee, the funds’ investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Schwab Fundamental Index ETFs | Semiannual Report105

Schwab Fundamental Index ETFs
Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued):
Securities held in the funds’ portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
• Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.
• Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
• Mutual funds: Mutual funds are valued at their respective NAVs.
• Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value a fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
• Level 1 — quoted prices in active markets for identical investments - Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held.
• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
• Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
106Schwab Fundamental Index ETFs | Semiannual Report

Schwab Fundamental Index ETFs
Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued):
The levels associated with valuing the funds’ investments as of August 31, 2023, are disclosed in each fund’s Portfolio Holdings.
(b) Accounting Policies for certain Portfolio Investments (if held):
Futures Contracts: Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.
Securities Lending: Under the trust’s Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank.  Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement.  Securities lending income, as disclosed in each fund’s Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.
As of August 31, 2023, Schwab Fundamental U.S. Broad Market Index ETF, Schwab Fundamental U.S. Large Company Index ETF, Schwab Fundamental U.S. Small Company Index ETF, Schwab Fundamental International Large Company Index ETF, Schwab Fundamental International Small Company Index ETF and Schwab Fundamental Emerging Markets Large Company Index ETF had securities on loan, all of which were classified as common stocks and warrants. The value of the securities on loan and the related collateral as of August 31, 2023 are disclosed in each fund’s Portfolio Holdings and Statement of Assets and Liabilities.
Passive Foreign Investment Companies: Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code definition of a passive foreign investment company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to-market gains (as well as any gains realized on sale).
Central Securities Depositories Regulation: The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. The Schwab Fundamental International Large Company Index ETF, Schwab Fundamental International Small Company Index ETF and Schwab Fundamental Emerging Markets Large Company Index ETF may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities in each fund’s Statement of Operations, if any.
(c) Security Transactions:
Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.
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Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued):
Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations in each fund’s Statement of Operations, if any. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments, if any.
Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.
When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.
(d) Investment Income:
Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income such as in the form of additional securities, and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend is confirmed. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.
Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.
The Schwab Fundamental International Large Company Index ETF and Schwab Fundamental International Small Company Index ETF filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees are non-contingent and non-routine expenses which are subject to repayment to the investment adviser (see financial note 4 for additional information).
For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab Fundamental International Large Company Index ETF and Schwab Fundamental International Small Company Index ETF will evaluate the requirements for entering into a closing agreement with the Internal Revenue Service (IRS) to address any prior years’ U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended August 31, 2023, the Schwab Fundamental International Large Company Index ETF and Schwab Fundamental International Small Company Index ETF did not incur any compliance fees.
(e) Expenses:
Pursuant to the Amended and Restated Advisory Agreement (Advisory Agreement) between the investment adviser and the trust, the investment adviser will pay the operating expenses of each fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. The Advisory Agreement excludes paying acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in underlying funds.
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Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued):
(f) Distributions to Shareholders:
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 make distributions from net investment income, if any, quarterly. Schwab Fundamental International Large Company Index ETF, Schwab Fundamental International Small Company Index ETF, and Schwab Fundamental Emerging Markets Large Company Index ETF make distributions from net investment income, if any, semiannually. All funds make distributions from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.
(g) Accounting Estimates:
The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It’s possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.
(h) Federal Income Taxes:
The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their respective shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.
(i) Foreign Taxes:
The funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the funds invest. These foreign taxes, if any, are paid by the funds and are disclosed in each fund’s Statement of Operations. Foreign taxes accrued as of August 31, 2023, if any, are reflected in each fund’s Statement of Assets and Liabilities.
(j) Indemnification:
Under the funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.
(k) Regulatory Update:
Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.


3. Risk Factors:
Investing in the funds may involve certain risks, as discussed in the funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.
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Financial Notes, unaudited (continued)
3. Risk Factors (continued):
Investment Style Risk. The funds are index funds. Therefore, each fund follows their respective securities included in the index during upturns as well as downturns. Because of their indexing strategies, the funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the funds’ expenses, the funds’ performance may be below that of their respective index. Errors relating to an index may occur from time to time and may not be identified by the index provider for a period of time. In addition, market disruptions could cause delays in an index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for a fund.
Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.
Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, a fund’s performance could be impacted.
Large-Cap Company Risk. Certain funds invest in large-cap company stocks. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.
Mid-Cap Company Risk. Certain funds invest in mid-cap company stocks. Mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies and the value of securities issued by these companies may move sharply.
Small-Cap Company Risk. Certain funds invest in small-cap company stocks. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move sharply, especially during market upturns and downturns.
Foreign Investment Risk. A fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of a fund’s investments and could impair the fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar. Foreign securities also include American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs), which may be less liquid than the underlying shares in their primary trading market, and GDRs, in particular, many of which are issued by companies in emerging markets, may be more volatile. Foreign securities may also include investments in variable interest entities (VIEs) structures, which are created by China-based operating companies in jurisdictions outside of China to obtain indirect financing due to Chinese regulations that prohibit non-Chinese ownership of those companies. To the extent a fund’s investments in a single country or a limited number of countries represent a large percentage of the fund’s assets, the fund’s performance may be adversely affected by the economic, political, regulatory and social conditions in those countries, and the fund’s price may be more volatile than the price of a fund that is geographically diversified.
Emerging Markets Risk. Certain funds invest in emerging markets. Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with a fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments.
Sampling Index Tracking Risk. Certain funds may not fully replicate the index and may hold securities not included in the index. As a result, a fund is subject to the risk that the investment adviser’s investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Because certain funds utilize a sampling approach they may not track the return of their respective index as well as they would if the funds purchased all of the securities in their respective index.
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Financial Notes, unaudited (continued)
3. Risk Factors (continued):
Tracking Error Risk. As index funds, each fund seeks to track the performance of its respective index, although it may not be successful in doing so. The divergence between the performance of a fund and the index, positive or negative, is called “tracking error.” Tracking error can be caused by many factors and it may be significant.
Derivatives Risk. Each fund may use derivatives to enhance returns or hedge against market declines. Examples of derivatives are options, futures, options on futures and swaps. An option is the right, but not the obligation, to buy or sell an instrument at a specific price on or before a specific date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. A swap is an agreement whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities and a predetermined amount. A fund’s use of derivatives that are subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.
A fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as liquidity risk, leverage risk and market risk, are discussed elsewhere in this section. A fund’s use of derivatives is also subject to counterparty risk, lack of availability risk, valuation risk, correlation risk and tax risk. Counterparty risk is the risk that the counterparty to a derivatives transaction may not fulfill its contractual obligations either because the financial condition of the counterparty declines, or because the counterparty is otherwise unable or unwilling to perform under the contract. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause the fund to realize higher amounts of short-term capital gains. A fund’s use of derivatives could reduce the fund’s performance, increase the fund’s volatility, and could cause the fund to lose more than the initial amount invested. A fund’s use of derivatives also could create a risk of counterparty default under certain transactions, risks that a fund would need to liquidate portfolio positions when it may not be advantageous to do so in order to meet margin and payment obligations, and legal risks relating to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract.
Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.
Leverage Risk. Certain fund transactions, such as derivatives transactions, may give rise to a form of leverage and may expose a fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of a fund’s portfolio securities which means even a small amount of leverage can have a disproportionately large impact on the fund. The use of leverage may cause a fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.
Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.
Concentration Risk. To the extent that a fund’s or an index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector, country or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector, country or asset class.
Market Trading Risk. Although fund shares are listed on national securities exchanges, there can be no assurance that an active trading market for fund shares will develop or be maintained. If an active market is not maintained, investors may find it difficult to buy or sell fund shares.
Shares of the Fund May Trade at Prices Other Than NAV. Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of a fund will approximate the fund’s NAV, there may be times when the market price and the NAV vary significantly. An investor may pay more than NAV when buying shares of a fund in the secondary market, and an investor may receive less than NAV when selling those shares in the secondary market. The market price of fund shares may deviate, sometimes significantly, from NAV during periods of market volatility or market disruption, or as a result of other factors impacting foreign securities, including liquidity, irregular trading activity and timing differences between foreign markets where securities trade and the secondary market where fund shares are sold.
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Financial Notes, unaudited (continued)
4. Affiliates and Affiliated Transactions:
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund’s investment adviser pursuant to the Advisory Agreement between the investment adviser and the trust.
For its advisory services to the funds, the investment adviser is entitled to receive an annual management fee, payable monthly, based on a percentage of each fund’s average daily net assets as follows:
SCHWAB
FUNDAMENTAL
U.S. BROAD
MARKET
INDEX ETF
SCHWAB
FUNDAMENTAL
U.S. LARGE
COMPANY
INDEX ETF
SCHWAB
FUNDAMENTAL
U.S. SMALL
COMPANY
INDEX ETF
SCHWAB
FUNDAMENTAL
INTERNATIONAL
LARGE
COMPANY
INDEX ETF
SCHWAB
FUNDAMENTAL
INTERNATIONAL
SMALL
COMPANY
INDEX ETF
SCHWAB
FUNDAMENTAL
EMERGING
MARKETS LARGE
COMPANY
INDEX ETF
0.25
%
0.25
%
0.25
%
0.25
%
0.39
%
0.39
%
Other Affiliated Transactions
The professional fees related to foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine fees. The investment adviser agreed to pay these professional fees, on behalf of the funds, subject to reimbursement by the funds to the extent the funds are able to successfully recover taxes withheld in the future.
For the period ended August 31, 2023, the professional fees incurred by the Schwab Fundamental International Large Company Index ETF and Schwab Fundamental International Small Company Index ETF and paid by the investment adviser were $10,888 and $921, respectively, as shown as Professional fees in each fund’s Statement of Operations.
During the period ended August 31, 2023, Schwab Fundamental International Large Company Index ETF, Schwab Fundamental International Small Company Index ETF and Schwab Fundamental Emerging Markets Large Company Index ETF did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.
As of August 31, 2023, the balance of professional fees related to foreign withholding tax subject to future reimbursement by the Schwab Fundamental International Large Company Index ETF and Schwab Fundamental International Small Company Index ETF to the investment adviser were $27,151 and $2,908, respectively. Schwab Fundamental Emerging Markets Large Company Index ETF had no balance of professional fees related to foreign withholding tax subject to future reimbursement by the fund to the investment adviser.
No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.
Interfund Transactions
The funds may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers.  For the period ended August 31, 2023, each fund’s purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows: 
 
PURCHASE COST
SALE PROCEEDS
REALIZED GAINS (LOSSES)
Schwab Fundamental U.S. Broad Market Index ETF
$6,646,563
$6,809,886
($306,870
)
Schwab Fundamental U.S. Large Company Index ETF
185,586,700
180,581,679
(28,029,120
)
Schwab Fundamental U.S. Small Company Index ETF
77,766,909
136,259,845
(18,536,077
)
Schwab Fundamental International Large Company Index ETF
99,273,147
149,795,089
(10,584,462
)
Schwab Fundamental International Small Company Index ETF
93,131,315
56,108,755
(4,009,580
)
Schwab Fundamental Emerging Markets Large Company
Index ETF
35,761,630
5,760,804
(641,243
)
 
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Financial Notes, unaudited (continued)
4. Affiliates and Affiliated Transactions (continued):
Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex . All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review of the Board. The funds had no interfund borrowing or lending activity during the period.


5. Other Service Providers:
SEI Investments Distribution Co. is the principal underwriter and distributor of shares of the funds.
State Street Bank and Trust Company (State Street) serves as the funds’ transfer agent. As part of these services, the transfer agent maintains records pertaining to the sale, redemption and transfer of the funds’ shares. The transfer agent is also responsible for the order-taking function for the funds’ shares.
State Street also serves as custodian and accountant for the funds. The custodian is responsible for the daily safekeeping of securities and cash held by the funds. The funds’ accountant maintains all books and records related to the funds’ transactions.


6. Board of Trustees:
The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such “interested persons” who may serve on a trust’s board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any interested trustees or non-interested trustees (independent trustees). The independent trustees are paid by the investment adviser. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.


7. Borrowing from Banks:
During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), maturing on September 28, 2023.  Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds’ proportionate share of the unused portion of the Syndicated Credit Facility.
During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street Bank maturing on September 28, 2023. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds  from either line of credit during the period.
The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.


8. Derivatives:
Certain funds entered into equity index futures contracts during the report period. The funds invested in futures contracts to equitize available cash. The value and variation margin for futures contracts held at August 31, 2023 are presented in each fund’s Portfolio Holdings and Statement of Assets and Liabilities, respectively. The net realized gains (losses) and net change in unrealized appreciation (depreciation) on futures contracts are presented in each fund’s Statement of Operations. Refer to financial note 2(b)
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Financial Notes, unaudited (continued)
8. Derivatives (continued):
for the funds’ accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts.  During the period ended August 31, 2023, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:
 
NOTIONAL AMOUNTS
NUMBER OF CONTRACTS
Schwab Fundamental U.S. Broad Market Index ETF
$860,730
8
Schwab Fundamental U.S. Large Company Index ETF
18,100,295
84
Schwab Fundamental U.S. Small Company Index ETF
11,079,352
119
Schwab Fundamental International Large Company Index ETF
51,237,020
485
Schwab Fundamental International Small Company Index ETF
17,586,726
167
Schwab Fundamental Emerging Markets Large Company Index ETF
35,202,103
698


9. Purchases and Sales of Investment Securities:
For the period ended August 31, 2023, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:
 
PURCHASES
OF SECURITIES
SALES
OF SECURITIES
Schwab Fundamental U.S. Broad Market Index ETF
$30,607,608
$28,414,189
Schwab Fundamental U.S. Large Company Index ETF
635,123,716
601,277,341
Schwab Fundamental U.S. Small Company Index ETF
890,296,610
804,420,091
Schwab Fundamental International Large Company Index ETF
788,109,094
598,426,362
Schwab Fundamental International Small Company Index ETF
434,302,475
385,680,671
Schwab Fundamental Emerging Markets Large Company Index ETF
683,706,389
431,540,500


10. In-Kind Transactions:
The consideration for the purchase of Creation Units of a fund often consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities involved in a relevant fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges paid to the funds, except for Schwab Fundamental Emerging Markets Large Company Index ETF,  generally have no effect on net asset value per share. Variable charges for the Schwab Fundamental Emerging Markets Large Company Index ETF generally had no effect on the net asset value in the current period, but variable charges in the prior period were larger than other funds and are disclosed in Other Capital in the Financial Highlights and in the fund’s Statement of Changes in Net Assets. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of a fund.
The in-kind transactions for the period ended August 31, 2023, were as follows:
 
IN-KIND PURCHASES
OF SECURITIES
IN-KIND SALES
OF SECURITIES
Schwab Fundamental U.S. Broad Market Index ETF
$38,135,589
$13,615,983
Schwab Fundamental U.S. Large Company Index ETF
1,016,783,329
205,176,786
Schwab Fundamental U.S. Small Company Index ETF
702,662,771
388,635,383
Schwab Fundamental International Large Company Index ETF
908,650,051
14,252,854
Schwab Fundamental International Small Company Index ETF
146,142,670
81,399,458
Schwab Fundamental Emerging Markets Large Company Index ETF
29,425,141
0
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Financial Notes, unaudited (continued)
10. In-Kind Transactions (continued):
For the period ended August 31, 2023, the funds may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended August 31, 2023 are disclosed in the funds’ Statements of Operations, if any.


11. Federal Income Taxes:
As of August 31, 2023, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:
 
TAX COST
GROSS UNREALIZED
APPRECIATION
GROSS UNREALIZED
DEPRECIATION
NET UNREALIZED
APPRECIATION
(DEPRECIATION)
Schwab Fundamental U.S. Broad Market Index ETF
$438,669,741
$124,937,215
($24,026,509
)
$100,910,706
Schwab Fundamental U.S. Large Company Index ETF
10,645,311,205
1,894,819,066
(661,922,143
)
1,232,896,923
Schwab Fundamental U.S. Small Company Index ETF
6,511,401,037
1,041,684,477
(722,640,324
)
319,044,153
Schwab Fundamental International Large Company Index ETF
9,578,804,348
1,551,802,109
(391,322,446
)
1,160,479,663
Schwab Fundamental International Small Company Index ETF
2,985,280,957
362,161,468
(304,856,861
)
57,304,607
Schwab Fundamental Emerging Markets Large Company Index ETF
4,791,606,315
656,694,822
(485,619,356
)
171,075,466
 
 
Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of February 28, 2023, the funds had capital loss carryforwards available as follows:
 
 
Schwab Fundamental U.S. Broad Market Index ETF
$19,267,879
Schwab Fundamental U.S. Large Company Index ETF
420,200,288
Schwab Fundamental U.S. Small Company Index ETF
531,921,543
Schwab Fundamental International Large Company Index ETF
293,445,861
Schwab Fundamental International Small Company Index ETF
163,671,695
Schwab Fundamental Emerging Markets Large Company Index
ETF
582,308,683
The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of August 31, 2023.  The tax basis components of distributions paid during the fiscal year ended February 28, 2023 were as follows:
 
PRIOR FISCAL YEAR END DISTRIBUTIONS
 
ORDINARY
INCOME
Schwab Fundamental U.S. Broad
Market Index ETF
$8,668,580
Schwab Fundamental U.S. Large
Company Index ETF
197,038,665
Schwab Fundamental U.S. Small
Company Index ETF
74,669,735
Schwab Fundamental International
Large Company Index ETF
247,435,740
Schwab Fundamental International
Small Company Index ETF
51,473,080
Schwab Fundamental Emerging
Markets Large Company Index ETF
239,783,490
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Financial Notes, unaudited (continued)
11. Federal Income Taxes (continued):
Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
As of February 28, 2023, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds’ financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund’s Statement of Operations. During the fiscal year ended February 28, 2023, the funds did not incur any interest or penalties.


12. Subsequent Events:
Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.
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Investment Advisory Agreement Approval
The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund’s investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or “interested persons” of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund’s trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.
The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory agreement (the Agreement) between Schwab Strategic Trust (the Trust) and Charles Schwab Investment Management, Inc. (CSIM) (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab Fundamental U.S. Broad Market Index ETF, Schwab Fundamental U.S. Large Company Index ETF, Schwab Fundamental U.S. Small Company Index ETF, Schwab Fundamental International Large Company Index ETF, Schwab Fundamental International Small Company Index ETF, and Schwab Fundamental Emerging Markets Large Company Index ETF (the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser’s affiliates, personnel, business goals and priorities, profitability, third-party oversight, corporate structure and operations. As part of the renewal process, the Independent Trustees’ legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds’ operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees’ legal counsel, including a memorandum regarding the responsibilities of trustees for the
approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.
The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on April 27, 2023 and June 6, 2023, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 6, 2023 called for the purpose of voting on such approval.
The Board’s approval of the continuance of the Agreement with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:
1.
the nature, extent and quality of the services provided to each Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Funds;
2.
each Fund’s investment performance and how it compared to that of certain other comparable exchange-traded funds and benchmark data;
3.
each Fund’s expenses and how those expenses compared to those of certain other similar exchange-traded funds;
4.
the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and
5.
the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser’s experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Funds’ portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also
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considered investments the investment adviser has made in its infrastructure, including modernizing the investment adviser’s technology and use of data, increasing expertise in key areas (including portfolio management and trade operations), and improving business continuity, cybersecurity, due diligence, risk management processes, and information security programs, which are designed to provide enhanced services to the Funds and their shareholders. The Trustees considered Schwab’s overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.
Fund Performance. The Board considered each Fund’s performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund’s performance relative to a peer category of other exchange-traded funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of each Fund’s investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and such Fund’s demonstrated performance in tracking its benchmark index. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser’s profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreement with respect to such Fund.
Fund Expenses. With respect to each Fund’s expenses, the Trustees considered the rate of compensation called for by the Agreement and each Fund’s operating expense ratio, in each case in comparison to those of other similar exchange-traded funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to mutual funds and other exchange-traded funds that it manages. The Board evaluated the Funds’ unitary fee through review of comparative information with respect to fees paid by other similar
exchange-traded funds tracking equity indices. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.
Profitability. The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser with respect to each Fund is reasonable and supported renewal of the Agreement with respect to such Fund.
Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund’s shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser’s technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees acknowledged that the investment adviser has invested in its infrastructure, as discussed above, over time and that the investment adviser’s internal costs of providing investment management, technology, administrative, legal and compliance services to the Funds continue to increase as a result of regulatory or other developments. Based on this
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evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees’ deliberation
and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.
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Trustees and Officers
The tables below give information about the trustees and officers of Schwab Strategic Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 106 funds.
The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the Statement of Additional Information, which is available free by calling 1-877-824-5615.
Independent Trustees
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1)
Principal Occupations
During the Past Five Years
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee
Other Directorships
Michael J. Beer
1961
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2022)
Retired. Director, President and Chief Executive Officer
(Dec. 2016 – Sept. 2019), Principal Funds (investment management).
106
Director (2016 – 2019),
Principal Funds, Inc.
Robert W. Burns
1959
Trustee
(Trustee of Schwab Strategic Trust
since 2009; The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios and
Laudus Trust since 2016)
Retired/Private Investor.
106
None
Nancy F. Heller
1956
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2018)
Retired.
106
None
David L. Mahoney
1954
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios and
Laudus Trust since 2011; Schwab
Strategic Trust since 2016)
Private Investor.
106
Director
(2004 – present),
Corcept Therapeutics
Incorporated
Director (2009 – 2021),
Adamas
Pharmaceuticals, Inc.
Director (2003 – 2019),
Symantec Corporation
Jane P. Moncreiff
1961
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2019)
Consultant (2018 – present), Fulham Advisers LLC (management
consulting); Chief Investment Officer (2009 – 2017), CareGroup
Healthcare System, Inc. (healthcare).
106
None
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Independent Trustees (continued)
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1)
Principal Occupations
During the Past Five Years
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee
Other Directorships
Kimberly S. Patmore
1956
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2016)
Consultant (2008 – present), Patmore Management Consulting
(management consulting).
106
None
J. Derek Penn
1957
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2021)
Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial
services).
106
None
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Interested Trustees
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1)
Principal Occupations
During the Past Five Years
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee
Other Directorships
Walter W. Bettinger II2
1960
Chairman and Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust
and Schwab Annuity Portfolios since
2008; Schwab Strategic Trust since
2009; Laudus Trust since 2010)
Co-Chairman of the Board (July 2022 – present), Director and Chief
Executive Officer (Oct. 2008 – present) and President
(Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and
Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director
(May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director
(Apr. 2006 – present), Charles Schwab Bank, SSB; Director
(Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director
(July 2019 – present), Charles Schwab Trust Bank; Director
(May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and
President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director
(Oct. 2020 – present), TD Ameritrade Holding Corporation; Director
(July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.
106
Director
(2008 – present), The
Charles Schwab
Corporation
Richard A. Wurster2
1973
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2022)
President (Oct. 2021 – present) and Executive Vice President – Schwab
Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab Corporation; President, Director (Oct. 2021 – present), Executive
Vice President – Schwab Asset Management Solutions
(July 2019 – Oct. 2021) and Senior Vice President – Advisory
(May 2016 – July 2019), Charles Schwab & Co., Inc.; President
(Nov. 2021 – present), Schwab Holdings, Inc.; Director
(Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022),
Charles Schwab Investment Management, Inc.; Director, Chief Executive
Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment
Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.
106
None
Officers of the Trust
Name, Year of Birth, and Position(s) with the trust
(Terms of office, and length of Time Served3)
Principal Occupations During the Past Five Years
Omar Aguilar
1970
Chief Executive Officer and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2011)
Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present)
and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment
Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present),
Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 – present),
Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023),
Schwab Funds, Laudus Trust and Schwab ETFs.
Jonathan de St. Paer
1973
President
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2018)
Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer
(Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab
Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief
Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.;
President (Nov. 2018 – present), Chief Executive Officer (Apr. 2019 – Sept. 2023) and Trustee
(Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice
President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles
Schwab & Co., Inc.
Mark Fischer
1970
Chief Operating Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2013)
Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer
(Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Chief Financial Officer (Mar. 2020 – present) and Vice President
(Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc.
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Officers of the Trust (continued)
Name, Year of Birth, and Position(s) with the trust
(Terms of office, and length of Time Served3)
Principal Occupations During the Past Five Years
Dana Smith
1965
Treasurer and Chief Financial Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2023)
Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer
(Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director
(Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.
Brett Wander
1961
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2011)
Managing Director (Mar. 2023 – present), Chief Investment Officer (Apr. 2011 – present) and
Senior Vice President (Apr. 2011 – Mar. 2023) Charles Schwab Investment Management, Inc.;
Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus
Trust and Schwab ETFs.
William P. McMahon, Jr.
1972
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2021)
Managing Director (Mar. 2023 – present), Chief Investment Officer (Jan. 2020 – present) and
Senior Vice President (Jan. 2020 – Mar. 2023) Charles Schwab Investment
Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment
Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment
Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018),
ThomasPartners, Inc.
Catherine MacGregor
1964
Chief Legal Officer and Secretary, Schwab Funds and
Schwab ETFs
Chief Legal Officer, Vice President and Clerk, Laudus Trust
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios and Laudus Trust since 2005; Schwab Strategic
Trust since 2009)
Managing Director (Mar. 2023 – present), Chief Legal Officer (Mar. 2022 – present) and Vice
President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.;
Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), Charles
Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk
(Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present),
Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021),
Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and
Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.
1
Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
2
Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.
3
The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
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Glossary
144A securities These securities may be sold only to qualified institutional buyers under Securities Act Rule 144A.
American Depositary Receipt (ADR) U.S. dollar-denominated receipts issued by U.S. banks or trust companies that represent shares of foreign-based corporations.
ask See “offer.”
asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage to help offset risks and rewards, based on your goals, time horizon and risk tolerance.
asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.
authorized participant (AP) A large institutional investor that places orders for creation units with the funds’ distributor.
beta A historical measure of an investment’s volatility relative to a market index (usually the S&P 500®). The index is defined as having a beta of 1.00. Investments with a beta higher than 1.00 have been more volatile than the index; those with a beta of less than 1.00 have been less volatile.
bid The highest price at which someone is willing to buy a security.
cap, capitalization See “market cap.”
capital gain, capital loss The difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the gain or loss is still “on paper” and is considered unrealized.
commencement of operations The date that the first NAV was calculated.
creation unit (C.U.) A basket of securities that is delivered by an authorized participant (AP) to the fund equal to the current holdings of the ETF, plus a designated cash component. In return, the APs receive a large block of ETF shares (typically 50,000 shares), which investors can then buy and sell in the secondary market.
European Depositary Receipt (EDR) A negotiable security (receipt) that is issued by a European bank, and that represents shares of foreign-based corporations.
exchange A marketplace, or any organization or group that provides or maintains a marketplace for trading securities, options, futures, or commodities.
expense ratio The amount that is taken from the fund’s assets each year to cover the operating expenses. An expense ratio of 0.50% means that a fund’s expenses amount to half of one percent of its average net assets a year.
Global Depositary Receipt (GDR) A negotiable security (receipt) that is issued by a foreign bank, and that represents shares of foreign-based corporations.
gross domestic product (GDP) The output of goods and services produced by labor and property located in the United States.
inception date The date that the shares began trading in the secondary market.
indicative optimized portfolio value (IOPV) A calculation disseminated by the stock exchange that approximates the fund’s NAV every 15 seconds throughout the trading day.
liquidity The ability to convert a security or asset quickly into cash.
market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
market price return The return based on the change in market price per share of the fund over a given time period. Market price returns assume that dividends and capital gain distributions have been reinvested in the fund at market price.
median market cap The midpoint of the range of market caps of the stocks held by a fund. There are different ways of calculating median market cap. With a simple median, half of the stocks in the fund’s portfolio would be larger than the median, and half would be smaller. With a weighted median (the type that is calculated for these funds), half of the fund’s assets are invested in stocks that are larger than the median market cap, and half in stocks that are smaller.
MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.
MSCI Emerging Markets Index (Net) A free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This series approximates the minimum possible dividend reinvestment. The returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.
net asset value (NAV) The value of one share of a fund. NAV is calculated by taking the fund’s total assets, subtracting liabilities, and dividing by the number of shares outstanding.
NAV return The return based on the change in NAV of the fund over a given time period. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund.
offer (ask) The lowest price at which an individual is willing to sell a security.
open The price at which a security opened for trading on a given day.
outstanding shares, shares outstanding When speaking of the fund, indicates all shares currently held by investors.
price-to-book ratio (P/B) The market price of a company’s stock compared with its “book value.” A mutual fund’s P/B is the weighted average of the P/B of all stocks in the fund’s portfolio.
price-to-earnings ratio (P/E) The market price of a company’s stock compared with earnings over the past year. A mutual fund’s P/E is the weighted average of the P/E of all stocks in the fund’s portfolio.
primary market The market that deals with the issuance of new securities.
rights and warrants Rights and warrants are types of securities that entitle the holder to purchase a proportionate amount of common stock at a specified price for a specific period of time. Rights allow a shareholder to buy more shares directly from the company, usually at a price somewhat lower than the current market price of the outstanding shares. Warrants are usually issued with bonds and preferred stock.
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Schwab Fundamental Index ETFs
Rights and warrants can trade on the market separately from the company’s stock. The prices of rights and warrants do not necessarily move parallel to the prices of the underlying common stock. Rights usually expire within a few weeks of issuance, while warrants may not expire for several years. If a right or warrant is not exercised within the specified time period, it will become worthless and a fund will lose the purchase price it paid for the right or warrant and the right to purchase the underlying security.
Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
Russell 3000 Index An index that measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
Russell RAFI Developed ex US Large Company Index (Net) An index that ranks developed ex-U.S. companies in the FTSE Global Total Cap Index by fundamental measures of size and tracks the performance of those companies whose fundamental scores are in the top 87.5%. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis. The Net series reduces index performance by adjusting for local taxes. Selecting the developed ex-U.S. companies in the FTSE Global Total Cap Index measures the performance of the largest investable securities in developed countries globally, excluding companies assigned to the United States.
Russell RAFI Developed ex US Small Company Index (Net) An index that ranks developed ex-U.S. companies in the FTSE Global Total Cap Index by fundamental measures of size and tracks the performance of those companies whose fundamental scores rank below the 87.5% threshold. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis. The Net series reduces index performance by adjusting for local taxes. Selecting the developed ex-U.S. companies in the FTSE Global Total Cap Index measures the performance of the smallest investable securities in developed countries globally, excluding companies assigned to the United States.
Russell RAFI Emerging Markets Large Company Index (Net) An index that ranks emerging market companies in the FTSE Global Total Cap Index by measures of fundamental size and tracks the performance of those companies whose fundamental scores are in the top 87.5%. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis. The Net series reduces index performance by adjusting for local taxes. Selecting the emerging companies in the FTSE Global Total Cap Index measures the performance of the investable securities in emerging markets globally.
Russell RAFI US Index An index that selects, ranks, and weights securities by fundamental measures of company size rather than market capitalization. The index measures the performance of the constituent companies by fundamental overall company scores, which are created using as the universe U.S. companies in the FTSE Global Total Cap Index. Securities are grouped in order of decreasing company score and each company receives a weight based on its percentage of the total scores of the companies. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis.
Russell RAFI US Large Company Index An index that ranks U.S. companies in the FTSE Global Total Cap Index. The Russell RAFI US Large Company Index includes only those securities that are members of the U.S. portion whose fundamental scores are in the top 87.5%. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis.
Russell RAFI US Small Company Index An index that ranks U.S. companies in the FTSE Global Total Cap Index. The Russell RAFI US Small Company Index includes only those securities that are members of the U.S. portion and rank below the 87.5% fundamental score threshold. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis.
S&P Developed ex-U.S. Small Cap Index (Net) An index composed of the stocks representing the lowest 15% of float-adjusted market cap in each developed market country, excluding the U.S. The returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.
sampling If a fund uses a sampling method, the fund will not fully replicate the benchmark index and may hold securities not included in the index. A fund that utilizes a sampling approach may not track the return of the index.
secondary market The market in which investors purchase securities from other investors rather than directly from the issuing companies. Organized exchanges facilitate the trading of securities in the secondary market.
spread The gap between bid and ask prices of a security.
stock A share of ownership, or equity, in the issuing company.
total return The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.
tracking error The difference between the performance of the fund and its benchmark index, positive or negative.
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Notes

Schwab Fundamental Index ETFs
Schwab ETFs
Schwab ETFs are designed to serve as simple low-cost core investment products for a diversified portfolio. These ETFs seek to provide consistent, repeatable performance through a variety of investment strategies that span the equity and fixed income spectrum. The list below shows all currently available Schwab ETFs.
Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab ETF. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab ETFs’ website at www.schwabassetmanagement.com/schwabetfs_prospectus, the SEC’s website at www.sec.gov, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus or the SEC’s website at www.sec.gov.

Schwab ETFs
U.S. ETFs
Schwab U.S. Broad Market ETF
Schwab 1000 Index® ETF
Schwab U.S. Large-Cap ETF
Schwab U.S. Large-Cap Growth ETF
Schwab U.S. Large-Cap Value ETF
Schwab U.S. Mid-Cap ETF
Schwab U.S. Small-Cap ETF
Schwab U.S. Dividend Equity ETF
Schwab U.S. REIT ETF
International ETFs
Schwab International Dividend Equity ETF
Schwab International Equity ETF
Schwab International Small-Cap Equity ETF
Schwab Emerging Markets Equity ETF
Fixed-Income ETFs
Schwab U.S. TIPS ETF
Schwab Short-Term U.S. Treasury ETF
Schwab Intermediate-Term U.S. Treasury ETF
Schwab Long-Term U.S. Treasury ETF
Schwab U.S. Aggregate Bond ETF
Schwab 1-5 Year Corporate Bond ETF
Schwab 5-10 Year Corporate Bond ETF
Schwab Municipal Bond ETF
Schwab High Yield Bond ETF
Fundamental Index* ETFs
Schwab Fundamental U.S. Broad Market Index ETF
Schwab Fundamental U.S. Large Company Index ETF
Schwab Fundamental U.S. Small Company Index ETF
Schwab Fundamental International Large Company Index ETF
Schwab Fundamental International Small Company Index ETF
Schwab Fundamental Emerging Markets Large Company
Index ETF
Active, Semi-Transparent (Also Known As Non-Transparent) ETF
Schwab Ariel ESG ETF
Thematic ETFs
Schwab Crypto Thematic ETF
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management
211 Main Street, San Francisco, CA 94105
Schwab ETFs
1-877-824-5615
© 2023 Charles Schwab Investment Management, Inc., dba Schwab Asset Management. All rights reserved.
Printed on recycled paper.
*
FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.
The Schwab Ariel ESG ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This fund will not. This may create additional risks for your investment. For example:
You may have to pay more money to trade the fund’s shares. This fund will provide less information to traders, who tend to charge more for trades when they have less information.
The price you pay to buy fund shares on an exchange may not match the value of the fund’s portfolio. The same is true when you sell shares. These price differences may be greater for this fund compared to other ETFs because it provides less information to traders.
These additional risks may be even greater in bad or uncertain market conditions.
The ETF will publish on its website each day a “Proxy Portfolio” designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actual portfolio.
The differences between this fund and other ETFs may also have advantages. By keeping certain information about the fund secret, this fund may face less risk that other traders can predict or copy its investment strategy. This may improve the fund’s performance. If other traders are able to copy or predict the fund’s investment strategy, however, this may hurt the fund’s performance.
For additional information regarding the unique attributes and risks of the fund, see Proxy Portfolio Risk, Premium/Discount Risk, Trading Halt Risk, Authorized Participant Concentration Risk, Tracking Error Risk and Shares of the Fund May Trade at Prices Other Than NAV in the Principal Risks and Proxy Portfolio and Proxy Overlap sections of the prospectus and/or the Statement of Additional Information. These risks are discussed on the next page.

Schwab Fundamental Index ETFs
Active semi-transparent (also referred to as non-transparent) ETFs operate differently from other exchange-traded funds (ETFs). Unlike other ETFs, an active semi-transparent ETF does not publicly disclose its entire portfolio composition each business day, which may affect the price at which shares of the ETF trade in the secondary market. Active semi-transparent ETFs have limited public trading history. There can be no assurance that an active trading market will develop, be maintained or operate as intended. There is a risk that the market price of an active semi-transparent ETF may vary significantly from the ETF’s net asset value and that its shares may trade at a wider bid/ask spread and, therefore, cost investors more to trade than shares of other ETFs. These risks are heightened during periods of market disruption or volatility.
Proxy Portfolio Risk: Unlike traditional ETFs, this fund does not disclose its portfolio holdings (Actual Portfolio) daily. The fund instead posts a Proxy Portfolio on its website each day. The Proxy Portfolio is designed to reflect the economic exposures and risk characteristics of the fund’s actual holdings on each trading day, but it is not the same as the fund’s Actual Portfolio. Although the Proxy Portfolio is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the Fund at or close to the underlying NAV per Share of the Fund, there is a risk (which may increase during periods of market disruption or volatility) that market prices will vary significantly from the underlying NAV of the fund. ETF trading on the basis of a published Proxy Portfolio may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore may cost investors more to trade. Also, while the Fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Proxy Portfolio to identify a Fund’s trading strategy, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the Fund and its shareholders.
Proxy Portfolio Construction: The Proxy Portfolio is designed to recreate the daily performance of the Actual Portfolio. This is achieved by performing a “Factor Model” analysis of the Actual Portfolio. The Factor Model is comprised of three sets of factors or analytical metrics: market-based factors, fundamental factors, and industry/sector factors. The fund uses a “Model Universe” to generate its Proxy Portfolio. The Model Universe is comprised of securities that the fund can purchase and will be a financial index or stated portfolio of securities from which fund investments will be selected. The results of the Factor Model analysis are then applied to the Model Universe. The Proxy Portfolio is then generated as a result of this Model Universe analysis with the Proxy Portfolio being a small sub-set of the Model Universe. The Factor Model is applied to both the Actual Portfolio and the Model Universe to construct the fund’s Proxy Portfolio that performs in a manner substantially identical to the performance of its Actual Portfolio. The Proxy Portfolio will only include investments the fund is permitted to hold. The fund’s SAI contains more information on the Proxy Portfolio and its construction.
Proxy Portfolio and Proxy Overlap Information regarding the contents of the Proxy Portfolio, and the percentage weight overlap between the holdings of the Proxy Portfolio and the fund’s Actual Portfolio holdings that formed the basis for its calculation of NAV at the end of the prior Business Day (the Portfolio Overlap), is available by visiting the fund’s website www.schwabassetmanagement.com.
Because environmental, social and governance (ESG) strategies exclude some securities, ESG-focused products may not be able to take advantage of the same opportunities or market trends as products that do not use such strategies. Additionally, the criteria used to select companies for investment may result in investing in securities, industries or sectors that underperform the market as a whole.

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MFR76318-10
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