(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.