(CHARLES SCHWAB ASSET MANAGMENT LOGO)
Annual Report  |  December 31, 2021
Schwab Fixed-Income ETFs

Schwab U.S. TIPS ETF SCHP
Schwab Short-Term U.S. Treasury ETF SCHO
Schwab Intermediate-Term U.S. Treasury ETF SCHR
Schwab Long-Term U.S. Treasury ETF SCHQ
Schwab U.S. Aggregate Bond ETF SCHZ
Schwab 1-5 Year Corporate Bond ETF SCHJ
Schwab 5-10 Year Corporate Bond ETF SCHI

In This Report
Performance at a Glance 2
From the President 3
The Investment Environment 4
Fund Management 6
Performance and Fund Facts  
Schwab U.S. TIPS ETF 7
Schwab Short-Term U.S. Treasury ETF 9
Schwab Intermediate-Term U.S. Treasury ETF 11
Schwab Long-Term U.S. Treasury ETF 13
Schwab U.S. Aggregate Bond ETF 15
Schwab 1-5 Year Corporate Bond ETF 17
Schwab 5-10 Year Corporate Bond ETF 19
Fund Expenses 21
Financial Statements and Portfolio Holdings  
Schwab U.S. TIPS ETF 22
Schwab Short-Term U.S. Treasury ETF 28
Schwab Intermediate-Term U.S. Treasury ETF 34
Schwab Long-Term U.S. Treasury ETF 40
Schwab U.S. Aggregate Bond ETF 46
Schwab 1-5 Year Corporate Bond ETF  119
Schwab 5-10 Year Corporate Bond ETF 147
Financial Notes 174
Report of Independent Registered Public Accounting Firm 185
Other Federal Tax Information 186
Liquidity Risk Management Program (unaudited) 187
Investment Advisory Agreement Approval 188
Trustees and Officers 189
Glossary 192
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset ManagementTM
Distributor: SEI Investments Distribution Co. (SIDCO)
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Schwab Fixed-Income ETFs
Performance at a Glance

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Total Returns for the 12 Months Ended December 31, 2021
Schwab U.S. TIPS ETF
(Ticker Symbol: SCHP)
 
Market Price Return1 5.86%
NAV Return1 5.80%
Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)SM 5.96%
ETF Category: Morningstar Inflation-Protected Bond2 5.61%
Performance Details pages 7-8
Schwab Short-Term U.S. Treasury ETF
(Ticker Symbol: SCHO)
 
Market Price Return1 -0.64%
NAV Return1 -0.66%
Bloomberg US Treasury 1-3 Year Index -0.60%
ETF Category: Morningstar Short Government2 -1.08%
Performance Details pages 9-10
Schwab Intermediate-Term U.S. Treasury ETF
(Ticker Symbol: SCHR)
 
Market Price Return1 -2.62%
NAV Return1 -2.57%
Bloomberg US Treasury 3-10 Year Index -2.49%
ETF Category: Morningstar Intermediate Government2 -1.88%
Performance Details pages 11-12
Schwab Long-Term U.S. Treasury ETF
(Ticker Symbol: SCHQ)
 
Market Price Return1 -4.86%
NAV Return1 -4.96%
Bloomberg US Long Treasury Index -4.65%
ETF Category: Morningstar Long Government2 -4.66%
Performance Details pages 13-14
Total Returns for the 12 Months Ended December 31, 2021
Schwab U.S. Aggregate Bond ETF
(Ticker Symbol: SCHZ)
 
Market Price Return1 -1.72%
NAV Return1 -1.74%
Bloomberg US Aggregate Bond Index -1.54%
ETF Category: Morningstar Intermediate Core Bond2 -1.48%
Performance Details pages 15-16
Schwab 1-5 Year Corporate Bond ETF
(Ticker Symbol: SCHJ)
 
Market Price Return1 -0.68%
NAV Return1 -0.64%
Bloomberg US 1-5 Year Corporate Bond Index -0.47%
ETF Category: Morningstar Short-Term Bond2 0.05%
Performance Details pages 17-18
Schwab 5-10 Year Corporate Bond ETF
(Ticker Symbol: SCHI)
 
Market Price Return1 -1.86%
NAV Return1 -1.80%
Bloomberg US 5-10 Year Corporate Bond Index -1.52%
ETF Category: Morningstar Corporate Bond2 -0.76%
Performance Details pages 19-20
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.
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.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund(s) is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
U.S. Treasury Inflation-Protected Securities (TIPS) generally have lower yields than conventional fixed rate bonds and will likely decline in price during periods of deflation, which could result in losses.
Index ownership — Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
1 ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (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 of 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 within the category as of the report date.
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Schwab Fixed-Income ETFs
From the President

Jonathan de St. Paer
President of Schwab Asset
Management and the funds
covered in this report.
Dear Shareholder,
At the start of 2021, most hoped and expected that the rapid development of multiple COVID-19 vaccines would soon bring the pandemic under control. Despite early advances against the virus, increasingly virulent waves of COVID-19 variants continued to weigh on U.S. and global health systems throughout the year, constraining efforts to fully reopen the world’s economies to travel and commerce. Nevertheless, during the 12-month period ended December 31, 2021, the U.S. economy exhibited signs of remarkable strength, supported by unprecedented levels of fiscal and monetary stimulus. After declining in 2020, the U.S. gross domestic product (GDP) growth rate increased during 2021. Rapid economic growth, increasing inflationary pressures, and warnings from the U.S. Federal Reserve (Fed) of reduced monetary accommodation pressured bond prices, which typically move in the opposite direction of yields. Most bond sectors struggled during the first three months of 2021, as the improving economy and pandemic-constrained supply chains drove prices lower. Sentiment and prices improved in the second quarter of the year as the Fed opined that the acceleration in inflation was likely to prove transitory. However, prices declined again in the third and fourth quarters as inflation proved more persistent than expected. In early November, the Fed announced it would begin to reduce the pace of its asset purchases earlier and at a faster rate than previously projected, and in December warned of impending rate hikes to combat the rising threat of inflation.
A wide range of open questions related to inflation and economic growth continue to confront investors at the start of the new year. At Schwab Asset Management, we believe maintaining a diversified, long-term investing plan that reflects your risk tolerance and long-term financial goals is important in the face of short-term uncertainty. While rising yields may put pressure on bond prices, over the long run we believe they can provide investors with higher levels of current income. Rising yields may also offer investors opportunities to extend duration on advantageous terms. U.S. Treasury inflation-protected securities offer another approach to dealing with rising yields and increasing interest rates. At Schwab Asset Management, we offer a wide range of fixed-income ETFs with among the lowest expense ratios in the industry—many of which were further reduced as of December 20, 2021—to help investors reach their financial goals.
Thank you for investing with Schwab Asset Management, and for trusting us to help you achieve your financial goals. For more information about the Schwab Fixed-Income ETFs, please continue reading this report. In addition, you can find further details about these funds by visiting our website at www.schwabassetmanagement.com. We are also happy to hear from you at 1-877-824-5615.
Sincerely,
At Schwab Asset Management, we offer a wide range of fixed-income ETFs with among the lowest expense ratios in the industry—many of which were further reduced as of December 20, 2021—to help investors reach their financial goals.
Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.
Management views may have changed since the report date.
Schwab Asset Management is the dba name for Charles Schwab Investment Management, Inc., the investment adviser for Schwab Funds and Schwab ETFs.
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Schwab Fixed-Income ETFs
The Investment Environment

For the 12-month reporting period ended December 31, 2021, most U.S. fixed-income markets lost ground, while U.S. stocks generated solid returns, with several key equity market indices ending the reporting period just off record highs. Despite persisting COVID-19 pandemic-driven stresses on the global economy and the emergence and rapid spread of the Delta variant during the summer and the Omicron variant in the late fall, U.S. equity markets rose through most of the period on strong earnings, ongoing fiscal stimulus measures, and optimism related to increased COVID-19 vaccination rates. Amid growing evidence of a slowing global economy and rising inflation, stocks did weaken somewhat in September and again in late November and early December but quickly regained their momentum. U.S. equities maintained their strength, demand for bonds waned, and bond yields rose as prices sank. (Bond yields and bond prices typically move in opposite directions.) For the reporting period, the Bloomberg US Aggregate Bond Index, representing the broad U.S. bond market, returned -1.54%. The Bloomberg US 1-5 Year Corporate Bond Index and Bloomberg US 5-10 Year Corporate Bond Index returned -0.47% and -1.52%, respectively, while the Bloomberg US Treasury 1-3 Year Index and the Bloomberg US Treasury 3-10 Year index returned -0.60% and -2.49%, respectively. Inflation-protected securities were notably stronger, with the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)SM returning 5.96%.
Bolstered by the extensive emergency rescue and fiscal stimulus measures passed by the U.S. Congress and U.S. Federal Reserve (Fed) in March 2020, the U.S. economy began to recover from the dramatic impact of the COVID-19 pandemic beginning in the third quarter of 2020. U.S. gross domestic product (GDP) rose at an annualized rate of 6.4% for the first quarter of 2021 and 6.7% for the second quarter of 2021, before falling back to 2.0% for the third quarter of 2021 amid fading government stimuli, persistent inflation, and new surges in COVID-19 cases. Unemployment, which skyrocketed in April 2020, fell over the reporting period, and ended at its lowest level since February 2020. Inflation, which had remained well below the Fed’s traditional 2% target until it jumped in March 2021, continued to rise over the reporting period, largely due to imbalances in the labor market, supply chain bottlenecks, and higher energy costs.
For the most part, central banks around the world, maintained the low—and for some international central banks, negative—interest rates instituted prior to, and in response to, the COVID-19 pandemic. In the United States, the Fed reiterated several times during the reporting period its intention to continue its support of the economy for as long as needed to achieve a full recovery. The Fed maintained the federal funds rate in a range of 0.00% to 0.25% throughout the reporting period. However, as inflation continued to rise and indicators of economic activity and employment
Yields of U.S. Treasury Securities: Effective Yields of Three-Month, Two-Year and 10-Year Treasuries    

 
Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not an indication of future results.
For index definitions, please see the Glossary.
Data source: Bloomberg L.P.
Nothing in this report represents a recommendation of a security by the investment adviser.
Management views may have changed since the report date.
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Schwab Fixed-Income ETFs
The Investment Environment (continued)

continued to strengthen, the Fed began scaling back its bond-buying program in November 2021 citing significant progress made on its twin goals of maximum employment and price stability. The Fed subsequently accelerated its wind-down in December 2021 with expectations to end it altogether by March 2022. Fed officials also signaled that interest rates could begin to rise sooner in 2022 than previously anticipated, although the Fed cautioned that the path of the economy continues to depend on the course of the COVID-19 pandemic.
In developed international markets, most central banks were similarly accommodative while acknowledging economic improvements and, in some cases, changes in monetary policy. The European Central Bank held its interest rate at 0.00%, unchanged since March 2016. However, in December 2021, it announced that in the first quarter of 2022 it would reduce the pace of its asset purchase program that it had instituted to help counter the serious risks posed by the COVID-19 pandemic. The Bank of Japan upheld its short-term interest rate target of -0.1%, also unchanged since 2016, and also announced its plans to taper its corporate debt buying to pre-pandemic levels. In December 2021, the Bank of England raised its key official bank rate from 0.1% to 0.25%, its first rate hike since the onset of the COVID-19 pandemic, citing inflation pressures.
After languishing at historically low levels since the onset of the COVID-19 pandemic, U.S. bond yields climbed steadily through the first quarter of the reporting period as COVID-19 vaccine distribution ramped up rapidly and investors anticipated an accelerating economic recovery. From April through July, yields drifted lower on tepid employment reports and growing inflation concerns before gradually, albeit non-linearly, rising again by the end of the reporting period. The yield on the 10-year U.S. Treasury began the reporting period at 0.93%, hit a reporting-period high of 1.74% in March, and fell back to end the reporting period at 1.52%. Short-term rates, which remained near historic lows, fell further, with the yield on the three-month U.S. Treasury dropping to 0.06% from 0.09% over the reporting period. Outside the U.S., bond yields generally remained low.
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Fund Management

 Matthew Hastings, CFA, Managing Director and Head of Taxable Bond Strategies for Schwab Asset Management. Mr. Hastings leads the portfolio management team for the Schwab Fixed-Income ETFs and Schwab Taxable Bond Funds. He also has overall responsibility for all aspects of the management of the funds. Prior to joining Schwab in 1999, Mr. Hastings was in fixed-income sales and trading at Lehman Brothers. He has worked in the fixed-income securities industry since 1996.
    
 Steven Hung, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF and Schwab 5-10 Year Corporate Bond ETF. His primary focus is corporate bonds. Prior to joining Schwab in 1999, Mr. Hung was an associate in Schwab’s management training program for nine months. In that role, he worked as a clerk on the options trading floor of the Pacific Coast Stock Exchange.
    
 Mark McKissick, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the 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 and Schwab U.S. Aggregate Bond ETF. Prior to joining Schwab in 2016, Mr. McKissick worked at Denver Investments for 17 years, most recently as a director of fixed income and portfolio manager. In this role he co-managed multiple bond strategies, as well as oversaw the firm’s fixed-income business including the investment process, client service and other administrative functions. He also served as a credit/security analyst from 1999 to 2005. Prior to that, he worked as a senior research analyst with Hotchkis & Wiley, a portfolio manager at Payden & Rygel, and a vice president in fixed income at Salomon Brothers.
    
 Alfonso Portillo, Jr., Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab U.S. Aggregate Bond ETF. His primary focus is securitized products. Prior to joining Schwab in 2007, Mr. Portillo worked for ten years at Pacific Investment Management Company, most recently as a vice president and member of the mortgage- and asset-backed portfolio management team. He has worked in fixed-income asset management since 1996.
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Schwab U.S. TIPS ETF

The Schwab U.S. TIPS ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index composed of inflation-protected U.S. Treasury securities. To pursue its goal, the fund generally invests in securities that are included in the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)SM (the index). For more information about the fund’s investment objective, strategy, and risks, please see the fund’s prospectus.
Market Highlights. Rising inflation drove U.S. Treasury Inflation Protected Securities (TIPS) to outperform other fixed-income securities for the 12-month reporting period, with nearly all other bond categories ending the reporting period negative or flat. Despite persisting COVID-19 pandemic-driven stresses on the global economy and the emergence and rapid spread of the Delta variant during the summer and the Omicron variant in the late fall, U.S. equity markets rose through most of the period, with several key equity market indices ending the year just off record highs. Interest rates remained low, with the U.S. Federal Reserve (Fed) holding the federal funds target rate in a range of 0.00% to 0.25% throughout the reporting period. Inflation, which first rose above the Fed’s traditional 2% target in March 2021, was initially ascribed to be transitory, driven in large part by residual supply chain shortages and constraints due to the COVID-19 pandemic. However, as the year progressed, inflation continued to rise and indicators of economic activity and employment continued to strengthen, and the Fed began scaling back its bond-buying program in November 2021. The Fed subsequently accelerated its wind-down in December 2021 with expectations to end it altogether by March 2022. The Fed also signaled that interest rates could begin to rise sooner in 2022 than previously anticipated.
Performance. Over the 12-month reporting period, the fund closely tracked the performance of the index. For the 12 months ended December 31, 2021, the fund’s market price return was 5.86% and its NAV return was 5.80% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned 5.96% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index. Coupon income generated by the fund’s holdings contributed to fund performance, while negative price returns detracted from fund performance.
Portfolio Composition % of Investments1
By Security Type

Weighted Average Maturity3 8.0 Yrs
Weighted Average Duration3 7.5 Yrs
Management views and 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 operational and transaction costs incurred by the fund.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
TIPS generally have lower yields than conventional fixed rate bonds and will likely decline in price during periods of deflation, which could result in losses.
1 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
2 Less than 0.05%.
3 See Glossary for definitions of maturity and duration.
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Schwab U.S. TIPS ETF
Performance and Fund Facts as of December 31, 2021

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

 
Performance of Hypothetical $10,000 Investment (December 31, 2011 – December 31, 2021)1

 
Average Annual Total Returns1
Fund and Inception Date 1 Year 5 Years 10 Years
Fund: Schwab U.S. TIPS ETF (8/5/2010)      
Market Price Return2 5.86% 5.28% 2.99%
NAV Return2 5.80% 5.26% 3.01%
Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)SM 5.96% 5.34% 3.09%
ETF Category: Morningstar Inflation-Protected Bond3 5.61% 4.84% 2.61%
Fund Expense Ratio4: 0.05%
    
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.
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 — Bloomberg® and Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)SM are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices (collectively, “Bloomberg”). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does not approve, endorse, review, or recommend Schwab U.S. TIPS ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab U.S. TIPS ETF.
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 a Net Asset Value (NAV) basis. The fund’s per share net asset value (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 of 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 within the category as of the report date.
4 As stated in the prospectus.
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Schwab Short-Term U.S. Treasury ETF

The Schwab Short-Term U.S. Treasury ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the short-term U.S. Treasury bond market. To pursue its goal, the fund generally invests in a representative sample of securities that are included in the Bloomberg US Treasury 1-3 Year Index (the index). For more information about the fund’s investment objective, strategy, and risks, please see the fund’s prospectus.
Market Highlights. U.S. bond performance was mixed over the 12-month reporting period, with most U.S. fixed-income markets ending the period with negative returns. U.S. Treasury Inflation-Protected Securities (TIPS) posted positive returns. The shortest-term U.S. Treasuries were just slightly positive, while most other U.S. Treasuries, corporate credit markets, and government and asset-backed securities posted negative returns. Despite persisting COVID-19 pandemic-driven stresses on the global economy and the emergence and rapid spread of the Delta variant during the summer and the Omicron variant in the late fall, U.S. equity markets rose through most of the period, with several key equity market indices ending the reporting period just off record highs. Interest rates remained low, with the U.S. Federal Reserve (Fed) holding the federal funds target rate in a range of 0.00% to 0.25% throughout the reporting period. Inflation, which first rose above the Fed’s traditional 2% target in March 2021, was initially ascribed to be transitory, driven in large part by residual supply chain shortages and constraints due to the COVID-19 pandemic. However, as the year progressed, inflation continued to rise and indicators of economic activity and employment continued to strengthen, and the Fed began scaling back its bond-buying program in November 2021. The Fed subsequently accelerated its wind-down in December 2021 with expectations to end it altogether by March 2022. The Fed also signaled that interest rates could begin to rise sooner in 2022 than previously anticipated.
Although they still remained low relative to historic measures, yields on most short-term U.S. Treasuries rose over the reporting period and ended the year at reporting-period highs, but yields on the shortest-duration—one-month, two-month, and three-month—U.S. Treasuries fell slightly. (Bond yields and bond prices typically move in opposite directions.) The yield on the one-year U.S. Treasury began the reporting period at 0.10% and ended it at 0.39%. The yield on the two-year U.S. Treasury rose from 0.13% to 0.73% over the reporting period. Similarly, the yield on the three-year U.S. Treasury rose from 0.17% to 0.97% over the reporting period. The spread between the one-year and three-year yields widened over the reporting period, from 0.07% at the beginning of the reporting period to 0.58% at the end of the reporting period.
Performance. Over the 12-month reporting period, the fund closely tracked the performance of the index. For the 12 months ended December 31, 2021, the fund’s market price return was -0.64% and its NAV return was -0.66% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -0.60% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index. Coupon income generated by the fund’s holdings contributed to fund performance, while negative price returns detracted from fund performance.
Portfolio Composition % of Investments1
By Security Type

Weighted Average Maturity2 2.0 Yrs
Weighted Average Duration2 2.0 Yrs
Management views and 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 operational and transaction costs incurred by the fund.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
1 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
2 See Glossary for definitions of maturity and duration.
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Schwab Short-Term U.S. Treasury ETF
Performance and Fund Facts as of December 31, 2021

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

 
Performance of Hypothetical $10,000 Investment (December 31, 2011 – December 31, 2021)1

 
Average Annual Total Returns1
Fund and Inception Date 1 Year 5 Years 10 Years
Fund: Schwab Short-Term U.S. Treasury ETF (8/5/2010)      
Market Price Return2 -0.64% 1.55% 1.00%
NAV Return2 -0.66% 1.55% 1.01%
Bloomberg US Treasury 1-3 Year Index -0.60% 1.61% 1.09%
ETF Category: Morningstar Short Government3 -1.08% 1.49% 1.00%
Fund Expense Ratio4: 0.04%
    
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.
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 — Bloomberg® and Bloomberg US Treasury 1-3 Year Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices (collectively, “Bloomberg”). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does not approve, endorse, review, or recommend Schwab Short-Term U.S. Treasury ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab Short-Term U.S. Treasury ETF.
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 a Net Asset Value (NAV) basis. The fund’s per share net asset value (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 of 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 within the category as of the report date.
4 As stated in the prospectus. Effective December 20, 2021, the management fee was reduced to 0.04%. For more information, see financial note 4 or refer to the prospectus.
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Schwab Intermediate-Term U.S. Treasury ETF

The Schwab Intermediate-Term U.S. Treasury ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the intermediate-term U.S. Treasury bond market. To pursue its goal, the fund generally invests in a representative sample of securities that are included in the Bloomberg US Treasury 3-10 Year Index (the index). For more information about the fund’s investment objective, strategy, and risks, please see the fund’s prospectus.
Market Highlights. U.S. bond performance was mixed over the 12-month reporting period, with most U.S. fixed-income markets ending the period with negative returns. U.S. Treasury Inflation-Protected Securities (TIPS) posted positive returns. The shortest-term U.S. Treasuries were just slightly positive, while most other U.S. Treasuries, corporate credit markets, and government and asset-backed securities posted negative returns. Despite persisting COVID-19 pandemic-driven stresses on the global economy and the emergence and rapid spread of the Delta variant during the summer and the Omicron variant in the late fall, U.S. equity markets rose through most of the period, with several key equity market indices ending the reporting period just off record highs. Interest rates remained low, with the U.S. Federal Reserve (Fed) holding the federal funds target rate in a range of 0.00% to 0.25% throughout the reporting period. Inflation, which first rose above the Fed’s traditional 2% target in March 2021, was initially ascribed to be transitory, driven in large part by residual supply chain shortages and constraints due to the COVID-19 pandemic. However, as the year progressed, inflation continued to rise and indicators of economic activity and employment continued to strengthen, and the Fed began scaling back its bond-buying program in November 2021. The Fed subsequently accelerated its wind-down in December 2021 with expectations to end it altogether by March 2022. The Fed also signaled that interest rates could begin to rise sooner in 2022 than previously anticipated.
Yields on intermediate-term U.S. Treasuries rose over the reporting period from the near historic lows of 2020. (Bond yields and bond prices typically move in opposite directions.) The yield on the three-year U.S. Treasury rose from 0.17% to 0.97% over the reporting period. The yield on the five-year U.S. Treasury also rose over the reporting period, rising from 0.36% to 1.26% for the year. The yield on the 10-year U.S. Treasury began the reporting period at 0.93% and ended it at 1.52%.
Performance. Over the 12-month reporting period, the fund closely tracked the performance of the index. For the 12 months ended December 31, 2021, the fund’s market price return was -2.62% and its NAV return was -2.57% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -2.49% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, operational and transactional costs incurred by the fund and not the index. Coupon income generated by the fund’s holdings contributed to fund performance, while negative price returns detracted from fund performance.
Portfolio Composition % of Investments1
By Security Type

Weighted Average Maturity2 5.7 Yrs
Weighted Average Duration2 5.4 Yrs
Management views and 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 operational and transaction costs incurred by the fund.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
1 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
2 See Glossary for definitions of maturity and duration.
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Schwab Intermediate-Term U.S. Treasury ETF
Performance and Fund Facts as of December 31, 2021

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

 
Performance of Hypothetical $10,000 Investment (December 31, 2011 – December 31, 2021)1

 
Average Annual Total Returns1
Fund and Inception Date 1 Year 5 Years 10 Years
Fund: Schwab Intermediate-Term U.S. Treasury ETF (8/5/2010)      
Market Price Return2 -2.62% 2.80% 2.02%
NAV Return2 -2.57% 2.78% 2.05%
Bloomberg US Treasury 3-10 Year Index -2.49% 2.84% 2.13%
ETF Category: Morningstar Intermediate Government3 -1.88% 2.30% 1.79%
Fund Expense Ratio4: 0.04%
    
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.
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 — Bloomberg® and Bloomberg US Treasury 3-10 Year Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices (collectively, “Bloomberg”). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does not approve, endorse, review, or recommend Schwab Intermediate-Term U.S. Treasury ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab Intermediate-Term U.S. Treasury ETF.
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 a Net Asset Value (NAV) basis. The fund’s per share net asset value (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 of 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 within the category as of the report date.
4 As stated in the prospectus. Effective December 20, 2021, the management fee was reduced to 0.04%. For more information, see financial note 4 or refer to the prospectus.
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Table of Contents
Schwab Long-Term U.S. Treasury ETF

The Schwab Long-Term U.S. Treasury ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the long-term U.S. Treasury bond market. To pursue its goal, the fund generally invests in securities that are included in the Bloomberg US Long Treasury Index (the index). For more information about the fund’s investment objective, strategy, and risks, please see the fund’s prospectus.
Market Highlights. U.S. bond performance was mixed over the 12-month reporting period, with most U.S. fixed-income markets ending the period with negative returns. U.S. Treasury Inflation-Protected Securities (TIPS) posted positive returns. The shortest-term U.S. Treasuries were just slightly positive, while most other U.S. Treasuries, corporate credit markets, and government and asset-backed securities posted negative returns. Despite persisting COVID-19 pandemic-driven stresses on the global economy and the emergence and rapid spread of the Delta variant during the summer and the Omicron variant in the late fall, U.S. equity markets rose through most of the period, with several key equity market indices ending the reporting period just off record highs. Interest rates remained low, with the U.S. Federal Reserve (Fed) holding the federal funds target rate in a range of 0.00% to 0.25% throughout the reporting period. Inflation, which first rose above the Fed’s traditional 2% target in March 2021, was initially ascribed to be transitory, driven in large part by residual supply chain shortages and constraints due to the COVID-19 pandemic. However, as the year progressed, inflation continued to rise and indicators of economic activity and employment continued to strengthen, and the Fed began scaling back its bond-buying program in November 2021. The Fed subsequently accelerated its wind-down in December 2021 with expectations to end it altogether by March 2022. The Fed also signaled that interest rates could begin to rise sooner in 2022 than previously anticipated.
Yields on long-term U.S. Treasuries rose over the reporting period from the near historic lows of 2020. (Bond yields and bond prices typically move in opposite directions.) The yield on the 10-year U.S. Treasury began the reporting period at 0.93% and ended it at 1.52%. The yield on the 30-year U.S. Treasury rose from 1.65% to 1.90% over the reporting period.
Performance. Over the 12-month reporting period, the fund closely tracked the performance of the index. For the 12 months ended December 31, 2021, the fund’s market price return was -4.86% and its NAV return was -4.96% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -4.65% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, operational and transactional costs incurred by the fund and not the index. Coupon income generated by the fund’s holdings contributed to fund performance, while negative price returns detracted from fund performance.
Portfolio Composition % of Investments1
By Security Type

Weighted Average Maturity3 24.0 Yrs
Weighted Average Duration3 18.1 Yrs
Management views and 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 operational and transaction costs incurred by the fund.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
1 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
2 Less than 0.05%.
3 See Glossary for definitions of maturity and duration.
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Schwab Long-Term U.S. Treasury ETF
Performance and Fund Facts as of December 31, 2021

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

 
Performance of Hypothetical $10,000 Investment (October 10, 2019 – December 31, 2021)1

 
Average Annual Total Returns1
Fund and Inception Date 1 Year Since Inception*
Fund: Schwab Long-Term U.S. Treasury ETF (10/10/2019)    
Market Price Return2 -4.86% 2.75%
NAV Return2 -4.96% 2.78%
Bloomberg US Long Treasury Index -4.65% 2.96%
ETF Category: Morningstar Long Government3 -4.66% N/A
Fund Expense Ratio4: 0.04%
    
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.
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 — Bloomberg® and Bloomberg US Long Treasury Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices (collectively, “Bloomberg”). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does not approve, endorse, review, or recommend Schwab Long-Term U.S. Treasury ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab Long-Term U.S. Treasury ETF.
* Inception (10/10/19) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (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 of 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 within the category as of the report date.
4 As stated in the prospectus. Effective December 20, 2021, the management fee was reduced to 0.04%. For more information, see financial note 4 or refer to the prospectus.
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Schwab U.S. Aggregate Bond ETF

The Schwab U.S. Aggregate Bond ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the broad U.S. investment-grade bond market. To pursue its goal, the fund generally invests in a representative sample of securities that are included in the Bloomberg US Aggregate Bond Index (the index). In addition, for the 12-month reporting period ended December 31, 2021, the fund also held positions in TBAs, or “to be announced” securities. TBAs are mortgage-backed bonds that settle on a forward date and are used to gain exposure to the mortgage market. The average month-end position in these securities was 1.1% of the fund, with a minimum exposure of 0.7% and a maximum exposure of 1.5%. For more information about the fund’s investment objective, strategy, and risks, please see the fund’s prospectus.
Market Highlights. U.S. bond performance was mixed over the 12-month reporting period, with most U.S. fixed-income markets ending the period with negative returns. U.S. Treasury Inflation-Protected Securities (TIPS) posted positive returns. The shortest-term U.S. Treasuries were just slightly positive, while most other U.S. Treasuries, corporate credit markets, and government and asset-backed securities posted negative returns. Despite persisting COVID-19 pandemic-driven stresses on the global economy and the emergence and rapid spread of the Delta variant during the summer and the Omicron variant in the late fall, U.S. equity markets rose through most of the period, with several key equity market indices ending the reporting period just off record highs. Interest rates remained low, with the U.S. Federal Reserve (Fed) holding the federal funds target rate in a range of 0.00% to 0.25% throughout the reporting period. Inflation, which first rose above the Fed’s traditional 2% target in March 2021, was initially ascribed to be transitory, driven in large part by residual supply chain shortages and constraints due to the COVID-19 pandemic. However, as the year progressed, inflation continued to rise and indicators of economic activity and employment continued to strengthen, and the Fed began scaling back its bond-buying program in November 2021. The Fed subsequently accelerated its wind-down in December 2021 with expectations to end it altogether by March 2022. The Fed also signaled that interest rates could begin to rise sooner in 2022 than previously anticipated.
After languishing at historically low levels since the onset of the COVID-19 pandemic, U.S. bond yields climbed steadily in the first quarter of the reporting period as COVID-19 vaccine distribution ramped up rapidly and investors anticipated an accelerating economic recovery. (Bond yields and bond prices typically move in opposite directions.) From April through July, yields drifted lower on tepid employment reports and growing inflation concerns before gradually, albeit non-linearly, rising again by the end of the reporting period. Following a slide in February as COVID-19 vaccines were rolled out, the corporate bond market was stable and exhibited low volatility for most of the reporting period, but toward the end of the year volatility increased and prices retreated. Over the reporting period, the yield on the three-month U.S. Treasury fell from 0.09% to 0.06%, the yield on the 10-year U.S. Treasury rose from 0.93% to 1.52%, and the yield on the 30-year U.S. Treasury rose from 1.65% to 1.90%.
Performance. Over the 12-month reporting period, the fund closely tracked the performance of the index, which meant keeping the fund’s credit quality, duration, and sector allocations aligned to the index. For the 12 months ended December 31, 2021, the fund’s market price return was -1.72% and its NAV return were -1.74% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -1.54% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, operational and transactional costs incurred by the fund and not the index. Coupon income generated by the fund’s holdings contributed to fund performance, while negative price returns detracted from fund performance.
Portfolio Composition % of Investments1
By Security Type

Weighted Average Maturity3 8.5 Yrs
Weighted Average Duration3 6.6 Yrs
Management views and 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 operational and transaction costs incurred by the fund.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
1 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
2 The fund may seek to obtain exposure to U.S. agency mortgage pass-through securities, in part or in full, through the use of “to-be-announced” or “TBA” transactions, which are standardized contracts for future delivery of mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement. These transactions represented approximately 1.0% of total investments on December 31, 2021.
3 See Glossary for definitions of maturity and duration.
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Schwab U.S. Aggregate Bond ETF
Performance and Fund Facts as of December 31, 2021

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

 
Performance of Hypothetical $10,000 Investment (December 31, 2011 – December 31, 2021)1

 
Average Annual Total Returns1
Fund and Inception Date 1 Year 5 Years 10 Years
Fund: Schwab U.S. Aggregate Bond ETF (7/14/2011)      
Market Price Return2 -1.72% 3.49% 2.75%
NAV Return2 -1.74% 3.47% 2.79%
Bloomberg US Aggregate Bond Index -1.54% 3.57% 2.90%
ETF Category: Morningstar Intermediate Core Bond3 -1.48% 3.47% 2.95%
Fund Expense Ratio4: 0.04%
    
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.
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 — Bloomberg® and Bloomberg US Aggregate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices (collectively, “Bloomberg”). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does not approve, endorse, review, or recommend Schwab U.S. Aggregate Bond ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab U.S. Aggregate Bond ETF.
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 a Net Asset Value (NAV) basis. The fund’s per share net asset value (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 of 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 within the category as of the report date.
4 As stated in the prospectus.
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Schwab 1-5 Year Corporate Bond ETF

The Schwab 1-5 Year Corporate Bond ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the short-term U.S. corporate bond market. To pursue its goal, the fund generally invests in a representative sample of securities that are included in the Bloomberg US 1-5 Year Corporate Bond Index (the index). For more information about the fund’s investment objective, strategy, and risks, please see the fund’s prospectus.
Market Highlights. U.S. bond performance was mixed over the 12-month reporting period, with most U.S. fixed-income markets ending the period with negative returns. U.S. Treasury Inflation-Protected Securities (TIPS) posted positive returns. The shortest-term U.S. Treasuries were just slightly positive, while most other U.S. Treasuries, corporate credit markets, and government and asset-backed securities posted negative returns. Despite persisting COVID-19 pandemic-driven stresses on the global economy and the emergence and rapid spread of the Delta variant during the summer and the Omicron variant in the late fall, U.S. equity markets rose through most of the period, with several key equity market indices ending the reporting period just off record highs. Interest rates remained low, with the U.S. Federal Reserve (Fed) holding the federal funds target rate in a range of 0.00% to 0.25% throughout the reporting period. Inflation, which first rose above the Fed’s traditional 2% target in March 2021, was initially ascribed to be transitory, driven in large part by residual supply chain shortages and constraints due to the COVID-19 pandemic. However, as the year progressed, inflation continued to rise and indicators of economic activity and employment continued to strengthen, and the Fed began scaling back its bond-buying program in November 2021. The Fed subsequently accelerated its wind-down in December 2021 with expectations to end it altogether by March 2022. The Fed also signaled that interest rates could begin to rise sooner in 2022 than previously anticipated.
Demand for 1-5 year corporate bonds remained strong over most of the reporting period. Following a slide in February as COVID-19 vaccines were rolled out, the corporate bond market was relatively stable and exhibited low volatility for most of the reporting period, but toward the end of the year volatility increased and prices retreated. Credit spreads between shorter-term corporate bonds and U.S. Treasuries widened slightly over the year.
Performance. Over the 12-month reporting period, the fund closely tracked the performance of the index. For the 12 months ended December 31, 2021, the fund’s market price return was -0.68% and its NAV return was -0.64% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -0.47% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, operational and transactional costs incurred by the fund and not the index. Coupon income generated by the fund’s holdings contributed to fund performance, while negative price returns detracted from fund performance.
Portfolio Composition % of Investments1
By Security Type

Weighted Average Maturity2 3.0 Yrs
Weighted Average Duration2 2.8 Yrs
Management views and 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 operational and transaction costs incurred by the fund.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
1 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.
2 See Glossary for definitions of maturity and duration.
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Schwab 1-5 Year Corporate Bond ETF
Performance and Fund Facts as of December 31, 2021

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

 
Performance of Hypothetical $10,000 Investment (October 10, 2019 – December 31, 2021)1

 
Average Annual Total Returns1
Fund and Inception Date 1 Year Since Inception*
Fund: Schwab 1-5 Year Corporate Bond ETF (10/10/2019)    
Market Price Return2 -0.68% 2.27%
NAV Return2 -0.64% 2.29%
Bloomberg US 1-5 Year Corporate Bond Index -0.47% 2.43%
ETF Category: Morningstar Short-Term Bond3 0.05% N/A
Fund Expense Ratio4: 0.04%
    
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.
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 — Bloomberg® and Bloomberg US 1-5 Year Corporate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices (collectively, “Bloomberg”). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does not approve, endorse, review, or recommend Schwab 1-5 Year Corporate Bond ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab 1-5 Year Corporate Bond ETF.
* Inception (10/10/19) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (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 of 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 within the category as of the report date.
4 As stated in the prospectus. Effective December 20, 2021, the management fee was reduced to 0.04%. For more information, see financial note 4 or refer to the prospectus.
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Schwab 5-10 Year Corporate Bond ETF

The Schwab 5-10 Year Corporate Bond ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the intermediate-term U.S. corporate bond market. To pursue its goal, the fund generally invests in a representative sample of securities that are included in the Bloomberg US 5-10 Year Corporate Bond Index (the index). For more information about the fund’s investment objective, strategy, and risks, please see the fund’s prospectus.
Market Highlights. U.S. bond performance was mixed over the 12-month reporting period, with most U.S. fixed-income markets ending the period with negative returns. U.S. Treasury Inflation-Protected Securities (TIPS) posted positive returns. The shortest-term U.S. Treasuries were just slightly positive, while most other U.S. Treasuries, corporate credit markets, and government and asset-backed securities posted negative returns. Despite persisting COVID-19 pandemic-driven stresses on the global economy and the emergence and rapid spread of the Delta variant during the summer and the Omicron variant in the late fall, U.S. equity markets rose through most of the period, with several key equity market indices ending the reporting period just off record highs. Interest rates remained low, with the U.S. Federal Reserve (Fed) holding the federal funds target rate in a range of 0.00% to 0.25% throughout the reporting period. Inflation, which first rose above the Fed’s traditional 2% target in March 2021, was initially ascribed to be transitory, driven in large part by residual supply chain shortages and constraints due to the COVID-19 pandemic. However, as the year progressed, inflation continued to rise and indicators of economic activity and employment continued to strengthen, and the Fed began scaling back its bond-buying program in November 2021. The Fed subsequently accelerated its wind-down in December 2021 with expectations to end it altogether by March 2022. The Fed also signaled that interest rates could begin to rise sooner in 2022 than previously anticipated.
Following a slide in February as COVID-19 vaccines were rolled out, the corporate bond market was relatively stable and exhibited low volatility for most of the reporting period, but toward the end of the year volatility increased and prices retreated. Credit spreads between intermediate-term corporate bonds and U.S. Treasuries generally remained unchanged for the year.
Performance. Over the 12-month reporting period, the fund closely tracked the performance of the index. For the 12 months ended December 31, 2021, the fund’s market price return was -1.86% and its NAV return was -1.80% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -1.52% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, operational and transactional costs incurred by the fund and not the index. Coupon income generated by the fund’s holdings contributed to fund performance, while negative price returns detracted from fund performance.
Portfolio Composition % of Investments1
By Security Type

Weighted Average Maturity2 7.4 Yrs
Weighted Average Duration2 6.4 Yrs
Management views and 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 operational and transaction costs incurred by the fund.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
1 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.
2 See Glossary for definitions of maturity and duration.
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Schwab 5-10 Year Corporate Bond ETF
Performance and Fund Facts as of December 31, 2021

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

 
Performance of Hypothetical $10,000 Investment (October 10, 2019 – December 31, 2021)1

 
Average Annual Total Returns1
Fund and Inception Date 1 Year Since Inception*
Fund: Schwab 5-10 Year Corporate Bond ETF (10/10/2019)    
Market Price Return2 -1.86% 3.70%
NAV Return2 -1.80% 3.76%
Bloomberg US 5-10 Year Corporate Bond Index -1.52% 3.90%
ETF Category: Morningstar Corporate Bond3 -0.76% N/A
Fund Expense Ratio4: 0.04%
    
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.
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 — Bloomberg® and Bloomberg US 5-10 Year Corporate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices (collectively, “Bloomberg”). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does not approve, endorse, review, or recommend Schwab 5-10 Year Corporate Bond ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab 5-10 Year Corporate Bond ETF.
* Inception (10/10/19) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (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 of 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 within the category as of the report date.
4 As stated in the prospectus. Effective December 20, 2021, the management fee was reduced to 0.04%. For more information, see financial note 4 or refer to the prospectus.
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Schwab Fixed-Income 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 July 1, 2021 and held through December 31, 2021.
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 7/1/21
ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 12/31/21
EXPENSES PAID
DURING PERIOD
7/1/21-12/31/212
Schwab U.S. TIPS ETF        
Actual Return 0.05% $1,000.00 $1,040.70 $0.26
Hypothetical 5% Return 0.05% $1,000.00 $1,024.95 $0.26
Schwab Short-Term U.S. Treasury ETF        
Actual Return 0.05% $1,000.00 $ 994.50 $0.25
Hypothetical 5% Return 0.05% $1,000.00 $1,024.95 $0.26
Schwab Intermediate-Term U.S. Treasury ETF        
Actual Return 0.05% $1,000.00 $ 993.10 $0.25
Hypothetical 5% Return 0.05% $1,000.00 $1,024.95 $0.26
Schwab Long-Term U.S. Treasury ETF        
Actual Return 0.05% $1,000.00 $1,032.30 $0.26
Hypothetical 5% Return 0.05% $1,000.00 $1,024.95 $0.26
Schwab U.S. Aggregate Bond ETF        
Actual Return 0.04% $1,000.00 $ 999.40 $0.20
Hypothetical 5% Return 0.04% $1,000.00 $1,025.00 $0.20
Schwab 1-5 Year Corporate Bond ETF         
Actual Return 0.05% $1,000.00 $ 993.80 $0.25
Hypothetical 5% Return 0.05% $1,000.00 $1,024.95 $0.26
Schwab 5-10 Year Corporate Bond ETF        
Actual Return 0.05% $1,000.00 $ 995.10 $0.25
Hypothetical 5% Return 0.05% $1,000.00 $1,024.95 $0.26
    
1 Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights. Effective December 20, 2021, the advisory fees of the Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF, Schwab Long-Term U.S. Treasury ETF, Schwab 1-5 Year Corporate Bond ETF and Schwab 5-10 Year Corporate Bond ETF were each reduced to 0.04%. If the fund expense changes had been in place throughout the entire most recent fiscal half-year the expenses paid during period under the actual return and hypothetical 5% return example would have been the following; Schwab Short-Term U.S. Treasury ETF, $0.20 and $0.20, respectively, Schwab Intermediate-Term U.S. Treasury ETF, $0.20 and $0.20, respectively, Schwab Long-Term U.S. Treasury ETF, $0.20 and $0.20, respectively, Schwab 1-5 Year Corporate Bond ETF, $0.20 and $0.20, respectively, and for Schwab 5-10 Year Corporate Bond ETF, $0.20 and $0.20, respectively. (See financial note 4)
2 Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days of the period, and divided by 365 days of the fiscal year.
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Schwab U.S. TIPS ETF
Financial Statements
FINANCIAL HIGHLIGHTS
  1/1/21–
12/31/21
1/1/20–
12/31/20
1/1/19–
12/31/19
1/1/18–
12/31/18
1/1/17–
12/31/17
 
Per-Share Data
Net asset value at beginning of period $62.06 $56.57 $53.27 $55.39 $54.84  
Income (loss) from investment operations:            
Net investment income (loss)1 2.93 0.81 1.21 1.51 1.17  
Net realized and unrealized gains (losses) 0.60 5.37 3.23 (2.23) 0.43  
Total from investment operations 3.53 6.18 4.44 (0.72) 1.60  
Less distributions:            
Distributions from net investment income (2.76) (0.69) (1.14) (1.40) (1.05)  
Net asset value at end of period $62.83 $62.06 $56.57 $53.27 $55.39  
Total return 5.80% 10.94% 8.36% (1.31%) 2.95%  
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.05% 0.05% 0.05% 0.05% 0.05% 2  
Net investment income (loss) 4.69% 1.36% 2.18% 2.80% 2.13%  
Portfolio turnover rate3 19% 23% 20% 17% 19%  
Net assets, end of period (x 1,000) $21,303,729 $14,090,007 $8,733,970 $5,779,263 $2,880,386  
    
1 Calculated based on the average shares outstanding during the period.
2 Effective March 1, 2017, the annual operating expense ratio was reduced. The ratio presented for the period ended 12/31/17 is a blended ratio.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
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Table of Contents
Schwab U.S. TIPS ETF
Portfolio Holdings  as of December 31, 2021

This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
For fixed rate obligations, the rate shown is the interest rate (the rate established when the obligation was issued). For variable rate obligations, the rate shown is the rate as of the report date based on each security’s rate reset date. The reference rate and spread used is shown parenthetically in the security description if available; if not the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity. Inflation-protected securities are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these instruments is generally fixed at issuance at a rate lower than typical bonds or notes. Over the life of an inflation-indexed instrument interest will be paid based on a principal value, which is adjusted for any inflation or deflation.

 
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
TREASURIES 99.8% OF NET ASSETS
U.S. Treasury Inflation Protected Securities
0.13%, 01/15/23 745,703,735 770,397,445
0.63%, 04/15/23 636,480,468 665,560,796
0.38%, 07/15/23 716,841,173 754,068,684
0.63%, 01/15/24 688,468,053 733,234,848
0.50%, 04/15/24 384,671,816 410,311,258
0.13%, 07/15/24 624,467,505 666,017,212
0.13%, 10/15/24 552,021,504 589,874,027
0.25%, 01/15/25 569,223,855 610,107,772
2.38%, 01/15/25 400,422,462 456,348,803
0.13%, 04/15/25 454,568,777 486,629,749
0.38%, 07/15/25 628,574,761 683,334,818
0.13%, 10/15/25 550,484,433 594,094,691
0.63%, 01/15/26 527,293,494 579,596,975
2.00%, 01/15/26 265,766,412 307,732,900
0.13%, 04/15/26 428,730,921 463,034,124
0.13%, 07/15/26 524,378,723 569,992,855
0.13%, 10/15/26 587,122,003 639,201,756
0.38%, 01/15/27 494,039,977 544,097,560
2.38%, 01/15/27 240,699,105 291,068,043
0.38%, 07/15/27 535,647,921 595,098,508
0.50%, 01/15/28 546,197,612 611,618,294
1.75%, 01/15/28 227,292,030 272,892,041
3.63%, 04/15/28 231,671,535 308,056,358
0.75%, 07/15/28 475,380,395 544,838,952
0.88%, 01/15/29 408,189,149 472,347,279
2.50%, 01/15/29 209,577,954 268,005,595
3.88%, 04/15/29 273,132,778 380,572,355
0.25%, 07/15/29 483,236,116 541,605,854
0.13%, 01/15/30 544,072,382 604,113,131
0.13%, 07/15/30 602,648,857 674,002,585
0.13%, 01/15/31 623,716,820 697,953,616
0.13%, 07/15/31 651,845,620 732,295,435
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
3.38%, 04/15/32 96,773,558 143,903,947
2.13%, 02/15/40 126,651,256 193,835,395
2.13%, 02/15/41 182,739,695 282,594,392
0.75%, 02/15/42 296,451,135 374,205,412
0.63%, 02/15/43 232,459,477 288,680,845
1.38%, 02/15/44 319,767,940 455,784,936
0.75%, 02/15/45 352,343,960 453,075,177
1.00%, 02/15/46 181,416,952 247,403,002
0.88%, 02/15/47 222,202,765 299,744,480
1.00%, 02/15/48 161,687,953 226,432,289
1.00%, 02/15/49 151,601,445 214,881,843
0.25%, 02/15/50 229,119,597 277,041,972
0.13%, 02/15/51 239,140,025 283,096,594
Total Treasuries
(Cost $20,511,820,392)
21,258,784,603
    
SECURITY NUMBER
OF SHARES
VALUE ($)
SHORT-TERM INVESTMENTS 0.0% OF NET ASSETS
 
Money Market Funds 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (a) 368,605 368,605
Total Short-Term Investments
(Cost $368,605)
368,605
Total Investments in Securities
(Cost $20,512,188,997)
21,259,153,208
    
(a) The rate shown is the 7-day yield.
 
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Table of Contents
Schwab U.S. TIPS ETF
Portfolio Holdings  as of December 31, 2021 (continued)

The following is a summary of the inputs used to value the fund’s investments as of December 31, 2021 (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        
Treasuries $— $21,258,784,603 $— $21,258,784,603
Short-Term Investments1 368,605 368,605
Total $368,605 $21,258,784,603 $— $21,259,153,208
    
1 As categorized in the Portfolio Holdings.
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.
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Table of Contents
Schwab U.S. TIPS ETF
Statement of Assets and Liabilities

As of December 31, 2021
Assets
Investments in securities, at value - unaffiliated (cost $20,512,188,997)   $21,259,153,208
Receivables:    
Investments sold   299,413,182
Fund shares sold   87,966,766
Interest   45,819,724
Dividends + 564
Total assets   21,692,353,444
Liabilities
Payables:    
Investments bought   387,717,528
Management fees + 907,306
Total liabilities   388,624,834
Net assets   $21,303,728,610
Net Assets by Source
Capital received from investors   $20,608,886,499
Total distributable earnings + 694,842,111
Net assets   $21,303,728,610
    
Net Asset Value (NAV)
Net Assets ÷ Shares
Outstanding
= NAV
$21,303,728,610   339,050,000   $62.83
         
         
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Table of Contents
Schwab U.S. TIPS ETF
Statement of Operations

For the period January 1, 2021 through December 31, 2021
Investment Income
Interest received from securities - unaffiliated   $865,536,362
Dividends received from securities - unaffiliated + 3,810
Total investment income   865,540,172
Expenses
Management fees + 9,122,496
Total expenses 9,122,496
Net investment income   856,417,676
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated   (23,728,926)
Net realized gains on sales of in-kind redemptions - unaffiliated + 463,317,783
Net realized gains   439,588,857
Net change in unrealized appreciation (depreciation) on securities - unaffiliated + (200,941,689)
Net realized and unrealized gains   238,647,168
Increase in net assets resulting from operations   $1,095,064,844
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Table of Contents
Schwab U.S. TIPS ETF
Statement of Changes in Net Assets

For the current and prior report periods
OPERATIONS
  1/1/21-12/31/21 1/1/20-12/31/20
Net investment income   $856,417,676 $145,222,282
Net realized gains   439,588,857 163,539,483
Net change in unrealized appreciation (depreciation) + (200,941,689) 744,938,595
Increase in net assets from operations   $1,095,064,844 $1,053,700,360
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions   ($852,013,180) ($145,346,920)
    
TRANSACTIONS IN FUND SHARES
  1/1/21-12/31/21 1/1/20-12/31/20
    SHARES VALUE SHARES VALUE
Shares sold   203,700,000 $12,711,611,994 117,700,000 $7,091,983,560
Shares redeemed + (91,700,000) (5,740,942,233) (45,050,000) (2,644,299,382)
Net transactions in fund shares   112,000,000 $6,970,669,761 72,650,000 $4,447,684,178
SHARES OUTSTANDING AND NET ASSETS
  1/1/21-12/31/21 1/1/20-12/31/20
    SHARES NET ASSETS SHARES NET ASSETS
Beginning of period   227,050,000 $14,090,007,185 154,400,000 $8,733,969,567
Total increase + 112,000,000 7,213,721,425 72,650,000 5,356,037,618
End of period   339,050,000 $21,303,728,610 227,050,000 $14,090,007,185
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Table of Contents
Schwab Short-Term U.S. Treasury ETF
Financial Statements
FINANCIAL HIGHLIGHTS
  1/1/21–
12/31/21
1/1/20–
12/31/20
1/1/19–
12/31/19
1/1/18–
12/31/18
1/1/17–
12/31/17
 
Per-Share Data
Net asset value at beginning of period $51.39 $50.48 $49.88 $50.03 $50.41  
Income (loss) from investment operations:            
Net investment income (loss)1 0.21 0.65 1.14 0.94 0.57  
Net realized and unrealized gains (losses) (0.55) 0.91 0.60 (0.20) 2 (0.39)  
Total from investment operations (0.34) 1.56 1.74 0.74 0.18  
Less distributions:            
Distributions from net investment income (0.21) (0.65) (1.14) (0.89) (0.56)  
Net asset value at end of period $50.84 $51.39 $50.48 $49.88 $50.03  
Total return (0.66%) 3.11% 3.53% 1.50% 0.35%  
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.05% 3 0.05% 0.06% 4 0.06% 0.06%  
Net investment income (loss) 0.41% 1.26% 2.27% 1.89% 1.13%  
Portfolio turnover rate5 73% 74% 77% 65% 65%  
Net assets, end of period (x 1,000) $8,955,808 $7,507,924 $5,262,952 $4,254,630 $2,181,398  
    
1 Calculated based on the average shares outstanding during the period.
2 The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of sales and repurchases of fund shares in relation to fluctuating market values.
3 Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended 12/31/21 is a blended ratio. (See financial note 4)
4 Effective December 13, 2019, the annual operating expense ratio was reduced to 0.05%. The ratio presented for the period ended 12/31/19 is a blended ratio.
5 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
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Table of Contents
Schwab Short-Term U.S. Treasury ETF
Portfolio Holdings  as of December 31, 2021

This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
For fixed-rate obligations, the rate shown is the interest rate (the rate established when the obligation was issued). For variable-rate obligations, the rate shown is the rate as of the report date based on each security’s rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.

 
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
TREASURIES 99.6% OF NET ASSETS
Bonds
7.13%, 02/15/23 12,677,000 13,619,357
6.25%, 08/15/23 18,070,000 19,717,476
7.50%, 11/15/24 9,178,000 10,896,724
Notes
0.13%, 01/31/23 157,689,000 157,162,344
1.75%, 01/31/23 71,104,000 72,109,455
1.38%, 02/15/23 72,165,000 72,926,116
2.00%, 02/15/23 105,677,000 107,503,644
0.13%, 02/28/23 142,615,000 142,057,910
1.50%, 02/28/23 60,353,000 61,073,228
2.63%, 02/28/23 68,570,000 70,269,518
0.50%, 03/15/23 87,713,000 87,745,549
0.13%, 03/31/23 140,529,000 139,873,015
1.50%, 03/31/23 73,454,000 74,360,698
2.50%, 03/31/23 72,025,000 73,807,337
0.25%, 04/15/23 90,329,000 90,041,430
0.13%, 04/30/23 129,327,000 128,634,899
1.63%, 04/30/23 65,367,000 66,311,758
2.75%, 04/30/23 73,279,000 75,428,708
0.13%, 05/15/23 92,075,000 91,560,675
1.75%, 05/15/23 117,154,000 119,094,363
0.13%, 05/31/23 134,379,000 133,570,627
1.63%, 05/31/23 63,829,000 64,796,408
2.75%, 05/31/23 61,402,000 63,302,824
0.25%, 06/15/23 91,938,000 91,521,406
0.13%, 06/30/23 162,772,000 161,681,555
1.38%, 06/30/23 65,357,000 66,143,326
2.63%, 06/30/23 60,672,000 62,514,675
0.13%, 07/15/23 97,911,000 97,209,177
0.13%, 07/31/23 151,591,000 150,412,617
1.25%, 07/31/23 69,759,000 70,468,852
2.75%, 07/31/23 63,871,000 66,019,161
0.13%, 08/15/23 96,267,600 95,491,066
2.50%, 08/15/23 105,704,000 108,887,507
0.13%, 08/31/23 156,722,000 155,362,927
1.38%, 08/31/23 60,637,000 61,362,986
2.75%, 08/31/23 55,850,000 57,777,480
0.13%, 09/15/23 87,522,000 86,728,832
0.25%, 09/30/23 154,400,000 153,326,438
1.38%, 09/30/23 67,975,000 68,806,100
2.88%, 09/30/23 72,373,000 75,135,048
0.13%, 10/15/23 102,922,000 101,902,831
0.38%, 10/31/23 157,439,000 156,541,107
1.63%, 10/31/23 57,926,000 58,908,027
2.88%, 10/31/23 63,819,000 66,343,091
0.25%, 11/15/23 125,267,000 124,249,206
2.75%, 11/15/23 146,561,000 152,128,600
0.50%, 11/30/23 154,377,000 153,801,101
2.13%, 11/30/23 67,007,000 68,807,813
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
2.88%, 11/30/23 59,748,000 62,199,769
0.13%, 12/15/23 116,824,200 115,500,801
0.75%, 12/31/23 149,000,000 149,043,653
2.25%, 12/31/23 60,591,000 62,415,831
2.63%, 12/31/23 64,490,000 66,902,077
0.13%, 01/15/24 119,580,600 118,085,843
2.25%, 01/31/24 68,479,000 70,589,544
2.50%, 01/31/24 75,936,000 78,664,950
0.13%, 02/15/24 153,868,000 151,890,556
2.75%, 02/15/24 127,467,000 132,789,743
2.13%, 02/29/24 60,099,000 61,831,542
2.38%, 02/29/24 60,696,000 62,770,570
0.25%, 03/15/24 150,130,000 148,364,800
2.13%, 03/31/24 130,203,000 134,022,627
0.38%, 04/15/24 109,918,000 108,831,701
2.00%, 04/30/24 67,725,000 69,574,210
2.25%, 04/30/24 96,174,000 99,337,223
0.25%, 05/15/24 132,690,000 130,906,978
2.50%, 05/15/24 155,342,000 161,410,047
2.00%, 05/31/24 106,426,000 109,369,344
0.25%, 06/15/24 133,530,000 131,589,642
1.75%, 06/30/24 86,672,000 88,578,107
2.00%, 06/30/24 64,554,000 66,369,581
0.38%, 07/15/24 119,812,000 118,347,111
1.75%, 07/31/24 91,614,000 93,686,051
2.13%, 07/31/24 55,262,000 57,023,476
0.38%, 08/15/24 136,263,000 134,485,194
2.38%, 08/15/24 160,484,000 166,671,411
1.25%, 08/31/24 80,362,000 81,118,533
1.88%, 08/31/24 68,576,000 70,335,939
0.38%, 09/15/24 153,135,000 151,005,466
1.50%, 09/30/24 81,973,000 83,295,455
2.13%, 09/30/24 59,543,000 61,499,080
0.63%, 10/15/24 154,540,000 153,326,620
1.50%, 10/31/24 90,753,000 92,195,831
2.25%, 10/31/24 59,683,000 61,879,148
0.75%, 11/15/24 148,880,000 148,083,260
2.25%, 11/15/24 157,316,000 163,147,753
1.50%, 11/30/24 91,422,000 92,882,609
2.13%, 11/30/24 61,963,000 64,044,570
1.00%, 12/15/24 143,000,000 143,167,579
1.75%, 12/31/24 82,500,000 84,407,813
2.25%, 12/31/24 66,000,000 68,505,938
Total Treasuries
(Cost $8,976,748,065)
8,917,542,968
 
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Table of Contents
Schwab Short-Term U.S. Treasury ETF
Portfolio Holdings  as of December 31, 2021 (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (a) 11,956,716 11,956,716
Total Short-Term Investments
(Cost $11,956,716)
11,956,716
Total Investments in Securities
(Cost $8,988,704,781)
8,929,499,684
    
(a) The rate shown is the 7-day yield.

The following is a summary of the inputs used to value the fund’s investments as of December 31, 2021 (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        
Treasuries $— $8,917,542,968 $— $8,917,542,968
Short-Term Investments1 11,956,716 11,956,716
Total $11,956,716 $8,917,542,968 $— $8,929,499,684
    
1 As categorized in the Portfolio Holdings.
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.
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Table of Contents
Schwab Short-Term U.S. Treasury ETF
Statement of Assets and Liabilities

As of December 31, 2021
Assets
Investments in securities, at value - unaffiliated (cost $8,988,704,781)   $8,929,499,684
Receivables:    
Investments sold   720,452,484
Fund shares sold   271,934,990
Interest   23,539,129
Dividends + 190
Total assets   9,945,426,477
Liabilities
Payables:    
Investments bought   717,259,809
Fund shares redeemed   272,005,347
Management fees + 353,769
Total liabilities   989,618,925
Net assets   $8,955,807,552
Net Assets by Source
Capital received from investors   $9,025,711,158
Total distributable loss + (69,903,606)
Net assets   $8,955,807,552
    
Net Asset Value (NAV)
Net Assets ÷ Shares
Outstanding
= NAV
$8,955,807,552   176,150,000   $50.84
         
         
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Table of Contents
Schwab Short-Term U.S. Treasury ETF
Statement of Operations

For the period January 1, 2021 through December 31, 2021
Investment Income
Interest received from securities - unaffiliated   $39,147,946
Dividends received from securities - unaffiliated   1,120
Securites on loan, net + 3,749
Total investment income   39,152,815
Expenses
Management fees + 4,267,836
Total expenses 4,267,836
Net investment income   34,884,979
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated   (7,147,806)
Net realized gains on sales of in-kind redemptions - unaffiliated + 40,084,354
Net realized gains   32,936,548
Net change in unrealized appreciation (depreciation) on securities - unaffiliated + (127,210,855)
Net realized and unrealized losses   (94,274,307)
Decrease in net assets resulting from operations   ($59,389,328)
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Table of Contents
Schwab Short-Term U.S. Treasury ETF
Statement of Changes in Net Assets

For the current and prior report periods
OPERATIONS
  1/1/21-12/31/21 1/1/20-12/31/20
Net investment income   $34,884,979 $88,084,006
Net realized gains   32,936,548 82,629,101
Net change in unrealized appreciation (depreciation) + (127,210,855) 22,483,068
Increase (decrease) in net assets from operations   ($59,389,328) $193,196,175
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions   ($34,862,540) ($88,160,440)
    
TRANSACTIONS IN FUND SHARES
  1/1/21-12/31/21 1/1/20-12/31/20
    SHARES VALUE SHARES VALUE
Shares sold   137,050,000 $7,021,323,331 133,700,000 $6,866,598,962
Shares redeemed + (107,000,000) (5,479,187,668) (91,850,000) (4,726,663,144)
Net transactions in fund shares   30,050,000 $1,542,135,663 41,850,000 $2,139,935,818
SHARES OUTSTANDING AND NET ASSETS
  1/1/21-12/31/21 1/1/20-12/31/20
    SHARES NET ASSETS SHARES NET ASSETS
Beginning of period   146,100,000 $7,507,923,757 104,250,000 $5,262,952,204
Total increase + 30,050,000 1,447,883,795 41,850,000 2,244,971,553
End of period   176,150,000 $8,955,807,552 146,100,000 $7,507,923,757
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Table of Contents
Schwab Intermediate-Term U.S. Treasury ETF
Financial Statements
FINANCIAL HIGHLIGHTS
  1/1/21–
12/31/21
1/1/20–
12/31/20
1/1/19–
12/31/19
1/1/18–
12/31/18
1/1/17–
12/31/17
 
Per-Share Data
Net asset value at beginning of period $58.21 $54.97 $52.89 $53.35 $53.41  
Income (loss) from investment operations:            
Net investment income (loss)1 0.55 0.94 1.28 1.21 0.89  
Net realized and unrealized gains (losses) (2.04) 3.24 2.07 (0.55) 2 (0.07)  
Total from investment operations (1.49) 4.18 3.35 0.66 0.82  
Less distributions:            
Distributions from net investment income (0.56) (0.94) (1.27) (1.12) (0.88)  
Net asset value at end of period $56.16 $58.21 $54.97 $52.89 $53.35  
Total return (2.57%) 7.62% 6.38% 1.28% 1.54%  
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.05% 3 0.05% 0.06% 4 0.06% 0.06%  
Net investment income (loss) 0.97% 1.63% 2.35% 2.34% 1.66%  
Portfolio turnover rate5 56% 51% 38% 41% 30%  
Net assets, end of period (x 1,000) $3,711,997 $3,952,710 $4,735,743 $3,480,449 $1,165,708  
    
1 Calculated based on the average shares outstanding during the period.
2 The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of sales and repurchases of fund shares in relation to fluctuating market values.
3 Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended 12/31/21 is a blended ratio. (See financial note 4)
4 Effective December 13, 2019, the annual operating expense ratio was reduced to 0.05%. The ratio presented for the period ended 12/31/19 is a blended ratio.
5 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
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Table of Contents
Schwab Intermediate-Term U.S. Treasury ETF
Portfolio Holdings  as of December 31, 2021

This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
For fixed-rate obligations, the rate shown is the interest rate (the rate established when the obligation was issued). For variable-rate obligations, the rate shown is the rate as of the report date based on each security’s rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.

 
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
TREASURIES 99.6% OF NET ASSETS
Bonds
7.63%, 02/15/25 2,530,000 3,048,551
6.88%, 08/15/25 3,039,000 3,664,132
6.00%, 02/15/26 5,661,000 6,765,780
6.75%, 08/15/26 3,074,000 3,833,614
6.50%, 11/15/26 3,373,000 4,210,057
6.63%, 02/15/27 2,289,000 2,895,406
6.38%, 08/15/27 3,231,000 4,118,389
6.13%, 11/15/27 6,140,000 7,804,995
5.50%, 08/15/28 4,257,000 5,354,508
5.25%, 11/15/28 6,089,000 7,623,143
5.25%, 02/15/29 3,733,000 4,702,997
6.13%, 08/15/29 3,514,000 4,712,878
6.25%, 05/15/30 5,428,000 7,490,640
5.38%, 02/15/31 6,210,000 8,308,301
Notes
2.00%, 02/15/25 44,497,000 45,845,815
1.13%, 02/28/25 28,739,000 28,850,139
2.75%, 02/28/25 20,410,000 21,515,010
0.50%, 03/31/25 34,408,000 33,846,182
2.63%, 03/31/25 12,428,000 13,064,450
0.38%, 04/30/25 37,539,000 36,720,767
2.88%, 04/30/25 21,498,000 22,783,681
2.13%, 05/15/25 42,947,000 44,476,987
0.25%, 05/31/25 32,760,000 31,874,456
2.88%, 05/31/25 21,638,000 22,949,804
0.25%, 06/30/25 34,516,000 33,542,541
2.75%, 06/30/25 13,976,000 14,777,982
0.25%, 07/31/25 36,389,000 35,305,859
2.88%, 07/31/25 17,240,000 18,328,275
2.00%, 08/15/25 46,293,000 47,757,740
0.25%, 08/31/25 38,830,000 37,628,697
2.75%, 08/31/25 19,234,000 20,355,733
0.25%, 09/30/25 36,837,000 35,681,527
3.00%, 09/30/25 18,678,000 19,965,761
0.25%, 10/31/25 39,846,000 38,529,214
3.00%, 10/31/25 16,942,000 18,126,616
2.25%, 11/15/25 48,432,000 50,469,549
0.38%, 11/30/25 39,864,000 38,680,538
2.88%, 11/30/25 22,265,000 23,740,926
0.38%, 12/31/25 42,527,000 41,234,578
2.63%, 12/31/25 18,571,000 19,642,460
0.38%, 01/31/26 47,694,000 46,166,302
2.63%, 01/31/26 19,352,000 20,471,543
1.63%, 02/15/26 41,124,000 41,850,096
0.50%, 02/28/26 45,700,000 44,421,828
2.50%, 02/28/26 17,455,000 18,382,979
0.75%, 03/31/26 40,498,000 39,743,408
2.25%, 03/31/26 19,311,000 20,150,576
0.75%, 04/30/26 43,719,000 42,870,237
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
2.38%, 04/30/26 14,333,000 15,040,132
1.63%, 05/15/26 40,505,000 41,205,926
0.75%, 05/31/26 44,568,000 43,673,158
2.13%, 05/31/26 14,912,000 15,495,665
0.88%, 06/30/26 39,257,000 38,649,743
1.88%, 06/30/26 18,197,000 18,715,188
0.63%, 07/31/26 43,240,000 42,064,413
1.88%, 07/31/26 18,720,000 19,261,125
1.50%, 08/15/26 42,811,000 43,319,381
0.75%, 08/31/26 47,176,000 46,144,025
1.38%, 08/31/26 18,292,000 18,409,898
0.88%, 09/30/26 45,092,000 44,315,220
1.63%, 09/30/26 12,738,000 12,961,910
1.13%, 10/31/26 44,698,000 44,425,622
1.63%, 10/31/26 17,377,000 17,681,776
2.00%, 11/15/26 37,639,000 38,963,716
1.25%, 11/30/26 45,080,000 45,080,000
1.63%, 11/30/26 16,832,000 17,129,190
1.25%, 12/31/26 40,000,000 39,973,438
1.75%, 12/31/26 13,836,000 14,167,848
1.50%, 01/31/27 17,507,000 17,711,476
2.25%, 02/15/27 33,063,000 34,656,740
1.13%, 02/28/27 7,495,000 7,440,251
0.63%, 03/31/27 18,263,000 17,663,745
0.50%, 04/30/27 25,401,000 24,376,030
2.38%, 05/15/27 43,164,000 45,580,172
0.50%, 05/31/27 25,371,000 24,301,652
0.50%, 06/30/27 27,883,000 26,692,527
0.38%, 07/31/27 33,501,000 31,833,802
2.25%, 08/15/27 35,134,000 36,878,348
0.50%, 08/31/27 29,115,000 27,799,139
0.38%, 09/30/27 37,962,000 35,954,166
0.50%, 10/31/27 36,901,000 35,139,554
2.25%, 11/15/27 33,456,000 35,147,096
0.63%, 11/30/27 38,878,000 37,259,096
0.63%, 12/31/27 44,134,000 42,249,685
0.75%, 01/31/28 46,357,000 44,665,694
2.75%, 02/15/28 44,481,000 48,091,606
1.13%, 02/29/28 46,969,000 46,312,168
1.25%, 03/31/28 43,841,000 43,474,517
1.25%, 04/30/28 47,236,000 46,828,221
2.88%, 05/15/28 48,316,000 52,666,327
1.25%, 05/31/28 46,756,000 46,321,316
1.25%, 06/30/28 39,992,000 39,601,453
1.00%, 07/31/28 45,978,000 44,781,854
2.88%, 08/15/28 48,061,000 52,517,907
1.13%, 08/31/28 47,021,000 46,135,683
1.25%, 09/30/28 47,193,000 46,662,079
1.38%, 10/31/28 45,116,000 44,953,864
3.13%, 11/15/28 46,618,000 51,840,673
1.50%, 11/30/28 45,080,000 45,277,225
1.38%, 12/31/28 39,000,000 38,841,563
 
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Table of Contents
Schwab Intermediate-Term U.S. Treasury ETF
Portfolio Holdings  as of December 31, 2021 (continued)

SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
2.63%, 02/15/29 46,526,000 50,320,777
2.38%, 05/15/29 38,343,000 40,889,215
1.63%, 08/15/29 35,231,000 35,756,713
1.75%, 11/15/29 26,201,000 26,862,166
1.50%, 02/15/30