N-CSRS

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 6 Months Ended June 30, 2022
Schwab U.S. TIPS ETF (Ticker Symbol: SCHP)
Market Price Return¹	-8.98%
NAV Return¹	-8.88%
Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)^SM	-8.92%
ETF Category: Morningstar Inflation-Protected Bond²	-6.81%
Performance Details	page 6

Schwab Short-Term U.S. Treasury ETF (Ticker Symbol: SCHO)
Market Price Return¹	-3.04%
NAV Return¹	-3.00%
Bloomberg US Treasury 1-3 Year Index	-3.01%
ETF Category: Morningstar Short Government²	-3.68%
Performance Details	page 7

Schwab Intermediate-Term U.S. Treasury ETF (Ticker Symbol: SCHR)
Market Price Return¹	-7.62%
NAV Return¹	-7.70%
Bloomberg US Treasury 3-10 Year Index	-7.73%
ETF Category: Morningstar Intermediate Government²	-8.10%
Performance Details	page 8

Schwab Long-Term U.S. Treasury ETF (Ticker Symbol: SCHQ)
Market Price Return¹	-20.81%
NAV Return¹	-20.99%
Bloomberg US Long Treasury Index	-21.25%
ETF Category: Morningstar Long Government²	-21.10%
Performance Details	page 9

Total Returns for the 6 Months Ended June 30, 2022
Schwab U.S. Aggregate Bond ETF (Ticker Symbol: SCHZ)
Market Price Return¹	-10.34%
NAV Return¹	-10.27%
Bloomberg US Aggregate Bond Index	-10.35%
ETF Category: Morningstar Intermediate Core Bond²	-10.53%
Performance Details	page 10

Schwab 1-5 Year Corporate Bond ETF (Ticker Symbol: SCHJ)
Market Price Return¹	-5.54%
NAV Return¹	-5.56%
Bloomberg US 1-5 Year Corporate Bond Index	-5.60%
ETF Category: Morningstar Short-Term Bond²	-4.86%
Performance Details	page 11

Schwab 5-10 Year Corporate Bond ETF (Ticker Symbol: SCHI)
Market Price Return¹	-12.83%
NAV Return¹	-12.87%
Bloomberg US 5-10 Year Corporate Bond Index	-12.94%
ETF Category: Morningstar Corporate Bond²	-13.83%
Performance Details	page 12

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.

ETF performance must be shown based on both a Market Price and a NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price 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.

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

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Schwab Fixed-Income ETFs

The Investment Environment

For the six-month reporting period ended June 30, 2022, both U.S. fixed-income and U.S. equity markets lost ground as inflation accelerated, interest rates rose, and, in late February, Russia invaded Ukraine. Economic growth slowed around the world and fears of an impending recession rose. The spread of COVID-19 continued to weigh on economic growth worldwide, with the highly transmissible Omicron variant and subvariants keeping infection rates high in many areas. For the six-month reporting period, the Bloomberg US Aggregate Bond Index, representing the broad U.S. bond market, returned -10.35%. The Bloomberg US 1-5 Year Corporate Bond Index and Bloomberg US 5-10 Year Corporate Bond Index returned -5.60% and -12.94%, respectively, while the Bloomberg US Treasury 1-3 Year Index and the Bloomberg US Treasury 3-10 Year Index returned -3.01% and -7.73%, respectively. The Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)^SM returned -8.92%.

Amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, and a widening U.S. trade deficit, gross domestic product (GDP) decreased at an annualized rate of -1.6% for the first quarter of 2022. The unemployment rate, which has fallen steadily since skyrocketing in April 2020, ended the reporting period near pre-pandemic lows. Inflation rose through the reporting period, with just a slight downtick in April, ending the reporting period at its highest level in more than 40 years, due to imbalances in the labor market, supply chain bottlenecks, and soaring energy costs.

Monetary policies around the world varied. In the United States, after maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate by 0.25% in mid-March, 0.50% in early May, and 0.75% in mid-June in an effort to achieve a return to price stability. The federal funds rate ended the reporting period in a range of 1.50% to 1.75%. In addition, the Fed’s bond-buying program, which it had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet, vowing to be more aggressive than during its last round of quantitative tightening in 2017 through 2019.

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)

Outside the United States, after holding its policy rate unchanged since March 2016, at 0.00%, the European Central Bank announced in June its intention to raise interest rates in July for the first time in 11 years. The European Central Bank also intended to end its long-running asset purchase program and downgraded its growth forecasts. Also in June, the Bank of England raised its key official bank rate for the fifth consecutive time, to 1.25%, bringing borrowing costs to a 13-year high as the Bank of England wrestles with soaring inflation. In contrast, the Bank of Japan upheld its short-term interest rate target of -0.1%, also unchanged since 2016, and vowed to defend its cap on bond yields with unlimited buying, as opposed to the monetary tightening being employed in many other countries around the globe.

Bond markets were volatile during the reporting period, particularly as the Fed’s tightening cycle accelerated. As inflation continued to rise and Fed monetary policy shifted, bond yields began to rise in early 2022, exerting downward pressure on bond prices. Yields touched reporting-period highs in mid-June before falling back slightly. (Bond yields and bond prices typically move in opposite directions.) During the reporting period, portions of the yield curve inverted, which is often an indicator of a possible recession. The yield on the 10-year U.S. Treasury began the reporting period at 1.52%, hit a reporting-period high of 3.49% in mid-June, and ended the reporting period at 2.98% as concerns about slowing economic growth mounted. Short-term rates also rose, with the yield on the three-month U.S. Treasury climbing from 0.06% to 1.72% over the reporting period.

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Schwab Fixed-Income ETFs

Fund Management

Matthew Hastings, CFA, Managing Director and Head of Taxable Bond Strategies for Schwab Asset Management, 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.

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 as of June 30, 2022

Average Annual Total Returns¹

Fund and Inception Date	6 Months	1 Year	5 Years	10 Years
Fund: Schwab U.S. TIPS ETF (8/5/2010)
Market Price Return²	-8.98%	-5.14%	3.15%	1.64%
NAV Return²	-8.88%	-5.17%	3.15%	1.66%
Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)^SM	-8.92%	-5.14%	3.21%	1.73%
ETF Category: Morningstar Inflation-Protected Bond³	-6.81%	-3.79%	2.85%	1.39%
Fund Expense Ratio⁴: 0.04%

Portfolio Composition % of Investments⁵

By Security Type

Weighted Average Maturity⁷	7.4 Yrs
Weighted Average Duration⁷	6.9 Yrs

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.

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	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 NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price 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 and mutual funds within the category as of the report date.
⁴	As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.04%. For more information, see financial note 4 or refer to the prospectus.
⁵	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.
⁶	Less than 0.05%.
⁷	See Glossary for definitions of maturity and duration.

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Schwab Short-Term U.S. Treasury ETF as of June 30, 2022

Average Annual Total Returns¹

Fund and Inception Date	6 Months	1 Year	5 Years	10 Years
Fund: Schwab Short-Term U.S. Treasury ETF (8/5/2010)
Market Price Return²	-3.04%	-3.56%	0.84%	0.70%
NAV Return²	-3.00%	-3.54%	0.85%	0.70%
Bloomberg US Treasury 1-3 Year Index	-3.01%	-3.51%	0.90%	0.77%
ETF Category: Morningstar Short Government³	-3.68%	-4.36%	0.60%	0.55%
Fund Expense Ratio⁴: 0.03%

Portfolio Composition % of Investments⁵

By Security Type

Weighted Average Maturity⁶	2.0 Yrs
Weighted Average Duration⁶	1.9 Yrs

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.

Portfolio holdings may have changed since the report date.

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 NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price 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 and mutual funds within the category as of the report date.
⁴	As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.03%. For more information, see financial note 4 or refer to the prospectus.
⁵	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.
⁶	See Glossary for definitions of maturity and duration.

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Schwab Intermediate-Term U.S. Treasury ETF as of June 30, 2022

Average Annual Total Returns¹

Fund and Inception Date	6 Months	1 Year	5 Years	10 Years
Fund: Schwab Intermediate-Term U.S. Treasury ETF (8/5/2010)
Market Price Return²	-7.62%	-8.30%	0.82%	1.06%
NAV Return²	-7.70%	-8.34%	0.82%	1.06%
Bloomberg US Treasury 3-10 Year Index	-7.73%	-8.31%	0.86%	1.13%
ETF Category: Morningstar Intermediate Government³	-8.10%	-8.54%	0.34%	0.76%
Fund Expense Ratio⁴: 0.03%

Portfolio Composition % of Investments⁵

By Security Type

Weighted Average Maturity⁶	5.6 Yrs
Weighted Average Duration⁶	5.3 Yrs

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.

Portfolio holdings may have changed since the report date.

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 NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price 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 and mutual funds within the category as of the report date.
⁴	As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.03%. For more information, see financial note 4 or refer to the prospectus.
⁵	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.
⁶	See Glossary for definitions of maturity and duration.

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Schwab Long-Term U.S. Treasury ETF as of June 30, 2022

Average Annual Total Returns¹

Fund and Inception Date	6 Months	1 Year	Since Inception^*
Fund: Schwab Long-Term U.S. Treasury ETF (10/10/2019)
Market Price Return²	-20.81%	-18.28%	-6.15%
NAV Return²	-20.99%	-18.44%	-6.20%
Bloomberg US Long Treasury Index	-21.25%	-18.45%	-6.19%
ETF Category: Morningstar Long Government³	-21.10%	-18.80%	N/A
Fund Expense Ratio⁴: 0.03%

Portfolio Composition % of Investments⁵

By Security Type

Weighted Average Maturity⁷	23.6 Yrs
Weighted Average Duration⁷	16.9 Yrs

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.

Portfolio holdings may have changed since the report date.

^*	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 NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price 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 and mutual funds within the category as of the report date.
⁴	As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.03%. For more information, see financial note 4 or refer to the prospectus.
⁵	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.
⁶	Less than 0.05%.
⁷	See Glossary for definitions of maturity and duration.

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Schwab U.S. Aggregate Bond ETF as of June 30, 2022

Average Annual Total Returns¹

Fund and Inception Date	6 Months	1 Year	5 Years	10 Years
Fund: Schwab U.S. Aggregate Bond ETF (7/14/2011)
Market Price Return²	-10.34%	-10.41%	0.76%	1.42%
NAV Return²	-10.27%	-10.31%	0.81%	1.46%
Bloomberg US Aggregate Bond Index	-10.35%	-10.29%	0.88%	1.54%
ETF Category: Morningstar Intermediate Core Bond³	-10.53%	-10.74%	0.72%	1.47%
Fund Expense Ratio⁴: 0.03%

Portfolio Composition % of Investments⁵

By Security Type

Weighted Average Maturity⁷	8.8 Yrs
Weighted Average Duration⁷	6.5 Yrs

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.

Portfolio holdings may have changed since the report date.

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 NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price 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 and mutual funds within the category as of the report date.
⁴	As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.03%. For more information, see financial note 4 or refer to the prospectus.
⁵	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.
⁶	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 1.6% of total investments on June 30, 2022.
⁷	See Glossary for definitions of maturity and duration.

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Schwab 1-5 Year Corporate Bond ETF as of June 30, 2022

Average Annual Total Returns¹

Fund and Inception Date	6 Months	1 Year	Since Inception^*
Fund: Schwab 1-5 Year Corporate Bond ETF (10/10/2019)
Market Price Return²	-5.54%	-6.18%	-0.26%
NAV Return²	-5.56%	-6.14%	-0.25%
Bloomberg US 1-5 Year Corporate Bond Index	-5.60%	-6.14%	-0.15%
ETF Category: Morningstar Short-Term Bond³	-4.86%	-5.19%	N/A
Fund Expense Ratio⁴: 0.03%

Portfolio Composition % of Investments⁵

By Security Type

Weighted Average Maturity⁶	3.2 Yrs
Weighted Average Duration⁶	2.8 Yrs

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.

Portfolio holdings may have changed since the report date.

^*	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 NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price 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 and mutual funds within the category as of the report date.
⁴	As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.03%. For more information, see financial note 4 or refer to the prospectus.
⁵	The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
⁶	See Glossary for definitions of maturity and duration.

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Schwab 5-10 Year Corporate Bond ETF as of June 30, 2022

Average Annual Total Returns¹

Fund and Inception Date	6 Months	1 Year	Since Inception^*
Fund: Schwab 5-10 Year Corporate Bond ETF (10/10/2019)
Market Price Return²	-12.83%	-13.35%	-2.05%
NAV Return²	-12.87%	-13.30%	-2.01%
Bloomberg US 5-10 Year Corporate Bond Index	-12.94%	-13.27%	-1.94%
ETF Category: Morningstar Corporate Bond³	-13.83%	-13.91%	N/A
Fund Expense Ratio⁴: 0.03%

Portfolio Composition % of Investments⁵

By Security Type

Weighted Average Maturity⁶	7.6 Yrs
Weighted Average Duration⁶	6.4 Yrs

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.

Portfolio holdings may have changed since the report date.

^*	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 NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price 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 and mutual funds within the category as of the report date.
⁴	As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.03%. For more information, see financial note 4 or refer to the prospectus.
⁵	The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
⁶	See Glossary for definitions of maturity and duration.

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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 January 1, 2022 and held through June 30, 2022.

Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Return lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, including any brokerage commissions you may pay when purchasing or selling shares of a fund. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	EXPENSE RATIO (ANNUALIZED) ¹	BEGINNING ACCOUNT VALUE AT 1/1/22	ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 6/30/22	EXPENSES PAID DURING PERIOD 1/1/22-6/30/22²
Schwab U.S. TIPS ETF
Actual Return	0.05%	$1,000.00	$ 911.20	$0.24
Hypothetical 5% Return	0.05%	$1,000.00	$1,024.55	$0.25
Schwab Short-Term U.S. Treasury ETF
Actual Return	0.04%	$1,000.00	$ 970.00	$0.20
Hypothetical 5% Return	0.04%	$1,000.00	$1,024.60	$0.20
Schwab Intermediate-Term U.S. Treasury ETF
Actual Return	0.04%	$1,000.00	$ 923.00	$0.19
Hypothetical 5% Return	0.04%	$1,000.00	$1,024.60	$0.20
Schwab Long-Term U.S. Treasury ETF
Actual Return	0.04%	$1,000.00	$ 790.10	$0.18
Hypothetical 5% Return	0.04%	$1,000.00	$1,024.60	$0.20
Schwab U.S. Aggregate Bond ETF
Actual Return	0.04%	$1,000.00	$ 897.30	$0.19
Hypothetical 5% Return	0.04%	$1,000.00	$1,024.60	$0.20
Schwab 1-5 Year Corporate Bond ETF
Actual Return	0.04%	$1,000.00	$ 944.40	$0.19
Hypothetical 5% Return	0.04%	$1,000.00	$1,024.60	$0.20
Schwab 5-10 Year Corporate Bond ETF
Actual Return	0.04%	$1,000.00	$ 871.30	$0.19
Hypothetical 5% Return	0.04%	$1,000.00	$1,024.60	$0.20

Based on the most recent six-month expense ratio. Effective July 1, 2022, the management fee 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, Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF and Schwab 5-10 Year Corporate Bond ETF were reduced to 0.04%, 0.03%, 0.03%, 0.03%, 0.03%, 0.03% and 0.03%, respectively. 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; For Schwab U.S. TIPS ETF, $0.19 and $0.20, respectively, for Schwab Short-Term U.S. Treasury ETF, $0.15 and $0.15, respectively, for Schwab Intermediate-Term U.S. Treasury ETF, $0.14 and $0.15, respectively, for Schwab Long-Term U.S. Treasury ETF, $0.13 and $0.15, respectively, for Schwab U.S. Aggregate Bond ETF, $0.14 and $0.15, respectively, for Schwab 1-5 Year Corporate Bond ETF, $0.14 and $0.15, respectively, and for Schwab 5-10 Year Corporate Bond ETF, $0.14 and $0.15, respectively. (See financial note 4)

Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 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

	1/1/22– 6/30/22*	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	$62.83	$62.06	$56.57	$53.27	$55.39	$54.84
Income (loss) from investment operations:
Net investment income (loss)¹	2.11	2.93	0.81	1.21	1.51	1.17
Net realized and unrealized gains (losses)	(7.63)	0.60	5.37	3.23	(2.23)	0.43
Total from investment operations	(5.52)	3.53	6.18	4.44	(0.72)	1.60
Less distributions:
Distributions from net investment income	(1.50)	(2.76)	(0.69)	(1.14)	(1.40)	(1.05)
Net asset value at end of period	$55.81	$62.83	$62.06	$56.57	$53.27	$55.39
Total return	(8.88%) ²	5.80%	10.94%	8.36%	(1.31%)	2.95%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.05% ³	0.05%	0.05%	0.05%	0.05%	0.05% ⁴
Net investment income (loss)	7.09% ³	4.69%	1.36%	2.18%	2.80%	2.13%
Portfolio turnover rate⁵	8% ²	19%	23%	20%	17%	19%
Net assets, end of period (x 1,000,000)	$15,768	$21,304	$14,090	$8,734	$5,779	$2,880

*	Unaudited.
¹	Calculated based on the average shares outstanding during the period.
²	Not annualized.
³	Annualized.
⁴	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.
⁵	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

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Schwab Fixed-Income ETFs | Semiannual Report

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Table of Contents

Schwab U.S. TIPS ETF

Portfolio Holdings as of June 30, 2022 (Unaudited)

This section shows all the securities in the fund’s portfolio and their values as of the report date.

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

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 by the rate of inflation. The interest rate on these instruments is generally lower at issuance 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
0.38%, 07/15/23	610,335,928	621,398,322
0.63%, 01/15/24	580,974,545	590,786,560
0.50%, 04/15/24	326,230,084	330,900,387
0.13%, 07/15/24	527,496,896	532,828,085
0.13%, 10/15/24	470,536,961	473,542,097
0.25%, 01/15/25	482,389,961	485,265,941
2.38%, 01/15/25	328,797,281	348,612,548
0.13%, 04/15/25	385,447,684	385,598,278
0.38%, 07/15/25	528,966,649	534,174,992
0.13%, 10/15/25	468,948,056	468,921,574
0.63%, 01/15/26	445,360,175	450,666,156
2.00%, 01/15/26	212,204,322	224,942,727
0.13%, 04/15/26	362,339,181	359,018,310
0.13%, 07/15/26	443,896,252	440,397,910
0.13%, 10/15/26	501,252,577	496,676,683
0.38%, 01/15/27	413,362,661	411,988,263
2.38%, 01/15/27	205,169,867	222,980,390
0.13%, 04/15/27	512,194,919	504,211,418
0.38%, 07/15/27	455,732,321	454,318,826
0.50%, 01/15/28	465,409,722	462,386,979
1.75%, 01/15/28	192,888,102	204,761,399
3.63%, 04/15/28	198,065,855	231,432,649
0.75%, 07/15/28	405,137,464	408,428,639
0.88%, 01/15/29	347,489,380	350,727,160
2.50%, 01/15/29	178,112,078	198,189,667
3.88%, 04/15/29	234,583,742	283,220,302
0.25%, 07/15/29	410,625,555	398,351,120
0.13%, 01/15/30	463,762,179	442,681,118
0.13%, 07/15/30	513,521,509	489,758,060
0.13%, 01/15/31	531,503,622	505,533,383
0.13%, 07/15/31	543,444,131	517,005,155
0.13%, 01/15/32	592,772,146	562,412,847

SECURITY RATE, MATURITY DATE	FACE AMOUNT ($)	VALUE ($)
3.38%, 04/15/32	82,500,268	103,145,901
2.13%, 02/15/40	107,975,907	126,157,948
2.13%, 02/15/41	155,690,487	180,968,885
0.75%, 02/15/42	252,356,645	230,830,509
0.63%, 02/15/43	198,166,236	175,233,445
1.38%, 02/15/44	272,565,986	278,896,653
0.75%, 02/15/45	300,023,944	269,303,313
1.00%, 02/15/46	154,481,302	146,446,915
0.88%, 02/15/47	189,321,757	175,066,603
1.00%, 02/15/48	137,648,049	131,363,684
1.00%, 02/15/49	128,933,561	124,139,644
0.25%, 02/15/50	194,871,818	153,851,499
0.13%, 02/15/51	196,132,404	151,256,551
0.13%, 02/15/52	118,024,665	91,942,422
Total Treasuries (Cost $17,351,646,860)		15,730,721,917

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 1.43% (a)	1,137,973	1,137,973
Total Short-Term Investments (Cost $1,137,973)		1,137,973
Total Investments in Securities (Cost $17,352,784,833)		15,731,859,890

(a)	The rate shown is the 7-day yield.

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Schwab Fixed-Income ETFs | Semiannual Report

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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

Figures for the current period are unaudited

OPERATIONS
	1/1/22-6/30/22		1/1/21-12/31/21
Net investment income		$667,787,900	$856,417,676
Net realized gains (losses)		(32,158,988)	439,588,857
Net change in unrealized appreciation (depreciation)	+	(2,367,889,154)	(200,941,689)
Increase (decrease) in net assets resulting from operations		($1,732,260,242)	$1,095,064,844
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($457,432,840)	($852,013,180)

TRANSACTIONS IN FUND SHARES
	1/1/22-6/30/22			1/1/21-12/31/21
		SHARES	VALUE	SHARES	VALUE
Shares sold		92,500,000	$5,527,695,769	203,700,000	$12,711,611,994
Shares redeemed	+	(149,000,000)	(8,873,875,138)	(91,700,000)	(5,740,942,233)
Net transactions in fund shares		(56,500,000)	($3,346,179,369)	112,000,000	$6,970,669,761
SHARES OUTSTANDING AND NET ASSETS
	1/1/22-6/30/22			1/1/21-12/31/21
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		339,050,000	$21,303,728,610	227,050,000	$14,090,007,185
Total increase (decrease)	+	(56,500,000)	(5,535,872,451)	112,000,000	7,213,721,425
End of period		282,550,000	$15,767,856,159	339,050,000	$21,303,728,610

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Schwab Fixed-Income ETFs | Semiannual Report

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Table of Contents

Schwab Short-Term U.S. Treasury ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	1/1/22– 6/30/22*	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	$50.84	$51.39	$50.48	$49.88	$50.03	$50.41
Income (loss) from investment operations:
Net investment income (loss)¹	0.16	0.21	0.65	1.14	0.94	0.57
Net realized and unrealized gains (losses)	(1.69)	(0.55)	0.91	0.60	(0.20) ²	(0.39)
Total from investment operations	(1.53)	(0.34)	1.56	1.74	0.74	0.18
Less distributions:
Distributions from net investment income	(0.11)	(0.21)	(0.65)	(1.14)	(0.89)	(0.56)
Net asset value at end of period	$49.20	$50.84	$51.39	$50.48	$49.88	$50.03
Total return	(3.00%) ³	(0.66%)	3.11%	3.53%	1.50%	0.35%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04% ⁴	0.05% ⁵	0.05%	0.06% ⁶	0.06%	0.06%
Net investment income (loss)	0.65% ⁴	0.41%	1.26%	2.27%	1.89%	1.13%
Portfolio turnover rate⁷	38% ³	73%	74%	77%	65%	65%
Net assets, end of period (x 1,000,000)	$8,826	$8,956	$7,508	$5,263	$4,255	$2,181

*	Unaudited.
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	Not annualized.
⁴	Annualized.
⁵	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.
⁶	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.
⁷	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

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Schwab Fixed-Income ETFs | Semiannual Report

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Table of Contents

Schwab Short-Term U.S. Treasury ETF

Portfolio Holdings as of June 30, 2022 (Unaudited)

This section shows all the securities in the fund’s portfolio and their values as of the report date.

For fixed-rate obligations, the rate shown is the interest rate (the rate established when the obligation was issued). All securities are currently in a fixed-rate coupon period based on index eligibility requirements and the fund’s investment objective. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.

SECURITY RATE, MATURITY DATE	FACE AMOUNT ($)	VALUE ($)
TREASURIES 99.7% OF NET ASSETS
Bonds
6.25%, 08/15/23	18,075,000	18,771,876
7.50%, 11/15/24	9,180,000	10,125,612
7.63%, 02/15/25	8,600,000	9,596,055
Notes
0.13%, 07/15/23	213,104,000	207,006,396
0.13%, 07/31/23	10,323,000	10,016,133
1.25%, 07/31/23	68,141,000	66,932,562
2.75%, 07/31/23	63,946,000	63,818,607
0.13%, 08/15/23	94,758,600	91,810,349
2.50%, 08/15/23	109,234,000	108,711,298
0.13%, 08/31/23	18,247,000	17,661,813
1.38%, 08/31/23	121,142,000	118,972,327
2.75%, 08/31/23	53,133,000	53,024,036
0.13%, 09/15/23	218,893,000	211,650,719
0.25%, 09/30/23	258,732,000	250,292,889
1.38%, 09/30/23	7,477,000	7,334,616
2.88%, 09/30/23	69,877,000	69,831,962
0.13%, 10/15/23	103,008,000	99,352,423
0.38%, 10/31/23	146,243,000	141,350,143
1.63%, 10/31/23	57,942,000	56,951,780
2.88%, 10/31/23	61,611,000	61,558,053
0.25%, 11/15/23	23,383,000	22,536,280
2.75%, 11/15/23	142,921,000	142,535,784
0.50%, 11/30/23	145,269,000	140,369,008
2.13%, 11/30/23	64,943,000	64,213,660
2.88%, 11/30/23	59,786,000	59,724,112
0.13%, 12/15/23	14,690,200	14,100,584
0.75%, 12/31/23	162,050,000	156,796,036
2.25%, 12/31/23	58,687,000	58,076,059
2.63%, 12/31/23	67,609,000	67,286,801
0.13%, 01/15/24	217,701,600	208,457,785
0.88%, 01/31/24	135,671,000	131,304,090
2.25%, 01/31/24	64,487,000	63,774,116
2.50%, 01/31/24	78,958,000	78,387,405
0.13%, 02/15/24	151,909,000	145,159,138
2.75%, 02/15/24	121,804,000	121,413,847
1.50%, 02/29/24	133,682,000	130,548,828
2.13%, 02/29/24	61,041,000	60,227,915
2.38%, 02/29/24	58,428,000	57,888,226
0.25%, 03/15/24	145,689,000	139,121,614
2.13%, 03/31/24	107,475,000	105,925,849
2.25%, 03/31/24	130,405,000	128,777,484
0.38%, 04/15/24	104,960,000	100,222,450
2.00%, 04/30/24	9,119,000	8,962,089
2.25%, 04/30/24	91,806,000	90,635,114
2.50%, 04/30/24	121,259,000	120,224,035
0.25%, 05/15/24	124,263,000	118,129,941
2.50%, 05/15/24	151,952,000	150,637,260
2.00%, 05/31/24	157,257,000	154,437,431
2.50%, 05/31/24	120,792,000	119,725,634

SECURITY RATE, MATURITY DATE	FACE AMOUNT ($)	VALUE ($)
0.25%, 06/15/24	128,485,000	121,867,520
1.75%, 06/30/24	83,312,000	81,330,086
2.00%, 06/30/24	59,418,000	58,307,394
3.00%, 06/30/24	118,000,000	118,076,054
0.38%, 07/15/24	114,568,000	108,691,915
1.75%, 07/31/24	86,364,000	84,221,768
2.13%, 07/31/24	56,999,000	56,019,330
0.38%, 08/15/24	130,796,000	123,745,278
2.38%, 08/15/24	157,288,000	155,254,315
1.25%, 08/31/24	78,361,000	75,511,231
1.88%, 08/31/24	64,058,000	62,561,645
0.38%, 09/15/24	149,937,000	141,532,328
1.50%, 09/30/24	79,696,000	77,108,993
2.13%, 09/30/24	54,465,000	53,469,312
0.63%, 10/15/24	149,176,000	141,361,742
1.50%, 10/31/24	78,875,000	76,216,050
2.25%, 10/31/24	56,416,000	55,472,795
0.75%, 11/15/24	138,242,000	131,092,297
2.25%, 11/15/24	152,895,000	150,374,622
1.50%, 11/30/24	89,947,000	86,788,314
2.13%, 11/30/24	58,811,000	57,604,915
1.00%, 12/15/24	139,943,000	133,290,241
1.75%, 12/31/24	81,461,000	78,963,075
2.25%, 12/31/24	66,173,000	64,963,275
1.13%, 01/15/25	131,176,000	125,109,110
1.38%, 01/31/25	74,978,000	71,920,303
2.50%, 01/31/25	67,104,000	66,233,745
1.50%, 02/15/25	129,821,000	124,790,436
2.00%, 02/15/25	136,683,000	133,217,873
1.13%, 02/28/25	84,383,000	80,328,661
2.75%, 02/28/25	68,700,000	68,222,321
1.75%, 03/15/25	124,365,000	120,255,126
0.50%, 03/31/25	101,681,000	94,912,858
2.63%, 03/31/25	41,300,000	40,890,227
2.63%, 04/15/25	119,009,000	117,730,583
0.38%, 04/30/25	109,190,000	101,350,500
2.88%, 04/30/25	63,626,000	63,367,519
2.13%, 05/15/25	130,864,000	127,689,526
2.75%, 05/15/25	116,768,000	115,883,118
0.25%, 05/31/25	107,171,000	98,907,112
2.88%, 05/31/25	58,021,000	57,783,023
2.88%, 06/15/25	115,000,000	114,555,273
0.25%, 06/30/25	110,000,000	101,290,234
2.75%, 06/30/25	45,000,000	44,655,469
Total Treasuries (Cost $9,063,036,517)		8,797,285,736

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Schwab Short-Term U.S. Treasury ETF

Portfolio Holdings as of June 30, 2022 (Unaudited) (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 1.43% (a)	6,683,113	6,683,113
Total Short-Term Investments (Cost $6,683,113)		6,683,113
Total Investments in Securities (Cost $9,069,719,630)		8,803,968,849

(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 June 30, 2022 (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 ¹	$—	$8,797,285,736	$—	$8,797,285,736
Short-Term Investments¹	6,683,113	—	—	6,683,113
Total	$6,683,113	$8,797,285,736	$—	$8,803,968,849

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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Schwab Short-Term U.S. Treasury ETF

Statement of Changes in Net Assets

For the current and prior report periods

Figures for the current period are unaudited

OPERATIONS
	1/1/22-6/30/22		1/1/21-12/31/21
Net investment income		$27,064,287	$34,884,979
Net realized gains (losses)		(77,429,275)	32,936,548
Net change in unrealized appreciation (depreciation)	+	(206,545,684)	(127,210,855)
Decrease in net assets from operations		($256,910,672)	($59,389,328)
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($19,128,080)	($34,862,540)

TRANSACTIONS IN FUND SHARES
	1/1/22-6/30/22			1/1/21-12/31/21
		SHARES	VALUE	SHARES	VALUE
Shares sold		40,200,000	$2,000,585,228	137,050,000	$7,021,323,331
Shares redeemed	+	(36,950,000)	(1,854,504,681)	(107,000,000)	(5,479,187,668)
Net transactions in fund shares		3,250,000	$146,080,547	30,050,000	$1,542,135,663
SHARES OUTSTANDING AND NET ASSETS
	1/1/22-6/30/22			1/1/21-12/31/21
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		176,150,000	$8,955,807,552	146,100,000	$7,507,923,757
Total increase (decrease)	+	3,250,000	(129,958,205)	30,050,000	1,447,883,795
End of period		179,400,000	$8,825,849,347	176,150,000	$8,955,807,552

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Table of Contents

Schwab Intermediate-Term U.S. Treasury ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	1/1/22– 6/30/22*	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	$56.16	$58.21	$54.97	$52.89	$53.35	$53.41
Income (loss) from investment operations:
Net investment income (loss)¹	0.43	0.55	0.94	1.28	1.21	0.89
Net realized and unrealized gains (losses)	(4.75)	(2.04)	3.24	2.07	(0.55) ²	(0.07)
Total from investment operations	(4.32)	(1.49)	4.18	3.35	0.66	0.82
Less distributions:
Distributions from net investment income	(0.27)	(0.56)	(0.94)	(1.27)	(1.12)	(0.88)
Net asset value at end of period	$51.57	$56.16	$58.21	$54.97	$52.89	$53.35
Total return	(7.70%) ³	(2.57%)	7.62%	6.38%	1.28%	1.54%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04% ⁴	0.05% ⁵	0.05%	0.06% ⁶	0.06%	0.06%
Net investment income (loss)	1.64% ⁴	0.97%	1.63%	2.35%	2.34%	1.66%
Portfolio turnover rate⁷	26% ³	56%	51%	38%	41%	30%
Net assets, end of period (x 1,000,000)	$7,072	$3,712	$3,953	$4,736	$3,480	$1,166

*	Unaudited.
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	Not annualized.
⁴	Annualized.
⁵	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.
⁶	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.
⁷	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

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Schwab Intermediate-Term U.S. Treasury ETF

Portfolio Holdings as of June 30, 2022 (Unaudited)

This section shows all the securities in the fund’s portfolio and their values as of the report date.

SECURITY RATE, MATURITY DATE	FACE AMOUNT ($)	VALUE ($)
TREASURIES 99.6% OF NET ASSETS
Bonds
6.88%, 08/15/25	4,245,000	4,730,522
6.00%, 02/15/26	9,445,000	10,391,714
6.75%, 08/15/26	5,752,000	6,567,166
6.50%, 11/15/26	6,051,000	6,893,649
6.63%, 02/15/27	3,276,000	3,771,495
6.38%, 08/15/27	4,430,000	5,117,861
6.13%, 11/15/27	11,496,000	13,215,909
5.50%, 08/15/28	6,502,000	7,375,960
5.25%, 11/15/28	11,445,000	12,880,990
5.25%, 02/15/29	6,668,000	7,540,570
6.13%, 08/15/29	5,992,000	7,176,356
6.25%, 05/15/30	9,476,000	11,613,282
5.38%, 02/15/31	11,566,000	13,622,579
Notes
0.25%, 07/31/25	67,425,050	61,912,526
2.00%, 08/15/25	106,493,000	103,210,853
0.25%, 08/31/25	5,533,000	5,067,450
2.75%, 08/31/25	55,807,000	55,320,869
0.25%, 09/30/25	7,034,000	6,427,043
3.00%, 09/30/25	46,237,000	46,179,204
0.25%, 10/31/25	163,077,000	148,642,138
3.00%, 10/31/25	30,279,000	30,238,786
2.25%, 11/15/25	88,490,000	86,212,074
0.38%, 11/30/25	10,940,000	9,994,288
2.88%, 11/30/25	37,626,000	37,408,475
0.38%, 12/31/25	160,449,000	146,227,954
2.63%, 12/31/25	36,487,000	35,986,729
0.38%, 01/31/26	90,907,000	82,665,002
2.63%, 01/31/26	41,103,000	40,520,172
1.63%, 02/15/26	79,336,000	75,443,578
0.50%, 02/28/26	91,066,000	83,019,466
2.50%, 02/28/26	42,923,000	42,109,810
0.75%, 03/31/26	158,984,000	146,066,550
2.25%, 03/31/26	38,369,000	37,289,872
0.75%, 04/30/26	12,822,000	11,755,670
2.38%, 04/30/26	30,696,000	29,965,771
1.63%, 05/15/26	76,899,000	72,894,845
0.75%, 05/31/26	89,111,000	81,543,527
2.13%, 05/31/26	36,179,000	34,957,959
0.88%, 06/30/26	69,755,000	64,043,809
1.88%, 06/30/26	35,636,000	34,089,453
0.63%, 07/31/26	84,912,000	77,014,521
1.88%, 07/31/26	36,121,000	34,509,665
1.50%, 08/15/26	74,361,000	69,849,960
0.75%, 08/31/26	91,370,000	83,171,684
1.38%, 08/31/26	35,699,000	33,372,987
0.88%, 09/30/26	85,098,000	77,731,704
1.63%, 09/30/26	26,855,000	25,337,063
1.13%, 10/31/26	86,208,000	79,469,633
1.63%, 10/31/26	33,841,000	31,879,280

SECURITY RATE, MATURITY DATE	FACE AMOUNT ($)	VALUE ($)
2.00%, 11/15/26	73,637,000	70,421,135
1.25%, 11/30/26	14,340,000	13,280,745
1.63%, 11/30/26	31,151,000	29,319,662
1.25%, 12/31/26	158,806,000	146,808,704
1.75%, 12/31/26	32,673,000	30,898,958
1.50%, 01/31/27	112,326,000	104,884,403
2.25%, 02/15/27	68,583,000	66,142,409
1.13%, 02/28/27	19,848,000	18,188,056
1.88%, 02/28/27	78,469,000	74,499,572
0.63%, 03/31/27	29,798,000	26,600,535
2.50%, 03/31/27	87,916,000	85,793,653
0.50%, 04/30/27	46,158,000	40,858,845
2.75%, 04/30/27	69,141,000	68,217,320
2.38%, 05/15/27	81,646,000	79,053,102
0.50%, 05/31/27	45,386,000	40,086,830
2.63%, 05/31/27	66,774,000	65,519,379
0.50%, 06/30/27	53,638,000	47,281,059
3.25%, 06/30/27	70,000,000	70,694,532
0.38%, 07/31/27	65,730,000	57,459,831
2.25%, 08/15/27	64,592,000	62,041,120
0.50%, 08/31/27	55,847,000	49,016,650
0.38%, 09/30/27	72,097,000	62,718,758
0.50%, 10/31/27	71,756,000	62,699,608
2.25%, 11/15/27	63,986,000	61,356,575
0.63%, 11/30/27	75,973,000	66,728,629
0.63%, 12/31/27	84,680,000	74,214,081
0.75%, 01/31/28	91,421,000	80,539,758
2.75%, 02/15/28	87,348,000	85,829,646
1.13%, 02/29/28	93,632,000	84,210,280
1.25%, 03/31/28	81,659,000	73,789,752
1.25%, 04/30/28	91,012,000	82,120,554
2.88%, 05/15/28	97,163,000	96,054,735
1.25%, 05/31/28	93,954,000	84,650,352
1.25%, 06/30/28	84,641,000	76,153,756
1.00%, 07/31/28	91,798,000	81,212,543
2.88%, 08/15/28	98,418,000	97,233,908
1.13%, 08/31/28	91,261,000	81,236,550
1.25%, 09/30/28	92,307,000	82,690,485
1.38%, 10/31/28	86,590,000	78,086,592
3.13%, 11/15/28	86,347,000	86,539,257
1.50%, 11/30/28	85,938,000	78,055,874
1.38%, 12/31/28	82,585,000	74,449,088
1.75%, 01/31/29	79,995,000	73,776,639
2.63%, 02/15/29	87,097,000	84,810,704
1.88%, 02/28/29	75,452,000	70,158,571
2.38%, 03/31/29	71,271,000	68,247,551
2.88%, 04/30/29	64,856,000	64,116,236
2.38%, 05/15/29	74,313,000	71,212,755
2.75%, 05/31/29	60,311,000	59,147,186
3.25%, 06/30/29	60,000,000	60,717,188
1.63%, 08/15/29	68,421,000	62,311,219
1.75%, 11/15/29	50,962,000	46,777,542
1.50%, 02/15/30	88,680,000	79,673,438

₂₇

Schwab Fixed-Income ETFs | Semiannual Report

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Table of Contents

Schwab Intermediate-Term U.S. Treasury ETF

Portfolio Holdings as of June 30, 2022 (Unaudited) (continued)

SECURITY RATE, MATURITY DATE	FACE AMOUNT ($)	VALUE ($)
0.63%, 05/15/30	115,768,000	96,575,836
0.63%, 08/15/30	157,678,000	130,761,873
0.88%, 11/15/30	163,767,000	138,293,556
1.13%, 02/15/31	153,627,000	132,023,203
1.63%, 05/15/31	157,231,000	140,500,639
1.25%, 08/15/31	171,699,000	147,822,108
1.38%, 11/15/31	162,415,000	140,895,012
1.88%, 02/15/32	158,309,000	143,430,428
2.88%, 05/15/32	102,798,000	101,665,616
Total Treasuries (Cost $7,391,924,427)		7,042,983,004

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 1.43% (a)	5,450,486	5,450,486
Total Short-Term Investments (Cost $5,450,486)		5,450,486
Total Investments in Securities (Cost $7,397,374,913)		7,048,433,490

(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 June 30, 2022 (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 ¹	$—	$7,042,983,004	$—	$7,042,983,004
Short-Term Investments¹	5,450,486	—	—	5,450,486
Total	$5,450,486	$7,042,983,004	$—	$7,048,433,490

¹	As categorized in the Portfolio Holdings.

₂₈

Schwab Fixed-Income ETFs | Semiannual Report

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Assets
Investments in securities, at value - unaffiliated (cost $17,352,784,833)		$15,731,859,890
Receivables:
Investments sold		238,136,788
Interest		37,991,075
Dividends	+	17,249
Total assets		16,008,005,002
Liabilities
Payables:
Investments bought		236,704,062
Fund shares redeemed		2,790,270
Management fees		649,660
Due to custodian	+	4,851
Total liabilities		240,148,843
Net assets		$15,767,856,159
Net Assets by Source
Capital received from investors		$17,262,707,130
Total distributable loss	+	(1,494,850,971)
Net assets		$15,767,856,159

For the period January 1, 2022 through June 30, 2022; unaudited
Investment Income
Interest received from securities - unaffiliated		$672,470,530
Dividends received from securities - unaffiliated	+	25,806
Total investment income		672,496,336
Expenses
Management fees		4,708,436
Total expenses	–	4,708,436
Net investment income		667,787,900
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated		(121,587,531)
Net realized gains on sales of in-kind redemptions - unaffiliated	+	89,428,543
Net realized losses		(32,158,988)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated	+	(2,367,889,154)
Net realized and unrealized losses		(2,400,048,142)
Decrease in net assets resulting from operations		($1,732,260,242)

Assets
Investments in securities, at value - unaffiliated (cost $9,069,719,630)		$8,803,968,849
Receivables:
Investments sold		372,207,101
Interest		28,262,327
Fund shares sold		7,367,910
Dividends	+	1,265
Total assets		9,211,807,452
Liabilities
Payables:
Investments bought		385,666,973
Management fees		286,836
Due to custodian	+	4,296
Total liabilities		385,958,105
Net assets		$8,825,849,347
Net Assets by Source
Capital received from investors		$9,171,791,705
Total distributable loss	+	(345,942,358)
Net assets		$8,825,849,347

For the period January 1, 2022 through June 30, 2022; unaudited
Investment Income
Interest received from securities - unaffiliated		$28,724,054
Dividends received from securities - unaffiliated	+	7,142
Total investment income		28,731,196
Expenses
Management fees		1,666,909
Total expenses	–	1,666,909
Net investment income		27,064,287
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated		(61,740,159)
Net realized losses on sales of in-kind redemptions - unaffiliated	+	(15,689,116)
Net realized losses		(77,429,275)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated	+	(206,545,684)
Net realized and unrealized losses		(283,974,959)
Decrease in net assets resulting from operations		($256,910,672)

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

Net Asset Value (NAV)
Net Assets	÷	Shares Outstanding	=	NAV
$15,767,856,159		282,550,000		$55.81