(CHARLES SCHWAB ASSET MANAGMENT LOGO)
Semiannual Report | June 30, 2023
Schwab Municipal Bond ETF
    Ticker Symbol SCMB

In This Report
2
3
4
5
6
34
42
44
48
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset ManagementTM
Distributor: SEI Investments Distribution Co. (SIDCO)
1Schwab Municipal Bond ETF | Semiannual Report

Schwab Municipal Bond ETF
Performance at a Glance
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Total Returns for the 6 Months Ended June 30, 2023
Schwab Municipal Bond ETF (Ticker Symbol: SCMB)
Market Price Return1
2.33%
NAV Return1
2.45%
ICE AMT-Free Core U.S. National Municipal Index
2.74%
ETF Category: Morningstar Muni National Interm2
2.27%
Performance Details
page 4
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 is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
“ICE®” is a registered trademark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the ICE AMT-Free Core U.S. National Municipal Index (“Index”) for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, in connection with the Schwab Municipal Bond ETF. The Schwab Municipal Bond ETF is not sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in the Schwab Municipal Bond ETF.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
Schwab Municipal Bond ETF | Semiannual Report2

Schwab Municipal Bond ETF
Fund Management
(Photo of Jason D. Diefenthaler)
Jason D. Diefenthaler, Managing Director and Head of Tax-Exempt Strategies for Schwab Asset
Management, is responsible for the day-to-day co-management of the fund and for developing, managing,
and implementing Schwab Asset Management’s tax-exempt fixed income investment strategies, including
separately managed accounts, actively managed mutual funds, and exchange-traded funds (ETFs). Previously,
Mr. Diefenthaler led the portfolio management team for the Wasmer SchroederTM Municipal Bond Strategies
and was responsible for the day-to-day co-management of several tax-free Schwab Funds. Prior to that, he
was the director of tax-exempt portfolio management at Wasmer Schroeder & Company, LLC (Schwab Asset
Management became the investment adviser for Wasmer Schroeder Strategies in 2020). He oversaw all
tax-exempt strategies and management of the Wasmer Schroeder High Yield Municipal Fund, which
subsequently reorganized into the Schwab Opportunistic Municipal Bond Fund. Mr. Diefenthaler began his
career with Wasmer Schroeder in 2000. He was a credit analyst for taxable and tax-exempt strategies before
becoming a portfolio manager.
Matthew Hastings, CFA, Managing Director and Head of Taxable Bond Strategies for Schwab Asset
Management, is responsible for the day-to-day co-management of the fund. Mr. Hastings leads the portfolio
management team for the Schwab Taxable Bond Funds and Schwab Fixed-Income ETFs. 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 for Schwab Asset Management, is responsible for the day-to-day
co-management of the fund. He is primarily responsible for the management and oversight of corporate
bonds within the taxable bond strategies, with additional responsibility for managing municipal bond index
strategies. Mr. Hung has been a portfolio manager with Schwab Asset Management since 2005 and prior to
that, served in various roles as an associate portfolio manager and trader since 1999. In 1998, he joined
Schwab’s management training program and worked as a clerk on the options trading floor of the Pacific
Coast Stock Exchange.
John Khodarahmi, Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day
co-management of the fund. He is a member of the team responsible for management of the Schwab
Tax-Free Bond Funds and has been a portfolio manager with Schwab Asset Management since 2015. Prior to
joining Schwab in 2015, Mr. Khodarahmi was a vice president and senior municipal trader at Eaton Vance
Management for the firm’s tax-free bond funds. Previous to Eaton Vance, he was a vice president and portfolio
manager at both Banc of America Montgomery Securities and Thomas Weisel Partners, managing corporate
cash and high net worth portfolios. Prior to those roles, Mr. Khodarahmi was a municipal trader and
underwriter for Fleet Securities, Inc. (now part of Bank of America).
3Schwab Municipal Bond ETF | Semiannual Report

Schwab Municipal Bond ETF as of June 30, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Average Annual Total Returns1
Fund and Inception Date
6 Months
Since Inception*
Fund: Schwab Municipal Bond ETF (10/12/22)
Market Price Return2
2.33%
5.61%
NAV Return2
2.45%
5.45%
ICE AMT-Free Core U.S. National Municipal Index
2.74%
5.40%
ETF Category: Morningstar Muni National Interm3
2.27%
N/A
Fund Expense Ratio4: 0.03%
Portfolio Composition % of Investments5
By Security Type

Weighted Average Maturity6
7.3 Yrs
Weighted Average Duration6
6.1 Yrs
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.
“ICE®” is a registered trademark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the ICE AMT-Free Core U.S. National Municipal Index (“Index”) for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, in connection with the Schwab Municipal Bond ETF. The Schwab Municipal Bond ETF is not sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in the Schwab Municipal Bond 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.
*
Inception (10/12/22) 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.
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.
Schwab Municipal Bond ETF | Semiannual Report4

Schwab Municipal Bond ETF
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 the 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, 2023 and held through June 30, 2023.
The Actual Return line in the table below provides 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 the fund under the heading entitled “Expenses Paid During Period.”
The Hypothetical Return line in the table below provides information about hypothetical account values and hypothetical expenses based on the 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 the 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 line of the table is 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 1/1/23
ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 6/30/23
EXPENSES PAID
DURING PERIOD
1/1/23-6/30/23 2
Schwab Municipal Bond ETF
Actual Return
0.03%
$1,000.00
$1,024.50
$0.15
Hypothetical 5% Return
0.03%
$1,000.00
$1,024.65
$0.15
1
Based on the most recent six-month expense ratio.
2
Expenses for the fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 days in the period, and divided by
365 days in the fiscal year.
5Schwab Municipal Bond ETF | Semiannual Report

Schwab Municipal Bond ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
1/1/23–
6/30/23*
10/12/221
12/31/22
 
 
 
 
Per-Share Data
Net asset value at beginning of period
$51.16
$50.00
Income (loss) from investment operations:
Net investment income (loss)2
0.84
0.39
Net realized and unrealized gains (losses)
0.35
3
1.00
Total from investment operations
1.19
1.39
Less distributions:
Distributions from net investment income
(0.66
)
(0.30
)
Other capital2
0.06
0.07
Net asset value at end of period
$51.75
$51.16
Total return
2.45
%4
2.93
%4
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.03
%5
0.03
%5
Net investment income (loss)
3.31
%5
3.50
%5
Portfolio turnover rate6
21
%4
13
%4
Net assets, end of period (x 1,000)
$139,716
$61,387
*
Unaudited.
1
Commencement of operations.
2
Calculated based on the average shares outstanding during the period.
3
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 fund transactions in relation to
fluctuating market values.
4
Not annualized.
5
Annualized.
6
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab Municipal Bond ETF | Semiannual Report6

Schwab Municipal Bond ETF
Portfolio Holdings  as of June 30, 2023 (Unaudited)
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund’s website.
Based on index eligibility requirements, securities must have a fixed coupon schedule (including zero coupon bonds), the rate shown is the interest rate. The index excludes certain types of securities, including, among others, step coupon securities, taxable municipal securities, floating rate notes and variable rate demand obligations or notes. The maturity date shown for all the securities is the final legal maturity.
ISSUER
TYPE OF SECURITY, SERIES
RATE
MATURITY
FACE
AMOUNT ($)
VALUE ($)
MUNICIPAL SECURITIES 98.3% OF NET ASSETS
ALABAMA 0.6%
Alabama Federal Aid Highway Finance Auth
Special Obligation RB Series 2017A
4.00%
06/01/37 (a)(b)
235,000
246,845
Alabama State Corrections Institution Finance Auth
RB Series 2022A
5.25%
07/01/47 (b)
100,000
108,856
Birmingham Water Works Board
Water Refunding RB Series 2015A
5.00%
01/01/42 (a)(b)
300,000
308,571
Tuscaloosa City Board of Education Capital Outlay Warrants
School Tax Warrants Series 2016
5.00%
08/01/46 (a)(b)
200,000
212,013
 
 
 
876,285
ARIZONA 1.1%
Arizona Health Facilities Auth
RB (Banner Health) Series 2014A
5.00%
01/01/44 (a)(b)
150,000
151,282
Glendale Municipal Property Corp
Sub Excise Tax Refunding RB Series 2012C
4.00%
07/01/38 (b)
130,000
126,900
Maricopa Cnty
GO Bonds Series 2018C
4.00%
07/01/38 (b)
400,000
400,757
Mesa
Utility Systems RB Series 2019A
5.00%
07/01/43 (b)
75,000
80,778
Phoenix Civic Improvement Corp
Jr Lien Airport RB Series 2019A
4.00%
07/01/49 (b)
100,000
96,294
Salt River Project Agricultural Improvement & Power District
Electric System RB Series 2017A
5.00%
01/01/36 (b)
185,000
200,404
Electric System RB Series 2021A
5.00%
01/01/24
200,000
201,836
Refunding RB Series 2016A
5.00%
01/01/31 (b)
300,000
322,138
 
 
 
1,580,389
CALIFORNIA 20.1%
Alameda Cnty Transportation Commission
Sr Sales Tax RB Series 2022
5.00%
03/01/45 (b)
110,000
123,169
Anaheim Public Financing Auth
Sub Lease RB Series 1997C
0.00%
09/01/32 (c)(d)
100,000
71,588
Baldwin Park USD
GO Bonds Series 2013
0.00%
08/01/42 (a)(b)(c)(d)
35,000
9,677
See financial notes
7Schwab Municipal Bond ETF | Semiannual Report

Schwab Municipal Bond ETF
Portfolio Holdings  as of June 30, 2023 (Unaudited) (continued)
ISSUER
TYPE OF SECURITY, SERIES
RATE
MATURITY
FACE
AMOUNT ($)
VALUE ($)
Bay Area Toll Auth
Sub Toll Bridge RB Series 2014S6
5.00%
10/01/54 (a)(b)
175,000
179,285
Sub Toll Bridge RB Series 2017 S7
4.00%
04/01/32 (b)
140,000
145,094
Sub Toll Bridge RB Series 2017S7
4.00%
04/01/33 (b)
190,000
196,415
Sub Toll Bridge RB Series 2017S7
3.25%
04/01/36 (b)
100,000
95,826
Beverly Hills USD
GO Bonds Series 2009
0.00%
08/01/33 (d)
150,000
105,672
California
GO Bonds
5.00%
08/01/23
195,000
195,272
GO Bonds
4.00%
11/01/23
100,000
100,324
GO Bonds
5.00%
08/01/24
60,000
61,333
GO Bonds
5.00%
11/01/24
50,000
51,381
GO Bonds
5.00%
11/01/25 (b)
500,000
512,171
GO Bonds
5.00%
08/01/27 (b)
200,000
213,073
GO Bonds
5.00%
11/01/28
120,000
134,344
GO Bonds
5.00%
11/01/29
100,000
113,988
GO Bonds
5.00%
10/01/30 (b)
275,000
306,473
GO Bonds
5.00%
11/01/30
50,000
58,115
GO Bonds
5.00%
04/01/31 (b)
125,000
140,801
GO Bonds
4.00%
09/01/31 (b)
180,000
186,105
GO Bonds
5.00%
11/01/32 (b)
520,000
579,866
GO Bonds
5.00%
12/01/32 (b)
150,000
158,902
GO Bonds
3.00%
10/01/33 (b)
325,000
320,807
GO Bonds
3.75%
04/01/37 (b)
105,000
105,004
GO Bonds
5.00%
10/01/39 (b)
200,000
230,883
GO Bonds
4.00%
04/01/49 (b)
250,000
251,504
GO Bonds
5.25%
10/01/50 (b)
170,000
194,756
GO Refunding Bonds
5.00%
08/01/25
380,000
395,857
GO Refunding Bonds
5.00%
10/01/25
490,000
512,173
GO Refunding Bonds
5.00%
12/01/26
300,000
321,518
GO Refunding Bonds
5.00%
03/01/27 (b)
250,000
258,725
GO Refunding Bonds
5.00%
12/01/27
210,000
230,404
GO Refunding Bonds
5.00%
10/01/28
325,000
363,195
GO Refunding Bonds
5.00%
03/01/30 (b)
150,000
154,997
GO Refunding Bonds
5.00%
04/01/31 (b)
130,000
146,433
GO Refunding Bonds
5.25%
08/01/32 (c)
300,000
359,299
GO Refunding Bonds
5.00%
09/01/32 (b)
150,000
156,428
GO Refunding Bonds
5.00%
08/01/33 (b)
400,000
407,779
GO Refunding Bonds
5.00%
03/01/35 (b)
245,000
279,150
GO Refunding Bonds
3.50%
08/01/35 (b)
200,000
200,175
GO Refunding Bonds
3.00%
10/01/36 (b)
200,000
184,917
GO Refunding Bonds
5.00%
11/01/36 (b)
95,000
104,575
GO Refunding Bonds
5.00%
04/01/37 (b)
190,000
210,072
GO Refunding Bonds
4.00%
11/01/37 (b)
150,000
155,371
GO Refunding Bonds
5.00%
09/01/41 (b)
100,000
112,413
GO Refunding Bonds
5.00%
04/01/42 (b)
100,000
112,750
GO Refunding Bonds
5.00%
10/01/42 (b)
175,000
199,483
ULT GO Bonds
5.00%
10/01/26 (b)
125,000
132,337
See financial notes
Schwab Municipal Bond ETF | Semiannual Report8

Schwab Municipal Bond ETF
Portfolio Holdings  as of June 30, 2023 (Unaudited) (continued)
ISSUER
TYPE OF SECURITY, SERIES
RATE
MATURITY
FACE
AMOUNT ($)
VALUE ($)
California Dept of Water Resources
Water System RB Series AS
5.00%
12/01/29 (a)(b)
70,000
72,040
Water System RB Series BB
5.00%
12/01/23
250,000
252,074
California Educational Facilities Auth
RB (Loma Linda Univ) Series 2017A
5.00%
04/01/42 (b)
500,000
516,693
RB (Santa Clara Univ) Series 2015
5.00%
04/01/45 (b)
170,000
173,876
RB (Stanford Univ) Series V1
5.00%
05/01/49 (b)
200,000
237,541
RB (Stanford Univ) Series V2
2.25%
04/01/51 (b)
300,000
199,186
California Health Facilities Financing Auth
RB (Sutter Health) Series 2013A
5.00%
08/15/52 (a)(b)
80,000
80,166
California Infrastructure & Economic Development Bank
RB (UCSF 2130 3rd St) Series 2017
5.00%
05/15/42 (b)
100,000
106,936
RB (UCSF 2130 3rd St) Series 2017
5.00%
05/15/47 (b)
200,000
212,523
California Public Works Board
Lease RB Series 2014A
5.00%
09/01/27 (b)
715,000
731,555
Lease RB Series 2021B
4.00%
05/01/46 (b)
100,000
99,137
Lease RB Series 2021C
5.00%
11/01/46 (b)
200,000
219,835
California State Univ
RB Series 2015A
5.00%
11/01/38 (b)
60,000
62,360
RB Series 2015A
4.00%
11/01/43 (b)
75,000
75,033
RB Series 2016A
5.00%
11/01/30 (b)
200,000
213,226
Coast CCD
GO Bonds Series 2006B
0.00%
08/01/30 (c)(d)
385,000
308,070
GO Bonds Series 2019F
0.00%
08/01/40 (b)(d)
200,000
94,942
GO Refunding Bonds Series 2015
0.00%
08/01/34 (a)(b)(d)
150,000
95,631
Compton USD
GO Bonds Series 2019B
4.00%
06/01/49 (b)(c)
150,000
148,593
East Bay Municipal Utility District
Water System Refunding RB Series 2014B
5.00%
06/01/25
310,000
322,172
Foothill Eastern Transportation Corridor Agency
Sr Lien RB Series 1995A
0.00%
01/01/24 (a)(d)
100,000
98,487
Sr Lien Refunding RB Series 2021A
4.00%
01/15/46 (b)
335,000
324,869
Sr Lien Toll RB Series A
0.00%
01/01/28 (a)(d)
340,000
300,084
Grossmont-Cuyamaca CCD
GO Bonds Series 2018B
4.00%
08/01/47 (b)
130,000
129,689
Hayward USD
GO Bonds Series 2020
4.00%
08/01/45 (b)(c)
150,000
148,143
Los Angeles
Sub Refunding RB Series 2018B
5.00%
06/01/25
215,000
223,564
Los Angeles CCD
GO Bonds Series C1
5.00%
08/01/25
60,000
62,652
GO Refunding Bonds Series 2015A
5.00%
08/01/30 (a)(b)
250,000
255,633
GO Refunding Bonds Series 2015C
5.00%
08/01/25
155,000
161,850
GO Refunding Bonds Series 2016
4.00%
08/01/37 (b)
50,000
50,764
Los Angeles Cnty Metropolitan Transportation Auth
Jr Sub Sales Tax Refunding RB Series 2020A3
5.00%
06/01/33 (b)
100,000
109,190
Los Angeles Dept of Airports
Sr RB Series 2020D
4.00%
05/15/48 (b)
200,000
198,522
Sub RB Series 2022B
4.00%
05/15/48 (b)
150,000
147,735
Sub Refunding RB Series 2021B
5.00%
05/15/45 (b)
140,000
154,502
See financial notes
9Schwab Municipal Bond ETF | Semiannual Report

Schwab Municipal Bond ETF
Portfolio Holdings  as of June 30, 2023 (Unaudited) (continued)
ISSUER
TYPE OF SECURITY, SERIES
RATE
MATURITY
FACE
AMOUNT ($)
VALUE ($)
Los Angeles Dept of Water & Power
Power System RB Series 2017A
5.00%
07/01/47 (b)
100,000
105,074
Power System RB Series 2018B
5.00%
01/01/24 (b)
200,000
201,622
Power System RB Series 2019D
5.00%
07/01/44 (b)
250,000
270,567
Power System RB Series 2020B
5.00%
07/01/40 (b)
235,000
259,795
Power System RB Series 2022A
5.00%
07/01/51 (b)
250,000
273,365
Water System RB Series 2020A
5.00%
07/01/50 (b)
100,000
108,685
Water System RB Series 2022B
4.00%
07/01/49 (b)
100,000
100,434
Water System Refunding RB Series 2022C
5.00%
07/01/41 (b)
245,000
276,677
Los Angeles Municipal Improvement Corp
Lease Refunding RB Series 2016B
4.00%
11/01/33 (b)
80,000
82,717
Los Angeles USD
GO Bonds Series 2016A
4.00%
07/01/33 (b)
150,000
152,509
GO Bonds Series 2018B1
5.00%
07/01/33 (b)
125,000
137,157
GO Bonds Series 2020 RYQ
4.00%
07/01/44 (b)
330,000
327,164
GO Bonds Series 2020C
4.00%
07/01/44 (b)
150,000
148,711
GO Refunding Bonds Series 2014C
5.00%
07/01/25 (b)
250,000
254,906
GO Refunding Bonds Series 2014C
5.00%
07/01/28 (b)
485,000
494,169
GO Refunding Bonds Series 2017A
5.00%
07/01/25
200,000
208,371
Newport-Mesa USD
GO Bonds Series 2011
0.00%
08/01/33 (d)
250,000
179,642
Oakland USD
GO Bonds Series 2021A
4.00%
08/01/46 (b)(c)
195,000
195,054
Orange County Transportation Auth
BAN 2021
5.00%
10/15/24 (a)
210,000
215,381
Palomar CCD
GO Bonds Series D
4.00%
08/01/46 (b)
100,000
99,764
Peninsula Corridor Joint Powers Board
Sales Tax RB Series 2022A
5.00%
06/01/51 (b)
250,000
273,686
Riverside Cnty Transportation Commission
Toll Sr Lien Refunding RB Series 2021B1
4.00%
06/01/46 (b)
150,000
142,450
Riverside County Public Finance Auth
Lease RB Series 2015
5.25%
11/01/45 (a)(b)
100,000
105,365
Sacramento Municipal Utility District
Electric RB Series 2020H
4.00%
08/15/45 (b)
75,000
75,243
San Bernardino CCD
GO Bonds Series A
4.00%
08/01/49 (a)(b)
60,000
63,141
San Diego Assoc of Governments
Capital Grant Receipts RB (Mid Coast Corridor Transit) Series 2019A
5.00%
11/15/25 (b)
230,000
236,018
San Diego CCD
GO Bonds Series 2016
3.00%
08/01/34 (b)
60,000
58,811
GO Refunding Bonds Series 2016
5.00%
08/01/29 (a)(b)
145,000
154,942
San Diego Cnty Regional Airport Auth
Sub Airport RB Series 2021A
4.00%
07/01/46 (b)
115,000
111,645
San Diego Cnty Regional Transportation Commission
Sales Tax RB Series 2016A
5.00%
04/01/48 (b)
200,000
208,253
San Diego Public Facilities Financing Auth
Lease RB Series 2023A
4.00%
10/15/48 (b)
125,000
123,934
Sub Sewer RB Series 2022A
5.00%
05/15/47 (b)
15,000
16,600
Water Sub RB Series 2018A
5.00%
08/01/43 (b)
200,000
213,920
See financial notes
Schwab Municipal Bond ETF | Semiannual Report10

Schwab Municipal Bond ETF
Portfolio Holdings  as of June 30, 2023 (Unaudited) (continued)
ISSUER
TYPE OF SECURITY, SERIES
RATE
MATURITY
FACE
AMOUNT ($)
VALUE ($)
San Diego USD
GO Bonds Series 2006F1
5.25%
07/01/28 (c)
90,000
101,402
GO Bonds Series 2016I
0.00%
07/01/36 (b)(d)
175,000
103,618
GO Bonds Series 2020M2
4.00%
07/01/50 (b)
100,000
98,426
GO Refunding Bonds Series 2012R1
0.00%
07/01/30 (d)
50,000
40,077
GO Refunding Bonds Series 2016SR1
4.00%
07/01/32 (b)
220,000
227,331
Go Refunding Bonds Series R5
5.00%
07/01/29 (b)
115,000
123,189
San Francisco Airport Commission
RB 2nd Series 2014B
5.00%
05/01/44 (b)
100,000
100,960
RB 2nd Series 2018E
5.00%
05/01/48 (b)
100,000
105,205
San Francisco Municipal Transportation Agency
RB Series 2017
4.00%
03/01/46 (b)
440,000
439,134
San Francisco Public Utilities Commission
Wastewater RB Series 2018A
4.00%
10/01/43 (b)
200,000
200,646
Water RB Series 2020A
5.00%
11/01/50 (b)
295,000
321,281
Water Refunding RB Series 2016A
5.00%
11/01/26
350,000
375,426
Water Refunding RB Series 2016A
5.00%
11/01/35 (b)
100,000
106,890
San Joaquin Hills Transportation Corridor Agency Toll
Jr Lien RB
0.00%
01/01/26 (a)(d)
400,000
370,964
San Mateo SD
ULT GO Bonds Series 2020B
4.00%
08/01/51 (b)
150,000
148,221
Santa Monica CCD
GO Bonds Series 2018A
4.00%
08/01/47 (b)
250,000
247,932
Southern California Metropolitan Water District
RB Series 2021A
5.00%
10/01/46 (b)
100,000
110,522
Sub Water Refunding RB Series 2017A
2.50%
07/01/26
350,000
340,968
Sub Water Refunding RB Series 2017A
2.50%
07/01/27
285,000
278,163
Sunnyvale Financing Auth
Lease RB Series 2020
4.00%
04/01/50 (b)
250,000
245,389
Sweetwater UHSD
GO Bonds Series 2022A1
5.00%
08/01/52 (b)
175,000
189,360
Twin Rivers USD
GO Bonds Series 2016
0.00%
08/01/41 (b)(c)(d)
390,000
170,718
Univ of California
General RB Series 2020BE
5.00%
05/15/41 (b)
100,000
110,589
General RB Series 2023BN
5.00%
05/15/37 (b)
250,000
296,663
Limited Project RB Series 2017M
5.00%
05/15/35 (b)
90,000
97,252
Limited Project RB Series 2018O
5.00%
05/15/58 (b)
245,000
260,386
RB Series 2018O
4.00%
05/15/48 (b)
155,000
154,997
RB Series 2020 BE
4.00%
05/15/47 (b)
250,000
250,436
RB Series 2021Q
5.00%
05/15/46 (b)
90,000
99,080
 
 
 
28,018,149
COLORADO 1.1%
Colorado
COP Series 2020A
4.00%
12/15/35 (b)
150,000
155,519
COP Series 2021A
4.00%
12/15/39 (b)
25,000
25,410
Colorado Regional Transportation District
COP Series 2015A
4.00%
06/01/40 (b)
50,000
49,680
See financial notes
11Schwab Municipal Bond ETF | Semiannual Report

Schwab Municipal Bond ETF
Portfolio Holdings  as of June 30, 2023 (Unaudited) (continued)
ISSUER
TYPE OF SECURITY, SERIES
RATE
MATURITY
FACE
AMOUNT ($)
VALUE ($)
Colorado Springs
Utilities System Refunding RB Series 2022A
5.00%
11/15/30
75,000
87,069
Denver
RB Series 2021A
4.00%
08/01/51 (b)
275,000
265,625
Denver SD #1
GO Bonds Series 2022A
5.00%
12/01/45 (b)(c)
200,000
221,620
Jefferson Cnty SD #R1
GO Bonds Series 2018
5.00%
12/15/34 (b)(c)
145,000
159,687
Larimer & Weld SD #RE5J
GO Bonds Series 2021
4.00%
12/01/45 (b)(c)
200,000
198,370
Weld Cnty SD #6
GO Bonds Series 2021
4.00%
12/01/45 (b)(c)
200,000
200,189
Weld Cnty SD #RE2
GO Bonds Series 2016
5.00%
12/01/44 (b)(c)
220,000
236,861
 
 
 
1,600,030
CONNECTICUT 1.9%
Connecticut
GO Bonds Series 2016A
5.00%
03/15/32 (b)
115,000
120,528
GO Bonds Series 2016E
5.00%
10/15/24
55,000
56,362
GO Bonds Series 2016E
3.00%
10/15/32 (b)
200,000
195,206
GO Bonds Series 2020A
5.00%
01/15/25
100,000
102,979
GO Bonds Series 2020A
5.00%
01/15/26
100,000
104,795
GO Bonds Series 2020A
4.00%
01/15/35 (b)
180,000
189,742
GO Refunding Bonds Series 2022G
5.00%
11/15/27
210,000
228,461
Special Tax Obligation Bonds Series 2015A
5.00%
08/01/33 (b)
750,000
776,239
Special Tax Obligation Bonds Series 2020A
5.00%
05/01/24
200,000
203,006
Transportation RB Series 2016A
4.00%
09/01/35 (b)
170,000
172,558
Transportation RB Series 2020A
5.00%
05/01/27
500,000
538,771
 
 
 
2,688,647
DELAWARE 0.1%
Delaware Transportation Auth
RB Series 2015
5.00%
06/01/55 (b)
200,000
202,943
DISTRICT OF COLUMBIA 1.9%
District of Columbia
GO Bonds Series 2015A
5.00%
06/01/36 (b)
100,000
103,100
GO Bonds Series 2019A
5.00%
10/15/33 (b)
150,000
168,256
GO Bonds Series 2019A
5.00%
10/15/44 (b)
240,000
258,192
GO Refunding Bonds Series 2017A
5.00%
06/01/34 (b)
75,000
80,805
GO Refunding Bonds Series 2023B
5.00%
06/01/29
115,000
129,636
Income Tax Secured RB Series 2019A
5.00%
03/01/30 (b)
220,000
249,024
Income Tax Secured RB Series 2019A
4.00%
03/01/44 (b)
200,000
198,134
Income Tax Secured RB Series 2022A
5.00%
07/01/40 (b)
250,000
281,638
Income Tax Secured RB Series 2022A
5.00%
07/01/41 (b)
250,000
280,671
Refunding RB (Georgetown Univ) Series 2017
5.00%
04/01/35 (b)
70,000
74,105
Refunding RB Series 2020B
5.00%
10/01/29
295,000
334,284
See financial notes
Schwab Municipal Bond ETF | Semiannual Report12

Schwab Municipal Bond ETF
Portfolio Holdings  as of June 30, 2023 (Unaudited) (continued)
ISSUER
TYPE OF SECURITY, SERIES
RATE
MATURITY
FACE
AMOUNT ($)
VALUE ($)
Washington Metropolitan Transit Auth
RB Series 2020A
5.00%
07/15/45 (b)
125,000
135,604
RB Series 2021A
5.00%
07/15/46 (b)
280,000
306,115
 
 
 
2,599,564
FLORIDA 2.4%
Central Florida Expressway Auth
Sr Lien Refunding RB Series 2017
5.00%
07/01/42 (b)
125,000
130,940
Sr Lien Refunding RB Series 2021
4.00%
07/01/34 (b)(c)
175,000
187,294
Florida State Board of Education
Lottery Refunding RB Series 2017A
5.00%
07/01/27
165,000
178,337
Public Education Capital Outlay Refunding Bonds Series 2021A
5.00%
06/01/31
100,000
116,797
Public Education Capital Outlay Refunding Bonds Series 2021B
5.00%
06/01/29
125,000
140,909
Public Education Capital Outlay Refunding Bonds Series 2022C
5.00%
06/01/27
150,000
162,455
Public Education Refunding Bonds Series 2022C
5.00%
06/01/24
200,000
203,474
Fort Myers
Utility System Refunding RB Series 2019A
4.00%
10/01/44 (b)
100,000
100,011
Fort Pierce Utilities Authority
Utilities Refunding RB Series 2022A
4.00%
10/01/52 (b)
125,000
120,813
Hillsborough Cnty Aviation Auth
RB Series 2018F
5.00%
10/01/43 (b)
115,000
121,772
Manatee Cnty
Refunding RB Series 2022
4.00%
10/01/52 (b)
75,000
73,647
Miami-Dade Cnty
Facilities Tax RB Series 2009C
0.00%
10/01/44 (c)(d)
500,000
185,666
GO Refunding Bonds Series 2015B
4.00%
07/01/34 (b)
50,000
50,457
RB Series 2017B
5.00%
10/01/33 (b)
100,000
103,076
RB Series 2022
5.00%
07/01/49 (b)
200,000
216,285
Refunding RB Series 2009A
6.88%
10/01/34 (b)(c)
240,000
294,305
Water & Sewer Refunding RB Series 2015
5.00%
10/01/25
270,000
281,144
Water & Sewer System RB Series 2021
4.00%
10/01/44 (b)
25,000
24,728
Miami-Dade School Board
COP Series 2016C
3.25%
02/01/33 (b)
150,000
148,333
South Florida Water Management District COP
Refunding COP Series 2015
5.00%
10/01/35 (b)
175,000
181,670
Tampa
Tax Bonds ( H. Lee Moffitt Cancer Center) Series 2020A
0.00%
09/01/45 (b)(d)
300,000
101,281
Water & Wastewater RB Series 2022A
5.25%
10/01/57 (b)
200,000
222,571
Tampa Bay Water
Utility System RB Series 2022
5.00%
10/01/52 (b)
35,000
38,255
 
 
 
3,384,220
GEORGIA 2.1%
Atlanta
Water & Wastewater Refunding RB Series 2015
5.00%
11/01/40 (b)
60,000
61,447
Water & Wastewater Refunding RB Series 2018B
5.00%
11/01/43 (b)
100,000
105,511
De Kalb Cnty
Water & Sewerage RB Series 2022
5.00%
10/01/41 (b)
225,000
252,679
Fulton Cnty
Water & Sewerage RB Series 2020A
2.25%
01/01/43 (b)
150,000
106,716
See financial notes
13Schwab Municipal Bond ETF | Semiannual Report

Schwab Municipal Bond ETF
Portfolio Holdings  as of June 30, 2023 (Unaudited) (continued)
ISSUER
TYPE OF SECURITY, SERIES
RATE
MATURITY
FACE
AMOUNT ($)
VALUE ($)
Georgia
GO Bonds Series 2017A
5.00%
02/01/31 (b)
200,000
215,463
GO Bonds Series 2019A
5.00%
07/01/29
200,000
226,676
GO Bonds Series 2020A
5.00%
08/01/32 (b)
200,000
231,513
GO Bonds Series 2020A
4.00%
08/01/34 (b)
140,000
150,022
GO Bonds Series 2021A
5.00%
07/01/33 (b)
100,000
117,405
GO Bonds Series 2021A
4.00%
07/01/34 (b)
80,000
86,452
GO Bonds Series 2021A
4.00%
07/01/38 (b)
200,000
207,394
Georgia Municipal Electric Auth
Plant Vogtle Units 3 & 4 Project J Bonds Series 2023A
5.00%
07/01/64 (b)(c)
200,000
210,177
RB Series 2019B
5.00%
01/01/59 (b)
40,000
39,802
Georgia Port Auth
RB Series 2021
4.00%
07/01/46 (b)
10,000
9,912
RB Series 2022
4.00%
07/01/52 (b)
125,000
121,727
Gwinnett Cnty SD
Sales Tax GO Bonds Series 2022B
5.00%
08/01/27
80,000
87,096
Metropolitan Atlanta Rapid Transit Auth
Sales Tax Refunding RB Series 2016B
5.00%
07/01/33 (b)
120,000
127,286
Sales Tax Refunding RB Series 2017C
3.25%
07/01/37 (b)
100,000
92,777
Private Colleges & Universities Auth
RB (Emory Univ) Series 2020B
5.00%
09/01/25
250,000
260,524
Sandy Springs Public Facilities Auth
RB Series 2015
5.00%
05/01/41 (a)(b)
190,000
200,866
 
 
 
2,911,445
HAWAII 0.7%
Hawaii
GO Bonds Series 2017FK
4.00%
05/01/31 (b)
250,000
259,717
GO Refunding Bonds Series 2016FH
4.00%
10/01/31 (b)
150,000
153,508
Honolulu
GO Bonds Series 2015A
5.00%
10/01/39 (b)
180,000
184,094
GO Bonds Series 2021E
5.00%
03/01/31
285,000
329,340
 
 
 
926,659
ILLINOIS 5.8%
Chicago
2nd Lien Water RB Series 2014
5.00%
11/01/39 (b)
225,000
227,492
GO Bonds Series 1999
0.00%
01/01/34 (c)(d)
60,000
38,090
GO Bonds Series 2023A
5.00%
01/01/35 (b)
50,000
54,319
GO Bonds Series 2023A
5.50%
01/01/43 (b)
500,000
534,825
GO Refunding Bonds Series 2020A
5.00%
01/01/29
180,000
192,449
Chicago Board of Education
Dedicated Tax Bonds Series 2016
6.10%
04/01/36 (b)
130,000
139,558
Dedicated Tax Bonds Series 2023
5.00%
04/01/45 (b)
200,000
206,999
Chicago O’Hare International Airport
Airport Sr Lien Refunding RB Series 2020A
4.00%
01/01/35 (b)
200,000
206,976
General Airport Sr Lien Refunding RB Series 2015B
5.00%
01/01/33 (b)
125,000
127,921
OHare General Airport Sr Lien Refunding RB Series 2015B
5.00%
01/01/30 (b)
80,000
81,885
OHare General Airport Sr Lien Refunding RB Series 2020A
5.00%
01/01/34 (b)
55,000
61,410
See financial notes
Schwab Municipal Bond ETF | Semiannual Report14

Schwab Municipal Bond ETF
Portfolio Holdings  as of June 30, 2023 (Unaudited) (continued)
ISSUER
TYPE OF SECURITY, SERIES
RATE
MATURITY
FACE
AMOUNT ($)
VALUE ($)
Sr Lien RB Series 2018B
5.00%
01/01/38 (b)
100,000
107,090
Sr Lien Refunding RB Series 2015B
5.00%
01/01/26 (b)
150,000
153,585
Cook Cnty
Sales Tax RB Series 2021A
4.00%
11/15/40 (b)
250,000
247,894
Sales Tax RB Series 2021A
4.00%
11/15/41 (b)
225,000
221,915
Illinois
GO Bonds Series 2013
5.50%
07/01/38 (b)
110,000
110,033
GO Bonds Series 2014
5.25%
02/01/29 (b)
200,000
201,977
GO Bonds Series 2017C
5.00%
11/01/29 (b)
525,000
560,220
GO Bonds Series 2017D
5.00%
11/01/25
95,000
98,103
GO Bonds Series 2019B
4.00%
11/01/38 (b)
200,000
194,601
GO Bonds Series 2020
5.50%
05/01/39 (b)
265,000
289,700
GO Bonds Series 2020B
5.00%
10/01/30
50,000
55,662
GO Bonds Series 2022A
5.50%
03/01/42 (b)
175,000
192,711
GO Bonds Series May 2020
5.75%
05/01/45 (b)
250,000
272,381
GO Refunding Bonds Series 2016
5.00%
02/01/24
345,000
347,640
GO Refunding Bonds Series 2016
5.00%
02/01/25
150,000
153,233
GO Refunding Bonds Series 2023D
5.00%
07/01/36 (b)
100,000
109,110
Illinois Finance Auth
RB (Univ of Chicago) Series 2015A
5.00%
10/01/40 (b)
500,000
512,453
RB Series 2017
5.00%
07/01/35 (b)
75,000
79,986
Illinois Municipal Electric Agency
Power System Refunding RB Series 2015A
4.00%
02/01/34 (b)
300,000
301,521
Illinois Toll Highway Auth
Refunding RB Series 2018A
5.00%
01/01/29
265,000
293,741
Sr RB Series 2020A
5.00%
01/01/45 (b)
200,000
213,476
Toll Highway Sr RB Series 2014C
5.00%
01/01/36 (b)
50,000
51,105
Toll Highway Sr RB Series 2017A
5.00%
01/01/42 (b)
100,000
104,962
Toll Highway Sr RB Series 2021A
4.00%
01/01/46 (b)
50,000
48,075
Toll Sr RB Series 2021A
5.00%
01/01/46 (b)
250,000
269,167
Metropolitan Pier & Exposition Auth
RB Series 2002A
0.00%
06/15/34 (c)(d)
325,000
210,656
Refunding Bonds (McCormick Place Expansion) Series 2020A
5.00%
06/15/50 (b)
200,000
203,544
Refunding Bonds (McCormick Place) Series 2010B1
0.00%
06/15/47 (c)(d)
225,000
71,693
Refunding Bonds Series 2010B-1
0.00%
06/15/43 (d)
250,000
98,782
Metropolitan Water Reclamation District of Greater Chicago
ULT GO Bonds Series 2016C
5.00%
12/01/45 (b)
100,000
102,201
ULT GO Refunding Bonds Series 2016A
5.00%
12/01/25
80,000
83,547
Sales Tax Securitization Corp
2nd Lien Sales Tax Securitization Bonds Series 2020A
5.00%
01/01/30
150,000
165,576
Schaumburg
GO Refunding Bonds Series 2013A
4.00%
12/01/41 (b)
50,000
49,586
 
 
 
8,047,850
INDIANA 0.2%
Indiana Finance Auth
State Revolving Fund Refunding Bonds Series 2015B
5.00%
02/01/24
90,000
90,933
Indianapolis Local Public Improvement Bond Bank
RB Series 1999E
0.00%
02/01/28 (c)(d)
250,000
214,530
 
 
 
305,463
See financial notes
15Schwab Municipal Bond ETF | Semiannual Report

Schwab Municipal Bond ETF
Portfolio Holdings  as of June 30, 2023 (Unaudited) (continued)
ISSUER
TYPE OF SECURITY, SERIES
RATE
MATURITY
FACE
AMOUNT ($)
VALUE ($)
IOWA 0.2%
Iowa Higher Education Loan Auth
RB (Grinnell College) Series 2017
5.00%
12/01/46 (b)
220,000
228,300
KANSAS 0.1%
Kansas Department of Transportation
Highway RB Series 2015B
5.00%
09/01/25
125,000
130,076
KENTUCKY 0.8%
Kentucky Municipal Power Agency
Power System Refunding RB Series 2015A
4.00%
09/01/39 (b)(c)
325,000
313,066
Kentucky State Property & Buildings Commission
Refunding RB Series B
5.00%
11/01/25
285,000
296,353
Refunding RB Series B
5.00%
11/01/26
250,000
264,486
Kentucky Turnpike Auth
Economic Development Road Refunding RB Series 2017B
5.00%
07/01/25
255,000
263,472
Louisville & Jefferson Cnty Metro Sewer District
Sewer & Drainage System RB Series 2013B
4.00%
05/15/37 (b)
25,000
25,003
 
 
 
1,162,380
LOUISIANA 0.4%
Louisiana
Refunding RB Bonds Series 2015A
4.50%
05/01/39 (a)(b)
250,000
256,361
Louisiana Public Facilities Auth
Refunding RB (Tulane Univ) Series 2020A
5.00%
04/01/45 (b)
250,000
264,750
New Orleans
Water Refunding RB Series 2014
5.00%
12/01/44 (a)(b)
100,000
102,552
 
 
 
623,663
MARYLAND 2.3%
Baltimore Cnty
GO Bonds
5.00%
03/01/53 (b)
200,000
221,797
Maryland
GO Bonds 2nd Series 2017A
5.00%
08/01/27
315,000
342,180
GO Bonds 2nd Series 2019A
2.13%
08/01/33 (b)
290,000
255,180
ULT GO Bonds Series 2017
5.00%
03/15/29 (b)
300,000
324,215
ULT GO Bonds Series 2017B
5.00%
08/01/25
775,000
806,704
Maryland Dept of Transportation
Consolidated Bonds Series 2021A
2.13%
10/01/36 (b)
190,000
154,947
RB Series 2018
5.00%
10/01/26
180,000