(CHARLES SCHWAB ASSET MANAGMENT LOGO)
Semiannual Report | February 29, 2024
Schwab U.S. Equity ETFs
Schwab U.S. Broad Market ETF
SCHB
Schwab 1000 Index® ETF
SCHK
Schwab U.S. Large-Cap ETF
SCHX
Schwab U.S. Large-Cap Growth ETF
SCHG
Schwab U.S. Large-Cap Value ETF
SCHV
Schwab U.S. Mid-Cap ETF
SCHM
Schwab U.S. Small-Cap ETF
SCHA
Schwab U.S. Dividend Equity ETF
SCHD
No Action Required – Notice Regarding Shareholder Report Delivery
Beginning on July 24, 2024, fund shareholder reports will be streamlined to highlight key information deemed important for investors to assess
and monitor their fund investments. Other information, including financial statements, will not appear in the streamlined shareholder reports
but will available online and delivered free of charge upon request.
• If you already receive the full shareholder reports, you will receive the streamlined shareholder reports in the same way that you currently
receive the full shareholder reports (either in paper or electronically).
• If you currently receive a notification when a shareholder report is available on a fund’s website, beginning July 24, 2024, you will begin to
receive the streamlined shareholder report (in paper).

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In This Report
2
5
 
6
8
10
12
14
16
18
20
22
 
23
48
62
74
82
92
102
121
128
140
141
144
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management®
Distributor: SEI Investments Distribution Co. (SIDCO)
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.
Schwab U.S. Equity ETFs | Semiannual Report1

Schwab U.S. Equity ETFs
Performance at a Glance
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Total Returns for the 6 Months Ended February 29, 2024
Schwab U.S. Broad Market ETF (Ticker Symbol: SCHB)
Market Price Return1
13.79%
NAV Return1
13.85%
Dow Jones U.S. Broad Stock Market Index
13.84%
ETF Category: Morningstar Large Blend2
12.93%
Performance Details
pages 6-7
 
Schwab 1000 Index ETF (Ticker Symbol: SCHK)
Market Price Return1
14.04%
NAV Return1
14.14%
Russell 1000® Index3
14.03%
Schwab 1000 Index®
14.13%
ETF Category: Morningstar Large Blend2
12.93%
Performance Details
pages 8-9
 
Schwab U.S. Large-Cap ETF (Ticker Symbol: SCHX)
Market Price Return1
14.13%
NAV Return1
14.26%
S&P 500® Index4
13.93%
Dow Jones U.S. Large-Cap Total Stock Market Index
14.24%
ETF Category: Morningstar Large Blend2
12.93%
Performance Details
pages 10-11
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.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones Indices are products of S&P Dow Jones Indices LLC and/or its affiliates, and have been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Equity ETFs, based on their respective Dow Jones Indices, are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such products.
1
ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
2
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has changed to the Russell 1000® Index. The Russell 1000® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.
4
In anticipation of new regulatory requirements, the fund’s regulatory index has changed to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.
2Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Equity ETFs
Performance at a Glance (continued)
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 February 29, 2024
Schwab U.S. Large-Cap Growth ETF (Ticker Symbol: SCHG)
Market Price Return1
18.72%
NAV Return1
18.89%
S&P 500® Index2
13.93%
Dow Jones U.S. Large-Cap Growth Total Stock Market Index
18.84%
ETF Category: Morningstar Large Growth3
18.14%
Performance Details
pages 12-13
 
Schwab U.S. Large-Cap Value ETF (Ticker Symbol: SCHV)
Market Price Return1
9.26%
NAV Return1
9.36%
S&P 500® Index2
13.93%
Dow Jones U.S. Large-Cap Value Total Stock Market Index
9.38%
ETF Category: Morningstar Large Value3
9.59%
Performance Details
pages 14-15
 
Schwab U.S. Mid-Cap ETF (Ticker Symbol: SCHM)
Market Price Return1
9.63%
NAV Return1
9.71%
S&P 500® Index2
13.93%
Dow Jones U.S. Mid-Cap Total Stock Market Index
9.73%
ETF Category: Morningstar Mid-Cap Blend3
10.93%
Performance Details
pages 16-17
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.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones Indices are products of S&P Dow Jones Indices LLC and/or its affiliates, and have been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Equity ETFs, based on their respective Dow Jones Indices, are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such products.
1
ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
2
In anticipation of new regulatory requirements, the fund’s regulatory index has changed to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.
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.
Schwab U.S. Equity ETFs | Semiannual Report3

Schwab U.S. Equity ETFs
Performance at a Glance (continued)
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 February 29, 2024
Schwab U.S. Small-Cap ETF (Ticker Symbol: SCHA)
Market Price Return1
8.78%
NAV Return1
8.92%
S&P 500® Index2
13.93%
Dow Jones U.S. Small-Cap Total Stock Market Index
8.88%
ETF Category: Morningstar Small Blend3
8.62%
Performance Details
pages 18-19
 
Schwab U.S. Dividend Equity ETF (Ticker Symbol: SCHD)
Market Price Return1
6.20%
NAV Return1
6.24%
4
S&P 500® Index2
13.93%
Dow Jones U.S. Dividend 100TM Index
6.26%
ETF Category: Morningstar Large Value3
9.59%
Performance Details
pages 20-21
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.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones Indices are products of S&P Dow Jones Indices LLC and/or its affiliates, and have been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Equity ETFs, based on their respective Dow Jones Indices, are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such products.
1
ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
2
In anticipation of new regulatory requirements, the fund’s regulatory index has changed to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.
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
Total return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports.
4Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Equity ETFs
Fund Management

Christopher Bliss, CFA, Managing Director and Head of Passive Equity Strategies for Schwab Asset
Management, is responsible for overseeing the investment process and portfolio management of investment
strategies for passive equity Schwab Funds and Schwab ETFs, and Schwab Personalized Indexing™ separately
managed accounts. Before joining Schwab in 2016, Mr. Bliss spent 12 years at BlackRock (formerly Barclays
Global Investors) managing and leading institutional index teams, most recently as a managing director and
the head of the Americas institutional index team. In this role, Mr. Bliss was responsible for overseeing a team
of portfolio managers managing domestic, developed international and emerging markets index strategies.
Prior to BlackRock, he worked as an equity analyst and portfolio manager for Harris Bretall and before that, as
a research analyst for JP Morgan.
Jeremy Brown, CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the
day-to-day co-management of the funds. Prior to joining Schwab in 2017, Mr. Brown spent six years with
ALPS Advisors, Inc. in Denver, most recently as a senior analyst on the ETF portfolio management and
research team where he performed portfolio management, trading, and analytics/research functions for ALPS
ETFs and passive funds. Additionally, Mr. Brown led a number of investment research, commentary, industry
trend analysis, and sales and marketing support initiatives.
Ferian Juwono, CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the
oversight and day-to-day co-management of the funds. Prior to joining Schwab in 2010, Mr. Juwono worked
at BlackRock (formerly Barclays Global Investors) where he spent more than three years as a portfolio
manager, managing equity index funds for institutional clients, and two years as a senior business analyst.
Prior to that, Mr. Juwono worked for more than four years as a senior financial analyst with Union Bank of
California.
(AGNES ZAU PHOTO)
Agnes Zau, CFA, Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day
co-management of the funds. Prior to joining Schwab in 2018, Ms. Zau was at BlackRock for three years, most
recently as a multi-asset portfolio investment consultant where she advised institutional clients on asset
allocation and strategy, constructed risk decomposition and portfolio optimization, and conducted scenario
analyses for the core multi-asset target risk strategies. She spent the preceding three years as a derivatives
specialist at Mellon Capital.
Schwab U.S. Equity ETFs | Semiannual Report5

Schwab U.S. Broad Market ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Average Annual Total Returns1
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab U.S. Broad Market ETF (11/3/09)
Market Price Return2
13.79%
28.74%
13.88%
12.00%
NAV Return2
13.85%
28.75%
13.89%
12.00%
Dow Jones U.S. Broad Stock Market Index
13.84%
28.74%
13.90%
12.00%
ETF Category: Morningstar Large Blend3
12.93%
26.05%
13.19%
11.15%
Fund Expense Ratio4: 0.03%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Broad Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Broad Market ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2
ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4
As stated in the prospectus.
6Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Performance and Fund Facts as of February 29, 2024
Statistics1
Number of Holdings
2,439
Weighted Average Market Cap (millions)
$688,071
Price/Earnings Ratio (P/E)
24.2
Price/Book Ratio (P/B)
4.0
Portfolio Turnover Rate
2%
2,3
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab U.S. Equity ETFs | Semiannual Report7

Schwab 1000 Index ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Average Annual Returns1
Fund and Inception Date
6 Months
1 Year
5 Years
Since Inception*
Fund: Schwab 1000 Index ETF (10/11/17)
Market Price Return2
14.04%
29.85%
14.23%
12.97%
NAV Return2
14.14%
29.87%
14.23%
12.98%
Russell 1000® Index3
14.03%
29.81%
14.43%
13.16%
Schwab 1000 Index®
14.13%
29.89%
14.28%
13.03%
ETF Category: Morningstar Large Blend4
12.93%
26.05%
13.19%
N/A
Fund Expense Ratio5: 0.05%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
*
Inception (10/11/17) 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 NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Schwab 1000 Index® to the Russell 1000® Index. The Russell 1000® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the Schwab 1000 Index®. The fund does not seek to track the regulatory index.
4
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
5
As stated in the prospectus.
8Schwab U.S. Equity ETFs | Semiannual Report

Schwab 1000 Index ETF
Performance and Fund Facts as of February 29, 2024
Statistics1
Number of Holdings
994
2
Weighted Average Market Cap (millions)
$719,232
Price/Earnings Ratio (P/E)
24.7
Price/Book Ratio (P/B)
4.2
Portfolio Turnover Rate
2%
3,4
Sector Weightings % of Investments5
Top Equity Holdings % of Net Assets8
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
As a result of the Schwab 1000 Index®’s once per year reconstitution and the effects of certain corporate actions, the fund may hold more or less than 1,000 securities.
3
Not annualized.
4
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
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
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
7
Amount is less than 0.05%.
8
This list is not a recommendation of any security by the investment adviser.
Schwab U.S. Equity ETFs | Semiannual Report9

Schwab U.S. Large-Cap ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Average Annual Total Returns1
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab U.S. Large-Cap ETF (11/3/09)
Market Price Return2
14.13%
30.39%
14.49%
12.47%
NAV Return2
14.26%
30.49%
14.52%
12.48%
S&P 500® Index3
13.93%
30.45%
14.76%
12.70%
Dow Jones U.S. Large-Cap Total Stock Market Index
14.24%
30.47%
14.54%
12.51%
ETF Category: Morningstar Large Blend4
12.93%
26.05%
13.19%
11.15%
Fund Expense Ratio5: 0.03%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2
ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the Dow Jones U.S. Large-Cap Total Stock Market Index. The fund does not seek to track the regulatory index.
4
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
5
As stated in the prospectus.
10Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap ETF
Performance and Fund Facts as of February 29, 2024
Statistics1
Number of Holdings
750
Weighted Average Market Cap (millions)
$739,970
Price/Earnings Ratio (P/E)
25.0
Price/Book Ratio (P/B)
4.3
Portfolio Turnover Rate
2%
2,3
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab U.S. Equity ETFs | Semiannual Report11

Schwab U.S. Large-Cap Growth ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Average Annual Total Returns1
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab U.S. Large-Cap Growth ETF (12/11/09)
Market Price Return2
18.72%
51.66%
19.33%
15.65%
NAV Return2
18.89%
51.69%
19.35%
15.67%
S&P 500® Index3
13.93%
30.45%
14.76%
12.70%
Dow Jones U.S. Large-Cap Growth Total Stock Market Index
18.84%
51.70%
19.39%
15.71%
ETF Category: Morningstar Large Growth4
18.14%
40.93%
14.93%
12.75%
Fund Expense Ratio5: 0.04%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Growth Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap Growth ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2
ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Dow Jones U.S. Large-Cap Growth Total Stock Market Index to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. The fund does not seek to track the regulatory index.
4
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
5
As stated in the prospectus.
12Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap Growth ETF
Performance and Fund Facts as of February 29, 2024
Statistics1
Number of Holdings
248
Weighted Average Market Cap (millions)
$1,238,862
Price/Earnings Ratio (P/E)
34.7
Price/Book Ratio (P/B)
8.6
Portfolio Turnover Rate
3%
2,3
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab U.S. Equity ETFs | Semiannual Report13

Schwab U.S. Large-Cap Value ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Average Annual Total Returns1
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab U.S. Large-Cap Value ETF (12/11/09)
Market Price Return2
9.26%
12.62%
8.90%
8.91%
NAV Return2
9.36%
12.66%
8.92%
8.92%
S&P 500® Index3
13.93%
30.45%
14.76%
12.70%
Dow Jones U.S. Large-Cap Value Total Stock Market Index
9.38%
12.69%
8.95%
8.97%
ETF Category: Morningstar Large Value4
9.59%
13.91%
9.88%
8.74%
Fund Expense Ratio5: 0.04%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Value Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap Value ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2
ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Dow Jones U.S. Large-Cap Value Total Stock Market Index to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the Dow Jones U.S. Large-Cap Value Total Stock Market Index. The fund does not seek to track the regulatory index.
4
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
5
As stated in the prospectus.
14Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap Value ETF
Performance and Fund Facts as of February 29, 2024
Statistics1
Number of Holdings
503
Weighted Average Market Cap (millions)
$165,377
Price/Earnings Ratio (P/E)
18.8
Price/Book Ratio (P/B)
2.7
Portfolio Turnover Rate
4%
2,3
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab U.S. Equity ETFs | Semiannual Report15

Schwab U.S. Mid-Cap ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Average Annual Total Returns1
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab U.S. Mid-Cap ETF (1/13/11)
Market Price Return2
9.63%
13.21%
8.67%
8.83%
NAV Return2
9.71%
13.25%
8.70%
8.84%
S&P 500® Index3
13.93%
30.45%
14.76%
12.70%
Dow Jones U.S. Mid-Cap Total Stock Market Index
9.73%
13.23%
8.71%
8.86%
ETF Category: Morningstar Mid-Cap Blend4
10.93%
14.70%
9.89%
8.50%
Fund Expense Ratio5: 0.04%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Mid-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Mid-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2
ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Dow Jones U.S. Mid-Cap Total Stock Market Index to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the Dow Jones U.S. Mid-Cap Total Stock Market Index. The fund does not seek to track the regulatory index.
4
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
5
As stated in the prospectus.
16Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Mid-Cap ETF
Performance and Fund Facts as of February 29, 2024
Statistics1
Number of Holdings
497
Weighted Average Market Cap (millions)
$11,474
Price/Earnings Ratio (P/E)
18.6
Price/Book Ratio (P/B)
2.5
Portfolio Turnover Rate
12%
2,3
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab U.S. Equity ETFs | Semiannual Report17

Schwab U.S. Small-Cap ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Average Annual Total Returns1
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab U.S. Small-Cap ETF (11/3/09)
Market Price Return2
8.78%
10.30%
7.48%
7.37%
NAV Return2
8.92%
10.39%
7.49%
7.38%
S&P 500® Index3
13.93%
30.45%
14.76%
12.70%
Dow Jones U.S. Small-Cap Total Stock Market Index
8.88%
10.32%
7.43%
7.33%
ETF Category: Morningstar Small Blend4
8.62%
9.66%
8.05%
7.29%
Fund Expense Ratio5: 0.04%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Small-company stocks may be subject to greater volatility than many other asset classes.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Small-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Small-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2
ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Dow Jones U.S. Small-Cap Total Stock Market Index to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the Dow Jones U.S. Small-Cap Total Stock Market Index. The fund does not seek to track the regulatory index.
4
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
5
As stated in the prospectus.
18Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Small-Cap ETF
Performance and Fund Facts as of February 29, 2024
Statistics1
Number of Holdings
1,727
Weighted Average Market Cap (millions)
$4,412
Price/Earnings Ratio (P/E)
16.1
Price/Book Ratio (P/B)
2.0
Portfolio Turnover Rate
9%
2,3
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab U.S. Equity ETFs | Semiannual Report19

Schwab U.S. Dividend Equity ETF
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Average Annual Total Returns1
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab U.S. Dividend Equity ETF (10/20/11)
Market Price Return2
6.20%
8.06%
12.21%
11.33%
NAV Return2
6.24%
3
8.07%
12.22%
11.34%
S&P 500® Index4
13.93%
30.45%
14.76%
12.70%
Dow Jones U.S. Dividend 100TM Index
6.26%
8.13%
12.31%
11.44%
ETF Category: Morningstar Large Value5
9.59%
13.91%
9.88%
8.74%
Fund Expense Ratio6: 0.06%
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.
The fund may underperform other funds that do not limit their investment to dividend paying stocks. Stocks held by the fund may reduce or stop paying dividends, affecting the fund’s ability to generate income. Diversification strategies do not ensure a profit and do not protect against losses in declining markets.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Dividend 100TM Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Dividend Equity ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2
ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3
Total return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports.
4
In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Dow Jones U.S. Dividend 100™ Index to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the Dow Jones U.S. Dividend 100™ Index. The fund does not seek to track the regulatory index.
5
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.
6
As stated in the prospectus.
20Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Dividend Equity ETF
Performance and Fund Facts as of February 29, 2024
Statistics1
Number of Holdings
101
Weighted Average Market Cap (millions)
$166,079
Price/Earnings Ratio (P/E)
19.4
Price/Book Ratio (P/B)
3.6
Portfolio Turnover Rate
6%
2,3
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab U.S. Equity ETFs | Semiannual Report21

Schwab U.S. Equity 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 September 1, 2023 and held through February 29, 2024.
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 9/1/23
ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 2/29/24
EXPENSES PAID
DURING PERIOD
9/1/23-2/29/24 2
Schwab U.S. Broad Market ETF
Actual Return
0.03%
$1,000.00
$1,138.50
$0.16
Hypothetical 5% Return
0.03%
$1,000.00
$1,024.71
$0.15
Schwab 1000 Index ETF
Actual Return
0.05%
$1,000.00
$1,141.40
$0.27
Hypothetical 5% Return
0.05%
$1,000.00
$1,024.61
$0.25
Schwab U.S. Large-Cap ETF
Actual Return
0.03%
$1,000.00
$1,142.60
$0.16
Hypothetical 5% Return
0.03%
$1,000.00
$1,024.71
$0.15
Schwab U.S. Large-Cap Growth ETF
Actual Return
0.04%
$1,000.00
$1,188.90
$0.22
Hypothetical 5% Return
0.04%
$1,000.00
$1,024.66
$0.20
Schwab U.S. Large-Cap Value ETF
Actual Return
0.04%
$1,000.00
$1,093.60
$0.21
Hypothetical 5% Return
0.04%
$1,000.00
$1,024.66
$0.20
Schwab U.S. Mid-Cap ETF
Actual Return
0.04%
$1,000.00
$1,097.10
$0.21
Hypothetical 5% Return
0.04%
$1,000.00
$1,024.66
$0.20
Schwab U.S. Small-Cap ETF
Actual Return
0.04%
$1,000.00
$1,089.20
$0.21
Hypothetical 5% Return
0.04%
$1,000.00
$1,024.66
$0.20
Schwab U.S. Dividend Equity ETF
Actual Return
0.06%
$1,000.00
$1,062.20
$0.31
Hypothetical 5% Return
0.06%
$1,000.00
$1,024.57
$0.30
1
Based on the most recent six-month expense ratio.
2
Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 days in the period, and divided
by 366 days in the fiscal year.
22Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/23–
2/29/24*
9/1/22–
8/31/23
9/1/21–
8/31/221
9/1/20–
8/31/211
9/1/19–
8/31/201
9/1/18–
8/31/191
Per-Share Data
Net asset value at beginning of period
$52.53
$46.48
$54.57
$41.64
$35.07
$35.28
Income (loss) from investment operations:
Net investment income (loss)2
0.41
0.77
0.71
0.67
0.74
0.72
Net realized and unrealized gains (losses)
6.80
6.04
(8.09
)
12.99
6.55
(0.28
)
Total from investment operations
7.21
6.81
(7.38
)
13.66
7.29
0.44
Less distributions:
Distributions from net investment income
(0.41
)
(0.76
)
(0.71
)
(0.73
)
(0.72
)
(0.65
)
Net asset value at end of period
$59.33
$52.53
$46.48
$54.57
$41.64
$35.07
Total return
13.85
%3
14.88
%
(13.64
%)
33.23
%
21.24
%
1.35
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.03
%4
0.03
%5
0.03
%5
0.03
%
0.03
%
0.03
%
Net investment income (loss)
1.55
%4
1.62
%
1.38
%
1.42
%
2.02
%
2.12
%
Portfolio turnover rate6
2
%3
4
%
4
%
4
%
4
%
4
%
Net assets, end of period (x 1,000,000)
$27,008
$23,455
$20,360
$22,368
$16,549
$14,877
*
Unaudited.
1
Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022.
2
Calculated based on the average shares outstanding during the period.
3
Not annualized.
4
Annualized.
5
Ratio includes less than 0.005% of non-routine proxy expenses.
6
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report23

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited)
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS
 
Automobiles & Components 1.6%
Adient PLC *
52,657
1,787,178
American Axle & Manufacturing
Holdings, Inc. *
64,575
446,859
Aptiv PLC *
153,517
12,203,066
Atmus Filtration Technologies, Inc. *(a)
7,857
187,547
Autoliv, Inc.
41,923
4,864,326
BorgWarner, Inc.
128,600
4,003,318
Canoo, Inc. *
692,111
72,810
Dana, Inc.
70,491
881,137
Dorman Products, Inc. *
15,018
1,414,996
Ford Motor Co.
2,145,254
26,686,960
Fox Factory Holding Corp. *
22,785
1,152,693
Garrett Motion, Inc. *
81,679
785,752
General Motors Co.
746,105
30,575,383
Gentex Corp.
127,664
4,663,566
Gentherm, Inc. *
18,322
1,041,789
Goodyear Tire & Rubber Co. *
155,854
1,851,545
Harley-Davidson, Inc.
70,749
2,566,066
Holley, Inc. *
29,634
127,130
LCI Industries
13,700
1,725,926
Lear Corp.
32,059
4,403,304
Lucid Group, Inc. *(a)
483,212
1,594,600
Luminar Technologies, Inc. *(a)
108,657
259,690
Mobileye Global, Inc., Class A *
40,995
1,044,143
Modine Manufacturing Co. *
28,860
2,589,031
Mullen Automotive, Inc. *
3,007
21,410
Patrick Industries, Inc.
11,649
1,397,181
Phinia, Inc.
25,050
857,211
QuantumScape Corp. *
194,235
1,217,853
Rivian Automotive, Inc., Class A *(a)
370,474
4,193,766
Solid Power, Inc. *
40,572
66,538
Standard Motor Products, Inc.
9,874
313,598
Stoneridge, Inc. *
13,876
243,801
Tesla, Inc. *
1,509,666
304,771,372
Thor Industries, Inc.
28,940
3,709,529
Visteon Corp. *
15,115
1,709,809
Winnebago Industries, Inc.
16,266
1,166,760
Workhorse Group, Inc. *
167,575
56,071
XPEL, Inc. *
11,970
629,383
 
427,283,097
 
Banks 3.4%
1st Source Corp.
9,405
468,181
Amerant Bancorp, Inc.
15,395
326,220
Ameris Bancorp
35,428
1,641,379
Arrow Financial Corp.
9,645
231,287
Associated Banc-Corp.
82,053
1,709,984
Atlantic Union Bankshares Corp.
41,661
1,385,645
Axos Financial, Inc. *
28,194
1,469,471
Banc of California, Inc.
71,126
1,040,573
BancFirst Corp.
7,723
677,616
Bancorp, Inc. *
30,189
1,347,637
SECURITY
NUMBER
OF SHARES
VALUE ($)
Bank First Corp.
4,538
392,537
Bank of America Corp.
3,757,707
129,716,046
Bank of Hawaii Corp.
21,647
1,304,881
Bank of Marin Bancorp
7,905
131,302
Bank OZK
59,311
2,597,822
BankUnited, Inc.
40,730
1,092,379
Banner Corp.
18,603
815,555
Berkshire Hills Bancorp, Inc.
23,453
504,005
BOK Financial Corp.
15,237
1,295,297
Brookline Bancorp, Inc.
47,579
464,847
Byline Bancorp, Inc.
18,399
383,435
Cadence Bank
100,820
2,790,698
Camden National Corp.
7,417
235,712
Capitol Federal Financial, Inc.
69,078
399,962
Cathay General Bancorp
38,896
1,518,889
Central Pacific Financial Corp.
14,391
268,536
Citigroup, Inc.
1,044,653
57,967,795
Citizens Financial Group, Inc.
256,542
8,052,853
Citizens Financial Services, Inc.
2,222
103,878
City Holding Co.
7,825
786,256
Columbia Banking System, Inc.
113,729
2,058,495
Columbia Financial, Inc. *
17,719
296,439
Comerica, Inc.
71,160
3,513,881
Commerce Bancshares, Inc.
64,266
3,344,403
Community Bank System, Inc.
29,416
1,332,545
Community Trust Bancorp, Inc.
8,318
330,724
ConnectOne Bancorp, Inc.
19,901
393,841
CrossFirst Bankshares, Inc. *
21,534
277,143
Cullen/Frost Bankers, Inc.
34,851
3,781,682
Customers Bancorp, Inc. *
15,279
829,802
CVB Financial Corp.
71,070
1,209,611
Dime Community Bancshares, Inc.
16,735
313,614
Eagle Bancorp, Inc.
16,908
402,749
East West Bancorp, Inc.
77,765
5,665,958
Eastern Bankshares, Inc.
86,943
1,123,304
Enterprise Financial Services Corp.
19,997
798,280
FB Financial Corp.
18,525
660,231
Fifth Third Bancorp
371,150
12,745,291
Financial Institutions, Inc.
7,751
142,308
First BanCorp
98,202
1,667,470
First Bancorp/Southern Pines NC
22,238
758,761
First Bancshares, Inc.
15,301
379,924
First Busey Corp.
27,356
630,829
First Citizens BancShares, Inc.,
Class A
6,479
10,196,715
First Commonwealth Financial Corp.
56,031
730,084
First Community Bankshares, Inc.
9,411
311,881
First Financial Bancorp
51,031
1,107,373
First Financial Bankshares, Inc.
70,691
2,187,179
First Financial Corp.
5,687
211,727
First Foundation, Inc.
27,810
220,533
First Hawaiian, Inc.
69,350
1,453,576
First Horizon Corp.
303,628
4,281,155
First Interstate BancSystem, Inc.,
Class A
43,864
1,154,500
First Merchants Corp.
32,235
1,070,202
First Mid Bancshares, Inc.
12,922
391,537
See financial notes
24Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
First of Long Island Corp.
10,642
118,552
Flushing Financial Corp.
14,575
187,143
FNB Corp.
196,217
2,617,535
Fulton Financial Corp.
91,486
1,408,884
German American Bancorp, Inc.
15,154
476,745
Glacier Bancorp, Inc.
60,297
2,256,314
Great Southern Bancorp, Inc.
4,752
247,769
Hancock Whitney Corp.
46,540
2,029,144
Hanmi Financial Corp.
15,416
232,936
HarborOne Bancorp, Inc.
22,275
226,759
HBT Financial, Inc.
6,770
129,036
Heartland Financial USA, Inc.
20,173
685,882
Heritage Commerce Corp.
31,229
258,888
Heritage Financial Corp.
19,143
351,274
Hilltop Holdings, Inc.
24,393
753,256
Home BancShares, Inc.
102,077
2,394,726
HomeStreet, Inc.
9,861
137,561
Hope Bancorp, Inc.
66,208
726,302
Horizon Bancorp, Inc.
22,052
265,506
Huntington Bancshares, Inc.
785,215
10,239,204
Independent Bank Corp.
23,587
1,230,534
Independent Bank Group, Inc.
20,129
880,241
International Bancshares Corp.
28,218
1,464,232
JPMorgan Chase & Co.
1,578,228
293,645,102
Kearny Financial Corp.
39,070
248,485
KeyCorp
511,685
7,301,745
Lakeland Bancorp, Inc.
33,857
395,450
Lakeland Financial Corp.
14,249
907,661
Live Oak Bancshares, Inc.
18,659
741,135
Luther Burbank Corp. *
6,823
62,430
M&T Bank Corp.
90,267
12,613,911
Mercantile Bank Corp.
7,839
288,789
Metrocity Bankshares, Inc.
8,494
206,404
Midland States Bancorp, Inc.
11,181
272,257
National Bank Holdings Corp.,
Class A
20,217
684,143
NBT Bancorp, Inc.
25,543
878,424
New York Community Bancorp,
Inc. (a)
393,146
1,883,169
Nicolet Bankshares, Inc.
7,252
572,400
Northfield Bancorp, Inc.
22,564
227,896
Northwest Bancshares, Inc.
69,106
791,955
OceanFirst Financial Corp.
32,614
495,733
OFG Bancorp
25,200
912,744
Old National Bancorp
158,190
2,599,062
Old Second Bancorp, Inc.
21,650
290,759
Origin Bancorp, Inc.
16,134
481,439
Pacific Premier Bancorp, Inc.
52,336
1,196,401
Park National Corp.
7,876
1,012,145
Pathward Financial, Inc.
15,019
763,566
Peapack-Gladstone Financial Corp.
7,818
189,430
Peoples Bancorp, Inc.
17,806
499,814
Pinnacle Financial Partners, Inc.
41,714
3,450,582
PNC Financial Services Group, Inc.
217,723
32,048,826
Popular, Inc.
38,800
3,246,784
Preferred Bank
6,654
478,090
Premier Financial Corp.
18,462
357,794
Prosperity Bancshares, Inc.
51,536
3,216,362
Provident Financial Services, Inc.
40,220
606,518
QCR Holdings, Inc.
9,243
526,851
Regions Financial Corp.
505,529
9,418,005
Renasant Corp.
30,765
972,482
Republic Bancorp, Inc., Class A
4,756
234,281
S&T Bancorp, Inc.
20,390
635,964
Sandy Spring Bancorp, Inc.
23,854
524,311
Seacoast Banking Corp. of Florida
46,161
1,114,327
ServisFirst Bancshares, Inc.
26,547
1,677,505
SECURITY
NUMBER
OF SHARES
VALUE ($)
Simmons First National Corp.,
Class A
69,690
1,338,048
Southside Bancshares, Inc.
16,124
462,114
SouthState Corp.
41,041
3,449,086
Stellar Bancorp, Inc.
24,969
591,765
Stock Yards Bancorp, Inc.
13,817
632,957
Synovus Financial Corp.
79,191
3,004,506
Texas Capital Bancshares, Inc. *
26,130
1,532,524
TFS Financial Corp.
24,953
318,151
Tompkins Financial Corp.
6,406
308,513
Towne Bank
37,311
1,011,501
TriCo Bancshares
18,210
608,396
Triumph Financial, Inc. *
11,587
869,025
Truist Financial Corp.
728,601
25,486,463
TrustCo Bank Corp.
9,776
266,787
Trustmark Corp.
33,726
905,880
U.S. Bancorp
851,661
35,735,696
UMB Financial Corp.
24,067
1,964,108
United Bankshares, Inc.
73,328
2,543,748
United Community Banks, Inc.
67,779
1,762,932
Univest Financial Corp.
15,968
319,679
Valley National Bancorp
229,648
1,880,817
Veritex Holdings, Inc.
29,212
573,432
WaFd, Inc.
35,534
967,946
Washington Trust Bancorp, Inc.
8,591
221,132
Webster Financial Corp.
94,711
4,512,032
Wells Fargo & Co.
1,983,157
110,243,698
WesBanco, Inc.
31,865
923,448
Westamerica BanCorp
14,520
663,709
Western Alliance Bancorp
58,999
3,406,012
Wintrust Financial Corp.
32,996
3,179,165
WSFS Financial Corp.
33,486
1,419,471
Zions Bancorp NA
80,717
3,182,671
 
919,369,391
 
Capital Goods 6.5%
3D Systems Corp. *
72,418
299,811
3M Co.
301,258
27,751,887
A O Smith Corp.
67,888
5,627,915
AAON, Inc.
36,855
3,095,083
AAR Corp. *
17,502
1,168,784
Acuity Brands, Inc.
17,007
4,272,839
Advanced Drainage Systems, Inc.
37,590
6,136,192
AECOM
75,734
6,727,451
AeroVironment, Inc. *
13,900
1,762,381
AGCO Corp.
33,595
3,685,371
Air Lease Corp.
56,275
2,256,627
Alamo Group, Inc.
5,404
1,093,175
Albany International Corp., Class A
16,785
1,575,608
Allegion PLC
47,762
6,107,327
Allison Transmission Holdings, Inc.
47,881
3,606,876
Ameresco, Inc., Class A *
18,210
381,682
American Woodmark Corp. *
9,321
934,337
AMETEK, Inc.
126,094
22,719,617
API Group Corp. *
110,028
3,856,481
Apogee Enterprises, Inc.
11,633
665,524
Applied Industrial Technologies, Inc.
21,056
3,998,324
Archer Aviation, Inc., Class A *(a)
106,090
512,415
Arcosa, Inc.
26,071
2,163,893
Argan, Inc.
7,046
330,176
Armstrong World Industries, Inc.
24,198
2,918,521
Array Technologies, Inc. *
77,107
1,051,739
Astec Industries, Inc.
12,827
520,776
Atkore, Inc.
21,029
3,562,313
Axon Enterprise, Inc. *
38,648
11,879,236
AZEK Co., Inc. *
80,884
3,891,329
AZZ, Inc.
13,634
992,555
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report25

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Babcock & Wilcox Enterprises, Inc. *
40,024
51,231
Barnes Group, Inc.
27,514
961,339
Beacon Roofing Supply, Inc. *
34,395
2,954,187
Blink Charging Co. *(a)
33,646
106,994
Bloom Energy Corp., Class A *
114,435
1,003,595
Blue Bird Corp. *
9,488
321,074
BlueLinx Holdings, Inc. *
4,759
603,679
Boeing Co. *
310,445
63,243,855
Boise Cascade Co.
21,664
2,944,354
Builders FirstSource, Inc. *
67,618
13,197,681
BWX Technologies, Inc.
49,926
5,034,039
Cadre Holdings, Inc.
9,951
357,539
Carlisle Cos., Inc.
26,458
9,260,300
Carrier Global Corp.
457,218
25,412,176
Caterpillar, Inc.
278,417
92,980,141
ChargePoint Holdings, Inc. *(a)
165,066
341,687
Chart Industries, Inc. *
23,436
3,348,067
CNH Industrial NV
529,966
6,333,094
Columbus McKinnon Corp.
15,367
641,880
Comfort Systems USA, Inc.
19,380
5,925,047
Construction Partners, Inc., Class A *
22,519
1,082,713
Core & Main, Inc., Class A *
91,540
4,369,204
Crane Co.
27,065
3,290,021
CSW Industrials, Inc.
8,307
1,913,850
Cummins, Inc.
77,290
20,760,867
Curtiss-Wright Corp.
20,708
4,892,679
Custom Truck One Source, Inc. *
35,267
226,414
Deere & Co.
146,335
53,419,592
Desktop Metal, Inc., Class A *(a)
134,385
82,203
Distribution Solutions Group, Inc. *
5,809
182,461
DNOW, Inc. *
56,158
794,636
Donaldson Co., Inc.
65,687
4,704,503
Douglas Dynamics, Inc.
12,002
301,250
Dover Corp.
76,596
12,667,446
Ducommun, Inc. *
7,304
348,547
DXP Enterprises, Inc. *
7,607
270,201
Dycom Industries, Inc. *
15,761
1,993,609
Eaton Corp. PLC
217,658
62,903,162
EMCOR Group, Inc.
25,918
8,125,811
Emerson Electric Co.
311,168
33,248,301
Encore Wire Corp.
8,824
2,126,584
Energy Recovery, Inc. *
31,373
490,360
Energy Vault Holdings, Inc. *
32,255
54,188
Enerpac Tool Group Corp.
30,576
1,030,717
EnerSys
22,127
2,033,029
Enovix Corp. *(a)
72,465
706,534
Enpro, Inc.
11,223
1,748,768
Esab Corp.
30,413
3,014,537
ESCO Technologies, Inc.
14,135
1,440,215
ESS Tech, Inc. *(a)
122,102
106,058
Eve Holding, Inc. *(a)
16,551
91,858
Fastenal Co.
313,662
22,900,463
Federal Signal Corp.
33,345
2,731,289
Ferguson PLC
111,403
23,556,164
Flowserve Corp.
71,241
3,014,919
Fluence Energy, Inc. *
31,435
480,641
Fluor Corp. *
94,346
3,471,933
Fortive Corp.
191,870
16,333,893
Fortune Brands Innovations, Inc.
68,919
5,605,871
Franklin Electric Co., Inc.
21,086
2,192,101
FTAI Aviation Ltd.
54,692
3,078,613
FuelCell Energy, Inc. *
225,897
268,817
Gates Industrial Corp. PLC *
90,719
1,335,384
GATX Corp.
19,272
2,444,460
Generac Holdings, Inc. *
33,802
3,803,063
General Dynamics Corp.
123,834
33,837,640
General Electric Co.
594,011
93,194,386
Gibraltar Industries, Inc. *
16,161
1,251,669
SECURITY
NUMBER
OF SHARES
VALUE ($)
Global Industrial Co.
5,698
249,857
GMS, Inc. *
22,078
1,971,786
Gorman-Rupp Co.
13,196
492,607
Graco, Inc.
91,488
8,349,195
GrafTech International Ltd.
100,509
176,896
Granite Construction, Inc.
23,947
1,233,989
Great Lakes Dredge & Dock Corp. *
34,639
309,673
Greenbrier Cos., Inc.
17,203
890,255
Griffon Corp.
22,904
1,635,346
H&E Equipment Services, Inc.
18,544
1,047,551
Hayward Holdings, Inc. *
68,242
1,009,299
HEICO Corp.
54,977
10,632,552
Helios Technologies, Inc.
17,458
770,771
Herc Holdings, Inc.
15,261
2,421,615
Hexcel Corp.
45,852
3,414,140
Hillenbrand, Inc.
37,860
1,800,243
Hillman Solutions Corp. *
105,187
1,024,521
Honeywell International, Inc.
360,084
71,559,493
Howmet Aerospace, Inc.
212,650
14,151,857
Hubbell, Inc.
29,132
11,089,678
Huntington Ingalls Industries, Inc.
21,675
6,320,863
Hyliion Holdings Corp. *
69,758
126,960
Hyster-Yale Materials Handling, Inc.
5,890
346,803
Hyzon Motors, Inc. *
52,013
32,779
IDEX Corp.
41,088
9,692,659
IES Holdings, Inc. *
4,674
513,766
Illinois Tool Works, Inc.
149,935
39,305,460
Ingersoll Rand, Inc.
221,215
20,203,566
Insteel Industries, Inc.
11,229
408,848
ITT, Inc.
44,684
5,636,440
Janus International Group, Inc. *
55,465
795,923
JELD-WEN Holding, Inc. *
45,911
835,580
John Bean Technologies Corp.
17,272
1,752,763
Johnson Controls International PLC
371,545
22,021,472
Kadant, Inc.
6,262
2,112,173
Kaman Corp.
15,000
687,150
Kennametal, Inc.
44,307
1,118,309
Kratos Defense & Security Solutions,
Inc. *
79,455
1,449,259
L3Harris Technologies, Inc.
103,151
21,832,941
Lennox International, Inc.
17,352
8,176,436
Leonardo DRS, Inc. *
38,451
873,222
Lincoln Electric Holdings, Inc.
31,168
7,997,709
Lindsay Corp.
5,967
711,923
Lockheed Martin Corp.
120,541
51,620,478
Manitowoc Co., Inc. *
19,308
269,154
Markforged Holding Corp. *
37,260
24,964
Masco Corp.
122,217
9,381,377
Masonite International Corp. *
11,892
1,548,814
MasTec, Inc. *
33,059
2,494,632
Masterbrand, Inc. *
69,564
1,204,153
McGrath RentCorp
13,208
1,644,132
MDU Resources Group, Inc.
109,415
2,372,117
Mercury Systems, Inc. *
28,002
836,420
Microvast Holdings, Inc. *(a)
157,235
135,269
Middleby Corp. *
29,265
4,452,962
Moog, Inc., Class A
15,260
2,288,237
MRC Global, Inc. *
44,604
514,284
MSC Industrial Direct Co., Inc.,
Class A
25,521
2,576,090
Mueller Industries, Inc.
62,320
3,202,002
Mueller Water Products, Inc., Class A
85,009
1,321,890
MYR Group, Inc. *
8,809
1,431,110
National Presto Industries, Inc.
2,567
198,506
Net Power, Inc. *
12,897
105,368
NEXTracker, Inc., Class A *
66,676
3,749,858
Nikola Corp. *(a)
622,053
462,932
Nordson Corp.
29,689
7,886,883
See financial notes
26Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Northrop Grumman Corp.
77,649
35,797,742
nVent Electric PLC
89,490
6,024,467
Omega Flex, Inc.
1,630
113,529
Oshkosh Corp.
35,563
3,942,514
Otis Worldwide Corp.
223,720
21,320,516
Owens Corning
48,861
7,318,401
PACCAR, Inc.
284,821
31,583,801
Parker-Hannifin Corp.
70,152
37,562,888
Pentair PLC
90,192
7,016,036
PGT Innovations, Inc. *
31,385
1,310,951
Plug Power, Inc. *(a)
296,131
1,045,342
Powell Industries, Inc.
4,846
897,673
Preformed Line Products Co.
1,518
208,695
Primoris Services Corp.
28,781
1,137,137
Proto Labs, Inc. *
14,796
539,018
Quanex Building Products Corp.
18,482
639,108
Quanta Services, Inc.
78,950
19,067,214
RBC Bearings, Inc. *
15,674
4,276,337
Regal Rexnord Corp.
36,224
6,212,054
Resideo Technologies, Inc. *
81,398
1,817,617
REV Group, Inc.
18,662
385,184
Rocket Lab USA, Inc. *(a)
143,714
658,929
Rockwell Automation, Inc.
62,651
17,860,547
RTX Corp.
784,768
70,370,147
Rush Enterprises, Inc., Class A
34,636
1,686,773
Rush Enterprises, Inc., Class B
6,069
306,060
Sensata Technologies Holding PLC
83,146
2,861,885
SES AI Corp. *
76,995
136,281
Shoals Technologies Group, Inc.,
Class A *
92,517
1,186,993
Shyft Group, Inc.
18,283
188,498
Simpson Manufacturing Co., Inc.
23,117
4,824,056
SiteOne Landscape Supply, Inc. *
24,400
4,110,912
Snap-on, Inc.
28,835
7,948,656
Southland Holdings, Inc. *
5,124
23,365
Spirit AeroSystems Holdings, Inc.,
Class A *
62,053
1,774,716
SPX Technologies, Inc. *
24,583
2,880,882
Standex International Corp.
6,246
1,080,558
Stanley Black & Decker, Inc.
83,011
7,412,052
Stem, Inc. *(a)
48,519
130,031
Sterling Infrastructure, Inc. *
16,514
1,761,053
SunPower Corp. *(a)
46,139
143,492
Sunrun, Inc. *
118,106
1,421,996
Symbotic, Inc. *(a)
14,377
566,454
Tecnoglass, Inc.
10,649
497,947
Tennant Co.
10,331
1,169,366
Terex Corp.
36,659
2,102,394
Terran Orbital Corp. *
164,511
177,672
Textron, Inc.
107,496
9,574,669
Thermon Group Holdings, Inc. *
18,732
511,196
Timken Co.
35,698
2,998,275
Titan International, Inc. *
28,927
369,108
Titan Machinery, Inc. *
10,827
273,165
Toro Co.
56,533
5,218,561
TPI Composites, Inc. *(a)
32,429
90,477
Trane Technologies PLC
124,740
35,172,938
Transcat, Inc. *
5,385
566,287
TransDigm Group, Inc.
30,217
35,587,770
Trex Co., Inc. *
59,249
5,436,688
Trinity Industries, Inc.
43,545
1,105,172
Triumph Group, Inc. *
46,766
650,047
Tutor Perini Corp. *
22,921
259,695
UFP Industries, Inc.
33,431
3,832,196
United Rentals, Inc.
37,028
25,670,402
V2X, Inc. *
5,699
219,411
Valmont Industries, Inc.
11,367
2,409,008
Vertiv Holdings Co.
192,592
13,023,071
SECURITY
NUMBER
OF SHARES
VALUE ($)
Vicor Corp. *
12,346
459,765
Virgin Galactic Holdings, Inc. *(a)
181,584
315,956
Wabash National Corp.
25,617
698,832
Watsco, Inc.
18,506
7,293,585
Watts Water Technologies, Inc.,
Class A
14,831
3,024,782
WESCO International, Inc.
23,747
3,549,939
Westinghouse Air Brake Technologies
Corp.
97,344
13,753,734
WillScot Mobile Mini Holdings Corp. *
107,174
5,117,558
Woodward, Inc.
32,779
4,637,901
WW Grainger, Inc.
24,045
23,406,846
Xometry, Inc., Class A *
22,455
439,220
Xylem, Inc.
131,195
16,668,325
Zurn Elkay Water Solutions Corp.
78,104
2,479,802
 
1,751,708,108
 
Commercial & Professional Services 1.6%
ABM Industries, Inc.
35,981
1,486,375
ACCO Brands Corp.
55,911
311,983
ACV Auctions, Inc., Class A *
73,474
1,304,163
Alight, Inc., Class A *
200,334
1,805,009
ASGN, Inc. *
26,423
2,624,332
Automatic Data Processing, Inc.
224,473
56,371,904
Barrett Business Services, Inc.
3,337
407,081
Blacksky Technology, Inc. *(a)
58,633
83,259
Booz Allen Hamilton Holding Corp.,
Class A
70,894
10,471,753
Brady Corp., Class A
24,629
1,435,378
BrightView Holdings, Inc. *
18,671
162,624
Brink's Co.
24,882
2,060,976
Broadridge Financial Solutions, Inc.
64,202
13,070,243
CACI International, Inc., Class A *
12,318
4,617,402
Casella Waste Systems, Inc., Class A *
30,412
2,740,121
CBIZ, Inc. *
26,545
2,004,944
Cimpress PLC *
10,262
1,005,779
Cintas Corp.
47,251
29,702,451
Clarivate PLC *(a)
232,864
1,671,964
Clean Harbors, Inc. *
27,317
4,974,426
Concentrix Corp.
26,077
1,889,279
Conduent, Inc. *
91,184
313,673
Copart, Inc. *
477,446
25,376,255
CoreCivic, Inc. *
61,836
941,762
CRA International, Inc.
3,642
482,711
CSG Systems International, Inc.
16,307
889,710
Dayforce, Inc. *
84,401
5,887,814
Deluxe Corp.
24,325
472,148
Driven Brands Holdings, Inc. *
39,604
546,139
Dun & Bradstreet Holdings, Inc.
131,291
1,383,807
Ennis, Inc.
14,488
294,396
Enviri Corp. *
46,455
365,136
Equifax, Inc.
66,985
18,326,426
ExlService Holdings, Inc. *
90,709
2,822,864
Exponent, Inc.
27,584
2,231,270
First Advantage Corp.
23,683
370,876
Forrester Research, Inc. *
6,590
132,920
Franklin Covey Co. *
6,805
259,815
FTI Consulting, Inc. *
19,319
3,996,715
Genpact Ltd.
88,848
3,020,832
GEO Group, Inc. *
70,810
868,839
Healthcare Services Group, Inc. *
39,988
510,247
Heidrick & Struggles International,
Inc.
11,115
377,910
HireRight Holdings Corp. *
10,517
149,026
HNI Corp.
25,320
1,134,589
Huron Consulting Group, Inc. *
10,267
1,007,501
ICF International, Inc.
9,205
1,425,394
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report27

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Insperity, Inc.
19,421
1,976,864
Interface, Inc.
29,987
471,396
Jacobs Solutions, Inc.
68,126
9,990,678
KBR, Inc.
73,692
4,423,731
Kelly Services, Inc., Class A
19,398
475,833
Kforce, Inc.
10,785
751,067
Korn Ferry
28,254
1,798,650
LanzaTech Global, Inc. *(a)
48,099
154,879
Legalzoom.com, Inc. *
65,593
813,353
Leidos Holdings, Inc.
74,715
9,553,060
Liquidity Services, Inc. *
11,807
211,700
ManpowerGroup, Inc.
26,420
1,906,467
Matthews International Corp., Class A
16,519
478,060
Maximus, Inc.
32,861
2,749,151
MillerKnoll, Inc.
41,625
1,271,644
Montrose Environmental Group, Inc. *
14,529
601,210
MSA Safety, Inc.
19,924
3,669,005
NV5 Global, Inc. *
6,551
666,302
OPENLANE, Inc. *
60,837
928,981
Parsons Corp. *
21,867
1,762,699
Paychex, Inc.
174,860
21,441,333
Paycom Software, Inc.
26,593
4,850,297
Paycor HCM, Inc. *
35,068
740,636
Paylocity Holding Corp. *
24,073
4,058,949
Pitney Bowes, Inc.
93,050
374,992
Planet Labs PBC *
110,514
242,026
RB Global, Inc.
98,842
7,503,096
Republic Services, Inc.
111,374
20,448,266
Resources Connection, Inc.
17,417
240,877
Robert Half, Inc.
58,300
4,687,320
Rollins, Inc.
151,927
6,695,423
Science Applications International
Corp.
29,071
4,068,777
SP Plus Corp. *
10,407
535,024
SS&C Technologies Holdings, Inc.
117,846
7,513,861
Steelcase, Inc., Class A
51,746
710,990
Stericycle, Inc. *
50,402
2,741,365
Sterling Check Corp. *
20,870
327,033
Tetra Tech, Inc.
28,817
5,109,830
TransUnion
105,187
8,165,667
TriNet Group, Inc. *
17,093
2,188,075
TrueBlue, Inc. *
16,643
195,555
TTEC Holdings, Inc.
9,975
174,064
UniFirst Corp.
8,119
1,369,838
Upwork, Inc. *
66,810
875,211
Veralto Corp.
120,172
10,385,264
Verisk Analytics, Inc.
79,609
19,257,417
Verra Mobility Corp. *
91,689
1,982,316
Vestis Corp.
70,520
1,322,955
Viad Corp. *
11,119
413,960
VSE Corp.
8,098
600,062
Waste Management, Inc.
200,182
41,167,428
 
438,832,858
 
Consumer Discretionary Distribution & Retail 5.6%
1-800-Flowers.com, Inc., Class A *
17,167
178,880
Aaron's Co., Inc.
18,490
143,297
Abercrombie & Fitch Co., Class A *
27,442
3,505,990
Academy Sports & Outdoors, Inc.
40,056
2,992,984
Advance Auto Parts, Inc.
34,136
2,305,545
Amazon.com, Inc. *
4,963,243
877,302,833
American Eagle Outfitters, Inc.
100,394
2,384,357
America's Car-Mart, Inc. *
3,259
219,461
Arhaus, Inc. *
22,250
294,145
Arko Corp.
41,278
269,545
Asbury Automotive Group, Inc. *
11,064
2,310,495
AutoNation, Inc. *
14,348
2,149,330
SECURITY
NUMBER
OF SHARES
VALUE ($)
AutoZone, Inc. *
9,627
28,938,955
BARK, Inc. *(a)
52,345
62,814
Bath & Body Works, Inc.
124,247
5,678,088
Best Buy Co., Inc.
105,644
8,544,487
Beyond, Inc. *
25,200
844,956
Big Lots, Inc.
11,842
64,184
Boot Barn Holdings, Inc. *
16,368
1,514,040
Buckle, Inc.
16,039
656,637
Burlington Stores, Inc. *
35,272
7,234,287
Caleres, Inc.
19,693
760,347
Camping World Holdings, Inc.,
Class A
23,796
635,115
CarMax, Inc. *
85,964
6,791,156
CarParts.com, Inc. *
31,234
79,647
Carvana Co. *
56,854
4,316,924
Chewy, Inc., Class A *
68,441
1,207,299
Children's Place, Inc. *(a)
6,911
132,968
Designer Brands, Inc., Class A
25,677
271,149
Dick's Sporting Goods, Inc.
33,318
5,926,939
Dillard's, Inc., Class A
1,761
730,340
eBay, Inc.
283,832
13,419,577
Etsy, Inc. *
65,885
4,723,296
Five Below, Inc. *
30,421
6,104,886
Floor & Decor Holdings, Inc., Class A *
57,805
7,001,342
Foot Locker, Inc.
47,096
1,621,515
GameStop Corp., Class A *(a)
145,990
2,083,277
Gap, Inc.
120,282
2,278,141
Genesco, Inc. *
6,608
210,927
Genuine Parts Co.
76,577
11,429,883
Group 1 Automotive, Inc.
7,474
2,022,838
Groupon, Inc. *(a)
16,864
312,153
GrowGeneration Corp. *
44,818
95,911
Guess?, Inc.
17,853
453,109
Haverty Furniture Cos., Inc.
8,044
275,909
Hibbett, Inc.
7,082
580,370
Home Depot, Inc.
545,800
207,736,938
Kohl's Corp.
60,243
1,678,972
Lands' End, Inc. *
7,423
72,226
Leslie's, Inc. *
103,378
816,686
Lithia Motors, Inc.
14,863
4,444,929
LKQ Corp.
144,868
7,575,148
Lowe's Cos., Inc.
314,968
75,803,349
Macy's, Inc.
147,715
2,576,150
MarineMax, Inc. *
12,158
403,646
Monro, Inc.
17,108
574,316
Murphy USA, Inc.
10,458
4,361,091
National Vision Holdings, Inc. *
42,286
989,492
Nordstrom, Inc.
52,368
1,098,157
ODP Corp. *
18,452
1,042,169
Ollie's Bargain Outlet Holdings, Inc. *
33,466
2,682,969
O'Reilly Automotive, Inc. *
32,211
35,026,886
Penske Automotive Group, Inc.
10,394
1,595,479
Petco Health & Wellness Co., Inc. *
45,044
117,114
PetMed Express, Inc.
12,811
64,824
Pool Corp.
21,235
8,454,078
Qurate Retail, Inc. *
189,549
267,264
Revolve Group, Inc. *
22,803
500,070
RH *
8,219
2,255,294
Ross Stores, Inc.
184,718
27,515,593
Sally Beauty Holdings, Inc. *
58,222
735,344
Savers Value Village, Inc. *
12,213
247,191
Shoe Carnival, Inc.
8,165
267,567
Signet Jewelers Ltd.
24,571
2,500,345
Sleep Number Corp. *
12,358
204,154
Sonic Automotive, Inc., Class A
8,646
453,915
Sportsman's Warehouse Holdings,
Inc. *
19,118
69,016
Stitch Fix, Inc., Class A *
44,805
144,720
See financial notes
28Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
TJX Cos., Inc.
624,404
61,903,413
Tractor Supply Co.
58,945
14,990,892
Ulta Beauty, Inc. *
26,923
14,768,881
Upbound Group, Inc.
26,302
887,955
Urban Outfitters, Inc. *
29,654
1,232,124
Valvoline, Inc. *
75,547
3,221,324
Victoria's Secret & Co. *
41,958
1,198,320
Warby Parker, Inc., Class A *
43,538
553,368
Wayfair, Inc., Class A *
51,327
3,059,089
Williams-Sonoma, Inc.
34,623
8,154,755
Winmark Corp.
1,529
580,332
Zumiez, Inc. *
8,189
144,290
 
1,524,030,163
 
Consumer Durables & Apparel 1.2%
Acushnet Holdings Corp.
17,078
1,100,165
AMMO, Inc. *
44,174
105,134
Beazer Homes USA, Inc. *
16,337
511,838
Brunswick Corp.
37,035
3,236,859
Capri Holdings Ltd. *
62,876
2,900,470
Carter's, Inc.
20,204
1,635,514
Cavco Industries, Inc. *
4,393
1,636,700
Century Communities, Inc.
15,250
1,315,922
Columbia Sportswear Co.
19,017
1,572,516
Crocs, Inc. *
33,772
4,128,627
Deckers Outdoor Corp. *
13,964
12,506,019
DR Horton, Inc.
164,486
24,580,788
Dream Finders Homes, Inc., Class A *
12,145
475,234
Ethan Allen Interiors, Inc.
12,949
432,885
Figs, Inc., Class A *
68,321
357,319
Funko, Inc., Class A *
18,213
128,220
Garmin Ltd.
84,035
11,542,207
G-III Apparel Group Ltd. *
21,766
724,155
GoPro, Inc., Class A *
68,860
161,132
Green Brick Partners, Inc. *
14,683
858,956
Hanesbrands, Inc. *
187,281
1,011,317
Hasbro, Inc.
70,393
3,540,064
Helen of Troy Ltd. *
13,147
1,643,375
Installed Building Products, Inc.
12,727
3,040,862
iRobot Corp. *(a)
15,135
172,690
Johnson Outdoors, Inc., Class A
2,903
133,422
KB Home
43,276
2,874,825
Kontoor Brands, Inc.
26,747
1,581,015
Latham Group, Inc. *
24,629
83,492
La-Z-Boy, Inc.
23,145
879,279
Leggett & Platt, Inc.
71,812
1,466,401
Lennar Corp., Class A
143,133
22,688,012
Levi Strauss & Co., Class A
54,782
995,389
LGI Homes, Inc. *
11,113
1,267,882
Lululemon Athletica, Inc. *
62,903
29,381,362
M/I Homes, Inc. *
14,887
1,890,500
Malibu Boats, Inc., Class A *
10,896
475,501
Mattel, Inc. *
193,356
3,809,113
MDC Holdings, Inc.
33,584
2,105,717
Meritage Homes Corp.
20,011
3,154,934
Mohawk Industries, Inc. *
28,786
3,414,595
Movado Group, Inc.
8,138
233,642
Newell Brands, Inc.
205,649
1,542,367
NIKE, Inc., Class B
667,627
69,386,474
NVR, Inc. *
1,736
13,237,990
Oxford Industries, Inc.
7,785
789,321
Peloton Interactive, Inc., Class A *
184,496
833,922
Polaris, Inc.
29,109
2,698,695
PulteGroup, Inc.
117,838
12,771,282
PVH Corp.
32,710
4,470,476
Ralph Lauren Corp.
21,424
3,983,150
Skechers USA, Inc., Class A *
73,161
4,522,081
SECURITY
NUMBER
OF SHARES
VALUE ($)
Skyline Champion Corp. *
28,930
2,424,045
Smith & Wesson Brands, Inc.
24,486
336,193
Snap One Holdings Corp. *
10,491
86,865
Solo Brands, Inc., Class A *
14,659
39,579
Sonos, Inc. *
70,531
1,337,268
Steven Madden Ltd.
38,797
1,661,288
Sturm Ruger & Co., Inc.
9,596
415,699
Tapestry, Inc.
125,896
5,983,837
Taylor Morrison Home Corp. *
59,175
3,349,897
Tempur Sealy International, Inc.
93,860
5,112,554
Toll Brothers, Inc.
58,256
6,678,468
TopBuild Corp. *
17,476
7,031,993
Topgolf Callaway Brands Corp. *
76,144
1,084,291
Traeger, Inc. *
32,516
72,186
Tri Pointe Homes, Inc. *
53,972
1,909,529
Tupperware Brands Corp. *(a)
22,188
29,288
Under Armour, Inc., Class A *
199,818
1,790,369
VF Corp.
179,191
2,927,981
Vista Outdoor, Inc. *
31,623
986,638
Vizio Holding Corp., Class A *
56,069
617,320
Whirlpool Corp.
29,648
3,183,899
Wolverine World Wide, Inc.
43,397
441,347
Worthington Enterprises, Inc.
16,400
1,018,768
YETI Holdings, Inc. *
47,133
1,934,338
 
320,443,447
 
Consumer Services 2.3%
2U, Inc. *(a)
31,624
14,250
Accel Entertainment, Inc. *
28,914
327,596
ADT, Inc.
115,199
836,345
Adtalem Global Education, Inc. *
21,337
1,056,181
Airbnb, Inc., Class A *
236,609
37,258,819
Aramark
141,325
4,286,387
Bally's Corp. *
15,135
170,117
BJ's Restaurants, Inc. *
12,634
442,443
Bloomin' Brands, Inc.
47,607
1,293,958
Booking Holdings, Inc. *
19,020
65,977,147
Bowlero Corp., Class A (a)
28,155
350,530
Boyd Gaming Corp.
37,993
2,512,477
Bright Horizons Family Solutions,
Inc. *
31,409
3,607,638
Brinker International, Inc. *
23,482
1,088,156
Caesars Entertainment, Inc. *
116,699
5,072,906
Carnival Corp. *
548,164
8,693,881
Carriage Services, Inc.
7,528
186,845
Cava Group, Inc. *
8,003
467,455
Cheesecake Factory, Inc.
25,451
900,456
Chegg, Inc. *
63,356
566,403
Chipotle Mexican Grill, Inc. *
14,940
40,170,224
Choice Hotels International, Inc.
13,410
1,501,115
Churchill Downs, Inc.
36,948
4,502,853
Chuy's Holdings, Inc. *
10,259
347,062
Coursera, Inc. *
56,377
905,978
Cracker Barrel Old Country Store, Inc.
12,008
794,089
Darden Restaurants, Inc.
65,657
11,208,306
Dave & Buster's Entertainment, Inc. *
17,981
1,110,147
Denny's Corp. *
31,913
294,557
Dine Brands Global, Inc.
8,159
395,793
Domino's Pizza, Inc.
18,938
8,490,852
DoorDash, Inc., Class A *
166,191
20,702,413
DraftKings, Inc., Class A *
255,285
11,058,946
Duolingo, Inc. *
19,204
4,589,756
Dutch Bros, Inc., Class A *
33,719
982,234
El Pollo Loco Holdings, Inc. *
11,716
106,147
European Wax Center, Inc., Class A *
19,358
274,496
Everi Holdings, Inc. *
48,279
572,589
Expedia Group, Inc. *
72,495
9,918,766
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report29

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
First Watch Restaurant Group, Inc. *
12,673
317,459
Frontdoor, Inc. *
44,943
1,409,412
Global Business Travel Group I *
25,451
152,706
Golden Entertainment, Inc.
11,848
439,087
Graham Holdings Co., Class B
1,972
1,384,995
Grand Canyon Education, Inc. *
16,205
2,184,434
H&R Block, Inc.
78,141
3,825,002
Hilton Grand Vacations, Inc. *
38,736
1,738,472
Hilton Worldwide Holdings, Inc.
140,025
28,609,908
Hyatt Hotels Corp., Class A
24,252
3,724,865
Jack in the Box, Inc.
11,388
831,324
Krispy Kreme, Inc.
45,879
593,674
Kura Sushi USA, Inc., Class A *
2,998
284,900
Las Vegas Sands Corp.
201,020
10,959,610
Laureate Education, Inc.
72,377
970,576
Life Time Group Holdings, Inc. *
30,012
412,365
Light & Wonder, Inc. *
49,552
4,980,472
Lindblad Expeditions Holdings, Inc. *
20,550
190,498
Marriott International, Inc., Class A
134,215
33,536,302
Marriott Vacations Worldwide Corp.
18,371
1,711,993
McDonald's Corp.
395,868
115,704,299
MGM Resorts International *
149,308
6,462,050
Mister Car Wash, Inc. *
57,927
480,215
Monarch Casino & Resort, Inc.
7,088
498,641
Norwegian Cruise Line Holdings Ltd. *
231,985
4,498,189
OneSpaWorld Holdings Ltd. *
47,074
613,845
Papa John's International, Inc.
17,672
1,270,440
Penn Entertainment, Inc. *
83,142
1,521,499
Perdoceo Education Corp.
35,544
633,039
Planet Fitness, Inc., Class A *
46,312
2,873,660
Playa Hotels & Resorts NV *
66,733
613,276
Portillo's, Inc., Class A *
27,938
405,939
RCI Hospitality Holdings, Inc.
4,568
257,452
Red Rock Resorts, Inc., Class A
26,233
1,521,252
Royal Caribbean Cruises Ltd. *
128,967
15,908,079
Rush Street Interactive, Inc. *
28,668
167,708
Sabre Corp. *
218,910
580,111
Service Corp. International
80,624
5,900,871
Shake Shack, Inc., Class A *
20,608
2,191,043
Six Flags Entertainment Corp. *
39,769
1,007,746
Starbucks Corp.
623,896
59,207,730
Strategic Education, Inc.
12,444
1,378,671
Stride, Inc. *
22,773
1,360,687
Sweetgreen, Inc., Class A *
49,734
633,611
Target Hospitality Corp. *
20,564
199,060
Texas Roadhouse, Inc.
36,496
5,451,408
Travel & Leisure Co.
41,672
1,862,322
Udemy, Inc. *
49,835
563,135
United Parks & Resorts, Inc. *
18,855
968,204
Vacasa, Inc., Class A *
2,559
24,183
Vail Resorts, Inc.
20,863
4,804,958
Wendy's Co.
91,374
1,654,783
Wingstop, Inc.
16,176
5,678,585
WW International, Inc. *
47,245
147,404
Wyndham Hotels & Resorts, Inc.
45,095
3,452,022
Wynn Resorts Ltd.
52,424
5,515,005
Xponential Fitness, Inc., Class A *
13,943
140,545
Yum! Brands, Inc.
153,440
21,239,165
 
628,685,199
 
Consumer Staples Distribution & Retail 1.8%
Albertsons Cos., Inc., Class A
220,463
4,470,990
Andersons, Inc.
17,242
953,138
BJ's Wholesale Club Holdings, Inc. *
72,846
5,320,672
Casey's General Stores, Inc.
20,617
6,277,670
Chefs' Warehouse, Inc. *
18,899
718,351
Costco Wholesale Corp.
241,575
179,705,227
SECURITY
NUMBER
OF SHARES
VALUE ($)
Dollar General Corp.
119,679
17,390,555
Dollar Tree, Inc. *
114,249
16,758,043
Grocery Outlet Holding Corp. *
53,569
1,381,545
Ingles Markets, Inc., Class A
7,780
599,138
Kroger Co.
360,959
17,907,176
Performance Food Group Co. *
84,903
6,518,003
PriceSmart, Inc.
13,853
1,165,591
SpartanNash Co.
18,806
396,242
Sprouts Farmers Market, Inc. *
56,134
3,505,007
Sysco Corp.
275,601
22,315,413
Target Corp.
251,775
38,501,433
U.S. Foods Holding Corp. *
123,234
6,259,055
United Natural Foods, Inc. *
31,690
494,681
Walgreens Boots Alliance, Inc.
390,242
8,296,545
Walmart, Inc.
2,335,040
136,856,694
Weis Markets, Inc.
8,555
555,562
 
476,346,731
 
Energy 3.8%
Antero Midstream Corp.
183,478
2,458,605
Antero Resources Corp. *
153,675
3,949,448
APA Corp.
170,471
5,078,331
Archrock, Inc.
75,778
1,384,464
Atlas Energy Solutions, Inc.
31,256
589,488
Baker Hughes Co.
547,552
16,202,064
Berry Corp.
35,000
246,750
Bristow Group, Inc. *
12,344
332,671
Cactus, Inc., Class A
34,875
1,600,763
California Resources Corp.
34,953
1,823,498
Callon Petroleum Co. *
30,449
948,791
Centrus Energy Corp., Class A *
6,909
281,818
ChampionX Corp.
107,420
3,336,465
Cheniere Energy, Inc.
129,962
20,170,102
Chesapeake Energy Corp.
60,923
5,043,206
Chevron Corp.
958,163
145,650,358
Chord Energy Corp.
23,273
3,780,699
Civitas Resources, Inc.
46,265
3,177,480
Clean Energy Fuels Corp. *
100,463
296,366
CNX Resources Corp. *
89,494
1,874,899
Comstock Resources, Inc.
48,010
410,486
ConocoPhillips
647,917
72,916,579
CONSOL Energy, Inc.
15,854
1,360,590
Core Laboratories, Inc.
25,088
375,567
Coterra Energy, Inc.
412,842
10,643,067
Crescent Energy Co., Class A
50,059
559,660
CVR Energy, Inc.
15,406
511,171
Delek U.S. Holdings, Inc.
31,717
809,101
Devon Energy Corp.
347,916
15,329,179
Diamond Offshore Drilling, Inc. *
56,193
623,180
Diamondback Energy, Inc.
97,767
17,844,433
DMC Global, Inc. *
9,984
166,533
Dorian LPG Ltd.
18,348
663,280
Dril-Quip, Inc. *
18,642
421,309
DT Midstream, Inc.
52,645
3,033,931
EOG Resources, Inc.
318,258
36,427,811
EQT Corp.
224,778
8,350,503
Equitrans Midstream Corp.
235,170
2,513,967
Excelerate Energy, Inc., Class A
9,336
146,575
Expro Group Holdings NV *
46,550
832,780
Exxon Mobil Corp.
2,186,599
228,543,327
Granite Ridge Resources, Inc.
24,980
153,627
Green Plains, Inc. *
33,184
706,819
Gulfport Energy Corp. *
5,259
746,725
Halliburton Co.
487,254
17,087,998
Helix Energy Solutions Group, Inc. *
78,975
710,775
Helmerich & Payne, Inc.
53,584
2,057,090
Hess Corp.
150,324
21,909,723
See financial notes
30Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
HF Sinclair Corp.
84,698
4,700,739
HighPeak Energy, Inc. (a)
14,355
237,862
International Seaways, Inc.
21,716
1,149,428
Kinder Morgan, Inc.
1,050,274
18,264,265
Kinetik Holdings, Inc.
12,156
429,350
Kodiak Gas Services, Inc.
9,123
232,637
Kosmos Energy Ltd. *
248,567
1,526,201
Liberty Energy, Inc.
82,136
1,756,068
Magnolia Oil & Gas Corp., Class A
102,421
2,322,908
Marathon Oil Corp.
322,619
7,823,511
Marathon Petroleum Corp.
207,474
35,110,825
Matador Resources Co.
60,010
3,789,632
Murphy Oil Corp.
80,088
3,177,091
Nabors Industries Ltd. *
4,885
382,837
New Fortress Energy, Inc.
35,711
1,255,242
NextDecade Corp. *
42,037
192,950
Noble Corp. PLC
58,722
2,455,167
Northern Oil & Gas, Inc.
49,084
1,753,771
NOV, Inc.
213,450
3,607,305
Occidental Petroleum Corp.
359,788
21,806,751
Oceaneering International, Inc. *
56,259
1,111,678
ONEOK, Inc.
317,032
23,815,444
Ovintiv, Inc.
137,398
6,788,835
Par Pacific Holdings, Inc. *
29,588
1,068,719
Patterson-UTI Energy, Inc.
173,555
2,008,031
PBF Energy, Inc., Class A
59,489
2,778,136
Peabody Energy Corp.
62,391
1,545,425
Permian Resources Corp.
226,291
3,521,088
Phillips 66
239,566
34,140,551
Pioneer Natural Resources Co.
126,983
29,865,132
ProFrac Holding Corp., Class A *
6,710
54,888
ProPetro Holding Corp. *
41,615
307,951
Range Resources Corp.
130,758
4,134,568
REX American Resources Corp. *
8,132
357,645
Riley Exploration Permian, Inc.
3,462
81,876
RPC, Inc.
46,388
342,807
SandRidge Energy, Inc.
16,923
220,676
Schlumberger NV
778,739
37,636,456
Select Water Solutions, Inc.
45,289
386,768
SilverBow Resources, Inc. *
6,636
188,396
Sitio Royalties Corp., Class A
44,572
1,017,133
SM Energy Co.
63,344
2,772,567
Southwestern Energy Co. *
594,594
4,144,320
Talos Energy, Inc. *
71,364
941,291
Targa Resources Corp.
121,241
11,910,716
TechnipFMC PLC
239,727
5,199,679
Tellurian, Inc. *
409,446
325,059
TETRA Technologies, Inc. *
63,736
248,570
Texas Pacific Land Corp.
3,427
5,398,964
Tidewater, Inc. *
26,088
1,826,943
Transocean Ltd. *
396,750
1,860,758
U.S. Silica Holdings, Inc. *
41,008
471,592
Uranium Energy Corp. *
217,023
1,406,309
Valaris Ltd. *
34,485
2,174,279
Valero Energy Corp.
186,445
26,374,510
Vital Energy, Inc. *
15,048
757,366
Weatherford International PLC *
39,117
4,013,795
Williams Cos., Inc.
665,109
23,904,017
World Kinect Corp.
33,601
818,520
 
1,021,978,050
 
Equity Real Estate Investment Trusts (REITs) 2.5%
Acadia Realty Trust
51,760
848,346
Agree Realty Corp.
55,359
3,041,977
Alexander & Baldwin, Inc.
38,680
628,937
Alexander's, Inc.
1,052
232,545
Alexandria Real Estate Equities, Inc.
85,546
10,670,153
SECURITY
NUMBER
OF SHARES
VALUE ($)
American Assets Trust, Inc.
27,946
602,795
American Homes 4 Rent, Class A
174,155
6,445,477
American Tower Corp.
254,122
50,534,701
Americold Realty Trust, Inc.
145,256
3,674,977
Apartment Income REIT Corp.
81,142
2,460,225
Apartment Investment & Management
Co., Class A *
80,568
594,592
Apple Hospitality REIT, Inc.
114,409
1,840,841
Armada Hoffler Properties, Inc.
34,840
354,671
AvalonBay Communities, Inc.
77,156
13,658,927
Boston Properties, Inc.
78,072
5,052,820
Brandywine Realty Trust
94,602
406,789
Brixmor Property Group, Inc.
162,973
3,684,820
Broadstone Net Lease, Inc.
102,130
1,522,758
Camden Property Trust
58,021
5,481,824
CareTrust REIT, Inc.
66,305
1,495,841
CBL & Associates Properties, Inc.
13,310
306,929
Centerspace
8,139
452,447
Chatham Lodging Trust
25,187
256,907
City Office REIT, Inc.
26,880
123,110
Community Healthcare Trust, Inc.
13,532
367,259
COPT Defense Properties
60,858
1,474,589
Cousins Properties, Inc.
82,667
1,885,634
Crown Castle, Inc.
237,295
26,088,212
CubeSmart
122,379
5,336,948
DiamondRock Hospitality Co.
111,491
1,048,015
Digital Realty Trust, Inc.
165,065
24,233,193
Diversified Healthcare Trust
122,631
402,230
Douglas Emmett, Inc.
91,474
1,209,286
Easterly Government Properties, Inc.
53,139
627,040
EastGroup Properties, Inc.
25,312
4,447,065
Elme Communities
47,795
615,600
Empire State Realty Trust, Inc.,
Class A
69,595
693,862
EPR Properties
41,056
1,686,581
Equinix, Inc.
51,251
45,552,914
Equity Commonwealth *
59,486
1,120,121
Equity LifeStyle Properties, Inc.
100,717
6,780,268
Equity Residential
188,857
11,371,080
Essential Properties Realty Trust, Inc.
85,690
2,047,134
Essex Property Trust, Inc.
34,942
8,085,579
Extra Space Storage, Inc.
114,880
16,194,634
Federal Realty Investment Trust
39,591
3,992,752
First Industrial Realty Trust, Inc.
71,768
3,803,704
Four Corners Property Trust, Inc.
46,899
1,134,018
Franklin Street Properties Corp.,
Class C
53,659
127,172
Gaming & Leisure Properties, Inc.
146,155
6,647,129
Getty Realty Corp.
28,665
755,609
Gladstone Commercial Corp.
22,909
283,613
Global Medical REIT, Inc.
34,403
307,907
Global Net Lease, Inc.
106,765
769,776
Healthcare Realty Trust, Inc.
207,534
2,859,819
Healthpeak Properties, Inc.
294,049
4,925,321
Highwoods Properties, Inc.
57,752
1,412,036
Host Hotels & Resorts, Inc.
380,761
7,896,983
Hudson Pacific Properties, Inc.
69,957
443,527
Independence Realty Trust, Inc.
122,040
1,786,666
Industrial Logistics Properties Trust
32,726
125,341
Innovative Industrial Properties, Inc.
15,297
1,498,953
InvenTrust Properties Corp.
37,268
941,017
Invitation Homes, Inc.
315,661
10,754,570
Iron Mountain, Inc.
158,590
12,471,518
JBG SMITH Properties
51,542
854,566
Kilroy Realty Corp.
57,658
2,184,662
Kimco Realty Corp.
361,638
7,145,967
Kite Realty Group Trust
118,601
2,539,247
Lamar Advertising Co., Class A
47,728
5,276,330
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report31

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
LTC Properties, Inc.
22,367
703,666
LXP Industrial Trust
159,258
1,379,174
Macerich Co.
118,613
1,946,439
Medical Properties Trust, Inc. (a)
325,832
1,371,753
Mid-America Apartment
Communities, Inc.
63,261
7,950,643
National Health Investors, Inc.
23,802
1,367,901
National Storage Affiliates Trust
41,491
1,485,793
NETSTREIT Corp.
34,840
585,660
NexPoint Diversified Real Estate Trust
19,265
121,947
NexPoint Residential Trust, Inc.
12,409
362,467
NNN REIT, Inc.
98,103
3,991,811
Office Properties Income Trust
32,122
85,766
Omega Healthcare Investors, Inc.
132,214
4,114,500
One Liberty Properties, Inc.
10,024
202,886
Orion Office REIT, Inc.
36,480
128,045
Outfront Media, Inc.
80,527
1,157,173
Paramount Group, Inc.
96,311
426,658
Park Hotels & Resorts, Inc.
117,432
1,949,371
Peakstone Realty Trust
19,530
268,928
Pebblebrook Hotel Trust
67,894
1,075,441
Phillips Edison & Co., Inc.
63,906
2,282,722
Physicians Realty Trust
130,411
1,464,516
Piedmont Office Realty Trust, Inc.,
Class A
68,160
427,363
Plymouth Industrial REIT, Inc.
18,341
395,615
PotlatchDeltic Corp.
43,178
1,952,077
Prologis, Inc.
504,276
67,204,863
Public Storage
86,167
24,460,226
Rayonier, Inc.
73,314
2,524,201
Realty Income Corp.
453,712
23,642,932
Regency Centers Corp.
89,518
5,545,640
Retail Opportunity Investments Corp.
67,412
871,637
Rexford Industrial Realty, Inc.
115,721
5,887,885
RLJ Lodging Trust
88,521
1,050,744
Ryman Hospitality Properties, Inc.
33,080
3,919,318
Sabra Health Care REIT, Inc.
128,943
1,789,729
Safehold, Inc.
28,553
574,486
Saul Centers, Inc.
7,449
269,579
SBA Communications Corp.
59,005
12,345,616
Service Properties Trust
91,182
620,038
Simon Property Group, Inc.
177,842
26,345,514
SITE Centers Corp.
98,392
1,336,163
SL Green Realty Corp. (a)
36,191
1,754,540
STAG Industrial, Inc.
100,789
3,743,304
Summit Hotel Properties, Inc.
58,513
375,653
Sun Communities, Inc.
67,707
9,056,488
Sunstone Hotel Investors, Inc.
112,265
1,256,245
Tanger, Inc.
56,938
1,640,384
Terreno Realty Corp.
45,008
2,894,014
UDR, Inc.
164,090
5,825,195
UMH Properties, Inc.
31,257
481,358
Uniti Group, Inc.
136,813
801,724
Universal Health Realty Income Trust
6,510
252,458
Urban Edge Properties
64,942
1,104,663
Ventas, Inc.
220,706
9,333,657
Veris Residential, Inc.
43,294
632,092
VICI Properties, Inc.
562,882
16,847,058
Vornado Realty Trust
86,929
2,286,233
Welltower, Inc.
302,067
27,838,495
Weyerhaeuser Co.
398,994
13,717,414
WP Carey, Inc.
118,193
6,657,812
Xenia Hotels & Resorts, Inc.
60,836
933,224
 
679,597,753
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Financial Services 7.8%
Affiliated Managers Group, Inc.
18,587
2,905,334
Affirm Holdings, Inc. *
120,384
4,516,808
AGNC Investment Corp.
371,679
3,553,251
Alerus Financial Corp.
10,076
219,758
Ally Financial, Inc.
147,285
5,448,072
AlTi Global, Inc. *
12,545
73,514
A-Mark Precious Metals, Inc.
9,452
242,822
American Express Co.
313,934
68,883,398
Ameriprise Financial, Inc.
55,263
22,511,936
Annaly Capital Management, Inc.
269,803
5,150,539
Apollo Commercial Real Estate
Finance, Inc.
69,342
777,324
Apollo Global Management, Inc.
238,349
26,647,418
Arbor Realty Trust, Inc. (a)
98,388
1,318,399
ARES Management Corp., Class A
92,608
12,282,599
ARMOUR Residential REIT, Inc. (a)
31,811
629,858
Artisan Partners Asset Management,
Inc., Class A
37,378
1,609,870
AssetMark Financial Holdings, Inc. *
11,100
392,385
AvidXchange Holdings, Inc. *
92,958
1,235,412
B Riley Financial, Inc. (a)
9,211
168,838
Bank of New York Mellon Corp.
418,112
23,451,902
Berkshire Hathaway, Inc., Class B *
993,005
406,536,247
BGC Group, Inc., Class A
211,936
1,472,955
BlackRock, Inc.
76,315
61,917,412
Blackstone Mortgage Trust, Inc.,
Class A (a)
93,432
1,903,210
Blackstone, Inc.
387,907
49,582,273
Block, Inc. *
301,890
23,991,198
Blue Owl Capital, Inc.
220,886
3,967,113
Bread Financial Holdings, Inc.
27,681
1,059,629
Brightsphere Investment Group, Inc.
16,580
375,703
BrightSpire Capital, Inc.
69,703
481,648
Cannae Holdings, Inc. *
40,200
877,164
Cantaloupe, Inc. *
28,574
185,731
Capital One Financial Corp.
207,751
28,588,615
Carlyle Group, Inc.
118,365
5,427,035
Cass Information Systems, Inc.
6,983
337,419
Cboe Global Markets, Inc.
57,941
11,124,672
Charles Schwab Corp. (b)
805,640
53,800,639
Chimera Investment Corp.
131,656
574,020
Claros Mortgage Trust, Inc.
65,959
638,483
CME Group, Inc.
196,309
43,256,688
Cohen & Steers, Inc.
13,993
1,029,185
Coinbase Global, Inc., Class A *
93,092
18,949,808
Corebridge Financial, Inc.
130,544
3,241,408
Credit Acceptance Corp. *
3,424
1,895,526
Diamond Hill Investment Group, Inc.
1,690
244,509
Discover Financial Services
136,766
16,507,656
Donnelley Financial Solutions, Inc. *
13,883
896,286
Dynex Capital, Inc. (a)
29,196
360,279
Ellington Financial, Inc.
42,401
480,403
Enact Holdings, Inc.
19,803
548,939
Encore Capital Group, Inc. *
12,645
606,960
Enova International, Inc. *
16,712
1,057,034
Equitable Holdings, Inc.
172,422
5,903,729
Essent Group Ltd.
57,512
3,080,918
Euronet Worldwide, Inc. *
24,127
2,640,459
Evercore, Inc., Class A
18,592
3,478,191
EVERTEC, Inc.
34,939
1,262,346
FactSet Research Systems, Inc.
20,819
9,630,453
Federal Agricultural Mortgage Corp.,
Class C
5,442
973,411
Federated Hermes, Inc.
49,150
1,731,555
Fidelity National Information Services,
Inc.
323,801
22,403,791
See financial notes
32Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
FirstCash Holdings, Inc.
19,978
2,287,481
Fiserv, Inc. *
327,626
48,904,733
FleetCor Technologies, Inc. *
39,340
10,986,482
Flywire Corp. *
57,240
1,625,044
Forge Global Holdings, Inc. *
56,209
116,915
Franklin BSP Realty Trust, Inc.
44,259
571,384
Franklin Resources, Inc.
154,898
4,251,950
Global Payments, Inc.
142,067
18,426,090
Goldman Sachs Group, Inc.
178,004
69,252,456
Granite Point Mortgage Trust, Inc.
28,594
135,536
Green Dot Corp., Class A *
25,338
208,025
Hamilton Lane, Inc., Class A
20,095
2,307,911
Hannon Armstrong Sustainable
Infrastructure Capital, Inc.
62,089
1,562,780
Houlihan Lokey, Inc.
28,494
3,666,038
Interactive Brokers Group, Inc.,
Class A
57,976
6,303,151
Intercontinental Exchange, Inc.
312,432
43,246,837
International Money Express, Inc. *
17,041
335,708
Invesco Ltd.
242,660
3,739,391
Invesco Mortgage Capital, Inc.
21,933
198,055
Jack Henry & Associates, Inc.
39,729
6,903,708
Jackson Financial, Inc., Class A
39,274
2,162,034
Janus Henderson Group PLC
72,222
2,250,438
Jefferies Financial Group, Inc.
92,456
3,866,510
KKR & Co., Inc.
362,253
35,594,980
KKR Real Estate Finance Trust, Inc.
30,784
300,144
Ladder Capital Corp.
58,279
629,996
Lazard, Inc., Class A
62,084
2,392,717
LendingClub Corp. *
56,740
460,161
LendingTree, Inc. *
5,642
223,254
LPL Financial Holdings, Inc.
41,370
11,082,609
MarketAxess Holdings, Inc.
20,830
4,445,330
Marqeta, Inc., Class A *
240,387
1,569,727
Mastercard, Inc., Class A
451,943
214,564,459
Merchants Bancorp
13,547
580,624
MFA Financial, Inc.
59,352
665,929
MGIC Investment Corp.
151,498
3,013,295
Moelis & Co., Class A
36,428
1,968,569
Moneylion, Inc. *
2,607
130,454
Moody's Corp.
85,868
32,580,037
Morgan Stanley
689,747
59,345,832
Morningstar, Inc.
14,049
4,194,891
Mr Cooper Group, Inc. *
36,495
2,601,364
MSCI, Inc.
43,095
24,175,002
Nasdaq, Inc.
184,212
10,352,714
Navient Corp.
46,257
752,139
NCR Atleos Corp. *
36,071
784,905
Nelnet, Inc., Class A
9,664
829,848
NerdWallet, Inc., Class A *
27,400
462,238
New York Mortgage Trust, Inc.
52,933
381,647
NewtekOne, Inc. (a)
13,937
160,833
NMI Holdings, Inc., Class A *
44,351
1,334,078
Northern Trust Corp.
112,539
9,242,828
OneMain Holdings, Inc.
65,200
3,079,396
Open Lending Corp., Class A *
55,119
400,164
Payoneer Global, Inc. *
141,255
686,499
PayPal Holdings, Inc. *
587,391
35,443,173
PennyMac Financial Services, Inc.
15,827
1,344,187
PennyMac Mortgage Investment Trust
47,820
675,697
Piper Sandler Cos.
7,878
1,483,191
PJT Partners, Inc., Class A
11,657
1,228,648
PRA Group, Inc. *
20,642
527,610
PROG Holdings, Inc. *
25,240
779,159
Radian Group, Inc.
85,480
2,490,887
Raymond James Financial, Inc.
102,157
12,291,530
Ready Capital Corp.
85,485
754,833
Redwood Trust, Inc.
64,818
397,334
SECURITY
NUMBER
OF SHARES
VALUE ($)
Remitly Global, Inc. *
71,755
1,479,588
Repay Holdings Corp. *
41,273
358,662
Rithm Capital Corp.
261,328
2,832,796
Robinhood Markets, Inc., Class A *
284,924
4,647,110
Rocket Cos., Inc., Class A *
69,650
874,804
S&P Global, Inc.
176,867
75,766,285
SEI Investments Co.
54,785
3,684,291
Shift4 Payments, Inc., Class A *
31,155
2,561,564
SLM Corp.
122,595
2,553,654
SoFi Technologies, Inc. *
528,663
4,747,394
Starwood Property Trust, Inc.
164,001
3,343,980
State Street Corp.
168,689
12,437,440
StepStone Group, Inc., Class A
27,466
953,894
Stifel Financial Corp.
56,171
4,261,132
StoneX Group, Inc. *
14,050
973,103
Synchrony Financial
226,247
9,344,001
T Rowe Price Group, Inc.
121,523
13,774,632
Toast, Inc., Class A *
209,733
4,823,859
TPG RE Finance Trust, Inc.
33,508
250,640
TPG, Inc.
41,769
1,852,455
Tradeweb Markets, Inc., Class A
62,392
6,602,321
Two Harbors Investment Corp.
54,810
694,443
Upstart Holdings, Inc. *(a)
39,173
1,008,705
UWM Holdings Corp.
50,674
323,300
Victory Capital Holdings, Inc., Class A
19,814
761,452
Virtu Financial, Inc., Class A
48,569
876,670
Virtus Investment Partners, Inc.
3,623
841,695
Visa, Inc., Class A
869,630
245,792,223
Voya Financial, Inc.
57,247
3,913,405
Walker & Dunlop, Inc.
18,269
1,742,497
Waterstone Financial, Inc.
10,991
139,036
Western Union Co.
204,625
2,744,021
WEX, Inc. *
23,227
5,103,669
WisdomTree, Inc.
63,428
511,230
World Acceptance Corp. *
1,641
196,526
 
2,117,524,183
 
Food, Beverage & Tobacco 2.5%
Altria Group, Inc.
965,541
39,500,282
Archer-Daniels-Midland Co.
290,657
15,436,793
B&G Foods, Inc.
38,639
446,280
Beyond Meat, Inc. *(a)
21,393
228,691
Boston Beer Co., Inc., Class A *
5,290
1,630,061
BRC, Inc., Class A *
19,339
79,870
Brown-Forman Corp., Class B
130,704
7,872,302
Bunge Global SA
78,835
7,439,659
Calavo Growers, Inc.
10,424
300,837
Cal-Maine Foods, Inc.
22,684
1,304,103
Campbell Soup Co.
106,618
4,546,192
Celsius Holdings, Inc. *
79,996
6,529,274
Coca-Cola Co.
2,123,476
127,451,030
Coca-Cola Consolidated, Inc.
2,631
2,212,145
Conagra Brands, Inc.
259,880
7,297,430
Constellation Brands, Inc., Class A
88,021
21,874,979
Darling Ingredients, Inc. *
86,449
3,657,657
Duckhorn Portfolio, Inc. *
22,818
216,999
Flowers Foods, Inc.
105,657
2,368,830
Fresh Del Monte Produce, Inc.
16,349
391,232
Freshpet, Inc. *
25,785
2,914,479
General Mills, Inc.
317,283
20,363,223
Hain Celestial Group, Inc. *
49,748
497,480
Hershey Co.
81,859
15,382,943
Hormel Foods Corp.
157,976
5,579,712
Ingredion, Inc.
35,530
4,179,394
J & J Snack Foods Corp.
8,121
1,178,195
J M Smucker Co.
58,398
7,017,688
John B Sanfilippo & Son, Inc.
4,938
505,503
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report33

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kellanova
142,953
7,883,858
Keurig Dr Pepper, Inc.
549,828
16,445,356
Kraft Heinz Co.
434,702
15,336,287
Lamb Weston Holdings, Inc.
79,078
8,082,562
Lancaster Colony Corp.
11,350
2,348,542
McCormick & Co., Inc. - Non Voting
Shares
137,177
9,446,008
MGP Ingredients, Inc.
8,373
713,212
Mission Produce, Inc. *
22,084
232,986
Molson Coors Beverage Co., Class B
100,551
6,276,393
Mondelez International, Inc., Class A
742,944
54,286,918
Monster Beverage Corp. *
403,320
23,836,212
National Beverage Corp. *
12,907
679,424
PepsiCo, Inc.
750,361
124,064,688
Philip Morris International, Inc.
846,704
76,169,492
Pilgrim's Pride Corp. *
24,468
779,061
Post Holdings, Inc. *
28,369
2,954,915
Seaboard Corp.
136
447,112
Simply Good Foods Co. *
49,303
1,749,270
Sovos Brands, Inc. *
33,838
771,168
Tootsie Roll Industries, Inc.
10,197
331,606
TreeHouse Foods, Inc. *
27,894
998,326
Turning Point Brands, Inc.
9,167
231,925
Tyson Foods, Inc., Class A
156,115
8,467,678
Universal Corp.
13,575
651,736
Utz Brands, Inc.
35,573
629,286
Vector Group Ltd.
70,592
787,807
Vita Coco Co., Inc. *
16,995
443,570
Vital Farms, Inc. *
15,820
284,285
Westrock Coffee Co. *(a)
18,492
187,139
WK Kellogg Co.
35,592
521,067
 
674,441,152
 
Health Care Equipment & Services 5.1%
23andMe Holding Co., Class A *
159,813
91,093
Abbott Laboratories
947,114
112,365,605
Acadia Healthcare Co., Inc. *
50,026
4,174,670
Accolade, Inc. *
44,488
456,002
AdaptHealth Corp. *
59,073
604,317
Addus HomeCare Corp. *
8,691
802,005
Agiliti, Inc. *
18,531
182,901
agilon health, Inc. *
165,077
1,011,922
AirSculpt Technologies, Inc. *(a)
2,323
14,658
Align Technology, Inc. *
38,715
11,708,190
Alignment Healthcare, Inc. *
60,445
362,670
Alphatec Holdings, Inc. *
51,857
696,440
Amedisys, Inc. *
17,682
1,644,780
AMN Healthcare Services, Inc. *
20,207
1,137,048
AngioDynamics, Inc. *
22,396
122,954
Artivion, Inc. *
23,505
453,646
Astrana Health, Inc. *
21,326
960,523
AtriCure, Inc. *
25,766
901,037
Atrion Corp.
747
274,889
Avanos Medical, Inc. *
25,100
466,107
Aveanna Healthcare Holdings, Inc. *
32,928
78,039
Axogen, Inc. *
31,419
331,785
Axonics, Inc. *
26,980
1,833,021
Baxter International, Inc.
276,669
11,321,295
Becton Dickinson & Co.
158,131
37,247,757
Bioventus, Inc., Class A *
19,789
91,623
Boston Scientific Corp. *
798,866
52,892,918
Brookdale Senior Living, Inc. *
100,335
573,916
Butterfly Network, Inc. *(a)
116,484
138,616
Cardinal Health, Inc.
134,960
15,112,821
Castle Biosciences, Inc. *
12,968
234,202
Cencora, Inc.
91,449
21,545,384
Centene Corp. *
291,379
22,852,855
SECURITY
NUMBER
OF SHARES
VALUE ($)
Certara, Inc. *
58,242
983,125
Cerus Corp. *
96,247
209,818
Chemed Corp.
8,170
5,115,482
Cigna Group
159,828
53,724,584
Clover Health Investments Corp. *
195,386
168,794
Community Health Systems, Inc. *
65,223
181,972
Computer Programs & Systems, Inc. *
8,348
73,963
CONMED Corp.
16,585
1,332,107
Cooper Cos., Inc.
108,669
10,171,418
CorVel Corp. *
4,874
1,189,256
Cross Country Healthcare, Inc. *
17,983
328,549
CVS Health Corp.
700,561
52,100,722
DaVita, Inc. *
29,939
3,801,355
Definitive Healthcare Corp. *
35,552
338,455
DENTSPLY SIRONA, Inc.
115,370
3,770,292
Dexcom, Inc. *
210,344
24,204,284
DocGo, Inc. *
45,528
185,299
Doximity, Inc., Class A *
64,437
1,819,056
Edwards Lifesciences Corp. *
330,433
28,043,849
Elevance Health, Inc.
128,294
64,307,367
Embecta Corp.
30,717
438,639
Encompass Health Corp.
54,046
4,021,022
Enovis Corp. *
26,161
1,564,689
Ensign Group, Inc.
30,347
3,790,947
Envista Holdings Corp. *
94,607
1,953,635
Evolent Health, Inc., Class A *
65,148
2,209,169
Fulgent Genetics, Inc. *
11,461
258,560
GE HealthCare Technologies, Inc.
221,091
20,181,186
Glaukos Corp. *
25,962
2,299,974
Globus Medical, Inc., Class A *
63,076
3,405,473
GoodRx Holdings, Inc., Class A *
41,907
326,456
Guardant Health, Inc. *
66,193
1,257,667
Haemonetics Corp. *
27,541
2,009,942
HCA Healthcare, Inc.
108,148
33,709,732
Health Catalyst, Inc. *
31,111
258,844
HealthEquity, Inc. *
46,772
3,863,835
HealthStream, Inc.
12,202
332,871
Henry Schein, Inc. *
71,136
5,439,770
Hims & Hers Health, Inc. *
83,854
1,093,456
Hologic, Inc. *
134,169
9,901,672
Humana, Inc.
67,188
23,537,300
ICU Medical, Inc. *
11,056
1,207,647
IDEXX Laboratories, Inc. *
45,247
26,027,432
Inari Medical, Inc. *
28,113
1,296,572
Innovage Holding Corp. *
12,363
59,837
Inspire Medical Systems, Inc. *
16,727
2,994,802
Insulet Corp. *
37,928
6,220,192
Integer Holdings Corp. *
17,751
1,957,758
Integra LifeSciences Holdings Corp. *
39,384
1,453,663
Intuitive Surgical, Inc. *
192,010
74,039,056
iRhythm Technologies, Inc. *
16,632
1,973,387
Laboratory Corp. of America Holdings
46,016
9,931,633
Lantheus Holdings, Inc. *
37,128
2,427,429
LeMaitre Vascular, Inc.
10,916
764,120
LifeStance Health Group, Inc. *
50,685
423,220
LivaNova PLC *
29,105
1,595,245
Masimo Corp. *
23,915
3,074,034
McKesson Corp.
72,467
37,785,018
Medtronic PLC
726,416
60,554,038
Merit Medical Systems, Inc. *
30,983
2,360,905
ModivCare, Inc. *
7,060
197,962
Molina Healthcare, Inc. *
31,718
12,494,037
Multiplan Corp. *
131,821
147,640
National HealthCare Corp.
7,164
706,800
National Research Corp.
7,892
318,205
Neogen Corp. *
106,896
1,837,542
NeoGenomics, Inc. *
68,193
1,063,811
Nevro Corp. *
19,866
289,249
See financial notes
34Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Novocure Ltd. *
49,679
760,585
OmniAb, Inc., Class A *(c)
3,072
0
OmniAb, Inc., Class B *(c)
3,072
0
Omnicell, Inc. *
24,590
645,242
OPKO Health, Inc. *(a)
225,178
225,178
Option Care Health, Inc. *
97,607
3,149,778
OraSure Technologies, Inc. *
41,917
301,593
Orchestra BioMed Holdings, Inc. *
19,459
125,316
Orthofix Medical, Inc. *
18,218
237,927
OrthoPediatrics Corp. *
8,785
241,236
Owens & Minor, Inc. *
41,458
1,008,673
Paragon 28, Inc. *
24,223
302,303
Patterson Cos., Inc.
46,938
1,271,550
Pediatrix Medical Group, Inc. *
46,208
422,803
Pennant Group, Inc. *
16,179
301,738
Penumbra, Inc. *
21,244
4,990,640
PetIQ, Inc. *
14,931
271,894
Phreesia, Inc. *
28,955
716,636
Premier, Inc., Class A
64,085
1,336,813
Privia Health Group, Inc. *
56,640
1,264,205
PROCEPT BioRobotics Corp. *
24,015
1,160,885
Progyny, Inc. *
45,226
1,651,654
Pulmonx Corp. *
19,274
177,706
Quest Diagnostics, Inc.
60,813
7,594,936
QuidelOrtho Corp. *
26,695
1,217,292
R1 RCM, Inc. *
107,074
1,504,390
RadNet, Inc. *
34,696
1,313,591
ResMed, Inc.
79,844
13,870,500
RxSight, Inc. *
12,108
660,734
Schrodinger, Inc. *
28,787
732,917
Select Medical Holdings Corp.
57,058
1,553,689
Semler Scientific, Inc. *
2,627
123,916
Senseonics Holdings, Inc. *
372,638
261,629
Sharecare, Inc. *
232,573
218,619
Shockwave Medical, Inc. *
19,917
5,195,748
SI-BONE, Inc. *
17,402
301,925
Sight Sciences, Inc. *
14,158
56,915
Silk Road Medical, Inc. *
22,883
411,665
Simulations Plus, Inc.
8,579
356,028
STAAR Surgical Co. *
26,586
830,547
STERIS PLC
53,970
12,570,153
Stryker Corp.
184,527
64,412,840
Surgery Partners, Inc. *
39,917
1,238,624
Surmodics, Inc. *
7,974
254,371
Tandem Diabetes Care, Inc. *
38,567
1,027,039
Teladoc Health, Inc. *
89,221
1,345,453
Teleflex, Inc.
25,343
5,646,167
Tenet Healthcare Corp. *
55,494
5,160,942
TransMedics Group, Inc. *
17,665
1,441,464
Treace Medical Concepts, Inc. *
26,778
359,896
U.S. Physical Therapy, Inc.
7,774
826,143
UFP Technologies, Inc. *
3,689
768,456
UnitedHealth Group, Inc.
504,669
249,104,618
Universal Health Services, Inc.,
Class B
33,212
5,548,397
Varex Imaging Corp. *
21,097
362,868
Veeva Systems, Inc., Class A *
79,913
18,021,181
Zimmer Biomet Holdings, Inc.
114,454
14,233,499
Zimvie, Inc. *
17,927
303,863
 
1,369,186,879
 
Household & Personal Products 1.3%
Beauty Health Co. *
42,060
140,060
BellRing Brands, Inc. *
72,064
4,104,045
Central Garden & Pet Co. *
5,310
232,950
Central Garden & Pet Co., Class A *
29,205
1,100,736
Church & Dwight Co., Inc.
134,340
13,450,121
SECURITY
NUMBER
OF SHARES
VALUE ($)
Clorox Co.
68,190
10,454,209
Colgate-Palmolive Co.
450,127
38,944,988
Coty, Inc., Class A *
209,063
2,625,831
Edgewell Personal Care Co.
28,066
1,071,840
elf Beauty, Inc. *
30,405
6,340,355
Energizer Holdings, Inc.
36,821
1,051,239
Estee Lauder Cos., Inc., Class A
126,929
18,859,111
Herbalife Ltd. *
52,377
462,489
Inter Parfums, Inc.
9,951
1,460,011
Kenvue, Inc.
941,483
17,888,177
Kimberly-Clark Corp.
184,004
22,295,765
Medifast, Inc.
5,909
236,892
Nu Skin Enterprises, Inc., Class A
28,011
350,137
Olaplex Holdings, Inc. *
78,500
146,010
Procter & Gamble Co.
1,286,096
204,412,098
Reynolds Consumer Products, Inc.
29,120
859,040
Spectrum Brands Holdings, Inc.
19,325
1,554,116
USANA Health Sciences, Inc. *
5,880
283,769
WD-40 Co.
7,177
1,926,235
 
350,250,224
 
Insurance 2.2%
Aflac, Inc.
290,726
23,473,217
Allstate Corp.
142,830
22,784,242
Ambac Financial Group, Inc. *
22,829
373,482
American Equity Investment Life
Holding Co. *
33,962
1,886,250
American Financial Group, Inc.
35,736
4,562,415
American International Group, Inc.
382,578
27,886,110
AMERISAFE, Inc.
10,310
543,956
Aon PLC, Class A
109,463
34,589,213
Arch Capital Group Ltd. *
203,666
17,839,105
Arthur J Gallagher & Co.
118,096
28,807,157
Assurant, Inc.
28,281
5,131,588
Assured Guaranty Ltd.
29,825
2,731,970
Axis Capital Holdings Ltd.
42,281
2,645,522
Brighthouse Financial, Inc. *
35,406
1,648,149
Brown & Brown, Inc.
128,403
10,812,817
BRP Group, Inc., Class A *
33,881
942,569
Chubb Ltd.
222,682
56,042,379
Cincinnati Financial Corp.
85,952
9,798,528
CNA Financial Corp.
14,418
633,671
CNO Financial Group, Inc.
57,806
1,542,842
Employers Holdings, Inc.
14,375
657,081
Enstar Group Ltd. *
7,196
2,215,936
Erie Indemnity Co., Class A
13,505
5,494,914
Everest Group Ltd.
23,751
8,761,269
F&G Annuities & Life, Inc.
10,066
380,294
Fidelity National Financial, Inc.
139,741
7,068,100
First American Financial Corp.
55,981
3,269,850
Genworth Financial, Inc., Class A *
256,805
1,579,351
Globe Life, Inc.
45,935
5,830,530
Goosehead Insurance, Inc., Class A *
12,759
965,218
Hagerty, Inc., Class A *
20,231
173,784
Hanover Insurance Group, Inc.
19,322
2,540,263
Hartford Financial Services Group,
Inc.
164,094
15,726,769
Hippo Holdings, Inc. *
7,900
110,995
Horace Mann Educators Corp.
22,580
817,170
James River Group Holdings Ltd.
19,728
197,083
Kemper Corp.
32,330
1,853,479
Kinsale Capital Group, Inc.
12,181
6,287,589
Lemonade, Inc. *(a)
34,201
555,424
Lincoln National Corp.
92,619
2,550,727
Loews Corp.
100,986
7,587,078
Markel Group, Inc. *
7,195
10,738,394
Marsh & McLennan Cos., Inc.
269,000
54,410,630
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report35

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
MBIA, Inc.
27,674
180,711
Mercury General Corp.
15,020
731,324
MetLife, Inc.
339,173
23,653,925
National Western Life Group, Inc.,
Class A
1,181
573,470
Old Republic International Corp.
146,642
4,246,752
Oscar Health, Inc., Class A *
84,320
1,371,043
Palomar Holdings, Inc. *
13,424
1,022,103
Primerica, Inc.
19,042
4,670,241
Principal Financial Group, Inc.
120,505
9,744,034
ProAssurance Corp.
30,279
373,340
Progressive Corp.
318,921
60,454,665
Prudential Financial, Inc.
197,278
21,501,329
Reinsurance Group of America, Inc.
35,335
6,248,995
RenaissanceRe Holdings Ltd.
28,686
6,449,187
RLI Corp.
22,045
3,228,490
Ryan Specialty Holdings, Inc. *
57,288
3,000,746
Safety Insurance Group, Inc.
8,127
667,714
Selective Insurance Group, Inc.
34,027
3,555,141
Selectquote, Inc. *
66,959
129,901
SiriusPoint Ltd. *
46,576
571,488
Skyward Specialty Insurance Group,
Inc. *
17,427
637,654
Stewart Information Services Corp.
14,711
926,499
Travelers Cos., Inc.
124,705
27,554,817
Trupanion, Inc. *(a)
18,896
505,468
United Fire Group, Inc.
12,081
281,367
Unum Group
100,870
4,988,022
W R Berkley Corp.
111,357
9,309,445
White Mountains Insurance Group
Ltd.
1,369
2,416,887
Willis Towers Watson PLC
56,212
15,323,953
 
608,765,821
 
Materials 2.6%
AdvanSix, Inc.
14,865
415,923
Air Products & Chemicals, Inc.
121,255
28,378,520
Albemarle Corp.
63,908
8,809,718
Alcoa Corp.
97,688
2,658,090
Alpha Metallurgical Resources, Inc.
6,446
2,431,753
Amcor PLC
788,443
7,143,294
AptarGroup, Inc.
36,212
5,086,337
Arcadium Lithium PLC *
559,713
3,072,824
Arch Resources, Inc.
10,030
1,657,859
Ashland, Inc.
27,924
2,614,803
ATI, Inc. *
69,398
3,412,994
Avery Dennison Corp.
43,734
9,469,723
Avient Corp.
49,962
2,022,462
Axalta Coating Systems Ltd. *
120,704
3,950,642
Balchem Corp.
17,377
2,731,491
Ball Corp.
171,254
10,963,681
Berry Global Group, Inc.
64,841
3,774,395
Cabot Corp.
30,266
2,571,097
Carpenter Technology Corp.
26,409
1,707,342
Celanese Corp.
54,339
8,257,898
Century Aluminum Co. *
29,397
307,787
CF Industries Holdings, Inc.
104,484
8,433,948
Chemours Co.
81,279
1,598,758
Clearwater Paper Corp. *
9,505
373,451
Cleveland-Cliffs, Inc. *
278,686
5,796,669
Coeur Mining, Inc. *
225,950
585,210
Commercial Metals Co.
62,785
3,390,390
Compass Minerals International, Inc.
18,438
420,386
Corteva, Inc.
385,567
20,635,546
Crown Holdings, Inc.
65,185
4,994,475
Danimer Scientific, Inc. *(a)
47,520
63,677
Dow, Inc.
383,694
21,440,821
SECURITY
NUMBER
OF SHARES
VALUE ($)
DuPont de Nemours, Inc.
233,810
16,177,314
Eagle Materials, Inc.
19,070
4,835,198
Eastman Chemical Co.
65,004
5,703,451
Ecolab, Inc.
138,802
31,208,242
Ecovyst, Inc. *
55,433
534,928
Element Solutions, Inc.
121,776
2,861,736
FMC Corp.
68,025
3,835,930
Freeport-McMoRan, Inc.
780,922
29,526,661
Ginkgo Bioworks Holdings, Inc. *(a)
726,069
1,103,625
Graphic Packaging Holding Co.
166,833
4,329,316
Greif, Inc., Class A
17,421
1,122,958
Hawkins, Inc.
9,956
699,409
Haynes International, Inc.
6,655
395,507
HB Fuller Co.
29,608
2,354,724
Hecla Mining Co.
317,931
1,125,476
Huntsman Corp.
88,808
2,273,485
Ingevity Corp. *
18,372
839,233
Innospec, Inc.
13,316
1,654,779
International Flavors & Fragrances,
Inc.
139,938
10,565,319
International Paper Co.
188,702
6,672,503
Kaiser Aluminum Corp.
8,783
636,943
Knife River Corp. *
30,693
2,274,044
Koppers Holdings, Inc.
11,445
648,016
Kronos Worldwide, Inc.
13,233
120,288
Linde PLC
264,589
118,752,835
Louisiana-Pacific Corp.
34,615
2,560,472
LSB Industries, Inc. *
37,061
272,769
LyondellBasell Industries NV, Class A
139,222
13,961,182
Martin Marietta Materials, Inc.
33,835
19,546,818
Materion Corp.
11,015
1,479,535
Mativ Holdings, Inc.
29,191
507,048
Mercer International, Inc.
22,691
208,303
Metallus, Inc. *
21,242
462,013
Minerals Technologies, Inc.
17,802
1,288,153
Mosaic Co.
180,767
5,632,700
MP Materials Corp. *
78,776
1,198,183
Myers Industries, Inc.
20,717
398,388
NewMarket Corp.
3,773
2,421,021
Newmont Corp.
629,638
19,676,187
Nucor Corp.
134,372
25,839,736
O-I Glass, Inc. *
84,785
1,434,562
Olin Corp.
68,109
3,664,264
Orion SA
30,387
684,923
Packaging Corp. of America
48,881
8,856,748
Pactiv Evergreen, Inc.
21,432
316,122
Perimeter Solutions SA *
82,434
501,199
Piedmont Lithium, Inc. *
9,173
133,559
PPG Industries, Inc.
128,260
18,161,616
PureCycle Technologies, Inc. *(a)
71,047
411,362
Quaker Chemical Corp.
7,355
1,474,677
Radius Recycling, Inc., Class A
13,910
274,862
Ranpak Holdings Corp. *
20,997
99,736
Reliance, Inc.
31,383
10,080,847
Royal Gold, Inc.
35,539
3,647,368
RPM International, Inc.
69,830
8,054,890
Ryerson Holding Corp.
15,744
497,195
Scotts Miracle-Gro Co.
22,218
1,459,723
Sealed Air Corp.
81,486
2,841,417
Sensient Technologies Corp.
22,898
1,531,418
Sherwin-Williams Co.
128,682
42,726,284
Silgan Holdings, Inc.
45,810
2,011,517
Sonoco Products Co.
53,018
3,005,060
Steel Dynamics, Inc.
82,856
11,087,790
Stepan Co.
11,679
1,041,767
Summit Materials, Inc., Class A *
64,208
2,742,324
SunCoke Energy, Inc.
44,264
474,067
Sylvamo Corp.
20,026
1,209,771
See financial notes
36Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
TriMas Corp.
22,450
527,575
Trinseo PLC
10,032
45,144
Tronox Holdings PLC
61,254
900,434
U.S. Lime & Minerals, Inc.
1,044
266,199
U.S. Steel Corp.
122,249
5,787,268
Vulcan Materials Co.
72,371
19,239,830
Warrior Met Coal, Inc.
27,888
1,588,779
Westlake Corp.
17,962
2,491,509
Westrock Co.
139,078
6,298,843
Worthington Steel, Inc. *
16,379
518,559
 
690,965,600
 
Media & Entertainment 7.4%
Advantage Solutions, Inc. *
49,680
189,281
Alphabet, Inc., Class A *
3,229,885
447,209,877
Alphabet, Inc., Class C *
2,718,360
379,972,361
Altice USA, Inc., Class A *
96,993
288,069
AMC Networks, Inc., Class A *
15,459
200,039
Angi, Inc. *
47,540
136,440
Atlanta Braves Holdings, Inc.,
Class C *
26,623
1,041,492
Bumble, Inc., Class A *
54,336
622,147
Cable One, Inc.
2,492
1,136,352
Cardlytics, Inc. *
24,602
203,951
Cargurus, Inc. *
48,733
1,078,949
Cars.com, Inc. *
34,527
633,225
Charter Communications, Inc.,
Class A *
54,936
16,147,338
Cinemark Holdings, Inc. *
59,384
1,033,875
Clear Channel Outdoor Holdings,
Inc. *
252,040
433,509
Comcast Corp., Class A
2,190,755
93,873,852
EchoStar Corp., Class A *
65,620
860,278
Electronic Arts, Inc.
133,690
18,647,081
Endeavor Group Holdings, Inc.,
Class A
103,617
2,491,989
Eventbrite, Inc., Class A *
46,608
261,005
EW Scripps Co., Class A *
30,069
121,178
Fox Corp., Class A
203,035
6,048,413
fuboTV, Inc. *
162,456
336,284
Gannett Co., Inc. *
86,175
183,553
Getty Images Holdings, Inc. *(a)
23,935
112,973
Gray Television, Inc.
46,406
271,011
Grindr, Inc. *
13,571
112,368
IAC, Inc. *
37,856
2,150,221
Integral Ad Science Holding Corp. *
43,066
446,164
Interpublic Group of Cos., Inc.
209,771
6,586,809
John Wiley & Sons, Inc., Class A
23,575
786,226
Liberty Broadband Corp., Class C *
72,802
4,381,224
Liberty Media Corp.-Liberty Formula
One, Class C *
126,481
9,202,757
Liberty Media Corp.-Liberty Live,
Class C *
36,235
1,442,878
Liberty Media Corp.-Liberty SiriusXM,
Class C *
123,267
3,572,278
Lions Gate Entertainment Corp.,
Class A *
108,309
1,051,680
Live Nation Entertainment, Inc. *
76,860
7,453,883
Madison Square Garden
Entertainment Corp. *
22,948
883,268
Madison Square Garden Sports
Corp. *
8,869
1,669,057
Magnite, Inc. *
65,815
791,096
Match Group, Inc. *
151,188
5,448,815
MediaAlpha, Inc., Class A *
12,978
269,293
Meta Platforms, Inc., Class A
1,211,404
593,745,442
SECURITY
NUMBER
OF SHARES
VALUE ($)
Netflix, Inc. *
238,823
143,991,163
New York Times Co., Class A
90,135
3,991,178
News Corp., Class A
271,928
7,309,425
Nexstar Media Group, Inc.
17,829
2,962,645
Nextdoor Holdings, Inc. *
69,998
153,296
Omnicom Group, Inc.
108,167
9,560,881
Paramount Global, Class B
276,098
3,048,122
Pinterest, Inc., Class A *
320,204
11,751,487
Playtika Holding Corp. *
37,134
275,163
QuinStreet, Inc. *
26,616
389,392
ROBLOX Corp., Class A *
266,114
10,617,949
Roku, Inc. *
68,465
4,325,619
Rumble, Inc. *(a)
43,928
286,850
Scholastic Corp.
15,511
611,754
Shutterstock, Inc.
12,916
629,784
Sinclair, Inc.
22,207
329,774
Sirius XM Holdings, Inc. (a)
374,691
1,656,134
Skillz, Inc. *
7,498
51,286
Snap, Inc., Class A *
561,321
6,185,757
Sphere Entertainment Co. *
14,212
615,380
Stagwell, Inc. *
56,342
300,866
Take-Two Interactive Software, Inc. *
85,687
12,589,991
TechTarget, Inc. *
13,867
439,723
TEGNA, Inc.
108,481
1,519,819
Thryv Holdings, Inc. *
16,602
347,646
TKO Group Holdings, Inc.
32,242
2,699,623
Trade Desk, Inc., Class A *
243,042
20,763,078
TripAdvisor, Inc. *
57,999
1,555,533
Vimeo, Inc. *
83,554
400,224
Vivid Seats, Inc., Class A *
26,708
160,782
Walt Disney Co.
997,657
111,318,568
Warner Bros Discovery, Inc. *
1,218,357
10,709,358
Warner Music Group Corp., Class A
75,093
2,622,998
WideOpenWest, Inc. *
29,639
118,556
Yelp, Inc. *
37,447
1,439,463
Ziff Davis, Inc. *
25,314
1,740,591
ZipRecruiter, Inc., Class A *
40,332
513,023
ZoomInfo Technologies, Inc. *
166,181
2,785,194
 
1,994,296,056
 
Pharmaceuticals, Biotechnology & Life Sciences 7.3%
10X Genomics, Inc., Class A *
56,277
2,624,759
2seventy bio, Inc. *
51,128
265,866
4D Molecular Therapeutics, Inc. *
20,276
568,134
89bio, Inc. *
34,785
398,984
AbbVie, Inc.
963,153
169,563,086
Absci Corp. *
55,100
284,316
ACADIA Pharmaceuticals, Inc. *
64,785
1,505,603
ACELYRIN, Inc. *
16,753
141,563
Adaptive Biotechnologies Corp. *
55,192
226,839
ADMA Biologics, Inc. *
116,638
625,180
Agenus, Inc. *
164,304
110,084
Agilent Technologies, Inc.
159,613
21,924,442
Agios Pharmaceuticals, Inc. *
29,668
958,870
Akero Therapeutics, Inc. *
30,294
817,635
Akoya Biosciences, Inc. *
32,319
185,511
Alector, Inc. *
36,897
257,172
Alkermes PLC *
89,483
2,656,750
Allogene Therapeutics, Inc. *
62,373
306,251
Allovir, Inc. *
24,699
18,193
Alnylam Pharmaceuticals, Inc. *
68,867
10,405,115
Alpine Immune Sciences, Inc. *
23,686
834,221
ALX Oncology Holdings, Inc. *(a)
18,685
274,109
Amgen, Inc.
292,044
79,970,409
Amicus Therapeutics, Inc. *
153,315
1,965,498
Amneal Pharmaceuticals, Inc. *
58,427
322,517
Amphastar Pharmaceuticals, Inc. *
20,963
976,247
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report37

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Amylyx Pharmaceuticals, Inc. *
22,183
418,150
AnaptysBio, Inc. *
9,407
240,161
Anavex Life Sciences Corp. *(a)
45,964
236,255
ANI Pharmaceuticals, Inc. *
8,525
576,887
Anika Therapeutics, Inc. *
7,652
185,791
Apellis Pharmaceuticals, Inc. *
56,884
3,525,101
Apogee Therapeutics, Inc. *(a)
11,193
389,740
Arcellx, Inc. *
16,984
1,117,887
Arcturus Therapeutics Holdings, Inc. *
12,864
498,609
Arcus Biosciences, Inc. *
28,044
536,482
Arcutis Biotherapeutics, Inc. *
44,375
456,175
Ardelyx, Inc. *
134,173
1,250,492
Arrowhead Pharmaceuticals, Inc. *
66,996
2,150,572
ARS Pharmaceuticals, Inc. *
29,311
245,333
Arvinas, Inc. *
30,297
1,393,056
Atea Pharmaceuticals, Inc. *
44,703
192,670
Avantor, Inc. *
368,743
9,085,828
Avid Bioservices, Inc. *
32,996
253,409
Avidity Biosciences, Inc. *
39,860
729,438
Axsome Therapeutics, Inc. *
21,792
1,773,433
Azenta, Inc. *
32,661
2,127,864
Beam Therapeutics, Inc. *
41,798
1,650,603
BioCryst Pharmaceuticals, Inc. *
123,677
696,302
Biogen, Inc. *
79,179
17,181,051
Biohaven Ltd. *
35,202
1,694,624
BioLife Solutions, Inc. *
18,485
312,396
BioMarin Pharmaceutical, Inc. *
102,092
8,808,498
Biomea Fusion, Inc. *(a)
13,645
238,787
Bio-Rad Laboratories, Inc., Class A *
11,656
3,798,457
Bio-Techne Corp.
85,841
6,315,322
Bioxcel Therapeutics, Inc. *
20,964
66,666
Blueprint Medicines Corp. *
32,971
3,083,448
Bridgebio Pharma, Inc. *
71,170
2,430,455
Bristol-Myers Squibb Co.
1,110,241
56,344,731
Bruker Corp.
50,923
4,406,876
C4 Therapeutics, Inc. *
26,381
289,663
CareDx, Inc. *
28,300
301,112
Cargo Therapeutics, Inc. *(a)
14,671
354,745
Caribou Biosciences, Inc. *
48,496
383,603
Cassava Sciences, Inc. *(a)
21,529
494,736
Catalent, Inc. *
100,278
5,749,941
Catalyst Pharmaceuticals, Inc. *
60,336
967,186
Celldex Therapeutics, Inc. *
29,687
1,426,757
Cerevel Therapeutics Holdings, Inc. *
48,033
1,969,353
Charles River Laboratories
International, Inc. *
27,926
7,098,510
Cogent Biosciences, Inc. *
41,269
288,883
Coherus Biosciences, Inc. *
58,942
134,388
Collegium Pharmaceutical, Inc. *
18,753
688,423
Corcept Therapeutics, Inc. *
48,914
1,149,479
Crinetics Pharmaceuticals, Inc. *
31,083
1,272,538
CRISPR Therapeutics AG *
42,654
3,592,320
CryoPort, Inc. *
24,882
439,665
Cullinan Oncology, Inc. *
13,674
252,559
Cymabay Therapeutics, Inc. *
58,004
1,867,149
Cytek Biosciences, Inc. *
59,872
461,014
Cytokinetics, Inc. *
54,140
3,911,074
Danaher Corp.
358,852
90,839,795
Day One Biopharmaceuticals, Inc. *
31,259
522,963
Deciphera Pharmaceuticals, Inc. *
30,373
506,925
Denali Therapeutics, Inc. *
68,479
1,354,515
Disc Medicine, Inc. *
6,415
440,518
Dynavax Technologies Corp. *
72,274
915,712
Dyne Therapeutics, Inc. *
30,366
816,845
Edgewise Therapeutics, Inc. *
23,104
377,288
Editas Medicine, Inc. *
51,290
515,977
Elanco Animal Health, Inc. *
268,008
4,258,647
Eli Lilly & Co.
435,202
328,003,043
SECURITY
NUMBER
OF SHARES
VALUE ($)
Emergent BioSolutions, Inc. *
38,572
124,588
Enanta Pharmaceuticals, Inc. *
10,558
151,718
Enliven Therapeutics, Inc. *(a)
10,651
170,096
Entrada Therapeutics, Inc. *
9,381
124,111
Erasca, Inc. *
44,729
106,455
Exact Sciences Corp. *
98,017
5,638,918
Exelixis, Inc. *
172,561
3,779,086
Fate Therapeutics, Inc. *
45,538
322,864
Fortrea Holdings, Inc. *
47,771
1,793,323
Genelux Corp. *(a)
10,720
78,256
Generation Bio Co. *
34,384
86,304
Geron Corp. *
254,321
508,642
Gilead Sciences, Inc.
678,803
48,941,696
Gossamer Bio, Inc. *
163,633
230,723
Halozyme Therapeutics, Inc. *
71,622
2,851,272
Harmony Biosciences Holdings, Inc. *
19,150
614,715
Heron Therapeutics, Inc. *(a)
77,947
207,339
HilleVax, Inc. *
15,250
276,787
Humacyte, Inc. *
22,535
98,027
Ideaya Biosciences, Inc. *
36,041
1,611,033
IGM Biosciences, Inc. *
15,207
192,064
Illumina, Inc. *
87,439
12,226,595
ImmunityBio, Inc. *(a)
76,803
363,278
Immunovant, Inc. *
30,077
1,063,823
Incyte Corp. *
100,783
5,881,696
Inhibrx, Inc. *
16,492
604,102
Innoviva, Inc. *
31,036
474,230
Insmed, Inc. *
79,458
2,202,576
Intellia Therapeutics, Inc. *
48,076
1,544,201
Intra-Cellular Therapies, Inc. *
48,721
3,387,084
Invivyd, Inc. *(a)
31,342
123,174
Ionis Pharmaceuticals, Inc. *
78,327
3,541,164
Iovance Biotherapeutics, Inc. *
132,432
2,106,993
IQVIA Holdings, Inc. *
99,937
24,700,429
Ironwood Pharmaceuticals, Inc. *
71,888
677,904
iTeos Therapeutics, Inc. *
13,697
146,695
Jazz Pharmaceuticals PLC *
33,896
4,030,234
Johnson & Johnson
1,313,552
211,981,022
Karuna Therapeutics, Inc. *
19,538
6,134,346
Keros Therapeutics, Inc. *
13,429
906,457
Krystal Biotech, Inc. *
13,053
2,081,562
Kura Oncology, Inc. *
44,875
945,965
Kymera Therapeutics, Inc. *
21,391
913,396
Lexicon Pharmaceuticals, Inc. *(a)
55,387
137,914
Ligand Pharmaceuticals, Inc. *
9,244
733,511
Lyell Immunopharma, Inc. *
77,564
226,487
MacroGenics, Inc. *
32,841
589,168
Madrigal Pharmaceuticals, Inc. *
8,832
2,086,118
MannKind Corp. *
140,346
576,822
Maravai LifeSciences Holdings, Inc.,
Class A *
42,464
328,247
Medpace Holdings, Inc. *
12,569
4,996,429
Merck & Co., Inc.
1,383,153
175,867,904
Mesa Laboratories, Inc.
2,759
301,255
Mettler-Toledo International, Inc. *
11,837
14,763,343
MiMedx Group, Inc. *
61,381
500,869
Mind Medicine MindMed, Inc. *
24,315
138,960
Mineralys Therapeutics, Inc. *
6,494
99,878
Mirum Pharmaceuticals, Inc. *
22,309
640,491
Moderna, Inc. *
181,304
16,723,481
Monte Rosa Therapeutics, Inc. *
15,781
99,894
Morphic Holding, Inc. *
21,926
810,166
Myriad Genetics, Inc. *
51,523
1,078,376
Natera, Inc. *
61,738
5,339,720
Nektar Therapeutics *
119,276
84,686
Neumora Therapeutics, Inc. *(a)
14,667
258,579
Neurocrine Biosciences, Inc. *
53,953
7,035,471
Novavax, Inc. *(a)
36,562
180,616
See financial notes
38Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Nurix Therapeutics, Inc. *
25,137
310,442
Nuvalent, Inc., Class A *
17,175
1,444,761
Nuvation Bio, Inc. *
71,459
133,628
Omeros Corp. *(a)
33,500
150,750
OmniAb, Inc. *
55,026
321,352
Organogenesis Holdings, Inc. *
43,688
155,966
Organon & Co.
138,048
2,403,416
Pacific Biosciences of California, Inc. *
141,165
780,642
Pacira BioSciences, Inc. *
25,272
751,084
Perrigo Co. PLC
73,964
1,942,295
Pfizer, Inc.
3,078,801
81,772,955
Phathom Pharmaceuticals, Inc. *
21,085
225,609
Phibro Animal Health Corp., Class A
11,051
142,889
Pliant Therapeutics, Inc. *
32,289
512,426
Poseida Therapeutics, Inc. *
27,737
109,839
Precigen, Inc. *
100,270
154,416
Prelude Therapeutics, Inc. *
9,131
39,263
Prestige Consumer Healthcare, Inc. *
26,931
1,873,859
Prime Medicine, Inc. *
21,433
184,967
Protagonist Therapeutics, Inc. *
34,629
1,052,029
Prothena Corp. PLC *
22,035
607,946
PTC Therapeutics, Inc. *
40,372
1,138,087
Quanterix Corp. *
19,748
473,162
RAPT Therapeutics, Inc. *
18,585
159,273
Recursion Pharmaceuticals, Inc.,
Class A *
85,680
1,153,253
Regeneron Pharmaceuticals, Inc. *
58,415
56,434,147
REGENXBIO, Inc. *
21,762
379,529
Relay Therapeutics, Inc. *
47,685
477,804
Repligen Corp. *
28,111
5,453,253
Replimune Group, Inc. *
29,091
249,601
Revance Therapeutics, Inc. *
46,335
330,832
REVOLUTION Medicines, Inc. *
68,655
2,023,949
Revvity, Inc.
67,696
7,418,805
Rhythm Pharmaceuticals, Inc. *
28,581
1,240,987
Rocket Pharmaceuticals, Inc. *
38,589
1,130,658
Roivant Sciences Ltd. *
175,732
2,010,374
Royalty Pharma PLC, Class A
210,206
6,377,650
Sage Therapeutics, Inc. *
28,339
608,722
Sana Biotechnology, Inc. *
51,321
515,263
Sangamo Therapeutics, Inc. *
123,364
143,102
Sarepta Therapeutics, Inc. *
50,599
6,471,612
Scholar Rock Holding Corp. *
27,506
426,343
Scilex Holding Co. *(c)
38,288
81,552
SIGA Technologies, Inc.
21,142
110,150
Sotera Health Co. *
68,023
1,021,025
SpringWorks Therapeutics, Inc. *
34,102
1,679,865
Stoke Therapeutics, Inc. *
15,257
118,089
Summit Therapeutics, Inc. *(a)
77,236
350,651
Supernus Pharmaceuticals, Inc. *
30,246
898,306
Syndax Pharmaceuticals, Inc. *
42,259
990,551
Tango Therapeutics, Inc. *
28,456
316,715
Tarsus Pharmaceuticals, Inc. *
16,348
624,821
TG Therapeutics, Inc. *
77,169
1,328,850
Theravance Biopharma, Inc. *
15,464
146,444
Thermo Fisher Scientific, Inc.
210,858
120,227,014
Third Harmonic Bio, Inc. *
6,349
64,379
Travere Therapeutics, Inc. *
35,287
266,770
Twist Bioscience Corp. *
30,959
1,216,379
Tyra Biosciences, Inc. *(a)
6,026
120,460
Ultragenyx Pharmaceutical, Inc. *
46,744
2,417,600
uniQure NV *
24,022
138,127
United Therapeutics Corp. *
25,314
5,711,851
Vanda Pharmaceuticals, Inc. *
28,272
126,376
Vaxcyte, Inc. *
53,204
3,927,519
Vera Therapeutics, Inc. *
23,743
1,117,820
Veracyte, Inc. *
39,843
938,303
Vericel Corp. *
26,068
1,190,786
SECURITY
NUMBER
OF SHARES
VALUE ($)
Vertex Pharmaceuticals, Inc. *
140,574
59,145,105
Verve Therapeutics, Inc. *
21,852
372,577
Viatris, Inc.
651,090
8,053,983
Viking Therapeutics, Inc. *
54,973
4,235,670
Vir Biotechnology, Inc. *
51,271
576,286
Viridian Therapeutics, Inc. *
29,521
552,338
Waters Corp. *
32,099
10,830,845
West Pharmaceutical Services, Inc.
40,381
14,470,935
Xencor, Inc. *
32,669
749,754
Y-mAbs Therapeutics, Inc. *
17,125
285,987
Zentalis Pharmaceuticals, Inc. *
32,403
483,129
Zoetis, Inc.
250,237
49,629,504
Zura Bio Ltd. *
6,798
25,017
 
1,966,016,030
 
Real Estate Management & Development 0.2%
Anywhere Real Estate, Inc. *
62,008
388,790
CBRE Group, Inc., Class A *
166,087
15,261,734
Compass, Inc., Class A *
180,275
712,086
CoStar Group, Inc. *
222,629
19,375,402
Cushman & Wakefield PLC *
89,904
898,141
DigitalBridge Group, Inc.
80,315
1,475,386
eXp World Holdings, Inc.
39,789
521,236
Forestar Group, Inc. *
11,887
400,830
FRP Holdings, Inc. *
3,539
213,048
Howard Hughes Holdings, Inc. *
17,250
1,317,900
Jones Lang LaSalle, Inc. *
25,783
4,904,958
Kennedy-Wilson Holdings, Inc.
64,797
568,918
Marcus & Millichap, Inc.
13,513
495,792
Newmark Group, Inc., Class A
69,404
748,869
Offerpad Solutions, Inc. *(a)
532
4,490
Opendoor Technologies, Inc. *
321,246
989,438
Redfin Corp. *
61,676
438,208
RMR Group, Inc., Class A
7,974
195,124
Seritage Growth Properties, Class A *
24,233
228,517
St. Joe Co.
20,003
1,077,561
Star Holdings *
7,729
95,453
Tejon Ranch Co. *
14,071
234,001
Zillow Group, Inc., Class C *
113,725
6,385,659
 
56,931,541
 
Semiconductors & Semiconductor Equipment 8.8%
ACM Research, Inc., Class A *
29,762
920,241
Advanced Micro Devices, Inc. *
881,783
169,769,681
Aehr Test Systems *
14,052
228,626
Allegro MicroSystems, Inc. *
38,704
1,218,789
Alpha & Omega Semiconductor Ltd. *
11,749
257,303
Ambarella, Inc. *
20,618
1,151,515
Amkor Technology, Inc.
55,355
1,717,112
Analog Devices, Inc.
271,991
52,173,314
Applied Materials, Inc.
456,597
92,059,087
Axcelis Technologies, Inc. *
17,612
1,984,344
Broadcom, Inc.
239,438
311,386,725
CEVA, Inc. *
12,404
280,827
Cirrus Logic, Inc. *
29,917
2,746,979
Cohu, Inc. *
25,788
828,568
Credo Technology Group Holding
Ltd. *
68,836
1,482,727
Diodes, Inc. *
24,607
1,672,784
Enphase Energy, Inc. *
74,548
9,468,341
Entegris, Inc.
81,349
10,930,052
First Solar, Inc. *
58,685
9,031,035
FormFactor, Inc. *
42,016
1,807,948
Ichor Holdings Ltd. *
15,366
657,665
Impinj, Inc. *
13,408
1,464,422
indie Semiconductor, Inc., Class A *
68,038
421,155
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report39

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Intel Corp.
2,298,852
98,965,579
KLA Corp.
74,107
50,563,206
Kulicke & Soffa Industries, Inc.
30,655
1,459,791
Lam Research Corp.
71,919
67,478,002
Lattice Semiconductor Corp. *
76,562
5,865,415
MACOM Technology Solutions
Holdings, Inc. *
29,374
2,594,605
Marvell Technology, Inc.
471,080
33,757,593
MaxLinear, Inc. *
40,602
789,303
Microchip Technology, Inc.
295,165
24,835,183
Micron Technology, Inc.
599,379
54,309,731
MKS Instruments, Inc.
34,126
4,189,308
Monolithic Power Systems, Inc.
26,045
18,753,442
Navitas Semiconductor Corp. *
66,050
405,547
NVIDIA Corp.
1,348,062
1,066,478,809
NXP Semiconductors NV
140,877
35,181,213
ON Semiconductor Corp. *
234,965
18,543,438
Onto Innovation, Inc. *
26,399
4,861,640
PDF Solutions, Inc. *
16,040
545,200
Photronics, Inc. *
34,398
990,318
Power Integrations, Inc.
31,083
2,221,191
Qorvo, Inc. *
53,118
6,084,667
QUALCOMM, Inc.
607,439
95,847,800
Rambus, Inc. *
59,022
3,496,463
Rigetti Computing, Inc. *(a)
54,307
102,097
Semtech Corp. *
34,148
723,938
Silicon Laboratories, Inc. *
17,169
2,361,424
SiTime Corp. *
10,076
932,030
SkyWater Technology, Inc. *
19,557
226,079
Skyworks Solutions, Inc.
87,665
9,197,812
SMART Global Holdings, Inc. *
27,804
591,391
SolarEdge Technologies, Inc. *
30,610
2,056,074
Synaptics, Inc. *
21,254
2,127,525
Teradyne, Inc.
83,607
8,660,849
Texas Instruments, Inc.
495,434
82,900,971
Ultra Clean Holdings, Inc. *
23,748
1,025,914
Universal Display Corp.
23,685
4,131,138
Veeco Instruments, Inc. *
31,436
1,138,297
Wolfspeed, Inc. *
68,231
1,775,371
 
2,389,827,594
 
Software & Services 12.4%
8x8, Inc. *
62,527
176,951
A10 Networks, Inc.
35,220
468,778
Accenture PLC, Class A
342,421
128,332,542
ACI Worldwide, Inc. *
58,257
1,917,238
Adeia, Inc.
56,357
639,088
Adobe, Inc. *
248,534
139,248,630
Agilysys, Inc. *
10,717
833,783
Akamai Technologies, Inc. *
82,743
9,177,854
Alarm.com Holdings, Inc. *
27,336
2,069,062
Alkami Technology, Inc. *
19,655
490,392
Altair Engineering, Inc., Class A *
30,461
2,591,622
Alteryx, Inc., Class A *
34,538
1,659,206
Amplitude, Inc., Class A *
35,479
420,781
ANSYS, Inc. *
47,160
15,759,457
Appfolio, Inc., Class A *
10,868
2,631,034
Appian Corp., Class A *
23,064
803,780
Applied Digital Corp. *(a)
32,724
135,805
AppLovin Corp., Class A *
70,255
4,195,629
Asana, Inc., Class A *
43,056
848,203
Aspen Technology, Inc. *
15,159
2,939,179
Atlassian Corp., Class A *
84,525
17,532,175
Aurora Innovation, Inc. *
450,250
1,143,635
Autodesk, Inc. *
116,495
30,075,514
AvePoint, Inc. *
47,177
377,416
Bentley Systems, Inc., Class B
124,395
6,390,171
SECURITY
NUMBER
OF SHARES
VALUE ($)
BigCommerce Holdings, Inc. *
19,064
147,746
Bill Holdings, Inc. *
53,699
3,400,758
Blackbaud, Inc. *
22,855
1,581,109
BlackLine, Inc. *
27,608
1,566,202
Blend Labs, Inc., Class A *(a)
88,678
218,148
Box, Inc., Class A *
77,829
2,007,210
Braze, Inc., Class A *
28,021
1,594,395
C3.ai, Inc., Class A *(a)
51,496
1,903,807
Cadence Design Systems, Inc. *
148,382
45,164,513
CCC Intelligent Solutions Holdings,
Inc. *
137,693
1,612,385
Cerence, Inc. *
21,939
326,891
Cipher Mining, Inc. *(a)
26,863
79,514
Cleanspark, Inc. *
84,214
1,408,058
Clear Secure, Inc., Class A
44,674
859,975
Clearwater Analytics Holdings, Inc.,
Class A *
69,089
1,189,713
Cloudflare, Inc., Class A *
161,439
15,908,199
Cognizant Technology Solutions Corp.,
Class A
272,959
21,569,220
CommVault Systems, Inc. *
23,592
2,257,990
Confluent, Inc., Class A *
120,916
4,095,425
Consensus Cloud Solutions, Inc. *
9,424
150,030
Couchbase, Inc. *
18,837
528,943
Crowdstrike Holdings, Inc., Class A *
123,370
39,990,385
CS Disco, Inc. *
11,111
73,999
Datadog, Inc., Class A *
164,572
21,634,635
Digimarc Corp. *
7,514
263,441
Digital Turbine, Inc. *
50,025
158,579
DigitalOcean Holdings, Inc. *
29,870
1,132,670
DocuSign, Inc. *
110,249
5,872,964
Dolby Laboratories, Inc., Class A
32,257
2,612,817
Domo, Inc., Class B *
17,125
197,109
DoubleVerify Holdings, Inc. *
74,997
2,316,657
Dropbox, Inc., Class A *
139,623
3,343,971
DXC Technology Co. *
105,992
2,316,985
Dynatrace, Inc. *
129,079
6,395,864
E2open Parent Holdings, Inc. *
93,042
393,568
Elastic NV *
44,066
5,896,471
Enfusion, Inc., Class A *
22,999
199,401
Envestnet, Inc. *
26,822
1,382,138
EPAM Systems, Inc. *
31,450
9,573,380
Everbridge, Inc. *
21,873
618,350
EverCommerce, Inc. *
15,524
151,980
Expensify, Inc., Class A *
50,138
104,287
Fair Isaac Corp. *
13,452
17,082,829
Fastly, Inc., Class A *
66,769
949,455
Five9, Inc. *
38,965
2,376,865
Fortinet, Inc. *
347,713
24,030,445
Freshworks, Inc., Class A *
92,981
1,900,532
Gartner, Inc. *
42,567
19,817,493
Gen Digital, Inc.
304,646
6,546,843
Gitlab, Inc., Class A *
47,481
3,424,330
GoDaddy, Inc., Class A *
76,316
8,711,471
Grid Dynamics Holdings, Inc. *
29,865
402,879
Guidewire Software, Inc. *
45,152
5,388,440
Hackett Group, Inc.
12,836
317,306
HashiCorp, Inc., Class A *
62,905
1,639,933
HubSpot, Inc. *
27,509
17,022,844
Informatica, Inc., Class A *
21,028
685,092
Instructure Holdings, Inc. *
9,131
209,283
Intapp, Inc. *
16,350
641,411
InterDigital, Inc.
14,479
1,549,543
International Business Machines
Corp.
498,349
92,209,515
Intuit, Inc.
153,011
101,429,462
Jamf Holding Corp. *
30,725
552,743
Kaltura, Inc. *
37,581
49,983
See financial notes
40Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Klaviyo, Inc., Class A *(a)
16,957
449,361
Kyndryl Holdings, Inc. *
123,966
2,723,533
LivePerson, Inc. *
50,163
63,707
LiveRamp Holdings, Inc. *
34,910
1,221,152
Manhattan Associates, Inc. *
33,515
8,490,355
Marathon Digital Holdings, Inc. *
123,173
3,190,181
Matterport, Inc. *
60,192
127,607
MeridianLink, Inc. *
10,730
203,441
Microsoft Corp.
4,056,334
1,677,861,996
MicroStrategy, Inc., Class A *
6,799
6,954,289
Model N, Inc. *
18,725
459,886
MongoDB, Inc. *
38,898
17,409,967
N-able, Inc. *
37,931
510,931
nCino, Inc. *
33,060
986,510
NCR Voyix Corp. *
72,303
1,056,347
NextNav, Inc. *(a)
18,590
79,565
Nutanix, Inc., Class A *
132,802
8,387,774
Okta, Inc. *
86,021
9,230,053
Olo, Inc., Class A *
60,136
349,992
ON24, Inc.
22,903
160,779
OneSpan, Inc. *
20,092
193,084
Oracle Corp.
867,601
96,893,680
PagerDuty, Inc. *
51,653
1,247,936
Palantir Technologies, Inc., Class A *
1,049,622
26,324,520
Palo Alto Networks, Inc. *
169,750
52,715,862
Pegasystems, Inc.
22,519
1,464,636
Perficient, Inc. *
19,212
1,246,282
PowerSchool Holdings, Inc., Class A *
30,904
645,585
Procore Technologies, Inc. *
48,031
3,747,859
Progress Software Corp.
23,388
1,247,984
PROS Holdings, Inc. *
22,353
799,120
PTC, Inc. *
65,168
11,926,396
Q2 Holdings, Inc. *
31,771
1,468,773
Qualys, Inc. *
19,901
3,420,186
Rackspace Technology, Inc. *
35,955
75,865
Rapid7, Inc. *
33,139
1,941,283
RingCentral, Inc., Class A *
46,364
1,549,485
Riot Platforms, Inc. *
114,123
1,611,417
Roper Technologies, Inc.
58,270
31,741,417
Salesforce, Inc. *
531,035
163,994,229
Samsara, Inc., Class A *
88,957
3,073,464
SEMrush Holdings, Inc., Class A *
16,903
210,949
SentinelOne, Inc., Class A *
133,293
3,754,864
ServiceNow, Inc. *
111,881
86,298,291
Smartsheet, Inc., Class A *
74,939
3,163,175
Snowflake, Inc., Class A *
180,193
33,926,738
SolarWinds Corp. *
26,264
313,592
SoundHound AI, Inc., Class A *(a)
124,924
926,936
Splunk, Inc. *
84,472
13,196,216
Sprinklr, Inc., Class A *
56,773
739,752
Sprout Social, Inc., Class A *
25,877
1,599,716
SPS Commerce, Inc. *
19,805
3,667,094
Squarespace, Inc., Class A *
27,672
920,924
Synopsys, Inc. *
82,985
47,610,984
Telos Corp. *
25,208
92,513
Tenable Holdings, Inc. *
62,600
3,014,816
Teradata Corp. *
54,640
2,055,557
Thoughtworks Holding, Inc. *
58,964
183,968
Tucows, Inc., Class A *
4,729
89,378
Twilio, Inc., Class A *
98,346
5,860,438
Tyler Technologies, Inc. *
23,125
10,108,862
UiPath, Inc., Class A *
223,990
5,319,762
Unisys Corp. *
34,745
180,327
Unity Software, Inc. *
131,263
3,848,631
Varonis Systems, Inc. *
59,898
3,042,818
Verint Systems, Inc. *
34,467
1,089,502
VeriSign, Inc. *
48,657
9,502,226
Vertex, Inc., Class A *
27,131
911,059
SECURITY
NUMBER
OF SHARES
VALUE ($)
Weave Communications, Inc. *
15,709
196,834
Workday, Inc., Class A *
112,971
33,288,035
Workiva, Inc. *
26,545
2,286,055
Xperi, Inc. *
22,415
245,668
Yext, Inc. *
56,107
332,153
Zeta Global Holdings Corp., Class A *
86,493
908,176
Zoom Video Communications, Inc.,
Class A *
139,637
9,876,525
Zscaler, Inc. *
48,251
11,675,294
Zuora, Inc., Class A *
68,723
555,282
 
3,338,236,103
 
Technology Hardware & Equipment 7.2%
908 Devices, Inc. *
19,540
143,619
ADTRAN Holdings, Inc.
37,890
215,594
Advanced Energy Industries, Inc.
20,347
2,059,116
Amphenol Corp., Class A
326,004
35,612,677
Apple, Inc.
7,978,994
1,442,203,165
Arista Networks, Inc. *
137,260
38,095,140
Arlo Technologies, Inc. *
51,276
533,783
Arrow Electronics, Inc. *
29,834
3,505,495
Avnet, Inc.
49,218
2,293,067
Badger Meter, Inc.
15,897
2,522,695
Bel Fuse, Inc., Class B
6,025
313,119
Belden, Inc.
23,196
1,975,835
Benchmark Electronics, Inc.
19,474
598,047
Calix, Inc. *
31,231
1,089,025
CDW Corp.
73,148
18,009,769
Ciena Corp. *
81,452
4,641,135
Cisco Systems, Inc.
2,209,930
106,894,314
Clearfield, Inc. *
6,807
205,367
Cognex Corp.
95,572
3,770,315
Coherent Corp. *
73,583
4,376,717
CommScope Holding Co., Inc. *
85,289
99,362
Comtech Telecommunications Corp. *
16,670
112,689
Corning, Inc.
418,459
13,491,118
Corsair Gaming, Inc. *
21,670
280,627
Crane NXT Co.
25,917
1,514,071
CTS Corp.
17,135
763,536
Dell Technologies, Inc., Class C
138,950
13,153,007
Diebold Nixdorf, Inc. *
20,622
679,701
Digi International, Inc. *
19,972
590,372
ePlus, Inc. *
14,387
1,185,345
Evolv Technologies Holdings, Inc. *
41,212
196,581
Extreme Networks, Inc. *
69,798
882,247
F5, Inc. *
32,572
6,098,130
Fabrinet *
19,702
4,247,160
FARO Technologies, Inc. *
10,083
225,758
Harmonic, Inc. *
61,184
803,346
Hewlett Packard Enterprise Co.
698,238
10,634,165
HP, Inc.
476,008
13,485,307
Infinera Corp. *
112,070
562,591
Insight Enterprises, Inc. *
15,814
2,973,032
IonQ, Inc. *(a)
92,432
957,596
IPG Photonics Corp. *
15,696
1,355,350
Itron, Inc. *
24,777
2,296,332
Jabil, Inc.
69,783
10,055,032
Juniper Networks, Inc.
174,155
6,448,960
Keysight Technologies, Inc. *
97,218
15,000,737
Kimball Electronics, Inc. *
13,923
313,407
Knowles Corp. *
51,668
844,255
Lightwave Logic, Inc. *(a)
61,132
257,366
Littelfuse, Inc.
13,484
3,212,428
Lumentum Holdings, Inc. *
37,064
1,796,492
Methode Electronics, Inc.
19,645
418,439
MicroVision, Inc. *(a)
97,005
228,932
Mirion Technologies, Inc. *
99,343
971,575
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report41

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Motorola Solutions, Inc.
90,769
29,989,170
Napco Security Technologies, Inc.
15,545
699,991
NetApp, Inc.
114,192
10,176,791
NETGEAR, Inc. *
16,308
244,457
NetScout Systems, Inc. *
41,527
899,060
nLight, Inc. *
24,099
318,830
Novanta, Inc. *
19,331
3,343,103
OSI Systems, Inc. *
8,239
1,080,792
Ouster, Inc. *
15,590
84,654
PAR Technology Corp. *
15,132
663,084
PC Connection, Inc.
5,785
384,008
Plexus Corp. *
14,822
1,399,197
Pure Storage, Inc., Class A *
161,459
8,500,816
Ribbon Communications, Inc. *
49,287
147,368
Rogers Corp. *
9,141
1,024,432
Sanmina Corp. *
31,438
1,986,882
ScanSource, Inc. *
12,894
557,408
Seagate Technology Holdings PLC
105,278
9,796,118
SmartRent, Inc. *
102,837
298,227
Super Micro Computer, Inc. *
25,232
21,853,940
TD SYNNEX Corp.
31,396
3,262,044
TE Connectivity Ltd.
169,654
24,355,528
Teledyne Technologies, Inc. *
25,726
10,991,948
Trimble, Inc. *
134,905
8,254,837
TTM Technologies, Inc. *
57,173
849,019
Ubiquiti, Inc.
2,172
254,515
Viasat, Inc. *
41,787
817,772
Viavi Solutions, Inc. *
121,624
1,161,509
Vishay Intertechnology, Inc.
68,306
1,485,656
Vontier Corp.
84,965
3,653,495
Western Digital Corp. *
177,530
10,557,709
Xerox Holdings Corp.
62,717
1,169,672
Zebra Technologies Corp., Class A *
28,286
7,905,371
 
1,953,360,443
 
Telecommunication Services 0.8%
Anterix, Inc. *
10,845
430,547
AT&T, Inc.
3,896,154
65,961,887
ATN International, Inc.
5,570
186,818
Bandwidth, Inc., Class A *
12,559
257,962
Cogent Communications Holdings,
Inc.
23,216
1,878,407
Consolidated Communications
Holdings, Inc. *
40,953
176,507
Frontier Communications Parent,
Inc. *
121,514
2,877,452
GCI Liberty, Inc. *(c)
47,809
0
Globalstar, Inc. *
404,970
631,753
Gogo, Inc. *
36,684
299,341
IDT Corp., Class B *
11,326
421,441
Iridium Communications, Inc.
68,334
1,978,269
Liberty Global Ltd., Class C *
200,142
3,712,634
Liberty Latin America Ltd., Class C *
83,903
547,048
Lumen Technologies, Inc. *
597,610
968,128
Shenandoah Telecommunications Co.
27,884
520,315
Telephone & Data Systems, Inc.
54,908
840,092
T-Mobile U.S., Inc.
277,143
45,257,452
U.S. Cellular Corp. *
7,821
272,875
Verizon Communications, Inc.
2,291,797
91,717,716
 
218,936,644
 
Transportation 1.8%
Air Transport Services Group, Inc. *
30,391
366,819
Alaska Air Group, Inc. *
72,198
2,699,483
Allegiant Travel Co.
8,571
623,797
American Airlines Group, Inc. *
356,626
5,591,896
SECURITY
NUMBER
OF SHARES
VALUE ($)
ArcBest Corp.
12,952
1,850,323
Avis Budget Group, Inc.
10,677
1,153,543
CH Robinson Worldwide, Inc.
63,216
4,683,041
CSX Corp.
1,076,908
40,857,890
Daseke, Inc. *
23,778
196,169
Delta Air Lines, Inc.
352,696
14,908,460
Expeditors International of
Washington, Inc.
78,960
9,443,616
FedEx Corp.
126,243
31,430,720
Forward Air Corp.
13,922
516,924
Frontier Group Holdings, Inc. *
20,492
142,214
GXO Logistics, Inc. *
64,609
3,344,162
Hawaiian Holdings, Inc. *
22,556
318,265
Heartland Express, Inc.
25,961
331,782
Hertz Global Holdings, Inc. *
72,476
568,937
Hub Group, Inc., Class A *
34,990
1,488,125
JB Hunt Transport Services, Inc.
44,674
9,216,693
JetBlue Airways Corp. *
180,284
1,168,240
Joby Aviation, Inc. *
200,588
1,127,305
Kirby Corp. *
32,614
2,860,900
Knight-Swift Transportation Holdings,
Inc.
87,223
4,914,144
Landstar System, Inc.
19,586
3,725,257
Lyft, Inc., Class A *
192,008
3,049,087
Marten Transport Ltd.
31,847
600,316
Matson, Inc.
19,497
2,165,142
Norfolk Southern Corp.
123,600
31,317,768
Old Dominion Freight Line, Inc.
48,864
21,621,343
RXO, Inc. *
64,198
1,381,541
Ryder System, Inc.
23,749
2,709,761
Saia, Inc. *
14,343
8,252,962
Schneider National, Inc., Class B
19,539
460,143
SkyWest, Inc. *
21,755
1,397,106
Southwest Airlines Co.
324,502
11,120,684
Spirit Airlines, Inc. (a)
59,606
384,459
Sun Country Airlines Holdings, Inc. *
22,109
331,635
Uber Technologies, Inc. *
1,123,443
89,313,718
U-Haul Holding Co. *
5,151
331,621
U-Haul Holding Co., Non Voting
Shares
53,307
3,388,726
Union Pacific Corp.
332,593
84,375,518
United Airlines Holdings, Inc. *
178,321
8,111,822
United Parcel Service, Inc., Class B
394,746
58,525,042
Universal Logistics Holdings, Inc.
3,740
126,524
Werner Enterprises, Inc.
34,953
1,403,013
XPO, Inc. *
62,707
7,544,906
 
481,441,542
 
Utilities 2.1%
AES Corp.
365,189
5,550,873
ALLETE, Inc.
30,843
1,746,948
Alliant Energy Corp.
138,952
6,634,958
Altus Power, Inc. *
40,014
272,495
Ameren Corp.
144,649
10,297,562
American Electric Power Co., Inc.
286,618
24,416,988
American States Water Co.
20,113
1,436,269
American Water Works Co., Inc.
106,774
12,656,990
Atmos Energy Corp.
80,445
9,083,045
Avangrid, Inc.
38,128
1,186,925
Avista Corp.
41,559
1,379,759
Black Hills Corp.
36,168
1,881,821
California Water Service Group
30,681
1,407,951
CenterPoint Energy, Inc.
343,543
9,447,433
Chesapeake Utilities Corp.
11,729
1,196,710
Clearway Energy, Inc., Class C
62,895
1,371,111
CMS Energy Corp.
160,138
9,187,117
Consolidated Edison, Inc.
188,144
16,408,038
See financial notes
42Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Constellation Energy Corp.
174,393
29,376,501
Dominion Energy, Inc.
458,017
21,906,953
DTE Energy Co.
112,302
12,167,922
Duke Energy Corp.
420,987
38,659,236
Edison International
208,504
14,182,442
Entergy Corp.
115,220
11,702,895
Essential Utilities, Inc.
138,140
4,804,509
Evergy, Inc.
124,696
6,177,440
Eversource Energy
190,532
11,184,228
Exelon Corp.
542,944
19,459,113
FirstEnergy Corp.
282,820
10,354,040
Hawaiian Electric Industries, Inc.
59,270
721,909
IDACORP, Inc.
27,529
2,425,580
MGE Energy, Inc.
19,696
1,244,590
Middlesex Water Co.
9,494
483,150
Montauk Renewables, Inc. *
32,724
185,872
National Fuel Gas Co.
49,802
2,427,350
New Jersey Resources Corp.
54,930
2,285,637
NextEra Energy, Inc.
1,119,759
61,799,499
NiSource, Inc.
226,866
5,912,128
Northwest Natural Holding Co.
19,757
725,872
Northwestern Energy Group, Inc.
32,483
1,556,585
NRG Energy, Inc.
122,508
6,777,143
OGE Energy Corp.
108,605
3,574,191
ONE Gas, Inc.
30,189
1,799,264
Ormat Technologies, Inc.
30,840
2,009,226
Otter Tail Corp.
22,357
2,022,414
PG&E Corp.
1,161,238
19,381,062
Pinnacle West Capital Corp.
62,074
4,241,517
PNM Resources, Inc.
46,518
1,698,372
Portland General Electric Co.
55,478
2,228,551
PPL Corp.
401,287
10,581,938
Public Service Enterprise Group, Inc.
271,115
16,917,576
Sempra
342,319
24,167,722
SJW Group
16,960
933,818
Southern Co.
596,899
40,141,458
Southwest Gas Holdings, Inc.
32,537
2,217,397
Spire, Inc.
28,704
1,702,721
Sunnova Energy International, Inc. *
62,715
456,565
UGI Corp.
113,607
2,781,099
Unitil Corp.
8,367
426,382
Vistra Corp.
182,202
9,937,297
WEC Energy Group, Inc.
173,149
13,590,465
Xcel Energy, Inc.
300,481
15,832,344
York Water Co.
7,252
256,721
 
558,981,687
Total Common Stocks
(Cost $15,386,383,906)
26,957,436,296
SECURITY
NUMBER
OF SHARES
VALUE ($)
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS
 
Money Market Funds 0.2%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (d)
12,735,736
12,735,736
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (d)(e)
35,236,224
35,236,224
 
47,971,960
Total Short-Term Investments
(Cost $47,971,960)
47,971,960
Total Investments in Securities
(Cost $15,434,355,866)
27,005,408,256
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
03/15/24
191
48,740,813
934,020
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$34,274,527.
(b)
Issuer is affiliated with the fund’s investment adviser.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust
Below is a summary of the fund’s transactions with affiliated issuers during the period ended February 29, 2024:
SECURITY
VALUE AT
8/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
2/29/24
BALANCE
OF SHARES
HELD AT
2/29/24
DIVIDENDS
RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS
 
Financial Services 0.2%
Charles Schwab Corp.
$46,580,980
$1,747,400
($582,810
)
($14,281
)
$6,069,350
$53,800,639
805,640
$398,085
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report43

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of February 29, 2024 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$23,403,296,743
$
$
$23,403,296,743
Health Care Equipment & Services
1,369,186,879
0
*
1,369,186,879
Pharmaceuticals, Biotechnology & Life Sciences
1,965,934,478
81,552
1,966,016,030
Telecommunication Services
218,936,644
0
*
218,936,644
Short-Term Investments1
47,971,960
47,971,960
Futures Contracts2
934,020
934,020
Total
$27,006,260,724
$—
$81,552
$27,006,342,276
*
Level 3 amount shown includes securities determined to have no value at February 29, 2024.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
44Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Statement of Assets and Liabilities
As of February 29, 2024; unaudited
Assets
Investments in securities, at value - affiliated (cost $36,850,284)
 
$53,800,639
Investments in securities, at value - unaffiliated (cost $15,397,505,582) including securities on loan of $34,274,527
 
26,951,607,617
Deposit with broker for futures contracts
 
3,292,800
Receivables:
 
Dividends
 
35,081,066
Investments sold
 
645,330
Variation margin on future contracts
 
212,943
Income from securities on loan
 
155,588
Foreign tax reclaims
+
10,434
Total assets
 
27,044,806,417
 
Liabilities
Collateral held for securities on loan
 
35,236,224
Payables:
 
Management fees
 
628,030
Investments bought
+
596,280
Total liabilities
 
36,460,534
Net assets
 
$27,008,345,883
 
Net Assets by Source
Capital received from investors
 
$15,913,299,806
Total distributable earnings
+
11,095,046,077
Net assets
 
$27,008,345,883
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$27,008,345,883
 
455,250,000
$59.33
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report45

Schwab U.S. Broad Market ETF
Statement of Operations
For the period September 1, 2023 through February 29, 2024; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $66,866)
 
$187,288,288
Dividends received from securities - affiliated
 
398,085
Interest received from securities - unaffiliated
 
77,835
Securities on loan, net
+
904,328
Total investment income
 
188,668,536
 
Expenses
Management fees
 
3,592,214
Total expenses
3,592,214
Net investment income
 
185,076,322
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated
 
(131,264
)
Net realized losses on sales of securities - unaffiliated
 
(58,183,757
)
Net realized gains on sales of in-kind redemptions - affiliated
 
116,983
Net realized gains on sales of in-kind redemptions - unaffiliated
 
69,174,144
Net realized gains on futures contracts
+
3,358,845
Net realized gains
 
14,334,951
Net change in unrealized appreciation (depreciation) on securities - affiliated
 
6,069,350
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
3,062,439,066
Net change in unrealized appreciation (depreciation) on futures contracts
+
758,044
Net change in unrealized appreciation (depreciation)
+
3,069,266,460
Net realized and unrealized gains
 
3,083,601,411
Increase in net assets resulting from operations
 
$3,268,677,733
See financial notes
46Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Broad Market ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
9/1/23-2/29/24
9/1/22-8/31/23
Net investment income
 
$185,076,322
$344,248,322
Net realized gains
 
14,334,951
411,030,993
Net change in unrealized appreciation (depreciation)
+
3,069,266,460
2,265,097,115
Increase in net assets resulting from operations
 
$3,268,677,733
$3,020,376,430
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($185,868,810
)
($337,594,345
)
TRANSACTIONS IN FUND SHARES
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
10,800,000
$583,285,729
35,500,000
$1,616,821,269
Shares redeemed
+
(2,100,000
)
(113,057,131
)
(26,950,000
)
(1,204,382,336
)
Net transactions in fund shares
 
8,700,000
$470,228,598
8,550,000
$412,438,933
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
446,550,000
$23,455,308,362
438,000,000
$20,360,087,344
Total increase
+
8,700,000
3,553,037,521
8,550,000
3,095,221,018
End of period
 
455,250,000
$27,008,345,883
446,550,000
$23,455,308,362
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report47

Schwab 1000 Index ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/23–
2/29/24*
9/1/22–
8/31/23
9/1/21–
8/31/22
9/1/20–
8/31/21
9/1/19–
8/31/20
9/1/18–
8/31/19
Per-Share Data
Net asset value at beginning of period
$43.47
$38.30
$44.81
$34.50
$28.80
$28.62
Income (loss) from investment operations:
Net investment income (loss)1
0.33
0.63
0.57
0.56
0.61
0.57
Net realized and unrealized gains (losses)
5.77
5.15
(6.51
)
10.32
5.67
0.10
Total from investment operations
6.10
5.78
(5.94
)
10.88
6.28
0.67
Less distributions:
Distributions from net investment income
(0.34
)
(0.61
)
(0.57
)
(0.57
)
(0.58
)
(0.49
)
Net asset value at end of period
$49.23
$43.47
$38.30
$44.81
$34.50
$28.80
Total return
14.14
%2
15.31
%
(13.36
%)
31.95
%
22.25
%
2.42
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.05
%3
0.05
%
0.05
%4
0.05
%
0.05
%
0.05
%
Net investment income (loss)
1.52
%3
1.61
%
1.36
%
1.43
%
2.03
%
2.06
%
Portfolio turnover rate5
2
%2
4
%
4
%
5
%
5
%
5
%
Net assets, end of period (x 1,000,000)
$3,375
$2,939
$2,235
$2,090
$1,145
$838
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Not annualized.
3
Annualized.
4
Ratio includes less than 0.005% of non-routine proxy expenses.
5
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
48Schwab U.S. Equity ETFs | Semiannual Report

Schwab 1000 Index ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited)
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS
 
Automobiles & Components 1.6%
Aptiv PLC *
20,193
1,605,142
Autoliv, Inc.
5,414
628,186
BorgWarner, Inc.
16,681
519,280
Ford Motor Co.
279,559
3,477,714
Fox Factory Holding Corp. *
2,967
150,101
General Motors Co.
97,460
3,993,911
Gentex Corp.
16,778
612,900
Harley-Davidson, Inc.
9,052
328,316
Lear Corp.
4,166
572,200
Lucid Group, Inc. *(a)
62,917
207,626
Rivian Automotive, Inc., Class A *
48,176
545,352
Tesla, Inc. *
197,288
39,828,501
Thor Industries, Inc.
3,768
482,982
 
52,952,211
 
Banks 3.2%
Bank of America Corp.
490,993
16,949,078
Bank OZK
7,635
334,413
BOK Financial Corp.
1,999
169,935
Citigroup, Inc.
136,453
7,571,777
Citizens Financial Group, Inc.
33,319
1,045,883
Columbia Banking System, Inc.
14,727
266,559
Comerica, Inc.
9,595
473,801
Commerce Bancshares, Inc.
8,444
439,426
Cullen/Frost Bankers, Inc.
4,565
495,348
East West Bancorp, Inc.
10,258
747,398
Fifth Third Bancorp
48,593
1,668,684
First Citizens BancShares, Inc., Class A
871
1,370,788
First Horizon Corp.
39,594
558,275
Home BancShares, Inc.
13,484
316,335
Huntington Bancshares, Inc.
104,198
1,358,742
JPMorgan Chase & Co.
206,193
38,364,270
KeyCorp
66,444
948,156
M&T Bank Corp.
11,841
1,654,661
New York Community Bancorp, Inc.
51,318
245,813
Old National Bancorp
21,012
345,227
Pinnacle Financial Partners, Inc.
5,538
458,103
PNC Financial Services Group, Inc.
28,420
4,183,424
Popular, Inc.
5,249
439,236
Prosperity Bancshares, Inc.
6,730
420,019
Regions Financial Corp.
66,447
1,237,908
SouthState Corp.
5,488
461,212
Synovus Financial Corp.
10,378
393,741
Truist Financial Corp.
95,223
3,330,901
U.S. Bancorp
110,827
4,650,301
Valley National Bancorp
31,409
257,240
Webster Financial Corp.
12,206
581,494
Wells Fargo & Co.
258,859
14,389,972
Western Alliance Bancorp
7,875
454,624
Wintrust Financial Corp.
4,331
417,292
SECURITY
NUMBER
OF SHARES
VALUE ($)
Zions Bancorp NA
10,970
432,547
 
107,432,583
 
Capital Goods 6.3%
3M Co.
39,399
3,629,436
A O Smith Corp.
8,709
721,976
AAON, Inc.
4,899
411,418
Acuity Brands, Inc.
2,230
560,265
Advanced Drainage Systems, Inc.
4,912
801,835
AECOM
9,903
879,683
AGCO Corp.
4,411
483,887
Air Lease Corp.
7,305
292,931
Allegion PLC
6,285
803,663
Allison Transmission Holdings, Inc.
6,342
477,743
AMETEK, Inc.
16,464
2,966,484
API Group Corp. *
14,548
509,907
Applied Industrial Technologies, Inc.
2,750
522,197
Atkore, Inc.
2,756
466,866
Axon Enterprise, Inc. *
5,062
1,555,907
AZEK Co., Inc. *
10,714
515,451
Beacon Roofing Supply, Inc. *
4,516
387,879
Boeing Co. *
40,544
8,259,624
Boise Cascade Co.
2,884
391,964
Builders FirstSource, Inc. *
8,785
1,714,656
BWX Technologies, Inc.
6,647
670,217
Carlisle Cos., Inc.
3,479
1,217,650
Carrier Global Corp.
59,766
3,321,794
Caterpillar, Inc.
36,429
12,165,829
Chart Industries, Inc. *
2,970
424,294
Comfort Systems USA, Inc.
2,576
787,560
Core & Main, Inc., Class A *
12,010
573,237
Crane Co.
3,523
428,256
Cummins, Inc.
10,091
2,710,544
Curtiss-Wright Corp.
2,755
650,924
Deere & Co.
19,172
6,998,739
Donaldson Co., Inc.
8,630
618,081
Dover Corp.
9,958
1,646,854
Eaton Corp. PLC
28,486
8,232,454
EMCOR Group, Inc.
3,407
1,068,163
Emerson Electric Co.
40,669
4,345,483
Esab Corp.
4,009
397,372
Fastenal Co.
40,775
2,976,983
Ferguson PLC
14,586
3,084,210
Flowserve Corp.
9,340
395,269
Fluor Corp. *
12,128
446,310
Fortive Corp.
25,149
2,140,934
Fortune Brands Innovations, Inc.
9,091
739,462
Franklin Electric Co., Inc.
2,841
295,350
Generac Holdings, Inc. *
4,438
499,319
General Dynamics Corp.
16,213
4,430,202
General Electric Co.
77,584
12,172,154
Graco, Inc.
11,995
1,094,664
HEICO Corp.
7,104
1,373,914
Hexcel Corp.
5,975
444,899
Honeywell International, Inc.
46,995
9,339,316
Howmet Aerospace, Inc.
27,811
1,850,822
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report49

Schwab 1000 Index ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hubbell, Inc.
3,844
1,463,295
Huntington Ingalls Industries, Inc.
2,842
828,784
IDEX Corp.
5,430
1,280,937
Illinois Tool Works, Inc.
19,515
5,115,857
Ingersoll Rand, Inc.
28,878
2,637,428
ITT, Inc.
5,818
733,883
Johnson Controls International PLC
48,463
2,872,402
L3Harris Technologies, Inc.
13,591
2,876,671
Lennox International, Inc.
2,329
1,097,448
Leonardo DRS, Inc. *
5,033
114,299
Lincoln Electric Holdings, Inc.
4,120
1,057,192
Lockheed Martin Corp.
15,760
6,749,062
Masco Corp.
16,027
1,230,233
MasTec, Inc. *
4,219
318,366
Middleby Corp. *
3,915
595,706
MSC Industrial Direct Co., Inc., Class A
3,357
338,856
Mueller Industries, Inc.
8,209
421,778
Nordson Corp.
3,940
1,046,661
Northrop Grumman Corp.
10,147
4,677,970
nVent Electric PLC
11,851
797,809
Oshkosh Corp.
4,635
513,836
Otis Worldwide Corp.
29,162
2,779,139
Owens Corning
6,321
946,759
PACCAR, Inc.
37,355
4,142,296
Parker-Hannifin Corp.
9,190
4,920,785
Pentair PLC
11,915
926,868
Plug Power, Inc. *(a)
38,677
136,530
Quanta Services, Inc.
10,434
2,519,915
RBC Bearings, Inc. *
2,102
573,489
Regal Rexnord Corp.
4,701
806,174
Rockwell Automation, Inc.
8,199
2,337,371
RTX Corp.
102,547
9,195,389
Sensata Technologies Holding PLC
10,880
374,490
Simpson Manufacturing Co., Inc.
3,023
630,840
SiteOne Landscape Supply, Inc. *
3,231
544,359
Snap-on, Inc.
3,825
1,054,399
Stanley Black & Decker, Inc.
10,923
975,315
Textron, Inc.
14,024
1,249,118
Timken Co.
4,677
392,821
Toro Co.
7,423
685,217
Trane Technologies PLC
16,370
4,615,849
TransDigm Group, Inc.
3,978
4,685,050
Trex Co., Inc. *
7,802
715,912
UFP Industries, Inc.
4,379
501,965
United Rentals, Inc.
4,860
3,369,292
Valmont Industries, Inc.
1,502
318,319
Vertiv Holdings Co.
25,125
1,698,952
Watsco, Inc.
2,443
962,835
Watts Water Technologies, Inc., Class A
1,938
395,255
WESCO International, Inc.
3,123
466,857
Westinghouse Air Brake Technologies
Corp.
12,816
1,810,773
WillScot Mobile Mini Holdings Corp. *
13,625
650,594
Woodward, Inc.
4,314
610,388
WW Grainger, Inc.
3,162
3,078,081
Xylem, Inc.
17,204
2,185,768
Zurn Elkay Water Solutions Corp.
10,087
320,262
 
212,240,930
 
Commercial & Professional Services 1.5%
Automatic Data Processing, Inc.
29,358
7,372,675
Booz Allen Hamilton Holding Corp.,
Class A
9,330
1,378,134
Broadridge Financial Solutions, Inc.
8,438
1,717,808
CACI International, Inc., Class A *
1,576
590,764
Casella Waste Systems, Inc., Class A *
4,150
373,915
Cintas Corp.
6,210
3,903,668
SECURITY
NUMBER
OF SHARES
VALUE ($)
Clarivate PLC *
30,873
221,668
Clean Harbors, Inc. *
3,575
651,008
Copart, Inc. *
62,107
3,300,987
Dayforce, Inc. *
11,080
772,941
Dun & Bradstreet Holdings, Inc.
17,128
180,529
Equifax, Inc.
8,774
2,400,479
ExlService Holdings, Inc. *
11,836
368,336
Exponent, Inc.
3,567
288,535
FTI Consulting, Inc. *
2,542
525,889
Genpact Ltd.
12,177
414,018
Jacobs Solutions, Inc.
9,045
1,326,449
KBR, Inc.
9,637
578,509
Leidos Holdings, Inc.
9,815
1,254,946
Maximus, Inc.
4,386
366,933
MSA Safety, Inc.
2,709
498,862
Parsons Corp. *
2,899
233,688
Paychex, Inc.
22,969
2,816,459
Paycom Software, Inc.
3,511
640,371
Paylocity Holding Corp. *
3,051
514,429
RB Global, Inc.
13,087
993,434
Republic Services, Inc.
14,594
2,679,458
Robert Half, Inc.
7,639
614,176
Rollins, Inc.
19,878
876,023
Science Applications International Corp.
3,818
534,367
SS&C Technologies Holdings, Inc.
15,477
986,814
Tetra Tech, Inc.
3,857
683,923
TransUnion
13,820
1,072,847
TriNet Group, Inc. *
2,232
285,718
Veralto Corp.
15,528
1,341,930
Verisk Analytics, Inc.
10,395
2,514,550
Vestis Corp.
9,089
170,510
Waste Management, Inc.
26,142
5,376,102
 
50,821,852
 
Consumer Discretionary Distribution & Retail 5.7%
Amazon.com, Inc. *
648,716
114,667,040
Asbury Automotive Group, Inc. *
1,472
307,398
AutoNation, Inc. *
1,926
288,515
AutoZone, Inc. *
1,292
3,883,778
Bath & Body Works, Inc.
16,280
743,996
Best Buy Co., Inc.
13,913
1,125,283
Burlington Stores, Inc. *
4,637
951,049
CarMax, Inc. *
11,280
891,120
Carvana Co. *
7,308
554,896
Dick's Sporting Goods, Inc.
4,368
777,023
Dillard's, Inc., Class A
279
115,710
eBay, Inc.
36,919
1,745,530
Etsy, Inc. *
8,526
611,229
Five Below, Inc. *
3,980
798,706
Floor & Decor Holdings, Inc., Class A *
7,551
914,577
GameStop Corp., Class A *(a)
19,441
277,423
Genuine Parts Co.
10,059
1,501,406
Home Depot, Inc.
71,319
27,144,725
Lithia Motors, Inc.
1,959
585,859
LKQ Corp.
19,000
993,510
Lowe's Cos., Inc.
41,157
9,905,255
Murphy USA, Inc.
1,381
575,891
Ollie's Bargain Outlet Holdings, Inc. *
4,358
349,381
O'Reilly Automotive, Inc. *
4,226
4,595,437
Penske Automotive Group, Inc.
1,386
212,751
Pool Corp.
2,769
1,102,394
RH *
1,142
313,365
Ross Stores, Inc.
24,209
3,606,173
TJX Cos., Inc.
81,558
8,085,660
Tractor Supply Co.
7,713
1,961,570
Ulta Beauty, Inc. *
3,551
1,947,937
Valvoline, Inc. *
9,962
424,780
See financial notes
50Schwab U.S. Equity ETFs | Semiannual Report

Schwab 1000 Index ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Wayfair, Inc., Class A *
6,855
408,558
Williams-Sonoma, Inc.
4,625
1,089,326
 
193,457,251
 
Consumer Durables & Apparel 1.1%
Brunswick Corp.
5,031
439,709
Capri Holdings Ltd. *
8,230
379,650
Columbia Sportswear Co.
2,473
204,492
Crocs, Inc. *
4,305
526,286
Deckers Outdoor Corp. *
1,859
1,664,902
DR Horton, Inc.
21,456
3,206,385
Garmin Ltd.
10,978
1,507,828
Hasbro, Inc.
9,290
467,194
KB Home
5,425
360,383
Lennar Corp., Class A
17,865
2,831,781
Lululemon Athletica, Inc. *
8,230
3,844,151
Mattel, Inc. *
25,420
500,774
Meritage Homes Corp.
2,630
414,646
Mohawk Industries, Inc. *
3,719
441,148
Newell Brands, Inc.
26,446
198,345
NIKE, Inc., Class B
87,432
9,086,808
NVR, Inc. *
233
1,776,758
Polaris, Inc.
3,802
352,483
PulteGroup, Inc.
15,319
1,660,273
PVH Corp.
4,302
587,954
Ralph Lauren Corp.
2,862
532,103
SharkNinja, Inc.
3,378
182,412
Skechers USA, Inc., Class A *
9,485
586,268
Tapestry, Inc.
16,586
788,333
Taylor Morrison Home Corp. *
7,611
430,859
Tempur Sealy International, Inc.
12,285
669,164
Toll Brothers, Inc.
7,758
889,377
TopBuild Corp. *
2,314
931,107
VF Corp.
23,461
383,353
Whirlpool Corp.
3,891
417,854
YETI Holdings, Inc. *
6,425
263,682
 
36,526,462
 
Consumer Services 2.3%
ADT, Inc.
17,471
126,839
Airbnb, Inc., Class A *
31,067
4,892,121
Aramark
18,718
567,717
Booking Holdings, Inc. *
2,523
8,751,858
Boyd Gaming Corp.
5,022
332,105
Bright Horizons Family Solutions, Inc. *
4,183
480,459
Caesars Entertainment, Inc. *
15,651
680,349
Carnival Corp. *
71,463
1,133,403
Chipotle Mexican Grill, Inc. *
1,974
5,307,632
Choice Hotels International, Inc.
1,784
199,701
Churchill Downs, Inc.
4,826
588,145
Darden Restaurants, Inc.
8,592
1,466,740
Domino's Pizza, Inc.
2,546
1,141,499
DoorDash, Inc., Class A *
21,651
2,697,065
DraftKings, Inc., Class A *
33,467
1,449,790
Duolingo, Inc. *
2,567
613,513
Expedia Group, Inc. *
9,508
1,300,885
H&R Block, Inc.
10,233
500,905
Hilton Grand Vacations, Inc. *
4,989
223,906
Hilton Worldwide Holdings, Inc.
18,306
3,740,282
Hyatt Hotels Corp., Class A
3,137
481,812
Las Vegas Sands Corp.
26,255
1,431,423
Light & Wonder, Inc. *
6,489
652,209
Marriott International, Inc., Class A
17,637
4,406,957
McDonald's Corp.
51,741
15,122,860
MGM Resorts International *
19,456
842,056
Norwegian Cruise Line Holdings Ltd. *
30,221
585,985
SECURITY
NUMBER
OF SHARES
VALUE ($)
Planet Fitness, Inc., Class A *
6,064
376,271
Royal Caribbean Cruises Ltd. *
16,826
2,075,487
Service Corp. International
10,486
767,470
Starbucks Corp.
81,574
7,741,373
Texas Roadhouse, Inc.
4,757
710,553
Vail Resorts, Inc.
2,747
632,662
Wingstop, Inc.
2,099
736,854
Wyndham Hotels & Resorts, Inc.
5,970
457,004
Wynn Resorts Ltd.
6,937
729,772
Yum! Brands, Inc.
19,958
2,762,586
 
76,708,248
 
Consumer Staples Distribution & Retail 1.8%
Albertsons Cos., Inc., Class A
28,869
585,463
BJ's Wholesale Club Holdings, Inc. *
9,639
704,033
Casey's General Stores, Inc.
2,675
814,511
Costco Wholesale Corp.
31,581
23,492,790
Dollar General Corp.
15,659
2,275,409
Dollar Tree, Inc. *
14,962
2,194,626
Kroger Co.
47,187
2,340,947
Performance Food Group Co. *
11,098
851,994
Sysco Corp.
35,996
2,914,596
Target Corp.
32,921
5,034,279
U.S. Foods Holding Corp. *
16,205
823,052
Walgreens Boots Alliance, Inc.
51,055
1,085,429
Walmart, Inc.
305,232
17,889,648
 
61,006,777
 
Energy 3.8%
Antero Midstream Corp.
24,135
323,409
Antero Resources Corp. *
20,234
520,014
APA Corp.
21,688
646,086
Baker Hughes Co.
71,604
2,118,762
ChampionX Corp.
14,268
443,164
Cheniere Energy, Inc.
16,965
2,632,968
Chesapeake Energy Corp.
7,980
660,584
Chevron Corp.
125,290
19,045,333
Chord Energy Corp.
2,948
478,903
Civitas Resources, Inc.
6,155
422,725
ConocoPhillips
84,698
9,531,913
Coterra Energy, Inc.
54,270
1,399,081
Devon Energy Corp.
45,774
2,016,802
Diamondback Energy, Inc.
12,763
2,329,503
DT Midstream, Inc.
6,891
397,128
EOG Resources, Inc.
41,531
4,753,638
EQT Corp.
29,288
1,088,049
Exxon Mobil Corp.
285,681
29,859,378
Halliburton Co.
63,811
2,237,852
Hess Corp.
19,771
2,881,623
HF Sinclair Corp.
11,082
615,051
Kinder Morgan, Inc.
137,751
2,395,490
Magnolia Oil & Gas Corp., Class A
13,322
302,143
Marathon Oil Corp.
41,742
1,012,243
Marathon Petroleum Corp.
27,160
4,596,287
Matador Resources Co.
7,857
496,170
Murphy Oil Corp.
10,338
410,108
New Fortress Energy, Inc.
4,660
163,799
Noble Corp. PLC
7,849
328,167
NOV, Inc.
27,968
472,659
Occidental Petroleum Corp.
47,165
2,858,671
ONEOK, Inc.
41,462
3,114,625
Ovintiv, Inc.
17,968
887,799
Patterson-UTI Energy, Inc.
22,327
258,323
PBF Energy, Inc., Class A
7,811
364,774
Permian Resources Corp.
29,621
460,903
Phillips 66
31,465
4,484,077
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report51

Schwab 1000 Index ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Pioneer Natural Resources Co.
16,616
3,907,917
Range Resources Corp.
17,236
545,002
Schlumberger NV
102,027
4,930,965
SM Energy Co.
8,476
370,995
Southwestern Energy Co. *
78,439
546,720
Targa Resources Corp.
16,024
1,574,198
TechnipFMC PLC
31,343
679,830
Texas Pacific Land Corp.
455
716,816
Transocean Ltd. *
53,557
251,182
Valaris Ltd. *
4,592
289,526
Valero Energy Corp.
24,262
3,432,103
Weatherford International PLC *
5,220
535,624
Williams Cos., Inc.
86,575
3,111,505
 
127,900,587
 
Equity Real Estate Investment Trusts (REITs) 2.4%
Agree Realty Corp.
7,172
394,101
Alexandria Real Estate Equities, Inc.
11,151
1,390,864
American Homes 4 Rent, Class A
22,917
848,158
American Tower Corp.
33,255
6,613,089
Americold Realty Trust, Inc.
18,945
479,309
Apartment Income REIT Corp.
10,591
321,119
AvalonBay Communities, Inc.
10,141
1,795,261
Boston Properties, Inc.
10,396
672,829
Brixmor Property Group, Inc.
21,366
483,085
Camden Property Trust
7,621
720,032
Crown Castle, Inc.
31,007
3,408,910
CubeSmart
16,274
709,709
Digital Realty Trust, Inc.
21,697
3,185,337
EastGroup Properties, Inc.
3,347
588,034
Equinix, Inc.
6,730
5,981,759
Equity LifeStyle Properties, Inc.
13,226
890,374
Equity Residential
24,618
1,482,250
Essex Property Trust, Inc.
4,589
1,061,895
Extra Space Storage, Inc.
15,096
2,128,083
Federal Realty Investment Trust
5,246
529,059
First Industrial Realty Trust, Inc.
9,389
497,617
Gaming & Leisure Properties, Inc.
19,113
869,259
Healthcare Realty Trust, Inc.
27,121
373,727
Healthpeak Properties, Inc.
50,537
846,495
Host Hotels & Resorts, Inc.
50,095
1,038,970
Invitation Homes, Inc.
41,171
1,402,696
Iron Mountain, Inc.
20,901
1,643,655
Kilroy Realty Corp.
7,514
284,706
Kimco Realty Corp.
47,379
936,209
Kite Realty Group Trust
15,491
331,662
Lamar Advertising Co., Class A
6,352
702,214
Medical Properties Trust, Inc. (a)
42,757
180,007
Mid-America Apartment Communities,
Inc.
8,357
1,050,308
NET Lease Office Properties
1,060
25,853
NNN REIT, Inc.
13,307
541,462
Omega Healthcare Investors, Inc.
17,352
539,994
Prologis, Inc.
65,868
8,778,228
Public Storage
11,337
3,218,234
Rayonier, Inc.
9,659
332,559
Realty Income Corp.
59,191
3,084,443
Regency Centers Corp.
11,740
727,293
Rexford Industrial Realty, Inc.
14,997
763,047
Ryman Hospitality Properties, Inc.
4,210
498,801
SBA Communications Corp.
7,736
1,618,603
Simon Property Group, Inc.
23,284
3,449,292
STAG Industrial, Inc.
13,146
488,242
Sun Communities, Inc.
8,885
1,188,458
Terreno Realty Corp.
5,945
382,264
UDR, Inc.
21,459
761,795
Ventas, Inc.
28,748
1,215,753
SECURITY
NUMBER
OF SHARES
VALUE ($)
VICI Properties, Inc.
73,632
2,203,806
Vornado Realty Trust
11,153
293,324
Welltower, Inc.
39,518
3,641,979
Weyerhaeuser Co.
52,183
1,794,052
WP Carey, Inc.
15,549
875,875
 
80,264,139
 
Financial Services 7.9%
Affiliated Managers Group, Inc.
2,408
376,394
Affirm Holdings, Inc. *
15,686
588,539
AGNC Investment Corp.
47,787
456,844
Ally Financial, Inc.
19,285
713,352
American Express Co.
41,105
9,019,259
Ameriprise Financial, Inc.
7,233
2,946,435
Annaly Capital Management, Inc.
36,067
688,519
Apollo Global Management, Inc.
31,134
3,480,781
ARES Management Corp., Class A
12,021
1,594,345
Bank of New York Mellon Corp.
54,743
3,070,535
Berkshire Hathaway, Inc., Class B *
129,795
53,138,073
BlackRock, Inc.
9,999
8,112,589
Blackstone, Inc.
50,812
6,494,790
Block, Inc. *
39,418
3,132,548
Blue Owl Capital, Inc.
28,718
515,775
Capital One Financial Corp.
27,186
3,741,065
Carlyle Group, Inc.
15,492
710,308
Cboe Global Markets, Inc.
7,526
1,444,992
Charles Schwab Corp. (b)
105,270
7,029,931
CME Group, Inc.
25,714
5,666,080
Coinbase Global, Inc., Class A *
12,185
2,480,379
Corebridge Financial, Inc.
17,078
424,047
Credit Acceptance Corp. *
483
267,389
Discover Financial Services
17,895
2,159,926
Enact Holdings, Inc.
2,545
70,547
Equitable Holdings, Inc.
22,622
774,577
Essent Group Ltd.
7,661
410,400
Evercore, Inc., Class A
2,528
472,938
FactSet Research Systems, Inc.
2,735
1,265,156
Fidelity National Information Services,
Inc.
42,330
2,928,813
Fiserv, Inc. *
42,806
6,389,652
FleetCor Technologies, Inc. *
5,210
1,454,997
Franklin Resources, Inc.
20,160
553,392
Global Payments, Inc.
18,570
2,408,529
Goldman Sachs Group, Inc.
23,322
9,073,424
Houlihan Lokey, Inc.
3,745
481,832
Interactive Brokers Group, Inc., Class A
7,623
828,773
Intercontinental Exchange, Inc.
40,817
5,649,889
Invesco Ltd.
31,768
489,545
Jack Henry & Associates, Inc.
5,256
913,335
Janus Henderson Group PLC
9,628
300,008
Jefferies Financial Group, Inc.
11,936
499,163
KKR & Co., Inc.
47,405
4,658,015
LPL Financial Holdings, Inc.
5,477
1,467,234
MarketAxess Holdings, Inc.
2,743
585,384
Mastercard, Inc., Class A
59,060
28,039,326
MGIC Investment Corp.
19,476
387,378
Moody's Corp.
11,219
4,256,713
Morgan Stanley
90,135
7,755,215
Morningstar, Inc.
1,871
558,662
MSCI, Inc.
5,637
3,162,188
Nasdaq, Inc.
24,485
1,376,057
Northern Trust Corp.
14,797
1,215,278
OneMain Holdings, Inc.
8,634
407,784
PayPal Holdings, Inc. *
76,967
4,644,189
Raymond James Financial, Inc.
13,403
1,612,649
Remitly Global, Inc. *
9,383
193,477
Rithm Capital Corp.
36,058
390,869
See financial notes
52Schwab U.S. Equity ETFs | Semiannual Report

Schwab 1000 Index ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Robinhood Markets, Inc., Class A *
36,767
599,670
S&P Global, Inc.
23,167
9,924,279
SEI Investments Co.
7,230
486,217
SoFi Technologies, Inc. *
69,116
620,662
Starwood Property Trust, Inc.
21,039
428,985
State Street Corp.
21,964
1,619,406
Stifel Financial Corp.
7,353
557,799
Synchrony Financial
29,605
1,222,686
T Rowe Price Group, Inc.
16,033
1,817,341
Toast, Inc., Class A *
26,662
613,226
Tradeweb Markets, Inc., Class A
8,177
865,290
Visa, Inc., Class A
113,738
32,146,908
Voya Financial, Inc.
7,507
513,178
Western Union Co.
25,293
339,179
WEX, Inc. *
3,026
664,903
 
266,348,012
 
Food, Beverage & Tobacco 2.5%
Altria Group, Inc.
126,211
5,163,292
Archer-Daniels-Midland Co.
37,956
2,015,843
Brown-Forman Corp., Class B
13,031
784,857
Bunge Global SA
10,515
992,301
Campbell Soup Co.
13,950
594,828
Celsius Holdings, Inc. *
10,473
854,806
Coca-Cola Co.
277,418
16,650,628
Coca-Cola Consolidated, Inc.
347
291,758
Conagra Brands, Inc.
33,974
953,990
Constellation Brands, Inc., Class A
11,533
2,866,181
Darling Ingredients, Inc. *
11,393
482,038
Flowers Foods, Inc.
13,757
308,432
General Mills, Inc.
41,596
2,669,631
Hershey Co.
10,791
2,027,845
Hormel Foods Corp.
20,602
727,663
Ingredion, Inc.
4,705
553,449
J M Smucker Co.
7,541
906,202
Kellanova
18,934
1,044,210
Keurig Dr Pepper, Inc.
71,708
2,144,786
Kraft Heinz Co.
56,683
1,999,776
Lamb Weston Holdings, Inc.
10,414
1,064,415
Lancaster Colony Corp.
1,515
313,484
McCormick & Co., Inc. - Non Voting
Shares
17,929
1,234,591
Molson Coors Beverage Co., Class B
13,384
835,429
Mondelez International, Inc., Class A
96,986
7,086,767
Monster Beverage Corp. *
52,749
3,117,466
National Beverage Corp. *
1,604
84,435
PepsiCo, Inc.
98,034
16,208,942
Philip Morris International, Inc.
110,797
9,967,298
Pilgrim's Pride Corp. *
3,196
101,761
Post Holdings, Inc. *
3,589
373,830
Tyson Foods, Inc., Class A
20,316
1,101,940
WK Kellogg Co.
4,668
68,339
 
85,591,213
 
Health Care Equipment & Services 5.0%
Abbott Laboratories
123,752
14,681,937
Acadia Healthcare Co., Inc. *
6,528
544,762
agilon health, Inc. *
21,554
132,126
Align Technology, Inc. *
5,126
1,550,205
Baxter International, Inc.
36,184
1,480,649
Becton Dickinson & Co.
20,705
4,877,063
Boston Scientific Corp. *
104,390
6,911,662
Cardinal Health, Inc.
17,553
1,965,585
Cencora, Inc.
11,912
2,806,467
Centene Corp. *
38,024
2,982,222
Chemed Corp.
1,102
689,995
SECURITY
NUMBER
OF SHARES
VALUE ($)
Cigna Group
20,879
7,018,267
Cooper Cos., Inc.
14,146
1,324,066
CVS Health Corp.
91,514
6,805,896
DaVita, Inc. *
3,799
482,359
DENTSPLY SIRONA, Inc.
15,000
490,200
Dexcom, Inc. *
27,507
3,165,230
Edwards Lifesciences Corp. *
43,249
3,670,543
Elevance Health, Inc.
16,784
8,412,980
Encompass Health Corp.
7,196
535,382
Ensign Group, Inc.
4,051
506,051
Envista Holdings Corp. *
12,900
266,385
GE HealthCare Technologies, Inc.
28,907
2,638,631
Globus Medical, Inc., Class A *
8,195
442,448
Haemonetics Corp. *
3,643
265,866
HCA Healthcare, Inc.
14,155
4,412,113
HealthEquity, Inc. *
6,129
506,317
Henry Schein, Inc. *
9,348
714,842
Hologic, Inc. *
17,576
1,297,109
Humana, Inc.
8,833
3,094,377
IDEXX Laboratories, Inc. *
5,939
3,416,291
Inspire Medical Systems, Inc. *
2,154
385,652
Insulet Corp. *
5,069
831,316
Intuitive Surgical, Inc. *
25,100
9,678,560
Laboratory Corp. of America Holdings
6,096
1,315,700
Lantheus Holdings, Inc. *
4,847
316,897
Masimo Corp. *
3,266
419,812
McKesson Corp.
9,523
4,965,387
Medtronic PLC
94,965
7,916,282
Molina Healthcare, Inc. *
4,154
1,636,302
Neogen Corp. *
13,841
237,927
Option Care Health, Inc. *
12,770
412,088
Penumbra, Inc. *
2,758
647,909
Quest Diagnostics, Inc.
8,096
1,011,109
QuidelOrtho Corp. *
3,435
156,636
R1 RCM, Inc. *
13,764
193,384
ResMed, Inc.
10,472
1,819,196
Shockwave Medical, Inc. *
2,676
698,088
STERIS PLC
7,062
1,644,810
Stryker Corp.
24,140
8,426,550
Surgery Partners, Inc. *
5,250
162,908
Teleflex, Inc.
3,367
750,134
Tenet Healthcare Corp. *
7,283
677,319
UnitedHealth Group, Inc.
65,967
32,561,311
Universal Health Services, Inc., Class B
4,379
731,556
Veeva Systems, Inc., Class A *
10,473
2,361,766
Zimmer Biomet Holdings, Inc.
14,996
1,864,903
 
169,911,528
 
Household & Personal Products 1.3%
BellRing Brands, Inc. *
9,551
543,929
Church & Dwight Co., Inc.
17,619
1,764,014
Clorox Co.
8,832
1,354,034
Colgate-Palmolive Co.
58,725
5,080,887
Coty, Inc., Class A *
26,494
332,765
elf Beauty, Inc. *
3,991
832,243
Estee Lauder Cos., Inc., Class A
16,664
2,475,937
Inter Parfums, Inc.
1,301
190,883
Kenvue, Inc.
122,633
2,330,027
Kimberly-Clark Corp.
24,121
2,922,742
Procter & Gamble Co.
168,119
26,720,834
Reynolds Consumer Products, Inc.
3,883
114,548
 
44,662,843
 
Insurance 2.2%
Aflac, Inc.
38,055
3,072,561
Allstate Corp.
18,629
2,971,698
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report53

Schwab 1000 Index ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
American Financial Group, Inc.
4,683
597,879
American International Group, Inc.
49,961
3,641,657
Aon PLC, Class A
14,298
4,518,025
Arch Capital Group Ltd. *
26,656
2,334,799
Arthur J Gallagher & Co.
15,422
3,761,888
Assurant, Inc.
3,787
687,151
Axis Capital Holdings Ltd.
5,509
344,698
Brown & Brown, Inc.
16,906
1,423,654
Chubb Ltd.
29,100
7,323,597
Cincinnati Financial Corp.
11,214
1,278,396
CNA Financial Corp.
1,888
82,978
Erie Indemnity Co., Class A
1,809
736,046
Everest Group Ltd.
3,084
1,137,626
Fidelity National Financial, Inc.
18,441
932,746
First American Financial Corp.
7,373
430,657
Globe Life, Inc.
6,127
777,700
Hartford Financial Services Group, Inc.
21,485
2,059,122
Kinsale Capital Group, Inc.
1,561
805,757
Lincoln National Corp.
12,496
344,140
Loews Corp.
13,148
987,809
Markel Group, Inc. *
972
1,450,691
Marsh & McLennan Cos., Inc.
35,224
7,124,759
MetLife, Inc.
44,227
3,084,391
Old Republic International Corp.
18,791
544,187
Primerica, Inc.
2,553
626,149
Principal Financial Group, Inc.
15,743
1,272,979
Progressive Corp.
41,735
7,911,287
Prudential Financial, Inc.
25,811
2,813,141
Reinsurance Group of America, Inc.
4,731
836,677
RenaissanceRe Holdings Ltd.
3,752
843,525
RLI Corp.
2,880
421,776
Ryan Specialty Holdings, Inc. *
7,399
387,560
Selective Insurance Group, Inc.
4,290
448,219
Travelers Cos., Inc.
16,290
3,599,438
Unum Group
13,141
649,822
W R Berkley Corp.
14,533
1,214,959
Willis Towers Watson PLC
7,353
2,004,501
 
75,484,645
 
Materials 2.5%
Air Products & Chemicals, Inc.
15,850
3,709,534
Albemarle Corp.
8,309
1,145,396
Alcoa Corp.
12,673
344,832
Amcor PLC
103,558
938,236
AptarGroup, Inc.
4,687
658,336
Ashland, Inc.
3,628
339,726
ATI, Inc. *
9,140
449,505
Avery Dennison Corp.
5,772
1,249,811
Axalta Coating Systems Ltd. *
15,739
515,137
Balchem Corp.
2,306
362,480
Ball Corp.
22,701
1,453,318
Berry Global Group, Inc.
8,430
490,710
Celanese Corp.
7,164
1,088,713
CF Industries Holdings, Inc.
13,682
1,104,411
Chemours Co.
10,598
208,463
Cleveland-Cliffs, Inc. *
35,706
742,685
Commercial Metals Co.
8,297
448,038
Corteva, Inc.
50,337
2,694,036
Crown Holdings, Inc.
8,627
661,001
Dow, Inc.
50,057
2,797,185
DuPont de Nemours, Inc.
30,603
2,117,422
Eagle Materials, Inc.
2,560
649,088
Eastman Chemical Co.
8,456
741,929
Ecolab, Inc.
18,072
4,063,309
Element Solutions, Inc.
15,921
374,144
FMC Corp.
8,904
502,097
Freeport-McMoRan, Inc.
102,074
3,859,418
SECURITY
NUMBER
OF SHARES
VALUE ($)
Graphic Packaging Holding Co.
21,955
569,732
Huntsman Corp.
12,199
312,294
International Flavors & Fragrances, Inc.
18,186
1,373,043
International Paper Co.
24,811
877,317
Linde PLC
34,595
15,526,928
Louisiana-Pacific Corp.
4,709
348,325
LyondellBasell Industries NV, Class A
18,262
1,831,313
Martin Marietta Materials, Inc.
4,412
2,548,857
Mosaic Co.
23,304
726,153
NewMarket Corp.
505
324,043
Newmont Corp.
82,291
2,571,594
Nucor Corp.
17,514
3,367,942
Olin Corp.
8,599
462,626
Packaging Corp. of America
6,399
1,159,435
PPG Industries, Inc.
16,787
2,377,039
Reliance, Inc.
4,115
1,321,820
Royal Gold, Inc.
4,799
492,521
RPM International, Inc.
9,297
1,072,409
Sealed Air Corp.
10,331
360,242
Sherwin-Williams Co.
16,781
5,571,795
Silgan Holdings, Inc.
5,939
260,782
Sonoco Products Co.
6,967
394,890
Steel Dynamics, Inc.
10,848
1,451,679
Summit Materials, Inc., Class A *
8,535
364,530
U.S. Steel Corp.
15,933
754,268
Vulcan Materials Co.
9,547
2,538,070
Westlake Corp.
2,374
329,298
Westrock Co.
18,146
821,832
 
83,819,737
 
Media & Entertainment 7.6%
Alphabet, Inc., Class A *
422,203
58,458,227
Alphabet, Inc., Class C *
355,311
49,665,372
Charter Communications, Inc., Class A *
7,165
2,106,009
Comcast Corp., Class A
286,225
12,264,741
Electronic Arts, Inc.
17,419
2,429,602
Endeavor Group Holdings, Inc., Class A
13,585
326,719
Fox Corp., Class A
26,461
788,273
IAC, Inc. *
4,828
274,230
Interpublic Group of Cos., Inc.
27,525
864,285
Liberty Broadband Corp., Class C *
8,253
496,666
Liberty Media Corp.-Liberty Formula
One, Class C *
14,860
1,081,214
Liberty Media Corp.-Liberty SiriusXM,
Class C *
10,730
310,955
Live Nation Entertainment, Inc. *
10,030
972,709
Match Group, Inc. *
19,343
697,122
Meta Platforms, Inc., Class A
158,349
77,611,595
Netflix, Inc. *
31,267
18,851,500
New York Times Co., Class A
11,770
521,176
News Corp., Class A
27,074
727,749
Nexstar Media Group, Inc.
2,343
389,336
Omnicom Group, Inc.
14,302
1,264,154
Paramount Global, Class B
34,140
376,906
Pinterest, Inc., Class A *
41,713
1,530,867
ROBLOX Corp., Class A *
35,087
1,399,971
Roku, Inc. *
8,965
566,409
Sirius XM Holdings, Inc. (a)
45,914
202,940
Snap, Inc., Class A *
73,300
807,766
Take-Two Interactive Software, Inc. *
11,384
1,672,651
TKO Group Holdings, Inc.
4,273
357,778
Trade Desk, Inc., Class A *
31,772
2,714,282
Walt Disney Co.
130,461
14,556,838
Warner Bros Discovery, Inc. *
158,368
1,392,055
Warner Music Group Corp., Class A
9,688
338,402
See financial notes
54Schwab U.S. Equity ETFs | Semiannual Report

Schwab 1000 Index ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
ZoomInfo Technologies, Inc. *
21,600
362,016
 
256,380,515
 
Pharmaceuticals, Biotechnology & Life Sciences 7.1%
10X Genomics, Inc., Class A *
7,580
353,531
AbbVie, Inc.
125,976
22,178,075
ACADIA Pharmaceuticals, Inc. *
8,383
194,821
Agilent Technologies, Inc.
20,937
2,875,906
Alkermes PLC *
11,694
347,195
Alnylam Pharmaceuticals, Inc. *
8,978
1,356,486
Amgen, Inc.
38,225
10,467,152
Apellis Pharmaceuticals, Inc. *
7,406
458,950
Avantor, Inc. *
48,133
1,185,997
Biogen, Inc. *
10,367
2,249,535
BioMarin Pharmaceutical, Inc. *
13,401
1,156,238
Bio-Rad Laboratories, Inc., Class A *
1,478
481,651
Bio-Techne Corp.
11,214
825,014
Bridgebio Pharma, Inc. *
9,163
312,916
Bristol-Myers Squibb Co.
145,130
7,365,348
Bruker Corp.
6,623
573,154
Catalent, Inc. *
12,862
737,507
Charles River Laboratories International,
Inc. *
3,711
943,299
Danaher Corp.
46,878
11,866,697
Elanco Animal Health, Inc. *
35,920
570,769
Eli Lilly & Co.
56,903
42,886,653
Exact Sciences Corp. *
12,866
740,181
Exelixis, Inc. *
22,297
488,304
Gilead Sciences, Inc.
88,969
6,414,665
Halozyme Therapeutics, Inc. *
9,357
372,502
Illumina, Inc. *
11,337
1,585,253
Incyte Corp. *
13,272
774,554
Intra-Cellular Therapies, Inc. *
6,602
458,971
Ionis Pharmaceuticals, Inc. *
10,142
458,520
IQVIA Holdings, Inc. *
13,066
3,229,393
Jazz Pharmaceuticals PLC *
4,445
528,511
Johnson & Johnson
171,685
27,706,525
Karuna Therapeutics, Inc. *
2,599
816,008
Medpace Holdings, Inc. *
1,690
671,809
Merck & Co., Inc.
180,782
22,986,431
Mettler-Toledo International, Inc. *
1,556
1,940,674
Moderna, Inc. *
23,709
2,186,918
Mural Oncology PLC *
1,163
6,152
Natera, Inc. *
8,052
696,417
Neurocrine Biosciences, Inc. *
6,979
910,062
Organon & Co.
18,063
314,477
Perrigo Co. PLC
9,625
252,753
Pfizer, Inc.
402,475
10,689,736
Regeneron Pharmaceuticals, Inc. *
7,663
7,403,148
Repligen Corp. *
3,760
729,402
Revvity, Inc.
8,787
962,967
Roivant Sciences Ltd. *
22,760
260,374
Royalty Pharma PLC, Class A
27,471
833,470
Sarepta Therapeutics, Inc. *
6,804
870,232
Sotera Health Co. *
8,872
133,169
Thermo Fisher Scientific, Inc.
27,552
15,709,599
United Therapeutics Corp. *
3,413
770,109
Vaxcyte, Inc. *
6,973
514,747
Vertex Pharmaceuticals, Inc. *
18,389
7,736,988
Viatris, Inc.
85,707
1,060,196
Waters Corp. *
4,200
1,417,164
West Pharmaceutical Services, Inc.
5,310
1,902,892
Zoetis, Inc.
32,810
6,507,207
 
240,427,374
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A *
21,893
2,011,748
CoStar Group, Inc. *
29,115
2,533,879
Jones Lang LaSalle, Inc. *
3,397
646,245
Zillow Group, Inc., Class C *
11,375
638,706
 
5,830,578
 
Semiconductors & Semiconductor Equipment 9.2%
Advanced Micro Devices, Inc. *
115,184
22,176,375
Allegro MicroSystems, Inc. *
5,034
158,521
Amkor Technology, Inc.
7,778
241,274
Analog Devices, Inc.
35,567
6,822,462
Applied Materials, Inc.
59,649
12,026,431
Axcelis Technologies, Inc. *
2,419
272,549
Broadcom, Inc.
31,343
40,761,258
Cirrus Logic, Inc. *
3,967
364,250
Enphase Energy, Inc. *
9,675
1,228,822
Entegris, Inc.
10,794
1,450,282
First Solar, Inc. *
7,678
1,181,567
GLOBALFOUNDRIES, Inc. *(a)
6,087
332,776
Intel Corp.
300,656
12,943,241
KLA Corp.
9,706
6,622,404
Lam Research Corp.
9,433
8,850,512
Lattice Semiconductor Corp. *
9,858
755,221
MACOM Technology Solutions Holdings,
Inc. *
3,946
348,550
Marvell Technology, Inc.
61,651
4,417,911
Microchip Technology, Inc.
38,584
3,246,458
Micron Technology, Inc.
78,289
7,093,766
MKS Instruments, Inc.
4,413
541,740
Monolithic Power Systems, Inc.
3,440
2,476,938
NVIDIA Corp.
176,217
139,408,793
NXP Semiconductors NV
18,361
4,585,293
ON Semiconductor Corp. *
30,710
2,423,633
Onto Innovation, Inc. *
3,556
654,873
Power Integrations, Inc.
4,087
292,057
Qorvo, Inc. *
6,933
794,175
QUALCOMM, Inc.
79,435
12,534,049
Rambus, Inc. *
7,641
452,653
Skyworks Solutions, Inc.
11,440
1,200,285
SolarEdge Technologies, Inc. *
4,003
268,881
Teradyne, Inc.
10,892
1,128,302
Texas Instruments, Inc.
64,794
10,841,980
Universal Display Corp.
3,077
536,690
Wolfspeed, Inc. *
9,191
239,150
 
309,674,122
 
Software & Services 12.6%
Accenture PLC, Class A
44,814
16,795,391
Adobe, Inc. *
32,518
18,219,185
Akamai Technologies, Inc. *
10,791
1,196,938
Amdocs Ltd.
8,575
782,040
ANSYS, Inc. *
6,225
2,080,208
AppLovin Corp., Class A *
9,240
551,813
Aspen Technology, Inc. *
2,046
396,699
Atlassian Corp., Class A *
11,029
2,287,635
Autodesk, Inc. *
15,271
3,942,514
Bentley Systems, Inc., Class B
16,363
840,567
Bill Holdings, Inc. *
6,910
437,610
Cadence Design Systems, Inc. *
19,406
5,906,798
CCC Intelligent Solutions Holdings, Inc. *
17,963
210,347
Cloudflare, Inc., Class A *
21,062
2,075,449
Cognizant Technology Solutions Corp.,
Class A
35,779
2,827,257
Confluent, Inc., Class A *
15,634
529,524
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report55

Schwab 1000 Index ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Crowdstrike Holdings, Inc., Class A *
16,167
5,240,533
Datadog, Inc., Class A *
21,519
2,828,888
DocuSign, Inc. *
14,500
772,415
Dolby Laboratories, Inc., Class A
4,264
345,384
DoubleVerify Holdings, Inc. *
10,148
313,472
Dropbox, Inc., Class A *
18,259
437,303
Dynatrace, Inc. *
17,069
845,769
Elastic NV *
5,903
789,880
EPAM Systems, Inc. *
4,129
1,256,868
Fair Isaac Corp. *
1,773
2,251,550
Five9, Inc. *
5,246
320,006
Fortinet, Inc. *
45,352
3,134,277
Gartner, Inc. *
5,542
2,580,134
Gen Digital, Inc.
40,461
869,507
Gitlab, Inc., Class A *
6,155
443,899
GoDaddy, Inc., Class A *
10,003
1,141,842
Guidewire Software, Inc. *
5,992
715,085
HubSpot, Inc. *
3,624
2,242,567
Informatica, Inc., Class A *
2,822
91,941
International Business Machines Corp.
65,170
12,058,405
Intuit, Inc.
20,036
13,281,664
Manhattan Associates, Inc. *
4,365
1,105,785
Microsoft Corp.
530,217
219,318,961
MongoDB, Inc. *
5,139
2,300,114
Nutanix, Inc., Class A *
17,312
1,093,426
Okta, Inc. *
11,089
1,189,850
Oracle Corp.
113,380
12,662,278
Palantir Technologies, Inc., Class A *
136,982
3,435,509
Palo Alto Networks, Inc. *
22,174
6,886,136
Procore Technologies, Inc. *
6,260
488,468
PTC, Inc. *
8,448
1,546,068
Qualys, Inc. *
2,651
455,601
Roper Technologies, Inc.
7,668
4,176,990
Salesforce, Inc. *
69,445
21,446,005
Samsara, Inc., Class A *
11,604
400,918
ServiceNow, Inc. *
14,667
11,313,244
Smartsheet, Inc., Class A *
9,528
402,177
Snowflake, Inc., Class A *
23,544
4,432,864
Splunk, Inc. *
11,030
1,723,107
SPS Commerce, Inc. *
2,667
493,822
Synopsys, Inc. *
10,881
6,242,756
Tenable Holdings, Inc. *
8,256
397,609
Teradata Corp. *
6,976
262,437
Twilio, Inc., Class A *
13,070
778,841
Tyler Technologies, Inc. *
2,995
1,309,234
UiPath, Inc., Class A *
29,102
691,172
Unity Software, Inc. *
17,080
500,786
VeriSign, Inc. *
6,349
1,239,896
Workday, Inc., Class A *
14,803
4,361,852
Workiva, Inc. *
3,486
300,214
Zoom Video Communications, Inc.,
Class A *
18,092
1,279,647
Zscaler, Inc. *
6,368
1,540,865
 
424,817,996
 
Technology Hardware & Equipment 7.4%
Advanced Energy Industries, Inc.
2,699
273,139
Amphenol Corp., Class A
42,700
4,664,548
Apple, Inc.
1,042,944
188,512,128
Arista Networks, Inc. *
17,996
4,994,610
Arrow Electronics, Inc. *
3,875
455,312
Avnet, Inc.
6,556
305,444
Badger Meter, Inc.
2,146
340,549
CDW Corp.
9,604
2,364,601
Ciena Corp. *
10,538
600,455
Cisco Systems, Inc.
288,939
13,975,979
Cognex Corp.
12,459
491,508
SECURITY
NUMBER
OF SHARES
VALUE ($)
Coherent Corp. *
9,552
568,153
Corning, Inc.
54,571
1,759,369
Dell Technologies, Inc., Class C
18,183
1,721,203
F5, Inc. *
4,308
806,544
Fabrinet *
2,647
570,614
Hewlett Packard Enterprise Co.
91,517
1,393,804
HP, Inc.
61,961
1,755,355
Insight Enterprises, Inc. *
1,964
369,232
IPG Photonics Corp. *
2,056
177,536
Jabil, Inc.
9,117
1,313,669
Juniper Networks, Inc.
22,808
844,580
Keysight Technologies, Inc. *
12,676
1,955,907
Littelfuse, Inc.
1,768
421,208
Motorola Solutions, Inc.
11,871
3,922,060
NetApp, Inc.
14,920
1,329,670
Novanta, Inc. *
2,543
439,786
Pure Storage, Inc., Class A *
21,099
1,110,862
Seagate Technology Holdings PLC
13,953
1,298,327
Super Micro Computer, Inc. *
3,346
2,898,037
TD SYNNEX Corp.
4,114
427,445
TE Connectivity Ltd.
22,163
3,181,720
Teledyne Technologies, Inc. *
3,405
1,454,854
Trimble, Inc. *
17,716
1,084,042
Ubiquiti, Inc.
295
34,568
Vontier Corp.
11,201
481,643
Western Digital Corp. *
23,139
1,376,076
Zebra Technologies Corp., Class A *
3,724
1,040,784
 
250,715,321
 
Telecommunication Services 0.8%
AT&T, Inc.
509,784
8,630,643
GCI Liberty, Inc. *(c)
3,916
0
Iridium Communications, Inc.
8,644
250,244
Liberty Global Ltd., Class C *
13,682
253,801
T-Mobile U.S., Inc.
36,297
5,927,300
Verizon Communications, Inc.
300,027
12,007,081
 
27,069,069
 
Transportation 1.8%
Alaska Air Group, Inc. *
9,045
338,193
American Airlines Group, Inc. *
46,918
735,674
Avis Budget Group, Inc.
1,315
142,073
CH Robinson Worldwide, Inc.
8,300
614,864
CSX Corp.
141,035
5,350,868
Delta Air Lines, Inc.
45,843
1,937,784
Expeditors International of Washington,
Inc.
10,337
1,236,305
FedEx Corp.
16,460
4,098,046
GXO Logistics, Inc. *
8,483
439,080
Hertz Global Holdings, Inc. *
9,453
74,206
JB Hunt Transport Services, Inc.
5,861
1,209,183
Joby Aviation, Inc. *
25,920
145,670
Kirby Corp. *
4,231
371,143
Knight-Swift Transportation Holdings,
Inc.
11,428
643,854
Landstar System, Inc.
2,620
498,324
Lyft, Inc., Class A *
24,729
392,697
Norfolk Southern Corp.
16,186
4,101,209
Old Dominion Freight Line, Inc.
6,416
2,838,952
Ryder System, Inc.
3,107
354,509
Saia, Inc. *
1,921
1,105,343
Southwest Airlines Co.
42,682
1,462,712
Uber Technologies, Inc. *
146,923
11,680,378
U-Haul Holding Co., Non Voting Shares
7,004
445,244
Union Pacific Corp.
43,525
11,041,857
United Airlines Holdings, Inc. *
23,509
1,069,424
See financial notes
56Schwab U.S. Equity ETFs | Semiannual Report

Schwab 1000 Index ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
United Parcel Service, Inc., Class B
51,603
7,650,661
XPO, Inc. *
8,266
994,565
 
60,972,818
 
Utilities 2.1%
AES Corp.
47,985
729,372
Alliant Energy Corp.
18,212
869,623
Ameren Corp.
18,764
1,335,809
American Electric Power Co., Inc.
37,394
3,185,595
American Water Works Co., Inc.
13,885
1,645,928
Atmos Energy Corp.
10,660
1,203,621
Avangrid, Inc.
5,437
169,254
CenterPoint Energy, Inc.
45,253
1,244,457
CMS Energy Corp.
20,796
1,193,066
Consolidated Edison, Inc.
24,620
2,147,110
Constellation Energy Corp.
22,810
3,842,344
Dominion Energy, Inc.
59,916
2,865,782
DTE Energy Co.
14,759
1,599,138
Duke Energy Corp.
54,924
5,043,671
Edison International
27,420
1,865,108
Entergy Corp.
15,099
1,533,605
Essential Utilities, Inc.
17,805
619,258
Evergy, Inc.
16,274
806,214
Eversource Energy
24,986
1,466,678
Exelon Corp.
70,972
2,543,636
FirstEnergy Corp.
36,982
1,353,911
IDACORP, Inc.
3,742
329,708
National Fuel Gas Co.
6,499
316,761
NextEra Energy, Inc.
146,278
8,073,083
NiSource, Inc.
29,544
769,917
NRG Energy, Inc.
16,068
888,882
OGE Energy Corp.
14,194
467,124
Ormat Technologies, Inc.
3,919
255,323
PG&E Corp.
151,788
2,533,342
Pinnacle West Capital Corp.
8,213
561,194
Portland General Electric Co.
7,282
292,518
PPL Corp.
52,853
1,393,734
Public Service Enterprise Group, Inc.
35,572
2,219,693
Sempra
44,846
3,166,128
Southern Co.
77,784
5,230,974
Southwest Gas Holdings, Inc.
4,251
289,706
UGI Corp.
14,825
362,916
Vistra Corp.
23,877
1,302,252
WEC Energy Group, Inc.
22,590
1,773,089
SECURITY
NUMBER
OF SHARES
VALUE ($)
Xcel Energy, Inc.
39,373
2,074,563
 
69,564,087
Total Common Stocks
(Cost $2,393,881,514)
3,370,580,898
 
 
 
SHORT-TERM INVESTMENTS 0.0% OF NET ASSETS
 
Money Market Funds 0.0%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (d)
130,781
130,781
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (d)(e)
1,175,299
1,175,299
 
1,306,080
Total Short-Term Investments
(Cost $1,306,080)
1,306,080
Total Investments in Securities
(Cost $2,395,187,594)
3,371,886,978
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
03/15/24
16
4,083,000
58,858
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$1,150,064.
(b)
Issuer is affiliated with the fund’s investment adviser.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust
Below is a summary of the fund’s transactions with affiliated issuers during the period ended February 29, 2024:
SECURITY
VALUE AT
8/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
2/29/24
BALANCE
OF SHARES
HELD AT
2/29/24
DIVIDENDS
RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS
 
Financial Services 0.2%
Charles Schwab Corp.
$6,150,772
$595,667
($518,142
)
$137,322
$664,312
$7,029,931
105,270
$53,300
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report57

Schwab 1000 Index ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of February 29, 2024 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$3,343,511,829
$
$
$3,343,511,829
Telecommunication Services
27,069,069
0
*
27,069,069
Short-Term Investments1
1,306,080
1,306,080
Futures Contracts2
58,858
58,858
Total
$3,371,945,836
$—
$0
$3,371,945,836
*
Level 3 amount shown includes securities determined to have no value at February 29, 2024.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
58Schwab U.S. Equity ETFs | Semiannual Report

Schwab 1000 Index ETF
Statement of Assets and Liabilities
As of February 29, 2024; unaudited
Assets
Investments in securities, at value - affiliated (cost $6,185,150)
 
$7,029,931
Investments in securities, at value - unaffiliated (cost $2,389,002,444) including securities on loan of $1,150,064
 
3,364,857,047
Deposit with broker for futures contracts
 
165,200
Receivables:
 
Investments sold
 
7,131,446
Dividends
 
4,540,305
Variation margin on future contracts
 
16,321
Income from securities on loan
 
8,722
Foreign tax reclaims
+
1,420
Total assets
 
3,383,750,392
 
Liabilities
Collateral held for securities on loan
 
1,175,299
Payables:
 
Fund shares redeemed
 
7,343,634
Investments bought
 
251,193
Management fees
+
134,627
Total liabilities
 
8,904,753
Net assets
 
$3,374,845,639
 
Net Assets by Source
Capital received from investors
 
$2,369,632,511
Total distributable earnings
+
1,005,213,128
Net assets
 
$3,374,845,639
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$3,374,845,639
 
68,550,000
$49.23
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report59

Schwab 1000 Index ETF
Statement of Operations
For the period September 1, 2023 through February 29, 2024; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $8,357)
 
$23,788,580
Dividends received from securities - affiliated
 
53,300
Interest received from securities - unaffiliated
 
9,476
Securities on loan, net
+
46,361
Total investment income
 
23,897,717
 
Expenses
Management fees
 
763,933
Total expenses
763,933
Net investment income
 
23,133,784
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated
 
(34,138
)
Net realized losses on sales of securities - unaffiliated
 
(16,194,572
)
Net realized gains on sales of in-kind redemptions - affiliated
 
171,460
Net realized gains on sales of in-kind redemptions - unaffiliated
 
115,470,152
Net realized gains on futures contracts
+
429,181
Net realized gains
 
99,842,083
Net change in unrealized appreciation (depreciation) on securities - affiliated
 
664,312
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
305,344,586
Net change in unrealized appreciation (depreciation) on futures contracts
+
34,631
Net change in unrealized appreciation (depreciation)
+
306,043,529
Net realized and unrealized gains
 
405,885,612
Increase in net assets resulting from operations
 
$429,019,396
See financial notes
60Schwab U.S. Equity ETFs | Semiannual Report

Schwab 1000 Index ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
9/1/23-2/29/24
9/1/22-8/31/23
Net investment income
 
$23,133,784
$40,701,031
Net realized gains (losses)
 
99,842,083
(24,392,793
)
Net change in unrealized appreciation (depreciation)
+
306,043,529
373,277,157
Increase in net assets resulting from operations
 
$429,019,396
$389,585,395
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($23,367,850
)
($38,671,065
)
TRANSACTIONS IN FUND SHARES
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
5,450,000
$246,803,561
10,750,000
$411,186,678
Shares redeemed
+
(4,500,000
)
(216,518,662
)
(1,500,000
)
(58,078,437
)
Net transactions in fund shares
 
950,000
$30,284,899
9,250,000
$353,108,241
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
67,600,000
$2,938,909,194
58,350,000
$2,234,886,623
Total increase
+
950,000
435,936,445
9,250,000
704,022,571
End of period
 
68,550,000
$3,374,845,639
67,600,000
$2,938,909,194
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report61

Schwab U.S. Large-Cap ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/23–
2/29/24*
9/1/22–
8/31/23
9/1/21–
8/31/221
9/1/20–
8/31/211
9/1/19–
8/31/201
9/1/18–
8/31/191
Per-Share Data
Net asset value at beginning of period
$53.26
$46.83
$54.73
$42.14
$35.00
$34.77
Income (loss) from investment operations:
Net investment income (loss)2
0.42
0.78
0.72
0.69
0.76
0.74
Net realized and unrealized gains (losses)
7.12
6.42
(7.90
)
12.63
7.10
0.16
Total from investment operations
7.54
7.20
(7.18
)
13.32
7.86
0.90
Less distributions:
Distributions from net investment income
(0.42
)
(0.77
)
(0.72
)
(0.73
)
(0.72
)
(0.67
)
Net asset value at end of period
$60.38
$53.26
$46.83
$54.73
$42.14
$35.00
Total return
14.26
%3
15.61
%
(13.22
%)
32.05
%
22.92
%
2.70
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.03
%4
0.03
%5
0.03
%5
0.03
%
0.03
%
0.03
%
Net investment income (loss)
1.55
%4
1.63
%
1.39
%
1.45
%
2.06
%
2.19
%
Portfolio turnover rate6
2
%3
4
%
4
%
4
%
5
%
4
%
Net assets, end of period (x 1,000,000)
$38,816
$34,018
$28,911
$33,035
$23,253
$17,786
*
Unaudited.
1
Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022.
2
Calculated based on the average shares outstanding during the period.
3
Not annualized.
4
Annualized.
5
Ratio includes less than 0.005% of non-routine proxy expenses.
6
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
62Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited)
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS
 
Automobiles & Components 1.6%
Aptiv PLC *
238,615
18,967,506
Autoliv, Inc.
63,453
7,362,452
BorgWarner, Inc.
198,240
6,171,211
Ford Motor Co.
3,313,496
41,219,890
General Motors Co.
1,159,038
47,497,377
Gentex Corp.
195,433
7,139,168
Lear Corp.
49,427
6,788,798
Lucid Group, Inc. *(a)
740,715
2,444,360
Rivian Automotive, Inc., Class A *(a)
569,294
6,444,408
Tesla, Inc. *
2,333,878
471,163,291
 
615,198,461
 
Banks 3.1%
Bank of America Corp.
5,811,557
200,614,948
BOK Financial Corp.
24,347
2,069,738
Citigroup, Inc.
1,614,239
89,574,122
Citizens Financial Group, Inc.
393,654
12,356,799
Comerica, Inc.
110,797
5,471,156
Commerce Bancshares, Inc.
99,915
5,199,577
Cullen/Frost Bankers, Inc.
54,188
5,879,940
East West Bancorp, Inc.
119,001
8,670,413
Fifth Third Bancorp
574,242
19,719,470
First Citizens BancShares, Inc.,
Class A
10,207
16,063,879
First Horizon Corp.
467,486
6,591,553
Huntington Bancshares, Inc.
1,221,516
15,928,569
JPMorgan Chase & Co.
2,439,699
453,930,396
KeyCorp
792,349
11,306,820
M&T Bank Corp.
140,842
19,681,261
New York Community Bancorp,
Inc. (a)
605,208
2,898,946
PNC Financial Services Group, Inc.
336,451
49,525,587
Regions Financial Corp.
784,302
14,611,546
Truist Financial Corp.
1,123,074
39,285,128
U.S. Bancorp
1,315,125
55,182,645
Webster Financial Corp.
146,682
6,987,930
Wells Fargo & Co.
3,064,588
170,360,447
Western Alliance Bancorp
91,968
5,309,313
Zions Bancorp NA
123,658
4,875,835
 
1,222,096,018
 
Capital Goods 6.1%
3M Co.
465,186
42,852,934
A O Smith Corp.
103,146
8,550,803
Acuity Brands, Inc.
25,864
6,498,071
Advanced Drainage Systems, Inc.
58,292
9,515,586
AECOM
116,301
10,331,018
AGCO Corp.
52,161
5,722,062
Allegion PLC
74,029
9,466,088
AMETEK, Inc.
194,562
35,056,181
Axon Enterprise, Inc. *
59,180
18,190,157
SECURITY
NUMBER
OF SHARES
VALUE ($)
Boeing Co. *
480,321
97,850,994
Builders FirstSource, Inc. *
103,875
20,274,323
Carlisle Cos., Inc.
41,026
14,359,100
Carrier Global Corp.
709,430
39,430,119
Caterpillar, Inc.
430,745
143,851,600
CNH Industrial NV
816,544
9,757,701
Cummins, Inc.
119,595
32,124,413
Curtiss-Wright Corp.
32,093
7,582,613
Deere & Co.
226,064
82,524,663
Donaldson Co., Inc.
102,301
7,326,798
Dover Corp.
118,023
19,518,644
Eaton Corp. PLC
336,867
97,354,563
EMCOR Group, Inc.
39,753
12,463,361
Emerson Electric Co.
480,915
51,385,768
Fastenal Co.
481,252
35,136,209
Ferguson PLC
172,341
36,441,504
Fortive Corp.
297,694
25,342,690
Fortune Brands Innovations, Inc.
106,514
8,663,849
Generac Holdings, Inc. *
52,497
5,906,437
General Dynamics Corp.
190,901
52,163,698
General Electric Co.
918,809
144,151,944
Graco, Inc.
141,732
12,934,462
HEICO Corp.
85,000
16,439,000
Honeywell International, Inc.
556,786
110,650,082
Howmet Aerospace, Inc.
331,676
22,073,038
Hubbell, Inc.
45,543
17,336,854
Huntington Ingalls Industries, Inc.
33,570
9,789,683
IDEX Corp.
64,378
15,186,770
Illinois Tool Works, Inc.
230,950
60,543,542
Ingersoll Rand, Inc.
342,783
31,306,371
ITT, Inc.
68,811
8,679,820
Johnson Controls International PLC
575,093
34,085,762
L3Harris Technologies, Inc.
159,733
33,809,087
Lennox International, Inc.
26,836
12,645,392
Lincoln Electric Holdings, Inc.
48,482
12,440,481
Lockheed Martin Corp.
186,400
79,823,936
Masco Corp.
190,445
14,618,558
Middleby Corp. *
45,258
6,886,457
Nordson Corp.
45,821
12,172,349
Northrop Grumman Corp.
119,699
55,183,633
nVent Electric PLC
139,831
9,413,423
Otis Worldwide Corp.
346,561
33,027,263
Owens Corning
74,833
11,208,487
PACCAR, Inc.
441,978
49,010,940
Parker-Hannifin Corp.
108,345
58,013,330
Pentair PLC
138,917
10,806,353
Plug Power, Inc. *(a)
457,259
1,614,124
Quanta Services, Inc.
122,512
29,587,873
Regal Rexnord Corp.
56,077
9,616,645
Rockwell Automation, Inc.
96,611
27,541,864
RTX Corp.
1,212,711
108,743,795
Sensata Technologies Holding PLC
129,139
4,444,964
Snap-on, Inc.
44,566
12,285,064
Stanley Black & Decker, Inc.
129,347
11,549,394
Textron, Inc.
165,822
14,769,766
Toro Co.
87,734
8,098,726
Trane Technologies PLC
192,939
54,403,010
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report63

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
TransDigm Group, Inc.
46,851
55,178,297
Trex Co., Inc. *
92,073
8,448,618
United Rentals, Inc.
57,137
39,611,368
Vertiv Holdings Co.
297,652
20,127,228
Watsco, Inc.
28,532
11,245,032
WESCO International, Inc.
37,610
5,622,319
Westinghouse Air Brake Technologies
Corp.
151,249
21,369,971
WillScot Mobile Mini Holdings Corp. *
161,817
7,726,762
Woodward, Inc.
51,285
7,256,315
WW Grainger, Inc.
37,535
36,538,821
Xylem, Inc.
204,513
25,983,377
 
2,349,642,297
 
Commercial & Professional Services 1.4%
Automatic Data Processing, Inc.
347,200
87,192,336
Booz Allen Hamilton Holding Corp.,
Class A
110,076
16,259,326
Broadridge Financial Solutions, Inc.
99,718
20,300,590
CACI International, Inc., Class A *
18,603
6,973,335
Cintas Corp.
73,297
46,075,227
Clean Harbors, Inc. *
42,206
7,685,713
Copart, Inc. *
738,661
39,259,832
Dayforce, Inc. *
131,226
9,154,326
Equifax, Inc.
104,135
28,490,295
Genpact Ltd.
143,072
4,864,448
Jacobs Solutions, Inc.
106,897
15,676,445
KBR, Inc.
113,070
6,787,592
Leidos Holdings, Inc.
115,983
14,829,586
Paychex, Inc.
270,525
33,171,775
Paycom Software, Inc.
41,668
7,599,826
Paylocity Holding Corp. *
36,878
6,218,000
RB Global, Inc.
153,367
11,642,089
Republic Services, Inc.
173,201
31,799,704
Robert Half, Inc.
90,352
7,264,301
Rollins, Inc.
235,161
10,363,545
SS&C Technologies Holdings, Inc.
182,495
11,635,881
Tetra Tech, Inc.
44,987
7,977,095
TransUnion
162,731
12,632,808
Veralto Corp.
186,033
16,076,972
Verisk Analytics, Inc.
122,348
29,595,981
Waste Management, Inc.
309,208
63,588,625
 
553,115,653
 
Consumer Discretionary Distribution & Retail 5.8%
Amazon.com, Inc. *
7,673,994
1,356,455,179
AutoZone, Inc. *
14,872
44,705,529
Bath & Body Works, Inc.
192,459
8,795,376
Best Buy Co., Inc.
163,912
13,257,203
Burlington Stores, Inc. *
54,944
11,269,014
CarMax, Inc. *
132,827
10,493,333
Dick's Sporting Goods, Inc.
52,359
9,314,143
eBay, Inc.
437,050
20,663,724
Etsy, Inc. *
101,129
7,249,938
Five Below, Inc. *
46,818
9,395,436
Floor & Decor Holdings, Inc., Class A *
89,672
10,861,073
GameStop Corp., Class A *(a)
224,805
3,207,967
Genuine Parts Co.
118,632
17,707,012
Home Depot, Inc.
844,029
321,245,878
Lithia Motors, Inc.
23,467
7,018,041
LKQ Corp.
224,883
11,759,132
Lowe's Cos., Inc.
487,040
117,215,917
O'Reilly Automotive, Inc. *
50,133
54,515,627
Penske Automotive Group, Inc.
16,746
2,570,511
Pool Corp.
32,748
13,037,634
RH *
13,264
3,639,642
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ross Stores, Inc.
285,803
42,573,215
TJX Cos., Inc.
965,852
95,754,567
Tractor Supply Co.
91,464
23,261,125
Ulta Beauty, Inc. *
41,484
22,756,463
Wayfair, Inc., Class A *
78,273
4,665,071
Williams-Sonoma, Inc.
54,036
12,727,099
 
2,256,114,849
 
Consumer Durables & Apparel 0.9%
Deckers Outdoor Corp. *
21,761
19,488,934
DR Horton, Inc.
255,071
38,117,810
Garmin Ltd.
128,952
17,711,557
Hasbro, Inc.
110,025
5,533,157
Lennar Corp., Class A
220,552
34,959,698
Lululemon Athletica, Inc. *
97,421
45,504,375
Mohawk Industries, Inc. *
44,684
5,300,416
NIKE, Inc., Class B
1,031,874
107,242,665
NVR, Inc. *
2,734
20,848,308
Polaris, Inc.
44,847
4,157,765
PulteGroup, Inc.
181,276
19,646,693
Tapestry, Inc.
195,816
9,307,135
Tempur Sealy International, Inc.
144,986
7,897,387
Toll Brothers, Inc.
91,665
10,508,476
TopBuild Corp. *
26,992
10,861,041
VF Corp.
279,659
4,569,628
Whirlpool Corp.
45,967
4,936,396
 
366,591,441
 
Consumer Services 2.2%
ADT, Inc.
179,144
1,300,585
Airbnb, Inc., Class A *
367,363
57,848,652
Aramark
221,613
6,721,522
Booking Holdings, Inc. *
29,512
102,372,111
Caesars Entertainment, Inc. *
182,027
7,912,714
Carnival Corp. *
845,816
13,414,642
Chipotle Mexican Grill, Inc. *
23,337
62,747,826
Churchill Downs, Inc.
57,629
7,023,246
Darden Restaurants, Inc.
102,094
17,428,467
Domino's Pizza, Inc.
29,326
13,148,312
DoorDash, Inc., Class A *
256,026
31,893,159
DraftKings, Inc., Class A *
395,208
17,120,411
Expedia Group, Inc. *
112,315
15,366,938
Hilton Worldwide Holdings, Inc.
216,989
44,335,192
Las Vegas Sands Corp.
310,920
16,951,358
Marriott International, Inc., Class A
208,501
52,098,145
McDonald's Corp.
611,845
178,830,057
MGM Resorts International *
230,211
9,963,532
Norwegian Cruise Line Holdings Ltd. *
360,330
6,986,799
Royal Caribbean Cruises Ltd. *
199,175
24,568,236
Service Corp. International
124,393
9,104,324
Starbucks Corp.
964,581
91,538,737
Vail Resorts, Inc.
32,375
7,456,286
Wyndham Hotels & Resorts, Inc.
70,177
5,372,049
Wynn Resorts Ltd.
80,201
8,437,145
Yum! Brands, Inc.
236,450
32,729,409
 
842,669,854
 
Consumer Staples Distribution & Retail 1.9%
Albertsons Cos., Inc., Class A
341,235
6,920,246
BJ's Wholesale Club Holdings, Inc. *
112,561
8,221,455
Casey's General Stores, Inc.
31,799
9,682,478
Costco Wholesale Corp.
373,614
277,927,718
Dollar General Corp.
184,772
26,849,219
Dollar Tree, Inc. *
176,151
25,837,829
Kroger Co.
557,644
27,664,719
See financial notes
64Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Performance Food Group Co. *
132,730
10,189,682
Sysco Corp.
424,763
34,393,060
Target Corp.
389,952
59,631,460
U.S. Foods Holding Corp. *
191,404
9,721,409
Walgreens Boots Alliance, Inc.
603,461
12,829,581
Walmart, Inc.
3,612,677
211,738,999
 
721,607,855
 
Energy 3.7%
Antero Resources Corp. *
237,704
6,108,993
APA Corp.
257,185
7,661,541
Baker Hughes Co.
846,759
25,055,599
Cheniere Energy, Inc.
200,628
31,137,466
Chesapeake Energy Corp.
94,084
7,788,274
Chevron Corp.
1,481,547
225,209,959
ConocoPhillips
1,001,486
112,707,234
Coterra Energy, Inc.
635,661
16,387,341
Devon Energy Corp.
541,238
23,846,946
Diamondback Energy, Inc.
151,032
27,566,361
EOG Resources, Inc.
492,942
56,422,141
EQT Corp.
346,617
12,876,822
Exxon Mobil Corp.
3,380,331
353,312,196
Halliburton Co.
754,491
26,459,999
Hess Corp.
233,047
33,966,600
HF Sinclair Corp.
134,831
7,483,120
Kinder Morgan, Inc.
1,635,077
28,433,989
Marathon Oil Corp.
494,242
11,985,368
Marathon Petroleum Corp.
320,732
54,277,476
New Fortress Energy, Inc.
54,284
1,908,083
NOV, Inc.
337,866
5,709,935
Occidental Petroleum Corp.
557,433
33,786,014
ONEOK, Inc.
493,027
37,036,188
Ovintiv, Inc.
212,524
10,500,811
Phillips 66
371,603
52,957,144
Pioneer Natural Resources Co.
196,544
46,225,183
Range Resources Corp.
202,161
6,392,331
Schlumberger NV
1,206,663
58,318,023
Targa Resources Corp.
188,323
18,500,852
TechnipFMC PLC
363,935
7,893,750
Texas Pacific Land Corp.
5,335
8,404,866
Valero Energy Corp.
287,887
40,724,495
Williams Cos., Inc.
1,025,557
36,858,519
 
1,433,903,619
 
Equity Real Estate Investment Trusts (REITs) 2.3%
Alexandria Real Estate Equities, Inc.
131,357
16,384,159
American Homes 4 Rent, Class A
270,461
10,009,762
American Tower Corp.
393,441
78,239,677
Americold Realty Trust, Inc.
224,852
5,688,756
Apartment Income REIT Corp.
126,630
3,839,422
AvalonBay Communities, Inc.
119,554
21,164,645
Boston Properties, Inc.
122,595
7,934,348
Camden Property Trust
89,588
8,464,274
Crown Castle, Inc.
366,539
40,297,298
CubeSmart
188,273
8,210,586
Digital Realty Trust, Inc.
255,303
37,481,033
EastGroup Properties, Inc.
39,267
6,898,819
Equinix, Inc.
79,316
70,497,647
Equity LifeStyle Properties, Inc.
156,575
10,540,629
Equity Residential
290,266
17,476,916
Essex Property Trust, Inc.
54,600
12,634,440
Extra Space Storage, Inc.
178,983
25,231,233
Federal Realty Investment Trust
61,656
6,218,008
Gaming & Leisure Properties, Inc.
226,116
10,283,756
Healthcare Realty Trust, Inc.
323,346
4,455,708
Healthpeak Properties, Inc.
597,652
10,010,671
SECURITY
NUMBER
OF SHARES
VALUE ($)
Host Hotels & Resorts, Inc.
597,462
12,391,362
Invitation Homes, Inc.
485,820
16,551,887
Iron Mountain, Inc.
246,554
19,389,007
Kimco Realty Corp.
560,337
11,072,259
Lamar Advertising Co., Class A
74,097
8,191,423
Mid-America Apartment
Communities, Inc.
98,588
12,390,540
NNN REIT, Inc.
156,344
6,361,637
Omega Healthcare Investors, Inc.
205,239
6,387,038
Prologis, Inc.
779,370
103,866,640
Public Storage
133,701
37,953,703
Realty Income Corp.
701,214
36,540,262
Regency Centers Corp.
138,734
8,594,571
Rexford Industrial Realty, Inc.
178,382
9,076,076
SBA Communications Corp.
91,106
19,062,108
Simon Property Group, Inc.
275,546
40,819,384
Sun Communities, Inc.
105,249
14,078,106
UDR, Inc.
254,367
9,030,028
Ventas, Inc.
341,121
14,426,007
VICI Properties, Inc.
872,745
26,121,258
Welltower, Inc.
467,483
43,083,233
Weyerhaeuser Co.
613,066
21,077,209
WP Carey, Inc.
184,700
10,404,151
 
898,829,676
 
Financial Services 7.9%
AGNC Investment Corp. (a)
567,588
5,426,141
Ally Financial, Inc.
230,848
8,539,068
American Express Co.
485,616
106,553,863
Ameriprise Financial, Inc.
85,695
34,908,715
Annaly Capital Management, Inc.
426,624
8,144,252
Apollo Global Management, Inc.
369,171
41,273,318
ARES Management Corp., Class A
142,268
18,869,005
Bank of New York Mellon Corp.
650,681
36,496,697
Berkshire Hathaway, Inc., Class B *
1,535,402
628,593,579
BlackRock, Inc.
117,963
95,708,100
Blackstone, Inc.
599,785
76,664,519
Block, Inc. *
468,826
37,257,602
Capital One Financial Corp.
320,762
44,140,059
Carlyle Group, Inc.
184,274
8,448,963
Cboe Global Markets, Inc.
88,994
17,086,848
Charles Schwab Corp. (b)
1,246,818
83,262,506
CME Group, Inc.
304,004
66,987,281
Coinbase Global, Inc., Class A *
143,912
29,294,727
Corebridge Financial, Inc.
202,041
5,016,678
Credit Acceptance Corp. *
5,462
3,023,763
Discover Financial Services
211,384
25,514,049
Equitable Holdings, Inc.
267,889
9,172,519
FactSet Research Systems, Inc.
31,972
14,789,608
Fidelity National Information Services,
Inc.
499,433
34,555,769
Fiserv, Inc. *
506,294
75,574,505
FleetCor Technologies, Inc. *
60,890
17,004,750
Franklin Resources, Inc.
242,236
6,649,378
Global Payments, Inc.
219,701
28,495,220
Goldman Sachs Group, Inc.
275,520
107,191,056
Interactive Brokers Group, Inc.,
Class A
91,137
9,908,415
Intercontinental Exchange, Inc.
482,811
66,830,699
Invesco Ltd.
374,268
5,767,470
Jack Henry & Associates, Inc.
61,624
10,708,402
Jefferies Financial Group, Inc.
141,487
5,916,986
KKR & Co., Inc.
560,714
55,095,758
LPL Financial Holdings, Inc.
63,672
17,057,092
MarketAxess Holdings, Inc.
32,289
6,890,795
Mastercard, Inc., Class A
698,848
331,785,076
Moody's Corp.
132,874
50,415,053
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report65

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Morgan Stanley
1,065,965
91,715,629
Morningstar, Inc.
22,477
6,711,407
MSCI, Inc.
66,691
37,411,650
Nasdaq, Inc.
286,941
16,126,084
Northern Trust Corp.
173,699
14,265,899
PayPal Holdings, Inc. *
910,906
54,964,068
Raymond James Financial, Inc.
158,549
19,076,616
Robinhood Markets, Inc., Class A *
435,226
7,098,536
S&P Global, Inc.
273,591
117,200,913
SEI Investments Co.
86,042
5,786,324
SoFi Technologies, Inc. *(a)
815,116
7,319,742
Starwood Property Trust, Inc.
247,794
5,052,520
State Street Corp.
259,917
19,163,680
Synchrony Financial
347,700
14,360,010
T Rowe Price Group, Inc.
187,891
21,297,445
Toast, Inc., Class A *
315,848
7,264,504
Tradeweb Markets, Inc., Class A
97,785
10,347,609
Visa, Inc., Class A
1,345,209
380,209,872
Voya Financial, Inc.
88,924
6,078,845
WEX, Inc. *
36,024
7,915,554
 
3,084,385,191
 
Food, Beverage & Tobacco 2.6%
Altria Group, Inc.
1,492,783
61,069,753
Archer-Daniels-Midland Co.
449,232
23,858,711
Brown-Forman Corp., Class B
203,954
12,284,149
Bunge Global SA
122,278
11,539,375
Campbell Soup Co.
164,808
7,027,413
Celsius Holdings, Inc. *
123,885
10,111,494
Coca-Cola Co.
3,284,350
197,126,687
Conagra Brands, Inc.
401,819
11,283,078
Constellation Brands, Inc., Class A
136,579
33,942,613
Darling Ingredients, Inc. *
136,036
5,755,683
General Mills, Inc.
490,484
31,479,263
Hershey Co.
126,644
23,798,940
Hormel Foods Corp.
243,460
8,599,007
J M Smucker Co.
89,233
10,723,130
Kellanova
224,453
12,378,583
Keurig Dr Pepper, Inc.
851,158
25,458,136
Kraft Heinz Co.
672,391
23,721,954
Lamb Weston Holdings, Inc.
123,443
12,617,109
McCormick & Co., Inc. - Non Voting
Shares
211,581
14,569,468
Molson Coors Beverage Co., Class B
154,795
9,662,304
Mondelez International, Inc., Class A
1,147,327
83,835,184
Monster Beverage Corp. *
623,624
36,856,178
PepsiCo, Inc.
1,160,556
191,886,329
Philip Morris International, Inc.
1,310,786
117,918,309
Post Holdings, Inc. *
43,256
4,505,545
Tyson Foods, Inc., Class A
241,789
13,114,635
 
995,123,030
 
Health Care Equipment & Services 5.0%
Abbott Laboratories
1,464,551
173,754,331
agilon health, Inc. *
254,700
1,561,311
Align Technology, Inc. *
60,301
18,236,228
Baxter International, Inc.
426,615
17,457,086
Becton Dickinson & Co.
244,983
57,705,746
Boston Scientific Corp. *
1,235,708
81,816,227
Cardinal Health, Inc.
207,296
23,213,006
Cencora, Inc.
140,995
33,218,422
Centene Corp. *
449,643
35,265,500
Chemed Corp.
12,862
8,053,284
Cigna Group
246,918
82,999,017
Cooper Cos., Inc.
167,964
15,721,430
CVS Health Corp.
1,083,296
80,564,724
SECURITY
NUMBER
OF SHARES
VALUE ($)
DaVita, Inc. *
46,369
5,887,472
DENTSPLY SIRONA, Inc.
178,529
5,834,328
Dexcom, Inc. *
325,379
37,441,362
Edwards Lifesciences Corp. *
511,853
43,440,964
Elevance Health, Inc.
198,467
99,481,584
Encompass Health Corp.
84,186
6,263,438
GE HealthCare Technologies, Inc.
341,957
31,213,835
HCA Healthcare, Inc.
167,358
52,165,489
Henry Schein, Inc. *
110,990
8,487,405
Hologic, Inc. *
207,916
15,344,201
Humana, Inc.
103,942
36,412,961
IDEXX Laboratories, Inc. *
70,034
40,285,658
Insulet Corp. *
59,023
9,679,772
Intuitive Surgical, Inc. *
296,948
114,503,149
Laboratory Corp. of America Holdings
71,444
15,419,759
Masimo Corp. *
38,413
4,937,607
McKesson Corp.
112,423
58,618,476
Medtronic PLC
1,123,107
93,622,200
Molina Healthcare, Inc. *
49,533
19,511,544
Penumbra, Inc. *
33,039
7,761,522
Quest Diagnostics, Inc.
94,624
11,817,591
R1 RCM, Inc. *
162,785
2,287,129
ResMed, Inc.
124,342
21,600,692
Shockwave Medical, Inc. *
30,982
8,082,274
STERIS PLC
83,898
19,540,683
Stryker Corp.
285,293
99,587,227
Teleflex, Inc.
39,550
8,811,344
UnitedHealth Group, Inc.
780,637
385,322,423
Universal Health Services, Inc.,
Class B
51,916
8,673,087
Veeva Systems, Inc., Class A *
123,319
27,809,668
Zimmer Biomet Holdings, Inc.
176,996
22,011,223
 
1,951,422,379
 
Household & Personal Products 1.3%
Church & Dwight Co., Inc.
207,417
20,766,590
Clorox Co.
104,703
16,052,017
Colgate-Palmolive Co.
695,596
60,182,966
Coty, Inc., Class A *
315,275
3,959,854
Estee Lauder Cos., Inc., Class A
195,767
29,087,061
Kenvue, Inc.
1,459,408
27,728,752
Kimberly-Clark Corp.
285,783
34,628,326
Procter & Gamble Co.
1,988,975
316,127,686
Reynolds Consumer Products, Inc.
45,827
1,351,897
 
509,885,149
 
Insurance 2.2%
Aflac, Inc.
449,244
36,271,961
Allstate Corp.
220,783
35,219,304
American Financial Group, Inc.
55,355
7,067,173
American International Group, Inc.
592,877
43,214,805
Aon PLC, Class A
169,107
53,436,121
Arch Capital Group Ltd. *
314,772
27,570,879
Arthur J Gallagher & Co.
182,116
44,423,556
Assurant, Inc.
43,874
7,960,937
Brown & Brown, Inc.
199,115
16,767,474
Chubb Ltd.
344,124
86,605,687
Cincinnati Financial Corp.
133,159
15,180,126
CNA Financial Corp.
23,537
1,034,451
Erie Indemnity Co., Class A
21,035
8,558,721
Everest Group Ltd.
36,869
13,600,237
Fidelity National Financial, Inc.
218,377
11,045,509
Globe Life, Inc.
72,182
9,162,061
Hartford Financial Services Group,
Inc.
253,262
24,272,630
Kinsale Capital Group, Inc.
18,795
9,701,603
See financial notes
66Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Loews Corp.
155,071
11,650,484
Markel Group, Inc. *
11,387
16,994,870
Marsh & McLennan Cos., Inc.
416,237
84,192,258
MetLife, Inc.
526,039
36,685,960
Old Republic International Corp.
222,712
6,449,739
Principal Financial Group, Inc.
184,748
14,938,723
Progressive Corp.
493,519
93,551,462
Prudential Financial, Inc.
305,121
33,255,138
Reinsurance Group of America, Inc.
56,139
9,928,182
RenaissanceRe Holdings Ltd.
44,211
9,939,517
Travelers Cos., Inc.
192,919
42,627,382
Unum Group
154,757
7,652,734
W R Berkley Corp.
172,449
14,416,736
Willis Towers Watson PLC
87,013
23,720,614
 
857,097,034
 
Materials 2.4%
Air Products & Chemicals, Inc.
187,594
43,904,500
Albemarle Corp.
99,414
13,704,220
Alcoa Corp.
150,202
4,086,996
Amcor PLC
1,223,073
11,081,041
AptarGroup, Inc.
55,073
7,735,554
Avery Dennison Corp.
68,333
14,796,145
Axalta Coating Systems Ltd. *
187,263
6,129,118
Ball Corp.
267,175
17,104,544
Berry Global Group, Inc.
100,885
5,872,516
Celanese Corp.
85,250
12,955,443
CF Industries Holdings, Inc.
161,985
13,075,429
Cleveland-Cliffs, Inc. *
423,083
8,800,126
Corteva, Inc.
593,273
31,751,971
Crown Holdings, Inc.
100,937
7,733,793
Dow, Inc.
590,947
33,022,118
DuPont de Nemours, Inc.
362,282
25,066,292
Eastman Chemical Co.
99,937
8,768,472
Ecolab, Inc.
213,848
48,081,584
FMC Corp.
105,252
5,935,160
Freeport-McMoRan, Inc.
1,212,899
45,859,711
International Flavors & Fragrances,
Inc.
215,624
16,279,612
International Paper Co.
293,659
10,383,782
Linde PLC
409,345
183,722,223
LyondellBasell Industries NV, Class A
216,301
21,690,664
Martin Marietta Materials, Inc.
51,988
30,033,988
Mosaic Co.
275,678
8,590,126
Newmont Corp.
973,461
30,420,656
Nucor Corp.
207,067
39,818,984
Packaging Corp. of America
75,980
13,766,816
PPG Industries, Inc.
199,276
28,217,482
Reliance, Inc.
48,559
15,598,122
Royal Gold, Inc.
55,331
5,678,621
RPM International, Inc.
108,584
12,525,164
Sealed Air Corp.
121,159
4,224,814
Sherwin-Williams Co.
199,109
66,110,161
Sonoco Products Co.
81,637
4,627,185
Steel Dynamics, Inc.
128,363
17,177,537
Vulcan Materials Co.
112,580
29,929,393
Westlake Corp.
26,967
3,740,593
Westrock Co.
216,813
9,819,461
 
917,820,117
 
Media & Entertainment 7.8%
Alphabet, Inc., Class A *
4,993,916
691,457,609
Alphabet, Inc., Class C *
4,203,134
587,514,070
Charter Communications, Inc.,
Class A *
84,789
24,922,031
Comcast Corp., Class A
3,388,661
145,204,124
SECURITY
NUMBER
OF SHARES
VALUE ($)
Electronic Arts, Inc.
206,286
28,772,771
Fox Corp., Class A
314,633
9,372,917
Interpublic Group of Cos., Inc.
322,687
10,132,372
Liberty Broadband Corp., Class C *
110,929
6,675,707
Liberty Media Corp.-Liberty Formula
One, Class C *
193,950
14,111,802
Liberty Media Corp.-Liberty SiriusXM,
Class C *
189,080
5,479,538
Live Nation Entertainment, Inc. *
119,584
11,597,256
Match Group, Inc. *
228,905
8,249,736
Meta Platforms, Inc., Class A
1,873,132
918,078,187
Netflix, Inc. *
369,589
222,832,600
News Corp., Class A
423,819
11,392,255
Omnicom Group, Inc.
166,334
14,702,262
Paramount Global, Class B
424,315
4,684,438
Pinterest, Inc., Class A *
495,174
18,172,886
ROBLOX Corp., Class A *
410,662
16,385,414
Roku, Inc. *
106,583
6,733,914
Sirius XM Holdings, Inc. (a)
546,034
2,413,470
Snap, Inc., Class A *
867,090
9,555,332
Take-Two Interactive Software, Inc. *
133,764
19,653,945
Trade Desk, Inc., Class A *
376,660
32,178,064
Walt Disney Co.
1,544,193
172,301,055
Warner Bros Discovery, Inc. *
1,866,693
16,408,231
ZoomInfo Technologies, Inc. *
253,556
4,249,599
 
3,013,231,585
 
Pharmaceuticals, Biotechnology & Life Sciences 7.2%
AbbVie, Inc.
1,490,013
262,316,789
Agilent Technologies, Inc.
246,275
33,828,334
Alnylam Pharmaceuticals, Inc. *
106,257
16,054,370
Amgen, Inc.
451,659
123,677,784
Avantor, Inc. *
567,565
13,984,802
Biogen, Inc. *
122,199
26,515,961
BioMarin Pharmaceutical, Inc. *
158,553
13,679,953
Bio-Rad Laboratories, Inc., Class A *
18,036
5,877,572
Bio-Techne Corp.
132,594
9,754,941
Bristol-Myers Squibb Co.
1,717,052
87,140,389
Bruker Corp.
78,262
6,772,793
Catalent, Inc. *
152,171
8,725,485
Charles River Laboratories
International, Inc. *
43,269
10,998,547
Danaher Corp.
555,207
140,545,100
Elanco Animal Health, Inc. *
421,894
6,703,896
Eli Lilly & Co.
672,963
507,198,754
Exact Sciences Corp. *
152,539
8,775,569
Gilead Sciences, Inc.
1,051,049
75,780,633
Illumina, Inc. *
134,420
18,795,949
Incyte Corp. *
156,671
9,143,320
IQVIA Holdings, Inc. *
154,364
38,152,606
Jazz Pharmaceuticals PLC *
52,783
6,275,899
Johnson & Johnson
2,031,564
327,853,798
Karuna Therapeutics, Inc. *
30,368
9,534,641
Medpace Holdings, Inc. *
20,062
7,975,046
Merck & Co., Inc.
2,138,370
271,893,745
Mettler-Toledo International, Inc. *
18,399
22,947,601
Moderna, Inc. *
280,063
25,833,011
Neurocrine Biosciences, Inc. *
82,671
10,780,298
Organon & Co.
214,525
3,734,880
Pfizer, Inc.
4,767,361
126,621,108
Regeneron Pharmaceuticals, Inc. *
90,524
87,454,331
Repligen Corp. *
44,299
8,593,563
Revvity, Inc.
104,589
11,461,908
Roivant Sciences Ltd. *
284,762
3,257,677
Royalty Pharma PLC, Class A
324,231
9,837,168
Sarepta Therapeutics, Inc. *
78,653
10,059,719
Thermo Fisher Scientific, Inc.
326,112
185,942,540
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report67

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
United Therapeutics Corp. *
39,552
8,924,513
Vertex Pharmaceuticals, Inc. *
217,486
91,505,060
Viatris, Inc.
1,009,425
12,486,587
Waters Corp. *
49,834
16,814,988
West Pharmaceutical Services, Inc.
62,475
22,388,541
Zoetis, Inc.
387,020
76,757,677
 
2,783,357,846
 
Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A *
256,838
23,600,844
CoStar Group, Inc. *
343,957
29,934,578
Jones Lang LaSalle, Inc. *
39,997
7,609,029
Zillow Group, Inc., Class C *
177,979
9,993,521
 
71,137,972
 
Semiconductors & Semiconductor Equipment 9.3%
Advanced Micro Devices, Inc. *
1,363,517
262,517,928
Analog Devices, Inc.
420,470
80,654,555
Applied Materials, Inc.
706,460
142,436,465
Broadcom, Inc.
370,570
481,922,579
Enphase Energy, Inc. *
115,773
14,704,329
Entegris, Inc.
126,307
16,970,609
First Solar, Inc. *
90,621
13,945,666
Intel Corp.
3,556,241
153,096,175
KLA Corp.
114,803
78,330,087
Lam Research Corp.
111,259
104,388,757
Lattice Semiconductor Corp. *
116,988
8,962,451
Marvell Technology, Inc.
729,104
52,247,593
Microchip Technology, Inc.
456,631
38,420,932
Micron Technology, Inc.
926,191
83,922,166
Monolithic Power Systems, Inc.
40,335
29,042,813
NVIDIA Corp.
2,084,300
1,648,931,416
NXP Semiconductors NV
217,795
54,389,945
ON Semiconductor Corp. *
364,581
28,772,732
Qorvo, Inc. *
82,440
9,443,502
QUALCOMM, Inc.
939,199
148,196,210
Skyworks Solutions, Inc.
133,975
14,056,657
SolarEdge Technologies, Inc. *
47,516
3,191,650
Teradyne, Inc.
129,201
13,383,932
Texas Instruments, Inc.
766,778
128,304,963
Universal Display Corp.
36,843
6,426,156
Wolfspeed, Inc. *
104,190
2,711,024
 
3,619,371,292
 
Software & Services 12.7%
Accenture PLC, Class A
529,821
198,566,314
Adobe, Inc. *
384,388
215,364,909
Akamai Technologies, Inc. *
127,060
14,093,495
ANSYS, Inc. *
73,468
24,550,802
AppLovin Corp., Class A *
109,214
6,522,260
Aspen Technology, Inc. *
23,573
4,570,569
Atlassian Corp., Class A *
131,244
27,222,631
Autodesk, Inc. *
180,699
46,651,061
Bentley Systems, Inc., Class B
193,298
9,929,718
Bill Holdings, Inc. *
83,352
5,278,682
Cadence Design Systems, Inc. *
229,750
69,931,305
Cloudflare, Inc., Class A *
249,184
24,554,591
Cognizant Technology Solutions Corp.,
Class A
423,651
33,476,902
Crowdstrike Holdings, Inc., Class A *
191,126
61,953,493
Datadog, Inc., Class A *
255,960
33,648,502
DocuSign, Inc. *
171,227
9,121,262
Dynatrace, Inc. *
201,351
9,976,942
Elastic NV *
69,032
9,237,172
EPAM Systems, Inc. *
48,947
14,899,467
SECURITY
NUMBER
OF SHARES
VALUE ($)
Fair Isaac Corp. *
21,006
26,675,730
Five9, Inc. *
62,044
3,784,684
Fortinet, Inc. *
536,789
37,097,488
Gartner, Inc. *
65,601
30,541,202
Gen Digital, Inc.
479,741
10,309,634
GoDaddy, Inc., Class A *
118,520
13,529,058
Guidewire Software, Inc. *
68,585
8,184,934
HubSpot, Inc. *
42,399
26,236,925
International Business Machines
Corp.
770,746
142,611,132
Intuit, Inc.
236,530
156,793,372
Manhattan Associates, Inc. *
51,598
13,071,321
Microsoft Corp.
6,271,789
2,594,262,802
MongoDB, Inc. *
60,162
26,927,308
Okta, Inc. *
133,196
14,291,931
Oracle Corp.
1,340,780
149,738,310
Palantir Technologies, Inc., Class A *
1,620,217
40,635,042
Palo Alto Networks, Inc. *
262,234
81,436,769
Procore Technologies, Inc. *
74,902
5,844,603
PTC, Inc. *
100,932
18,471,565
Roper Technologies, Inc.
90,141
49,102,507
Salesforce, Inc. *
821,245
253,616,881
ServiceNow, Inc. *
173,102
133,520,497
Snowflake, Inc., Class A *
278,589
52,452,737
Splunk, Inc. *
130,540
20,392,959
Synopsys, Inc. *
128,396
73,664,637
Twilio, Inc., Class A *
153,933
9,172,868
Tyler Technologies, Inc. *
35,739
15,622,946
UiPath, Inc., Class A *
342,493
8,134,209
Unity Software, Inc. *
202,317
5,931,934
VeriSign, Inc. *
74,739
14,595,779
Workday, Inc., Class A *
174,952
51,551,356
Zoom Video Communications, Inc.,
Class A *
214,286
15,156,449
Zscaler, Inc. *
74,454
18,015,634
 
4,940,925,280
 
Technology Hardware & Equipment 7.5%
Amphenol Corp., Class A
505,006
55,166,855
Apple, Inc.
12,336,659
2,229,851,114
Arista Networks, Inc. *
212,784
59,056,071
Arrow Electronics, Inc. *
46,375
5,449,063
CDW Corp.
113,319
27,900,271
Ciena Corp. *
124,754
7,108,483
Cisco Systems, Inc.
3,416,180
165,240,627
Cognex Corp.
145,048
5,722,144
Corning, Inc.
650,284
20,965,156
Dell Technologies, Inc., Class C
215,139
20,365,058
F5, Inc. *
50,633
9,479,510
Hewlett Packard Enterprise Co.
1,085,676
16,534,845
HP, Inc.
732,844
20,761,471
Jabil, Inc.
107,735
15,523,536
Juniper Networks, Inc.
269,358
9,974,327
Keysight Technologies, Inc. *
150,136
23,165,985
Motorola Solutions, Inc.
140,412
46,390,721
NetApp, Inc.
176,439
15,724,244
Pure Storage, Inc., Class A *
249,063
13,113,167
Seagate Technology Holdings PLC
164,703
15,325,614
Super Micro Computer, Inc. *
39,028
33,802,931
TD SYNNEX Corp.
48,724
5,062,424
TE Connectivity Ltd.
261,671
37,565,489
Teledyne Technologies, Inc. *
40,033
17,104,900
Trimble, Inc. *
208,168
12,737,800
Ubiquiti, Inc.
3,680
431,222
Western Digital Corp. *
273,718
16,278,009
See financial notes
68Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Zebra Technologies Corp., Class A *
43,590
12,182,533
 
2,917,983,570
 
Telecommunication Services 0.8%
AT&T, Inc.
6,028,967
102,070,411
GCI Liberty, Inc. *(c)
75,055
0
Liberty Global Ltd., Class C *
299,762
5,560,585
T-Mobile U.S., Inc.
429,313
70,106,813
Verizon Communications, Inc.
3,547,941
141,988,599
 
319,726,408
 
Transportation 1.8%
Alaska Air Group, Inc. *
108,470
4,055,693
American Airlines Group, Inc. *
552,063
8,656,348
Avis Budget Group, Inc.
15,493
1,673,864
CH Robinson Worldwide, Inc.
97,690
7,236,875
CSX Corp.
1,668,226
63,292,494
Delta Air Lines, Inc.
543,316
22,965,967
Expeditors International of
Washington, Inc.
122,449
14,644,900
FedEx Corp.
195,487
48,670,398
Hertz Global Holdings, Inc. *
108,730
853,531
JB Hunt Transport Services, Inc.
68,800
14,194,128
Knight-Swift Transportation Holdings,
Inc.
135,664
7,643,310
Norfolk Southern Corp.
191,324
48,477,675
Old Dominion Freight Line, Inc.
75,537
33,423,612
Saia, Inc. *
22,547
12,973,544
Southwest Airlines Co.
503,486
17,254,465
Uber Technologies, Inc. *
1,737,692
138,146,514
U-Haul Holding Co. *
8,245
530,813
U-Haul Holding Co., Non Voting
Shares
83,815
5,328,120
Union Pacific Corp.
514,456
130,512,343
United Airlines Holdings, Inc. *
275,490
12,532,040
United Parcel Service, Inc., Class B
610,549
90,519,995
XPO, Inc. *
97,591
11,742,149
 
695,328,778
 
Utilities 2.1%
AES Corp.
565,783
8,599,902
Alliant Energy Corp.
215,355
10,283,201
Ameren Corp.
222,248
15,821,835
American Electric Power Co., Inc.
443,509
37,782,532
American Water Works Co., Inc.
164,716
19,525,435
Atmos Energy Corp.
124,932
14,106,072
Avangrid, Inc.
58,486
1,820,669
CenterPoint Energy, Inc.
533,494
14,671,085
CMS Energy Corp.
245,400
14,078,598
Consolidated Edison, Inc.
291,127
25,389,186
Constellation Energy Corp.
270,206
45,516,201
Dominion Energy, Inc.
704,905
33,715,606
DTE Energy Co.
174,247
18,879,662
Duke Energy Corp.
650,743
59,757,730
Edison International
323,130
21,979,303
Entergy Corp.
179,709
18,253,043
Essential Utilities, Inc.
213,614
7,429,495
Evergy, Inc.
195,896
9,704,688
SECURITY
NUMBER
OF SHARES
VALUE ($)
Eversource Energy
294,127
17,265,255
Exelon Corp.
838,341
30,046,141
FirstEnergy Corp.
438,741
16,062,308
NextEra Energy, Inc.
1,730,299
95,495,202
NiSource, Inc.
348,935
9,093,246
NRG Energy, Inc.
190,149
10,519,043
OGE Energy Corp.
170,364
5,606,679
PG&E Corp.
1,795,928
29,974,038
Pinnacle West Capital Corp.
94,825
6,479,392
PPL Corp.
622,116
16,405,199
Public Service Enterprise Group, Inc.
421,179
26,281,570
Sempra
532,214
37,574,308
Southern Co.
920,624
61,911,964
UGI Corp.
176,965
4,332,103
Vistra Corp.
282,703
15,418,622
WEC Energy Group, Inc.
266,547
20,921,274
Xcel Energy, Inc.
464,925
24,496,898
 
805,197,485
Total Common Stocks
(Cost $23,484,440,595)
38,741,762,839
 
 
 
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (d)
21,275,045
21,275,045
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (d)(e)
17,887,260
17,887,260
 
39,162,305
Total Short-Term Investments
(Cost $39,162,305)
39,162,305
Total Investments in Securities
(Cost $23,523,602,900)
38,780,925,144
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
03/15/24
285
72,728,438
2,029,010
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$17,320,905.
(b)
Issuer is affiliated with the fund’s investment adviser.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report69

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
Below is a summary of the fund’s transactions with affiliated issuers during the period ended February 29, 2024:
SECURITY
VALUE AT
8/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
2/29/24
BALANCE
OF SHARES
HELD AT
2/29/24
DIVIDENDS
RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS
 
Financial Services 0.2%
Charles Schwab Corp.
$73,278,214
$3,548,030
($3,140,536
)
$769,782
$8,807,016
$83,262,506
1,246,818
$627,936

The following is a summary of the inputs used to value the fund’s investments as of February 29, 2024 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$38,422,036,431
$
$
$38,422,036,431
Telecommunication Services
319,726,408
0
*
319,726,408
Short-Term Investments1
39,162,305
39,162,305
Futures Contracts2
2,029,010
2,029,010
Total
$38,782,954,154
$—
$0
$38,782,954,154
*
Level 3 amount shown includes securities determined to have no value at February 29, 2024.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
70Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap ETF
Statement of Assets and Liabilities
As of February 29, 2024; unaudited
Assets
Investments in securities, at value - affiliated (cost $61,569,073)
 
$83,262,506
Investments in securities, at value - unaffiliated (cost $23,462,033,827) including securities on loan of $17,320,905
 
38,697,662,638
Deposit with broker for futures contracts
 
5,096,000
Receivables:
 
Dividends
 
52,088,846
Investments sold
 
47,138,633
Variation margin on future contracts
 
320,073
Income from securities on loan
 
106,526
Foreign tax reclaims
+
16,212
Total assets
 
38,885,691,434
 
Liabilities
Collateral held for securities on loan
 
17,887,260
Payables:
 
Fund shares redeemed
 
48,301,490
Investments bought
 
2,285,388
Management fees
+
911,825
Total liabilities
 
69,385,963
Net assets
 
$38,816,305,471
 
Net Assets by Source
Capital received from investors
 
$23,953,457,738
Total distributable earnings
+
14,862,847,733
Net assets
 
$38,816,305,471
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$38,816,305,471
 
642,900,000
$60.38
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report71

Schwab U.S. Large-Cap ETF
Statement of Operations
For the period September 1, 2023 through February 29, 2024; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $91,209)
 
$272,509,247
Dividends received from securities - affiliated
 
627,936
Interest received from securities - unaffiliated
 
118,746
Securities on loan, net
+
549,547
Total investment income
 
273,805,476
 
Expenses
Management fees
 
5,240,276
Total expenses
5,240,276
Net investment income
 
268,565,200
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated
 
(347,518
)
Net realized losses on sales of securities - unaffiliated
 
(164,686,743
)
Net realized gains on sales of in-kind redemptions - affiliated
 
1,117,300
Net realized gains on sales of in-kind redemptions - unaffiliated
 
650,938,431
Net realized gains on futures contracts
+
3,331,439
Net realized gains
 
490,352,909
Net change in unrealized appreciation (depreciation) on securities - affiliated
 
8,807,016
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
4,137,560,514
Net change in unrealized appreciation (depreciation) on futures contracts
+
1,748,636
Net change in unrealized appreciation (depreciation)
+
4,148,116,166
Net realized and unrealized gains
 
4,638,469,075
Increase in net assets resulting from operations
 
$4,907,034,275
See financial notes
72Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
9/1/23-2/29/24
9/1/22-8/31/23
Net investment income
 
$268,565,200
$502,256,555
Net realized gains
 
490,352,909
542,132,297
Net change in unrealized appreciation (depreciation)
+
4,148,116,166
3,639,409,676
Increase in net assets resulting from operations
 
$4,907,034,275
$4,683,798,528
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($268,312,890
)
($491,587,390
)
TRANSACTIONS IN FUND SHARES
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
23,550,000
$1,259,890,493
60,200,000
$2,775,351,355
Shares redeemed
+
(19,350,000
)
(1,100,106,610
)
(38,800,000
)
(1,860,648,362
)
Net transactions in fund shares
 
4,200,000
$159,783,883
21,400,000
$914,702,993
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
638,700,000
$34,017,800,203
617,300,000
$28,910,886,072
Total increase
+
4,200,000
4,798,505,268
21,400,000
5,106,914,131
End of period
 
642,900,000
$38,816,305,471
638,700,000
$34,017,800,203
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report73

Schwab U.S. Large-Cap Growth ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/23–
2/29/24*
9/1/22–
8/31/23
9/1/21–
8/31/221
9/1/20–
8/31/211
9/1/19–
8/31/201
9/1/18–
8/31/191
Per-Share Data
Net asset value at beginning of period
$76.83
$62.09
$78.35
$60.08
$42.01
$40.85
Income (loss) from investment operations:
Net investment income (loss)2
0.22
0.35
0.29
0.37
0.35
0.48
Net realized and unrealized gains (losses)
14.25
14.73
(16.20
)
18.21
18.09
1.14
Total from investment operations
14.47
15.08
(15.91
)
18.58
18.44
1.62
Less distributions:
Distributions from net investment income
(0.21
)
(0.34
)
(0.35
)
(0.31
)
(0.37
)
(0.46
)
Net asset value at end of period
$91.09
$76.83
$62.09
$78.35
$60.08
$42.01
Total return
18.89
%3
24.41
%
(20.37
%)
31.06
%
44.22
%
4.09
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.04
%4
0.04
%5
0.04
%5
0.04
%
0.04
%
0.04
%
Net investment income (loss)
0.56
%4
0.54
%
0.41
%
0.55
%
0.74
%
1.21
%
Portfolio turnover rate6
3
%3
9
%
6
%
12
%
7
%
14
%
Net assets, end of period (x 1,000,000)
$26,115
$19,818
$14,493
$16,563
$12,785
$8,108
*
Unaudited.
1
Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022.
2
Calculated based on the average shares outstanding during the period.
3
Not annualized.
4
Annualized.
5
Ratio includes less than 0.005% of non-routine proxy expenses.
6
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
74Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap Growth ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited)
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS
 
Automobiles & Components 2.3%
Rivian Automotive, Inc., Class A *(a)
710,450
8,042,294
Tesla, Inc. *
2,939,181
593,361,860
 
601,404,154
 
Banks 0.1%
First Citizens BancShares, Inc.,
Class A
12,588
19,811,120
 
Capital Goods 2.5%
Axon Enterprise, Inc. *
75,234
23,124,674
Builders FirstSource, Inc. *
130,429
25,457,132
Carlisle Cos., Inc.
50,999
17,849,650
Deere & Co.
285,508
104,224,695
EMCOR Group, Inc.
49,036
15,373,767
Generac Holdings, Inc. *
66,172
7,445,012
General Electric Co.
1,155,701
181,317,930
Huntington Ingalls Industries, Inc.
41,286
12,039,823
L3Harris Technologies, Inc.
202,010
42,757,437
Nordson Corp.
56,054
14,890,745
Plug Power, Inc. *(a)
577,103
2,037,173
TransDigm Group, Inc.
58,586
68,999,076
Trex Co., Inc. *
116,188
10,661,411
United Rentals, Inc.
72,122
50,000,019
Vertiv Holdings Co.
372,929
25,217,459
WESCO International, Inc.
46,471
6,946,950
WillScot Mobile Mini Holdings Corp. *
199,944
9,547,326
WW Grainger, Inc.
47,458
46,198,465
 
664,088,744
 
Commercial & Professional Services 0.6%
CACI International, Inc., Class A *
23,984
8,990,402
Cintas Corp.
91,368
57,434,839
Clean Harbors, Inc. *
53,401
9,724,322
Copart, Inc. *
951,432
50,568,611
Dayforce, Inc. *
165,422
11,539,839
Paycom Software, Inc.
52,136
9,509,085
Paylocity Holding Corp. *
45,223
7,625,050
Tetra Tech, Inc.
56,901
10,089,685
 
165,481,833
 
Consumer Discretionary Distribution & Retail 7.4%
Amazon.com, Inc. *
9,651,780
1,706,048,633
AutoZone, Inc. *
18,774
56,435,020
Etsy, Inc. *
143,724
10,303,574
Five Below, Inc. *
58,105
11,660,511
Floor & Decor Holdings, Inc., Class A *
115,810
14,026,907
Lithia Motors, Inc.
28,107
8,405,679
O'Reilly Automotive, Inc. *
63,009
68,517,247
Pool Corp.
42,191
16,797,081
RH *
15,853
4,350,063
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ulta Beauty, Inc. *
53,191
29,178,455
Wayfair, Inc., Class A *
95,834
5,711,706
 
1,931,434,876
 
Consumer Durables & Apparel 0.7%
Deckers Outdoor Corp. *
27,491
24,620,665
DR Horton, Inc.
319,940
47,811,833
Lululemon Athletica, Inc. *
122,909
57,409,565
NVR, Inc. *
3,386
25,820,180
TopBuild Corp. *
33,411
13,443,918
 
169,106,161
 
Consumer Services 2.0%
Airbnb, Inc., Class A *
461,116
72,611,937
Booking Holdings, Inc. *
37,216
129,095,977
Caesars Entertainment, Inc. *
228,492
9,932,547
Chipotle Mexican Grill, Inc. *
29,335
78,875,068
Churchill Downs, Inc.
70,033
8,534,922
Domino's Pizza, Inc.
37,047
16,610,022
DoorDash, Inc., Class A *
322,439
40,166,226
DraftKings, Inc., Class A *
494,347
21,415,112
Expedia Group, Inc. *
140,560
19,231,419
Hilton Worldwide Holdings, Inc.
274,162
56,016,780
Marriott International, Inc., Class A
262,448
65,577,882
 
518,067,892
 
Consumer Staples Distribution & Retail 1.4%
Casey's General Stores, Inc.
39,402
11,997,515
Costco Wholesale Corp.
471,445
350,703,221
Performance Food Group Co. *
158,934
12,201,363
 
374,902,099
 
Energy 1.3%
Baker Hughes Co.
1,075,459
31,822,832
Cheniere Energy, Inc.
254,715
39,531,768
Coterra Energy, Inc.
792,739
20,436,811
Diamondback Energy, Inc.
192,741
35,179,087
EOG Resources, Inc.
619,427
70,899,614
EQT Corp.
433,323
16,097,950
Halliburton Co.
962,397
33,751,263
Hess Corp.
295,368
43,049,886
New Fortress Energy, Inc.
63,559
2,234,099
NOV, Inc.
418,174
7,067,141
Range Resources Corp.
250,279
7,913,822
Targa Resources Corp.
235,880
23,172,851
TechnipFMC PLC
449,953
9,759,481
Texas Pacific Land Corp.
6,470
10,192,967
 
351,109,572
 
Equity Real Estate Investment Trusts (REITs) 0.5%
Equinix, Inc.
99,935
88,824,226
Rexford Industrial Realty, Inc.
228,177
11,609,646
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report75

Schwab U.S. Large-Cap Growth ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
SBA Communications Corp.
115,451
24,155,813
 
124,589,685
 
Financial Services 6.3%
BlackRock, Inc.
148,885
120,796,356
Block, Inc. *
585,483
46,528,334
Coinbase Global, Inc., Class A *
181,642
36,975,045
Credit Acceptance Corp. *
6,423
3,555,773
FactSet Research Systems, Inc.
40,408
18,691,933
Fiserv, Inc. *
634,356
94,690,320
FleetCor Technologies, Inc. *
77,458
21,631,696
Interactive Brokers Group, Inc.,
Class A
111,416
12,113,147
LPL Financial Holdings, Inc.
80,468
21,556,572
MarketAxess Holdings, Inc.
39,537
8,437,591
Mastercard, Inc., Class A
881,929
418,704,612
Moody's Corp.
167,561
63,575,995
MSCI, Inc.
84,537
47,422,721
PayPal Holdings, Inc. *
1,140,621
68,825,071
Robinhood Markets, Inc., Class A *
554,864
9,049,832
S&P Global, Inc.
344,948
147,768,824
Toast, Inc., Class A *
392,954
9,037,942
Tradeweb Markets, Inc., Class A
121,541
12,861,469
Visa, Inc., Class A
1,696,309
479,444,776
WEX, Inc. *
43,764
9,616,264
 
1,651,284,273
 
Food, Beverage & Tobacco 0.4%
Celsius Holdings, Inc. *
156,771
12,795,649
Constellation Brands, Inc., Class A
170,830
42,454,672
Monster Beverage Corp. *
788,825
46,619,557
 
101,869,878
 
Health Care Equipment & Services 5.2%
agilon health, Inc. *
311,035
1,906,645
Align Technology, Inc. *
75,977
22,976,964
Centene Corp. *
568,797
44,610,749
Chemed Corp.
15,487
9,696,875
Cigna Group
311,067
104,562,061
Cooper Cos., Inc.
209,848
19,641,773
Dexcom, Inc. *
410,595
47,247,167
Edwards Lifesciences Corp. *
649,390
55,113,729
Elevance Health, Inc.
249,530
125,076,913
Humana, Inc.
131,059
45,912,589
IDEXX Laboratories, Inc. *
88,215
50,743,914
Insulet Corp. *
73,716
12,089,424
Intuitive Surgical, Inc. *
374,389
144,364,398
Masimo Corp. *
47,349
6,086,240
McKesson Corp.
141,808
73,940,109
Molina Healthcare, Inc. *
61,415
24,191,983
Penumbra, Inc. *
40,755
9,574,165
R1 RCM, Inc. *
193,900
2,724,295
ResMed, Inc.
155,754
27,057,585
Shockwave Medical, Inc. *
38,610
10,072,191
Teleflex, Inc.
49,392
11,004,044
UnitedHealth Group, Inc.
983,607
485,508,415
Veeva Systems, Inc., Class A *
154,442
34,828,215
 
1,368,930,443
 
Insurance 0.7%
Everest Group Ltd.
45,906
16,933,805
Kinsale Capital Group, Inc.
23,089
11,918,080
Markel Group, Inc. *
13,889
20,729,055
Progressive Corp.
622,296
117,962,430
SECURITY
NUMBER
OF SHARES
VALUE ($)
RenaissanceRe Holdings Ltd.
55,470
12,470,765
 
180,014,135
 
Materials 1.8%
Albemarle Corp.
124,972
17,227,390
Cleveland-Cliffs, Inc. *
536,953
11,168,622
Corteva, Inc.
741,078
39,662,495
Linde PLC
516,295
231,723,522
Martin Marietta Materials, Inc.
65,601
37,898,354
Sherwin-Williams Co.
250,565
83,195,097
Vulcan Materials Co.
143,426
38,129,802
Westlake Corp.
36,180
5,018,528
 
464,023,810
 
Media & Entertainment 12.5%
Alphabet, Inc., Class A *
6,272,045
868,427,351
Alphabet, Inc., Class C *
5,275,921
737,468,237
Charter Communications, Inc.,
Class A *
106,963
31,439,635
Liberty Broadband Corp., Class C *
137,998
8,304,720
Live Nation Entertainment, Inc. *
153,621
14,898,165
Meta Platforms, Inc., Class A
2,361,725
1,157,552,274
Netflix, Inc. *
465,555
280,692,421
Pinterest, Inc., Class A *
662,078
24,298,263
ROBLOX Corp., Class A *
517,229
20,637,437
Roku, Inc. *
131,419
8,303,052
Snap, Inc., Class A *
1,125,948
12,407,947
Take-Two Interactive Software, Inc. *
173,897
25,550,686
Trade Desk, Inc., Class A *
475,578
40,628,628
Warner Bros Discovery, Inc. *
2,337,934
20,550,440
ZoomInfo Technologies, Inc. *
345,645
5,793,010
 
3,256,952,266
 
Pharmaceuticals, Biotechnology & Life Sciences 6.8%
Alnylam Pharmaceuticals, Inc. *
132,959
20,088,775
Avantor, Inc. *
719,165
17,720,226
BioMarin Pharmaceutical, Inc. *
199,497
17,212,601
Bio-Rad Laboratories, Inc., Class A *
22,116
7,207,162
Bio-Techne Corp.
167,526
12,324,888
Catalent, Inc. *
191,826
10,999,303
Charles River Laboratories
International, Inc. *
54,039
13,736,173
Danaher Corp.
700,485
177,320,773
Eli Lilly & Co.
848,008
639,126,669
Exact Sciences Corp. *
192,858
11,095,121
Illumina, Inc. *
168,985
23,629,172
Incyte Corp. *
195,867
11,430,798
IQVIA Holdings, Inc. *
193,074
47,720,170
Jazz Pharmaceuticals PLC *
65,716
7,813,632
Karuna Therapeutics, Inc. *
37,979
11,924,267
Medpace Holdings, Inc. *
24,733
9,831,862
Mettler-Toledo International, Inc. *
23,210
28,947,976
Moderna, Inc. *
350,702
32,348,752
Neurocrine Biosciences, Inc. *
104,839
13,671,006
Regeneron Pharmaceuticals, Inc. *
114,167
110,295,597
Repligen Corp. *
54,910
10,651,991
Revvity, Inc.
132,779
14,551,251
Roivant Sciences Ltd. *
344,874
3,945,359
Sarepta Therapeutics, Inc. *
99,263
12,695,738
Thermo Fisher Scientific, Inc.
410,564
234,095,381
Vertex Pharmaceuticals, Inc. *
274,320
115,417,397
Waters Corp. *
62,095
20,952,095
West Pharmaceutical Services, Inc.
78,472
28,121,226
See financial notes
76Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap Growth ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Zoetis, Inc.
488,202
96,825,103
 
1,761,700,464
 
Real Estate Management & Development 0.1%
CoStar Group, Inc. *
433,783
37,752,135
 
Semiconductors & Semiconductor Equipment 13.1%
Advanced Micro Devices, Inc. *
1,716,964
330,567,079
Broadcom, Inc.
466,982
607,305,421
Enphase Energy, Inc. *
144,347
18,333,512
First Solar, Inc. *
116,485
17,925,877
KLA Corp.
145,206
99,074,054
Lam Research Corp.
140,854
132,156,265
Marvell Technology, Inc.
918,228
65,800,218
Monolithic Power Systems, Inc.
50,938
36,677,398
NVIDIA Corp.
2,622,266
2,074,527,078
Qorvo, Inc. *
107,183
12,277,813
SolarEdge Technologies, Inc. *
60,156
4,040,679
Universal Display Corp.
46,763
8,156,402
 
3,406,841,796
 
Software & Services 21.9%
Accenture PLC, Class A
669,726
250,999,910
Adobe, Inc. *
484,390
271,394,029
ANSYS, Inc. *
92,830
31,021,001
AppLovin Corp., Class A *
141,709
8,462,862
Atlassian Corp., Class A *
164,095
34,036,585
Autodesk, Inc. *
227,120
58,635,570
Bill Holdings, Inc. *
102,104
6,466,246
Cadence Design Systems, Inc. *
291,709
88,790,385
Cloudflare, Inc., Class A *
316,315
31,169,680
Crowdstrike Holdings, Inc., Class A *
239,874
77,755,157
Datadog, Inc., Class A *
320,309
42,107,821
DocuSign, Inc. *
216,248
11,519,531
Dynatrace, Inc. *
252,689
12,520,740
Elastic NV *
84,314
11,282,056
EPAM Systems, Inc. *
61,427
18,698,379
Fair Isaac Corp. *
26,283
33,377,045
Five9, Inc. *
75,567
4,609,587
Fortinet, Inc. *
698,906
48,301,394
Gartner, Inc. *
83,266
38,765,319
GoDaddy, Inc., Class A *
148,338
16,932,783
HubSpot, Inc. *
53,062
32,835,296
Intuit, Inc.
298,829
198,090,756
Microsoft Corp.
7,894,016
3,265,280,778
MongoDB, Inc. *
75,716
33,888,967
Okta, Inc. *
165,234
17,729,608
Palantir Technologies, Inc., Class A *
2,044,950
51,287,346
Palo Alto Networks, Inc. *
330,201
102,543,921
Procore Technologies, Inc. *
92,607
7,226,124
PTC, Inc. *
125,021
22,880,093
Roper Technologies, Inc.
113,479
61,815,416
Salesforce, Inc. *
1,035,511
319,786,507
ServiceNow, Inc. *
218,176
168,287,876
Snowflake, Inc., Class A *
349,352
65,775,995
Splunk, Inc. *
164,303
25,667,415
Synopsys, Inc. *
161,552
92,687,229
Twilio, Inc., Class A *
191,153
11,390,807
Tyler Technologies, Inc. *
44,319
19,373,608
UiPath, Inc., Class A *
432,784
10,278,620
Unity Software, Inc. *
251,970
7,387,760
Workday, Inc., Class A *
219,458
64,665,494
Zoom Video Communications, Inc.,
Class A *
269,213
19,041,436
SECURITY
NUMBER
OF SHARES
VALUE ($)
Zscaler, Inc. *
93,460
22,614,516
 
5,717,381,648
 
Technology Hardware & Equipment 11.5%
Apple, Inc.
15,526,214
2,806,363,181
Arista Networks, Inc. *
269,069
74,677,410
Dell Technologies, Inc., Class C
277,509
26,269,002
Pure Storage, Inc., Class A *
342,320
18,023,148
Super Micro Computer, Inc. *
49,351
42,743,888
Teledyne Technologies, Inc. *
50,471
21,564,744
Ubiquiti, Inc.
2,820
330,448
Zebra Technologies Corp., Class A *
54,967
15,362,177
 
3,005,333,998
 
Telecommunication Services 0.3%
T-Mobile U.S., Inc.
541,427
88,415,029
 
Transportation 0.3%
JB Hunt Transport Services, Inc.
86,614
17,869,334
Old Dominion Freight Line, Inc.
96,060
42,504,629
Saia, Inc. *
28,690
16,508,226
 
76,882,189
 
Utilities 0.2%
Constellation Energy Corp.
341,126
57,462,675
Total Common Stocks
(Cost $14,688,834,585)
26,094,840,875
 
 
 
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS
 
Money Market Funds 0.2%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (b)
24,637,095
24,637,095
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (b)(c)
8,780,925
8,780,925
 
33,418,020
Total Short-Term Investments
(Cost $33,418,020)
33,418,020
Total Investments in Securities
(Cost $14,722,252,605)
26,128,258,895
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report77

Schwab U.S. Large-Cap Growth ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
Russell 1000 Growth Index,
e-mini, expires 03/15/24
78
13,048,230
142,553
S&P 500 Index, e-mini, expires
03/15/24
15
3,827,813
174,121
 
316,674
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$8,536,647.
(b)
The rate shown is the annualized 7-day yield.
(c)
Security purchased with cash collateral received for securities on loan.

The following is a summary of the inputs used to value the fund’s investments as of February 29, 2024 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$26,094,840,875
$
$
$26,094,840,875
Short-Term Investments1
33,418,020
33,418,020
Futures Contracts2
316,674
316,674
Total
$26,128,575,569
$—
$—
$26,128,575,569
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
78Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap Growth ETF
Statement of Assets and Liabilities
As of February 29, 2024; unaudited
Assets
Investments in securities, at value - unaffiliated (cost $14,722,252,605) including securities on loan of $8,536,647
 
$26,128,258,895
Deposit with broker for futures contracts
 
1,672,999
Receivables:
 
Fund shares sold
 
72,491,210
Dividends
 
11,900,185
Variation margin on future contracts
 
107,543
Income from securities on loan
+
10,331
Total assets
 
26,214,441,163
 
Liabilities
Collateral held for securities on loan
 
8,780,925
Payables:
 
Investments bought
 
89,922,867
Management fees
+
800,528
Total liabilities
 
99,504,320
Net assets
 
$26,114,936,843
 
Net Assets by Source
Capital received from investors
 
$15,357,115,378
Total distributable earnings
+
10,757,821,465
Net assets
 
$26,114,936,843
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$26,114,936,843
 
286,700,000
$91.09
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report79

Schwab U.S. Large-Cap Growth ETF
Statement of Operations
For the period September 1, 2023 through February 29, 2024; unaudited
Investment Income
Dividends received from securities - unaffiliated
 
$63,973,031
Interest received from securities - unaffiliated
 
59,752
Securities on loan, net
+
31,530
Total investment income
 
64,064,313
 
Expenses
Management fees
 
4,300,755
Total expenses
4,300,755
Net investment income
 
59,763,558
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated
 
(47,033,984
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
179,612,679
Net realized gains on futures contracts
+
3,781,481
Net realized gains
 
136,360,176
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
3,825,031,941
Net change in unrealized appreciation (depreciation) on futures contracts
+
(326,112
)
Net change in unrealized appreciation (depreciation)
+
3,824,705,829
Net realized and unrealized gains
 
3,961,066,005
Increase in net assets resulting from operations
 
$4,020,829,563
See financial notes
80Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap Growth ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
9/1/23-2/29/24
9/1/22-8/31/23
Net investment income
 
$59,763,558
$86,324,761
Net realized gains
 
136,360,176
50,808,515
Net change in unrealized appreciation (depreciation)
+
3,824,705,829
3,739,789,205
Increase in net assets resulting from operations
 
$4,020,829,563
$3,876,922,481
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($56,578,305
)
($83,274,425
)
TRANSACTIONS IN FUND SHARES
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
32,850,000
$2,655,170,675
37,550,000
$2,378,593,012
Shares redeemed
+
(4,100,000
)
(322,645,021
)
(13,000,000
)
(846,955,037
)
Net transactions in fund shares
 
28,750,000
$2,332,525,654
24,550,000
$1,531,637,975
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
257,950,000
$19,818,159,931
233,400,000
$14,492,873,900
Total increase
+
28,750,000
6,296,776,912
24,550,000
5,325,286,031
End of period
 
286,700,000
$26,114,936,843
257,950,000
$19,818,159,931
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report81

Schwab U.S. Large-Cap Value ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/23–
2/29/24*
9/1/22–
8/31/23
9/1/21–
8/31/22
9/1/20–
8/31/21
9/1/19–
8/31/20
9/1/18–
8/31/19
Per-Share Data
Net asset value at beginning of period
$67.61
$64.47
$70.68
$53.91
$55.14
$56.37
Income (loss) from investment operations:
Net investment income (loss)1
0.87
1.69
1.51
1.39
1.93
1.84
Net realized and unrealized gains (losses)
5.37
3.11
(6.24
)
17.05
(1.36
)
(1.48
)
Total from investment operations
6.24
4.80
(4.73
)
18.44
0.57
0.36
Less distributions:
Distributions from net investment income
(0.90
)
(1.66
)
(1.48
)
(1.67
)
(1.80
)
(1.59
)
Net asset value at end of period
$72.95
$67.61
$64.47
$70.68
$53.91
$55.14
Total return
9.36
%2
7.60
%
(6.78
%)
34.95
%
1.21
%
0.70
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.04
%3
0.04
%4
0.04
%4
0.04
%
0.04
%
0.04
%
Net investment income (loss)
2.61
%3
2.57
%
2.19
%
2.22
%
3.59
%
3.38
%
Portfolio turnover rate5
4
%2
7
%
8
%
23
%
19
%
7
%
Net assets, end of period (x 1,000,000)
$10,625
$9,824
$9,497
$9,927
$6,847
$5,977
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Not annualized.
3
Annualized.
4
Ratio includes less than 0.005% of non-routine proxy expenses.
5
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
82Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap Value ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited)
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.7% OF NET ASSETS
 
Automobiles & Components 0.8%
Aptiv PLC *
139,967
11,125,977
Autoliv, Inc.
37,662
4,369,922
BorgWarner, Inc.
116,643
3,631,096
Ford Motor Co.
1,952,533
24,289,510
General Motors Co.
679,209
27,833,985
Gentex Corp.
115,220
4,208,987
Lear Corp.
29,135
4,001,692
Lucid Group, Inc. *(a)
439,986
1,451,954
 
80,913,123
 
Banks 6.7%
Bank of America Corp.
3,417,146
117,959,880
BOK Financial Corp.
13,422
1,141,004
Citigroup, Inc.
950,296
52,731,925
Citizens Financial Group, Inc.
230,877
7,247,229
Comerica, Inc.
65,250
3,222,045
Commerce Bancshares, Inc.
58,710
3,055,268
Cullen/Frost Bankers, Inc.
31,796
3,450,184
East West Bancorp, Inc.
70,058
5,104,426
Fifth Third Bancorp
338,659
11,629,550
First Horizon Corp.
276,984
3,905,474
Huntington Bancshares, Inc.
719,930
9,387,887
JPMorgan Chase & Co.
1,434,898
266,977,122
KeyCorp
464,682
6,631,012
M&T Bank Corp.
82,516
11,530,786
New York Community Bancorp,
Inc. (a)
357,920
1,714,437
PNC Financial Services Group, Inc.
197,728
29,105,561
Regions Financial Corp.
462,420
8,614,885
Truist Financial Corp.
661,595
23,142,593
U.S. Bancorp
772,334
32,407,135
Webster Financial Corp.
85,826
4,088,751
Wells Fargo & Co.
1,802,499
100,200,919
Western Alliance Bancorp
54,301
3,134,797
Zions Bancorp NA
72,918
2,875,157
 
709,258,027
 
Capital Goods 10.1%
3M Co.
273,955
25,236,735
A O Smith Corp.
61,395
5,089,646
Acuity Brands, Inc.
15,353
3,857,288
Advanced Drainage Systems, Inc.
34,262
5,592,929
AECOM
68,960
6,125,717
AGCO Corp.
30,992
3,399,822
Allegion PLC
43,697
5,587,535
AMETEK, Inc.
114,627
20,653,493
Boeing Co. *
282,330
57,516,268
Carrier Global Corp.
416,543
23,151,460
Caterpillar, Inc.
253,243
84,573,032
CNH Industrial NV
482,648
5,767,644
Cummins, Inc.
70,421
18,915,785
SECURITY
NUMBER
OF SHARES
VALUE ($)
Curtiss-Wright Corp.
18,995
4,487,949
Donaldson Co., Inc.
60,088
4,303,503
Dover Corp.
69,292
11,459,511
Eaton Corp. PLC
198,094
57,249,166
Emerson Electric Co.
282,747
30,211,517
Fastenal Co.
283,634
20,708,118
Ferguson PLC
101,211
21,401,066
Fortive Corp.
174,203
14,829,901
Fortune Brands Innovations, Inc.
62,717
5,101,401
General Dynamics Corp.
112,481
30,735,433
Graco, Inc.
83,908
7,657,444
HEICO Corp.
50,056
9,680,830
Honeywell International, Inc.
327,239
65,032,206
Howmet Aerospace, Inc.
193,897
12,903,845
Hubbell, Inc.
26,565
10,112,499
IDEX Corp.
37,466
8,838,229
Illinois Tool Works, Inc.
135,903
35,626,971
Ingersoll Rand, Inc.
200,998
18,357,147
ITT, Inc.
40,568
5,117,248
Johnson Controls International PLC
337,734
20,017,494
Lennox International, Inc.
15,937
7,509,674
Lincoln Electric Holdings, Inc.
28,316
7,265,886
Lockheed Martin Corp.
109,624
46,945,382
Masco Corp.
111,558
8,563,192
Middleby Corp. *
26,752
4,070,584
Northrop Grumman Corp.
70,359
32,436,906
nVent Electric PLC
82,295
5,540,099
Otis Worldwide Corp.
203,342
19,378,493
Owens Corning
44,273
6,631,210
PACCAR, Inc.
259,455
28,770,965
Parker-Hannifin Corp.
63,805
34,164,387
Pentair PLC
82,349
6,405,929
Quanta Services, Inc.
72,066
17,404,660
Regal Rexnord Corp.
32,721
5,611,324
Rockwell Automation, Inc.
56,962
16,238,727
RTX Corp.
713,699
63,997,389
Sensata Technologies Holding PLC
75,513
2,599,157
Snap-on, Inc.
26,245
7,234,697
Stanley Black & Decker, Inc.
76,030
6,788,719
Textron, Inc.
97,463
8,681,029
Toro Co.
51,394
4,744,180
Trane Technologies PLC
113,406
31,977,090
Watsco, Inc.
16,785
6,615,304
Westinghouse Air Brake Technologies
Corp.
88,696
12,531,858
Woodward, Inc.
29,967
4,240,031
Xylem, Inc.
119,768
15,216,524
 
1,070,862,228
 
Commercial & Professional Services 2.3%
Automatic Data Processing, Inc.
204,051
51,243,328
Booz Allen Hamilton Holding Corp.,
Class A
64,537
9,532,760
Broadridge Financial Solutions, Inc.
58,446
11,898,437
Equifax, Inc.
61,193
16,741,793
Genpact Ltd.
82,456
2,803,504
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report83

Schwab U.S. Large-Cap Value ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Jacobs Solutions, Inc.
62,447
9,157,853
KBR, Inc.
67,439
4,048,363
Leidos Holdings, Inc.
68,078
8,704,453
Paychex, Inc.
159,615
19,571,991
RB Global, Inc.
90,287
6,853,686
Republic Services, Inc.
101,627
18,658,717
Robert Half, Inc.
53,112
4,270,205
Rollins, Inc.
139,566
6,150,674
SS&C Technologies Holdings, Inc.
106,782
6,808,420
TransUnion
96,286
7,474,682
Veralto Corp.
109,058
9,424,792
Verisk Analytics, Inc.
71,907
17,394,303
Waste Management, Inc.
181,958
37,419,663
 
248,157,624
 
Consumer Discretionary Distribution & Retail 4.0%
Bath & Body Works, Inc.
112,628
5,147,100
Best Buy Co., Inc.
96,398
7,796,670
Burlington Stores, Inc. *
32,220
6,608,322
CarMax, Inc. *
78,604
6,209,716
Dick's Sporting Goods, Inc.
30,412
5,409,991
eBay, Inc.
258,259
12,210,486
GameStop Corp., Class A *(a)
132,950
1,897,196
Genuine Parts Co.
69,595
10,387,750
Home Depot, Inc.
496,374
188,924,908
LKQ Corp.
132,942
6,951,537
Lowe's Cos., Inc.
286,466
68,943,772
Penske Automotive Group, Inc.
9,587
1,471,604
Ross Stores, Inc.
168,237
25,060,584
TJX Cos., Inc.
568,018
56,313,304
Tractor Supply Co.
53,630
13,639,182
Williams-Sonoma, Inc.
31,785
7,486,321
 
424,458,443
 
Consumer Durables & Apparel 1.3%
Garmin Ltd.
75,854
10,418,547
Hasbro, Inc.
64,341
3,235,709
Lennar Corp., Class A
130,360
20,663,364
Mohawk Industries, Inc. *
26,134
3,100,015
NIKE, Inc., Class B
607,568
63,144,542
Polaris, Inc.
26,523
2,458,947
PulteGroup, Inc.
106,991
11,595,685
Tapestry, Inc.
114,227
5,429,209
Tempur Sealy International, Inc.
85,134
4,637,249
Toll Brothers, Inc.
53,409
6,122,808
VF Corp.
163,344
2,669,041
Whirlpool Corp.
27,118
2,912,202
 
136,387,318
 
Consumer Services 2.4%
ADT, Inc.
112,992
820,322
Aramark
128,851
3,908,051
Carnival Corp. *
499,150
7,916,519
Darden Restaurants, Inc.
59,577
10,170,390
Las Vegas Sands Corp.
182,965
9,975,252
McDonald's Corp.
360,033
105,230,445
MGM Resorts International *
135,993
5,885,777
Norwegian Cruise Line Holdings Ltd. *
210,775
4,086,927
Royal Caribbean Cruises Ltd. *
117,152
14,450,699
Service Corp. International
73,471
5,377,343
Starbucks Corp.
566,828
53,791,977
Vail Resorts, Inc.
19,046
4,386,484
Wyndham Hotels & Resorts, Inc.
41,683
3,190,834
Wynn Resorts Ltd.
47,857
5,034,556
SECURITY
NUMBER
OF SHARES
VALUE ($)
Yum! Brands, Inc.
138,907
19,227,507
 
253,453,083
 
Consumer Staples Distribution & Retail 2.3%
Albertsons Cos., Inc., Class A
199,659
4,049,084
BJ's Wholesale Club Holdings, Inc. *
66,519
4,858,548
Dollar General Corp.
108,981
15,836,029
Dollar Tree, Inc. *
103,576
15,192,528
Kroger Co.
328,744
16,308,990
Sysco Corp.
250,293
20,266,224
Target Corp.
229,254
35,057,522
U.S. Foods Holding Corp. *
112,563
5,717,075
Walgreens Boots Alliance, Inc.
354,410
7,534,756
Walmart, Inc.
2,124,051
124,490,629
 
249,311,385
 
Energy 6.4%
Antero Resources Corp. *
140,893
3,620,950
APA Corp.
151,977
4,527,395
Chesapeake Energy Corp.
55,671
4,608,445
Chevron Corp.
871,349
132,453,762
ConocoPhillips
589,386
66,329,501
Devon Energy Corp.
317,972
14,009,846
Exxon Mobil Corp.
1,988,125
207,798,825
HF Sinclair Corp.
78,132
4,336,326
Kinder Morgan, Inc.
961,206
16,715,372
Marathon Oil Corp.
290,425
7,042,806
Marathon Petroleum Corp.
188,379
31,879,378
Occidental Petroleum Corp.
327,874
19,872,443
ONEOK, Inc.
289,224
21,726,507
Ovintiv, Inc.
125,956
6,223,486
Phillips 66
218,304
31,110,503
Pioneer Natural Resources Co.
115,757
27,224,889
Schlumberger NV
708,461
34,239,920
Valero Energy Corp.
168,996
23,906,174
Williams Cos., Inc.
603,772
21,699,566
 
679,326,094
 
Equity Real Estate Investment Trusts (REITs) 4.4%
Alexandria Real Estate Equities, Inc.
77,778
9,701,250
American Homes 4 Rent, Class A
157,548
5,830,851
American Tower Corp.
231,491
46,034,300
Americold Realty Trust, Inc.
131,662
3,331,049
Apartment Income REIT Corp.
73,382
2,224,942
AvalonBay Communities, Inc.
70,561
12,491,414
Boston Properties, Inc.
71,577
4,632,463
Camden Property Trust
53,139
5,020,573
Crown Castle, Inc.
215,364
23,677,118
CubeSmart
111,837
4,877,212
Digital Realty Trust, Inc.
150,284
22,063,194
EastGroup Properties, Inc.
22,954
4,032,788
Equity LifeStyle Properties, Inc.
92,514
6,228,042
Equity Residential
171,715
10,338,960
Essex Property Trust, Inc.
31,839
7,367,545
Extra Space Storage, Inc.
104,945
14,794,097
Federal Realty Investment Trust
36,448
3,675,781
Gaming & Leisure Properties, Inc.
132,292
6,016,640
Healthcare Realty Trust, Inc.
188,172
2,593,010
Healthpeak Properties, Inc.
351,344
5,885,012
Host Hotels & Resorts, Inc.
350,664
7,272,771
Invitation Homes, Inc.
284,957
9,708,485
Iron Mountain, Inc.
145,344
11,429,852
Kimco Realty Corp.
329,198
6,504,953
Lamar Advertising Co., Class A
43,590
4,818,875
See financial notes
84Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap Value ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Mid-America Apartment
Communities, Inc.
57,856
7,271,342
NNN REIT, Inc.
90,913
3,699,250
Omega Healthcare Investors, Inc.
121,847
3,791,879
Prologis, Inc.
458,691
61,129,750
Public Storage
78,553
22,298,840
Realty Income Corp.
413,028
21,522,889
Regency Centers Corp.
81,219
5,031,517
Simon Property Group, Inc.
161,980
23,995,717
Sun Communities, Inc.
61,702
8,253,260
UDR, Inc.
150,864
5,355,672
Ventas, Inc.
199,349
8,430,469
VICI Properties, Inc.
512,829
15,348,972
Welltower, Inc.
275,015
25,345,382
Weyerhaeuser Co.
361,688
12,434,833
WP Carey, Inc.
108,633
6,119,297
 
470,580,246
 
Financial Services 9.8%
AGNC Investment Corp. (a)
331,809
3,172,094
Ally Financial, Inc.
134,696
4,982,405
American Express Co.
285,777
62,705,189
Ameriprise Financial, Inc.
50,259
20,473,506
Annaly Capital Management, Inc.
247,611
4,726,894
Apollo Global Management, Inc.
216,884
24,247,631
ARES Management Corp., Class A
84,053
11,147,949
Bank of New York Mellon Corp.
381,983
21,425,427
Berkshire Hathaway, Inc., Class B *
903,038
369,703,757
Blackstone, Inc.
352,829
45,098,603
Capital One Financial Corp.
189,172
26,031,959
Carlyle Group, Inc.
107,293
4,919,384
Cboe Global Markets, Inc.
52,349
10,051,008
Charles Schwab Corp. (b)
736,066
49,154,487
CME Group, Inc.
178,564
39,346,577
Corebridge Financial, Inc.
118,998
2,954,720
Discover Financial Services
124,141
14,983,819
Equitable Holdings, Inc.
157,308
5,386,226
Fidelity National Information Services,
Inc.
294,474
20,374,656
Franklin Resources, Inc.
139,492
3,829,055
Global Payments, Inc.
129,232
16,761,390
Goldman Sachs Group, Inc.
161,896
62,985,639
Intercontinental Exchange, Inc.
284,279
39,349,899
Invesco Ltd.
222,989
3,436,261
Jack Henry & Associates, Inc.
36,216
6,293,254
Jefferies Financial Group, Inc.
84,077
3,516,100
KKR & Co., Inc.
329,598
32,386,300
Morgan Stanley
627,412
53,982,530
Morningstar, Inc.
13,044
3,894,808
Nasdaq, Inc.
168,558
9,472,960
Northern Trust Corp.
102,626
8,428,673
Raymond James Financial, Inc.
93,103
11,202,153
SEI Investments Co.
49,894
3,355,372
SoFi Technologies, Inc. *(a)
476,851
4,282,122
Starwood Property Trust, Inc.
146,802
2,993,293
State Street Corp.
153,080
11,286,588
Synchrony Financial
206,091
8,511,558
T Rowe Price Group, Inc.
110,982
12,579,810
Voya Financial, Inc.
52,064
3,559,095
 
1,042,993,151
 
Food, Beverage & Tobacco 5.1%
Altria Group, Inc.
878,482
35,938,699
Archer-Daniels-Midland Co.
264,528
14,049,082
Brown-Forman Corp., Class B
119,390
7,190,860
Bunge Global SA
72,105
6,804,549
SECURITY
NUMBER
OF SHARES
VALUE ($)
Campbell Soup Co.
97,674
4,164,819
Coca-Cola Co.
1,931,272
115,914,945
Conagra Brands, Inc.
237,268
6,662,485
Darling Ingredients, Inc. *
79,330
3,356,452
General Mills, Inc.
288,242
18,499,372
Hershey Co.
74,495
13,999,100
Hormel Foods Corp.
144,332
5,097,806
J M Smucker Co.
52,544
6,314,212
Kellanova
130,752
7,210,973
Keurig Dr Pepper, Inc.
499,101
14,928,111
Kraft Heinz Co.
396,174
13,977,019
Lamb Weston Holdings, Inc.
71,780
7,336,634
McCormick & Co., Inc. - Non Voting
Shares
124,489
8,572,313
Molson Coors Beverage Co., Class B
92,000
5,742,640
Mondelez International, Inc., Class A
675,669
49,371,134
PepsiCo, Inc.
682,387
112,825,867
Philip Morris International, Inc.
770,527
69,316,609
Post Holdings, Inc. *
25,076
2,611,916
Tyson Foods, Inc., Class A
141,271
7,662,539
 
537,548,136
 
Health Care Equipment & Services 4.8%
Abbott Laboratories
861,330
102,188,191
Baxter International, Inc.
251,426
10,288,352
Becton Dickinson & Co.
143,913
33,898,707
Boston Scientific Corp. *
726,749
48,118,051
Cardinal Health, Inc.
122,393
13,705,568
Cencora, Inc.
82,879
19,526,293
CVS Health Corp.
637,184
47,387,374
DaVita, Inc. *
26,864
3,410,922
DENTSPLY SIRONA, Inc.
105,741
3,455,616
Encompass Health Corp.
50,071
3,725,282
GE HealthCare Technologies, Inc.
201,139
18,359,968
HCA Healthcare, Inc.
98,350
30,655,695
Henry Schein, Inc. *
64,688
4,946,691
Hologic, Inc. *
121,562
8,971,276
Laboratory Corp. of America Holdings
42,132
9,093,350
Medtronic PLC
660,533
55,062,031
Quest Diagnostics, Inc.
55,971
6,990,218
STERIS PLC
49,140
11,445,198
Stryker Corp.
167,889
58,605,013
Universal Health Services, Inc.,
Class B
30,143
5,035,690
Zimmer Biomet Holdings, Inc.
103,562
12,878,970
 
507,748,456
 
Household & Personal Products 2.8%
Church & Dwight Co., Inc.
122,493
12,263,999
Clorox Co.
61,708
9,460,453
Colgate-Palmolive Co.
408,600
35,352,072
Coty, Inc., Class A *
185,423
2,328,913
Estee Lauder Cos., Inc., Class A
115,275
17,127,560
Kenvue, Inc.
853,988
16,225,772
Kimberly-Clark Corp.
167,926
20,347,593
Procter & Gamble Co.
1,169,802
185,928,330
Reynolds Consumer Products, Inc.
27,101
799,480
 
299,834,172
 
Insurance 3.9%
Aflac, Inc.
263,887
21,306,236
Allstate Corp.
130,006
20,738,557
American Financial Group, Inc.
32,774
4,184,256
American International Group, Inc.
348,356
25,391,669
Aon PLC, Class A
99,286
31,373,383
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report85

Schwab U.S. Large-Cap Value ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Arch Capital Group Ltd. *
185,410
16,240,062
Arthur J Gallagher & Co.
107,252
26,161,980
Assurant, Inc.
26,080
4,732,216
Brown & Brown, Inc.
116,941
9,847,602
Chubb Ltd.
202,577
50,982,554
Cincinnati Financial Corp.
77,703
8,858,142
CNA Financial Corp.
13,497
593,193
Erie Indemnity Co., Class A
12,363
5,030,257
Fidelity National Financial, Inc.
127,839
6,466,097
Globe Life, Inc.
42,867
5,441,108
Hartford Financial Services Group,
Inc.
149,477
14,325,876
Loews Corp.
91,013
6,837,807
Marsh & McLennan Cos., Inc.
244,673
49,490,008
MetLife, Inc.
308,793
21,535,224
Old Republic International Corp.
130,032
3,765,727
Principal Financial Group, Inc.
109,148
8,825,707
Prudential Financial, Inc.
179,220
19,533,188
Reinsurance Group of America, Inc.
32,608
5,766,725
Travelers Cos., Inc.
113,362
25,048,467
Unum Group
90,919
4,495,944
W R Berkley Corp.
100,946
8,439,086
Willis Towers Watson PLC
51,306
13,986,529
 
419,397,600
 
Materials 3.0%
Air Products & Chemicals, Inc.
110,201
25,791,442
Alcoa Corp.
88,401
2,405,391
Amcor PLC
717,214
6,497,959
AptarGroup, Inc.
32,650
4,586,019
Avery Dennison Corp.
39,993
8,659,684
Axalta Coating Systems Ltd. *
109,266
3,576,276
Ball Corp.
156,813
10,039,168
Berry Global Group, Inc.
58,506
3,405,634
Celanese Corp.
49,656
7,546,222
CF Industries Holdings, Inc.
95,176
7,682,607
Crown Holdings, Inc.
59,889
4,588,695
Dow, Inc.
348,383
19,467,642
DuPont de Nemours, Inc.
213,711
14,786,664
Eastman Chemical Co.
58,717
5,151,830
Ecolab, Inc.
126,026
28,335,686
FMC Corp.
61,618
3,474,639
Freeport-McMoRan, Inc.
711,728
26,910,436
International Flavors & Fragrances,
Inc.
127,006
9,588,953
International Paper Co.
171,463
6,062,932
LyondellBasell Industries NV, Class A
127,311
12,766,747
Mosaic Co.
161,647
5,036,921
Newmont Corp.
571,970
17,874,063
Nucor Corp.
121,935
23,448,100
Packaging Corp. of America
44,623
8,085,241
PPG Industries, Inc.
117,088
16,579,661
Reliance, Inc.
28,619
9,192,995
Royal Gold, Inc.
32,807
3,366,982
RPM International, Inc.
63,973
7,379,286
Sealed Air Corp.
71,347
2,487,870
Sonoco Products Co.
48,256
2,735,150
Steel Dynamics, Inc.
75,665
10,125,490
Westrock Co.
126,988
5,751,287
 
323,387,672
 
Media & Entertainment 2.4%
Comcast Corp., Class A
1,993,052
85,402,278
Electronic Arts, Inc.
121,521
16,949,749
Fox Corp., Class A
183,255
5,459,167
Interpublic Group of Cos., Inc.
190,867
5,993,224
SECURITY
NUMBER
OF SHARES
VALUE ($)
Liberty Media Corp.-Liberty Formula
One, Class C *
113,944
8,290,565
Liberty Media Corp.-Liberty SiriusXM,
Class C *
110,149
3,192,118
Match Group, Inc. *
134,370
4,842,695
News Corp., Class A
249,007
6,693,308
Omnicom Group, Inc.
98,480
8,704,647
Paramount Global, Class B
245,096
2,705,860
Sirius XM Holdings, Inc. (a)
323,857
1,431,448
Walt Disney Co.
908,197
101,336,621
 
251,001,680
 
Pharmaceuticals, Biotechnology & Life Sciences 7.7%
AbbVie, Inc.
876,316
154,275,432
Agilent Technologies, Inc.
145,150
19,937,804
Amgen, Inc.
265,630
72,737,463
Biogen, Inc. *
71,974
15,617,638
Bristol-Myers Squibb Co.
1,010,370
51,276,278
Bruker Corp.
46,267
4,003,946
Elanco Animal Health, Inc. *
244,579
3,886,360
Gilead Sciences, Inc.
618,101
44,565,082
Johnson & Johnson
1,194,789
192,815,049
Merck & Co., Inc.
1,257,728
159,920,115
Organon & Co.
125,851
2,191,066
Pfizer, Inc.
2,802,434
74,432,647
Royalty Pharma PLC, Class A
190,253
5,772,276
United Therapeutics Corp. *
23,243
5,244,551
Viatris, Inc.
595,185
7,362,438
 
814,038,145
 
Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A *
151,324
13,905,162
Jones Lang LaSalle, Inc. *
23,647
4,498,605
Zillow Group, Inc., Class C *
104,652
5,876,210
 
24,279,977
 
Semiconductors & Semiconductor Equipment 5.1%
Analog Devices, Inc.
247,531
47,481,396
Applied Materials, Inc.
415,217
83,716,052
Entegris, Inc.
74,435
10,001,087
Intel Corp.
2,092,505
90,082,340
Lattice Semiconductor Corp. *
68,266
5,229,858
Microchip Technology, Inc.
268,527
22,593,862
Micron Technology, Inc.
544,744
49,359,254
NXP Semiconductors NV
128,000
31,965,440
ON Semiconductor Corp. *
213,919
16,882,487
QUALCOMM, Inc.
552,438
87,169,192
Skyworks Solutions, Inc.
79,339
8,324,248
Teradyne, Inc.
75,893
7,861,756
Texas Instruments, Inc.
450,799
75,432,197
Wolfspeed, Inc. *
61,655
1,604,263
 
537,703,432
 
Software & Services 2.2%
Akamai Technologies, Inc. *
74,858
8,303,249
Aspen Technology, Inc. *
13,920
2,698,949
Bentley Systems, Inc., Class B
114,514
5,882,584
Cognizant Technology Solutions Corp.,
Class A
248,668
19,649,745
Gen Digital, Inc.
281,202
6,043,031
Guidewire Software, Inc. *
40,714
4,858,809
International Business Machines
Corp.
453,230
83,861,147
Manhattan Associates, Inc. *
30,635
7,760,765
See financial notes
86Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap Value ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Oracle Corp.
788,611
88,072,076
VeriSign, Inc. *
43,988
8,590,417
 
235,720,772
 
Technology Hardware & Equipment 2.9%
Amphenol Corp., Class A
296,848
32,427,675
Arrow Electronics, Inc. *
26,870
3,157,225
CDW Corp.
66,547
16,384,537
Ciena Corp. *
72,926
4,155,323
Cisco Systems, Inc.
2,010,374
97,241,790
Cognex Corp.
85,057
3,355,499
Corning, Inc.
381,612
12,303,171
F5, Inc. *
29,550
5,532,351
Hewlett Packard Enterprise Co.
635,939
9,685,351
HP, Inc.
432,348
12,248,419
Jabil, Inc.
63,660
9,172,769
Juniper Networks, Inc.
158,941
5,885,585
Keysight Technologies, Inc. *
88,227
13,613,426
Motorola Solutions, Inc.
82,425
27,232,396
NetApp, Inc.
103,881
9,257,875
Seagate Technology Holdings PLC
96,306
8,961,273
TD SYNNEX Corp.
28,572
2,968,631
TE Connectivity Ltd.
154,254
22,144,704
Trimble, Inc. *
123,287
7,543,932
Western Digital Corp. *
161,138
9,582,877
 
312,854,809
 
Telecommunication Services 1.4%
AT&T, Inc.
3,549,164
60,087,347
GCI Liberty, Inc. *(c)
32
0
Liberty Global Ltd., Class C *
175,904
3,263,019
Verizon Communications, Inc.
2,086,598
83,505,652
 
146,856,018
 
Transportation 3.5%
Alaska Air Group, Inc. *
63,333
2,368,021
American Airlines Group, Inc. *
325,424
5,102,648
Avis Budget Group, Inc.
9,142
987,702
CH Robinson Worldwide, Inc.
57,677
4,272,712
CSX Corp.
981,168
37,225,514
Delta Air Lines, Inc.
319,548
13,507,294
Expeditors International of
Washington, Inc.
72,197
8,634,761
FedEx Corp.
114,735
28,565,573
Hertz Global Holdings, Inc. *
66,348
520,832
Knight-Swift Transportation Holdings,
Inc.
79,726
4,491,763
Norfolk Southern Corp.
112,312
28,457,615
Southwest Airlines Co.
296,287
10,153,755
Uber Technologies, Inc. *
1,021,391
81,200,584
U-Haul Holding Co. *
5,274
339,540
U-Haul Holding Co., Non Voting
Shares
49,159
3,125,038
Union Pacific Corp.
302,601
76,766,848
United Airlines Holdings, Inc. *
162,469
7,390,715
United Parcel Service, Inc., Class B
359,070
53,235,718
XPO, Inc. *
57,675
6,939,456
 
373,286,089
 
Utilities 4.2%
AES Corp.
331,998
5,046,370
Alliant Energy Corp.
126,487
6,039,754
Ameren Corp.
130,336
9,278,620
American Electric Power Co., Inc.
261,246
22,255,547
SECURITY
NUMBER
OF SHARES
VALUE ($)
American Water Works Co., Inc.
96,428
11,430,575
Atmos Energy Corp.
73,700
8,321,467
Avangrid, Inc.
34,627
1,077,939
CenterPoint Energy, Inc.
312,725
8,599,937
CMS Energy Corp.
145,013
8,319,396
Consolidated Edison, Inc.
171,078
14,919,712
Dominion Energy, Inc.
415,600
19,878,148
DTE Energy Co.
102,570
11,113,459
Duke Energy Corp.
382,249
35,101,926
Edison International
190,543
12,960,735
Entergy Corp.
104,753
10,639,762
Essential Utilities, Inc.
124,770
4,339,501
Evergy, Inc.
114,115
5,653,257
Eversource Energy
173,110
10,161,557
Exelon Corp.
494,576
17,725,604
FirstEnergy Corp.
256,988
9,408,331
NextEra Energy, Inc.
1,018,490
56,210,463
NiSource, Inc.
205,628
5,358,666
NRG Energy, Inc.
112,730
6,236,224
OGE Energy Corp.
99,076
3,260,591
PG&E Corp.
1,057,778
17,654,315
Pinnacle West Capital Corp.
56,437
3,856,340
PPL Corp.
365,095
9,627,555
Public Service Enterprise Group, Inc.
247,608
15,450,739
Sempra
312,158
22,038,355
Southern Co.
541,402
36,409,284
UGI Corp.
103,402
2,531,281
Vistra Corp.
167,359
9,127,760
WEC Energy Group, Inc.
156,462
12,280,702
Xcel Energy, Inc.
274,271
14,451,339
 
446,765,211
Total Common Stocks
(Cost $8,322,405,389)
10,596,122,891
 
 
 
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS
 
Money Market Funds 0.2%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (d)
4,500,475
4,500,475
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (d)(e)
11,446,979
11,446,979
 
15,947,454
Total Short-Term Investments
(Cost $15,947,454)
15,947,454
Total Investments in Securities
(Cost $8,338,352,843)
10,612,070,345
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report87

Schwab U.S. Large-Cap Value ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
Russell 1000 Value Index,
e-mini, expires 03/15/24
308
25,982,880
514,136
S&P 500 Index, e-mini, expires
03/15/24
10
2,551,875
205,777
 
719,913
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$11,125,852.
(b)
Issuer is affiliated with the fund’s investment adviser.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust
Below is a summary of the fund’s transactions with affiliated issuers during the period ended February 29, 2024:
SECURITY
VALUE AT
8/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
2/29/24
BALANCE
OF SHARES
HELD AT
2/29/24
DIVIDENDS
RECEIVED
COMMON STOCKS 0.5% OF NET ASSETS
 
Financial Services 0.5%
Charles Schwab Corp.
$43,197,363
$2,276,580
($2,010,734
)
$286,692
$5,404,586
$49,154,487
736,066
$372,404

The following is a summary of the inputs used to value the fund’s investments as of February 29, 2024 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$10,449,266,873
$
$
$10,449,266,873
Telecommunication Services
146,856,018
0
*
146,856,018
Short-Term Investments1
15,947,454
15,947,454
Futures Contracts2
719,913
719,913
Total
$10,612,790,258
$—
$0
$10,612,790,258
*
Level 3 amount shown includes securities determined to have no value at February 29, 2024.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
88Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap Value ETF
Statement of Assets and Liabilities
As of February 29, 2024; unaudited
Assets
Investments in securities, at value - affiliated (cost $37,838,218)
 
$49,154,487
Investments in securities, at value - unaffiliated (cost $8,300,514,625) including securities on loan of $11,125,852
 
10,562,915,858
Deposit with broker for futures contracts
 
1,480,800
Receivables:
 
Investments sold
 
39,596,256
Dividends
 
25,208,530
Variation margin on future contracts
 
97,630
Income from securities on loan
 
56,587
Foreign tax reclaims
+
17,108
Total assets
 
10,678,527,256
 
Liabilities
Collateral held for securities on loan
 
11,446,979
Payables:
 
Fund shares redeemed
 
39,997,007
Investments bought
 
1,342,577
Management fees
+
335,766
Total liabilities
 
53,122,329
Net assets
 
$10,625,404,927
 
Net Assets by Source
Capital received from investors
 
$8,810,752,566
Total distributable earnings
+
1,814,652,361
Net assets
 
$10,625,404,927
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$10,625,404,927
 
145,650,000
$72.95
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report89

Schwab U.S. Large-Cap Value ETF
Statement of Operations
For the period September 1, 2023 through February 29, 2024; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $53,850)
 
$129,047,343
Dividends received from securities - affiliated
 
372,404
Interest received from securities - unaffiliated
 
41,612
Securities on loan, net
+
304,314
Total investment income
 
129,765,673
 
Expenses
Management fees
 
1,972,731
Total expenses
1,972,731
Net investment income
 
127,792,942
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated
 
(197,032
)
Net realized losses on sales of securities - unaffiliated
 
(32,160,756
)
Net realized gains on sales of in-kind redemptions - affiliated
 
483,724
Net realized gains on sales of in-kind redemptions - unaffiliated
 
119,143,695
Net realized gains on futures contracts
+
264,484
Net realized gains
 
87,534,115
Net change in unrealized appreciation (depreciation) on securities - affiliated
 
5,404,586
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
706,986,573
Net change in unrealized appreciation (depreciation) on futures contracts
+
674,806
Net change in unrealized appreciation (depreciation)
+
713,065,965
Net realized and unrealized gains
 
800,600,080
Increase in net assets resulting from operations
 
$928,393,022
See financial notes
90Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Large-Cap Value ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
9/1/23-2/29/24
9/1/22-8/31/23
Net investment income
 
$127,792,942
$250,248,746
Net realized gains
 
87,534,115
309,793,152
Net change in unrealized appreciation (depreciation)
+
713,065,965
144,453,042
Increase in net assets resulting from operations
 
$928,393,022
$704,494,940
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($131,876,640
)
($245,578,070
)
TRANSACTIONS IN FUND SHARES
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
5,200,000
$346,857,339
14,500,000
$936,764,004
Shares redeemed
+
(4,850,000
)
(342,363,481
)
(16,500,000
)
(1,068,302,839
)
Net transactions in fund shares
 
350,000
$4,493,858
(2,000,000
)
($131,538,835
)
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
145,300,000
$9,824,394,687
147,300,000
$9,497,016,652
Total increase (decrease)
+
350,000
801,010,240
(2,000,000
)
327,378,035
End of period
 
145,650,000
$10,625,404,927
145,300,000
$9,824,394,687
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report91

Schwab U.S. Mid-Cap ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/23–
2/29/24*
9/1/22–
8/31/23
9/1/21–
8/31/22
9/1/20–
8/31/21
9/1/19–
8/31/20
9/1/18–
8/31/19
Per-Share Data
Net asset value at beginning of period
$71.72
$67.29
$80.01
$57.45
$55.72
$58.44
Income (loss) from investment operations:
Net investment income (loss)1
0.59
1.16
1.05
0.93
0.87
0.84
Net realized and unrealized gains (losses)
6.30
4.43
(12.66
)
22.43
1.76
(2.76
)
Total from investment operations
6.89
5.59
(11.61
)
23.36
2.63
(1.92
)
Less distributions:
Distributions from net investment income
(0.60
)
(1.16
)
(1.11
)
(0.80
)
(0.90
)
(0.80
)
Net asset value at end of period
$78.01
$71.72
$67.29
$80.01
$57.45
$55.72
Total return
9.71
%2
8.45
%
(14.62
%)
40.98
%
4.90
%
(3.24
%)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.04
%3
0.04
%4
0.04
%4
0.04
%
0.04
%
0.04
%5
Net investment income (loss)
1.69
%3
1.71
%
1.43
%
1.31
%
1.61
%
1.52
%
Portfolio turnover rate6
12
%2
18
%
16
%
23
%
19
%
19
%
Net assets, end of period (x 1,000,000)
$11,174
$9,976
$9,195
$9,986
$6,678
$6,255
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Not annualized.
3
Annualized.
4
Ratio includes less than 0.005% of non-routine proxy expenses.
5
Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended August 31, 2019, is a blended ratio.
6
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
92Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Mid-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited)
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS
 
Automobiles & Components 1.1%
Autoliv, Inc.
204,411
23,717,808
BorgWarner, Inc.
642,673
20,006,411
Gentex Corp.
636,290
23,243,674
Harley-Davidson, Inc.
345,727
12,539,518
Lear Corp.
158,899
21,824,778
Thor Industries, Inc.
145,419
18,639,807
 
119,971,996
 
Banks 3.0%
Bank OZK
287,167
12,577,915
BOK Financial Corp.
75,465
6,415,280
Comerica, Inc.
359,737
17,763,813
Commerce Bancshares, Inc.
323,973
16,859,555
Cullen/Frost Bankers, Inc.
174,826
18,970,369
East West Bancorp, Inc.
384,388
28,006,510
First Financial Bankshares, Inc.
351,174
10,865,324
First Horizon Corp.
1,523,503
21,481,392
Glacier Bancorp, Inc.
302,837
11,332,161
KeyCorp
2,557,496
36,495,468
New York Community Bancorp,
Inc. (a)
1,970,274
9,437,612
Pinnacle Financial Partners, Inc.
209,511
17,330,750
Popular, Inc.
196,672
16,457,513
Prosperity Bancshares, Inc.
255,783
15,963,417
SouthState Corp.
207,393
17,429,308
Synovus Financial Corp.
398,741
15,128,233
TFS Financial Corp.
138,667
1,768,004
Valley National Bancorp
1,166,848
9,556,485
Webster Financial Corp.
470,066
22,393,944
Western Alliance Bancorp
298,679
17,242,739
Zions Bancorp NA
404,201
15,937,645
 
339,413,437
 
Capital Goods 14.9%
A O Smith Corp.
335,045
27,775,231
AAON, Inc.
184,286
15,476,338
Acuity Brands, Inc.
84,404
21,205,661
Advanced Drainage Systems, Inc.
187,024
30,529,798
AECOM
378,649
33,635,391
AGCO Corp.
169,551
18,599,745
Air Lease Corp.
281,968
11,306,917
Allegion PLC
239,581
30,635,223
API Group Corp. *
559,315
19,603,991
Applied Industrial Technologies, Inc.
105,890
20,107,452
Atkore, Inc.
103,181
17,478,861
Axon Enterprise, Inc. *
192,324
59,114,628
BWX Technologies, Inc.
249,535
25,160,614
Carlisle Cos., Inc.
132,808
46,482,800
Chart Industries, Inc. *
114,669
16,381,613
Comfort Systems USA, Inc.
97,488
29,805,006
Core & Main, Inc., Class A *
458,198
21,869,791
SECURITY
NUMBER
OF SHARES
VALUE ($)
Crane Co.
133,133
16,183,648
Curtiss-Wright Corp.
104,317
24,646,978
Donaldson Co., Inc.
329,498
23,598,647
EMCOR Group, Inc.
128,302
40,225,243
Flowserve Corp.
357,860
15,144,635
Fortune Brands Innovations, Inc.
344,264
28,002,434
Generac Holdings, Inc. *
167,604
18,857,126
Graco, Inc.
460,981
42,069,126
Hexcel Corp.
229,578
17,094,378
Hubbell, Inc.
146,432
55,742,269
Huntington Ingalls Industries, Inc.
108,333
31,592,069
IDEX Corp.
206,491
48,711,227
ITT, Inc.
224,151
28,274,407
Lennox International, Inc.
87,358
41,163,963
Leonardo DRS, Inc. *
192,609
4,374,150
Lincoln Electric Holdings, Inc.
156,229
40,088,361
Masco Corp.
613,059
47,058,409
MasTec, Inc. *
164,977
12,449,164
MDU Resources Group, Inc.
556,207
12,058,568
Middleby Corp. *
146,390
22,274,702
Nordson Corp.
147,929
39,297,339
nVent Electric PLC
453,095
30,502,355
Oshkosh Corp.
178,642
19,804,252
Owens Corning
242,400
36,306,672
Pentair PLC
450,852
35,071,777
Plug Power, Inc. *(a)
1,483,837
5,237,945
RBC Bearings, Inc. *
79,386
21,658,882
Regal Rexnord Corp.
181,017
31,042,605
Sensata Technologies Holding PLC
413,162
14,221,036
Simpson Manufacturing Co., Inc.
116,616
24,335,427
SiteOne Landscape Supply, Inc. *
122,993
20,721,861
Snap-on, Inc.
144,158
39,738,594
Textron, Inc.
534,716
47,627,154
Timken Co.
177,189
14,882,104
Toro Co.
283,224
26,144,407
Trex Co., Inc. *
296,558
27,212,162
UFP Industries, Inc.
168,630
19,330,057
Valmont Industries, Inc.
56,948
12,068,990
Vertiv Holdings Co.
958,037
64,782,462
Watsco, Inc.
92,511
36,460,435
WESCO International, Inc.
119,744
17,900,531
WillScot Mobile Mini Holdings Corp. *
523,111
24,978,550
Woodward, Inc.
164,859
23,325,900
Zurn Elkay Water Solutions Corp.
387,270
12,295,823
 
1,659,725,884
 
Commercial & Professional Services 4.4%
ASGN, Inc. *
129,118
12,824,000
Booz Allen Hamilton Holding Corp.,
Class A
355,991
52,583,431
CACI International, Inc., Class A *
60,761
22,776,261
Clarivate PLC *
1,175,301
8,438,661
Clean Harbors, Inc. *
137,551
25,048,037
Concentrix Corp.
129,430
9,377,203
Dayforce, Inc. *
425,429
29,677,927
Dun & Bradstreet Holdings, Inc.
634,971
6,692,594
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report93

Schwab U.S. Mid-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
ExlService Holdings, Inc. *
451,007
14,035,338
FTI Consulting, Inc. *
96,864
20,039,224
Genpact Ltd.
455,611
15,490,774
KBR, Inc.
368,091
22,096,503
Leidos Holdings, Inc.
375,476
48,008,361
ManpowerGroup, Inc.
133,049
9,600,816
Maximus, Inc.
165,817
13,872,250
MSA Safety, Inc.
100,864
18,574,106
Parsons Corp. *
112,022
9,030,093
Paylocity Holding Corp. *
118,057
19,905,591
RB Global, Inc.
498,112
37,811,682
Robert Half, Inc.
288,894
23,227,078
Science Applications International
Corp.
144,393
20,209,244
Stericycle, Inc. *
252,535
13,735,379
Tetra Tech, Inc.
145,256
25,756,794
TriNet Group, Inc. *
85,290
10,917,973
 
489,729,320
 
Consumer Discretionary Distribution & Retail 4.1%
Advance Auto Parts, Inc.
162,585
10,980,991
AutoNation, Inc. *
70,636
10,581,273
Bath & Body Works, Inc.
620,770
28,369,189
Burlington Stores, Inc. *
177,047
36,312,340
Dick's Sporting Goods, Inc.
167,607
29,815,609
Etsy, Inc. *
326,610
23,414,671
Five Below, Inc. *
152,036
30,510,584
Floor & Decor Holdings, Inc., Class A *
291,161
35,265,420
GameStop Corp., Class A *(a)
731,859
10,443,628
Gap, Inc.
586,502
11,108,348
Lithia Motors, Inc.
75,059
22,447,145
LKQ Corp.
730,134
38,178,707
Murphy USA, Inc.
52,804
22,019,796
Ollie's Bargain Outlet Holdings, Inc. *
168,629
13,518,987
Penske Automotive Group, Inc.
53,137
8,156,530
Pool Corp.
105,628
42,052,619
RH *
42,186
11,575,838
Valvoline, Inc. *
378,781
16,151,222
Wayfair, Inc., Class A *
251,979
15,017,948
Williams-Sonoma, Inc.
175,199
41,264,620
 
457,185,465
 
Consumer Durables & Apparel 4.0%
Brunswick Corp.
187,549
16,391,783
Capri Holdings Ltd. *
317,110
14,628,284
Columbia Sportswear Co.
94,459
7,810,815
Crocs, Inc. *
165,317
20,210,003
Deckers Outdoor Corp. *
70,238
62,904,450
Hasbro, Inc.
355,944
17,900,424
Leggett & Platt, Inc.
364,605
7,445,234
Mattel, Inc. *
962,924
18,969,603
Meritage Homes Corp.
100,340
15,819,604
Mohawk Industries, Inc. *
144,340
17,121,611
Newell Brands, Inc.
1,038,043
7,785,323
Polaris, Inc.
145,013
13,444,155
PVH Corp.
164,803
22,523,626
Ralph Lauren Corp.
108,477
20,168,044
Skechers USA, Inc., Class A *
365,046
22,563,493
Tapestry, Inc.
625,182
29,714,900
Tempur Sealy International, Inc.
470,211
25,612,393
Toll Brothers, Inc.
293,434
33,639,274
TopBuild Corp. *
86,737
34,901,234
VF Corp.
901,690
14,733,615
Whirlpool Corp.
149,715
16,077,894
SECURITY
NUMBER
OF SHARES
VALUE ($)
YETI Holdings, Inc. *
236,856
9,720,570
 
450,086,332
 
Consumer Services 4.2%
ADT, Inc.
611,303
4,438,060
Aramark
712,128
21,598,842
Boyd Gaming Corp.
189,869
12,556,037
Bright Horizons Family Solutions,
Inc. *
158,181
18,168,670
Caesars Entertainment, Inc. *
588,493
25,581,791
Cava Group, Inc. *
40,681
2,376,177
Choice Hotels International, Inc.
68,185
7,632,629
Churchill Downs, Inc.
185,139
22,562,890
DraftKings, Inc., Class A *
1,272,987
55,145,797
H&R Block, Inc.
392,676
19,221,490
Hyatt Hotels Corp., Class A
120,779
18,550,447
Light & Wonder, Inc. *
245,903
24,715,710
Marriott Vacations Worldwide Corp.
90,177
8,403,595
MGM Resorts International *
745,339
32,258,272
Norwegian Cruise Line Holdings Ltd. *
1,160,126
22,494,843
Planet Fitness, Inc., Class A *
233,203
14,470,246
Service Corp. International
403,436
29,527,481
Texas Roadhouse, Inc.
182,423
27,248,523
Vail Resorts, Inc.
103,887
23,926,215
Wendy's Co.
455,118
8,242,187
Wingstop, Inc.
80,230
28,164,741
Wyndham Hotels & Resorts, Inc.
226,486
17,337,503
Wynn Resorts Ltd.
261,848
27,546,410
 
472,168,556
 
Consumer Staples Distribution & Retail 1.3%
Albertsons Cos., Inc., Class A
1,101,042
22,329,132
BJ's Wholesale Club Holdings, Inc. *
365,058
26,663,836
Casey's General Stores, Inc.
101,828
31,005,608
Performance Food Group Co. *
424,618
32,597,924
U.S. Foods Holding Corp. *
616,924
31,333,570
 
143,930,070
 
Energy 4.4%
Antero Midstream Corp.
930,302
12,466,047
Antero Resources Corp. *
770,540
19,802,878
APA Corp.
836,584
24,921,837
ChampionX Corp.
531,792
16,517,460
Chesapeake Energy Corp.
304,168
25,179,027
Chord Energy Corp.
112,597
18,291,383
Civitas Resources, Inc.
233,003
16,002,646
EQT Corp.
1,122,069
41,684,863
HF Sinclair Corp.
427,097
23,703,884
Marathon Oil Corp.
1,596,514
38,715,464
Matador Resources Co.
302,443
19,099,275
Murphy Oil Corp.
400,528
15,888,946
New Fortress Energy, Inc.
178,909
6,288,651
Noble Corp. PLC
295,894
12,371,328
NOV, Inc.
1,076,213
18,188,000
Ovintiv, Inc.
692,383
34,210,644
PBF Energy, Inc., Class A
297,174
13,878,026
Range Resources Corp.
658,334
20,816,521
Southwestern Energy Co. *
3,005,195
20,946,209
TechnipFMC PLC
1,189,669
25,803,921
Texas Pacific Land Corp.
16,984
26,756,933
Transocean Ltd. *
1,938,684
9,092,428
Valaris Ltd. *
171,615
10,820,326
Weatherford International PLC *
196,774
20,190,980
 
491,637,677
 
See financial notes
94Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Mid-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Equity Real Estate Investment Trusts (REITs) 6.0%
Agree Realty Corp.
274,770
15,098,612
American Homes 4 Rent, Class A
867,479
32,105,398
Americold Realty Trust, Inc.
726,898
18,390,519
Apartment Income REIT Corp.
402,098
12,191,611
Boston Properties, Inc.
393,818
25,487,901
Brixmor Property Group, Inc.
819,880
18,537,487
Camden Property Trust
291,211
27,513,615
CubeSmart
613,313
26,746,580
EastGroup Properties, Inc.
126,432
22,212,838
Equity LifeStyle Properties, Inc.
509,201
34,279,411
Federal Realty Investment Trust
200,668
20,237,368
First Industrial Realty Trust, Inc.
361,370
19,152,610
Gaming & Leisure Properties, Inc.
729,496
33,177,478
Healthcare Realty Trust, Inc.
1,037,923
14,302,579
Healthpeak Properties, Inc.
1,931,963
32,360,380
Host Hotels & Resorts, Inc.
1,926,851
39,962,890
Kilroy Realty Corp.
291,388
11,040,691
Kimco Realty Corp.
1,814,596
35,856,417
Lamar Advertising Co., Class A
238,882
26,408,405
Medical Properties Trust, Inc. (a)
1,630,018
6,862,376
NNN REIT, Inc.
498,699
20,292,062
Omega Healthcare Investors, Inc.
669,691
20,840,784
Rayonier, Inc.
372,560
12,827,241
Regency Centers Corp.
448,064
27,757,565
Rexford Industrial Realty, Inc.
575,758
29,294,567
STAG Industrial, Inc.
495,784
18,413,418
UDR, Inc.
825,385
29,301,167
Vornado Realty Trust
437,519
11,506,750
WP Carey, Inc.
596,612
33,607,154
 
675,765,874
 
Financial Services 6.8%
Affiliated Managers Group, Inc.
92,383
14,440,387
AGNC Investment Corp.
1,831,968
17,513,614
Ally Financial, Inc.
740,617
27,395,423
Annaly Capital Management, Inc.
1,366,231
26,081,350
Blackstone Mortgage Trust, Inc.,
Class A (a)
471,372
9,601,848
Blue Owl Capital, Inc.
1,107,642
19,893,250
Carlyle Group, Inc.
590,494
27,074,150
Cboe Global Markets, Inc.
288,183
55,331,136
Corebridge Financial, Inc.
654,708
16,256,400
Credit Acceptance Corp. *
17,120
9,477,632
Equitable Holdings, Inc.
867,824
29,714,294
Essent Group Ltd.
291,009
15,589,352
Euronet Worldwide, Inc. *
119,782
13,108,942
FactSet Research Systems, Inc.
103,730
47,983,423
Interactive Brokers Group, Inc.,
Class A
292,240
31,772,333
Invesco Ltd.
1,226,631
18,902,384
Jack Henry & Associates, Inc.
198,635
34,516,804
Janus Henderson Group PLC
360,842
11,243,837
Jefferies Financial Group, Inc.
459,494
19,216,039
Lazard, Inc., Class A
308,062
11,872,709
MarketAxess Holdings, Inc.
103,317
22,048,881
MGIC Investment Corp.
757,626
15,069,181
Morningstar, Inc.
71,054
21,216,014
OneMain Holdings, Inc.
327,284
15,457,623
Rithm Capital Corp.
1,318,618
14,293,819
Robinhood Markets, Inc., Class A *
1,410,469
23,004,749
SEI Investments Co.
272,819
18,347,078
SoFi Technologies, Inc. *
2,616,081
23,492,407
Starwood Property Trust, Inc.
810,853
16,533,293
Stifel Financial Corp.
278,496
21,126,707
Toast, Inc., Class A *
1,021,688
23,498,824
SECURITY
NUMBER
OF SHARES
VALUE ($)
Tradeweb Markets, Inc., Class A
313,125
33,134,887
Voya Financial, Inc.
285,184
19,495,178
Western Union Co.
995,919
13,355,274
WEX, Inc. *
116,678
25,637,657
 
762,696,879
 
Food, Beverage & Tobacco 2.7%
Boston Beer Co., Inc., Class A *
25,643
7,901,634
Bunge Global SA
396,423
37,410,438
Campbell Soup Co.
535,837
22,848,090
Celsius Holdings, Inc. *
404,426
33,009,250
Coca-Cola Consolidated, Inc.
12,819
10,778,215
Darling Ingredients, Inc. *
435,009
18,405,231
Flowers Foods, Inc.
525,133
11,773,482
Ingredion, Inc.
177,812
20,916,025
J M Smucker Co.
289,522
34,791,859
Lamb Weston Holdings, Inc.
395,808
40,455,536
Lancaster Colony Corp.
55,655
11,516,133
Molson Coors Beverage Co., Class B
505,046
31,524,971
Pilgrim's Pride Corp. *
110,855
3,529,623
Post Holdings, Inc. *
138,850
14,462,616
Seaboard Corp.
661
2,173,097
 
301,496,200
 
Health Care Equipment & Services 3.6%
Acadia Healthcare Co., Inc. *
251,774
21,010,540
agilon health, Inc. *
823,427
5,047,608
Chemed Corp.
41,077
25,719,542
DaVita, Inc. *
146,841
18,644,402
DENTSPLY SIRONA, Inc.
577,590
18,875,641
Encompass Health Corp.
273,753
20,367,223
Ensign Group, Inc.
154,238
19,267,411
Envista Holdings Corp. *
468,539
9,675,330
Guardant Health, Inc. *
322,355
6,124,745
HealthEquity, Inc. *
233,563
19,294,639
Henry Schein, Inc. *
356,184
27,237,391
Inspire Medical Systems, Inc. *
80,656
14,440,650
Lantheus Holdings, Inc. *
186,887
12,218,672
Masimo Corp. *
121,189
15,577,634
Option Care Health, Inc. *
484,215
15,625,618
Penumbra, Inc. *
105,260
24,727,679
QuidelOrtho Corp. *
135,155
6,163,068
R1 RCM, Inc. *
535,970
7,530,379
Shockwave Medical, Inc. *
100,652
26,257,087
Teladoc Health, Inc. *
451,185
6,803,870
Teleflex, Inc.
128,380
28,601,780
Tenet Healthcare Corp. *
277,430
25,800,990
Universal Health Services, Inc.,
Class B
166,397
27,798,283
 
402,810,182
 
Household & Personal Products 0.4%
Coty, Inc., Class A *
1,019,703
12,807,470
elf Beauty, Inc. *
150,548
31,393,774
Reynolds Consumer Products, Inc.
150,078
4,427,301
 
48,628,545
 
Insurance 4.7%
American Financial Group, Inc.
178,232
22,754,879
Assurant, Inc.
143,442
26,027,551
Axis Capital Holdings Ltd.
211,693
13,245,631
CNA Financial Corp.
74,533
3,275,725
Erie Indemnity Co., Class A
68,127
27,719,514
Everest Group Ltd.
118,518
43,718,920
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report95

Schwab U.S. Mid-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
F&G Annuities & Life, Inc.
47,525
1,795,495
Fidelity National Financial, Inc.
705,624
35,690,462
First American Financial Corp.
281,771
16,458,244
Globe Life, Inc.
233,667
29,659,352
Hanover Insurance Group, Inc.
97,580
12,828,843
Kinsale Capital Group, Inc.
60,101
31,022,934
Lincoln National Corp.
462,885
12,747,853
Loews Corp.
499,312
37,513,311
Old Republic International Corp.
712,227
20,626,094
Primerica, Inc.
95,551
23,434,838
Reinsurance Group of America, Inc.
179,855
31,807,357
RenaissanceRe Holdings Ltd.
143,167
32,186,805
RLI Corp.
109,609
16,052,238
Selective Insurance Group, Inc.
165,346
17,275,350
Unum Group
500,761
24,762,631
W R Berkley Corp.
556,373
46,512,783
 
527,116,810
 
Materials 6.6%
Alcoa Corp.
487,304
13,259,542
AptarGroup, Inc.
179,410
25,199,929
Ashland, Inc.
139,932
13,103,232
ATI, Inc. *
348,179
17,123,443
Avery Dennison Corp.
219,900
47,614,947
Axalta Coating Systems Ltd. *
600,274
19,646,968
Berry Global Group, Inc.
321,995
18,743,329
Celanese Corp.
273,511
41,565,467
Cleveland-Cliffs, Inc. *
1,378,711
28,677,189
Commercial Metals Co.
319,140
17,233,560
Crown Holdings, Inc.
329,052
25,211,964
Eagle Materials, Inc.
95,306
24,164,836
Eastman Chemical Co.
323,493
28,383,276
FMC Corp.
340,395
19,194,874
Graphic Packaging Holding Co.
834,905
21,665,785
Huntsman Corp.
450,608
11,535,565
International Paper Co.
945,305
33,425,985
MP Materials Corp. *
391,711
5,957,924
Olin Corp.
334,889
18,017,028
Packaging Corp. of America
244,768
44,349,514
Reliance, Inc.
156,915
50,404,236
Royal Gold, Inc.
179,086
18,379,596
RPM International, Inc.
351,499
40,545,410
Sealed Air Corp.
393,824
13,732,643
Sonoco Products Co.
267,445
15,158,783
Steel Dynamics, Inc.
415,308
55,576,516
U.S. Steel Corp.
608,739
28,817,704
Westlake Corp.
87,577
12,147,806
Westrock Co.
699,344
31,673,290
 
740,510,341
 
Media & Entertainment 3.0%
Cable One, Inc.
12,365
5,638,440
Endeavor Group Holdings, Inc.,
Class A
508,765
12,235,798
IAC, Inc. *
190,380
10,813,584
Interpublic Group of Cos., Inc.
1,044,807
32,806,940
Liberty Media Corp.-Liberty Formula
One, Class C *
627,549
45,660,465
Liberty Media Corp.-Liberty SiriusXM,
Class C *
611,371
17,717,532
Match Group, Inc. *
741,362
26,718,686
New York Times Co., Class A
446,626
19,776,599
News Corp., Class A
1,364,834
36,686,738
Nexstar Media Group, Inc.
88,033
14,628,444
Paramount Global, Class B
1,362,218
15,038,887
Pinterest, Inc., Class A *
1,600,808
58,749,654
SECURITY
NUMBER
OF SHARES
VALUE ($)
Roku, Inc. *
341,673
21,586,900
ZoomInfo Technologies, Inc. *
809,429
13,566,030
 
331,624,697
 
Pharmaceuticals, Biotechnology & Life Sciences 5.9%
10X Genomics, Inc., Class A *
284,649
13,276,029
Alkermes PLC *
454,751
13,501,557
Apellis Pharmaceuticals, Inc. *
278,115
17,234,787
BioMarin Pharmaceutical, Inc. *
514,387
44,381,310
Bio-Rad Laboratories, Inc., Class A *
57,138
18,620,131
Bio-Techne Corp.
431,350
31,734,419
Bruker Corp.
253,232
21,914,697
Catalent, Inc. *
491,687
28,193,333
Charles River Laboratories
International, Inc. *
139,925
35,567,536
CRISPR Therapeutics AG *
216,970
18,273,213
Elanco Animal Health, Inc. *
1,344,467
21,363,581
Exact Sciences Corp. *
493,234
28,375,752
Exelixis, Inc. *
849,595
18,606,130
Halozyme Therapeutics, Inc. *
360,810
14,363,846
Intra-Cellular Therapies, Inc. *
244,429
16,992,704
Ionis Pharmaceuticals, Inc. *
391,512
17,700,258
Jazz Pharmaceuticals PLC *
172,011
20,452,108
Karuna Therapeutics, Inc. *
97,754
30,691,823
Medpace Holdings, Inc. *
63,663
25,307,316
Natera, Inc. *
308,063
26,644,369
Neurocrine Biosciences, Inc. *
268,387
34,997,665
Organon & Co.
697,687
12,146,731
Perrigo Co. PLC
369,780
9,710,423
Repligen Corp. *
141,617
27,472,282
Roivant Sciences Ltd. *
899,702
10,292,591
Sarepta Therapeutics, Inc. *
255,365
32,661,183
Sotera Health Co. *
318,310
4,777,833
United Therapeutics Corp. *
128,001
28,882,146
Viatris, Inc.
3,276,235
40,527,027
 
664,662,780
 
Real Estate Management & Development 0.5%
Jones Lang LaSalle, Inc. *
129,847
24,702,093
Zillow Group, Inc., Class C *
573,103
32,179,734
 
56,881,827
 
Semiconductors & Semiconductor Equipment 2.4%
Allegro MicroSystems, Inc. *
194,237
6,116,523
Amkor Technology, Inc.
282,264
8,755,829
Axcelis Technologies, Inc. *
89,180
10,047,911
Entegris, Inc.
409,948
55,080,613
Lattice Semiconductor Corp. *
376,469
28,841,290
MKS Instruments, Inc.
171,530
21,057,023
Onto Innovation, Inc. *
133,859
24,651,474
Power Integrations, Inc.
155,267
11,095,380
Qorvo, Inc. *
265,732
30,439,601
Rambus, Inc. *
293,268
17,373,196
Silicon Laboratories, Inc. *
86,595
11,910,276
SolarEdge Technologies, Inc. *
155,253
10,428,344
Universal Display Corp.
119,069
20,768,015
Wolfspeed, Inc. *
343,299
8,932,640
 
265,498,115
 
Software & Services 6.4%
AppLovin Corp., Class A *
354,150
21,149,838
Aspen Technology, Inc. *
76,508
14,834,136
Bentley Systems, Inc., Class B
628,220
32,271,661
Bill Holdings, Inc. *
265,053
16,785,807
See financial notes
96Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Mid-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
CCC Intelligent Solutions Holdings,
Inc. *
674,118
7,893,922
Confluent, Inc., Class A *
598,711
20,278,342
DocuSign, Inc. *
554,240
29,524,365
Dolby Laboratories, Inc., Class A
162,760
13,183,560
DoubleVerify Holdings, Inc. *
380,865
11,764,920
Dropbox, Inc., Class A *
698,322
16,724,812
DXC Technology Co. *
529,749
11,580,313
Dynatrace, Inc. *
650,727
32,243,523
Elastic NV *
220,931
29,562,777
Five9, Inc. *
198,514
12,109,354
GoDaddy, Inc., Class A *
384,603
43,902,432
Guidewire Software, Inc. *
223,451
26,666,642
Informatica, Inc., Class A *
107,554
3,504,109
Manhattan Associates, Inc. *
168,135
42,593,640
Nutanix, Inc., Class A *
664,186
41,949,988
Okta, Inc. *
427,679
45,889,957
Procore Technologies, Inc. *
242,914
18,954,579
PTC, Inc. *
324,426
59,373,202
Qualys, Inc. *
100,406
17,255,775
Smartsheet, Inc., Class A *
368,895
15,571,058
SPS Commerce, Inc. *
100,081
18,530,998
Twilio, Inc., Class A *
493,973
29,435,851
Tyler Technologies, Inc. *
114,893
50,224,326
UiPath, Inc., Class A *
1,109,551
26,351,836
 
710,111,723
 
Technology Hardware & Equipment 4.1%
Arrow Electronics, Inc. *
147,814
17,368,145
Ciena Corp. *
403,273
22,978,496
Cognex Corp.
469,772
18,532,505
Coherent Corp. *
359,792
21,400,428
Dell Technologies, Inc., Class C
694,301
65,722,533
F5, Inc. *
162,989
30,514,801
IPG Photonics Corp. *
80,725
6,970,604
Jabil, Inc.
349,357
50,338,850
Juniper Networks, Inc.
870,127
32,220,803
Littelfuse, Inc.
67,939
16,185,787
NetApp, Inc.
570,108
50,808,025
Novanta, Inc. *
97,768
16,907,998
Pure Storage, Inc., Class A *
799,813
42,110,154
TD SYNNEX Corp.
157,089
16,321,547
Ubiquiti, Inc.
11,339
1,328,704
Western Digital Corp. *
885,373
52,653,132
 
462,362,512
 
Telecommunication Services 0.4%
Frontier Communications Parent,
Inc. *
604,328
14,310,487
GCI Liberty, Inc. *(b)
1,240
0
Iridium Communications, Inc.
336,812
9,750,707
Liberty Global Ltd., Class C *
971,713
18,025,276
 
42,086,470
 
Transportation 2.3%
Alaska Air Group, Inc. *
348,914
13,045,894
American Airlines Group, Inc. *
1,782,546
27,950,321
Avis Budget Group, Inc.
50,712
5,478,924
CH Robinson Worldwide, Inc.
318,168
23,569,885
GXO Logistics, Inc. *
324,610
16,801,814
Hertz Global Holdings, Inc. *
362,397
2,844,816
Joby Aviation, Inc. *(a)
1,009,037
5,670,788
Knight-Swift Transportation Holdings,
Inc.
440,033
24,791,459
SECURITY
NUMBER
OF SHARES
VALUE ($)
Landstar System, Inc.
98,076
18,654,055
Lyft, Inc., Class A *
944,687
15,001,630
Saia, Inc. *
72,509
41,721,679
U-Haul Holding Co. *
26,178
1,685,340
U-Haul Holding Co., Non Voting
Shares
269,714
17,145,719
XPO, Inc. *
316,583
38,091,267
 
252,453,591
 
Utilities 2.7%
AES Corp.
1,826,422
27,761,614
Alliant Energy Corp.
696,364
33,251,381
Black Hills Corp.
185,916
9,673,209
Essential Utilities, Inc.
686,280
23,868,818
IDACORP, Inc.
138,373
12,192,045
National Fuel Gas Co.
250,665
12,217,412
NiSource, Inc.
1,127,157
29,373,711
NRG Energy, Inc.
616,271
34,092,112
OGE Energy Corp.
547,089
18,004,699
Pinnacle West Capital Corp.
309,341
21,137,271
Portland General Electric Co.
275,957
11,085,193
UGI Corp.
572,441
14,013,356
Vistra Corp.
917,175
50,022,725
 
296,693,546
Total Common Stocks
(Cost $8,908,268,363)
11,165,248,829
 
 
 
SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS
 
Money Market Funds 0.4%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (c)
5,469,656
5,469,656
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (c)(d)
35,464,715
35,464,715
 
40,934,371
Total Short-Term Investments
(Cost $40,934,371)
40,934,371
Total Investments in Securities
(Cost $8,949,202,734)
11,206,183,200
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 400 Mid-Cap Index, e-mini,
expires 03/15/24
32
9,256,320
141,420
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$34,954,545.
(b)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(c)
The rate shown is the annualized 7-day yield.
(d)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report97

Schwab U.S. Mid-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of February 29, 2024 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$11,123,162,359
$
$
$11,123,162,359
Telecommunication Services
42,086,470
0
*
42,086,470
Short-Term Investments1
40,934,371
40,934,371
Futures Contracts2
141,420
141,420
Total
$11,206,324,620
$—
$0
$11,206,324,620
*
Level 3 amount shown includes securities determined to have no value at February 29, 2024.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
98Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Mid-Cap ETF
Statement of Assets and Liabilities
As of February 29, 2024; unaudited
Assets
Investments in securities, at value - unaffiliated (cost $8,949,202,734) including securities on loan of $34,954,545
 
$11,206,183,200
Deposit with broker for futures contracts
 
739,900
Receivables:
 
Dividends
 
11,029,692
Variation margin on future contracts
 
87,515
Foreign tax reclaims
 
52,563
Income from securities on loan
+
50,983
Total assets
 
11,218,143,853
 
Liabilities
Collateral held for securities on loan
 
35,464,715
Payables:
 
Investments bought
 
8,052,737
Management fees
+
344,436
Total liabilities
 
43,861,888
Net assets
 
$11,174,281,965
 
Net Assets by Source
Capital received from investors
 
$9,925,836,310
Total distributable earnings
+
1,248,445,655
Net assets
 
$11,174,281,965
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$11,174,281,965
 
143,250,000
$78.01
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report99

Schwab U.S. Mid-Cap ETF
Statement of Operations
For the period September 1, 2023 through February 29, 2024; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $102,074)
 
$85,576,968
Interest received from securities - unaffiliated
 
51,065
Securities on loan, net
+
410,739
Total investment income
 
86,038,772
 
Expenses
Management fees
 
2,003,095
Total expenses
2,003,095
Net investment income
 
84,035,677
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated
 
(324,600,902
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
327,484,357
Net realized losses on futures contracts
+
(17,461
)
Net realized gains
 
2,865,994
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
915,185,885
Net change in unrealized appreciation (depreciation) on futures contracts
+
129,920
Net change in unrealized appreciation (depreciation)
+
915,315,805
Net realized and unrealized gains
 
918,181,799
Increase in net assets resulting from operations
 
$1,002,217,476
See financial notes
100Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Mid-Cap ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
9/1/23-2/29/24
9/1/22-8/31/23
Net investment income
 
$84,035,677
$161,888,151
Net realized gains
 
2,865,994
69,595,556
Net change in unrealized appreciation (depreciation)
+
915,315,805
538,611,469
Increase in net assets resulting from operations
 
$1,002,217,476
$770,095,176
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($84,750,530
)
($160,033,135
)
TRANSACTIONS IN FUND SHARES
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
13,450,000
$932,104,441
16,200,000
$1,096,153,217
Shares redeemed
+
(9,300,000
)
(651,244,495
)
(13,750,000
)
(925,533,718
)
Net transactions in fund shares
 
4,150,000
$280,859,946
2,450,000
$170,619,499
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
139,100,000
$9,975,955,073
136,650,000
$9,195,273,533
Total increase
+
4,150,000
1,198,326,892
2,450,000
780,681,540
End of period
 
143,250,000
$11,174,281,965
139,100,000
$9,975,955,073
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report101

Schwab U.S. Small-Cap ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/23–
2/29/24*
9/1/22–
8/31/23
9/1/21–
8/31/221
9/1/20–
8/31/211
9/1/19–
8/31/201
9/1/18–
8/31/191
Per-Share Data
Net asset value at beginning of period
$44.22
$42.08
$51.85
$35.62
$34.60
$39.12
Income (loss) from investment operations:
Net investment income (loss)2
0.36
0.65
0.56
0.55
0.51
0.52
Net realized and unrealized gains (losses)
3.54
2.11
(9.72
)
16.19
1.01
(4.53
)
Total from investment operations
3.90
2.76
(9.16
)
16.74
1.52
(4.01
)
Less distributions:
Distributions from net investment income
(0.39
)
(0.62
)
(0.61
)
(0.51
)
(0.50
)
(0.51
)
Net asset value at end of period
$47.73
$44.22
$42.08
$51.85
$35.62
$34.60
Total return
8.92
%3
6.69
%
(17.78
%)
47.33
%
4.53
%
(10.26
%)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.04
%4
0.04
%5
0.04
%5
0.04
%
0.04
%
0.04
%6
Net investment income (loss)
1.66
%4
1.55
%
1.20
%
1.18
%
1.50
%
1.49
%
Portfolio turnover rate7
9
%3
9
%
15
%
15
%
12
%
11
%
Net assets, end of period (x 1,000,000)
$16,497
$14,481
$13,539
$16,622
$10,044
$8,100
*
Unaudited.
1
Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022.
2
Calculated based on the average shares outstanding during the period.
3
Not annualized.
4
Annualized.
5
Ratio includes less than 0.005% of non-routine proxy expenses.
6
Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended August 31, 2019, is a blended ratio.
7
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
102Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited)
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS
 
Automobiles & Components 1.5%
Adient PLC *
441,196
14,974,192
American Axle & Manufacturing
Holdings, Inc. *
546,322
3,780,548
Atmus Filtration Technologies, Inc. *(a)
65,594
1,565,729
Canoo, Inc. *
2,765,927
290,976
Dana, Inc.
605,211
7,565,138
Dorman Products, Inc. *
133,288
12,558,395
Faraday Future Intelligent Electric,
Inc. *
81,913
5,718
Fisker, Inc. *(a)
895,927
652,414
Fox Factory Holding Corp. *
198,652
10,049,805
Garrett Motion, Inc. *
659,139
6,340,917
Gentherm, Inc. *
155,040
8,815,574
Goodyear Tire & Rubber Co. *
1,337,597
15,890,652
Harley-Davidson, Inc.
596,085
21,620,003
Holley, Inc. *
236,677
1,015,344
LCI Industries
119,465
15,050,201
Luminar Technologies, Inc. *(a)
1,272,447
3,041,148
Mobileye Global, Inc., Class A *
357,509
9,105,754
Modine Manufacturing Co. *
246,077
22,075,568
Mullen Automotive, Inc. *(a)
15,543
110,666
Patrick Industries, Inc.
98,195
11,777,508
Phinia, Inc.
218,652
7,482,271
QuantumScape Corp. *
1,640,438
10,285,546
Solid Power, Inc. *(a)
573,970
941,311
Standard Motor Products, Inc.
88,941
2,824,766
Stoneridge, Inc. *
128,378
2,255,601
Thor Industries, Inc.
250,764
32,142,930
Visteon Corp. *
130,872
14,804,241
Winnebago Industries, Inc.
141,251
10,131,934
Workhorse Group, Inc. *
1,000,788
334,864
XPEL, Inc. *
100,513
5,284,974
 
252,774,688
 
Banks 6.8%
1st Source Corp.
79,218
3,943,472
Amerant Bancorp, Inc.
125,481
2,658,942
Ameris Bancorp
304,876
14,124,905
Arrow Financial Corp.
80,889
1,939,718
Associated Banc-Corp.
697,693
14,539,922
Atlantic Union Bankshares Corp.
352,564
11,726,279
Axos Financial, Inc. *
242,346
12,631,074
Banc of California, Inc.
613,496
8,975,446
BancFirst Corp.
68,286
5,991,414
Bancorp, Inc. *
253,258
11,305,437
Bank First Corp.
39,499
3,416,663
Bank of Hawaii Corp.
186,910
11,266,935
Bank of Marin Bancorp
66,205
1,099,665
Bank OZK
495,612
21,707,806
BankUnited, Inc.
350,715
9,406,176
Banner Corp.
161,720
7,089,805
Berkshire Hills Bancorp, Inc.
201,498
4,330,192
SECURITY
NUMBER
OF SHARES
VALUE ($)
Brookline Bancorp, Inc.
421,636
4,119,384
Byline Bancorp, Inc.
134,279
2,798,374
Cadence Bank
859,914
23,802,420
Camden National Corp.
68,559
2,178,805
Capitol Federal Financial, Inc.
589,805
3,414,971
Cathay General Bancorp
342,445
13,372,477
Central Pacific Financial Corp.
125,514
2,342,091
Citizens Financial Services, Inc.
20,095
939,441
City Holding Co.
69,803
7,013,805
Columbia Banking System, Inc.
983,457
17,800,572
Columbia Financial, Inc. *
132,492
2,216,591
Community Bank System, Inc.
251,445
11,390,458
Community Trust Bancorp, Inc.
71,800
2,854,768
ConnectOne Bancorp, Inc.
170,012
3,364,537
CrossFirst Bankshares, Inc. *
199,221
2,563,974
Customers Bancorp, Inc. *
133,007
7,223,610
CVB Financial Corp.
623,098
10,605,128
Dime Community Bancshares, Inc.
164,144
3,076,059
Eagle Bancorp, Inc.
139,453
3,321,770
Eastern Bankshares, Inc.
738,306
9,538,914
Enterprise Financial Services Corp.
176,482
7,045,161
FB Financial Corp.
165,778
5,908,328
Financial Institutions, Inc.
73,090
1,341,932
First BanCorp
809,520
13,745,650
First Bancorp/Southern Pines NC
193,721
6,609,761
First Bancshares, Inc.
129,001
3,203,095
First Busey Corp.
245,891
5,670,246
First Commonwealth Financial Corp.
477,839
6,226,242
First Community Bankshares, Inc.
76,953
2,550,222
First Financial Bancorp
447,304
9,706,497
First Financial Bankshares, Inc.
605,510
18,734,479
First Financial Corp.
50,025
1,862,431
First Foundation, Inc.
237,253
1,881,416
First Hawaiian, Inc.
598,854
12,551,980
First Interstate BancSystem, Inc.,
Class A
390,727
10,283,935
First Merchants Corp.
278,788
9,255,762
First Mid Bancshares, Inc.
103,061
3,122,748
First of Long Island Corp.
99,860
1,112,440
Flushing Financial Corp.
135,309
1,737,368
FNB Corp.
1,690,084
22,545,721
Fulton Financial Corp.
771,236
11,877,034
German American Bancorp, Inc.
140,077
4,406,822
Glacier Bancorp, Inc.
522,280
19,543,718
Great Southern Bancorp, Inc.
40,763
2,125,383
Hancock Whitney Corp.
406,024
17,702,646
Hanmi Financial Corp.
142,173
2,148,234
HarborOne Bancorp, Inc.
188,631
1,920,264
HBT Financial, Inc.
60,381
1,150,862
Heartland Financial USA, Inc.
183,595
6,242,230
Heritage Commerce Corp.
284,242
2,356,366
Heritage Financial Corp.
162,972
2,990,536
Hilltop Holdings, Inc.
217,851
6,727,239
Home BancShares, Inc.
884,252
20,744,552
HomeStreet, Inc.
84,557
1,179,570
Hope Bancorp, Inc.
567,548
6,226,002
Horizon Bancorp, Inc.
182,515
2,197,481
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report103

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Independent Bank Corp.
207,052
10,801,903
Independent Bank Group, Inc.
169,412
7,408,387
International Bancshares Corp.
250,355
12,990,921
Kearny Financial Corp.
301,401
1,916,910
Lakeland Bancorp, Inc.
303,119
3,540,430
Lakeland Financial Corp.
119,947
7,640,624
Live Oak Bancshares, Inc.
155,617
6,181,107
Luther Burbank Corp. *
52,884
483,889
Mercantile Bank Corp.
68,376
2,518,972
Metrocity Bankshares, Inc.
83,294
2,024,044
Midland States Bancorp, Inc.
101,086
2,461,444
National Bank Holdings Corp.,
Class A
178,281
6,033,029
NBT Bancorp, Inc.
222,479
7,651,053
Nicolet Bankshares, Inc.
60,646
4,786,789
Northfield Bancorp, Inc.
183,858
1,856,966
Northwest Bancshares, Inc.
598,748
6,861,652
OceanFirst Financial Corp.
277,243
4,214,094
OFG Bancorp
222,133
8,045,657
Old National Bancorp
1,378,116
22,642,446
Old Second Bancorp, Inc.
187,303
2,515,479
Origin Bancorp, Inc.
137,683
4,108,461
Pacific Premier Bancorp, Inc.
450,757
10,304,305
Park National Corp.
67,534
8,678,794
Pathward Financial, Inc.
123,910
6,299,584
Peapack-Gladstone Financial Corp.
73,930
1,791,324
Peoples Bancorp, Inc.
158,473
4,448,337
Pinnacle Financial Partners, Inc.
361,165
29,875,569
Popular, Inc.
339,223
28,386,181
Preferred Bank
58,847
4,228,157
Premier Financial Corp.
166,742
3,231,460
Prosperity Bancshares, Inc.
441,008
27,523,309
Provident Financial Services, Inc.
357,263
5,387,526
QCR Holdings, Inc.
79,318
4,521,126
Renasant Corp.
264,352
8,356,167
Republic Bancorp, Inc., Class A
40,950
2,017,197
S&T Bancorp, Inc.
180,635
5,634,006
Sandy Spring Bancorp, Inc.
211,709
4,653,364
Seacoast Banking Corp. of Florida
400,127
9,659,066
ServisFirst Bancshares, Inc.
231,071
14,601,376
Simmons First National Corp.,
Class A
587,971
11,289,043
Southside Bancshares, Inc.
135,144
3,873,227
SouthState Corp.
357,580
30,051,023
Stellar Bancorp, Inc.
222,211
5,266,401
Stock Yards Bancorp, Inc.
127,553
5,843,203
Synovus Financial Corp.
688,127
26,107,538
Texas Capital Bancshares, Inc. *
226,544
13,286,806
TFS Financial Corp.
237,822
3,032,231
Tompkins Financial Corp.
57,928
2,789,812
Towne Bank
323,727
8,776,239
TriCo Bancshares
157,418
5,259,335
Triumph Financial, Inc. *
101,834
7,637,550
TrustCo Bank Corp.
88,160
2,405,886
Trustmark Corp.
288,063
7,737,372
UMB Financial Corp.
205,764
16,792,400
United Bankshares, Inc.
635,566
22,047,785
United Community Banks, Inc.
560,611
14,581,492
Univest Financial Corp.
136,744
2,737,615
Valley National Bancorp
2,011,185
16,471,605
Veritex Holdings, Inc.
256,304
5,031,248
WaFd, Inc.
304,719
8,300,546
Washington Trust Bancorp, Inc.
79,108
2,036,240
WesBanco, Inc.
279,901
8,111,531
Westamerica BanCorp
125,849
5,752,558
Wintrust Financial Corp.
287,975
27,746,391
SECURITY
NUMBER
OF SHARES
VALUE ($)
WSFS Financial Corp.
286,587
12,148,423
 
1,116,120,958
 
Capital Goods 12.2%
374Water, Inc. *(a)
227,174
302,141
3D Systems Corp. *
623,109
2,579,671
AAON, Inc.
317,450
26,659,451
AAR Corp. *
157,412
10,511,973
AeroVironment, Inc. *
123,418
15,648,168
Air Lease Corp.
486,661
19,515,106
Alamo Group, Inc.
48,552
9,821,584
Albany International Corp., Class A
147,180
13,815,787
Allison Transmission Holdings, Inc.
421,110
31,722,216
Ameresco, Inc., Class A *
149,813
3,140,080
American Woodmark Corp. *
77,325
7,751,058
Amprius Technologies, Inc. *(a)
80,218
260,709
API Group Corp. *
965,443
33,838,777
Apogee Enterprises, Inc.
104,220
5,962,426
Applied Industrial Technologies, Inc.
182,237
34,604,984
Archer Aviation, Inc., Class A *(a)
868,717
4,195,903
Arcosa, Inc.
229,749
19,069,167
Argan, Inc.
58,783
2,754,571
Armstrong World Industries, Inc.
208,152
25,105,213
Array Technologies, Inc. *
668,625
9,120,045
Astec Industries, Inc.
106,038
4,305,143
Atkore, Inc.
177,740
30,109,156
AZEK Co., Inc. *
702,670
33,805,454
AZZ, Inc.
118,062
8,594,914
Babcock & Wilcox Enterprises, Inc. *
273,317
349,846
Barnes Group, Inc.
238,978
8,349,891
Beacon Roofing Supply, Inc. *
296,936
25,503,833
Blink Charging Co. *(a)
265,426
844,055
Bloom Energy Corp., Class A *(a)
989,531
8,678,187
Blue Bird Corp. *
80,796
2,734,137
BlueLinx Holdings, Inc. *
41,584
5,274,930
Boise Cascade Co.
186,065
25,288,094
BWX Technologies, Inc.
430,737
43,431,212
Cadre Holdings, Inc.
83,904
3,014,671
ChargePoint Holdings, Inc. *(a)
1,411,045
2,920,863
Chart Industries, Inc. *
197,510
28,216,279
Columbus McKinnon Corp.
135,706
5,668,440
Comfort Systems USA, Inc.
168,124
51,400,551
Construction Partners, Inc., Class A *
205,167
9,864,429
Core & Main, Inc., Class A *
791,208
37,764,358
Crane Co.
229,743
27,927,559
CSW Industrials, Inc.
73,144
16,851,646
Custom Truck One Source, Inc. *
286,134
1,836,980
Desktop Metal, Inc., Class A *(a)
1,153,151
705,382
Distribution Solutions Group, Inc. *
49,992
1,570,249
DNOW, Inc. *
503,260
7,121,129
Douglas Dynamics, Inc.
106,715
2,678,547
Ducommun, Inc. *
64,630
3,084,144
DXP Enterprises, Inc. *
61,478
2,183,699
Dycom Industries, Inc. *
138,076
17,465,233
Encore Wire Corp.
74,378
17,925,098
Energy Recovery, Inc. *
262,928
4,109,565
Energy Vault Holdings, Inc. *(a)
369,173
620,211
Enerpac Tool Group Corp.
254,541
8,580,577
EnerSys
190,188
17,474,473
Enovix Corp. *(a)
652,137
6,358,336
Enpro, Inc.
98,546
15,355,438
Esab Corp.
266,636
26,428,960
ESCO Technologies, Inc.
121,608
12,390,639
ESS Tech, Inc. *(a)
403,593
350,561
Eve Holding, Inc. *(a)
148,694
825,252
Federal Signal Corp.
286,339
23,454,028
Flowserve Corp.
617,707
26,141,360
See financial notes
104Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Fluence Energy, Inc. *
270,179
4,131,037
Fluor Corp. *
801,435
29,492,808
Franklin Electric Co., Inc.
187,062
19,446,966
FTAI Aviation Ltd.
471,069
26,516,474
FTC Solar, Inc. *
302,551
154,906
FuelCell Energy, Inc. *
2,116,372
2,518,483
Gates Industrial Corp. PLC *
785,534
11,563,060
GATX Corp.
167,342
21,225,659
Gibraltar Industries, Inc. *
142,883
11,066,288
Global Industrial Co.
60,094
2,635,122
GMS, Inc. *
191,037
17,061,514
Gorman-Rupp Co.
114,118
4,260,025
GrafTech International Ltd.
889,319
1,565,201
Granite Construction, Inc.
206,409
10,636,256
Great Lakes Dredge & Dock Corp. *
309,769
2,769,335
Greenbrier Cos., Inc.
145,799
7,545,098
Griffon Corp.
192,416
13,738,502
H&E Equipment Services, Inc.
150,749
8,515,811
Hayward Holdings, Inc. *
593,869
8,783,323
Helios Technologies, Inc.
155,411
6,861,396
Herc Holdings, Inc.
133,135
21,125,862
Hexcel Corp.
395,383
29,440,218
Hillenbrand, Inc.
329,651
15,674,905
Hillman Solutions Corp. *
918,386
8,945,080
Hyliion Holdings Corp. *
614,564
1,118,506
Hyster-Yale Materials Handling, Inc.
51,369
3,024,607
Hyzon Motors, Inc. *(a)
402,786
253,836
IES Holdings, Inc. *
39,282
4,317,877
Insteel Industries, Inc.
90,846
3,307,703
Janus International Group, Inc. *
430,476
6,177,331
JELD-WEN Holding, Inc. *
401,292
7,303,514
John Bean Technologies Corp.
150,042
15,226,262
Kadant, Inc.
55,184
18,613,563
Kaman Corp.
132,512
6,070,375
Kennametal, Inc.
375,019
9,465,480
Kratos Defense & Security Solutions,
Inc. *
684,240
12,480,538
Leonardo DRS, Inc. *
332,778
7,557,388
Lindsay Corp.
51,746
6,173,815
Manitowoc Co., Inc. *
163,135
2,274,102
Markforged Holding Corp. *
533,566
357,489
Masonite International Corp. *
103,098
13,427,484
MasTec, Inc. *
284,876
21,496,743
Masterbrand, Inc. *
598,523
10,360,433
McGrath RentCorp
115,402
14,365,241
MDU Resources Group, Inc.
958,934
20,789,689
Mercury Systems, Inc. *
244,213
7,294,642
Microvast Holdings, Inc. *(a)
1,035,307
890,675
Moog, Inc., Class A
135,244
20,279,838
MRC Global, Inc. *
398,340
4,592,860
MSC Industrial Direct Co., Inc.,
Class A
218,074
22,012,390
Mueller Industries, Inc.
534,467
27,460,914
Mueller Water Products, Inc., Class A
735,997
11,444,753
MYR Group, Inc. *
78,835
12,807,534
National Presto Industries, Inc.
24,383
1,885,537
Net Power, Inc. *(a)
113,105
924,068
NEXTracker, Inc., Class A *
575,625
32,373,150
Nikola Corp. *(a)
4,336,473
3,227,203
Omega Flex, Inc.
15,450
1,076,093
Oshkosh Corp.
308,165
34,163,172
PGT Innovations, Inc. *
269,038
11,237,717
Powell Industries, Inc.
43,152
7,993,476
Preformed Line Products Co.
13,620
1,872,478
Primoris Services Corp.
251,102
9,921,040
Proto Labs, Inc. *
120,677
4,396,263
Quanex Building Products Corp.
156,317
5,405,442
RBC Bearings, Inc. *
136,791
37,320,689
SECURITY
NUMBER
OF SHARES
VALUE ($)
Resideo Technologies, Inc. *
687,936
15,361,611
REV Group, Inc.
180,832
3,732,372
Rocket Lab USA, Inc. *(a)
1,230,159
5,640,279
Rush Enterprises, Inc., Class A
289,382
14,092,903
Rush Enterprises, Inc., Class B
42,377
2,137,072
SES AI Corp. *
681,710
1,206,627
Shoals Technologies Group, Inc.,
Class A *
797,652
10,233,875
Shyft Group, Inc.
149,614
1,542,520
Simpson Manufacturing Co., Inc.
200,673
41,876,442
SiteOne Landscape Supply, Inc. *
212,495
35,801,158
Southland Holdings, Inc. *
42,210
192,478
Spirit AeroSystems Holdings, Inc.,
Class A *
539,383
15,426,354
SPX Technologies, Inc. *
215,043
25,200,889
Standex International Corp.
55,790
9,651,670
Stem, Inc. *(a)
692,640
1,856,275
Sterling Infrastructure, Inc. *
145,357
15,500,870
SunPower Corp. *(a)
400,183
1,244,569
Sunrun, Inc. *
1,018,993
12,268,676
Symbotic, Inc. *(a)
123,822
4,878,587
Tecnoglass, Inc.
95,341
4,458,145
Tennant Co.
88,190
9,982,226
Terex Corp.
317,200
18,191,420
Terran Orbital Corp. *
688,876
743,986
Thermon Group Holdings, Inc. *
160,051
4,367,792
Tigo Energy, Inc. *(a)
29,363
39,640
Timken Co.
305,263
25,639,039
Titan International, Inc. *
238,287
3,040,542
Titan Machinery, Inc. *
97,079
2,449,303
TPI Composites, Inc. *(a)
198,857
554,811
Transcat, Inc. *
41,839
4,399,789
Trinity Industries, Inc.
385,190
9,776,122
Triumph Group, Inc. *
363,486
5,052,455
Tutor Perini Corp. *
198,053
2,243,941
UFP Industries, Inc.
291,215
33,381,975
V2X, Inc. *
53,408
2,056,208
Valmont Industries, Inc.
98,242
20,820,427
Velo3D, Inc. *
428,633
117,060
Vicor Corp. *
106,539
3,967,512
Virgin Galactic Holdings, Inc. *(a)
1,667,438
2,901,342
Wabash National Corp.
216,071
5,894,417
Watts Water Technologies, Inc.,
Class A
128,774
26,263,457
Xometry, Inc., Class A *
193,630
3,787,403
Zurn Elkay Water Solutions Corp.
667,954
21,207,540
 
2,011,533,557
 
Commercial & Professional Services 4.2%
ABM Industries, Inc.
308,785
12,755,908
ACCO Brands Corp.
441,768
2,465,065
ACV Auctions, Inc., Class A *
641,918
11,394,045
Alight, Inc., Class A *
1,721,626
15,511,850
ASGN, Inc. *
222,437
22,092,443
Barrett Business Services, Inc.
30,918
3,771,687
Blacksky Technology, Inc. *(a)
386,244
548,467
Brady Corp., Class A
211,132
12,304,773
BrightView Holdings, Inc. *
177,159
1,543,055
Brink's Co.
211,850
17,547,536
Casella Waste Systems, Inc., Class A *
268,165
24,161,667
CBIZ, Inc. *
234,720
17,728,402
Cimpress PLC *
84,267
8,259,009
Clarivate PLC *(a)
2,029,184
14,569,541
Concentrix Corp.
222,339
16,108,461
Conduent, Inc. *
797,794
2,744,411
CoreCivic, Inc. *
535,349
8,153,365
CRA International, Inc.
33,060
4,381,772
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report105

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
CSG Systems International, Inc.
133,040
7,258,662
Deluxe Corp.
206,614
4,010,378
Driven Brands Holdings, Inc. *
283,017
3,902,804
Dun & Bradstreet Holdings, Inc.
1,092,616
11,516,173
Ennis, Inc.
120,903
2,456,749
Enviri Corp. *
371,759
2,922,026
ExlService Holdings, Inc. *
775,593
24,136,454
Exponent, Inc.
238,746
19,312,164
First Advantage Corp.
241,400
3,780,324
FiscalNote Holdings, Inc. *
323,393
533,598
Forrester Research, Inc. *
53,387
1,076,816
Franklin Covey Co. *
52,680
2,011,322
FTI Consulting, Inc. *
166,987
34,546,271
GEO Group, Inc. *
571,517
7,012,514
Healthcare Services Group, Inc. *
345,294
4,405,951
Heidrick & Struggles International,
Inc.
95,446
3,245,164
HireRight Holdings Corp. *
54,902
777,961
HNI Corp.
218,917
9,809,671
Huron Consulting Group, Inc. *
88,370
8,671,748
ICF International, Inc.
81,639
12,641,799
Insperity, Inc.
166,492
16,947,221
Interface, Inc.
276,024
4,339,097
Kelly Services, Inc., Class A
149,037
3,655,878
Kforce, Inc.
89,111
6,205,690
Korn Ferry
248,331
15,808,752
LanzaTech Global, Inc. *(a)
373,693
1,203,291
Legalzoom.com, Inc. *
554,610
6,877,164
Liquidity Services, Inc. *
104,006
1,864,828
ManpowerGroup, Inc.
229,856
16,586,409
Matthews International Corp., Class A
143,714
4,159,083
Maximus, Inc.
286,276
23,949,850
MillerKnoll, Inc.
346,659
10,590,432
Montrose Environmental Group, Inc. *
131,487
5,440,932
MSA Safety, Inc.
173,863
32,016,871
NV5 Global, Inc. *
59,833
6,085,614
OPENLANE, Inc. *
510,968
7,802,481
Parsons Corp. *
192,817
15,542,978
Paycor HCM, Inc. *
300,033
6,336,697
Pitney Bowes, Inc.
731,303
2,947,151
Planet Labs PBC *
918,418
2,011,335
Resources Connection, Inc.
149,214
2,063,630
Science Applications International
Corp.
249,359
34,900,286
SP Plus Corp. *
91,913
4,725,247
Steelcase, Inc., Class A
442,758
6,083,495
Stericycle, Inc. *
435,553
23,689,728
Sterling Check Corp. *
139,151
2,180,496
TriNet Group, Inc. *
147,263
18,851,137
TrueBlue, Inc. *
143,573
1,686,983
TTEC Holdings, Inc.
87,769
1,531,569
UniFirst Corp.
70,880
11,958,874
Upwork, Inc. *
590,629
7,737,240
Verra Mobility Corp. *
781,981
16,906,429
Vestis Corp.
614,590
11,529,708
Viad Corp. *
99,445
3,702,337
VSE Corp.
63,227
4,685,121
 
702,674,040
 
Consumer Discretionary Distribution & Retail 3.4%
1-800-Flowers.com, Inc., Class A *
136,791
1,425,362
Aaron's Co., Inc.
141,272
1,094,858
Abercrombie & Fitch Co., Class A *
237,306
30,318,215
Academy Sports & Outdoors, Inc.
350,282
26,173,071
Advance Auto Parts, Inc.
279,967
18,908,971
American Eagle Outfitters, Inc.
874,114
20,760,208
America's Car-Mart, Inc. *
26,948
1,814,678
SECURITY
NUMBER
OF SHARES
VALUE ($)
Arhaus, Inc. *
190,764
2,521,900
Arko Corp.
336,995
2,200,577
Asbury Automotive Group, Inc. *
96,708
20,195,532
AutoNation, Inc. *
121,804
18,246,239
BARK, Inc. *(a)
478,256
573,907
Beyond, Inc. *
214,509
7,192,487
Big Lots, Inc. (a)
126,514
685,706
Boot Barn Holdings, Inc. *
142,880
13,216,400
Buckle, Inc.
141,030
5,773,768
Caleres, Inc.
156,193
6,030,612
Camping World Holdings, Inc.,
Class A
198,159
5,288,864
CarParts.com, Inc. *
243,372
620,599
Carvana Co. *
482,953
36,670,621
Chewy, Inc., Class A *
566,282
9,989,214
Children's Place, Inc. *(a)
57,677
1,109,705
Designer Brands, Inc., Class A
205,670
2,171,875
Dillard's, Inc., Class A
16,194
6,716,138
Foot Locker, Inc.
384,509
13,238,645
Gap, Inc.
1,009,691
19,123,548
Genesco, Inc. *
50,349
1,607,140
Group 1 Automotive, Inc.
64,932
17,573,846
Groupon, Inc. *(a)
98,163
1,816,997
GrowGeneration Corp. *
278,923
596,895
Guess?, Inc.
127,192
3,228,133
Haverty Furniture Cos., Inc.
64,153
2,200,448
Hibbett, Inc.
58,012
4,754,083
Kohl's Corp.
522,000
14,548,140
Lands' End, Inc. *
53,074
516,410
Leslie's, Inc. *
870,676
6,878,340
Macy's, Inc.
1,286,797
22,441,740
MarineMax, Inc. *
92,878
3,083,550
Monro, Inc.
148,861
4,997,264
Murphy USA, Inc.
91,191
38,027,559
National Vision Holdings, Inc. *
368,886
8,631,932
Nordstrom, Inc.
456,756
9,578,173
ODP Corp. *
157,341
8,886,620
Ollie's Bargain Outlet Holdings, Inc. *
290,805
23,313,837
Petco Health & Wellness Co., Inc. *
394,820
1,026,532
PetMed Express, Inc.
102,971
521,033
Qurate Retail, Inc. *
1,615,753
2,278,212
Revolve Group, Inc. *
185,517
4,068,388
Sally Beauty Holdings, Inc. *
508,487
6,422,191
Savers Value Village, Inc. *
104,441
2,113,886
Shoe Carnival, Inc.
84,660
2,774,308
Signet Jewelers Ltd.
210,945
21,465,763
Sleep Number Corp. *
98,699
1,630,507
Sonic Automotive, Inc., Class A
69,672
3,657,780
Sportsman's Warehouse Holdings,
Inc. *
164,039
592,181
Stitch Fix, Inc., Class A *
430,080
1,389,158
Torrid Holdings, Inc. *(a)
39,191
197,131
Upbound Group, Inc.
208,489
7,038,589
Urban Outfitters, Inc. *
265,686
11,039,253
Valvoline, Inc. *
652,705
27,831,341
Victoria's Secret & Co. *
363,587
10,384,045
Warby Parker, Inc., Class A *
356,056
4,525,472
Winmark Corp.
13,500
5,123,925
Zumiez, Inc. *
75,644
1,332,847
 
560,155,349
 
Consumer Durables & Apparel 4.4%
Acushnet Holdings Corp.
141,984
9,146,609
AMMO, Inc. *
405,705
965,578
Beazer Homes USA, Inc. *
139,653
4,375,328
Brunswick Corp.
323,392
28,264,461
Capri Holdings Ltd. *
546,339
25,202,618
See financial notes
106Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Carter's, Inc.
173,341
14,031,954
Cavco Industries, Inc. *
36,400
13,561,548
Century Communities, Inc.
133,232
11,496,589
Columbia Sportswear Co.
162,433
13,431,585
Crocs, Inc. *
284,900
34,829,025
Dream Finders Homes, Inc., Class A *
106,425
4,164,410
Ethan Allen Interiors, Inc.
106,418
3,557,554
Figs, Inc., Class A *
571,473
2,988,804
Funko, Inc., Class A *
165,223
1,163,170
G-III Apparel Group Ltd. *
191,939
6,385,811
GoPro, Inc., Class A *
585,652
1,370,426
Green Brick Partners, Inc. *
120,077
7,024,504
Hanesbrands, Inc. *
1,649,501
8,907,305
Helen of Troy Ltd. *
111,778
13,972,250
Installed Building Products, Inc.
111,100
26,545,123
iRobot Corp. *(a)
131,405
1,499,331
Johnson Outdoors, Inc., Class A
30,675
1,409,823
KB Home
360,778
23,966,483
Kontoor Brands, Inc.
235,511
13,921,055
Latham Group, Inc. *
207,524
703,506
La-Z-Boy, Inc.
203,645
7,736,474
Leggett & Platt, Inc.
628,330
12,830,499
Levi Strauss & Co., Class A
470,199
8,543,516
LGI Homes, Inc. *
96,499
11,009,571
M/I Homes, Inc. *
130,897
16,622,610
Malibu Boats, Inc., Class A *
95,496
4,167,445
Mattel, Inc. *
1,664,194
32,784,622
MDC Holdings, Inc.
280,989
17,618,010
Meritage Homes Corp.
172,792
27,242,387
Movado Group, Inc.
72,639
2,085,466
Newell Brands, Inc.
1,788,443
13,413,322
Oxford Industries, Inc.
69,334
7,029,774
Peloton Interactive, Inc., Class A *
1,603,932
7,249,773
Purple Innovation, Inc.
254,129
472,680
PVH Corp.
284,565
38,891,499
Ralph Lauren Corp.
186,847
34,738,594
Skechers USA, Inc., Class A *
629,169
38,888,936
Skyline Champion Corp. *
251,571
21,079,134
Smith & Wesson Brands, Inc.
214,758
2,948,627
Snap One Holdings Corp. *
83,233
689,169
Solo Brands, Inc., Class A *
138,900
375,030
Sonos, Inc. *
604,400
11,459,424
Steven Madden Ltd.
330,070
14,133,597
Sturm Ruger & Co., Inc.
83,761
3,628,526
Taylor Morrison Home Corp. *
505,669
28,625,922
Topgolf Callaway Brands Corp. *
665,744
9,480,195
Traeger, Inc. *
320,508
711,528
Tri Pointe Homes, Inc. *
456,441
16,148,883
Tupperware Brands Corp. *(a)
211,908
279,719
Under Armour, Inc., Class A *
1,769,985
15,859,066
Vista Outdoor, Inc. *
273,036
8,518,723
Vizio Holding Corp., Class A *
476,531
5,246,606
Wolverine World Wide, Inc.
370,377
3,766,734
Worthington Enterprises, Inc.
143,203
8,895,770
YETI Holdings, Inc. *
408,632
16,770,257
 
722,826,938
 
Consumer Services 4.4%
2U, Inc. *(a)
389,025
175,295
Accel Entertainment, Inc. *
259,466
2,939,750
Adtalem Global Education, Inc. *
187,778
9,295,011
Bally's Corp. *
136,388
1,533,001
BJ's Restaurants, Inc. *
109,526
3,835,600
Bloomin' Brands, Inc.
409,003
11,116,702
Bowlero Corp., Class A (a)
177,911
2,214,992
Boyd Gaming Corp.
327,597
21,663,990
SECURITY
NUMBER
OF SHARES
VALUE ($)
Bright Horizons Family Solutions,
Inc. *
272,151
31,259,264
Brinker International, Inc. *
208,309
9,653,039
Carriage Services, Inc.
63,780
1,583,020
Cava Group, Inc. *
69,928
4,084,494
Cheesecake Factory, Inc.
220,785
7,811,373
Chegg, Inc. *
546,184
4,882,885
Choice Hotels International, Inc.
116,843
13,079,405
Chuy's Holdings, Inc. *
80,706
2,730,284
Coursera, Inc. *
497,782
7,999,357
Cracker Barrel Old Country Store, Inc.
104,332
6,899,475
Dave & Buster's Entertainment, Inc. *
161,244
9,955,205
Denny's Corp. *
248,234
2,291,200
Dine Brands Global, Inc.
73,816
3,580,814
Duolingo, Inc. *
168,295
40,222,505
Dutch Bros, Inc., Class A *
290,350
8,457,895
El Pollo Loco Holdings, Inc. *
125,397
1,136,097
European Wax Center, Inc., Class A *
163,968
2,325,066
Everi Holdings, Inc. *
401,538
4,762,241
First Watch Restaurant Group, Inc. *
111,077
2,782,479
Frontdoor, Inc. *
374,832
11,754,731
Global Business Travel Group I *
215,907
1,295,442
Golden Entertainment, Inc.
100,354
3,719,119
Graham Holdings Co., Class B
16,798
11,797,739
Grand Canyon Education, Inc. *
138,841
18,715,767
H&R Block, Inc.
676,917
33,135,087
Hilton Grand Vacations, Inc. *
335,192
15,043,417
Hyatt Hotels Corp., Class A
208,087
31,960,082
Jack in the Box, Inc.
94,883
6,926,459
Krispy Kreme, Inc.
397,742
5,146,781
Kura Sushi USA, Inc., Class A *
26,417
2,510,407
Laureate Education, Inc.
636,419
8,534,379
Life Time Group Holdings, Inc. *
275,259
3,782,059
Light & Wonder, Inc. *
424,020
42,618,250
Lindblad Expeditions Holdings, Inc. *
172,082
1,595,200
Marriott Vacations Worldwide Corp.
155,545
14,495,239
Mister Car Wash, Inc. *
427,340
3,542,649
Monarch Casino & Resort, Inc.
62,407
4,390,332
OneSpaWorld Holdings Ltd. *
414,783
5,408,770
Papa John's International, Inc.
153,956
11,067,897
Penn Entertainment, Inc. *
715,846
13,099,982
Perdoceo Education Corp.
310,824
5,535,775
Planet Fitness, Inc., Class A *
401,910
24,938,515
Playa Hotels & Resorts NV *
505,341
4,644,084
Portillo's, Inc., Class A *
228,145
3,314,947
RCI Hospitality Holdings, Inc.
40,088
2,259,360
Red Rock Resorts, Inc., Class A
229,787
13,325,348
Rush Street Interactive, Inc. *
314,727
1,841,153
Sabre Corp. *
1,776,767
4,708,433
Shake Shack, Inc., Class A *
176,151
18,728,374
Six Flags Entertainment Corp. *
337,550
8,553,517
Strategic Education, Inc.
103,292
11,443,721
Stride, Inc. *
187,108
11,179,703
Sweetgreen, Inc., Class A *
431,117
5,492,431
Target Hospitality Corp. *
131,992
1,277,683
Texas Roadhouse, Inc.
314,405
46,962,675
Travel & Leisure Co.
340,926
15,235,983
Udemy, Inc. *
409,765
4,630,344
United Parks & Resorts, Inc. *
168,910
8,673,528
Vacasa, Inc., Class A *
31,064
293,555
Wendy's Co.
785,672
14,228,520
Wingstop, Inc.
138,478
48,612,702
WW International, Inc. *
369,752
1,153,626
Xponential Fitness, Inc., Class A *
111,559
1,124,515
 
726,968,719
 
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report107

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Consumer Staples Distribution & Retail 0.5%
Andersons, Inc.
149,710
8,275,969
Chefs' Warehouse, Inc. *
166,301
6,321,101
Grocery Outlet Holding Corp. *
466,496
12,030,932
Ingles Markets, Inc., Class A
68,141
5,247,538
PriceSmart, Inc.
118,015
9,929,782
SpartanNash Co.
161,279
3,398,148
Sprouts Farmers Market, Inc. *
478,009
29,846,882
United Natural Foods, Inc. *
278,749
4,351,272
Weis Markets, Inc.
77,770
5,050,384
 
84,452,008
 
Energy 4.9%
Antero Midstream Corp.
1,604,729
21,503,369
Archrock, Inc.
647,452
11,828,948
Atlas Energy Solutions, Inc.
247,686
4,671,358
Berry Corp.
313,319
2,208,899
Bristow Group, Inc. *
111,555
3,006,407
Cactus, Inc., Class A
307,847
14,130,177
California Resources Corp.
303,780
15,848,203
Callon Petroleum Co. *
262,137
8,168,189
Centrus Energy Corp., Class A *
59,922
2,444,218
ChampionX Corp.
915,962
28,449,780
Chord Energy Corp.
194,303
31,564,522
Civitas Resources, Inc.
401,603
27,582,094
Clean Energy Fuels Corp. *
823,962
2,430,688
CNX Resources Corp. *
748,583
15,682,814
Comstock Resources, Inc.
436,311
3,730,459
CONSOL Energy, Inc.
131,466
11,282,412
Core Laboratories, Inc.
221,572
3,316,933
Crescent Energy Co., Class A
386,303
4,318,868
CVR Energy, Inc.
138,131
4,583,187
Delek U.S. Holdings, Inc.
278,644
7,108,208
Diamond Offshore Drilling, Inc. *
482,322
5,348,951
DMC Global, Inc. *
93,771
1,564,100
Dorian LPG Ltd.
160,008
5,784,289
Dril-Quip, Inc. *
159,305
3,600,293
DT Midstream, Inc.
456,135
26,287,060
Enviva, Inc. *
149,114
59,601
Equitrans Midstream Corp.
2,041,164
21,820,043
Excelerate Energy, Inc., Class A
84,739
1,330,402
Expro Group Holdings NV *
405,170
7,248,491
Granite Ridge Resources, Inc.
118,875
731,081
Green Plains, Inc. *
303,442
6,463,315
Gulfport Energy Corp. *
46,544
6,608,783
Helix Energy Solutions Group, Inc. *
668,467
6,016,203
Helmerich & Payne, Inc.
468,879
18,000,265
HighPeak Energy, Inc. (a)
83,699
1,386,892
International Seaways, Inc.
176,783
9,357,124
Kinetik Holdings, Inc.
104,476
3,690,092
Kodiak Gas Services, Inc.
75,373
1,922,012
Kosmos Energy Ltd. *
2,169,110
13,318,335
Liberty Energy, Inc.
722,745
15,452,288
Magnolia Oil & Gas Corp., Class A
873,211
19,804,425
Matador Resources Co.
521,396
32,926,157
Murphy Oil Corp.
689,939
27,369,880
Nabors Industries Ltd. *
41,752
3,272,104
NextDecade Corp. *
348,512
1,599,670
Noble Corp. PLC
510,129
21,328,493
Northern Oil & Gas, Inc.
430,268
15,373,476
Oceaneering International, Inc. *
472,788
9,342,291
Par Pacific Holdings, Inc. *
262,490
9,481,139
Patterson-UTI Energy, Inc.
1,512,056
17,494,488
PBF Energy, Inc., Class A
512,227
23,921,001
Peabody Energy Corp.
518,787
12,850,354
Permian Resources Corp.
1,956,609
30,444,836
SECURITY
NUMBER
OF SHARES
VALUE ($)
ProFrac Holding Corp., Class A *
96,139
786,417
ProPetro Holding Corp. *
398,513
2,948,996
REX American Resources Corp. *
72,556
3,191,013
Riley Exploration Permian, Inc.
18,603
439,961
RPC, Inc.
405,016
2,993,068
SandRidge Energy, Inc.
146,527
1,910,712
Select Water Solutions, Inc.
376,750
3,217,445
SilverBow Resources, Inc. *
71,596
2,032,610
Sitio Royalties Corp., Class A
383,933
8,761,351
SM Energy Co.
547,206
23,951,207
Southwestern Energy Co. *
5,188,211
36,161,831
Talos Energy, Inc. *
618,453
8,157,395
Tellurian, Inc. *
2,983,456
2,368,566
TETRA Technologies, Inc. *
544,098
2,121,982
Tidewater, Inc. *
228,428
15,996,813
Transocean Ltd. *
3,348,755
15,705,661
U.S. Silica Holdings, Inc. *
360,067
4,140,771
Uranium Energy Corp. *
1,817,147
11,775,113
Valaris Ltd. *
295,014
18,600,633
Vital Energy, Inc. *
115,938
5,835,160
Weatherford International PLC *
339,709
34,857,541
World Kinect Corp.
284,004
6,918,337
 
817,930,250
 
Equity Real Estate Investment Trusts (REITs) 5.2%
Acadia Realty Trust
448,230
7,346,490
Agree Realty Corp.
472,617
25,970,304
Alexander & Baldwin, Inc.
341,278
5,549,180
Alexander's, Inc.
10,024
2,215,805
American Assets Trust, Inc.
230,118
4,963,645
Apartment Investment & Management
Co., Class A *
634,574
4,683,156
Apple Hospitality REIT, Inc.
1,004,020
16,154,682
Armada Hoffler Properties, Inc.
315,101
3,207,728
Brandywine Realty Trust
801,431
3,446,153
Brixmor Property Group, Inc.
1,416,305
32,022,656
Broadstone Net Lease, Inc.
879,083
13,107,128
CareTrust REIT, Inc.
561,301
12,662,951
CBL & Associates Properties, Inc.
115,979
2,674,476
Centerspace
70,706
3,930,547
Chatham Lodging Trust
226,802
2,313,380
City Office REIT, Inc.
188,076
861,388
Community Healthcare Trust, Inc.
120,521
3,270,940
COPT Defense Properties
528,172
12,797,608
Cousins Properties, Inc.
715,993
16,331,800
DiamondRock Hospitality Co.
986,422
9,272,367
Diversified Healthcare Trust
1,006,377
3,300,917
Douglas Emmett, Inc.
782,521
10,344,928
Easterly Government Properties, Inc.
448,351
5,290,542
Elme Communities
413,555
5,326,588
Empire Resorts, Inc. *(a)(b)
17,021
41,796
Empire State Realty Trust, Inc.,
Class A
612,784
6,109,457
EPR Properties
355,395
14,599,627
Equity Commonwealth *
503,630
9,483,353
Essential Properties Realty Trust, Inc.
735,554
17,572,385
First Industrial Realty Trust, Inc.
621,988
32,965,364
Four Corners Property Trust, Inc.
426,535
10,313,616
Franklin Street Properties Corp.,
Class C
437,829
1,037,655
Getty Realty Corp.
225,129
5,934,400
Gladstone Commercial Corp.
185,536
2,296,936
Global Medical REIT, Inc.
286,612
2,565,177
Global Net Lease, Inc.
925,191
6,670,627
Highwoods Properties, Inc.
496,437
12,137,885
Hudson Pacific Properties, Inc.
593,072
3,760,076
Independence Realty Trust, Inc.
1,058,803
15,500,876
See financial notes
108Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Industrial Logistics Properties Trust
275,516
1,055,226
Innovative Industrial Properties, Inc.
131,779
12,913,024
InvenTrust Properties Corp.
318,081
8,031,545
JBG SMITH Properties
409,719
6,793,141
Kilroy Realty Corp.
502,672
19,046,242
Kite Realty Group Trust
1,033,424
22,125,608
LTC Properties, Inc.
195,412
6,147,662
LXP Industrial Trust
1,373,381
11,893,479
Macerich Co.
1,014,884
16,654,246
Medical Properties Trust, Inc. (a)
2,816,815
11,858,791
National Health Investors, Inc.
203,686
11,705,834
National Storage Affiliates Trust
364,385
13,048,627
NETSTREIT Corp.
322,116
5,414,770
NexPoint Diversified Real Estate
Trust (a)
153,513
971,737
NexPoint Residential Trust, Inc.
106,361
3,106,805
Office Properties Income Trust
225,668
602,534
One Liberty Properties, Inc.
74,491
1,507,698
Orion Office REIT, Inc.
262,032
919,732
Outfront Media, Inc.
683,994
9,828,994
Paramount Group, Inc.
769,524
3,408,991
Park Hotels & Resorts, Inc.
989,279
16,422,031
Peakstone Realty Trust (a)
167,638
2,308,375
Pebblebrook Hotel Trust
567,157
8,983,767
Phillips Edison & Co., Inc.
562,599
20,096,036
Piedmont Office Realty Trust, Inc.,
Class A
587,864
3,685,907
Plymouth Industrial REIT, Inc.
173,982
3,752,792
PotlatchDeltic Corp.
373,322
16,877,888
Rayonier, Inc.
642,665
22,126,956
Retail Opportunity Investments Corp.
594,145
7,682,295
RLJ Lodging Trust
731,859
8,687,166
Ryman Hospitality Properties, Inc.
280,800
33,269,184
Sabra Health Care REIT, Inc.
1,090,318
15,133,614
Safehold, Inc.
209,081
4,206,710
Saul Centers, Inc.
59,900
2,167,781
Service Properties Trust
782,807
5,323,088
SITE Centers Corp.
845,982
11,488,436
SL Green Realty Corp. (a)
302,609
14,670,484
STAG Industrial, Inc.
855,508
31,773,567
Summit Hotel Properties, Inc.
512,375
3,289,448
Sunstone Hotel Investors, Inc.
970,063
10,855,005
Tanger, Inc.
496,578
14,306,412
Terreno Realty Corp.
394,897
25,391,877
UMH Properties, Inc.
293,904
4,526,122
Uniti Group, Inc.
1,129,026
6,616,092
Universal Health Realty Income Trust
58,902
2,284,220
Urban Edge Properties
553,633
9,417,297
Veris Residential, Inc.
378,847
5,531,166
Vornado Realty Trust
751,551
19,765,791
Xenia Hotels & Resorts, Inc.
498,073
7,640,440
 
853,349,222
 
Financial Services 6.4%
Affiliated Managers Group, Inc.
158,890
24,836,096
Affirm Holdings, Inc. *
1,037,631
38,931,915
Alerus Financial Corp.
82,440
1,798,016
AlTi Global, Inc. *(a)
128,041
750,320
A-Mark Precious Metals, Inc.
82,261
2,113,285
Apollo Commercial Real Estate
Finance, Inc.
614,182
6,884,980
Arbor Realty Trust, Inc. (a)
889,284
11,916,406
ARMOUR Residential REIT, Inc. (a)
230,230
4,558,554
Artisan Partners Asset Management,
Inc., Class A
323,198
13,920,138
AssetMark Financial Holdings, Inc. *
105,915
3,744,095
AvidXchange Holdings, Inc. *
800,095
10,633,263
SECURITY
NUMBER
OF SHARES
VALUE ($)
B Riley Financial, Inc. (a)
78,510
1,439,088
BGC Group, Inc., Class A
1,823,283
12,671,817
Blackstone Mortgage Trust, Inc.,
Class A (a)
812,589
16,552,438
Blue Owl Capital, Inc.
1,908,793
34,281,922
Bread Financial Holdings, Inc.
231,240
8,851,867
Brightsphere Investment Group, Inc.
154,041
3,490,569
BrightSpire Capital, Inc.
617,469
4,266,711
Cannae Holdings, Inc. *
309,706
6,757,785
Cantaloupe, Inc. *
257,536
1,673,984
Cass Information Systems, Inc.
56,518
2,730,950
Chimera Investment Corp.
1,057,814
4,612,069
Claros Mortgage Trust, Inc.
569,116
5,509,043
Cohen & Steers, Inc.
120,381
8,854,023
Diamond Hill Investment Group, Inc.
13,792
1,995,427
Donnelley Financial Solutions, Inc. *
115,746
7,472,562
Dynex Capital, Inc. (a)
266,588
3,289,696
Ellington Financial, Inc.
367,349
4,162,064
Enact Holdings, Inc.
143,918
3,989,407
Encore Capital Group, Inc. *
111,074
5,331,552
Enova International, Inc. *
141,158
8,928,244
Essent Group Ltd.
501,928
26,888,283
Euronet Worldwide, Inc. *
205,800
22,522,752
Evercore, Inc., Class A
162,884
30,472,339
EVERTEC, Inc.
310,080
11,203,190
Federal Agricultural Mortgage Corp.,
Class C
47,891
8,566,263
Federated Hermes, Inc.
406,581
14,323,849
FirstCash Holdings, Inc.
174,319
19,959,525
Flywire Corp. *
501,669
14,242,383
Forge Global Holdings, Inc. *
545,400
1,134,432
Franklin BSP Realty Trust, Inc.
383,418
4,949,926
Granite Point Mortgage Trust, Inc.
237,894
1,127,618
Green Dot Corp., Class A *
209,733
1,721,908
Hamilton Lane, Inc., Class A
172,405
19,800,714
Hannon Armstrong Sustainable
Infrastructure Capital, Inc.
523,877
13,185,984
Houlihan Lokey, Inc.
242,639
31,217,934
International Money Express, Inc. *
164,872
3,247,978
Invesco Mortgage Capital, Inc.
228,651
2,064,719
Jackson Financial, Inc., Class A
332,708
18,315,575
Janus Henderson Group PLC
623,930
19,441,659
KKR Real Estate Finance Trust, Inc.
270,690
2,639,228
Ladder Capital Corp.
534,556
5,778,550
Lazard, Inc., Class A
530,996
20,464,586
LendingClub Corp. *
518,712
4,206,754
LendingTree, Inc. *
51,623
2,042,722
Marqeta, Inc., Class A *
2,003,806
13,084,853
Merchants Bancorp
122,705
5,259,136
MFA Financial, Inc.
482,737
5,416,309
MGIC Investment Corp.
1,303,230
25,921,245
Moelis & Co., Class A
313,958
16,966,290
Moneylion, Inc. *
24,447
1,223,328
Mr Cooper Group, Inc. *
310,454
22,129,161
Navient Corp.
396,996
6,455,155
NCR Atleos Corp. *
316,120
6,878,771
Nelnet, Inc., Class A
84,141
7,225,188
NerdWallet, Inc., Class A *
180,331
3,042,184
New York Mortgage Trust, Inc.
425,157
3,065,382
NewtekOne, Inc. (a)
108,844
1,256,060
NMI Holdings, Inc., Class A *
380,521
11,446,072
OneMain Holdings, Inc.
563,747
26,625,771
Open Lending Corp., Class A *
461,741
3,352,240
Payoneer Global, Inc. *
1,219,919
5,928,806
PennyMac Financial Services, Inc.
135,875
11,539,864
PennyMac Mortgage Investment Trust
410,510
5,800,506
Piper Sandler Cos.
70,976
13,362,652
PJT Partners, Inc., Class A
104,832
11,049,293
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report109

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
PRA Group, Inc. *
183,420
4,688,215
PROG Holdings, Inc. *
209,299
6,461,060
Radian Group, Inc.
719,798
20,974,914
Ready Capital Corp.
744,872
6,577,220
Redwood Trust, Inc.
558,095
3,421,122
Remitly Global, Inc. *
637,112
13,137,249
Repay Holdings Corp. *
351,321
3,052,979
Rithm Capital Corp.
2,276,307
24,675,168
Rocket Cos., Inc., Class A *
593,633
7,456,030
Shift4 Payments, Inc., Class A *
267,359
21,982,257
SLM Corp.
1,064,641
22,176,472
StepStone Group, Inc., Class A
243,466
8,455,574
Stifel Financial Corp.
480,418
36,444,509
StoneX Group, Inc. *
126,305
8,747,884
TPG RE Finance Trust, Inc.
282,968
2,116,601
TPG, Inc.
359,666
15,951,187
Two Harbors Investment Corp.
453,024
5,739,814
Upstart Holdings, Inc. *(a)
345,586
8,898,840
UWM Holdings Corp. (a)
435,801
2,780,410
Victory Capital Holdings, Inc., Class A
173,939
6,684,476
Virtu Financial, Inc., Class A
423,979
7,652,821
Virtus Investment Partners, Inc.
31,930
7,417,978
Walker & Dunlop, Inc.
157,194
14,993,164
Waterstone Financial, Inc.
91,126
1,152,744
Western Union Co.
1,712,315
22,962,144
WisdomTree, Inc.
519,937
4,190,692
World Acceptance Corp. *
16,113
1,929,693
 
1,064,216,640
 
Food, Beverage & Tobacco 1.6%
B&G Foods, Inc.
368,995
4,261,892
Benson Hill, Inc. *
499,129
123,534
Beyond Meat, Inc. *(a)
303,096
3,240,096
Boston Beer Co., Inc., Class A *
44,199
13,619,480
BRC, Inc., Class A *(a)
200,782
829,230
Calavo Growers, Inc.
82,492
2,380,719
Cal-Maine Foods, Inc.
190,937
10,976,968
Coca-Cola Consolidated, Inc.
22,030
18,522,824
Duckhorn Portfolio, Inc. *
198,221
1,885,082
Flowers Foods, Inc.
905,643
20,304,516
Fresh Del Monte Produce, Inc.
160,107
3,831,361
Freshpet, Inc. *
226,899
25,646,394
Hain Celestial Group, Inc. *
423,634
4,236,340
Ingredion, Inc.
307,078
36,121,585
J & J Snack Foods Corp.
72,354
10,497,118
John B Sanfilippo & Son, Inc.
42,561
4,356,970
Lancaster Colony Corp.
95,977
19,859,561
MGP Ingredients, Inc.
73,629
6,271,718
Mission Produce, Inc. *
197,375
2,082,306
National Beverage Corp. *
109,580
5,768,291
Pilgrim's Pride Corp. *
190,568
6,067,685
Seaboard Corp.
1,139
3,744,565
Simply Good Foods Co. *
427,100
15,153,508
Sovos Brands, Inc. *
295,047
6,724,121
Tootsie Roll Industries, Inc.
80,992
2,633,860
TreeHouse Foods, Inc. *
235,898
8,442,789
Turning Point Brands, Inc.
84,862
2,147,009
Universal Corp.
114,839
5,513,420
Utz Brands, Inc.
318,383
5,632,195
Vector Group Ltd.
622,978
6,952,435
Vita Coco Co., Inc. *
144,705
3,776,801
Vital Farms, Inc. *
129,992
2,335,956
Westrock Coffee Co. *(a)
142,121
1,438,265
WK Kellogg Co.
308,903
4,522,340
 
269,900,934
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Health Care Equipment & Services 5.6%
23andMe Holding Co., Class A *
1,489,621
849,084
Acadia Healthcare Co., Inc. *
434,372
36,248,343
Accolade, Inc. *
329,162
3,373,911
AdaptHealth Corp. *
381,340
3,901,108
Addus HomeCare Corp. *
76,304
7,041,333
Agiliti, Inc. *
163,143
1,610,221
AirSculpt Technologies, Inc. *(a)
57,702
364,100
Alignment Healthcare, Inc. *
456,645
2,739,870
Alphatec Holdings, Inc. *
454,599
6,105,265
Amedisys, Inc. *
153,922
14,317,824
American Well Corp., Class A *
1,209,786
1,306,569
AMN Healthcare Services, Inc. *
177,732
10,000,980
AngioDynamics, Inc. *
193,746
1,063,666
Artivion, Inc. *
181,650
3,505,845
Astrana Health, Inc. *
194,778
8,772,801
AtriCure, Inc. *
222,959
7,796,876
Atrion Corp.
6,275
2,309,137
Avanos Medical, Inc. *
218,070
4,049,560
Aveanna Healthcare Holdings, Inc. *
223,776
530,349
Axogen, Inc. *
204,759
2,162,255
Axonics, Inc. *
238,949
16,234,195
Bioventus, Inc., Class A *
149,265
691,097
Brookdale Senior Living, Inc. *
880,790
5,038,119
Butterfly Network, Inc. *(a)
714,888
850,717
Castle Biosciences, Inc. *
128,648
2,323,383
Certara, Inc. *
505,041
8,525,092
Cerus Corp. *
861,623
1,878,338
Clover Health Investments Corp. *
1,573,666
1,359,490
Community Health Systems, Inc. *
593,054
1,654,621
Computer Programs & Systems, Inc. *
68,720
608,859
CONMED Corp.
144,983
11,645,035
CorVel Corp. *
42,675
10,412,700
Cross Country Healthcare, Inc. *
153,471
2,803,915
Definitive Healthcare Corp. *
229,492
2,184,764
DocGo, Inc. *
406,235
1,653,376
Doximity, Inc., Class A *
555,860
15,691,928
Embecta Corp.
267,803
3,824,227
Enovis Corp. *
234,131
14,003,375
Ensign Group, Inc.
265,957
33,223,348
Envista Holdings Corp. *
807,870
16,682,516
Evolent Health, Inc., Class A *
540,938
18,343,208
Fulgent Genetics, Inc. *
94,655
2,135,417
Glaukos Corp. *
229,077
20,293,931
Globus Medical, Inc., Class A *
542,277
29,277,535
GoodRx Holdings, Inc., Class A *
375,374
2,924,163
Guardant Health, Inc. *
555,814
10,560,466
Haemonetics Corp. *
239,070
17,447,329
Health Catalyst, Inc. *
267,279
2,223,761
HealthEquity, Inc. *
403,400
33,324,874
HealthStream, Inc.
112,632
3,072,601
Hims & Hers Health, Inc. *
691,735
9,020,224
ICU Medical, Inc. *
95,730
10,456,588
Inari Medical, Inc. *
240,790
11,105,235
Innovage Holding Corp. *
77,980
377,423
Inspire Medical Systems, Inc. *
138,749
24,841,621
Integer Holdings Corp. *
156,912
17,305,825
Integra LifeSciences Holdings Corp. *
319,464
11,791,416
iRhythm Technologies, Inc. *
144,007
17,086,431
Lantheus Holdings, Inc. *
322,762
21,102,180
LeMaitre Vascular, Inc.
93,754
6,562,780
LifeStance Health Group, Inc. *(a)
423,187
3,533,611
LivaNova PLC *
254,203
13,932,866
Merit Medical Systems, Inc. *
271,498
20,688,148
ModivCare, Inc. *
57,306
1,606,860
Multiplan Corp. *
1,275,721
1,428,808
National HealthCare Corp.
63,824
6,296,876
See financial notes
110Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
National Research Corp.
67,394
2,717,326
Neogen Corp. *
928,729
15,964,852
NeoGenomics, Inc. *
601,524
9,383,774
Nevro Corp. *
168,495
2,453,287
Novocure Ltd. *
457,512
7,004,509
OmniAb, Inc., Class A *(b)
25,234
0
OmniAb, Inc., Class B *(b)
25,234
0
Omnicell, Inc. *
213,557
5,603,736
OPKO Health, Inc. *(a)
2,107,798
2,107,798
Option Care Health, Inc. *
832,784
26,873,940
OraSure Technologies, Inc. *
341,992
2,460,632
Orchestra BioMed Holdings, Inc. *
120,669
777,108
Orthofix Medical, Inc. *
171,523
2,240,090
OrthoPediatrics Corp. *
72,765
1,998,127
Outset Medical, Inc. *
232,072
731,027
Owens & Minor, Inc. *
360,994
8,782,984
Paragon 28, Inc. *
173,231
2,161,923
Patterson Cos., Inc.
401,815
10,885,168
Pediatrix Medical Group, Inc. *
393,378
3,599,409
Pennant Group, Inc. *
142,863
2,664,395
PetIQ, Inc. *
119,604
2,177,989
Phreesia, Inc. *
245,700
6,081,075
Premier, Inc., Class A
562,369
11,731,017
Privia Health Group, Inc. *
483,880
10,800,202
PROCEPT BioRobotics Corp. *
206,255
9,970,367
Progyny, Inc. *
391,444
14,295,535
Pulmonx Corp. *
182,074
1,678,722
QuidelOrtho Corp. *
233,531
10,649,014
RadNet, Inc. *
284,941
10,787,866
RxSight, Inc. *
106,473
5,810,232
Schrodinger, Inc. *
257,681
6,560,558
Select Medical Holdings Corp.
493,487
13,437,651
Semler Scientific, Inc. *
23,961
1,130,240
Senseonics Holdings, Inc. *(a)
2,489,913
1,748,168
Sharecare, Inc. *
1,389,513
1,306,142
SI-BONE, Inc. *
174,544
3,028,338
Sight Sciences, Inc. *
143,420
576,548
Silk Road Medical, Inc. *
181,209
3,259,950
Simulations Plus, Inc.
76,040
3,155,660
STAAR Surgical Co. *
230,992
7,216,190
Surgery Partners, Inc. *
345,469
10,719,903
Surmodics, Inc. *
65,776
2,098,254
Tandem Diabetes Care, Inc. *
304,910
8,119,753
Teladoc Health, Inc. *
777,873
11,730,325
Tenet Healthcare Corp. *
478,163
44,469,159
TransMedics Group, Inc. *
153,850
12,554,160
Treace Medical Concepts, Inc. *
201,877
2,713,227
U.S. Physical Therapy, Inc.
70,789
7,522,747
UFP Technologies, Inc. *
33,067
6,888,187
Varex Imaging Corp. *
192,101
3,304,137
Zimvie, Inc. *
123,196
2,088,172
 
932,097,942
 
Household & Personal Products 1.1%
Beauty Health Co. *
384,101
1,279,056
BellRing Brands, Inc. *
619,155
35,260,877
Central Garden & Pet Co. *
44,337
1,945,064
Central Garden & Pet Co., Class A *
251,231
9,468,897
Edgewell Personal Care Co.
238,485
9,107,742
elf Beauty, Inc. *
259,812
54,178,597
Energizer Holdings, Inc.
312,046
8,908,913
Herbalife Ltd. *
464,895
4,105,023
Inter Parfums, Inc.
84,486
12,395,786
Medifast, Inc.
50,648
2,030,478
Nu Skin Enterprises, Inc., Class A
231,919
2,898,988
Olaplex Holdings, Inc. *
549,718
1,022,476
Spectrum Brands Holdings, Inc.
168,427
13,544,899
SECURITY
NUMBER
OF SHARES
VALUE ($)
USANA Health Sciences, Inc. *
51,982
2,508,651
WD-40 Co.
63,897
17,149,316
 
175,804,763
 
Insurance 2.9%
Ambac Financial Group, Inc. *
211,036
3,452,549
American Equity Investment Life
Holding Co. *
293,552
16,303,878
AMERISAFE, Inc.
90,680
4,784,277
Assured Guaranty Ltd.
255,656
23,418,090
Axis Capital Holdings Ltd.
365,196
22,850,314
Brighthouse Financial, Inc. *
301,351
14,027,889
BRP Group, Inc., Class A *
303,975
8,456,584
CNO Financial Group, Inc.
526,822
14,060,879
Employers Holdings, Inc.
121,204
5,540,235
Enstar Group Ltd. *
62,692
19,305,374
F&G Annuities & Life, Inc.
83,376
3,149,945
First American Financial Corp.
485,008
28,329,317
Genworth Financial, Inc., Class A *
2,126,718
13,079,316
Goosehead Insurance, Inc., Class A *
115,533
8,740,071
Hagerty, Inc., Class A *(a)
109,976
944,694
Hanover Insurance Group, Inc.
168,375
22,136,261
Hippo Holdings, Inc. *
73,495
1,032,605
Horace Mann Educators Corp.
192,186
6,955,211
James River Group Holdings Ltd.
175,131
1,749,559
Kemper Corp.
283,635
16,260,795
Lemonade, Inc. *(a)
292,079
4,743,363
Lincoln National Corp.
798,951
22,003,111
MBIA, Inc.
207,794
1,356,895
Mercury General Corp.
125,518
6,111,471
National Western Life Group, Inc.,
Class A
10,558
5,126,754
Oscar Health, Inc., Class A *
674,546
10,968,118
Palomar Holdings, Inc. *
116,145
8,843,280
Primerica, Inc.
164,987
40,464,712
ProAssurance Corp.
237,257
2,925,379
RLI Corp.
188,821
27,652,835
Ryan Specialty Holdings, Inc. *
478,495
25,063,568
Safety Insurance Group, Inc.
69,676
5,724,580
Selective Insurance Group, Inc.
285,039
29,780,875
Selectquote, Inc. *
649,459
1,259,950
SiriusPoint Ltd. *
424,069
5,203,327
Skyward Specialty Insurance Group,
Inc. *
151,720
5,551,435
Stewart Information Services Corp.
128,876
8,116,610
Trupanion, Inc. *(a)
168,586
4,509,676
United Fire Group, Inc.
98,506
2,294,205
White Mountains Insurance Group
Ltd.
11,878
20,969,896
 
473,247,883
 
Materials 5.1%
AdvanSix, Inc.
126,622
3,542,884
Alpha Metallurgical Resources, Inc.
55,562
20,960,764
Arcadium Lithium PLC *
4,835,570
26,547,279
Arch Resources, Inc.
86,365
14,275,271
Ashland, Inc.
241,265
22,592,055
ATI, Inc. *
599,757
29,496,049
Avient Corp.
429,441
17,383,772
Balchem Corp.
151,650
23,837,863
Cabot Corp.
259,865
22,075,532
Carpenter Technology Corp.
232,257
15,015,415
Century Aluminum Co. *
241,132
2,524,652
Chemours Co.
697,901
13,727,713
Clearwater Paper Corp. *
77,677
3,051,929
Coeur Mining, Inc. *
1,796,469
4,652,855
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report111

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Commercial Metals Co.
549,521
29,674,134
Compass Minerals International, Inc.
157,318
3,586,850
Danimer Scientific, Inc. *(a)
409,380
548,569
Eagle Materials, Inc.
164,282
41,653,701
Ecovyst, Inc. *
478,979
4,622,147
Element Solutions, Inc.
1,045,919
24,579,096
Ginkgo Bioworks Holdings, Inc. *(a)
6,309,664
9,590,689
Graphic Packaging Holding Co.
1,441,444
37,405,472
Greif, Inc., Class A
144,489
9,313,761
Hawkins, Inc.
89,534
6,289,763
Haynes International, Inc.
59,314
3,525,031
HB Fuller Co.
254,470
20,237,999
Hecla Mining Co.
2,657,728
9,408,357
Huntsman Corp.
779,098
19,944,909
Ingevity Corp. *
158,577
7,243,797
Innospec, Inc.
117,150
14,558,230
Kaiser Aluminum Corp.
75,795
5,496,653
Knife River Corp. *
266,558
19,749,282
Koppers Holdings, Inc.
98,720
5,589,526
Kronos Worldwide, Inc.
98,401
894,465
Louisiana-Pacific Corp.
301,983
22,337,683
LSB Industries, Inc. *
249,661
1,837,505
Materion Corp.
97,025
13,032,398
Mativ Holdings, Inc.
254,419
4,419,258
Mercer International, Inc.
205,191
1,883,653
Metallus, Inc. *
179,748
3,909,519
Minerals Technologies, Inc.
153,081
11,076,941
MP Materials Corp. *
676,562
10,290,508
Myers Industries, Inc.
175,346
3,371,904
NewMarket Corp.
32,511
20,861,333
O-I Glass, Inc. *
729,240
12,338,741
Olin Corp.
576,051
30,991,544
Orion SA
274,078
6,177,718
Pactiv Evergreen, Inc.
182,446
2,691,079
Perimeter Solutions SA *
685,160
4,165,773
Piedmont Lithium, Inc. *
84,006
1,223,127
PureCycle Technologies, Inc. *(a)
649,956
3,763,245
Quaker Chemical Corp.
65,088
13,050,144
Radius Recycling, Inc., Class A
119,642
2,364,126
Ranpak Holdings Corp. *
192,638
915,031
Ryerson Holding Corp.
136,194
4,301,007
Scotts Miracle-Gro Co.
195,314
12,832,130
Sensient Technologies Corp.
199,449
13,339,149
Silgan Holdings, Inc.
380,081
16,689,357
Stepan Co.
99,799
8,902,071
Summit Materials, Inc., Class A *
562,353
24,018,097
SunCoke Energy, Inc.
397,062
4,252,534
Sylvamo Corp.
166,561
10,061,950
TriMas Corp.
195,553
4,595,496
Trinseo PLC
161,973
728,879
Tronox Holdings PLC
547,917
8,054,380
U.S. Lime & Minerals, Inc.
9,671
2,465,912
U.S. Steel Corp.
1,049,905
49,702,503
Valhi, Inc.
14,015
191,024
Warrior Met Coal, Inc.
245,330
13,976,450
Worthington Steel, Inc. *
142,989
4,527,032
 
842,935,665
 
Media & Entertainment 2.4%
Advantage Solutions, Inc. *
457,517
1,743,140
Altice USA, Inc., Class A *
1,074,477
3,191,197
AMC Networks, Inc., Class A *
141,961
1,836,975
Angi, Inc. *
404,646
1,161,334
Atlanta Braves Holdings, Inc.,
Class C *
235,654
9,218,784
Bumble, Inc., Class A *
468,555
5,364,955
Cable One, Inc.
21,417
9,766,152
SECURITY
NUMBER
OF SHARES
VALUE ($)
Cardlytics, Inc. *
185,113
1,534,587
Cargurus, Inc. *
404,734
8,960,811
Cars.com, Inc. *
287,920
5,280,453
Cinemark Holdings, Inc. *
501,443
8,730,123
Clear Channel Outdoor Holdings,
Inc. *
1,646,101
2,831,294
EchoStar Corp., Class A *
566,414
7,425,688
Endeavor Group Holdings, Inc.,
Class A
875,493
21,055,607
Eventbrite, Inc., Class A *
397,476
2,225,866
EW Scripps Co., Class A *
274,238
1,105,179
fuboTV, Inc. *
1,385,775
2,868,554
Gannett Co., Inc. *
696,147
1,482,793
Getty Images Holdings, Inc. *(a)
184,963
873,025
Gray Television, Inc.
379,193
2,214,487
Grindr, Inc. *(a)
88,541
733,119
IAC, Inc. *
327,965
18,628,412
iHeartMedia, Inc., Class A *
475,567
1,317,321
Integral Ad Science Holding Corp. *
309,926
3,210,833
John Wiley & Sons, Inc., Class A
204,157
6,808,636
Liberty Media Corp.-Liberty Live,
Class C *
310,800
12,376,056
Lions Gate Entertainment Corp.,
Class A *
876,002
8,505,979
Madison Square Garden
Entertainment Corp. *
192,609
7,413,520
Madison Square Garden Sports
Corp. *
78,398
14,753,720
Magnite, Inc. *
571,484
6,869,238
MediaAlpha, Inc., Class A *
97,492
2,022,959
New York Times Co., Class A
770,835
34,132,574
Nexstar Media Group, Inc.
151,490
25,173,093
Nextdoor Holdings, Inc. *
738,108
1,616,456
Playtika Holding Corp. *
334,535
2,478,904
QuinStreet, Inc. *
245,515
3,591,884
Rumble, Inc. *(a)
370,457
2,419,084
Scholastic Corp.
127,729
5,037,632
Shutterstock, Inc.
112,736
5,497,007
Sinclair, Inc.
173,494
2,576,386
Skillz, Inc. *(a)
58,217
398,204
Sphere Entertainment Co. *
125,664
5,441,251
Stagwell, Inc. *
507,940
2,712,400
System1, Inc. *(a)
133,358
222,708
TechTarget, Inc. *
121,032
3,837,925
TEGNA, Inc.
927,688
12,996,909
Thryv Holdings, Inc. *
144,802
3,032,154
TKO Group Holdings, Inc.
282,413
23,646,440
TripAdvisor, Inc. *
508,626
13,641,349
Vimeo, Inc. *
753,797
3,610,688
Vivid Seats, Inc., Class A *
246,729
1,485,309
Warner Music Group Corp., Class A
651,455
22,755,323
WideOpenWest, Inc. *
220,910
883,640
Yelp, Inc. *
322,169
12,384,176
Ziff Davis, Inc. *
216,516
14,887,640
ZipRecruiter, Inc., Class A *
357,544
4,547,960
 
390,517,893
 
Pharmaceuticals, Biotechnology & Life Sciences 8.7%
10X Genomics, Inc., Class A *
489,783
22,843,479
2seventy bio, Inc. *
239,931
1,247,641
4D Molecular Therapeutics, Inc. *
173,434
4,859,621
89bio, Inc. *
295,833
3,393,205
Absci Corp. *(a)
295,794
1,526,297
ACADIA Pharmaceuticals, Inc. *
564,107
13,109,847
ACELYRIN, Inc. *
145,604
1,230,354
Aclaris Therapeutics, Inc. *
258,412
307,510
See financial notes
112Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Acrivon Therapeutics, Inc. *
46,774
227,322
Adaptive Biotechnologies Corp. *
512,874
2,107,912
ADMA Biologics, Inc. *
989,542
5,303,945
Agenus, Inc. *
1,597,344
1,070,220
Agios Pharmaceuticals, Inc. *
263,526
8,517,160
Akero Therapeutics, Inc. *
262,769
7,092,135
Akoya Biosciences, Inc. *
116,380
668,021
Alector, Inc. *
288,901
2,013,640
Alkermes PLC *
785,150
23,311,104
Allogene Therapeutics, Inc. *
531,205
2,608,217
Allovir, Inc. *
284,965
209,905
Alpine Immune Sciences, Inc. *
184,793
6,508,409
ALX Oncology Holdings, Inc. *(a)
120,718
1,770,933
Amicus Therapeutics, Inc. *
1,230,873
15,779,792
Amneal Pharmaceuticals, Inc. *
496,107
2,738,511
Amphastar Pharmaceuticals, Inc. *
176,400
8,214,948
Amylyx Pharmaceuticals, Inc. *
188,713
3,557,240
AnaptysBio, Inc. *
87,445
2,232,471
Anavex Life Sciences Corp. *(a)
386,344
1,985,808
ANI Pharmaceuticals, Inc. *
70,720
4,785,622
Anika Therapeutics, Inc. *
68,645
1,666,701
Apellis Pharmaceuticals, Inc. *
479,331
29,704,142
Apogee Therapeutics, Inc. *(a)
90,169
3,139,685
Arcellx, Inc. *
149,687
9,852,398
Arcturus Therapeutics Holdings, Inc. *
114,864
4,452,129
Arcus Biosciences, Inc. *
255,509
4,887,887
Arcutis Biotherapeutics, Inc. *
400,206
4,114,118
Ardelyx, Inc. *
1,096,224
10,216,808
Arrowhead Pharmaceuticals, Inc. *
580,044
18,619,412
ARS Pharmaceuticals, Inc. *
236,161
1,976,668
Arvinas, Inc. *
259,378
11,926,200
Atara Biotherapeutics, Inc. *
483,513
376,173
Atea Pharmaceuticals, Inc. *
359,380
1,548,928
Avid Bioservices, Inc. *
292,423
2,245,809
Avidity Biosciences, Inc. *
313,704
5,740,783
Axsome Therapeutics, Inc. *
182,420
14,845,340
Azenta, Inc. *
283,252
18,453,868
Beam Therapeutics, Inc. *
330,461
13,049,905
BioCryst Pharmaceuticals, Inc. *
961,799
5,414,928
Biohaven Ltd. *
306,808
14,769,737
BioLife Solutions, Inc. *
163,217
2,758,367
Biomea Fusion, Inc. *(a)
111,258
1,947,015
Bioxcel Therapeutics, Inc. *(a)
97,977
311,567
Blueprint Medicines Corp. *
285,973
26,744,195
Bridgebio Pharma, Inc. *
605,039
20,662,082
C4 Therapeutics, Inc. *(a)
218,904
2,403,566
Cara Therapeutics, Inc. *
166,824
141,834
CareDx, Inc. *
259,084
2,756,654
Cargo Therapeutics, Inc. *(a)
87,399
2,113,308
Caribou Biosciences, Inc. *
386,470
3,056,978
Cassava Sciences, Inc. *(a)
187,151
4,300,730
Catalyst Pharmaceuticals, Inc. *
523,266
8,387,954
Celldex Therapeutics, Inc. *
256,639
12,334,070
Century Therapeutics, Inc. *
98,301
360,765
Cerevel Therapeutics Holdings, Inc. *
416,303
17,068,423
Cogent Biosciences, Inc. *
356,346
2,494,422
Coherus Biosciences, Inc. *
457,693
1,043,540
Collegium Pharmaceutical, Inc. *
153,179
5,623,201
Corcept Therapeutics, Inc. *
424,119
9,966,797
Crinetics Pharmaceuticals, Inc. *
274,048
11,219,525
CRISPR Therapeutics AG *
373,424
31,449,769
CryoPort, Inc. *
228,134
4,031,128
Cullinan Oncology, Inc. *
157,190
2,903,299
Cymabay Therapeutics, Inc. *
506,809
16,314,182
Cytek Biosciences, Inc. *
463,809
3,571,329
Cytokinetics, Inc. *
461,932
33,369,968
Day One Biopharmaceuticals, Inc. *
264,579
4,426,407
Deciphera Pharmaceuticals, Inc. *
266,839
4,453,543
SECURITY
NUMBER
OF SHARES
VALUE ($)
Denali Therapeutics, Inc. *
584,998
11,571,260
Design Therapeutics, Inc. *
104,015
289,162
Disc Medicine, Inc. *
58,749
4,034,294
Dynavax Technologies Corp. *
606,126
7,679,616
Dyne Therapeutics, Inc. *
263,638
7,091,862
Eagle Pharmaceuticals, Inc. *
50,155
293,908
Edgewise Therapeutics, Inc. *
197,472
3,224,718
Editas Medicine, Inc. *
381,198
3,834,852
Emergent BioSolutions, Inc. *(a)
241,259
779,267
Enanta Pharmaceuticals, Inc. *
95,063
1,366,055
Enliven Therapeutics, Inc. *(a)
87,984
1,405,105
Entrada Therapeutics, Inc. *(a)
91,368
1,208,799
Erasca, Inc. *
396,236
943,042
Exelixis, Inc. *
1,465,277
32,089,566
Fate Therapeutics, Inc. *
399,826
2,834,766
Fortrea Holdings, Inc. *
418,185
15,698,665
Genelux Corp. *(a)
89,559
653,781
Generation Bio Co. *
226,651
568,894
Geron Corp. *
2,240,752
4,481,504
Gossamer Bio, Inc. *
929,257
1,310,252
Halozyme Therapeutics, Inc. *
621,797
24,753,739
Harmony Biosciences Holdings, Inc. *
153,782
4,936,402
Heron Therapeutics, Inc. *(a)
652,158
1,734,740
HilleVax, Inc. *
122,726
2,227,477
Humacyte, Inc. *(a)
286,770
1,247,450
Ideaya Biosciences, Inc. *
303,459
13,564,617
IGM Biosciences, Inc. *(a)
71,505
903,108
ImmunityBio, Inc. *(a)
722,083
3,415,453
Immunovant, Inc. *
266,290
9,418,677
Inhibrx, Inc. *
124,120
4,546,516
Innoviva, Inc. *
265,000
4,049,200
Insmed, Inc. *
673,583
18,671,721
Intellia Therapeutics, Inc. *
422,460
13,569,415
Intra-Cellular Therapies, Inc. *
421,769
29,321,381
Invivyd, Inc. *(a)
256,694
1,008,807
Ionis Pharmaceuticals, Inc. *
676,077
30,565,441
Iovance Biotherapeutics, Inc. *
1,140,371
18,143,303
Ironwood Pharmaceuticals, Inc. *
645,951
6,091,318
iTeos Therapeutics, Inc. *
124,812
1,336,737
Keros Therapeutics, Inc. *
108,802
7,344,135
Kodiak Sciences, Inc. *
155,941
937,205
Krystal Biotech, Inc. *
115,535
18,424,366
Kura Oncology, Inc. *
350,402
7,386,474
Kymera Therapeutics, Inc. *
188,419
8,045,491
Lexicon Pharmaceuticals, Inc. *(a)
568,474
1,415,500
Ligand Pharmaceuticals, Inc. *
77,192
6,125,185
Lyell Immunopharma, Inc. *
750,482
2,191,407
MacroGenics, Inc. *
290,897
5,218,692
Madrigal Pharmaceuticals, Inc. *
73,501
17,360,936
MannKind Corp. *
1,270,811
5,223,033
Maravai LifeSciences Holdings, Inc.,
Class A *
521,133
4,028,358
Mesa Laboratories, Inc.
24,473
2,672,207
MiMedx Group, Inc. *
551,883
4,503,365
Mind Medicine MindMed, Inc. *
154,063
880,470
Mineralys Therapeutics, Inc. *
66,190
1,018,002
Mirum Pharmaceuticals, Inc. *
174,863
5,020,317
Monte Rosa Therapeutics, Inc. *
151,200
957,096
Morphic Holding, Inc. *
191,125
7,062,069
Myriad Genetics, Inc. *
415,639
8,699,324
Natera, Inc. *
531,866
46,001,090
Nektar Therapeutics *
904,086
641,901
Neumora Therapeutics, Inc. *(a)
72,316
1,274,931
NGM Biopharmaceuticals, Inc. *
184,783
280,870
Novavax, Inc. *(a)
557,888
2,755,967
Nurix Therapeutics, Inc. *
212,894
2,629,241
Nuvalent, Inc., Class A *
150,069
12,623,804
Nuvation Bio, Inc. *
672,711
1,257,970
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report113

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Omeros Corp. *(a)
299,759
1,348,916
OmniAb, Inc. *
444,645
2,596,727
Organogenesis Holdings, Inc. *
346,011
1,235,259
Pacific Biosciences of California, Inc. *
1,165,073
6,442,854
Pacira BioSciences, Inc. *
218,578
6,496,138
Perrigo Co. PLC
637,579
16,742,825
Phathom Pharmaceuticals, Inc. *
160,623
1,718,666
Phibro Animal Health Corp., Class A
93,225
1,205,399
Pliant Therapeutics, Inc. *
242,979
3,856,077
PMV Pharmaceuticals, Inc. *
175,520
324,712
Poseida Therapeutics, Inc. *
316,713
1,254,183
Precigen, Inc. *
609,222
938,202
Prelude Therapeutics, Inc. *
77,017
331,173
Prestige Consumer Healthcare, Inc. *
233,327
16,234,893
Prime Medicine, Inc. *(a)
169,841
1,465,728
ProKidney Corp. *(a)
138,286
225,406
Protagonist Therapeutics, Inc. *
271,993
8,263,147
Prothena Corp. PLC *
184,379
5,087,017
PTC Therapeutics, Inc. *
355,837
10,031,045
Quanterix Corp. *
162,932
3,903,851
RAPT Therapeutics, Inc. *
136,014
1,165,640
Recursion Pharmaceuticals, Inc.,
Class A *(a)
742,079
9,988,383
REGENXBIO, Inc. *
188,930
3,294,939
Relay Therapeutics, Inc. *
426,935
4,277,889
Replimune Group, Inc. *
242,335
2,079,234
Revance Therapeutics, Inc. *
418,378
2,987,219
REVOLUTION Medicines, Inc. *
608,319
17,933,244
Rhythm Pharmaceuticals, Inc. *
236,888
10,285,677
Rocket Pharmaceuticals, Inc. *
323,705
9,484,557
Sage Therapeutics, Inc. *
245,634
5,276,218
Sana Biotechnology, Inc. *
457,683
4,595,137
Sangamo Therapeutics, Inc. *
692,688
803,518
Scholar Rock Holding Corp. *
223,153
3,458,872
Scilex Holding Co. *(a)(b)
280,273
596,970
Seer, Inc. *
183,244
333,504
Seres Therapeutics, Inc. *(a)
465,665
530,858
SIGA Technologies, Inc.
187,602
977,406
Sotera Health Co. *
536,382
8,051,094
SpringWorks Therapeutics, Inc. *
294,920
14,527,759
Stoke Therapeutics, Inc. *
125,688
972,825
Summit Therapeutics, Inc. *(a)
591,906
2,687,253
Supernus Pharmaceuticals, Inc. *
257,297
7,641,721
Syndax Pharmaceuticals, Inc. *
361,072
8,463,528
Tango Therapeutics, Inc. *
227,410
2,531,073
Tarsus Pharmaceuticals, Inc. *
125,214
4,785,679
TG Therapeutics, Inc. *
669,185
11,523,366
Theravance Biopharma, Inc. *(a)
162,791
1,541,631
Third Harmonic Bio, Inc. *(a)
74,340
753,808
Travere Therapeutics, Inc. *
325,890
2,463,728
Twist Bioscience Corp. *
270,571
10,630,735
Tyra Biosciences, Inc. *(a)
70,660
1,412,493
Ultragenyx Pharmaceutical, Inc. *
386,350
19,982,022
uniQure NV *
210,876
1,212,537
Vanda Pharmaceuticals, Inc. *
276,560
1,236,223
Vaxcyte, Inc. *
459,788
33,941,550
Ventyx Biosciences, Inc. *(a)
219,866
1,556,651
Vera Therapeutics, Inc. *(a)
205,886
9,693,113
Veracyte, Inc. *
342,611
8,068,489
Vericel Corp. *
223,975
10,231,178
Verve Therapeutics, Inc. *
221,583
3,777,990
Viking Therapeutics, Inc. *
471,105
36,298,640
Vir Biotechnology, Inc. *
408,327
4,589,596
Viridian Therapeutics, Inc. *
259,028
4,846,414
Xencor, Inc. *
286,597
6,577,401
Y-mAbs Therapeutics, Inc. *
135,252
2,258,708
Zentalis Pharmaceuticals, Inc. *
266,578
3,974,678
SECURITY
NUMBER
OF SHARES
VALUE ($)
Zura Bio Ltd. *(a)
130,899
481,708
 
1,429,766,856
 
Real Estate Management & Development 0.6%
Anywhere Real Estate, Inc. *
515,336
3,231,157
Compass, Inc., Class A *
1,543,826
6,098,113
Cushman & Wakefield PLC *
791,500
7,907,085
DigitalBridge Group, Inc.
676,728
12,431,493
eXp World Holdings, Inc. (a)
362,063
4,743,025
Forestar Group, Inc. *
83,893
2,828,872
FRP Holdings, Inc. *
31,187
1,877,457
Howard Hughes Holdings, Inc. *
152,790
11,673,156
Kennedy-Wilson Holdings, Inc.
557,527
4,895,087
Marcus & Millichap, Inc.
111,116
4,076,846
Newmark Group, Inc., Class A
560,763
6,050,633
Offerpad Solutions, Inc. *(a)
43,853
370,119
Opendoor Technologies, Inc. *
2,725,569
8,394,753
RE/MAX Holdings, Inc., Class A
91,672
781,962
Redfin Corp. *
542,342
3,853,340
RMR Group, Inc., Class A
69,448
1,699,393
Seritage Growth Properties, Class A *
177,510
1,673,919
St. Joe Co.
167,804
9,039,601
Star Holdings *
54,890
677,892
Tejon Ranch Co. *
115,865
1,926,835
 
94,230,738
 
Semiconductors & Semiconductor Equipment 2.6%
ACM Research, Inc., Class A *
220,054
6,804,070
Aehr Test Systems *
124,693
2,028,755
Allegro MicroSystems, Inc. *
334,703
10,539,797
Alpha & Omega Semiconductor Ltd. *
104,408
2,286,535
Ambarella, Inc. *
176,693
9,868,304
Amkor Technology, Inc.
487,020
15,107,360
Axcelis Technologies, Inc. *
153,903
17,340,251
CEVA, Inc. *
109,840
2,486,778
Cirrus Logic, Inc. *
253,980
23,320,444
Cohu, Inc. *
224,554
7,214,920
Credo Technology Group Holding
Ltd. *
591,201
12,734,470
Diodes, Inc. *
215,682
14,662,062
FormFactor, Inc. *
366,193
15,757,285
Ichor Holdings Ltd. *
138,339
5,920,909
Impinj, Inc. *
106,970
11,683,263
indie Semiconductor, Inc., Class A *
608,901
3,769,097
Kulicke & Soffa Industries, Inc.
266,526
12,691,968
MACOM Technology Solutions
Holdings, Inc. *
254,749
22,501,979
MaxLinear, Inc. *
347,997
6,765,062
MKS Instruments, Inc.
296,127
36,352,551
Navitas Semiconductor Corp. *
585,314
3,593,828
Onto Innovation, Inc. *
231,113
42,561,770
PDF Solutions, Inc. *
144,299
4,904,723
Photronics, Inc. *
294,281
8,472,350
Power Integrations, Inc.
268,109
19,159,069
Rambus, Inc. *
505,329
29,935,690
Rigetti Computing, Inc. *(a)
476,546
895,907
Semtech Corp. *
302,153
6,405,644
Silicon Laboratories, Inc. *
149,861
20,611,882
SiTime Corp. *
81,490
7,537,825
SkyWater Technology, Inc. *
87,655
1,013,292
SMART Global Holdings, Inc. *
242,982
5,168,227
Synaptics, Inc. *
184,124
18,430,812
Ultra Clean Holdings, Inc. *
210,648
9,099,994
Veeco Instruments, Inc. *
265,630
9,618,462
 
427,245,335
 
See financial notes
114Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Software & Services 7.5%
8x8, Inc. *
577,747
1,635,024
A10 Networks, Inc.
325,054
4,326,469
ACI Worldwide, Inc. *
512,081
16,852,586
Adeia, Inc.
505,515
5,732,540
Agilysys, Inc. *
95,168
7,404,070
Alarm.com Holdings, Inc. *
234,924
17,781,398
Alkami Technology, Inc. *
187,552
4,679,422
Altair Engineering, Inc., Class A *
257,558
21,913,035
Alteryx, Inc., Class A *
300,791
14,450,000
Amplitude, Inc., Class A *
337,324
4,000,663
Appfolio, Inc., Class A *
95,754
23,181,086
Appian Corp., Class A *
195,834
6,824,815
Applied Digital Corp. *(a)
293,729
1,218,975
Asana, Inc., Class A *
376,856
7,424,063
Aurora Innovation, Inc. *
3,720,546
9,450,187
AvePoint, Inc. *
438,629
3,509,032
BigCommerce Holdings, Inc. *
314,820
2,439,855
Blackbaud, Inc. *
202,222
13,989,718
BlackLine, Inc. *
240,041
13,617,526
Blend Labs, Inc., Class A *(a)
766,056
1,884,498
Box, Inc., Class A *
677,152
17,463,750
Braze, Inc., Class A *
234,044
13,317,104
C3.ai, Inc., Class A *(a)
442,900
16,374,013
CCC Intelligent Solutions Holdings,
Inc. *
1,165,696
13,650,300
Cerence, Inc. *
188,231
2,804,642
Cipher Mining, Inc. *(a)
196,771
582,442
Cleanspark, Inc. *
719,000
12,021,680
Clear Secure, Inc., Class A
397,899
7,659,556
Clearwater Analytics Holdings, Inc.,
Class A *
597,554
10,289,880
CommVault Systems, Inc. *
206,416
19,756,075
Confluent, Inc., Class A *
1,032,759
34,979,547
Consensus Cloud Solutions, Inc. *
82,370
1,311,330
Couchbase, Inc. *
139,833
3,926,511
CS Disco, Inc. *
111,565
743,023
Digimarc Corp. *
67,139
2,353,893
Digital Turbine, Inc. *
422,076
1,337,981
DigitalOcean Holdings, Inc. *
239,592
9,085,329
Dolby Laboratories, Inc., Class A
280,492
22,719,852
Domo, Inc., Class B *
150,614
1,733,567
DoubleVerify Holdings, Inc. *
656,372
20,275,331
Dropbox, Inc., Class A *
1,203,932
28,834,171
DXC Technology Co. *
910,284
19,898,808
E2open Parent Holdings, Inc. *
805,956
3,409,194
Enfusion, Inc., Class A *
169,339
1,468,169
Envestnet, Inc. *
234,759
12,097,131
Everbridge, Inc. *
193,583
5,472,591
EverCommerce, Inc. *
96,113
940,946
Expensify, Inc., Class A *
192,136
399,643
Fastly, Inc., Class A *
567,358
8,067,831
Freshworks, Inc., Class A *
789,388
16,135,091
Gitlab, Inc., Class A *
406,504
29,317,068
Grid Dynamics Holdings, Inc. *
259,096
3,495,205
Hackett Group, Inc.
118,214
2,922,250
HashiCorp, Inc., Class A *
515,644
13,442,839
Informatica, Inc., Class A *
187,191
6,098,683
Instructure Holdings, Inc. *
86,821
1,989,937
Intapp, Inc. *
146,624
5,752,060
InterDigital, Inc.
120,968
12,945,995
Jamf Holding Corp. *
243,439
4,379,468
Kaltura, Inc. *(a)
347,550
462,242
Klaviyo, Inc., Class A *(a)
111,342
2,950,563
Kyndryl Holdings, Inc. *
1,081,249
23,755,041
LivePerson, Inc. *
349,312
443,626
LiveRamp Holdings, Inc. *
308,875
10,804,447
SECURITY
NUMBER
OF SHARES
VALUE ($)
Marathon Digital Holdings, Inc. *
1,048,945
27,167,675
Matterport, Inc. *
1,108,608
2,350,249
MeridianLink, Inc. *
95,539
1,811,419
MicroStrategy, Inc., Class A *
59,086
60,435,524
Model N, Inc. *
164,361
4,036,706
N-able, Inc. *
329,560
4,439,173
nCino, Inc. *
287,722
8,585,624
NCR Voyix Corp. *
632,089
9,234,820
NextNav, Inc. *(a)
196,741
842,051
Nutanix, Inc., Class A *
1,145,497
72,349,591
Olo, Inc., Class A *
518,731
3,019,014
ON24, Inc.
178,436
1,252,621
OneSpan, Inc. *
157,695
1,515,449
PagerDuty, Inc. *
437,413
10,567,898
Pegasystems, Inc.
200,890
13,065,886
Perficient, Inc. *
163,199
10,586,719
PowerSchool Holdings, Inc., Class A *
270,702
5,654,965
Progress Software Corp.
204,732
10,924,500
PROS Holdings, Inc. *
200,183
7,156,542
Q2 Holdings, Inc. *
276,370
12,776,585
Qualys, Inc. *
173,199
29,765,980
Rackspace Technology, Inc. *
322,171
679,781
Rapid7, Inc. *
288,818
16,918,958
RingCentral, Inc., Class A *
394,891
13,197,257
Riot Platforms, Inc. *
971,036
13,711,028
Rubicon Technologies, Inc. *
93,744
66,558
Samsara, Inc., Class A *
768,305
26,544,938
SEMrush Holdings, Inc., Class A *(a)
138,439
1,727,719
SentinelOne, Inc., Class A *
1,139,056
32,087,208
Smartsheet, Inc., Class A *
635,102
26,807,655
SolarWinds Corp. *
242,803
2,899,068
SoundHound AI, Inc., Class A *(a)
959,546
7,119,831
Sprinklr, Inc., Class A *
499,402
6,507,208
Sprout Social, Inc., Class A *
229,891
14,211,862
SPS Commerce, Inc. *
172,656
31,968,985
Squarespace, Inc., Class A *
241,673
8,042,877
Telos Corp. *
248,270
911,151
Tenable Holdings, Inc. *
550,630
26,518,341
Teradata Corp. *
459,916
17,302,040
Thoughtworks Holding, Inc. *
429,377
1,339,656
Tucows, Inc., Class A *(a)
46,485
878,567
Unisys Corp. *
319,008
1,655,652
Varonis Systems, Inc. *
513,320
26,076,656
Verint Systems, Inc. *
302,932
9,575,681
Vertex, Inc., Class A *
211,711
7,109,255
Weave Communications, Inc. *
141,711
1,775,639
Workiva, Inc. *
224,056
19,295,703
Xperi, Inc. *
206,439
2,262,571
Yext, Inc. *
486,162
2,878,079
Zeta Global Holdings Corp., Class A *
714,497
7,502,219
Zuora, Inc., Class A *
619,669
5,006,926
 
1,240,301,827
 
Technology Hardware & Equipment 3.5%
908 Devices, Inc. *
115,580
849,513
ADTRAN Holdings, Inc.
330,308
1,879,453
Advanced Energy Industries, Inc.
175,360
17,746,432
Aeva Technologies, Inc. *
412,494
416,619
Arlo Technologies, Inc. *
447,331
4,656,716
Avnet, Inc.
425,445
19,821,483
Badger Meter, Inc.
137,921
21,886,683
Bel Fuse, Inc., Class A
7,974
474,453
Bel Fuse, Inc., Class B
46,501
2,416,657
Belden, Inc.
196,154
16,708,398
Benchmark Electronics, Inc.
168,865
5,185,844
Calix, Inc. *
276,688
9,648,111
Clearfield, Inc. *
61,626
1,859,256
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report115

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Coherent Corp. *
619,826
36,867,250
CommScope Holding Co., Inc. *
988,009
1,151,030
Comtech Telecommunications Corp. *
129,633
876,319
Corsair Gaming, Inc. *
202,210
2,618,620
Crane NXT Co.
227,610
13,296,976
CTS Corp.
146,127
6,511,419
Diebold Nixdorf, Inc. *
177,853
5,862,035
Digi International, Inc. *
170,478
5,039,330
ePlus, Inc. *
126,780
10,445,404
Evolv Technologies Holdings, Inc. *
365,620
1,744,007
Extreme Networks, Inc. *
613,049
7,748,939
Fabrinet *
171,143
36,893,297
FARO Technologies, Inc. *
87,478
1,958,632
Harmonic, Inc. *
527,697
6,928,662
Infinera Corp. *
946,123
4,749,537
Insight Enterprises, Inc. *
130,145
24,467,260
IonQ, Inc. *(a)
807,836
8,369,181
IPG Photonics Corp. *
139,456
12,042,026
Itron, Inc. *
214,179
19,850,110
Kimball Electronics, Inc. *
118,791
2,673,985
Knowles Corp. *
422,383
6,901,738
Lightwave Logic, Inc. *(a)
543,206
2,286,897
Littelfuse, Inc.
116,984
27,870,268
Lumentum Holdings, Inc. *
315,303
15,282,736
Methode Electronics, Inc.
167,818
3,574,523
MicroVision, Inc. *(a)
887,750
2,095,090
Mirion Technologies, Inc. *
853,225
8,344,540
Napco Security Technologies, Inc.
137,158
6,176,225
NETGEAR, Inc. *
141,745
2,124,758
NetScout Systems, Inc. *
332,712
7,203,215
nLight, Inc. *
221,821
2,934,692
Novanta, Inc. *
168,500
29,140,390
OSI Systems, Inc. *
73,694
9,667,179
Ouster, Inc. *(a)
166,028
901,532
PAR Technology Corp. *
131,374
5,756,809
PC Connection, Inc.
53,736
3,566,996
Plexus Corp. *
129,730
12,246,512
Presto Automation, Inc. *(a)
121,211
37,975
Ribbon Communications, Inc. *
405,256
1,211,715
Rogers Corp. *
78,780
8,828,875
Sanmina Corp. *
269,533
17,034,486
ScanSource, Inc. *
118,026
5,102,264
SmartRent, Inc. *
854,464
2,477,946
TTM Technologies, Inc. *
478,830
7,110,625
Viasat, Inc. *
350,919
6,867,485
Viavi Solutions, Inc. *
1,045,972
9,989,033
Vishay Intertechnology, Inc.
594,578
12,932,071
Vontier Corp.
725,529
31,197,747
Xerox Holdings Corp.
532,311
9,927,600
 
572,435,559
 
Telecommunication Services 0.6%
Anterix, Inc. *
88,502
3,513,529
ATN International, Inc.
49,123
1,647,585
Bandwidth, Inc., Class A *
105,618
2,169,394
Charge Enterprises, Inc. *
596,932
8,775
Cogent Communications Holdings,
Inc.
203,671
16,479,021
Consolidated Communications
Holdings, Inc. *
359,421
1,549,104
Frontier Communications Parent,
Inc. *
1,041,467
24,661,939
Globalstar, Inc. *
3,429,964
5,350,744
Gogo, Inc. *
287,113
2,342,842
IDT Corp., Class B *
93,389
3,475,005
Iridium Communications, Inc.
582,667
16,868,210
Liberty Latin America Ltd., Class C *
766,446
4,997,228
SECURITY
NUMBER
OF SHARES
VALUE ($)
Lumen Technologies, Inc. *
4,769,453
7,726,514
Shenandoah Telecommunications Co.
237,199
4,426,133
Telephone & Data Systems, Inc.
464,988
7,114,316
U.S. Cellular Corp. *
65,666
2,291,087
 
104,621,426
 
Transportation 1.7%
Air Transport Services Group, Inc. *
238,500
2,878,695
Allegiant Travel Co.
70,699
5,145,473
ArcBest Corp.
111,362
15,909,175
Daseke, Inc. *
199,652
1,647,129
Forward Air Corp.
121,838
4,523,845
Frontier Group Holdings, Inc. *
191,993
1,332,431
GXO Logistics, Inc. *
560,634
29,018,416
Hawaiian Holdings, Inc. *
245,041
3,457,529
Heartland Express, Inc.
213,747
2,731,687
Hub Group, Inc., Class A *
293,933
12,500,970
JetBlue Airways Corp. *
1,566,306
10,149,663
Joby Aviation, Inc. *(a)
1,730,655
9,726,281
Kirby Corp. *
277,743
24,363,616
Landstar System, Inc.
169,361
32,212,462
Lyft, Inc., Class A *
1,625,796
25,817,640
Marten Transport Ltd.
273,136
5,148,614
Matson, Inc.
164,097
18,222,972
RXO, Inc. *
548,942
11,813,232
Ryder System, Inc.
208,912
23,836,859
Schneider National, Inc., Class B
175,134
4,124,406
SkyWest, Inc. *
192,984
12,393,432
Spirit Airlines, Inc. (a)
508,266
3,278,316
Sun Country Airlines Holdings, Inc. *
182,837
2,742,555
Universal Logistics Holdings, Inc.
30,373
1,027,519
Werner Enterprises, Inc.
297,550
11,943,657
 
275,946,574
 
Utilities 2.0%
ALLETE, Inc.
270,595
15,326,501
Altus Power, Inc. *
281,745
1,918,684
American States Water Co.
173,542
12,392,634
Avista Corp.
363,012
12,051,998
Black Hills Corp.
319,648
16,631,285
California Water Service Group
270,984
12,435,456
Chesapeake Utilities Corp.
102,294
10,437,057
Clearway Energy, Inc., Class C
537,441
11,716,214
Hawaiian Electric Industries, Inc.
517,396
6,301,883
IDACORP, Inc.
238,564
21,019,874
MGE Energy, Inc.
169,697
10,723,153
Middlesex Water Co.
83,894
4,269,366
Montauk Renewables, Inc. *
306,073
1,738,495
National Fuel Gas Co.
432,771
21,093,259
New Jersey Resources Corp.
459,971
19,139,393
Northwest Natural Holding Co.
173,103
6,359,804
Northwestern Energy Group, Inc.
287,525
13,778,198
ONE Gas, Inc.
261,236
15,569,666
Ormat Technologies, Inc.
252,679
16,462,037
Otter Tail Corp.
196,470
17,772,676
PNM Resources, Inc.
404,314
14,761,504
Portland General Electric Co.
476,577
19,144,098
SJW Group
136,756
7,529,785
Southwest Gas Holdings, Inc.
282,371
19,243,584
Spire, Inc.
248,169
14,721,385
Sunnova Energy International, Inc. *
499,323
3,635,071
Unitil Corp.
76,333
3,889,930
See financial notes
116Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
York Water Co.
66,172
2,342,489
 
332,405,479
Total Common Stocks
(Cost $14,917,454,401)
16,474,461,243
 
 
 
SHORT-TERM INVESTMENTS 1.6% OF NET ASSETS
 
Money Market Funds 1.6%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (c)
15,386,226
15,386,226
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (c)(d)
246,477,472
246,477,472
 
261,863,698
Total Short-Term Investments
(Cost $261,863,698)
261,863,698
Total Investments in Securities
(Cost $15,179,318,099)
16,736,324,941
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
Russell 2000 Index, e-mini,
expires 03/15/24
213
21,910,245
86,575
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$239,191,312.
(b)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(c)
The rate shown is the annualized 7-day yield.
(d)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust

The following is a summary of the inputs used to value the fund’s investments as of February 29, 2024 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$13,259,247,223
$
$
$13,259,247,223
Equity Real Estate Investment Trusts (REITs)
853,307,426
41,796
853,349,222
Health Care Equipment & Services
932,097,942
0
*
932,097,942
Pharmaceuticals, Biotechnology & Life Sciences
1,429,169,886
596,970
1,429,766,856
Short-Term Investments1
261,863,698
261,863,698
Futures Contracts2
86,575
86,575
Total
$16,735,772,750
$—
$638,766
$16,736,411,516
*
Level 3 amount shown includes securities determined to have no value at February 29, 2024.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report117

Schwab U.S. Small-Cap ETF
Statement of Assets and Liabilities
As of February 29, 2024; unaudited
Assets
Investments in securities, at value - unaffiliated (cost $15,179,318,099) including securities on loan of $239,191,312
 
$16,736,324,941
Deposit with broker for futures contracts
 
1,852,500
Receivables:
 
Investments sold
 
16,131,501
Dividends
 
13,728,050
Income from securities on loan
 
879,734
Variation margin on future contracts
+
170,104
Total assets
 
16,769,086,830
 
Liabilities
Collateral held for securities on loan
 
246,477,472
Payables:
 
Investments bought
 
24,663,213
Management fees
+
503,439
Total liabilities
 
271,644,124
Net assets
 
$16,497,442,706
 
Net Assets by Source
Capital received from investors
 
$16,068,728,720
Total distributable earnings
+
428,713,986
Net assets
 
$16,497,442,706
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$16,497,442,706
 
345,650,000
$47.73
 
 
 
 
See financial notes
118Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Small-Cap ETF
Statement of Operations
For the period September 1, 2023 through February 29, 2024; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $73,954)
 
$116,578,314
Interest received from securities - unaffiliated
 
70,803
Securities on loan, net
+
5,430,673
Total investment income
 
122,079,790
 
Expenses
Management fees
 
2,893,611
Total expenses
2,893,611
Net investment income
 
119,186,179
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated
 
(568,324,201
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
675,988,795
Net realized losses on futures contracts
+
(1,065,775
)
Net realized gains
 
106,598,819
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
1,112,612,358
Net change in unrealized appreciation (depreciation) on futures contracts
+
(143,184
)
Net change in unrealized appreciation (depreciation)
+
1,112,469,174
Net realized and unrealized gains
 
1,219,067,993
Increase in net assets resulting from operations
 
$1,338,254,172
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report119

Schwab U.S. Small-Cap ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
9/1/23-2/29/24
9/1/22-8/31/23
Net investment income
 
$119,186,179
$213,947,990
Net realized gains
 
106,598,819
428,404,944
Net change in unrealized appreciation (depreciation)
+
1,112,469,174
218,241,988
Increase in net assets resulting from operations
 
$1,338,254,172
$860,594,922
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($127,981,205
)
($203,432,945
)
TRANSACTIONS IN FUND SHARES
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
52,250,000
$2,267,243,477
53,700,000
$2,230,857,833
Shares redeemed
+
(34,050,000
)
(1,461,046,870
)
(47,950,000
)
(1,945,638,825
)
Net transactions in fund shares
 
18,200,000
$806,196,607
5,750,000
$285,219,008
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
327,450,000
$14,480,973,132
321,700,000
$13,538,592,147
Total increase
+
18,200,000
2,016,469,574
5,750,000
942,380,985
End of period
 
345,650,000
$16,497,442,706
327,450,000
$14,480,973,132
See financial notes
120Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Dividend Equity ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/23–
2/29/24*
9/1/22–
8/31/23
9/1/21–
8/31/22
9/1/20–
8/31/21
9/1/19–
8/31/20
9/1/18–
8/31/19
Per-Share Data
Net asset value at beginning of period
$74.54
$72.38
$77.66
$57.31
$53.30
$52.71
Income (loss) from investment operations:
Net investment income (loss)1
1.38
2.74
2.53
2.27
1.87
1.66
Net realized and unrealized gains (losses)
3.15
2.02
(5.38
)
20.27
3.98
0.48
Total from investment operations
4.53
4.76
(2.85
)
22.54
5.85
2.14
Less distributions:
Distributions from net investment income
(1.40
)
(2.60
)
(2.43
)
(2.19
)
(1.84
)
(1.55
)
Net asset value at end of period
$77.67
$74.54
$72.38
$77.66
$57.31
$53.30
Total return
6.22
%2
6.75
%
(3.74
%)
40.15
%
11.46
%
4.18
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.06
%3
0.06
%4
0.06
%4
0.06
%
0.06
%
0.06
%5
Net investment income (loss)
3.79
%3
3.74
%
3.31
%
3.27
%
3.48
%
3.23
%
Portfolio turnover rate6
6
%2
28
%
14
%
46
%
43
%
24
%
Net assets, end of period (x 1,000,000)
$53,498
$49,611
$37,095
$27,955
$12,694
$9,821
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Not annualized.
3
Annualized.
4
Ratio includes less than 0.005% of non-routine proxy expenses.
5
Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended August 31, 2019, is a blended ratio.
6
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report121

Schwab U.S. Dividend Equity ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited)
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.7% OF NET ASSETS
 
Automobiles & Components 1.5%
Ford Motor Co.
62,688,660
779,846,930
 
Banks 6.2%
1st Source Corp.
272,661
13,573,065
Bank of Hawaii Corp.
631,540
38,069,231
Bank OZK
1,677,771
73,486,370
Banner Corp.
545,190
23,901,130
Cathay General Bancorp
1,154,771
45,093,807
Central Pacific Financial Corp.
427,870
7,984,054
City Holding Co.
238,177
23,932,025
Comerica, Inc.
2,102,627
103,827,721
CVB Financial Corp.
2,106,035
35,844,716
Fifth Third Bancorp
10,857,276
372,838,858
First Commonwealth Financial Corp.
1,631,265
21,255,383
Hanmi Financial Corp.
482,373
7,288,656
Heritage Financial Corp.
554,550
10,175,992
Huntington Bancshares, Inc.
23,087,534
301,061,443
International Bancshares Corp.
851,910
44,205,610
KeyCorp
14,924,679
212,975,169
M&T Bank Corp.
2,645,298
369,653,942
Northwest Bancshares, Inc.
2,025,782
23,215,462
OFG Bancorp
749,937
27,162,718
Premier Financial Corp.
565,357
10,956,619
Regions Financial Corp.
14,963,109
278,762,721
S&T Bancorp, Inc.
610,104
19,029,144
Synovus Financial Corp.
2,330,515
88,419,739
U.S. Bancorp
24,826,956
1,041,739,074
Zions Bancorp NA
2,361,742
93,123,487
 
3,287,576,136
 
Capital Goods 8.7%
3M Co.
8,801,909
810,831,857
Fastenal Co.
9,110,321
665,144,536
Illinois Tool Works, Inc.
4,387,861
1,150,277,761
Lockheed Martin Corp.
3,573,907
1,530,489,934
MSC Industrial Direct Co., Inc.,
Class A
755,960
76,306,603
Snap-on, Inc.
843,797
232,601,081
Watsco, Inc.
535,050
210,873,906
 
4,676,525,678
 
Commercial & Professional Services 4.6%
Automatic Data Processing, Inc.
6,569,426
1,649,779,951
Ennis, Inc.
408,986
8,310,596
Kforce, Inc.
302,052
21,034,901
Paychex, Inc.
5,116,754
627,416,375
Robert Half, Inc.
1,708,684
137,378,194
 
2,443,920,017
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Consumer Discretionary Distribution & Retail 5.6%
Advance Auto Parts, Inc.
948,656
64,072,226
Best Buy Co., Inc.
3,097,215
250,502,749
Buckle, Inc.
473,861
19,399,870
Guess?, Inc.
430,834
10,934,567
Home Depot, Inc.
6,351,418
2,417,413,205
Williams-Sonoma, Inc.
1,024,062
241,197,323
 
3,003,519,940
 
Consumer Durables & Apparel 0.5%
Carter's, Inc.
594,168
48,097,900
Ethan Allen Interiors, Inc.
368,032
12,303,310
Leggett & Platt, Inc.
2,122,555
43,342,573
MDC Holdings, Inc.
952,126
59,698,300
Sturm Ruger & Co., Inc.
280,401
12,146,971
Whirlpool Corp.
874,649
93,928,556
 
269,517,610
 
Consumer Services 1.0%
Cracker Barrel Old Country Store, Inc.
353,530
23,378,939
Darden Restaurants, Inc.
1,927,396
329,025,771
H&R Block, Inc.
2,425,836
118,744,672
Wendy's Co.
2,709,783
49,074,170
 
520,223,552
 
Energy 9.3%
Chevron Corp.
13,726,760
2,086,604,788
Coterra Energy, Inc.
12,078,136
311,374,346
EOG Resources, Inc.
9,284,571
1,062,711,997
ONEOK, Inc.
9,287,943
697,710,278
Valero Energy Corp.
5,630,957
796,555,177
 
4,954,956,586
 
Financial Services 8.1%
Artisan Partners Asset Management,
Inc., Class A
1,090,424
46,964,562
BlackRock, Inc.
2,237,896
1,815,694,541
Blackstone, Inc.
11,317,480
1,446,600,294
Cohen & Steers, Inc.
407,967
30,005,973
Federal Agricultural Mortgage Corp.,
Class C
148,588
26,577,935
Janus Henderson Group PLC
2,112,679
65,831,078
Lazard, Inc., Class A
1,800,714
69,399,517
Northern Trust Corp.
3,300,824
271,096,675
Radian Group, Inc.
2,506,818
73,048,676
T Rowe Price Group, Inc.
3,576,541
405,400,922
Western Union Co.
5,972,287
80,088,369
 
4,330,708,542
 
See financial notes
122Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Dividend Equity ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Food, Beverage & Tobacco 10.5%
Altria Group, Inc.
28,297,465
1,157,649,293
Coca-Cola Co.
33,924,409
2,036,143,028
Kellanova
4,203,406
231,817,841
PepsiCo, Inc.
11,817,521
1,953,908,922
Tyson Foods, Inc., Class A
4,553,300
246,970,992
 
5,626,490,076
 
Household & Personal Products 1.2%
Kimberly-Clark Corp.
5,392,600
653,421,342
 
Insurance 2.1%
Allstate Corp.
4,170,980
665,354,730
Fidelity National Financial, Inc.
4,123,306
208,556,817
First American Financial Corp.
1,642,270
95,924,991
Stewart Information Services Corp.
435,167
27,406,818
Unum Group
2,932,210
144,997,784
 
1,142,241,140
 
Materials 3.2%
Amcor PLC
23,464,601
212,589,285
Huntsman Corp.
2,641,741
67,628,570
International Paper Co.
5,517,272
195,090,738
LyondellBasell Industries NV, Class A
4,083,948
409,538,305
Newmont Corp.
18,376,247
574,257,719
Packaging Corp. of America
1,433,756
259,782,250
 
1,718,886,867
 
Media & Entertainment 0.5%
Interpublic Group of Cos., Inc.
6,138,850
192,759,890
Paramount Global, Class B
7,683,859
84,829,803
 
277,589,693
 
Pharmaceuticals, Biotechnology & Life Sciences 16.4%
AbbVie, Inc.
14,262,948
2,510,991,995
Amgen, Inc.
7,409,663
2,028,988,019
Merck & Co., Inc.
19,533,450
2,483,678,168
Pfizer, Inc.
65,672,166
1,744,252,729
 
8,767,910,911
 
Semiconductors & Semiconductor Equipment 9.1%
Broadcom, Inc.
2,099,650
2,730,573,828
Texas Instruments, Inc.
12,894,375
2,157,615,769
 
4,888,189,597
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Technology Hardware & Equipment 3.7%
Cisco Systems, Inc.
41,111,728
1,988,574,283
 
Telecommunication Services 3.9%
Verizon Communications, Inc.
52,315,107
2,093,650,582
 
Transportation 3.2%
United Parcel Service, Inc., Class B
11,533,167
1,709,907,340
 
Utilities 0.4%
Clearway Energy, Inc., Class A
547,613
11,094,640
NRG Energy, Inc.
3,655,772
202,237,307
 
213,331,947
Total Common Stocks
(Cost $48,687,574,010)
53,346,988,769
 
 
 
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (a)
30,857,930
30,857,930
Total Short-Term Investments
(Cost $30,857,930)
30,857,930
Total Investments in Securities
(Cost $48,718,431,940)
53,377,846,699
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
DJIA CBOT, e-mini, expires
03/15/24
604
117,909,860
722,845
S&P 400 Mid-Cap Index,
e-mini, expires 03/15/24
102
29,504,520
350,471
 
1,073,316
(a)
The rate shown is the annualized 7-day yield.
CBOT —
Chicago Board of Trade
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report123

Schwab U.S. Dividend Equity ETF
Portfolio Holdings  as of February 29, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of February 29, 2024 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$53,346,988,769
$
$
$53,346,988,769
Short-Term Investments1
30,857,930
30,857,930
Futures Contracts2
1,073,316
1,073,316
Total
$53,378,920,015
$—
$—
$53,378,920,015
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
124Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Dividend Equity ETF
Statement of Assets and Liabilities
As of February 29, 2024; unaudited
Assets
Investments in securities, at value - unaffiliated (cost $48,718,431,940)
 
$53,377,846,699
Deposit with broker for futures contracts
 
9,712,000
Receivables:
 
Dividends
 
176,163,771
Fund shares sold
 
50,461,344
Variation margin on future contracts
+
403,432
Total assets
 
53,614,587,246
 
Liabilities
Payables:
 
Investments bought
 
114,431,432
Management fees
+
2,515,714
Total liabilities
 
116,947,146
Net assets
 
$53,497,640,100
 
Net Assets by Source
Capital received from investors
 
$50,803,131,203
Total distributable earnings
+
2,694,508,897
Net assets
 
$53,497,640,100
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$53,497,640,100
 
688,800,000
$77.67
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report125

Schwab U.S. Dividend Equity ETF
Statement of Operations
For the period September 1, 2023 through February 29, 2024; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $32,787)
 
$948,704,690
Interest received from securities - unaffiliated
 
241,239
Securities on loan, net
+
20,930
Total investment income
 
948,966,859
 
Expenses
Management fees
 
14,858,470
Total expenses
14,858,470
Net investment income
 
934,108,389
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated
 
(236,892,642
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
350,295,525
Net realized gains on futures contracts
+
7,521,480
Net realized gains
 
120,924,363
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
2,071,277,460
Net change in unrealized appreciation (depreciation) on futures contracts
+
1,917,675
Net change in unrealized appreciation (depreciation)
+
2,073,195,135
Net realized and unrealized gains
 
2,194,119,498
Increase in net assets resulting from operations
 
$3,128,227,887
See financial notes
126Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Dividend Equity ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
 
9/1/23-2/29/24
9/1/22-8/31/23
Net investment income
 
$934,108,389
$1,670,280,849
Net realized gains (losses)
 
120,924,363
(821,924,036
)
Net change in unrealized appreciation (depreciation)
+
2,073,195,135
1,886,026,597
Increase in net assets resulting from operations
 
$3,128,227,887
$2,734,383,410
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($939,877,990
)
($1,545,094,465
)
TRANSACTIONS IN FUND SHARES
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
45,750,000
$3,371,079,023
183,450,000
$13,551,421,768
Shares redeemed
+
(22,550,000
)
(1,672,293,230
)
(30,350,000
)
(2,224,717,829
)
Net transactions in fund shares
 
23,200,000
$1,698,785,793
153,100,000
$11,326,703,939
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/23-2/29/24
9/1/22-8/31/23
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
665,600,000
$49,610,504,410
512,500,000
$37,094,511,526
Total increase
+
23,200,000
3,887,135,690
153,100,000
12,515,992,884
End of period
 
688,800,000
$53,497,640,100
665,600,000
$49,610,504,410
See financial notes
Schwab U.S. Equity ETFs | Semiannual Report127

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

2. Significant Accounting Policies:
The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).
The funds may invest in certain mutual funds and exchange-traded funds (ETFs) which are referred to as “underlying funds”. For more information about the underlying funds’ operations and policies, please refer to those funds’ semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov.
(a) Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the Board) has designated authority to a Valuation Designee, the funds’ investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
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Schwab U.S. Equity ETFs
Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued):
Securities held in the funds’ portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
• Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.
• Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
• Mutual funds: Mutual funds are valued at their respective NAVs.
• Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value a fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
• Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts.  Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.
• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
• Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
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Schwab U.S. Equity ETFs
Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued):
The levels associated with valuing the funds’ investments as of February 29, 2024, are disclosed in each fund’s Portfolio Holdings.
(b) Accounting Policies for certain Portfolio Investments (if held):
Futures Contracts: Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.
Securities Lending: Under the trust’s Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank.  Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement.  Securities lending income, as disclosed in each fund’s Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.
As of February 29, 2024, Schwab U.S. Broad Market ETF, Schwab 1000 Index ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF, Schwab U.S. Large-Cap Value ETF, Schwab U.S. Mid-Cap ETF and Schwab U.S. Small-Cap ETF had securities on loan, all of which were classified as common stocks. The value of the securities on loan and the related collateral as of February 29, 2024 are disclosed in each fund’s Portfolio Holdings and Statement of Assets and Liabilities.
(c) Security Transactions:
Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.
When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.
(d) Investment Income:
Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income such as in the form of additional
securities, and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the
ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Any
distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the
underlying funds.
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Schwab U.S. Equity ETFs
Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued):
(e) Expenses:
Pursuant to the Amended and Restated Advisory Agreement (Advisory Agreement) between the investment adviser and the trust, the investment adviser will pay the operating expenses of each fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. The Advisory Agreement excludes paying acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in underlying funds.
(f) Distributions to Shareholders:
The funds make distributions from net investment income, if any, monthly and from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.
(g) Accounting Estimates:
The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It’s possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.
(h) Federal Income Taxes:
The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their respective shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.
(i) Indemnification:
Under the funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.
(j) Regulatory Update:
Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.

3. Risk Factors:
Investing in the funds may involve certain risks, as discussed in the funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.
Investment Style Risk. The funds are index funds. Therefore, each fund follows the securities included in its respective index, which may include real estate investment trusts, during upturns as well as downturns. Because of their indexing strategies, the funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the funds’ expenses,
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Schwab U.S. Equity ETFs
Financial Notes, unaudited (continued)
3. Risk Factors (continued):
the funds’ performance may be below that of their respective index. Errors relating to an index may occur from time to time and may not be identified by the index provided for a period of time.  In addition, market disruptions could cause delays in an index’s rebalancing schedule.  Such errors and/or market disruptions may result in losses for a fund.
Schwab U.S. Dividend Equity ETF primarily invests in dividend paying stocks. As a result, fund performance will correlate with the performance of the dividend paying stock segment of the stock market, and the fund may underperform funds that do not limit their investments to dividend paying stocks. If stocks held by the fund reduce or stop paying dividends, the fund’s ability to generate income may be affected.
Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.
Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, a fund’s performance could be impacted.
Large-Cap Company Risk. Certain funds invest in large-cap company stocks. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.
Mid-Cap Company Risk. Certain funds invest in mid-cap company stocks. Mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies and the value of securities issued by these companies may move sharply.
Small-Cap Company Risk. Certain funds invest in small-cap company stocks. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move sharply, especially during market upturns and downturns.
Growth Investing Risk. Certain funds invest in growth stocks. Growth stocks can be volatile. Growth companies usually invest a high portion of earnings in their businesses and may lack the dividends of value stocks that can cushion stock prices in a falling market. The prices of growth stocks are based largely on projections of the issuer’s future earnings and revenues. If a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may also be more expensive relative to their earnings or assets compared to value or other stocks
Value Investing Risk. Certain funds emphasize a “value” style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on “value” securities may not move in tandem with the returns on other styles of investing or the stock market in general.
Sampling Index Tracking Risk. Certain funds may not fully replicate the index and may hold securities not included in the index. As a result, a fund is subject to the risk that the investment adviser’s investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Because certain funds utilize a sampling approach, they may not track the return of their respective index as well as they would if the funds purchased all of the securities in their respective index.
Tracking Error Risk. As index funds, each fund seeks to track the performance of its respective index, although it may not be successful in doing so. The divergence between the performance of a fund and the index, positive or negative, is called “tracking error.” Tracking error can be caused by many factors and it may be significant.
Derivatives Risk. Each fund may invest in derivative instruments. The principal types of derivatives a fund may use are futures contracts. A futures contract is an agreement to buy or sell a financial instrument at a specific price on a specific day. A fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, market risk, liquidity risk and leverage risk are discussed elsewhere in this section. A fund’s use of derivatives is also subject to leverage risk, credit risk, lack of availability risk, valuation risk, correlation risk and tax risk. Leverage risk is the risk that use of derivatives may magnify the effect of any decrease or increase in the value of the fund’s portfolio securities. Credit risk is the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a fund to realize higher amounts of short-term capital gains. A fund’s use of derivatives could reduce the fund’s performance, increase its volatility and cause the fund to lose more than
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Schwab U.S. Equity ETFs
Financial Notes, unaudited (continued)
3. Risk Factors (continued):
the initial amount invested. A fund’s use of derivatives also could create a risk of counterparty default under certain transactions, risks that a fund would need to liquidate portfolio positions when it may not be advantageous to do so in order to meet margin and payment obligations, and legal risks relating to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. Furthermore, the use of derivatives subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.
Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.
Leverage Risk. Certain fund transactions, such as derivatives transactions, may give rise to a form of leverage and may expose a fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of a fund’s portfolio securities which means even a small amount of leverage can have a disproportionately large impact on a fund. The use of leverage may cause a fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.
Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.
Concentration Risk. To the extent that a fund’s or an index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class.
Market Trading Risk. Although fund shares are listed on national securities exchanges, there can be no assurance that an active trading market for fund shares will develop or be maintained. If an active market is not maintained, investors may find it difficult to buy or sell fund shares.
Shares of the Fund May Trade at Prices Other Than NAV. Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of a fund will approximate the fund’s NAV, there may be times when the market price and the NAV vary significantly. An investor may pay more than NAV when buying shares of a fund in the secondary market, and an investor may receive less than NAV when selling those shares in the secondary market. The market price of fund shares may deviate, sometimes significantly, from NAV during periods of market volatility or market disruption.
Please refer to the funds’ prospectus for a more complete description of the principal risks of investing in the funds.

4. Affiliates and Affiliated Transactions:
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund’s investment adviser pursuant to the Advisory Agreement between the investment adviser and the trust.
For its advisory services to the funds, the investment adviser is entitled to receive an annual management fee, payable monthly, based on a percentage of each fund’s average daily net assets as follows:
SCHWAB U.S.
BROAD
MARKET
ETF
SCHWAB
1000
INDEX
ETF
SCHWAB U.S.
LARGE-CAP
ETF
SCHWAB U.S.
LARGE-CAP
GROWTH
ETF
SCHWAB U.S.
LARGE-CAP
VALUE
ETF
SCHWAB U.S.
MID-CAP
ETF
SCHWAB U.S.
SMALL-CAP
ETF
SCHWAB U.S.
DIVIDEND
EQUITY
ETF
0.03
%
0.05
%
0.03
%
0.04
%
0.04
%
0.04
%
0.04
%
0.06
%
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Financial Notes, unaudited (continued)
4. Affiliates and Affiliated Transactions (continued):
Investment from Affiliates
Certain funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of February 29, 2024, as applicable:
 
UNDERLYING FUNDS
 
SCHWAB U.S.
LARGE-CAP
ETF
SCHWAB U.S.
SMALL-CAP
ETF
SCHWAB U.S.
DIVIDEND
EQUITY
ETF
Schwab Monthly Income Fund - Flexible Payout
%
%
0.0
%*
Schwab Monthly Income Fund - Income Payout
%
%
0.0
%*
Schwab Monthly Income Fund - Target Payout
%
%
0.0
%*
Schwab Target 2010 Index Fund
0.0
%*
0.0
%*
%
Schwab Target 2015 Index Fund
0.1
%
0.0
%*
%
Schwab Target 2020 Index Fund
0.2
%
0.0
%*
%
Schwab Target 2025 Index Fund
0.4
%
0.1
%
%
Schwab Target 2030 Index Fund
1.0
%
0.2
%
%
Schwab Target 2035 Index Fund
0.8
%
0.2
%
%
Schwab Target 2040 Index Fund
1.1
%
0.3
%
%
Schwab Target 2045 Index Fund
0.7
%
0.2
%
%
Schwab Target 2050 Index Fund
1.0
%
0.3
%
%
Schwab Target 2055 Index Fund
0.7
%
0.2
%
%
Schwab Target 2060 Index Fund
0.8
%
0.2
%
%
Schwab Target 2065 Index Fund
0.1
%
0.0
%*
%
Schwab VIT Balanced Portfolio
0.1
%
0.0
%*
%
Schwab VIT Balanced with Growth Portfolio
0.1
%
0.0
%*
%
Schwab VIT Growth Portfolio
0.2
%
0.1
%
%
*
Less than 0.05%
Interfund Transactions
The funds may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers.  For the period ended February 29, 2024, each fund’s purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows:
 
PURCHASE COST
SALE PROCEEDS
REALIZED GAINS (LOSSES)
Schwab U.S. Broad Market ETF
$36,426,324
$50,106,974
($28,766,998
)
Schwab 1000 Index ETF
18,134,497
13,863,243
(7,798,065
)
Schwab U.S. Large-Cap ETF
158,119,848
175,738,837
(151,965,250
)
Schwab U.S. Large-Cap Growth ETF
277,702,089
277,226,689
(42,386,310
)
Schwab U.S. Large-Cap Value ETF
213,231,539
237,407,072
(11,933,681
)
Schwab U.S. Mid-Cap ETF
79,009,256
219,135,648
(135,176,234
)
Schwab U.S. Small-Cap ETF
258,739,494
383,381,536
(99,884,378
)
Schwab U.S. Dividend Equity ETF
60,547,089
104,063,861
(20,820,116
)
 
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Financial Notes, unaudited (continued)
4. Affiliates and Affiliated Transactions (continued):
Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The funds had no interfund borrowing or lending activity during the period.

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

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

7. Borrowing from Banks:
During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), which matured on September 28, 2023. On September 28, 2023, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 26, 2024. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds’ proportionate share of the unused portion of the Syndicated Credit Facility.
During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street, which matured on September 28, 2023. On September 28, 2023, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 26, 2024. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.
The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

8. Derivatives:
Certain funds entered into futures contracts during the report period to equitize available cash. Refer to financial note 2(b) for the funds’ accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts.
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Financial Notes, unaudited (continued)
8. Derivatives (continued):
As of February 29, 2024, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:
 
EQUITY CONTRACTS
TOTAL
Asset Derivatives
 
 
Schwab U.S. Broad Market ETF
Futures Contracts1
$934,020
$934,020
Schwab 1000 Index ETF
Futures Contracts1
58,858
58,858
Schwab U.S. Large-Cap ETF
Futures Contracts1
2,029,010
2,029,010
Schwab U.S. Large-Cap Growth ETF
Futures Contracts1
316,674
316,674
Schwab U.S. Large-Cap Value ETF
Futures Contracts1
719,913
719,913
Schwab U.S. Mid-Cap ETF
Futures Contracts1
141,420
141,420
Schwab U.S. Small-Cap ETF
Futures Contracts1
86,575
86,575
Schwab U.S. Dividend Equity ETF
Futures Contracts1
1,073,316
1,073,316
 
 
1
Includes cumulative unrealized appreciation of futures contracts as reported in each fund’s Portfolio Holdings. Only current day’s variation margin on futures contracts is
reported within the Statement of Assets and Liabilities.
The effects of the derivative contracts in the Statement of Operations for the period ended February 29, 2024, were:
 
EQUITY CONTRACTS
TOTAL
Net Realized Gains (Losses)
 
 
Schwab U.S. Broad Market ETF
Futures Contracts1
$3,358,845
$3,358,845
Schwab 1000 Index ETF
Futures Contracts1
429,181
429,181
Schwab U.S. Large-Cap ETF
Futures Contracts1
3,331,439
3,331,439
Schwab U.S. Large-Cap Growth ETF
Futures Contracts1
3,781,481
3,781,481
Schwab U.S. Large-Cap Value ETF
Futures Contracts1
264,484
264,484
Schwab U.S. Mid-Cap ETF
Futures Contracts1
(17,461
)
(17,461
)
Schwab U.S. Small-Cap ETF
Futures Contracts1
(1,065,775
)
(1,065,775
)
Schwab U.S. Dividend Equity ETF
Futures Contracts1
7,521,480
7,521,480
 
 
1
Statement of Operations location: Net realized gains (losses) on futures contracts.
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Financial Notes, unaudited (continued)
8. Derivatives (continued):
Net Change in Unrealized Appreciation (Depreciation)
 
 
Schwab U.S. Broad Market ETF
Futures Contracts1
$758,044
$758,044
Schwab 1000 Index ETF
Futures Contracts1
34,631
34,631
Schwab U.S. Large-Cap ETF
Futures Contracts1
1,748,636
1,748,636
Schwab U.S. Large-Cap Growth ETF
Futures Contracts1
(326,112
)
(326,112
)
Schwab U.S. Large-Cap Value ETF
Futures Contracts1
674,806
674,806
Schwab U.S. Mid-Cap ETF
Futures Contracts1
129,920
129,920
Schwab U.S. Small-Cap ETF
Futures Contracts1
(143,184
)
(143,184
)
Schwab U.S. Dividend Equity ETF
Futures Contracts1
1,917,675
1,917,675
 
 
1
Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.
During the period ended February 29, 2024, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:
 
NOTIONAL AMOUNTS
NUMBER OF CONTRACTS
Schwab U.S. Broad Market ETF
$34,825,811
150
Schwab 1000 Index ETF
4,332,338
19
Schwab U.S. Large-Cap ETF
51,633,139
222
Schwab U.S. Large-Cap Growth ETF
16,715,908
104
Schwab U.S. Large-Cap Value ETF
20,334,155
223
Schwab U.S. Mid-Cap ETF
14,745,154
57
Schwab U.S. Small-Cap ETF
28,318,933
299
Schwab U.S. Dividend Equity ETF
128,090,799
661

9. Purchases and Sales of Investment Securities:
For the period ended February 29, 2024, purchases and sales/maturities of securities (excluding in-kind transactions and short-term obligations) were as follows:
 
PURCHASES
OF SECURITIES
SALES
OF SECURITIES
Schwab U.S. Broad Market ETF
$537,790,341
$406,102,260
Schwab 1000 Index ETF
90,195,722
74,932,818
Schwab U.S. Large-Cap ETF
867,203,649
719,629,262
Schwab U.S. Large-Cap Growth ETF
816,374,393
705,747,088
Schwab U.S. Large-Cap Value ETF
458,543,129
417,413,683
Schwab U.S. Mid-Cap ETF
1,289,857,648
1,225,556,801
Schwab U.S. Small-Cap ETF
1,503,369,189
1,305,490,694
Schwab U.S. Dividend Equity ETF
3,212,987,294
3,215,472,514
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Financial Notes, unaudited (continued)
10. In-Kind Transactions:
The consideration for the purchase of Creation Units of a fund often consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities involved in a relevant fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges paid to the fund generally have no effect on net asset value per share. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of a fund.
The in-kind transactions for the period ended February 29, 2024, were as follows:
 
IN-KIND PURCHASES
OF SECURITIES
IN-KIND SALES
OF SECURITIES
Schwab U.S. Broad Market ETF
$562,460,042
$109,050,480
Schwab 1000 Index ETF
238,651,063
209,464,324
Schwab U.S. Large-Cap ETF
1,204,245,377
1,048,971,317
Schwab U.S. Large-Cap Growth ETF
2,578,905,277
269,992,688
Schwab U.S. Large-Cap Value ETF
326,578,658
321,931,099
Schwab U.S. Mid-Cap ETF
920,638,289
643,703,051
Schwab U.S. Small-Cap ETF
2,207,675,691
1,424,057,312
Schwab U.S. Dividend Equity ETF
3,082,132,673
1,388,708,649
For the period ended February 29, 2024, the funds may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended February 29, 2024 are disclosed in the funds’ Statements of Operations, if any.

11. Federal Income Taxes:
As of February 29, 2024, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:
 
TAX COST
GROSS UNREALIZED
APPRECIATION
GROSS UNREALIZED
DEPRECIATION
NET UNREALIZED
APPRECIATION
(DEPRECIATION)
Schwab U.S. Broad Market ETF
$15,644,202,715
$12,300,445,499
($938,305,938
)
$11,362,139,561
Schwab 1000 Index ETF
2,418,492,488
1,054,594,439
(101,141,091
)
953,453,348
Schwab U.S. Large-Cap ETF
23,815,421,075
16,005,192,495
(1,037,659,416
)
14,967,533,079
Schwab U.S. Large-Cap Growth ETF
14,771,271,168
11,778,101,802
(420,797,401
)
11,357,304,401
Schwab U.S. Large-Cap Value ETF
8,427,017,552
2,620,754,359
(434,981,653
)
2,185,772,706
Schwab U.S. Mid-Cap ETF
9,056,594,999
2,827,141,781
(677,412,160
)
2,149,729,621
Schwab U.S. Small-Cap ETF
15,532,355,768
3,610,525,101
(2,406,469,353
)
1,204,055,748
Schwab U.S. Dividend Equity ETF
49,125,228,258
7,155,016,646
(2,901,324,889
)
4,253,691,757
 
 
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Financial Notes, unaudited (continued)
11. Federal Income Taxes (continued):
Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of August 31, 2023, the funds had capital loss carryforwards available as follows:
 
 
Schwab U.S. Broad Market ETF
$380,594,527
Schwab 1000 Index ETF
57,703,361
Schwab U.S. Large-Cap ETF
726,296,280
Schwab U.S. Large-Cap Growth ETF
761,797,929
Schwab U.S. Large-Cap Value ETF
510,288,346
Schwab U.S. Mid-Cap ETF
931,787,074
Schwab U.S. Small-Cap ETF
1,019,801,165
Schwab U.S. Dividend Equity ETF
2,107,512,084
The tax-basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of February 29, 2024.  The tax-basis components of distributions paid during the fiscal year ended August 31, 2023 were as follows: 
 
PRIOR FISCAL YEAR END DISTRIBUTIONS
 
ORDINARY
INCOME
Schwab U.S. Broad Market ETF
$337,594,345
Schwab 1000 Index ETF
38,671,065
Schwab U.S. Large-Cap ETF
491,587,390
Schwab U.S. Large-Cap Growth ETF
83,274,425
Schwab U.S. Large-Cap Value ETF
245,578,070
Schwab U.S. Mid-Cap ETF
160,033,135
Schwab U.S. Small-Cap ETF
203,432,945
Schwab U.S. Dividend Equity ETF
1,545,094,465
Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
As of August 31, 2023, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds’ financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund’s Statement of Operations. During the fiscal year ended August 31, 2023, the funds did not incur any interest or penalties.

12. Subsequent Events:
Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.
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Liquidity Risk Management Program (unaudited)
The funds have adopted and implemented a liquidity risk management program (the “program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The funds’ Board of Trustees (the “Board”) has designated the funds’ investment adviser, Charles Schwab Investment Management, Inc., dba Schwab Asset Management, as the administrator of the program. Personnel of the investment adviser or its affiliates conduct the day-to-day operation of the program.
Under the program, the investment adviser manages a fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. The program is reasonably designed to assess and manage a fund’s liquidity risk, taking into consideration the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its historical redemption history and shareholder concentrations; and its cash holdings and access to other funding sources, including the custodian overdraft facility and lines of credit. The investment adviser’s process of determining the degree of liquidity of each fund’s investments is supported by third-party liquidity assessment vendors.
The funds’ Board reviewed a report at its meeting held on September 19, 2023 prepared by the investment adviser regarding the operation and effectiveness of the program for the period June 1, 2022, through May 31, 2023, which included individual fund liquidity risk metrics. The report summarized the operation of the program and the information and factors considered by the investment adviser in assessing whether the program has been adequately and effectively implemented with respect to a fund. In addition, the investment adviser provided its assessment that the program had been operating effectively in managing each fund’s liquidity risk.
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Trustees and Officers
The tables below give information about the trustees and officers of Schwab Strategic Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 106 funds.
The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the Statement of Additional Information, which is available free by calling 1-877-824-5615.
Independent Trustees
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1)
Principal Occupations
During the Past Five Years
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee
Other Directorships
Michael J. Beer
1961
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2022)
Retired. Director, President and Chief Executive Officer
(Dec. 2016 – Sept. 2019), Principal Funds (investment management).
106
Director (2016 – 2019),
Principal Funds, Inc.
Robert W. Burns
1959
Trustee
(Trustee of Schwab Strategic Trust
since 2009; The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios and
Laudus Trust since 2016)
Retired/Private Investor.
106
None
Nancy F. Heller
1956
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2018)
Retired.
106
None
David L. Mahoney
1954
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios and
Laudus Trust since 2011; Schwab
Strategic Trust since 2016)
Private Investor.
106
Director
(2004 – present),
Corcept Therapeutics
Incorporated
Director (2009 – 2021),
Adamas
Pharmaceuticals, Inc.
Director (2003 – 2019),
Symantec Corporation
Jane P. Moncreiff
1961
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2019)
Consultant (2018 – present), Fulham Advisers LLC (management
consulting); Chief Investment Officer (2009 – 2017), CareGroup
Healthcare System, Inc. (healthcare).
106
None
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Independent Trustees (continued)
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1)
Principal Occupations
During the Past Five Years
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee
Other Directorships
Kimberly S. Patmore
1956
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2016)
Consultant (2008 – present), Patmore Management Consulting
(management consulting).
106
None
J. Derek Penn
1957
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2021)
Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial
services).
106
None
Interested Trustees
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1)
Principal Occupations
During the Past Five Years
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee
Other Directorships
Walter W. Bettinger II2
1960
Chairman and Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust
and Schwab Annuity Portfolios since
2008; Schwab Strategic Trust since
2009; Laudus Trust since 2010)
Co-Chairman of the Board (July 2022 – present), Director and Chief
Executive Officer (Oct. 2008 – present) and President
(Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and
Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director
(May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Co-Chairman of the
Board (July 2022 – present) and Director (Apr. 2006 – present), Charles
Schwab Bank, SSB; Co-Chairman of the Board (July 2022 – present) and
Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(July 2019 – present), Charles Schwab Trust Bank; Director
(May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and
President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Manager
(Sept. 2023 – present), TD Ameritrade Holding LLC; Director
(Oct. 2020 – Aug. 2023), TD Ameritrade Holding Corporation; Director
(July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.
106
Director
(2008 – present), The
Charles Schwab
Corporation
Richard A. Wurster2
1973
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2022)
President (Oct. 2021 – present) and Executive Vice President – Schwab
Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab Corporation; President, Director (Oct. 2021 – present), Executive
Vice President – Schwab Asset Management Solutions
(July 2019 – Oct. 2021) and Senior Vice President – Advisory
(May 2016 – July 2019), Charles Schwab & Co., Inc.; President
(Nov. 2021 – present), Schwab Holdings, Inc.; Director
(Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022),
Charles Schwab Investment Management, Inc.; Director, Chief Executive
Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment
Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.
106
None
142Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Equity ETFs
Officers of the Trust
Name, Year of Birth, and Position(s) with the trust
(Terms of office, and length of Time Served3)
Principal Occupations During the Past Five Years
Omar Aguilar
1970
Chief Executive Officer, President and Chief Investment
Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2011)
Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief
Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan. 2022),
Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and
President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Chief Executive
Officer (Sept. 2023 – present), President (Oct. 2023 – present), Chief Investment Officer
(June 2011 – present) and Vice President (June 2011 – Sept. 2023), Schwab Funds, Laudus
Trust and Schwab ETFs.
Mark Fischer
1970
Chief Operating Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2013)
Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer
(Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial
Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 – present), Managing
Director (Mar. 2023 – present) and Vice President (Oct. 2013 – Mar. 2023), Charles Schwab
Investment Management, Inc.
Dana Smith
1965
Treasurer and Chief Financial Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2023)
Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer
(Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director
(Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing Director
(May 2022 – present) and Vice President (Apr. 2022 – May 2022), Charles Schwab & Co., Inc.
Patrick Cassidy
1964
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2018)
Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present),
Chief Investment Officer (Oct. 2023 – present), and Senior Vice President
(Oct. 2012 – Mar. 2023), Charles Schwab Investment Management, Inc.
William P. McMahon, Jr.
1972
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2021)
Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and
Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment
Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment
Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment
Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018),
ThomasPartners, Inc.
Catherine MacGregor
1964
Chief Legal Officer and Secretary, Schwab Funds and
Schwab ETFs
Chief Legal Officer, Vice President and Clerk, Laudus Trust
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios and Laudus Trust since 2005; Schwab Strategic
Trust since 2009)
Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice
President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.;
Managing Director (May 2022 – present) and Vice President (Aug. 2005 – May 2022), Charles
Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk
(Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present),
Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021),
Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and
Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.
1
Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
2
Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.
3
The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
Schwab U.S. Equity ETFs | Semiannual Report143

Schwab U.S. Equity ETFs
Glossary
ask See “offer.”
asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage to help offset risks and rewards, based on your goals, time horizon and risk tolerance.
asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.
authorized participant (AP) A large institutional investor that places orders for creation units with the funds’ distributor.
beta A historical measure of an investment’s volatility relative to a market index (usually the S&P 500®). The index is defined as having a beta of 1.00. Investments with a beta higher than 1.00 have been more volatile than the index; those with a beta of less than 1.00 have been less volatile.
bid The highest price at which someone is willing to buy a security.
cap, capitalization See “market cap.”
capital gain, capital loss The difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the gain or loss is still “on paper” and is considered unrealized.
commencement of operations The date that the first NAV was calculated.
creation unit (C.U.) A basket of securities that is delivered by an authorized participant (AP) to the fund equal to the current holdings of the ETF, plus a designated cash component. In return, the APs receive a large block of ETF shares (typically 50,000 shares), which investors can then buy and sell in the secondary market.
dividend yield A stock’s indicated annual dividend divided by current price. At the portfolio level, it is the value-weighted average of the dividend yield of the securities in the portfolio.
Dow Jones U.S. Broad Stock Market Index An index that is a subset of the Dow Jones U.S. Total Stock Market Index, which includes the largest 2,500 publicly traded U.S. companies and is designed to measure the performance of large- and small-cap U.S. equity securities. The index is a float-adjusted market capitalization weighted index that reflects the shares of securities actually available to investors in the marketplace.
Dow Jones U.S. Dividend 100 Index An index that is designed to measure the performance of high dividend yielding stocks issued by U.S. companies that have a record of consistently paying dividends, selected for fundamental strength relative to their peers, based on financial ratios. The 100-component index is a subset of the Dow Jones U.S. Broad Market Index, which includes the 2,500 largest U.S. stocks based on full market capitalization and excludes real estate investment trusts (REITs). It is modified market capitalization weighted.
Dow Jones U.S. Large-Cap Growth Total Stock Market Index An index, which is a subset of the Dow Jones U.S. Total Stock Market Index, that is designed to measure the performance of large-cap U.S. equity securities that are classified as “growth” based on a multi-factor analysis. The index is a float-adjusted market capitalization weighted index.
Dow Jones U.S. Large-Cap Total Stock Market Index An index that is a subset of the Dow Jones U.S. Total Stock Market Index, and is designed to measure the performance of large-cap U.S. equity securities. The index is a float-adjusted market capitalization weighted index.
Dow Jones U.S. Large-Cap Value Total Stock Market Index An index that is a subset of the Dow Jones U.S. Total Stock Market Index, and is designed to measure the performance of large-cap U.S. equity securities that are classified as “value” based on a multi-factor analysis. The index is a float-adjusted market capitalization weighted index.
Dow Jones U.S. Mid-Cap Total Stock Market Index An index that is a subset of the Dow Jones U.S. Total Stock Market Index, and is designed to measure the performance of mid-cap U.S. equity securities. The index is a float-adjusted market capitalization weighted index.
Dow Jones U.S. Small-Cap Total Stock Market Index An index that is a subset of the Dow Jones U.S. Total Stock Market Index, and is designed to measure the performance of small-cap U.S. equity securities. The index is a float-adjusted market capitalization weighted index.
Dow Jones U.S. Total Stock Market Index An index which includes all U.S. equity issues with readily available prices. The index is a float-adjusted market capitalization weighted index that reflects the shares of securities actually available to investors in the marketplace.
exchange A marketplace, or any organization or group that provides or maintains a marketplace for trading securities, options, futures, or commodities.
expense ratio The amount that is taken from the fund’s assets each year to cover the operating expenses. An expense ratio of 0.50% means that a fund’s expenses amount to half of one percent of its average net assets a year.
gross domestic product (GDP) The output of goods and services produced by labor and property located in the United States.
inception date The date that the shares began trading in the secondary market.
indicative optimized portfolio value (IOPV) A calculation disseminated by the stock exchange that approximates the fund’s NAV every 15 seconds throughout the trading day.
liquidity The ability to convert a security or asset quickly into cash.
market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding. Free-float market capitalization is a variation of market capitalization that only includes shares generally available to the public, and excludes shares of a company held by entities such as the government. Modified market capitalization weighting represents a mix between conventional market capitalization weighting and equal weighting.
market price return The return based on the change in market price per share of the fund over a given time period. Market price returns assume that dividends and capital gain distributions have been reinvested in the fund at market price.
144Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Equity ETFs
median market cap The midpoint of the range of market caps of the stocks held by a fund. There are different ways of calculating median market cap. With a simple median, half of the stocks in the fund’s portfolio would be larger than the median, and half would be smaller. With a weighted median (the type that is calculated for these funds), half of the fund’s assets are invested in stocks that are larger than the median market cap, and half in stocks that are smaller.
net asset value (NAV) The value of one share of a fund. NAV is calculated by taking the fund’s total assets, subtracting liabilities, and dividing by the number of shares outstanding.
NAV return The return based on the change in NAV of the fund over a given time period. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund.
offer (ask) The lowest price at which an individual is willing to sell a security.
open The price at which a security opened for trading on a given day.
outstanding shares, shares outstanding When speaking of the fund, indicates all shares currently held by investors.
price-to-book ratio (P/B) The market price of a company’s stock compared with its “book value.” A mutual fund’s P/B is the weighted average of the P/B of all stocks in the fund’s portfolio.
price-to-earnings ratio (P/E) The market price of a company’s stock compared with earnings over the past year. A mutual fund’s P/E is the weighted average of the P/E of all stocks in the fund’s portfolio.
primary market The market that deals with the issuance of new securities.
rights and warrants Rights and warrants are types of securities that entitle the holder to purchase a proportionate amount of common stock at a specified price for a specific period of time. Rights allow a shareholder to buy more shares directly from the company, usually at a price somewhat lower than the current market price of the outstanding shares. Warrants are usually issued with bonds and preferred stock. Rights and warrants can trade on the market separately from the company’s stock. The prices of rights and warrants do not necessarily move parallel to the prices of the underlying common stock. Rights usually expire within a few weeks of issuance, while warrants may not expire for several years. If a right or warrant is not exercised within the specified time period, it will become worthless and a fund will lose the purchase price it paid for the right or warrant and the right to purchase the underlying security.
Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of industries.
Schwab 1000 Index A float-adjusted market capitalization weighted index developed by Charles Schwab & Co., Inc. that represents the performance of the largest 1,000 publicly traded companies in the United States. As a result of corporate actions, the index may be comprised of more or less than 1,000 securities.
SEC yield A standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.”
sampling If a fund uses a sampling method, the fund will not fully replicate the benchmark index and may hold securities not included in the index. A fund that utilizes a sampling approach may not track the return of the index.
secondary market The market in which investors purchase securities from other investors rather than directly from the issuing companies. Organized exchanges facilitate the trading of securities in the secondary market.
spread The gap between bid and ask prices of a security.
stock A share of ownership, or equity, in the issuing company.
total return The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.
tracking error The difference between the performance of the fund and its benchmark index, positive or negative.
Schwab U.S. Equity ETFs | Semiannual Report145

Notes

Schwab U.S. Equity ETFs
Schwab ETFs
Schwab ETFs are designed to serve as simple low-cost core investment products for a diversified portfolio. These ETFs seek to provide consistent, repeatable performance through a variety of investment strategies that span the equity and fixed income spectrum. The list below shows all currently available Schwab ETFs.
Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab ETF. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab ETFs’ website at www.schwabassetmanagement.com/schwabetfs_prospectus, the SEC’s website at www.sec.gov, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus or the SEC’s website at www.sec.gov.
Schwab ETFs
U.S. ETFs
Schwab U.S. Broad Market ETF
Schwab 1000 Index® ETF
Schwab U.S. Large-Cap ETF
Schwab U.S. Large-Cap Growth ETF
Schwab U.S. Large-Cap Value ETF
Schwab U.S. Mid-Cap ETF
Schwab U.S. Small-Cap ETF
Schwab U.S. Dividend Equity ETF
Schwab U.S. REIT ETF
International ETFs
Schwab International Dividend Equity ETF
Schwab International Equity ETF
Schwab International Small-Cap Equity ETF
Schwab Emerging Markets Equity ETF
Fixed-Income ETFs
Schwab U.S. TIPS ETF
Schwab Short-Term U.S. Treasury ETF
Schwab Intermediate-Term U.S. Treasury ETF
Schwab Long-Term U.S. Treasury ETF
Schwab U.S. Aggregate Bond ETF
Schwab 1-5 Year Corporate Bond ETF
Schwab 5-10 Year Corporate Bond ETF
Schwab Municipal Bond ETF
Schwab High Yield Bond ETF
Fundamental Index* ETFs
Schwab Fundamental U.S. Broad Market Index ETF
Schwab Fundamental U.S. Large Company Index ETF
Schwab Fundamental U.S. Small Company Index ETF
Schwab Fundamental International Large Company Index ETF
Schwab Fundamental International Small Company Index ETF
Schwab Fundamental Emerging Markets Large Company
Index ETF
Active, Semi-Transparent (Also Known As Non-Transparent) ETF
Schwab Ariel ESG ETF
Thematic ETFs
Schwab Crypto Thematic ETF
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management
211 Main Street, San Francisco, CA 94105
Schwab ETFs
1-877-824-5615
© 2024 Charles Schwab Investment Management, Inc., dba Schwab Asset Management. All rights reserved.
Printed on recycled paper.
*
FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.
The Schwab Ariel ESG ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This fund will not. This may create additional risks for your investment. For example:
You may have to pay more money to trade the fund’s shares. This fund will provide less information to traders, who tend to charge more for trades when they have less information.
The price you pay to buy fund shares on an exchange may not match the value of the fund’s portfolio. The same is true when you sell shares. These price differences may be greater for this fund compared to other ETFs because it provides less information to traders.
These additional risks may be even greater in bad or uncertain market conditions.
The ETF will publish on its website each day a “Proxy Portfolio” designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actual portfolio.
The differences between this fund and other ETFs may also have advantages. By keeping certain information about the fund secret, this fund may face less risk that other traders can predict or copy its investment strategy. This may improve the fund’s performance. If other traders are able to copy or predict the fund’s investment strategy, however, this may hurt the fund’s performance.
For additional information regarding the unique attributes and risks of the fund, see Proxy Portfolio Risk, Premium/Discount Risk, Trading Halt Risk, Authorized Participant Concentration Risk, Tracking Error Risk and Shares of the Fund May Trade at Prices Other Than NAV in the Principal Risks and Proxy Portfolio and Proxy Overlap sections of the prospectus and/or the Statement of Additional Information. These risks are discussed on the next page.

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

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(CHARLES SCHWAB ASSET MANAGMENT LOGO)
MFR54789-14
00297768