(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