N-CSRS

In This Report

Performance at a Glance	2
Fund Management	5
Performance and Fund Facts
Schwab U.S. Broad Market ETF	6
Schwab 1000 Index ETF	8
Schwab U.S. Large-Cap ETF	10
Schwab U.S. Large-Cap Growth ETF	12
Schwab U.S. Large-Cap Value ETF	14
Schwab U.S. Mid-Cap ETF	16
Schwab U.S. Small-Cap ETF	18
Schwab U.S. Dividend Equity ETF	20
Fund Expenses	22
Financial Statements and Portfolio Holdings
Schwab U.S. Broad Market ETF	23
Schwab 1000 Index ETF	48
Schwab U.S. Large-Cap ETF	62
Schwab U.S. Large-Cap Growth ETF	74
Schwab U.S. Large-Cap Value ETF	82
Schwab U.S. Mid-Cap ETF	92
Schwab U.S. Small-Cap ETF	102
Schwab U.S. Dividend Equity ETF	121
Financial Notes	128
Liquidity Risk Management Program	140
Trustees and Officers	141
Glossary	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.

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.

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.

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.

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)

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

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.

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)

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

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.

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.

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

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, 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. Broad Market ETF

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%

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.

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.

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.

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.

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.

Excludes derivatives.

Not annualized.

Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

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.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

This list is not a recommendation of any security by the investment adviser.

Schwab U.S. Equity ETFs | Semiannual Report7

Schwab 1000 Index ETF

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%

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.

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.

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.

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.

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.

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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

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.

Not annualized.

Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Amount is less than 0.05%.

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

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%

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.

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.

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.

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.

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.

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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Not annualized.

Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

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

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%

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.

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.

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.

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.

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.

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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Not annualized.

Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

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

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%

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.

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.

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.

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.

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.

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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Not annualized.

Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

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

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%

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.

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.

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.

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.

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.

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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Not annualized.

Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

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

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%

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.

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.

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.

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.

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.

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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Not annualized.

Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

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

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%

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.

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.

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.

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.

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.

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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Not annualized.

Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

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

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 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.

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

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 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.

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 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 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.

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 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.

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 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. 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.

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. 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.

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. 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.

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

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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

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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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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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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.

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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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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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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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

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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.

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.

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.

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.

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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.

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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.

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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

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.

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

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

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

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

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

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

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